638-Asset Protection Planning for Mere Mortals - Part 11 - Wage Exemption Planning
Wages provide you with the financial fuel you need to build wealth. So it absolutely stinks when those wages are sucked up by your creditors in wage garnishments. So how can you protect your wages and keep them for yourself?
That's what we discuss today!
Joshua
- Listen to Episode 503: "How to Fight Nasty with Your Creditors and Win"
628-Federal Debt: The Ticking Bomb that No One is Willing to Defuse
We face a massive problem in the United States right now. Put simply:
- We are borrowing more money than ever before.
- There's no plan for us to borrow less money in the future.
- There's [almost] no mathematically sound plan that can be created to have us borrow less money in the future.
- No major, national politician is loudly, consistently talking about how we can spend/borrow less money.
- Rather, there are loud, vigorous, and strengthening forces moving in the direction of borrowing even more money.
The government has only three sources of funds:
- Taxation (bad for you if you earn money or have wealth)
- Borrowing (bad for you if you're a citizen, not an investor)
- Inflation (bad for you if you're a saver)
There's enough evidence for honest, careful people to predict the strong probability of future crises.
The problem is, we can't know when these crises will occur.
But it's time to start preparing.
Joshua
- "We've Never Had Deficits Like This During Peace and Prosperity Before" ...
627-Asset Protection Planning for Mere Mortals - Part 9 - Health and Education Account Exemption Planning
Today, we continue the Asset Protection series with an in-depth look at health and education accounts. Specifically, we cover:
- Health Savings Accounts / Medical Savings Accounts
- Flexible Spending Accounts
- Health Reimbursement Arrangements
- Qualified Tuition Programs (529 Plans)
- Coverdell Educational Savings Accounts
- UTMA / UGMA accounts
624-The 5 Possible Future Scenarios (from Fantastic to Catastrophic) and How to Plan for Them
The future will be one of the following:
1. Same as now or better
2. Similar to a recession
3. Similar to a depression
4. Similar to mad max
5. Void of humans due to asteroid hitting earth or similar calamity
622-Asset Protection Planning for Mere Mortals - Part 8 - Annuity Values and Annuity Payments Exemption Planning
In this episode of the Asset Protection Series, we do a deep-dive into annuities. Entry-level stuff at the beginning and some extra, hard-core bonuses at the end.
Joshua
617-Friday Q&A: Giving Money to Poor People, Contributing My Salary to my Wife's 401(k), Protecting Investment Accounts, Buying Term Life Insurance while FI, etc!
1:45 - How can I give nice gift to people who are poorer than I am without creating a power imbalance?
15:20 - Can I contribute my salary into a 401(k) plan for my wife in order to maximize our retirement account contributions?
28:05 - How can I protect my non-qualified investment accounts that are exposed to the claims of creditors?
44:30 - I don't "need" term life insurance because I'm financially independent. Should I still buy some?
51:00 - I'm following Dave Ramsey's baby steps and am almost out of debt; should I store up my emergency fund in a Roth IRA?
56:00 - I want to buy an investment that will pay for my new car instead of just burning all my cash on the car. How do I do that?
(For the context of any time-relevant comments relating to current events, this Q&A was recorded on 12/19/2018.)
616-If Missing One Paycheck is a Problem For You, You're Behaving Stupidly
Stop behaving stupidly with your money.
- NPR story: https://www.npr.org/2019/01/09/683519210/air-travelers-and-workers-may-feel-government-shutdown-effects
- SNL: Don't buy stuff you can't afford: https://youtu.be/Qb8hTzUoI54
610-Friday Q&A: State Competition in Asset Protection Planning, Education, Financial Planning While Pregnant, Is Patreon a Good Funding Option, and More!
2:45 - If you move from one state to another, do you have to start all over with your asset protection plan?
15:30 - How frequently does a state change its laws that relate to asset protection planning?
21:30 - What is the interplay between Federal regulations and State regulations?
23:35 - Is a 403(b) protected the same as a 401(k)?
25:30 - How have Joshua’s views on education changed in the last four years?
36:30 - What specific inspirational resources would Joshua recommend on the topic of education?
43:20 - How do you set financial priorities when you’re expecting a baby?
51:15 - How do you plan when you have a highly fluctuating income?
1:00:15 - How do you balance having a stockpile of cash while looking at big personal lifestyle expenses?
1:04:35 - Is Patreon a good option to monetize your website?
1:24:00 - Should our company add a Health Savings Account or Christian Healthcare Sharing Ministry option to our health plan?
