| Title | : | Reaching FINANCIAL FREEDOM in 7 Steps, with Joshua Sheats | Afford Anything Podcast (Ep. #39) |
| Lasting | : | 1.25.28 |
| Date of publication | : | |
| Views | : | 154 rb |
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Great interview with lots of good points Comment from : Lisa N |
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I have been buying some stocks since the beginning of the year, but nothing substantial Why am I treating this poorly? However, people in the same profession are earning six figures on articles, which inspires me to aim toward becoming the first woman in my polygamous family to hit the million dollar mark I am perfectly aware that working harder to gain more money is expensive Comment from : bahija rhafiri |
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This is so great! Comment from : Sadie Carlsen |
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After being retired early for a while you begin to understand that working wasn't so bad Comment from : quartytypo |
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Dope podcast!!! Comment from : Orunk |
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Great content! Comment from : Dr Diane Thompson, MD |
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Menit 27 sampai 31 tentang pentingnya punya uang cash dan tidak menginvestasikan semua Comment from : Prasendi Prasendi |
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Thank you for financial advice I am from India Darjeeling listening from you Comment from : Purushottam Sharma |
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Love the interview! I love the number crunching at 59:00 time stamp regarding the Roth IRA Excellent interview! Comment from : TH Nguyen |
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What I love about this podcast is not only the guests and contents but the questions asked Keep up the great work Comment from : sinatra187 |
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I'm from Sweden and so far I've listened to this interesting interview more than 20 timesbrbrGreetings from Scandinavia Comment from : XXL Albatross |
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Wow Powerful Especially loved the discussion of the tax implications of Roth vs Traditional IRA The notion that you’ll be in a lower tax bracket, or even the same, upon retirement is suspect given today’s environment Comment from : Michael Swami |
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The hostess voice tastes like silk in my ears Comment from : Mech D |
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I am 73, living from my isocial security, and my investments: monthly income from a personal loan of $280,000, and real estate LLC investments of $430,000 Comment from : Cande Carroll |
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17:16 Comment from : Image Advisors International |
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"Leisurely morning with the kids" that's a man's description alright Comment from : vulpixelful |
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Really nice, details one, good one Comment from : Manish Kothule |
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Life changed ❤️❤️❤️ great interview Comment from : The Upgrade |
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Can’t find his app Anyone know if there is anywhere I can find his content? Comment from : Sara Rush |
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Thank you for this Comment from : Ntuthuko Ngema |
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Bulking up my savings so I can invest on the lows I’m also an emotional saver who requires a large emergency fund This is the first time I have ever heard a financial advisor say that having a substantial savings hedges panicking selling on lows and selling for lifestyle changes Great stuff!!! Keeping a savings frees you up for an abundance mindset and not a scarcity mindset Comment from : KittyCat2024 |
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This is one of the best interviews I’ve heard Going to follow this Joshua Sheats fella 🙏🏻 Comment from : KittyCat2024 |
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Stage 0 – Total Financial Dependence brStage 1 – Financial Solvency brStage 2 – Financial Stability brStage 3 – Debt Freedom brStage 4 – Financial Security brStage 5 – Financial Independence brStage 6 – Financial Freedom brStage 7 – Financial Abundance Comment from : Colin Pritchard |
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The story about the couple with 100k in checking is just stupid Money management is based on numbers and data more than feelings Earning little to no interest is foolish The correct advice is to compromise for both and split the difference and leave 50k in and invest the other 50k Comment from : Darby OHara |
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Regarding the traditional vs roth, I think roth is a better choice when withdrawals are considered In traditional one has to withdraw more to pay the taxes owed vs roth one can withdraw the amount needed In case of roth more money will be preserved in the retirement account during withdrawal and it can keep growing with compounding effect Only exception to this would be one is withdrawing the amount upto standard deduction and not paying any taxes Given that I also agree with Joshua's point that contributions to roth means less money available to you currently and that could lead to stiffer lifestyle choices Comment from : Yashodhan Phatak |
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Came here because I ran out of madfientist and mmm episodes not disappointed Comment from : Kristal Adcock |
