In this episode, we’re diving into a Fidelity study that uncovers the common traits of 401(k) millionaires. What habits, strategies, and decisions helped them reach that milestone? We’re breaking it all down, sharing actionable insights, and giving you tips to boost your own retirement savings.

Key Topics:

• Study Overview and Context (00:27)
• Five Habits Found in the Fidelity Study (03:38)
• Key Takeaways from the Study (06:13)
• Wrap-up: Importance of Diversification (07:35)

Resources:

Fidelity.com Study: Five Habits of 401(k) Millionaires

This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

If you need specific advice, you can contact us at Advice@mdrnwealth.com or at: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.mdrnwealth.com⁠⁠

If you're a solo business owner running an S-corp and haven’t paid yourself a salary yet, this episode is for you! We’re breaking down how to run a one-time payroll (salary) at the end of the year, how to incorporate your 401(k) contributions, and how to withhold additional taxes if needed.

Resources Mentioned:

• Article to solo 401k

Key Topics:

• How to Run One Payroll at the End of the Year (00:00)
• The Walkthrough Tutorial in Gusto (01:46)
• What if you Have a Solo 401(k)? (09:36)
• Taxes Element and Avoiding Underwithholding Penalties (14:28)
• Wrap-Up (16:20)

This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠⁠⁠⁠⁠⁠⁠

If you need specific advice, you can contact us at Advice@mdrnwealth.com or at: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.mdrnwealth.com⁠⁠

We’re almost at the end of the year, and if you’re like many solo business owners—whether you’re running a sole proprietorship, LLC, or an LLC taxed as an S-corp—let’s be honest: you’ve probably done little to no tax or financial planning for your business this year.

But don’t worry! Today, we’re going to cover three key action items you should tackle before the year ends. Trust me, you won’t want to miss this.

Key Topics:

• 3 Action Items to Check Before the Year Ends (00:00)
• #1: Review Your Profit and Loss Statement (01:55)
• #2: Review Tax Withholding (04:14)
• Underwithholding Penalties (and avoiding them) (05:10)
• #3: Setting Up a Solo 401(k) (07:16)
• Wrap Up (09:32)

Resources Mentioned:

• Underwithholding episode
• Article to solo 401k

This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠⁠⁠⁠⁠⁠

If you need specific advice, you can contact us at Advice@mdrnwealth.com or at: ⁠⁠⁠⁠⁠⁠⁠⁠https://www.mdrnwealth.com⁠⁠

The election is officially behind us, and with not only a Trump victory but also a complete Republican sweep of the House and Senate, what does this mean for taxes? Today, we’re breaking down everything you need to know about the changes that are very likely on the way. This is one episode you definitely don’t want to miss!

Key Topics:

• What a Trump Win and Republican Sweep Means for Taxes (00:00)
• Breaking Down the Tax Cut and Jobs Act (01:05)
• John’s Take on Likely Future Outcomes (04:19)
• What About Trump’s New Campaign Promises? (07:25)
• EV and Clean Energy Tax Credits’ Future (08:28)

This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠⁠⁠⁠⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠⁠⁠⁠⁠

If you need specific advice, you can contact us at Advice@mdrnwealth.com or at: ⁠⁠⁠⁠⁠⁠⁠https://www.mdrnwealth.com⁠⁠

In this episode, we dive into the strategy of tax loss harvesting as year-end approaches. Learn how to strategically sell underperforming investments to capture losses, offset gains, and potentially reduce your taxable income.

We'll guide you on what to sell, how to avoid the "wash sale" rule, and why replacing assets with similar alternatives can keep you positioned for growth.

This savvy approach could add 0.5%–2% annually to your portfolio’s after-tax returns over time. Stay tuned for actionable tips to maximize tax savings and make the most of tax loss harvesting.

