How To Make More Money In Your Business And Pay Less In Taxes

Tom Wheelwright, CPA—WealthAbility.com, educates us on overlooked tax benefits for business owners. He shows us that by following the tax law, you can not only reduce your taxes, but build wealth.

Tom is the visionary and best selling author behind multiple companies that specialize in wealth and tax strategy. 

He is also a leading expert and published author on partnerships and corporation tax strategies, a well-known platform speaker and a wealth education innovator.

Donald Trump selected Tom to contribute to his Wealth Builders Program, calling Tom “the best of the best.” Robert Kiyosaki, bestselling author of Rich Dad Poor Dad, calls Tom “a team player that anyone who wants to be rich needs to add to his team.”

In Tom’s best selling book Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes, Tom shows entrepreneurs and investors how to build massive amounts of wealth through practical and strategic ways to permanently reduce taxes.

A self-admitted tax nerd, Tom says that by looking at taxes in a positive way he has found many nuggets in the tax law and today, he is going to share some of those nuggets with us. 

The more profitable you are, the less tax you should pay.

Tom Wheelwright

Listen in as we delve into:

• Incentives that people are overlooking
• The game changing tax shift in 2017
• Tax opportunities in land
• Maximizing the benefits of employing your children
• Where Tom says the magic happens from a tax standpoint

And, so much more! 

Don’t keep missing out on tax benefits year after year, listen in to today’s show as Tom gives us a ton of tips, advice, and examples that may have you looking at your taxes in a whole new light! 

“The best return on investment is going to be in your own business, always.”

TIP OF THE WEEK

Mark: My tip of the week is go to WealthAbility.com. Schedule a call with Tom Wheelwright and see how they can get your tax liability down and how you can build your wealth.

Scott: My tip is to help people see the trends, check out the website ExplodingTopics.com. What’s cool about it is you can change it by topic, by category, by period, by month or whatever. You can get into the insights of what people are searching or thinking about.

Tom:  Check out the book, Get A Grip: How to Get Everything You Want from Your Entrepreneurial Business, by Gino Wickman & Mike Paton. These guys created a system called EOS (Entrepreneurial Operating System). It’s a very simple system for getting things done. It’s a great story of a company that found themselves struggling and what they did in order to get out of that.

Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?

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Our guest, Nir Eyal, says the key to becoming Indistractable is to control your attention. And today, he is going to show us just how to do that.

Nir writes, consults, and teaches about the intersection of psychology, technology, and business. The M.I.T. Technology Review dubbed Nir, “The Prophet of Habit-Forming Technology.”

Nir founded two tech companies since 2003 and has taught at the Stanford Graduate School of Business, which he himself also attended along with Emory University. Nir has also taught at the Hasso Plattner Institute of Design at Stanford.

He is also the author of two bestselling books, Hooked: How to Build Habit-Forming Products and Indistractable: How To Control Your Attention And Choose Your Life, the second of which received critical acclaim, winning the 2019 Outstanding Works of Literature (OWL) Award as well as being named one of the Best Business and Leadership Books of the Year by Amazon and one of the Best Personal Development Books of the Year by Audible. 

In addition, Nir blogs at NirAndFar.com and his writing has been featured in The Harvard Business Review, Time Magazine, and Psychology Today. 

On today’s show, we are going to dig deep into the premise behind Indistractable. 

But first, Nir rewinds the tape and gives us the synopsis of his book, Hooked—building good habits using the same psychology that companies like Facebook use to get it’s users hooked.  

Then, Nir breaks down the meaning of indistractible by looking at its opposite meaning and then walks us through his four-step process to becoming Indistractable. 

Listen in as the guys delve into:

• Making an implementation intention
• Why prioritizing and to-do lists are a waste of time
• The dangers of liminal moments
• Mastering your internal triggers
• Raising indistractable kids

We need to come to grips with the fact that all human behavior is prompted by desire to escape discomfort.

