Perennial Pride

In this podcast episode, Tom and Jeremy explore tax strategies and financial planning for the current year, offering tips to mitigate taxes for various income sources. They discuss retirement planning, Roth IRAs, energy investments, charitable donations, and optimizing business entity structures. Join us to learn about tax-saving strategies that could benefit you this year.

Highlights 02:08 Importance of being aware of tax implications in retirement when drawing from 401ks and the benefits of that coming out tax-free 05:17 How you can do conversions for its tax-free benefits 09:31 HSA as good tax vehicle 11:45 Offsetting gains with losses in investments and the limitations of this strategy 17:29 Need for tax education and the government's role in steering investors towards certain paths through tax benefits 20:06 How the government incentivizes charitable donations and provides tax benefits for them 23:06 Tax strategies associated with exceptional risks and the importance of due diligence in understanding these risks 24:33 How sole proprietors could potentially benefit from restructuring their businesses even towards the end of the taxation year 25:19 How having an LLC doesn't necessarily provide a tax break but serves as a protection for personal assets from business liabilities

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Jeremy Kessler
• [email protected]
• https://thesteelbreeze.com/

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How to Listen: Subscribe on Youtube Listen on Spotify

Join Tom for this three part series with tax expert Jeremy Kessler as they dive deep into the world of taxes and financial planning. Taxes can be a complex and daunting topic, but with the right insights and advice, you can save money and reduce stress. In this episode, Tom and Jeremy discuss the importance of tax planning, the benefits of staying organized, and strategies for optimizing your tax situation. Whether you're a business owner or a W-2 earner, there's valuable information here to help you take control of your financial future. Tune in now and start saving on your taxes and be sure to stay tuned for part two and three!

Highlights 01:07 - Importance of getting ahead in tax planning due to the complexity of the tax code. 03:39 - Overview of the podcast's aims: learning from this year's tax season, mitigating future taxes, and preparing for long-term financial changes. 09:12 - Discussion about proactive planning and how seeking expert advice helps save more in the long term. 13:02 - The need for business owners to analyze their tax structure to prevent leaving money on the table. 16:59 - Discussion about the misconceptions surrounding taxes, and how exploring different tax strategies can offer new opportunities for savings. 19:58 - Discussion about the misconception of treating tax refunds like a savings plan and how it is actually a non-interest bearing loan to the government. 20:19 - Emphasizing the value of time, especially when awaiting a tax refund.

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Jeremy Kessler
• [email protected]
• https://thesteelbreeze.com/

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How to Listen: Subscribe on Youtube Listen on Spotify

In today's episode, Tom talks about the power of collaboration and team-based strategies for achieving financial success. With summer in full swing and memories of childhood sports days, Tom reflects on the significance of teamwork in various aspects of life, from sports to business. Despite the growing trend of individualized financial approaches, Tom stresses the importance of forming a comprehensive advisory team to navigate the complexities of personal finance effectively. Drawing inspiration from the Rockefeller family's multi-faceted approach to wealth management, Tom encourages listeners to consider a holistic model that embraces a proactive planning team supported by a network of experts in areas such as tax planning, risk mitigation, wealth building, legal services, and business advisory. Tune in to explore how adopting a team-based approach can lead to smarter financial decisions and more fulfilling life outcomes.

Highlights 01:28 The importance of working together, individual uniqueness, and how each person has their own strengths. 03:23 Importance of parents playing the role of a financial guide to their children 03:56 Rockefeller family as an example of successful wealth management 04:44 The concept of 'five big buckets' in financial aspects 06:02 Risk mitigation in wealth growth and building 07:32 Importance of investing for wealth building 09:05 Various aspects of legal entities and issues regarding wealth management 11:02 Benefits of teamwork in problem-solving, risk-taking, and expanding creativity

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA

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How to Listen: Subscribe on Youtube Listen on Spotify

In today's episode, Tom welcomes client Alex Flecker, a senior leader at a Fortune 500 Company, who has a rich background in the military and corporate America. Tom and Alex delve into a variety of topics, including leadership, financial planning, and the importance of continuous learning. Alex's journey, from military service to corporate success, provides valuable lessons that listeners can apply to their own lives. Tune in to hear, from a client perspective, how he thinks about life and finances.

