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I have a situation where the house has been valued at $60,000 which is too low for most banks to issue a HELOC. I tried to do a Home Equity Loan but the Assessor viewed areas that need to be repaired before the bank can give me a loan but I'd need even more money for home repairs and with us in Mid November, there's some safety concerns about tearing apart the roof with the chance for snow anytime. What would be the smart option?

These "Entrepreneurs" don't realize how privileged they are from the jump when it comes to becoming wealthy. After listening to this it sounds like he had access to a lot of things that would eventually lead to success that your average person wouldn't have.

The Government in action!

It sounds as bad as it is... 😲

What happens if you’re upside down when you “sell”?

Stay away from these programs. This dude is a scam artist, and he knows it. Sorry, but having an English accent doesn't automatically make you trustworthy. I have been in mortgages for 25 years and would never recommend these. Shame on this guy for being such an advocate for this program.

legal robbery

Hey, Kudos to your efforts🙌! I'm not really sure if it is the best time to ask but, I was wondering if I could help you create a better distribution by working on post-production like better storytelling through Edits, Keywords, think catchy intros and outros, or even some engaging short clips! Would love to chat if you're interested and keep creating good content:)

0:48 "pay taxes upfront" contradicts 1:44 "key principle...always pay taxes at lowest rate"

I understand this enough, to know that they’re not giving you anything that they are not getting a ridiculous return on. They give you pennies now when you give them dollars later.

Thanks for the tips on QCD's, RMD's, and Inherited IRA's. I am meeting with my tax advisor tomorrow and will be ready to use the great info.

It’s only a benefit to convert to Roth if you will pay a higher tax % when you eventually pay tax if you defer instead. Notice I did not say you will be in a higher tax bracket later. That is because depending on your other income, you can take advantage of the standard deduction and lower tax brackets (which are indexed for inflation) so the “average” tax % could be lower than what you pay today to convert. Will converting save tax dollars? Yes it will. But that is not relevant. It comes down to what will give you the better after tax net worth which will only be final 10 years after your death when your heirs finish emptying the deferred accounts. Items that favor deferring. 1. When you convert you pay all tax up front at your highest tax bracket in today’s dollars. When you defer you pay slowly over many years in inflation adjusted dollars, potentially with some at zero or lower tax brackets. 2. State taxes - if you pay state tax to convert but move to a zero tax state in retirement you need to factor that in. 3. Market decline- if you converted $100k at the end of 2021 and paid 30% fed and state tax and you account lost 25% when both bonds and stocks dropped in 2022, you in effect paid 40% tax. You would need 33% growth on your account just to get back to where you already paid tax. 4. Uncertain future - there is no guarantee you will even live past 75 when RMDs kick in if you defer. However even if you do live a long life, your ability to enjoy the money by traveling etc is greatly diminished as you age. You can take the $ you would use to pay conversion tax and enjoy life now and pay the tax much later (if you are still alive) when those same dollars have less usefulness to your lifestyle.

🤤 Promo SM

I reached out to a company like this yesterday. Guy went over everything with me. This is a somewhat good program if you don’t need a lot of money and don’t have means to immediately pay it back. But if you need a lot more money, then you are almost giving away 50% equity when the house sells or at the end of your loan term.

Hey, I think this was the best video yet. Informational, Educational and lots of take-aways in plain English!

Thanks for your insights, however, I would prefer a little more meat on the bone... example; #10: "That's a big no-no" Why? Thank you

Good stuff! No BS, quick hitters.

Think back to the teachers you had before college. Far and away most were total bores, not at all interested in innovation or thinking a lot. Financial Education is a survival skill that should be baked into high school education.

Key is, you MUST pay back in 10 years, so you MUST sell unless you have the money(probably need $150,000-$224,000) to pay the company 32% of it’s SOLD and probably INCREASED value, say $700,000 (up from $500,000). So the company gets 124% of their investment! ($224,000). Holy s$$t! The same scenario with an 8% HELOC would only cost you $42,846.76 at the end of 10 years!

Do financial planners get a cut out of the QCD?

Great session. Guest really resonated with me.

This guy has evil Bond villain energy 😂 16% payback per 10% borrowed seems lopsided.

32% of future equity? That’s asking a lot. The high interest rates we have are the only reason to use this product. I would rather wait instead of giving up potentially 32% of your own ass

Thanks for this. I need to pay a $35000 condo special assessment. Heloc might not work with my 530 credit score.

Sounds like another way to create another housing bubble.

