Our guest today is Robert Wolf of Terra Forma Business and Financial Consulting. Looking at assets holistically, Robert is an active financial manager. We will dive into his viewpoints and advice on investing as well as steps you can take during COVID to optimize your taxes and finances. 

"My background came from how to best offer advice from a solution perspective, not as advice." The best way he could achieve this process with clients was by being different than other investors. "I look at the holistic aspect of what people are doing," Robert asked his clients what they would like to see in a business consulting firm. His process is derived from distilling information about his clients' likes, needs, and wants when it comes to financial investing and planning.

The cash-flow quadrant didn't focus on how to create a plan around getting the most from your tax return and why the assets that generate income are what you need to build your portfolio. "When you want that income depends on how the IRS taxes that income." We talk about which assets you want to shift, and when you shift assets to acquire the best tax benefits for your level of income.

Learn why the most significant tax advantage from owning real estate is depreciation, the best asset classes you can purchase in an unstable economy, and why your business loss today is less than your taxable income tomorrow.

In This Episode: 

• [01:28] Robert Wolf tells his story of learning finance and investing.
• [04:46] His intellectual idea on which he built his current business.
• [06:15] Building cash portfolios and acquiring financial assets.
• [08:47] An example of how Robert counsels a financial client.
• [11:04] Rebalancing and becoming more efficient with your income and assets.
• [16:29] Assets to sell or buy to decrease your taxable income.
• [18:00] Shifting assets to acquire the best tax benefits for your level of income.
• [21:45] Why consumers feel like they only need one financial advisor.
• [27:02] The biggest tax break can come from real estate depreciation. 
• [28:34] Advice on the best asset classes during COVID instability. 
• [31:58] Losses today are less than the taxes tomorrow.
• [35:20] Income thinking post-COVID based on your market sector.
• [37:19] Changes to retirement accounts as a fallout effect of COVID.

 

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Links and Resources

Eyes Wide Open Real Estate Investment on YouTube

Eyes Wide Open Investing 

Robert Wolf Terra Forming Asset Coach

Robert Wolf on LinkedIn