Tax Tips for Young Professionals with Josh Bauerle
The single largest expense that you will have throughout your lifetime is… taxes.
It is more than your bar bill. More than your mortgage or rent. More than healthcare. (Hint: this is important stuff!)
The wealthy understand that taxes are their biggest expense, and they know how to (or have someone) reduce the amount of their taxes to the lowest amount possible.
Taxes, for most of us, are not an interesting subject. They’re something that we avoid at all costs – until a week before April 15th. But for Josh Bauerle, this is intriguing and interesting stuff. I was able to chat with Josh about some tips on taxes so that we can minimize our taxes and maximize the amount of money that we can keep.
Josh is a financial planner and owner of JDB Business Solutions – a firm focused on tax planning, tax preparation, and accounting services. He has a background in investing and personal finance, so we cover several great questions on money, wealth, investing, and of course, taxes.
Some things that you’ll learn in this video:
- What young professionals need to do right now to get headed on a path towards wealth.
- How you should handle your investments.
- Different ways to have tax-advantaged investments.
- General tax tips.
- And one of the secrets of the wealthy (hint #2: entrepreneurship).
Taxes are absolutely vital to a complete wealth plan. If you can better understand the basics of how taxes impact you, and learn to minimize them throughout your career, you will be substantially more wealthy than just discounting them.
Path Forward:
- Connect with Josh here.
- Implement all that Josh shares to save on taxes and build massive wealth!
010: Delete Debt & Becoming Financially Free with Steve Stewart
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Check out episode 010 in iTunes!
Nearly 80% of households under the age of 35 are carrying debt. Nearly 80%!
That is crazy. You cannot be financially free if you have debt. So, to help us learn how to get out of it, we brought in The Money Plan SOS host, Steve Stewart.
Steve is someone who had a lot of debt himself. He got out of debt and doubled his net worth in a few short years, and now spends a lot of his time sharing his insights and his story so that others can do the same. If you have any debt, Steve’s messages shared in this podcast will help you get out of the hole and headed towards becoming financially free.
In This Podcast, You’ll Learn:
- How to create a debt elimination strategy.
- Why you should “pay attention, not interest.”
- The first step to becoming financially free.
- Why Steve is excited for Gen Y and Millenials.
- How to approach debt.
- How to invest for retirement.
- The difference between 401k, Roth IRA and traditional IRAs.
- And much more!
Definition of Wealth:
- Being able to do the things you want to without having to worry about the money.
Recommended Book:
- The Total Money Makeover by Dave Ramsey – a great book for anyone in debt.
- The Millionaire Next Door by Thomas J. Stanley – the ways that millionaires live would surprise you.
Best Piece of Financial Advice:
- Stay out of debt. “It is easier to swim to paradise with your head above water and not have to have the added weight of debt around your neck.”
Action In Next 7 Days:
- Get out of debt and stay out of debt. Simple enough. Do not strap yourself down with debt.
Connect with Steve:
I love one quote that Steve shares – “The mindset of true wealth gives every dollar a purpose.” If you have a purpose for every dollar, you don’t waste it on the useless, exorbitant items. Whether it be getting out of debt, creating financial freedom, or living your dream lifestyle, every dollar should have a purpose.
Action Items:
- If you have any debt, put all of your focus into paying it off in 2014. Start here. Once out of debt, you can create financial freedom, but not before then.
- If you’re not already, put 15% or more of your income away for retirement using Roth and traditional IRAs, as well as the 401k that Steve discussed. It will pay off big time.
Note, as with all information provided on YoPro Wealth, all financial advice is for informational purposes only. You should consult your financial professional before taking any action.
Investing 101
009: Investing & Entrepreneurial Success with Erez Katz
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Episode 009 in iTunes: Erez Katz
Erez Katz has successfully started and sold a few businesses. Now, he is in his most exciting journey yet, with Lucena Research.
Erez discusses a lot about his entrepreneurial journey, and how it is harder than many expect. Among the many stories of successes, there are many financial failures that you do not hear about.
We also dive deeper into his experience and advice for investors. Lucena Research has created machine learning technology that helps you take the emotions out of investing. Erez shares some great wisdom on how to succeed as an investor, and also as an entrepreneur.
In This Podcast, You’ll Learn:
- How to start a software business.
- The true test to see if an idea really sticks.
- Why the Lean Startup method is not always applicable.
- What traits make for a good CEO.
- The key differentiators between successful and unsuccessful entrepreneurs.
- Fear and greed, and the effect of human behavior.
