Money is a precious resource that must not be wasted. It isn’t easy to collect those dollars, so they should be saved, invested, and spent with maximum efficiency and thoughtfulness. Between investing and spending comes withdrawals. Since most of us have money tied up in multiple accounts, it makes sense to take money out strategically so your tax bill is minimized.
UPDATE: Comments on this post led to a sequel post. Read it here.
My life as a worker bee is long over and Mindy’s will be over soon. At that time, we’ll pivot from saving to cashing in our investments.
This is a thought exercise about our situation, but I hope it helps you too. Our goal is to withdraw money in the most tax-efficient way possible. More money for me, less money for Uncle Sam.
Assumptions
- Mindy no longer works: We’ll have no income besides social security which we’d take at age 70.
- Tax rates will go up: Politicians in the United States have been cutting a lot of taxes lately, but not cutting spending. What could possibly go wrong?
Our Money Situation
Currently, here is where our money sits:
- Post-tax: $1,050,000, These are mostly stocks that I purchased before I learned about index funds. Thanks JL!
- Pre-tax: $1,215,000, This is money in 401(k)s.
- Roth IRA and HSA: $160,000
(We also have some real estate holdings but to keep it simple, I’m going to ignore those.)
Here is how each of these categories shakes out tax-wise:
Post-tax
For a married couple, long-term capital gains are taxed at 15%, but only at income over $80,001. Below that, it’s 0! That’s right; nada, nothing, NO taxes!
If you also consider that a married couple has a standard deduction of $24,000, gains aren’t taxed until you hit $104,001 in income. Since we wouldn’t be working (no income), we could easily live off stock sales and pay no capital gains/taxes. This is amazing:
If your spending is reasonable and you don’t have other income, post-tax holdings are very similar to a Roth type of investment.
And, you avoid the age constraints of a Roth investment. If you happen to need the money earlier, you can get at it all.
Pre-tax
401(k) withdrawals are taxed as ordinary income, just like money that you’d earn from a job. Remember that you paid zero-taxes on the money when it was invested. Now, Uncle Sam wants his cut.
To complicate matters, once you hit 72, Uncle Sam forces you withdraw from your 401(k) whether you need the moolah or not. This is called a Required Minimum Distribution. (Uncle Sam really wants his money).
If you have a significant amount of money in your 401(k), you’re going to be asked to withdraw significant amounts. If you’re a frugal fart like me and strive to live on small amounts of money, this is annoying.
For example, if you have $2,000,000 in your 401(k), you’ll have to withdraw $87,781 at age 72. What if you don’t need the money? Too bad. Take it and pay up!
Now that you know about RMDs, your goal should be to minimize them. Luckily, this isn’t hard. I’ll get to that a little later.
Roth
Roth accounts are magical in that you’ve already paid the taxes, so these investments grow tax-free. If you go nuts at 75 and decide you want to buy a yacht for $800,000, if you have $800,000 in your Roth account, you can buy it!
Side-note: Just invite me for a cruise. And I’d appreciate it if you could buy a yacht with a helicopter pad and transport me to the ship in your flying machine. Not that I’m demanding or anything…
Our Withdrawal Strategy
Now, it’s time to talk about how we’re going to withdraw our money. For the sake of tax efficiency, our strategy is split this into 3 time periods:
- Before age 59.5: The only accounts I can access here without penalty are post-tax accounts.
- 59.5 to 72: We can withdraw from everything now including 401(k) and Roth accounts.
- 72: This is the age those nasty, no good, very bad RMDs kick in.
Before age 59.5
We will live off of our post-tax investments (stocks and index funds) and all of the money will be tax-free. Again, this is because long-term capital gains for a married couple don’t start until $80,001 ($104,001 when accounting for the standard deduction!). And remember, that tax is just on the gains. Consider this example:
I buy ACME stock for $20,000 and it goes up to $100,000. I’ve made $80,000 in gains, so if I have no other income, I could sell all $100,000 of my stock and pay nothing in taxes. And, I’m not even accounting for any deductions which make the deal even sweeter.
Capital Gains Harvesting
At the start of every year, we will sell the maximum that we can without paying taxes. We probably won’t need the full amount, so we would then just put the rest back into the markets for withdrawal at a future date. This resets the cost basis, minimizing taxes in the future. For further explanation, see my article on capital gains harvesting.
