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How to Become a Tax-Free Millionaire (my interview with Tom Hegna)
Why did I write the book, The Power of Zero? In this interview with Tom Hegna, I explain how you can prepare for a tax-free retirement as long as you accept the reality that tax rates are going up.
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Пікірлер: 18
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!