Great conversation…I am a high income earner and making over $300k/yr and I recently took my work traditional 401k and converted it to a Roth 401k…heavy tax bill due come tax season but worth it in my opinion. I also do a backdoor Roth IRA and recently setup a whole-life insurance policy to stuff cash in that I can use throughout my life for larger purchases and also use for supplement my “tax free” retirement

@DavidMcKnight

8 ай бұрын

Sounds like a solid strategy.

@ChrisJones-cc1ti

8 ай бұрын

But did you crash your dad’s boat?

@thehfginc

8 ай бұрын

​@@ChrisJones-cc1tilol

Great video with two great minds. Thank you guys.

@davidmcknight8201

8 ай бұрын

Thanks John!

...even after figuring out what people will pay you for, the banks will never help you calculate 72/0.01%....savings alone is not enough to secure sufficient retirement income, legs of investment & insurance must be addressed. Thx 👍 Huge fan you both.

@DavidMcKnight

8 ай бұрын

Thank you!

How can one calculate how much money is enough to leave on the Tax Deferred bucket? Like if I have x amount of money sitting on a 401k now it’s hard to know ho much it will be in 20-25 years so should I stop contributing to the 401k and maybe start contributing into a Roth 401k,Roth IRA and CVLI?

@DavidMcKnight

8 ай бұрын

This depends on a lot of variables but one approach might be to contribute to your Roth 401(k) and allocate the company match towards your tax-deferred portion. If you already have a lot in tax-deferred you will likely have to do some conversions along the way.

@juliandaza82

8 ай бұрын

@@DavidMcKnight thank you Dave. Is there anyway I can shoot you an email or that we could sit down on a 15 min call together. Please let me know. Thx

what church do you attend sir? amazing

@DavidMcKnight

8 ай бұрын

The Church of Jesus Christ of Latter-day Saints

@THEPRESTIGEWORLDWIDE

8 ай бұрын

Seven kids didn’t give it away?! 😂

@DavidMcKnight

8 ай бұрын

@@THEPRESTIGEWORLDWIDE😂

Very solid advice. There is no doubt that tax rates will increase in the future. What we are doing as a nation currently is unsustainable.

@DavidMcKnight

8 ай бұрын

Thanks Jared!