Get A Grip On Your Money with Damon Carr

Damon Carr

Financial Planner, Money Coach, Tax Pro Personal Finance Journalist Damon Carr Helps Everyday People Get A Grip On Their Money. In this Podcast Damon will delve into articles he’s written in his Personal Finance Column “The Carr Report” and “Ask Damon” E-Newsletter and he’ll discuss Trending Topics in the news about money

  1. 3d ago

    💩 REAL LIFE 💩: SHE WANTS THE BENEFITS AND THE BOYFRIEND—BUT NOT THE MARRIAGE! 💍💰😳

    💩 𝐑𝐄𝐀𝐋 𝐋𝐈𝐅𝐄 💩: 𝐒𝐇𝐄 𝐖𝐀𝐍𝐓𝐒 𝐓𝐇𝐄 𝐁𝐄𝐍𝐄𝐅𝐈𝐓𝐒 𝐀𝐍𝐃 𝐓𝐇𝐄 𝐁𝐎𝐘𝐅𝐑𝐈𝐄𝐍𝐃—𝐁𝐔𝐓 𝐍𝐎𝐓 𝐓𝐇𝐄 𝐌𝐀𝐑𝐑𝐈𝐀𝐆𝐄! 💍💰😳Meet Marcus, 49, and Renee, 54. They’ve been together 13 years, sharing a home, bills, and dreams. But there’s ONE BIG PROBLEM!𝐒𝐇𝐄 𝐑𝐄𝐅𝐔𝐒𝐄𝐒 𝐓𝐎 𝐆𝐄𝐓 𝐌𝐀𝐑𝐑𝐈𝐄𝐃! 🚩Renee lost her husband years ago and raised their daughter alone. She receives 𝐒𝐨𝐜𝐢𝐚𝐥 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐬𝐮𝐫𝐯𝐢𝐯𝐨𝐫 𝐛𝐞𝐧𝐞𝐟𝐢𝐭𝐬 and fears 𝐫𝐞𝐦𝐚𝐫𝐫𝐲𝐢𝐧𝐠 𝐛𝐞𝐟𝐨𝐫𝐞 𝐚𝐠𝐞 𝟔𝟎 could jeopardize that income.Marcus wants 𝐦𝐚𝐫𝐫𝐢𝐚𝐠𝐞, 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐭𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲, 𝐚𝐧𝐝 𝐚 𝐟𝐮𝐭𝐮𝐫𝐞 𝐭𝐡𝐞𝐲 𝐜𝐚𝐧 𝐛𝐮𝐢𝐥𝐝 𝐭𝐨𝐠𝐞𝐭𝐡𝐞𝐫.💰 THEIR FINANCIAL SNAPSHOT:* 👨🏾 Marcus: Construction supervisor earning $𝟏𝟐𝟖,𝟎𝟎𝟎 annually after taxes.* 👩🏾 Renee: Medical office manager earning $𝟓𝟏,𝟎𝟎𝟎 annually after taxes.* 💵 Survivor benefits: Approximately $𝟑,𝟐𝟎𝟎 𝐦𝐨𝐧𝐭𝐡𝐥𝐲.* 🏠 Housing: $𝟐,𝟔𝟓𝟎 monthly rent.* 🚗 Car payments: $𝟖𝟗𝟎 monthly combined.* 💳 Credit card debt: $𝟐𝟒,𝟓𝟎𝟎.* 🎓 Student loans: $𝟑𝟏,𝟎𝟎𝟎.* 💸 Household expenses: $𝟑,𝟒𝟎𝟎 monthly beyond housing.HERE’S THE KICKER! 😳𝐌𝐚𝐫𝐜𝐮𝐬 𝐝𝐨𝐞𝐬𝐧’𝐭 𝐤𝐧𝐨𝐰 𝐑𝐞𝐧𝐞𝐞’𝐬 𝐚𝐜𝐜𝐨𝐮𝐧𝐭 𝐛𝐚𝐥𝐚𝐧𝐜𝐞𝐬 𝐨𝐫 𝐰𝐡𝐞𝐫𝐞 𝐦𝐮𝐜𝐡 𝐨𝐟 𝐡𝐞𝐫 𝐦𝐨𝐧𝐞𝐲 𝐠𝐨𝐞𝐬.He’s questioning whether they’re 𝐛𝐮𝐢𝐥𝐝𝐢𝐧𝐠 𝐚 𝐟𝐮𝐭𝐮𝐫𝐞 𝐭𝐨𝐠𝐞𝐭𝐡𝐞𝐫 𝐨𝐫 𝐬𝐢𝐦𝐩𝐥𝐲 𝐬𝐡𝐚𝐫𝐢𝐧𝐠 𝐞𝐱𝐩𝐞𝐧𝐬𝐞𝐬.🤔 𝐑𝐄𝐀𝐋 𝐋𝐈𝐅𝐄 𝐐𝐔𝐄𝐒𝐓𝐈𝐎𝐍: 𝐒𝐡𝐨𝐮𝐥𝐝 𝐌𝐚𝐫𝐜𝐮𝐬 𝐤𝐞𝐞𝐩 𝐰𝐚𝐢𝐭𝐢𝐧𝐠 𝐟𝐨𝐫 𝐦𝐚𝐫𝐫𝐢𝐚𝐠𝐞, 𝐚𝐜𝐜𝐞𝐩𝐭 𝐭𝐡𝐢𝐧𝐠𝐬 𝐚𝐬 𝐭𝐡𝐞𝐲 𝐚𝐫𝐞, 𝐨𝐫 𝐰𝐚𝐥𝐤 𝐚𝐰𝐚𝐲?WHAT WOULD YOU DO? 👇🏾✍🏾 Damon Carr, Money CoachThe Carr Report — Financial Advice You Can Bank On!🌐 TheCarrReport.com

