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Tue, December 10, 2024
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Ask an Advisor: I Have $1 Million and Want to Max .. Passive Income and Minimize Taxes. What Can I Do?

Ask an Advisor: I Have $1 Million and Want to Maximize Passive Income and Minimize Taxes. What Can I Do?


Published on 2024-12-10 09:01:17 - MSN
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  • I have a million dollars and I want to put it to work for me. Where can I put it to make the most amount of passive income from it? Also, how can I minimize taxes on that to be able to keep more of that money?

The article on MSN Money discusses strategies for maximizing passive income and minimizing taxes with a $1 million investment. Financial advisor Brandon Renfro outlines several options for an investor named John, who is looking to retire early. Key suggestions include investing in tax-advantaged accounts like Roth IRAs or 401(k)s to benefit from tax-free growth or withdrawals. Renfro also recommends considering municipal bonds for tax-exempt income, real estate investments through REITs or rental properties for steady income, and dividend stocks for their potential for both income and growth. He emphasizes the importance of diversification to manage risk and suggests looking into tax-efficient funds or ETFs. Additionally, Renfro advises on the potential benefits of a financial advisor to tailor a strategy that aligns with John's risk tolerance, income needs, and tax situation, highlighting the need for a personalized approach to optimize financial outcomes.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/investment/ask-an-advisor-i-have-1-million-and-want-to-maximize-passive-income-and-minimize-taxes-what-can-i-do/ar-AA1jka0c ]
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