If you're a business owner & want to save on taxes, apply to work with Jaspreet's partner tax firm! www.thecwealth.com/jaspreet/ *Please note, if you do use this tax firm, Jaspreet will be compensated. There's no additional cost to you. WARNING: LOOKOUT FOR SCAMS IN THE COMMENTS! There are many fake accounts impersonating me, and there are many bots promoting fake/scam investments. I will NEVER ask you to contact me through UA-cam comments, telegram, or WhatsApp. I have a checkmark next to my name and my comment will be highlighted. Fake accounts do not have that. Please be aware of fake accounts trying to scam you using my name and picture!
I get the concept that you don’t pay taxes on your loans, but most banks will require you to make monthly payments on them. If you have no income, how do you do that?
If all ultra wealthy folks were to pay their fair share in taxes, the world would be a better place. You’re basically promoting greed, which leads children to starving to death.
The problem we have is because Most people always taught that " you only need a good job to become rich " . These billionaires are operating on a whole other playbook that many don't even know exists.
" It is remarkable how much long term advantage people like us have gotten by trying to be consistently not stupid , instead of trying to be very intelligent."
The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on government paycheck, especially with the current economic crisis around the world. This is still a time to invest in Stocks, Forex and Digital currencies.
Even with the right technique and assets some investors would still make more than others. As an investor, you should've known that by now that nothing beats experience and that's final. Personally I had to reach out to a stock expert for guidance which is how I was able to grow my account close to $35k, withdraw my profit right before the correction and now I'm buying again.
You need to be teaching high school seniors! There was a financial class I could've taken, but for some ridiculous reason it was considered an elective, so I ignored it thinking pre-calculus (something I never used again) was more important... This stuff is extremely important! I'm nearing my mid-twenties, and I barely know how checkbooks work!
Please pay attention that if you declare losses on your real estate due to depreciation ( as explained at 20:10 ) and you later decide to sell that same property, you will be required to pay capital gains tax on the amount you deducted. This is called depreciation recapture. So you still have to pay those taxes, they are just deferred. And you can deferr them even more with a 1031 exchange. Also, there are strict requirements to qualify for a 1031 exchange, you cannot simply pick the property you want. It has to have a determined number of units, size, price and more. But it is possible
I had to stop and re-watch this video about 100 times. You open my eyes. Thank you... I am learning and paying attention. This is the last year I will claim taxes while broke!!!!
FINALLY!! Someone has explained to me how millionaires dont pay tax and still live! I have asked so many accountants and self named tax experts who couldnt answer the question and just told me to earn less!!! Amazing advice thank you
Taxing people’s paychecks is unconstitutional. So the common folk is taxed not only on their paycheck, but then they go to the store and taxed again on their purchases in store.
no its not. you need to actually read the constitution its under the 16th amendment. The 16th amendment The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
And FiCa and property taxes !! And thats the worst cuz its now thousands a year usually instead of hundreds like it used to be..plus from the net pay u get u pay texes on capital gains again!!! So only way is creating passive income a 18 wheeler ,ahouse etc...
@@workingshlub8861 paying for the defense of the United States was never intended to be temporary it was written into the Articles of the constitution. When the 16th Amendment was initiated to specifically tax wages it was stated they would revisit that need after the war. The problem being the United States has been at a perpetual state of war ever since. I've read you comments, it's not me who is wrong, I can point you to directly where it is stated in our Constitution it's not my opinion it's clearly written for anyone with the ability to read and understand to do so. People can have whatever opinion they want about it, it does not change what was, is and remains written in the constitution. You either believe in our constitution or you don't. Opinions are not facts!
It's up to us to capitalize.. we plan our future independently, and our financial plan is not excluded. We are all aware of the prince of the world , but we can not just assume ourselves to be F+_! ., Financially. The works of evil effect us all, and must be resisted,like never before. My apologies, I have been near myself, changing... And it's my responsibility to educate myself, to be involved in my own political system and all that matters to me. Thank you for the video
Politicians are claiming to reprent you because of the VOTE which is a TRANFER OF POWER OF ATTORNEY. They can assume and presume they're speaking in your name. And they CANNOT be sued because Government is seen as a Private Person in Court, hence NO LIABILITY.
I’ve been listening to your vids and love them. What’s a real crying shame is that we have to jump through so many hoops and bounds to try and really build wealth. But thanks to people like you, at least us common folk have somewhat of a chance lol. Thanks man, keep em coming.
"I'm an attorney, I'm not YOUR attorney..." This actually made me laugh out loud! 😂 Thank you for your videos, Jaspreet. They are helping me make more informed decisions.
You still have to pay taxes every year on your home which is property tax. unless you. Sell your house every two years which is not fun to do every two years
@@chuckkremm5791 depends what you do at your home sayid you had a farm and raising a crop that the us government supports right now you get tax brakes but yes you have to pay something I’m sure I’m not a attorney.
Great vid, thank you. My experience don’t buy bigger houses, sell the 400k house and go further out and buy 4x100k houses. A 100k house will get $250 rent x4 $1000, a $400k house will only get $400 ish rent and if the market or economy crashes then the lower value houses are easier to rent or sell.
You are literally blowing my mind with this video. I went from running the corporate hamster wheel to venturing out on my own as an Independent contractor and trying to grow some small business ventures. As a single mom most would think I've lost my mind and a time or two I questioned that myself. When you said the rich know how to make money and KEEP money, that was the bull's-eye epiphany for me 🎯. I have always been good at making money but not necessarily keeping it but I feel like with resources like your own, I'm about to get on top of that too and REALLY change the game. Thank you for this invaluable info and inspo! 🙏🏾💛
These are fantastic takes, I was really hopeful of my investments this year, but I followed some stock suggestions that didn't go so well, I've been studying the market crashes and I realized some investors made millions from the recent recession and I was wondering if such success rate could be achieved in this present market. Any recommendations?
Many people minimise the importance of counsel until their own feelings become overwhelming. A few summers ago, following a protracted divorce, I needed a significant push to keep my firm solvent. I looked for licenced advisors and found someone with the highest qualifications. She has contributed to my reserve increasing from $275k to $850k despite inflation.
To be honest, I've been wary of banks for a while, but I wasn't sure how to speak with an advisor first. Please let me know who your adviser is if it's okay; I need some recommendations.
Svetlana Sarkisian Chowdhury a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
This is total horse shit. Our tax system isn't corrupt. It is "progressive", meaning the more you make, the more you pay. The upper 50% bear the ENTIRE tax burden for our county. All this gentleman is illustrating in this video is a series of tax breaks/deductions that are available to everyone in our country. Tax breaks exist to influence the public's behavior. The government wants us to do certain things, such as own our own home, buy stocks and hold them for the long term, start a business, buy certain assets, etc. All of these things boost our country's economy, which is good for all, so the tax breaks are deserved rewards. Also worth mentioning: there were many details left out of this video... small things which restrict these strategies to some degree, and/or pose taxes he didn't mention. There is no free lunch. Some strings are attached. However, they're all good ideas which anyone is free to take advantage of.
