In this session of The Chasing Financial Freedom Podcast, I’m excited to say that we’ve upgraded our sound quality a bit by ditching Skype and recording directly to our computers instead. It still isn’t perfect, but I expect to keep improving it as we go forward.
This Week’s Show is On Taxes
Today, Jason from Dividend Mantra and I talk taxes, and more specifically (according to Jason) why taxes suck. If you want to know how much I paid in taxes last year (and it isn’t pretty), you’re in the right place. Also, I did a little calculation on how my tax situation will change in the future with my new direction. As a hint, it will be much better.
Jason shares how his investment approach is naturally tax efficient and how he plans to leverage it in early retirement. Jason and I both agree that taking advantage of arbitrage opportunities (living on less while everyone else needs gobs of money just to get by) is a great approach to creating real wealth in life. To us, that means gaining the ability to do whatever we want, whenever we want. How awesome would it be to achieve true financial freedom while still young and not physically limited? That’s what this podcast is all about.
We also discuss something I didn’t ever think about until talking to Jason, the idea that living cheap can lower your taxes tremendously. Being able to live on less, therefore being okay during years of earning less, can save you a ton of money on taxes. Jason’s going to get this break when he retires and earns a modest income. I will get this break while I build my entrepreneurial ventures and earn a modest income.
Share Your Experiences in the Comments!
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Also, I’d love to continue the tax discussion in the comments below. Here’s a question for you: Do you know how much you paid in taxes last year? If so, how does that sit with you?