This time of year everyone is thinking taxes! With that in mind, we are featuring a guest authored mini-series this week about saving on taxes! Our guest author is Bob O'Brien, a senior instructor at mywealth.com who will offer some great ways to stave off the tax man!
Below the final post 6 of 6 and Bob's concluding remarks - Enjoy!
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6. On the opposite spectrum, the Roth is not a bad place to start an emergency fund
In a Roth IRA you can always draw out your contributions with zero tax. Invest them conservatively in things like a money market and once your emergency fund is 6 – 9 months of monthly expenses start investing more aggressively. Every year you do not put money into a Roth is a lost opportunity! Ideally though, you want to have your Roth fully invested, and have a real emergency fund.
In conclusion...
These are just a couple of mistakes I have seen people make and there are more depending in person’s situation and estate planning goals.
The main point is that the allocation of your investments and assets should take into consideration taxes, and seeking out that answers to the question will save you a lot of money over the long run.
Don’t forget to check out our courses and you will be able to ask questions that pertain to you own situation!
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I hope that you have enjoyed this weeks mini-series guest posts on taxes. A special OMB! "THANKS" to our guest author Bob O'Brien!
If you've missed any part of the 6 part series, you can click on this post's title heading and you will then see the related posts links down below.
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