Year End Money Goals to Save $$$ [and 2021 Financial Goals] | Summary and Q&A

TL;DR

Learn how to save thousands of dollars and set financial goals for 2019, including tips on investments, taxes, retirement accounts, flexible spending accounts, emergency funds, and creating financial success.

Key Insights

• 🤑 Rebalancing investments is crucial to mitigate risks and take advantage of market crashes by strategically spreading your money across different asset classes.
• 🌸 Tax loss harvesting is a valuable strategy employed by the rich to offset gains and lower tax liabilities.
• 🚕 Maxing out 401K and IRA contributions ensures optimized retirement savings and tax benefits, while Roth IRA conversions offer tax advantages in the long run.
• 💳 Utilizing FSAs wisely can save hundreds in taxes, and having an emergency fund prevents unnecessary withdrawals from investments or credit card reliance.

Transcript

I’ve got five ways you can save thousands before the end of the year and three financial goals everyone needs to make right now . I’m also revealing two secrets that will help you beat any goal you make. We’re talking year end money goals and creating your financial future today on Let’s talk money. Beat debt. Make money. Make your money work for y... Read More

Questions & Answers

Q: How can I optimize my investments to align with my goals?

It is essential to have a goals-based investing strategy that focuses on your desired outcomes. Determine the appropriate allocation of stocks, bonds, and real estate based on your goals and investor type.

Q: What is tax loss harvesting, and how can it help save on taxes?

Tax loss harvesting involves selling investments with losses to offset gains made in other investments. By doing this, you can reduce your taxable income and save money on taxes.

Q: What are the benefits of maxing out contributions to 401K and IRA accounts?

Maxing out contributions to these accounts offers higher returns, particularly due to company matches in 401K plans. IRA contributions provide immediate tax deductions, flexibility in investments, and lower fees.

Q: How can I use flexible spending accounts (FSAs) to my advantage?

FSAs allow you to set aside pre-tax money for expenses like childcare and medical costs. Proper planning and utilization of these accounts can result in significant tax savings.

Summary & Key Takeaways

• The video provides a five-point financial health checklist to optimize your money for the new year, including aligning investments with goals and rebalancing portfolios.

• It explains the strategy of tax loss harvesting to offset gains with losses and save on taxes.

• The video emphasizes the importance of maxing out contributions to 401K and IRA accounts and provides insights on the benefits of Roth IRAs.

• It highlights the advantages of flexible spending accounts and suggests using them wisely to save on taxes.

• The video encourages viewers to establish an emergency fund and evaluate their overall financial direction.