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Quick takeaways
- Maximize tax savings by contributing to 401k on pre-tax side during market downturns.
- Entering financial advising field requires research, shadowing advisors, and focusing on fee-only firms.
Deep dives
The Importance of Tax Considerations in Investment Choices
At a 33% federal and state tax rate, putting money into a 401k on the pre-tax side can offer significant tax savings. With this high savings rate, the potential tax benefits of pre-tax contributions can be substantial. Even if individual circumstances vary, leveraging the initial tax savings from pre-tax contributions can be advantageous, especially when aiming for maximum tax deductions.
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