Podcasts Business Investing Your Money, Your Wealth 5 Lessons to Learn from Wealthy Investors - 65

5 Lessons to Learn from Wealthy Investors - 65

Published: Sept. 17, 2016, 5 p.m.

Joe Anderson, CFP\xae and Big Al Clopine, CPA discuss a two-decade study on the character traits of America\u2019s wealthy and uncover the lessons that can be learned from the millionaire next door, on episode 65 of the YMYW podcast. Original publish date September 17, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.\xa0

00:00 - Intro

06:41 - \u201cSuccessful people often spend more time early in life focusing on bettering themselves which leads to higher income the remainder of their lives.\u201d

06:50 - \u201cWe need to keep investing in ourselves all throughout our career \u2013 things are changing so rapidly that we have to stay ahead of the curve.\u201d

13:23 - \u201cThe first check you write every single month should be to yourself \u2013 to your 401(k) or IRA. If you can automate it, all the better.\u201d

16:12 - \u201cIf you\u2019re thinking about saving money in taxes in retirement, having some of your dollars come out tax-free is key because that\u2019s what is going to keep you out of higher brackets later.\u201d

19:11 - \u201cA lot of people don\u2019t realize they can take control over their taxes and especially in retirement.\u201d

22:00 - \u201cIf you\u2019re not maxing out your 401(k) plans and Roth IRAs, you have to get there.\u201d

24:52 - \u201cA lot of you underestimate how much you are actually spending.\u201d

31:11 - \u201cThe fee-only community is pretty small. The really good fee-only advisors have minimums of millions of dollars.\u201d

32:07 - \u201cRight now we have a tax system that starts at a lowest bracket of 10% and goes up to 39.6%. Hillary wants to keep that in place but an extra 4% if you have more than $5 million in income.\u201d

32:30 - \u201cDonald Trump wants to change the brackets to be 0%, 12%, 25% and 33%.\u201d

34:35 - \u201cCouple more things \u2013 for the alternative minimum tax, Donald Trump wants to eliminate it all together, and Hillary wants to expand it a little bit by having a 30% minimum rate for incomes over $1 million.\u201d