529 Plans Aren't Worth It?! (And Other Important Tax Thoughts) | Sean Mullaney aka The FI Tax Guy - E69

529 Plans Aren't Worth It?! (And Other Important Tax Thoughts) | Sean Mullaney aka The FI Tax Guy - E69

Author: Jesse Cramer December 6, 2023 Duration: 55:10

Sean Mullaney is the FI Tax Guy (FI = Financial Independence). He's a financial planner and the president of Mullaney Financial and Tax Incorporated which offers fiduciary, fee-only, and advice-only financial planning. In this episode, Jesse dives deep on capital gains taxes, while Sean and Jesse dissect the Roth vs. Traditional debate, the efficacy of 529 Plans, and how to think about changes to the tax code coming in 2026. 

 

Key Takeaways:

  • What are capital gains?

  • How to calculate capital gains, and the taxes on them.

  • The NII tax explained. 

  • 10 ways to make the most of your capital gains.

  • What is tax planning and how can you get started?

  • How taking care of your financial future will also take care of your child's.

  • Which accounts might be "shiny objects" and which ones will serve you well. 

  • What change is coming to the Internal Revenue Code in 2026, and how to prepare.

 

Mentions:

🌐 Website: https://fitaxguy.com/ 

👉🏼 LinkedIn: https://www.linkedin.com/in/seanwmullaney/ 

🌐 YouTube: https://www.youtube.com/@SeanMullaneyVideos 

🌐 Twitter: https://twitter.com/seanmoneyandtax 

📚 Capital Gains Taxes 101: https://bestinterest.blog/capital-gains-taxes-101/ 

📚 (Sean's) Traditional versus Roth: https://fitaxguy.com/traditional-versus-roth-2023/ 

📚 (Jesse's) Traditional versus Roth: https://bestinterest.blog/roth-is-better-than-traditional/

📚 Time to Stop 401(k) Contributions?: https://fitaxguy.com/time-to-stop-401k-contributions/ 

📚 Traditional 401(k) are Fine for Most Americans (Really!): https://fitaxguy.com/traditional-401k-contributions-are-fine-for-most-americans-really/ 

📚 Year End Tax Planning: https://fitaxguy.com/2023-year-end-tax-planning/ 

 

More of The Best Interest:

Check out the Best Interest Blog at bestinterest.blog

Contact me at jesse@bestinterest.blog

 

The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Jesse and The Best Interest Podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc. and their services. 


Navigating the world of money can feel overwhelming, with a constant stream of conflicting tips and trendy, quick-fix schemes. Personal Finance for Long-Term Investors-The Best Interest cuts through that noise. Host Jesse Cramer brings a unique perspective to the conversation, transitioning from his background as an aerospace engineer to his work as a fiduciary financial advisor. This podcast is built on the principle that genuine wealth isn't built overnight through speculation, but through consistent, well-reasoned decisions made over decades. Each episode delves into the mechanics and mindset required for that journey, exploring topics like retirement planning, intelligent investing, and the behavioral aspects of managing money. You'll find discussions that go beyond surface-level advice, examining the "why" behind proven strategies and how to apply them to your own life. The tone is conversational and grounded, avoiding financial jargon in favor of clear explanations. It’s a resource for anyone tired of the hype and seeking a sustainable path forward. By focusing on evidence-based ideas and patient execution, this podcast aims to provide listeners with the tools and confidence to build a secure financial future on their own terms. Tune in for a thoughtful, long-term approach to personal finance that prioritizes your best interest.
Author: Language: English Episodes: 100

Personal Finance for Long-Term Investors
Podcast Episodes
Reviewing Warren Buffett's Latest Shareholder Letter - E49 [not-audio_url] [/not-audio_url]

Duration: 52:38
So what did Warren Buffett mean by silver tongued demagogues and slaying dragons? Jesse sits down with Rob Bradley, a fellow Berkshire Hathaway shareholder and CFP in Rochester, NY, to discuss the wealth of knowledge beh…
Money is Simple...But Not Easy - E48 [not-audio_url] [/not-audio_url]

Duration: 22:04
Truth be told, personal finance is simple. There's only a small number of foundational rules and a sprinkle of middle school math involved. But our natural human short-comings make personal finance difficult to enact. So…
Is There a "War on Merit?" featuring The Financial Samurai - E47 [not-audio_url] [/not-audio_url]

Duration: 34:25
While the idea of living in a meritocracy is desirable, as it rewards those who do better, is it prevalent in today's society? With 25% of American households making less than $30,000 a year, do billionaires really offer…
9 Science-Backed Tips For Your 2023 Finances - E46 [not-audio_url] [/not-audio_url]

Duration: 46:18
2022 was a unique year for investors. Let's compare last year's bond and stock performances with historical trends to paint a bigger picture. Looking ahead to 2023 and beyond, there are reasons to be optimistic. Next, un…
A Terrific Interview - Jesse Cramer on "The Struggle is Real" - E45 [not-audio_url] [/not-audio_url]

Duration: 57:01
Big thanks to Justin Peters, from The Struggle is Real podcast, for allowing me to share this episode. A few months ago, Justin and I sat down to discuss helping young adults with their personal finances. We had a great…
Omission and Paralysis - E43 [not-audio_url] [/not-audio_url]

Duration: 25:43
On this episode of the podcast, we discuss the hidden dangers of "analysis paralysis" in personal finance. And we discuss the "omission vs. commission" problem in investing. Does "doing nothing" absolve you of financial…
Lollapaloozas - E42 [not-audio_url] [/not-audio_url]

Duration: 34:05
On this episode, we talk about rogue waves, rogue markets, and paying off debt. We also answer 4 cool listener questions, covering: - credit cards - how to invest $100K - if current economic conditions are affecting my i…
Kanye West and Reader Questions - E41 [not-audio_url] [/not-audio_url]

Duration: 30:25
This episode features thoughts on Kanye West, and detailed answers to two terrific reader/listener questions. A few links: Original Kanye article: https://bestinterest.blog/kanye-broker-than-me/ ChroniFi podcast: https:/…

«1...678910