This is the lesson Ryan Holiday taught in his article. He says he has calendar anorexia. He keeps plenty of open space on his calendar so he has time to create and think. He warns us to about people who want “just 15 minutes of your time.” In my profession we call this the “quick question.” And as every seasoned tax professional knows, quick questions do not have quick answers. And there goes another day, a day you never get back.
They call it flyover country, that central part of America people overlook on their way to another destination. The thought is that there is nothing to see down the backbone of America. But you would be wrong if thought that way. And the best way to see the heart of America is with a road trip.
Take the richest person on the planet alive today and compare this person with any other. Does the richest person have more talent? Maybe. Inherit much of their money? Possibly. Compared to every parameter the richest person alive today might have an advantage over you, save one: time. Both you and the richest person alive have exactly the same amount of time every day. No one has an advantage. Or do they?
The message is clear: You do not need extraordinary luck. You already won the ovarian lottery, as Warren Buffett likes to say. You are alive, reading this. You already won. From here you can create a meaningful life. The tools for building that meaning and growing it to greater heights is gathered from those who have already found meaning in their life.
The solution to too much or too little weight is solved with generally the same strategies. There are three things needed to maintain an ideal weight: diet, exercise and sleep. Do it right and you stand a good chance of living a long time. Do it right and you increase your chances at high levels of health and happiness. Do it right and your level of happiness should go up significantly. Do it right and you will truly be wealthy.
Personal factors, your tax bracket, expected future income and when you plan on retiring all play a role. The answer isn’t as simple as playing the tax bracket game (convert be low a certain tax bracket only).
Other considerations can affect you taxes down the road. Even Medicare premiums are an issue. A high required minimum distribution (RMD)(currently starts at age 72, but pending legislation will gradually raise that to 75, if passed) can cost more than just a tax bill. It can also increase your cost for Medicare.
The best way to handle a Roth conversion discussion is to break it into two parts: the conversion phase and the retirement phase.
How do you invest during times of war? Do you change investing strategy during periods of heightened geopolitical tensions? These and similar questions need to be asked by wealthy people and those wishing to become wealthy.
The most overlooked trick to growing wealth is right before your eyes. You can literally get rich doing anything.