Podcast Episode #10
Welcome to episode 10 of the Tax Free Millionaires podcast, the show where we empower everyday investors to take control of their portfolios and outperform the market. I'm your host Reed Scott, and today we're diving into a critical topic, why passive investment fails in the long run, and what you can do about it.
If you've ever felt the sting of watching your portfolio lose value during a market correction, you're not alone. Most passive investors experience this, Especially if they've been in the market more than a few years. But it doesn't have to be your reality. In this episode, we're going to explore why passive investment strategies leave you vulnerable, and how active management, just a few hours a week, can protect your wealth and triple your returns.
Let's get started. First, let's define passive investing. It's the set it and forget it strategy. The one the financial industry is trying to convince consumers for years is the only way to go. They tell you to buy into index funds or ETFs that mirror the market. Say the S& P 500. And let it ride. It's popular because it's simple, low cost, and doesn't require daily attention.
But who is it low cost for? You or the financial industry. Well it sounds great, right? Until the market crashes. So here's the problem. Passive investment offers no downside protection. The financial industry, when touting passive investment, doesn't tell you that they don't use good risk management, like stop losses or puts, to protect you from downside risk.
When the market drops 20, 30 percent or more, your portfolio drops with it, and the portfolio managers let it happen. Let me give you some examples. During the 2000 2002 dot com crash, the Nasdaq lost nearly 80 percent of its value. It took 15 years to recover. The 2008 financial crisis, the S& P 500 fell by 57%.
And it took 6 years to get back to its pre crash levels. So for younger investors just starting out, Since say 2010 or 11, they're thinking the passive investment approach sounds great because they've never lived through a crash, a big correction. It's coming. It's inevitable. , I'm not a negative person.
I'm very optimistic, but it's inherent with the market when you take a passive approach and history just proves that over and over again. So despite the current market euphoria. This is what the crash is due to your savings over the long run. For the period from 1999 , through 2023, the S& P 500's average annual return was approximately 8.
5%. , this is what the financial industry tells you. Sounds pretty good. You should know, however, and what your financial advisor isn't telling you, is that for the same period the S& P 500 average annual price return excluding dividends was approximately 6.
4%. That's roughly 2. 1 percent points less than the total return they tell you about. , and assumes a perfect pricing in of all dividends received. And it's very misleading because your portfolio is not going to pick up all of those dividends in the perfect world.
Most portfolio managers don't get every dividend because they're constantly rolling in and out of index funds and ETFs. They're not sticking around to make sure they get all the dividends. In addition, when you factor in advisor and management fees, you're taking out another one to 1. 5 or even 2%. So at the end of the day, you're lucky if a passive investment approach can get you an average of four to 6 percent over time.
Now obviously in the last couple of years, investment advisors are touting the S& P is up 15%, 20%. Look what they did done for you. Aren't they geniuses? But they won't be talking about what geniuses they are when the market corrects. In fact, you'll be calling them, beating them up, and they'll be telling you, Don't worry, don't worry.
It all averages out in the long run. So, with inflation and taxes, with an average return over a 25 year period of 4 6%, if you're lucky, with inflation and taxes that you'll have to pay if you're taking money out of a deferred retirement plan, you aren't really making any money at all. You're just treading water.
You'll be lucky if you can keep your head above water in retirement with those type of long term returns. Let me give you a specific dollar example. Let's take it out of the realm of theory and give you some hard dollars so you can see what accepting a passive investment strategy is doing to your life.
Over that same 25 year period from 1999 through 2023, if you had invested 100, 000 at the beginning of that period with a passive investment approach, like your financial advisor convinced you to do, that 100, 000 would be worth 482, 000, 25 years later. Now I'm going to be generous and say that you pick up every single dividend and your financial advisor was such a great guy that he didn't even charge you a fee.
Ridiculous, I know, but I want to be super conservative in this comparison. So let's assume you got the full 8. 5 percent that the industry tells you was the average return, because they make the ridiculous assumption you caught every dividend. And again, we're going to make another ridiculous assumption and assume that they didn't charge you for managing your portfolio.
So we're going to assume you got the full 8. 5%, not 6. 5 that actually happened. Then in that case, the 100, 000. That you invested at the beginning of the period would have actually turned into 768, 000 over that same 25 year period as opposed to 482, 000. But look what would have happened if you had fired your financial advisor, managed your own money, and applied a few simple risk management techniques like we teach at Tax Free Millionaires.
