Toby Mathis Esq | Tax Planning & Asset Protection
Toby Mathis Esq | Tax Planning & Asset Protection
  • Видео 844
  • Просмотров 21 055 035
8 MONEY Habits That Are Keeping You POOR
Would you like to dive deeper into this topic and talk to someone? Schedule a free consultation here: aba.link/tby
In today's video, we'll tackle a crucial topic: the eight money habits that might keep you financially strained.
As a tax attorney, I constantly observe the differences between those who are financially successful and those who are not.
There are distinct patterns and behaviors that set these groups apart, and understanding these can help you improve your financial situation.
🔔 Don't forget to subscribe for more insights on real estate investing and business strategies!
Show Notes:
0:00 Fail to Direct Your Money
3:31 No Savings/Emergency
4:24 Saving vs Investing
7:37 Wait
8:47 Debt v...
Просмотров: 8 383

Видео

Investing With Confidence: Kevin Simpson On Covered Calls And Elections (DIVO ETF)
Просмотров 3,2 тыс.4 часа назад
Would you like to learn more about this topic and talk to someone? Schedule a free consultation here: aba.link/bv7 I’m joined by Kevin Simpson of Capital Wealth Planning. If you’ve seen Kevin on our podcast or RUclips before, you know he’s a rockstar when it comes to market knowledge. Learn more about Kevin Simpson and Capital Wealth Planning 👇 capitalwealthplanning.com/team/kevin-simpson/ We'r...
Exposing The Truth About Roth IRA VS Traditional IRA (Using Math Comparisons)
Просмотров 4,8 тыс.12 часов назад
Would you like to learn more about this topic and talk to someone? Schedule a free consultation here: aba.link/uos In this video, we dive deep into the differences between Roth IRAs and traditional IRAs from a mathematical standpoint to help you maximize your retirement benefits. We’ll break down how each option works, explore the tax implications, and provide you with the knowledge to make inf...
How To Set Up A Trading Business (Valuable Tax Benefits!)
Просмотров 21 тыс.19 часов назад
Would you like to learn more about this topic and talk to someone? Schedule a free consultation here: aba.link/khn In this video, I'm diving deep into the nitty-gritty of what it takes to establish yourself as a bona fide trader in the eyes of the IRS. This is essential knowledge if you want to navigate the tax landscape smoothly and maximize your deductions as you set up your trading business....
7 Revocable Living Trust Mistakes YOU Must AVOID
Просмотров 4,1 тыс.День назад
Would you like to learn more about this topic and talk to someone? Schedule a free consultation here: aba.link/xvz Are you considering setting up a living trust? Avoid costly mistakes and ensure your estate plan is rock solid by watching our latest video. In this video, we're diving into seven huge revocable trust mistakes and how to avoid them. In this video, you'll learn: - The primary reason...
Who Owns Your Employer-Sponsored HSA? HSA Rules You NEED To Know
Просмотров 2,7 тыс.14 дней назад
Would you like to learn more about this topic and talk to someone? Schedule a free consultation here: aba.link/905 Wondering if you can keep funding your HSA after leaving your job? This snippet from our latest Tax Tuesday episode covers everything you need to know! Topics Discussed: - Can you still fund an HSA if you’re no longer employed by the company that offered it? - Should you transfer y...
How to Own Real Estate Anonymously With Land Trusts In 6 STEPS
Просмотров 5 тыс.14 дней назад
Would you like to learn more about this topic and talk to someone? Schedule a free consultation here: aba.link/2tj In today’s video, we're diving deep into the world of land trusts and how you can use them to create anonymous real estate ownership. Use Land Trusts in Your Real Estate Investment Strategies: aba.link/3e5255 This step-by-step guide will help you understand the ins and outs of land...
How to Avoid Paying Taxes When Selling Real Estate: Step by Step Guide to Using a 1031 Exchange
Просмотров 3,6 тыс.21 день назад
