Perennial Pride

In this episode, Tom dives into the current economic uncertainties and shares insights on how the wealthy manage and grow their wealth in volatile times. Drawing lessons from the Tiger 21 group, he explores the importance of private equity, real estate, and taking control of your investments. He also emphasizes the value of personal development, skill building, and networking. Whether you're a business owner or working a 9-to-5, this episode offers actionable advice on how to assess your financial strategy, find new opportunities, and make informed decisions for long-term wealth growth.

Highlights 00:33 - Market uncertainty and current financial climate 02:10 - The typical mainstream financial advice 04:15 - Introduction to Tiger 21 Group 05:26 - Tiger 21's "Hot Seat" practice for wealth strategy review 06:33 - Emphasis on philanthropy in Tiger 21 07:45 - Tiger 21 Group's investment allocation report 08:50 - Comparison between average American investments and Tiger 21 allocation 09:45 - Details on Tigere 21's private equity and real estate investments 10:53 - Importance of diversification in wealth strategies 12:12 - The hierarchy of wealth and its foundation 14:03 - Role of whole life insurance in wealth strategy 17:20 - Investment in things you can control 18:49 - Value of public equities from a Tiger 21 perspective 20:38 - Importance of personal development and direct ownership 22:10 - Risk mitigation through strategic ownership and control 23:53 - Remaining adaptable in the face of fiscal policy changes 25:30 - Importance of cash reserves and liquidity 27:00 - Opportunities in real estate during economic cycles 29:10 - Networking and learning from others 30:45 - Example of humility and open-mindedness from Tiger 21

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 today's final episode of this mini series with Joe DeFazio, we continue to explore the tax system and how it can be leveraged to build wealth and support our families. We discuss the often overlooked positive aspects of the tax code and how understanding it can open doors to financial opportunities. From business incentives to investing in energy and real estate, we delve into the strategies that allow you to legally reduce your tax burden while contributing to society. Whether you're just getting started or looking to deepen your knowledge, this episode is packed with insights to help you make the most of your financial journey.

Highlights 01:01 - The power of learning and teaching through podcasts. 03:22 - Taxes: A significant lifetime expense. 04:20 - Introduction of Joe Difazio and his credentials. 06:53 - 10th Street Capital and its services. 08:17 - His journey in life insurance and financial planning. 11:41 - The 1913 inception of the modern tax code. 16:25 - Evolution of the tax code: Creeping complexity. 20:15 - The dilemma of marginal tax rates. 23:54 - Introduction to the Infinite Banking Concept (IBC). 25:57 - Distinction between IBC and whole life insurance. 28:59 - Cash value and contractual obligations in whole life insurance. 33:54 - Dividends and paid-up additions (PUAs). 36:21 - Lending against guaranteed increasing collateral. 38:50 - Flexibility and control in using life insurance loans. 42:56 - Reducing opportunity cost: Recouping through loans. 47:41 - Structuring retirement income: Dividends and PUAs. 53:00 - Tax-free death benefit and state tax implications. 56:09 - Attacks and potential changes to tax treatment on life insurance. 1:01:10 - Emphasizing control and understanding opportunity costs.

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 Joseph DeFazio
• https://www.10thstreetcapital.com/

Call to Action Schedule a Call with Tom

How to Listen: Subscribe on Youtube Listen on Spotify

In today's episode, we welcome back our friend Joe DeFazio, an enrolled agent and financial advisor, as we continue part two of our journey into understanding the tax code. We're on a mission to demystify taxes and show how the system can work for you, not against you. In this episode, we focus on the individual employee and families, laying the groundwork for how the tax code impacts everyday life. We dive into how taxes are used as incentives by the government and explore the key deductions, adjustments, and credits available to help you save as well as 529 plans. Whether you're an employee raising a family or simply navigating your finances, this episode will shed light on the tax strategies you can use to your advantage

