The latest 5 Questions with Fidelity covers tax-smart charitable giving strategies, including new opportunities created thanks to recent tax legislation. 00:00 Welcome to 5 Questions with Fidelity 00:21 How does new tax legislation affect charitable giving strategies? 02:39 How should the new tax laws affect my charitable giving this year? 03:48 What are the benefits to donating stocks or cryptocurrency? 04:41 How can you maximize the tax benefits of your charitable giving? 05:44 How can charitable giving h ...

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Core Insights - A high income is beneficial for retirement savings, but a strategic approach is essential for building a substantial nest egg [1] Group 1: Retirement Strategies - Utilizing a cash balance plan allows self-employed individuals to save significant amounts pre-tax, potentially hundreds of thousands annually, compared to the limited $8,000 per year for traditional IRA contributors [3][4] - The administration of cash balance plans typically costs between $2,000 to $3,000 annually, which is justified by the potential for high pre-tax contributions [4] - A 100% equities portfolio, primarily composed of low-cost index funds, is favored for long-term investments, as it is expected to yield higher returns compared to bonds over a minimum investment horizon of 10 years [5] Group 2: Additional Income Sources - Real estate investments, such as rental properties, provide additional income streams and come with financial advantages like leverage, depreciation, and qualified business income deductions [6] - The tax benefits associated with real estate investing, including the ability to write off depreciation losses and utilize the QBI deduction, are not available to traditional wage earners [6]

Core Insights - The top 20% of Americans earned at least $175,700 in 2024, significantly higher than the median household income of $83,730, indicating a growing wealth gap [1] Group 1: Financial Strategies for High Earners - Building an emergency fund of three to six months' worth of expenses is essential, especially for high earners with larger bills; for example, a monthly expenditure of $8,000 necessitates a safety net of $24,000 to $48,000 [3] - Utilizing liquid options for emergency funds, such as high-yield savings or money market accounts, can yield returns of 2.5% to 5% while maintaining accessibility [4] - Maximizing contributions to Health Savings Accounts (HSAs) offers multiple tax benefits, including tax-deductible contributions and tax-free growth, allowing for strategic withdrawals for past medical expenses [5][6][7] Group 2: Retirement and Investment Contributions - Consistently investing 10% to 15% of income in 401(k) and Roth IRA accounts is recommended, with an emphasis on contributing at least up to the employer's match, which averages 4.8% of employee pay [8] - High earners can utilize mega backdoor contributions to exceed standard annual 401(k) limits, allowing for additional contributions from after-tax dollars into Roth accounts [8]

Retirement Plan Overview - Qualified retirement plans adhere to government guidelines safeguarding employee savings [1] - These plans typically offer tax advantages to both employees and employers [1]

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Financial Data and Key Metrics Changes - The second quarter adjusted EBITDA increased by 12% compared to the first quarter, totaling $1,980,000,000, with a net income attributable to ONEOK of $841,000,000 or $1.34 per share, representing a more than 30% increase compared to the first quarter [5][8] - The company ended the second quarter with $97,000,000 in cash and no borrowings under its $3,500,000,000 credit facility, having reduced senior notes by nearly $600,000,000 during the quarter [8][9] - The 2025 financial guidance was affirmed, with net income expected to be between $3,100,000,000 and $3,600,000, and adjusted EBITDA projected between $8,000,000,000 and $8,450,000,000 [9][10] Business Line Data and Key Metrics Changes - Natural Gas Liquids (NGL) raw feed throughput volumes increased by 18% compared to the first quarter, with the Rocky Mountain Region achieving record volumes of nearly 470,000 barrels per day [15] - Refined product volumes increased sequentially due to seasonal demand, with diesel and aviation fuel volumes remaining strong [19] - Natural gas processing volumes increased by 9% in the Mid Continent region compared to the first quarter, with the Permian Basin seeing a 4% growth in volumes [21][23] Market Data and Key Metrics Changes - The company noted strong domestic and global demand for U.S. energy, with producers executing their 2025 drilling plans effectively [5][6] - The Permian Basin continues to be a key area for strategic growth, with a new natural gas processing plant announced to enhance operations in the Delaware Basin [6][22] - The overall decrease in crude volumes was attributed to low-margin exchange volumes, while wellhead gathering volumes on Medallion assets increased approximately 20% year over year [20] Company Strategy and Development Direction - ONEOK is focused on high-return organic projects, including pipeline expansions and fractionation facilities, to capture incremental growth across its assets [6][7] - The company is committed to disciplined capital allocation and is actively monitoring market dynamics to support its growth strategy [7][10] - The integration of acquired assets is expected to deliver significant synergies, with approximately $250,000,000 of synergies anticipated in 2025 [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the energy sector despite evolving macroeconomic conditions, with expectations for mid to upper single-digit EBITDA growth in 2026 [10][11] - The company is tempering its 2026 outlook based on current commodity prices, adjusting expectations downward by approximately 2% or $200,000,000 [10] - Management highlighted the importance of safety, integrity, and responsibility in operations, with a commitment to sustainability [25][26] Other Important Information - The company expects to benefit from over $1,300,000,000 in lower cash taxes over the next five years due to recent tax legislation [11] - The new Bighorn plant in the Delaware Basin is expected to have a capacity of 300,000,000 cubic feet per day and is projected to be completed by mid-2027 [22] Q&A Session Summary Question: 2026 outlook and growth drivers - Management acknowledged the change in market conditions since February and noted that the 2026 outlook was adjusted downward by 2% due to tightened spread differentials [29][31] Question: Natural gas business performance - Management indicated ongoing discussions with over 30 potential customers in the AI and data center sectors, with some contracts expected to materialize in the coming years [33][35] Question: Synergy capture and guidance confidence - Management highlighted specific projects, including connections between NGL and refined products assets, as key drivers for synergy capture and guidance confidence [42][44] Question: BridgeTex performance and outlook - Management confirmed that increasing volumes on the BridgeTex pipeline are expected, benefiting from integrated assets and strategic decisions [60][61] Question: LPG export facility and market pricing - Management stated that the location of the Texas City terminal provides a competitive advantage, with rates in line with estimated economics [50][52] Question: Hedging strategy and margins - Management noted that hedging activity is in line with previous years, allowing for opportunistic decisions based on market conditions [97][99] Question: New processing plant economics - Management discussed the integrated value of the new processing plant investment, emphasizing the benefits of having an integrated footprint [101][105]

Talent Acquisition & Retention - Recommends offering significant tax benefits, such as five years tax-free or no taxation on stock options, to attract computer science graduates and tech professionals to relocate to Europe [1] - Suggests leveraging Europe's attractiveness as a desirable place to live to attract talent to London, Berlin, Munich, and other cities [2] Competitive Landscape - Notes that Europe faces challenges in competing with less capital, a more scattered landscape, more bureaucracy, and less talent [1] - Argues that solving the talent shortage is crucial for Europe's success [2]