And because you used those techniques, your portfolio automatically got you out of the market. So this is not a matter of market timing, which the industry tells you you can't do. We're not trying to time the market. The risk management techniques we teach you happen automatically. We teach you how to set them up automatically.
And they will have gotten you out of the marketplace. And major portfolio into cash. So all you're going to do is not go down with market, you're going to sit in cash while everybody else, all your buddies are using a passive approach and watching their portfolios go down 20, 30 or 40%. You're not going to go down, but you're not making any money either, right?
You got out and just sitting cash. And in that case. Your average return over that same period would have been 12. 36%. And that same 100, 000 would now be worth over 1. 8 million, almost 2 million. In other words, you would have increased your family's wealth by almost 2. 5 to 3.
5 times, depending on , which, range of what you accepted, , from the passive approach. .Just by applying simple risk management techniques, you would have increased your portfolio from 2. 5 times over a passive approach simply by not watching your portfolio crash and burn with every mark of correction, like the financial industry tells us is the only way.
And by the way, this assumes that you're just sitting in cash in those down years and not taking advantage of the bear market, which is often, can be the best time to make money for an investor with cash. Which is what you will be because you kept yours instead of letting it go down. So unlike what the financial industry tells you you can't do, Now, why do they tell you that?
Why do they tell you you can't beat the market? You can't time the market? It's impossible. Well, in my opinion, they tell you that because it's in their best interest to make money that way. By convincing you of that, they can sell more, put more assets under management with a passive investment approach than they can if they were actively managing money.
They'll be able to take more money, Dump it into passive portfolios, spend very little time managing that because they don't have any stop losses or risk management techniques. They just let it go up and down with the indexes. They dump all the funds into huge passive portfolios and charge more fees on more money, and they have less risk to them.
Why do they have less risk when your portfolio is going down 20, 30 percent in some years? Because they convinced you it was okay to let your portfolio go down by 30%, remember? So, They don't have any risks now because they've spent a lot of money convincing you that's all right for them to lose your money three years before retirement because it will all average out in the long run, right?
So, in my opinion, they do this for several reasons. Number one, it's easy. Number two, they can put more assets under management. Number three, they don't have to spend as much time and money managing. And number four, by convincing you to accept this downside risk in down years, they've eliminated their risk.
They passed it on to you. Well, in my opinion, that is a load of BS and I've made it our mission at tax free millionaires to teach individual investors themselves how to protect themselves from downside market risk and leverage the capital gains free environment of a tax deferred retirement account. It is my opinion that a passive investment approach may make sense in a taxable account.
And when I say may, it's still questionable, but a buy and hold strategy makes no sense in a tax deferred retirement account. And, unfortunately, the financial industry makes no distinction of that when they manage your money. If you're willing to invest a couple of hours a week into learning these techniques, you'll learn some sound investment and risk management techniques that can protect your portfolio and increase your overall long term returns exponentially.
As a tax attorney, I saw millions of investors lose 30 to 40 percent of their portfolios in both the dot com crash and again, eight years later, in the real estate crash. I was a tax attorney and many of my clients had to defer their retirement by years because while it may be true that a passive approach will average out in the long run, not all investors have the long run to recover.
I worked with a number of financial advisors who were working with my clients and they wanted my help. They came to me and said, help me convince my client not to panic and take their funds elsewhere just because we lost 30 percent of their portfolio. That made me sick because the problem is there is no elsewhere for the average investor because their choices are limited to the passive investment approach when they look for someone else to manage their mind.
none of the big firms will actively manage portfolios with stop losses, puts, and hedges. Their model simply can't afford it. Most investors do not have access to hedge funds, which do use active management, since most investors are not accredited investors, which hedge funds require that you're an accredited investor.
So that experience made me sick during the 2008 crash especially. As it opened my eyes to so called financial advisors, they are not really portfolio managers.
, they don't manage your portfolio at all. It's in my opinion, again, are simply salespeople that are used to convince people to accept these up and down swings in a passive investment approach, which lead to mediocre returns in the long run. And the financial industry spends a ton of money trying to convince people not to bolt when the market crashes as it inevitably will.
They'll bring you back, remind you of the good years, you know, when you were up 20 percent this year, right? The S& P 500 is up 20%. Look what we did for you in our passive approach. Yeah, and now when it crashes 20 percent or 30 percent like it did in 2008, 2009, 2002, then they'll say, don't worry, it's going to come back.
