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Thanks for the kind words. I really appreciate it.

And I can’t argue with that one bit. Just because a choice is mathematically advantageous, doesn’t mean it’s the right one. Can’t wait to have mine paid off too. Thanks for watching!

Thanks for the feedback. Pace is something I’ve struggled with from my first video, which is ironic since I’m normally a slow talking Southerner. I appreciate you watching and I promise to focus more on slowing down a bit.

Thanks for the feedback. This is one of my earlier videos and I have gotten better at introducing graphics. At least, I hope that I have. I appreciate you taking the time to leave a comment and for watching the video!

Having a 401k does not prevent one from contributing to an IRA, but it may reduce or eliminate the deductibility of the contribution. If your spouse has a plan at work, a full deduction is available if your modified AGI is $123,000 or less. A partial deduction is available for incomes between $123,000 and $143,000. No deduction is available for incomes greater than $143,000. These numbers are for 2024 and assume that you are married filing jointly. Your spouse's plan at work does not reduce the normal income limitations that apply to your contributions to Traditional IRAs (that is, unless you have a plan at work too). Your wife could consider making contributions to a Roth IRA instead. Sure, there won't be a deduction, but at least then the earnings and withdrawals will be tax free. I hope this is helpful. Thanks for the question and for watching the video!

Backdoor Roth IRA Basically contribute to a traditional IRA (no income limits) then convert it to a Roth IRA. Just FYI you will pay taxes when you convert. But that’s the way people invest in a Roth IRA even if they make more than the income limit.

I'm not sure if an HSA is an option for you or not, but I'm a big fan of those if you have access. Next, Alan is on the right track. If you don't have a large traditional IRA balance you could make Backdoor Roth IRA contributions since there are no income limitations for after-tax contributions to an IRA or the subsequent conversion. If your wife works in your business then the business can make contributions to a Solo401k for her on her behalf, but I'm honestly not 100% sure if her work plan disqualifies her or not. I don't think it does since, as the owner, you can contribute to a 401k plan somewhere else as a W2 employee, then make contributions from the business to your Solo 401k. I assume you're also maxing out your solo 401(k)? If so, then there's not really much else to look at from a tax-advantaged standpoint (that isn't highly complex). If you have a high income and aren't afraid of something complicated, then you could look into a Keogh plan, but it can be expensive to set up. Beyond that, I think you're down to taxable investing, which, if you take advantage of loss/gain harvesting, charitable contributions for free step ups in basis, and thoughtful tax planning then these really aren't bad either. I hope this helps. Thanks for the question and thanks for watching!

@@martinmoneyNDF I wish I didn’t live in California because HSA’s sound way too overpowered lol

Thank you. I appreciate you watching and I’m grateful for your kind words. Wishing your Sooners the best of luck when they visit Auburn later this month. Hope you guys when in impressive fashion. RTR.

Thanks Matt! I hope all is well in the low country (guessing you're still down that way). Roll Tide!

That's so awesome! I've got a buddy who tells me I need to make videos for kids, but I'm not sure I can bring enough energy for that audience. As a parent, I can confirm that finding financial education media for kids can be a bit challenging. Maybe I can dabble in that a bit and see how it goes? From here on out my videos will be dropping on Mondays though I haven't given much thought to what time. I'll probably let them open pretty early since my blog posts hit at midnight on Monday mornings. Thank you so much for the kind words and for watching. I'm truly grateful.

Thank you! I'm glad to hear you've found the videos helpful. Thank you for watching them.

Exactly what I was thinking about while watching the video. If a guy such as GenExDividendInvestor does a shoutout you'll be on the map.

Thanks, Alan. I do try to be different, though it isn't easy given the amount of content out there. I'm glad to hear you're enjoying the videos. Thank you for watching and for the kind words!

Wow. I really enjoy The Money Guy show too, but to be mentioned in the same sentence is quite the honor. Their heart for educating folks is obvious and I'm glad they've seen so much success. I don't actively try to imitate them, but there's no doubt that they've influenced me a lot over the years. Thank you for the comments and for watching. I'm very grateful.

When I first started I tried to just follow a list of bullet points and talk like I was giving a lecture. The problem is I would ramble on and on and go into unnecessary details that made me bored just editing. I can't imagine how awful it would have been for someone to stumble onto it via UA-cam. After just a couple of videos I started scripting everything word for word and forced myself to follow it. This allowed me to get to the point much quicker and ensure the transitions from one point to the next served to reinforce or build upon each other as opposed to causing confusion. But, reading a sentence, then looking at the screen and trying to repeat it is tougher than you might think, especially if you have numbers like $1,247,478.23 in the middle. So, I started looking at teleprompters. There are some very simple teleprompters out there that you can just slide a phone or tablet in with your script, and it reflects the image in front of your camera. You can pick from dozens on Amazon. I would suggest this route if you're only reading words. I purchased a Prompter from Elgato. It was about $280. I chose this teleprompter because it acts like an extra computer screen, meaning I can put any image in front of my camera that I can get on my computer. So, if I have charts or graphs, tables, images, or if I ever want to livestream something, all the capability is there. I have been very happy with the purchase and it has saved me hours of editing time because I have fewer cuts to make in the recording. Also, I feel like the recording quality has improved. God bless you for taking the time to get those sermons to folks who can't get out. I know several from our church and it's incredibly meaningful for them to stay connected any way they can. Great job. I'm sure you're a real blessing to them.

Thank you. It means a lot to hear that the videos have been helpful. Thank you for watching.

Thanks, Archie! For most of this year, I've been dropping a video every five days, but now that a year has passed since I posted my first one I'm backing off to one video per week. I'm so glad to hear the conversion videos were helpful to you. That is a meaningful impact and provides motivation. Thank you so much for your comments and for watching.

