Using The Tax Code To Avoid Taxes with Tom Wheelwright – Episode 166

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In this episode Patrick released the audio recording from a special webinar he held with Tom Wheelwright, a Rich Dad Poor Dad Advisor. Tom explains the tax code, how to protect your assets and the fastest way to gain more wealth.

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Show Notes

0:00 Intro

1:12 Webinar intro with Tom Wheelwright

2:23 Using the tax code to avoid taxes

4:04 Why is the tax law so complicated?

5:12 The tax law is nothing more or less than a series of incentives

7:49 The difference between the IRS and the tax law

10:59 Taxes are a punishment for the uneducated

12:45 The 5 categories of government policy

20:41 Why paying zero tax is more beneficial to the economy

23:15 The role insurance plays in being tax free

27:16 Talking about the two layers of incentives

30:18 How the tax law is a series of incentives for business owners

32:58 Most tax advisors assume you’re going to retire poor – how to avoid this problem

36:45 Taxes and insurance are the only two cashflow vehicles we can control

40:50 People should be able to understand taxes and keep it simple

44:20 Financial education separates the rich from the poor

50:41 Tom explains how he’s able to come up with thousands and thousands in tax savings

52:04 Don’t ever think “I can’t” or “that’s impossible”

54:26 You have to change your mindset to “how can I do that?”

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