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Life Insurance Is A Valuable Asset Like Your Home

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Konten disediakan oleh Tom Suvansri. Semua konten podcast termasuk episode, grafik, dan deskripsi podcast diunggah dan disediakan langsung oleh Tom Suvansri atau mitra platform podcast mereka. Jika Anda yakin seseorang menggunakan karya berhak cipta Anda tanpa izin, Anda dapat mengikuti proses yang diuraikan di sini https://id.player.fm/legal.

Explore the practical side of the infinite banking concept in our latest episode. We break down how specially designed whole life insurance policies can act as flexible financial tools, much like owning a home. Understand the pros, cons, and real-life applications to gain financial control!

Highlights 01:04 - Overview of Whole Life Insurance Policies 05:32 - Mortgage Process vs. Life Insurance Underwriting 08:02 - Comparison of Payments: Mortgage vs. Life Insurance Premiums 10:04 - Guaranteed Rate of Return in Whole Life Insurance 12:11 - Accessing Equity: Home Equity Loans vs. Insurance Policy Loans 14:44 - Disability and Death Benefits in Mortgage vs. Life Insurance 16:14 - Additional Benefits: Long-term Care and Terminal Illness Coverage 18:26 - Retirement Planning: House Sale vs. Life Insurance Withdrawals 20:37 - Flexibility and Tax Advantages of Life Insurance

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140 episode

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Manage episode 431871324 series 3558454
Konten disediakan oleh Tom Suvansri. Semua konten podcast termasuk episode, grafik, dan deskripsi podcast diunggah dan disediakan langsung oleh Tom Suvansri atau mitra platform podcast mereka. Jika Anda yakin seseorang menggunakan karya berhak cipta Anda tanpa izin, Anda dapat mengikuti proses yang diuraikan di sini https://id.player.fm/legal.

Explore the practical side of the infinite banking concept in our latest episode. We break down how specially designed whole life insurance policies can act as flexible financial tools, much like owning a home. Understand the pros, cons, and real-life applications to gain financial control!

Highlights 01:04 - Overview of Whole Life Insurance Policies 05:32 - Mortgage Process vs. Life Insurance Underwriting 08:02 - Comparison of Payments: Mortgage vs. Life Insurance Premiums 10:04 - Guaranteed Rate of Return in Whole Life Insurance 12:11 - Accessing Equity: Home Equity Loans vs. Insurance Policy Loans 14:44 - Disability and Death Benefits in Mortgage vs. Life Insurance 16:14 - Additional Benefits: Long-term Care and Terminal Illness Coverage 18:26 - Retirement Planning: House Sale vs. Life Insurance Withdrawals 20:37 - Flexibility and Tax Advantages of Life Insurance

Episode Resources

Call to Action Schedule a Call with Tom

How to Listen: Subscribe on Youtube Listen on Spotify

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140 episode

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In this podcast episode, Tom chats with Clint Harris, a general partner at Nomad Capital, who shares his unique journey from a medical sales career to the self-storage investment space. Clint discusses the importance of financial independence, the pursuit of a meaningful life, and how he transitioned into real estate investing. He highlights the advantages of self-storage as an asset class, the innovative business model of Nomad Capital, and the deeper purpose behind their investments, which focuses on creating opportunities for families to spend quality time together. In this conversation, Tom and Clint dive into the complexities of real estate investment, emphasizing the importance of partnerships, understanding asset classes, and adapting to market trends. They discuss the impact of COVID-19 on storage needs, particularly among millennials, and explore cultural perspectives on consumerism. Tune in to hear more from this exciting episode! Highlights 03:59 - Strategy shift: single-family to Airbnb. 05:49 - Realization of time and financial independence. 07:06 - Exploring successful real estate investor strategies. 07:52 - Experiencing burnout from managing multiple tenants. 08:25 - The appeal of self-storage investments. 09:07 - Importance of asset class conversion. 12:17 - Financial independence and personal goals. 14:12 - Founding of Nomad Capital. 17:18 - Impact of generational shifts on real estate. 18:45 - Discussion on consumerism and storage needs. 21:05 - Advantages of self-storage: low expense ratio. 25:00 - Effects of housing market trends on storage. 26:20 - Millennial usage of self-storage as extended space. 36:00 - Investing strategy: assessing personal alignment. 37:00 - Suitable investment profile for self-storage fund. Episode Resources Connect with Tom Suvansri https://perennialpride.com/ https://www.facebook.com/perennialpride/ https://twitter.com/perennialpride https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA Connect with Clint Harris https://www.linkedin.com/in/clint-harris-543265139 Call to Action Schedule a Call with Tom How to Listen: Subscribe on Youtube Listen on Spotify…
 
