backdoor Roth

Jill on Money Radio Show: A Financial Start Over

Whew, a pretty rough week on Wall Street, eh? Hopefully everybody stayed calm and carried on :)

Hour one this week is the usual mix of calls and emails.

Nothing like a fresh divorce to cause you to re-evaluate your financial situation. Hey, at least our caller cut her losses while she’s still young, so it’s really more of a celebration.

In hour two, we're calling all recent college graduates!

You've landed a job. Now what?

To help answer that question, we're joined this weekend by Gorick Ng, author of The Unspoken Rules: Secrets to Starting Your Career Off Right.

No one tells you how to navigate your first day in a new role. No one tells you how to take ownership, manage expectations, or handle workplace politics. No one tells you how to get promoted.

The answers to these professional unknowns lie in the unspoken rules, the certain ways of doing things that managers expect but don't explain and that top performers do but don't realize.

The problem is, these rules aren't taught in school. Instead, they get passed down over dinner or from mentor to mentee, making for an unlevel playing field, with the insiders getting ahead and the outsiders stumbling along through trial and error.

Until now.

Have a money question? Email me here.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Jill on Money Radio Show: Roth or Pre-Tax?

Surprise, surprise, both our callers in hour one have Roth related questions.

Honest to goodness, anything related to Roth money is by far the most popular question we receive.

Should you be using your traditional 401(k) at work or should you be using the Roth 401(k)?

Should you be doing backdoor Roth conversions?

You get the point. We’ll also mix in the usual handful of other retirement related questions.

Risk: success requires risk, risk that stands firmly on the platform of integrity.

Reward: integrity inspires reward, generosity toward those who helped you succeed.

Repeat: generosity fuels repetition, helping others to forge their own way forward.

These are the lifelong tenets of Eric Gleacher, the Marine Corps officer and investment banker who, along with a handful of others, dominated the Mergers & Acquisitions industry in the latter half of the twentieth century and transformed the face of American business.

He also happens to be our guest this week in hour two to discuss his recently released book, Risk. Reward. Repeat.: How I Succeeded and How You Can Too.

Risk. Reward. Repeat. chronicles his compelling journey: from a profoundly isolated childhood to the hardcore leadership lessons of the Marine Corps, to Lehman Brothers and Morgan Stanley, to his own firm, going toe-to-toe with the giants of Wall Street.

Gleacher's book puts today's culture of hype, tricks, and life-hacks to shame with its simple, timeless formula: be yourself, tell the truth, lead by example, do your best, own your mistakes, work hard, take risks, earn your success, and pay it forward.

Have a money question? Email me here.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

A Clean Backdoor Roth Conversion

When it comes to doing a backdoor Roth conversion, it really helps to have things cleaned up, and that doesn't always mean you have to pay a bunch of taxes in the process.

Have a money question? Email me here.

Please leave us a rating or review in Apple Podcasts.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Take on a Mortgage in Retirement?

Most people want to head into retirement mortgage free. Is there a case when taking on a mortgage in retirement makes sense?

Have a money question? Email me here.

Please leave us a rating or review in Apple Podcasts.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Do We Really Need an Advisor?

Is an advisor fee of one percent really worth it if all you're getting is money management? Are there less expensive alternatives?

Have a money question? Email me here.

Please leave us a rating or review in Apple Podcasts.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Convert Traditional IRA to Roth?

Should you convert your traditional IRA to a Roth IRA? Sometimes it makes a ton of sense, especially if you're looking to do backdoor conversions while avoiding the dreaded pro-rata rule.

Have a money question? Email me here.

Please leave us a rating or review in Apple Podcasts.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Do I Need Another REIT?

If you’re being pitched a Real Estate Investment Trust (REIT), and you already have a couple within your portfolio, do you really need another one? That’s the situation facing Cathy from California.

Next up was Lilly from Virginia who is trying to figure out a way to do a backdoor Roth IRA. The main obstacle is that she already has an existing rollover IRA.

Are you at risk of being scammed? 

Our latest guest is former con artist and bestselling author of Catch Me If You Can, Frank Abagnale, and he’s here to show you how to stop scammers in their tracks.