I've probably already left a comment on here because I've watched it several time in order to fully grasp it. The whiteboard helps me tremendously. I learn better visually and you talk extremely fast : ) That being said, your videos are some of my favorites. Tons of good info regarding things I want to learn.
One thing I've learned to do for fast videos is to click on the video settings, and then choose the speed that suits me. Hope this helps, as it did me.
Yeah, this was a good introduction to the whole taxes savings concept. Good job Jaspreet. But, this doesn't just apply to the rich in the United States. Most Americans can participate as well. The more you look into this topic, the more you realize just how many avenues there are to minimize taxes in the US. I actually did a video on this very topic that might give you even more ideas and help you out.
This is why the CA legislators forced Uber to hire the drivers as employees. The drivers were deducting all their expenses from their earning and paying no taxes but as employees they pay taxes on their wages
This was an instructive video for people that don't know anything about investing or how money is taxed. Most beginning investors, however, know most of this video. Pay urself and not the government is a good rule to follow. Just make sure you follow all the government's rules during that process. U dont want the IRS a part of ur life.
Me and my wife love your videos, you have really been helpful in showing us different techniques to create wealth and using your techniques has actually made our marriage so much stronger. You are my hero. My goal is to one day get a picture with Jaspreet Singh and frame it on my wall, not even making that up, I truly want to do that one day. You are one of those few people I have the utmost respect for.
I can't imagine how many marriages this wonderful Angel has saved honestly. Jas I love that you have found your purpose early on in life and you're impacting all of us globally on such a massive scale, keep it up! 👏🏼👏🏼👏🏼 Sending much love and light your way!🌠♥️
It's crazy how I've been watching you for what I'm pretty sure is a few years now and this is the first time that I'm listening and I actually FULLY COMPREHEND EVERYTHING you're discussing. That just opened my mind, BIG TIME, I was stressing that I'll have to sell my investments for a huge loss just to stay afloat but now I know I can just take a loan and use it as collateral and my investments stay untouched and continue to grow. Thank you!
I've been watching youtubes and reading books on building wealth for a few years now, and this video taught me more than what I had learned in the past 3 years. Under-rated content. I'm so glad I found you.
Thumbs up and subscribed at 1:44secs! I had to pause for the cause, grab my notepad and the popcorn---this is gonna be good---I already know! Thanks Singh!
I'm saving this video. So much game here. Could you make a follow-on video about finding accountant/tax professional? Things to look for in a professional, scams to avoid... I have no idea what to look for to get this kind of support.
Thank you! I have learned so much from you regarding my taxes than I have from my CPA of nine years. He is fired after this video. I will be finding a more qualified CPA.
Yeah, business deductions. Make sure you have records or receipts of your expenditures. I mean if you get audited and you deducted that new computer for your business, just make sure that you didn't improperly deduct, on the 1080 they ask you if it was businesses only or personal, if it was both, say what percent, so just keep that in mind when doing taxes...
I've used 2 tax accountants in my life - both highly recommended by friends and family. Sadly, NEITHER were as thorough as I am with deductions, and both had to fix the return to claim legit deductions. And there was no excuse for overlooking these as I'd given them the supporting documentation upfront, and these weren't oddball types of deductions. My point... don't blindly trust professionals to be good at their jobs. 😔
At this point it seems like we have to do everything ourselves even millionaries get fucked over for their money when dealing with accountants and stuff.
I had the same experience. I had one good tax accountant in the UK, one scrappy and crappy accountant in Canada who didn't give a sh$t and I had to force feed information which he reluctantly included in the accounts. It's extremely hard to find a good imaginative and creative but legal accountant
OK. But you forget to explain in detail, how do you pay back a loan with interest, if you are using the money received from the bank in order to live and pay bills. You spend all the money on living expenses. You still have to pay the loan back. Somehow that money has to come to you as income. Which is taxed.
What's up man. Ayo look, im 15 and wanted to get the jump of what to get myself into when i get older and this helped alot. I like watching financial videos. And things like this makes me determined to go deeper in this subject. Love it man 💜
If you want to make a lot of money quit describing yourself as a color and try using your brain for things that make money. That crap is a detractor not an attractor.
Thank you so much for making this particular video. I've been wanting clarity on this subject for years, and you've hit it out of the park. Great job!!!
These 7 ways to not pay taxes work ONLY for business owners however, not showing income WILL BACKFIRE when you need to barrow because banks won't lend money to those businesses with no profit/income to show.
Sigh always about rich people, all rich people were just like you at tone point in your life, they just made a change. They didn't say I'm not going to Pay Taxes so I am going to be Rich. The problem with all of these thoughts is they force you into an Us vs Them. I pay taxes as a business owner, its not bad to help the place you live in, sure its good to be a rebel but the reason Trump said such dumb stuff is because he knows that W2 earners can't avoid this. Rob the accountant tells everyone and anyone, ANY fool who starts or does something based on a tax is utterly non-sensical. The reality is for MOST business there does comes a point where taking a Paycheck is Pointless but it COST u elsewhere, that's what they don't tell you, there is NO SAVINGS people only re-direction. To ostracize and signal out OTHERs for WHAT YOU have the same ability to GET2 is simply dumb. Mister counsel, is it not time to abolish the tax court? The supremes have been moving to quash why not also the Tax court, folks ought not have to navigate 2 legal systems, wouldn't you agree?
My concern is that my portfolio is struggling, and I'm uncertain about how a retirement strategy would be beneficial in this situation. Achieving a million tax-free sounds like a dream, especially considering the fluctuations in my stock portfolio around the same point.
It involves maximizing your contributions to a Roth IRA and taking advantage of certain tax benefits. but in order to execute such strategy , It’s best you consult with an expert advis0r
This reference seems valid.. Just looked up her name on my browser and found her webpage. over 10 years of experience is certainly striking! very much appreciate this
Stocks are a very passive way to make money. Almost no one gets rich from the market. You need to own an asset you direcrly own and control, and make it worth more. That is how all real money is made.
Thank you so much for explaining things in an easy to understand format as I had struggled to understand debt and how to borrow in that before this video and just ask the beautiful knowledge you bring to light here. This is one of your best videos
Can you create a version of this video for salaried employees? Something that can cover tactics for legally maximizing deductions and increasing investment/ savings etc.
In order to take advantage of any of this you have to complicate your life, live on margin, and take on stuff that legitimately puts you at risk. For every one guy that succeeds in implementing some of these things, there's a thousand standing behind them with their pockets pulled inside out. Taxes are a part of life. Unless you have a lot of time and a good accountant be very careful with tax games. For the vast majority of people, life is too short for an audit. Becoming financially free a lot easier than this...
