This episode of Ditch the Suits Podcast delves into the intricate world of financial planning, particularly as the year draws to a close.
Hosts Steve Campbell and Travis Maus discuss practical actions that individuals can take before the end of the year, emphasizing the importance of understanding capital gains and the potential benefits of tax loss harvesting.
The discussion highlights the distinction between short-term and long-term capital gains and the associated tax implications, guiding listeners to make informed decisions about their investments. Moreover, they introduce charitable giving strategies, such as Qualified Charitable Distributions (QCDs) and Donor Advised Funds (DAFs), which can empower listeners to support their favorite causes while optimizing their tax situations.
As the conversation unfolds, Travis and Steve challenge common misconceptions about capital gains and tax strategies. They encourage listeners to reflect on their financial decisions and consider how different approaches can impact their tax brackets and overall wealth.
The dialogue transitions into a discussion about gifting to children, addressing the nuances of instilling financial responsibility and planning for future generations. Steve and Travis underscore the significance of understanding one’s financial landscape and utilizing strategic gifting to enhance not just individual wealth but also family legacy. This episode stands out as a comprehensive guide for anyone looking to navigate the complexities of year-end financial planning, leaving listeners with actionable insights to improve their financial well-being.
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Thanks to our sponsor, S.E.E.D. Planning Group! S.E.E.D. is a fee-only financial planning firm with a fiduciary obligation to put your best interest first. Schedule your free discovery meeting at www.seedpg.com
You can watch all episodes, as well as other great content produced by NQR Media through their YouTube channel at https://youtube.com/@NQRMedia
📧 For more information or to get in touch with us, visit https://www.ditchthesuits.com
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About Your Co-Hosts:
Travis Maus has been in financial services for over fifteen years. He is a Senior Wealth Manager and Chief Executive Officer at S.E.E.D. Planning Group. Travis also hosts the Unleashing Leadership Podcast, where he dissects some of his favorite books on leadership and how you can apply it to your business or life.
Steve Campbell has over a decade of industry experience and is the Chief Brand Officer at S.E.E.D. Planning Group. Steve also hosts the One Big Thing Podcast, an interview-style show meant to inspire and encourage 30 and 40-year-olds going through difficult seasons of navigating marriage, raising kids, and growing personally.
Chapter Markers
00:00 - Introduction to Ditch the Suits Podcast
03:18 - Understanding Capital Gains and Tax Strategies
10:16 - Exploring Tax Loss Harvesting
23:53 - Charitable Gifting Strategies and QCDs
32:11 - Gifting to Kids: Planning for the Future
38:20 - Conclusion and Final Thoughts