How to Avoid Paying Taxes When Selling Real Estate: Step by Step Guide to Using a 1031 Exchange
Tax Attorney Explains: The 5 Most Critical Financial Accounts You Should Have
Просмотров 37 тыс.21 день назад
Tax Attorney Explains: The 5 Most Critical Financial Accounts You Should Have
How To Eliminate Hourly Fees For Attorneys And Accountants
Просмотров 4,2 тыс.28 дней назад
How To Eliminate Hourly Fees For Attorneys And Accountants
Real Estate Investor vs Real Estate Dealer: The Differences From A Tax Standpoint
Просмотров 1,8 тыс.Месяц назад
Real Estate Investor vs Real Estate Dealer: The Differences From A Tax Standpoint
How To Use Land Trusts For Real Estate Investors (Keep Your Ownership Private!)
Просмотров 10 тыс.Месяц назад
How To Use Land Trusts For Real Estate Investors (Keep Your Ownership Private!)
2024 TAX UPDATE: Changed LAWS You Need to Know
Просмотров 12 тыс.Месяц назад
2024 TAX UPDATE: Changed LAWS You Need to Know
What's the Minimum Timeframe for Deducting Bonus Depreciation on Property?
Просмотров 1,6 тыс.Месяц назад
What's the Minimum Timeframe for Deducting Bonus Depreciation on Property?
What Is The Difference Between An LLC And An S-Corporation?
Просмотров 6 тыс.Месяц назад
What Is The Difference Between An LLC And An S-Corporation?
The Most Profitable Self-Storage Investing Strategies (Low Maintenance!)
Просмотров 6 тыс.Месяц назад
The Most Profitable Self-Storage Investing Strategies (Low Maintenance!)
How Real Estate Investors PROTECT Their Assets (Appear To Own Nothing!)
Просмотров 4,3 тыс.Месяц назад
How Real Estate Investors PROTECT Their Assets (Appear To Own Nothing!)
How A Living Trust Avoids Estate Nightmares (Probate Fees Exposed!)
Просмотров 3,4 тыс.Месяц назад
How A Living Trust Avoids Estate Nightmares (Probate Fees Exposed!)
How To BUILD A Thriving Business On SOCIAL MEDIA
Просмотров 2,2 тыс.Месяц назад
How To BUILD A Thriving Business On SOCIAL MEDIA
LLC Or Corporation For Tax Savings On Rental Income?
Просмотров 2,1 тыс.2 месяца назад
LLC Or Corporation For Tax Savings On Rental Income?
Can My Investment Fund Income Be Used To Fund A Health Savings Account? (Tax Tuesday Question)
Просмотров 2,2 тыс.2 месяца назад
Can My Investment Fund Income Be Used To Fund A Health Savings Account? (Tax Tuesday Question)
Capital Contribution vs. Owner Loan - What's Best For Your LLC? (Tax Tuesday Question)
Просмотров 3,4 тыс.2 месяца назад
Capital Contribution vs. Owner Loan - What's Best For Your LLC? (Tax Tuesday Question)
Are Home Improvements Tax Deductible? (Here's ONE WAY!) (Tax Tuesday Question)
Просмотров 4,3 тыс.2 месяца назад
Are Home Improvements Tax Deductible? (Here's ONE WAY!) (Tax Tuesday Question)
Airbnb & VRBO Income Taxes: Schedule E or Schedule C for Reporting? (Tax Tuesday Question)
Просмотров 2 тыс.2 месяца назад
Airbnb & VRBO Income Taxes: Schedule E or Schedule C for Reporting? (Tax Tuesday Question)
The Ultimate Guide to Real Estate Wholesaling (Tax & Structure Tips!)
Просмотров 1,9 тыс.2 месяца назад
The Ultimate Guide to Real Estate Wholesaling (Tax & Structure Tips!)
How Do I Deduct 1099 Expenses? (Tax Tuesday Question)
Просмотров 3,4 тыс.2 месяца назад
How Do I Deduct 1099 Expenses? (Tax Tuesday Question)
How Can You Write Off Your Business Meals? (Tax Tuesday Question)
Просмотров 6 тыс.2 месяца назад
How Can You Write Off Your Business Meals? (Tax Tuesday Question)
20 Sources Of Tax-Free Income: Investors, Individuals & Small Business Owners
Просмотров 25 тыс.2 месяца назад
20 Sources Of Tax-Free Income: Investors, Individuals & Small Business Owners
Are There Tax Benefits From Paying Your Children To Work In Your Business? (Tax Tuesday Question)
Просмотров 2,7 тыс.2 месяца назад
Are There Tax Benefits From Paying Your Children To Work In Your Business? (Tax Tuesday Question)
5 Investments That Will Reduce Your Taxes INSTANTLY
Просмотров 137 тыс.3 месяца назад
5 Investments That Will Reduce Your Taxes INSTANTLY

Комментарии

  • @posy-zj5qy
    @posy-zj5qy 9 минут назад

    We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2024, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.