Yeah, stuff like this reminds of that Gandhi quote We have enough for everyone's need, but not enough for everyone's greed People like Robert Kyosaki, it's like he thinks this country operates on a bunch of high school dropouts who all started successful businesses with zero employees and a bunch of customers who are stupid enough to have a job. It's like a fantasy world of no obligation and no responsibility to anyone else, all there is is money. Money, money, and more money, until you're dead and now your heirs have that money. It's very.... empty to listen to But I like learning objectively, so I watch the videos
23:26 that last one is incorrect. We had an apartment we paid 100k for, and sold it for 200k like 8 years later, and had to pay like 23k in tax. there is definitely tax on what you sell it for even though we ended up using that 200k to buy another apartment that cost the same 200k. Maybe this is state dependent, but its definitely not tax free everywhere.
Thank you, I own my house, and it’s worth around 180,000 and I still owe 43,000 on it. I been paying a lot towards the principle every month in order to pay the mortgage off quicker. This video helped a lot and now thinking of refinancing and purchase another house 👍🏽
Just remember that the house you almost own will now go up in value which will make your payment on it more. So the house you buy with the investment money should at least bring in enough income to pay the investment property mortgage plus atleast the difference in the existing refinanced mortgage.
Yes the Car & 179 & 168 Deduction of the Full Value of the SUVr weighing over 6000 lbs., MAY WORK, but it has to be Used over 50% of the time for Business, which could be problematic to justify if you are Not Vining & Dining Clients, but use it for Commuting and occasional business trip ... Don't forget that under Sec. 274, you would need to provide Contemporaneous Documentation of the Vehicle's USE!!!
This video shows why Americans have the potential to become extremely wealthy. Your tax laws are great! I only wished we have some of these great loopholes (like 1031 exchange) up here in Canada.
@@zmdoor take note he said you need to know what you are doing, this applies to every country there’s always a loophole in the system, but it’s not easy, he makes it sound easy but it’s not.
It's been my experience that you may not have to pay any money, but you still have to file to show them why. I'm an independent contractor, write off my mileage, and pay into social security, of which I'll probably see nothing later.
That's very interesting to hear. Me and my wife bought a house back in 2019 for 180k. We just recently got it appraised and the current value appreciated to 310k. I need to research more on this. Everytime I hear someone talk about selling a house for x amount, they keep the difference. I never hear about the closing cost.
Selling the house to move in the same area, it is really a loss unless you're downsizing. The price per sq ft will be nearly the same. Closing costs will be automatically 6% for the realty company, title any debts. So, for a more accurate number, go into the title company and see what it would cost. They can provide a fairly good estimate.
You people really need to study some basic law. You used a vital word here called code tax code. Codes statutes policies and rules are not lawful they were not handed down to us by God which is the supreme law of the land, common-law. Codes are not laws that go against the Constitution therefore there was called repugnant and anything that is repugnant to the Constitution is null and void. Taxes are not lawful they are not legal
Should also post a video on how to never use a highway, on how to defend your property without police and your country without an army, on how to care for yourself if you get sick, etc.
Did I miss something? How do you pay back the debt against your investment as collateral? You still have to sell your stock in order to pay the debt back right?
Same question here. Where do you pay back the principal from if not from a job/other investments/that same real estate you borrowed against that you now have to sell.
What if you lived in a home for over 2 years and then not sell it but rent it, what would be the benefits in this case? Could you make a video on how to best own real estate properties and what all tax benefits we can have?
Hi Jaspreet, thank you for this valuable information. I just learining about money and find this facinating. Thank you, have a great year ahead, Kieron
One question about the last advice (avoid real estate sale property tax): If I do that (sell a home, buy a bigger one, rinse and repeat), until I get to a $1M house, can I then move into that house as my primary residence, and avoid taxes for it? And what if I move there for 5 years, then sell it?
At 17:19, that’s a little deceptive because if from my job I made let’s say 30k and then from selling the asset I made that same 40k after having held it for a year plus, my long term capital gains would be 15% not zero. But the video kind of makes it look like the assets that qualify as long term capital gains have their own isolated income tax brackets not effected by a person’s taxable income.
For the example he used for Strategic Debt, how will the loan that was borrowed against your asset be paid off? Wouldn’t the income needed to pay off that debt be taxed anyways ?
Great video on what you can do in real estate. For people getting started, you can also deduct those paper losses against some or all of your regular job income if you can get your MAGI below 150k. Great advantage when starting off small.
Okay, using debt tax free is common , but what does the money come from each month when paying down the debt? Ex.- Elon Musks repayment of debt must come from somewhere. He needs to withdraw the funds for repaying the debt. THEREFORE I find it hard to believe he is not taxed at all on his funds.
the working class communists pay the debt. like robert kiosaki told you hes a debtor hes not paying for anything and neither are people like him but they will gladly let you commnists do it. By stock in tesla, elon sells his stock, takes your money and pays back the loans hes taken out. Its nothing more than a transfer of debt onto you working class communists. rotflmfao aint the rich great
I think that his $6 share appreciates to $1000,then if he borrows $1000 against that share he has $1000 in his pocket but needs to pay the borrower back plus interest.He sells the share and pays the money back and claims the borrowed money as a tax deduction!In this way he avoids the full tax on the money by claiming both the $1000 borrowed and the interest charged,which will amount to less than the tax!
Thank you Jaspreet, you one of the best guys here. Generally, the economy has been shaky and the markets have been crazy. Many are exiting positions. Whenever something big goes wrong, a lot of people panic and hold on to money that should be working for them when you can always leverage. Crazy!
The crazy part, the Fed hasn't even really done anything. It's been all mainly talk. Not even an actual .25% hike yet and QQQ took more than a 15% correction. Imagine when they actually do something. Tbh I'm in need of a good investment plan currently, I have a lump sum in a savings account yielding next to nothing.
@@theexpendables3152 Highly diversified portfolio using trade signals from my investment advisor Susan Lynn Hoyt a US registered CFA who you might have seen in the CNBC news and tbh it's been a huge relief. Good earnings and little to no engagement at all on my part. My aggressive portfolio returned almost $200k in Q4.
@@virgilhall6866 cool but I'd love to start moderate and maybe advance to aggressive. Do you just give her your money or copy manually? And what does Susan Hoyt charge for her services?
@@theexpendables3152 You don't give out funds here. My account only mirrors her trades in real time that's the ideal for this system. The lady I just recommended is a renowned advisor and knows what the heck she's doing. Check her out and get in touch if you'd need help.
Service Canada pays GIS which is non taxable. But GIS comes in the package with Old Age Security pension. This package is taxed and the ammount of tax almost equals Old Age Security pension. What's the logics of paying Old Age Security then? The combination of the Old Age Security (OAS) pension, which is taxable, with the non-taxable Guaranteed Income Supplement (GIS) can result in a higher overall tax liability for individuals with low income. This occurs because when the OAS and GIS are combined, the total amount may push the individual into a higher tax bracket, leading to a higher tax liability compared to if the OAS and GIS were paid separately. This issue has been raised by various individuals and experts, highlighting the potential tax implications of combining these benefits. The rationale for this combination is not entirely clear, and it has been a subject of debate and concern within the senior community. The government's approach to structuring these benefits and their tax implications is a complex issue that may require further examination and potential policy adjustments to ensure that low-income seniors are not unduly burdened by higher taxes due to the combination of these benefits.
