taking your tax game to the next level

You owe it to yourself to learn the few key tips that can elevate your tax game, and your overall finances to the ELIMINATION level.

Overview:

• In this episode, Josh delves into the concept of the "tax game" and why it's crucial for listeners to care about it.

• Drawing parallels with the "money game" discussed in previous episodes, Josh emphasizes the importance of developing a strategic approach to financial growth and execution.

1. Tax Game Introduction

• Josh introduces the topic of the "tax game" and explains its significance.

• He highlights that understanding and optimizing taxes can significantly impact one's wealth growth.

2. Example 1: Ignoring Taxes

• Josh provides an example of someone who invests without considering taxes.

• The individual profits $100,000 but pays 20% in taxes, leaving them with $80,000 in net profit.

• This process continues with reinvestments and eventually results in a profit of $144,000 over six years.

3. Example 2: Tax Strategy

• Josh outlines another example of an investor with a tax strategy.

• This investor profits $100,000, and due to their tax strategy, they keep the full $100,000.

• Subsequent reinvestments result in a profit of $200,000 over six years.

• This demonstrates a 39% increase in profits due to understanding how to eliminate taxes.

4. How to Eliminate Taxes

• Josh explains that one can offset taxes by using passive losses to balance gains.

• Passive losses can be found in syndicated deals and long-term rental properties.

• There are also opportunities to create active losses in investments like short-term rentals.

• Josh encourages listeners to invest in deals specifically designed to eliminate or offset taxes.

5. Keeping Track of Passive Losses

• Josh advises keeping track of passive losses and passive gains and understanding the tax implications.

• He encourages listeners to explore deals with tangible assets that generate cash flow without being sold at the end.

6. Final Thoughts

• Josh emphasizes the importance of creating a financial map based on individual goals.

• He discusses the concept of "the active part of passive deals" and the potential impact.

• Understanding taxes and optimizing investments can lead to significant profit increases.

Closing:

• Josh invites listeners to rate and share the podcast to help reach more people interested in financial knowledge and skills.

• He directs them to Areetinvesting.com to download the complete guide to syndicated real estate deals.

Conclusion: This episode of the "Good at Money" podcast explores the vital concept of the "tax game" and how understanding and strategically approaching taxes can dramatically impact one's wealth. Josh Walker provides practical examples and guidance on how to eliminate or offset taxes through strategic investments and passive losses, ultimately leading to increased profits. Listeners are encouraged to take this financial knowledge and apply it to their own wealth-building strategies.