Maybe you're wondering how to make the scam phone calls stop. Perhaps someone has stolen your credit card number. Or you've been a victim of identity theft. Even if you haven't yet been the target of a crime, con artists are always out there, waiting for the right moment to steal your information, your money, and your life.

As one of the world's most respected authorities on the subjects of fraud, forgery, and cyber security, Frank Abagnale knows how scammers work. 

In his latest work, Scam Me If You Can, he reveals the latest tricks that today's scammers, hackers, and con artists use to steal your money and personal information, often online and over the phone. Using plain language and vivid examples, Abagnale reveals hundreds of tips, including:

  • The best way to protect your phone from being hacked

  • The only time you should ever use a debit card

  • The one type of photo you should never post on social media

  • The only conditions under which you should use WiFi networks at the airport

  • The safest way to use an ATM

With his simple but counterintuitive rules, Abagnale also makes use of his insider intel to paint a picture of cybercrimes that haven't become widespread yet.

Have a money question? Email me here.

Please leave us a rating or review in Apple Podcasts.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Roth IRA Conversion and Year-End Money Tips

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We kicked things off this week with Mike from Minneapolis. With a lot saved in tax deferred accounts, Mike is wondering if it makes sense to start converting some of the money into a Roth IRA? Sounds like a great idea, but there's a caveat.

Next up was Monica from Brooklyn, NY. She's only in her 30s, but Monica is absolutely killing it. Probably one of the top ten calls of 2018. Enjoy!

December is upon us, which means I basically have your attention for about another week or so.

After that, let’s face it, we’re all checking out for the rest of 2018.

So while I have you, and as the year comes to an end, it's a perfect time to review some year-end financial planning tips.

For such an occasion there's no better duo than Michael Goodman and Brenna McLoughlin from Wealthstream Advisors. And in the interest of full disclosure, not only is Michael a dear friend of mine, he's also my advisor.

We discussed a variety of financial planning topics to ponder before you shut down for the holidays, including:

Selling assets in your portfolio now versus waiting until next year: Losses offset gains that you have taken previously in the year; if you have more losses than gains, you can deduct up to $3,000 of losses against ordinary income.

Take Required Minimum Distributions: Generally, once you turn 70 1/2, you must begin withdrawing a specific amount of money from your retirement assets (there are some exceptions). The penalty for not taking your RMD is steep at 50 percent on the shortfall!

Consider a Qualified Charitable Distribution (QCD): One way to sidestep the taxation on your RMD is to make a Qualified Charitable Distribution, which allows you to gift directly from your IRA to a charity without having to include the distribution in your taxable income.

Making last minute 529 plan contributions: Money saved in these programs grows tax-free and withdrawals used to pay for college sidestep taxes, too. You can invest up to $15,000 in 2018 without incurring a federal gift tax and many states offer state tax deductions for the contributions.

Considering how tax changes could affect you: With all the changes to the tax code, there’s plenty of items to keep in mind before filing your 2018 returns.

So before you completely shut it down and wrap up your 2018 finances, you’ll want to listen to this episode to make sure there’s nothing you’re forgetting.

Have a money question? Email me here.

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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Backdoor Roth IRA

If you make too much money and are not able to contribute to a Roth IRA, I'm all for implementing the backdoor conversion strategy. But there are some rules associated with pulling it off, and that's what Jeff from Chicago was calling about on the latest BONUS call.

“Better Off” is sponsored by Betterment.

Have a money question? Email us here or call 855-411-JILL.

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CFP® Pro Tip of the Week - February 2, 2018: Backdoor IRA

Have a finance related question? Email us at askjill@betteroffpodcast.com. We love feedback so please subscribe and leave us a rating or review in iTunes! Connect with me at these places for all my content: http://www.jillonmoney.com/ https://twitter.com/jillonmoney https://www.facebook.com/JillonMoney https://www.instagram.com/jillonmoney/ https://www.linkedin.com/in/jillonmoney/ https://soundcloud.com/jill-schlesinger http://www.stitcher.com/podcast/jill-on-money http://betteroffpodcast.com/ https://itunes.apple.com/us/podcast/better-off-jill-schlesinger/id431167790?mt=2 "Better Off" theme music is by Joel Goodman, www.joelgoodman.com.