The Prosperity Podcast

Summary:

Best-selling author Kim Butler and no B.S. money guy Todd Sterobel talk about how to convert a traditional IRA to a Roth IRA. They discuss the Who, Why, and How to convert. They also talk about certain situations in which converting to a Roth IRA would not be beneficial. There are several advantages of converting to a Roth IRA that Kim and Todd discuss in detailed, yet simple and clear terms.

Tune in to find out how to take control of your finances today. If you would like the opportunity for us to answer your question on the show or to be a guest on our show, be sure to keep sending us questions and reach out to us!

Links in this Episode:

Get the free ebook and audiobook - Financial Planning has FAILED

Submit your questions [email protected]

Show Notes:

00:00 Introduction

01:02 There is no income requirement for converting a traditional IRA over to a Roth IRA

01:26 Kim answers the how, why, and who the Roth IRA is a good strategy for

01:56 The Who: converting can be beneficial if you have the dollars to pay the tax that are going to be due

03:06 Converting is good for people who believe that taxes are going up, that want to access the Roth IRA tax laws, and have extra cash sitting around

03:47 Yes, you can do a partial conversion

04:38 If Hillary Clinton's plan goes through all loopholes may be cut so this might be your only time to convert to a Roth IRA

05:02 People are believing that taxes are going to go up-- it would be beneficial to go ahead and pay the taxes now and put those tax dollars into a Roth IRA and you would not pay taxes on it in the future

06:13 The Why: You have enough dollars TODAY that you are willing to pay the tax with. You may want to even take a lower income this year and convert to the Roth IRA and because you are in a lower tax bracket, you pay lower taxes on the IRA conversion

07:19 Todd makes a point that those parents sending their kids off to college and trying to receive financial aid, may NOT want to convert to a Roth IRA as having that extra income could affect that negatively

07:47 Kim talks about the advantages of the Roth IRA-- it's like the old adage: Roth IRA law is like paying taxes on the seed, and not on the harvest

08:42 One of the differences between a traditional IRA and Roth IRA is that a traditional IRA pays taxes at distribution, whereas a Roth IRA does not

08:59 The How: There's 2 ways-- 1. A simple conversion just requires paperwork 2. Get a discount for that conversion in other words, get taxed on a lesser dollar amount

11:12 There are no penalties for converting to a Roth IRA

12:41 Special email for podcast listeners only is: [email protected] get the ebook at partners4prosperity.com/ebook audio version available also

Best-selling author Kim Butler and no B.S. money guy Todd Sterobel talk about how to convert a traditional IRA to a Roth IRA. They discuss the Who, Why, and How to convert. They also talk about certain situations in which converting to a Roth IRA would not be beneficial. There are several advantages of converting to a Roth IRA that Kim and Todd discuss in detailed, yet simple and clear terms.

Tune in to find out how to take control of your finances today. If you would like the opportunity for us to answer your question on the show or to be a guest on our show, be sure to keep sending us questions and reach out to us!

Summary:

In this fun and resourceful episode Kim Butler and no B.S. money guy Todd Strobel sit down and talk about the mental nutrition and routines we have in our lives for consuming information and sharpening our minds. Together they share some of their favorite news sites, books, podcasts and much more.

Tune in to find out how to take control of your finances today. If you would like the opportunity for us to answer your question on the show or to be a guest on our show, be sure to keep sending us questions and reach out to us!

Links in this Episode:

Get the free ebook and audiobook - Financial Planning has FAILED

Submit your questions [email protected]

Show Notes:

00:00 Introduction

00:28 Today's topic - Your News Diet and Your Mental Nutrition

02:27 How Kim gets news and information

04:05 The bulk of news is negative news

05:20 Be very careful of how you feed your brain

05:35 Kim's first pick is Christian Science Monitor

06:07 Todd's first pick is Audible.com

07:40 The podcast The Kind World Podcast

09:27 Positive and uplifting news The Good News Network

10:27 AARP.org inspiring stories for baby boomers

11:23 GrowingBolder.com hope and inspiration

12:55 Book Disrupt Aging by Jo Ann Jenkins

14:20 Book Quiet by Susan Cain

14:41 Share your favorite books and resources with us at [email protected]

15:17 Audiobook Learning How to Avoid the Gap by Dan Sullivan

In this fun and resourceful episode Kim Butler and no B.S. money guy Todd Strobel sit down and talk about the mental nutrition and routines we have in our lives for consuming information and sharpening our minds. Together they share some of their favorite news sites, books, podcasts and much more.

Tune in to find out how to take control of your finances today. If you would like the opportunity for us to answer your question on the show or to be a guest on our show, be sure to keep sending us questions and reach out to us!

Can employing your kids be a tax advantage? In this episode Kim Butler and no B.S. money guy Todd Strobel sit down and talk about how employing children can offer several tax benefits and teach them the value of money. Children can do menial or low-skilled work and get compensated and you can benefit with tax breaks. For you to implement this in your financial strategy you will want to consult with your CPA or advisor and follow the guidelines presented by the IRS

Tune in to find out how to take control of your finances today. If you would like the opportunity for us to answer your question on the show or to be a guest on our show, be sure to keep sending us questions and reach out to us!