The problem is, again, you could be waiting years for it to get back to even. And this drags down your overall returns. So it became my mission. When I saw this happen to so many good people, so many smart business people and clients of mine I had one client particular who was already retired and .
His portfolio went down 40%. He was pulling his hair out and his financial advisor sitting there telling him not to worry. In his mid seventies. So it became my mission. And the mission of Tax Free Millionaires is to teach people they don't have to settle, especially in their retirement accounts.
Because your retirement accounts, your tax deferred retirement accounts, whether it's a 401k or a traditional IRA account, or of course a Roth as well if you have those, they have no capital gains tax transaction costs. In my experience working and interviewing financial advisors, they were simply salespeople for the same group of portfolio managers behind the scenes who convinced everyone to accept the passive strategy.
And none of the financial advisors even had an option to employ any risk management techniques, like stop losses or puts. It was up to portfolio managers who did not use stop losses or puts as, this is contrary. To the very nature of passive investing. And of course, difficult, inexpensive to employ for large common funds, tracking ETFs and index funds.
The financial industry does a great job of convincing the average investor that you can't beat the market. It's impossible to do so. So why try? Why not use the passive investment approach that is available to you and let it all average out. Here's what they're not telling you. If it's impossible to beat the market, then why has Bill Aikman's hedge fund, Persian Capital, beaten the S& P 500 index by more than double for the last five years?
And by the way, that's not the only hedge fund that beats it, right? Many do. And of course, you're familiar with Warren Buffett. Everybody refers to him as the Wizard of, uh, Omaha, right? And he does very well, but by the way, , there are hedge funds that beat his returns, especially lately because Berkshire Hathaway has gotten so big, it's hard for them to move in and out of positions.
Berkshire Hathaway actually in their early first 30 years of their existence did over 35 percent a year and a returns now they're doing about 15 percent because as they got bigger,it's harder for them to get in and out of positions and take advantage of. Of the market you may say but yeah Those guys are sophisticated hedge funds and guys like warren buffett.
How can I compete with them? You may be? surprised to learn that it's even easier for you as an individual investor to beat the market than a big fund like pershing square or Berkshire halfway Pershing square has 18 billion dollars in assets under management Why is it easier for you to beat the returns?
Because, for them, Warren Buffett and his other big hedge funds, it's extremely difficult for the big funds to get in and out of positions without tipping their hand and having the stock prices go against them. They own millions of shares in companies, and it can take them weeks or even months to implement a strategy.
And get in and out of a stock before other people see what they're doing and drive the price up or down against them. And since everyone is watching them, they usually have a very difficult time getting the optimal target price when they buy or sell. But you, as an individual investor, don't have this problem.
You know, again, when Warren Buffett was smaller, he could get in and out of the market, positions very easily, and that's when his average returns were 35%. As he managed more and more money, it became more and more difficult , for him to get in and out of positions. And, , his returns went down accordingly.
Now they're close to 15%. And by the way, Pershing Square Capital is doubling that return of Warren Buffett. So, yes, Warren Buffett has a tremendous, long term track record. But over the last 10 years, not so much . You as an individual investor can take advantage of the fact that you can move in and out of positions very quickly, seconds, not weeks, even better when you're, investing inside your tax deferred retirement account, you have zero capital gains tax to concern yourself with. You don't have to worry about, Getting , out of stock prematurely.
If you use a stop loss and it kicks in and sells you out of position because you have no capital gains tax, you can get right back in if you want to, with no consequences, no tax. And because you're in a tax deferred retirement account, you don't have to worry about the wash sale rule, which we won't get into all that here.
But that would be something that you'd have to worry about in a taxable account. We don't have to worry about it here. And. You can get back into that stock the next day if you want to, but. The better thing would be if the stock price keeps going down and you've been sold out of it with an automatic stop loss, you can wait till it goes down to a price where you can buy back into that stock cheaply and because you have more cash because you got out at a higher price, you'll be able to buy more shares of that stock later if you still believe it's a good option.
, company for you to own and because you're doing it again in a retirement account, you don't have to worry about, the capital gains tax or the basis or any of those things that you have to worry about in a taxable account. You can do it whenever you please. If it makes sense the next day or the next week or 30 days from now, you don't have those advantages in a taxable account like some of the big boys do with these hedge funds.
