Thu Jul 18 2024, by Tyler Gardner

10 Essential Financial Moves to Maximize Your Wealth

Here are the 10 most important financial moves that I would make starting today to be as wealthy as I ever could be. I'm Tyler, I'm a former financial advisor and portfolio manager. Now I make financial content for free so that you don't have to pay for it.

1. Pay Down High-Interest Debt

This is a guaranteed 18 to 25% return.

2. Open a High Yield Savings Account

Open a high yield savings account through Everbank or SoFi, and fund it with three to six months of expenses. It has a zero dollar account minimum for a 5% APY.

3. Max Out Your Health Savings Account

This is the only 100% triple tax-advantaged account in the world. Contributions are deductible, investments grow tax-free, and withdrawals are tax-free as long as spent on qualifying medical expenses.

4. Maximize Your 401(k) Contributions

Put just enough in your 401(k) to ensure that you're getting the full company match. Otherwise, you're leaving free money on the table.

5. Max Out Roth IRA Contributions

Max out your and your partner's Roth IRA and never pay another penny of taxes on decades of compound growth.

6. Open a 529 Plan

Set your child up for tax-free withdrawals as long as spent on tuition, books, or K through 12 education. If they don't go to college, you can change the beneficiary.

7. Open a Custodial Roth IRA for Your Child

Fund it with up to $7,000 of your child's earnings and set them up to be a millionaire by retirement.

8. Consider Backdoor Roth Conversions

Utilize the backdoor or mega backdoor Roth conversion to avoid income limits on the Roth and enjoy up to $69,000 annually of tax-free growth.

9. Request Non-Qualified Deferred Compensation

Ask your employer to pay you 20 to 25% of your annual salary in non-qualified deferred compensation, deferring taxes until retirement.

10. Establish a Dynasty Trust

Consider placing all of these strategies in a dynasty trust that you can open in Delaware or Florida. This way, you can avoid estate expiration and preserve 100% of your estate for generations to come.

If any of this is helpful, like and follow, and I'll keep trying to get you one step closer to where you need to be.

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