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The ultra-wealthy don't sell. That's the whole trick. "They own things. They own stock. They own land," Liz Hanley says. "And so then what they do is they never get rid of the thing. What they do is they borrow against it." Buy the asset, let it appreciate, borrow against it to live AND never trigger the tax. It's the move Elon Musk and Jeff Bezos are running while you get killed on your W2.
In Episode 003 of New Dimes Radio, we sit down with our own accountant, Liz Hanley β founder and head accountant at Liz's All Biz β to translate that playbook for the rest of us. Recorded three days after tax season closed, this one goes deep on values-aligned taxes: whether tax protest is actually worth the squeeze (spoiler: the IRS is almost fully automated now), why a Roth might be the wrong move when you're big mad about where your dollars go, the case for pre-tax everything, the tax-free magic of municipal bonds, the S-Corp move that saves 1099 folks real money, and how first-gen wealth builders can start owning assets and borrowing against them at a smaller scale. It's the "buy, borrow, die" strategy made knowable. Because, as Liz says, this is not calculus.
ABOUT LIZ
Liz Hanley (she/her) is the founder and head accountant at Liz's All Biz, a firm she built ~15 years ago after leaving a corporate role at Chanel Beauty as a single mother, because she was tired of making money for people who already had plenty of it. Today her firm serves over 1,000 clients, prioritizing the folks the industry overlooks, and her internal training program has launched Liz's All Biz alumni into a whole network of their own all-women accounting firms. A mother of three and a self-described political junkie, Liz is also a housing advocate who co-founded a New York super PAC for a pro-housing ballot initiative and helps rural communities navigate millions in state and federal affordable-housing funding. She literally cannot stop talking about taxes.
LINKS + RESOURCES
Liz Hanley (she/her) is the founder and head accountant at Liz's All Biz, a firm she built ~15 years ago after leaving a corporate role at Chanel Beauty as a single mother, because she was tired of making money for people who already had plenty of it. Today her firm serves over 1,000 clients, prioritizing the folks the industry overlooks, and her internal training program has launched Liz's All Biz alumni into a whole network of their own all-women accounting firms. A mother of three and a self-described political junkie, Liz is also a housing advocate who co-founded a New York super PAC for a pro-housing ballot initiative and helps rural communities navigate millions in state and federal affordable-housing funding. She literally cannot stop talking about taxes.
LINKS + RESOURCES
- Liz's All Biz website: lizisallbiz.com
- Liz on Instagram: @lizisallbiz
- New Dimes on Substack: newdimes.substack.com
- Concepts mentioned: values-aligned taxes, W2 vs. 1099 tax strategy, pre-tax retirement / HSA / FSA / 529 accounts, municipal bonds, capital gains, asset-based income, the S-Corp "lowest reasonable salary" move, "buy, borrow, never sell"
ABOUT NEW DIMES RADIO
This episode of New Dimes Radio was produced by 8 of Stones. Executive Produced by Renna Al-Yassini and Berna Anat. This episode was mixed and sound-designed by Creative Kubo.
This episode of New Dimes Radio was produced by 8 of Stones. Executive Produced by Renna Al-Yassini and Berna Anat. This episode was mixed and sound-designed by Creative Kubo.
New Dimes Radio is the podcast for progressive first-generation breadwinners β the ones building wealth without a roadmap, holding down their politics and their portfolios at the same time. Hosted by Kristen Brillantes, Berna Anat, and Renna Al-Yassini, with brilliant guests who've figured out how to do this in ways the wealth industry doesn't talk about.
- (00:00) - - "They never get rid of the thing. They borrow against it."
- (00:16) - - Welcome + meet Liz Hanley
- (00:24) - - How are you and your wealth doing today?
- (00:45) - - The fuckery spiral: why taxes feel disempowering
- (00:38) - - Is there such a thing as values-aligned taxes?
- (00:00) - - What actually happens when you don't pay (the automated waterfall)
- (00:54) - - What "levy" means in English
- (00:00) - - Penalties, fees, and compounding interest
- (00:02) - - Hot take: most IRS agents are actually trying to help
- (00:52) - - Values in your financial strategy, not your tax dollars
- (00:51) - - Two paths: W2 girlies vs. 1099 girlies
- (00:08) - - W2 is the hardest place to build: pre-tax over Roth right now
- (00:04) - - 529s: a Roth for education
- (00:26) - - Turning W2 income into asset-based income
- (00:26) - - The 40β45% W2 bracket vs. 20% capital gains
- (00:53) - - Municipal bonds: the tax-free move the wealthy love
- (00:00) - - Making your life a business (and the write-off trap)
- (00:07) - - Know thyself: you're the HR, the IT, and the bathrooms
- (00:05) - - The heartbreaking call: pay your estimates
- (00:16) - - Money shame + finding a CPA you actually vibe with
- (00:18) - - What the ultra-wealthy do: buy, borrow, never sell
- (00:21) - - "You don't sell your shit. You borrow against it."
- (00:00) - - The S-Corp move for 1099s over $100β120K
- (00:00) - - Why Liz built Liz's All Biz: education as the whole point
- (00:56) - - Where to find Liz + the story behind the name
Creators and Guests
What is New Dimes Radio?
New Dimes Radio is the podcast for progressive breadwinners building and activating their first generation of wealth. Hosted by New Dimes co-founders Kristen Brillantes, Berna Anat, and Renna Al-Yassini, this is where real talk meets real action.
Each week(ish), we dive into the messy, emotional, and hilarious realities of being first-gen breadwinners. From technical breakdowns to tender moments, weβre redefining what wealth can doβfor ourselves, our loved ones, and our communities.
We also pull back the curtain on building the New Dimes Network: a proudly independent, bootstrapped community where first-gen breadwinners create wealth practices that sustain them through the complexities of their experiences. From navigating tough financial decisions to fulfilling cycle-breaking dreams, we help our members move away from hustle culture and toward a life of gentle ambition.
Expect laugh-cry storytelling, candid co-founder reflections, brilliant guest experts, and actionable takeaways you can actually use. Whether youβre planning your next financial move or just looking for a space where your first-gen experience feels truly seen, youβve found your people.