He’s back! Today we’re joined by a friend of the BiggerPockets podcast network, Brandon “The Mad Fientist”. 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 these strategies may sound intense at first, they’re quite simple in practice, as Brandon shows us!
Many FI (financial independence) followers constantly ask the question “What’s the best retirement account to contribute to that will help me optimize my early retirement?”. While this can be answered a handful of ways, it often overlooks something very important: regular retirement. While chasing FI, it’s still possible to grow your traditional retirement accounts so you’re even wealthier later on in life!
Brandon doesn’t just give various examples of each strategy, he’s tested them and has even ran experiments on his site, such as the Guinea Pig Experiment, which pits various early retirement strategies against each other.
We also tackle common questions like: what should I contribute to if I have a low/high income, should I opt for a lower deductible on my healthcare plan to optimize my HSA (health savings account), how HSAs and FSAs differ, and what the contribution limits are for retirement accounts.
Even if you’re not chasing FI, you’ll still be able to take advantage of Brandon’s advice. After all, he’s the Mad Fientist!
Check the full show notes here: …(read more)
LEARN MORE ABOUT: IRA Accounts
CONVERT IRA TO GOLD: Gold IRA Account
CONVERT IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
I love the mad fientist! He's how I got started on my own journey, and I've done my best to contribute by explaining these complicated tax tricks with easy-to-understand animations
I put too much into my Roth IRA early in 2019 and ended up having to have Vanguard re-characterize and remove the excess.
Hi George. My name is Tyrone. I am black and was raised by a single mother similar to you. I would like you to know that you underestimate the social awareness of black people. Victim culture is actually a lie. Victim culture is how non blacks perceive black culture especially economically. We, meaning all people and cultures, are a sum of our experiences. Knowing and sharing our experiences with each other is how we avoid repeating the same mistakes. Such is the algorithm of human decision making. It’s never a bad thing to share hardships and negative experiences as long as the intent is to improve upon our response to similar experiences we could encounter in the future. This is the only purpose of sharing the black experiences with our children as black parents.
Further more it is blatantly obvious when non blacks try to use the lie of victim culture to either sell black people products or shame black people for sharing with our kids our real experiences as black people in America. To simplify. In the real black house hold we do not tell our kids that MLK was shot and white people did it so you should never stand up for yourself. as the victim culture lie would suggest. We do tell them that when you become to powerful and have to much influence, they will not praise you they will try to assassinate you or your character. Therefore on your journey to success you must tread lightly and out smart everyone around you for your own survival. That is fact. We tell our kids you are just as smart and capable as anyone else, if anyone or anything gets in your way you find a way to overcome that obstacle just as Jackie Robinson did as the first black baseball player. And WHEN you find a way to overcome that obstacle you could become a hero to many people. But it will not be easy. We tell them to focus on success as that is the only way to defeat racism.
George you cannot acknowledge that black people experience institutional racism and simultaneously expect them to proceed as if it doesn’t. That would set them up for failure as they would have to learn all the mistakes on their own. A wise man said “learn from others mistakes, as you will not live long enough to learn them yourself”
great great job! nice video!
I listen to these at 2.0 speed while commuting and Scott sounds like Ben Shapiro lol
I go back and forth on the HSA. Reminds me of the term vs permanent life insurance issue.
Why do we need to hack these utilities/products when they already serve their purpose? Do we risk diluting their intent?
Young people often dont educate themselves on IRAs and Roth IRAs because these benefits of using these vehicles only come when you are 60
Amazing video! Great job!!!
'backdoor'
Late upload guys. Who woke up late?