In this episode of Mark’s Money Mind, host Mark Trautman, CFP® discusses his upcoming participation as a case study panelist at the EconoMe Conference.

The episode is divided into three segments: a money lesson on creating your own net worth statement, a personal experience with rolling over a 529 plan to a Roth IRA under the new SECURE 2.0 Act provision, and a listener question regarding whether to switch from a traditional 401k to a Roth 401k and considerations for buying a house.

Mark provides a comprehensive breakdown of calculating and interpreting net worth, shares insights from his experience with new legislation affecting 529 plans, and offers thoughtful considerations on Roth 401k contributions and the financial implications of homeownership.

Send your questions to Mark@MarksMoneyMind.com (put “Podcast Question” in the subject line)

Episode Links:

EconoMe Conference
Charles Schwab Personal Net Worth Worksheet
State Income Tax Treatment on 529 Distributions to Roth IRAs

Timestamps:

00:00 Introduction and Welcome
00:25 Upcoming EconoMe Conference and Case Study
04:26 Introduction to the Three Parts of the Show
06:03 Deep Dive into the Net Worth Statement
11:31 Understanding Assets in a Net Worth Statement
19:30 Understanding Liabilities in a Net Worth Statement
22:19 Calculating Your Net Worth
28:37 Rolling Over 529 Assets into a Roth IRA
33:44 The Process of Rolling Over Funds from a 529 plan
37:35 The Reality of the Transfer Process
40:10 State Tax Implications of Non-Qualified Distributions
44:37 Listener Question: Roth 401(k) and House Purchase
01:03:25 Closing Remarks and Show Disclaimers

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In the third episode of “The Financial Starting Line,” the hosts dive into the topics of net worth, 529 savings plans, Roth IRAs, and answer some burning questions from their listeners.

Net worth is a crucial metric when it comes to understanding your financial health. It is calculated by subtracting your liabilities (debts) from your assets. This gives you a clear picture of your overall financial standing and can serve as a guide for setting financial goals and tracking your progress over time.

One way to plan for the future financial needs of your children is by utilizing a 529 college savings plan. These accounts offer tax advantages and can be used to save for your child’s education expenses. The hosts of “The Financial Starting Line” discuss the benefits of 529 plans and how they can help families prepare for the high cost of higher education.

Another important aspect of financial planning is understanding the benefits of a Roth IRA. This type of retirement account allows you to save money for retirement and enjoy tax-free withdrawals in the future. The hosts discuss the advantages of a Roth IRA and offer tips on how to maximize its benefits.

In the Q&A segment of the episode, the hosts address common questions from their listeners about personal finance. They provide valuable insights on topics such as budgeting, investing, and saving for the future.

Overall, episode three of “The Financial Starting Line” offers a wealth of information and insights for listeners looking to improve their financial literacy and take control of their financial future. By focusing on net worth, 529 plans, Roth IRAs, and addressing listener questions, the hosts provide practical advice and guidance that can help listeners make informed decisions about their money.