Short YouTube monologue by Dan Novaes advising viewers to use pre-tax retirement contributions to reduce taxable income and grow wealth. Uses an example: contributing $5,000 in a 24% tax bracket reduces taxes owed by $1,200. Encourages following for more tips.
$1,200
$5,000
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Here's the overlooked angle. Tax Savings Every single dollar you contribute pre tax lowers your taxable income. That means the IRS is essentially funding part of your retirement. Example, if you contribute $5,000 and you're in a 24% tax bracket, that means that you will owe $1,200 less taxes to Uncle Sam at that time in that year. You're using a tax code to grow wealth without feeling the hit. This is something you should definitely be doing. You do not need to starve yourself to retire rich. You just need to stop ignoring the free money sitting in front of you. If you want to get more of this, follow us and get all of our for free.
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