Podcasts about backdoor roth ira

Want to build tax-free wealth even if your income is too high for a Roth IRA? In this episode, Mindy Jensen and Scott Trench are joined by CPA's Amanda Han and Matt MacFarland. They break down the Backdoor Roth IRA and Mega Backdoor Roth strategies step-by-step. You'll learn how the Backdoor Roth works, how to avoid costly tax mistakes, how the pro-rata rule can impact your conversion strategy, and when the Mega Backdoor Roth may allow you to contribute tens of thousands of additional dollars to Roth accounts each year. Whether you're pursuing FIRE, optimizing your retirement accounts, or looking for advanced tax planning strategies, this episode covers everything you need to know. Connect with Amanda Han and Matt MacFarland Website: https://www.keystonecpa.com/pages/about-us Instagram: https://www.instagram.com/amanda_han_cpa/?hl=en To go beyond the podcast: Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney We believe financial independence is attainable for anyone no matter when or where you're starting. Let's get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices

People look forward to retirement as a time of fewer obligations, but it can also be a time of lower taxes, especially if you have money in Roth retirement accounts. However, if you earn too much money, you can't contribute directly to a Roth IRA. But you may still have an option. Host Robert Brokamp lays out the five steps to contributing to a backdoor Roth IRA, and highlights a landmine to avoid. Also in this episode:-The stock market posted one of its best 10-day returns – what does history say happens next?-A new study finds that heirs spend inheritances remarkably quickly. What are ways to leave an inheritance that won't be squandered?-The input costs for food companies almost doubled in March, and prices may rise even more over the next three to six months.-Happy 50th birthday to Vanguard's S&P 500 index fund, the first index fund available to individual investors. Host: Robert BrokampEngineer: Bart Shannon Disclosure: Advertisements are sponsored content and provided for informational purposes only. The Motley Fool and its affiliates (collectively, “TMF”) do not endorse, recommend, or verify the accuracy or completeness of the statements made within advertisements. TMF is not involved in the offer, sale, or solicitation of any securities advertised herein and makes no representations regarding the suitability, or risks associated with any investment opportunity presented. Investors should conduct their own due diligence and consult with legal, tax, and financial advisors before making any investment decisions. TMF assumes no responsibility for any losses or damages arising from this advertisement.We're committed to transparency: All personal opinions in advertisements from Fools are their own. The product advertised in this episode was loaned to TMF and was returned after a test period or the product advertised in this episode was purchased by TMF. Advertiser has paid for the sponsorship of this episode.Learn more about your ad choices. Visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Could smart glasses replace the smart phone as the number one consumer device? If you're like me, you probably remember the failure of Google Glass, which ended in 2015. Google may have exited the space early considering in 2025 global shipments of smart glasses hit 8.7 million units, which quadrupled 2024's level. Meta currently holds 85% of the market but realize that Apple, Alphabet/ Google, and Samsung are expected to launch AI equipped eyewear soon. I do wonder if this will hurt or help Apple since people may be buying more smart glasses and less high-end iPhones? There are concerns about privacy and data collection. Currently Meta is facing a lawsuit in the US that is seeking class action status. Seems like Meta can't get out of the news or the courtroom, but they do state that what the glasses collect stays on the user's device unless they choose to share it with the company. The smart glasses can see what you see and hear what you hear. You can have a conversation with the glasses the same as if you're talking to a person. Which means you may look like a crazy person standing there talking to yourself if people don't realize you have smart glasses on. Companies that would benefit from an increase in manufacturing of smart glasses, excluding the big companies I already mentioned, would include companies such as EssilorLuxottica, which is the owner of Ray-Ban and Meta's manufacturing partner, Qualcomm, which provides the central processor or the brains of the glasses, and Global Foundries. which takes care of the display technology. It appears this time; smart glasses may become as common as a smart phone in the next few years.   Is the market too expensive to buy the dip this time? With the increasing cost of oil and the turmoil in Iran the markets did see a correction, which is a drop of 10% or more from the peak. People have become so accustomed to just buying the dips without knowing the valuations of what they're buying, and many will probably do the same thing this time. Unfortunately, dip buying does not always work and given the current valuations, investors could be in for a bad surprise. Even with the recent pull back, the forward price/earnings ratio for the S&P 500 sits at 20 and is still 20% higher than the 20-year average. So even with the dip you're not buying companies on sale at these levels. Earnings can be adjusted and moved around with accounting rules, which means you're probably paying more than you believe if you don't understand accounting. Another indicator to look at is the forward price to free cash flow. This indicator takes out all the accounting craziness of how much some tech companies are spending on capital expenditures for artificial intelligence. Often, I find these two measures converge once the accounting catches up to the heavy capex spending and understanding both earnings and free cash flow is an important balance. The index currently has a forward price to free cash flow of 27.4 and that is nearly 40% above the 20-year average. Smart investors really should stop and think. They should realize they're paying a lot more for the S&P 500 than they thought. Free cash flow is not an accounting measure, and companies are not required to compute it for you. It's not that hard to calculate though as you start with cash from operations and then deduct all the capital expenditures. This is where the devil is in the details because this is where you will see how overvalued many tech companies are because of the billions of dollars they're spending. The big risk here is the return on investment will likely not come very quickly and maybe not at all. This doesn't mean you shouldn't invest in stocks as you can still find good quality equities that are generating very good cash flow and that you're not overpaying for the earnings or the free cash flow. Personally, those are the types of businesses I'm looking for when investing for myself and my clients.   Consumer prices spike in March due to Iran war While it was in line with expectations, the headline CPI rose 3.3% compared to last year. This was the highest annual rate since April 2024, and it was substantially higher than February's reading of 2.4%. The obvious reason for the increase was the change in oil prices. Energy showed an increase of 12.5%, largely due to a spike of 18.9% in gasoline prices. Month over month gasoline prices climbed 21.2%, which was the largest monthly increase since 1967 when the series was first published. Outside of the energy spike, prices did not look problematic considering core CPI, which excludes food and energy, saw an increase of 2.6% on an annual basis. This was relatively in line with recent months and was 0.1% below the forecast. While the Fed may be able to look through these inflation numbers, if energy remains elevated the concern is it will start to impact core CPI as well. Companies will need to start raising prices to offset their higher expenses due to energy costs. For example, airline fares, which rose 14.9% over the past 12 months would see further pressure. Deutsche Bank estimates that if jet fuel prices stay near current levels for a full year, airlines would have to increase ticket prices by about 17% to offset those cost pressures. Transportation would also be problematic with companies like Amazon, UPS, and FedEx needing to pay more to move goods around the economy. We have already seen the introduction of fuel and logistics surcharges and those will likely climb further if problems persist. On a positive note, the shelter index rose just 3.0% on an annual basis, which was tied for its lowest level since August 2021. As I have mentioned before, I anticipate shelter inflation will continue to decline as the year progresses. Overall, the main takeaway is if this Iran war can be contained and energy prices start to decline, which I think they will, inflation should not be a problem in 2026.     Financial Planning: Reporting a Backdoor Roth IRA Normally when income is above $236k for joint filers or $150k for single filers, the ability to make Roth IRA contributions is phased out.  A backdoor Roth IRA is a strategy that allows high-income taxpayers to fund Roth IRAs, but it needs to be done correctly.  It is a two-step process that involves making a traditional IRA contribution and then converting that contribution into a Roth IRA.  This can only be done if the account holder does not have any other pre-tax IRAs.  When the initial contribution is made to the traditional IRA, it needs to be reported as a non-deductible contribution.  When the funds are converted, a 1099-r is generated, and as long as the initial contribution was reported correctly, the conversion is not taxable.  The end result is a Roth IRA that can grow tax-free.  While this can be a benefit, it is crucial that everything is reported correctly to prevent filing errors, overcontributions, and amended tax returns.   Companies Discussed: ServiceNow, Inc. (NOW), NIKE, Inc. (NKE), RH (RH) & Invesco Ltd. (IVZ)

Backdoor Roth IRA explained (2026): how high-income earners can legally contribute to a Roth IRA, step-by-step, and avoid the pro-rata rule tax trap.   If your income is too high to contribute directly to a Roth IRA, the Backdoor Roth strategy is one of the most important ways to still build tax-free retirement income—but it has to be done correctly.   In this episode, we break down: 2026 Roth IRA income limits and contribution limits How the Backdoor Roth IRA works step-by-step How to make a non-deductible IRA contribution and convert it to Roth The pro-rata rule and how it can trigger unexpected taxes How to handle existing Traditional, SEP, or SIMPLE IRA balances When a spousal Backdoor Roth makes sense Have questions? Need help making sure your investments and retirement plan are on track? Click to schedule a free 20-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth

This week, we're breaking down the Backdoor Roth IRA: the legal workaround that high earners use to get their money into a Roth and let it grow tax-free forever. We'll walk you through exactly how it works, who it's for, the one sneaky tax trap you need to watch out for, and whether it's actually worth the extra steps. If you've ever been told you earn too much for a Roth, this episode is for you.   Helpful Information: PFG Website: https://www.pfgprivatewealth.com/ Contact: 813-286-7776 Email: info@pfgprivatewealth.com   Disclaimer: PFG Private Wealth Management, LLC is an SEC Registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. The topics and information discussed during this podcast are not intended to provide tax or legal advice. Investments involve risk, and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed on this podcast. Past performance is not indicative of future performance. Insurance products and services are offered and sold through individually licensed and appointed insurance agents.

