Wealth Mavericks

In this episode we look at the pros and cons of a Defined Benefit Plan for doctors. 

This strategy comes up a lot as a way to save on taxes, but whether it’s the best option for you depends on your unique situation. Listen in and learn how to assess whether it’s the right move for you.

Connect with Erin on Linkedin: https://www.linkedin.com/in/enevicosi/ 

Schedule some time with Erin: https://meetings.hubspot.com/nevicosi

Check out Bob’s other channel Asset Coach & Tax Strategist: https://www.youtube.com/@assetcoachtaxstrategist9468 

A few weeks ago we created an episode featuring our answers to the top 5 questions we get most often from prospective members -  and it was a hit!

Today we continue the Q&A with 5 more FAQs.

We understand the natural skepticism that comes with considering a new financial team, and when following a different path you haven’t gone down before.

The way we work and the strategies we recommend for our members are usually not what people are accustomed to, because they’ve never worked with a tax planner before. They’ve only worked with an accountant - and tax strategy isn’t usually an area of specialty for them, since it’s not their job.

Of course, if you want different results, you have to do something different. Our goal with these episodes is to ease the doubt and fear that comes with this new information and potential path - a path that leads to significant tax savings and peace of mind. 

These are the questions we cover in today’s episode:

00:00-1:39 Intro  
1:40-6:49  How active are you in actually implementing my tax plan?
6:50-14:01 I’m very busy. How much time is involved on my end? 
14:02-29:14  Is everything you do legal? 
29:15- 43:23If you can save me so much on taxes why isn’t everyone doing this?43:24-52:09  Are you a CPA? Why didn’t you go that route?

Connect with Erin on Linkedin: https://www.linkedin.com/in/enevicosi/ 

Schedule some time with Erin: https://meetings.hubspot.com/nevicosi


Check out our must reads and purchase them here #ad : 

https://www.terrafirmaconsultant.com/must-reads/

In today’s episode, Bob, Joe and Erin each share the top three personal development books that have had the biggest impact on them. Having read countless books over the years, it wasn’t easy narrowing it down - but they did it. Listen in as they share their top takeaways from each book. Whether you’re a seasoned reader or just starting your personal growth journey, you’re sure to find valuable insights and inspiration in their recommendations.

Check out our must reads and purchase them here #ad :
https://www.terrafirmaconsultant.com/must-reads/

Connect with Erin on Linkedin: https://www.linkedin.com/in/enevicosi/ 

Schedule some time with Erin: https://meetings.hubspot.com/nevicosi 

Buy Bob’s new book Farming Assets:

https://bit.ly/FarmingAsset

Buy Bob’s book Economic Termites:

https://bit.ly/EconomicTermite

Today we talk about the steps that high-earning W2 doctors can take to dramatically lower their tax burden. 

 If you’re a doctor who’s frustrated by your high tax bill, and your accountant has told you that there’s not much to be done, or if you think that those high taxes are simply inevitable as your success grows, you won’t want to miss this episode.

 Connect with Erin on Linkedin: https://www.linkedin.com/in/enevicosi/ 

Schedule some time with Erin: https://meetings.hubspot.com/nevicosi

Buy Bob’s new book Farming Assets:

https://bit.ly/FarmingAsset 

Buy Bob’s book Economic Termites:

https://bit.ly/EconomicTermite

Today we’re answering the 5 most common questions we get asked from prospective members. We understand the natural skepticism that comes with considering a new financial team, and when following a different path you haven’t gone down before.

The way we work and the strategies we recommend for our members are usually not what people are accustomed to, because they’ve never worked with a tax planner before. They’ve only worked with an accountant - and tax strategy isn’t usually an area of specialty for them, since it’s not their job.

Of course, if you want different results, you have to do something different. Our goal with this episode is to ease the doubt and fear that comes with this new information and potential path - a path that leads to significant tax savings and peace of mind.

 
These are the questions we cover in today’s episode:

2:25 Won’t it increase my audit risk if I’m suddenly paying way less in taxes?

4:54  (Bonus follow-up question)  If I DO get audited, will you be with me through it?

14:44 How are you different from my CPA?

20:51 Why doesn’t my CPA or tax attorney know these things?

26:19 Can I talk to some of your members?

31:59 How do I know what you’re saying will happen come tax time will actually happen?

Connect with Erin on Linkedin: https://www.linkedin.com/in/enevicosi/ 

Schedule some time with Erin: https://meetings.hubspot.com/nevicosi

🔍 Today we share how you can improve your decision-making process and where we commonly see doctors struggle. 

