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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?”