    • @strayhorn-dc1bq
      @strayhorn-dc1bq 8 минут назад

      Keeping some gold is usually a wise decision. You would be better off keeping away from equities for a bit or, even better, seeking advice from an expert given the current market conditions and everything that is at risk with the current economy.

    • @pacey-sd4il
      @pacey-sd4il 7 минут назад

      You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst.

    • @trosien-nz3je
      @trosien-nz3je 6 минут назад

      Could you possibly recommend a CFA you've consulted with?

    • @trosien-nz3je
      @trosien-nz3je 5 минут назад

      Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.

  • @belovedhabeeb549
    @belovedhabeeb549 19 минут назад

    It’s funny as I watch this I just got a notification that FICO hit a 52 week high ! INVEST YOUR MONEY PEOPLE

  • @patrickjones1392
    @patrickjones1392 45 минут назад

    My outlook on money changed when I realized someone making $300,000 can retire broke & someone making $80,000 can retire a multi-millionaire. Living within your means and living a frugal lifestyle is the first step to financial independence. I just hit the one million mark last year, cheers to everyone striving to get there someday.

    • @clementdan9417
      @clementdan9417 38 минут назад

      Wow! Congrats on that. Is it preferable for me to save money or allocate a significant amount of my salary to stocks in order to accomplish this goal?

    • @patrickjones1392
      @patrickjones1392 38 минут назад

      Varied sources of income is wise and especially living within your means. My net worth is over $1M and I can pay my bills with no stress, but I don't live like I have that. I have no complaints.

    • @richarddamien4654
      @richarddamien4654 37 минут назад

      Although financial advice is arbitrary and what works for one person may not work for another, planning is always preferable. I consider myself fortunate to have been introduced to personal finance at a young age. I started working at the age of 19, purchased my first house at the age of 28, was laid off at the age of 36 during the COVID-19 pandemic, and immediately sought advice from an advisor to manage the expansion of my finances. After further investments, as of right now, I'm only 25% short of my $1 million target.

    • @rosalopez5574
      @rosalopez5574 10 минут назад

      This intrigues me. I've looked up financial advisors online, but finding one to connect with is a bit difficult. Do you mind if I ask for your recommendation?

    • @tammystut
      @tammystut 6 минут назад

      i appreciate this share .I looked up her full name online and found her page. I emailed and made an appointment to talk with her; hopefully, she gets back to me. her certifications and credentials are impressive

  • @alexus-fu5ts
    @alexus-fu5ts Час назад

    As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?

    • @trosien-nz3je
      @trosien-nz3je Час назад

      I think the safest strategy is to diversify investments. Like spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown

    • @strayhorn-dc1bq
      @strayhorn-dc1bq Час назад

      A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.

    • @posy-zj5qy
      @posy-zj5qy Час назад

      This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation.

    • @strayhorn-dc1bq
      @strayhorn-dc1bq Час назад

      Angela Lynn Schilling is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.

    • @posy-zj5qy
      @posy-zj5qy Час назад

      Thank you for the lead. I searched her up, and I have sent her a message. I hope she gets back to me soon.

  • @gavnonadoroge3092
    @gavnonadoroge3092 Час назад

    thank you

  • @MystaWalker
    @MystaWalker Час назад

    How to go about it if you are a funded trader and being paid from the prop firm as an independent contractor?

  • @seandvideo
    @seandvideo 2 часа назад

    You lost me at give it away.

  • @charmcrypto824
    @charmcrypto824 2 часа назад

    Thanks for sharing these insightful tips on breaking free from poor money habits. It's clear that investing is key to building wealth, and one option to consider is cryptocurrency. My Digital Money offers a secure and user-friendly platform for trading crypto in an IRA or cash account. It's a great way to outpace inflation and grow your retirement savings.