More businesses struggle with indecision than bad decisions. Many high-performance people struggle with speed of implementation which is the speed at which someone can learn a new concept/opportunity and the speed at which they are able to make the decision and execute. Most people over analyze decisions and that process doesn’t serve you well. Today we go over what is your process for making decisions currently and how can we come up with a process to make decision making more efficient. 

Connect with Erin on Linkedin: https://www.linkedin.com/in/enevicosi/ 

Schedule some time with Erin: https://meetings.hubspot.com/nevicosi

Learn more about how we can help you: https://www.terrafirmaconsultant.com/

Buy Bob’s new book Farming Assets:

https://bit.ly/FarmingAsset

 Buy Bob’s book Economic Termites:

https://bit.ly/EconomicTermite

What makes Terra Firma different? That is usually the most common question that we hear. People are familiar with the title financial advisor, CPA, CFP, investment banker, etc. but are a little less familiar with the title we call ourselves which is an Asset coach and tax strategist. What does that mean? How did we come up with that?

 What is a Strategic Tax Plan? We have a lot of conversations with doctors and other business owners/high w2 earners and a majority of them have never heard this term before. 

 Connect with Erin on Linkedin: https://www.linkedin.com/in/enevicosi/ 

Schedule some time with Erin: https://meetings.hubspot.com/nevicosi

🔥 Join us as we share a powerful mental exercise that will help you live a 10/10 life.

Today’s topic is about living the “Five Tens Lifestyle.” We’ve touched on this topic in a previous episode but want to take a deeper dive. The Five Tens is literally giving yourself a score 1-10 in five areas: Spiritual, Family, Business, Financial, Fitness. Joe breaks down the 5 categories and what they mean and how you should view them. 

Grab a pen and paper and give this exercise a try. This does not come from a judgmental place, this is a time to be honest with yourself and see where you are on the scale. Then reflect on why your scores are where they are and what steps to take to improve them. 

This has a little bit to do with money but more about the holistic approach of being a doctor today. The Five Tens is a tool we use to help someone gauge where there at and where they want to be. 

Connect with Erin on Linkedin: https://www.linkedin.com/in/enevicosi/ 
Schedule some time with Erin: https://meetings.hubspot.com/nevicosi

Most of the people we talk to feel like they are overpaying on their federal income tax yet every day we hear that the wealthy aren’t paying their fair share. Do you understand what your “fair share” is? We have conversations every day where we help doctors determine what is their fair share. You only need so much to fund your lifestyle and are left with what is left after that and taxes to fund your assets, and build your wealth. You are taking it as income which means you are getting 70%-80% of your income to work with. Most people just listen to their CPAs advice when it comes to lowering taxes but tax strategy isn’t really the common CPAs job. You hired them to prepare and file your taxes so it is unfair to expect more of them than that.  

Here is a simple question to ask your CPA to see if they know how to tax plan.

 What are your top 3 ideas to help me reduce my tax liability?  

If their answer includes any of the following you may want to consider working with someone else… 

1.  Buy a company vehicle - Even though you may not need it 

2.  Buy a house or equipment - Maybe that has already happened or isn’t needed 

3. Put money in a retirement account

 If you need those things, then yes, make the purchase but If they tell you to just buy stuff to get a deduction then you are dealing with elementary level advice. To hear more about this topic check out episode 9 “What questions to ask your CPA to see if you’ve outgrown them”  here https://youtu.be/zGW4kUK02N8?si=i5ZVu8RsZNv_Xsfo

 
Connect with Erin on Linkedin: https://www.linkedin.com/in/enevicosi/ 

Schedule some time with Erin: https://meetings.hubspot.com/nevicosi

 
Buy Bob’s new book Farming Assets:

https://bit.ly/FarmingAsset

 Buy Bob’s book Economic Termites:

https://bit.ly/EconomicTermite

Today, Erin and Bob continue their conversation about managing high income and common mistakes when you make that leap. Today’s focus is on mindset. Bob and Erin share their experiences in sales and how that part of their career really helped them develop their mindset when it came to self-improvement and drive. Erin and Bob are both avid readers who love to expand their knowledge in their respective fields but also both love self-growth/improvement books.

Doctors are so busy and susceptible to burnout and depression. Doctors work long hours which may lead to sacrificing their health or family life for their career. It’s so important to make sure you take the time each day to work on yourself and have a solid personal foundation. If you own a practice this is so vital to make sure that you are centered when helping your patients or while speaking to your staff.

Connect with Erin on Linkedin: https://www.linkedin.com/in/enevicosi/ 

Schedule some time with Erin: https://meetings.hubspot.com/nevicosi

Buy Bob’s new book Farming Assets:

https://bit.ly/FarmingAsset

 Buy Bob’s book Economic Termites:

https://bit.ly/EconomicTermite