Today, Tom discusses the importance of understanding the true costs of living, emphasizing the difference between short-term cheap options and long-term investments. He explores various aspects of personal finance, including financial planning, insurance, tax strategies, estate planning, and debt management, urging listeners to think holistically about their financial decisions and the impact they have on their future. Tune in to understand the true cost living. Highlights 03:00 - Long-term quality vs. short-term savings. 03:51 - Health as a long-term investment. 04:49 - Thinking beyond immediate costs. 05:55 - Long-term net worth vs. income planning. 10:18 - Comprehensive financial planning overlooked for sales. 15:00 - The role of insurance in risk mitigation. 20:53 - Proactive tax planning importance. 23:55 - Estate planning and legal basics. 25:59 - Leverage vs. debt in wealth building. 29:44 - Investing in personal health for long-term benefits. Episode Resources Connect with Tom Suvansri https://perennialpride.com/ https://www.facebook.com/perennialpride/ https://twitter.com/perennialpride https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA Call to Action Schedule a Call with Tom How to Listen: Subscribe on Youtube Listen on Spotify…
 
In this episode, Richard Walsh joins Tom and shares his extensive entrepreneurial journey, beginning from his time in the Marine Corps to becoming a successful business owner and coach. He discusses the challenges he faced during the 2008 economic downturn, the importance of shifting from an employee mindset to an owner mindset, and the critical role of feedback in validating business ideas. Richard emphasizes resilience in the face of rejection and the necessity of learning from failures to achieve success in entrepreneurship. Tom and Richard dive into the multifaceted journey of entrepreneurship, emphasizing the importance of commitment, understanding expectations, and the necessity of having a purpose beyond profit. Tune in to hear about the resilience required to navigate the ups and downs of business ownership and the significance of recognizing the true value provided to customers. Highlights 03:00 - From shoveling granite to $1,000 in a day: an entrepreneurial awakening. 04:45 - Scaling from landscape to custom water features. 07:02 - 2008 financial crash: Losing half a million in one day. 10:24 - Shutting down the business to refocus on family. 13:05 - The creation of "Escape the Owner Prison" and a new coaching venture. 18:50 - Side hustle reality for would-be entrepreneurs. 23:30 - Overestimating in one year, underestimating in five. 24:50 - The rejection blues: handling noes and setbacks. 31:36 - Vision-driven business: Understanding the bigger mission. 38:17 - The importance of customer journey and experience. 46:17 - The thrill of entrepreneurship: innovation and automation. 47:56 - Where to find more about Richard and his coaching services. Episode Resources Connect with Tom Suvansri https://perennialpride.com/ https://www.facebook.com/perennialpride/ https://twitter.com/perennialpride https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA Connect with Richard Walsh https://www.linkedin.com/in/richard-walsh-866ab237 Call to Action Schedule a Call with Tom How to Listen: Subscribe on Youtube Listen on Spotify…
 
Joining Tom in today's episode is Scott Phillips, founder of SDP, about wealth building strategies, particularly focusing on oil and gas investments. Scott shares his personal journey, insights into tax strategies, and the importance of diversification in investment portfolios. The conversation delves into the tax benefits associated with oil and gas investments, the risks involved, and the future of the industry in a changing economy. Scott emphasizes the need for careful planning and understanding one's financial situation before making investment decisions. Tune in to hear more about how tax benefits are not loopholes, but incentives. Highlights 02:03 - Insights from owning businesses: Reducing tax concerns. 04:41 - Early exploration into oil and gas tax strategies. 06:45 - Importance of understanding tax implications in investments. 08:06 - Learning cycles of investment: Oil vs. stock market. 09:52 - Tax benefits of oil and gas investment explained. 13:08 - Why government offers tax incentives for drilling. 15:00 - Technology advancements lower oil production costs. 19:39 - Ideal times to invest in oil and gas. 22:43 - Addressing the perception of oil's future amid alternatives. 26:46 - Environmental impact and the industry's response. Episode Resources Connect with Tom Suvansri https://perennialpride.com/ https://www.facebook.com/perennialpride/ https://twitter.com/perennialpride https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA Connect with Scott Phillips https://www.linkedin.com/in/scottphillipssdp Call to Action Schedule a Call with Tom How to Listen: Subscribe on Youtube Listen on Spotify…
 
