Tax Attorney Explains: The 5 Most Critical Financial Accounts You Should Have

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Tax Attorney Explains: The 5 Most Critical Financial Accounts You Should Have

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Toby Mathis Esq | Tax Planning & Asset Protection

Күн бұрын

Пікірлер: 70

@TobyMathis 2 ай бұрын

If you want to dive deeper into this topic, schedule a free consultation with my team today. Visit: aba.link/pgs

@franciscofalcon7000 2 ай бұрын

1. Checking account (3 months of money) 2. Savings accounts (3 to 6 months worth of expenses) 3. Investments account (stocks, bonds, mutual funds, ETF and more). Higher rewards comes with higher risk, get knowledge and caution. Let start with brokerage account, money marketing fund 4. Retirement account 5. Health savings account

@brandonwiggins1578 2 ай бұрын

Just started using a Fidelity brokerage account as our primary "checking" without losing any features, with a Fidelity business account to hold our excess cash and non-retirement investments. Total game changer! Getting paid to hold our cash as opposed to letting it rot in a bank checking account is incredible. You're always out here giving the best advice, Toby!

@TheBrokenLife 2 ай бұрын

Fidelity's cash back credit card is also pretty good. I keep everything but the cash to go for 2 weeks in my Fidelity account.

@jimdefazio8649 2 ай бұрын

Are they invested in stocks or are they just paying a flat rate to keep it in there? If stocks, do you have to make a million trades each month buying and selling to manage money in, and money out?

@brandonwiggins1578 2 ай бұрын

@@jimdefazio8649 I keep them both in money market funds which is at 4.97% as of today. For funds that don't need to be as liquid (i.e. my true brokerage account), I invest it as I normally would.

@kimberlindy 2 ай бұрын

What do they pay, what APR?

@TheBrokenLife 2 ай бұрын

@@kimberlindy It's not a permanent fixed rate, but it's been right around 5 for awhile now, paid monthly. Their cash-back card is 2 on every purchase (and then promotions like everyone else does). If you play your cards right, you can actually earn 7 on everything you buy by combining that system (5 on the cashing waiting for the bill to come due, plus 2 from the card) instead of spending cash/debit. The cash back goes straight into your brokerage too, so it starts earning its own 5 as soon as you get it. There are no hoops to jump through to get any of it. It's just a money market account (I'm presently in SPAXX if you want to look deeper into it) that they manage however they manage it. Just start a brokerage account and select your default cash position for whatever fund you want (they're all about the same) and it simply pays that much interest. I would imagine _most_ brokers are about the same right now, but I haven't used anyone but Fidelity. Their cash back card is just like anyone else's too. Just sign up for it if you want it.

@willmallory9085 2 ай бұрын

If child support and alimony have no limits, investment accounts shouldn't either! Sorry, sore spot for me.

@scarling9367 2 ай бұрын

Several states have set limits on that. It's a state to state issue.

@spatty2589 Ай бұрын

Thank you for being direct and to the point. I got all the info I wanted and needed without a bunch of fluff and nonsense.

@stephenkutney9626 4 күн бұрын

If you have an IRA or 401K and specify your distribution in your will, what tax rate does your estate pay when you pass away?

@EDavis-bu7cx 2 ай бұрын

Thank you. This is very timely and helpful to me and my family.

@TobyMathis 2 ай бұрын

Awesome to hear that it was helpful for you and your fam!

@rolandostaelena 2 ай бұрын

For decades now, my checking is a cash management account. using same brokerage, opened separate purpose built brokerage accounts just for “whatever” vs emergency funds vs long term wealth building. Compartmentalization Made everything so easy and efficient. At a glance I could easily adjust accounts for levels of volatility and liquidity. Only my LLC used a bank.

@MrJeffHaney 5 күн бұрын

KZfaq Silenced the volume on this video for me.

@mbrenterprisesbdif 2 ай бұрын

ABSOLUTELY UNBELIEVABLE

@skepticalmechanic 2 ай бұрын

Really???

@diananguyen-thien5446 7 күн бұрын

Can retirees put money into HSA? If so, what are the qualifications rules? Thanks

@jimdefazio8649 2 ай бұрын

Would love to have an HSA but the “low deductible health care plan” is like a grand a month for me and my family and absolutely prices us right out of ever possibly opening an HSA. The prices of health care coverage in America are a complete joke. We use health share instead and do DPC for small stuff.

@kansaidan2302 2 ай бұрын

We're in unchartered waters here ...... 15 year past history average investment gains may no longer be a dependable gauge. $35+Trillion DEBT may torpedo most dreams. Hyperinflation may destroy $USD Fiat in short period of time completely devastating investment accounts. Massive DEBT is the elephant in the room that most people are ignoring.

@swedeclc 2 ай бұрын

Very clear explanations. Thank you.

@TobyMathis 2 ай бұрын

Glad it was helpful!

@christopherbeckerdite4273 Ай бұрын

Most people miss having life insurance also. Its the most unregulated account to have.

@jackxkodiak2024 15 күн бұрын

You fail to mention that many companies do a 401k/IRA match of your contribution ...

@maggiew7293 12 күн бұрын

401K's can become a liability if you lose a spouse and end up in a higher tax bracket.

@rickmiles5297 Ай бұрын

If you invest in a traditional accout and defer the tax, that doesnt give you a 22% return. You have to pay it back with interest later.

