There are 3 key components to building real, sustainable wealth, and they aren’t as effortless as the fun, flashy, or as easy as online gurus make it seem.   One of those keys is owning a profitable online business. However, while entrepreneurship CAN create wealth, it comes with several cautionary tales.  With a lens on the tough road to business ownership, we discuss the essential qualities for success—having a solid 'why,' controlling impulses, and fostering innovation.  To create long-lasting wealth, your choice in investments is key. Strap in as we divulge the ins and outs of growing a hefty real estate portfolio, where my partner in life and business, Julie, became the linchpin of our operation. We'll navigate the complexities of financial leverage, the unsung heroes that are tenants, and the surprising benefits of amortization and depreciation.  In this episode, you’ll also hear:  The 3 keys to building wealth  3 key traits of successful business owners    The pros and cons to entrepreneurship  Advice for building liquidity into your portfolio  My personal journey to becoming a real estate investor    Must-listen moments:   [00:01:32] If you want to keep growing, you must constantly be doing new, hard things that will challenge you.  [00:04:47] You need to be dialed into the marketing and sales with an offering to the marketplace that delivers tremendous value. The more you can spread the word and deliver on your value proposition, the more buyers will find their way to you.  [00:08:35] A good rule of thumb to strive for is to build liquid assets in portfolio wealth equal to one year of income before you start putting money into illiquid assets like real estate and other business opportunities.    If you’re focused on paying less tax and building more wealth so you can live a great life, fill out a short survey at www.vitalstrategies.com/client to explore working together.   Visit www.vitalstrategies.com to download FREE resources.   Listen to the podcast on your favorite app: https://link.chtbl.com/vitalstrategies  Follow on Instagram at https://www.instagram.com/vital.strategies    Follow on Facebook at https://www.facebook.com/VitalStrategiesPodcast   Follow on LinkedIn at https://www.linkedin.com/in/patricklonergan/     Credits: Sponsored by Vital Wealth Music by Cephas Audio, video, and show notes produced by www.podcastabundace.com Research and copywriting by Victoria O'Brien    

Liquidity, market shifts, and risk return —what do they mean for your investment portfolio? Get the answers today! On the latest Vital Strategies Podcast episode, host Patrick Lonergan welcomes Kevin Smith, CFA, for a deep dive into building a resilient investment portfolio. Kevin brings his top-tier industry expertise to discuss liquidity, time frames, tax implications, and risk management. The conversation explores the positives and negatives of various investment opportunities, emphasizing the importance of strategic portfolio structuring for favorable outcomes. Kevin’s wealth of experience provides listeners with a deeper understanding of investment portfolio design and risk considerations. Whether you're a seasoned investor or just starting, this episode offers valuable insights that can positively impact your financial decisions. Don't miss out on this opportunity to enhance your approach to investments. Key takeaways: Strategic Portfolio Structuring Proactive Corrections Navigation Turning Securities into Cash Resources: 2024 Planning Resources Read the Transcript Submit questions to the podcast Credits: Sponsored by Vital Wealth Music by Cephas Produced by BrightBell Creative Research and copywriting by Victoria O'Brien

Captive insurance is a cutting-edge strategy that could change the way you protect your business. In this episode, we explore the versatility of captive insurance for asset protection and business security. Discussing its ideal applications; IRS compliance and how captive insurance could lead to substantial savings for your business. Joining us for this discussion is Level 3 tax expert, Chad Spitzer. Chad specializes in developing captive insurance solutions to safeguard businesses. In today’s episode, Chad provides practical examples and red flags to navigate, making it an essential listen for those seeking advanced strategies to fortify their financial stability. Key Takeaways: Ideal candidates and business scenarios for captive insurance. Practical examples of captive insurance applications. IRS scrutiny and compliance. Resources: 2024 Planning Resources Read the Transcript Submit questions to the podcast Credits: Sponsored by Vital Wealth Music by Cephas Produced by BrightBell Creative Research and copywriting by Victoria O'Brien

Considering advanced tax planning but unsure about the benefits and pitfalls? We've got the answers you need. In this episode, host Patrick Lonergan, navigates the complexities of Level 3 tax strategies, where creativity meets a fair amount of risk. While these strategies undergo close scrutiny from the IRS, we provide insights into how the right approach can ensure compliance and unlock substantial benefits. We take a look into taxes from the government's perspective, offering a deeper understanding of compliancy, and pack the episode with real-world examples and essential considerations for a proper setup.  Join us, as we explore Level 3 Tax Planning, providing a roadmap for tax optimization while staying compliant with the IRS. Whether you're a seasoned entrepreneur or an individual looking to enhance your financial tactics, this discussion is packed with actionable strategies that can transform your approach to tax planning. Key Takeaways: Unpacking Level 3 Strategies IRS Compliance Insights Benefits vs. Risks Resources: 2024 Planning Resources Read the Transcript Submit questions to the podcast Credits: Sponsored by Vital Wealth Music by Cephas Produced by BrightBell Creative Research and copywriting by Victoria O'Brien