Nir Eyal

Find out why Nir says that you shouldn’t avoid checking Facebook, Google, or other technology that some critics tell us we should quit using, as long as you use them on your schedule and not the app makers.  

Also, find out Nir’s answer to Scott’s question—I agree that everything is driven by us trying to get out of situations. So a lot goes along that same mindset with achieving success. In our case, people who are trying to get going in real estate investing. What happens is if you don’t have that burning desire, you’re probably not going to get the levels that you want. How can you use what you’re teaching and have somebody create that burning desire or how can you leverage this to get the results that you want?

Resources Mentioned

• Timebox Calendar
• Distraction Guide

Win a Copy of Indistractable!

Nir has generously offered a copy his book to one of The Art of Passive Income listeners . Watch for details in The Official Motivation & Wealth Creation free Facebook group!

TIP OF THE WEEK

Mark: My tip of the week is learn more at Nirandfar.com and check out Nir’s book Indistractable: How to Control Your Attention and Choose Your Life.

Scott: Check out Cocoon.com—a private social network to help stay less distracted in the big social medias.

Nir: “The antidote to impulsiveness is forethought; procrastination, destruction this is the problem of impulsiveness.” This is when we do something in the moment we later regret. The idea here is to plan ahead, have a system to master the internal triggers, to make time contraction, to hack back the external triggers, and prevent distraction.

Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?

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Our guest is going to tell us how she went from a negative net worth to building up a multi-million dollar empire in multifamily rentals. 

Join us as we talk with Anna Kelley, the founding partner of Zenith Capital Group, Apex Multifamily, REImom.com and a former top ranked financial relationship manager for a private bank and began investing in real estate 20 years ago.

Since then, Anna has purchased, renovated and rented millions of dollars of real estate across numerous asset classes while working full-time and raising four active children. 

Recently retired from her corporate career after creating financial freedom through rental properties investing, Anna currently has ownership and manages a rental portfolio valued at over $60 million and has invested in over 1000 doors as a Limited Partner. 

An Amazon best-selling author, a speaker, and a mentor… Anna Kelly is one busy lady!

Starting out as a landlord by necessity with a negative net worth, Anna walks us through her journey and how she made it through the recession to slowly and steadily build her portfolio up to replace her six-figure income that would allow her to retire.

“I started investing in real estate a long long time ago. For those that think real estate is a get rich quick scheme, it’s definitely not. I have definitely played the long game and it’s just finally paid off.” 

Anna Kelley

Anna admits that finding money in the beginning to keep scaling and growing after their first initial purchase was not easy. So, along with her husband, they put in the time and they educated themselves. That is when they came across the BRRRR method—Buy, Rehab, Rent, Refinance, and Repeat. 

Here is just a little of what we talk about today…

• Why Anna focused on 4-unit properties
• The worst advice she’s seen given in RE investing
• What she would have done differently
• Anna’s advice for the person who has done some rentals and wants to scale to the next level
• Scaling the management
• Tenant screening and lots more…

The Epitome of Tenacious

Anna Kelley is an inspiration. She built a real estate empire as a side hustle while working a full-time job and raising four kids. Finding ways around the roadblocks, Anna kept moving forward until she reached her destination, financial freedom. 

I think that there it’s really important to point out that there’s really no one right way to make money in real estate. There’s a lot of variables that depend on you personally, your skills, how much time you have available, how much money you have available to invest.

Anna Kelley

TIP OF THE WEEK

Mark: My tip of the week is to be like Anna Kelley. Go to REImom.com and learn more there.

Scott: Check out CoScreen.co—It turns your secondary display into a joint team desktop. Share windows via drag & drop. It’s a great way to work with VAs. 

Anna: If you have a business, any type of business, there is a little-known tax benefit called Bonus Depreciation that will have a huge impact on the next year’s taxes. 

Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?

Need money for a real estate deal? There’s an easy button for that and today’s guest, Matt Bell of Easy Button Lending, is going to show us how it’s done.

