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Money Guy Show

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

Education, Investing, Business

4.73.1K Ratings

🗓️ 21 October 2022

⏱️ 50 minutes

🧾️ Download transcript

Summary

Tax-loss harvesting: what is it and should you be doing it? In this episode, we’ll cover everything you need to know about tax-loss harvesting, including whether it makes sense for you, how much it could save you in taxes, and how to eliminate the downside of loss harvesting. Check out our NEW course, Know Your Number! Watch more exclusive content only on YouTube! Visit our website - Get our FREE financial resources - Sign up for our Financial Order of Operations course - Get easy to understand answers to your financial questions Follow us on social media! -Instagram -Twitter -Facebook -TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

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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