  • @rodramos642
    @rodramos642 10 часов назад

    Great show lots of good info. The one piece of advice I would give someone is to learn about taxes. Once I learned a bit about taxes and got the right help it literally changed my life.

  • @jayklarquist7912
    @jayklarquist7912 10 часов назад

    Thank you. Your videos always seem so well thought out.

  • @Gears9
    @Gears9 13 часов назад

    Buy Bitcoin

  • @jackiemansfield8325
    @jackiemansfield8325 13 часов назад

    What keeps you poor is keep going to the casinos.

  • @ReAl-uu8ku
    @ReAl-uu8ku 14 часов назад

    A great video! Thank you from Canada!

  • @davidweeks1997
    @davidweeks1997 14 часов назад

    Bonus: we don't have budget problems, we have income problems. (That's not mine, but I like it!)

    • @TobyMathis
      @TobyMathis 11 часов назад

      I like that:-) Thank you.

    • @donkemp8151
      @donkemp8151 Час назад

      I’d say we have a spending problem, not an income problem.

  • @sepulkariy
    @sepulkariy 14 часов назад

    These advices are good till the next big crisis. I went through a total collapse of my country, and this type of event would make you strategy leading to a total loss of all funds. The world is changing fast.

    • @EllyL-sr7uv
      @EllyL-sr7uv 12 часов назад

      I assume these advices work the best in the US or other western countries. Not in unstable unpredictable, authoritative societies.

  • @jackxkodiak2024
    @jackxkodiak2024 14 часов назад

    A great vid. Very well done and presented.

  • @58breezing
    @58breezing 14 часов назад

    Convenience stores are the death of me.... The small mundane things in life leave me empty at the end of the week. Death by a 1000 cuts. Overcoming this issue will have my Emergency Fund complete by the end of the year. TY! Good stuff...

  • @Joce123
    @Joce123 15 часов назад

    With the current economy I don't think that your advice applies to most of us. Maybe the part about having an emergency fund but holy Moly people are losing their jobs. Left and right. 330 people just lost their job In our town at a call center in Minnesota.!. Talk about the impact on the local store is in the day care centers and the landlords.

  • @meritholdingllc123
    @meritholdingllc123 16 часов назад

    Excellent advice. Compound interest and leverage are the biggest difference makers to growing wealth.

  • @gracewalsh4908
    @gracewalsh4908 17 часов назад

    👍 I love this video! Great info 😊

  • @shaival12
    @shaival12 17 часов назад

    THanks for sharing

  • @Hi-jx5oe
    @Hi-jx5oe 18 часов назад

    Is private school considered an investment?

  • @Ramjit275
    @Ramjit275 18 часов назад

    As a once poor person, I didn't believe this would work for me. All you said I told myself it just won't work for me. Then I had no choice but to do what you said because no one was coming to help me.

  • @ELconomics101
    @ELconomics101 18 часов назад

    Coach!! You're the man

    • @TobyMathis
      @TobyMathis 17 часов назад

      Appreciate the support =)

  • @naadentaa4261
    @naadentaa4261 21 час назад

    Do you have to transfer your property in their name before you die?

    • @TobyMathis
      @TobyMathis 17 часов назад

      Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss this with my team so we can provide you with an answer that is unique to your situation. Visit: aba.link/mit

  • @myinfinitepotential7929
    @myinfinitepotential7929 День назад

    Amazing information, thank you!!!

    • @TobyMathis
      @TobyMathis 17 часов назад

      Glad you enjoyed the video!

  • @strayhorn-dc1bq
    @strayhorn-dc1bq День назад

    As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?

  • @sku2401
    @sku2401 День назад

    Does the partnership that has the trading account need to be setup election as a mark to market with the IRS?

    • @TobyMathis
      @TobyMathis 17 часов назад

      Thank you for raising this question! I recommend setting up a free consultation to discuss some strategies and how they apply to your unique situation. Sign up here: aba.link/khn

  • @marystivers7316
    @marystivers7316 День назад

    Can a adminastraiter turn of life saport for the person shes doing estate for she turned my dad off he in no way wanted that i was there she said she was going to pay bills

  • @zehuazhou3390
    @zehuazhou3390 День назад

    If 5 properties are tied to the same Wyoming LLC, and a liability occurs for one of those properties, they can look up the doc and find out ABC LLC is on the title. Then they can sue the trustee. Will they potentially get the equity of all 5 properties?