Summary:

Can employing your kids be a tax advantage? In this episode Kim Butler and no B.S. money guy Todd Strobel sit down and talk about how employing children can offer several tax benefits and teach them the value of money. Children can do menial or low-skilled work and get compensated and you can benefit with tax breaks. For you to implement this in your financial strategy you will want to consult with your CPA or advisor and follow the guidelines presented by the IRS

Tune in to find out how to take control of your finances today. If you would like the opportunity for us to answer your question on the show or to be a guest on our show, be sure to keep sending us questions and reach out to us!

Links in this Episode:

Get the free ebook and audiobook - Financial Planning has FAILED

Submit your questions [email protected]

Show Notes:

00:00 Introduction

00:29 Today's topic: Taxes; and how to lower your tax bill

01:16 If tax money could be put back into your business, where would it do the most good?

01:54 Kim Butler: firm believer in paying someone else to do the work

02:32 Employ your kids so they learn the value of work and money (check with your CPA first)

3:45 Getting your kids to help work in your business may help solve family dynamics if they have their own money

4:14 Todd's idea: using your kid's pictures in marketing

5:34 Talks about teens having their own money, learn how to make their dollar stretch

6:39 Kim's ideas on what work kids and teens can do and in turn make them more independent financially

8:03 It's a win-win from a business point of view, child's point of view, and parent's point of view, and job market point of view

9:18 Make sure you stay in line with the law when employing children

10:20 Send in questions or comments

Summary:

Most market expectations are based on information from the past. That alone won't cut it anymore since we live in an economy that advances by nanoseconds with bots and bytes of information. In this episode Kim Butler and no B.S. money guy Todd Strobel sit down and talk about rearview mirror investing and share one of the key principles of prosperity.

Tune in to find out how to take control of your finances today. If you would like the opportunity for us to answer your question on the show or to be a guest on our show, be sure to keep sending us questions and reach out to us!

Links in this Episode:

Get the free ebook and audiobook - Financial Planning has FAILED

Submit your questions [email protected]

Show Notes:

00:00 Introduction

00:29 Today's topic: Rearview Mirror Investing

00:56 "Pilots don't use rearview mirrors" famous quote by Joel Weldon

01:47 Investing and trading happens in millionths of a second

02:58 Why the stock market did so well over the last 20 years

04:00 Why do you think we are so hung up on history as it relates to our investments?

04:21 Focus on what you can control

05:00 If you cannot control a particular marketplace you have no business investing in that company in the stock market

05:24 The reasons why Warren Buffett and Donald Trump win in the market

07:10 The 401k and baby boomers have completely changed the marketplace

10:09 The distinct difference between an asset that is growth oriented and an asset that is income oriented

10:41 Start your knowledge about the new economy in this free ebook Financial Planning has FAILED

12:50 Ask a question for the podcast [email protected]

Most market expectations are based on information from the past. That alone won’t cut it anymore since we live in an economy that advances by nanoseconds with bots and bytes of information. In this episode Kim Butler and no B.S. money guy Todd Strobel sit down and talk about rearview mirror investing and share one of the key principles of prosperity.

Tune in to find out how to take control of your finances today. If you would like the opportunity for us to answer your question on the show or to be a guest on our show, be sure to keep sending us questions and reach out to us!

Summary:

If you have money tied up in a 401k, 403b or a 529 plan then you will be shocked to hear about the regulations and restrictions placed on your money. Kim Butler and no B.S. money guy Todd Strobel sit down and talk about the important prosperity values of maintaining control and simplicity. Tune in to find out how to take control of your finances today.

If you would like the opportunity for us to answer your question on the show or to be a guest on our show, be sure to keep sending us questions and reach out to us!

Links in this Episode:

Get the ebook - Financial Planning has FAILED

Show Notes:

01:25 Talking about 401k, 403b and 529 plans

03:23 Giving up control is a major prosperity violation

04:20 Savings should be a guarantee and not fluctuate

04:47 Every 529 plan has the amount of money put in and the growth has been destroyed

06:18 Sometimes it's worth paying the penalty for the freedom of your money

06:50 What do you think the government's goal is?

10:34 Control and simplicity are important things to seek out in your investments

12:47 Your money needs to do 3 these three things

Summary:

Should you get a conventional mortgage or a jumbo loan? In this episode Kim Butler and no B.S. money guy Todd Strobel sit down and talk about the advantages of a 30 year mortgage and see numerically what makes sense in the long run.

Tune in to find out how to take control of your finances today. If you would like the opportunity for us to answer your question on the show or to be a guest on our show, be sure to keep sending us questions and reach out to us!

Links in this Episode:

• Financial Planning Has Failed Ebook
• Busting Interest Rate Lies

Show Notes:

00:00 Intro

00:51 What Are Jumbo Loans & Are They Actually Bad?

01:15 What Do You Need to Know About Jumbo Loans?

04:11 Is It Worth it to Pay the PMI or Should You Put 20% Down?

07:07 Jumbo Rate vs. Conventional Rate Mortgage

12:45 Proving Numerically that a 30 Year Mortgage is More Efficient

13:41 Should You Work Toward Refinancing?

15:36 Should You Keep Your Equity in Your House?

18:18 Outro