The more your income and wealth grow over time…👇🏼 ⠀⠀⠀⠀⠀⠀⠀⠀⠀ The more important it becomes to pay close attention to taxes in your portfolio as an investor ⠀⠀⠀⠀⠀⠀⠀⠀⠀ Tax loss harvesting can be a solid way to reduce the amount of taxes you owe from your investments every year ⠀⠀⠀⠀⠀⠀⠀⠀⠀ Some important points on tax loss harvesting: ⠀⠀⠀⠀⠀⠀⠀⠀⠀ 1) It can only be done in taxable accounts (not tax advantaged accounts like IRAs, etc) ⠀⠀⠀⠀⠀⠀⠀⠀⠀ 2) The losses must be “realized” (AKA: locked in) in order for you to use them against gains that you lock in ⠀⠀⠀⠀⠀⠀⠀⠀⠀ 3) It’s important to avoid trades that result in a “wash sale” so you don’t lose the ability to deduct the losses from your gains ⠀⠀⠀⠀⠀⠀⠀⠀⠀ 4) The example in the video is an oversimplification for the sake of making the concept simpler to understand ⠀⠀⠀⠀⠀⠀⠀⠀⠀ 5) You should have a solid process in place that’s repeatable and simple for TLH. (Often it’s done in the 4th quarter before the tax year ends) ⠀⠀⠀⠀⠀⠀⠀⠀⠀ Having wealth inside o...