From 34.5% to 2.9%: Mike Milligan on Smarter Taxes, Lazy Money, and Financial Freedom
“Tax planning is done in the year you’re living, not in the past when you’re putting documents together.” Making more money does not automatically mean keeping more of it. Financial planner and tax strategist Mike Milligan joins JM to talk about proactive tax planning, “lazy money,” better financial questions, and why one-size-fits-all advice can create expensive mistakes.
Making more money does not automatically mean keeping more of it. Financial planner and tax strategist Mike Milligan joins JM to talk about proactive tax planning, “lazy money,” better financial questions, and why one-size-fits-all advice can create expensive mistakes.
Mike's first point is timing. By the time tax documents are gathered after the year is over, many planning opportunities are already gone. Effective tax strategy happens while decisions can still be changed. He also challenges people to look for money that is sitting idle or working below its potential and to give every dollar a clear job based on the owner's goals and time horizon.
The broader lesson is that good financial planning should be understandable and personal. Products are tools, not religions. The right solution depends on what the person is trying to accomplish, and trust is built when an advisor can explain the “why” clearly enough that a client can explain it to their own family.
Key Takeaways
- 1
Tax preparation and tax planning are not the same thing
- 2
Money should have a job instead of sitting idle without purpose
- 3
Financial products should be selected around goals, not ideology
- 4
A good advisor educates first and makes the strategy understandable
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