  2. 4d ago

    THERE'S $43 BILLION IN FORGOTTEN 401(k)s — SOME OF IT MIGHT BE YOURS

    𝐓𝐇𝐄𝐑𝐄'𝐒 $𝟒𝟑 𝐁𝐈𝐋𝐋𝐈𝐎𝐍 𝐈𝐍 𝐅𝐎𝐑𝐆𝐎𝐓𝐓𝐄𝐍 𝟒𝟎𝟏(𝐤)𝐬 — 𝐒𝐎𝐌𝐄 𝐎𝐅 𝐈𝐓 𝐌𝐈𝐆𝐇𝐓 𝐁𝐄 𝐘𝐎𝐔𝐑𝐒 💰 Here's a number that should bother you: Americans have left behind roughly $𝟒𝟑 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 in 𝐬𝐭𝐫𝐚𝐧𝐝𝐞𝐝 𝟒𝟎𝟏(𝐤) 𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐬 — old retirement plans from old jobs, sitting forgotten while 𝐟𝐞𝐞𝐬 𝐪𝐮𝐢𝐞𝐭𝐥𝐲 𝐞𝐚𝐭 𝐭𝐡𝐞𝐦 𝐚𝐥𝐢𝐯𝐞. Every job change is a chance to 𝐨𝐫𝐩𝐡𝐚𝐧 𝐚𝐧 𝐚𝐜𝐜𝐨𝐮𝐧𝐭. You leave, life gets busy, the statements go to an old address — and that money just sits there, 𝐮𝐧𝐦𝐚𝐧𝐚𝐠𝐞𝐝, 𝐬𝐡𝐫𝐢𝐧𝐤𝐢𝐧𝐠 𝐢𝐧 𝐬𝐥𝐨𝐰 𝐦𝐨𝐭𝐢𝐨𝐧. And it gets worse for the small ones. When your balance at an old job is 𝐮𝐧𝐝𝐞𝐫 $𝟕,𝟎𝟎𝟎, your former employer can legally roll it into an "𝐚𝐮𝐭𝐨𝐦𝐚𝐭𝐢𝐜 𝐫𝐨𝐥𝐥𝐨𝐯𝐞𝐫 𝐈𝐑𝐀" without asking you. Fresh data shows 𝐧𝐞𝐚𝐫𝐥𝐲 𝟕 𝐨𝐮𝐭 𝐨𝐟 𝟏𝟎 𝐨𝐟 𝐭𝐡𝐨𝐬𝐞 𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐬 𝐬𝐡𝐫𝐢𝐧𝐤 𝐰𝐢𝐭𝐡𝐢𝐧 𝐚 𝐲𝐞𝐚𝐫 — 𝐟𝐞𝐞𝐬 𝐚𝐧𝐝 𝐜𝐚𝐬𝐡-𝐥𝐢𝐤𝐞 𝐫𝐞𝐭𝐮𝐫𝐧𝐬 𝐜𝐡𝐞𝐰𝐢𝐧𝐠 𝐮𝐩 𝐦𝐨𝐧𝐞𝐲 𝐘𝐎𝐔 𝐰𝐨𝐫𝐤𝐞𝐝 𝐟𝐨𝐫. 😤 That's not a retirement plan. 𝐓𝐡𝐚𝐭'𝐬 𝐚 𝐬𝐥𝐨𝐰 𝐥𝐞𝐚𝐤. 𝐅𝐢𝐱 𝐢𝐭 — go find your money: 𝟏. 𝐋𝐢𝐬𝐭 𝐞𝐯𝐞𝐫𝐲 𝐣𝐨𝐛 𝐲𝐨𝐮'𝐯𝐞 𝐡𝐞𝐥𝐝. Every single one where a paycheck might have had a retirement plan attached. 𝐌𝐨𝐬𝐭 𝐩𝐞𝐨𝐩𝐥𝐞 𝐟𝐨𝐫𝐠𝐞𝐭 𝐚𝐭 𝐥𝐞𝐚𝐬𝐭 𝐨𝐧𝐞. 📝 𝟐. 