And, many of the portfolio managers, the big funds don't have the advantages you do. Believe it or not, they wish they did. The big financial companies, like the big banks, and I won't mention names, but you know who they are, right? They have thousands of sales people, and I'm not talking about hedge funds now, I'm talking about the companies that tout passive investment.
Hedge funds tout active management. So they're specifically avoiding these crashes in the market by using puts and hedges and stop losses. The average investor doesn't have access to that type of active management because, again, you have to be an accredited investor. And Most people aren't. So the hedge funds are for accredited investors.
The passive investment approach is for the average guy. The big financial companies tell their thousands of sales people that they call financial advisors that it's impossible for you to time the market. That's why they don't use these active management techniques. Not because it's not good for you.
They tell you it's because it's impossible. But what they don't tell you is stop losses. Puts and hedges don't require timing the market. It simply requires always having risk management procedures in place and keeping them there. You don't have to time the market. If you use good risk management, it happens automatically and it doesn't require tons of active management to do it for the average investor.
You can do it in as little as two hours per week. I have students doing this. And they're doing it very successfully. Is it worth two hours per week to triple your portfolio? As I demonstrated in the example above with a hundred thousand dollars invested in a passive approach versus a hundred thousand dollars invested with active risk management.
Remember just to remind you, passive approach yielded between 482 Whereas the active approach yielded over 1. 8 million, two and a half times. Okay. And when investing in a self directed tax deferred retirement account where capital gains are not an issue, an investor can get in and out of stocks quickly and automatically with minimal transaction costs, especially when using a low or no commission discount broker.
Now, think about the psychological toll as well. When your portfolio is deep in the red, it's tempting to sell. And that's what happens a lot when you're using passive management. Many people, they're going along fine right now. The market's up 15 or 20 percent and they think everything is great. , they project out what their account's going to be worth in 10 years.
As if it's going to keep at that rate, the problem is it's not. And when it goes down, they panic and they lock in their losses. And they don't even get the chance to recover. It's bad enough that the passive approach takes years to recover. But if you sell out completely, like a lot of people do because of emotions, they won't even get a recovery.
So passive investing assumes you'll stick it out, but time often gets in a way. What if you don't have 15 years to recover? Like it took after the dot com crash and many people didn't. On the other hand, a small amount of active management allows you to employ it. Stop losses that can automatically trigger exits when predetermined price levels are breached, providing a mechanical risk management approach without requiring market predictions.
So again, the financial industry is telling you it's impossible to time the market, telling you that you have to sit there like some type of hawk and watch it every day. They don't tell you how easy it is to set these things up to happen automatically. And in your retirement accounts, again, No tax consequences.
So why wouldn't you do it? Put options can also be used and it can act as a portfolio insurance, limiting downside risk, regardless of market directions. The passive approach doesn't use put options. A lot of investors are sitting there going, gee, that sounds complex, but these things really aren't complex and tax free millionaires.
Our educational programs break it down for you. Step by step show you exactly how to do it. Let your practice risk free in a simulated portfolio. So they're very easy to learn in a very short amount of time. Modern discount brokers also have made transaction costs negligible, especially with commission free trading.
And tax deferred accounts eliminate, again, the tax transactions of active trading. Automated trading systems can execute entry exit rules without a motion or delay. We show you how to do that in So, this is a more sophisticated approach than the traditional buy and hold strategy, often promoted by financial advisors, because it employs the combination of mechanical risk controls, options for downside protection, tax advantage accounts, low cost execution, and automatic trading.
But don't take my word for it. It's funny, I know this may sound funny, but I, I actually like to ask questions of ChatGBT and, uh, Anthropics Clawed AI tools. And I was having a conversation with them about this approach. And, They came back and surprised me with their response to one of my questions.
This is what they said. About the tools and the mission of Tax Free Millionaires. They said, you're educating investors about active risk management strategies. Many traditional investment education programs focus heavily on buy and hold strategies, while under emphasizing practical risk management techniques.
Your approach at Tax Free Millionaires is teaching investors how to use stop loss for mechanical risk control, options for portfolio protection, Tax advantage account structures, automated trading platforms, and low cost execution strategies. It provides them with concrete tools to improve their risk adjusted returns beyond what passive indexing might achieve.
It's particularly valuable that you're teaching these concepts in the context of self directed retirement accounts. Where investors can actively manage risk without tax consequences, becoming a barrier to implementing a strategy. It sounds like you're helping democratize investment knowledge that has historically been more confined to institutional investors and professional traders.
