Most professionals focus on excelling at their job to earn a salary to take care of their families today and in the future. You know that saving and investing can help you prepare for the future, but most people miss a key chance to focus on optimizing their finances. Yes, you can hire a CPA to help you pay your taxes, but if you want to optimize your tax deductions, you actually need a tax advisor, not a CPA. What’s the difference? A tax advisor is an accounting professional who specializes in the tax code and uses that knowledge to help taxpayers minimize their tax liability.
Derick Van Ness is a tax advisor and wealth strategist at his firm, Big Life Financial. He focuses on tax strategy and teaching the Money Maximization model, a way to create your own banking system through a specific life insurance policy structure. He explains how this strategy works to help people keep more of what they make and turn their insurance policies into a savings account.
In addition, he shares why the stock market is not ideal for most people who are not Wall Street professionals. According to Derick Van Ness, “people should invest in things you know about, care about, and can control.” He suggests investing in your education first so your position yourself to succeed when investing in assets that fit you know, care about, and control.
In this episode, Derick shares why you need a tax advisor, insights on the tax code, including provisions that are about to expire from the CARES Act, and how to know if it’s time to get a new CPA.
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Key Insights from a Tax Advisor and Wealth Strategist
The road from real estate investor to Wealth Strategist
Building a business is a lot more than finding real estate deals. It’s managing people, it’s marketing, it’s numbers, it’s taking calculated risks and sometimes getting punched in the nose. It’s a mental game every day.
2008 brought a real estate avalanche for Derick which made him decide to get into finance
How to find the best investments for you
You should invest in things you know about, care about, and things you can control.
A Wealth Strategist is not a financial planner
How to use the Money Maximization Model to create your own banking system
Taking advantage of real estate tax strategies
Understanding cost segregation
How to optimize using the new tax codes
Taking advantage of the Trump Tax Rewrite Provision 199A
Explaining the benefits Corporate Entity Structuring
The Augusta Rule can enable you to receive tax-free income
Tips on tax savings for your home office and travel
Why you should be working with a Tax Advisor, and not a CPA
CPA’s have no incentive to do extra work on your behalf.
How to determine if you should be looking for a more effective tax preparer
Why 401Ks are not a good investment for real estate investors
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Though the 2008/09 crash devastated my finances, it taught me that I can handle a lot more than I think I can, and how to process stress, and the importance of my health.
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Most Recommended Book:
Atomic Habits (James Clear)
Quote from Atomic Habits that he lives by: “If you don’t rise to the level of your willpower, you sink to the level of your systems.”
Taking a few minutes every night before I leave the office to plan the next day.
Wish I Knew When I Was Starting Out:
Wealth building and building a business is a marathon, not a sprint.
Curious About Right Now:
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Big Life Financial (Get a free book)