What Should You Do with Unexpected Money?

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 December 2021

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Whether it's a bonus or an inheritance, what should you do when you get an unexpected windfall of money? We'll walk you through that question and more in today's Q&A episode! Subscribe on YouTube! Download FREE Financial Resources from the show Get our Net Worth Tool Now! Sign up for our Financial Order of Operations course Let’s make sure you’re on the path to financial success - then help you stay there! The Money Guy Show takes the edge off of personal finance. We’re financial advisors that believe anyone can be wealthy! First, LEARN smart financial principles. Next, APPLY those principles! Then watch your finances GROW! Visit our site for more info. 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.
0:10.6	He's got financial answers.
0:12.6	It's Brian Preston, the money guy.
0:16.4	All right, let's do some questions.
0:18.2	This first one is going to be from Grady.
0:20.4	Grady said, hey, question.
0:22.3	If earned income is close to the 140K Roth limit, or might be below 7K, seems like some
0:31.6	contrast there, I might make more than 140 or less than 7.
0:35.5	Should contributions wait for W2 forms?
0:37.6	I'm concerned with eligibility and contributing more than allowed for my parents.
0:41.0	Now, that's a great question.
0:42.4	A one that we practically run into all the time with clients.
0:47.5	It is easier, in my opinion, to wait until the next year and do it right.
0:51.6	Do it this year and then have to undo it because some things happen if you fund a Roth
0:57.5	in eligibility.
0:59.1	Ineligible.
1:00.1	You need to be careful with Roth funding if you over the income limit.
1:06.0	What he's referring to, if you're a single individual, the Roth phase out is between
1:09.9	$124,000 to $139.
1:12.7	If you're married, couple, it's $196,000 to $206,000.
	...

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