42 episodes

Are you busy with your life, but know there are smarter things you could be doing with your money? Are you confused by all the financial jargon and overwhelmed by the options?

Breakthrough the complicated financial landscape with easy-to-understand information and strategies that you can actually follow. I discuss how to become wealthy: tips and habits to change in your life to achieve financial freedom. I dive into topics such as savings, investing, education planning, insurance, tax planning, and more. If it's related to financial planning and financial success, you can be sure we'll cover it.

I love to discuss listener questions, so please connect and follow me at https://www.linkedin.com/in/mwsmorton

Financial Planning for Entrepreneurs and Tech Professionals Mike Morton, ChFC®

    • Business
    • 5.0 • 2 Ratings

Are you busy with your life, but know there are smarter things you could be doing with your money? Are you confused by all the financial jargon and overwhelmed by the options?

Breakthrough the complicated financial landscape with easy-to-understand information and strategies that you can actually follow. I discuss how to become wealthy: tips and habits to change in your life to achieve financial freedom. I dive into topics such as savings, investing, education planning, insurance, tax planning, and more. If it's related to financial planning and financial success, you can be sure we'll cover it.

I love to discuss listener questions, so please connect and follow me at https://www.linkedin.com/in/mwsmorton

    Tax Strategies when donating 100% of your Income to Charity

    Tax Strategies when donating 100% of your Income to Charity

    It’s not often that you are in the position to donate 100% of your income to charity. However, if you find the capacity and willingness to give, this year has special tax rules that you should be aware of.
    The IRS is allowing a 100% deduction off your taxable income for charitable donations. This means that you are left with $0 in income and owe $0 in taxes! While that sounds wonderful, please don’t stop there! You want to take advantage of the following opportunities while your income tax bracket is low:
    Roth Conversions: Consider moving money from your Traditional account to a Roth account. You must pay taxes on the converted amount, so do that while your bracket is low!
    Capital Gains Harvesting: If you have no income, you can sell appreciated stock with up to $80k of capital gains and pay $0 instead of your typical 15-20%.
    Withdrawals from Tax-Deferred accounts: This counts as income, so it’s a good year to pay taxes on that income while giving money away.
    Portfolio Rebalance: Again, a good time to sell appreciated stock and rebalance your portfolio when your income is low.
    Note: The 100% deduction must be made in cash directly to charities (not Donor Advised Funds or Private Foundations). This may not be the best tax strategy if you do not have cash and need to sell appreciated assets. Check with an advisor first!
    Find out more about Mike athttps://www.mortonfinancialadvice.com/ ( https://www.mortonfinancialadvice.com) and connect athttps://www.linkedin.com/in/mwsmorton/ ( https://www.linkedin.com/in/mwsmorton/)

    • 30 min
    Treasury Bonds at 7%? Yes please.

    Treasury Bonds at 7%? Yes please.

    In today's radio broadcast, Matt and I discuss two major topics: I-Bonds and Pledged Asset Line of Credit.
    I-Bonds are issued by the US Government directly on https://www.treasurydirect.gov/tdhome.htm (TreasuryDirect.gov.) While you can only purchase $10k in a single year, the current yield is over 7%! This could be a good place to park part of your emergency savings and get a good return, however https://www.treasurydirect.gov/indiv/research/indepth/ibonds/res_ibonds_ifaq.htm#cash (be aware of the fine print which includes:)
    You can only purchase $10k each year.
    The interest rate (yield) does change every 6 months.
    You must hold them for at least 12 months time.
    If you cash them in prior to holding for 5 years, you lose the last 3 months of interest.
    On the flipside, if you are looking to borrow money, you might qualify for a loan against your investable portfolio. If you have accounts at brokerages such as E*Trade or Charles Schwab, they offer a line of credit with low rates. This is very similar to a Home Equity Line of Credit (HELOC) as an interest-only loan. You can potentially negotiate these rates if you give them a call (or perhaps threaten to take your money to another brokerage🤫).
    These are two tools in the kit that might apply to your financial situation.
    Find out more about Mike athttps://www.mortonfinancialadvice.com/ ( https://www.mortonfinancialadvice.com) and connect athttps://www.linkedin.com/in/mwsmorton/ ( https://www.linkedin.com/in/mwsmorton/)