We have 14 years until we hit 59.5. If Mindy quit work today, the $1,050,000 should easily carry us to 59.5 If the world really went to hell though, we could withdraw principal from our Roth IRAs to supplement our income.
Age 59.5 to 72
At this point, we pivot to withdrawing from the 401(k)s. There is a simple reason for this, RMDs…
RMD WMDs (Weapons Of Mass Depletion)
My goal in drawing down our 401(k) accounts at age 59.5 is to reduce the hit from RMDs which again, start at 72.
If our 401(k) balances appreciate at a measly 6%, we’ll have $5,500,000 by the time we’re 72. Under current RMD rules, spouses have to calculate RMDs for their own accounts, not combined. Assuming our 401(k) balances are similar, Mindy and I would each have to withdraw about $100,000 per year. Since 401(k) balances are treated as ordinary income, this money is subject to taxes. To avoid the pain of RMDs, our goal is to draw down the account before we turn 72. If we take $70,000 out for 12 years, that’s $840,000 we’ve reduced our account balances by.
So, starting at 59.5, we’d start withdrawing money exclusively from our 401(k)s. If our 401(k) balances are sky-high, we may take a little out more than we need and just invest the rest in post-tax accounts.
Age 72+
Oof. Age 72 is hard to think about. I hope that I still have a sound mind (sh*t, is it sound now?!??) and body. I hope that I don’t turn into one of those cranky old bastards who swills booze all day while watching cable news channels in between yelling at kids on the lawn. But I digress…
At age 72, we’ll start paying a lot in taxes again. We’ll be collecting money from social security, some of which is taxed as ordinary income. Our 401(k)s will most likely still be worth millions, so RMDs will add to our tax burden. But, the withdrawal strategy is also simple.
After we get paid from social security and take our RMD withdrawal, if we still need money, we’ll use our Roth or HSA accounts. At this point, the account of last resort is our post-tax account because those gains would all be taxed. Yes, I plan on having a shitload of money at this point in life.
However, these are very good “problems” to have. No complaints here.
$48,000,000
At 46 we have a little over $3,000,000 in the piggy dinosaur banks.
Well, not actually in those dinosaurs. I’m talking about the antiquated institutions where people save and invest their money.
Side note: Why are there still brick and mortar banks?!??
It’s not unreasonable to consider that our nest egg could double every 10 years. This would leave us with a positively thrilling chunk of change:
- 46: $3,000,000
- 56: $6,000,000
- 66: $12,000,000
- 76: $24,000,000
- 86: $48,000,000
Mindy and I don’t want a bigger house or a boat or even a helicopter. (Well, I could actually go for a helicopter, but that sounds expensive and I’d probably crash it into the neighbor’s house. The insurance company would not be happy and there would be a big mess.) Helicopter aside, we’re pretty happy with our life is right now. When the girls have left the nest, we’ll downsize. No other big changes planned.
I don’t believe in leaving vast amounts of wealth to children or relatives. I also think it’s a good idea for the world to be a better place because you lived in it. At some point, we’ll figure out how we’re going to give most of our money away to good causes. But that is a topic for another day.
To summarize:
- Retirement to 59.5: Withdraw money tax-free from post-tax accounts.
- 59.5 to 72: Withdraw from 401(k) to minimize RMD hit.
- 72+: Live off of RMDs. Supplement with Roth accounts as needed. Yell at children on the lawn.
- Kick the bucket: Leave a little to the kids and a lot to worthy causes.
What do you think? What did I miss? What would you do? When are you getting that sweet yacht and helicopter?!??
For more on this topic, read Part 2 here.
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We have been making similar plans. My wife and I are late 50’s and we are on the verge of retiring. One consideration for us is health insurance costs when not working. By keeping our modified adjusted gross income (MAGI) under about $60,000, our cost of health premiums under the Affordable Care Act would be capped at 10% of income — about $6000 per year, which is a big savings compared to the unsubsidized cost of around $18,000 per year.
Withdrawing from cash accounts counts as zero towards the MAGI. Each dollar from a traditional 401(k) or IRA counts towards the MAGI. I’m not sure, but I think capital gains also count towards MAGI.
We built up enough cash so that we can take $50,000 a year from IRAs and the rest from cash. We’ll do so from retirement until age 65 when when we start to be covered by Medicare.
Yep, capital gains are taxed differently but do indeed count towards AGI. In my state of Colorado, it looks like it’s best to keep income under $64,000.
