Optimizing Your Taxes with an Individual 401(k) | Aaron Goldberg & Zach Miller
Description
As a professional golfer, tax optimization is one of the most important areas of your wealth to address. While investments are a crucial part of growing your overall net worth, the savings you could see on tax optimization could completely blow out of the water any of your annual investment returns.
In this week’s episode, Aaron is joined by Super Bowl champion, 8-year NFL veteran and AWM colleague Zach Miller to discuss some of the strategies for professional athletes to optimize their tax situation, and weigh the pros and cons of a SEP IRA vs an Individual 401(k). Make sure to listen to find out the one thing to look for to see if your financial advisor is tailoring your plan like a pro, or treating you like the general public.
Episode Highlights
- The importance of taxes (1:38 )
- Investments are a great part of your financial picture and we want to do our best on the investment side, but we're paying 50% in taxes in most places…If we can optimize those taxes, that's going to completely blow out of the water any investment returns.” – Aaron Goldberg
- SEP IRA vs Individual 401(k) (2:36 )
- The 3 reasons why you’d want to use an Individual 401(k) (3:16 )
- Zach’s experience with endorsement income (7:56 )
- What professional athletes should consider to have tax savings in the future (11:46 )
United States
