Financial Lessons from Mark Twain & Picking the Right IRA

Click the play button to hear the episode or skip around to certain topics!

We look at several quotes from Mark Twain in today’s episode to see how it may apply in our own financial life. Then, we talk through traditional and Roth IRAs to see which is better for you.

The Story:

We look at several quotes from Mark Twain in today’s episode to see how it may apply in our own financial life. Then, we talk through traditional and Roth IRAs to see which is better for you.

Click play to listen to the episode…

The Show:

If someone told you life would look like what it does now, would you believe them? Probably not. Mark Twain said, “There is nothing that cannot happen today.”  That notion feels so true right now as we deal with the impact of coronavirus. Because we can’t always know what’s coming, it’s important to structure your savings and your financial plan in a way that allows for the unexpected.

All of the evidence shows that timing the market doesn’t work. People tend to do the opposite of what they should do, which is to buy low and sell high. You have to consider what kind of investments you are making and what is happening with your emotions.

Do you understand what you are talking about when you mention the stock market? What stock market has done the best this year? Do you have a balanced portfolio? What is your range of returns?

Finally, Don talks about the power of the Roth IRA. Do you know whether you should contribute to a traditional or Roth IRA? Where did the traditional IRA start and why is it popular? What benefits could you gain from contributing to a Roth IRA instead?

Listen to the full episode or click on the timestamps to jump ahead to a specific segment.

0:31 – Don shares his summer plans and how they’ve had to change.

2:17 – What can we learn about money from Mark Twain?

4:13 – Thinking the market will always go up can lead to panic when it doesn’t.

6:18 – October…and basically all of our months are dangerous for stocks.

7:57 – What are people talking about when they mention the stock market?

9:34 – A balanced portfolio does better during turbulent times.

11:19 – Choosing between a traditional and Roth IRA.

13:12 – What is the power of the Roth IRA?

14:33 – What’s the difference between a Roth conversion and contribution?

16:23 – Who should contribute to a traditional and who should contribute to a Roth IRA?

18:25 – How does the Roth conversion work?

Resources from the Show:

Roth Conversions –

https://www.kiplinger.com/article/retirement/T046-C000-S004-a-great-year-for-a-roth-conversion.html

Seinfeld – Do the opposite

https://youtu.be/cKUvKE3bQlY

Subscribe To The Podcast:

Additional Resources:

Phone: (732) 784-2867

Email: don@donaldcash.com

Website: http://www.donaldcash.com/

About Don:

Donald W. Cash – CPA, CFP® is an independent advisor. Don began his career in 1985 as an accountant after graduating Rutgers University. In 1990 he entered the field of Estate Planning with a concentration in long term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs. He advocates a holistic approach to Estate and Financial Planning as has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers. Don is married to Cathy and have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.

Share the Show, Share the Knowledge!

Facebook
LinkedIn
Email

ABOUT YOUR HOST...

Donald W. Cash – CPA, CFP®, is an independent advisor. After graduating from Rutgers University, he began his career in 1985 as an accountant. In 1990, he entered the field of Estate Planning, concentrating on long-term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs.

Don advocates for a holistic approach to Estate and Financial Planning and has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers.

He is married to Cathy and they have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.

Don't Stop Here...

Year End Planning: “In the Red Zone” (Part 2)

We’re back to wrap up this two-part episode on year-end planning for 2023. In this episode, we’ll chat about several topics including the looming expiration of the current tax code in 2026, the increasing national debt, and the potential rise in tax rates. Don will also share how those in need of long-term care can leverage their IRA assets to minimize taxes, talk about the often-overlooked 0% capital gains tax bracket, discuss the importance of proactive tax planning, and more.

Year End Planning: It’s Not Too Early (Part 1)

Join us for a two-part episode where we unpack our 2023 edition of key year-end planning strategies for those nearing or embracing their retirement years. With the holidays right around the corner, it is the perfect time of year for these conversations. Listen in as we cover a range of topics, from IRA and 401k contribution limits to Roth IRA conversions and charitable giving options.

Medicare Mistakes To Avoid During Open Enrollment Season

It’s Medicare open enrollment season, so in today’s episode, we’re going to dive into some of its complexities and share the common mistakes you want to avoid during this critical period. Listen in as Don and Marc discuss the differences between traditional Medicare, Medicare Supplements and Medicare Advantage plans, and stress the importance of understanding Medicare drug plans.

WAYS TO CONTACT

(732) 784-2867

don@donaldcash.com