Hope you’re off to a fabulous new year.

I had a client came to me with both W2 and 1099 income and wanted a review of his monthly cash flows, accounts, investments, and tax strategy.

He already had a 401k through his company, but his employer plan had very limited selections for investments. He was investing in a separate (taxable) brokerage account. 

On our call, I went through the following: 

1. Identified that he would be a suitable candidate for a solo 401k, which he was not aware of previously. This meant he was paying more tax than needed on his investments. 

2. Defined the best order of investing for him (example - $XXXX to roth IRA until maxed, then $XXX/mo to HSA) based on his monthly income and pay schedule 

3. Recommended that he leave ETFs inside his individual brokerage account because we want to leave  tax-efficient investments in there

4. Recommended that he move his growth stocks into Roth 

5. Reviewed his self direct investing activity and told him which investment are more suited for long term play 

6. Recommended him a portfolio allocation of ETFs/dividends/REITS/individual equities based on his short term and long term goals. Not going to disclose because it is based on age and risk tolerance. 

Took me less than one hour of reviewing his accounts and investments to come up with this strategy and I was able to save him at least 3-4k of taxes right off the bat, exclusive of any investment gains that he would get from the portfolio rebalance.

If you’re a high earner (150-200k+) or you have an invested portfolio balance >150k, and you’re looking for individual personal finance, investing, or tax financial advice, book a call with me here.

You will get a CPA, financial, and investment advisor in one. You typically have to hire these professionals separately.