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Hack Your Wealth

Hack Your Wealth

Business:Investing

How to earn 6 figures and legally pay zero taxes (updated for 2020)

How to earn 6 figures and legally pay zero taxes (updated for 2020)

2020-03-10
Download Right click and do "save link as"

#21: The US tax system vastly favors leisure over labor. It favors people who just own things and sit around and collect rents over people who actually do work for a living.

How is this so?

Because rents and returns on capital assets are taxed WAY more favorably than wages from labor. So favorably, in fact, that you can actually make 6 figures income and pay zero taxes.

Every year.

For the rest of your life.

This would never be possible with labor wages.

So in this week’s podcast episode, I’ll show you how our tax system is structured in a way that allows you to make over 6-figures in income with zero tax liability.

What you’ll learn in this episode:

  • Why and how our tax system creates this opportunity
  • What are the scenarios in your life where you can take advantage of this
  • Exactly how it works step by step
  • And the best way to optimize this loophole

Links mentioned in this episode:

  • IRAs, Roth IRAs, and how to get the tax benefits of BOTH (HYW004)
  • How to take a year off, earn 6 figures, harvest capital gains, do Roth conversions…and pay zero taxes on it all (updated for 2020)
  • TurboTax TaxCaster
  • HYW private Facebook community

Intro/Outro: Old Bossa by Twin Musicom.

view more

More Episodes

How this middle income couple built a real estate portfolio of 25 doors (in expensive California!)
2021-07-13
How to early retire (FIRE) if your spouse isn’t on board
2021-06-29
Stock option and RSU tax planning
2021-06-15
1031 exchanges: what real estate investors need to know
2021-06-01
Buying tax deeds to invest in real estate at a deep discount
2021-05-18
Is rental real estate a safer type of “yield shield”?
2021-05-04
Does a “yield shield” really protect against sequence of returns risk?
2021-04-20
How to use a bond tent to reduce sequence of returns risk
2021-04-06
Tax filing updates to be aware of this year (tax year 2020)
2021-03-23
How tax lien investing works and how to buy tax lien certificates
2021-03-09
Marriage and money: why spouses fight about money, how to fight with empathy, and how to convince your spouse to FIRE
2021-02-23
How to talk about money when you’re dating
2021-02-09
Asset location for non-traditional assets + considerations for early retirees
2021-02-02
What assets should you hold in each account to minimize taxes?
2021-01-19
FIRE goal setting for the new year
2021-01-05
How to FIRE with confidence, step by step
2020-12-08
How to pick the best index fund
2020-12-01
How to set your target asset allocation and rebalance your portfolio efficiently
2020-11-24
Why writing an investment policy statement will make you a better investor
2020-11-17
Section 199A: how small business owners can skip 20% of their taxes
2020-11-10
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