    • 19 min
    Financial Planning for the Great Resignation

    Financial Planning for the Great Resignation

    The last few years have been awful in so many ways - we’re all well aware of that. But it’s also exposed us to a new environment to consider what is truly important in our lives. It’s forced a new perspective and we gain a new understanding.
    This is one factor that has lead to the Great Resignation: the strange phenomenon that has more workers on the sideline and a great many switching jobs. But in this time of change, make sure to stay grounded and consider the impact on your finances both now and in the future.
    In particular:
    Priorities: Understand what is truly important to you now and in the future
    Savings: How long can your savings support you if you are out of work or switching jobs?
    Long-Term: Make sure to consider long-term effects of your current savings (or spending). You don’t want to short-change your future self.
    Leaving a job?: Make sure to consider benefits both at your current and future employer.
    Find out more about Mike athttps://www.mortonfinancialadvice.com/ ( https://www.mortonfinancialadvice.com) and connect athttps://www.linkedin.com/in/mwsmorton/ ( https://www.linkedin.com/in/mwsmorton/)

    • 23 min
    How Do You Tax Unrealized Capital Gains for Billionaires?

    How Do You Tax Unrealized Capital Gains for Billionaires?

    Today I discuss Congress’ proposal of taxing unrealized capital gains for individuals with over $1B in Net Worth. I’m curious how this will work and if the government will collect anywhere near the $250B that they predict. Matt Robison is an expert in public policy and capital hill, so it’s the perfect chance for us to discuss this topic.
    Enjoy the wide-ranging discussion on the intersection of public policy and personal finance!
    Find out more about Mike athttps://www.mortonfinancialadvice.com/ ( https://www.mortonfinancialadvice.com) and connect athttps://www.linkedin.com/in/mwsmorton/ ( https://www.linkedin.com/in/mwsmorton/)

    • 24 min
    Save Money With Smart Year-End Tax Planning

    Save Money With Smart Year-End Tax Planning

    It’s smart to review your tax strategy and planning to keep more money in your pocket. Use the checklist below as a starting point to see what might apply in your situation.
    Maximize contributions to your employer retirement accounts (401k, 403b, etc) ✅
    Maximize contributions to your Individual Retirement Accounts (IRA) ✅
    Top off your Health Savings Account (HSA) ✅
    Take your Required Minimum Distributions (RMD) ✅
    Consider making a Qualified Charitable Contribution (QCD) ✅
    Use a Donor Advised Fund to implement a bunching strategy. ✅
    Consider a Roth Conversion (or multi-year Roth Conversion strategy) ✅
    Tax Loss Harvesting: sell investments at a loss to offset gains. ✅
    Tax Gain Harvesting: sell gains if you are in a low tax bracket. ✅
    Make sure to use your Flexible Spending Account (FSA) money. ✅
    Can you defer income to 2022 to save on taxes? [might not be a good idea based on potential increasing tax brackets]✅
    You can give away 100% of your income as a Cash donation in 2021! ✅
    Find out more about Mike athttps://www.mortonfinancialadvice.com/ ( https://www.mortonfinancialadvice.com) and connect athttps://www.linkedin.com/in/mwsmorton/ ( https://www.linkedin.com/in/mwsmorton/)

    • 22 min
    Should you Invest in this Hot investment?

    Should you Invest in this Hot investment?

    Julie heard about a real estate investment idea on the radio and was curious: Should I invest in this advertisement?
    We break down the topic into two parts:
    Should you invest in Real Estate?
    How do you evaluate an investment opportunity that you are considering?
    Bottom Line Up Front:
    Yes, I believe that Real Estate has a place in a well-diversified investment portfolio.
    Pause, research, and understand how a potential investment fits into your strategy and goals.
    Find out more about Mike athttps://www.mortonfinancialadvice.com/ ( https://www.mortonfinancialadvice.com) and connect athttps://www.linkedin.com/in/mwsmorton/ ( https://www.linkedin.com/in/mwsmorton/)

    • 14 min

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