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This guy is dishonest "Recognize you're going to have far more money than you need Make sure you're prepared for it" This is true for almost no one This was a complete waste of time! At least you got a comment out of it and a thumbs down Comment from : Joseph R |
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Great- but my personal favorite is JL Collins: simple practical and low maintenance with following 3 core principles Comment from : Aek Sinsang |
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Really quality information Finally Comment from : Me Me |
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The difference with the roth is that it doesnt matter what your finances look like when you retire, you pay zero tax It will never be more than the 20 example you gave It's more flexible Comment from : DFKnightmare |
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rent out your kids to the highest bidder ! Comment from : cing earth cingearth |
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OK Paula, at the 1:16:27 mark you state that a Roth IRA will come out ahead of a traditional IRA if the same amount is invested What you fail to take into account is the opportunity cost/investment of the upfront tax that is paid for the Roth IRA amount In the example cited in the podcast, if you invest $5K under either scenario, at the 20 tax bracket, you still have to account for the $1K not paid in taxes and which also grows with tax only on the earnings Roth IRA withdrawals before 591/2 also trigger taxes and penalties on the earnings The higher the tax rate, the higher the up front tax deduction, the better the traditional IRA Comment from : RK Mohan |
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You can take money out from IRA by using the 72T distribution without the 10 penalty I still contribute to the 401k so company match while taking out from IRA on the other side This way you can balance what to take out versus what you put in and not 401k rich and cash poor Comment from : Cong Dinh |
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So you basically bully people into doing what you want even if they are not comfortable with the decision? I’m more convinced than ever to not trust a financial advisor It’s not what you make, it’s what you save Trusting the market makes Wall Street wealthy Comment from : Pegasus |
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I was not ready for the discussion after 1:09:40 This was excellent Comment from : Lisa Jackson |
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Regarding the ROTH IRA, wouldn't it be better to go the ROTH IRA route rather than a traditional as this would have a more 'fixed' tax rate? Who knows what the tax rate will be like in 30-40 years The rate might change as you continue to invest, but at least your whole retirement wouldn't be taxed at that later rate Comment from : Jon Messenger |
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This is the same guy that said not to marry a career woman because you don’t want competition with your own career He tried to argue that specialization of tasks justifies having someone at home to wash dishes We’re not talking about high skill labor people I married an attorney who makes a solid 6 figure salary That means we can both retire sooner Comment from : philistineau |
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God This is some terrible advice You could do Roth conversions once you retire By definition 96 of people will not be in the top 4 The business tax stuff is all Rich Dad Poor Dad nonsense The power to not pay tax on earnings is huge In one you pay $1000 in tax, the other $30,000+ The percentage is the same BUT THE COST IS WIDELY DIFFERENT If you can afford the $1,000 tax up front, you gain $30,000 tax free at retirement That is a huge benefit especially if you are saving and will have taxable income Comment from : philistineau |
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23:00if people did this this for realbrYou be an atheist!!! Comment from : MAIA !! |
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"Most people should be able to go to the top 4 of their field" Ummm That does not calculate The concepts are great But this statement is very contradictory Comment from : Dan & Marlene // Mali Mish |
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Sheats happens Comment from : Spanish Language Learning |
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Your first question is so generic Comment from : A B |
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59:00 is gold 👍🏻 Comment from : ChampagnePilots |
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This podcast is exactly what I was looking for! Comment from : Jimmy Design |
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2nd time listening!!! Comment from : LifeWithDaf |
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What he said about ROTH was just not true! Comment from : Fatii C |
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1:09:32 wise words Comment from : eLKay Mantua |
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Amazing as always, Paula Listening on repeat Cheers to everyone here chasing FI Comment from : Reba |
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One of the best episodes! Comment from : Tamar Snir |
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I am a BIG FAN of Paula & Joshua Sheats YOU GUYS ROCK !!! Comment from : Stanley George Austen |
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i applied the advice about testing an ideai just tested the idea 3 days ago without taking too much time on planning i just did iti was surprised about the outcomei was selling sausages that i made from scratch and sold out and now i got a lot of orders and i cant meet the numbers i was not ready for iti was only testing itbut thanks JoshuaROI is 60 Comment from : Marie |