@willmallory9085 2 ай бұрын

Excellent topic Brother

@margaretr.4427 Ай бұрын

This was very interesting and educational. I wasn’t sure if a HSA was useful for me because I felt like what if if I don’t ever use it? The money is wasted. Knowing it can be rolled over into something else is good. I’m going to look into that more since I already have a Roth IRA. Thank you

@TobyMathis Ай бұрын

I'm glad you found the video helpful! It's always good to explore different options.

@ElLeNoir..ELconomics 2 ай бұрын

Coach Toby good afternoon

@wanda7519 18 күн бұрын

Hi I’m already retired and have a deferred comp acct. I’m getting very nervous with today’s happenings and was wondering if it would be smart or not to withdraw at least half my money and put in my credit union or invest some?

@willmallory9085 2 ай бұрын

17:20 I'm retired military on Tricare, can I still benefit from HSA?

@TobyMathis 2 ай бұрын

First off - thank you for your service. I do not think Tricare qualifies as a high deductible plan, so I do not believe you will be able to contribute to an HSA. You might want to see if there are exceptions, but I am fairly certain. Sorry friend.

@willmallory9085 2 ай бұрын

@@TobyMathis you're the 2nd finance guy and you had the same answer he did. Just thinking of ways to lower my tax bill.

@ReAl-uu8ku 2 ай бұрын

Excellent video like always!

@500stoney 2 ай бұрын

To clarify: It is not possible to convert a Health Savings Account (HSA) to a Roth IRA after age 65, but you can use your HSA funds for retirement in other ways: Withdraw funds Once you turn 65, you can withdraw money from your HSA for any reason, but you'll need to pay ordinary income taxes on withdrawals that aren't used for qualified medical expenses. This is similar to how withdrawals from traditional IRAs are treated after age 59.5 This piece of misinformation severely hurts this guy’s credibility

@breehartley1627 2 ай бұрын

My Roth hack - I fund my Roth 403b monthly but not my Roth IRA. I add up my receipts at the end of the year, take withdrawals equal to the amount of my receipts, and put it into my Roth IRA. Money going into my Roth IRA is now triple threat and I have do not need to keep receipts forever and have access to all the money at 59.5.

@richardguzman3874 2 ай бұрын

I don't see any advantage for having an HSA if you are a veteran (retiree) ... not paying much when I go to the VA

@frankiesmith9186 2 ай бұрын

Is it too late to start any of those accounts at age 58 ?

@TobyMathis 2 ай бұрын

I recommend setting up a free consultation with my team to find the best solutions for your situation. aba.link/pgs

@SM-pc7io 2 ай бұрын

Update on the SEP Roth?

@chewie1355 2 ай бұрын

Thanks

@Jaime6529 20 күн бұрын

where are you located, Do You mind telling me? Im in the ORANGE COUNTY , CALIFORNIA area.

@TobyMathis 19 күн бұрын

We have offices located in Las Vegas, Tacoma, and Draper. We operate in all 50 states. Feel free to reach out to my team for a free consultation. aba.link/pgs

@tomhall7250 Ай бұрын

Every thing you mention has counterparty risk

@WizardKingCorey 2 ай бұрын

Dang Toby, looking good sir. Thanks for the advice.

@TobyMathis 2 ай бұрын

thanks for watching =)

@John-wp7kl 2 ай бұрын

Thank you!!

@TobyMathis 2 ай бұрын

Glad you enjoyed it!

@jameszeris5418 2 ай бұрын

Excellent

@AlgebraCorner 2 ай бұрын

Do you have a dedicated HSA Video? The idea of a reimbursement is confusing.

@TobyMathis 2 ай бұрын

This video might help =) kzfaq.info/get/bejne/h798g6WAm8-yfYU.html

@Hi-jx5oe 2 ай бұрын

At what age can you convert it into a Roth ? If you don't live to that age what happens to the account?

@oSnapMillerTime Ай бұрын

Da man right here

@oky9653 Ай бұрын

Thank you. Last one is really good

@TobyMathis Ай бұрын

Glad you liked it

@ppw8716 2 ай бұрын

So, yes to paying off the mtg? I’m in the same situation.

@tomdixon1213 2 ай бұрын

Pay off your mortgage but consider ways to protect your house from deed theft.

@SenorNavel Күн бұрын

Health savings account? 😅 Damn that's so American

@user-pe7ts8hg2y 2 ай бұрын

He spent 20 minutes saying two minutes of information

@thomaslunden 2 ай бұрын

You mention contribution limits when talking about Roth accounts, but not when talking about traditional accounts. Why was that? The deductible to be eligible for HSA contributions is 1600 currently, but you say 1800 and 1600 within a minute (around 17:25 and 18:20). You also say you can convert an HSA to Roth if you don't have medical expenses- not true. If you withdraw for non-medical expenses beyond a certain age, you still have to pay taxes on your withdrawals, so it's more like converting to a traditional. Enjoyed the cadence and structure of your video while making breakfast.

@musclebymike1382 2 ай бұрын

I prefer crypto and real estate only, I'm not interested in stocks

@TobyMathis 2 ай бұрын

Best of luck with your investing journey

@beckybrynjolfsson 2 ай бұрын

I can understand practical advice but don't tell me how to do your job. I plan on hiring someone in tax and asset protection. They will work for me and I don't have to know how to do their job.

@tomdixon1213 2 ай бұрын

Before he can go to work for you, he has to show you how knowledgeable he is, so you will trust him.