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Your Financial Thermometer

When Mrs. Accountant and I got married we had a bucket list. Most items on the list are private and irrelevant to the story at hand. The one item on the list I will share is our desire to have foster kids early in our marriage.

The goal was to help foster kids at a higher level than the average foster home. We also wanted to have foster children early in our marriage out of concern for having foster children after we had our own children.

Mrs. Accountant and I realized our goal. Several foster kids were placed in our home over three years. Rather than collect a stipend (the county paid us $1,000 per child per month tax free!) and ram as many kids through as possible for some quick squid, we planned on helping these kids get the start they deserved in life.

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New Tax Law Changes Dangerous to Your Wealth

On a recent ChooseFI podcast where I was the guest speaker I mentioned the possibility the backdoor Roth and her sister tax strategy, the laddered Roth, could be going away. Many people heard me say it WAS going away. That is false. It is only a proposal at this time.

Because so many potential tax law changes now whispered in the halls of Congress have the potential to cause great damage to those in retirement or working an accelerated program toward financial independence (FI), now is the perfect time to review those with the highest possibility of happening. A word of caution before we begin. These are only ideas floating around Congress. They are NOT current tax law! Not all ideas whispered in the halls of Congress become law, but all laws start as a whisper in the halls of Congress. There is a difference.

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