April 01, 2024

Advanced Personal Finance Topics for High Net Worth Military Families | High Net Worth Military Finances | Protecting your Assets, Tax Planning, and Investment Fees #118

48 minutes

For a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call.

High-income, high net worth, or dual military couples, this episode was made for you!

While not all of our audience will directly relate to today's topics, we hope that it will at least give you things to think about, topics to become aware of, and ideas of what your wealthy future holds for you. Tax planning, wealth protection, and investment fees are 3 areas that WILL move the needle for you and do have a big impact on your financial journey. Today's topics include: - Taxes

Backdoor Roth when your income is too high to contribute to a Roth directly
Non-deductible IRA contributions
Capital loss harvesting
Donor Advised Funds (DAF)
Donation batching
Roth conversions

- Wealth protection and umbrella insurance - Generously giving and estate tax planning - Investment fees It's ok to ask for help if you're situation is getting more complex. We recommend checking out the Military Financial Advisors Association (MFAA) if you need help or don't feel comfortable doing DIY investments anymore (or even if you just need a sanity check on your planning). If you're looking for a Donor Advised Fund, Jamie uses DAFFY- you can check them out here (his referral link for an extra $25). Spencer uses Vanguard Charitable's DAF. Doctors and medical professionals: check out the White Coast Investor site. Books we discussed today:

Die with Zero
The Almanac of Naval Ravikant
Four Thousand Weeks
Strangers in Paradise by James Grubman
From Strength to Strength

Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!

If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].

If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon at or at shop.militarymoneymanual.com.

I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.

Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.

The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.

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By Spencer Reese from MilitaryMoneyManual.com

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