Matt is a real estate investment strategist and certified fund manager who partners with CEOs, executives and solopreneurs across the country to grow both net worth and cash flow in order to accelerate their path to retirement. 

Working initially in real estate as a licensed realtor focused on finding, analyzing, and acquiring investment properties for professionals. Matt ultimately found his way into consulting for a large institutional real estate investment firm as a Director of Renovation, having bought, renovated either resold or rented over 5600 single-family residential properties in the past seven years. 

Matt created Easy Button Lending to connect people from all different types of real estate with lending opportunities to fit not only their specific deal, but also their specific state. The platform has over 130 lenders in 50 states that are waiting to compete for your deals.

Join us as Matt rewinds the tape and tells us how he got into real estate and how he accomplished an astonishing 5500 home renovations in four and a half years in 17 cities and in 11 states! 

Then the guys talk, Easy Button Lending! Matt delves into how the platform works and how it differentiates and transcends in a competitive arena. 

Find out all the details of:

• Types of real estate they work with
• Credit ratings
• How to maximize the likelihood of getting funded when you’re new

And so much more!

First and foremost you need to invest in yourself by reading books, hiring mentors, and plugging into different mastermind groups. I think that network is what really carries you.

Matt has found a way to take the headache away from funding your real estate deals, no matter the size or the type, Easy Button Lending connects you with qualified lenders with one easy button.

Listen in for all the details.

TIP OF THE WEEK

Mark: My tip is, Show me the money—Get that money at EasyButtonLending.com and have these private money lenders compete for your business even in raw land

Scott: Check out the Google Chrome plugin, Table Capture.  When you download this you can mark fields on a website for example, and what it does is it takes the fields and dumps them into an excel file. No more having to screen scraping the data.

Matt: If you want something that’s applicable across the board, check out one of my favorite books, Grit: The Power of Passion and Perseverance by Angela Duckworth.

Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?

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Has the infinite banking concept piqued your interest but you can’t quite grasp how it works?

You’re not alone, it even has Mark & Scott feeling a little perplexed, but today’s guests are going to educate us on how it all works.

Returning to the podcast to give us the 101 on the infinite banking system are Russ Morgan and Joey Mure, the Wealth Without Wall Street guys! 

Join us as Russ & Joey give us an overview on how this concept originated and then do a deep dive into the fundamentals and how to utilize it for the maximum benefits.

Find out everything you need to know about:

• Why infinite banking is good for creating wealth
• How it compares to a traditional saving account
• How safe is your money
• Money needed to get started
• Accessing your money
• Withdrawals versus loans
• Amortization

…and this is just the tip of the iceberg!

Russ & Joey brought a plethora of information, advice, and examples to the show today in order to arm you with the best knowledge possible to help you determine if becoming your own banker is the right strategy for you. 

Are Mark & Scott sold on this strategy? Listen in to find out! 

TIP OF THE WEEK 

Mark: Learn more about Infinite Banking, go to WealthWithoutWallStreet.com.

Scott: Check out the iPhone app, Smart Voice Recorder-Offline for offline transcription.

Russ: To learn more read the book, Becoming Your Own Banker by R. Nelson Nash. And be sure to check out InfiniteBanking.org—a website for people who do this all over the country.

Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?

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Our guest today, Brandon Webb, is going to help you conquer your entrepreneurial fear like a Navy SEAL. And, he knows a thing or two about the mindset of a SEAL, because he is a former U.S. Navy SEAL sniper.

Back in 1997, when Brandon’s SEAL training package was approved, he joined over 200 students in class 215, and went on to complete the training as 1 of 23 originals.

Throughout his career he completed four deployments to the Middle East, one to Afghanistan and deployed to Iraq in 2006-7 as an OGA contractor. He finished his time in the Navy as the Naval Special Warfare Sniper Course Manager. 

Brandon the entrepreneur is a New York Times bestselling author. After a failed startup in 2008 he went on to found two brands, SOFREP.com and CrateClub.com and grew them to an 8-figure revenue. 

