Financial Conditioning
Simon Karmarkar delves into inspiring stories and advice on achieving financial freedom. Get actionable tips, motivational stories, and insightful discussions that will empower you to take control of your financial future and get financially conditioned.
Millionaire Strategies: Insights from Sam Dogen and Tax Tips for the Self-Employed
In episode 80 of Financial Conditioning, Simon Karmarkar introduces listeners to "Millionaire Milestones" by Sam Dogen, offering an overview of the book's wealth-building strategies. Simon delves into Dogen's background and compares the millionaire lifestyle depicted in the book to other wealth literature. The episode explores tax strategies for the self-employed, covering deductions for health and business insurance, travel, home office, startup costs, and marketing. Simon also discusses the pros and cons of paying off a low-interest-rate mortgage early. The episode concludes with thoughtful closing remarks, providing listeners with practical financial insights.
Key Points
- "Millionaire Milestones" by Sam Dogen offers a comprehensive guide to achieving millionaire status with modern strategies for wealth-building.
- Self-employed individuals can significantly reduce their taxable income by taking advantage of various deductions, including retirement contributions, travel expenses, and marketing costs.
- Deciding whether to pay off a low-interest-rate mortgage early depends on factors like the opportunity cost of investing elsewhere and the benefits of financial simplicity and peace of mind.
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Transcript
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