Financial Literacy from a Tax Perspective - Grant Dougherty | HSP Ep. 95

Grant Dougherty, a tax expert and real estate advisor, joins the show to discuss the importance of financial literacy and tax planning. He emphasizes the need for good bookkeeping and understanding your numbers. Grant explains the biggest mistake people make with money is spending more than they earn.

He recommends starting with a solid foundation in personal finance, such as budgeting and saving. Grant also shares tax strategies for small businesses, including the benefits of hiring your children and investing in real estate. He advises diversifying investments and being aware of changes in tax policies.

✅ Guest: Grant Dougherty
🔗 Youtube: https://www.youtube.com/@DoughertyTaxSolutions
🔗 Instagram: https://www.instagram.com/doughertytaxsolutions
🌐 https://linktr.ee/doughertytaxsolutions

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Timestamps: ⏳

(0:00) - Introduction & Financial Focus with Grant Doherty
(1:10) - Why Financial Literacy Matters
(6:36) - Common Financial Mistakes
(8:51) - Grant's Typical Clients
(11:11) - Proactive Tax Planning
(14:08) - Bookkeeping Essentials
(16:20) - Loans vs. Cash Payments
(18:31) - Inflation and Financial Decisions
(20:54) - Leveraging an LLC
(23:40) - IRS Criteria for Business vs. Hobby
(25:49) - COVID-era Tax Changes
(31:39) - Tax Benefits of Hiring Family
(34:15) - Building Tax-Free Wealth for Kids
(37:44) - Tax Implications on Passive Income
(40:43) - Diversifying Investments
(45:26) - Role of Bonds in Portfolio
(47:37) - Recent Tax Policy Changes
(51:38) - Book Recommendations
(53:46) - Grant's Investment Strategy
(57:25) - Lessons from 2008 Financial Crisis
(1:01:29) - Beginner's Guide to Finance
(1:04:04) - Future Podcast Plans
(1:04:24) - Closing Remarks

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