I know I’m preaching to the choir when I write this, paying taxes is PAINFUL 😧.
Don’t get me wrong. I know it’s necessary to enjoy the freedoms I enjoy as an American and it’s important that I pay it back to the game for the less fortunate; but it doesn’t mean I skip to the post office to mail my checks to the IRS 😐.
I’m always thinking of ways to reduce the amount of 💰 I pay in taxes. Paying less in taxes allows me to keep more money invested which puts me in position to hit my financial goals faster.
Most people already know about using retirement plans which allow you to not pay taxes on your money as it’s growing so I won’t waste time discussing this option during this post.
Where I want to focus on is another tax deferred asset we all know about and own, but don’t own enough strategically. Real estate 🏢🏠🏡.
My plan is to own my home (check), own the place I do business (working on it), and have other residential and commercial properties I own and rent out to other people and businesses.
This asset has no limits to how much 💰 you can put into it. You don’t have to wait until 59 and a half to access your 💰. And a good way to add more diversification to your plan.
It may not be a fit for everyone, but I think everyone should consider it as a part of a well diversified financial plan for building wealth.
PHILLIP WASHINGTON IS A REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN. CHECK THE BACKGROUND ON THIS FIRM AND PHILLIP WASHINGTON ON FINRA’s BrokerCheck