Highlights 01:53 Alex takes a nostalgic trip back to when he and the host worked together in corporate America for over 10 years ago. 03:52 How growing up without a lot of money shaped his career choices and the way he thought about money 07:22 The importance of considering trade-offs between time and money 09:38 The lessons he learned about leadership, collaboration, and executive functioning in the military and how they have been beneficial in his corporate career 15:51 Importance of regular financial check-ins and having a personal balance sheet 23:13 His understanding of diversification has evolved from simply diversifying his S&P investments to include various asset classes like real estate and alternative investments 32:03 The importance of long-term, patient planning and the creation of a solid, resilient financial foundation Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Alex Flecker
• https://www.linkedin.com/in/alex-flecker-2360981

Call to Action Schedule a Call with Tom

How to Listen: Subscribe on Youtube Listen on Spotify

Welcome to the latest episode of the Perennial Pride podcast. As the summer of 2023 closes, Tom reflects on the fleeting nature of time, especially as his children grow and face new life choices. Drawing parallels to the power of teamwork in childhood sports, Tom dives into the prevalent yet misguided notion of individualism that often overshadows the importance of collaboration and diverse perspectives in education and life. This philosophy extends seamlessly into the realm of personal finance, which can be intricate and overwhelming for many. Tom highlights the crucial value of a team-based approach, exploring the concept of a virtual family office. Covering five key domains: Taxes, risk mitigation, wealth building, legal services, and business advisory, Tom envisions a future where collaboration leads to smarter financial decisions, wiser risk management, and more innovative solutions. Tune in for insights that challenge conventional wisdom and pave the way toward a brighter financial future.

Highlights 01:16 The purpose of teams 02:07 Individual uniqueness and the importance of appreciating and leveraging these unique qualities 03:59 The concept of a virtual family office, drawing on examples from wealthy families like the Rockefellers. 04:48 The five core areas in a virtual family office: Taxes, Risk Mitigation, Legal, Wealth Building, and Business Advisory 07:22 The importance of investing and expanding our horizons beyond stock market investments 09:09 The importance of legal planning, especially estate planning 10:21 Introduction to the business advisory part of the virtual family office 13:49 How a team-based model can introduce new concepts and ideas and provide a broader approach to managing finances

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA

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How to Listen: Subscribe on Youtube Listen on Spotify

In the final episode of this series, Tom and Chris talk about how to use your IBC policy. One of the ways to use your policy is access to loans where you get to determine the terms, repayment schedule, and interest rate. Another opportunity is tax-free income and accrued interest. These are just a couple of the ways to use your policy. Tune in to hear more about these benefits and other opportunities to use your policy!

Highlights 02:33 How to start using the IBC policy 05:21 The experience of buying a policy and its impact over time 12:50 Starting an IBC policy at different ages 19:47 Importance of balancing different aspects of financial planning 23:07 Having plans A, B, and C to pay back your policy loan 24:49 The flexibility of IBC policies and their ability to adapt to life's inevitable changes 28:22 Various uses for whole life policy 35:14 The IBC policy as a whole faceted asset

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Chris Tormey
• https://www.monecoadvisors.com/team/chris-tormey
• https://infinitebanking.org/agents/tormey653/

Call to Action Schedule a Call with Tom

How to Listen: Subscribe on Youtube Listen on Spotify

In today's episode of the series, Tom and Chris talk about cash flow management being a crucial aspect of business and IBC offers an alternative method to traditional banking. A business owner who creates their own private bank has the ability to take advantage of tax benefits, dividends, and greater control of loan terms without any liens on business assets. With the immediate availability to cash, life insurance can play a huge role in land and real estate investment as well. Thinking about becoming a business owner? Take a listen to hear more about the benefits available through an IBC policy.

