Any wealthy, Financially-Free Audiokarma members, feel free to chime in.

[Nightcleaner]

money makes the world go around , The world go around the world go around

 

[Erik Tracy]

Another interesting fact about 401Ks and IRAs is that you can shift around assets from one asset type to another without creating a taxable event. As I got older, I moved taxable assets into IRAs to the max allowed for IRA contributions every year until I retired and was no longer able to contribute to IRAs any more. Now I have a much larger IRA selection and I pay little in tax for the taxable accounts I have. If I were to cash out a taxable account, then I would have to pay tax on any gains that account accumulated. This is also true for IRA accounts that are not Roth accounts.

There is a consideration to for maintaining after tax accounts in retirement as capital gains are taxed at lower rates than ordinary income.

For many, like myself, my taxable income goes down in retirement as I am no longer getting a paycheck. With an after tax account, I sell what I need for expenses; yes I'm taxed on the gains, but it is taxed much lower. In fact, I almost got to the point of AGI where I would not be taxed at all on capital gains!

With an IRA withdrawal, that income is taxed as ordinary income, and at age 70 1/2 you have RMDs to consider.

The tax deferred advantages of an IRA or 401k works to build assets, but for the time between retirement and 70 1/2, the tax burden of maintaining after tax accounts to draw on is a strategy to consider.

 

[parman]

There is a consideration to for maintaining after tax accounts in retirement as capital gains are taxed at lower rates than ordinary income.

For many, like myself, my taxable income goes down in retirement as I am no longer getting a paycheck. With an after tax account, I sell what I need for expenses; yes I'm taxed on the gains, but it is taxed much lower. In fact, I almost got to the point of AGI where I would not be taxed at all on capital gains!

With an IRA withdrawal, that income is taxed as ordinary income, and at age 70 1/2 you have RMDs to consider.

The tax deferred advantages of an IRA or 401k works to build assets, but for the time between retirement and 70 1/2, the tax burden of maintaining after tax accounts to draw on is a strategy to consider.

What are RMD's, the mandatory withdrawls?

 

[Erik Tracy]

What are RMD's, the mandatory withdrawls?

Sorry, yes; required minimum distributions.

 

[Leland47]

Snipped: Hey Nick....I tried to snip your quote to focus on just this point...and it didn't work so well....

= Then the 10x rule and sell or be sold both by grant cardone.

Just a heads up....Grant Cardone is a Scientologist....
Its possible that his materials could be a feeder channel to corral the unsuspecting into Scientology...

He is being sued for forcing Scientology on some employees.....?

https://tonyortega.org/2016/08/12/f...ing-grant-cardone-forced-scientology-on-them/[/QUOTE]

 

[nick parkin]

Snipped: Hey Nick....I tried to snip your quote to focus on just this point...and it didn't work so well....





Just a heads up....Grant Cardone is a Scientologist....
Its possible that his materials could be a feeder channel to corral the unsuspecting into Scientology...

He is being sued for forcing Scientology on some employees.....?

https://tonyortega.org/2016/08/12/f...ing-grant-cardone-forced-scientology-on-them/

[/QUOTE]
I am aware of Grant Cardones personal bias. His philosophy's are pretty good but more is needed if you want to progress in life. The advice he gives out feeds is specifically tailored to a demographic of people who want to become better than other people, and care about their personal achievements rather than the achievements of the people around them and on their team. If you really want to be successful then you need to form triadic relationships and bring people ideas and knowledge together in a way that benefits everybody. Grand Cardone does not preach this. Most of his philosophy is good, but like I said, more is needed to really progress.

 

[Quadman2]

Money is NOT the "root of all evil". It is if used in the wrong way, eh?


Again, it boils down to POV, when it comes to being comfortable.

Compared to third world countries, we live like kings and queens. Visit and stay in one of those countries (3rd world) for some time, and you'll understand.

Read an interesting article this day indicating what must happen before you retire. Have everything paid off before you do, was the bottom line.

Q

 

[tubed]

Manna from Heaven

 

[tubed]

^^^^^^^
or simply a Transfer of Wealth via the Federal Reserve.
1%'ers Rule!

 

[KingBubba]

That is quite an eye opening graph.

 

[lissenup]

The people I envy the most are those who have nothing but have the ability to get everything they want.