Seattle King 5 News – Tax Refunds, Business Profits, or Extra Income | Mark J Kohler

Seattle King 5 News –  Tax Refunds, Business Profits, or Extra Income | Mark J Kohler

Here’s a question, did you get a tax refund or what? Are you gonna do with it our guest this morning mark color is the author of the new book The business owners guide to financial freedom what Wall Street isn’t telling you and so mark is also a lawyer and CPA Thanks for being with us. Thanks for having me. I appreciate it’s an honor. Oh The honor is ours because if you’re gonna tell us what Wall Street isn’t telling us. Yeah. You’re welcome anytime. That’s right Well, there’s a lot Well, let’s start easy. What do people do you know, what are people doing with their refunds now? What’s interesting tax layer out of Augusta that they do an annual? American tax IQ survey and they ask 2,000 Americans where they spend their money Mm-hm And it was interesting about 40 percent or paint off debt another 40 give or take are Saving and then 20 are doing that 20 percent or so. We’re doing that treat yourself experience. I think scatterplot of where people should maybe be spending their money What I’m afraid of is someone just wholesale saying oh my refunds here. I’m gonna go buy a big-screen TV. Yeah, that’s fine Let’s stay in that balance pay a little debt off You know save and then but spend a little bit on yourself If you can find a balance, you’re gonna be better off and feel better. Overall. I would imagine how can people save their money I mean, is there just kind of a general rule or do you have a couple of great tips you got? Well what I’d like to see more people doing is using some money to make more money The the gig economy economy is booming freelancing is becoming more and more common And so instead of just putting money back into the Wall Street machine take some money start a little something on the side Make a little extra money that can help you build more wealth And and it can really make a big difference down the road. That’s amazing. I like that freelancing a little yeah, okay Yeah can will something on this side? This is perfect What are options for investing let’s say what should people really be focusing on. I know the markets pretty volatile But what should people focus on now you bet. Well, this is where maybe a corporate employee just thinks Oh, I’ll just die McCann into my 401 K or a business owner may say well I’m just gonna reinvest all my profits. I think we need to break both those molds Let’s try to take more control of our retirement accounts and do what’s called self-directing. Let’s invest in what we know best And so if you have an old IRA an old 401 K from a previous job Into a self-directed account by what you know invest in a small business maybe invest in cryptocurrency Maybe it’s Bitcoin or aetherium our smart coin just do something That’s maybe outside the box by Super Bowl tickets and sell them next year I don’t know invest. No, I kind of think that’s the most fun advice I’ve ever heard for investing Wow I’d like that investing your is fun That’s a good well investing in what you know, yeah, I mean that really is key my sister. She’s so smart She’s been a financial advisor for years and she talks and I’m just like ah, yeah But this is something that I think is attainable for all of us yeah, it’s crazy because this is what Wall Street really doesn’t want you to know so many people are held captive to broker dealers and stockbrokers that really have to sell you what their products are But why not buy a little rental property in your IRA buy some raw land and create some passive income And there’s a lot of good investment strategies out there that really work And so invest of what, you know, not just throw it in some mutual fund and just sit back and pray, you know, yeah So when I was doing my taxes this year, I was talking to my CPA who’s hosting my uncle He was doing looking about new tax laws, how is that gonna affect people are people really gonna start seeing more money back? I didn’t necessarily but some might yeah, some people might see or feel something in their paychecks already A lot of people are gonna see it when they go to file next year the estimates are about eighty percent of Americans are gonna see some savings from the tax cuts and Jobs Act and If you’re creative, you can do some planning now be thinking again outside of the box What are you doing – maybe maximize some extra income and write-offs. I love it. I love it Okay, any more recommendations for people who are just kind of maybe haven’t saved for retirement. Maybe you’re starting to you better I think it’s a two-step process first. Get out of consumer debt There are so many people’s just the burden of debt can be overwhelming credit card debt Get out of debt And then number two start Saving a little something download a cool app on your phone that just forces you to save just a few dollars a week have it out of sight out of mind and start then third step be thinking about where I can invest it that I might know more about And just get excited about investing. This is great. I feel like this has been the idiots guide for Amity to save money. I would say that no, this has been great and Again, the book is called the business owners guide to financial freedom. What Wall Street isn’t telling you We’re thank you so much for being here interesting. But you know, I hope that everyone takes that yes. Thank you. Good luck. Hey We’ll be right back

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