Nov 20, 2020
Most professionals focus on excelling at their job to earn a salary to take care of their family 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 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
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.
You should invest in things you know about, care about, and things you can control.
CPA’s have no incentive to do extra work on your behalf.
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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)