Here are the 10 most important financial moves that I would make starting today, to be as wealthy as I ever could be. I’m Tyler. I’m a former financial advisor and portfolio manager. Now I make financial content for free so that you don’t have to pay for it. Number one, I would pay down my high interest debt. This is a guaranteed 18 to 25% return. No. 2, I would open a high yield savings account through Everbank or Sofie, and I would fund it with 3 to six months of expenses, $0 account minimum for a 5% API.
No. 3, I would max out my health savings account only 100%. Triple tax advantaged account in the world. Contributions are deductible, investments grow tax free and withdrawals are tax free so long as spent on qualifying medical expenses. No. 4, I would put just enough in my 401 k to make sure that I’m getting the full company match. Otherwise, I’m just leaving free money on the table.
No. 5, I would max out my and my partner’s rough IRA and never pay another penny of taxes on decades of compound growth. No. 6, I would open up a 5,29 and set my child up for tax free withdrawals so long as spent on tuition, books or a K through 12 education. And if they don’t go to college, I’ll just change the beneficiary.
No. 7, I’ll open up a custodial wrath IRA for my child, fund it with up to $7,000 of my child’s earnings and set them up to be a millionaire by retirement.
No.8, I would consider the backdoor or the Megabackdoor rock conversion through which you avoid income limits on the rock. Then I would enjoy up to $69,000 annually of tax free growth.
No. 9, I would ask my employer to pay me 20 to 25% of my annual salary and non qualified deferred compensation, and I wouldn’t pay taxes on any of it until I retired. And No. 10, I would consider placing every single one of these things in a dynasty trust that I would open in Delaware or Florida, so I would avoid its expiring and preserve 100% of my estate for generations to come. If any of the helpful like and follow, and I’ll keep trying to get you one step closer to where you need to.