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Stay Wealthy Retirement Podcast

Taylor Schulte: Why You Might DIY, Tax Planning, and More!

Stay Wealthy Retirement Podcast

Taylor Schulte, CFP®

Financialplanning, Retirement, Money, Taxplanning, Stocks, Wealth, Business, Investing, Retirementplanning

2.4606 Ratings

🗓️ 19 May 2020

⏱️ 53 minutes

🧾️ Download transcript

Summary

Today I'm on the other end of the microphone!

I was recently on the Get Wealth Fit podcast. Dustin (the host) led a great conversation and I wanted to share the replay with you. 

We talk about:

  • Why you might not need a financial advisor
  • Conflicts of interest in the financial industry
  • How you're making a tax planning decision daily
  • My biggest financial mistake
  • And more!

If you're tired of me asking all the questions and want to hear me in the hot seat for once, you're going to love this episode.

Transcript

Click on a timestamp to play from that location

0:00.0

Welcome to the Stay Wealthy Podcast. I hope you, your family and friends are doing well and staying safe out there.

0:10.8

Today on the podcast, I thought I would turn the tables on myself and replay a recent interview that I did on the Get Wealth Fit podcast.

0:18.7

I share my biggest financial mistake, why you might not need a financial

0:22.7

advisor, how you're making a tax decision every single day without knowing it and more.

0:28.6

Really quick, before I played the interview for you, I just wanted to let you know that my

0:32.8

email inbox is open. If you're struggling with anything, have any questions, or simply just need a

0:38.6

place to vent. We're going through some really strange, challenging times right now, and I just

0:43.1

want to try and do my part to help. My email address is podcast at you staywealthy.com. I check the

0:49.8

inbox outside of business hours, but I do read and respond to every message. So shoot me a note.

0:55.9

Okay, without further ado, here is my interview on the Get Wealthfit podcast.

1:02.6

Taylor, for seven years, you had been grinding and working hard and it's starting to pay off.

1:08.0

You have that high paying corporate job, but you're starting to realize that

1:10.9

there are other paths to success and you find yourself at a fork in the road. One path leads to

1:17.5

what would be the biggest paycheck you'd ever receive in your life, the other, the smallest. Why did

1:24.4

you take the road less travel leading to the smallest check? And how in the heck did you come to that decision? Yeah, it was a tough one. You know, it was like I could go get a corporate job that paid me really good money, you know, healthy six figures and take care of my family, not have the stress that, you know, we all have as business owners and entrepreneurs. But, you know, actually both my grandfathers were entrepreneurs.

1:45.3

One of them came over from Germany and was a very successful entrepreneur in the medical

1:49.6

device business and the other as a successful orthodontist. I think I just had like that blood

1:54.1

inside me. Like I just couldn't get away from it. I knew if I didn't go and create something for

1:58.6

myself, I would just like live with that regret. I also knew at the

2:02.8

time that if what I was going to go and start and build didn't work, I could always go get a

2:09.1

corporate job. Like I could always go back to the nine to five. I had the experience. I had the

2:13.5

credentials. I had the knowledge. I was hireable. And so that was always kind of my my fallback option. I just knew I'd live with that regret. So I went, yeah, 120% all in started my firm in 2014. Were you antsy before, you know, coming to that decision, meaning like, you just knew like this corporate thing wasn't going to be your thing. And so you were starting to already formulate the exit plan? Or was it more like abrupt than like you were faced with the decision? You're like, now's the time. You know, I think I got really tired of being told no all the time and like clawing my way to yes for everything. And as you might find out, as we get to know each other a little bit better. Like, I'm a creative guy. I like to try different things. I like to experiment and just be told no all the time. It's just really crippling, right? And so I think there's like over time, I'm like, I can't be told no. I need this creative outlet. I need to do things kind of my own way. I wouldn't trade my experience in the corporate world for anything. I learned a ton. I made incredible friendships. I had incredible mentors. I learned a lot. So I wouldn't trade that. But I think it just got to this point where it's like, it's time. It's just time to do something for myself. And I also am really good at paying attention to myself and like how I'm feeling. If I'm ever feeling stagnant that I'm not growing, it's a sign that I need to make a change in my life. And it still exists today with different projects and things that I'm working on. If I just get that feeling that I'm just like, I don't really want to be here right now. I don't really want to be doing this. Yeah. This little light bulb goes off and says, it's time to make a change. You've got to do something. And so that happened. And I started to put the wheels in motion to make a

...

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