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You can make a lot of good connections in the forums. In fact, the person that brought me the fourplex is somebody that also was hopping around in the forums there. Do you have a ballpark of where your money is in real estate versus index funds or real estate versus stocks in general? Scott:Just if you have a big 247 payday loans payday loans tucson az pie chart of your overall asset allocation, what percent do you think is in real estate? I mean, my whole TSP and TSP is Thrift Savings Plan. The military pays you your base pay and your rent pay separately, right? Lieutenant colonel 20 years, see what the salary is. I think there might even be states where … There are states where military pensions are not taxed. You have a financial fortress with a strong cash position.
I think I am the cool kid, but I also think I see the problem with my way of doing things. I mean, I think almost anybody that goes about it in the way that I did over the period of time that I did could have similar success. Rich:I mean, I just kept trying things and trying things, and 247 payday loans being cautious and protecting what I had already while cautiously moving forward. Actually, he started up with a townhouse and then moved up.
You have been investing for seven years and you have 30 units. I think a lot of times people will try to use real 247 payday loans estate as a way to get out of debt. Real estate is a way to get rich quick when they still got other things in their lives that they have to fix.
I mean, I think there have been people on podcasts who have done it, but those people are in the minority and more fail than make it with that method. Well, pay off your debt, get some money, get experience, and then invest in a property. Nobody installment loans illinois wants to hear that, but that is the smartest way to do it. I just looked it up and all military retirement pay and survivor benefit program payments are exempt from any Alabama state, county or municipal income tax. I love the fact that you are not just jumping in with both feet and doing everything you can to make the most amount of money right now, and really being cautious. Mindy:It is now time for our famous four questions. The finance book, Nassim Taleb, he has a book called Fooled by Randomness.
I feel like that book, maybe more so than any other, shaped my opinions about money and chance and the markets. Basically, it has a lot to do with understanding and maybe not being a huge fan of most types of money managers and investment bankers and how chance plays a role in the success that certain people have. I was looking at my TSP, which is my 401K, and I have this little blog and I try to talk about finance and real estate with people.
I always preach that 247 payday loans you got to max your TSP, which is your 401K and you got to max your IRA, and you got to do it from a young age no matter what, no matter how hard it is. Rich:When I went back and looked at what I did, I think I somehow thought that I started much earlier maxing it out, but it actually was more 2011 or 2012 until I started maxing it out. If I would have found a way to max it out, where would I be sitting today versus where I am now. Rich:Certainly hundreds of thousands, yes, certainly. I could have made a million in net worth or more than a million. Those are the years that really make you 247 payday loans a lot of money. Rich:So, invest from a financial position of strength.
So, reach out to him if you have any questions about real estate investing or Alabama, no credit check payday loans dallas tx specifically. Scott:Thank you, Rich, for just incredible content today.
I think this is a perfect phrasing for how to get started in investing, do it from a financial position of strength, get everything else be ready for that opportunity when it comes along. I think the guy has, again, complete mastery over this world of money and investing. So, look, I think that this is the way to go about it. This is where we all want to be in terms of our money journeys I think right where Rich is today. Look, the guy was extremely disciplined with his budget for a very long time. Nothing he did was unrepeatable, and he spent a large amount of time and a large amount of energy in his free time just looking for opportunities to make more money on the side of his very successful but not high-paying military career. You can go in there get cash now and we have I think something like 87 forums, 87 different categories.
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And they integrate with popular payroll providers For a limited time, if you go to guideline. All of that research is publicly available, for free, on their website. And more importantly, GiveWell never takes any fees, so all of your tax-deductible donations are given to the charity you choose. If you want your donation to have even more impact, act soon. Any of our listeners who become new GiveWell donors will have their first donation matched up to two hundred fifty dollars, when you go to GiveWell. Brandon walks us through advanced retirement account strategies you may have heard of, such as the Backdoor Roth, Roth Conversion Ladder, and the coveted Mega Backdoor Roth. While this can be answered a handful of ways, it often overlooks something very important: regular retirement. Mindy:Welcome to the BiggerPockets Money Podcast, Show Number 161, where we interview the Mad Fientist and talk about Roth IRAs, backdoor Roth IRAs, mega-backdoor Roth IRAs and Roth conversion ladders. Just think of all these different buckets and when one fills up, then you move to the next bucket and you can keep filling that up and move to the next bucket. My name Mindy Jensen and with me, as always, is my Costco-loving cohost, Scott Trench.
Mindy:Scott and I are here to make financial independence less scary, less just for somebody else. Mindy:Scott, today we cheap loans bad credit are bringing back Brandon, the Mad Fientist, for the third time. Mindy:Brandon, the Mad Fientist, welcome back to the BiggerPockets Money Podcast. You first joined us on Episode 18, where we talked about accessing retirement funds early based on your amazing article called How To Access Retirement Funds Early.
You joined us again in early 2020 when the stock market crashed, for Episode 119, where we talked about staying the course. And today, I want to talk about specifically the Roth IRA, the Roth conversion ladder, the backdoor Roth, the mega-backdoor Roth, all the things that help early retirees on their path to being able to fund their retirement. Even if you plan to retire early, you still need money to live on in your sixties, seventies and beyond, so why not pay for those 247 payday loans years with tax-deferred or potentially tax-free money? Early retirement contains standard retirement, so, yeah, you might as well utilize all the things that are so good for standard retirement, even if you are retiring early.
So, today, private lenders for personal loans the point of today is to talk about how to use your 401(k), specifically today, and how to set up a strategy that will allow you to retrieve that money both in normal retirement and in early retirement, a strategy that involves the backdoor Roth IRA and variants of that that I think you are the master of or the Mad Fientist behind the operations of. Scott:And then, if you agree with that, could we maybe launch into some very basic definitions, 101, 100 payday loan no credit check for people who are brand new to the concept of retirement accounts in general?
So, I posted this question or I made an announcement that we were bringing on a Roth IRA, backdoor Roth, Roth conversion ladder expert, to the show, and people asked some questions. The definitions and difference and then what is beneficial for people at different parts of the journey, getting out of debt but wanting to start simple. Early… Building wealth without debt and older but debt-free and 247 payday loans has less time before retirement. What is a Roth IRA and how is that different from a traditional IRA? But then you get that back as a deduction when you file your taxes. But effectively, it just means tax-free going in, tax-deferred growth and then tax coming out.
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