𝐓𝐫𝐚𝐜𝐤 𝐭𝐡𝐞 𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐬 𝐝𝐨𝐰𝐧. Check the 𝐍𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐑𝐞𝐠𝐢𝐬𝐭𝐫𝐲 𝐨𝐟 𝐔𝐧𝐜𝐥𝐚𝐢𝐦𝐞𝐝 𝐑𝐞𝐭𝐢𝐫𝐞𝐦𝐞𝐧𝐭 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬, search your state's unclaimed property site, and call the old employers' HR lines. 𝐅𝐫𝐞𝐞 𝐬𝐞𝐚𝐫𝐜𝐡𝐞𝐬, 𝐫𝐞𝐚𝐥 𝐦𝐨𝐧𝐞𝐲. 𝟑. 𝐑𝐨𝐥𝐥 𝐢𝐭 — 𝐝𝐨𝐧'𝐭 𝐜𝐚𝐬𝐡 𝐢𝐭. Move each stranded account into your current 401(k) or your own IRA with a 𝐝𝐢𝐫𝐞𝐜𝐭 𝐫𝐨𝐥𝐥𝐨𝐯𝐞𝐫. Cashing out early triggers 𝐭𝐚𝐱𝐞𝐬 𝐀𝐍𝐃 𝐚 𝟏𝟎% 𝐩𝐞𝐧𝐚𝐥𝐭𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐚𝐠𝐞 𝟓𝟗½ — the IRS takes its cut before you ever enjoy a dime. 🚫 𝟒. 𝐂𝐨𝐧𝐬𝐨𝐥𝐢𝐝𝐚𝐭𝐞 𝐚𝐧𝐝 𝐢𝐧𝐯𝐞𝐬𝐭 𝐢𝐭. One dashboard, one strategy, 𝐥𝐨𝐰-𝐜𝐨𝐬𝐭 𝐢𝐧𝐝𝐞𝐱 𝐟𝐮𝐧𝐝𝐬. 𝐌𝐨𝐧𝐞𝐲 𝐲𝐨𝐮 𝐜𝐚𝐧 𝐬𝐞𝐞 𝐢𝐬 𝐦𝐨𝐧𝐞𝐲 𝐲𝐨𝐮 𝐜𝐚𝐧 𝐦𝐚𝐧𝐚𝐠𝐞. Your retirement is too important to leave scattered across five old jobs. This weekend, 𝐬𝐩𝐞𝐧𝐝 𝐨𝐧𝐞 𝐡𝐨𝐮𝐫 𝐡𝐮𝐧𝐭𝐢𝐧𝐠 𝐝𝐨𝐰𝐧 𝐰𝐡𝐚𝐭'𝐬 𝐚𝐥𝐫𝐞𝐚𝐝𝐲 𝐲𝐨𝐮𝐫𝐬. It's the 𝐞𝐚𝐬𝐢𝐞𝐬𝐭 𝐫𝐚𝐢𝐬𝐞 𝐲𝐨𝐮'𝐥𝐥 𝐞𝐯𝐞𝐫 𝐠𝐢𝐯𝐞 𝐲𝐨𝐮𝐫𝐬𝐞𝐥𝐟. 𝐎𝐥𝐝 𝐦𝐨𝐧𝐞𝐲 𝐟𝐨𝐮𝐧𝐝 𝐛𝐞𝐚𝐭𝐬 𝐧𝐞𝐰 𝐦𝐨𝐧𝐞𝐲 𝐞𝐚𝐫𝐧𝐞𝐝 — you already did the work for this. 𝐓𝐡𝐞 𝐂𝐚𝐫𝐫 𝐑𝐞𝐩𝐨𝐫𝐭: 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐀𝐝𝐯𝐢𝐜𝐞 𝐘𝐨𝐮 𝐂𝐚𝐧 𝐁𝐚𝐧𝐤 𝐎𝐧! 𝐍𝐞𝐞𝐝 𝐚 𝐌𝐨𝐧𝐞𝐲 𝐂𝐨𝐚𝐜𝐡 𝐭𝐨 𝐡𝐞𝐥𝐩 𝐲𝐨𝐮 𝐆𝐞𝐭 𝐀 𝐆𝐫𝐢𝐩 𝐎𝐧 𝐘𝐨𝐮𝐫 𝐌𝐨𝐧𝐞𝐲? 𝐇𝐢𝐭 𝐦𝐞 𝐮𝐩! ✍🏾 Damon Carr, Financial Planner, Money Coach, Tax Pro & Real Talk Specialist #401k #Retirement #Rollover #LostMoney #GetAGripOnYourMoney