High-income professionals often find themselves locked out of direct Roth IRA contributions. The "Backdoor Roth" is the gold-standard workaround, but it is a strategy where small administrative errors can lead to big tax bills. In this episode, we break down the mechanics of the Pro-Rata Rule, why your Form 8606 is the most important document in your tax return, and the specific steps physicians must take to keep their backdoor strategy "clean." Key TakeawaysPre-Tax vs. Post-Tax: Understanding why the source of your IRA funds determines your tax liability.The Pro-Rata Rule: Why the IRS treats all your IRAs as one "pot of soup" and how existing SEP or SIMPLE IRA balances can trigger unexpected taxes.The December 31 Rule: Why your total IRA balance at the end of the year is the only number the IRS cares about for conversions.Solo 401(k) vs. SEP IRA: Why 1099 contractors should favor the Solo 401(k) to keep the backdoor strategy viable.Form 8606 Essentials: The common filing errors that lead to double taxation and why each spouse needs their own form.Please subscribe and leave a review on your favorite Podcasting platform. Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakesIf you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbookDr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .You can learn more about Elisa at her website or follow her on social media.Website: https://ww.GrowYourWealthyMindset.comInstagram https://www.instagram.com/GrowYourWealthyMindsetFacebook https://www.facebook.com/ElisaChianghttps://www.facebook.com/GrowYourWealthyMindsetYouTube: https://www.youtube.com/c/WealthyMindsetMDLinked In: www.linkedin.com/in/ElisaChiang Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...

In this Episode of the Secure Your Retirement Podcast, Radon Stancil and Murs Tariq discuss the powerful Mega Backdoor Roth strategy with Director of Financial Planning and Tax Strategy, Taylor Wolverton. They break down how high-income earners can potentially create tax free wealth using advanced Roth 401k strategy techniques, including 401k after tax contributions and in-plan conversions. This episode dives into how these lesser-known financial planning strategies can help individuals who are serious about retirement tax planning and building a strong retirement financial plan.Listen in to learn about the differences between a Mega Backdoor Roth, a Backdoor Roth IRA, and traditional retirement savings strategies. Radon, Murs, and Taylor explain the role of 401k contribution limits, Roth IRA income limits, and how these strategies may help high-income earners implement a smart tax strategy designed to maximize tax free retirement income. If you're focused on planning retirement, creating a retirement checklist, and learning how to retire comfortably, this episode offers valuable insights to help you secure your retirement.In this episode, find out:How the Mega Backdoor Roth works and why it can be a powerful high income tax strategyThe difference between after-tax 401k contributions, traditional 401k contributions, and Roth optionsHow Roth conversion strategies can potentially turn taxable growth into tax free retirement incomeThe key differences between a Backdoor Roth IRA and the Mega Backdoor Roth 401k strategyImportant considerations when including this strategy in your retirement financial plan and overall retirement planning strategyTweetable Quotes:“The reason people call it a Mega Backdoor Roth is because you're not contributing directly to the Roth 401k—you're contributing after-tax dollars and converting them to build a larger tax-free portfolio.” – Radon Stancil“If your income is above the Roth IRA income limits, you may still have options to get money into a Roth through strategies like the Backdoor Roth IRA or Mega Backdoor Roth.” – Murs TariqResources:If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!To access the course, simply visit POMWealth.net/podcast.

On this powerful episode of Talk Law Radio, host Todd Marquardt is joined by Joseph Warren of Financial Planning HQ and Mark Nelson, CPA of Nelson & Mata for an in-depth conversation about tax law, retirement strategy, cryptocurrency reporting, and legacy planning.

Everything you need to know about Backdoor Roth Conversions in 2026. In this detailed presentation, Caleb Guilliams and Justin Gartman walk through the beginners guide to Backdoor Roth's as well as answering exactly what you need to know in order to start this strategy for yourself. Want a Life Insurance Policy? Go Here: https://bttr.ly/bw-yt-aa-clarity Want FREE Whole Life Insurance Resources & Education? Go Here: https://bttr.ly/yt-bw-vault 00:00 Introduction to Roth IRAs and Limitations 00:51 Roth IRA Contribution Limits 02:49 Why does the Government Limit Roth IRA Contributions? 04:37 Perspective on Government-Sponsored Plans 05:49 Backdoor Roth IRA Strategy 06:23 Steps for a Backdoor Roth IRA 08:41 Common Mistake: The Pro-Rata Rule 12:06 Filing Requirement for Non-Deductible Contribution 13:06 Mega Backdoor Roth Strategy 15:17 Example of Mega Backdoor Roth Contribution 16:47 Mega Backdoor Roth Conversion Options 18:17 Eligibility Requirements for Mega Backdoor Roth 19:20 Solo 401k for Business Owners 20:28 Summary and Final Thoughts on Backdoor Roths _________________________________ Learn More About BetterWealth: https://betterwealth.com ==================== DISCLAIMER: https://bttr.ly/aapolicy *This video is for entertainment purposes only and is not financial or legal advice. Financial Advice Disclaimer: All content on this channel is for education, discussion, and illustrative purposes only and should not be construed as professional financial advice or recommendation. Should you need such advice, consult a licensed financial or tax advisor. No guarantee is given regarding the accuracy of the information on this channel. Neither host nor guests can be held responsible for any direct or incidental loss incurred by applying any of the information offered.

Today we are talking with a PA who has become a millionaire. This PA has a great story and is in his second career and having tons of success. He lives in a high cost of living area but is not letting that slow him down. He got his education paid for with the NHSC scholarship and has zero debt. Now that his career is cruising he has taken up his passion project of becoming a children's book author. After the interview we will be talking about the Backdoor Roth IRA process for Finance 101. David Pedersen's Children's Book: Good Night, Alex https://a.co/d/8LxZar1  Goodman Capital is a premier real estate credit investment firm specializing in senior-secured, low loan-to-value lending on Class A properties in prime markets across the greater New York metro area. Founded on a family legacy dating back to 1987, Goodman has closed more than $850 million+ across 95+ loans with a track record of zero principal loss. Their flagship private mortgage REIT, Liquid Credit Strategy Fund I, delivered a steady 9% net dividend yield since inception at a very conservative sub-50% LTV. Invest in tax-efficient, high-yield, risk-adjusted debt investment strategies with Goodman Capital at https://www.whitecoatinvestor.com/goodman The White Coat Investor has been helping doctors, dentists, and other high-income professionals with their money since 2011. Our free personal finance resource covers an array of topics including how to use your retirement accounts, getting a doctor mortgage loan, how to manage your student loans, buying physician disability and malpractice insurance, asset allocation & asset location, how to invest in real estate, and so much more. We will help you learn how to manage your finances like a pro so you can stop worrying about money and start living your best life. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Have you achieved a Milestone? You can be on the Milestones to Millionaire Podcast too! Apply here: https://whitecoatinvestor.com/milestones  Find 1000's of written articles on the blog: https://www.whitecoatinvestor.com  Our YouTube channel if you prefer watching videos to learn: https://www.whitecoatinvestor.com/youtube  Student Loan Advice for all your student loan needs: https://studentloanadvice.com  Join the community on Facebook: https://www.facebook.com/thewhitecoatinvestor  Join the community on Twitter: https://twitter.com/WCInvestor  Join the community on Instagram: https://www.instagram.com/thewhitecoatinvestor  Join the community on Reddit: https://www.reddit.com/r/whitecoatinvestor  Learn faster with our Online Courses: https://whitecoatinvestor.teachable.com  Sign up for our Newsletter here: https://www.whitecoatinvestor.com/free-monthly-newsletter  00:00 MtoM Podcast #255 03:57 PA Becomes a Millionaire 13:30 Advice For Others 16:26 Backdoor Roth IRA Process

In this episode of the Know Your Numbers, REI Podcast, hosted by Chris McCormack, we delve deep into tax planning for high-income earners who exceed the contribution limits for Roth IRAs. Chris explains the benefits of a Roth IRA and introduces the 'Backdoor Roth IRA' strategy as an effective means to build tax-free wealth for retirement.Learn about specific income thresholds, contribution limits, and practical steps to transition from a traditional IRA to a Roth IRA. Discover why this strategy is crucial for legacy planning and ensuring a tax-free retirement.Don't miss these valuable insights to enhance your retirement planning!Tune in to the Know Your Numbers REI podcast for valuable tax planning tips and strategies to keep more money in your accounts. Don't miss out on empowering yourself with the knowledge to make informed financial decisions. Subscribe now and stay informed!••••••••••••••••••••••••••••••••••••••••••••➤➤➤ To become a client, schedule a call with our team➤➤ https://www.betterbooksaccounting.co/contact••••••••••••••••••••••••••••••••••••••••••••Connect with Chris McCormack on Social MediaFacebook: https://www.facebook.com/chrismccormackcpaLinkedIn: https://www.linkedin.com/in/chrismccormackcpaInstagram: https://www.instagram.com/chrismccormackcpaJoin our Facebook Group: https://www.facebook.com/groups/6384369318328034→ → → SUBSCRIBE TO BETTER BOOKS' YOUTUBE CHANNEL NOW ← ← ← https://www.youtube.com/@chrismccormackcpaThe Know Your Numbers REI podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.

