Retirement investing, bad debt, backdoor Roth IRAs, bonds, and starting a business. If you’re just beginning your personal finance journey, this can all seem a bit complicated. Where do you invest first? What should you do with extra cash? And how do you know a financial fiduciary is genuinely looking out for your best interest? Don’t worry; you don’t need all the answers. Just tune in, and listen to what financial expert Amanda Wolfe and Certified Financial Planner Kyle Mast have to say.

It’s been a few months since we spoke to our go-to money experts. But we’ve been receiving a ton of finance FAQs in our Facebook group. So, we rounded up some of the best and got Amanda and Kyle’s take live on this episode. First, we’ll go over when to pay off bad debt when starting a business and what a “no money down” business really means. Then, Amanda and Kyle give their strong stances on if bond investing makes sense for the average FIRE-chaser.

You’ll also hear the OPTIMAL way to set up your retirement investing, which accounts are worth hitting first, and the financial order of operations you should follow to optimize your retirement planning. And try not to send your financial advisor this episode because we’ll be discussing when an advisor is and isn’t worth the money and why a commission-based fee structure could be a big red flag when deciding who to invest with. All this (and much more) is coming up in this episode!

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Episode #394

00:00 Intro
01:42 Money Moment
02:16 Pay Off Debt Before Starting a Business?
15:32 When to Bet on Bonds
21:19 Direct Indexing Explained
23:08 How to Prioritize Retirement Accounts
26:26 Can I Use My HSA for This?
29:51 Is a Financial Advisor Worth It?
38:54 How to Set Up a Backdoor Roth IRA
45:18 Connect with Amanda and Kyle!…(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 people near their retirement age, they become more concerned about their financial situation. For many individuals, the prospect of living on a fixed income can seem daunting. There are several investment strategies and financial moves that people can make to secure their retirement, including bad debt management, backdoor Roth IRAs, and retirement investing 101.

First, individuals must manage their bad debt. Bad debt is any debt that is non-productive, meaning that it does not generate any positive financial returns for the individual. Examples of bad debt include high-interest rate credit cards, personal loans, and payday loans. Managing bad debt can help people avoid high-interest rates and save more money in the long term.

One effective strategy for managing bad debt is to consolidate debt with a low-interest loan or line of credit. Individuals can also prioritize their debt repayment by choosing to pay off the high-interest loan first. Additionally, individuals can seek help from a financial advisor who can provide expert guidance on managing bad debt.

Next, individuals can consider opening a backdoor Roth IRA. Roth IRAs allow individuals to save money on a tax-deferred basis, which means that the money is taxed when it is withdrawn rather than when it is contributed. Backdoor Roth IRAs are a great way for individuals to save money on taxes and increase their retirement savings.

A backdoor Roth IRA is an investment strategy where individuals can contribute after-tax dollars to a traditional IRA, convert the traditional IRA to a Roth IRA, and then withdraw the money tax-free in retirement. Backdoor Roth IRAs are a great alternative for individuals who have a high income and cannot contribute to a traditional Roth IRA due to income limits.

Finally, individuals can consider investing in a retirement account that is appropriate for their risk tolerance and financial situation. Retirement accounts can include 401(k)s, IRAs, and taxable investment accounts. People should consult with a financial advisor to determine which investment accounts are appropriate for their needs and risk tolerance.

In conclusion, bad debt management, backdoor Roth IRAs, and retirement investing 101 are essential strategies that people can consider to secure their financial future. Managing bad debt can help individuals avoid high-interest rates and save more money in the long term. Backdoor Roth IRAs are a powerful tool for people with high incomes to save money on taxes and increase their retirement savings. Finally, investing in a retirement account that is appropriate for their risk tolerance and financial situation is an essential step towards securing their financial future. By taking these steps, individuals can secure their financial future and enjoy a comfortable retirement.