In today's episode of the Perennial Pride podcast, Tom discusses different options for leveraging assets without liquidating them. He explores the use of personal credit cards, home equity lines of credit, margin accounts, and cash value life insurance as sources of capital. Tom highlights the pros and cons of each option and emphasizes the importance of being disciplined and responsible when using debt as leverage. He also emphasizes the need to be prepared and have access to cash in order to take advantage of opportunities that may arise. Tune in to hear more! Highlights 03:00 - Building an Opportunity Fund. 03:21 - No Magic Bullet in Financial Strategies. 03:57 - Leveraging Assets Without Liquidation. 05:05 - Pros and Cons of Credit Card Use. 06:46 - Home Equity Line of Credit: A Viable Option. 09:50 - Margin Accounts: Accessing Cash Through Brokerage. 13:08 - Infinite Banking: Leveraging Life Insurance. 18:31 - Benefits of Cash and Preparedness. Episode Resources Connect with Tom Suvansri https://perennialpride.com/ https://www.facebook.com/perennialpride/ https://twitter.com/perennialpride https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA Call to Action Schedule a Call with Tom How to Listen: Subscribe on Youtube Listen on Spotify…
 
In today's episode, Tom dives into the importance of wealth management, discussing key areas that are often overlooked. He covers topics like cash flow management, tax reduction strategies, evaluating fees, and the drawbacks of relying solely on banks for wealth storage and borrowing. Tune in to hear more about alternative strategies, including infinite banking, diversifying investments, and essential risk mitigation through insurance and estate planning Highlights 01:54 - Uncovering hidden health risks. 03:05 - Financial risks beneath the surface. 04:26 - Importance of cash flow awareness. 05:09 - Diversifying streams of income. 06:34 - Tax strategies and opportunities. 07:55 - The true cost of fees. 09:22 - Rethinking the role of banks. 11:09 - Investment diversification beyond markets. 13:46 - Importance of risk mitigation. 15:56 - Estate planning for wealth transfer. 22:11 - Empowerment through financial education. Episode Resources Connect with Tom Suvansri https://perennialpride.com/ https://www.facebook.com/perennialpride/ https://twitter.com/perennialpride https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA Call to Action Schedule a Call with Tom How to Listen: Subscribe on Youtube Listen on Spotify…
 
On this episode of Perennial Pride, Tom reconnects with longtime friend Lee Heisman, CEO of Exit Stage Left Advisors. With decades of entrepreneurial experience, Lee shares insights into helping business owners maximize the value of their business as they prepare for an exit. From his start in the printing industry to managing multiple successful ventures, Lee reflects on the importance of risk-taking, resilience, and aligning your efforts with your long-term goals. Tune in to learn about Lee's journey, the lessons he's gained along the way, and what business owners need to know when selling their companies. Highlights 02:08 - The Value of Delayed Gratification. 03:39 - Challenging Conventional Wisdom for Success. 05:50 - Lee Heisman on Defining Personal Success. 06:34 - Transitioning from Physical Therapy to Entrepreneurship. 07:15 - Starting a Printing Business in Atlanta. 09:45 - Selling the Printing Business for New Ventures. 10:56 - The Importance of Resilience and Learning from Failures. 12:29 - Early Business Challenges: Working All Night. 14:39 - Side Hustles Need Full Dedication to Thrive. 16:19 - Balancing Different Types of Employees. 20:04 - Teaching Entrepreneurship at Kennesaw State University. 22:35 - Embracing Failure as a Learning Tool. 23:35 - Understanding Personal Risk Tolerance in Business. 26:04 - Preparing a Business for Sale. 28:55 - Importance of Business Financials and Predictability. 32:50 - Money in the Marketplace Post-COVID. 36:50 - Common Mistakes Before Selling a Business. 40:32 - Importance of Having a Generation 2 Successor. 42:39 - Horror Stories of Unprepared Sellers. 46:00 - The Joy of Helping Clients Exit Successfully. Episode Resources Connect with Tom Suvansri https://perennialpride.com/ https://www.facebook.com/perennialpride/ https://twitter.com/perennialpride https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA Connect with Lee Heisman https://www.linkedin.com/company/exitstageleftadvisors/ Call to Action Schedule a Call with Tom How to Listen: Subscribe on Youtube Listen on Spotify…
 
