Last episode we gave a background of Bob’s experience working with clients and discovering the stages of an asset early in his financial career. We also covered Contribution, the first stage of an asset. Today’s episode starts off with Accumulation and goes over how different assets grow and are taxed differently. Having a plan is so crucial when it comes to your finances. No one asset is the solution to everyone’s needs. Everyone has different needs and it’s so important to go through it with an advisor and figure out what’s best for you.  Next we discuss distribution, the third stage of an asset, and how the different retirement accounts distribute the money after it has accumulated. How are they taxed differently?  The last stage of an asset is Transfer. Unfortunately, we don’t live forever. So, the transfer of your assets in necessary. You must have a plan in place to keep your assets organized and dictate what we want our assets to do after us. We'd love to learn more about our subscribers/followers! Reach out to us: [email protected] on Youtube: https://www.youtube.com/channel/UCpFTe4qmVDjE1fwFIc6W00A Connect and interact with us in our new Facebook Group:https://fb.me/g/p_11GkrQY59Bc4bYup/2OHy4HfHBuy Bob’s new book Farming Assets:https://bit.ly/FarmingAssetBuy Bob’s book Economic Termites:https://bit.ly/EconomicTermite

Today is our first episode where Erin Nevicosi joins the Wealth Mavericks. Erin shares her past work experience and why she joined Terra Firma. She is the newest Wealth Maverick and we are excited to have her joining us each week! What are the 4 stages of an asset? Bob traditionally has only discussed 3 stages of an asset but today he discusses a fourth. Bob came up with what he calls the stages of an asset through many years of experience and researching. Bob loves to read and has read hundreds of finance books over the years. The first stage of an asset is contribution. It is crucial to create a plan before making investment decisions. Each asset has pros and cons that are associated with them. You have to factor in return, tax consequences, time horizon of the investment, purpose for the asset (capital growth, income, main residence), etc. Subscribe on Youtube: https://www.youtube.com/channel/UCpFTe4qmVDjE1fwFIc6W00AConnect and interact with us in our new Facebook Group:https://fb.me/g/p_11GkrQY59Bc4bYup/2OHy4HfHBuy Bob’s new book Farming Assets:https://bit.ly/FarmingAsset Buy Bob’s book Economic Termites:https://bit.ly/EconomicTermite

Do you ever feel like you put the cart before the horse? This is a continuation of our episode aimed at helping Doctors find the right financial advice. One of the reasons we created the wealth Mavericks podcast was to help share information on the vastly complicated financial world. Part of our tagline is literally “Sharing the secrets the wealthy know to build generational wealth”. Through our many years of serving our clients we have come up with a bunch of good analogies that help simplify more complicated topics into digestible knowledge. Today we talk about the horse called asset! This story heavily applies to physicians who are beginning to generate wealth after finishing schooling and residency. Debt and expenses heavily weigh down doctors as they are beginning their careers and this story perfectly exemplifies what they are going through. As a doctor, your business is your largest asset. Bob has worked closely with doctors who have come to him for advice on how to better run their practice. Bob shares a bit of that advice on this episode. This episode was originally planned to be member only content but we saw the value it could bring to doctors and decided to make it public to help as many people as possible. Connect and interact with us in our new Facebook Group:https://fb.me/g/p_11GkrQY59Bc4bYup/2OHy4HfH Subscribe on Youtube: https://www.youtube.com/channel/UCpFTe4qmVDjE1fwFIc6W00A Check out our company Terra Firma's website:https://www.terrafirmaconsultant.com/

Bob shares his experience working with doctors throughout his financial career. Bob works with a lot of doctors in his current practice and understands their needs and how they operate.Doctors set out on their careers to help people and make a good living while doing so. So often a doctor doesn’t know what they are getting into when they begin their own practice. Physicians give up a decade of their life (earning potential) to get started in the field. This creates this feeling of being left behind, and a lot of the time, with a good amount of debt. Unfortunately, that sets them up for a lot of bad financial advice once they begin making a good salary. Bob and Joe share how they think a doctor should navigate all of the good or bad financial advice doctors receive. You need to find an advisor with a holistic approach!  Subscribe on Youtube: https://www.youtube.com/channel/UCpFTe4qmVDjE1fwFIc6W00ACheck out our company Terra Firma's website:https://www.terrafirmaconsultant.com/Connect and interact with us in our new Facebook Group:https://fb.me/g/p_11GkrQY59Bc4bYup/2OHy4HfH

There are a lot of opinions between all the different professionals in the industry. Advisors, Insurance Agents, CPA’s, Attorneys, etc... all have different advice when it comes to the topic of asset allocation. This creates a lot of confusion and anxiety when it comes to investing the money you will need later in life for retirement. Covered Topics:What is risk tolerance?What is your desired final outcome?What are the tax consequences of the different asset classes?Allocation & Diversification Subscribe on Youtube: https://www.youtube.com/channel/UCpFTe4qmVDjE1fwFIc6W00A Check out our company Terra Firma's website:https://www.terrafirmaconsultant.com/ Connect and interact with us in our new Facebook Group:https://fb.me/g/p_11GkrQY59Bc4bYup/2OHy4HfH