Understand the legal tax hack the IRS actually wants you to use.The Concierge CPAWith Jackie MeyerFor CPA TrendlinesIn a recent edition of the Concierge CPA podcast, host Dr. Jackie Meyer and guest Acen Hansen delivered a detailed, no-nonsense exploration of using the Backdoor Roth IRA and the Mega Backdoor Roth to harness tax-free growth — particularly for high-income earners and those focused on legacy planning. More Jackie Meyer Catch Jackie Meyer and other thought leaders on Dec. 10 at Tax Season Readiness: Practical Steps for a Smoother Busy Season |1.5 CPE  A Backdoor Roth IRA isn't a special new account — it's a workaround. As Dr. Meyer, founder of TaxPlanIQ, and Hansen, a wealth advisor for Legacy Wealth Management, explain, it allows people who earn too much to contribute directly to a Roth IRA to still access the benefits of a Roth by first contributing to a traditional IRA (on a non-deductible basis) and then converting it to a Roth IRA.Once the funds are inside a Roth IRA, they grow tax-free and — assuming account and timing requirements are met — distributions in retirement are tax-free.For high earners with incomes above IRS thresholds for direct Roth contributions — which, for 2025, prohibit single filers with MAGI above roughly $165,000 and married couples filing jointly above about $246,000 — the Backdoor Roth remains a viable path.“It's kind of surprising how many people don't know about the ability to do a backdoor Roth,” Hansen says. “Most of the time, it's, ‘Oh, I don't qualify for Roths so I've got to figure something else out.'"

In this episode, Dr. Jackie Meyer and Acen Hansen discuss the intricacies of the Backdoor Roth IRA and the Mega Backdoor Roth strategy, emphasizing the importance of tax-free growth for wealth accumulation. They explore common misconceptions about Roth IRAs, the mechanics of contributions and conversions, and the significance of legacy planning. The conversation also touches on financial myths and offers insights into effective tax strategies for high-income earners.

Send us a textWe break down how high earners can legally fund a Roth IRA using the backdoor method, why it matters for business owners with variable income, and where people go wrong. We share the exact steps, the pro rata trap, and the one IRS form you must not miss.• difference between Roth and traditional IRA and why Roth can be better for many• who needs a backdoor Roth due to income thresholds and phaseouts• step-by-step process to contribute and convert quickly• role of advisors and importance of coordinating with a CPA• risks of direct Roth contributions when over the limit• business owner income swings and AGI versus take-home pay• the pro rata rule if you hold pre-tax IRA balances• filing Form 8606 to track non-deductible basis and conversions• the value of proactive planning before year-endWe created a monthly accounting program where you hop on a one-hour call with us every month to tackle bookkeeping, tax planning, business decisions, basically anything you need… or just email us at carson@sandsco.netSupport the showCreate a STAN Store - Click here to try it out!Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!Shop our business guides!Our Instagram PageOur family page

#243: Discover smarter strategies to grow your wealth and create financial flexibility. We dive into when it makes sense to invest beyond retirement accounts, how to access savings early through Roth conversions and 72(t) distributions, ways to reduce taxes with HSAs, tax-advantaged accounts, and charity, and so much more. Michael Kitces is the Head of Planning Strategy at Focus Partners Wealth, co-founder of XYPN and publisher of a continuing education blog for financial planners, Nerd's Eye View. Link to Full Show Notes: https://chrishutchins.com/smarter-savings-retirement-michael-kitces Partner Deals Mercury: Help your business grow with simplified finances Oceans: Best proactive global talent to level up your work and life OpenPhone: 20% off the first 6 months of your own business phone system DeleteMe: 20% off removing your personal info from the web Gelt: Skip the waitlist on personalized tax guidance to maximize your wealth For all the deals, discounts and promo codes from our partners, go to: chrishutchins.com/deals Resources Mentioned Michael Kitces: Website | Focus Partners Wealth | XYPN Blog Posts The Four Phases Of Saving And Investing For Retirement 3 Types Of Retirement And Their Very Different Savings Strategies Supplemental Saving In An HSA For Retiree Medical Expenses IRA Aggregation Rule And Pro-Rata IRA Taxation Effective Backdoor Roth Strategy: Rules, IRS Form 8606 Strategies For Maximizing (Or Minimizing!) Rule 72(t) Early Distribution Payments Systematic Partial Roth Conversions & Recharacterizations 72t Distribution Calculator ATH Podcast Submit questions for AMA Leave a review: Apple Podcasts | Spotify Email for questions, hacks, deals, and feedback: podcast@allthehacks.com Full Show Notes (00:00) Introduction (00:53) Should You Max Out Your Retirement Accounts? (05:08) Investing in Your Career as a High-Return Strategy (09:55) Saving in a Taxable Account vs. Retirement Account (13:40) Tax Advantages of a Retirement Account vs. Brokerage Account (16:19) How to Think About Emergency Savings (18:06) Choosing the Best Retirement Accounts (24:21) Reimbursing Medical Expenses via HSA (27:02) Evaluating the Core Retirement Accounts (29:19) Nuances of the Backdoor Roth IRA (30:53) Traditional vs. Roth IRA (32:12) Why the Majority Shouldn't Worry About Tax Brackets (36:58) Roth Conversions in Low-Income Years (Sabbaticals) (39:52) Consolidating and Managing Old 401(k)s (42:05) Can You Access Retirement Funds via Roth Conversions? (42:44) Why Michael Doesn't Practice Roth Conversions Before Retirement (45:36) The Rules for 72(t) Distributions (48:35) Tackling the Account Sequencing Problem (52:16) Leveraging Charity for Tax Deductions (53:58) What Happens When You Leave Money to Your Kids (1:00:43) Where to Find Michael, His Work and Services Connect with Chris Newsletter | Membership | X | Instagram | LinkedIn Editor's Note: The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. Learn more about your ad choices. Visit megaphone.fm/adchoices

Questions? Comments?With Don out, Tom Cock and advisor Roxy Butner tackle the increasingly hot question: should you trust a human or a machine with your money? They dig into two recent studies—one showing AI beating most fund managers, and another suggesting no long-term winner at all. Listener questions range from DIY ETF portfolios and Roth IRA conversion pitfalls to a wildly complex $2.5M retirement scenario involving crypto, precious metals, and a self-directed IRA full of land. Tom and Roxy break it all down with practical advice and a few well-placed jabs at donut holes, Darth Vader, and inheritance headaches.0:04 More machine than man? Tom opens with AI vs. human money management1:14 Stanford AI outperforms 93% of human fund managers—sort of2:35 Another study says: no clear winner between AI and humans3:12 Why persistent outperformance doesn't exist—and that's OK3:39 Roxy joins: paddleboards, decorating, and financial clarity4:16 Listener question: DIY ETF portfolio for granddaughter (too complex)5:54 Portfolio breakdown: too much large cap, bonds in a Roth?7:44 Listener question: Switching from Vanguard Star Fund to ETFs9:32 Roth IRA tips: stock-heavy, not for bonds or cash10:25 Listener question: Deductible IRA mistake—now what?11:54 Backdoor Roth IRA rules, income limits, and pro-rata traps13:19 Recharacterization forms and Social Security timing advice14:44 Listener question: ETF dividends—should I reinvest or not?15:14 ETF tax basics: capital gains vs. dividends16:42 Listener question: $2.5M+ retirement plan review from Woodstock, GA17:14 Income breakdown: Air Force pension, SS, rental income, part-time job18:43 Self-directed IRA full of land, CDs, and cash19:59 Precious metals and crypto: too much risk, not enough balance20:35 Bonds or not? Depends on goals, not age21:55 Planning questions: What's the money for?23:25 RMDs and taxes from a self-directed IRA24:27 Fair market value complications and IRS penalties25:46 Inheriting land in an IRA: yes, it's a pain27:28 Wrap-up: Why human advice still matters—even if AI's getting smarterLearn more about your ad choices. Visit megaphone.fm/adchoices

