Invest and Reduce Taxes
Talking Real Money - Investing Talk
Don McDonald
4.5 • 811 Ratings
🗓️ 16 January 2024
⏱️ 25 minutes
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| 0:00.0 | Reality Radio for a really great future. We're talking real money. |
| 0:10.6 | Well, we talk about saving for retirement a lot on talking real money. And there's a really good reason we do that because you're still not doing it as well as you could. |
| 0:22.7 | You're not putting away as much. You're not putting away as much as you could. You haven't invested it properly. You, most people, |
| 0:29.1 | are destined to live a less than comfortable retirement given the current numbers. Now, it's not like |
| 0:36.9 | the government isn't trying to help you out a little |
| 0:39.4 | bit, give you a tiny bit of encouragement to put more money away for your long-term future. You get |
| 0:45.7 | tax breaks. You get a tax deduction. You get tax-free growth. However, you choose to do it, |
| 0:51.1 | on a certain amount of your money that you can put away every year. And this year, 2024, you can put even more money away in your 401k, 403B, 457, IRA, and Roth IRA. |
| 1:06.2 | And Tom, in some cases, it's a lot more. |
| 1:09.4 | It's a lot of money is what it is. |
| 1:11.6 | I mean, if you're really young under the age of 50, you can put away, that come out wrong? |
| 1:18.0 | I remember being under the age of 50 and just, you know, not thinking I was really young. |
| 1:23.6 | I was thinking I was really old, but now I think I was young then. |
| 1:26.7 | Maybe I shouldn't point out my age in the week where all the old white guys went right out the door in two days, too. Oh, you're talking about the NFL. Yeah, and college football. They all departed in 24-hour period. One in college. Yeah, but it was dramatic for, anyway, for those of us in a particular group. |
| 1:45.0 | I'm not as old as they are. |
| 1:46.5 | I'm just saying that, okay? |
| 1:47.5 | Yeah, you are. Yeah, you are. No, I'm not. They're all in their 70s, dude. Yeah, but you're close. But I'm not. So we're just going to. All right. This shows about the facts. And the facts are if you're under, if you're under 50, you can you can put in $23,000 into |
| 2:04.4 | your 401k. That could be, as Don said, pre-tax or post-tax. |
| 2:09.3 | $23,000. A lot of money. |
| 2:11.3 | I think about that for a second, folks. That's two grand a month almost. |
| 2:15.7 | Yeah. That if you could find it, you would not, you will not believe how well you can do if that's invested properly. |
| 2:22.6 | Indeed, which is another part of our program, which we have talked about from time to time, how to do that. |
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