In this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Wealth Advisor Kevin Rex to discuss wealth hacks and tax planning strategies.
Some strategies they explore are Donor Advised Funds and Qualified Charitable Distributions. These methods can help individuals save on taxes while supporting philanthropic causes. Health Savings Accounts can also be advantageous as contributions made to an HSA are tax-deductible, funds within an HSA can be invested and growth is tax-free if used for qualified medical expenses, and withdrawals are also tax-free if used for qualified medical expenses. After age 65, you can withdraw funds from your HSA for any expense without penalties. They also briefly review ways to optimize mortgage interest deductions, including cash purchases and refinancing.
Finally, Chris and Kevin address the importance of managing one’s emotions when making investment decisions. Many investors want to avoid losses but end up missing out on better opportunities because they don’t want to take action during market downturns.
In this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Wealth Advisor Kevin Rex to discuss wealth hacks and tax planning strategies.
Some strategies they explore are Donor Advised Funds and Qualified Charitable Distributions. These methods can help individuals save on taxes while supporting philanthropic causes. Health Savings Accounts can also be advantageous as contributions made to an HSA are tax-deductible, funds within an HSA can be invested and growth is tax-free if used for qualified medical expenses, and withdrawals are also tax-free if used for qualified medical expenses. After age 65, you can withdraw funds from your HSA for any expense without penalties. They also briefly review ways to optimize mortgage interest deductions, including cash purchases and refinancing.
Finally, Chris and Kevin address the importance of managing one’s emotions when making investment decisions. Many investors want to avoid losses but end up missing out on better opportunities because they don’t want to take action during market downturns.