Highlights 00:21 - Demystifying the Tax Code 02:16 - Role of the Tax Code in Incentivizing Behavior 05:46 - Key Tax Benefits for Employees and Families 11:13 - Understanding Tax Credits, Deductions, and Adjustments 18:32 - Importance of Itemizing Deductions 22:19 - Identifying Common Tax Benefits for Individuals 32:00 - The Complexity of Traditional vs. Roth 401(k) 35:50 - Historical Context of 401(k) Plans 38:02 - The Risk of Future Tax Rates 41:20 - Provisional Income and Social Security Tax Implications 52:25 - Introduction to 529 Plans for College Savings 56:25 - Potential State Tax Deductions for 529 Contributions 1:00:29 - Documenting Expenses for Tax 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 with Joseph DeFazio
• https://www.10thstreetcapital.com/

Call to Action Schedule a Call with Tom

How to Listen: Subscribe on Youtube Listen on Spotify

Welcome to the first episode of our mini-series on personal finance, where we delve into the essential topics that impact your financial freedom. In this kickoff episode, we explore the complex world of taxes with expert Joseph DeFazio, an enrolled agent with deep knowledge of the tax code. Together, we'll demystify the tax system, starting with the basics and gradually uncovering strategies to help you legally mitigate your tax burden. Whether you're an employee, self-employed, a business owner, or an investor, this series will provide valuable insights to help you maximize your wealth and achieve the financial freedom you deserve. Tune in and start your journey towards financial empowerment today.

Highlights 00:12 - Taxes as a tool for personal financial freedom. 00:25 - Wealth as a means to live your best life. 05:30 - Importance of understanding taxes and foundational series goal. 06:00 - Historical perspective: Taxes in America, 1862-1913. 10:15 - The concept of legal tax avoidance. 15:00 - No obligation to pay maximum tax. 17:20 - Four main reasons for taxes: influence behavior, control inflation, redistribute wealth, fund government spending. 23:30 - Types of income and tax codes. 26:15 - Explanation of the cash flow quadrant: Employee, Self-employed, Business owner, Investor. 32:30 - Tax benefits for business owners and investors. 38:30 - Importance of understanding the tax framework. 42:00 - Encouragement to get educated about personal 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
• Connect with Joseph DeFazio
• https://www.10thstreetcapital.com/

Call to Action Schedule a Call with Tom

How to Listen: Subscribe on Youtube Listen on Spotify

Join Tom in this episode as he shares his personal journey into real estate investing. From starting out nearly a decade ago to navigating the challenges and successes of his first property, he offers valuable insights and lessons learned. Whether you're considering diversifying from equity markets or curious about active real estate investment, this episode provides a candid look at the process, strategies, and mindset needed to succeed. Tune in for practical advice, real-life experiences, and tips on how to get started in the real estate game.

Highlights 02:08 - Importance of Education and Continuous Learning 03:55 - First Steps into Real Estate Investing 05:57 - Exploring Different Real Estate Investment Approaches 08:52 - The Critical Role of Networking in Real Estate 13:35 - The Journey to First Property Acquisition 16:26 - Overcoming Initial Challenges in Renovation 22:13 - Realizing the Importance of Property Management 28:12 - Handling Unexpected Complications with Tenants 34:10 - Utilizing the Buy, Renovate, Rent, Refinance Method 44:40 - Evaluating Investment Property Value over Time 49:20 - Importance of Multiple Exit Strategies 54:39 - Key Learnings: Education, Team, and Overcoming Challenges

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 today's episode, Tom dives into the essence of maximizing our most precious resource: time. Inspired by Dan Martel's book "Buy Back Your Time," Tom explores strategies for entrepreneurs and individuals alike to leverage their time effectively. He covers the concept of the "ignorance tax" and emphasizes continuous education, leveraging other people's skills, and utilizing technology and tools for efficiency. Tune in for practical tips on accelerating your wealth, finding fulfillment, and ensuring you spend your time on what truly matters.

Highlights 01:31 - The Scarcity of Time: Our most precious resource. 02:18 - The Ignorance Tax: Cost of not continuing education. 03:08 - Maximizing Fulfillment: Using time for what matters most. 05:57 - Leverage: Concept introduction. 06:58 - Using Other People's Money: Accelerating wealth. 08:52 - Continuous Learning: Education beyond formal settings. 12:29 - Leveraging Other People: Utilizing team strengths. 16:39 - Utilizing Tools: Planning and technology for efficiency. 18:11 - Calendar Blocking: Improving productivity through focused time. 22:26 - Incremental Progress: Compounding improvements over time.

