200: Episode 200 Special: A Personal Finance Masterclass with Kyle Mast

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.5 • 3K Ratings

🗓️ 28 May 2021

⏱️ 88 minutes

🔗️ Recording | iTunes | RSS

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Summary

We love when guests come back on the show, especially when that guest is Kyle Mast. You may have heard him back on episodes 41 & 84, but now he’s here to celebrate our 200th episode with us! Scott and Mindy have come up with their own questions to ask Kyle ranging from retirement accounts, to asset allocation, to the future of cryptocurrency, and more. If you’re worried about retirement, Kyle has you covered. We go over some great topics like whether you should choose a traditional 401(k) or a Roth 401(k). From there, we talk about whether a pre-tax account or a post-tax account makes the most sense, based on your income, tax bracket, job security, and more. We’ll also touch on HSA (health savings accounts) which are a fan favorite as well as a tried-and-true winner for almost anyone who qualifies for one. Post-retirement is another topic that rarely gets discussed on the show (since we’re all so focused on getting wealthy, not deploying that wealth). If you’re worried about hitting required minimum distributions soon, you may have the ability to save hundreds of thousands of dollars in the long run with some tips from Kyle. We’ll also talk about diversifying your accounts now so you can be nicely positioned upon retirement. Lastly, we talk about inflation, rising house prices, tech stocks, and (Mindy’s favorite, of course) cryptocurrency. All of these are incredibly relevant right now and it’s great to hear from someone as neutral as Kyle on the pros and cons of each. In This Episode We Cover Traditional 401(k)s vs. Roth 401(k)s and the tax implications of both Looking at your retirement accounts from a long or short term position Taking the 401(k) match whenever a company allows you to Required minimum distributions and the 4% rule Solo 401(k)s and and retirement accounts for entrepreneurs Cryptocurrency, stocks, real estate, and precious metal allocation And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter BiggerPockets Money Podcast 41 BiggerPockets Money Podcast 84 BiggerPockets Money Podcast 118 Mad Fientist BiggerPockets Money Podcast 120 with Michael Kitces Nerd's Eye View Check the full show notes here: https://www.biggerpockets.com/moneyshow200 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the bigger Pog its money podcast show number 200 200 we are bringing back certified
0:07.7	financial planner Kyle mast to talk about things you should be considering on your journey to
0:12.1	financial freedom. Don't know what comes up later on and if you have a million dollar 401k or
0:18.5	pre tax IRA you don't have a million dollars you have a million dollars minus tax what you have in
0:24.5	there there's a liability built into that account still and that needs to be mitigated somehow.
0:31.2	Hello, hello, hello, my name is Mindy Jensen and with me as always is my
0:34.8	Paragon of Virtue Coho's Scott trench. Is that a is that a signal Mindy?
0:42.6	Scott and I are here to make financial independence less scary, less just for somebody else to
0:47.5	introduce you to every money story because we truly believe that financial freedom is attainable
0:52.4	no matter when or where you're starting. That's right whether you want to retire early and
0:56.3	travel the world going to make big time investments in assets like real estate, start your own
1:00.2	business or deal with the good problems that come from becoming wealthy early in life. We'll
1:05.9	help you reach your financial goals and get money out of the ways that you can launch yourself towards
1:09.6	those dreams. Normally Fridays are finance Fridays where we dive into a listener's financial
1:16.0	situation and see what sort of ideas we can give them to consider that may further them down the
1:20.8	path towards financial independence. But today is episode 200 and we want to do something really
1:26.0	fun for this momentous occasion. We brought back a show favorite Kyle Mast to come in and give us
1:32.5	some things to think about on our journey and frankly some of these questions are rather selfish
1:37.2	questions because they're questions that I have and I figure that if I have them talking about
1:42.2	financial freedom all the time I'm sure other people have had them too. So Scott without further
1:47.9	ado let's bring in Kyle. Okay before we get to the show let's hear a word from today's show
1:52.5	sponsors. Everyone is wondering where the real estate market is headed. How about a better question?
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