Wed, 20 February 2019
CW 1134: Minimum Wage Increases & Masters Speaker & Rich Dad Advisor Tax Free Wealth by Tom Wheelwright
Jason Hartman and in-house economist Thomas get together at the beginning of today's show to discuss the expected economic impact of numerous states and local municipalities increasing their minimum wage this year, as well as why retail numbers are not coming in well this year.
Then Jason talks with Tom Wheelwright, 2019 Meet the Masters speaker and Rich Dad Advisor, about how to help yourself in your legal tax avoidance using practices such as real estate professional, whether Opportunity Zones might be worth investing in, and why taxes tend to be higher when you retire.
[3:07] The minimum wage will be increasing in a lot of places around the country in 2019. How much effect does it really have?
[7:39] Retail numbers for the start of 2019 are not good, what should we be attributing that to?
Tom Wheelwright Interview:
[13:14] The question you need to ask yourself if you can't qualify to be a real estate professional
[17:18] One of the most underutilized assets people have is other people's tax brackets
[19:06] Tom's views on Opportunity Zones
[23:14] The pass through tax deduction and how it applies to real estate investors
[27:18] Being a real estate professional can sometimes mean you can take early withdrawls from an IRA and actually completely negate the penalties
[30:25] You tend to lose a lot of deductions when you retire, so your planning leading in to retirement is crucial
[31:59] The 2 challenges with Roth IRAs when it comes to investing