Mar 20, 2023
In this episode of the Millionaire Mindcast, we have a remarkable guest, Tom Wheelright who talks about the practical and strategic ways to permanently reduce taxes, how tax influences behavior, the 7 areas where you can invest your money and pay less taxes, and how the rich and wealthy pay zero taxes, legally!
Tom Wheelwright is a CPA, entrepreneur, international educator, leading expert and published author on partnerships and corporation tax strategies, best-selling author of a book “Tax-Free Wealth”, a well-known platform speaker and a wealth education innovator, Rich Dad advisor, and Founder and CEO of WealthAbility (Tempe, Arizona). He has been featured in hundreds of media, including Forbes, The Huffington Post, Accounting Today, CFO Magazine, ABC News Radio and AZTV Morning News, along with writing columns for Entrepreneur Magazine and Inman News.
Tom has been working with Robert Kiyosaki as a CPA for 20 years. Thus, influenced him to be a big action-taker and doer. His goal in life is to make taxes easy and understandable. He believes that once you change your mind, you can change your life, but if you can’t, you are stuck with what you’ve got!
Some Questions I Ask:
Who is Tom Wheelright?
What has that journey with Robert Kiyosaki consisted of for you?
Why don't we teach in school historically on how to pay less or no taxes?
Who out there is this roadmap really designed for, and where should they be looking to start this process?
What are your thoughts around the current Biden administration proposing the 2024 budget to 1031 Exchanges making it to Congress and becoming inactive in the law?
What are the bigger mistakes that you see so many individuals that you worked with they’re doing wrong on tax-planning and strategy?
What should be some of the habits or routines to really be doing proper tax-planning and recording?
What do you say to those individuals who wanted you to help them figure out previous taxes to make sure they didn’t over pay or wanted to get money back?
In having a partner to help pay less, what does that relationship and dynamic look like in an ideal CPA-investor-business owner dynamic?
What questions should people be asking about in terms of lowering taxable income with some particular behavior change?
What are some of the ways you’re seeing ultra-wealthy used that some individuals may not think about in their tax planning?
Let’s assume that they’re making a lot of money, talk about this idea of giving back, how they can maybe think about doing it strategically as they’re coming out to that phase of luxury?
In This Episode, You Will Learn:
Taxes 101 education.
Mastering the taxes game.
The 7 investments that the government will literally pay you to make.
The key player of every team.
Why building a transactional relationship with a Financial Advisor is a mistake.
The bigger opportunity right now.
Staying away from shiny object syndrome.
Quotes:
“Success in business and investing really starts with the personal development side.”
“Taxes are a game, we all have to play it, we don’t have a choice.”
“Business and investing are team sports.”
“Stay away from shiny object syndrome.”
“Once you change your mind, you can change your life.”
Connect with Tom Wheelright on:
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