lol, yeah, my wife asked about an emergency fund early in our marriage. i asked her what unforeseen spending cant be immediately handled by my credit cards or selling some investments unless a ransom note and the fbi were involved? she didn't think i was funny.
I absolutely love this video. This is the conversation almost verbatim I’ve been trying to have with my family and friends for the last 4 years and it seems no one is listening. I’m going to send everyone the link to this video and maybe hearing it from you hopefully can get them to understand 🙏🏾 thank you
Discovered your channel last week and can’t stop watching! Absolutely amazing!! You speak the truth! I love this channel, I love every word that comes out of your mouth❤
Wow!!! This is the second video I’ve watched of yours and I shall watch every one! You are whip smart. I thank the good Lord for showing this video to me. You have a new devotee.
Thanks Sharon for the awesome video! 1-3 really messed up about 10 years of my career. Trying to save cash for a down payment but houses went up faster than I could save. Putting money in my 401k but learning I don't want that money trapped for 25+ more years. #3 was a huge one, I got a job at a massive defense contractor while I was working on my engineering degree hoping to work my way up. It was 3% raise after 3% raise and the managers were kingdom builders. After leaving there I have job hopped a few times and drastically increased my income.
I’m 62 and don’t have much on my 401k so maxing out on it, HSA plus don’t the mega backdoor for tax free $ makes a lot of sense. Plus I’m earning extra income from trading options and that puts me in a lower tax bracket. So the “don’t’ max out” shouldn’t be a general rule in my opinion. Thanks for the video!
Kids in high school should watch this because I am one of those people who worked 60 hours a week and looked at the world and realize it’s a big scam, tell us wage workers to work our buns off until retirement. The question is…how do we figure out what kind of business to invest in where we find companies to invest in?
Well. I resemble these statements, lol. Thank you for opening our eyes to a different world - true wealth building. I've watched about half your videos so far and my mind is blown. It shouldn't be - I mean, it all makes sense. Regarding home equity - I could do so much more with that, not to mention reach accreditation sooner! Do you have any clever ideas for avoiding taxes on dividends that are generated by a large stock portfolio (used for SBLOC collateral)? Already up to my gills in taxes on salary+trading. Thanks again for all your content! I can tell that you know what you're talking about.
Great info, especially for the “young” crowd! But I have a quick question about a twist to an item on your list (#2)…. What would be better for building wealth, maxing out contributions to a Roth 457b (not a 401k or traditional IRA, investing in a S&P 500 index fund in the account) or taking that money and putting it into a taxable brokerage account (investing in S&P 500 ETFs and stocks, etc.)? The biggest advantage I can see going to the taxable account is for access to cash via a SBLOC as the account grows in value. Otherwise, the funds in the 457b can be rolled over into a Roth IRA when I leave the that job (via the back door method) and grow tax free in the interim….. Or do you consider all retirement account types, specifically the Roth versions (i.e. Roth 401k, Roth 403b, Roth 457b, etc.), to not be good investment vehicles?
This is a really smart question. I think the answer is somewhere in the middle. I like to have some money in a Roth-IRA account but I don't necessarily think using a Roth to invest 100% in the stock market always makes a lot of sense. I like to use my Roth mostly for assets that I personally think will appreciate a lot in my lifetime. Examples include things like Pre-IPO companies (especially because you are going to want to sell these shares at some point) or crypto. Having some stocks in a taxable account is also good because of the ability to use SBLOCs, as you mentioned. You can manage your taxable stock account in a way that you are never really paying any tax. I have some stocks in a Roth but the vast majority of my stocks are in a taxable account but I never pay tax on those stocks because of interest deductions from my SBLOC, the fact that I never sell shares, and other tax planning strategies that create tax losses. I will say I think it is a really bad idea to have most of your savings in a Roth.
Enjoying your straightforward wisdom. Could you possibly address how you take care of medical insurance? The main concerns in in peoples lives is working to have insurance or not retiring because of insurance. Thank you.
Health insurance was one of the main things that delayed me from quitting my W-2 job and starting my own business. I pay for it through the company and it is my 2nd largest expense. The issue is even more complicated for business owners in New York if you want a decent policy. There isn't a great solution here other than to just have your business pay for it to get the tax deduction. I've been exploring setting up a captive insurance company for all my insurance needs, including health, but haven't implemented this yet for myself personally.
I love your analysis of investments. I too hate bonds. But you have given me new ideas. Thank you. A retiree. Do you have specific advise for retirees in their late sixties?
Why not invest in roth ira? If I'm not an accredited investor I don't have the capital to get an investment >10%. Also I can get a loan from my 401k orSBLOC from my IRA.
lol, yeah, my wife asked about an emergency fund early in our marriage. i asked her what unforeseen spending cant be immediately handled by my credit cards or selling some investments unless a ransom note and the fbi were involved? she didn't think i was funny.
I absolutely love this video. This is the conversation almost verbatim I’ve been trying to have with my family and friends for the last 4 years and it seems no one is listening. I’m going to send everyone the link to this video and maybe hearing it from you hopefully can get them to understand 🙏🏾 thank you
Appreciate you!
Discovered your channel last week and can’t stop watching! Absolutely amazing!! You speak the truth! I love this channel, I love every word that comes out of your mouth❤
Wow!!! This is the second video I’ve watched of yours and I shall watch every one! You are whip smart. I thank the good Lord for showing this video to me. You have a new devotee.
