Perennial Pride

Today, Tom discusses the importance of understanding the true costs of living, emphasizing the difference between short-term cheap options and long-term investments. He explores various aspects of personal finance, including financial planning, insurance, tax strategies, estate planning, and debt management, urging listeners to think holistically about their financial decisions and the impact they have on their future. Tune in to understand the true cost living.

Highlights 03:00 - Long-term quality vs. short-term savings. 03:51 - Health as a long-term investment. 04:49 - Thinking beyond immediate costs. 05:55 - Long-term net worth vs. income planning. 10:18 - Comprehensive financial planning overlooked for sales. 15:00 - The role of insurance in risk mitigation. 20:53 - Proactive tax planning importance. 23:55 - Estate planning and legal basics. 25:59 - Leverage vs. debt in wealth building. 29:44 - Investing in personal health for long-term benefits.

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, Richard Walsh joins Tom and shares his extensive entrepreneurial journey, beginning from his time in the Marine Corps to becoming a successful business owner and coach. He discusses the challenges he faced during the 2008 economic downturn, the importance of shifting from an employee mindset to an owner mindset, and the critical role of feedback in validating business ideas. Richard emphasizes resilience in the face of rejection and the necessity of learning from failures to achieve success in entrepreneurship. Tom and Richard dive into the multifaceted journey of entrepreneurship, emphasizing the importance of commitment, understanding expectations, and the necessity of having a purpose beyond profit. Tune in to hear about the resilience required to navigate the ups and downs of business ownership and the significance of recognizing the true value provided to customers.

Highlights

03:00 - From shoveling granite to $1,000 in a day: an entrepreneurial awakening. 04:45 - Scaling from landscape to custom water features. 07:02 - 2008 financial crash: Losing half a million in one day. 10:24 - Shutting down the business to refocus on family. 13:05 - The creation of "Escape the Owner Prison" and a new coaching venture. 18:50 - Side hustle reality for would-be entrepreneurs. 23:30 - Overestimating in one year, underestimating in five. 24:50 - The rejection blues: handling noes and setbacks. 31:36 - Vision-driven business: Understanding the bigger mission. 38:17 - The importance of customer journey and experience. 46:17 - The thrill of entrepreneurship: innovation and automation. 47:56 - Where to find more about Richard and his coaching services.

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 Richard Walsh https://www.linkedin.com/in/richard-walsh-866ab237

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Joining Tom in today's episode is Scott Phillips, founder of SDP, about wealth building strategies, particularly focusing on oil and gas investments. Scott shares his personal journey, insights into tax strategies, and the importance of diversification in investment portfolios. The conversation delves into the tax benefits associated with oil and gas investments, the risks involved, and the future of the industry in a changing economy. Scott emphasizes the need for careful planning and understanding one's financial situation before making investment decisions. Tune in to hear more about how tax benefits are not loopholes, but incentives.

Highlights 02:03 - Insights from owning businesses: Reducing tax concerns. 04:41 - Early exploration into oil and gas tax strategies. 06:45 - Importance of understanding tax implications in investments. 08:06 - Learning cycles of investment: Oil vs. stock market. 09:52 - Tax benefits of oil and gas investment explained. 13:08 - Why government offers tax incentives for drilling. 15:00 - Technology advancements lower oil production costs. 19:39 - Ideal times to invest in oil and gas. 22:43 - Addressing the perception of oil's future amid alternatives. 26:46 - Environmental impact and the industry's response.

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 Scott Phillips
• https://www.linkedin.com/in/scottphillipssdp

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In today's episode of the Perennial Pride podcast, Tom discusses different options for leveraging assets without liquidating them. He explores the use of personal credit cards, home equity lines of credit, margin accounts, and cash value life insurance as sources of capital. Tom highlights the pros and cons of each option and emphasizes the importance of being disciplined and responsible when using debt as leverage. He also emphasizes the need to be prepared and have access to cash in order to take advantage of opportunities that may arise. Tune in to hear more!

Highlights 03:00 - Building an Opportunity Fund. 03:21 - No Magic Bullet in Financial Strategies. 03:57 - Leveraging Assets Without Liquidation. 05:05 - Pros and Cons of Credit Card Use. 06:46 - Home Equity Line of Credit: A Viable Option. 09:50 - Margin Accounts: Accessing Cash Through Brokerage. 13:08 - Infinite Banking: Leveraging Life Insurance. 18:31 - Benefits of Cash and Preparedness.

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 dives into the importance of wealth management, discussing key areas that are often overlooked. He covers topics like cash flow management, tax reduction strategies, evaluating fees, and the drawbacks of relying solely on banks for wealth storage and borrowing. Tune in to hear more about alternative strategies, including infinite banking, diversifying investments, and essential risk mitigation through insurance and estate planning

Highlights 01:54 - Uncovering hidden health risks. 03:05 - Financial risks beneath the surface. 04:26 - Importance of cash flow awareness. 05:09 - Diversifying streams of income. 06:34 - Tax strategies and opportunities. 07:55 - The true cost of fees. 09:22 - Rethinking the role of banks. 11:09 - Investment diversification beyond markets. 13:46 - Importance of risk mitigation. 15:56 - Estate planning for wealth transfer. 22:11 - Empowerment through financial education.

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

On this episode of Perennial Pride, Tom reconnects with longtime friend Lee Heisman, CEO of Exit Stage Left Advisors. With decades of entrepreneurial experience, Lee shares insights into helping business owners maximize the value of their business as they prepare for an exit. From his start in the printing industry to managing multiple successful ventures, Lee reflects on the importance of risk-taking, resilience, and aligning your efforts with your long-term goals. Tune in to learn about Lee's journey, the lessons he's gained along the way, and what business owners need to know when selling their companies.

