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.
Mastering Taxes, Budgeting, and Financial Stability for Homeowners and Families
In episode 87 of Financial Conditioning, Simon Karmarkar and guest Natalie Kolodij explore tax strategies, debunking common misconceptions and maximizing deductions. They discuss selling primary residences, business expense tracking, and recent tax law changes. Simon introduces zero-based budgeting for better expense management. The episode also tackles homeownership challenges, offering tips for the first year. Job security is highlighted, focusing on safeguarding positions and building strong work relationships. Simon concludes with strategies for dual unemployed parents and emphasizes the importance of cherishing family time.
Key Points
- Many taxpayers overlook significant deductions that could save them money, such as sales tax in states without income tax and personal property taxes on vehicles and boats.
- Zero-based budgeting involves assigning every dollar of income a specific job, ensuring intentional spending and financial control.
- The first year of homeownership is often the most financially challenging, requiring a comprehensive home operating budget and a financial buffer to survive unexpected expenses and potential economic downturns.
Chapters
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Transcript
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