Vital Wealth Strategies

Patrick Lonergan
  • 5.0 (26)
  • Entrepreneurship
  • Updated Weekly

Welcome to Vital Wealth Strategies Podcast, where financial and tax expertise meets entrepreneurial success. Join us as we dive deep into the world of high-level entrepreneurship, bringing you top authorities who specialize in cutting-edge financial and tax strategies. Our podcast is your go-to resource for staying ahead in the financial game, offering insights and advice that can optimize your wealth, reduce tax liabilities, and supercharge your business growth. Tune in to gain a competitive edge and unlock the secrets to financial success in the world of high-level entrepreneurship.

  1. 15h ago

    152 | The Exit Plan Nobody Tells You About with Sarah Friedell O'Connell

    Why do 75% of business owners who successfully sell their company feel profound regret within the first year? In this episode of the Vital Wealth Strategies Podcast, host Patrick Lonergan sits down with Sarah Friedell O'Connell, founder and president of ChangePoint Advisors, to unpack the side of exit planning most entrepreneurs never prepare for: life after the sale. Sarah is a certified retirement coach and executive transition coach, a former Fidelity Investments executive, and a former spokeswoman for the president of Harvard University. She has guided hundreds of business owners and senior executives through one of life's most stressful transitions. Together, Patrick and Sarah explore why selling a business or retiring can leave even financially secure entrepreneurs without identity, purpose, and connection, and what to do about it before the deal closes. Whether you're five years from exiting your business or just starting to think about succession planning, this conversation offers a practical roadmap for a fulfilling next chapter. Sarah walks through the four phases of retirement and how to skip the painful one. She explains why your spouse needs to be part of your exit strategy from day one, and why turning a hobby into a business often backfires. Patrick shares Vital Wealth's REACH framework for building wealth around what matters most, and Sarah closes with a simple self-reflection exercise any entrepreneur can start today. If you're building wealth with an eventual exit in mind, this episode will help you make sure your life is as ready as your balance sheet. Key Takeaways Exit planning has three legs: business, financial, and personal. The personal plan is the one most often ignored. Post-sale regret rarely comes from the deal terms. It comes from losing identity, purpose, structure, and community. Retirement ranks among the top 10 most stressful life events, alongside divorce and the death of a loved one. Most people move through four phases after they stop working: vacation, loss, experimentation, and a new life. With a plan, you can skip the loss phase. Bring your spouse into the conversation early. Mismatched expectations are part of why "gray divorce" is rising among people over 50. Test new pursuits in small ways before committing. Don't buy the gym just because you love working out. A life planner should be at the table alongside your financial and tax advisors, ideally about five years before an exit. Start now: audit how you spend your time, notice what energizes you, and invest in your life outside the business. Learn More About Sarah: ChangePoint Advisors: changepointadvisors.com Sarah's email: sarah@changepointadvisors.com Sarah Friedell O'Connell on LinkedIn: Sarah Friedell O'Connell | LinkedIn Books: From Strength to Strength by Arthur C. Brooks Designing Your Life by Bill Burnett and Dave Evans Die With Zero by Bill Perkins The Good Life by Robert Waldinger and Marc Schulz The Monk and the Riddle by Randy Komisar Wild at Heart by John Eldredge Transitions by William Bridges Happier Hour by Cassie Holmes Resources:    Visit vitalwealth.com/resources to download FREE resources      Follow on Instagram at https://www.instagram.com/vitalwealthstrategies Follow on Facebook at https://www.facebook.com/VitalStrategiesPodcast Follow on LinkedIn at https://www.linkedin.com/in/patricklonergan/ Credits:     Sponsored by Vital Wealth Music by Cephas Audio, video, research and copywriting by Victoria O'Brien

    152 | The Exit Plan Nobody Tells You About with Sarah Friedell O'Connell

  2. Sep 29

    151 | The Future of Tax Strategy: AI, the IRS, and What Entrepreneurs Need to Know