Highlights 01:39 Business owners' main concerns are taxes and finding ways to establish a savings process that isn't 100% tied into the business' value or productivity 02:46 The biggest asset for most business owners 06:09 The importance of using an IBC policy to cover the cost of business operations and maintain cash flow over time 10:30 How business owners are protecting themselves 13:10 How IBC brings in the long-term thinking that's crucial for business owners 18:27 The importance of business owners being prepared for all eventualities 20:00 Although IBC can't offer free money, it puts business owners in control because the rules can't be changed without their agreement

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Chris Tormey
• https://www.monecoadvisors.com/team/chris-tormey
• https://infinitebanking.org/agents/tormey653/

Call to Action Schedule a Call with Tom

How to Listen: Subscribe on Youtube Listen on Spotify

Today, Tom and Chris discuss the importance of transferring wealth across generations and how that can be accomplished using IBC. Chris shares his personal story about his father's whole life policy and how it grew over the years giving him the ability to set up policies for his own children. They talk about the value of having conversations about finances, death, and wealth growth within the family, and the emotional aspects that come with it. Tom also explains how he has structured the policies for his own children. Tune in to hear how affordable life insurance actually is and whether there is an age limit for implementing the infinite banking concept (HINT: there isn't)!

Highlights 03:43 The concept of initiating IBC plans within generations and how it typically starts with grandparents or great-grandparents 06:25 Implementation of IBC within families and the benefits it brings 12:28 Age considerations with IBC and how the rates compare for young and older individuals 19:54 The establishment and consequences of the MEC rule 23:53 The consequences of violating the seven-pay rule 29:38 How the insurance company and the IRS each decide the minimum and maximum premium for a life insurance policy

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Chris Tormey
• https://www.monecoadvisors.com/team/chris-tormey
• https://infinitebanking.org/agents/tormey653/

Call to Action Schedule a Call with Tom

How to Listen: Subscribe on Youtube Listen on Spotify

Tom and Chris discuss the "buy term and invest the difference" strategy, which advises purchasing term insurance for temporary coverage while investing the cost difference in the stock market. They emphasize the benefits of diversification in investment portfolios and suggest considering various risk assets. They also discuss the advantages of whole life insurance as a risk management tool, providing stability and liquidity during financial hardships. Take a listen to her more about this and how it can benefit you!

Highlights 01:01 One of the rules around IBC: To rethink your thinking. 03:56 Migration out of pensions and into self-managed investments 10:30 Importance of diversifying your investment portfolio, not just stocks 17:58 The concept of "self-insurance" and the importance of building large assets 22:02 Life insurance transitioning from income protection to asset protection 24:15 Impact on Social Security income when a spouse dies and how life insurance can alleviate the financial loss 29:59 Diminishing popularity of whole life insurance amidst a culture of riskier investments 31:16 Importance of designing a financial foundation that allows your dollars to perform multiple jobs 32:04 Borrowing concept as part of a whole life insurance policy

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Chris Tormey
• https://www.monecoadvisors.com/team/chris-tormey
• https://infinitebanking.org/agents/tormey653/

Call to Action Schedule a Call with Tom

How to Listen: Subscribe on Youtube Listen on Spotify

For today's episode of the series, Tom and Chris discuss various aspects of the life insurance industry and its relation to the Infinite Banking Concept. They highlight the difference between life insurance companies and stock companies, emphasizing that life insurance companies are owned by their policyholders while stock companies are owned by the public and more focused on short-term returns. This episode also touches on the role of life insurance as a wealth storage tool. Tune in to hear a better understanding of how a life insurance policy can benefit you in more ways than you thought possible!

Highlights 01:49 Understanding different varieties of how insurance companies are structured 04:50 Differences between public and mutual companies 09:09 Potential risks and implications of choosing different types of life insurance products 13:53 Designs that are shifting the risks to the policy owners 16:24 Changes in death benefit charges in different types of life insurance 20:45 The modified endowment contracts and the tax implications when utilized for the IBC 25:07 Importance of long-term thinking when considering moving money into life insurance policies

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Chris Tormey
• https://www.monecoadvisors.com/team/chris-tormey
• https://infinitebanking.org/agents/tormey653/

Call to Action Schedule a Call with Tom

How to Listen:

• Subscribe on Youtube
• Listen on Spotify