@nicktalksmoney: Tricks billionaires use to AVOID taxes💰 AVOIDING taxes is perfectly legal, EVADING taxes will land you fines/jail time. The methods of tax avoidance used by billionaires can be used by nearly everyone: - Owning assets that increase in value, like stocks or real estate, allow you to grow your net worth while deferring taxes until you eventually sell these assets (even then, taxes can be minimized/avoided in many cases) - Debt isn’t taxed as income, so many real estate investors (especially) pull out equity from their homes in the form of a loan in order to invest in more real estate - Capital losses can be used by anyone to offset capital gains, or up to $3,000 in capital losses can be used to offset ordinary income if you don’t have any capital gains to offset - The “2 out of 5 year rule” means most sales of primary residences are tax-free - & Billionaires aren’t the only ones who can own dividend-paying stocks How many of these tax avoidance methods are you taking advantage of? Follow👉 @nicktalksmoney to learn more of what school SHOULD’VE taught you about money🧠 👉 @nicktalksmoney 👉 @nicktalksmoney 👉 @nicktalksmoney Appreciate you! -Nick . . . . . . Disclaimer: This content is purely educational in nature and is NOT intended to be financial or tax advice. Consult with a qualified professional who understands your specific situation before making any financial decision. Nick holds the CFP® designation, and had a career as a financial planner, but no longer advises clients and solely focuses on creating educational financial media. . . . . . . #money #PersonalFinance #finance #financetips #taxes #millionaire #billionaire

Nick Meyer, CFP® | NOT ADVICE

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Sunday 04 August 2024 17:04:58 GMT