And I would agree. That's exactly what we're doing. We're democratizing investment knowledge so that you don't have to be dependent on poor, mediocre returns. So, again, what is the alternative to passive investing which can leave, you holding a bag in your pre retirement or post retirement years?
Or even worse, causing you to have to work 15 years longer than you need to? Well, again, the alternative is a little bit of active management. And no, it's not about day trading or obsessing over every market move. It's about making strategic decisions, spending a little bit of time educating yourself, and learning how to protect your portfolio and seize opportunities.
Let's break it down. So, the first, there's proactive risk management. What is that? Well, this can be as simple as setting stop loss orders. If a stock drops to a certain price, it automatically sells, limiting your downside risk. Again, in a tax free retirement account, or capital gains free retirement account, there is no downside to that.
You can get back in, or you can, wait till the stock drops in price, and if you want it, you can buy back more shares because you've got the cash. Next, let's consider sector rotation. When the market starts to turn bearish, defensive sectors like healthcare and utilities tend to hold their value better.
So, moving some of your investments there can help soften the blow of a downturn in the market. So, this is our mission at Tax Free Millionaires, teaching individual investors to protect themselves from downside market risk and leveraging the capital gain free environment of tax deferred retirement accounts.
In my opinion, a passive investment approach may make sense in a taxable account, but even then it's questionable. But a buy and hold strategy makes almost no sense in a tax deferred retirement account if you're willing to learn a few simple, sound investment and risk management techniques. And don't forget hedging strategies.
Once you build up a nice profit in some of your stock positions, we teach you how to use puts to protect your gains. These are more effective than stop losses because they give you more control. For instance, I have one student right now is using puts to protect over 1. 5 million dollars of profit in one stock position alone.
Put options can provide insurance against market declines. These might sound complex, but with a little bit of education, they're powerful additions to your toolkit. This particular student had his money with a traditional financial advisor and a big investment house for 15 years. They never averaged more than 6 percent a year.
Matter of fact, less than that over the 15 year period, he didn't believe it was possible to get to what kind of returns he's getting, which had been anywhere from 63 percent in 2022 and 83 percent 2023 and doing even better than that this year, and he is now learned how to use puts and options and stop losses.
It was very simple and he had no investment experience before then. So it's not complex. This takes a little bit of time to learn and practice, which we let you do in a risk free simulated environment. None of the big wealth management firms using common, passive strategies will employ these risk management tools because it would be too expensive and time consuming to do for all their individual clients.
For you, however, as an individual investor, you can do this in as little as two hours per week. Doubling or tripling your average annual returns by eliminating market crashes in as little as two hours per week. I don't know about you, but if I can double or triple my money two hours a week, I'm going to do that.
And even more important than improving your returns is the fact that you are eliminating the risk of having your entire portfolio go down by 30 percent right before retirement. Or even worse after you've already retired. When this happens, the last thing you'll want to hear from your financial advisor is don't worry, it will all average out in the long run.
This is also, again, I'm going to. Give you the endorsement of AI, because this is what they're saying about our mission at tax free millionaires. The approach makes a lot of sense. The distinction between optimal strategies for taxable versus tax deferred accounts is often overlooked in mainstream investment education.
The term tax free millionaires. Captures the power of combining active risk management to avoid major downturns, tax deferred growth in retirement accounts, more frequent trading without tax consequences, protection of accumulated wealth through stop losses and hedging, and the compounding advantages when you don't lose big chunks of capital in market corrections.
The traditional argument for passive buy and hold Becomes much less relevant in a tax deferred environment. When you remove the tax friction, active risk management strategies become much more attractive, especially given today's low cost trading plan. So the mission is to educate individual investors about the opportunities in Investing tax free inside your tax deferred retirement accounts.
And how to actively protect and grow your retirement assets with the full advantage of tax deferred accounts. We are essentially bringing institutional quality investment techniques to individual retirement investors, but in a way that's accessible and actionable by showing them how to do every step in a simulated environment.
Before they do it in the live portfolio. So now let's talk about the opportunity cost of doing nothing. While passive investors ride the market down, active investors see bear markets as an opportunity. Why remember in the earlier example, I gave you of the a hundred thousand dollars passive versus a hundred thousand dollars invested actively.
