Wealth Decisions by Brian

If all of your money is in a Traditional 401k, every dime you take out when you retire will be taxable. We don’t know where tax rates will be 10 or 20 years from now, so having all your money in a tax-deferred account doesn’t give you a lot of control. It is crucial to not just have investment diversification, but also account diversification. Account diversification gives you more flexibility and tax control.

To schedule a Discovery Call go to: 

⁠https://www.momentouswealthadvisors.com/contact⁠

To use my financial freedom calculator go to: ⁠⁠https://www.momentouswealthadvisors.com/tools⁠

Brian D Muller(AAMS©), Founder, Wealth Advisor

Podcast Disclaimer:

The Wealth Decisions Podcast is provided solely for general information purposes and should not be construed as accounting, legal, tax, or any other professional advice. Visitors are advised not to act upon the information or content found here without first seeking appropriate guidance from a qualified accountant, financial planner, lawyer, or other relevant professional.

Please note that any federal tax advice is not intended to be used to avoid penalties under the Internal Revenue Code or to promote, market, or recommend any transaction or matter addressed herein. It is important to ensure compliance with the requirements imposed by the IRS and Circular 230. 

We strive to ensure that the content published on the Wealth Decisions Podcast is accurate and up-to-date. However, we cannot guarantee the accuracy, timeliness, or relevance of any of the information provided. We are not responsible for any information present on the Wealth Decisions Podcast and disclaim any liability for the accuracy, completeness, or reliability of any information. This includes but is not limited to, any errors, omissions, or misleading or defamatory statements.

Takeaways:

• The pain of discipline is significantly lighter than the burdensome weight of regret, as articulated by Jim Rohn.
• Diversification within investment accounts is paramount for achieving a tax-efficient income during retirement.
• Aiming to save 15 to 20 percent of one’s income is crucial for those desiring early retirement.
• Investors should utilize dollar cost averaging to capitalize on market volatility effectively over time.
• It is advisable to cut losses short when investments decline in value, adhering to a 15 percent threshold.
• Investing in a taxable account necessitates a long-term perspective to navigate market fluctuations successfully.

They say the only things that are certain are death and taxes. In today's episode, we are going to talk about a crucial wealth decision to set yourself up for a brighter financial future.

I think one of the best tools for building and keeping your wealth is the Roth IRA or Roth 401k. The biggest advantage of a Roth IRA is that you will keep the government out of your pocket permanently — tax-free growth and withdrawals.

https://www.momentouswealthadvisors.com/contact

Pre-order my new book "Momentous Decisions: 7 Steps to Better Health, More Wealth, and a Richer Life" at:

⁠⁠⁠⁠https://www.momentouswealthadvisors.com/book

To use my financial freedom calculator go to: ⁠https://www.momentouswealthadvisors.com/tools

Brian D. Muller (AAMS©), Founder and Wealth Advisor

Podcast Disclaimer:

The Wealth Decisions Podcast is provided solely for general information purposes and should not be construed as accounting, legal, tax, or any other professional advice. Visitors are advised not to act upon the information or content found here without first seeking appropriate guidance from a qualified accountant, financial planner, lawyer, or other relevant professional.

Please note that any federal tax advice is not intended to be used to avoid penalties under the Internal Revenue Code or to promote, market, or recommend any transaction or matter addressed herein. It is important to ensure compliance with the requirements imposed by the IRS and Circular 230. 

We strive to ensure that the content published on the Wealth Decisions Podcast is accurate and up-to-date. However, we cannot guarantee the accuracy, timeliness, or relevance of any of the information provided. We are not responsible for any information present on the Wealth Decisions Podcast and disclaim any liability for the accuracy, completeness, or reliability of any information. This includes but is not limited to, any errors, omissions, or misleading or defamatory statements.

Takeaways:

• The Roth IRA and Roth 401K are invaluable tools for achieving tax-free growth and withdrawals in retirement.
• Consider converting your traditional IRA to a Roth IRA if you are in a low to mid tax bracket for optimal tax efficiency.
• Utilizing the backdoor Roth strategy allows high-income earners to contribute to a Roth IRA despite income limits.
• Roth IRAs provide significant advantages such as tax-free withdrawals and no required minimum distributions, enhancing financial flexibility.

It has often been said that “the biggest risk of all is not taking one.”

Early in my investing life, I always tried to find the next Amazon, Netflix, or Microsoft. I found stocks that did well in the short term, chased momentum growth stocks, and invested in smaller companies thinking I was smarter than the rest of the market. If I had a process for investing in companies like I do today, my success would have been substantially greater.

I will be discussing 5 Rules for Successful Stock Investing.

Thanks for listening and please share and rate this episode.