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I am at stage 3 I want to be at stage 5 Comment from : Rebecca Jones |
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This is a commercial Comment from : Gert-Jan K |
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I like putting money in both Roth and pre-tax accounts in general As an informed investor, I want to diversify my taxes for the unknown future tax rate that might be different from my current tax rate, either because I get richer (good for me) or the tax law changes Note that even if your net worth increases in the future, as long as your spending/withdrawal is not more than your current income, you might end up paying less tax because you'll be in a lower tax bracket Comment from : Dawit Melaku |
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Smh Financial Independence for the day trader?brbrNo IRA? No 401k??? These accounts cannot be accessed without penalty???brbrAll you need is a 5 year buffer of savings/investments to access your 401k penalty freebrbrBetter to max out your ROTH IRA, Roth 401k to get a buffer of contributions so you can crack your regular 401kbrbrAnd did we factor in tax on dividends on a taxable account? So are we saying that it is better to invest in a taxable account at the same initial cost of a Roth with additional tax added on? Comment from : Thomas Reedy |
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Has anyone heard of a Roth Conversion Ladder?! Look it up! You don’t have to wait till you’re 60 to access your 401k, just 5 years! Comment from : DaMainDiSh |
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I'm surprised with the contents of this show I certainly learned a lot shared by Joshua Sheats from a new angle He's quite a contrarian! I now can make my financial plan more dynamic brGreat show, keep up the good work! Comment from : Mabel Lim |
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Are you more likely to hit the lottery or retire as a best selling author? Comment from : I dont want a channel Im just commenting |
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I stopped this video after 5 minbrhis logic is flawed br401K + company matching + tax advantages? this is great brim maxing out 401k so that I contribute 19000 + profit into my 401k every yearbrmy salary is around 200K so I am in the higher tax bracket brcontributing into 401k reduces my taxable income every yearbrbrbrif you listen to this guy and not invest in 401k, you are a dumb fuck Comment from : Money Whispers 돈속닥속닥 |
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Intro was too long, wasted time Comment from : Manu Du |
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The downside of contributing to a 401k is that the money is taxed as income at age 70 when RMDs are taken out In an index fund in a conventional account the tax drag is minimal (05 per year) and you don't have to take a RMD and therefore can pay lower taxes Comment from : Jorge Ferreiro |
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a few thousand dollars a month to live on? expenses low? doesnt add up who has thousands a month to live on? Comment from : N V Clarke |
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This guy is a financial planning doyen His podcast is awesome Comment from : Van Dieu |
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Wonder how I could put this interview on my channel? Comment from : Nappy Scribe |
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51:20 Spot on the 401K That's why I don't contribute myself Comment from : Antonio Clay |
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It starts at 03:50 Comment from : First Name Last Name |
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This is very great information Never realized how much taxes I actually pay I'm determined to minimize my expenses and increase my emergency fund Comment from : Marquis Patterson |
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Roth is a better retirement vehicle if your tax rate at retirement will be higher than the tax rate during the working years Given the current federal deficits, higher taxes in the future is a likely possibility It is wise to prepare If taxes are not higher, I like the flexibility of the Roth Comment from : J N |
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@1:04 when running through a Roth vs traditional scenario why do you make the assumption that taxes 40 years from now will be the same? I know you can't determine what they will be, but to assume they will be flat seems unlikely With a smaller percentage of the population in the workforce it would seem likely down the road that taxes increase So any percentage that you tick taxes up over time disadvantages the traditional account, giving in my opinion an edge to the Roth Comment from : John Wayne |
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Totally agree about the retirement system in the US (around 51:00) Comment from : Carlton McLeod |
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I stopped listened by to this guy because he talks too much Comment from : Idiocracy IsHere |
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Great interview, Paula Love the breadth of content and topics covered Even if you have nothing to do with the US the advise is very transferable Thanks Comment from : Financial Gladiator |
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This interview was painful to listen to I got about 38 minutes in an had to stop The host calling the guest's answers 'nuanced' was a polite way of saying that he didn't make any affrimative statements His voice kept droning on and on but he wasn't actually saying anything Basically, he leaves it up to you to decide for yourself what to do because after all, he doesn't know your personal situation Non advice at it's best Comment from : LK |
