MI285: The Art of Tax Optimization w/ Mitchell Baldridge
The Intrinsic Value Podcast - The Investor’s Podcast Network
Introduction
Mitchell Baldrigge is a certified public accountant and financial planner. He founded Baldrigge Financial in 2014, and he's also involved in several other businesses. On this week's episode of Millennial Investing, we talk about his thesis of buying a business, buying real estate, employing tax strategies, enjoying the cash flow, and paying little to nothing in taxes.
Patrick Donley (@JPatrickDonley) sits down with Mitchell Baldridge to chat about his thesis of buying a business, buying real estate, employing tax strategies, enjoying the cash flow, and paying little to nothing in taxes. You’ll also learn in more detail about the tax benefits of owning a small business, why a cost segregation study makes sense, what it has been like launching several new companies, and how Twitter has accelerated his career by decades.
Mitchell Baldridge is a Certified Public Accountant and Certified Financial Planner with vast experience in corporate accounting, business advisory, and financial planning. His passion is building lifelong relationships with business owners to help them thrive.
He founded Baldridge Financial in 2014 to realize his dream of helping business owners achieve their financial goals.
He’s also involved in several other businesses including Better Bookkeeping, RE Cost Seg, and Tax Credit Hunter.
IN THIS EPISODE, YOU’LL LEARN:
00:00 - Intro
02:40 - What Mitchell’s thesis is for wealth and tax optimization.
04:48 - What a Real Estate Professional is.
06:39 - What the tax benefits of owning a small business are.
09:50 - What the different retirement plans are that solopreneurs can take advantage of.
12:40 - What is qualified business income?
14:55 - Why it is important to stay current on the tax codes.
15:36 - What are the benefits of cost segregation?
29:30 - How Mitchell teamed up with Nick Huber and what their competitive advantages are.
32:06 - How Mitchell got Better Bookkeeping started.
44:02 - Why the distribution Twitter provides has been so critical to his success.
49:42 - What lessons he learned from Sam Zell.
51:41 - What are the two questions he asks before pursuing an opportunity?
59:01 - How he would spend $1000 if he was starting a new business.
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
- The Everything Guide to House Hacking by Robert Leonard.
- Smart Friends podcast.
- Related Episode: Listen to REI173: The Power of Cost Segregation w/ Yonah Weiss or watch the video here.
- The Goal by Eliyahu Goldratt.
- The Power Broker by Robert Caro.
- Kevin Kelly’s 1000 True Fans.
- The General Ledger newsletter.
- The Almanack of Naval Ravikant by Eric Jorgenson.
- Unreasonable Hospitality by Will Guidara.
- Shoe Dog by Phil Knight.
- Scaling Up Compensation by Verne Harnish.
- Who Is Michael Ovitz? by Michael Ovitz.
- Confessions of an Advertising Man by David Ogilvy.
- Better Bookkeeping.
- Cost Segregation - https://recostseg.com.
NEW TO THE SHOW?
- Check out our Millennial Investing Starter Packs.
- Browse through all our episodes (complete with transcripts) here.
- Try Kyle’s favorite tool for picking stock winners and managing our portfolios: TIP Finance.
- Enjoy exclusive perks from our favorite Apps and Services.
- Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
- Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
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Connect with Patrick: Twitter
Connect with Mitchell: Twitter | Website
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