How Do I Get More Tax-Free Money?

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Show Notes

Who wouldn’t want extra cash in their pocket without having to pay taxes to the IRS? In today’s episode, Scott dives into the topic of getting more tax-free gains and shares valuable strategies for growing your wealth without paying hefty taxes. From contributing to a Roth 401(k) or SEP Roth to utilizing the backdoor Roth IRA process, Scott provides insights to help you make the most of tax-free gains.

But first, Scott discusses an interesting article he recently read about the economic landscape in 2023. Amidst the talk of recession, rising interest rates, and various market challenges, he emphasizes the importance of separating emotions from logical strategies when it comes to investing. Scott reminds listeners to focus on their unique financial plan and resist the allure of short-term comforts.

Don’t miss out on this interesting episode packed with advice to help secure your financial future!

Here’s what we’ll discuss in this episode:

  • The current economy + Scott’s takeaways from the article “Why Should I Hold Stocks?” [1:52]
  • A few ways to get money into a Roth for more tax-free gains. [10:13]
  • The backdoor Roth IRA process + the Pro-Rata rule. [12:21]
  • You might be able to make after-tax contributions to your 401(k). [14:45]
  • Are Roth conversions right for you? [15:44]
  • Selling your primary house for tax-free gains. [17:48]
  • Getting tax-free money for medical expenses by contributing to a high deductible health savings account. [18:48]

Thanks for checking out this episode of the podcast. If you’d like to learn more about financial and retirement planning, check out our YouTube channel here. 

MarketWatch Article