401k is not free money. I took time to dive into this and it may be that your taxed a smidge less but your still taxed on the "harvest" meaning you pay on the entire amount including all of the gains you've made through interest and or company payments. Plans that tax the "seed" of your investment don't include the gains you've made or the contributions of others. 401k is fine as long as you understand this and to NEVER put in more than your company match

catch at 1:31

All on top of prices that are high

The tax efficiency is brilliant…this def works for some people

I saw a video that says a QCD MUST be the first distribution from that IRA in that Tax year, is this correct? This video talks about doing them later in the year.

You forgot step one...when they fire you ask for a few moments alone there in the boss's office to get yourself together. The moment the door closes drop a deuce on the carpet, walk out, shake their hand, tell them "I'm good, no hard feelings" and stride out the door into your retirement. Seriously though, I'd sign up for C.O.B.R.A. if before 65 years old for as long as possible and if over 55 years old I'd start penalty free 401K plan withdrawals that are under taxable limits to bleed those off early before RMDs kick in at 73 years old and I'd use my taxable accounts to fill in the gap of my wonderfully frugal retirement. Then again I'm a super freak so I'd score a part time seasonal or easy very short term consulting job to earn a fast $4,000/year to put into our Roth IRAs and bump up our tax free zone from the standard deduction to the full form 8880 retirement saver's credit income limit (MFJ) of $43,500 and use that additional headroom to slowly and under taxable limits convert our tax deferred accounts to our Roth IRAs. If I were still pretty young and active I might even start building/refurbishing homes every 2 years as our primary residences and taking full advantage of the capital gains exclusion. Depending on our health I'd push off taking Social Security until age 70 to maximize this incredible benefit that's only partially taxed. Medicare I'd take at 65 of course and I'd keep our income low since we don't need much and to ensure we always pay the least amount for medicare premiums. Cheers!

Run as fast as you can from these types of deals.

Secrets? Collect at 70. No secret. Look at your SS statement.

Does anyone know if a military SBP Suvirvor Benefit Plan requires you to take RMDs.. I thought that any annuity required RMD but the folks puting out this package does not do RMD. Does anyone have any knowldege about whether or not an RMD is required on the SBP program.

Good advice Thanks

Great video, thanks for sharing! Crush your competition with Promo*SM!!

Tax preparers are NOT financial advisors.

File for SS at 70. Begin RMD's at 72

File for SS at 70. RMD's at 72

“Your real concern is living to 100 & living on cat food.” Wow!

Old

Needed area of attention …for 3-8 years ahead …

Ｐｒⓞм𝕠𝕤𝐌 🔥

Just read the professor's book Money Magic. Great read! Found that I have encorperated many of the principles of his book thru my life!

I wish I'd heard of Ed 20 years ago.

I am a 64 year old debt free single male. If I take SS at age 65 Ex: 20,000 per year it will be tax free money. Each year I wait to take SS my SS will increase by 8%. If I wait to take SS and withdraw 20,000 from my 401K/IRA I will pay 12% Fed tax plus State tax. I believe it would make financial sense to take SS at age 65. I am retiring at age 65. Am I missing something about paying 12% plus State tax each year to earn 8% each year from SS ? Thank You

Great interview. Love the book! Thank you.

A quick question: I am ready to begin converting tax-deferred rollover IRA funds to Roth IRA funds. I will be paying the tax due with other after-tax funds (NOT withheld from the conversion). How and when do i pay the taxes due? Quarterly payments, or can I wait until I file income taxes for 2022 in Q1-2023 without incurring late penalties?

Wish you were as careful with viewers time. Ten minutes and all fluff is my limit.

Here’s what people forget: The standard IRA or 401(k) tax deductions that one could take advantage of while employed and earning helped immediately to put more money in your pocket - to use for expenses while starting your career and life. OK but then is there a time to convert to a ROTH IRA? In some cases YES - but if you are close to retirement (or retired) then you probably don’t want to convert to a ROTH IRA and pay 25% or more in taxes WHEN THE MONEY YOU CONVERT IS JUST GOING TO SIT THERE! Now if you at age 65 are going to convert $400k to a ROTH IRA and immediately pay at least $100,000 in taxes BUT THEN NOT INVEST THAT MONEY just have it sit, well then I say DON’T CONVERT. And even if you do plan to invest that $400,000 - likely better to keep it in the IRA and then take funds out WHEN YOU NEED THEM and pay a lower tax at a lower tax rate (you don’t suddenly have $400k of income in one year!) And the RMD is really not that much - less than 4% initially and unless you live until age 100 you’d likely withdraw those funds each year anyway!! This “convert to ROTH IRA” is a bit of a fad now- but everyone needs to study before jumping and find-out what is right for them. SCS on 1 Feb 2022