15 episodes

Unlocking the secrets the wealthy know and the government won't tell you.

Wealth Mavericks Robert Wolf & Joe Arioto

    • Business
    • 5.0 • 2 Ratings

Unlocking the secrets the wealthy know and the government won't tell you.

    Rich Doctor Poor Doctor: Avoiding Common Financial Pitfalls

    Rich Doctor Poor Doctor: Avoiding Common Financial Pitfalls

    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! 
     
    Subscribe on Youtube: https://www.youtube.com/channel/UCpFTe4qmVDjE1fwFIc6W00A


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

    Connect and interact with us in our new Facebook Group:
    https://fb.me/g/p_11GkrQY59Bc4bYup/2OHy4HfH

    • 22 min
    Asset Allocation For The Different Life Stages

    Asset Allocation For The Different Life Stages

    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
     
    Subscribe on Youtube: https://www.youtube.com/channel/UCpFTe4qmVDjE1fwFIc6W00A
     
    Check out our company Terra Firma's website:
    https://www.terrafirmaconsultant.com/
     
    Connect and interact with us in our new Facebook Group:
    https://fb.me/g/p_11GkrQY59Bc4bYup/2OHy4HfH

    • 23 min
    Einstein's 8th Wonder: Compound Interest

    Einstein's 8th Wonder: Compound Interest

    “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. 
     
     Subscribe on Youtube: https://www.youtube.com/channel/UCpFTe4qmVDjE1fwFIc6W00A
      
    Connect and interact with us in our new Facebook Group:
    The Free Founder: Where Entrepreneurs Go To Reclaim Their Freedom

    • 26 min
    Tax Loss Harvesting - Turning Your Loses Into Gains

    Tax Loss Harvesting - Turning Your Loses Into Gains

    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?
      
    Subscribe on Youtube: https://www.youtube.com/channel/UCpFTe4qmVDjE1fwFIc6W00A


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

    • 14 min
    Tax Credits vs Tax Deductions

    Tax Credits vs Tax Deductions

    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.

    Subscribe on Youtube: https://www.youtube.com/channel/UCpFTe4qmVDjE1fwFIc6W00A

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

    • 23 min
    Everything You Need To Know About A Tax Return

    Everything You Need To Know About A Tax Return

    Our goal is to help business owners look at their tax return and actually have an idea of what is going on, and what their CPA is trying to do. Is your CPA putting in their best effort to save you money on your taxes? Or just plugging the right numbers into the box? A tax strategist, with an understanding of the IRS guidelines and deductions, is a vital part of any tax team.


    In todays episode, Bob brings up a 1040 to show you how to navigate through it, and what to look for. Bob has created an entire course called the Tax Return Academy which takes a deeper dive into all the sections of a tax return that can be very helpful. If you’d like to learn more about your tax return send us a message! 


    Questions answered in todays episode:
      
    What is QBI?What is SALT?What is AGI?How do deductions work with Mortgage Interest? 

    Subscribe on Youtube: https://www.youtube.com/channel/UCpFTe4qmVDjE1fwFIc6W00A


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


    Subscribe to our YouTube Channel:
    https://www.youtube.com/channel/UCpFTe4qmVDjE1fwFIc6W00A

    • 23 min

Customer Reviews

5.0 out of 5
2 Ratings

2 Ratings

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