“Compound interest is the eighth wonder of the world. He who understands it earns it … he who doesn’t … pays it,” Albert Einstein famously said. Successful investors understand this one important investing principle. To truly understand this concept, Bob and Joe discuss the rule of 72, inflation, and simple interest vs compounding interest.  How do these terms relate to business owners and the cash flow your business generates? Wealth building and tax savings go hand in hand.   Subscribe on Youtube: https://www.youtube.com/channel/UCpFTe4qmVDjE1fwFIc6W00A  Connect and interact with us in our new Facebook Group:The Free Founder: Where Entrepreneurs Go To Reclaim Their Freedom

Today we want to go over what tax loss harvesting is. This is a high level overview of the terminology used when talking about taxes, capital gains, stock/real estate gains and loses, etc… What is the point of investing? To buy low and sell high to grow our wealth over time. So often we see clients that have stocks they’ve held for many years that have 100+% of return and they have loses (over $3000) that year on their taxes but never received the advice to “sell high” and harvest those loses/gains. Where on a tax return do you look too find your gains and loses?  Subscribe on Youtube: https://www.youtube.com/channel/UCpFTe4qmVDjE1fwFIc6W00ACheck out our company Terra Firma's website:https://www.terrafirmaconsultant.com/Follow our company Terra Firma on Facebook and Linkedin to connect with us:https://www.facebook.com/TerraFirmaConsultants/https://www.linkedin.com/company/assetcoach-taxstrategist/

What is the difference between credits and deductions and what does this mean to you? The IRS is NOT your enemy! We’ve said it before and we’ll continue to say it… The IRS wants you to grow your business!! That is how they increase their tax revenue. When you grow your revenue, or hire more employees they make more tax revenue… That’s why they created tools like tax credits and tax deductions for us to use to save money on taxes. The issue is most business owners don’t utilize the tools the IRS provides because they don’t have the right people on their tax team. Most business owners understand what deductions are and the basics on how they work. Your business has revenue and expenses, the expenses are deducted from that revenue and we won’t pay taxes on that expense. It can start to get a little tricky when dealing with how much of an expense is deductible (ie meals & entertainment 50% deduction) due to the ever changing tax code. Credits are dollar for dollar unlike deductions which are a percentage. The main difference is you have to qualify for credits. Credits are gifts to business owners from the IRS to help them grow their business and create future revenue for the IRS. Your CPA already has their hands full preparing all of their clients tax returns. It isn’t really their job to fully understand credits and tax strategy… You hire them to prepare your taxes.Subscribe on Youtube: https://www.youtube.com/channel/UCpFTe4qmVDjE1fwFIc6W00AFollow our company Terra Firma on Facebook and Linkedin to connect with us:https://www.facebook.com/TerraFirmaConsultants/https://www.linkedin.com/company/assetcoach-taxstrategist/

Our goal is to help business owners look at their tax return and actually have an idea of what is going on, and what their CPA is trying to do. Is your CPA putting in their best effort to save you money on your taxes? Or just plugging the right numbers into the box? A tax strategist, with an understanding of the IRS guidelines and deductions, is a vital part of any tax team.In todays episode, Bob brings up a 1040 to show you how to navigate through it, and what to look for. Bob has created an entire course called the Tax Return Academy which takes a deeper dive into all the sections of a tax return that can be very helpful. If you’d like to learn more about your tax return send us a message! Questions answered in todays episode:  What is QBI?What is SALT?What is AGI?How do deductions work with Mortgage Interest? Subscribe on Youtube: https://www.youtube.com/channel/UCpFTe4qmVDjE1fwFIc6W00ACheck out our company Terra Firma's website:https://www.terrafirmaconsultant.com/Follow our company Terra Firma on Facebook and Linkedin to connect with us:https://www.facebook.com/TerraFirmaConsultants/https://www.linkedin.com/company/assetcoach-taxstrategist/Subscribe to our YouTube Channel:https://www.youtube.com/channel/UCpFTe4qmVDjE1fwFIc6W00A

Bob and Joe go over the typical experience most business owners have with their CPA. CPAs and Tax Strategists are a very different thing. A CPAs job is to prepare your taxes by plugging the numbers you provide them into the tax software they use. Most business owners expect their CPA to also be utilizing the tax benefits laid out in the IRS code to save them money on their taxes… But most aren’t!Here is 1 simple question that will let you know if you’ve outgrown your CPA:What are your top 3 ideas to help me reduce my tax liability?If their answer includes any of the following you may want to consider working with someone else…Buy a company vehicle - Even though you may not need itBuy a house or equipment - Maybe that has already happened or isn’t neededPut money in a retirement accountIf they tell you to buy stuff to get a deduction then you are dealing with elementary level advice. If you need those things, then yes, obviously make the purchase. THE IRS WANTS YOU TO GROW YOUR BUSINESS!! That is how they increase their tax revenue. When you grow your revenue, or hire more employees they make more tax revenue… They have included so many tax breaks and different tools in the tax code to help business owners save money on their taxes and help grow their business.If you think you have outgrown your CPA reach out to us to learn more on how we help our clients utilize the tax code to grow their wealth.Subscribe on Youtube: https://www.youtube.com/channel/UCpFTe4qmVDjE1fwFIc6W00ACheck out our company Terra Firma's website:https://www.terrafirmaconsultant.com/Follow our company Terra Firma on Facebook and Linkedin to connect with us:https://www.facebook.com/TerraFirmaConsultants/https://www.linkedin.com/company/assetcoach-taxstrategist/