Marriage Kids and Money: Personal Finance for Families
Investing Hacks That Save Thousands on Taxes
Oct 21, 2024
Marko Zlatic is a financial educator and creator of Whiteboard Finance, known for achieving Coast FIRE in his 30s. He shares remarkable tax-saving strategies for investments, including the benefits of 401ks, Roth IRAs, and Health Savings Accounts. Marko also discusses how his family journey has evolved after reaching financial independence. Additionally, Calvin Hill joins to explore modern fatherhood, highlighting how millennial dads are more engaged in parenting than ever before and the shift in family dynamics across generations.
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Quick takeaways
- Implementing tax-efficient investment strategies like 401ks and HSAs can significantly reduce taxable income and healthcare costs for families.
- Achieving Coast FIRE demonstrates that disciplined investing in one's 30s can create sustainable retirement savings without additional contributions later.
Deep dives
Tax Efficiency in Family Investing
Families can implement various strategies to invest with tax efficiency in mind. One effective method is contributing to a traditional 401k, allowing for tax deferral on income, which reduces taxable income for the family. For example, maximizing contributions can yield significant tax savings, as seen in the case of an employer match that provides additional funds for retirement. Another strategy involves using a Roth IRA, which, despite being funded with after-tax dollars, offers the benefit of tax-free growth, ensuring diversification of tax liabilities in the long run.
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