Twelve Days Quick Tips - Part 4
Daniel P. Johnson, CFP?, EA
Helping high-stress physicians enjoy life while their health, wealth, and time are at their peaks.
Day Ten
Gifting Deadlines
Out of an abundance of cautiousness, when making a financial gift to someone (non-charity), encourage the recipient to cash the check before the end of the year. I have been in CE sessions where this practice has been advised to avoid any issue of when the check was dated or postmarked. No reason to give the IRS an extra reason to look at your tax situation.?
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Day Eleven
Rocking Horse Investing
I’ve invented this term when it comes to investing. It simply refers to what sort of investing style you follow. Is it keeping your costs low and just following indexes? Or, is it constantly moving and paying higher fees with the hope of beating the indexes over time. Unfortunately, over 90% of professional most money managers fail to even match their indexes over a long period of time. Basically, they move around and go nowhere – like a rocking horse.
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Day Twelve
Super-Charge 401k Catch-Up
This was the topic I wrote about recently and it is simply a reminder of a new rule. It applies to those who will be 60-63 next year. You get a “Super-Charged” 401k Catch-Up contribution that is 150% of the normal Catch-Up. The total Catch-Up amount for those in this age group is $11,250 in 2025.
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