🔥The 9th Round of Easy Loan, Earn $40 Reward is in progress❗️ ⏰ Promotion Period: January 15th - Feburary 15th, 2025 👉 Register now and check more details at gate.io/campaigns/358

Gambling is the biggest waste of money.

Does your 401k have an “after-tax” account? If so, you can utilize the Mega Backdoor Roth strategy to contribute $40,000+ to a Roth account beyond the 2025 $23.5k employee contribution limit. It’s a great strategy to minimize taxes on growth for high earners:

My net worth recently hit $500k, but my car is only worth ~$6k. But I know people with $0 in the bank making $50,000 a year yet they buy $45,000 cars. I’m all about balance, but choosing a less expensive car than you want can really help build your wealth over time.

A lot of people complain that their annual bonuses are “taxed” at a higher rate. In reality, bonus income is just withheld at 22%. It’s taxed the same as your regular wages. When you file a tax return, wages + bonus are combined and reconciled against your total withholdings.