394: Ask the Money Experts: Backdoor Roths, Bad Debt, & When to Fire Your Financial Advisor

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!

In This Episode We Cover

The exact way to invest for retirement and which accounts deserve your cash the most

The backdoor Roth IRA explained and how to invest a MASSIVE amount in one of the most tax-advantaged retirement accounts 

Whether you should pay off bad debt BEFORE starting your own small business

Investing in bonds and why this “safe” investment might not be worth the lost profit

HSAs (health savings accounts) and when to get reimbursed for past medical purchases

Fee-only vs. commission-based financial advisors and why the two are DRAMATICALLY different

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

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Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

She Wolf of Wall Street Website

How MLMs and Pyramid Schemes Trap Average Americans

Amanda’s Past Episodes: From Extreme Poverty to DIY Wealth and 2 Full-Time Incomes

Kyle's Past Episodes: A Personal Finance Masterclass

Retirement Planning During (and After) the Coronavirus with Kyle Mast

How to Find the Best Possible Certified Financial Planner

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-394

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