Hopefully the ACA sticks around. It may die with RBG: https://www.npr.org/sections/health-shots/2020/09/21/915000375/the-future-of-the-affordable-care-act-in-a-supreme-court-without-ginsburg
The only thing I would also consider looking at is to possibly start doing some early roll overs from your 401k/IRAs to your Roth IRA. This may not work every year depending on what your “income” is from Post-Tax investment sales, but you may have opportunity to roll some money over at one of the low tax brackets each year. This has money has to sit in the Roth for 5 years before you can pull it out penalty free but otherwise it counts as a Roth Contribution which can be withdrawn without penalty or tax early.
You may be in a slightly different (better) situation due to appreciation of your Post Tax assets, but this is a pretty viable strategy for bypassing the entirety of the 401k early withdraw penalties for many people. You need about 5 years of Post Tax savings, and you mainly live off of those, while rolling 50-80k (depending on tax situation) over each year from your 401/IRA to your ROTH. These are mostly penalty and tax free at this point! 🙂
I like this and thank you for the suggestion. Sequel post tomorrow…
Glad it was helpful 🙂
You didn’t talk much about your decision to wait until max age for SS.
I’m 49 and I’m thinking even though I don’t “need” it and could wait until max age, I might just get it at 62.
Few reasons for my thinking, really curious to hear your thoughts on that piece
#1 SS is in bad shape and while I don’t think it will go away, it could very well change or get means tested by the time I am 70.
#2 If I do pass early, or even not early, but not expire past the break even point sometime in my 80’s then I collected on something I put $$$ in for my entire lifetime. This also preserves the other savings I have for my heirs
Another question, have you decided to go to the top of a specific tax bracket say maybe 12% when you live off of post tax investments or just the minimum of what you need ? I’m leaning towards top of 12% or 2nd bracket but of course it will change between now and then.
Social securty! This depends on your situation, but I tend to think that waiting is overrated. If I understand correct, I take a 30% reduction in benefits by taking benefits at 62 versus 70. What if you invested it though? https://www.businessinsider.com/personal-finance/financial-expert-claim-social-security-early-investment-strategy-2019-11
I agree with you that social security will have to change, but I also think the first thing that will happen is that the ages will be moved up, but for those who are 30+ years away from retirement. Seniors love to vote! The young, not so much…
Looking at tax brackets, I see that 22% starts at $80,251. I think it should be pretty easy to stay under that.
Mindy leaving Bigger Pockets soon? Say it ain’t so!
One strategy you might also employ is a series of annual Roth conversions. I think I’d favor them over tax gain harvesting. The potential benefit of TGH may never be realized — if you end up donating appreciated shares or passing them on to heirs, the original cost basis becomes irrelevant (under current tax code, anyway).
Personally, I think the 24% federal tax bracket is an attractive place to do conversions and you can have a taxable income all the way up the $326,600 in that bracket when married, filing jointly.
You could potentially eliminate RMDs by converting your 401(k)s to Roth between now and 72.
Cheers!
-PoF
Leif has some great advice here and it’ll get you all thinking about that last paragraph “giving away most of our money to good causes” sooner rather than later. The DAF route might let you cover up any higher income years where you break some of the AGI limits you mentioned while getting your giving underway.
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we’re having to think about similar scenarios right about now. we’re working 1.5 jobs and not making too much in wages so this year it was a choice between gain harvesting and partial roth conversion. i ended up harvesting gains in the taxable brokerage when shares kept hitting all time highs will pay near zero fed taxes on about 25k. our issue is large balances in a 401k/traditional ira which account for about 65% of our money assets. if mrs. me quits work this year or next i think i’ll start converting at that time. you gotta pay the tax man some time and i would rather do some now with these low rates. we really get boned here in ny on income tax to the tune of 4-6% with no break like in the federal system. we should probably get the hell out of here for retirement and get that automatic 5% raise and no more shoveling snow.
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One other consideration for those that are still with an employer when retiring at 55… my understanding is you can start withdrawing from your current employer 401k plan upon separating from service at 55 years old giving an extra 4.5 years before RMD kicks in. This is likely the path I’m going to go down.
What PoF said: conversions to Roth accounts seem like the way to get a jump start on minimizing the money in traditional IRAs/401ks before 59.5, and I would expect you could do quite a lot at the 0% rate.
