Garrett's Garage is a blog about all things financial. From concept to completion, ideas to showroom ready.

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What is Tax Loss Harvesting

July 24, 2024

In this episode of "Your Investment Partners," hosts Garrett and Paul explore the concept of tax loss harvesting, detailing what it is, how it works, and the types of accounts it applies to. They discuss the benefits of tax loss harvesting, especially in non-qualified accounts, and provide insights into how it can reduce taxable income by offsetting gains with losses. The conversation includes strategies for managing non-qualified accounts, the flexibility these accounts offer, and the importance of tax diversification for a robust financial plan. They also emphasize the practical steps and timing considerations crucial for effective tax loss harvesting. Tune in to learn how to maximize your tax advantages and maintain a balanced portfolio.

What issues should you consider before and after the TCJA sunset provision occurs? 

July 9, 2024

In this episode, Paul and Garrett dive into the intricate topic of taxes, specifically focusing on the upcoming expiration of the Tax Cuts and Jobs Act at the end of 2025. They discuss the potential changes, planning opportunities, and strategies to prepare for this major shift. Key points include the importance of regular tax planning, the impact on retirement accounts, Roth conversions, estate taxes, and considerations for business owners. Listen in for valuable insights on how to handle your financial planning in light of these upcoming tax law changes.

Investing 101

June 24, 2024

In this episode, hosts Paul and Garrett explore the fundamentals of investing, offering guidance on managing cash flow, understanding tax considerations, and making informed investment choices. They stress the importance of saving consistently, diversifying investments, and balancing short-term needs with long-term goals. The discussion includes practical tips for increasing savings, mitigating risks, and navigating complex market conditions. Importantly, they underscore the significance of adaptability and continuous planning in financial success, providing reassurance and confidence in your investment journey.

Financial Planning for Business Owners

June 9, 2024

In this episode, hosts Paul and Garrett provide practical insights into financial planning for business owners. They underline the practicality of separating personal finances from business finances and delve into the real-world challenges and strategies of investing outside one's business. The conversation covers various practical considerations, including tax and legal implications, the significance of seeking professional advice, and the practicality of building a diversified investment portfolio.

What to do With a Lump Sum

May 27, 2024

In this episode, hosts Paul and Garrett explore the prudent management of lump sums, such as inheritances, bonuses, or significant investment returns. They discuss the emotional and financial ramifications of sudden wealth and offer strategic advice on handling such funds responsibly. Emphasizing the importance of patience, the hosts suggest parking newfound wealth in a high-yield savings account to buy time for careful planning. This conversation is essential for anyone facing the complex decisions that accompany unexpected financial gains.

Healthcare Expenses in Retirement

May 14, 2024

Join hosts Paul and Garrett as they explore the important topic of healthcare expenses in retirement. They discuss the financial challenges and decisions surrounding healthcare as we age, outlining the options available for managing these costs. From government programs like Medicare and Medicaid to the details of long-term care insurance and self-funding, Paul and Garrett provide a clear overview of the pros, cons, and strategies to effectively handle healthcare expenses in retirement. This episode offers essential guidance for anyone planning for their future or advising a loved one.