Financial Order of Operations | Episode 007

This episode introduces the concept of the financial order of operations, providing a systematic approach to managing personal finances, including prioritizing credit card debt repayment, building an emergency fund, participating in employer retirement plans, and investing in health savings accounts (HSAs), IRAs, brokerage accounts, and 529 plans. Mark emphasizes the importance of tax diversification and offers thoughts on choosing between Roth and traditional retirement accounts based on one’s tax bracket. This episode is a comprehensive guide for beginners and those Continue Reading →

Navigating Your Tax Return and The One-Page Financial Plan | Episode 006

In this episode Mark guides you through a comprehensive walk-through of the 2023 Form 1040 U.S. Individual Tax Return explaining each section in detail. Additionally, he introduces the concept of a one-page financial plan for efficient tax planning, emphasizing lifetime versus annual tax minimization.  He addresses a listener question, offering insight on maximizing ACA subsidies and creating income and cash flow without impacting premium subsidies.  The episode also suggests tax planning tools and resources for 2024. Episode Links: IRS Form Continue Reading →

Finding Your Tribe | Episode 005

This episode explores the intertwining narratives of embracing community connections, building impact through financial independence events, and the significance of finding your tribe.  Through personal experiences, dialogues, and insights, it underscores how community support, events like CampFI, FinTalks and the FI Freedom Retreat, and continuous learning shape individuals’ paths towards financial independence and personal growth. Enjoy listening to an interview from the FinTalks cruise in January 2024 with Amberly Grant, Amy Minkley and Stephen Baughier as well as four bonus Continue Reading →

The Financial Speedometer: Tracking Your Income & Expenses | Episode 004

In this episode, Mark discusses the process of creating an income and expense statement to track and manage personal finances. He provides detailed guidance on gathering financial information, organizing it, and analyzing it to improve savings and spending habits.  Mark also answers a listener question sharing his experience with the “fun bucket” as a mechanism to rewire the mindset from accumulation to spending in retirement. Send your questions to Mark@MarksMoneyMind.com (put “Podcast Question” in the subject line) Episode Links: Quicken YNAB Spending Continue Reading →

The Financial Starting Line – Net Worth, 529 to Roth IRA and Q&A | Episode 003

In this episode of Mark’s Money Mind, host Mark Trautman, CFP® discusses his upcoming participation as a case study panelist at the EconoMe Conference. The episode is divided into three segments: a money lesson on creating your own net worth statement, a personal experience with rolling over a 529 plan to a Roth IRA under the new SECURE 2.0 Act provision, and a listener question regarding whether to switch from a traditional 401k to a Roth 401k and considerations for Continue Reading →