Thank you for the kind words. It is nice to hear that you're enjoying them. There's a lot of impersonal data that I can pull from the channel, but it doesn't mean quite as much as the comments. I really appreciate you taking the time to say hello and watching my videos.

Thanks! Tell your friends.

Thank you. It really does mean a lot to know that it was helpful or interesting. I appreciate the comment.

I'm glad you enjoyed it. Thanks for watching and, yes, I recognize your username.

Actually, you can still deduct HSA contributions even if you don't itemize. From IRS Publication 969: "You can claim a tax deduction for contributions you, or someone other than your employer, make to your HSA even if you don’t itemize your deductions on Schedule A (Form 1040)." Follow this link and scroll down to "What are the benefits of an HSA?" (www.irs.gov/publications/p969#:~:text=You%20can%20claim%20a%20tax,excluded%20from%20your%20gross%20income.) I apologize if I said something unclear in the video. I'll go back and watch it to see if I need to clean that up. Thank you for watching and for leaving a comment!

@@martinmoneyNDF Thank you so much for your reply. I am definitely going to look into IRS Form 969. I couldn't find hardly any content out there on UA-cam that goes into any depth of contributing to an HSA from a non-employer standpoint that might be a decent video to hone in on.

@@wichitazeb That's a great idea. I think I'll make a video about that. Thank you!

Anyone with earned income can contribute to a Roth IRA, assuming their modified adjusted gross income is below the annual limit. If a Roth option is available in your 457, you can also use it no matter what your income is.

Thanks for watching!

Glad it was helpful!

Thank you. I really feel for folks trying to buy their first house these days. Neither cars nor homes are all that reasonably priced and interest rates aren't making things any easier. But, at the end of the day, the math is the math. You've got to save and invest to build wealth. Thanks for watching!

@@martinmoneyNDF We wonder how out of balance home & vehicle prices are with the rise in wages over the years. We see people buying $800k homes like nothing these days and 20 years ago those same size homes were $300k. Salaries over that timeframe risen obviously, but wonder if its at the same rate.

That's a great question. Sounds like a good topic for a video. Stay tuned!

Thanks for the comments and for subscribing!

Thank you so much for the comments. I'm glad to hear that you are enjoying the channel.

Will do. Thanks for the comments and thank you for watching.

Thanks for the kind words. They keep me going.

@@martinmoneyNDF Kindness reverberates.🎯

You have so much of the most valuable asset there is: time. Congratulations on starting early. The world is your oyster. Oh, and thanks for watching!

Great. I’m glad you enjoyed the video. Thanks for watching and subscribing!

There is only one circumstance I can think of where a whole life policy might make sense, and it has more to do with mitigating estate taxes than an actual insurance need. If you’re talking about a policy to cover loved ones in the event of an untimely death, term life is absolutely the way to go and it’s not a particularly close call. Great question. Thanks for watching!

Thank you!

Thanks. I’m always looking for new topics people are interested in learning about. Let me know if there’s anything you want to see.

Thank you for the kind words. I record on an iPhone hooked up to a shotgun mic. I edit video using Davinci Resolve (free version) with the help of some plugins I bought on MotionFX and downloaded from Mr. Alex Tech. Thumbnails are done using GIMP. Thank you for watching. Good luck with your channel.

It's hard to say for certain without knowing all the details of your situation. Oh, and then there's the whole "what will taxes be in the future?" question. The first question that came to mind for me was, "I wonder where he or she will live when they begin making withdrawals?" If you moved from a high-income tax state to a low or no-income tax state, then I'd stick with Traditional. Also, federal tax rates are supposed to go up in 2026 which is a plus for the Roth column today. You might also think about whether or not you plan to retire early and maybe if you'll have several years to do conversions at a low income. There are several factors at play, so, as usual, it depends. I know that isn't a direct answer, but I hope this helps.

Thank you so much for the kind words. It means a lot.

Welp...okay. Thanks for watching!

One consideration would be if you have an opportunity to get a "match" from an employer for putting some money into an employer 401 or 457 type plan -- but Roth money is your best money long term (you might need some short term substantial money for something like,say,buying a house or a car some point out that there are conditions where you can pull some money out of a Roth even when younger than 59.5 years (rules might be involved) when the Roth is more than 5 years old and you are over 59.5 (say over 60) it gets simple

@@davidpowell3347 That's true. Roth IRA contributions are always available for withdrawal without penalty or tax, making them an option for emergency cash. I would try to avoid doing that and I certainly wouldn't pass up an employer match to use a Roth IRA. To be clear, the point of this video isn't to discount the value of Roth accounts. They are the best place to try and save almost all of your money. This video highlights a few circumstances where Roth accounts are not optimal from a tax perspective.

Bingo. At times I feel like we're being programed to just pick an arbitrary ratio like 60/40 or 70/30 because it sounds like a lot of other people are doing it. Thanks for watching and for your comment.

@@martinmoneyNDF Yeah I know that formula. But, for example, if you have money saved up that you need as a downpayment on house and you're going to settlement in a week, you need to be ultra conservative.... but... if you are 21 yrs old and just inherited some money you won't need for 40 yrs, then you can put it into growth oriented investments, like stocks.

I don't really love answering a question with "it depends", but it depends. In this case, it depends on what the high-yield bond fund is actually holding and how much of each holding the fund has. There is certainly a higher degree of safety just by holding a variety of bonds, even if they are of lower quality.

It's certainly an interesting time for bonds with the yield curve inverted like it is. I'm sure yields will return to a more normal schedule in the future, but you're right, long-term bond ownership doesn't make a ton of sense at the moment. Thanks for the comments.

Remember this when thinking about buying long term bonds: If interest rates are low, just say no. If interest rates are high, buy buy buy.