Highlights 02:08 - The Value of Delayed Gratification. 03:39 - Challenging Conventional Wisdom for Success. 05:50 - Lee Heisman on Defining Personal Success. 06:34 - Transitioning from Physical Therapy to Entrepreneurship. 07:15 - Starting a Printing Business in Atlanta. 09:45 - Selling the Printing Business for New Ventures. 10:56 - The Importance of Resilience and Learning from Failures. 12:29 - Early Business Challenges: Working All Night. 14:39 - Side Hustles Need Full Dedication to Thrive. 16:19 - Balancing Different Types of Employees. 20:04 - Teaching Entrepreneurship at Kennesaw State University. 22:35 - Embracing Failure as a Learning Tool. 23:35 - Understanding Personal Risk Tolerance in Business. 26:04 - Preparing a Business for Sale. 28:55 - Importance of Business Financials and Predictability. 32:50 - Money in the Marketplace Post-COVID. 36:50 - Common Mistakes Before Selling a Business. 40:32 - Importance of Having a Generation 2 Successor. 42:39 - Horror Stories of Unprepared Sellers. 46:00 - The Joy of Helping Clients Exit Successfully.

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 Lee Heisman
• https://www.linkedin.com/company/exitstageleftadvisors/

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How to Listen: Subscribe on Youtube Listen on Spotify

In this final episode with estate attorney Alessandra Long, they explore the complexities of asset protection and tax planning. Together, they provide an overview of how to safeguard your wealth from risks and taxes, while ensuring a smooth transfer to future generations. They discuss strategies like irrevocable trusts, life insurance trusts, and charitable giving options. Tune in to learn more about protecting your assets and securing your legacy.

Highlights 05:10 - Reduced estate tax exemption impact 09:00 - Revocable vs. Irrevocable trusts overview 11:18 - Irrevocable Life Insurance Trust (ILIT) explained 18:12 - Charitable Lead Trusts vs. Charitable Remainder Trusts 21:00 - Grantor Retained Annuity Trust (GRAT) benefits

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 Alessandra Long
• [email protected]

Call to Action Schedule a Call with Tom

How to Listen: Subscribe on Youtube Listen on Spotify

In this episode of the Perennial Pride podcast, host Tom Suvansri welcomes back state attorney Alessandra Long for part three of their estate planning series. They dive into crucial topics like powers of attorney, healthcare directives, and living wills. Alessandra explains the importance of setting up these documents before a crisis strikes, offering practical advice on how they can protect you and your loved ones. Tune in to learn how to ensure your wishes are respected and avoid the stress of legal complications during tough times.

Highlights 03:08 - Importance of Durable Power of Attorney 06:50 - Springing Power of Attorney Explained 12:30- Short vs. Long Form Power of Attorney 15:10 - Potential Situations for Power of Attorney Use 20:59 - Choosing Agents and Trust Issues 23:19 - Introduction to Health Care Directives 24:40 - Distinction Between Living Will and Last Will 29:10 - Importance of Living Wills in Estate Planning 35:19 - Encouraging Family Discussions on Estate Planning

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 Alessandra Long
• [email protected]

Call to Action Schedule a Call with Tom

How to Listen: Subscribe on Youtube Listen on Spotify

In this episode, Tom Suvansri welcomes back estate planning expert Alessandra Long for a deep dive into the essentials of wills and trusts. Following their initial discussion on estate planning basics, Tom and Alessandra explore the key elements of wills, from the different types to the importance of having one in place, no matter your life stage. They also break down trusts, explaining their purpose, how they can benefit even those without vast wealth, and why funding a trust is crucial. This episode offers practical advice to demystify estate planning, helping listeners understand how to secure their financial legacy.

Highlights 01:50 - Importance of wills and why they matter. 02:44 - Explanation of what a will is and its key components. 04:53 - Types of wills and their specific purposes. 06:31 - Why having a will could simplify estate management. 10:39 - The role of a will in managing the estate of young adults. 11:59 - Misconceptions about the cost of setting up a will. 18:20 - Significance of updating your will as life changes. 21:51 - Common scenarios necessitating a will, including second marriages and special needs children. 27:16 - The reason behind creating trusts for minor children. 30:31 - Detailed insight into revocable living trusts. 36:34 - Understanding the process and timeline involved in probate. 37:39 - The financial and emotional burden associated with probate. 41:29 - How proper planning can alleviate the probate process.

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 Alessandra Long
• [email protected]

Call to Action Schedule a Call with Tom

How to Listen: Subscribe on Youtube Listen on Spotify

Joining Tom today is Russ Morgan, co-founder of Wealth Without Wall Street where he shares his journey from being a financial planner to building passive income streams. He emphasizes the importance of aligning your financial goals with your personal desires and values. Russ discusses the three-step process of achieving financial freedom: setting clear goals, building a plan and pathway, and finding the right support and community. He also highlights various passive income strategies, such as short-term rentals, land flipping, online businesses, syndications, and more. Tune in to hear more about this exciting episode!

Highlights 03:49 - The 2008 financial crisis wake-up call 05:25 - The journey to becoming your own banker 07:00 - Admitting to clients that I was wrong 11:03 - Imagination: A critical tool for financial freedom 13:00 - Setting clear and personal financial goals 15:00 - Calculating financial freedom using passive income vs. expenses 21:55 - Building a supportive community for financial freedom 32:10 - Learning and adopting new passive income strategies 33:30 - Exploring different personality-aligned investments with the Investor DNA matrix 36:00 - Real-life application: Success in short-term rentals 40:00 - Real-world example: Young professional building income through land flipping 45:00 - Various passive income streams explored: Short-term rentals, land flipping, online businesses

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