Taxes
The type of account that has tax-free withdrawals specifically for educational expenses
What is a 529?
(Trade schools also count! Can now roll a portion over to a Roth)
A collection of stocks, bonds, and/or other securities that provides easy diversification
What is a mutual fund?
Paul's Wife
Who is Megan?
When money grows on money
What is Compound Interest?
What is Club Foot?
The 3 ways your money can be taxed in savings
What are Tax Now, Tax Later, & Tax Never Again?
A Simple Math Formula to estimate how many years it will take for your money to double based on an Average Interest Rate
What is the Rule of 72?
72 / I = Years to Double
Paul's nerdy hyperfixation that Paul can talk ad nauseam about
What is Star Wars?
The transfer of $124 Trillion to the next generations
What is the Great Wealth Transfer?
On average, these people tend to have ~40% higher wealth than those that don't
What are homeowners?
(Talk to Alexa & Natasha!)
If an investment is held for more than 12 months (not in a retirement account), it gets taxed at this
What are Long-Term Capital Gains?
These can act as an "eraser" if you have loses in an investment over a set amount of time
What are Buffers?
Paul's Broker/Dealer and Back Office Company
What is Transamerica Financial Advisors?
The term for when your portfolio has "eggs in several baskets"
What is Diversification?
The average credit card rate
What is 24%?
The Highest Tax Bracket in US History
What is 94%?
During WWII to households making $200k+
The US index that primarily focuses on tech stocks and has grown ~20% over the last year
What is the NASDAQ?
Paul's Degree
What is Mathematics?
This decreases the "buying power" of your dollar
What is Inflation?
A qualified business write-off where you get to keep the money and use it in the future
It may be required in CO if you qualify
What is retirement savings? (401k, solo-401k, SEP, SIMPLE, etc)
The 3 Types of "Vehicles" that can be accessed Tax-Free in the future (as long as you follow the rules of the IRS)
What are Roth IRAs, Cash Value Life Insurance, and Municipal Bonds?
The largest US stocks are collectively known as this... making up ~1/3 of the size of the S&P500
What is The Magnificent 7?
(What diversification do you have outside the Mag 7?)
The names of Paul's cats
Who are Ragnar and Lilith?
When someone is unable to perform 2+ of the 6 "Acts of Daily Living" they qualify for this
What is Long-Term Care? 70% of People are going to need it!
Bathing, Dressing, Eating, Transferring, Toileting, Continence
Two items people should have to help avoid probate
What is a Will and Trust? (Talk to Jip!)