Perennial Pride

In today's exciting episode, Tom chats with Kyle Shoulvin, an independent insurance broker, discussing the often-overlooked importance of insurance in financial planning. Kyle shares his journey from teaching to the insurance industry, emphasizing the value of independent agencies in providing personalized insurance solutions. They dive into essential personal insurance coverages, the significance of liability coverage, and the complexities of homeowners insurance, particularly in the context of rising risks and market challenges. Tune in to make sure you have all the right coverage you need!

Highlights 07:13 - Misconceptions about the insurance industry. 10:49 - Importance of liability coverage. 16:32 - Understanding condo insurance requirements. 22:40 - Insurance challenges in risk-prone areas. 30:01 - Impact of natural disasters on insurance. 35:34 - Commoditization of the insurance industry. 40:53 - Importance of understanding policy comparisons.

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 Kyle Shoulvin
• https://www.linkedin.com/in/kyle-shouvlin-cic-53a83388/

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In this episode, Tom talks about the inevitability of change in life and how to navigate it positively. He emphasizes the importance of self-reflection, understanding one's unique strengths, continuous education, taking action, surrounding oneself with supportive people, and financial preparedness. Additionally, he highlights the significance of risk management and cultivating gratitude during times of transition. Tune in to be inspired to embrace change as a pathway to personal growth and fulfillment!

Highlights 01:04 - Embracing Impermanence: The Inevitability of Change. 04:38 - Finding Purpose: Assessing Personal Values. 08:00 - Unique Skillset: Embrace and Love Your Uniqueness. 10:05 - Lifelong Learning: Education is a Passion. 12:43 - Taking Action: Ready, Fire, Aim. 15:57 - Support Networks: Importance of Surrounding Yourself with the Right People. 18:54 - Financial Preparedness: Getting Your Financial House in Order. 25:04 - Gratitude Practice: Focus on Positive Aspects. 26:28 - Managing Change: Growth, Stress, and Maturity.

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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Today, Tom dives into the concept of wealth stacking, emphasizing the importance of making money work for you in multiple ways. He introduces the infinite banking concept as a strategy to leverage life insurance for wealth accumulation and explores various methods to utilize home equity and investment portfolios effectively. Tom also highlights the risks associated with leveraging debt and the importance of making informed investment decisions to ensure financial growth and security. Tune in to hear more!

Highlights

02:59 - Challenging traditional wealth-building. 05:56 - Introduction to Infinite Banking concept. 08:39 - Borrowing against life insurance policies. 10:05 - Real estate leveraging example. 14:44 - Risks of leveraging for investments. 16:47 - Warren Buffett's rule on not losing money. 19:08 - Risks and controls in using margin loans. 23:45 - Importance of not over-leveraging. 26:20 - Advanced debt strategies and traditional advice contrast.

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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In this podcast episode, Tom discusses the key principles for achieving financial success and the common pitfalls that lead to financial failure. He emphasizes the importance of tracking finances, having a solid financial plan, continuous learning, and making informed investment decisions. The conversation also highlights the dangers of short-term thinking and the strategic use of debt. By flipping the perspective on financial success, he encourages you to take actionable steps towards building your wealth.

Highlights

00:36 - The opposite approach to financial advice. 01:25 - Financial failure strategy: Not tracking finances. 02:58 - Importance of having a financial plan. 04:31 - Continuous learning in personal finance. 09:11 - The risk of relying solely on internet advice. 10:53 - The pitfalls of thinking short-term.

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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In this episode, Tom chats with Keshav Kolur, the principal at Clive Capital, who shares his journey into real estate investing and the establishment of his company. Together, they discuss the importance of financial freedom, the benefits of private equity, and the innovative fund of funds model that simplifies investment for tech professionals. Keshav outlines the criteria used to assess investments, emphasizing cash flow, tax benefits, and diversification. Tune in to hear more about the accessibility of alternative investments, such as oil and gas, and innovative strategies for building wealth through private equity and self-directed IRAs.

Highlights 04:57 - Journey into real estate at a young age 05:50 - Discovering syndications over single-family homes 07:50 - Proof of concept with first syndication 08:51 - Launching Clive Capital to expand passive investments 11:19 - Emphasis on private equity over public markets 12:51 - Significance of diversification 14:59 - Fund of Funds model explained 17:41 - Criteria for selecting investments 22:59 - Accredited investor: who qualifies? 29:39 - Three ways to fund investments 33:59 - Excitement about oil and gas investments 35:24 - Tax benefits of oil and gas investments 36:54 - Alternative investment strategies in focus

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 Keshav Kolur
• https://clivecap.com/about-us/

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In this podcast episode, Tom chats with Antony Joffe, chairman of Sterling Trustees, to discuss the importance of trust administration and the role of independent trustees. They explore the benefits of trusts for wealth protection and generational legacy, the advantages of South Dakota's trust laws, and the common misconceptions surrounding estate planning. Antony emphasizes the need for financial education for beneficiaries and the importance of choosing the right trustee to avoid family conflicts. Tune in to hear more from this episode!

