Mindset Shift: How to Own More in Your Life
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In this episode of the Sunlight Tax Podcast, I’m discussing the critical role of ownership in building wealth, particularly in the context of personal finance and the tax code. I’m sharing my personal journey of negotiating ownership of my work while writing a book, emphasizing the importance of recognizing one's value in collaborative projects and the benefits of investing. This episode encourages listeners to reflect on their own ownership and value in various aspects of life.
Also mentioned in today’s episode:
00:00 The Importance of Ownership in Wealth Building
03:01 Creating Visuals: The Work Behind Ownership
08:47 Personal Reflections on Ownership and Generosity
10:17 Recognizing Your Value in Collaborative Projects
13:04 Investing: A Path to Ownership and Financial Freedom
Takeaways
Ownership versus labor has a huge advantage in the tax code.
Building wealth is about owning assets, not just earning wages.
Tax rates for labor are significantly higher than for capital gains.
The money invested in ownership is not taxed until sold, allowing for potential tax advantages.
Negotiating ownership of one's work is crucial for personal and professional growth.
Recognizing the unique value you bring to collaborative projects is essential.
Investing in diversified assets can shift your financial landscape towards ownership.
Ownership allows your money to work for you, rather than solely relying on labor.
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Links:
Link to pre-order my book, Taxes for Humans: Simplify Your Taxes and Change the World When You’re Self-Employed.
Link to pre-order my workbook, Taxes for Humans: The Workbook
Get your free visual guide to tax deductions