With Don out, Tom Cock and advisor Roxy Butner tackle the increasingly hot question: should you trust a human or a machine with your money? They dig into two recent studies—one showing AI beating most fund managers, and another suggesting no long-term winner at all. Listener questions range from DIY ETF portfolios and Roth IRA conversion pitfalls to a wildly complex $2.5M retirement scenario involving crypto, precious metals, and a self-directed IRA full of land. Tom and Roxy break it all down with practical advice and a few well-placed jabs at donut holes, Darth Vader, and inheritance headaches. 0:04 More machine than man? Tom opens with AI vs. human money management 1:14 Stanford AI outperforms 93% of human fund managers—sort of 2:35 Another study says: no clear winner between AI and humans 3:12 Why persistent outperformance doesn't exist—and that's OK 3:39 Roxy joins: paddleboards, decorating, and financial clarity 4:16 Listener question: DIY ETF portfolio for granddaughter (too complex) 5:54 Portfolio breakdown: too much large cap, bonds in a Roth? 7:44 Listener question: Switching from Vanguard Star Fund to ETFs 9:32 Roth IRA tips: stock-heavy, not for bonds or cash 10:25 Listener question: Deductible IRA mistake—now what? 11:54 Backdoor Roth IRA rules, income limits, and pro-rata traps 13:19 Recharacterization forms and Social Security timing advice 14:44 Listener question: ETF dividends—should I reinvest or not? 15:14 ETF tax basics: capital gains vs. dividends 16:42 Listener question: $2.5M+ retirement plan review from Woodstock, GA 17:14 Income breakdown: Air Force pension, SS, rental income, part-time job 18:43 Self-directed IRA full of land, CDs, and cash 19:59 Precious metals and crypto: too much risk, not enough balance 20:35 Bonds or not? Depends on goals, not age 21:55 Planning questions: What's the money for? 23:25 RMDs and taxes from a self-directed IRA 24:27 Fair market value complications and IRS penalties 25:46 Inheriting land in an IRA: yes, it's a pain 27:28 Wrap-up: Why human advice still matters—even if AI's getting smarter Learn more about your ad choices. Visit megaphone.fm/adchoices

Today we are talking about everyone's favorite topic - the Backdoor Roth! We are answering questions about common mistakes for the Backdoor Roth IRA as well as having a larger discussion around what the Mega Backdoor Roth is, who it makes sense for, and how to make the most of it. Today's episode is brought to us by SoFi, the folks who help you get your money right. Paying off student debt quickly and getting your finances back on track isn't easy, but that's where SoFi can help — they have exclusive, low rates designed to help medical residents refinance student loans—and that could end up saving you thousands of dollars, helping you get out of student debt sooner. SoFi also offers the ability to lower your payments to just $100 a month* while you're still in residency. And if you're already out of residency, SoFi's got you covered there too. For more information, go to https://www.whitecoatinvestor.com/Sofi SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. Additional terms and conditions apply. NMLS 696891. The White Coat Investor has been helping doctors, dentists, and other high-income professionals with their money since 2011. Our free personal finance resource covers an array of topics including how to use your retirement accounts, getting a doctor mortgage loan, how to manage your student loans, buying physician disability and malpractice insurance, asset allocation & asset location, how to invest in real estate, and so much more. We will help you learn how to manage your finances like a pro so you can stop worrying about money and start living your best life. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Find 1000's of written articles on the blog: https://www.whitecoatinvestor.com  Our YouTube channel if you prefer watching videos to learn: https://www.whitecoatinvestor.com/youtube  Student Loan Advice for all your student loan needs: https://studentloanadvice.com  Join the community on Facebook: https://www.facebook.com/thewhitecoatinvestor  Join the community on Twitter: https://twitter.com/WCInvestor  Join the community on Instagram: https://www.instagram.com/thewhitecoatinvestor  Join the community on Reddit: https://www.reddit.com/r/whitecoatinvestor  Learn faster with our Online Courses: https://whitecoatinvestor.teachable.com  Sign up for our Newsletter here: https://www.whitecoatinvestor.com/free-monthly-newsletter 

This episode is sponsored by: My Financial CoachYou trained to save lives—who's helping you save your financial future? My Financial Coach connects physicians with CFP® Professionals who specialize in your complex needs. Whether it's crushing student loans, optimizing investments, or planning for retirement, you'll get a personalized strategy built around your goals. Save for a vacation home, fund your child's education, or prepare for life's surprises—with unbiased, advice-only planning through a flat monthly fee. No commissions. No conflicts. Just clarity.Visit myfinancialcoach.com/physiciansguidetodoctoring to meet your financial coach and find out if concierge planning is right for you.___________Are you making costly tax mistakes without realizing it? In this episode, host Dr. Bradley Block  welcomes Enpo Tu, to discuss tax strategies for physicians. Enpo dives into the complexities of backdoor Roth IRAs, highlighting common errors like overlooking pre-tax IRAs or SEP IRAs that can trigger unexpected tax liabilities. He also explores the allure of real estate investments for tax savings, debunking myths about passive income and the challenges of liquidity and long-term tax implications. With practical advice on choosing a competent CPA and financial advisor, Enpo emphasizes the importance of transparency, coordination among professionals, and aligning strategies with personal financial goals. This episode offers actionable insights for physicians to navigate tax complexities, avoid audits, and build a secure financial future.Three Actionable Takeaways:Understand Your Full Financial Picture – Ensure your CPA has a complete view of your assets, including IRAs and SEP IRAs, to avoid costly mistakes like improper backdoor Roth conversions.Evaluate Real Estate Investments Critically – Look beyond tax deductions to assess the long-term tax implications, liquidity challenges, and whether real estate aligns with your time and financial goals.Vet Your Financial Professionals – Ask potential CPAs and financial advisors about their expertise with physician clients, compensation structure, and how they coordinate with other professionals to ensure comprehensive planning.About the Show:Succeed In Medicine  covers patient interactions, burnout, career growth, personal finance, and more. If you're tired of dull medical lectures, tune in for real-world lessons we should have learned in med school!About the Guest:Enpo Tu  is the Chief Operating Officer of My Financial Coach, where he has helped build the company since 2018. As a key architect of its operations, Enpo ensures high-quality financial planning for over 400 medical families. A prominent public voice, he hosts webinars, publishes educational content, and engages with physicians at conferences. Passionate about education over sales, he helps clients avoid financial pitfalls and build wealth through tailored strategies. Known for his professional style—complete with bow ties and vests—Enpo brings clarity and expertise to complex financial topics.Website: https://myfinancialcoach.comLinkedIn: http://linkedin.com/in/enpotuAbout the host: Dr. Bradley Block is a board-certified otolaryngologist at ENT and Allergy Associates in Garden City, NY. He specializes in adult and pediatric ENT, with interests in sinusitis and obstructive sleep apnea. Dr. Block also hosts The Physician's Guide to Doctoring podcast, focusing on personal and professional development for physiciansWant to be a guest? Email Brad at brad@physiciansguidetodoctoring.com  or visit www.physiciansguidetodoctoring.com to learn more!Socials:@physiciansguidetodoctoring on Facebook@physicianguidetodoctoring on YouTube@physiciansguide on Instagram and Twitter Visit www.physiciansguidetodoctoring.com to connect, dive deeper, and keep the conversation going. Let's grow! Disclaimer:This podcast is for informational purposes only and is not a substitute for professional medical, financial, or legal advice. Always consult a qualified professional for personalized guidance.

Today we are taking with a newly graduated med student who made it through school debt free. She worked four different jobs and ended up joining the National Guard to help cover costs. She worked hard to save up enough to pay cash for her first year of school before joining the military to cover the last 3 years. After the interview we are talking about the pennies issue with the backdoor Roth IRA. This podcast is sponsored by Bob Bhayani at Protuity. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time white coat investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage or to get this critical insurance in place, contact Bob at https://whitecoatinvestor.com/protuity today, by email info@protuity.com or by calling (973) 771-9100. The White Coat Investor has been helping doctors, dentists, and other high-income professionals with their money since 2011. Our free personal finance resource covers an array of topics including how to use your retirement accounts, getting a doctor mortgage loan, how to manage your student loans, buying physician disability and malpractice insurance, asset allocation & asset location, how to invest in real estate, and so much more. We will help you learn how to manage your finances like a pro so you can stop worrying about money and start living your best life. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Have you achieved a Milestone? You can be on the Milestones to Millionaire Podcast too! Apply here: https://whitecoatinvestor.com/milestones  Find 1000's of written articles on the blog: https://www.whitecoatinvestor.com  Our YouTube channel if you prefer watching videos to learn: https://www.whitecoatinvestor.com/youtube  Student Loan Advice for all your student loan needs: https://studentloanadvice.com  Join the community on Facebook: https://www.facebook.com/thewhitecoatinvestor  Join the community on Twitter: https://twitter.com/WCInvestor  Join the community on Instagram: https://www.instagram.com/thewhitecoatinvestor  Join the community on Reddit: https://www.reddit.com/r/whitecoatinvestor  Learn faster with our Online Courses: https://whitecoatinvestor.teachable.com  Sign up for our Newsletter here: https://www.whitecoatinvestor.com/free-monthly-newsletter 

In today's episode, an ongoing concern - where should you store your cash? One of Clark's favorite children (discount brokers) has just launched a new offering worthy of your attention. Also today, dealing with debt collectors. Some are legit, some not so much. Know what to do if the debt is indeed yours, or if it is a mistake. Clark has key information for handling collectors in a way that protects your rights and your credit.  Vanguard Cash Plus: Segment 1 Ask Clark: Segment 2 Debt Collectors: Segment 3 Ask Clark: Segment 4 Mentioned on the show: Vanguard Cash Plus Account | Vanguard Uni - One Toll Pass. 19 States. Car Insurance Archives - Clark Howard Association for Independent Agents | IIABA How To Send a 'Drop Dead' Letter to a Collection Agency What to Do When You're Being Harassed About an Old "Zombie Debt" We've still got some protections against medical debt collectors National Association of Estate Planners & Councils - NAEPC What Is a Fiduciary Financial Advisor and Do I Need One? What's the Best Way To Exchange Dollars for Foreign Currency? What Is a Backdoor Roth IRA? Clark.com resources Episode transcripts Community.Clark.com  /  Ask Clark Clark.com daily money newsletter Consumer Action Center Free Helpline: 636-492-5275 Learn more about your ad choices: megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

