Ionnie wants to vet her tax professional as diligently as she assesses her financial advisor – how should she go about doing that?
Anonymous needs a career change, and she needs help figuring out how to approach the decision-making process when choosing and preparing for her next field of employment
MM prefers the simple path to wealth and investing in real estate but is looking for more information on a more intentional and selective approach to investing.
Ingrid calls in to ask whether she should include her rental income when trying to figure out how much she can contribute to her Roth IRA.
Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.
Enjoy!
P.S. Got a question? Leave it here.
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Here are the details:
Ionnie asks (at 01:27 minutes): In all of the wisdom and guidance shared about how to vet a financial advisor, how can we do the same when choosing a tax advisor or preparer?
What questions should we be asking to make sure our tax person is knowledgeable and up to snuff?
How can we do our due diligence in this area the same way we’ve learned to do it in the personal finance area?
Anonymous asks (at 24:16 minutes): I am 29 years old. I work as a high school administrator, where I make $70,000 a year. I am interested in making a career change.
Do you have any mental framework recommendations to help me choose my next career?
Additionally, how would you recommend choosing a way to transition to a different career?
When I choose what career I want to be aiming for, how should I tackle the problem of getting any additional education that I might need or getting certifications?
I completed an AmeriCorps program and I have two years worth of AmeriCorps grants, which equal about $11,000, and I can spend those on education. The first of those AmeriCorps grants is going to expire next year and the second will expire the year after next.
MM asks (at 45:38 minutes): I’ve been on the simple path to wealth, but I’ve heard you talk about the efficient frontier and individual stock picking once in a while.
I’m reading a book called “The Little Book That Beats the Market”, by Joel Greenblatt. The book talks about some pretty awesome returns and it certainly requires more effort. I’m halfway into the book and so far they’re only talking about a 17 or a 20-year time period, which is why this method is not something I’ll likely ever pursue, but I am curious.
Are either of you familiar with this book, done any research into it, or know anyone in the community that has? Or, could you point me to a third-party resource that has completed an open-minded review?
My household income is approximately just over $300,000 in 2022. We would be implementing this or a different strategy only within a tax-deferred account. We don’t have any money in a taxable brokerage because we really like real estate and will continue to dump our after-tax money into real estate. Also, we intend to do Roth conversion ladders whenever we take the work optional path and use that money for that.
If you guys are familiar with this method or any similar strategy, I would love your feedback.
Ingrid asks (at 1:03:37 minutes): I have a rental income of approximately $7,000 and our household income is $200,000.
Do I have to add my rental income to my W-2 income when I calculate my Roth IRA contribution limits?
Resources Mentioned:
Episode 321: How To Transition To Your Dream Career, with Ashley Stahl | Podcast
Episode 313: The Unspoken Rules That Could Cost You Thousands, with Gorick NG | Podcast
Episode 300: The Two Fund Investment Portfolio, with Paul Merriman | Podcast
Episode 31: The Simple Path To Wealth, with Jim Collins | Podcast
Episode 375: The 2x Rule and Other Wealth Accelerating Advice, with Nick Maggiulli | Podcast
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