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I've listened to this interview 3 times in 3 days Amazing information shared, prompted by amazing commentary questions!! Just what I needed Comment from : Jerry Redfern |
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Except Roth IRA's don't have an RMD, Traditional IRA's do Comment from : Mike Palko CPA |
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Roth's hv income and contribution limitations par Whole Life ins contracts do not! Comment from : PutCall Ratio |
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Love Love Love the show! I am late to the Dance but boy did you make me stomp my feet Comment from : Todd Ray |
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Best financial advise i have heard so far from any financial advisor Thanks for sharing Comment from : Lyla N |
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Great I don't get why i put most of my money in an account that i can't access it until im 65 Who garentee i will be alive or if im alive what would i do with that money Travel the world or pay doctor bill What would be my quality of my life Why use that money to invest in assets and live a rich life Comment from : Lyla N |
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This was amazing, Paula sounds so automated that I was confused lol 1st vid watched from this channel and I'm subbing! Keep the content coming Comment from : Q Makes It Happen |
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Wow, I'm 26 Not to long ago I had solvency and a cushion but since I have such an aversion to working I lived off of my cushion and traveled When I wasn't happy with a company I bounced and didn't looked backbrbrI miss that feeling of not being tied down to a job So here I am, thanks guys! Comment from : Kayladog |
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So i just listened to this and I am baffled by one particular point about 55 minutes to an hour in There is the discussion about Roth vs Traditional I do not understand why Joshua Sheats would say that the Roth can have more money put into it because you 'pay taxes on that money from a different source' Really? You think that is not giving the Roth calculation an unfair, supposed advantage? Can someone help me understand how you can put more into the Roth by paying the taxes on that money from another source? I always believed you could put more into a traditional because you didn't have to pay taxes on those dollarsbrbrbrSecondly, while I know the benefits of the Roth allow for no RMDs if you don’t need them as well as allowing you flexibility in withdrawing contributions without tax or penalty, how can he say they are equal in retirement given a pre and post tax rate being the same? You put in the contributions avoiding your highest marginal tax rate and you get to pull out the traditional at an average/effective tax rate which ALWAYS will be less Why is that point not made? brbrI personally advocate for having 50-50 between the two accounts or perhaps 60-40 Thanks for helping me understand the nuances perhaps that he is trying to make Comment from : 28jonmark |
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Find it very interesting that he prefers taxable investments but to use a business as a vehicle for tax deductions He makes a valid argument about a retirement account limiting wealth enjoyment until your 60s I've thought about that a lot recently Great discussions! Comment from : Jacob tyler |
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Learned so much thx for sharing! Comment from : Joshua Morris |
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Not everyone can contribute to a tax deductible traditional IRA due to stricter income limits so contributions to a backdoor Roth IRA is the only option after maxing out the 401k contribution limit Further Roth IRA does not have a minimum distribution limit after turning 70 years old so that the investment can grow tax free forever until death or till it gets passed down It's also uncertain whether income tax rate will be higher or lower in the future but given the historical trend it's likely to be higher so that Roth IRA would be a safer bet to make sure there are no unexpected reduction of avalible income in retirement Comment from : James Ting |
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I am new to your videos Paula, this is my favorite episode Joshua is amazing Great topic, lots of important talking points Comment from : carlosedwin1 |
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That, "You don't?" when Joshua says he doesn't use a 401k and IRA made me laugh What a genuine moment Comment from : eldogg4life |
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Joshua Sheats is full of wisdom! Comment from : Ken R |
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Insightful, Informative and very valuable Thank you Comment from : Jason Gleason |
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One of the best interviews you've done Amazing! Comment from : Natalie Schreiber |
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Thank you for all of the content you post I follow you a lot and I love your show It seems you do not get the attention you deserve in the industry, in this forum Comment from : Boyz Toyz |
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I am shocked by how few views this quality interview has This is awesome content Comment from : Jason Vaughan |
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