Wealth Mavericks Robert Wolf & Joe Arioto

Do you ever feel like you put the cart before the horse? This is a continuation of our episode aimed at helping Doctors find the right financial advice. One of the reasons we created the wealth Mavericks podcast was to help share information on the vastly complicated financial world. Part of our tagline is literally “Sharing the secrets the wealthy know to build generational wealth”. Through our many years of serving our clients we have come up with a bunch of good analogies that help simplify more complicated topics into digestible knowledge. Today we talk about the horse called asset!
 This story heavily applies to physicians who are beginning to generate wealth after finishing schooling and residency. Debt and expenses heavily weigh down doctors as they are beginning their careers and this story perfectly exemplifies what they are going through. As a doctor, your business is your largest asset. Bob has worked closely with doctors who have come to him for advice on how to better run their practice. Bob shares a bit of that advice on this episode.
 
This episode was originally planned to be member only content but we saw the value it could bring to doctors and decided to make it public to help as many people as possible. 

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Bob shares his experience working with doctors throughout his financial career. Bob works with a lot of doctors in his current practice and understands their needs and how they operate.
Doctors set out on their careers to help people and make a good living while doing so. So often a doctor doesn’t know what they are getting into when they begin their own practice. Physicians give up a decade of their life (earning potential) to get started in the field. This creates this feeling of being left behind, and a lot of the time, with a good amount of debt. Unfortunately, that sets them up for a lot of bad financial advice once they begin making a good salary.
 
Bob and Joe share how they think a doctor should navigate all of the good or bad financial advice doctors receive. You need to find an advisor with a holistic approach! 
 
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There are a lot of opinions between all the different professionals in the industry. Advisors, Insurance Agents, CPA’s, Attorneys, etc... all have different advice when it comes to the topic of asset allocation. This creates a lot of confusion and anxiety when it comes to investing the money you will need later in life for retirement. 
Covered Topics:
What is risk tolerance?
What is your desired final outcome?
What are the tax consequences of the different asset classes?
Allocation & Diversification
 
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“Compound interest is the eighth wonder of the world. He who understands it earns it … he who doesn’t … pays it,” Albert Einstein famously said. Successful investors understand this one important investing principle.
 To truly understand this concept, Bob and Joe discuss the rule of 72, inflation, and simple interest vs compounding interest. 
 
How do these terms relate to business owners and the cash flow your business generates? Wealth building and tax savings go hand in hand. 
 
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The Free Founder: Where Entrepreneurs Go To Reclaim Their Freedom

Today we want to go over what tax loss harvesting is. This is a high level overview of the terminology used when talking about taxes, capital gains, stock/real estate gains and loses, etc… 
What is the point of investing? To buy low and sell high to grow our wealth over time. So often we see clients that have stocks they’ve held for many years that have 100+% of return and they have loses (over $3000) that year on their taxes but never received the advice to “sell high” and harvest those loses/gains. Where on a tax return do you look too find your gains and loses?
  
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What is the difference between credits and deductions and what does this mean to you? The IRS is NOT your enemy! We’ve said it before and we’ll continue to say it… The IRS wants you to grow your business!! That is how they increase their tax revenue. When you grow your revenue, or hire more employees they make more tax revenue… That’s why they created tools like tax credits and tax deductions for us to use to save money on taxes. The issue is most business owners don’t utilize the tools the IRS provides because they don’t have the right people on their tax team.

Most business owners understand what deductions are and the basics on how they work. Your business has revenue and expenses, the expenses are deducted from that revenue and we won’t pay taxes on that expense. It can start to get a little tricky when dealing with how much of an expense is deductible (ie meals & entertainment 50% deduction) due to the ever changing tax code.

Credits are dollar for dollar unlike deductions which are a percentage. The main difference is you have to qualify for credits. Credits are gifts to business owners from the IRS to help them grow their business and create future revenue for the IRS. Your CPA already has their hands full preparing all of their clients tax returns. It isn’t really their job to fully understand credits and tax strategy… You hire them to prepare your taxes.

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