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Came here to post this.. Spoke to HR and only about 1 in 10 of them knew this was an option.
Wow, this is an obscure rule. I just learned about it this year too!
Doesn’t the plan have to allow for this though?
Have you looked at directed giving or giving away more of your money before you kick the bucket? There was a great article I read the other day about Chuck Feeney and his mission to give away the $8 billion he made starting the Duty Free Stores in the airports before he died. He just finished (at age 89) giving it all away minus a small amount to live on. If so, any thoughts on what you would want it to go to?
I have not looked into it, but it sounds like a wonderful idea. It would be neat to see your money put to good work before death.
I’m not sure where I want it to do. I’ve always had a love for science, so probably a set of organizations that are doing research in an area that will help other humans.
Thanks for sharing your plan. Thoughts on paying for college? Will you put a certain amount aside for each of your daughters? Or take it out of your non qualified pile when it’s time?
College is a hard one. We will help our daughters, but I want them to have skin in the game so they appreciate it. I may have them take out loans and then sweep in when they’re done and pay them off. Or, I may give them a set dollar amount that they can use. This would hopefully incentivize them to go local.
This is a great article! I’m a few years away from withdrawing of any kind, but I have been wondering about which accounts to prioritize at different ages. So this is perfect! You managed to explain the different phases in a really clear, simple way. Thanks Carl.
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Thanks for the kind comment!
May I suggest you get a pilot with that helicopter and minimize the risk of crashing?
The general shape of our plans are similar, though our balances are much lower than yours still so we’re nowhere near ready to contemplate our drawdown time. I see your comments have some additional options to further reduce the taxable income, would love to know which seem to make sense to you.
Do you know how to fly? 🙂
Just a quick couple of comments from someone a few years ahead of you. I’m 72 and FAT FIRED over 20 years ago. You seem to be on the same path and I’d like to suggest you reconsider a few things about your future:
[1] Like it or not your kids are rich kids. Pay for college. Ahead of time. They don’t need the ‘fake’ worry and you can let your kids have a better college experience. My 3 kids were all different but all graduated and none did ‘stupid’ stuff.
[2] Don’t care about leaving money to the kids but you can help them as they start their adult lives post college. Some of the things we did:
[] bought them each a solid auto on graduation.
[] provided part down payment for their first home.
[] created some nice family vacation experiences for those early years when they had less cash.
You are going to have $5MM+ when they get ready for college and young adulthood. Help them out when they need it not when they are 50 and rich.
Your kids will be happier and you will be too … you will be part of their lives in a way that pleases everyone.
[3] Take some appreciated stock and put it into a charitable fund. Avoids some tax and you can actually ‘spend’ the money over time. We have a dedicated fund at Schwab Charitble but all the brokerages do the same.
[4] If you really have $12MM+ in your sixties, consider helping your kids with a business if they are so inclined. Help not throwing money, invest, match, and maybe be a banker for the early years. Two of my kids have multi million dollar sales businesses (decades old).
[5] My kids are now in their 40’s and very well off. They have lots of money for their kids education but we set up 529’s for the grandkids and now most of their college is paid for. And their parents are planning on using the savings for grad schools, etc.
[6] Be generous with the extended family. Give bigger gifts and help around the edges. We gave all the nieces and nephews $500 each semester for spending money. When a family crisis happens, be first and generous. You can have a huge impact for what is really small change.
========
Bottom line is don’t be the stingy old guy who spend his day counting his money until he dies. Take 5% or so and spread it around the immediate and wider family. You really will be happier. And it’s fun to watch the kids grow up with a little less stress. The goal is not to have $48MM when you are 86.
My kids and spouses are all hard working family people and a little help along the way did them no harm (they are all in their 40’s now). Your hard work has transformed your life and will continue to do so as the wealth grows. Share it and spend it. If you only have $5MM or $10MM when you are 80, will it really matter?
You need to leave your poverty behind.