- Why you need to take emotion out of investing.
- The strong movement of entrepreneurship.
- And much more!
Definition of Wealth:
- When I was coming out of college it was $35,000 per year. But that was not enough. More wasn’t enough either. It’s not really about money. For me wealth is about not worrying about the day to day expenses. It is about having the ability to follow your passion and build that financial independence that can serve you and your family for years to come.
Recommended Book:
- Market Wizards, by Jack Schwager
Best Piece of Financial Advice:
- It is not a sprint, it is a marathon. Try to find ways to build your wealth one step at a time, and not “break the bank” in one shot.
Connect with Erez:
Erez ends with the question, “If I were on my deathbed, what would I say?”
That is a powerful question, and we should all truly think about how we’d answer it. Erez does not hold back, and says that he would NOT say that he wished he had worked harder. For a serial entrepreneur, working hard is in his DNA. But it goes to show you that it is not all about money. Although money is our main focus, we are sure to bring up the other aspects of wealth – time, family, experiences, freedom, etc. And I think that Erez’s comments reflect these things to also be a part of the equation.
Action Items:
- Answer this question: if you were on your deathbed, what would you say? Would you have any regrets? What would you change?
- If there was anything you would change, do it now. Don’t delay.
- If you are interested in investing, check out Lucena Research and their great tools and technology for traders.
008: Entrepreneurs Are Superheroes with Matt Shoup
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Episode 008 in iTunes: Entrepreneurs Are Superheroes with Matt Shoup
Some people are made to be entrepreneurs, and some people are born that way.
Matt Shoup was born to be one.
He started as an entrepreneur at 9 years old, and then revisited the challenge again after a stint in the mortgage industry. After being fired from his role in the mortgage industry, Matt took $100 and started his own painting business two hours later. The rest, as they say, is history.
Matt has since taken M & E Painting to be a multi-million dollar business. He has an absolute passion for entrepreneurship, and regularly speaks to organizations and groups throughout the world on the subjects. He is an author and someone that has a can’t-lose mentality. I know that you’ll pick up a bunch of wisdom from this episode!
In This Podcast, You’ll Learn:
- Why you need to define yourself.
- Why your business should be an extension of you.
- How to make money while you sleep.
- The simple money equation.
- How to get started as an entrepreneur.
- Who you should have on your team.
- The best way to advertise.
- And much more!
Definition of Wealth:
- Money: you stop working, money keeps coming in. Create baskets of residual income.
- “Doing your B” – tying everything that you do back to who you are.
Recommended Book:
Best Piece of Financial Advice:
- Don’t spend more than you make.
- Don’t take financial advice from people that are not in the financial position that you envy. Consider the source!
Action In Next 7 Days:
- Put on paper your money coming in and your money coming out. Are you happy with it? What do you need to change? Build that out over 30 years – where is that going to end you up? If that isn’t where you want to end up, then you have to change something.
Connect with Matt:
- MattShoup.com
- Twitter: @MattShoup
I love that Matt gives such straightforward responses. He always seemed to look at obstacles as challenges. As an entrepreneur, this is the way that you need to think. There are no “problems”, they are only temporary challenges that you need to solve. If this excites you, then you’re an entrepreneur at heart.
Action Items:
- Look at your expenses and income – are you happy with the situation? If not, you need to change something. Send me a note, and let’s chat about how you can make more money ([email protected]).
- Identify your super-power! Use that to become your own boss!
- Find people that you look up to, and learn from them. Do not listen to broke people. 🙂
- Take challenges in stride, and you will set yourself apart from the pack!
007: Wealth Creation, Translation & Growth with Todd Tresidder
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Episode 007 in iTunes: Wealth Creation, Translation & Growth with Todd Tresidder
Todd Tresidder sold his hedge fund at the age of 35.
He then took a break, and later continued his journey in the financial industry, this time with a mission to share the knowledge that he built up in his career.
He is a published author, and the host of FinancialMentor.com – a site dedicated to helping people make the right financial decisions. To help us all do this, we brought in Todd to talk about everything related to investing and wealth.
In This Podcast, You’ll Learn:
- How and why you should get paid to learn.
- Why it is not about assets, but about cash-flow and income.
- How to “kick rear in a career.”
- When you should listen to investment advice (and when you shouldn’t).
- Why your mindset shouldn’t affect your investments.
- The formula for wealth.
- Why you should never cut your cash cow.
- The 3 pieces to any wealth strategy.
- Why investing is a necessity to any wealth equation.