Brandon attended undergrad studies at Embry Riddle Aeronautical University and Harvard Business School’s Executive Program for business owners.

He is a member of the New York YPO chapter and served as an appointed board member on the veterans advisory committee to the U.S. Small Business Administration. 

He is regularly featured in the media as a military and business subject matter expert. He has contributed to ABC’s Good Morning America, NBC’s Today Show, CNN, the BBC, SIRIUS XM, MSNBC, Fox, The New York Post, and The New York Times.

Brandon is not only the baddest man in the room, he is a big deal! 

Join us as Brandon gives us the expanded version of his time as a Navy SEAL and we do a deep dive into his mindset as a SEAL and how training and embracing the suck translated into Brandon’s entrepreneurial journey. 

To sum it up in two words—action and perseverance! 

Find out what Brandon has to say about: 

• The influence of the environment around you
• Advice for budding entrepreneurs
• Lessons learned from his parents

And, more!!

People think that there’s some secret tip or code or some line they can skip, some backdoor they can go into and it’s just not the case. You’ve got to put in the hard work and educate yourself.

Whatever it is you’re going to do, come up with a plan. And, to Scott’s point, you’ve actually got to execute on the plan.

Brandon Webb

Brandon didn’t let others dictate his success. He had a plan in place, he embraced the suck, he took action, and he got results! 

TIP OF THE WEEK

Mark: Learn more and get more wisdom from Brandon Webb at BrandonTylerWebb.com. Also, check out SOFREP.com and CrateClub.com.

Scott: Pick up Brandon’s book, Mastering Fear. Fear stops more people from achieving their dreams than anything else. Read it, take action on it and change your life.

*We would like to give away a copy of Brandon’s book to one of the Art of Passive Income listeners. Check out the Official Motivation & Wealth Group for details!

Brandon: Just go get it done. And check out the book by Malcolm Gladwell, Talking to Strangers.

Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?

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Pam Goodwin is an expert in commercial real estate, more specifically, single-tenant leasing. And today, she gives us an inside look into her specialty, developing retail and restaurant pad sites.

Pam is a speaker, a number one bestselling author, trainer, success consultant and media personality in the Dallas Fort Worth area. 

She is the principal and founder of Goodwin Commercial, a boutique commercial real estate and consulting firm specializing in developing retail and restaurant pad sites. 

With more than 20 years of experience in tenant representation, project management, property development, and leasing, Pam is an expert at helping investors buy/sell property and build wealth.

Pam’s Bestselling Books

• One Cent Lemonade to Million Dollar Deals— where she shares sizzling shortcuts to get hired, stand out, take action and succeed as an entrepreneur.
• Winning Ways in Commercial Real Estate—the ultimate resource for anyone looking to learn from top experts in commercial real estate.

Listen In As…

Pam rewinds the tape and talks about how she developed her career in land development and leasing to companies such as Walgreen’s, Chase, McDonald’s to name a few.

It all started with the development of a couple little restaurant chains you may have heard of… Pam developed 50 Chili’s from the ground up and On The Border for the entire country. 

Pam walks us through the development process in order of sequence:

• Identifying the right pad site
• Putting it under contract
• Then closing on the land 

All the while, trying to find a tenant before it even closes. Pam doesn’t put anything under contract unless she’s 75% sure she could fill it because, she stresses that, reputation is key!

We also get into the numbers and Pam gives us all the details on:

• Cap rates 
• Rent increases
• Triple net leases

And finally, the big payday—selling the investment!  

With a 1-5 year hold time, find out what kind of numbers Pam could expect to get. Plus, Pam talks about how to mitigate the risks, which includes taking a deep dive into the due diligence and so much more! 

What happens if this changes your life and you could make a couple hundred thousand or even a million dollars on one deal… How would that impact you?

Pam Goodwin

Listen in to find out more about this interesting market that has left Scott Todd with some serious shiny object syndrome!

