Today’s Smart Money Question:
(Click the featured times below to jump forward in the episode)
Here Are Just A Handful Of Things You’ll Learn:
It’s hard to believe, we’re already halfway through 2022. Before you know it, it’s going to be Thanksgiving and then the end of the year. Now is a good time to be considering your finances and planning for your taxes.
We can consider Roth conversions, especially since the market is in the position it is now. You need to estimate your income for the rest of the year and how a possible conversion will affect your tax costs.
The market is giving you an opportunity to consider a Roth conversion now during the mid-year. But be careful about how your income could affect that.
We’ll also want to discuss any personal changes in your life this year, such as getting married or divorced, having a child, buying a home, or getting a big raise or inheritance, etc.
You also need to review your investments. Where are you putting your money? Is it in our 401k? Do you have an outside IRA or Roth IRA? Make sure you are staying on track.
Even though the markets fluctuate, make sure you’re staying on track with where you’re investing and how it’s allocated. Also, make sure you are staying tax diversified.
On today’s show, we’ll also talk about reviewing your debt. Listen to the full episode or use the timestamps below to jump to a specific section.
2:42 – Roth conversions
6:13 – Personal changes
8:19 – Review investments
10:11 – Tax diversified
11:09 – Review debt
12:59 – Budget
14:02 – Emergency funds
14:32 – Legal documents
“Make sure you are doing effective tax planning.“
-Matt Hausman
Additional Podcast Episodes:
- What Opportunities Are Available When Markets Are Down?
- Retirement Statistics – How Do You Measure Up?
- 15 Money Resolutions for 2022
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The host: Matt Hausman – Contact – Resources – Call: 610-719-3003
