Nov 23, 2018
Learn about what you should consider focusing on with your
end-of-year financial planning. Joel gives his take on the Dave
Ramsey plan. Learn some of the biggest retirement fears that people
Main Questions Asked:
What should I look at with my end-of-year financial
What does Joel really think about Dave Ramsey’s program?
How should I address some of my biggest financial fears?
Key Lessons Learned:
Things to Consider With Your End-of-Year
- Should I max out my retirement contributions? If you are older,
you should max out your Roth. If you are over 50 years old that's
- If you are over 70 1/2, you have to take your RMD. Make sure
you take out your required minimum distributions. If you don't, you
will have to pay a fine.
- What is tax loss harvesting? This is a freebie. Sell stocks
that you are down in, and you will get a tax advantage. Take losses
to offset process profits.
- Evaluate your options for tax deductible charitable
contributions. Your standard deduction this year is higher. If you
itemize, now is the time to make those charitable
- Consider if a Roth conversion makes sense for you. Everyone is
unique, we have analysis software that will help you answer this
Joel's Take on the Dave Ramsey Program
- Dave Ramsey has a great program. His goal was to prevent young
people from getting into debt or to help them get out of debt.
- Joel thinks that it is great common sense advice. It gives a
good foundation on debt and budgeting and what to do if you get
- Young people should go through Financial Peace University. The
program helps people deal with poor financial decisions and how to
Some of the Biggest Financial Fears That People
- Running out of money before you die. One fear always has to do
with not having income coming in anymore. Investments have to
generate income, and we are living longer. We want to help you not
run out of money.
- We don't want to blow through our nest egg paying for nursing
home care. We are living longer and there is more of a likelihood
of dementia or some other need for long-term care.
- Paying more taxes than we have to pay. It's important to
minimize your taxes over your lifetime as you go into retirement.
You may pay more this year but it's the lifetime that matters. It's
important to have a tax plan along with your income plan.
- Not having anything left to pass on to the kids and grandkids.
A lot of times clients want to leave something behind to give their
family a start. This can be addressed as part of your income
Links To Resources Mentioned
Money Map Retirement Review
Take A Peek At What The Top 1% Have
Thank you for listening!