Pre-order my new book "Momentous Decisions: 7 Steps to Better Health, More Wealth, and a Richer Life" at:

⁠⁠⁠⁠https://www.momentouswealthadvisors.com/book

Brian D Muller (AAMS©), Founder, Wealth Advisor

If you like to learn more about the Momentous P.R.U.D.E.N.T Process for picking quality companies go to:

https://www.momentouswealthadvisors.com/stock-investing

If you would like to schedule a discovery call go to: https://calendly.com/brian-d-muller/discovery-call

Podcast Disclaimer:

The Wealth Decisions Podcast is provided solely for general information purposes and should not be construed as accounting, legal, tax, or any other professional advice. Visitors are advised not to act upon the information or content found here without first seeking appropriate guidance from a qualified accountant, financial planner, lawyer, or other relevant professional.

Please note that any federal tax advice is not intended to be used to avoid penalties under the Internal Revenue Code or to promote, market, or recommend any transaction or matter addressed herein. It is important to ensure compliance with the requirements imposed by the IRS and Circular 230. 

We strive to ensure that the content published on the Wealth Decisions Podcast is accurate and up-to-date. However, we cannot guarantee the accuracy, timeliness, or relevance of any of the information provided. We are not responsible for any information present on the Wealth Decisions Podcast and disclaim any liability for the accuracy, completeness, or reliability of any information. This includes but is not limited to, any errors, omissions, or misleading or defamatory statements.

Takeaways:

• I emphasize the paramount importance of conducting thorough research prior to making any investment decisions.
• Investing in quality stocks with strong fundamentals is more beneficial than chasing speculative story stocks.
• Diversification across various industries is essential to mitigate risks associated with market fluctuations.
• One should maintain realistic expectations regarding stock performance and understand the inherent volatility.
• Avoiding penny stocks is prudent due to their historically poor performance and high failure rates.
• Greed can lead to poor investment decisions; it is vital to take profits when appropriate.

Companies mentioned in this episode:

• Amazon
• Netflix
• Microsoft
• Warren Buffett
• GameStop
• Google Finance
• Yahoo Finance
• sec.gov
• investors Business Daily
• VectorVest
• Apple
• Momentous Wealth Advisors

Most individuals pay their bills and then invest if there is anything left over. A better wealth decision is to pay yourself first by putting a percentage of money away before you pay your bills. 

I am glad I had a father who preached this to my brother and me early in life. I would not be in the position I am today, without adopting this mindset. Paying yourself first can set you up to achieve a richer life in the future. 

Go to my website at: https://www.momentouswealthadvisors.com/tools for access to my Financial Freedom Budget Tool and Retirement Calculator.

Schedule a Discover Call here: https://calendly.com/brian-d-muller/discovery-call

Pre-order my new book "Momentous Decisions: 7 Steps to Better Health, More Wealth, and a Richer Life" at:

⁠⁠⁠⁠https://www.momentouswealthadvisors.com/book

Brian D. Muller (AAMS©), Founder and Wealth Advisor

Podcast Disclaimer:

The Wealth Decisions Podcast is provided solely for general information purposes and should not be construed as accounting, legal, tax, or any other professional advice. Visitors are advised not to act upon the information or content found here without first seeking appropriate guidance from a qualified accountant, financial planner, lawyer, or other relevant professional.

Please note that any federal tax advice is not intended to be used to avoid penalties under the Internal Revenue Code or to promote, market, or recommend any transaction or matter addressed herein. It is important to ensure compliance with the requirements imposed by the IRS and Circular 230. 

We strive to ensure that the content published on the Wealth Decisions Podcast is accurate and up-to-date. However, we cannot guarantee the accuracy, timeliness, or relevance of any of the information provided. We are not responsible for any information present on the Wealth Decisions Podcast and disclaim any liability for the accuracy, completeness, or reliability of any information. This includes but is not limited to, any errors, omissions, or misleading or defamatory statements.

Takeaways:

• The principle of paying oneself first is foundational for achieving financial independence and freedom.
• To cultivate a secure financial future, one must prioritize savings before expenses, ideally at least 10%.
• It is imperative to maintain an emergency fund equivalent to six to nine months of living expenses.
• Individuals in their 40s should aim to have saved approximately three times their annual salary for retirement.
• For those in their 50s, it is advisable to have saved about six times their annual salary to ensure a comfortable retirement.
• Utilizing a financial advisor is crucial for creating a comprehensive and effective financial plan.

A rich life is not just about nice things, although ads getting us to want this or that would lead us to believe that. We can find a balance between a fulfilling life and saving for the future by being clear on what truly matters to us both now and in the long run. You can’t create financial independence or freedom without first living within your means.

Pre-order my new book "Momentous Decisions: 7 Steps to Better Health, More Wealth, and a Richer Life" at:

⁠⁠⁠⁠https://www.momentouswealthadvisors.com/book

Brian D Muller (AAMS©), Founder, Wealth Advisor

Go to my website at: https://www.momentouswealthadvisors.com/tools for access to my Financial Freedom Budget Tool and Retirement Calculator.

Schedule a Discover Call here: https://calendly.com/brian-d-muller/discovery-call

Podcast Disclaimer:

The Wealth Decisions Podcast is provided solely for general information purposes and should not be construed as accounting, legal, tax, or any other professional advice. Visitors are advised not to act upon the information or content found here without first seeking appropriate guidance from a qualified accountant, financial planner, lawyer, or other relevant professional.

