MalcolmEthridge.com

Individual Retirement Accounts (IRAs) are intended to be used as a savings and investment vehicle for retirement. And while it is not uncommon for workers to have a need to tap into this account prior to retirement, if you withdraw funds from your IRA before you reach age 59½, you could owe the IRS a 10% early distribution tax on top of the regular income taxes associated with a distribution from a traditional IRA.

There are, however, a few exceptions to the additional 10% tax. In this episode of Malcolm on Money Office Hours, I discuss the exceptions to the IRS’s 10% penalty on early withdrawals from IRAs, and shares how to go about claiming such an exception on your tax return.

How to Avoid the Early Withdrawal Penalty on IRA Distributions Individual Retirement Accounts (IRAs) are intended to be used as a savings and investment vehicle for retirement. And while it is not uncommon for workers to...

Health Savings Accounts (HSAs) are often referred to as a triple tax-advantaged savings and investment vehicle, due to their ability to allow tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses. Yet many Americans do not take full advantage of their potential.

Despite their immense tax advantages, HSAs remain underutilized and mismanaged by a significant portion of those who have them. Oftentimes, HSA owners treat them like a simple checking account to cover immediate medical expenses, failing to recognize their long-term benefits.

In this episode of Malcolm on Money Office Hours, I share my take on how to optimize contributions to an HSA, as well as some of the common mistakes HSA participants tend to make and how to avoid them.

You May Be Using Your HSA Wrong Final Health Savings Accounts (HSAs) are often referred to as a triple tax-advantaged savings and investment vehicle, due to their ability to allow tax-deductible ...

It can often be tempting to accumulate as much stock in your employer as possible- whether as a show of confidence in the future of the company, or as a means to accumulate wealth quickly.But when you decide to join your finances with a spouse or partner, in addition to determining if and how you'll merge your various checking and saving accounts, it's also important to determine how you'll approach investing as a couple.

In this episode of Malcolm on Money Office Hours, I make the case for why it's important to take some chips off the table along the way, as well as use the shares that you've accumulated as part of your total compensation package to achieve some of your bigger financial goals. While there's no problem with maintaining a position in your company's stock, you want to make sure that no one security represents more than 20% of your overall net worth at any point.

Just Because You Feel Optimistic About Your Companies Stock Doesn't Mean Your Spouse Does It can often be tempting to accumulate as much stock in your employer as possible- whether as a show of confidence in the future of the company, or as a mean...

Did you miss me on CNBC's Closing Bell earlier today discussing the recent pullback in Nvidia's shares and what that might mean for the rest of big tech?

Not to worry. Just click the link below to catch the replay.

CNBC News Interview 062124 To subscribe to the MalcolmOnMoney newsletter and receive more content like this, click HERE:http://www.malcolmethridge.com/newsletter-signup-formTo schedule...

Right now, at this very moment, a growing number of employers are offering some of their more tenured workers large, lump sum payments to turn in their key cards and credentials and retire early.

Especially for those who work in fields like tech, or maybe finance, where companies are currently trying to reduce headcount as a way to show Wall Street they mean business when it comes to controlling costs and exercising some fiscal discipline.

In this episode of Malcolm on Money Office Hours, I lay out the key things to consider when reviewing an early retirement offer from your employer, as well as how to know whether you are actually ready to accept it.

https://youtu.be/q2hWmBYoe9s?feature=shared

Don't Let the IRS Take Your Inheritance With all of the recent changes to the rules surrounding inherited retirement accounts, it can be tough to figure out what, exactly, you are required to do to...

If you haven't already, be sure to grab your copy of "Financial Independence Doesn't Happen by Accident."

This book is the culmination of my experience as a Certified Financial Planner, aimed at empowering first-generation wealth creators to develop their own financial independence plan.