  3. Oct 22

    𝐓𝐫𝐚𝐝𝐢𝐭𝐢𝐨𝐧𝐚𝐥 𝐯𝐬. 𝐑𝐨𝐭𝐡 𝐈𝐑𝐀: 𝐓𝐡𝐞 𝐈𝐑𝐒 𝐉𝐮𝐬𝐭 𝐋𝐚𝐢𝐝 𝐈𝐭 𝐎𝐮𝐭 𝐏

    The IRS just dropped a plain-English refresher on IRAs (Tax Tip 2026-76), and it confirms what I tell clients every day: 𝐚𝐧 𝐈𝐑𝐀 𝐢𝐬 𝐨𝐧𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐬𝐢𝐦𝐩𝐥𝐞𝐬𝐭 𝐰𝐞𝐚𝐥𝐭𝐡 𝐭𝐨𝐨𝐥𝐬 𝐭𝐡𝐞 𝐭𝐚𝐱 𝐜𝐨𝐝𝐞 𝐠𝐢𝐯𝐞𝐬 𝐲𝐨𝐮 — if you pick the right kind and respect the rules.For 2026, you can contribute up to 𝟕,𝟓𝟎𝟎 𝐝𝐨𝐥𝐥𝐚𝐫𝐬 across your IRAs. Age 50 or older? You get a $1,100 catch-up, for a total of 𝟖,𝟔𝟎𝟎 𝐝𝐨𝐥𝐥𝐚𝐫𝐬. One catch: 𝐲𝐨𝐮 𝐜𝐚𝐧'𝐭 𝐜𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐞 𝐦𝐨𝐫𝐞 𝐭𝐡𝐚𝐧 𝐲𝐨𝐮 𝐞𝐚𝐫𝐧𝐞𝐝 𝐭𝐡𝐚𝐭 𝐲𝐞𝐚𝐫. 💵1️⃣ 𝐓𝐫𝐚𝐝𝐢𝐭𝐢𝐨𝐧𝐚𝐥 𝐈𝐑𝐀: your contribution may be tax-deductible NOW, the money grows tax-deferred, and you pay taxes when you pull it out in retirement. 𝐈𝐭'𝐬 𝐚 𝐭𝐚𝐱 𝐛𝐫𝐞𝐚𝐤 𝐭𝐨𝐝𝐚𝐲, 𝐚 𝐭𝐚𝐱 𝐛𝐢𝐥𝐥 𝐭𝐨𝐦𝐨𝐫𝐫𝐨𝐰. 📉2️⃣ 𝐑𝐨𝐭𝐡 𝐈𝐑𝐀: no deduction today — you contribute after-tax dollars — but qualified withdrawals in retirement come out 𝟏𝟎𝟎% 𝐓𝐀𝐗-𝐅𝐑𝐄𝐄, and there are no required minimum distributions forcing money out. 𝐈𝐭'𝐬 𝐚 𝐭𝐚𝐱 𝐛𝐢𝐥𝐥 𝐭𝐨𝐝𝐚𝐲, 𝐟𝐫𝐞𝐞𝐝𝐨𝐦 𝐭𝐨𝐦𝐨𝐫𝐫𝐨𝐰. 📈3️⃣ 𝐓𝐡𝐞 𝐭𝐫𝐚𝐩: pull money out before age 𝟓𝟗½ and the IRS can hit you with a 𝟏𝟎% 𝐚𝐝𝐝𝐢𝐭𝐢𝐨𝐧𝐚𝐥 𝐭𝐚𝐱 on top of regular income tax, unless an exception applies. 