Are you thinking about boosting your financial situation in 2024? Pure’s Financial Planner, Bill Hodapp, CFP®, CPA, AIF®, discusses strategies aimed at refining your budgeting, optimizing tax management, and elevating your investment approach for the year.

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0:00 Intro
1:45 Personal Finance Goals
3:15 Creating a Budget
5:21 50/30/20 Strategy
6:03 Review and Manage Debt
7:11 Taxes
Tax filing deadline: April 15th
9:12 Tax Diversification
Tax-free, taxable, tax-deferred
18:16 Questions
If I do a Roth conversion this year, can I still contribute money to my Roth?
I have $480,000 in my Traditional IRA, can I convert the entire thing to Roth IRA?
19:19 Portfolio Revamp
20:26 Maxing the Match
21:55 Cash Flow example
25:30 Investment Growth – the power of comping growth
26:02 Investing Basics
27:00 Investment Choices
27:17 Cash Alternatives
27:43 Bonds
28:07 Bond risks
29:53 Stocks
30:24 Types of stocks
Common & Preferred
30:47 Avoid Market Timing
32:53 Asset Allocation
33:57 Portfolio Diversification
34:13 Questions
My portfolio is 70% stocks and 30% bonds in my traditional IRA, brokerage account, and Roth IRA. Should it be 70/30 across all three?
What do you think of investing in Trust deeds making consistent 10% or more annually?
35:51 Estate Plan Considerations
38:40 Questions
When I start RMDs at 73 for me, how long do I have to take all my money out of my Pre-Tax IRA? I actually have a TSP as I am Federal but how long can I keep it in after RMD has started?
When mixing an RMD and a Roth Conversion, it is clear that the RMD amount may not be used for the Conversion, but does the RMD have to be completed before the Conversion is performed?

Pure Financial Advisors, LLC is a fee-only Registered Investment Advisor providing comprehensive retirement planning services and tax-optimized investment management to thousands of people across the nation.

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IMPORTANT DISCLOSURES:
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor.
• Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations.
• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
CFP® – The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.
CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.
AIF® – Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually to maintain the designation….(read more)

LEARN MORE ABOUT: IRA Accounts

INVESTING IN A GOLD IRA: Gold IRA Account

INVESTING IN A SILVER IRA: Silver IRA Account

REVEALED: Best Gold Backed IRA

As we step into 2024, it’s time to get our finances in shape for the year ahead. Whether you’re thinking about retirement planning or looking to optimize your tax strategy, there are several steps you can take to ensure your financial health in the coming year.

retirement planning should be a top priority for individuals of all ages. It’s never too early to start saving for your retirement, and the earlier you begin, the more time your money has to grow. If you haven’t already, consider setting up a retirement account such as a 401(k) or an IRA. Take advantage of any employer matching contributions and contribute as much as you can afford. If you’re already contributing to a retirement account, review your investment portfolio and make any necessary adjustments to ensure it aligns with your long-term goals.

When it comes to tax planning, staying organized and informed can help you maximize your tax savings. As tax laws and regulations may change annually, it’s essential to stay updated on any new provisions that may impact your tax liability. Consider consulting with a tax professional to optimize your tax strategy and take advantage of any available deductions or credits. Additionally, review your investment and income sources to minimize your tax burden and maximize your after-tax income.

Another key aspect of financial health is budgeting and saving. Take a closer look at your spending habits and identify areas where you can cut back and save more. Creating a budget and sticking to it can help you build up your savings and work towards your financial goals. Consider automating your savings by setting up automatic transfers from your checking account to a savings or investment account. This can make it easier to save consistently without having to think about it.

As you work on getting your finances in shape in 2024, it’s important to also prioritize your financial well-being for the long term. Consider working with a financial advisor to develop a comprehensive financial plan that takes into account your retirement goals, investment strategy, tax planning, and estate planning. A financial advisor can provide personalized guidance and help you navigate any financial challenges or opportunities that may arise.

In conclusion, getting your finances in shape in 2024 requires a multifaceted approach that includes retirement planning, tax planning, budgeting, and saving. By taking proactive steps to optimize your financial strategy, you can work towards a secure financial future and peace of mind. Remember that it’s never too late to start taking control of your finances, and the sooner you start, the better off you’ll be in the long run.