Wealth Mavericks

What makes Terra Firma different? That is usually the most common question that we hear. People are familiar with the title financial advisor, CPA, CFP, investment banker, etc. but are a little less familiar with the title we call ourselves which is an Asset coach and tax strategist. What does that mean? How did we come up with that?  What is a Strategic Tax Plan? We have a lot of conversations wi...

🔥 Join us as we share a powerful mental exercise that will help you live a 10/10 life. Today’s topic is about living the “Five Tens Lifestyle.” We’ve touched on this topic in a previous episode but want to take a deeper dive. The Five Tens is literally giving yourself a score 1-10 in five areas: Spiritual, Family, Business, Financial, Fitness. Joe breaks down the 5 categories and what they mean a...

Most of the people we talk to feel like they are overpaying on their federal income tax yet every day we hear that the wealthy aren’t paying their fair share. Do you understand what your “fair share” is? We have conversations every day where we help doctors determine what is their fair share. You only need so much to fund your lifestyle and are left with what is left after that and taxes to fund y...

Today, Erin and Bob continue their conversation about managing high income and common mistakes when you make that leap. Today’s focus is on mindset. Bob and Erin share their experiences in sales and how that part of their career really helped them develop their mindset when it came to self-improvement and drive. Erin and Bob are both avid readers who love to expand their knowledge in their respect...

Today Erin and Bob continue their conversation about managing high income and common mistakes made when you make that leap. For business owners we view the IRS differently than the norm. The IRS is our business partner and wants to see us succeed. When we succeed, we make more money and hire more people which means they get more tax revenue! The IRS uses vague terms  on purpose.  What is reasonabl...

Today Erin and Bob discuss the tax problem that is created when a doctor (or any high W2 earner) gets their first high income job. Today we share mistakes that doctors can avoid when this jump in income occurs. Erin shares an experience of hers where she had a really great year in her career and made a multiple six figure salary and the troubles that came along with the success.   Bob has been hel...

Today, Bob, Erin, and Joe all go through and define how they produce peace and contentment in their life when everything seems chaotic. Having hobbies outside of work that you enjoy to do is an important tip to staying content. Place yourself around similar minded people who will help you maintain positivity and productivity. Listen to today’s episode to hear more tips and tricks our team uses to...

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 &...