𝐀𝐧 𝐈𝐑𝐀 𝐢𝐬 𝐚 𝐫𝐞𝐭𝐢𝐫𝐞𝐦𝐞𝐧𝐭 𝐚𝐜𝐜𝐨𝐮𝐧𝐭, 𝐧𝐨𝐭 𝐚 𝐫𝐚𝐢𝐧𝐲-𝐝𝐚𝐲 𝐣𝐚𝐫. Touching it early is one of the most expensive mistakes regular folks make. ⚠️𝐅𝐢𝐱 𝐢𝐭: No IRA yet? 𝐎𝐩𝐞𝐧 𝐨𝐧𝐞 𝐛𝐞𝐟𝐨𝐫𝐞 𝐭𝐡𝐞 𝐭𝐚𝐱 𝐟𝐢𝐥𝐢𝐧𝐠 𝐝𝐞𝐚𝐝𝐥𝐢𝐧𝐞 — contributions for 2026 count until April 15, 2027. Can't max it out? Start where you are: $𝟏𝟎𝟎 𝐚 𝐦𝐨𝐧𝐭𝐡 𝐛𝐞𝐚𝐭𝐬 $𝟎 𝐚 𝐦𝐨𝐧𝐭𝐡, every single time. Expect a higher tax bracket later? Lean Roth. Need the deduction now? Lean traditional. Either way, 𝐭𝐡𝐞 𝐰𝐨𝐫𝐬𝐭 𝐈𝐑𝐀 𝐢𝐬 𝐭𝐡𝐞 𝐨𝐧𝐞 𝐲𝐨𝐮 𝐧𝐞𝐯𝐞𝐫 𝐨𝐩𝐞𝐧𝐞𝐝.Bottom line: 𝐭𝐡𝐞 𝐠𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐣𝐮𝐬𝐭 𝐫𝐞𝐦𝐢𝐧𝐝𝐞𝐝 𝐲𝐨𝐮 𝐭𝐡𝐞 𝐝𝐨𝐨𝐫 𝐢𝐬 𝐨𝐩𝐞𝐧. 𝐖𝐚𝐥𝐤 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝐢𝐭. 🚪✍🏾 Damon Carr, Financial Planner, Money Coach, Tax Pro & Real Talk Specialist#IRA #RothIRA #RetirementPlanning #TaxTips #TaxTip2026 #DamonCarr #GetAGripOnYourMoney #TheCarrReport

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Financial Planner, Money Coach, Tax Pro Personal Finance Journalist Damon Carr Helps Everyday People Get A Grip On Their Money. In this Podcast Damon will delve into articles he’s written in his Personal Finance Column “The Carr Report” and “Ask Damon” E-Newsletter and he’ll discuss Trending Topics in the news about money