More people are familiar with the Backdoor Roth IRA strategy but there is also a Mega Backdoor Roth Strategy. While the Backdoor Roth Strategy is available to the majority of people, the Mega Backdoor Roth Strategy is more limited since it depends on how your employer sponsored retirement plan, whether it's a 401(k), 403(b) or 401(a), is set up. In this episode, discuss Roth conversions, review the Backdoor Roth IRA strategy (also check-out Episode 38: The Backdoor Roth IRA Explained) and then discuss the Mega Backdoor Roth Strategy. This week's episode covers:·        What a Roth conversion is and how it works·        Why it's important to know whether your IRA contributions are pre-tax or post-tax·        How to handle taxes when performing a Roth conversion·        The income limits for Roth IRA contributions in 2025 and how they affect high earners·        Why the Backdoor Roth IRA remains a valuable strategy despite no upfront deduction·        The step-by-step mechanics of the Mega Backdoor Roth strategy·        Which types of 401(k) plans support Mega Backdoor Roths·        Why business owners and self-employed physicians are uniquely positioned to take advantage of these strategies·        Tax implications and planning considerations, including why consulting with a CPA is essential If you've been wondering how to maximize your retirement savings and achieve greater tax efficiency, especially as a high-income earner, this episode is packed with practical guidance.Please subscribe and leave a review on your favorite Podcasting platform. If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook Dr. Elisa Chiang is a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching . You can learn more about Elisa at her website or follow her on social media. Website: https://ww.GrowYourWealthyMindset.com Instagram https://www.instagram.com/GrowYourWealthyMindset Facebook https://www.facebook.com/ElisaChiang https://www.facebook.com/GrowYourWealthyMindset YouTube: https://www.youtube.com/c/WealthyMindsetMD Linked In: www.linkedin.com/in/ElisaChiang Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. While Dr Elisa Chiang is a money coach for physicians, she is not a c...

Ready to unlock a powerful retirement savings strategy? This week, we dive deep into the Backdoor Roth IRA, explaining who it's for and the crucial steps to execute it correctly. Learn how high-income earners can bypass traditional Roth IRA limitations and potentially enjoy tax-free growth in retirement.

Can the heartland states save our country? The heartland states are 20 states pretty much in the center of the country. They have been regaining economic strength over the years and currently about 39% of the US population lives in these states, according to the census bureau for 2024. The population growth in this area was above the rest of the country for the last five years with numbers that have not been seen in over 65 years. Employers in this area grew by 13.2% between 2020 to 2023 and business capital expenditures totaled $76.9 billion in 2023 and have seen an average annual growth of 9.43% since the beginning of Covid. These 20 states on average have established more business-friendly policies along with tax incentives and grant programs that draw businesses to their area. The East and the West Coast just can't seem to compete with the affordability of states in the middle of America. These mid America states have lower cost for land and utilities are far less being as much as 1/3 less than the rest of the country. This is according to the Energy Information Administration (EIA). The overall cost of living is lower, so wages can also be lower and still provide a good standard of living for their employees. In my opinion, states like California and others need to wake up and realize that perhaps stats in Middle America are on to something with policies that are attracting new residents. It would appear that foreign companies coming to the United States would build and prosper in one of these 20 states rather than states that are against business or have high taxes and other costs.   Consumer actions aren't matching their words We continue to see negative surveys about consumer confidence and sentiment, but you wouldn't think consumers feel bad after looking at the recent retail sales report. March sales climbed 4.6% compared to last year and if gas stations, which fell 4.3%, are excluded the report was even more impressive as it climbed 5.3%. Some of this is likely due to concerns over looming tariffs as consumers pull forward demand before expected price increases. Some areas that are likely more impacted did see large gains as motor vehicle and parts dealers saw an increase of 8.8% and sales at furniture and home furnishing stores climbed 7.7%. With those said gains were quite widespread in the report and areas that would not see a pull forward in demand like food services and drinking places still saw a nice gain of 4.8%. If people were truly worried about the economy, they would not be spending money at restaurants, especially considering the fact that dining out has gotten quite expensive. While I am expecting the tariffs to have a short-term impact on the economy, we must remember the consumer is coming from a point of strength with relatively low debt levels, a low unemployment rate, and balance sheets that have seen asset prices significantly increase over the last several years. I continue to believe that our economy and the consumer will be able to whether this volatility, but the numbers will likely decelerate from here. We will continue to watch these reports closely, but I again remain confident we will get through the concerns about these tariffs.   Are TV networks tapped out on sports deals? Last year Disney signed a $2.6 billion a year deal with the NBA; however, ESPN said goodbye after a 35-year relationship with the MLB where they were paying $550 million a year for their package of games. One area of growth that surprised me was Formula One car racing as over the last six years it has seen viewership double to 1.1 million viewers in a season. Liberty Media, who owns F1, is trying to get a rights package between $150-$180 million a year and all they're hearing is crickets. Research firms estimate that it is worth over $100 million but it is not at the $150-$180 million that Liberty wants. Netflix, Warner Bros. Discovery, Fox, Amazon and NBC are not showing much interest in the asset. Netflix will probably not bid since there's no real gain for them considering the estimate that 75% of F1 fans already have Netflix subscriptions. With so many people having Netflix, multiple big dollar sports packages probably don't make much sense for the company. In a couple of months around June, Warner Brothers is distributing an Apple film called F1, starring Brad Pitt. If you want to watch this movie, which is projected to be a blockbuster, you must subscribe to Apple TV. I almost feel like I want to add Apple TV to the five or six other subscriptions I have, but I can't watch everything I have access to now, so I should probably resist.   Financial Planning: Why Life Insurance Is a Poor Retirement Vehicle (And What to Do Instead) Cash value life insurance is often pitched as a tax-free retirement strategy. On the surface it sounds great. You get tax-deferred growth, tax-free loans, no contribution limits, and a death benefit, but when you look under the hood the numbers often don't work out. First, the returns simply don't compare. With Indexed Universal Life (IUL) or Whole Life, your cash value growth is limited by caps and participation rates, and you miss out on dividends. Add in the cost of insurance, admin fees, and other hidden charges, and the actual return on cash value often falls well below the market. Second, the fees get larger over time. The older you get, the higher your cost of insurance becomes which directly eats into your cash value. If you're taking policy loans and the policy lapses, you could even get hit with a massive tax bill in retirement. Third, the opportunity cost is huge. The high premiums needed to fund a policy could instead be invested in assets with better returns, more liquidity, and lower fees. Meanwhile, better tools for tax-free retirement income already exist. Most 401(k)s now offer a Roth option, allowing you to contribute after-tax dollars and grow your money tax-free, exactly what cash value life insurance offers. You can pair this with a Roth IRA or even a Backdoor Roth IRA if your income is too high to contribute directly. Together, these vehicles allow for substantial tax-free retirement savings without the complexity, high fees, or risk of policy lapse that come with life insurance. Don't let marketing hype cloud your long-term strategy. Run the numbers and stick with what works.    Companies Discussed: Nvidia (NVDA), Hertz Global Holdings (HTZ), Car Max, Inc. (KMX) & (DOW)

The Backdoor Roth IRA can seem like a strategy for the financially savvy, but is it really all it's cracked up to be? Tim Clairmont MSFS™, LACP™, Wealth Advisor, and Tyler Andrews CFP®, Wealth Advisor, dive deep into how this unique retirement strategy works, who should consider it, and whether it's worth the effort for your financial goals.

The Backdoor Roth IRA can seem like a strategy for the financially savvy, but is it really all it's cracked up to be? Tim Clairmont MSFS™, LACP™, Wealth Advisor, and Tyler Andrews CFP®, Wealth Advisor, dive deep into how this unique retirement strategy works, who should consider it, and whether it's worth the effort for your financial goals.    

In this episode of the Directed IRA Podcast, Mat Sorensen breaks down one of the most powerful tools for building long-term, tax-free wealth: the Backdoor Roth IRA. Many high-income earners believe they're ineligible for Roth IRAs due to income limits—but that's where the backdoor strategy comes in.Mat walks you through how the Backdoor Roth IRA works in 2025, including the three-step process of contributing to a traditional IRA, making it non-deductible, and then converting it to a Roth. He covers common pitfalls like the pro-rata rule and re-characterization mistakes, explains how to double up contributions for 2024 and 2025, and shares why this strategy remains one of the best-kept secrets in retirement planning—even with ongoing attempts by Congress to shut it down.Whether you're new to this strategy or need a refresher on the rules for 2025, this episode gives you the clarity and confidence to make it work.