TIP OF THE WEEK 

Mark: My tip is to learn more about Pam Goodwin at PamGoodwin.com.

Scott: Check out HabitualApp.io to track your habits and build routines. You can have multiple habits, set up different times to get your reminders.

Pam:

1. You’ve got to take action and don’t be afraid to team up with someone. If you just spent 30 days taking action, I can guarantee that you’ll find something out there. My website is PamGoodwin.com, feel free to reach out to me. 
2. I’ve been listening to an audible book from David Goggins, Can’t Hurt Me. 
3. We have a TV episode show called Learning Commercial Real Estate. Google my name under Propelio or YouTube you’ll find a lot of TV shows that we did. 
4. Check out the app Land Glide.

Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?

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AirBnB is big business and our guest today has created a formula for building a scalable AirBnB business by leveraging other people’s properties.

Brian Page became a millionaire in his 20’s as a residential real estate investor only to lose it all in the historic crash of 2008. Starting over with no credit or ability to purchase property, Brian discovered a way to use other people’s properties to earn an income. 

He went on to make six figures in 6 months and over 300,000 his first year renting and listing properties on AirBnB. 

Realizing that no one at the time was teaching how to build and scale an AirBnB business, Brian created his training called the BNB Formula. 

His master class is now the world’s bestselling AirBnB training. He has taught thousands of people from 38 countries how to build a 6-7 figure AirBnB business, with several of his students now doing over a million in bookings.

I have several students that are crossing the million dollar mark in bookings. But to do a modest $100,000 a year net on AirBnB only takes about anywhere from four to six properties. So we’re not talking about a lot of properties to do that.

And on today’s show, Brian is going to walk us through his formula for this innovative strategy starting with how he approaches property owners with this opportunity and gives us two examples with two very different types of property owners.

So there’s a couple of different ways to do it but essentially either way I get to control the property. I don’t have to own it, I don’t have to put down payment, and I can immediately start making cash flow with these properties.

We also delve deep into:

• The numbers
• The scalability
• The types of properties this works for
• The risks
• City regulations

…and more! 

Brian also talks about the area where a majority of hosts fail and how he is able to get 95% in bookings every month by excelling in this one area.

Listen in now as Brian walks us through all the steps from getting control of the properties, to renting them out and collecting a monthly income without even owning any real estate.

TIP OF THE WEEK

Mark: Move the needle in your life, start generating serious income on short-term rentals and read Brian’s book—BrianPageBook.com.

Scott: Check out the app, Easy Peasy Password to generate cool-memorable passwords you could remember.

Brian: Check out the book, Deep Work by Cal Newport. It’s about how to get the work done in a very distractive world. Also, check out BNBFormula.com if you want to learn more about this niche for free.

Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?

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Today’s guest always leaves you feeling a bit smarter after having a conversation with him and today was no exception. Join Mark & Scott as they welcome Todd Tresidder, founder of FinancialMentor.com, back to the show. 

Todd previously appeared on the Best Passive Income model about 4 years ago which you can find here: Todd Tresidder on Wealth Building Equation in Life. 

He is a former hedge fund manager who didn’t want his tombstone to read, “his investments skills made his rich clients richer”. As a result he made his advance investment strategy and wealth planning knowledge publicly accessible through his website to help normal people to achieve extraordinary financial results. 

Before becoming the Financial Mentor, Todd worked his way through college to pay the bills and came to the conclusion that he didn’t like having to live from the right side menu of life. So he set out to design his life to result in wealth and 12 years later, at the age of 35, he was financially independent. 

Todd says it wasn’t that complex, you just have to get the principles right… and today, we are going to dive deep into those principles.

When asked to define wealth, Todd says that the focus is not on wealth as much as it is on financial freedom and it’s the assets that produce the cash flow that creates the freedom. 

In my world it’s never about more stuff, it’s about the experiences. A wealthy life is a life full of powerful experiences.