When planning to sell your business, having a strategic exit plan in place is crucial to ensure a successful transition. Join podcast host Patrick Lonergan along with business exit-plan expert David Barnett as they guide you through the process of buying and selling businesses. With over 25 years of experience, David shares unique insights to help entrepreneurs navigate the complexities of selling their businesses. This episode explores the details of typical exit strategies with real-world examples and practical tips. You’ll discover the art of structuring a deal that benefits both sellers and buyers, along with advice on post-closing payments for a seamless transition. Key Takeaways: Strategic Deal Structuring for Mutual Benefit Avoiding Common Pitfalls Transition Planning Tune in now to strategize your business exit and set the stage for future success! Resources: David C Barnett 2024 Planning Resources Read the Transcript Submit questions to the podcast Credits: Sponsored by Vital Wealth Music by Cephas Produced by BrightBell Creative Research and copywriting by Victoria O'Brien    

Let’s make 2024 your best year yet! In this episode, podcast host Patrick Lonergan digs into key strategies to ensure you are set on course for success in the new year. Learn the importance of working on the business, not just in it, developing a long-term success strategy, identifying limiting beliefs, setting goals, establishing primary objectives, and crafting a compelling vision. Packed with resources and tools, this episode provides a roadmap for listeners to navigate towards their most successful year. Key takeaways: Develop a robust strategy for long-term success Set clear and achievable goals for personal and professional growth Access a wealth of resources and tools to support your journey Resources: 2024 Planning Resources Read the Transcript Submit questions to the podcast Credits: Sponsored by Vital Wealth Music by Cephas Produced by BrightBell Creative Research and copywriting by Victoria O'Brien    

Ever thought about how successful entrepreneurs prepare for selling or transitioning their businesses? Today, we're discussing the benefits of selling to an Employee Stock Ownership Plan (ESOP) with podcast host, Patrick Lonergan and seasoned business professional, Brad Ethridge. Brad Ethridge is well known in the business landscape with a career spanning back to 1985. With experience in individual financial planning, leading international sales and marketing, and launching several successful businesses, including multiple Insurance Marketing Organizations (IMOs), Brad's entrepreneurial prowess is unparalleled. He is recognized for his expertise in Business Exit Strategies, particularly with a focus on ESOPs. Brad's dedication lies in structuring ESOPs aggressively in the best interest of the owner. In this conversation, Patrick and Brad unravel the intricacies of Employee Stock Ownership Plans (ESOPs) and the art of crafting effective exit strategies for business owners. Key takeaways: Strategic exit options Tax benefits of ESOPs Employee involvement and retention Resources: Read the Transcript Submit questions to the podcast GET THE FIVE MINUTE TAX MAKEOVER Credits: Sponsored by Vital Wealth Music by Cephas Produced by BrightBell Creative Research and copywriting by Victoria O'Brien  

Have you ever wondered how a Cash Balance Plan can help reduce your tax burden while supercharging your retirement savings? In this episode of the Vital Strategies podcast, we welcome Bruce Gendein, an expert in maximizing retirement plans for business owners. Bruce's decades of experience in level 2 tax planning shine through as he explores the flexibility of Cash Balance Plans. In our conversation, Bruce provides innovative solutions for business owners, aiming to both minimize tax liabilities and build wealth efficiently. This episode is a valuable resource for business owners and those interested in tax-efficient financial planning, offering insights that could potentially save hundreds of thousands of dollars in taxes. Key Takeaways: Utilizing a cash balance plan Running calculations to demonstrate the workings of cash balance plans Asset protection Reaching the maximum benefits within a plan Resources: Read the Transcript Submit questions to the podcast GET THE FIVE MINUTE TAX MAKEOVER Credits: Sponsored by Vital Wealth Music by Cephas Produced by BrightBell Creative Research and copywriting by Victoria O'Brien

Don't miss out on the limited-time opportunity to save $10,000.00 by accessing our exclusive free resources at 5minutetaxmakeover.com. In this episode of the Vital Strategies Podcast, your host, Patrick Lonergan, announces a time-sensitive opportunity for listeners to save $10,000.00 in taxes. Covering topics like home office deductions and short-term rentals, adding your family on the payroll and fringe benefits, Lonergan not only highlights key deductions but also guides listeners on proper implementation. Additionally, he introduces the REACH acronym for living a great life, breaking down strategies beyond finances. Tune in before the year-end deadline for practical insights and financial strategy. COMPLETE THIS CHALLENGE BY DEC.31st, 2023 TO SAVE UP TO $10,000.00 OR MORE!!! Key Takeaways: Save big with our free resources REACH for a great life Maximize your deductions effectively Resources: Read the Transcript Submit questions to the podcast GET THE FIVE MINUTE TAX MAKEOVER Credits: Sponsored by Vital Wealth Music by Cephas Produced by BrightBell Creative Research and copywriting by Victoria O'Brien

Discover the untapped potential of Tax Planning Strategies for tax deferral and financial security. In today's episode of the Vital Strategies Podcast, we explore Level 2 Tax Planning strategies that, when implemented with investment, can potentially save you over $150,000 in taxes. From understanding the intricacies of Traditional and ROTH IRAs to exploring advanced techniques like the Backdoor ROTH conversion and funding ROTH IRAs for your kids, we've got you covered. We'll crunch the numbers, offering real-world examples to illustrate how these strategies can work for you. Don't miss out on this comprehensive guide to advanced tax planning and retirement strategies. We'll equip you with the knowledge to navigate potential pitfalls and leverage these strategies to secure your financial future. Key Takeaways: · Unlock over $150,000 in tax savings · Master ROTH IRAs and other plans · Tailor Retirement plans to maximize impact Resources: Read the Transcript Submit questions to the podcast Credits: Sponsored by Vital Wealth Music by Cephas Produced by BrightBell Creative Research and copywriting by Victoria O'Brien