Farnoosh reflects on turning 45—what's changing in her mindset around money, career, and personal growth, and the biggest financial lessons she's carrying into this next phase of life. From the mailbag, Farnoosh tackles two important listener questions—one from a 60-year-old attorney wondering how to catch up on retirement savings after prioritizing family caregiving, and another from a listener strategizing their Backdoor Roth IRA while juggling old 401(k accounts.Register for Farnoosh's next Book to Brand workshop.Check out Farnoosh's new hyperlocal podcast The Montclair PodJoin the So Money Members Club.Download Farnoosh's free investing blueprint.Hang out with Farnoosh on Instagram.

The Backdoor Roth might be the greatest tax loophole for high income individuals… But 99% of people have no idea how to do it correctly. So, in this episode, I'm going to tell you exactly how to do a backdoor Roth contribution without messing it up.

In this episode we answer the top listener questions from season 7. We'll clarify when to do a Backdoor Roth IRA, how to spend tax refunds, and maximizing your return on credit card points.

On this week's Money Matters, Scott and Pat interact with callers seeking advice on everything from pension plans to Roth IRAs. Plus, they have engaging discussions on balancing work-life plans, understanding the importance of financial education, and maximizing your savings. Discover the four pillars of Allworth's Art of Retirement and see how it can shape your journey towards a fulfilling and worry-free retirement. Join Money Matters:  Get your most pressing financial questions answered by Allworth's CEOs Scott Hanson and Pat McClain live on-air! Call 833-99-WORTH. Or ask a question by clicking here.  You can also be on the air by emailing Scott and Pat at questions@moneymatters.com. Download and rate our podcast here.

Did you know there's a legal way to contribute to a Roth IRA even if your income is too high? In this episode, we're uncovering the Backdoor Roth IRA strategy—a simple, two-step process that allows high earners to grow their retirement savings tax-free. We'll break down who qualifies for a regular Roth IRA, how this strategy works, and the key things you need to know before using it. We'll also talk about why taxes might go up in the future and how this strategy could save you big in retirement. Whether you're a business owner or just someone looking to make smarter financial decisions, this episode will give you the tools to start planning for a more secure financial future. Tune in now to learn how to make the most of your retirement savings and protect your hard-earned money!   Next Steps: ☎️ Find out how much you're overpaying in taxes every year!  Schedule a FREE discovery call to find out --> https://phillipsbusinessgroup.com/

In today's episode, we're diving into one of Tim Baker's favorite topics (cue sarcasm and an annoyed face): backdoor Roth IRAs. You've probably heard the term thrown around, but what exactly is a backdoor Roth IRA, and is it something you should consider? More importantly, should you tackle it on your own or leave it to the professionals? We break down the basics of what a backdoor Roth IRA is, who it might benefit, and the potential pitfalls to watch out for. Mentioned on the Show: Submit a Question to Be Featured on Rx Money Roundup YFP Book a Discovery Call: Financial Planning Services Subscribe to the YFP Newsletter YFP Disclaimer

In episode 302 of More Than Commas, Host Paul Adams discusses the Backdoor Roth IRA, a strategy designed for high-income earners who exceed the income limits for direct contributions to a Roth IRA. Listeners will learn how to navigate these limits and create a more tax-efficient retirement strategy.   ---   This Material is Intended for General Public Use. By providing this material, we are not undertaking to provide investment advice for any specific individual or situation or to otherwise act in a fiduciary capacity. Please contact one of our financial professionals for guidance and information specific to your individual situation. Sound Financial LLC dba Sound Financial Group is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance. Insurance products and services are offered and sold through Sound Financial LLC dba Sound Financial Group and individually licensed and appointed agents in all appropriate jurisdictions. This podcast is meant for general informational purposes and is not to be construed as tax, legal, or investment advice. You should consult a financial professional regarding your individual situation. Guest speakers are not affiliated with Sound Financial LLC dba Sound Financial Group unless otherwise stated, and their opinions are their own. Opinions, estimates, forecasts, and statements of financial market trends are based on current market conditions and are subject to change without notice. Past performance is not a guarantee of future results.

Roth IRAs are a fantastic tool for building tax-free retirement wealth, but they're not without their pitfalls. Uncover common Roth IRA mistakes, like contributing too much, missing key deadlines, or triggering taxes you didn't expect — and how to avoid them. Already made a misstep? Don't worry. We'll walk you through how to fix these mistakes, from recharacterizing contributions and correcting excess contributions to handling IRS notices.   Key moments:   (04:35) Why a Backdoor Roth IRA might be right for you (and the new 2025 phase-out limits) (10:01) The five steps to completing a Backdoor Roth IRA (16:32) Common Roth IRA mistakes and how to fix them (19:27) The Pro Rata Rule and its potential tax consequences (24:57) Strategies to avoid taxable conversions Like the show? There are several ways you can help! Follow on Apple Podcasts, Spotify or Amazon Music Leave an honest review on Apple Podcasts  Subscribe to the newsletter Feeling helpless when it comes to your student loans? Try our free student loan calculator Check out our refinancing bonuses we negotiated Book your custom student loan plan Get profession-specific financial planning Do you have a question about student loans? Leave us a voicemail here or email us at help@studentloanplanner.com and we might feature it in an upcoming show!  

Answering Listener Questions on asset allocation, retirement strategies, and the intricacies of real estate investing. With Brad Barrett and Rachael Camp. Whether you are pondering upon the backdoor Roth IRA strategy or seeking clarity on managing funds without a 401k, this episode is for you!   Public Service Announcement: Importance of filing the Beneficial Ownership Information form for legal entities by December 31st 00:01:21. Mailbag Questions: How to Invest Without a 401k: Options include traditional IRAs and Health Savings Accounts (HSAs), while noting contribution limits. 00:03:43, 00:04:12. Company Matches in Retirement Accounts: Highlighted as a crucial opportunity to maximize savings 00:09:12. Backdoor Roth IRA: A legal way for high earners to sidestep income limits for Roth IRA contributions 00:15:09. Asset Allocation: Discussion on the complexities of asset allocation, particularly as one approaches retirement, and the impact of sequence of returns risk 00:24:07. Real Estate Investing: Key considerations and the risks associated with real estate investments 00:56:01. Questions: What can I do if my employer doesn't offer a 401k? Consider options like a traditional IRA or a health savings account. 00:04:12 How do I manage sequence of returns risk in retirement? It's crucial to have a cash reserve and bonds as a cushion against market downturns. 00:26:36 What should I consider when investing in real estate? Understand cash flow, assess the market, and account for all potential expenses and vacancies to avoid risks. 00:58:08   Actionable Takeaways: Review and potentially set up a traditional IRA if your employer doesn't offer a 401k. 00:04:12 Consider maintaining a cash buffer for the first few years of retirement to mitigate risks. 00:26:36 Maximize your retirement account contributions to include any employer matches. 00:09:12 "Avoid reverse dollar cost averaging by holding onto equities during market downturns." 00:39:28 "Company matches in retirement accounts offer unmatched returns—don't miss out!" 00:09:12 "Explore diverse account types for effective financial management." 00:10:00     **Disclaimer Please note: Rachael Camp offers advisory Services through Creative Financial Designs, Inc., a Registered Investment Adviser, and Securities are offered through cfd Investments, Inc., a Registered Broker/Dealer, Member FINRA & SIPC, 2704 S. Goyer Rd., Kokomo, IN 46902. 765-453-9600. Camp Wealth is not affiliated with the CFD companies.

Who wants to be a Millionaire? Clark discusses how this level of financial security can be within reach - even for those earning average pay. Also today - given the monumental scope of data breaches, in addition to task number one: freezing your credit - Clark has another tip for securing your identity. We all need to batten down the hatches, and Clark shares an important step to help you do just that. Becoming A Millionaire: Segment 1 Ask Clark: Segment 2 Secure Your Identity: Segment 3 Ask Clark: Segment 4 Mentioned on the show: [The Washington Post] The 401(k) millionaires club hit a new record. What's their secret? How To Use an IRA To Become a Millionaire How To Retire a Millionaire With a 401(k) Plan in 19 Years 401(k) Calculator // Saving and Investment Calculator Savings Table – By Rate of Return // Savings Table – By Years Target Date Funds: Clark's Favorite Retirement Investment Roth vs. Traditional 401(k): What's the Difference? 3 Places You Should Never Invest Your Money What Is a Backdoor Roth IRA? Backdoor Roth IRA: Advantages and Tax Implications Explained What Are Index Funds? / What Is an ETF? Those Online Accounts You No Longer Use? For Your Own Safety, Get Rid of Them - WSJ Use Password Checkup - Guidebooks with Google Elliott Report: Home Clark.com resources Episode transcripts Community.Clark.com Clark.com daily money newsletter Consumer Action Center Free Helpline: 636-492-5275 Learn more about your ad choices: megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

If you're looking to maximize your tax-advantaged retirement contributions, understanding how the Backdoor Roth IRA and the Mega Backdoor Roth IRA work is crucial. We are diving into when these strategies make sense to use, how they work, and how they differ so you can determine which one is best for your retirement savings on this episode of Wise Money. Season 10 Episode 3 Have a question you want to have answered on the show? Call or text 574-222-2000 or leave a comment! Want to speak with a Certified Financial Planner™? Visit www.korhorn.com or call 574-247-5898.  Find more information about the Wise Money Show™ at www.wisemoneyshow.com   Be sure to stay up to date by following us!  Facebook - https://www.facebook.com/WiseMoneyShow   Instagram - https://www.instagram.com/wisemoneyshow/   Want more Wise Money™?  Read our blog! https://www.korhorn.com/wise-money-blog   Watch the guys in the studio: https://youtu.be/j-RrZAJKvb8  Subscribe on YouTube: http://www.youtube.com/c/WiseMoneyShow  Kevin Korhorn, CFP® offers securities through Silver Oak Securities, Inc., Member FINRA/SIPC. Kevin offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. KFG Wealth Management, LLC dba Korhorn Financial Group and Silver Oak Securities, Inc. are not affiliated. Mike Bernard, CFP® and Joshua Gregory, CFP® offer advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk, including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results. Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.

