Wealth Mavericks

This is part 2 of a 2-part series where Bob and Joe go over the roles and guidelines of the financial distributors. In todays episode the conversation continues discussing investment companies and their role. 

Investment companies = risk. Advisors always talk about our risk tolerance but what does that really mean?

Insurance Companies = safety. The key for insurance companies are capital & surplus. Bob reviews the different types of insurance products and what they protect. 

There is a point to each asset these financial distributers sell. These massively powerful entities are going to set themselves up to win every single time. When they didn’t win, they were bailed out.. then repositioned themselves to win again. That is why we recorded these episodes. It is crucial to increase our knowledge to understand what is going on and slightly make the playing field a little more even. 

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This is a 2 part mini series where Bob and Joe go over the roles and guidelines of the financial distributors. In todays episode we go over banks and what purpose they serve and near the end we introduce the role of investment firms. Our goal is to help you understand what you are getting into when you engage with these financial distributors.

• What are the financial distributors? 
• What are their purpose? 
• In what ways do we use them and why?
• What is the Federal Reserve?

Check out our company The Free Founders website:
www.thefreefounder.com

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There is a huge difference between tax prep and tax planning and a lot of people don’t know that. They think the same person (CPA) is doing all of that for them only to be woefully frustrated when they realize it’s not happening. 

There are two different main types of tax actions. Tax preparation and tax planning. Most of us have experienced tax preparation, but the way we like to think about it is you can’t prepare for something unless you have planned for it. We plan for most other things in life but when it comes to taxes, planning usually gets forgotten.

Tax season doesn’t have to be stressful! Tax planning isn’t a once-a-year-activity. Year-round planning can help you maximize your benefits and minimize any tax time surprises.

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https://www.terrafirmaconsultant.com/

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In our previous episode, we went over the current mindset that most business owners have. It’s time for a shift to that current mindset so we can further grow ourselves and our businesses. 

Business owners currently harbor some fear and resentment for the IRS. We look at the IRS a little differently. They are your business partner! Not your enemy. They need revenue from us to continue to survive. The fear for the IRS really comes from not understanding taxes and how they work. 

The IRS wants you to grow your business as big as you can and hire more employees. Each employee you hire is another source of revenue for the IRS. To help you grow, they provide a lot of opportunities in the tax code to save money on taxes and invest in your business.

Listen to the full episode to learn about other ways we need to shift our mindset to grow.

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Today’s episode contains some hard hitting topics for business owners. 

Business owners (us included) can only claim ignorance for so long. When we start a business we are on the grind stone, heads down working, just going as hard as we can to find success. Every once in a while we pop our heads back up and notice that it feels like we are in the exact same place as where we started. This is where we have to look at the world around us and no longer claim ignorance.

How do we combat the axiom “the more you make the more you spend”?

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https://www.linkedin.com/company/assetcoach-taxstrategist/

In todays episode, Joe & Bob go over the importance of having a plan. Plans aren’t written in stone, they evolve and change over time. That said, it is crucial to always have a plan in place.

Joe and Bob role play a scenario of a typical business owner and how we view “investing & Assets” differently than the typical advisor. Listen to the full episode to see how we analyze a new clients situation. 

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Check out our company Terra Firma's website:
https://www.terrafirmaconsultant.com/

Follow our company Terra Firma on Facebook and Linkedin to connect with us:
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https://www.linkedin.com/company/assetcoach-taxstrategist/

Welcome to the Wealth Mavericks Podcast!  The WM podcast is hosted by Robert Wolf and Joe Arioto. This is our who and why episode where you'll learn about the hosts and why they created this podcast.

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Check out our company Terra Firma's website:
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https://www.linkedin.com/company/assetcoach-taxstrategist/