In this final episode with estate attorney Alessandra Long, they explore the complexities of asset protection and tax planning. Together, they provide an overview of how to safeguard your wealth from risks and taxes, while ensuring a smooth transfer to future generations. They discuss strategies like irrevocable trusts, life insurance trusts, and charitable giving options. Tune in to learn more about protecting your assets and securing your legacy. Highlights 05:10 - Reduced estate tax exemption impact 09:00 - Revocable vs. Irrevocable trusts overview 11:18 - Irrevocable Life Insurance Trust (ILIT) explained 18:12 - Charitable Lead Trusts vs. Charitable Remainder Trusts 21:00 - Grantor Retained Annuity Trust (GRAT) benefits Episode Resources Connect with Tom Suvansri https://perennialpride.com/ https://www.facebook.com/perennialpride/ https://twitter.com/perennialpride https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA Connect Alessandra Long aml@amlonglaw.com Call to Action Schedule a Call with Tom How to Listen: Subscribe on Youtube Listen on Spotify…
 
In this episode of the Perennial Pride podcast, host Tom Suvansri welcomes back state attorney Alessandra Long for part three of their estate planning series. They dive into crucial topics like powers of attorney, healthcare directives, and living wills. Alessandra explains the importance of setting up these documents before a crisis strikes, offering practical advice on how they can protect you and your loved ones. Tune in to learn how to ensure your wishes are respected and avoid the stress of legal complications during tough times. Highlights 03:08 - Importance of Durable Power of Attorney 06:50 - Springing Power of Attorney Explained 12:30- Short vs. Long Form Power of Attorney 15:10 - Potential Situations for Power of Attorney Use 20:59 - Choosing Agents and Trust Issues 23:19 - Introduction to Health Care Directives 24:40 - Distinction Between Living Will and Last Will 29:10 - Importance of Living Wills in Estate Planning 35:19 - Encouraging Family Discussions on Estate Planning Episode Resources Connect with Tom Suvansri https://perennialpride.com/ https://www.facebook.com/perennialpride/ https://twitter.com/perennialpride https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA Connect Alessandra Long aml@amlonglaw.com Call to Action Schedule a Call with Tom How to Listen: Subscribe on Youtube Listen on Spotify…
 
In this episode, Tom Suvansri welcomes back estate planning expert Alessandra Long for a deep dive into the essentials of wills and trusts. Following their initial discussion on estate planning basics, Tom and Alessandra explore the key elements of wills, from the different types to the importance of having one in place, no matter your life stage. They also break down trusts, explaining their purpose, how they can benefit even those without vast wealth, and why funding a trust is crucial. This episode offers practical advice to demystify estate planning, helping listeners understand how to secure their financial legacy. Highlights 01:50 - Importance of wills and why they matter. 02:44 - Explanation of what a will is and its key components. 04:53 - Types of wills and their specific purposes. 06:31 - Why having a will could simplify estate management. 10:39 - The role of a will in managing the estate of young adults. 11:59 - Misconceptions about the cost of setting up a will. 18:20 - Significance of updating your will as life changes. 21:51 - Common scenarios necessitating a will, including second marriages and special needs children. 27:16 - The reason behind creating trusts for minor children. 30:31 - Detailed insight into revocable living trusts. 36:34 - Understanding the process and timeline involved in probate. 37:39 - The financial and emotional burden associated with probate. 41:29 - How proper planning can alleviate the probate process. Episode Resources Connect with Tom Suvansri https://perennialpride.com/ https://www.facebook.com/perennialpride/ https://twitter.com/perennialpride https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA Connect Alessandra Long aml@amlonglaw.com Call to Action Schedule a Call with Tom How to Listen: Subscribe on Youtube Listen on Spotify…
 
