13 Min.
Are Your Good Money Habits Holding You Back? (Part 2) Plan With The Tax Man
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- Geldanlage
We're back to wrap up our conversation which might be a bit counterintuitive. We’re going to question the real impact of common financial habits. Are the strategies you consider beneficial actually working in your favor? We explore the pros and cons of practices like paying off debt early and keeping up with financial news. Join us for a practical discussion, as we uncover the unexpected effects of everyday money decisions. Are your good money habits holding you back?
Important Links: Website: http://www.yourplanningpros.com
Call: 844-707-7381
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Transcript:
Marc Killian 00:00
Part Two of our prior conversation on our good money habits holding you back, we're going to continue to have the conversation about the real impact of common financial habits. And are those strategies that you consider beneficial actually working in your favor? So join us here on playing with the tax man with Tony Morrow.
Announcer 2 00:17
Look up in the sky. It's a bird. It's a plane. No, it's the tax man. He may not be a superhero. But Tony Morrow has saved many retirement plans with his extreme knowledge of tax planning strategies. It's time for a plan with the tax man.
Marc Killian 00:35
Welcome back into part two of our conversation on those good money habits. are they holding you back? Tony and I back again to talk investing finance and retirement of course, Tony is the CPA CFP a and in the big kahuna over there at tax Doctor Inc. And if you guys have questions, need some help get onto the calendar and have a conversation with him at your planning. proz.com He and his team are here to help you get to and through retirement at your planning proz.com What's going on my friend? How are you?
Tony Mauro 01:03
I am good in tax season is upon us now. So it's gonna be a little busier.
Marc Killian 01:08
I was gonna say I feel like I feel like that's gonna be the theme. I hear from you for the next couple of weeks. When we talk as tax season. It's tax season. Oh, yeah, it's tax season.
Tony Mauro 01:18
Now, it's, you know, the IRS, right, it has kind of delayed the start of the tax season, they always do this. And they kind of cram it into, sometimes less and less time. So it's always that that crunch, you know, and we don't well, we don't work ourselves to death, like we used to. And you know, so we have some cut offs there. And so it's not as bad, you know, as long and stuff as it used to be. But nevertheless, it's busy.
Marc Killian 01:43
Exactly, exactly. Well, I won't keep you long we'll finish our conversation. That way you can get back in and work on these things we got to do. But we started off with our first five right on some good money habits, are they holding us back. So we're gonna continue and of course, you don't have to listen to the prior podcast folks to check this one out, or enjoy or pick up some nuggets of information from this one. But it certainly isn't a bad idea. So make sure you go by and check that out. You can find it at your planning proz.com or subscribe to us on Apple, Google, Apple, YouTube or Spotify. Just type in playing with the tax man in the search box. Alright, so let's go to number six here have our total 10. Tony paying off debt early. Hey, you know, good habit, right? Reduces long term interest payments can provide a nice mental boost, especially when you pay something off, you're like, oh, yeah, you feel really good about that. But Why might it be bad to pay off debt early? This can be interesting.
Tony Mauro 02:33
I think, you know, I definitely advocate paying off high interest debt, of course, and get rid of all of that. But sometimes, especially in the mortgage area, you know, some of us that have had a mortgage over the last, what, 710 years where you've got low interest rates, if you pay it off early, you know, you could be, you know, basically using that money. In other words, you you take cash flow out of your out of your monthly budget to pay th
We're back to wrap up our conversation which might be a bit counterintuitive. We’re going to question the real impact of common financial habits. Are the strategies you consider beneficial actually working in your favor? We explore the pros and cons of practices like paying off debt early and keeping up with financial news. Join us for a practical discussion, as we uncover the unexpected effects of everyday money decisions. Are your good money habits holding you back?
Important Links: Website: http://www.yourplanningpros.com
Call: 844-707-7381
----more----
Transcript:
Marc Killian 00:00
Part Two of our prior conversation on our good money habits holding you back, we're going to continue to have the conversation about the real impact of common financial habits. And are those strategies that you consider beneficial actually working in your favor? So join us here on playing with the tax man with Tony Morrow.
Announcer 2 00:17
Look up in the sky. It's a bird. It's a plane. No, it's the tax man. He may not be a superhero. But Tony Morrow has saved many retirement plans with his extreme knowledge of tax planning strategies. It's time for a plan with the tax man.
Marc Killian 00:35
Welcome back into part two of our conversation on those good money habits. are they holding you back? Tony and I back again to talk investing finance and retirement of course, Tony is the CPA CFP a and in the big kahuna over there at tax Doctor Inc. And if you guys have questions, need some help get onto the calendar and have a conversation with him at your planning. proz.com He and his team are here to help you get to and through retirement at your planning proz.com What's going on my friend? How are you?
Tony Mauro 01:03
I am good in tax season is upon us now. So it's gonna be a little busier.
Marc Killian 01:08
I was gonna say I feel like I feel like that's gonna be the theme. I hear from you for the next couple of weeks. When we talk as tax season. It's tax season. Oh, yeah, it's tax season.
Tony Mauro 01:18
Now, it's, you know, the IRS, right, it has kind of delayed the start of the tax season, they always do this. And they kind of cram it into, sometimes less and less time. So it's always that that crunch, you know, and we don't well, we don't work ourselves to death, like we used to. And you know, so we have some cut offs there. And so it's not as bad, you know, as long and stuff as it used to be. But nevertheless, it's busy.
Marc Killian 01:43
Exactly, exactly. Well, I won't keep you long we'll finish our conversation. That way you can get back in and work on these things we got to do. But we started off with our first five right on some good money habits, are they holding us back. So we're gonna continue and of course, you don't have to listen to the prior podcast folks to check this one out, or enjoy or pick up some nuggets of information from this one. But it certainly isn't a bad idea. So make sure you go by and check that out. You can find it at your planning proz.com or subscribe to us on Apple, Google, Apple, YouTube or Spotify. Just type in playing with the tax man in the search box. Alright, so let's go to number six here have our total 10. Tony paying off debt early. Hey, you know, good habit, right? Reduces long term interest payments can provide a nice mental boost, especially when you pay something off, you're like, oh, yeah, you feel really good about that. But Why might it be bad to pay off debt early? This can be interesting.
Tony Mauro 02:33
I think, you know, I definitely advocate paying off high interest debt, of course, and get rid of all of that. But sometimes, especially in the mortgage area, you know, some of us that have had a mortgage over the last, what, 710 years where you've got low interest rates, if you pay it off early, you know, you could be, you know, basically using that money. In other words, you you take cash flow out of your out of your monthly budget to pay th
13 Min.