Great video, the wealthy get wealthier not because they are cheating the system, but because they understand how to play the game of taxes. After all, it is not so much about how much you make, but rather how much you are able to keep...
But they definitely bought the politicians that made the rules for the system you can’t leave that part out.. look to the koch brothers 👌🏾 hence why income inequality is at historic high
I FINALLY FINALLY FINALLY UNDERSTAND! I’ve never been able to figure any of this out. Thank you, Jaspreet! Your explanations are awesome! And so since I get a 1099 instead of a W2, I really can do these deductions as well? I get GOUGED every year on taxes. They’re suffocating me.
Did not understand the part with Tesla and Mask. You borrow money tax free, but how are you settle that loan tax free? To settle a load, you need cash. To get cash you need to earn cash. When you end cash, you pay tax. This part is confusing…
LOVE that MM covered this!!! I love Rob but sometimes it's hard to get specific info from him cause he is also informing you of how crooked the central banking system is while he is going over investing strategies 😆
The difference between Dave Ramsey n "Rich dad poor dad" is their belief system. Dave lives by Christian values n the guy frm rich dad poor dad (Robert) is not religious. The Christian view says owe no man, also the wicked borrow n don't pay back, the borrower is a slave to the lender etc. If I don't live by these principles then I'm my own god n do as I please.
He forgot that he must exclude de depreciation from the cost of the real state asset. So you are postponing the tax. And it depends in the constant grow in property prices..
Great video! Question regarding strategic debt: how does one pay back the loan in a way that's tax effective? I imagine it needs to be paid back in cash over time, which would require either liquidating assets (and paying tax) or have another form of income (that's also taxed)?
You can't, so it only works if you're willing to die with a lot of debt. There are ways to mitigate this though so that your offspring isn't screwed. So yeah, this strategy in principle only defers taxes. It doesn't avoid them.
@@Witchblade112 true but the point is that (assuming your investments down fall off) the compounding effect of not stripping tax allows a much higher IRR over the life, so yes you pay larger taxes at the end but the cumulative sum of money that you net is way higher than Paying as you go. It is pretty sad how unfair it is for those that do not have access to these strategies
@@natina1957 >>> Trading the financial market with the right knowledge or an expert could change your life I trade with an expert and that's how I make this numbers on a monthly basis.
@@stepheniemattews1818I've been looking into advisors lately,the news I have been seeing in the market hasn't really been encouraging.who is this expert guiding you?
I did a video on this. My strategy is build up dividend income up to the minimum to pay 0% in taxes at the federal level and then move to a state that has 0 income tax (my preference Wyoming)
In addition to this, this methods are mainly applicable in the US. So check in your home country what the rules are & how they apply but generally speaking the idea is to make sure you are not directly earning any money. This is howvthe wealthy get not to partake in the scam called taxes & exactly what the credit card system was created for but which the common folk tend to abuse & fall into debt due to their lack of FINANCIAL EDUCATION. Tanx for the video. 👍
If you're a business owner & want to save on taxes, apply to work with Jaspreet's partner tax firm! www.thecwealth.com/jaspreet/
*Please note, if you do use this tax firm, Jaspreet will be compensated. There's no additional cost to you.
WARNING: LOOKOUT FOR SCAMS IN THE COMMENTS!
There are many fake accounts impersonating me, and there are many bots promoting fake/scam investments. I will NEVER ask you to contact me through UA-cam comments, telegram, or WhatsApp. I have a checkmark next to my name and my comment will be highlighted. Fake accounts do not have that. Please be aware of fake accounts trying to scam you using my name and picture!
I get the concept that you don’t pay taxes on your loans, but most banks will require you to make monthly payments on them. If you have no income, how do you do that?
@@dangeles95 I was wondering the same thing.
@@dangeles95 same. That’s the missing piece for me too
If all ultra wealthy folks were to pay their fair share in taxes, the world would be a better place.
You’re basically promoting greed, which leads children to starving to death.
@@dangeles95 you pay it back with the same money you borrow so some you use to live and some you're using to pay back loan if that makes sense.
The problem we have is because Most people always taught that " you only need a good job to become rich " . These billionaires are operating on a whole other playbook that many don't even know exists.
Money invested is far better than money saved , when you invest it gives you the opportunity to increase your financial worth.
" It is remarkable how much long term advantage people like us have gotten by trying to be consistently not stupid , instead of trying to be very intelligent."
The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on government paycheck, especially with the current economic crisis around the world. This is still a time to invest in Stocks, Forex and Digital currencies.
Even with the right technique and assets some investors would still make more than others. As an investor, you should've known that by now that nothing beats experience and that's final. Personally I had to reach out to a stock expert for guidance which is how I was able to grow my account close to $35k, withdraw my profit right before the correction and now I'm buying again.
Trading under the guidance of an expert is the best strategy for beginners.
You need to be teaching high school seniors!
There was a financial class I could've taken, but for some ridiculous reason it was considered an elective, so I ignored it thinking pre-calculus (something I never used again) was more important... This stuff is extremely important! I'm nearing my mid-twenties, and I barely know how checkbooks work!
you could learn with the right company and mindset , never its late
Please pay attention that if you declare losses on your real estate due to depreciation ( as explained at 20:10 ) and you later decide to sell that same property, you will be required to pay capital gains tax on the amount you deducted. This is called depreciation recapture. So you still have to pay those taxes, they are just deferred. And you can deferr them even more with a 1031 exchange.
Also, there are strict requirements to qualify for a 1031 exchange, you cannot simply pick the property you want. It has to have a determined number of units, size, price and more. But it is possible
I had to stop and re-watch this video about 100 times. You open my eyes. Thank you... I am learning and paying attention. This is the last year I will claim taxes while broke!!!!
This is what I call "don't hate, participate!!" Great information!
FINALLY!! Someone has explained to me how millionaires dont pay tax and still live! I have asked so many accountants and self named tax experts who couldnt answer the question and just told me to earn less!!! Amazing advice thank you
They pay more in a year then you’ll pay in your life. Fair?
Wrong
@@ThatGuy-rb5yw
no they don&( lol.
But im not gonna tell you how to avoid taxation either.
@@maalikserebryakov They do, they are just smarter about the tax system than you.
They wouldn't be working if they knew.
Taxing people’s paychecks is unconstitutional. So the common folk is taxed not only on their paycheck, but then they go to the store and taxed again on their purchases in store.
no its not. you need to actually read the constitution its under the 16th amendment.
The 16th amendment The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
And FiCa and property taxes !! And thats the worst cuz its now thousands a year usually instead of hundreds like it used to be..plus from the net pay u get u pay texes on capital gains again!!! So only way is creating passive income a 18 wheeler ,ahouse etc...
@@vestedinterest5655 it was supposed to be a temp tax also...you know that right?