Please note that any federal tax advice is not intended to be used to avoid penalties under the Internal Revenue Code or to promote, market, or recommend any transaction or matter addressed herein. It is important to ensure compliance with the requirements imposed by the IRS and Circular 230.

We strive to ensure that the content published on the Wealth Decisions Podcast is accurate and up-to-date. However, we cannot guarantee the accuracy, timeliness, or relevance of any of the information provided. We are not responsible for any information present on the Wealth Decisions Podcast and disclaim any liability for the accuracy, completeness, or reliability of any information. This includes but is not limited to, any errors, omissions, or misleading or defamatory statements.

Takeaways:

• The foremost wealth decision is to live within one's means, as it influences all other financial choices.
• A significant portion of Americans live paycheck to paycheck, illustrating the need for financial discipline.
• Investing in experiences rather than material possessions can lead to a more fulfilling life.
• To achieve financial independence, one must allocate a substantial percentage of income towards savings.
• Mindset shifts from 'I can't afford this' to 'How can I afford this?' are essential for financial growth.
• Limiting debt expenses to a manageable level is crucial for establishing financial security.

Takeaways:

• The foremost wealth decision is to live within one's means, as it influences all other financial choices.
• A significant portion of Americans live paycheck to paycheck, illustrating the need for financial discipline.
• Investing in experiences rather than material possessions can lead to a more fulfilling life.
• To achieve financial independence, one must allocate a substantial percentage of income towards savings.
• Mindset shifts from 'I can't afford this' to 'How can I afford this?' are essential for financial growth.
• Limiting debt expenses to a manageable level is crucial for establishing financial security.

I am the Founder and Senior Wealth Advisor of Momentous Wealth Advisors. I am also a singer-songwriter, pickleball player, and world traveler. I believe that you can achieve any of your financial goals with a well-thought-out plan and prudent advice. Each week I discuss One Crucial Wealth Decision to help you live a Richer Life.

Pre-order my new book "Momentous Decisions: 7 Steps to Better Health, More Wealth, and a Richer Life" at:

⁠⁠⁠⁠https://www.momentouswealthadvisors.com/book

Go to my website at: https://www.momentouswealthadvisors.com/tools for access to my Financial Freedom Budget Tool and Retirement Calculator.

Schedule a Discoveyr Call here: https://calendly.com/brian-d-muller/discovery-call

Brian Muller, Founder and Wealth Advisor

Podcast Disclaimer:

The Wealth Decisions Podcast is provided solely for general information purposes and should not be construed as accounting, legal, tax, or any other professional advice. Visitors are advised not to act upon the information or content found here without first seeking appropriate guidance from a qualified accountant, financial planner, lawyer, or other relevant professional.

Please note that any federal tax advice is not intended to be used to avoid penalties under the Internal Revenue Code or to promote, market, or recommend any transaction or matter addressed herein. It is important to ensure compliance with the requirements imposed by the IRS and Circular 230.

We strive to ensure that the content published on the Wealth Decisions Podcast is accurate and up-to-date. However, we cannot guarantee the accuracy, timeliness, or relevance of any of the information provided. We are not responsible for any information present on the Wealth Decisions Podcast and disclaim any liability for the accuracy, completeness, or reliability of any information. This includes but is not limited to, any errors, omissions, or misleading or defamatory statements.

The Wealth Decisions podcast, hosted by Brian Muller, embarks on a profound exploration of the critical wealth decisions that shape an individual's financial trajectory. With a robust background in the financial services arena, Muller articulates his commitment to guiding listeners through the complexities of wealth management by sharing not only theoretical insights but also practical advice drawn from his extensive experience. The episode serves as a prelude to a series dedicated to elucidating the top ten wealth decisions, fostering a comprehensive understanding of financial concepts that are essential for anyone seeking to enhance their economic standing.

Muller meticulously delineates the differences between financial security, independence, and freedom—terms that are frequently interchanged but represent varying degrees of financial mastery. He posits that achieving financial security is the foundational step, allowing individuals to feel stable and secure. As one progresses towards financial independence, the ability to make conscious choices about expenditure and investment becomes paramount. Ultimately, financial freedom represents the pinnacle of financial success, enabling individuals to live life on their own terms. Throughout the episode, Muller emphasizes the importance of adopting a disciplined approach to saving, with specific recommendations for how much to allocate towards retirement accounts based on one's financial objectives. By embedding these principles into the listener's financial practices, Muller endeavors to foster a culture of informed financial decision-making that can lead to a richer and more fulfilling life.

Takeaways:

• The podcast emphasizes the significance of making informed wealth decisions throughout one's financial journey.
• Achieving financial security, independence, and freedom requires distinct approaches and different savings rates.
• The speaker shares personal experiences highlighting the importance of self-discipline in financial planning.
• Listeners are encouraged to shift their mindset from possibility to personal capability regarding financial success.
• The podcast aims to provide valuable insights for living a richer life through better financial decisions.
• The host intends to share both hard-earned lessons and proven strategies for long-term wealth accumulation.