Wealth Mavericks

Today we are discussing “dumb doctor deals”. Not just what they are but how to avoid the common pitfalls that most doctors tend to fall into. No, we aren’t calling you dumb doc. This is a real term in the financial industry used to describe doctors generally being bad at evaluating investment opportunities. Which to be fair, isn’t their job. A doctor’s job is to help take care of us and heal us. W...

Hey Doc. Start here if you want to improve your company culture, leadership ability, and avoid burnout.  Today’s episode is about doctor burnout, practice culture, and leadership. Joe, Bob, and Erin all have a lot of experience working with doctors and have seen their practices inside an out. As a trusted coach, Joe has helped doctors like you go in and transform practice culture. In the episode h...

One of the single greatest contributors to frustrations for doctors building wealth is what we call compressed earning years. There is a period in every doctor’s life where a lot of your non-doctor friends graduate college and begin to start their corporate career. They start pouring into their 401ks and growing wealth while you still have years of student debt and education left.   This causes a...

In today’s episode, we take a deeper dive on the conversation we had last week regarding your financial team. You don’t bring someone with a heart condition to a chiropractor and expect him to be able to diagnose the condition. That’s not his specialty! You need to see a cardiologist.   This is the same way that you can’t just assume that your CPA or financial advisor are experts in all the differ...

Most doctors (and successful business owners) have outgrown their current financial team. You assemble your financial team over the years but it ends up being a team that works separately. Not having a financial team that works in unity and looks at the big picture together can really hinder your growth. We understand, once you get rolling in your business you just want to perform your role so you...

Don’t let one loss sink your ship  One of the eight factors that impact the value of your company is something we refer to as “The Switzerland Structure,” which emphasizes the importance of business independence. It cautions against excessive reliance on any single entity, whether suppliers, employees, or customers. While many business owners recognize the risks associated with dependency on a hig...

Last episode we gave a background of Bob’s experience working with clients and discovering the stages of an asset early in his financial career. We also covered Contribution, the first stage of an asset. Today’s episode starts off with Accumulation and goes over how different assets grow and are taxed differently. Having a plan is so crucial when it comes to your finances. No one asset is the solu...

Today is our first episode where Erin Nevicosi joins the Wealth Mavericks. Erin shares her past work experience and why she joined Terra Firma. She is the newest Wealth Maverick and we are excited to have her joining us each week!  What are the 4 stages of an asset? Bob traditionally has only discussed 3 stages of an asset but today he discusses a fourth. Bob came up with what he calls the stages...

Do you ever feel like you put the cart before the horse? This is a continuation of our episode aimed at helping Doctors find the right financial advice. One of the reasons we created the wealth Mavericks podcast was to help share information on the vastly complicated financial world. Part of our tagline is literally “Sharing the secrets the wealthy know to build generational wealth”. Through our m...

Bob shares his experience working with doctors throughout his financial career. Bob works with a lot of doctors in his current practice and understands their needs and how they operate. Doctors set out on their careers to help people and make a good living while doing so. So often a doctor doesn’t know what they are getting into when they begin their own practice. Physicians give up a decade of th...

There are a lot of opinions between all the different professionals in the industry. Advisors, Insurance Agents, CPA’s, Attorneys, etc... all have different advice when it comes to the topic of asset allocation. This creates a lot of confusion and anxiety when it comes to investing the money you will need later in life for retirement.  Covered Topics: What is risk tolerance? What is your desired f...

“Compound interest is the eighth wonder of the world. He who understands it earns it … he who doesn’t … pays it,” Albert Einstein famously said. Successful investors understand this one important investing principle.  To truly understand this concept, Bob and Joe discuss the rule of 72, inflation, and simple interest vs compounding interest.    How do these terms relate to business owners and the...

Today we want to go over what tax loss harvesting is. This is a high level overview of the terminology used when talking about taxes, capital gains, stock/real estate gains and loses, etc…  What is the point of investing? To buy low and sell high to grow our wealth over time. So often we see clients that have stocks they’ve held for many years that have 100+% of return and they have loses (over $3...

What is the difference between credits and deductions and what does this mean to you? The IRS is NOT your enemy! We’ve said it before and we’ll continue to say it… The IRS wants you to grow your business!! That is how they increase their tax revenue. When you grow your revenue, or hire more employees they make more tax revenue… That’s why they created tools like tax credits and tax deductions for...

Our goal is to help business owners look at their tax return and actually have an idea of what is going on, and what their CPA is trying to do. Is your CPA putting in their best effort to save you money on your taxes? Or just plugging the right numbers into the box? A tax strategist, with an understanding of the IRS guidelines and deductions, is a vital part of any tax team. In todays episode, Bob...

Bob and Joe go over the typical experience most business owners have with their CPA. CPAs and Tax Strategists are a very different thing. A CPAs job is to prepare your taxes by plugging the numbers you provide them into the tax software they use. Most business owners expect their CPA to also be utilizing the tax benefits laid out in the IRS code to save them money on their taxes… But most aren’t!...

Real Estate can be a great investment If it is included into a diverse personal portfolio. This depends on your personal goals and desires but must fit into a holistic financial plan. We work with a lot of real estate investors who come to us mostly because of a tax problem and are looking of advice. Here are some questions we address in todays episode: Is real estate actually a tax efficient asse...

This is part 2 of a 2-part series where Bob and Joe go over the roles and guidelines of the financial distributors. In todays episode the conversation continues discussing investment companies and their role.    Investment companies = risk. Advisors always talk about our risk tolerance but what does that really mean?   Insurance Companies = safety. The key for insurance companies are capital &...

This is a 2 part mini series where Bob and Joe go over the roles and guidelines of the financial distributors. In todays episode we go over banks and what purpose they serve and near the end we introduce the role of investment firms. Our goal is to help you understand what you are getting into when you engage with these financial distributors. What are the financial distributors?  What are their p...

There is a huge difference between tax prep and tax planning and a lot of people don’t know that. They think the same person (CPA) is doing all of that for them only to be woefully frustrated when they realize it’s not happening.  There are two different main types of tax actions. Tax preparation and tax planning. Most of us have experienced tax preparation, but the way we like to think about it i...

In our previous episode, we went over the current mindset that most business owners have. It’s time for a shift to that current mindset so we can further grow ourselves and our businesses.  Business owners currently harbor some fear and resentment for the IRS. We look at the IRS a little differently. They are your business partner! Not your enemy. They need revenue from us to continue to survive....

Today’s episode contains some hard hitting topics for business owners.  Business owners (us included) can only claim ignorance for so long. When we start a business we are on the grind stone, heads down working, just going as hard as we can to find success. Every once in a while we pop our heads back up and notice that it feels like we are in the exact same place as where we started. This is where...

In todays episode, Joe & Bob go over the importance of having a plan. Plans aren’t written in stone, they evolve and change over time. That said, it is crucial to always have a plan in place. Joe and Bob role play a scenario of a typical business owner and how we view “investing & Assets” differently than the typical advisor. Listen to the full episode to see how we analyze a new clients s...

Welcome to the Wealth Mavericks Podcast!  The WM podcast is hosted by Robert Wolf and Joe Arioto. This is our who and why episode where you'll learn about the hosts and why they created this podcast. Subscribe on Youtube: https://www.youtube.com/channel/UCpFTe4qmVDjE1fwFIc6W00A Check out our company Terra Firma's website: https://www.terrafirmaconsultant.com/ Follow our company Terra Fir...