@@workingshlub8861 paying for the defense of the United States was never intended to be temporary it was written into the Articles of the constitution. When the 16th Amendment was initiated to specifically tax wages it was stated they would revisit that need after the war. The problem being the United States has been at a perpetual state of war ever since. I've read you comments, it's not me who is wrong, I can point you to directly where it is stated in our Constitution it's not my opinion it's clearly written for anyone with the ability to read and understand to do so. People can have whatever opinion they want about it, it does not change what was, is and remains written in the constitution. You either believe in our constitution or you don't. Opinions are not facts!
Taxation without representation is unconstitutional
IF the politicians wanted the tax code changed, it would be changed. They do NOT want it changed because they don't pay taxes, either.
It's up to us to capitalize.. we plan our future independently, and our financial plan is not excluded. We are all aware of the prince of the world , but we can not just assume ourselves to be F+_! ., Financially. The works of evil effect us all, and must be resisted,like never before. My apologies, I have been near myself, changing... And it's my responsibility to educate myself, to be involved in my own political system and all that matters to me.
Thank you for the video
Verrrrrry True
Politicians are claiming to reprent you because of the VOTE which is a TRANFER OF POWER OF ATTORNEY.
They can assume and presume they're speaking in your name.
And they CANNOT be sued because Government is seen as a Private Person in Court, hence NO LIABILITY.
Jaspreet, I have to say that you've been a good public speaker and educator as long as I've followed your videos, but you continue to improve.
I’ve been listening to your vids and love them. What’s a real crying shame is that we have to jump through so many hoops and bounds to try and really build wealth. But thanks to people like you, at least us common folk have somewhat of a chance lol. Thanks man, keep em coming.
"I'm an attorney, I'm not YOUR attorney..." This actually made me laugh out loud! 😂 Thank you for your videos, Jaspreet. They are helping me make more informed decisions.
You still have to pay taxes every year on your home which is property tax. unless you. Sell your house every two years which is not fun to do every two years
@@chuckkremm5791 depends what you do at your home sayid you had a farm and raising a crop that the us government supports right now you get tax brakes but yes you have to pay something I’m sure I’m not a attorney.
😂😂😂
He is so freaking cool man
Great vid, thank you. My experience don’t buy bigger houses, sell the 400k house and go further out and buy 4x100k houses. A 100k house will get $250 rent x4 $1000, a $400k house will only get $400 ish rent and if the market or economy crashes then the lower value houses are easier to rent or sell.
Chat me up ☝️☝️☝️☝️
Hell, a 40k house I bought in 08, rents for $1,500 each month, every month until I die.
You are literally blowing my mind with this video. I went from running the corporate hamster wheel to venturing out on my own as an Independent contractor and trying to grow some small business ventures. As a single mom most would think I've lost my mind and a time or two I questioned that myself. When you said the rich know how to make money and KEEP money, that was the bull's-eye epiphany for me 🎯. I have always been good at making money but not necessarily keeping it but I feel like with resources like your own, I'm about to get on top of that too and REALLY change the game. Thank you for this invaluable info and inspo! 🙏🏾💛
Same here. Stay strong 💪🏿
goals
@@richardmingo3470 🤡
What were you doing with all your money?
That's what am talkin about.. Give it to me.. Let's do Business together.. interested 😊 ?
These are fantastic takes, I was really hopeful of my investments this year, but I followed some stock suggestions that didn't go so well, I've been studying the market crashes and I realized some investors made millions from the recent recession and I was wondering if such success rate could be achieved in this present market. Any recommendations?
Many people minimise the importance of counsel until their own feelings become overwhelming. A few summers ago, following a protracted divorce, I needed a significant push to keep my firm solvent. I looked for licenced advisors and found someone with the highest qualifications. She has contributed to my reserve increasing from $275k to $850k despite inflation.
To be honest, I've been wary of banks for a while, but I wasn't sure how to speak with an advisor first. Please let me know who your adviser is if it's okay; I need some recommendations.
Svetlana Sarkisian Chowdhury a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
Insider trading. That's how they do it. It's a club that you're not invited to. Only brown people allowed.
How to tell when you're living in a corrupted society. When you have to find (Legal) ways to not pay (Illegal) taxes.
Absolutely agree with your comment. Our government make it a law to make us pay them money legally in every corner!!
how to tell that there will never be a completely corrupt free society. When humans are apart of them.
@@nganguyen-id7pp and the more people push for taxing the rich the more the middle and lower class get punished.
This is total horse shit. Our tax system isn't corrupt. It is "progressive", meaning the more you make, the more you pay. The upper 50% bear the ENTIRE tax burden for our county. All this gentleman is illustrating in this video is a series of tax breaks/deductions that are available to everyone in our country. Tax breaks exist to influence the public's behavior. The government wants us to do certain things, such as own our own home, buy stocks and hold them for the long term, start a business, buy certain assets, etc. All of these things boost our country's economy, which is good for all, so the tax breaks are deserved rewards. Also worth mentioning: there were many details left out of this video... small things which restrict these strategies to some degree, and/or pose taxes he didn't mention. There is no free lunch. Some strings are attached. However, they're all good ideas which anyone is free to take advantage of.
Taxes are a convenient way to pay for things we collectively (well most of us atleast) needs.
I've probably already left a comment on here because I've watched it several time in order to fully grasp it.
The whiteboard helps me tremendously. I learn better visually and you talk extremely fast : )
That being said, your videos are some of my favorites. Tons of good info regarding things I want to learn.
One thing I've learned to do for fast videos is to click on the video settings, and then choose the speed that suits me. Hope this helps, as it did me.
@@UseYourBrain. I do the same... it works great for fast talkers. 👍
You hit a Home Run with this video. You break it down to the point that it starts to make sense
Yeah, this was a good introduction to the whole taxes savings concept. Good job Jaspreet. But, this doesn't just apply to the rich in the United States. Most Americans can participate as well. The more you look into this topic, the more you realize just how many avenues there are to minimize taxes in the US. I actually did a video on this very topic that might give you even more ideas and help you out.
You want to never pay taxes in the U.S.? Just be an illegal immigrant. That's all you gotta do.
This is why the CA legislators forced Uber to hire the drivers as employees. The drivers were deducting all their expenses from their earning and paying no taxes but as employees they pay taxes on their wages
Id recommend entrusting your money to a nigerian prince instead. Risk free way to make more poverty
This was an instructive video for people that don't know anything about investing or how money is taxed. Most beginning investors, however, know most of this video. Pay urself and not the government is a good rule to follow. Just make sure you follow all the government's rules during that process. U dont want the IRS a part of ur life.
Thanks for not bullshiting. This was actually really good quality information. My guy 👊
Me and my wife love your videos, you have really been helpful in showing us different techniques to create wealth and using your techniques has actually made our marriage so much stronger. You are my hero. My goal is to one day get a picture with Jaspreet Singh and frame it on my wall, not even making that up, I truly want to do that one day. You are one of those few people I have the utmost respect for.
Wow I love that. Thank you so much for your support!! 🥑
I can't imagine how many marriages this wonderful Angel has saved honestly.