In it, I share some practical insights, proven strategies, and real-life examples of how to maximize savings, minimize tax liabilities, and invest wisely on the road to financial independence.

https://www.amazon.com/Financial-Independence-Doesnt-Happen-Accident/dp/1963911172/ref=sr_1_3_sspa?crid=19BV1K2F8WRTM&dib=eyJ2IjoiMSJ9.7zEnc-XRZv9QZX--RtUr9ApzbpVL7nG-4W06qwM5A_aXPMx4DIFoVJkSjxiltSgEfbaKidov6vGI7LhZ_NOvXqr6-sUgoBkoAvgTlqYt3LOludn27zpV_-KJ_t_mJL3OcKIdqucIYVXLID97JjvnAnyXpEv4NNZ_nbndQmlo38Mm2SJj72EN82lo63Ej-u2U0WfKmOSjhlf1f_6K6tLq0yTib5gPksrx2ds4Vz5IwWOORlZngkD8vd3yQJ7GGilIrro5fpNz1Te1s13qBh2YgkcNw0bTnMYMA2Kw4It1Inc.g4hplUjqlcOtTSu6DQ9As6j9TXXbKCqA82M-WYPQU2o&dib_tag=se&keywords=financial+independence&qid=1718650348&sprefix=financial+independence%2Caps%2C83&sr=8-3-spons&sp_csd=d2lkZ2V0TmFtZT1zcF9hdGY&psc=1

With all of the recent changes to the rules surrounding inherited retirement accounts, it can be tough to figure out what, exactly, you are required to do to stay on the right side of the IRS.

However, By understanding the rules around inherited retirement assets, you will be better equipped to avoid costly mistakes, like early withdrawal penalties.

In this episode of Malcolm on Money Office Hours, I share a few things to be aware of if you have just inherited a retirement account from a loved one, as well as advice on how to keep from giving close to 50% of it over to the IRS unnecessarily.

Don't Let the IRS Take Your Inheritance With all of the recent changes to the rules surrounding inherited retirement accounts, it can be tough to figure out what, exactly, you are required to do to...

My latest blog post: Before You Sell Your Investment Property, Consider a 1031 Exchange Instead

For real estate investors with portfolios spanning several decades, the decision to sell a property can present a significant financial dilemma. On one hand, the allure of capitalizing on a property's appreciated value is tempting. On the other hand, the tax implications of a sale can eat away at any projected financial gain.

Alternatively, a tax-deferred exchange (commonly referred to as a 1031 exchange) can offer a strategic advantage for mitigating the potential tax burden of unloading an investment property that has appreciated in value. A 1031 exchange can also be used to facilitate a stable source of income in retirement, as well as allow an investor to simplify their estate plans.

Before You Sell Your Investment Property, Consider a 1031 Exchange Instead — Malcolm Ethridge - Certified Financial Planner for Executives in Tech - Washington, D.C. For real estate investors with portfolios spanning several decades, the decision to sell a property can present a significant financial dilemma. On one hand, the allure of capitalizing on a property's appreciated value is tempting. On the other hand, the tax implications of a sale can eat away at an

My latest blog post: How to Avoid Making a Mistake When Rolling Over Your 401k Into an IRA

If you recently changed jobs or are currently considering an offer for a new one, you have probably thought about your new salary and benefits package, the commute, and perhaps even how you will reward yourself for a job well done. However, there is a good chance you may not have given much thought to what you will do with the money accumulated in your former company’s 401(k) plan.

If you’re changing jobs or retiring, it’s important to know the rules regarding moving funds from your employer sponsored retirement plan. Because once you’ve submitted the rollover paperwork, the toothpaste is out of the tube, and there’s no going back.

How to Avoid Making a Mistake When Rolling Over Your 401k Into an IRA — Malcolm Ethridge - Certified Financial Planner for Executives in Tech - Washington, D.C. If you recently changed jobs or are currently considering an offer for a new one, you have probably thought about your new salary and benefits package, the commute, and perhaps even how you will reward yourself for a job well done. However, there is a good chance you may not have given much thought

My latest blog post: Everyone Wants to Create Generational Wealth, but What Does That Actually Mean

In discussions about building a financial legacy, the words “generational wealth” have become almost meaningless. This term has morphed into a buzzword that is casually tossed around in conversations ranging from estate planning, meme stock investments and cryptocurrencies, to the purchase of real estate or insurance.

