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Category

😹
Fun
Transcript
00:00When that CD matures, that's not taxable income to me, right?
00:03My taxes might be zero, but yet my cashflow is that $100,000, right?
00:08So that's that difference that we're talking about here.
00:11And so that idea I think is important to understand and think about, well, wait a minute, I need money to live on.
00:16Yeah, but it's not necessarily taxable money depending on your circumstances, right?
00:20But we try to, I know you try to get people in that same spot.
00:23And then we take a look at, hey, next year if my tax rate's going to be like zero or 10% or something like that.
00:29And this year my tax rate is 22 or 24 or 35 or whatever.
00:34Golly, and I'm giving money to my church and to United Way and to the hospital and these sort of places.
00:40How can I put that money to use and make the tax deduction today at 24% and not take it next year at 0%, right?
00:50Like that sort of concept, which is exactly the same thing that you're describing.
00:53It's a really powerful thing as you start to approach retirement here.
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