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Financial Lessons from 2020

The Principle:

From market risk to tax strategy, we talk about what we can learn from 2020 and how that applies to your financial plan today. What lessons did you learn in 2020?

Honest Takes:

This time a year ago, the pandemic was just starting to hit in full force and the market was beginning to crash. What can we learn from that time? What are the big takeaways? And what should we be doing differently right now?

Some people were not ready for the stock market to crash last spring and found out the hard way how exposed they were to risk. Remember, the stock market is not steady or stable. Did you jump out of the market when you thought you were losing too much money? Don’t try to time the market, because more likely than not, you’ll be the one to lose.

Do you have a system and a plan for how and when to get out of the market and when to get in? What does your portfolio reflect when it comes to how risk averse you are? Try to keep some risk in your portfolio though to allow for growth potential. You don’t want to be so “safe” with your money that it doesn’t outpace inflation, meaning you don’t have enough money saved for retirement.

When it comes to tax strategy, we talk today about some unusual write-offs people have made in the past according to an article in Kiplinger. While the write-offs might seem strange, it is important to implement real tax strategies. Instead of thinking of it only as tax savings, consider how that money can grow and go toward your retirement. Would you rather pay more in taxes or retire sooner?

Brian gives a client example of someone who was able to save $40,000 a year in taxes. Think about what kind of difference that could make. Whether it creates more opportunity to hire someone and build up your business or to put toward retirement, having the right tax strategy can make a big impact. 

Listen to the entire episode or click on the timestamps below to skip ahead.  

[0:12] – What are the lessons of 2020?

[5:23] – What are some unusual write-offs for taxes?

[7:55] – What legitimate tax planning strategies can you use?

Today’s Truth:

“That money that you could’ve saved, you could’ve invested, and that money could be growing for you and have more money in retirement. It’s not really ‘Oh, I’m just saving money on taxes’ — it’s about your retirement.”

Brian Bowen


The Host:

Brian Bowen – Contact