This episode discusses the adjustment in tax brackets and changes in contribution limits for tax advantaged accounts for 2025.

Marginal Tax Rates for 2025

37% for single taxpayers with incomes over $626,350 and $751,600 for married couples filing jointly

35% for incomes over $250,525 and $501,050 for married couples filing jointly

32% for incomes over $197,300 and $394,600 for married couples filing jointly

24% for incomes over $103,350 and $206,700 for married couples filing jointly

22% for incomes over $48,475 and $96,950 for married couples filing jointly

12% for incomes over $11,925 and $23,850 for married couples filing jointly

10% for incomes $11,925 or less and $23,850 or less for married couples filing jointly

The standard deduction for 2025 is $15,000 for single filers and $30,000 for married couples filing jointly.
Social security tax now applies to the first $176,100 of income, up from $168,600 in 2024. This means paying an extra $465 in 2025 to social security taxes for salaries above $176,100.

2025 Contribution limits

401(k) 403(b) and 457 employee contribution limits

Under age 50 $23,500

Age 50-59, age 64 and older $23,500 + $7,500 catch up for total $31,000

Age 60-63 - $23,500 + $11,250 catch-up for total $34,750

401(k) and 403(b) Employer contribution limits - $46,500 or 25% of employees salary, whichever is lower, contrubtions are salary capped at $350,000

IRA/Roth IRA

Age <50 $7,000

Age 50+ $7,000 + $1,000 catch-up = $8,000

Defined benefit plan contribution limit - $280,000

Define contribution plans contribution limit - $70,000

Health Savings accounts contribution limit - $4,300 for single and $8550 for families There is a 1,000 catch up for those 55 and older.

More details at https://www.irs.gov/newsroom/irs-releases-tax-inflation-adjustments-for-tax-year-2025

Please subscribe and leave a review on your favorite Podcasting platform.

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant. The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of the podcast. Personal finance is personal and your personal financial decision need to be made based on your personal financial situation and risk tolerance after having completed your own due diligence.

In Episode 131: Escaping the Hedonic Treadmill, we learned that hedonic adaptation is the tendency to return to a relatively stable level of happiness. People tend to have a baseline or set point level of happiness (or unhappiness) that hey return to. There are ways to adjust that baseline.

In the book, The How of Happiness, Dr. Sonja Lynbomirsky outlines 12 activities to increase overall happiness by shifting one's baseline. For 2025, each month will have an episode that talks about activities that can help increase happiness by adjusting that baseline upwards.

This month’s episode is about expressing gratitude. Tune in to learn about activities that research has shown to increase happiness.

Please subscribe and leave a review on your favorite Podcasting platform.

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant. The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of the podcast. Personal finance is personal and your personal financial decision need to be made based on your personal financial situation and risk tolerance after having completed your own due diligence.

Flexible Spending and Heath Care Savings Accounts are both ways to pay for your medical expenses with pre-tax money. Anytime you can use pretax money to pay for anything, you are getting generally getting a 22% discount or more depending on your tax bracket.

Flexible Spending Accounts (FSA) are benefits that may be provided by your Employer. Not all Employers will provide this benefit and with some employers, you may pay a fee to have this benefit. Money is taking out of your paycheck throughout the year which can be used to directly pay for or reimburse qualified medical expenses. The money is use it or lose it so you want to consider your healthcare expenses carefully before decided how much money to set aside in these accounts.

Healthcare Savings Accounts (HSA) are available to anyone with a qualified High Deductible Healthcare Insurance Plan. This is not a benefit from your employer, but will often be set up with your employer if you are using a healthcare insurance plan they offer you as a benefit. You contribute pretax money into the account where you can invest it to grow tax free. If you use that money anytime in the future for qualified healthcare expenses, it comes out tax free as well. You can reimburse yourself for qualified medical expenses years after you incurred the expense, as long as the expense was incurred after the account was created. There is no other tax advantaged account where money goes in pre-tax, grows tax free, and can be withdrawn without paying taxes as well.

Tune in to this week’s podcast to learn more about the details of these two types of accounts.

Please subscribe and leave a review on your favorite Podcasting platform.

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant. The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of the podcast. Personal finance is personal and your personal financial decision need to be made based on your personal financial situation and risk tolerance after having completed your own due diligence.

The roots of making New Year Resolutions can be traced to Ancient Babylonia and well as Roman traditions. It’s still something many people do today. However, many people who make New Year Resolutions don’t end up keeping them. In this episode, I talk about goal setting an what can help you to accomplish those goals.