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

Explore the practical side of the infinite banking concept in our latest episode. We break down how specially designed whole life insurance policies can act as flexible financial tools, much like owning a home. Understand the pros, cons, and real-life applications to gain financial control!

Highlights 01:04 - Overview of Whole Life Insurance Policies 05:32 - Mortgage Process vs. Life Insurance Underwriting 08:02 - Comparison of Payments: Mortgage vs. Life Insurance Premiums 10:04 - Guaranteed Rate of Return in Whole Life Insurance 12:11 - Accessing Equity: Home Equity Loans vs. Insurance Policy Loans 14:44 - Disability and Death Benefits in Mortgage vs. Life Insurance 16:14 - Additional Benefits: Long-term Care and Terminal Illness Coverage 18:26 - Retirement Planning: House Sale vs. Life Insurance Withdrawals 20:37 - Flexibility and Tax Advantages of Life Insurance

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 episode of the Perennial Pride podcast, Tom welcomes Joseph DeFazio, founder of 10th Street Capital. They dive into the powerful potential of whole life insurance, explaining how it can serve as a "family bank" or "infinite bank" throughout different life stages. Learn more about the guaranteed cash value, the role of dividends, and the steady growth designed into these policies. Join Tom and Joseph for a concise breakdown of how whole life insurance can provide control, security, and growth for your financial future.

Highlights 01:12 - Importance of taxes in financial planning. 04:56 - Joe's career journey and establishment of 10th Street Capital. 06:09 - Importance of continual learning. 07:42 - History and evolution of the tax code. 12:30 - Various ways the government can increase taxes. 19:41 - Leveraging whole life insurance in the context of infinite banking. 25:01 - Tax implications of contributions and cash value growth. 33:41 - Using life insurance dividends and paid-up additions. 40:11 - Importance of understanding opportunity cost. 46:59 - Utilizing life insurance for retirement income. 51:39 - Estate planning and tax benefits with life insurance.

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 Joseph DeFazio
• https://www.linkedin.com/in/josephpdefazio

Call to Action Schedule a Call with Tom

How to Listen: Subscribe on Youtube Listen on Spotify

In today's episode, Tom welcomes special guest Clive Davis, founder of Park Royal Capital, a private equity firm specializing in multifamily real estate. Clive shares his fascinating journey from a corporate transactional lawyer on Wall Street and a compliance officer in the pharmaceutical industry to a full-time real estate investor and entrepreneur. Join us as Clive discusses the challenges and triumphs of his transition, his strategic approach to real estate investing, and his passion for creating generational wealth. Get ready for an insightful conversation about the realities of pursuing financial freedom and entrepreneurship.

Highlights 00:27 - Clive's professional background in law and pharma. 01:59 -Transition from corporate to full-time real estate. 05:54 -The importance of creating generational wealth. 09:02 - Challenges with international travel and family time. 11:48 - Motivation behind pursuing financial freedom. 15:02 - Adjusting from a regular income to entrepreneurship. 18:17 - Difficulties in securing a cash-out refinance without a W-2. 27:11 - Clive's first major real estate deals. 32:57 - Shift in investment strategy and market adaptation. 35:05 - Navigating today's market with higher interest rates. 37:40 - Benefits of having cash on hand in uncertain times. 41:40 - Clive's advice on running personal finances like a business.

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 Clive Davis
• [email protected]
• https://parkroyalcapital.com/

Call to Action Schedule a Call with Tom

How to Listen: Subscribe on Youtube Listen on Spotify

Today, Tom explores the impactful four C's framework from Dan Sullivan's Strategic Coach program: Commitment, Courage, Capability, and Confidence. These simple yet powerful steps can help you achieve success in any area of life. Join me as we uncover how to stay committed, find the courage to face new challenges, build capabilities, and ultimately gain the confidence to succeed. Tune in, share with friends, and let's embark on this journey of growth together!

Highlights 03:59 - Introduction to the Four Cs. 05:47 - The importance of commitment. 07:09 - Embracing discomfort. 08:49 - Building expertise through courage. 10:20 - Developing capabilities in new areas. 11:33 - Personal anecdote about real estate meetup. 14:15 - The journey of continuous learning. 16:53 - Encouragement to escape the proverbial trap. 17:54 - Recap of Four Cs: commitment, courage, capability, and confidence.

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