Wealth Mavericks

Today Erin and Bob continue their conversation about managing high income and common mistakes made when you make that leap. For business owners we view the IRS differently than the norm. The IRS is our business partner and wants to see us succeed. When we succeed, we make more money and hire more people which means they get more tax revenue! The IRS uses vague terms  on purpose. 

What is reasonable compensation and how is it determined? Does your CPA have a method to determine that number?  

You hired your CPA for a reason… To prepare and file your taxes. Unfairly, we expect our CPA to perform a lot of tasks that we aren’t hiring them to do. At Terra Firma we fill that gap of “my cpa handles that” when in reality they don’t and it’s not their job to.

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 discuss the tax problem that is created when a doctor (or any high W2 earner) gets their first high income job. Today we share mistakes that doctors can avoid when this jump in income occurs. Erin shares an experience of hers where she had a really great year in her career and made a multiple six figure salary and the troubles that came along with the success.  

Bob has been helping doctors for 17+ years and shares a few important pieces of advice he’s gained from his experience. WAIT at least 1 year after getting your first high income job before you begin to make decisions to upgrade your house, cars, etc… One of the biggest mistakes he sees with doctors is upgrading before they truly know the tax cost of what this new high income comes with. Wait a year to get settled into this new salary and experience the tax bill that comes along with it. 

Do not try to "keep up with the joneses". You will be much better in the long run if you can delay gratification.

 
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, Bob, Erin, and Joe all go through and define how they produce peace and contentment in their life when everything seems chaotic. Having hobbies outside of work that you enjoy to do is an important tip to staying content. Place yourself around similar minded people who will help you maintain positivity and productivity. Listen to today’s episode to hear more tips and tricks our team uses to maintain peace.  

We focus on five areas with ourselves and our members: Spiritual, family, business, financial and fitness. We call it living the 5 tens. The world is telling us a million things but the choice we need to make every day is to not enter the chaos of the world but instead those who I encounter are going to enter into the peace that I have.

We would love to hear how you find peace. If you have any tips or tricks you’ve learned over the years please reach out to us to share them.

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 are discussing “dumb doctor deals”. Not just what they are but how to avoid the common pitfalls that most doctors tend to fall into. No, we aren’t calling you dumb doc. This is a real term in the financial industry used to describe doctors generally being bad at evaluating investment opportunities. Which to be fair, isn’t their job. A doctor’s job is to help take care of us and heal us. Why isn’t the financial industry doing the same for them? We have been serving doctors for 10+ years and helping them successfully navigate through their financial journey. 

In today’s episode we share the experience we’ve gained working with doctors and some of the pitfalls they experienced so you don’t have to experience them as well. Joe and Bob share some red flags to look for when seeking out financial advice.  

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

Hey Doc. Start here if you want to improve your company culture, leadership ability, and avoid burnout. 

Today’s episode is about doctor burnout, practice culture, and leadership. Joe, Bob, and Erin all have a lot of experience working with doctors and have seen their practices inside an out. As a trusted coach, Joe has helped doctors like you go in and transform practice culture. In the episode he shares some tips on his step by step process in doing so.

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

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

We'd love to learn more about our subscribers/followers! Reach out to us: [email protected]

Buy Bob’s new book Farming Assets:

https://bit.ly/FarmingAsset

Buy Bob’s book Economic Termites:

https://bit.ly/EconomicTermite

One of the single greatest contributors to frustrations for doctors building wealth is what we call compressed earning years. There is a period in every doctor’s life where a lot of your non-doctor friends graduate college and begin to start their corporate career. They start pouring into their 401ks and growing wealth while you still have years of student debt and education left. 

 This causes a delay of wealth building for doctors. Which can cause a feeling of being behind and leaves you at risk for burnout when you do get started and try to catch up to your friends. We have seen this so many times with the doctor clients we serve. We specialize in helping doctors use collapsed-time frame strategies to build wealth. Listen to today’s episode to hear how.

