The Financial Starting Line – Net Worth, 529 to Roth IRA and Q&A | Episode 003

In this episode of Mark’s Money Mind, host Mark Trautman, CFP® discusses his upcoming participation as a case study panelist at the EconoMe Conference.

The episode is divided into three segments: a money lesson on creating your own net worth statement, a personal experience with rolling over a 529 plan to a Roth IRA under the new SECURE 2.0 Act provision, and a listener question regarding whether to switch from a traditional 401k to a Roth 401k and considerations for buying a house. 

Mark provides a comprehensive breakdown of calculating and interpreting net worth, shares insights from his experience with new legislation affecting 529 plans, and offers thoughtful considerations on Roth 401k contributions and the financial implications of homeownership.

Send your questions to [email protected] (put “Podcast Question” in the subject line)

Episode Links:

EconoMe Conference

Charles Schwab Personal Net Worth Worksheet

State Income Tax Treatment on 529 Distributions to Roth IRAs

Timestamps:

• 00:00 Introduction and Welcome
• 00:25 Upcoming EconoMe Conference and Case Study
• 04:26 Introduction to the Three Parts of the Show
• 06:03 Deep Dive into the Net Worth Statement
• 11:31 Understanding Assets in a Net Worth Statement
• 19:30 Understanding Liabilities in a Net Worth Statement
• 22:19 Calculating Your Net Worth
• 28:37 Rolling Over 529 Assets into a Roth IRA
• 33:44 The Process of Rolling Over Funds from a 529 plan
• 37:35 The Reality of the Transfer Process
• 40:10 State Tax Implications of Non-Qualified Distributions
• 44:37 Listener Question: Roth 401(k) and House Purchase
• 01:03:25 Closing Remarks and Show Disclaimers

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