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
Health = Money = Time  |  Phil Pearlman - E79 [not-audio_url] [/not-audio_url]

Duration: 50:17
In episode 79 of The Best Interest Podcast, host Jesse Cramer discusses the intricate relationships between health, wealth, and time with guest Phil Pearlman. Jesse starts with his usual monologue, explaining and establi…
A Market Crash is Coming! (…Eventually) | Peter Lazaroff - E77 [not-audio_url] [/not-audio_url]

Duration: 56:18
Peter Lazaroff is the host of The Long Term Investor podcast and serves as the Chief Investment Officer at PlanCorp, a registered investment advisory in St. Louis. On today's show, Jesse and Peter talk about the cognitiv…
Don't Make Your Own Pizza?! | Jared Dillian - E76 [not-audio_url] [/not-audio_url]

Duration: 53:02
Jared Dillian is a former Wall Street trader at Lehman Brothers, an author of 4 books, and daily writer a newsletter for financial professionals called The Daily Dirtnap. He's sharp, witty, and brings great energy to tod…
Growth Mindsets to Afford Anything | Paula Pant - E75 [not-audio_url] [/not-audio_url]

Duration: 52:39
Paula Pant writes, podcasts, and speaks on financial independence, money management, and financial literacy. As the host of the Afford Anything Podcast, Paula has racked up more than 30 million downloads, ranking the sho…
Picking Stocks - Does It Ever Work?!  |  Brian Feroldi - E74 [not-audio_url] [/not-audio_url]

Duration: 57:59
Brian Feroldi is a prolific creator in the financial education space, having written over 3000 articles for the Motley Fool, published a book, "Why Does The Stock Market Go Up?", and actively posting to his YouTube Chann…
The Unspoken Strain of F.I. | Diania Merriam - E71 [not-audio_url] [/not-audio_url]

Duration: 54:08
Diania Merriam is the founder of the EconoMe Conference, an exclusive gathering for the FIRE community (financial independence, retire early). Inspired by FIRE, Diania hit an impressive 60% savings rate and retired at 33…