Beware of Deflation – Beware of the Housing Collapse
Money Tree Investing
Money Tree Investing Podcast
4.6 • 658 Ratings
🗓️ 29 March 2023
⏱️ 60 minutes
🧾️ Download transcript
Summary
This is not the first time we have said, beware of the housing collapse. Actually we have been saying it for over a year.
Well, we are starting to see some large cracks in the foundation and they are only getting bigger. If you own real estate, you need to hear this episode.
Join us this week for a riveting episode about the banking crisis and the impending housing collapse. We have lots of fun and have another fan sending us lots of questions that we answer on the show. Join us for some fun. Oh and check out our website for tons of charts and visuals from the episode.
Today's Panelists:
Kirk Chisholm | Innovative Wealth
Douglas Heagren | ProCollege Planners
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Transcript
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| 0:00.0 | Welcome to the Money Tree Investing Podcast. |
| 0:04.0 | Stock market, wealth, personal finance, value stocks, invest in your life. |
| 0:10.0 | Hello, Smart Money Tree Podcast listeners. Welcome to this week's show. My name is Kurchizm. I will be your host. |
| 0:16.0 | So today we're going to start off with a tax tip and we're going to get into a lot of juicy stuff that happened last week and over the weekend. So Kelly, take it away with a tax tip and we'll |
| 0:25.5 | start with you. Well, today's tax tip, I think, is a bit of an offshoot from one I intended to dish |
| 0:34.1 | out a week or two ago. And that was to cite a good tax tip for highly compensated |
| 0:41.9 | W2 type people is to start a side gig. And I'll have to look at my notes to see if we |
| 0:49.7 | talked about that yet. But if we haven't, then I'll hit on that one. But assume you have this side gig |
| 0:57.2 | that you started. It's your passion. It's your dream. You wanted to, I did talk about this. You wanted |
| 1:03.5 | to be a hockey coach, right? That's you, Kurt. He wanted to run a hockey clinic. So let's say you |
| 1:09.0 | started that side gig and now you need to do something |
| 1:15.3 | with it. One thing that you could do is to, I know you've got a couple kids, you've got two boys |
| 1:22.6 | that play hockey, I believe, right? Yep. Now, there might be a little young for this, but let's say they're in their bantam level |
| 1:30.7 | or they're close to high school, that kind of thing. |
| 1:33.5 | What you could do, certainly if they were in college, right, when they're playing hockey |
| 1:37.7 | for BC, you can put them in this thing, where you pay them for your side gig. You pay them 1099 compensation, W2, probably not, |
| 1:49.3 | unless you're doing something big with it, but pay them. This isn't just to get a write-off. |
| 1:55.1 | To be clear, I'm not suggesting you, oh, you can pay your kids and you get a tax deduction for that. |
| 2:00.8 | Well, you can pay your kids and you get a tax deduction for that. Well, you can pay your |
| 2:02.4 | kids to work for your side gig enterprise and you get a tax deduction for that. So rather than let |
| 2:10.9 | the kids sit around playing video games, put them to work growing your hockey coaching clinic enterprise. |
| 2:21.0 | They can get on social media, pay them for that. |
... |
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