Thanks Sharon for the awesome video! 1-3 really messed up about 10 years of my career. Trying to save cash for a down payment but houses went up faster than I could save. Putting money in my 401k but learning I don't want that money trapped for 25+ more years. #3 was a huge one, I got a job at a massive defense contractor while I was working on my engineering degree hoping to work my way up. It was 3% raise after 3% raise and the managers were kingdom builders. After leaving there I have job hopped a few times and drastically increased my income.
Thanks for sharing your experience! I too wasted a good bit of my career on many of these money myths.
Thank you, Sharon, for such educational and useful information. Happy New Year!
Thank you so much! Happy New Year!
I’m 62 and don’t have much on my 401k so maxing out on it, HSA plus don’t the mega backdoor for tax free $ makes a lot of sense. Plus I’m earning extra income from trading options and that puts me in a lower tax bracket. So the “don’t’ max out” shouldn’t be a general rule in my opinion. Thanks for the video!
Great video Sharon! I’m going to have my daughter listen to this. She’s 10. I’ll probably have her listen to it every couple of months.
@@aldofiore2895This channel definitely speaks the truth.
I love this! 😁
Your channel is going blow up. Be honest, let them decide, and don't coddle the audience. Keep giving great advice. 😊😊
Thank you - appreciate your kind words. 😀
Kids in high school should watch this because I am one of those people who worked 60 hours a week and looked at the world and realize it’s a big scam, tell us wage workers to work our buns off until retirement. The question is…how do we figure out what kind of business to invest in where we find companies to invest in?
Well. I resemble these statements, lol. Thank you for opening our eyes to a different world - true wealth building. I've watched about half your videos so far and my mind is blown. It shouldn't be - I mean, it all makes sense. Regarding home equity - I could do so much more with that, not to mention reach accreditation sooner! Do you have any clever ideas for avoiding taxes on dividends that are generated by a large stock portfolio (used for SBLOC collateral)? Already up to my gills in taxes on salary+trading. Thanks again for all your content! I can tell that you know what you're talking about.
I wish I knew this stuff 30 years ago
Great info, especially for the “young” crowd! But I have a quick question about a twist to an item on your list (#2)…. What would be better for building wealth, maxing out contributions to a Roth 457b (not a 401k or traditional IRA, investing in a S&P 500 index fund in the account) or taking that money and putting it into a taxable brokerage account (investing in S&P 500 ETFs and stocks, etc.)? The biggest advantage I can see going to the taxable account is for access to cash via a SBLOC as the account grows in value. Otherwise, the funds in the 457b can be rolled over into a Roth IRA when I leave the that job (via the back door method) and grow tax free in the interim….. Or do you consider all retirement account types, specifically the Roth versions (i.e. Roth 401k, Roth 403b, Roth 457b, etc.), to not be good investment vehicles?
This is a really smart question. I think the answer is somewhere in the middle. I like to have some money in a Roth-IRA account but I don't necessarily think using a Roth to invest 100% in the stock market always makes a lot of sense. I like to use my Roth mostly for assets that I personally think will appreciate a lot in my lifetime. Examples include things like Pre-IPO companies (especially because you are going to want to sell these shares at some point) or crypto. Having some stocks in a taxable account is also good because of the ability to use SBLOCs, as you mentioned. You can manage your taxable stock account in a way that you are never really paying any tax. I have some stocks in a Roth but the vast majority of my stocks are in a taxable account but I never pay tax on those stocks because of interest deductions from my SBLOC, the fact that I never sell shares, and other tax planning strategies that create tax losses. I will say I think it is a really bad idea to have most of your savings in a Roth.
Enjoying your straightforward wisdom. Could you possibly address how you take care of medical insurance? The main concerns in in peoples lives is working to have insurance or not retiring because of insurance. Thank you.
Health insurance was one of the main things that delayed me from quitting my W-2 job and starting my own business. I pay for it through the company and it is my 2nd largest expense. The issue is even more complicated for business owners in New York if you want a decent policy. There isn't a great solution here other than to just have your business pay for it to get the tax deduction. I've been exploring setting up a captive insurance company for all my insurance needs, including health, but haven't implemented this yet for myself personally.
I love your analysis of investments. I too hate bonds. But you have given me new ideas. Thank you. A retiree. Do you have specific advise for retirees in their late sixties?
Hello. I wanted to know if you buy your voo directly from vanguard or through etrade?
I buy through E*TRADE because they don't charge commission. I don't have a Vanguard account.
❤❤ happy new year coach!!
Happy New Year!
❤excellent advice
Glad it was helpful! Thank you and Happy New Year!
I like to know more about what financial services you provide.
I don't do any work with clients but have a few courses if you want to take a deeper dive into some of these topics sharonwinsmith.com/courses/
Why not invest in roth ira?
If I'm not an accredited investor I don't have the capital to get an investment >10%.
Also I can get a loan from my 401k orSBLOC from my IRA.
I don't think you can use your retirements accounts (401k or IRA) as the collateral for SBLOC, but I might be wrong.
I think this is great advice, but only for people over net worth $1M. This video should be blocked for everyone else lol
You seem very serious with your statements but I laughed a lot watching the video! x"D