Episode 34
Top 5 Money Moves to Make Before the Ball Drops
Episode Description
In this final episode of 2024, host Jason Blumstein, CFA (aka Big Bo), CEO & Founder of Julius Wealth Advisors, is here to help you finish the year strong and set the stage for a winning 2025. With his signature mix of wit, wisdom, and practical advice, Jason dives into the Top 5 Money Moves you need to make before December 31st.
We’ll explore:
How to maximize tax-advantaged accounts like 401(k)s, IRAs, and HSAs
The power of tax-loss harvesting to turn losers into financial wins
Why budgeting is like watching game film — painful but essential
How to avoid leaving money on the table with FSAs
The impact of giving with intention and aligning your wealth with your values
And, in the Bo Know$ segment, Jason wraps up the year with a motivational finale, comparing your financial game plan to preparing for a Super Bowl victory. Learn how setting clear, intentional goals today can make 2025 your championship season.
If you’re ready to make smart, actionable moves and start the new year on offense, this is the episode for you. Let’s get after it!
Episode Transcript
Welcome back to The Big Bo $how! I’m your host, Jason Blumstein, aka Big Bo, CEO & Founder of Julius Wealth Advisors.
This is not just any episode — this is our final episode of 2024! It’s been a fun wild ride, and I can’t thank you all enough for tuning in, learning alongside me, and striving to take control of your wealth-building game this year. But we’re not done yet. We’ve got unfinished business to take care of. If you want to finish 2024 strong, if you want to hit January 1st with the momentum of someone playing offense — not defense — then this episode is for you.
Today, we’re diving into the Top 5 Money Moves you need to make before the ball drops. These moves are simple, they’re powerful, and most importantly, they’re actionable. This isn’t about complicated strategies or stuffy financial jargon — these are real, tangible steps you can take right now to set yourself up to put points up on the scoreboard for 2024, and for a winning in 2025 and beyond.
You see, I’ve always believed that building wealth is a choice, not chance. No one hands you success. You don’t stumble into financial security. You’ve got to make the right plays, take control of the process, and show up with intention.And that’s what today is all about. I’m going to break down these 5 critical moves across two segments — so grab a notebook, maybe some spiked eggnog (but, not too much), and stick with me, as this one is worth it.
And of course, I’m saving the best for last with the Bo Know$ segment — where I’ll share a bonus tip to help you pull it all together and head into 2025 with a championship mindset. So, let’s get to it. The clock is ticking, and there’s no time like right now to make moves that matter. Ready? Let’s go!
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All right. It's time to get after the final episode of 2024 Let's dive into it before the ball drops and discuss the first two of our top five money moves You need to make before December 31st. These are the kind of moves that set the stage for a strong finish to 2024 and give you the financial edge you need heading into 2025.
The first move max out your tax advantage accounts. Here's why this one matters so much. Contributing to accounts like your 401k, IRA, or even your HSA doesn't just help you grow your wealth. It's a smart tax planning strategy too. Think about it this way. The IRS is essentially giving you a chance to keep more of your money while investing in your future.
It's a no brainer. Let's start with your 401k. If you're working for a company that offers one, the contribution limit for 2024 is 23,000 or 30,500 if you're over 50. If you haven't hit that max yet, there's still time to boost your contributions before year end. Every dollar you put in not only reduces your taxable income this year, but also compounds over time for your future self at a minimum.
In my opinion, you should at least be contributing your employer match. That is the amount of money that if you put in dollar for dollar, your company will match it. That is free money. If you're not doing that, you're essentially leaving free money on the table. Then there's your IRA, whether it's traditional or Roth.
For most of you, the limit is 7,000 or 8,000. If you're 50 or older, even if you don't max it out now, contributing something before the deadline can still make a huge difference. And for my solo business owners out there, listen up because this next tool is a game changer that not enough people know about.
The Solo 401k. If you're self employed or run a side business without any employees, A solo 401k allows you to double dip on contributions. As the employee, you can contribute up to the 23,000 mark we discussed earlier, or 50 plus. But as the employer, you can contribute up to 25 percent of your net income.
That means for 2024 solo business owners can potentially sock away up to 69,000 or 76,500 if you're over 50. That's a massive opportunity to lower your taxable income and supercharge your retirement savings. What are you waiting for now? I know what some of you might be thinking Bo. I'm not even close to these limits.
How am I supposed to catch up? Let me tell you every little bit counts. Here's a quick example to show you what I mean Let's say you put an extra two thousand dollars into your 401k this month over the next 20 years That money can grow to nearly $7,700 assuming a seven percent annual return Or to put it another way, every extra dollar can amount to almost quadrupling.
