WIP 1181: Secrets of the Wealthy - How to Keep More of the Money You Make

Discover how real estate investing can help you keep more of the money you make by generating a steady stream of passive income and offsetting expenses and investments. Our guest, Tom Wheelwright, author of the best-selling book Tax-Free Wealth and The Win-Win Wealth Strategy, shares his expert insights on building wealth through practical and strategic ways of permanently reducing taxes.

Success in real estate investing involves focusing on properties that have the potential to appreciate, choosing suitable financing options, optimizing tax strategies, and staying abreast of market trends. Whether you're a seasoned investor or just starting your financial journey, this episode has valuable information for everyone. For more exciting financial knowledge like this make sure to check out TTP Training Program.

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Show notes:

• (1:00) Beginning of today's episode
• (9:41) To succeed in investing, you need to approach it as a team sport
• (13:40) Passive income is great, but it's important to remember that it can also generate passive losses, which can only be offset by passive income
• (14:50) When it comes to income, there are two types: active and passive
• (20:36) Let me explain the concept of bonus depreciation
• (27:14) The purpose of expenses is to generate income, plain and simple
• (27:05) Tom provides a clear framework for understanding financial statements
• (29:15) If you're financing long-term assets, it's best to use long-term debt

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Resources:

• The Tax Free Wealth by Tom Wheelwright
• The Win-Win Wealth Strategy by Tom Wheelwright
• Rich Dad Poor Dad by Robert Kiyosaki
• WealthAbility
• To speak with Brent or one of our other expert coaches call (281) 835-4201 or schedule your free discovery call here to learn about our mentorship programs and become part of the Tribe

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