The Daily Impact You Have on Your Wealth and Taxes

Most people are taught to turn their finances over to a financial advisor.  And, they are usually taught that taxes are too difficult so they need to hand them over to a tax advisor.

The problem with this is that many people think this is the end-all solution and once it is handed over, they can forget about it.

The idea of handing over your taxes and finances to someone else can be tempting.  But the reality is, the likelihood of getting the results you want is very slim when you hand over your taxes or your finances.

Even the best advisors cannot provide the best results if their clients are not involved in the process.

One key piece of knowledge the wealthy have is that they understand how their daily decisions and actions impact their wealth and taxes.  While they have a team who handles their wealth and taxes, they understand that they have a key role and they know when they need to get their team involved.

Here are a few examples of when your team needs to be involved:

– Before setting up a new entity

– Before any major purchase (real estate, equipment, vehicles)

– Before selling an investment

– Before taking on a new partner

– Before starting a new business

These are just a few examples – notice that they all start with BEFORE.

While my team and I are still usually able to do great things after a transaction has happened, we can do even better when we are involved before the transaction happens.

I’m not suggesting that you have to do all the work or become an expert.  There are experts that you should have on your team, who can do the work for you.  You must have the knowledge to know when to get your advisors involved and the knowledge to understand how your actions impact your taxes and your finances.

Focus on your wealth!
By: Tom Wheelwright – Tom’s firm provides my tax advice and wealth planning. I encourage you to check out