Hey y'all! I'm Daniel, a 17 year old guy from Hungary who's looking to start an SMMA on August 1st. Joined this group because I don't know much about how taxes and stuff work, would love to learn about that, as well as expand my network even further!

🌟 The Strategic Roth Conversion Approach 🌟 Heard about Roth conversions? It is ONE of the great strategies to shift your money into tax-exempt bucket to build up your wealth. (Note: "Tax-exempt" is only for personal income tax. Unfortunately, as long as this bucket of money is still under your name, it WILL be subject to Estate Tax, or even inheritance tax if your heirs live in the state which this tax is levied). We will talk about those in another post. 🤔 Here's how to do it strategically: Estimate Your Tax Situation 📝: Start by evaluating your current and future tax scenarios. The goal is to convert just enough that year to remain in your current tax bracket, avoiding a jump to a higher one. Yes. You HAVE TO pay tax on that amount dollar by dollar that year. Note, you don't need to write a check physically to anyone. But it will be added to the taxable income and your tax return will reflect the tax you pay for that amount. i.e. you have to pay tax on the entire amount to IRS. For instance, if your taxable income is $80,000 and you're in the 24% tax bracket, you could convert $20,000 from your traditional IRA to a Roth IRA. This would incur $4,800 in taxes, but you'd stay within the 24% bracket. 📊 That $20,000 would then grow tax-free for life! 🌱💰(please reference the actual tax table; the numbers are for illustration purpose only) Take control of your financial future with strategic planning! 💪📈 P. S. For education purpose only, Not CPA, no legal or tax advice. #RothConversion #TaxPlanning #FinancialFreedom #KaizenWealthSolutions #TaxFreeGrowth #SmartInvesting

🌳 As the Chinese proverb says. "The Best Time to Plant a Tree Was 20 Years Ago. The Second Best Time is Now." We all know this famous proverb. "The best time to plant a tree was 20 years ago." The message is clear - the optimal time to take action on long-term goals was in the past. But dwelling on missed opportunities is unproductive. The real question is, what can we do today to create a better future? The reality is, the second best time to plant that tree is right now. 📆 No matter where you are in your personal or professional journey, the most important step is to start taking action today. Whether your goal is to improve your finances 💰, advance your career 💼, or work towards a bold, transformative vision - the time to begin is now. Start Reading, Start Learning 📚 The journey of a thousand miles begins with a single step. The first step towards any meaningful change is to start educating yourself. Read books, listen to podcasts, and seek out mentors in your field of interest. Knowledge is power, and the more you learn, the better equipped you'll be to make progress. Don't forget to take imperfect action! Crunch the Numbers, Assess Your Situation 🔢 It's easy to get caught up in wishful thinking about the future. But true progress requires a clear-eyed assessment of your current reality. Take the time to gather financial statements, review your savings and investments, and get a handle on your income, expenses, and net worth. This data will be essential for setting realistic goals and a roadmap to achieve them. Dream Big, Set Audacious Goals 🎯 Once you understand your starting point, it's time to envision your ideal future. Instead of looking at what your life looks like in 5 years, what about 20 years, or even 50 years? You need to make full efforts to prepare your older adulthood. Don't be afraid to dream big and set "bold, hairy audacious goals" (BHAG) that stretch your imagination. These aspirational targets will fuel your motivation and focus your efforts in the years to come.

Let's get to know each other! Comment below sharing where you are in the world, a photo of your workspace, and something you like to do for fun. 😊