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

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