MI251: Mastering Your Money w/ Dave Alison

The Intrinsic Value Podcast - The Investor’s Podcast Network

The Investor's Podcast Network

Education, Investing, Business

4.6 • 592 Ratings

🗓️ 24 January 2023

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

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Summary

Rebecca Hotsko chats with Dave Alison. In this episode, they discuss the 3 accounts we can funnel our money into and which investments we should ideally hold in each account, what problems can arise later on from having most of your wealth tied up in pre tax accounts, what are some other tax deductions we can create beyond putting money into tax deferred accounts, and much more! Dave Alison, CFP®, EA, BPC, is a financial planner and entrepreneur and is the lead trainer and a founding partner of Clarity 2 Prosperity where Dave serves as a mentor and coach to thousands of financial advisors nationwide. He has developed numerous holistic financial planning training and is the creator of The Tax Management Journey℠. Dave’s ability to engineer advanced financial, tax, investment, insurance, and estate planning needs into one holistic plan also led him to found Alison Wealth Management, which serves clients virtually across the U.S. Dave is also a member of the Financial Planning Association. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 04:05 - What investment options Dave recommends for someone who has a near term goal (of less than 2 years) but they don’t want their money just sitting in cash. 06:32 - What investment options Dave recommends for someone who is very risk averse and wants an investment that offers a guaranteed return, even if it’s low. 10:10 - What situations does it make sense for a millennial to start considering annuities? 12:25 - The three resources permanent life insurance provides. 14:27 - His framework for building a tax efficient savings and accumulation plan. 16:21 - The 3 accounts we can funnel our money into and which investments we should ideally hold in each account. 27:00 - What problems can arise later on from having most of your wealth tied up in pre tax accounts. 33:18 - What are some other tax deductions we can create beyond putting money into tax deferred accounts. 37:46 - When it makes sense to sell a losing investment. 45:48 - When it would make sense for an individual to do a Roth Conversion. 52:26 - The order of how we should take distributions in the most tax optimal way. And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Check out: Clarity 2 Prosperity. Check out: Alison Wealth Management. Related Episode: Listen to MI193: Risk Management Techniques & Studying Warren Buffett w/ Max Rudolph, or watch the video. NEW TO THE SHOW? Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Robert and Rebecca’s favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Fiscal.AI Connect with Dave: Twitter | LinkedIn Connect with Rebecca: Twitter | Instagram HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TIP.
0:02.9	The decision that we all have to make is we have to pay tax.
0:06.5	Do we pay it now or do we pay it later in life?
0:09.4	And I think that's the really important tradeoff for millennials to consider.
0:13.1	I mean, because it's not about what you make.
0:15.6	It's about what you get to keep.
0:20.5	On today's episode, I'm joined by Dave Allison, who is the founder of Allison
0:25.4	wealth management, which serves clients virtually across the U.S. And he's also the founding
0:30.1	partner of Clarity to Prosperity, where Dave serves as a mentor and coach to thousands of
0:34.8	financial advisors nationwide. During this episode, Dave talks all about
0:39.7	tax-efficient investing and how we can keep more of the wealth that we build, including the three
0:44.9	accounts we can funnel our money into and which investments we should ideally hold in each account.
0:50.2	He also touches on some other tax deductions that we can create instead of putting money into a tax deferred account, when it would make sense for an individual to do a Roth conversion, and when it may make sense to sell a losing investment.
1:04.0	As always, I really enjoy talking with Dave. Last episode, he mentioned how one of the biggest mistakes he sees some of his clients make is that they have most of their money tied up in pre-tax accounts and how he believes tax rates are going to keep going higher in the future.
1:18.1	So in order for us to keep most of the wealth that we build over time, we need to make sure we're putting our investments in the right accounts in the most tax-advantaged way.
1:26.7	So that is what this episode is about.
1:29.1	And without further delay, let's jump into the episode.
1:33.1	You're listening to Millennial Investing by the Investors Podcast Network,
1:37.7	where your hosts Robert Leonard and Rebecca Hotsko, interview successful entrepreneurs,
1:42.7	business leaders and investors to help educate and inspire the millennial generation.
1:51.7	Welcome to the millennial investing podcast. I'm your host, Rebecca Hotsko, and on today's episode, I am joined
2:02.8	by Dave Allison. Dave, welcome back to the show. Thanks for having me again. Looking forward to being here.
	...

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