Putting money in bank accounts is 'the worst thing you can do' for taxes, says former Intuit CEO
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- Опубликовано: 22 авг 2024
- Bill Harris, founder of Evergreen Money and former CEO of Intuit, joins CNBC's 'The Exchange' to discuss how Americans can maximize tax returns, strategies to offset taxes, and more.
Well, I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises plummeting stocks that were once revered and I don't know where to go here out of devastation.
The safest approach I feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.
@@SarahOlivera-t4z I totally agree. A financial advisor can provide valuable insights and help ensure that our investment portfolios are aligned with our long-term financial goals. They have the expertise to navigate through market fluctuations and make informed decisions.
@@BarbaraLouise-i3r I’ve been down a ton, I’m only holding on so I can recoup, I need help, who is this investment adviser that guides you?
@@FolarinSodiq Her name is “Victoria Carmen Santaella” can't divulge much. Most likely, the internet should have her basic info, you can research if you like.
@@BarbaraLouise-i3r Thank you for this amazing tip. I just looked the name up and wrote her explaining my financial market goals.
And this -ladies & gentlemen, is why he's rich and we ain't lol
Finance education is so important, everyone can do if if they spend time on this.
There are no simple, one-sentence answers to the questions being asked. Bill is trying, but it depends. Normal interest is taxed at ordinary income rates, while qualified dividends are only 15%. So normal interest would be better in an IRA than a standard brokerage account, but dividend income would be pretty much the same as long-term capital gains and could accrue in a normal account if you need it as reported income, but if you don't, no tax if accrued in an IRA. Etc etc etc. One good one sentence answer is "hide" as much income in an IRA since no taxes are paid when accrued. But the dinger is that it is ordinary income when withdrawn (for a standard IRA).
He's giving good advice, but he can help us even more by stopping his company, Inuit, from monopolizing and ripping us all off every April.
He hasn't been CEO of Intuit since 2000, and there are other tax preparation options.
Oh god my peeve is people saying IRA like it’s a name. Sounds ridiculous. Say the 3 letters
An investment manager saying, "Putting money in bank accounts is "the worst thing you can do."
Is like a Real Estate Agent saying, "Not buying a house from me is "the worst thing you can do."
Or a car salesman saying, "Not buying a car from me is "the worst thing you can do."
Or a rich playboy saying, "Not signing this prenup is "the worst thing you can do."
Good point
Thanks Congress for making everything you do complicated and thus more difficult.
Government for the people by the people.
I think you mean lobbyists. Congress are just puppets.
Yeah - we want the ultimate in ease - the Government will do everything for you, and tell you everything to do. You won't have to think about nuttin - we'll use AI.
It’s intentional. To get every penny out of working man. While Amazon as a company or Trump pay zero taxes.
This dude is spilling all the rich tricks
These are Mundane bro......
Corruption is where you get Rich.
Wait, you guys get money back? 😂
The only way anyone gets money back is if they paid in to much.
Ah yes, I'll take "things the wealthy can do but 99% of humanity can't" for $500, Alex. 🙄
Can I get a smart guy to explain that in writing?
Based on some of the comments I'm seeing, I think its an important distinction to make that he's not dissuading those from using Savings accounts or CDs-- They can make sense given one's personal circumstances, but from a tax perspective they are some of the most exposed to taxation, alongside your primary income.
But a ROTH IRA is funded with post tax income and won't be taxed again when you withdraw funds after age 59 1/2. If you spend 30 years investing in ETFs (growth or dividend) inside your Roth IRA, gains won't be taxed again when you withdraw them in retirement. Is he talking about Traditional IRAs that are only tax deferred?
Yes also you can do HSA and 401k all tax deferred.
Main advantage of Roth is that the gains are tax free.
So basically save everything into long term Ira and Roth that you can’t touch until you’re 65, got it. Even if your make good money you have to be broke. Or get punished for making too much.
IRAs are 59.5
@@TopShot501st sure. Not my point though 👍🏼
Can someone explain this in English?
TurboTax is for sure in uncle Sam’s good graces
"dont put stocks in your retirement accounts". ??? Is this guy crazy?
And this is why people say the rich dont pay taxes...
put it in bitcoin instead
Gains taxes don't bother me since my dividends are cash money that are earning interest multiple times
We have money in the bank in case we lose our job and we still need to pay the mortgage wtf?
You can still get Wealthy with a house, mutual funds ,and cash in the bank .
Yeah, and federally insured against the market tanking and wiping out your investments. You always need cash reserves in case of trouble.😅
Property tax is the worst kind of tax there is. Housing is a basic need so it’s a tax on your existence. You stop paying taxes only after you die! Cruel world…
You can get out of paying property tax. Watch Ron Gibson
s/o to Offset
I will stick to my high yield savings account giving me 5%. Its just me.
Until next year when it goes back to nothing!
@@JohnGrit27 and I will deal with it at that time.
your confession. Income taxes are illegal. They were just when U.S. was at war. Where is the law that says you have to pay income tax.
lol good luck with all that
I am never due a refund and I like it that way
Tyler probably makes descent money but after income tax he is not doing that great. Without income tax he could be out golfing. And wouldn't need a photographic memory.
Holdup Replay…😂💯
No can do. I gotta pay more for Joe to save the 🌎
why give money to you.
lost me immediately
Gift? Can I gift my spouse and my spouse gift me back and pay 0%?😅
The gifter still has to pay tax on the income comprising the gift. It's just that if it's more than a certain amount, the gifter gets to pay even more tax, essentially for the giftee. Yabba dabba doo!
This dude is a government puppet. Invest in treasuries to prop up crazy spending! Genius!!
Lol
What is a “muni?” Is that what he’s saying?
Found it: A "muni" is a shorthand term for a municipal bond. These are debt securities issued by local governments, states, and their agencies to finance various projects. When you invest in a muni bond, you're essentially loaning money to the issuer in exchange for regular interest payments and the return of your principal investment at maturity. Municipal bonds are known for their tax-exempt status, which makes them attractive to investors in high tax brackets.