Show notes
How much of the money in your portfolio actually belongs to you? If you're investing in taxable accounts, the number on your statement isn't the full picture. A portion of it already belongs to the IRS. The challenge is that taxes on investments don't show up along the way the way they do in your paycheck. They often appear when you sell a position, rebalance your portfolio, or realize gains you weren't thinking about. For successful investors, that tax exposure can have a bigger impact on long-term results than expected. In this episode of Off The Wall, Nate and David break down how to think about tax efficiency as part of a portfolio strategy. They discuss when municipal bonds make sense, why the difference between long-term and short-term gains matters, how holding onto losing investments "until they come back" can work against you, and how tax-loss harvesting can turn volatility into something useful. Your portfolio's job is to grow. But the real objective is keeping more of what that growth produces. — Have a question you want answered on a future Ask Monument Anything episode? Email us at [email protected] and we might tackle it on the show. Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures Episode Timeline/Key Highlights: 0:00 — Why Tax Efficiency Matters (And The Million-Dollar Illusion) 3:28 — Taxable Accounts, Income Design, And Municipal Bond Strategy 7:00 — After-Tax Yield Vs Headline Yield (What You Actually Keep) 10:15 — Unrealized Gains, Basis, And Capital Gains Timing 14:05 — When To Hold, When To Sell, And Using Losses Strategically 17:12 — Offsetting Gains And Long-Term Carryforwards 19:20 — Direct Indexing, Replacement Trades, And Tax Harvesting 25:12 — Don't Let The Tax Tail Wag The Dog + AMA Invite Connect with Monument Wealth Management: Visit our website: https://monumentwealthmanagement.com/ Follow us on Instagram: https://www.instagram.com/monumentwealth/# Connect on LinkedIn: https://www.linkedin.com/company/monument-wealth-management/ Connect on Facebook: https://www.facebook.com/MonumentWealthManagement Connect on YouTube: https://www.youtube.com/user/MonumentWealth#Fit Subscribe to our Private Wealth Newsletter: https://monumentwealthmanagement.com/subscribe/ Check out our Between Sips Podcast: Where Money Meets Meaning Because money without meaning never feels like wealth. https://monumentwealthmanagement.com/between-sips-podcast/ About "Off the Wall": Markets are noisy. Your time is limited. Off The Wall cuts through the clutter. Hosts Dave Armstrong, CFA, and Nate Tonsager, CIPM, bring you straightforward, candid insights about what's really moving markets and why it matters for successful investors. From economic shifts to portfolio positioning, we break down the complexities so you can invest with intention and stay grounded when headlines and life feel chaotic. Learn more about our hosts on our website at https://monumentwealthmanagement.com