Ha, I definitely don’t want to become a stingy old guy and I like the idea of helping out when the kids need is most. At the same time, I really want them to appreciate it all. I want them to have a good work ethic. Clearly, you found a way to raise great humans that appreciated your help and worked hard. Any tips on that? 🙂
Here to second the idea that your kids will still appreciate college if it’s paid for! I’m 25 and talk a lot about how the best thing my parents did for me is set me up for financial success, partly by teaching me reasonably well and because I grew up in a financially stable family, but also largely because they paid for college. (Well, they paid for room and board, I had a scholarship). I still worked very hard, got multiple great internships, did a ton of extracurriculars, and graduated with very nearly a 4.0 in engineering at a top 50 school, in a combined BS/MS program. I imagine that having work ethic is more about having work ethic than about having skin in the game. Plus, I was able to do things like take internships I would learn the most in (not unpaid, just lower paid) and leave my part time job when classes got too busy so that I could focus on them, rather than worrying entirely about money. Finally, this set me up for being financially independent in a way that I imagine parents wouldn’t picture. Rather than taking it for granted, I realized the immense privilege and luck of the position I was in, and as soon as I started my job upon graduation, did a lot of research to learn how to take advantage of the incredible situation I was in. I have a high income and no debt so I invest heavily and am already CoastFI at age 25 (though I have no plans to quit or step back any time soon – one of the other things about never having to stress about money is that I looked for jobs that I would love, rather than feeling forced into jobs for money). Now I’m looking into effective altruism and how to make decisions about donating the excess. Hopefully this was somewhat convincing – I am sure it can sound braggy, but I’m trying to make the point that if anything, my parents paying for my costs during college while acknowledging why it was a priority made me more likely to succeed and work hard, not less.
My best guess as to how my parents successfully raised multiple hard working kids is that they always emphasized school, learning, extracurriculars, etc as being our primary jobs as kids. I was able to work hard in all the things I cared about and not worry too much about other things because it wasn’t the time yet. Also, reading at a very young age and reading with me a lot, going to the library a lot, and only being allowed a certain amount of TV time per day as kids. Those are just my guesses of what was the most influential to me but I would say not making it about money and instead about more intrinsic motivations (while also being responsible) worked really well as an approach for raising me and my sister.
To be clear, I don’t think parents who can’t afford it should need to pay for college. Our system is unfair. But for people that can afford it, I think it’s pretty much the best gift you can give someone. Not having debt is amazing and I plan to never have any debt other than maybe a mortgage.
Jess, you don’t sound braggy at all and I appreciate the comment.
Your parents raised a helluva person in you. If my kids get anywhere close to your level, I’ll have succeeded.
Perhaps the most important part what you said is this:
“Rather than taking it for granted, I realized the immense privilege and luck of the position I was in, and as soon as I started my job upon graduation, did a lot of research to learn how to take advantage of the incredible situation I was in.”
That’s really thoughtful, especially for someone in their 20s. That last part may have sounded shitty, but gratitude and appreciation are qualities that I think humans get better at with age. Having it as a youngster (wow, that makes me sound old) is a superpower!
Keep being a great human! And maybe we’ll work on a project someday to make the world a better place.
For me, the most important line was “I imagine that having work ethic is more about having work ethic than about having skin in the game.”
I am Fat FIRE and ruminate over how to introduce my wealth to my only child (more than just about paying for college). My wife and I have so far done a good job of raising a teenager who is money-conscious without being obsessed, a good saver, and above all else, a person who understands delayed gratification. Maybe I should worry less and just buy her a pony?
🙂
Hey dude,
If you could go back in time a little bit, would you contribute less to your 401ks? (assuming no matching from employer) My current 401k has NO match and my income is relatively low. From what I am reading, it might be better for me to pay taxes now on my income and focus on building up my regular brokerage account instead?
Thanks,
Joel
Joel!
Nope, I’d contribute more, but I also had pretty good income from a computer job. If I had lower income, not focusing on a traditional 401(k) would have made a lot of sense. Do you have access to a Roth 401(k)?
Unfortunately I have no option for Roth 401k. Just a traditional 401k, with no match.
After reading your post, I’m rethinking whether i should even contribute to 401k at all… My wife and I will have income under $80k this coming year, maybe even lower. (We’re kind of living in artificial poverty)… Anyway, my plan was to stuff $19k into my 401k, so my taxable income would be like $60k. Then I was thinking of cap gains harvesting ~$40k in my taxable brokerage account (or whatever $ amount I can do to stay under paying cap gains). Also gives me the option to pay no tax if one of my syndication projects get’s sold and they return me $30k in unexpected gains at some point.
But, now i’m thinking… Why am I trying to cap gains harvest right now? If I retire in ~10 years, I’ll only be 45 years old… Then I’ll have a full 20 years t0 do cap gains harvesting and stuff. I may as well pay income tax now on everything I can because I’m in a low bracket.
