Episode 288 - How to Maximize Your HSA
Beer & Money
In this episode of Beer and Money, Ryan Burklo discusses the importance and benefits of Health Savings Accounts (HSAs). He explains the qualifications for opening an HSA, the contribution limits, and the unique triple tax advantage that HSAs offer. Ryan emphasizes the potential for long-term growth and the importance of investing the funds within an HSA for future medical expenses, especially in retirement. He also highlights common misconceptions about HSAs and encourages listeners to take advantage of this financial tool for better health expense management. Check out our website: ...
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Episode 287 - Tariffs 101
Beer & Money
In this episode of Beer and Money, Ryan Burklo and Alex Collins delve into the complex topic of tariffs, exploring their definition, implications, and effects on businesses and the economy. They discuss the potential benefits and drawbacks of tariffs, including their impact on consumer prices and the risk of trade wars. The conversation emphasizes the importance of understanding market dynamics and preparing for economic volatility, particularly for small businesses and investors. Check out our website: beerandmoney.net For a quick assessment of your current financial life go to: ...
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Episode 286 - The 5 Principles of Investing
Beer & Money
In this episode, Ryan Burklo discusses the five essential principles of investing, emphasizing the importance of having a well-structured balance sheet, understanding risk, diversifying investments, rebalancing portfolios, and maintaining good behavioral finance practices. He highlights how these principles can help investors navigate market fluctuations and achieve long-term financial success. Check out our website: beerandmoney.net For a quick assessment of your current financial life go to: Takeaways Your balance sheet should be set up appropriately before investing. Having an...
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Episode 285 - Let's Talk about Taxes Pt 3
Beer & Money
In this episode of Beer andMoney, Ryan Burklo discusses various tax strategies for retirement, emphasizing the importance of planning with the end in mind. He explores the implications of different income needs, the 4% withdrawal rule, and compares various tax strategies including amortization and annuities. The conversation highlights how where you place your money can significantly impact your tax bracket and overall financial health in retirement. Check out our website: beerandmoney.net For a quick assessment of your current financial life go to: Takeaways Understanding tax brackets...
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Episode 284 - Let's Talk about Taxes Pt 2
Beer & Money
In this episode of Beer and Money, Ryan Burklo discusses the importance of tax planning for retirement. He emphasizes the need to understand the net after-tax income and how different retirement accounts, such as traditional and Roth accounts, affect future tax liabilities. The conversation includes a visual representation of a fictitious client's financial situation, highlighting the distribution of taxable and non-taxable assets. Ryan encourages listeners to consider their own financial pie charts and the implications of their current saving strategies on future tax outcomes. Check out our...
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Episode 283 - Let's Talk about Taxes Pt 1
Beer & Money
In this episode of Beer and Money, Ryan Burklo discusses the intricacies of the tax system, focusing on the differences between marginal and effective tax rates, how bonuses are taxed, and the implications of choosing between traditional and Roth retirement accounts. He emphasizes the importance of understanding these concepts for effective tax planning and long-term financial strategy. Check out our website: beerandmoney.net For a quick assessment of your current financial life go to: Takeaways Understanding the difference between marginal and effective tax rates is crucial. Your...
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Episode 282 - Understanding Recovery Rates in Investing
Beer & Money
In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss the often misunderstood concept of recovery rates in investing, particularly after market downturns. They explore the mathematical realities of recovering from losses, the importance of strategic retirement planning, and the need for a balanced approach to investing that includes both market and non-market assets. The conversation aims to debunk common myths about rate of return and emphasizes the significance of cash flow in retirement planning. Check out our website: beerandmoney.net For a quick assessment of your...
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Episode 281 - Traversing The Estate Planning Maze with Rob Bukacek
Beer & Money
In this episode of Beer and Money, Ryan Burklo, Alex Collins, and estate planning expert Rob Bukacek discuss the intricacies of estate planning. They cover the importance of having a trust, the process of finding the right attorney, and how to prepare for meetings with legal professionals. The conversation emphasizes the need for proper documentation, the significance of choosing beneficiaries wisely, and the necessity of reviewing estate plans regularly. Listeners are encouraged to take proactive steps in their estate planning to ensure their wishes are honored and their loved ones are taken...
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Episode 280 - Understanding Obligations & Goals
Beer & Money
In this episode of Beer and Money, Ryan Burklo discusses the concept of obligations that individuals actually want to have in their lives. He emphasizes the importance of understanding personal goals beyond traditional financial aspirations, such as retirement and education for children. Ryan encourages listeners to reflect on their current obligations and how they align with their desired lifestyle, particularly in relation to family time and personal health. He shares personal anecdotes about his own experiences with work-life balance and the compromises he has made, ultimately urging...
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Episode 279 - Inheritance vs Investment
Beer & Money
In this episode of Beer and Money, Ryan Burklo discusses the critical distinction between inheritance and investment, drawing from a transformative conversation with a mentor. He emphasizes the importance of investing in children today rather than solely focusing on leaving an inheritance. The discussion highlights how experiences and values can shape financial education and generational wealth, ultimately leading to a more meaningful legacy. Check out our website: beerandmoney.net For a quick assessment of your current financial life go to: Takeaways Inheritance is typically received...
info_outlineIn this episode of Beer and Money, Ryan Burklo discusses the intricacies of the tax system, focusing on the differences between marginal and effective tax rates, how bonuses are taxed, and the implications of choosing between traditional and Roth retirement accounts. He emphasizes the importance of understanding these concepts for effective tax planning and long-term financial strategy.
Check out our website: beerandmoney.net
For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo
Takeaways
Understanding the difference between marginal and effective tax rates is crucial.
Your marginal tax rate does not apply to all your income.
Bonuses are taxed at your highest marginal tax rate unless you cross into a new bracket.
Effective tax rate gives a clearer picture of your overall tax burden.
Retirement account choices can significantly impact future tax liabilities.
Traditional IRAs lower your taxes now but can lead to higher taxes later.
Roth IRAs are funded with after-tax dollars, allowing for tax-free withdrawals in retirement.
Tax planning should consider both current and future tax implications.
Collaboration between your CPA and financial advisor is essential for effective planning.
It's important to think about how current decisions affect future tax situations.
Chapters
00:00 Understanding Taxes: Marginal vs Effective Tax Rates
02:49 The Taxation of Bonuses and Income Planning
06:02 Retirement Accounts: Traditional vs Roth and Tax Implications