    Should entrepreneurs trust AI with their tax strategy, or is that a risk too big to take? On this episode of the Vital Wealth Strategies Podcast, host Patrick Lonergan sits down with Ricky Lavina, a CPA and the founder of TaxFyle, to separate the hype from the reality of AI in tax filing. Lavina started his career at PricewaterhouseCoopers before founding TaxFyle in 2015, and today serves on the IRS's Electronic Tax Administration Advisory Committee (ETAC), giving him a rare, inside perspective on how both the private sector and the federal government are approaching the future of tax technology. Throughout the conversation, Lonergan and Lavina dig into what AI can realistically do for tax preparation today, why human accountability remains essential even as accuracy improves, and how the IRS itself is deploying AI to close a tax gap worth tens of billions of dollars. The episode also tackles the difference between legitimate tax strategy and the kind of aggressive tax gimmicks that can land entrepreneurs in serious trouble, along with a practical framework for thinking through which tax moves require IRS guidance versus real investment versus sophisticated entity structuring. Entrepreneurs and financial advisors alike will walk away with a sharper understanding of where AI genuinely adds value in tax planning, and where it falls dangerously short. Key Takeaways: AI is highly accurate at document reading, calculations, and data aggregation, but remains fundamentally predictive in nature and cannot be wholly relied upon for tax filing decisions The IRS's known tax gap sits at roughly $90 billion or more, and the agency is leaning on AI to reconcile 1099s and flag discrepancies amid staffing shortages Accountability, meaning a licensed professional with "skin in the game," remains the key differentiator between AI-assisted tax prep and simply outsourcing to AI or offshore labor Tax strategy exists on a spectrum: from IRS-guided moves requiring no investment (like optimizing the QBI deduction), to moves requiring capital (401(k)s, SEP IRAs, cash balance plans), to advanced strategies that combine multiple sections of the tax code Documentation is increasingly critical as AI makes it easier for the IRS to flag returns for review, particularly around gray-area claims like real estate professional status The line between smart tax strategy and tax gimmicks matters, since not every deduction an AI surfaces is one an entrepreneur should actually take Financial advisory and tax preparation are converging, as entrepreneurs increasingly want one trusted partner managing tax, investment, and wealth strategy together Learn More About Ricky: TaxFyle Resources:    Visit vitalwealth.com/resources to download FREE resources      Follow on Instagram at https://www.instagram.com/vitalwealthstrategies Follow on Facebook at https://www.facebook.com/VitalStrategiesPodcast Follow on LinkedIn at https://www.linkedin.com/in/patricklonergan/ Credits:     Sponsored by Vital Wealth Music by Cephas Audio, video, research and copywriting by Victoria O'Brien

    151 | The Future of Tax Strategy: AI, the IRS, and What Entrepreneurs Need to Know

  3. Sep 22

    150 | Why Getting Uncomfortable Might Be Your Greatest Competitive Advantage

    What if the very thing you've spent your career trying to eliminate, discomfort, is actually the thing driving your growth? On this episode of the Vital Wealth Strategies Podcast, host Patrick Lonergan sits down with Darshan "Dave" Patel, co-founder of BuildRite, a healthcare billing company he has run alongside his business partner Soren for nearly three decades. Dave's story starts in a lower middle class household in India, where he repeated two grades in school before finding his footing not in a classroom, but with his hands, fixing broken equipment in his father's small service business. That early spark set off a winding path through Canada, several failed and successful ventures in Florida, and eventually a company built on client trust that grew into an international, India-based team. Throughout the conversation, Dave and Patrick unpack what it really takes to build a business that lasts two decades and beyond. They dig into how Dave and Soren figured out scaling without a playbook, why they brought in outside consultants even when results were strong, and the real distinction between outsourcing work overseas versus building a genuinely owned and operated team abroad. Dave also opens up about raising financially secure kids without raising entitled ones, why he intentionally spent a month living without air conditioning in India with his entire family, and what he believes AI means for the next generation of entrepreneurs and their sense of purpose. Entrepreneurs looking to scale past themselves, build international teams the right way, or simply rethink their relationship with comfort will find plenty to take away from this episode. Key Takeaways: Growth often requires choosing discomfort on purpose rather than optimizing for ease Scaling a business means shifting from being "in" the business to being "on" the business Building an owned team overseas is fundamentally different from simply outsourcing work Bringing in outside consultants, even during success, can reveal blind spots founders can't see themselves Raising financially secure kids requires intentional boundaries to avoid entitlement AI is changing the value of traditional education, making purpose more important than credentials Long-term business partnerships thrive on radical, no-sugarcoating communication Credits:     Sponsored by Vital Wealth Music by Cephas Audio, video, research and copywriting by Victoria O'Brien

    150 | Why Getting Uncomfortable Might Be Your Greatest Competitive Advantage

  4. Sep 15

    149 | How Entrepreneurs Are Using Airbnbs to Legally Wipe Out a Six-Figure Tax Bill with Nick Korom

