Ask Me Anything: Financial Insight Ep. 4

In our fourth Ask Me Anything (AMA) video, Chad answers five viewer questions, including recommendations for high-yield savings accounts, the relevance of the 4% rule for retirement, the importance of prenups, the mechanics of backdoor Roth IRAs, and his favorite financial planning books. Each topic is explored in depth, providing listeners with valuable insights and practical advice.

Today’s Lineup:

Can you share the high-yield savings accounts you recommend? Any to avoid?
Is the 4% rule for retirement still appropriate?
Any recommendations for prenups?
Are contribution limits for Backdoor Roth the same as directly contributing to a Roth?
Do you have any favorite financial planning and/or investing books you’d recommend?

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Key Insights 💡
• High yield savings accounts typically offer better rates than brick-and-mortar banks. Online banks like Ally, Marcus, and Laurel Road often provide better savings rates.
• The 4% rule for retirement may need to be adjusted to 3% due to lower interest rates. Flexibility in retirement withdrawals is crucial based on market conditions.
• Having a prenup or postnup is an important conversation to have in a relationship.
• The Backdoor Roth IRA is not a separate account; it involves two steps.
• Recommended books include 'The Psychology of Money', 'I Will Teach You to Be Rich', and 'The One Page Financial Plan'. Financial literacy can be enhanced through reading and continuous learning.

Highlights 🕒
00:00 Introduction to Ask Me Anything Volume Four
01:12 High Yield Savings Accounts Recommendations
04:00 The 4% Rule for Retirement
05:59 Understanding Prenups and Postnups
07:31 Backdoor Roth IRA Explained
09:06 Recommended Financial Planning Books
11:05 Conclusion

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Disclosures: This information is for general purposes only. This information is not intended to be a substitute for specific professional financial or tax advice, as individual circumstances vary. Please see a financial professional, CPA, and/or an attorney in regards to your own individual situation.