    • @TobyMathis
      @TobyMathis 17 часов назад

      Great question. To get the best answer tailored to your specific circumstances, I recommend scheduling a free consultation with my team. Visit: aba.link/d1bcb3

  • @zehuazhou3390
    @zehuazhou3390 День назад

    If the house has a mortgage on it, and a law suit happens, can they look up the mortgage doc to find out who borrowed the mortgage, and sue that person?

  • @takeshi1242
    @takeshi1242 День назад

    Very good points on liability protection most dont think the worst case!

  • @scottjenkins6490
    @scottjenkins6490 День назад

    For your investing portfolio just utilize the most basic index ETF and fixed income investment strategy and you can outperform managed funds and focused ETFs like $DIVO. Simply $DIA has a higher CAGR and higher dividend. A simple strategy of 80% index ETFs / 20% fixed income like the following will outperform these strategists YoY with lower fees and higher dividend: 10% $ICSH - 10% $ARCC - 50% $VOO - 20% VONG - 10% DIA A simple twist would be to substitute $SPY for $VOO and you can then sell your own covered calls against it as SPY has the highest options chain liquidity in the market. Don’t let firms steer your money into their pockets, self manage.

  • @furtrapper11
    @furtrapper11 День назад

    Thanks for the show notes.

    • @TobyMathis
      @TobyMathis День назад

      I'm glad you found them helpful!

  • @chrismc8548
    @chrismc8548 День назад

    Nobody beats inflation. You either lose to it or you keep up with it and then pay a higher tax amount.

  • @kingarcy16
    @kingarcy16 День назад

    Where you as the employer submit there w9s to get them there 1099s

  • @anntiup
    @anntiup День назад

    MY MAN TOBY,,LOVE THE VIDEOS ALWAYS ON POINT. 👍 📈 📈 📈 📈 📈

    • @TobyMathis
      @TobyMathis День назад

      Hey, thanks a ton for the love

  • @JC-nh6ud
    @JC-nh6ud День назад

    So, from a tax perspective, the LLC does a separate tax return instead of the typical Schedule C?

    • @TobyMathis
      @TobyMathis День назад

      Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss this with my team so we can provide you with an answer that is unique to your situation. Visit: aba.link/16d826

  • @heshamabdelhamid2732
    @heshamabdelhamid2732 День назад

    Love this video. I will be reaching out so you can help me establish entities. Right now, I'm trading under my name because my broker needs at least 50k to register under an LLC. Well explained. I have many articles and videos regarding trading under business. This is getting top of the list.

    • @TobyMathis
      @TobyMathis День назад

      I'm glad you found the video helpful. Feel free to reach out whenever you're ready to establish your entities.

  • @user-vv6md9lf3d
    @user-vv6md9lf3d День назад

    I need to learn more. Just bought a home and need to protect what I can. Thanks.

    • @TobyMathis
      @TobyMathis День назад

      Congrats on your purchase. My team can help you, visit to get started with a free consultation. aba.link/vvv

  • @gavnonadoroge3092
    @gavnonadoroge3092 День назад

    thank you

  • @candeegarfield4624
    @candeegarfield4624 2 дня назад

    Thank you Toby!

  • @fedorinovsubdivision
    @fedorinovsubdivision 2 дня назад

    Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.

  • @JessicaLovely1
    @JessicaLovely1 2 дня назад

    I’m almost finished with Infinity Investing. Thanks for all you teach us! I can’t wait to change my family’s future.

  • @mississippiapple1078
    @mississippiapple1078 2 дня назад

    Wow The people behind DIVO!

  • @DividendStockpile
    @DividendStockpile 2 дня назад

    Heck yeah! Two of my favorite people!

  • @IsaacArnold-xf2ft
    @IsaacArnold-xf2ft 2 дня назад

    I know nothing about trading /investment and l'm keen on getting started. What are some strategies to get started with?

  • @vincevegas8529
    @vincevegas8529 2 дня назад

    First