Today we take a deep dive into a Backdoor Roth IRA. This strategy enables high-income earners to get money into a Roth IRA. We'll walk through what you need to know, and crunch some numbers to see if a Backdoor Roth IRA is worth the hassle.Join the Newsletter. It's Free:https://robberger.com/newsletter/?utm...

Why would you want to make a Roth contribution? If you believe tax rates will be higher in the future, it could benefit you. How? The contributions grow tax-deferred. When you withdraw the money, it's tax-free. A tax-free income can be very beneficial in retirement. In 2024, you can contribute $7,000 to a Roth IRA. If you're over 50, you can contribute $8,000. However, there are income limits for the contributions. Individuals who make over $161,000 can't contribute.  Thanks to the 2017 tax cut, there are some additional ways you can contribute to a Roth IRA. I cover four ways you can get money into Roth accounts in this episode of Retire with Ryan.  You will want to hear this episode if you are interested in... [1:34] How to make a traditional Roth IRA contribution [4:06] Option #1: The Backdoor Roth IRA [8:06] Option #2: Contribute to a Roth 401K [9:16] Option #3: Do a Roth conversion [13:17] Option #4: A Mega Backdoor Roth IRA Option #1: The Backdoor Roth IRA Let's say you're contributing to a Roth IRA indirectly (I talked about this in episode #176). To do that, you have to set up both a transitional and Roth IRA with the same company. Then, you make a non-deductible contribution to your traditional IRA. After that, you fill out a request form to convert that money to the Roth IRA. They'll move it for you. What's the biggest mistake you have to avoid when doing this? Listen to find out!  Option #2: Contribute to a Roth 401K If you have the option to contribute to a Roth 401K, use it. Why? Because there are no income limits on who can contribute to a Roth 401K. You could make well over the limits to contribute to a Roth IRA and still make a contribution. In 2024, you can contribute $23,000 to a Roth 401K or $24,500 if you're over 50.  Option #3: Do a Roth conversion Currently, everyone can convert money in a traditional IRA or 401K into a Roth IRA or 401K. Let's say you have $100,000 in an IRA that you want to convert. You'd have to pay Federal and State tax on the $100,000 you're converting plus any other earned income for the year.  When would this make sense? You don't have to pay a 10% penalty on the conversion if you're under 59 ½. Secondly, if you think you'll be in a higher tax bracket in retirement, and don't need access to the money now, it might make sense to roll it over. It will have time to make back the money you had to pay in taxes upfront.  But your plan has to offer a Roth 401K. You'd choose the amount you want to convert from the traditional IRA to the Roth 401K. You'd pay taxes on the amount you're converting. 40% of 401K plans offer this feature. But you have to consider if the conversion will push you into a higher tax bracket. Option #4: A Mega Backdoor Roth IRA Some 401K plans allow contributions above the traditional $23,500 limit. The IRS has a total pension profit-sharing contribution limit. For 2024, that number is $69,000. That's the total that your employer can contribute to your retirement plan. Let's say you and your employer contribute $30,000.  Because you haven't hit the maximum, there's an additional $39,000 that can be contributed to your 401K as an after-tax contribution. Then you have to convert it to your Roth account. That's the Mega Backdoor Roth IRA. If you're over 50, you can also contribute the additional $7,500 catchup.  Government 457 plans and most 403B plans don't allow this after-tax contribution. Many 401K plans do.  How do you get the most out of that contribution? Find out in this episode!  Resources Mentioned Retirement Readiness Review Subscribe to the Retire with Ryan YouTube Channel Fiduciary: How to Find, Hire, and Establish an Aligned and Trusted Partnership with a Fee-Only Financial Advisor 7 Backdoor Roth IRA Mistakes to Avoid How a Mega Backdoor Roth IRA Can Accelerate Your Retirement Savings Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact Subscribe to Retire With Ryan

High-income earners, are you looking for a way to maximize your retirement savings even if you exceed the income limits for a Roth IRA? On this episode of A Wiser Retirement® Podcast, Missie Beach, CFP®, CDFA® and Shawna Theriault, CFP®, CPA, CDFA® walk you through backdoor Roth IRAs, how to execute it step-by-step, and why early career planning is crucial for long-term, tax-free growth. From making non-deductible contributions to a traditional IRA to converting it to a Roth IRA, we cover all the essentials you need to know, especially if you've already maxed out your employer-sponsored plans like 401(k)s or 403(b)s.Podcast Episode Referenced:- Ep 182: Investing for the Long Haul: Creating a Retirement-Focused Investment StrategyYouTube Videos Referenced:- What makes a Roth IRA better than other IRAs? Which IRA is right for me?- Roth Conversions: Pros, Cons, and ConsiderationsLearn More about Wiser Wealth Management:- Our website - Schedule a complimentary consultation to learn more about our flat fee financial planning and wealth management services.- Download one of our free guides on topics like the top reasons most financial plans fail, post-divorce financial planning checklist, why they keep trying to sell you that annuity, and many more! Connect With Wiser Wealth Management:- YouTube Channel- Facebook- LinkedIn- Instagram- Twitter- Casey Smith's Twitter- Podcast- Blog This podcast was produced by Wiser Wealth Management. Thanks for listening!

You've probably heard of a Backdoor Roth IRA, but its often explained in a complex way that makes it sound like a difficult account to open. In this episode, we'll talk through how to get the benefits of a Roth IRA when you're over the income limit to contribute. Spoiler: it's not as tricky as you think.

Often at checkouts, we're asked to donate to a cause by rounding up our payment or contributing one dollar. How do you decide when to give? Also, as a result of giant hospital systems buying up practices, you may be charged a significant “facility fee” at doctors appointments. Be ready by asking the right question in advance. Plus, out-of-network charges are being manipulated by private equity, costing patients more. Checkout Charity: Segment 1 Ask Clark: Segment 2 Medical Facility Fees: Segment 3 Ask Clark: Segment 4 Mentioned on the show: How To Choose the Best Charities for Your Donations What's the Best Way To Donate to a Charity? That spare change you donate at checkout is adding up to millions for charities A Simple Trick To Paying Off Your Credit Card Faster How To Open a Roth IRA This Small U.S. City Was Just Named the Best Place to Retire With No Savings. The Best Places to Retire in the World Hospitals Are Adding Billions in ‘Facility' Fees for Routine Care - The WSJ NYTimes: In Battle Over Health Care Costs, Private Equity Plays Both Sides NYTimes: Health Insurers' Lucrative, Little-Known Alliance: 5 Takeaways NYTimes: Insurers Reap Hidden Fees by Slashing Payments. You May Get the Bill. What Is a Backdoor Roth IRA? CarEdge | Buy, Sell, and Protect New & Used Cars - CarEdge Thank you for listening today, Clarkies! If you want to be part of our “Clarkie” segment, call 404-981-2071 to leave a comment or story. We may play it during a future episode! Clark.com resources Episode transcripts Community.Clark.com Clark.com daily money newsletter Consumer Action Center Free Helpline: 636-492-5275 Learn more about your ad choices: megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

In medicine today, there's ongoing conflict between insurers and providers and we're caught in the middle. This necessitates a clear directive for you before you go to any doctor appointment. Also -  In free enterprise capitalism, what is core and key for enduring success?  Clark shares a case in point. Assignment: Reverify Medical Network: Segment 1 Ask Clark: Segment 2 A Requirement For Success: Segment 3 Ask Clark: Segment 4 Mentioned on the show: [The Washington Post] How your in-network health coverage can vanish before you know it  ‘They're Freaking Out': Letters Warn Patients They Risk Losing Their Doctor - The WSJ What Is an HSA Account and How Does It Work? Ask Clark: What Is a Backdoor Roth IRA?   /   What Are Index Funds? NYPost: Dollar General store briefly shuts down after entire staff quits over 7-day work weeks, ‘lack of appreciation' NYTimes.com: Walmart Wants to Teach Store Managers Compassion Warning: Read This Before You Sell I Bonds Vanguard - Bonds: Diversify Your Portfolio and Earn More Credit Score Guide What Type of Medical Alert Device Should I Buy for My Husband? Clark.com resources Episode transcripts Community.Clark.com Clark.com daily money newsletter Consumer Action Center Free Helpline: 636-492-5275 Learn more about your ad choices: megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