Joining Tom today is Russ Morgan, co-founder of Wealth Without Wall Street where he shares his journey from being a financial planner to building passive income streams. He emphasizes the importance of aligning your financial goals with your personal desires and values. Russ discusses the three-step process of achieving financial freedom: setting clear goals, building a plan and pathway, and finding the right support and community. He also highlights various passive income strategies, such as short-term rentals, land flipping, online businesses, syndications, and more. Tune in to hear more about this exciting episode! Highlights 03:49 - The 2008 financial crisis wake-up call 05:25 - The journey to becoming your own banker 07:00 - Admitting to clients that I was wrong 11:03 - Imagination: A critical tool for financial freedom 13:00 - Setting clear and personal financial goals 15:00 - Calculating financial freedom using passive income vs. expenses 21:55 - Building a supportive community for financial freedom 32:10 - Learning and adopting new passive income strategies 33:30 - Exploring different personality-aligned investments with the Investor DNA matrix 36:00 - Real-life application: Success in short-term rentals 40:00 - Real-world example: Young professional building income through land flipping 45:00 - Various passive income streams explored: Short-term rentals, land flipping, online businesses Episode Resources Connect with Tom Suvansri https://perennialpride.com/ https://www.facebook.com/perennialpride/ https://twitter.com/perennialpride https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA Call to Action Schedule a Call with Tom How to Listen: Subscribe on Youtube Listen on Spotify…
 
In this episode, Tom dives into the current economic uncertainties and shares insights on how the wealthy manage and grow their wealth in volatile times. Drawing lessons from the Tiger 21 group, he explores the importance of private equity, real estate, and taking control of your investments. He also emphasizes the value of personal development, skill building, and networking. Whether you're a business owner or working a 9-to-5, this episode offers actionable advice on how to assess your financial strategy, find new opportunities, and make informed decisions for long-term wealth growth. Highlights 00:33 - Market uncertainty and current financial climate 02:10 - The typical mainstream financial advice 04:15 - Introduction to Tiger 21 Group 05:26 - Tiger 21’s “Hot Seat” practice for wealth strategy review 06:33 - Emphasis on philanthropy in Tiger 21 07:45 - Tiger 21 Group’s investment allocation report 08:50 - Comparison between average American investments and Tiger 21 allocation 09:45 - Details on Tigere 21’s private equity and real estate investments 10:53 - Importance of diversification in wealth strategies 12:12 - The hierarchy of wealth and its foundation 14:03 - Role of whole life insurance in wealth strategy 17:20 - Investment in things you can control 18:49 - Value of public equities from a Tiger 21 perspective 20:38 - Importance of personal development and direct ownership 22:10 - Risk mitigation through strategic ownership and control 23:53 - Remaining adaptable in the face of fiscal policy changes 25:30 - Importance of cash reserves and liquidity 27:00 - Opportunities in real estate during economic cycles 29:10 - Networking and learning from others 30:45 - Example of humility and open-mindedness from Tiger 21 Episode Resources Connect with Tom Suvansri https://perennialpride.com/ https://www.facebook.com/perennialpride/ https://twitter.com/perennialpride https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA Call to Action Schedule a Call with Tom How to Listen: Subscribe on Youtube Listen on Spotify…
 