    What if the same Airbnb everyone scrolls past on vacation could be the reason your next tax bill drops by six figures? On this episode of the Vital Wealth Strategies Podcast, host Patrick Lonergan sits down with Nick Korom, CEO of MyBnBAccelerator.com, to break down exactly how entrepreneurs are using short-term rentals to legally slash their tax liability without becoming a full-time real estate professional. Nick has helped close over 500 short-term rental properties for more than 300 clients, and in this conversation he pulls back the curtain on the strategy, the numbers, and the mistakes that turn a promising deal into a costly one. Patrick and Nick walk through the mechanics of the short-term rental loophole, how a cost segregation study can accelerate hundreds of thousands of dollars in depreciation into year one, and the three non-negotiables - market, property type, and design, that separate a cash-flowing investment from a regretted purchase. Listeners will also hear real underwriting numbers, which markets are quietly heating back up, and the red flags that should make any investor walk away from a deal. Whether you're actively building a real estate portfolio or just tired of watching your tax bill climb every year, this episode lays out a clear, actionable framework for turning real estate into one of the most powerful wealth-building and tax-saving tools available to entrepreneurs. Key Takeaways: The short-term rental loophole lets entrepreneurs unlock major tax benefits without qualifying as a full-time real estate professional (no 750-hour requirement) A cost segregation study can accelerate a large percentage of a property's value into year-one depreciation, creating significant upfront tax savings Success in short-term rentals comes down to three factors: the right market, the right property type, and the right design and design is the most commonly underestimated Target underwriting benchmarks include 8–15% cash-on-cash return and 50%+ ROI on tax savings Foundation issues are the number one reason deals get killed during inspection Not every market or every entrepreneur is a fit, this strategy works best for high income earners with liquidity and a longer-term investment mindset Local design and property management teams consistently outperform large national firms on quality and attention to detail Resources Mentioned: MyBnBAccelerator.com Nick Korom's short-term rental investment company AirDNA short-term rental market data and analytics Rabbu short-term rental data and underwriting tool Mashvisor real estate and STR market data platform Furnished Finder medium-term rental platform Padsplit medium-term/room rental platform Purple Cow by Seth Godin Resources:    Visit vitalwealth.com/resources to download FREE resources      Credits:     Sponsored by Vital Wealth Music by Cephas Audio, video, research and copywriting by Victoria O'Brien

    149 | How Entrepreneurs Are Using Airbnbs to Legally Wipe Out a Six-Figure Tax Bill with Nick Korom

  5. Sep 8

    148 | Why This Real Estate Investor Is Taking His Wealth International with Mike Stohler

    What if the best real estate deal in Europe cost a fraction of what the same property would run in Sedona or Santa Barbara? On this episode of the Vital Wealth Strategies Podcast, host Patrick Lonergan sits down with Mike Stohler of Gateway Private Equity to unpack why he's moving beyond the traditional US real estate playbook and into international hotel investing, specifically historic boutique properties in Spain. Stohler shares his journey from financing his first units on a credit card in the pre-Google era to building a portfolio that spans multifamily, senior housing, and hotels across the US and Europe. Throughout the conversation, Stohler breaks down exactly what separates a hotel from a typical real estate investment, why it functions as both a business and an asset, and what that means for financing, tax treatment, and long-term returns. He and Lonergan dig into the due diligence mistakes that sink deals, the surprising economics behind buying a centuries-old Spanish property for a fraction of its US equivalent, and how currency diversification, favorable interest rates, and cross-border tax treaties are reshaping how entrepreneurs think about protecting and growing their wealth outside the United States. For entrepreneurs sitting on free cash flow and looking for a way to diversify beyond the usual multifamily deal or stock portfolio, this episode offers a rare look at an opportunity most investors have never considered. Key Takeaways: A hotel is not just real estate. It's an operating business layered on top of real estate, which changes financing options, tax treatment, and risk profile. Post-COVID, the strongest hotel investments have at least three independent demand drivers rather than relying on a single source of traffic. Reconciling a property's P&L against its actual tax returns is one of the most overlooked and most important due diligence steps in any real estate acquisition. Historic boutique hotels in Spain can be acquired for a fraction of the cost of comparable properties in the US, with favorable financing rates and a US-Spain tax treaty that prevents double taxation. International real estate offers entrepreneurs a way to diversify their wealth outside typical US concentration risk while gaining a genuine lifestyle benefit. Choosing the right due diligence team, including local expertise, is essential when investing in an unfamiliar market. Learn More About Mike: Gateway Private Equity: gatewaype.com International Opportunity: https://gatewaype.portal.agorareal.com/#/public/brochure/1/efe09f68-c50c-4526-b729-06a94715c665 Resources:    Visit vitalwealth.com/resources to download FREE resources      Credits:     Sponsored by Vital Wealth Music by Cephas Audio, video, research and copywriting by Victoria O'Brien

