9 Financial Tips from a Wall Street Enthusiast
1. “Pay taxes on the seed, not the harvest.” When you invest in Roth IRAs and 401(k)s, you pay taxes on the money you contribute. Because you already paid the tax, no tax is collected when the money is taken back out. 2. Convert IRAs into Roth IRAs. Make after-tax contributions now, and you will enjoy tax-free withdrawals during retirement. 3. Convert 401(k)s into Roth 401(k)s. Make after-tax contributions now, and enjoy tax-free withdrawals during retirement. As an added bonus, companies often match some or all of the money you invest. 4. Utilize 1031 exchanges on Real Estate. There is a 6 month window to prevent payments on capital gains
