In this video I give you some ways that you can circumvent taxes year to year with investing accounts. Avoiding having to pay some of your annual taxes and investing with that money instead can help you have a more financially stable retirement.
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how to invest, roth ira, ira, 401k, early retirement, passive income, investing advice,
Also, buying Gold bullion with very obscure, unsecured Crypto sites 😅. Thanks Phil 👍🏼👍🏼
Like usual, givin some great advice! Thanks
will a company still match your 401k when it is self directed
You are a blessing for us all!! Thank you
Would love to hear the Canadian version of this video, Phil!!!
I’m reading Invested right now and learning so much. Thank you for sharing your knowledge and expertise!
So, how are you minimizing taxes on your money? Let me know your strategies below!
For brokerage accounts: If your taxable income is in the bottom two brackets then your long term capital gains tax is 0% up to $75k. This is great to remember for job transitions or if you quit prior to 59.5 years old.
Phil make a video about your early investments. In your book you said you started from scratch. What were the first set of companies you invested on?
Hello Phil
Could you please do a video regarding how to start investing/preparing while underage? I'm turning 17 near the end of the year… I would like to know what I could start investing on, so far I'm planing on buying your book, Rich dad poor dad and the cashflow quadrant… But would like to know where/what I can invest in while underage..
-Kevin
All are ways to let ppl use your money for cheap. Not loopholes.
Hi Phil! Great content as usual, thanks for your time. I don't know if anyone mentioned it but your videos would look better if you get a tighter prompter for your texts, it's a bit distracting. I think looking closer to the cameras would add to better connection while exposing your subjects. Just a small tip from my end since I get many good investing ones from you.
I don't save tax, rather my focus is to earn more
My tax professor once said, there is no such thing as a tax loopholes. He went on to say that tax savings were meant to be a part of tax law and it's just a mater of learning them and be smart about it.
Some good advise here. I think it's important to note that the rules on retirement accounts are 59 1/2 for withdrawals and 70 1/2 for RMD's. Also, many companies offer a Roth version of a 401K which will grow tax free instead of tax deferred.
Future CPA here – Biggest tax loophole is the homestead exemption for investments in real estate when it's your primary residence. The rule is that you have to live in a home for two years to qualify. Then if you sell it for a gain, the entire gain is non-taxable up to $250,000 worth of gains for single people and $500,000 worth for married couples. Free tax advice everyone.
I have 60k student loans. If I max out my 401k I qualify for the "REPAYE" repayment plan that makes my interest rate 3% would it make financial sense to max out the 401k and pay what I can on my student loans or focus heavily on repaying the student loans and putting what I can in retirement? This would increase my interest rate to 6% with the "standard" repayment plan.
how do i guarantee myself can live that long to take advantage of loopholes…
I don't get it, could someone please explain this: You won't get taxed on your capital gains until you cash out. If you're a Rule 1 investor you're gonna be holding for at least 2 years. So why can't you use a regular account and cash out at 60 or 70?
Thanks Phil
Phil, I have dug in heavily into value investing with you as my framework/mentor. I have read your first book and your daughters book. I have a question, though, and my wife and I would be very grateful for your response. I have found two great companies and have started investing, and earning money! In your Rule #1 book, however, chapters 11 and 12, Grabbing the Stick and The Three Tools, you seem to be encouraging swing trading as these businesses trend up. Is this correct? To verify whether swing trading these two businesses worked, I made a retroactive hypothetical trade on January 1st and followed your 3 tools. One business had an 18% return and the other had a 75% return! I look forward to hearing back from you and, hopefully soon, go to one of your courses in Atlanta! Thanks again for everything you do!
Hi Phil, off topic here but I really enjoyed your book and in one chapter it references the various measures such as the moving averages etc. to trigger enter / exits on a position. Where is the best place to get the graphs ?
Another negative about 401 Ks is that once you make with drawals you lose the capital gains tax advantage; the gain is taxed at the ordinary income rate which is likely higher than the capital gains tax rate.
who thinks we need to close these loopholes
Sell loser companies before Dec 31 for tax deduction on tax return. The cash left over from the loss you can buy a different companies that you know will go up.
Don't use music
@Phil : when company offers 401K and matching, who pay the fees for investments ? company or employee ? appreciate your guidance. great channel !
@Phil : isn't it good idea to put all extra money in savings account (like Marcus 2.25% interest as of now) instead of investment account ?
Unless you have a Solo401k
Today I did call my bank and HSA is not available in Canada.
Great advice! You are the Best financial advisor.
i aint trying to live my best life at 60 that's bullshit
Sound great for anyone to want to have there’s money in jail until 60 or 70 yes old
Yeah… lemme wait to spend until the final 10 years of my life… fuck outta here