- How wealth is a marathon, not a sprint.
- And much more!
Definition of Wealth:
- “Cash flow exceeds expenses.” It doesn’t get any more straightforward and simple than that!
Recommended Book:
- So Good They Can’t Ignore You
- How Much Money Do You Need to Retire (by Todd, himself!)
Best Piece of Financial Advice:
- Make more than you spend, and invest the difference wisely.
Action In Next 7 Days:
- Focus on the wealth creation side, so how can you make more money in your career?
Connect with Todd:
All of the guests that come on the YoPro Wealth podcast, like Todd, have achieved success in areas that many of you strive for. Todd has had great success in the investment world, and shares a ton of insight on how to build wealth with investing. A goal of YoPro Wealth is to help you learn these things, so that you can get to their level of success even faster than they did!
I love his comments because he has a big-picture view (something few people actually have). That is one of the key traits among successful people, so work to always keep site of what the big-picture really is, and whether or not what you’re doing on the ground level today is contributing to that big picture. It doesn’t matter if it is in investing, in your career, or in your personal life, having a big-picture mindset pays dividends.
Action Items:
- Find out what you’re interested in, and how you can get paid to learn! Go do that.
- Think about your big picture – what you’re working on this week and this month getting you towards your big picture goals? If not, nix it.
- Do not collect assets – increase cash flow and decrease expenses to improve your wealth, as Todd says. This mindset shift has helped me dramatically and has created financial freedom.
- Reach out to Todd and look at his resources here.
006: Become an Expert to Create Wealth with Richard Wilson
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Episode 006 in iTunes: Become an Expert to Create Wealth with Richard Wilson
You can become an expert…
You can own a niche…
You can become the go-to person in your industry, even at a young age.
That is what Richard Wilson has done.
He is a serial entrepreneur with a passion for the hedge fund industry. He has had several roles, but quickly found something that he loved – capital raising. From there, he has continued to niche down and niche down until he has become THE expert that people go to for information on how to raise capital in ultra high net worth family offices. [Read more…]
The Future Millionaire Next Door #2
Kate Erickson is the star behind the star of EntrepreneurOnFire – the top-rated podcast interviewing inspiring entrepreneurs 7 days per week.
After growing up in San Diego and going to college in San Francisco, Kate decided to move to the exact opposite side of the country – to Portland, Maine. However, after a few years, she found herself back in southern California enjoying her family and the perfect weather.
Finding Her Passion in Work:
Kate dove into banking in the early part of her career. She was able to help her bank with their marketing efforts, and found something that she loved. Then while earning her graduate degree, she landed her first gig at a Marketing & Advertising agency.
As a Sr. Account Coordinator, she started to learn everything she could from the owner of the agency including everything that goes into success marketing, advertising and branding campaigns. And this yearning for wisdom has helped set her apart throughout her career. If you have a good resource or mentor possibility, take advantage of it!
The Leap:
Kate continued in the Marketing & Advertising field, until finally deciding to jump ship and join the team at EntrepreneurOnFire. There, she and John Lee Dumas have created a beast of a business that has revolutionized the podcasting world by offering a 7-day a week business podcast.
At EOFire, Kate is the Content & Community Manager. I have worked with Kate as part of Fire Nation Elite, and can tell you that she is the real deal. She posts regularly HERE, and is someone that I always look for to get great and honest advice. She’s built up some excellent Marketing skills and knowledge over the years, and is now applying that to the online world.
If Kate had to do it all over, she would NEVER tell herself that she “had” to take a job. She would have been much more creative during her career transitions.
Instead of spending all my time and energy searching for a company who would hopefully hire me, I would have started searching for how I could create my own opportunities.
005: Spend to Live with Jason Vitug
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Episode 005 in iTunes: Spend to Live with Jason Vitug
Corporate world fast track >> travel the world >> making a splash with entrepreneurship.
That is Jason Vitug’s story in a nutshell.
He was acting as an entrepreneur within the corporate world before he decided to quit and start his own venture, Phroogal – an online financial knowledge resource. Think Google, Quora and Yelp on personal finance.
Jason, even with all of his successes, didn’t exactly start that way. At one point in time, he was in debt $78,000. That is a LOT of money for someone starting out in their career, but isn’t exactly unusual. So many young professionals start out in debt, and many more even continue that trend. The average 2013 college graduate started out with over $35,000 in debt. The good news is that you can overcome it, as Jason has. And that is what YoPro Wealth and Phroogal are here to help anybody do.