Jas I love that you have found your purpose early on in life and you're impacting all of us globally on such a massive scale, keep it up! 👏🏼👏🏼👏🏼
Sending much love and light your way!🌠♥️
I wanna know that is this work in India also
'cause we get tax even when we provide housing
Sir clear my doubt
He charges 10% on your investments for a pic 🤷♂️, the hustle is real
👏👏👏👏👏 ❤❤❤
It's crazy how I've been watching you for what I'm pretty sure is a few years now and this is the first time that I'm listening and I actually FULLY COMPREHEND EVERYTHING you're discussing. That just opened my mind, BIG TIME, I was stressing that I'll have to sell my investments for a huge loss just to stay afloat but now I know I can just take a loan and use it as collateral and my investments stay untouched and continue to grow. Thank you!
I've been watching youtubes and reading books on building wealth for a few years now, and this video taught me more than what I had learned in the past 3 years. Under-rated content. I'm so glad I found you.
Thumbs up and subscribed at 1:44secs! I had to pause for the cause, grab my notepad and the popcorn---this is gonna be good---I already know! Thanks Singh!
This is a perfect video to show young adults who are looking to be financially responsible and independent. Thank you for this!
Young and old
I'm saving this video. So much game here.
Could you make a follow-on video about finding accountant/tax professional? Things to look for in a professional, scams to avoid... I have no idea what to look for to get this kind of support.
Thank you! I have learned so much from you regarding my taxes than I have from my CPA of nine years. He is fired after this video. I will be finding a more qualified CPA.
Yeah, business deductions. Make sure you have records or receipts of your expenditures. I mean if you get audited and you deducted that new computer for your business, just make sure that you didn't improperly deduct, on the 1080 they ask you if it was businesses only or personal, if it was both, say what percent, so just keep that in mind when doing taxes...
I've used 2 tax accountants in my life - both highly recommended by friends and family. Sadly, NEITHER were as thorough as I am with deductions, and both had to fix the return to claim legit deductions. And there was no excuse for overlooking these as I'd given them the supporting documentation upfront, and these weren't oddball types of deductions.
My point... don't blindly trust professionals to be good at their jobs. 😔
At this point it seems like we have to do everything ourselves even millionaries get fucked over for their money when dealing with accountants and stuff.
I had the same experience. I had one good tax accountant in the UK, one scrappy and crappy accountant in Canada who didn't give a sh$t and I had to force feed information which he reluctantly included in the accounts.
It's extremely hard to find a good imaginative and creative but legal accountant
OK. But you forget to explain in detail, how do you pay back a loan with interest, if you are using the money received from the bank in order to live and pay bills. You spend all the money on living expenses. You still have to pay the loan back. Somehow that money has to come to you as income. Which is taxed.
You forgot contributing to an IRA, HSA and charity. Those give tax deductions too.
Not only do I donate to the US government, I also claim as income any loose change I find in the street.
What's up man. Ayo look, im 15 and wanted to get the jump of what to get myself into when i get older and this helped alot. I like watching financial videos. And things like this makes me determined to go deeper in this subject. Love it man 💜
If you want to make a lot of money quit describing yourself as a color and try using your brain for things that make money. That crap is a detractor not an attractor.
Great video I just bought a few houses and started my own car company after watching this and now I’m tax-free.
Thank you so much for making this particular video. I've been wanting clarity on this subject for years, and you've hit it out of the park. Great job!!!
That was an eye opener, particularly about accountants. I need to do that.
These 7 ways to not pay taxes work ONLY for business owners however, not showing income WILL BACKFIRE when you need to barrow because banks won't lend money to those businesses with no profit/income to show.
Lenders care more about revenue growth than showing profits.
Sigh always about rich people, all rich people were just like you at tone point in your life, they just made a change. They didn't say I'm not going to Pay Taxes so I am going to be Rich. The problem with all of these thoughts is they force you into an Us vs Them. I pay taxes as a business owner, its not bad to help the place you live in, sure its good to be a rebel but the reason Trump said such dumb stuff is because he knows that W2 earners can't avoid this.
Rob the accountant tells everyone and anyone, ANY fool who starts or does something based on a tax is utterly non-sensical. The reality is for MOST business there does comes a point where taking a Paycheck is Pointless but it COST u elsewhere, that's what they don't tell you, there is NO SAVINGS people only re-direction.
To ostracize and signal out OTHERs for WHAT YOU have the same ability to GET2 is simply dumb.
Mister counsel, is it not time to abolish the tax court? The supremes have been moving to quash why not also the Tax court, folks ought not have to navigate 2 legal systems, wouldn't you agree?
@@herpderp66 you are right! That is the question on loan applications, how much revenue did you make in the last 2 years.
Well that's one a the reasons he mentioned less taxes I guess. Or borrowing against your assets
Your videos are so helpful in creating financial independence! Thanks Jaspreet ! We need to help grow your channel!!
My concern is that my portfolio is struggling, and I'm uncertain about how a retirement strategy would be beneficial in this situation. Achieving a million tax-free sounds like a dream, especially considering the fluctuations in my stock portfolio around the same point.
It involves maximizing your contributions to a Roth IRA and taking advantage of certain tax benefits. but in order to execute such strategy , It’s best you consult with an expert advis0r
I might look into this strategy to see if it aligns with my financial goals. I could really use the expertise of this advsors.
This reference seems valid.. Just looked up her name on my browser and found her webpage. over 10 years of experience is certainly striking! very much appreciate this
Stocks are a very passive way to make money. Almost no one gets rich from the market. You need to own an asset you direcrly own and control, and make it worth more. That is how all real money is made.
The i😢urge
Good work you are doing sir! Thanks for looking out for the small guys and giving us a positive outlook and plan for our future!
You are my hero.
I'm surprised no one recognized or liked your comment till now haha, I watch your videos from time to time especially the WWE wrestlers
Because He's getting a free ride (or says He does). Sounds like a great candidate to be removed from the country for not paying his fair share!
Thank you so much for explaining things in an easy to understand format as I had struggled to understand debt and how to borrow in that before this video and just ask the beautiful knowledge you bring to light here. This is one of your best videos
Can you create a version of this video for salaried employees? Something that can cover tactics for legally maximizing deductions and increasing investment/ savings etc.
Sardarji please…. Shed some light on how salaried person can save taxes?
Salaried employees cannot deduct expenses like independent contractors can.
Great video Jaspreet. The whole living off debt thing and the real estate explanation were fantastic. Mind was officially blown.
She was cold as ice!!!! Helped open me up!
Please help me with sciatica pain in my right leg and hip!
Thank you kindly. I appreciate the way you Calmly & Clearly explain these basics without complicating it. I'm so grateful 🙏 to you 💓
Becoming/ being Financially astute places one in the least common minority.
Great video!
In order to take advantage of any of this you have to complicate your life, live on margin, and take on stuff that legitimately puts you at risk. For every one guy that succeeds in implementing some of these things, there's a thousand standing behind them with their pockets pulled inside out. Taxes are a part of life. Unless you have a lot of time and a good accountant be very careful with tax games. For the vast majority of people, life is too short for an audit. Becoming financially free a lot easier than this...