Highlights 04:40 - Antony's unexpected career path 06:35 - Importance of trusts in legacy planning 09:56 - Challenges of independent trustees 12:15 - Why South Dakota for trust laws 15:12 - Importance of teaching financial responsibility 17:39 - What families often get wrong about trusts 19:32 - Keeping it simple: Trust design advice

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 Antony Joffe
• https://sterlingtrustees.com/

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How to Listen: Subscribe on Youtube Listen on Spotify

Today, Tom discusses the 'Buy, Borrow, and Die' strategy, a wealth-building approach that emphasizes the importance of acquiring assets, borrowing against them, and utilizing tax laws to pass wealth efficiently to the next generation. He highlights the benefits and risks associated with this strategy, including the significance of the stepped-up basis and the need for careful estate planning. Tom encourages listeners to integrate these strategies into a cohesive financial plan and to start small with practical steps. Tune in to find out more about this strategy!

Highlights 02:54 - Importance of asset ownership. 05:23 - Borrowing against appreciating assets. 06:26 - Stepped-up basis explained. 09:32 - Risks of over-leveraging. 11:45 - Importance of estate planning. 12:57 - Start with basic asset-backed loans. 13:56 - Need for a cohesive financial strategy. 15:05 - Long-term legacy and business continuity.

Episode Resources

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

Call to Action Schedule a Call with Tom

How to Listen: Subscribe on Youtube Listen on Spotify

In this engaging conversation, Tom interviews David Frankel, founder of Perky LLC, who shares his entrepreneurial journey, the challenges he faced, and the innovative solutions he created. They discuss the importance of problem-solving, resilience, and persistence in entrepreneurship, as well as the role of sales experience in building relationships and understanding customer needs. Tune in to hear more of this conversation between two entrepreneurs!

Highlights 01:08 - Starting the entrepreneurial journey. 01:44 - Innovation from necessity: high school invention. 02:29 - The rarity of patented ideas coming to market. 03:41 - Solving the droopy collar problem. 08:29 - The importance of observing problems. 09:41 - Are entrepreneurial skills innate or learned? 11:45 - Emotional intelligence in solving problems. 13:21 - The value of patience and persistence. 14:06 - Teaching children problem-solving skills. 14:56 - The necessity and benefits of failure. 16:54 - The unique drive of entrepreneurs. 18:01 - Sales: A foundation for entrepreneurship. 22:32 - Building relationships in sales. 26:04 - Entrepreneurship lesson: addressing a wide audience. 28:11 - Process from idea to product development. 33:02 - Packaging's role in product marketability.

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 David Frankel
• [email protected]
• https://www.linkedin.com/in/davidmfrankel/

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How to Listen:

• Subscribe on Youtube
• Listen on Spotify

In this episode, Tom discusses the importance of proactive tax planning, especially as the year comes to a close. He emphasizes the need to plan ahead to avoid last-minute stress and suboptimal financial decisions. The conversation covers various aspects of tax planning, including deductions, credits, income conversion strategies, and navigating tax brackets. Tom encourages listeners to educate themselves about the tax code and work with financial professionals to optimize their tax situations and ultimately retain more wealth.

Highlights

03:32 - Planning to mitigate tax stress 05:56 - Tax deferral: conventional wisdom 07:35 - Importance of deductions 10:25 - Credits as tax reducers 13:08 - Converting income types 16:05 - Progressive tax brackets strategy 18:05 - Income splitting benefits 21:15 - Tax deferral with 401k and IRA 23:36 - Real estate and 1031 exchanges 24:43 - Opportunity zones benefits 26:03 - Strategic tax planning importance

Episode Resources

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

Call to Action Schedule a Call with Tom

How to Listen: Subscribe on Youtube Listen on Spotify

In this podcast episode, Tom chats with Clint Harris, a general partner at Nomad Capital, who shares his unique journey from a medical sales career to the self-storage investment space. Clint discusses the importance of financial independence, the pursuit of a meaningful life, and how he transitioned into real estate investing. He highlights the advantages of self-storage as an asset class, the innovative business model of Nomad Capital, and the deeper purpose behind their investments, which focuses on creating opportunities for families to spend quality time together. In this conversation, Tom and Clint dive into the complexities of real estate investment, emphasizing the importance of partnerships, understanding asset classes, and adapting to market trends. They discuss the impact of COVID-19 on storage needs, particularly among millennials, and explore cultural perspectives on consumerism. Tune in to hear more from this exciting episode!

Highlights 03:59 - Strategy shift: single-family to Airbnb. 05:49 - Realization of time and financial independence. 07:06 - Exploring successful real estate investor strategies. 07:52 - Experiencing burnout from managing multiple tenants. 08:25 - The appeal of self-storage investments. 09:07 - Importance of asset class conversion. 12:17 - Financial independence and personal goals. 14:12 - Founding of Nomad Capital. 17:18 - Impact of generational shifts on real estate. 18:45 - Discussion on consumerism and storage needs. 21:05 - Advantages of self-storage: low expense ratio. 25:00 - Effects of housing market trends on storage. 26:20 - Millennial usage of self-storage as extended space. 36:00 - Investing strategy: assessing personal alignment. 37:00 - Suitable investment profile for self-storage fund.

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 Clint Harris
• https://www.linkedin.com/in/clint-harris-543265139

Call to Action Schedule a Call with Tom

How to Listen:

• Subscribe on Youtube
• Listen on Spotify