Loss Harvesting: Why Wealthy People Love It (And You Should Too!)
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 21 October 2022
⏱️ 50 minutes
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Summary
Transcript
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| 0:00.0 | What's harvesting? Why wealthy people love it and you will too? |
| 0:03.6 | It's Brian Preston, the money guy, restoring order to your financial chaos, retirement, |
| 0:10.5 | investing, taxes. You've got financial questions, he's got financial answers. It's Brian Preston, |
| 0:17.6 | the money guy. |
| 0:19.4 | Brun, I am excited about this show because this is one of those things where not a lot of folks |
| 0:24.5 | understand it, not a lot of folks know how to do it correctly. And I think not a lot of folks |
| 0:29.6 | recognize how valuable of a tool this can be in your financial tool, Bell. |
| 0:35.9 | Well, I think it's interesting. If you go on Google and you type in loss harvesting, |
| 0:40.6 | you'll notice a bunch of financial advisor content creators have posted all kind of articles. |
| 0:47.4 | Because this is, I'm telling you, this is kind of inside baseball behind the curtain of, |
| 0:53.3 | this is a tool that is very valuable when we reach these volatile periods. And that's something |
| 0:58.4 | that I thought it was interesting when I was walking through and getting ready for to do the show. |
| 1:04.2 | And so he said, hey, what's the show on today? And I said, loss harvesting. Man, I am so sick |
| 1:10.6 | of doing loss harvesting right now. And that shows how much I think professional financial advisors, |
| 1:16.8 | if you're doing this right and you know what this thing can do for you and what it cannot do for you, |
| 1:22.5 | there is something about we're getting a lot of reps in in this crazy financial year of 2022. |
| 1:26.9 | A true financial mutant understands how to capitalize on opportunities that are available to them. |
| 1:31.7 | Not just when things are good and positive and exciting, but also recognizes that there is |
| 1:37.2 | opportunity in turbulence. There's opportunity in volatility. There's opportunity in fear. |
| 1:42.6 | And loss harvesting is one of those things. So for those of you who don't know, maybe this is not |
| 1:46.8 | something that you have heard of before. Maybe this is the first time you've interacted with this |
| 1:50.9 | vocabulary. Loss harvesting is simply the timely selling of securities that are lost |
... |
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