Yeah, stuff like this reminds of that Gandhi quote
We have enough for everyone's need, but not enough for everyone's greed
People like Robert Kyosaki, it's like he thinks this country operates on a bunch of high school dropouts who all started successful businesses with zero employees and a bunch of customers who are stupid enough to have a job. It's like a fantasy world of no obligation and no responsibility to anyone else, all there is is money. Money, money, and more money, until you're dead and now your heirs have that money. It's very.... empty to listen to
But I like learning objectively, so I watch the videos
23:26 that last one is incorrect. We had an apartment we paid 100k for, and sold it for 200k like 8 years later, and had to pay like 23k in tax. there is definitely tax on what you sell it for even though we ended up using that 200k to buy another apartment that cost the same 200k. Maybe this is state dependent, but its definitely not tax free everywhere.
I think this video will change my life. I already had most of the information but everything clicked when I listened to this video.
Straight to the point no bs … giving value with no shame love it bro keep it up. I subbed
🙏🙏
Thank you, I own my house, and it’s worth around 180,000 and I still owe 43,000 on it. I been paying a lot towards the principle every month in order to pay the mortgage off quicker. This video helped a lot and now thinking of refinancing and purchase another house 👍🏽
Just remember that the house you almost own will now go up in value which will make your payment on it more. So the house you buy with the investment money should at least bring in enough income to pay the investment property mortgage plus atleast the difference in the existing refinanced mortgage.
you don't own it
Yes the Car & 179 & 168 Deduction of the Full Value of the SUVr weighing over 6000 lbs., MAY WORK, but it has to be Used over 50% of the time for Business, which could be problematic to justify if you are Not Vining & Dining Clients, but use it for Commuting and occasional business trip ... Don't forget that under Sec. 274, you would need to provide Contemporaneous Documentation of the Vehicle's USE!!!
This video shows why Americans have the potential to become extremely wealthy. Your tax laws are great! I only wished we have some of these great loopholes (like 1031 exchange) up here in Canada.
@@jtowensbyiii6018 what's not true about what he said?
@@zmdoor take note he said you need to know what you are doing, this applies to every country there’s always a loophole in the system, but it’s not easy, he makes it sound easy but it’s not.
Those tax loopholes prevent us from having good social safety nets, healthcare, education funding, rebuilding our roads and bridges.
lmao so wrong, it’s not the money it’s the people
@@herpderp66 No, misuse and misappropriation of taxes prevents that. It's the bloat in the government, not a lack of taxation.
I saw this months ago and now a second time and it made way more sense now. I now have two options with what I have. Thanks.
I enjoy reading the Market Briefs every morning. It’s appreciated!
It's been my experience that you may not have to pay any money, but you still have to file to show them why. I'm an independent contractor, write off my mileage, and pay into social security, of which I'll probably see nothing later.
That's very interesting to hear. Me and my wife bought a house back in 2019 for 180k. We just recently got it appraised and the current value appreciated to 310k. I need to research more on this. Everytime I hear someone talk about selling a house for x amount, they keep the difference. I never hear about the closing cost.
It’s taken out of closing documents
Selling the house to move in the same area, it is really a loss unless you're downsizing. The price per sq ft will be nearly the same.
Closing costs will be automatically 6% for the realty company, title any debts. So, for a more accurate number, go into the title company and see what it would cost. They can provide a fairly good estimate.
But how does Elon Musk pay those debts back without selling stock that will be recognized as earning income?
I’m so sad We don’t. Learn this stuff in elementary/high school. I promise you I will change that narrative ASAP! Thanks
For the video.
Big Math Mistake at 20:00 - you are doing monthly accounting then put the annual deduction in there.
This was a really informative easy to understand explanation of how these tax breaks work , thank you !
Jaspreet is a national treasure. He should get an Award.
really? this country doesnt operate on rainbows and sunshine. we all have a resposibility.
@@dankilgour9613 did you know taxes only make up 5% of revenue. The rest is printing press
He should get a lifetime tax break
No he’s not. He’s a fool
Man, oh man, I really do need a good CPA!!! Thanks for this amazing analysis on using the tax code to our advantage! 💕
You people really need to study some basic law. You used a vital word here called code tax code. Codes statutes policies and rules are not lawful they were not handed down to us by God which is the supreme law of the land, common-law. Codes are not laws that go against the Constitution therefore there was called repugnant and anything that is repugnant to the Constitution is null and void. Taxes are not lawful they are not legal
@@Habanero777 Taxes are legal because they are not just tax codes, but part of the US code.
I keep donating money to the IRS hoping they’ll make all my dreams come true
Should also post a video on how to never use a highway, on how to defend your property without police and your country without an army, on how to care for yourself if you get sick, etc.
I'm not hearing anything about paying back the debt, which bothers me tremendously.
Because you clicked on the wrong video 💀
Did I miss something? How do you pay back the debt against your investment as collateral? You still have to sell your stock in order to pay the debt back right?
Same question here. Where do you pay back the principal from if not from a job/other investments/that same real estate you borrowed against that you now have to sell.
We pay taxes on everything we buy, every service we engage, if we own property we pay taxes. They have us locked in.
Exactly 😢
What if you lived in a home for over 2 years and then not sell it but rent it, what would be the benefits in this case? Could you make a video on how to best own real estate properties and what all tax benefits we can have?
Hi Jaspreet, thank you for this valuable information. I just learining about money and find this facinating. Thank you, have a great year ahead, Kieron
One question about the last advice (avoid real estate sale property tax): If I do that (sell a home, buy a bigger one, rinse and repeat), until I get to a $1M house, can I then move into that house as my primary residence, and avoid taxes for it? And what if I move there for 5 years, then sell it?
"And what if I move there for 5 years, then sell it?"
Then there would be Capital Gains taxes (unless you buy another house in a 1031 exchange)
Correction: there is now zero Capital Gains taxes on a primary residence.
@@rodschmidt8952
Noice! Thanks.
Never OVER Pay on Taxes, there, I fixed your thumbnail title for you. 😂
Thank you Jas..I look forward to learning from your videos.
My parents did not teach me about finances. We need people like you !!
💜💜💜💜💜
At 17:19, that’s a little deceptive because if from my job I made let’s say 30k and then from selling the asset I made that same 40k after having held it for a year plus, my long term capital gains would be 15% not zero.
But the video kind of makes it look like the assets that qualify as long term capital gains have their own isolated income tax brackets not effected by a person’s taxable income.
For the example he used for Strategic Debt, how will the loan that was borrowed against your asset be paid off? Wouldn’t the income needed to pay off that debt be taxed anyways ?
Great video on what you can do in real estate. For people getting started, you can also deduct those paper losses against some or all of your regular job income if you can get your MAGI below 150k. Great advantage when starting off small.
This is EXACTLY how I paid low tax rates when I was working as a W-2 Employee all while owning a business!
Man am I glad I subscribed to this channel
Love this guy. His positive advise is priceless
A true masterpiece your video. Not even in college I learned so much like you did it now
"tax rate" and "lower taxes" is not the same. by percentage they may pay less, but in total pay way more.