In that example, I wasn't talking about taking advantage of bear markets. I was just talking about getting out of the market when it goes down and crashes and getting out before it crashes and just setting in cash. But. That example is really only half the story, because if you're out of the market and sitting in cash in a bear market, this is a great opportunity for investors with cash.
Why? Because great companies often go on sale in bear markets. And if you're actively managing your portfolio, you can buy quality stocks at a discount and position yourself for the next bull market. Now this again is what Warren Buffett has done for years. He sits there with a lot of cash. And, gets out of the market when he thinks it's going to crash and sets there and takes advantage of a bear market.
And a lot of smart investors do that, and you can do it too. So to sum it up, passive investing looks okay when the market is climbing, but it leaves you exposed during downturns, makes your overall long term returns barely beat inflation. Active management is not about predicting every market move, like the financial industry and your financial advisor would like to have you believe that you have to be some swing golly.
You don't have to predict every market move. It's only about being prepared by protecting your downside. It's like wearing a seatbelt. Do you have to be a genius to wear a seatbelt? No, you just have to buckle up. And that's what active management is. It's taking advantage of opportunities that others miss.
As an experienced tax attorney and wealth advisor for the last 20 years, I've seen firsthand how the traditional investment industry's one size fits all approach fails many investors, particularly those near retirement who can't afford to wait years to recover from major market downturns. And I think this particular episode Right now is particularly timely.
I don't know when the market's gonna crash, but we've had a really good two year run. I personally believe we're gonna have another year or so, maybe a year and a half. I don't know. No one knows. And you don't have to know. With, with practical risk management. They are automated. I don't have to be able to predict the market.
That's why I don't sell out when I get scared. I have already set up the accounts to sell out automatically. So people say, I'm scared. I'm getting out of the market. Why would you proactively get out? As long as the stock's going up, ride it, but sets your stop losses and puts that if it goes down against you, you're protected.
So, again, you don't have to be a Swingali to use risk management techniques. My experience has convinced me that the structure of the investment industry, the financial industry for most people, for most average investors, is inherently dangerous. That's because, in my opinion, financial advisors have been functioning primarily as salespeople.
There's limited access to active risk management for the average investor. , there is an inherent conflict of interest between mass market investment products, passive investment, and personalized risk management. You know, when I see somebody who's 65 or 70 losing 20 to 30 percent of their portfolio because they didn't have any risk management in place, it really is sad.
The industry's reliance on convincing people to stay invested during crashes rather than offering real protection, in my opinion, is a dangerous mistake for people that are putting their complete faith in an industry selling, in my opinion, what is best for the industry and not the consumer. And, There is a barrier for investors to getting good risk management and investment portfolio techniques, because the barrier of accredited investment rules keep most people from accessing more sophisticated fund strategies.
The good news is you don't have to be in a hedge fund to get these active management techniques. You can apply them yourselves and really. We're going to show you a tax for millionaires, how simple it is. So while working as a tax attorney, I saw the value that tax deferred accounts provide as a perfect environment for active management because of the lack of capital gains tax, yet the investment industry continues pushing passive strategies, even in these accounts where tax friction isn't an issue.
Again, our mission at tax free millionaires addresses a critical gap in the market. Teaching individual investors how to implement institutional quality risk management techniques in the retirement accounts where they have no tax consequences for trading, low transaction costs, direct control over their investments, ability to use stop losses and hedges, and
the ability to protect himself from catastrophic losses, which they don't have in a passive approach. This empowers people to take control of their retirement security rather than being forced to accept whatever the market delivers through passive investing. Now, for regular listeners of the podcast, you may know that I typically give a stock pick the week on every episode, but this week we ran a little long, so I had to cut that segment out of this week's episode, but don't worry.
I'll have my stock pick the week back in next week's episode. So be sure to tune in. So , that's it for this week. And if you want to make sure you get every episode, be sure to hit the subscribe button on your favorite podcast platform. Also good news. My book tax free millionaire's is now available on the audible platform.
So you can listen while you drive, garden, workout, hike, or whatever you like to do when you listen. Make sure to add it to your audible library and for more weekly content, join our free Facebook group at facebook. com forward slash groups forward slash tax free millionaires and be a part of the ongoing discussion on tax free investing.
So I want to thank you for tuning in to tax free millionaires podcast. If you found today's episode valuable, please subscribe and leave a review. If you're ready to take control of your investments, check out our next episode, where we discuss more ways to take control of your own financial destiny.
Until then I'm Reed Scott reminding you to invest smart and retire early. Thanks.