Todd

Listen in as the guys have a deep thought provoking conversation about how you get more joy and satisfaction in life by creating value and giving back to others. 

There’s only so much we can do for ourselves that brings us a certain amount of joy, you’re going to get a lot more joy from helping other people. I think there’s a level of satisfaction that gets missed a lot of times when you’re only focusing on yourself as opposed to the little things or little moments that you can do to help other people to create or manufacture the life that they want.

Scott

Money simply solves money problems. We want to get to the point of solving time and money problems. Once your passive income exceeds your fixed expenses you get both of those and you can really think about how you can add more value to your life and experience giving back to others, moving up Maslow’s Hierarchy of Needs into Self-Actualization.

Mark

Todd talks in brief about the differences in his coaching techniques when it comes to the wealthy and the poor and why you need to adapt to a mindset of self-responsibility in order to empower yourself and give yourself the ability to shape your life in the direction you want.

He also dives deep into these principles that he accredits to his success:

• A high value on growth—Level 2 thinking
• Clarity of thinking and commitment
• Integrity
• Systems and leverage
• Risk management

Level 2 thinking is understanding risk management, understanding the role of active risk management when it’s properly done. Level 2 is dynamic, it’s subtle, it requires more knowledge to fully develop and understand. But it’s well worth doing because it’s way more accurate than our world. It reflects reality and so it allows you to work within reality way more productively.

Todd

We try to include an inspirational quote into every podcast write up, but today’s show is packed full of so much wisdom, it was hard to choose just one…. Hence, this is why you always leave a conversation with Todd Tresidder, a little bit smarter.

TIP OF THE WEEK 

Mark: Learn more, go to FinancialMentor.com where you can find freebies, resources, and all of Todd’s books!  

Scott: Mac users, for the next generation of trash bin check out TheBin, 

Todd: How much leverage are you applying in your life? To understand how leverage connects with risk management to build wealth, read The Leverage Equation but How Much Money Do You Need To Retire. 

Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?

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In this week’s Round Table discussion—first, we talk business and where we are in the current state of the economy. Then, the claws come out as the team gets into a colloquy over the Netflix Documentary, The Tiger King. 

Joining Mark this week are:

• Scott Bossman
• Mimi Schmidt
• Erik Peterson
• Tate Litchfield
• Scott Todd

Listen in as we go around the table for a business update during the current state of the economy. Find out if the team is starting to see more of an impact in the land business as the world’s economy takes an even harder hit and joblessness continues to rise.

Is the team starting to see more defaults and requests for loan modifications?

And what about people who are wanting to purchase land, have those numbers dropped?

No. In fact, sales seem to be on the rise!

There were several first time sales among the team’s students this last week and one of Erik’s student’s actually quadrupled their passive in the last 2 weeks!

Scott Todd gives us an inside analytic view of the increasing numbers on Landmodo… including the number of users which is up by 11%!

Is the worst yet to come or is it behind us?

That remains to be seen, but for now, Erik Peterson is just going to keep “goin’ with the flow.”

Next on the table, you are not going to want to miss the discussion over The Tiger King! Without giving away too much, the team round tables the following, and you may even see some claws come out during the discussion…

• Did Carol kill her husband?
• Is Carol as bad as Joe Exotic?
• Do you think Joe got a bad rap?
• Who wants to punch Howard?
• #TeamJoe #TeamCarol #TeamThey’reAllFreakingNuts
• Scott Todd Tiger King Tours of Tampa (segway included)
• Where is polygamy legal?
• Who is going as who for Halloween/Bootcamp?
• If you own a tiger, you might be a crazy person…

Plus, Mark makes a very generous offer, he is offering a free Investor’s Toolkit (valued at $1,997) to the person who submits the best Tiger King meme. Keep it classy people and listen in for details…

TIP OF THE WEEK

Mimi: If you need money to fund deals, try FundAndGrow.com. They are loan brokers.

Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?

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