Me and my wife love listening to you. You are so knowledgeable. Like a computer of information. Lol
Okay, using debt tax free is common , but what does the money come from each month when paying down the debt? Ex.- Elon Musks repayment of debt must come from somewhere. He needs to withdraw the funds for repaying the debt. THEREFORE I find it hard to believe he is not taxed at all on his funds.
the working class communists pay the debt. like robert kiosaki told you hes a debtor hes not paying for anything and neither are people like him but they will gladly let you commnists do it. By stock in tesla, elon sells his stock, takes your money and pays back the loans hes taken out. Its nothing more than a transfer of debt onto you working class communists. rotflmfao aint the rich great
I think that his $6 share appreciates to $1000,then if he borrows $1000 against that share he has $1000 in his pocket but needs to pay the borrower back plus interest.He sells the share and pays the money back and claims the borrowed money as a tax deduction!In this way he avoids the full tax on the money by claiming both the $1000 borrowed and the interest charged,which will amount to less than the tax!
Thank you Jaspreet, you one of the best guys here. Generally, the economy has been shaky and the markets have been crazy. Many are exiting positions. Whenever something big goes wrong, a lot of people panic and hold on to money that should be working for them when you can always leverage. Crazy!
The crazy part, the Fed hasn't even really done anything. It's been all mainly talk. Not even an actual .25% hike yet and QQQ took more than a 15% correction. Imagine when they actually do something. Tbh I'm in need of a good investment plan currently, I have a lump sum in a savings account yielding next to nothing.
@@theexpendables3152 Highly diversified portfolio using trade signals from my investment advisor Susan Lynn Hoyt a US registered CFA who you might have seen in the CNBC news and tbh it's been a huge relief. Good earnings and little to no engagement at all on my part. My aggressive portfolio returned almost $200k in Q4.
@@virgilhall6866 cool but I'd love to start moderate and maybe advance to aggressive. Do you just give her your money or copy manually? And what does Susan Hoyt charge for her services?
@@theexpendables3152 You don't give out funds here. My account only mirrors her trades in real time that's the ideal for this system. The lady I just recommended is a renowned advisor and knows what the heck she's doing. Check her out and get in touch if you'd need help.
Just found her official website I'll get in touch. Thank you
Awesome video keep them coming! I’ve been waiting for a text video for a while.
Service Canada pays GIS which is non taxable. But GIS comes in the package with Old Age Security pension. This package is taxed and the ammount of tax almost equals Old Age Security pension. What's the logics of paying Old Age Security then?
The combination of the Old Age Security (OAS) pension, which is taxable, with the non-taxable Guaranteed Income Supplement (GIS) can result in a higher overall tax liability for individuals with low income. This occurs because when the OAS and GIS are combined, the total amount may push the individual into a higher tax bracket, leading to a higher tax liability compared to if the OAS and GIS were paid separately. This issue has been raised by various individuals and experts, highlighting the potential tax implications of combining these benefits. The rationale for this combination is not entirely clear, and it has been a subject of debate and concern within the senior community. The government's approach to structuring these benefits and their tax implications is a complex issue that may require further examination and potential policy adjustments to ensure that low-income seniors are not unduly burdened by higher taxes due to the combination of these benefits.
I would like a uk version of this
Chat me up ☝️☝️☝️
Canada too
Every time Jaspreet buys extra guac, he writes it off as self branding. If he wasn't already, he will after he reads this comment, lol.
Great video, the wealthy get wealthier not because they are cheating the system, but because they understand how to play the game of taxes. After all, it is not so much about how much you make, but rather how much you are able to keep...
But they definitely bought the politicians that made the rules for the system you can’t leave that part out.. look to the koch brothers 👌🏾 hence why income inequality is at historic high
@@mschlosky1 ya you don't have to cheat a system thats been bought and paid for to benefit the criminals you just have to be a criminal yourself.
@@vestedinterest5655 true
Well said chief
Pretty easy when you write the rules
I FINALLY FINALLY FINALLY UNDERSTAND! I’ve never been able to figure any of this out. Thank you, Jaspreet! Your explanations are awesome!
And so since I get a 1099 instead of a W2, I really can do these deductions as well? I get GOUGED every year on taxes. They’re suffocating me.
Did not understand the part with Tesla and Mask. You borrow money tax free, but how are you settle that loan tax free? To settle a load, you need cash. To get cash you need to earn cash. When you end cash, you pay tax. This part is confusing…
One of your best videos yet.
Thank you!
LOVE that MM covered this!!! I love Rob but sometimes it's hard to get specific info from him cause he is also informing you of how crooked the central banking system is while he is going over investing strategies 😆
So what
The difference between Dave Ramsey n "Rich dad poor dad" is their belief system. Dave lives by Christian values n the guy frm rich dad poor dad (Robert) is not religious. The Christian view says owe no man, also the wicked borrow n don't pay back, the borrower is a slave to the lender etc. If I don't live by these principles then I'm my own god n do as I please.
Thank you for providing a lot of valueable information.its really helps me
He forgot that he must exclude de depreciation from the cost of the real state asset. So you are postponing the tax. And it depends in the constant grow in property prices..
Great video! Question regarding strategic debt: how does one pay back the loan in a way that's tax effective? I imagine it needs to be paid back in cash over time, which would require either liquidating assets (and paying tax) or have another form of income (that's also taxed)?
You can't, so it only works if you're willing to die with a lot of debt. There are ways to mitigate this though so that your offspring isn't screwed. So yeah, this strategy in principle only defers taxes. It doesn't avoid them.
@@Witchblade112 true but the point is that (assuming your investments down fall off) the compounding effect of not stripping tax allows a much higher IRR over the life, so yes you pay larger taxes at the end but the cumulative sum of money that you net is way higher than Paying as you go. It is pretty sad how unfair it is for those that do not have access to these strategies
Making money is an action. Keeping money is a behavior. Growing money is knowledge. Secure your future through investment.
Any specific guide
@@natina1957 >>> Trading the financial market with the right knowledge or an expert could change your life
I trade with an expert and that's how I make this numbers on a monthly basis.
@@stepheniemattews1818I've been looking into advisors lately,the news I have been seeing in the market hasn't really been encouraging.who is this expert guiding you?
@@Augustina-hp8mjMr John E Armani of FX trading guidance is really great and his methods are working for me at the moment
I have been seeing so many recommendations about John E Armani he must be really good
I did a video on this. My strategy is build up dividend income up to the minimum to pay 0% in taxes at the federal level and then move to a state that has 0 income tax (my preference Wyoming)
What is the name of it? I couldn’t find it on your channel
@@vchafab I've done several it should be under the Playlist wealth videos
In addition to this, this methods are mainly applicable in the US. So check in your home country what the rules are & how they apply but generally speaking the idea is to make sure you are not directly earning any money. This is howvthe wealthy get not to partake in the scam called taxes & exactly what the credit card system was created for but which the common folk tend to abuse & fall into debt due to their lack of FINANCIAL EDUCATION.
Tanx for the video. 👍