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Techie Personal Finance Bootcamp
I help tech employees use their finances to create the life of their dreams by helping you take your financial confidence to the next level!Are you a tech employee who wants to learn how to better manage your finances?Working in tech you may experience extreme pay increases, which may allow you the ability to accomplish goals you've only dreamed of. However, if mismanaged, you can also find yourself stressed out and under pressure to increase your income in order to fit your lifestyle.The good news, is through education and a little bit of determination, you have the power to control your future and create your best life.Not only will we cover basic personal finance concepts, but we'll dive deep into tech specific benefits and issues that I regularly help my clients build strategies to maximize. (Examples: working for start ups, restricted stock units, stock options, and layoffs) Also, on a regular basis, I will have special guests that will highlight their stories with unique stories about their tech experiences.
Techie Personal Finance Bootcamp
What the Tech is a Backdoor ROTH?!
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Lucas Casarez CFP®
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Season 3
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Episode 7
The Backdoor ROTH is an advanced planning strategy for high earners and big savers. Should you use a Backdoor ROTH?
Two reasons why you'd use a Backdoor ROTH strategy is:
1. You are phased out of making ROTH Contributions due to your high income.
2. You are a big saver and have already maxed out your 401(k) contributions
The process to implement a Backdoor ROTH will depend on if you are doing the smaller Backoor ROTH or the MEGA Backoor ROTH.
I also cover the biggest mistake I see when people attempt a Backoor ROTH without assistance. The pain in the butt "pro-rata rule".
This is not a ROTH vs. Traditional debate. You can max out all traditional contributions if that is your tax strategy and then take advantage of the Backdoor ROTH strategies!