In only 20 years, quadrupling. That's the power of compounding. The small moves today create big results down the line. So that's your first move. Max out those tax advantage accounts. Now let's shift to our second move, which is all about turning a loser Into a winner or exactly what my football coaches used to say about me the winning tax strategy for tax planning harvesting tax Losses if you got investments that didn't perform this year and let's be honest while markets did well this year It was mainly concentrated in US Large cap technology companies. So odds are potentially you have a loser in your portfolio. This is the time to turn them into a tax planning benefit. It's a concept called tax loss harvesting. And it's one of those strategies that pros use, but not enough everyday investors take advantage of. Here's how it works.
Let's say you have a stock or fund that's down this year. You can sell it and use those losses to offset gains from investments you sold that performed well. If your losses are greater than your gains, you can even deduct up to 3,000 against your ordinary income. And if you still have leftover losses, you can carry them forward into the future.
But here's the key. You've got to pay attention to what's called the wash sale rule That means you can't sell an investment for the loss and then immediately buy it back or something substantially identical within 30 Days, so plan carefully. Here's the beauty of this strategy. It's like turning lemons into lemonade Even if an investment didn't work out as planned you can still make it work for your overall financial picture So here's what I want you to do Look at your portfolio and identify any underperforming investments.
If you have gains to offset, consider selling some of those losers before December 31st. And don't forget to reinvest wisely if you're staying in the market. Just steer clear of the wash sale rule. Tax loss harvesting is one of those small but powerful plays that can save you money today and set you up for greater success tomorrow.
So there you have it. Two critical moves to make right now. Max out your tax advantage accounts and harvest your tax losses. Next up, we're diving into the next three money moves, including how to get your spending and budgeting on track for 2025. Stick with me. Because we're just getting started
All right, team, we're back and it's time for the next three money moves to make before the year wraps up. These moves are about tightening up your finances, maximizing what you've got and making sure you're entering 2025 like the MVP of your wealth building game.
Let's get into it. Number three, review your spending and budget for 2025. Let's be real. You can't win the game. If you don't know the score, reviewing your spending is like watching the film after a tough game. Sometimes it hurts. Sometimes it's hilarious, but it's the only way you can figure out what's working and what you need to do to get yourself better, here's what I want you to do.
Carve out one hour this week, grab your coffee, sit down with your bank statements, credit card bills, or any budgeting app you use, and ask yourself three simple questions. Number one, where did my money go this year? Spoiler, some of it probably went to places you didn't even realize. Number two, what did I spend on that wasn't worth it?
That gym membership you haven't used since January and those free trials that somehow turned into $19 a month, them loose. And number three, where can I improve for 2025? Whether it's cutting back on dining out renegotiating subscriptions or automating savings This is where you find your edge and here's the thing.
It's not about being perfect It's about being Intentional if you want to save more invest more or finally take that family vacation You've got to name it Plan it and put it on autopilot. At Julia's Wealth Advisors, I sit down with clients that I've been working with for years and new clients. And when we budget, it's a real eye opener.
Every time you want a pro tip, automate. Everything automate your savings so you don't have to think about it automate your investing automate your bills the future You will look back and say Man, i'm a genius Bottom line if you don't tell your money where to go, it's going to wander off and find some trouble Also known as dumb spending you regret take charge set that budget and hit 2025 with the game plan Now let's move on to number four Use up flexible spending accounts also known as fsa funds Now let's talk about a sneaky one your fsa or your flexible spending account This is the money you set aside tax free for medical expenses, but there's a catch It's use it or lose it.
My friends, if you don't spend it, it doesn't roll over. It doesn't get invested. And it sure doesn't come back to you with a bow on top of it. Let's put this into perspective. Imagine walking into your favorite pizza joint. Ordering a massive pie and then leaving half of it on the table. That's what happens when you don't use your FSA funds.
You're leaving money behind and we don't do that here. And I especially do not leave a half eaten pizza pie on the table. So here's the game plan. Number one, check your FSA balance right now, today. Number two, use it for eligible expenses. Get those prescription glasses scheduled at dental work you've been putting off and stock up on contact lenses.
That's one of my favorites. Or grab qualified over the counter items like bandages and first aid supplies. If you're listening and thinking, Bo, I don't even have an FSA. Well, consider this your wake up call for next year. If your employer offers one, opt in for 2025 if you can. It's one of those easiest ways to save money on out of pocket healthcare costs.
Don't leave your money on the table. Use it, or in this case, Alright, number five, giving with intention, with charitable contributions. Now, when we talk about charitable giving, a lot of people think, Oh, that's just for the tax breaks. And yes, the tax advantages are real, assuming you itemize. When you donate to a qualified 501c3 charity, you can conduct those contributions from your taxable income.
Again, assuming you itemize. But let's take it a step further. If you got appreciated stock, investments that have grown in value, you can donate those directly to charity. You'll avoid paying capital gains taxes on the growth, and the charity gets the full value of the donation. It's a double win. And if you're someone who likes to plan ahead, look into a donor advised fund, or a DAF.
