"I Got a Higher-Paying Job - What Should I Do Next?"

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Investing, Education, Business

4.7 • 3.1K Ratings

🗓️ 31 October 2022

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

What should you do if you get a new job that pays a lot higher than your previous job, and how does that change your investing strategy? We'll walk you through that question and more in today's Q&A episode! Check out our NEW course, Know Your Number! Watch more exclusive content only on YouTube! Visit our website - Get our FREE financial resources - Sign up for our Financial Order of Operations course - Get easy to understand answers to your financial questions Follow us on social media! -Instagram -Twitter -Facebook -TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,
0:07.0	investing, taxes.
0:09.0	You've got financial questions, he's got financial answers.
0:12.6	It's Brian Preston, the money guy.
0:15.9	Braden says, why would I go off of marginal versus effective tax rate when considering a
0:21.8	Roth conversion?
0:22.8	I'm 29, married, and on step 8 of the financial order of operations.
0:28.0	He found the money guy show recently and then changed his 401k investing to Roth.
0:33.0	That's from listening to us, I guess.
0:34.8	He loves tax-free growth.
0:36.5	What do you guys think?
0:37.5	There's a few breadcrumbs in there, Brian.
0:39.0	I think you're interested.
0:40.0	I love whenever we get tax questions, because I can just feel the excitement, welling
0:43.4	up inside of you.
0:45.3	For a lot of people, they might not know the difference in what a marginal tax rate,
0:49.5	versus an effective tax rate.
0:51.1	I think we got a level set and talked through that.
0:54.2	That's interesting, Brian said that he switched his contributions to Roth, which maybe
1:00.7	tells me a little about his current tax bracket.
1:03.3	He's also thinking about doing some conversions and he's trying to figure out if I use marginal
1:08.3	or effective.
	...

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