Picking the Best Tax Basket for Your Asset

Picking the Best Tax Basket for Your Asset

Managing your money goes beyond spending less than you make and saving money. You also want to get the most out of every dollar you work your butt off for. Using tax advantage accounts is one way to squeeze the most out of your money. But how do you know where to put which dollar? In this episode, I talk with Sean Mullaney about picking the best tax basket for your different types of assets. Sean is a financial planner and CPA licensed in California and Virginia. He operates a solo financial planning firm in California. He blogs about the intersection of tax and financial independence at fitaxguy.com. Sean shares practical tips on looking at your assets and goals and picking the best places to put your assets that align with them.

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Best Tax Basket for Your Asset Episode Details

  • What are tax baskets
  • Tax advantage accounts
  • Employer plan vs. individual plans
  • Transitioning employer plans into individual
  • Importance of selecting the correct tax basket
  • Understanding your overall asset allocation
  • Roth conversation and early retirement
  • Bonds, cash, and real estate asset allocation
  • Spousal IRA and planning for a non-working spouse
  • Common mistakes to avoid
  • Health Savings Account (HSA) overview
Related: Spousal IRA: What Military Spouses Should Know

Best Tax Basket for Your Asset Resources

More Podcast: What Military Spouses Can Do With Multiple 401ks

Reserve Your Pass for #MilMoneyCon23

MilMoneyCon is the annual event for financial professionals united by military service. Its mission is to bring service members, veterans, and military spouses together to build and progress their careers, continue their education, and grow their earning power as practicing or rising financial professionals. MilMoneyCon23 is happening April 27-29, 2023, in Nashville, TN. Attending the annual conference gets you connected with the biggest community of military financial planners, coaches, counselors, candidates, and educators. It’s a place to find employment and money-making opportunities, increase earning power, and continue your education. Reserve your pass at https://milmoneycon.com. Reserve your hotel room here. Change the arrival and departure date to April 27-30, 2023, for the discounted room rate.

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Disclosure These notes may contain links to our affiliate products or services, which means I might get compensation when you click or buy. I will only put affiliate links that align with our podcast discussion. If you want to “kickstart” your finances in the military, you can get access to my free Financial Kickstart Kit here.