A DAF lets you bundle multiple years worth of charitable giving into one year, which can help you maximize deductions while giving you flexibility to distribute funds to causes you care about over time. But let's be clear for me, giving isn't just about tax planning. It's about impact. It's about aligning your money with your values and leaving a legacy that matters.
Growing up, my grandfather Julius taught me a lot about investing in wealth, but he also taught me that money is a tool. You can use it to live, to build and to give back. So whether it's your time, your resources or your dollars, giving back as a part of the wealth building journey. Ask yourself this. What causes are close to your heart?
Who can benefit from your support this year? Make a plan to give. Because at the end of the day, success feels a lot better when you're sharing it. And boom! There you have it. The next three money moves. Review your spending and set your 2025 budget. Use up those flexible spending account funds. And give with intention.
Because impact matters. Now, let's stick around for the famous Bo Know$ segment, where I'll share a final bonus tip to tie this all together and help you build unstoppable momentum heading into 2025. Let's finish this year off strong. All
right team, it's time for everyone's favorite segment, the Bo Know$ segment. Where I give you that bonus play. You need to put everything together and finish the year. Like a champ. We've talked about maxing out accounts, harvesting tax dollars, cutting waste, using those FSA dollars and giving with intention.
But here's the truth. Even if you make all those moves, you're still just showing up to the game. If you really want to win, I mean, win big. You gotta do what championship teams do, set clear, intentional goals for 2025. Let me take it back to football for a second. When a team hoists that Lombardi trophy in February, everyone sees the confetti, the highlights, and the post game interviews.
But you know what you don't see? The preparation, the years spending grinding, the brutal practices, the offseason where nobody was watching. Think about Tom Brady, Peyton Manning, and any great quarterback. That Super Bowl victory started long before the season kicked off. It started with intention, with a goal to be the best, to execute relentlessly and to show up ready when the big moments came.
The same is true for building wealth, winning with your money in 2025 doesn't start in January. It starts right now. Financial goals down. So here's your bonus play. Take 15 minutes this week and write down three financial goals for the year ahead. Make them clear, make them measurable, and more importantly, make them tied to what truly matters to you.
Let me give you some examples to get the ball rolling. Save 10,000 for a family vacation by December because memories with your family, especially when they're young, are priceless, but the bill doesn't have to be another idea. Invest 2,000 a month into a brokerage investment account, steady consistent contributions when the game over time, just like a running back grinding for those three to five extra yards.
And another idea, pay off your credit card debt, because freedom starts with clearing the scoreboard, wiping out those high interest payments, and regaining control. Now, don't over complicate this. You don't need 50 goals. You need 3 that matter. The more goals you have, the more overwhelmed you'll feel, which will prevent you from obtaining any of them.
And here's the key, put a plan behind them. Automate your savings, schedule check ins, and keep your eye on the prize. You see, wealth building isn't flashy. It's not about hitting a Hail Mary or striking your rich overnight. It's about discipline. It's about execution. It's about showing up week after week, making smart, intentional plays until one day you look up and you're holding that championship trophy.
Whether that's early retirement. paying for your kid's college or living life on your terms. So here's the challenge I'm throwing down. Take those 15 minutes, write down your three goals. Studies show that if you write down your goals, you increase the probability of achieving them by 42%. So write down your goals, put them somewhere where you'll see them every day, your mirror, your desk, heck, make it a phone background.
Because when you prepare with intention, you don't just show up, you show up ready. Okay, so let's zap up the final episode of 2024. Let's recap those five money moves one more time so you're ready to make them happen. Number one, max out your tax advantage accounts. Number two, harvest tax losses to turn losses into winners.
Review your spending and set it your 2025 budget. That's number three. And number four, use those flexible spending account funds. Don't leave money on the table and number five give with intention because wealth isn't just about you It's about impact and don't forget the bonus play set your championship goals for 2025 Take action now because this is where winning begins right now Now here's my ask for you Don't just listen, do something.
The small step today can turn into massive success tomorrow. To everyone who's tuned in throughout this year and this episode. Thank you Thank you for showing up for pushing yourself to be better and for trusting me to be part of your wealth building journey The Big Bo $how wouldn't exist without you and I promise you Next year, we're taking things to a whole new level If you're ready to take your finances to the next level and you want a partner to guide you every step of the way We are Reach out to us at Julius wealth advisors.
You can give us a call at 201-408-4644. Send us an email to info@juluswealth.com or visit us online at www.Juliuswealthadvisors.com Let's work together to turn your financial goals into a reality. We've got big plans for 2025, more actionable strategies, potentially a video format and more ways to help you build wealth by choice.
Again, I'm Jason Blumstein, aka Big Bo, CEO and founder of Julia's Wealth Advisors, wishing you happy holidays. Let's finish this year strong, set your sights on greatness, and remember, Building wealth is a choice. She you in the new year. Let's make 2025 the year you win.
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