This week, Heritage Capital CIO, Mile Marker Club founder, and longtime friend of the Big Mike Fund podcast Ryan Parson joins us from sunny Glenwood Springs, CO. We begin our conversation with an update on the Mile Marker Club, Ryan’s initiative to help new and professional investors grow capital in alternative markets like real estate and increase their financial literacy. Later, we cover holistic wealth planning, the benefits and opportunity costs of taking a more active role in your portfolio, the current tax environment in the United States, the risk of letting tax benefits drive capital allocation, and building a strategy that suits your lifestyle instead of the IRS.
• What is the holistic financial planning process?
• Why real estate has historically been the bedrock of America’s economy
• Passive versus active investing
• PIGs (Passive Income Gains) and PALs (Passive Allocation Losses)
• Is becoming a real estate professional right for you?
• How power shifts in Washington and projected tax increases affect your holistic strategy
• How to harvest passive losses and take advantage of depreciation
• Revenue neutral tax codes: Will today’s gains become tomorrow’s losses?
Quotes:
“There’s always been a certain fascination with real estate in the US… part of the reason is that Congress and the IRS have provided different types of tax benefits relatively consistently and that extend for a relatively long period of time. And that’s been part of the bedrock that has made the US economy work so well for a couple hundred years now.” Ryan Parson
“What the IRS giveth today, it taketh away tomorrow.” Ryan Parson