Key Topics:

• What is Tax Loss Harvesting? (00:00)
• Doing Tax Loss Harvesting the Right Way (01:43)
• What the Studies Show (03:40)
• Playing by the IRS Rules (04:25)
• Tips to Making the Most of Tax Loss Harvesting (05:07)

This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠⁠⁠⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠⁠⁠⁠

If you need specific advice, you can contact us at Advice@mdrnwealth.com or at: ⁠⁠⁠⁠⁠⁠https://www.mdrnwealth.com⁠⁠

The Federal Reserve has finally cut interest rates for the first time in four years. This past week, the Fed announced a rate cut of 50 basis points (0.50%), lowering the effective federal funds rate from 5.33% to 4.83%. So, what does this mean for you? In today’s episode, we’ll break down how this rate cut impacts you, along with addressing some major misconceptions about rate cuts that you won’t want to miss.

Key Topics:

• Feds Cut Rates and What it Actually Means For You (00:00)
• Why Did the Fed Cut Rates in the First Place? (01:23)
• Misconception Around Fed Rate Cuts (02:34)
• Effect on the Bond Market (04:33)
• Dynamics of Cash in Fed Rate Cuts (05:39)
• What to do Now that Feds Have Cut Rates (06:03)
• Should You Refi Your Mortgage? (07:18)
• Dynamics of Stocks and S&P 500 in Fed Rate Cuts (09:15)

Resources:

• Are You Holding Too Much Cash in Your Portfolio?

This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠⁠⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠⁠⁠

If you need specific advice, you can contact us at Advice@mdrnwealth.com or at: ⁠⁠⁠⁠⁠https://www.mdrnwealth.com⁠⁠

Today, we're breaking down the "House-Rich, Cash-Poor" epidemic. In the United States, a large number of retirees have most of their wealth tied up in their primary residence, with very little left in liquid savings like 401(k)s, Roth IRAs, or brokerage accounts. A big part of the issue comes from financial gurus, like Dave Ramsey, preaching that paying off your home early is the key to optimizing wealth.

If you own a home, have a mortgage, and are looking for ways to truly optimize and build your wealth, you won't want to miss today's episode.

Key Topics:

• Introducing the Concept: the “House-Rich, Cash-Poor” Epidemic (00:00)
• Why is This Happening? Are Financial “Gurus” like Dave Ramsey and His 7 Baby Steps to Blame? (02:26)
• Case Study of the Two Scenarios: Rushing to Pay off Home (03:20)
• Case Study of the Two Scenarios: NOT Rushing to Pay off Home (05:16)
• The Data to Back it Up (06:19)
• The Same Principles Apply Regardless of Earnings (08:00)
• But What if I Already Paid off My Home?! (08:39)

This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠⁠

If you need specific advice, you can contact us at Advice@mdrnwealth.com or at: ⁠⁠⁠⁠https://www.mdrnwealth.com⁠⁠

I want you to take a moment to think about how you can generate tax-free wealth for your kids. For most people, two primary vehicles come to mind: the first is a Roth IRA, and the second is a 529 account.

But here’s the issue—most kids don’t have earned income, so they can’t contribute to a Roth IRA, which takes that option off the table.The second option, a 529 account, can only be used for qualified education expenses. If the funds are used for anything else, the earnings will be subject to ordinary income taxes and a 10% penalty.

As a financial planner who works closely with families of young children looking to build wealth, I’ve found that most parents want to generate tax-efficient wealth for their kids, but they don’t want to feel limited to education-related expenses.

Today, I’m going to break down how you can achieve this using a custodial brokerage account. Trust me—you don’t want to miss it!

Key Topics:

• Generating Tax-Free Wealth For Your Kids (00:00)
• Why People Often Ignore UTMA / UGMA Accounts and Understanding Kiddie Tax (01:50)
• Turning a Custodial Brokerage Account into a Tax-Free Vehicle (03:30)
• Customizing this Strategy for Your Own Financial Plan (05:03)
• Money in a Custodial Brokerage Account is Considered an Irrevocable Gift (07:07)

This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice.

Subscribe to our weekly planning insights newsletter: ⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠

If you need specific advice, you can contact us at Advice@mdrnwealth.com or at: ⁠⁠⁠https://www.mdrnwealth.com⁠⁠