But beyond the allure of long-lasting riches, what does creating generational wealth truly entail? At its core, generational wealth refers to assets being passed down from one generation to the next, ensuring financial security and providing opportunities within families. However, generational wealth is not entirely about money or financial assets; it also includes intangible assets such as education and professional networks.

https://www.malcolmethridge.com/blog-feed/everyone-wants-to-create-generational-wealth-but-what-does-that-actually-mean

Here's How to Handle an Unexpected Financial Windfall — Malcolm Ethridge - Certified Financial Planner for Executives in Tech - Washington, D.C. Receiving an unexpected financial windfall can be a life-altering event. Whether an inheritance, lottery winnings, legal settlement, sale of a business, or a substantial bonus from your employer, such a spike in your cash flow can be just as overwhelming as it is exciting. Though it may not seem lik

New Episode Alert 🎧📲

In this episode of Tech Money Live, I sat down with special guest, Ryan Rasmussen, of Bitwise Asset Management to discuss cryptocurrency as an entire asset class beyond Bitcoin.

82. Beyond Bitcoin: Is there More to Crypto? Quickly and easily listen to The Tech Money Podcast for free!

My latest blog post: Data Centers May Prove Just as Valuable as Chips in the AI Arms Race

In a stock market fueled by excitement over artificial intelligence (AI) and its potential, much attention is paid to the advanced microchips used to power these ever-evolving technologies. However, the unsung heroes of AI’s rapid evolution are the data centers that form the backbone of this industry.

As big tech companies such as Microsoft, Amazon, Alphabet, META, and others race to dominate the AI landscape, the importance of data centers has become increasingly evident, arguably surpassing microchips in certain aspects.

https://www.malcolmethridge.com/blog-feed/data-centers-may-prove-just-as-valuable-as-chips-in-the-ai-arms-race

Here's How to Handle an Unexpected Financial Windfall — Malcolm Ethridge - Certified Financial Planner for Executives in Tech - Washington, D.C. Receiving an unexpected financial windfall can be a life-altering event. Whether an inheritance, lottery winnings, legal settlement, sale of a business, or a substantial bonus from your employer, such a spike in your cash flow can be just as overwhelming as it is exciting. Though it may not seem lik

My latest blog post: Here's How to Handle an Unexpected Financial Windfall

Receiving an unexpected financial windfall can be a life-altering event. Whether an inheritance, lottery winnings, legal settlement, sale of a business, or a substantial bonus from your employer, such a spike in your cash flow can be just as overwhelming as it is exciting. Though it may not seem like much of a problem to come into a lot of money all at once, it certainly requires a plan to make sure that it not only lasts but also helps to enhance your overall quality of life.

Sudden wealth has the power to transform the lives of those who receive it, with outcomes ranging from positive to negative or somewhere in between. This potential transformation is due to the number of decisions that come along with receiving a large sum of money. Each decision carries the possibility to either squander the funds or use them productively, enhance overall happiness or diminish it, and strengthen personal relationships or undermine them.

Here's How to Handle an Unexpected Financial Windfall — Malcolm Ethridge - Certified Financial Planner for Executives in Tech - Washington, D.C. Receiving an unexpected financial windfall can be a life-altering event. Whether an inheritance, lottery winnings, legal settlement, sale of a business, or a substantial bonus from your employer, such a spike in your cash flow can be just as overwhelming as it is exciting. Though it may not seem lik

Attention Facebook friends and family! I am thrilled to share that my book, "Financial Independence Doesn't Happen by Accident," is officially being released today. You may now order your copy in either hardcover or paperback at the web address below, so tell a friend to tell a friend.

This book is the culmination of my experience as a Certified Financial Planner, aimed at empowering first generation wealth creators to develop their own financial independence plan. In it, I share some practical insights, proven strategies, and real-life examples of how to maximize savings, minimize tax liabilities, and invest wisely on the road to financial independence.

Books — Malcolm Ethridge - Certified Financial Planner for Executives in Tech - Washington, D.C. The Covid 19 pandemic brought with it a rethinking of the way we work and live. But while more people are now talking about financial independence and their wish to achieve it, they are leaving out the planning and intentionality that must go along with that desire.