    148 | Why This Real Estate Investor Is Taking His Wealth International with Mike Stohler

  6. Sep 1

    147 | Tax Strategy or Tax Scam? What Entrepreneurs Need to Know

    What happens when a "genius" tax write-off you saw on TikTok turns out to be the same strategy that landed two professionals in federal prison for over 20 years each? In this episode of the Vital Wealth Strategies Podcast, host Patrick Lonergan sits down with colleague Michael to unpack the difference between smart, compliant tax strategy and the sham strategies that can trigger IRS penalties, audits, or worse. From viral myths about writing off G-Wagons and vacation homes to real-world fraud cases involving KPMG, syndicated conservation easements, and abusive trust structures, this conversation separates the tax moves that build real wealth from the ones that build a case file. Pat and Michael break down five of the most common tax "myths" circulating online today, explain what actually makes a deduction legitimate under the IRS's own rules, and walk through several high-profile case studies where aggressive tax planning crossed the line into fraud. Entrepreneurs making seven figures or more will walk away with a practical framework for evaluating any tax strategy before they implement it, including the exact questions to ask an advisor and the red flags that separate a smart move from a dangerous one. Whether you're considering a cost segregation study, putting your kids on payroll, or wondering if an S-election makes sense for your business, this episode gives you the guardrails to pursue aggressive tax savings without putting your business, or your freedom, at risk. Key Takeaways: Why "it's a write-off" doesn't mean it's free, and how the math on tax deductions actually works The truth about writing off vehicles over 6,000 lbs, and why depreciation recapture can undo the benefit How cost segregation studies really work, and what's required to use the deduction against active income The right and wrong way to put your kids on payroll for tax savings Why not every entrepreneur should rush to file an S-election Real case studies: the KPMG tax shelter scandal, syndicated conservation easement fraud, and abusive trust schemes The critical difference between tax avoidance and tax evasion A five-question framework for vetting any tax strategy before you implement it Resources:    Visit vitalstrategies.com to download FREE resources      Listen to the podcast on your favorite app: Vital Wealth Strategies Podcast | Tax & Financial Strategies for Entrepreneurs Follow on Instagram at https://www.instagram.com/vital.strategies Follow on Facebook at https://www.facebook.com/VitalStrategiesPodcast Follow on LinkedIn at https://www.linkedin.com/in/patricklonergan/ Credits:     Sponsored by Vital Wealth Music by Cephas Art work by Two Tone Creative  Audio, video, research and copywriting by Victoria O'Brien

    147 | Tax Strategy or Tax Scam? What Entrepreneurs Need to Know

  7. Aug 25

    146 | The One Money Talk Parents Keep Putting Off with Dale Alexander

    What if the single most important financial decision of your life happened before you ever built a business, bought a house, or started a family? On this episode of the Vital Wealth Strategies Podcast, host Patrick Lonergan sits down with Dale Alexander, a CFP, national speaker, and author of The Talk About Money, to unpack the framework Dale calls Make 70 Your 100: live on 70% of your income, invest 20%, and give 10%, starting with your very first paycheck. It's a conversation built for entrepreneurs, parents, and anyone who's ever wondered why more income never seems to solve a spending problem. Together, Patrick and Dale dig into why financial "drift" quietly derails even high-earning households, how social media has rewired the comparison trap for an entire generation, and why 90% of family wealth disappears by the third generation and what entrepreneurs can do to break that cycle with their own kids. Whether you're building generational wealth, coordinating your tax and financial strategy through the Entrepreneur Private Office model, or simply trying to raise financially literate kids in a world of one-click spending, this episode delivers practical, immediately actionable frameworks for making money decisions that compound for decades. Key Takeaways: The 70/20/10 framework: live on 70% of income, invest 20%, give 10% and why this beats the popular 50/30/20 budgeting rule Why increased income rarely solves a spending problem, and how lifestyle creep silently erodes wealth at every income level The concept of financial "drift" and why intentionality, not willpower alone, is required to stay on course A two-step method for rebuilding financial margin at any age, even if you didn't start with 70/20/10 from your first paycheck Why 90% of family wealth is lost by the third generation, and how proactive conversations about money can break that pattern The psychological and neurological case for giving 10% of income, and how generosity fits into a coordinated wealth strategy A practical, at-home system for teaching kids financial responsibility before they leave the house Resources Mentioned: The Talk About Money Dale Alexander official site The Talk About Money by Dale Alexander The Psychology of Money by Morgan Housel The Art of Spending Money by Morgan Housel Resources:    Visit vitalstrategies.com to download FREE resources      Listen to the podcast on your favorite app: Vital Wealth Strategies Podcast | Tax & Financial Strategies for Entrepreneurs Follow on Instagram at https://www.instagram.com/vital.strategies Follow on Facebook at https://www.facebook.com/VitalStrategiesPodcast Follow on LinkedIn at https://www.linkedin.com/in/patricklonergan/ Credits:     Sponsored by Vital Wealth Music by Cephas Audio, video, research and copywriting by Victoria O'Brien

