Your Money Mentor Minute

Introduction

Welcome to this week’s edition of Your Money Mentor Minute! This week, I’m covering two main topics around Smart Ways to Save on Taxes, and the Top 6 Destinations to Retire Abroad. Let’s get started!

Be sure to visit the Move Abroad section below👇👇👇

Smart Ways to Save on Taxes!

1. Max Out Tax-Advantaged Accounts:

• Why It Works: Contributions to accounts like a 401(k), Traditional IRA, or Health Savings Account (HSA) can lower your taxable income.

• Action Step: Contribute up to the annual limits before tax deadlines (e.g., $22,500 for a 401(k) in 2025 if under 50, or $7,750 for an HSA for families).

2. Take Advantage of Tax Credits:

• Why It Works: Unlike deductions, tax credits reduce your tax bill dollar-for-dollar. Popular credits include:

  • Child Tax Credit: Up to $2,000 per qualifying child.

  • Lifetime Learning Credit: Up to $2,000 for education expenses.

• Action Step: Review IRS tax credits to see what you qualify for.

3. Track Deductible Expenses:

• Why It Works: Every dollar you deduct reduces your taxable income. Key deductions include:

  • Mortgage interest

  • Charitable donations

  • State and local taxes (up to $10,000)

• Action Step: Keep organized records throughout the year to maximize deductions.

4. Adjust Your Withholdings:

• Why It Works: Overpaying taxes means an interest-free loan to the IRS. Adjusting your withholdings keeps more money in your pocket throughout the year.

• Action Step: Use the IRS withholding calculator to ensure you’re on track.

📖 Additional Reading:

• 7 Tax Deductions You Don’t Want to Miss

• A Complete Guide to Maximizing Your 401(k)

Retire Smart: The Top 6 Destinations to Retire Abroad!

Dreaming of retiring abroad? Whether it’s lower living costs, stunning scenery, or a vibrant expat community, these destinations offer it all.

1. Portugal

• Why It’s Great: Affordable healthcare, warm climate, beautiful scenery, beaches and safety.

• Highlight: The Algarve region offers a laid-back lifestyle at an average cost of $2,500/month for expats.
  📖 Learn More: Why Retiring in Portugal is a Top Choice

2. Costa Rica

• Why It’s Great: Known for its “Pura Vida” lifestyle, affordable living, and excellent healthcare system.

• Highlight: Live comfortably for $2,000–$2,500/month.
  📖 Learn More: Costa Rica’s Retirement Benefits

3. Mexico

• Why It’s Great: Proximity to the U.S., vibrant culture, and low costs.

• Highlight: Popular spots like Mérida and Puerto Vallarta offer quality living for under $2,000/month.
  📖 Learn More: Top Mexican Cities for Retirees

4. Panama

• Why It’s Great: Easy visa programs for retirees and a growing expat community.

• Highlight: The Pensionado Program offers discounts on healthcare, travel, and utilities for retirees.
  📖 Learn More: Retiring in Panama: What You Need to Know

5. Spain

• Why It’s Great: World-class healthcare, Mediterranean lifestyle, and diverse regions to choose from.

• Highlight: Cities like Valencia offer affordable living for $2,500–$3,000/month.
  📖 Learn More: Best Places to Retire in Spain

6. Thailand

• Why It’s Great: Low costs, warm weather, and a rich cultural experience.

• Highlight: Chiang Mai offers expat-friendly living for under $1,500/month.
  📖 Learn More: Thailand’s Retirement Visa Guide

Final Thoughts

Whether you’re looking to trim your tax bill or dreaming of a retirement by the beach, small steps today can lead to big wins tomorrow. If you’re ready to take action, I’m here to help!

🎯 Want personalized guidance on how to best move abroad and navigate all the hassles? Then see the article below and connect with the 4-day Escape Plan Bootcamp and learn how to get personalized guidance to move abroad to connect and create a plan that works for you.👇👇

Until next time, here’s to building the life you deserve!

