For those of you who are trying to pick stocks and time the market, don’t forget that the market is forward-looking.
Most of the time, the piece of information that you think will give you an edge is already reflected in the market price.
Just another reason to be a passive investor.
There is a common misconception out there with the Roth IRA that once you put you money in it, it is locked up until you are 59.5 years old. This is not the case.
You can with draw your principal penalty free before the age of 59.5.
They are also some excpetions where you can withdraw both your principal investment and gains penalty free.
I don’t recommend pulling your money out of your Roth IRA early because it is a long term investment account and it will hurt your compounding interest but, it is nice to know you can pull out your principal penalty-free if you really need to.
Most professional golfers funnel their income through their own LLC.
It is important to make the most of this with your tax election (Sole proprietor, S Corp, Partnership, etc..).
It is also important to set up a retirement account that fits your situation best (Sep IRA, or Solo 401k)
There are lots of tax advantages you can benefit from as a professional golfer. If you would like our team to show you how we can optimize your taxes, don’t hesitate to reach out.
Taking too little risk in your portfolio is like smoking cigarettes, taking too much risk is like doing heroin.
Both will harm you, the only difference is how quickly.
Do you donate to Charity?
Donating to charity is not only a great thing to do, but it is also an awesome tax move.
You can use donor advise funds, charitable remainder trusts, bunching strategies, etc… to lower your taxable income.
You can also donate highly appreciated securities to avoid cap gains taxes.
People view houses as a great financial investment simply because it's the only investment they don't touch for 30 years
Imagine if you did that with stocks, etf's, etc.