The Mind Money Spectrum Podcast

#57. Be proactive in January to save big on these three things.

January 12, 2021 Aaron Agte and Trishul Patel Season 2 Episode 5
The Mind Money Spectrum Podcast
#57. Be proactive in January to save big on these three things.
Chapters
The Mind Money Spectrum Podcast
#57. Be proactive in January to save big on these three things.
Jan 12, 2021 Season 2 Episode 5
Aaron Agte and Trishul Patel

In this episode, Trishul and Aaron explore a few areas that you will be better off addressing at the beginning of the year. You can make all of your Traditional and Roth IRA contributions in January to benefit from compound growth sooner. You might even increase your 401k contributions around this time to maximize your annual benefit. Further, January is a great month to increase your savings rate by 1% to help your future self. Aaron then discusses many substantial benefits of exercising Incentive Stock Options in January. There's no penalty for missing some of these, but life is just a little easier if you take action now.

Episode References

MMS: Roth IRAs
MMS: ISOs
Graystone: ISOs
Roth & IRA Contribution Limits
Early IRA Contribution
2020 Solo 401k Contribution Deadline
Payroll Tax Deadlines
1099 Deadlines
2020 Estimated Tax Payments Due
Self Employed Care Givers 1099 Taxes
Backdoor Roth IRA

Podcast Description

Welcome to The Mind Money Spectrum Podcast where your hosts Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Financial Planner from the Bay Area, and Trishul is a Wealth Manager on the East Coast. For more information about Aaron, check out GraystoneAdvisor.com. And for more information on Trishul check out InvestingForever.com. We thank you all for listening, and stay tuned for our latest episode on our website, MindMoneySpectrum.com.

Show Notes

In this episode, Trishul and Aaron explore a few areas that you will be better off addressing at the beginning of the year. You can make all of your Traditional and Roth IRA contributions in January to benefit from compound growth sooner. You might even increase your 401k contributions around this time to maximize your annual benefit. Further, January is a great month to increase your savings rate by 1% to help your future self. Aaron then discusses many substantial benefits of exercising Incentive Stock Options in January. There's no penalty for missing some of these, but life is just a little easier if you take action now.

Episode References

MMS: Roth IRAs
MMS: ISOs
Graystone: ISOs
Roth & IRA Contribution Limits
Early IRA Contribution
2020 Solo 401k Contribution Deadline
Payroll Tax Deadlines
1099 Deadlines
2020 Estimated Tax Payments Due
Self Employed Care Givers 1099 Taxes
Backdoor Roth IRA

Podcast Description

Welcome to The Mind Money Spectrum Podcast where your hosts Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Financial Planner from the Bay Area, and Trishul is a Wealth Manager on the East Coast. For more information about Aaron, check out GraystoneAdvisor.com. And for more information on Trishul check out InvestingForever.com. We thank you all for listening, and stay tuned for our latest episode on our website, MindMoneySpectrum.com.