Be mindful of taxes from "summary" of The Dumb Things Smart People Do with Their Money by Jill Schlesinger
When it comes to managing your money, taxes can be a real headache. It's not just about filing your annual return - you need to be thinking about taxes all year round. This means being aware of how different financial decisions can impact your tax bill. For example, did you know that selling an investment could trigger capital gains taxes? Or that contributing to a retirement account can lower your taxable income? These are the kinds of things you need to keep in mind. One common mistake people make is underestimating the impact of taxes on their investments. They might focus on finding the best-performing stocks or funds, without considering the tax implications. But the truth is, taxes can eat into your investment returns more than you might think. That's why it's important to be strategic about where you hold your investments - in a taxable account, a tax-def...
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