In today's final episode of this mini series with Joe DeFazio, we continue to explore the tax system and how it can be leveraged to build wealth and support our families. We discuss the often overlooked positive aspects of the tax code and how understanding it can open doors to financial opportunities. From business incentives to investing in energy and real estate, we delve into the strategies that allow you to legally reduce your tax burden while contributing to society. Whether you're just getting started or looking to deepen your knowledge, this episode is packed with insights to help you make the most of your financial journey. Highlights 01:01 - The power of learning and teaching through podcasts. 03:22 - Taxes: A significant lifetime expense. 04:20 - Introduction of Joe Difazio and his credentials. 06:53 - 10th Street Capital and its services. 08:17 - His journey in life insurance and financial planning. 11:41 - The 1913 inception of the modern tax code. 16:25 - Evolution of the tax code: Creeping complexity. 20:15 - The dilemma of marginal tax rates. 23:54 - Introduction to the Infinite Banking Concept (IBC). 25:57 - Distinction between IBC and whole life insurance. 28:59 - Cash value and contractual obligations in whole life insurance. 33:54 - Dividends and paid-up additions (PUAs). 36:21 - Lending against guaranteed increasing collateral. 38:50 - Flexibility and control in using life insurance loans. 42:56 - Reducing opportunity cost: Recouping through loans. 47:41 - Structuring retirement income: Dividends and PUAs. 53:00 - Tax-free death benefit and state tax implications. 56:09 - Attacks and potential changes to tax treatment on life insurance. 1:01:10 - Emphasizing control and understanding opportunity costs. Episode Resources Connect with Tom Suvansri https://perennialpride.com/ https://www.facebook.com/perennialpride/ https://twitter.com/perennialpride https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA Connect with Joseph DeFazio https://www.10thstreetcapital.com/ Call to Action Schedule a Call with Tom How to Listen: Subscribe on Youtube Listen on Spotify…
 
In today's episode, we welcome back our friend Joe DeFazio, an enrolled agent and financial advisor, as we continue part two of our journey into understanding the tax code. We're on a mission to demystify taxes and show how the system can work for you, not against you. In this episode, we focus on the individual employee and families, laying the groundwork for how the tax code impacts everyday life. We dive into how taxes are used as incentives by the government and explore the key deductions, adjustments, and credits available to help you save as well as 529 plans. Whether you're an employee raising a family or simply navigating your finances, this episode will shed light on the tax strategies you can use to your advantage Highlights 00:21 - Demystifying the Tax Code 02:16 - Role of the Tax Code in Incentivizing Behavior 05:46 - Key Tax Benefits for Employees and Families 11:13 - Understanding Tax Credits, Deductions, and Adjustments 18:32 - Importance of Itemizing Deductions 22:19 - Identifying Common Tax Benefits for Individuals 32:00 - The Complexity of Traditional vs. Roth 401(k) 35:50 - Historical Context of 401(k) Plans 38:02 - The Risk of Future Tax Rates 41:20 - Provisional Income and Social Security Tax Implications 52:25 - Introduction to 529 Plans for College Savings 56:25 - Potential State Tax Deductions for 529 Contributions 1:00:29 - Documenting Expenses for Tax Benefits Episode Resources Connect with Tom Suvansri https://perennialpride.com/ https://www.facebook.com/perennialpride/ https://twitter.com/perennialpride https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA Connect with Joseph DeFazio https://www.10thstreetcapital.com/ Call to Action Schedule a Call with Tom How to Listen: Subscribe on Youtube Listen on Spotify…
 
Welcome to the first episode of our mini-series on personal finance, where we delve into the essential topics that impact your financial freedom. In this kickoff episode, we explore the complex world of taxes with expert Joseph DeFazio, an enrolled agent with deep knowledge of the tax code. Together, we'll demystify the tax system, starting with the basics and gradually uncovering strategies to help you legally mitigate your tax burden. Whether you're an employee, self-employed, a business owner, or an investor, this series will provide valuable insights to help you maximize your wealth and achieve the financial freedom you deserve. Tune in and start your journey towards financial empowerment today. Highlights 00:12 - Taxes as a tool for personal financial freedom. 00:25 - Wealth as a means to live your best life. 05:30 - Importance of understanding taxes and foundational series goal. 06:00 - Historical perspective: Taxes in America, 1862-1913. 10:15 - The concept of legal tax avoidance. 15:00 - No obligation to pay maximum tax. 17:20 - Four main reasons for taxes: influence behavior, control inflation, redistribute wealth, fund government spending. 23:30 - Types of income and tax codes. 26:15 - Explanation of the cash flow quadrant: Employee, Self-employed, Business owner, Investor. 32:30 - Tax benefits for business owners and investors. 38:30 - Importance of understanding the tax framework. 42:00 - Encouragement to get educated about personal finances. Episode Resources Connect with Tom Suvansri https://perennialpride.com/ https://www.facebook.com/perennialpride/ https://twitter.com/perennialpride https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA Connect with Joseph DeFazio https://www.10thstreetcapital.com/ Call to Action Schedule a Call with Tom How to Listen: Subscribe on Youtube Listen on Spotify…
 
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