Brad and Cody Garrett from Measure Twice Money dive into the ten most common mistakes that even savvy investors make. They cover essential topics from asset location to maximizing health savings accounts (HSAs), emphasizing a holistic approach to financial wellness. Key Takeaways: <ul class="list-disc pl-3"> <li>Understanding the impact of asset location on tax liabilities.</li> <li>Importance of auto reinvestment for maximizing investment growth.</li> <li>Weighing the hassle versus savings in financial decision-making.</li> <li>Strategies for maximizing charitable contributions tax-efficiently.</li> <li>The significance of holistic wellness in financial planning.</li> </ul> Timestamps & Key Points: <ul class="list-disc pl-3"> <li> 00:01:50 Asset Location <ul class="list-disc pl-3"> <li>Understanding asset location and its effect on tax liabilities.</li> <li>Choosing the right types of investments for taxable vs. tax-advantaged accounts.</li> </ul> </li> <li> 00:15:46 Investing Contributions <ul class="list-disc pl-3"> <li>Importance of logging into your accounts to avoid cash sitting uninvested.</li> <li>Enable auto reinvestment of dividends and capital gains distributions.</li> </ul> </li> <li> 00:20:29 Return on Hassle <ul class="list-disc pl-3"> <li>Evaluate whether the savings from switching accounts justify the hassle involved.</li> </ul> </li> <li> 00:24:14 Charitable Giving <ul class="list-disc pl-3"> <li>Donate appreciated securities rather than cash to avoid capital gains tax.</li> <li>Utilize donor advised funds for strategic charitable giving.</li> </ul> </li> <li> 00:33:01 Family Giving <ul class="list-disc pl-3"> <li>Discuss the timing of financial support for adult children, focusing on "oops money" vs. "ooh money."</li> </ul> </li> <li> 00:39:23 Maximizing HSA Contributions <ul class="list-disc pl-3"> <li>Ensure contributions match the latest limits; check both individual and employer contributions.</li> </ul> </li> <li> 00:41:38 Understanding IRMAA <ul class="list-disc pl-3"> <li>Awareness of IRMAA’s impact on Medicare premiums and its effects in retirement.</li> </ul> </li> <li> 00:43:02 Early Retirement Concerns <ul class="list-disc pl-3"> <li>Don’t let health insurance costs dictate retirement timing; explore ACA options.</li> </ul> </li> <li> 00:47:25 Retirement Order of Operations <ul class="list-disc pl-3"> <li>Develop a strategy for tax-optimized withdrawal from investment accounts.</li> </ul> </li> <li> 00:52:25 Holistic Wellness <ul class="list-disc pl-3"> <li>Balance financial planning with mental health, relationships, and physical wellness.</li> </ul> </li> </ul> Action Items: <ul class="list-disc pl-3"> <li>Review asset location to minimize tax liabilities. (Timestamp: 00:01:50)</li> <li>Enable auto reinvestment for dividends in your brokerage account. (Timestamp: 00:17:57)</li> <li>Consider the hassle vs. savings when chasing high-yield accounts. (Timestamp: 00:20:29)</li> <li>Maximize HSA contributions according to the current limits. (Timestamp: 00:39:20)</li> <li>Explore charitable donations via appreciated securities instead of cash. (Timestamp: 00:25:27)</li> </ul> Related Resources: <ul class="list-disc pl-3"> <li>Measure Twice Money: <a href= "https://measuretwicemoney.com/" target="_blank" rel= "noopener noreferrer">measuretwicemoney.com/ChooseFI</a> (Resources related to financial planning)</li> <li>Advice Only Network: <a href= "https://adviceonlynetwork.com/" target="_blank" rel= "noopener noreferrer">adviceonlynetwork.com</a> (Find fee-only financial advisors)</li> <li>Nectarine: <a href= "https://hellonectarine.com/" target="_blank" rel= "noopener noreferrer">hellonectarine.com</a> (Affordable financial advice)</li> </ul>

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The Top 10 Ten Investing Mistakes We All Make | Cody Garrett | Ep 535

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