Your Move Abroad Spotlight

Topic of The Week: The Move Abroad January Bootcamp!!🧨 Registration ends SOON! Only $37.

• Make Your Dream Move Abroad a Reality

  Have you ever felt like your dream of moving abroad is just… too big? I’ve been there, too. It’s easy to feel overwhelmed, not knowing where to start or how to make it happen. But here’s the good news: you don’t have to figure it all out on your own.

  That’s where the Move Abroad Escape Plan Bootcamp comes in. This 4-day program (Jan 25–28) is designed to break down the process and give you the tools, guidance, and confidence to finally take action.

• What You’ll Get in the Bootcamp:
  ✅ Pinpoint your ideal destination and map out a plan to get there
  ✅ Learn the ins and outs of visas, jobs, and budgeting for your move
  ✅ Turn “someday” into a real timeline with actionable steps

• Why It’s Worth It:
  I can’t recommend this bootcamp enough. It worked for me, helping me turn a distant dream into a clear, achievable goal—and it can do the same for you.

  Don’t Wait: The dream life you’re envisioning is closer than you think. Spots for the bootcamp are filling up fast, so grab yours today!

• 🎟 Reserve your spot now: Take the first step toward your new life abroad—you won’t regret it! CLICK HERE OR PICTURE BELOW!!👇

  

Your Money Mentor Minute: Quick Wins

Quick Win: Contest Your Property Taxes Every Year.

• How to Do It:

  1. Review Your Property Tax Assessment:

  • Go online to see a copy of your property tax assessment from your local county tax assessor’s office.

  2. File an Appeal:

  • Gather documentation, such as comparable property data, photos, or receipts for repairs that reduce your home’s value (this is optional if using a service to auto contest for you, but it helps).

  • Submit a formal appeal to your local tax authority before the deadline, which varies by location.

  • Use an automated service like Ownwell.com or one that’s similar in your neck of the woods. Simply Google: “Property contesting company online [enter your state]”.

  Example:

  • A homeowner contests their property taxes and successfully reduces the assessed value by $25,000.

  • At a 2.5% tax rate, this saves $625 annually—money that can go toward savings or paying down debt.

  • The online services do EVERYTHING for you, including going to court so you don’t have to.

  • If they are able to reduce your property taxes, then you pay a % of the tax reduction amount as a fee. Depending on the company, I have seen fees range between 25% & 50%. Example- $500 in property taxes saved. Fee is 50%. Thus you pay $250 for their work, and you save the additional $250. A Win/Win all around!!

  • If they are unable to reduce your taxes, then you pay NOTHING. There is ZERO risk to you!!

  Solution: Contesting your property taxes may sound intimidating, but it’s worth the effort. Take an hour this week to review your assessment and explore potential savings. With consistent appeals, you can ensure you’re not overpaying year after year.

  Need help getting started or navigating the process? Reach out—I’m here to guide you!

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About the Author, Marc Marquez

I’ve spent over 24 years in the financial services industry as a fiduciary and fully licensed Financial Advisor, helping clients plan for and protect what's most important to them. With having earned my MBA, RICP® (Retirement Income Certified Professional) and CLTC® (Certified in Long-Term Care) designations, I bring a wealth of knowledge to assist people just like you in navigating the complexities of building wealth, retirement, personal financial growth and getting out of debt.

My approach with this newsletter is focused on educating others, and I’m passionate about empowering individuals to take control of their own financial futures. Whether you’re planning for retirement, learning how to invest for growth, or simply managing debt, I'll take the time necessary to break down the complex financial concepts into simple, actionable steps. My mission isn’t just to offer help; it’s to teach YOU how to manage and grow your own money independently, with the confidence to make educated and informed decisions. I would like you to no longer have a fear of getting ahead and a fear of money, and I will show you how to turn your money fears or concerns into action!

Disclaimer: This newsletter is for educational & informational purposes only and does not constitute financial advice. Please consult with your prefered financial advisor for personal advice, or contact me directly for a free initial consultation.

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