I am also happy to announce that for the new year, I will be taking a limited number of clients for a year of unlimited coaching sessions for the bargain price of $8,000. We can coach on any and all aspects of your life so that 2025 is a year of transformation. Imagine how much change you could make in a year. I’ve had prior clients who either saved more than the cost of coaching or brought in far more money through coaching then they paid for the coaching. Consider this as an investment that could pay huge dividends if you are willing to do the work. If you want to jump forward on your goals, set up a zoom meeting at https://www.GrowYourWealthyMindset.com.

Please subscribe and leave a review on your favorite Podcasting platform.

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant. The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of the podcast. Personal finance is personal and your personal financial decision need to be made based on your personal financial situation and risk tolerance after having completed your own due diligence.

Some of us are spenders while some of us are savers. Personally, I’m a saver. I like to always have a money cushion. The idea of living paycheck to paycheck freaks me out. I like to get good value and prefer to buy any big-ticket items on sale. That being said, I do like nice things and spend a lot on experiences/travel. It can be hard for me to buy something nicer than what I already have which still works or does the job. If you’re like me, then this week’s episode is for you.

Please subscribe and leave a review on your favorite Podcasting platform.

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant. The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of the podcast. Personal finance is personal and your personal financial decision need to be made based on your personal financial situation and risk tolerance after having completed your own due diligence.

Amy Vertrees, MD is a board-certified general surgeon, Army veteran, certified coach, author and founder of the BOSS Business of Surgery Series. She served 17 years in the Army, reaching the rank of lieutenant colonel, and deploying 3 times to Afghanistan and Iraq as a general surgeon. After leaving the military, she was an employed surgeon then created Columbia Surgical Partners, a private practice general surgery group. She discovered there were lessons that she was never taught in residency that were necessary for a successful surgical career. She created the BOSS Business of Surgery Series to fill in that gap and has used everything that she has learned to become a successful private practice general surgeon. The BOSS series includes a highly rated podcast, group coaching and 1:1 coaching and the book “Become the BOSS MD: Success Beyond Residency.”

In this episode, Dr. Amy and I talk about the fluctuations in income that occur with being a business owner and the mental drama it can create. As an employed physician, she was used to a regular paycheck. Her goal with her private practice was to be profitable from day 1. Tune in to learn more how she made this goal a reality but how she had to learn to manage the fluctuations in income.

You can contact Dr. Amy Vertrees at

Website: https://www.bosssurgery.com/

Facebook: “Become the BOSS MD Coaching”

https://www.facebook.com/groups/249619353796932

Instagram https://www.instagram.com/become_the_bossmd/

LinkedIn: https://www.linkedin.com/in/amy-vertrees-md-20192a8b/

Please subscribe and leave a review on your favorite Podcasting platform.

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant. The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of the podcast. Personal finance is personal and your personal financial decision need to be made based on your personal financial situation and risk tolerance after having completed your own due diligence.

Most physicians will change where they work at least once during their career. Some estimates are as high as 70% of physicians leaving their first job within 2 years. If you have been at a job for a while, hopefully you have an employer sponsored retirement account like a 401(K) or 403(b). Your may also have a 457 plan. This episode discusses the options for what to do with these accounts when you leave your job.

Please subscribe and leave a review on your favorite Podcasting platform.

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant. The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of the podcast. Personal finance is personal and your personal financial decision need to be made based on your personal financial situation and risk tolerance after having completed your own due diligence.

While filing taxes may still feel like a long time away, December is the time to strategize what you can do before the end of the year to decrease your tax burden. In this episode, I review actions you may want to consider to decrease your tax bill.

Maxing out your employee contributions to your employer sponsored retirement accounts, your 401K or 403B

Donate to 501(c)(3) charities if you itemize your tax deductions

Putting your family to work in your business if you have a profitable business. This could be your private practice or a side-business

Maximize any business tax deductions including purchasing needed equipment that qualifies for bonus depreciation or pre-paying business expenses like rent and utilities for the following month

Depending on your situation, prepay state and local income taxes.

I am not an accountant or CPA so please review any of these strategies with your CPA to make sure you are following to rules to maximize your tax deductions.

Please subscribe and leave a review on your favorite Podcasting platform.

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant. The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of the podcast. Personal finance is personal and your personal financial decision need to be made based on your personal financial situation and risk tolerance after having completed your own due diligence.