Tax Secrets Revealed- How The Rich And Wealthy Pay Zero Taxes, Legally | Tom Wheelwright
Millionaire Mindcast
Matt Aitchison Media, Inc
4.4 • 716 Ratings
🗓️ 20 March 2023
⏱️ 49 minutes
🧾️ Download transcript
Summary
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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Transcript
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| 0:00.0 | what I've tried to do in kind of my mission in life is to really make taxes so simple conceptually |
| 0:06.8 | that even a six-year-old could understand them. You know, it's really a function of one, how do you |
| 0:11.8 | make your money? And two, what do you do with your money when you do make it? And that's really what |
| 0:15.8 | it is. And then three is understanding the rules of the game. So taxes are a game. We all have to play it. We don't get a choice. |
| 0:21.2 | If we ignore it, we just pay the maximum tax. |
| 0:24.0 | So we don't get to choose whether we're partners with the government. |
| 0:28.0 | We just get to choose what kind of a partner. Welcome to the show. How are we doing today? I'm doing great, Matt. How are you? |
| 0:46.7 | Well, we're getting to that time of year where all I can do is think about taxes right now. So this is a timely conversation and we got none other than |
| 0:57.2 | the best in the country to help us navigate through it. So for those don't know who you are and what |
| 1:03.3 | you've been up to over the course of your career when somebody says, who is Tom Millwright? |
| 1:07.2 | What do you say? Well, what people know me best for is, are my two best |
| 1:13.2 | selling books, tax-free wealth and the win-win-walt strategy and my connection with Robert |
| 1:18.3 | Kiyosaki of Rich Dad. Poor Dad, fame, as I've been his CPA and connected with him for over 20 |
| 1:24.5 | years. So that's been a, that's been a quite a ride and a learning |
| 1:28.6 | experience. You know, I'm curious before we would dive into, you know, all that we're going to |
| 1:34.2 | talk about today. What has that ride and journey been like with Robert, knowing that both of |
| 1:39.9 | you guys are, you know, big action takers and big doers. What has that journey consistent |
| 1:47.0 | up for you? You know, it's, it's been fantastic. I mean, Robert's very much about personal |
| 1:53.0 | development. And so he really has changed my life from a personal development side. And I like to |
| 1:59.2 | say that I think that success in business and investing really starts with the personal development side. And I like to say that I think that success in business and |
| 2:02.4 | investing really starts with the personal development side. And so it's not the financial side. |
| 2:07.7 | You know, those are just tactics, but it's the personal development. Who are you? Are you willing |
... |
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