127: Tom Wheelwright and Tax Free Wealth 2.0

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Never try to convince a fool that he’s a fool. He won’t believe you anyway.

I hate to say it, but that’s why I never talk money with people unless they bring it up with me first. That’s what’s great about being a podcaster. People CHOOSE to listen to you or to be on your email list.

In fact, I recently invited people to attend a live webinar on some wealth strategies that I have studied extensively and am close to executing on. I thought it would be fun to have people see how I look at things in real time and add their feedback.

After all, I don’t know it all. In fact, the reason I am as successful as I am is because I DON’T PRETEND to know it all. I try as much as possible to look at every opportunity with an open mind and poke holes in it.

Curiously, last week, I got an email from someone in telling me that all of the things I was looking at were “garbage”. Of course I welcomed the dissent and invited him to join the webinar and explain why. He wrote back that he “espoused” the teaching of the White Coat Investor and Physician on Fire who did not like these products and, therefore, he would not attend.

I wrote something snarky back which I should not have. Instead, I should have remembered, “never try to convince a fool that he’s a fool”. By the way, that product I was talking about is used by most of my nine figure net worth friends who might know a thing or two that doctors might not. It’s similar to Velocity Plus.

And to be clear, I’m not saying that disagreeing with me is tantamount to being a fool. What I am saying is that “espousing” others in the world of finance is stupid. I don’t want any of you to follow all of my words blindly. I want you to challenge it.

If I say I don’t like something, tell me why I should. If I say something is a great deal, tell me why it’s not. Listen to what others have to say and process for yourself. If you don’t agree with me, don’t just say you play for a different team and send me an article that doesn’t even pertain to the product I’m talking about!

I don’t want lemmings like this in my community. Please unsubscribe from my list! Go die broke like the rest of them. I didn’t come to you, you came to me.

The stupidity drives me crazy I have to tell you. Unfortunately, it’s usually the doctors who think they know it all. It’s from all that positive reinforcement we got in school for getting A’s. It makes us believe we are smarter than we are. The truth is, when it comes to money, most doctors could use a boost to the old financial IQ.

I get fired up about stuff like this. You know what else I get fired up about? Taxes! Just like financial strategies, everyone loves to tell you that you “can’t do that” when it is clear as day in the tax code that you can.

I remember my first CPA out of residency who was supposed to be conservative and who most of the doctors I knew used. I might as well have used turbotax.

Then I learned of Tom Wheelwright and it completely changed the way I view not only taxes, but business and investing and it is a pleasure to have him back this week on Wealth Formula Podcast. Don’t miss it!

Tom Wheelwright, CPA is the visionary and best selling author behind multiple companys that specializing in wealth and tax strategy. Tom is also a leading expert and published author on partnerships and corporation tax strategies, a well-known platform speaker and a wealth education innovator.

In Tom’s best selling book Tax-Free Wealth, Tom shows entrepreneurs and investors how to build massive amounts of wealth through practical and strategic ways to permanently reduce taxes.

Shownotes:

[13:30] Buck introduces Tom Wheelwright

[16:00] Employees got hammered

[18:30] The 20% tax deduction for LLC

[23:30] Tax your way to wealth

[30:00] How it works for the bigger companies

[34:00] Wealth Ability

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