When you're investing for your future retirement as a high-income earner, the idea of a Backdoor Roth IRA might come up. Ashlee DeSteiger, CFA®, CFP®, CPA, shares how you can know if a backdoor Roth IRA is right for you. Second, we're back with our Net Worth Win segment featuring Dave Fleischer, a teacher from North Carolina. He's going to share how he and his wife grew their net worth to over $1,000,000 in their early 40s! EPISODE RESOURCES: Sponsors + Partners + Deals Ashlee DeSteiger (Website): https://www.gunderwealth.com/ Dave Fleischer (Website): https://www.financiallyindependentteachers.com/ MKM RESOURCES: MKM Coaching: Want 1-on-1 support with your family finance journey? Book a time with me today. Make My Kid a Millionaire Course: Want to build generational wealth and happiness for your kid? Learn more about my course! YouTube: Subscribe for free to watch videos of these episodes and interviews. Instagram: Follow our IG channel. Voicemail: Leave your questions or comments here. Merch Store: Check out our t-shirts, hoodies, and coffee mugs! SHOW INFORMATION:  Marriage Kids and Money is dedicated to helping young families build wealth and happiness. This award-winning platform helps couples and parents achieve financial independence and discover the true meaning of wealth.  To achieve these big goals, we answer questions and interview experts who uncover smart net worth building habits and tools that can help everyone find their own version of financial independence. Learn more at https://www.marriagekidsandmoney.com  HOST BIO:  Andy Hill, AFC® is the award-winning family finance coach behind Marriage Kids and Money - a platform dedicated to helping young families build wealth and happiness.  Andy's advice and personal finance experience have been featured in major media outlets like CNBC, Forbes, MarketWatch, Kiplinger's Personal Finance and NBC News. With millions of downloads and views, Andy's message of family financial empowerment has resonated with listeners, readers and viewers across the world.    When he's not "talking money", Andy enjoys being a soccer Dad, singing karaoke with his wife and relaxing in his hammock. HOW WE MAKE MONEY + DISCLAIMER: This show may contain affiliate links or links from our advertisers where we earn a commission, direct payment or products. Opinions are the creators alone. Information shared on this podcast is for entertainment purposes only and should not be considered as professional advice. Marriage Kids and Money (www.marriagekidsandmoney.com) is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com. CREDITS: Podcast Artwork: Liz Theresa Editor: Podcast Doctors Podcast Support: Nev Maraj Learn more about your ad choices. Visit megaphone.fm/adchoices

Allie and Daniel talk through a backdoor Roth IRA contribution, when you should use this strategy, and how to do it.

Friday - Clark Stinks day! Christa shares Clark Stinks posts with Clark. Submit yours at Clark.com/ClarkStinks. Also today - do you use apps to get points & free items at restaurants? Are there app tricks going on to get us to spend more money? A current lawsuit calls this into question - but the real issue is larger. What to know about app stored payment systems.  Clark Stinks: Segments 1 & 2 Restaurant & Retail In-App Payments: Segment 3 Ask Clark: Segment 4 Mentioned on the show: Clark Howard's Simple Steps To Get Better Customer Service When Is the Best Day and Time To Call Customer Service? Clark's take: Why everyone should have a dash cam Clark Deals - Dashcams What Is Umbrella Insurance and Do You Need It? How to clean a washing machine and how often to do it Travel Archives - Clark Howard / Travel Archives - Clark Deals Ask Clark: What Is a Backdoor Roth IRA? A new complaint claims Starbucks' app traps customers in a cycle of spending 10 Best Restaurant Apps for Fast Food Deals 16 of the Best High-Yield Online Savings Accounts in January 2024 What Is a SEP IRA and Who Is Eligible? What Is a Solo 401(k) and How Does It Work? Clark.com resources Episode transcripts Community.Clark.com Clark.com daily money newsletter Consumer Action Center Free Helpline: 636-492-5275 Learn more about your ad choices: megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

#144: Katie Gatti Tassin shares her expertise on leveraging tax-advantaged accounts to maximize your income. This crash course covers investment strategies using different types of 401(k)s, IRAs, Roth Conversion Ladders, HSAs, Donor Advised Funds, and much more. Katie Gatti Tassin is the creator of the Money with Katie blog, podcast, and newsletter, which was acquired by Business Insider's Morning Brew in 2022. The Money with Katie Show is one of the top finance-related podcasts, boasting 140,000+ listeners per month and 6 million+ lifetime downloads. Link to Full Show Notes: https://www.allthehacks.com/tax-advantaged-accounts Partner Deals Storyworth: Share your family stories in a custom book (+ $10 off) Daffy: Free $25 to give to the charity of your choice Notion: Try Notion AI free to automate tedious tasks and streamline your work Vuori: 20% off the most comfortable performance apparel I've ever worn Gelt: Skip the waitlist on personalized tax guidance to maximize your wealth DeleteMe: 20% off removing your personal info from the web For all the deals, discounts and promo codes from our partners, go to: allthehacks.com/deals Resources Mentioned Katie Gatti Tassin: Podcast | Newsletter | Instagram Solo 401(k): Carry (← $500 off Pro) Bogleheads Article: Tax-efficient Fund Placement All the Hacks Episodes Covering Donor Advised Funds: #50: The Power (and Tax Savings) of Charitable Giving #62: Protect Your Family, Mitigate Taxes and Preserve Your Wealth Full Show Notes (05:31) Fundamentals of Tax-Advantaged Investing Accounts (09:55) Employer Plans: 401(k) (12:21) Katie's Bread and Butter 401(k) Strategy (18:07) Employer Account Trade-Offs (20:29) Misconceptions About 401(k)s (24:36) Employer Account Fees (27:26) 401(k) Plan Rollover to New Employer (28:15) Employer Traditional vs. Roth 401(k) (36:39) Contribution Limit for a 401(k): Mega Backdoor (42:30) Retirement Plans: IRAs (46:57) Backdoor Roth IRA (50:05) General Strategy for Traditional IRA (51:43) Roth Conversion Ladder Tactics (53:08) Dividend Income & Capital Gains (56:57) Small Business Plans (1:01:19) Solo 401(k) (1:09:04) 529s (1:11:00) Donor Advised Funds Connect with All the Hacks All the Hacks: Newsletter | Website | Membership | Email Chris Hutchins: Twitter | Instagram | Website | LinkedIn Editor's Note: The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. Learn more about your ad choices. Visit megaphone.fm/adchoices

Great news on junk fees, especially when buying concert tickets and booking travel online. New rules will simplify comparison shopping online. Also, AI has shown its potential to be very helpful in many ways. Unfortunately, it's being used for more sinister purposes that you need to know about.   Junk Fee Transparency: Segment 1 Ask Clark: Segment 2 Beware AI Fakes: Segment 3 Ask Clark: Segment 4 Mentioned on the show What you see is what you'll pay: New law bans ‘junk' fees on hotel bills, concert tickets, etc. ‘Spending Money to Get Nothing': The Latest on Resort Fees Opt Out of T-Mobile's Upcoming Plan Migration Using These Steps T-Mobile's Forced Plan Migration: How To Opt Out Auto Europe® Car Rentals - Official Site Tom Hanks Warns of Dental Ad Using A.I. Version of Him [The Washington Post] AI voice clones mimic politicians and celebrities, reshaping reality What Is Umbrella Insurance and Do You Need It? What Are Index Funds? Ask Clark: What Is a Backdoor Roth IRA? Clark.com resources Episode transcripts Community.Clark.com Clark.com daily money newsletter Consumer Action Center Free Helpline: 636-492-5275 Learn more about your ad choices: megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

One of the main ways you empower yourself with money is to owe less. Americans are taking on more and more credit card debt now for lifestyle, and over 40% of card holders are just servicing the debt. Learn Clark smart ways to start digging out. Also, AI is in the news constantly. Artificial Intelligence will open up so many new ways of doing things, but there are major concerns and dire predictions. Clark lends historical perspective on how tech changes the nature of work.  Reducing Debt: Segment 1 Ask Clark: Segment 2 AI Perspective: Segment 3 Ask Clark: Segment 4 Mentioned on the show [The Washington Post] 7 ways to lower your credit card debt after the Fed rate hike New York Post : I was $70K in debt — now I'm 'cash stuffing' to become a millionaire Half of US Employees Earn Extra Cash on the Side, Survey Finds How To Get Out of Debt in 7 Steps / Debt Archives - Clark Howard Backdoor Roth IRA: Advantages and Tax Implications Explained Ask Clark: What Is a Backdoor Roth IRA? SquareUp.com / Best money transfer apps 300 million jobs could be affected by latest wave of AI, says Goldman Sachs Elon Musk and Others Call for Pause on A.I., Citing ‘Profound Risks to Society' The FTC should investigate OpenAI and block GPT over ‘deceptive' behavior, AI policy group claims Clark Howard's #1 Rule To Avoid Email Scams How To Recognize and Report Spam Text Messages Why You Should Never Click on Random Text Messages Clark.com resources Episode transcripts Clark.com daily money newsletter Consumer Action Center Free Helpline: 636-492-5275 Learn more about your ad choices: megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices