Tom Wheelwright

In this engaging discussion, Tom Wheelwright, founder of WealthAbility and a CPA veteran, shares his insights on transforming client service in accounting. He emphasizes the need for accountants to adopt an entrepreneurial mindset and focus on outcomes rather than tasks. Wheelwright advocates for flat, value-based pricing, which enhances transparency and strengthens client relationships. He also discusses the importance of setting upfront contracts and transitioning from traditional compliance roles to advisory services, ultimately redefining how accountants can deliver meaningful value.

Want to be rich? It starts with the right mindset. If you have an attitude focused on learning and getting better – the sky is the limit. Don’t miss this eye-opening discussion with Robert and Kim Kiyosaki and their special guests Tom Wheelwright, Rich Dad Advisor on taxes, and Jason Hartman, CEO of Empowered Investor Network, as they reveal the single biggest shortcut for investing success. A better financial future is waiting!After viewing this event, take advantage of a special offer for Podcast listeners to help you get started as an investor: https://bit.ly/RDWRDPodcast5D*SPECIAL OFFER* You’ll get Robert Kiyosaki’s complete Real Estate CASHFLOW Blueprint program and gain access to his proven step-by-step strategies. Plus, for a limited time – you’ll also get access to 6 FREE LIVE Mastermind sessions with Robert’s certified Rich Dad Real Estate experts - a $2,000 value (This offer is subject to change at any time). What’s included: Robert’s Complete CASHFLOW Blueprint online course and 3 additional free bonuses: The Rich Dad Personal Riches Profile (powered by the Myers-Briggs Type Indicator), Robert’s Contracts and Forms Toolkit, and 7 extra sessions featuring Robert’s Insider Secrets to Exploding your Cash Flow. https://bit.ly/RDWRDPodcast5D

Tom Wheelwright, a CPA and advisor to Robert Kiyosaki, shares invaluable insights on tax strategies for real estate investors. He discusses how the wealthy minimize their tax burdens while everyday investors can also benefit. Learn about depreciation, tax incentives versus loopholes, and how to build a systematic investment approach. Wheelwright emphasizes leveraging real estate debt and understanding IRS guidelines to maximize deductions. His practical steps could lead to significant savings and empower investors to grow their portfolios without the tax pinch.

Tom Wheelwright, a leading tax and wealth expert and bestselling author of Tax-Free Wealth, shares his insights on navigating the tax landscape. He discusses how understanding tax laws can transform them into opportunities for wealth creation. Tom emphasizes the advantages of depreciation for real estate investors, suggesting strategies to optimize tax benefits. He explores the limitations of using 401ks and IRAs for real estate, urging direct investments for better control. His engaging approach demystifies complex tax strategies, making them accessible and actionable.

In this engaging discussion, Tom Wheelwright, an expert on tax strategies and author of Tax-Free Wealth, reveals how everyday investors can leverage tax deductions like mortgage interest and depreciation. He explains the advantages of cost segregation and bonus depreciation for reducing tax bills significantly. Wheelwright also guides listeners on navigating 2022's changing tax landscape, finding the right CPA, and identifying often-overlooked write-offs. With his strategies, investors can free up capital for future real estate ventures!

Tom Wheelwright, a foremost tax and wealth expert and Rich Dad Advisor, breaks down how to keep more of your hard-earned money. He sheds light on navigating tax regulations as strategic tools for wealth building. Discover the nuances of income tax categories, maximizing benefits in real estate, and the power of depreciation. Wheelwright also emphasizes personalized tax advisory for smart investing and how aligning with the right financial advisors can reshape your views on wealth and taxation.

There is a major distinction between economists and investors. While most economists classify themselves with schools of thought such as Keynesian or Austrian, successful investors cannot afford to do so. I just spent a significant amount of time reviewing the work of Saifedean Ammous, the author of The Bitcoin Standard which has really become the bible for serious bitcoiners of the world. Ammous is an academic, trained at Columbia. I highly recommend you read his work. He’s very smart and when you listen to him, he just makes sense. The primary theme in his work is that Keynesian Economics is pretty much responsible for all evils of the world. I’m only slightly exaggerating. Ammous would say that pretty much every war since World War 1 could be blamed on Keynesian Economics. Without getting into too much detail, Keynesian economics refers to the idea that demand drives supply and the key to a healthy economy is to spend or invest more than you save. Keynesian economics is the reason governments borrow money and spend it. One of our biggest problems today is inflation which is, to some degree, required in the Keynesian system. Ultimately what leads to Ammous to consider a bitcoin standard the best economic system is that bitcoin is deflationary allowing people to actually store value over time in a meaningful way and it is out of the control of a central authority—ie a government with a gun to your head. Very interesting stuff. But how do we use this information practically? Hardcore bitcoiners will tell you to put all your money into bitcoin—get it out of fiat.  If things work out the way Ammous and the rest of the hardline bitcoiners believe, that would be a very good move. But how do we know it’s going to happen. Just because something makes sense doesn’t mean it will ever be reality. The reality now is that governments rely on the Keynysian system. Therefore, it’s not going anywhere anytime soon. And while bitcoiners often prophesize of some macroeconomic apocalyptic event leading to the bitcoin standard, I personally, would not count on it. Don’t get me wrong. I do see bitcoin as a major player in the world economy in the coming years. It will take some time but I do believe it will be digital gold. Even over the next five years, I believe bitcoin will be worth $250K and that will just be the beginning. So…yes. I am stacking bitcoin. But I’m still 85 percent real estate because that’s what I KNOW will be successful over time. You and I are investors. We may have our own belief systems and wish things were a certain way. But the playing field and the rules are written by governments, not ideological economists. So we have to navigate the personal finance world on what is, not what should be. What we do know right now is that inflation is real and we need to figure out how to make our investments exceed inflation.  The money supply has grown an average of 14% every year for at least 60 years now. That’s why inflation is inevitable.  The best thing that investors can do is to invest in inflation-hedged assets like real estate. Although inflation does not directly include asset prices in its calculation, there is no doubt that owning assets is the way to keep up with it. What else can you do? As real estate investors, we work with a lot of debt. Inflation erodes debt and punishes savers. As long as we are prudent with our debt, the math is clear. Debtors are rewarded in inflationary environments—keep your leverage intact and let that debt erode as the governments print money. Finally, we need to figure out how to maximize our profits. If inflation is running at 7% per year you need to make more than that just to keep up. And remember, this is after taxes. That brings me to tax mitigation. One of the most powerful tools to maximize your investment dollar is tax-efficient investing. That’s why tax mitigation is such a major theme of Wealth Formula. To maximize your profits you either make more money or pay less of it in taxes. Legally paying less taxes is easier and much quicker than making more money in most cases. From personal experience I can tell you that the investment of time and money into adequate tax planning is one of the most profitable decisions you can make. What I have learned and implemented from my guest on this week’s Wealth Formula Podcast, Tom Wheelwright, is pure gold. Make sure to tune into this week’s show and catch up with Tom. I guarantee you will learn something and that the return on investment will be infinite! Tom Wheelwright, CPA is the visionary and best selling author behind multiple companies that specialize 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. Tom is a regular commentator in the field of taxes and contributes regularly in major professional journals and online resources. Tom’s work 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. Snippets: An update on what we need to know about the tax world right now. How does the government play the tax game? How can you buy a Ferrari with government money? Tom’s new book The Win-Win Wealth Strategy

Tom Wheelwright, bestselling author of Tax-Free Wealth and a leader in wealth strategy for investors, shares groundbreaking insights in this discussion. He emphasizes the crucial role of tax incentives in wealth creation, detailing how savvy investors can navigate changes stemming from the 2017 Tax Cuts and 2020 CARES Acts. Tom highlights strategic tax reduction methods, including using retirement funds for property investments, cost segregation, and proactive planning. His vision encourages listeners to take control of their financial futures through informed tax strategies.

Discover how entrepreneurs compound bad decisions, tips on building a solid plan to avoid worsening mistakes, insights on stock market psychology, embracing external expertise for business success, navigating cognitive biases in decision-making, and Dr. Vincent D. Felipeau's upcoming book Breaking Point.

Tom Wheelwright, a tax and wealth strategist and author of Tax-Free Wealth, shares his insights on optimizing tax strategies for wealth creation. He encourages listeners to view taxes as opportunities rather than obligations, explaining how proactive planning can enhance financial futures. Wheelwright discusses upcoming tax changes expected by 2025, emphasizing the differing philosophies of political parties. He also dives into the tax implications of cryptocurrency and innovative philanthropic strategies that maximize benefits for high-net-worth individuals.