The Value of Debt in Building Wealth | Tom Anderson - 115

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 22 May 2017

⏱️ 67 minutes

🔗️ Recording | iTunes | RSS

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Summary

Author Tom Anderson discusses the value of debt in wealth building through the four phases of life. Joe and Big Al go over 6 common myths that can mess up your retirement, and how much you need to save in order to have $1 million when you retire. Also, how will making a large IRA withdrawal affect your taxes, Medicare and Social Security? What are the pro-rata rule and aggregation?

Transcript

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0:00.0	People take on the wrong type of debt. They take on too much of it, and they take it on at the
0:04.0	wrong stage of life. And so what I'm trying to do is throughout life, it have different levels
0:08.9	of debt, the right debt at the right time. That's Tom Anderson, author of The Value of DeVat
0:14.0	in Building Wealth. Today on Your Money, Your Wealth, Tom talks about using debt to build wealth,
0:19.1	just how much debt you should have through the
0:20.9	four phases of life and how that relates to the Da Vinci Code.
0:24.3	Also, Joe and Big Al do the math to figure out how much money you need to save each month
0:28.6	in order to have a million dollars when you retire.
0:31.3	And they cover six common myths that can mess up your retirement.
0:34.3	They'll also answer your email questions.
0:36.3	Like how will a large withdrawal from your
0:38.1	IRA affect your taxes, Medicare, and Social Security? And does the pro rata rule include 401k
0:43.5	balances? And for that matter, what is the pro rata rule? And what the heck is aggregation? Now,
0:48.5	here are Joe Anderson CFP and Big Al Clopine's CPA with some answers.
0:54.4	Hey, Alan.
0:55.7	There's a number people have in mind when it comes to reaching financial freedom.
1:00.8	What number do you think that is?
1:02.5	Well, you're talking about the magic number.
1:04.0	I think most people would say a million dollars.
1:05.7	A million bucks?
1:06.5	Yeah.
1:06.8	All right, I would agree with that.
	...

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