I guess the real question I’m trying to figure out is, At age 72, what is the max I want to have in my 401k/IRA. If having too much will be a problem later, I should stop contributions now.
Joel
This is a sentence I never thought I’d utter, but here it is: I think you’re right, forget the 401(k) for now. Your tax burden is so low and since you want to retire early, focus on post-tax.
I would probably still do the capital gains harvesting though if you have room to pay $0 in taxes. If your income increases down the road (and it will), your ability for future harvesting will be diminished.
Woohoo I love being the exception to the rule! Thanks dude, this was a really big help.
And yes, before the end of every year I’ll do a quick guesstimate of our taxable income and stuff as much cap gains harvesting as I can.
Thanks again mate. Have a good one!
Joel
Wow, Bob! Thank you for posting your reply. We are a few dollars behind Carl, but your words really spoke to me. While never poor, I certainly absorbed a scarcity mindset from my parents. I too, need to leave my poverty behind. Thanks again!
Bob is wise.
“Why are there still brick and mortar banks?”
Good question. I think they’re starting to disappear. I had banked at a small credit union for decades. Then one day, and with no announcement (I only found out because I stopped in to cash my check) they closed the nearby branch. I asked if they had internet check deposits and they said they were working on it. So, to cash my check (my old boss just couldn’t be convinced to use direct deposit) I would have had to drive 25 minutes out of my way and pray I could get to the bank on time. So I tried another local institution that had online check deposits, and every single time I tried to use it I had to reset my password or something didn’t work. So I switched to Ally Bank and haven’t had a single problem since.
I think more and more people are doing this. Two or three bank or credit union branches have closed in my area. From what I’ve heard from others, they don’t notify their customers. I think a dusty, antiquated business model that isn’t serving its customer base is being disrupted, and I don’t think that’s a bad thing at all.
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I’m not your child or a relative. I’ll happily change my name to Good Causes if that works for you ;-).
You mentioned in the beginning that you were going to ignore the real estate holdings to keep it simple. Don’t they gum up your plan though. Presumably at some point they are going to make income, perhaps a lot of income from my understanding. With that kind of income, can you draw so much down without going over your $104,000 magic number?
My wife has a government pension which is one of those “good problems” you mention in the age 72+ section. It is significant enough that we may not have a lot of room under that 104,000 number.
The only thing I can think of that would be good is to invest post-tax and collect qualified dividends to only pay 15% until we bring in over $400,000 jointly (which is unlikely to happen, I think).
Real estate! We have two main holdings:
1) Rental home: It has only been a rental for a very short amount of time. Because of this, we’ll be able to sell it tax-free and pay no capital gains. We’ll net about $500,000.
2) Trailer park: I have no idea how much we’ll net from this, but since it’s held in our self-directed solo 401(k), it won’t mess anything up tax-wise.
Nice try!
I think you mentioned that solo 401k before and I forgot. That’s pretty amazing to buy a trailer park in tax account like that. I also forgot that you lived in the house and can sell it tax-free.
Do you still have the co-working space partnership?
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Thanks for laying this out Mr. 1500. Looks like a sound plan to me.
Your comment about giving money to worry causes piqued my interest. There are a lot of organizations doing good work in the effective altruism community on effective and efficient charitable giving such as GiveWell. Here is an intro to effective altruism: https://www.effectivealtruism.org/articles/introduction-to-effective-altruism/
I also wrote about How to End Global Poverty on my own blog: https://themodernmindfulness.com/how-to-end-extreme-poverty/
Between 59.5 and 72, why not withdraw the max that allows you to pay $0 tax? Or is that the $70k?
This is really timely for us. We’re approaching our FI number, but have spent so much time thinking about accumulation and expense reduction that we haven’t mapped out any kind of withdrawal strategy. Time for us to get on that, and this is a great starting point. We have the benefit of having some of our pre-tax money in 457b which we can access earlier if we separate from our employers, which adds an interesting wrinkle. Should be an interesting next phase!
Just found your post by searching on the Google, I am Impressed and Learned Lot of new thing from your post. You explained each point very clearly.
Just loved the sentence “Money is a precious resource that must not be wasted. ” and I do agree with this. You have mentioned something important what I was looking forward to knowing. Keep up the good work and waiting for more!