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

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

 We'd love to learn more about our subscribers/followers! Reach out to us: [email protected]

 Buy Bob’s new book Farming Assets:

https://bit.ly/FarmingAsset

 Buy Bob’s book Economic Termites:

https://bit.ly/EconomicTermite

In today’s episode, we take a deeper dive on the conversation we had last week regarding your financial team. You don’t bring someone with a heart condition to a chiropractor and expect him to be able to diagnose the condition. That’s not his specialty! You need to see a cardiologist. 

 This is the same way that you can’t just assume that your CPA or financial advisor are experts in all the different fields of finance. They aren’t! They are financial professionals that are working independently on your case without seeing the full picture because they aren’t working in unison. You need what they call a family office. At our business, Terra Firma, we have created just that.  

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

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

We'd love to learn more about our subscribers/followers! Reach out to us: [email protected]

 Connect and interact with us in our new Facebook Group:

https://www.facebook.com/groups/thefreefounder/

Most doctors (and successful business owners) have outgrown their current financial team. You assemble your financial team over the years but it ends up being a team that works separately. Not having a financial team that works in unity and looks at the big picture together can really hinder your growth. We understand, once you get rolling in your business you just want to perform your role so you hire others to take care of the other tasks. Then you get busier and busier and it gets harder to replace these roles because it will be a speed bump that slows you and your business down. 

We’ve found that usually in the first 3 years of business you probably have outgrown your CPA. This has become a bottleneck for most doctors. This is a big step to make this change and it can be overwhelming, but not making this change can be a very expensive mistake! Most CPAs don’t understand tax planning because it’s not their job. Their job is tax preparation not tax strategy. You hired them to prepare and file your taxes… If you don’t have a tax planner on your tax team you are overpaying on your taxes.

We can help! Schedule some time with Erin: https://meetings.hubspot.com/nevicosi

 We'd love to learn more about our subscribers/followers! Reach out to us: [email protected]

 Connect and interact with us in our new Facebook Group:

https://www.facebook.com/groups/thefreefounder/

Don’t let one loss sink your ship

 One of the eight factors that impact the value of your company is something we refer to as “The Switzerland Structure,” which emphasizes the importance of business independence. It cautions against excessive reliance on any single entity, whether suppliers, employees, or customers. While many business owners recognize the risks associated with dependency on a high-profile customer or employee, the hazards of anchoring to a single supplier are often overlooked. 

The six ways overreliance cuts your businesses value:

1. Increased Risk Exposure

2. Lack of Diversification

3. Limited Growth Potential

4. Brand and Customer Relationship Limitations

5. Negotiating Power and Autonomy

6. Perception of Innovation and Independence

 
We'd love to learn more about our subscribers/followers! Reach out to us: [email protected]

Connect and interact with us in our new Facebook Group:

https://www.facebook.com/groups/thefreefounder/

Last episode we gave a background of Bob’s experience working with clients and discovering the stages of an asset early in his financial career. We also covered Contribution, the first stage of an asset. Today’s episode starts off with Accumulation and goes over how different assets grow and are taxed differently. Having a plan is so crucial when it comes to your finances. No one asset is the solution to everyone’s needs. Everyone has different needs and it’s so important to go through it with an advisor and figure out what’s best for you. 

 Next we discuss distribution, the third stage of an asset, and how the different retirement accounts distribute the money after it has accumulated. How are they taxed differently? 

The last stage of an asset is Transfer. Unfortunately, we don’t live forever. So, the transfer of your assets in necessary. You must have a plan in place to keep your assets organized and dictate what we want our assets to do after us. 

We'd love to learn more about our subscribers/followers! Reach out to us: [email protected]

Subscribe on Youtube: https://www.youtube.com/channel/UCpFTe4qmVDjE1fwFIc6W00A
 
Connect and interact with us in our new Facebook Group:

https://fb.me/g/p_11GkrQY59Bc4bYup/2OHy4HfH

Buy Bob’s new book Farming Assets:

https://bit.ly/FarmingAsset

Buy Bob’s book Economic Termites:

https://bit.ly/EconomicTermite