    146 | The One Money Talk Parents Keep Putting Off with Dale Alexander

  8. Aug 18

    145 | The Secret Weapon Behind Every Trusted Business with Neal Foard

    Why do some ideas spread like wildfire while others die the moment they leave a boardroom? In this episode of the Vital Wealth Strategies Podcast, host Patrick Lonergan sits down with Neal Foard, a 25-year advertising veteran to unpack the real reason facts, data, and bullet points fail to persuade and what actually does. Neal has spent his career teaching some of the biggest brands in the world how to turn ideas into stories that stick, and in this conversation he brings that same expertise directly to entrepreneurs, business owners, and leaders who want their vision, their pitch, and their values to actually land with the people who matter most. Throughout the episode, Neal and Patrick dig into why the human brain is naturally resistant to logic-based persuasion, how to reframe every story so the listener, not the storyteller, becomes the hero, and why capturing everyday moments in a simple notebook can become one of the most valuable habits an entrepreneur can build. They also cover how to turn even the worst days into powerful material, why rehearsing a story is the secret behind every effortless-sounding presentation, and how a single mindset shift, discovered by accident at a state fair, can transform the way any entrepreneur approaches sales, leadership, and client relationships. Whether you're trying to align your team, close more deals, or simply be remembered for the right reasons, this episode offers a practical framework for making your ideas impossible to ignore. Key Takeaways: Facts and bullet points rarely persuade - stories build trust in a way data cannot The best stories position the listener as the hero, not the storyteller Capturing small daily moments in a notebook creates a library of powerful stories over time Reframing tough experiences as future stories changes how they're processed in the moment Rehearsing a story or presentation is what separates polished delivery from average delivery Shifting from viewing people as "prospects" to viewing them as people you're trying to help changes the entire sales dynamic Storytelling strengthens culture, leadership, sales, and even parenting Learn More About Neal: storyfire.net Neal Foard's storytelling course and speaking/booking inquiries Episode Resources: Storyworthy by Matthew Dicks Soundtracks by Jon Acuff How to Win Friends and Influence People by Dale Carnegie Resources:    Visit vitalstrategies.com to download FREE resources      Listen to the podcast on your favorite app: Vital Wealth Strategies Podcast | Tax & Financial Strategies for Entrepreneurs Follow on Instagram at https://www.instagram.com/vital.strategies Follow on Facebook at https://www.facebook.com/VitalStrategiesPodcast Follow on LinkedIn at https://www.linkedin.com/in/patricklonergan/ Credits:     Sponsored by Vital Wealth Music by Cephas Audio, video, research and copywriting by Victoria O'Brien

    145 | The Secret Weapon Behind Every Trusted Business with Neal Foard
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5
out of 5
26 Ratings

About

Welcome to Vital Wealth Strategies Podcast, where financial and tax expertise meets entrepreneurial success. Join us as we dive deep into the world of high-level entrepreneurship, bringing you top authorities who specialize in cutting-edge financial and tax strategies. Our podcast is your go-to resource for staying ahead in the financial game, offering insights and advice that can optimize your wealth, reduce tax liabilities, and supercharge your business growth. Tune in to gain a competitive edge and unlock the secrets to financial success in the world of high-level entrepreneurship.

Information

  • Creator
    Patrick Lonergan
  • Years Active
    2023 - 2026
  • Episodes
    100
  • Rating
    Clean
  • Copyright
    © Copyright 2023 All rights reserved.
  • Show Website
    Vital Wealth Strategies

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