From the archive: This episode was originally recorded and published in 2020. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL’s in these archive episodes are still relevant.
Building and protecting wealth has been a life-long pursuit for Jude H. Wilson. Through his guidance, he has provided his clients with the clarity and direction needed to successfully achieve their definition of financial freedom. Jude has earned an MBA and his Certified Wealth Strategist (CWS®) designation.
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Resource
The Entrepreneur Action Plan – 5 Tips to Avoid the Ticking Tax Bomb. Schedule an appointment and download the guide! (Sorry! This link was active when this episode was first published in 2019 but is no longer an active offer.)
3 Value Bombs
1) The higher the rates go, the lower your ability to create a better life for yourself and your family.
2) You should have a complete financial plan.
3) Taxes are currently on sale; you should be moving money from dollars that will always be taxed to dollars that will never be taxed.
Sponsor
HubSpot: HubSpot’s AI- powered tools are changing the way you create content and communicate with your customers! Find out more about how to use AI to grow your business at HubSpot.com/artificial-intelligence!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: The Ticking Tax Time Bomb: What to Do to Protect Yourself Now and in The Future with Jude H. Wilson
[1:34] – Jude shares something interesting about himself that most people do not know.
- He is the youngest of nine, and he has over 35 nieces and nephews.
[2:53] – What is the Ticking Tax Time Bomb?
- You are on a once-in-a-generation low tax rate environment, yet your country is spending money like it is going out of style. It has created a situation where tax rates going up is predictable
[4:05] – How high do you believe tax rates could go?
- Tax rates could double.
- Taxes will go higher from where they are now.
- The higher the rates go, the lower your ability to create a better life for yourself and your family.
[5:42] – Where is the taxes right now for most Americans, and where you could see it going to?
- Currently, the top tax rate is 37% on income; however, at one point in time the top tax rate in America was 90%.
[7:17] – Should individuals be excited about creating wealth, building wealth, and preserving that wealth?
- Everybody should be concerned.
- Some are making great income, but they probably haven’t saved a lot of money yet. Higher rates on their income are going to have less net on their profits
- Some have probably saved, and they will use it to replace their income someday. The money that they are taking out of 401k’s and IRA’s will be fully taxable at whatever the current tax rates are.
[8:22] – What are some of the things you could be doing now?
- Jude and his team have a holistic planning firm wherein they talk to their clients regarding a proprietary process called the Guidance Planning and Strategies Wealth Navigator.
- It takes their clients through a process that looks specifically at taxes. You have to start with understanding the order of money.
- Money flows in 3 Categories, or Tax-Efficient Funnels:
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- Pre-Tax Funnel
- Post-Tax Funnel
- Tax-Advantaged Funnel
[11:20] – A timeout to thank our sponsor!
- HubSpot: HubSpot’s AI- powered tools are changing the way you create content and communicate with your customers! Find out more about how to use AI to grow your business at HubSpot.com/artificial-intelligence!
[13:35] – What is a Roth?
- There are 2 Types of ROTH:
- Roth IRA – the money that you put in is post-taxed dollars, and it is tax-free when you pull it out. There is a limit you can contribute based on your income.
- Roth 401k – Entrepreneurs can establish a Roth 401k. It has no contribution limit based on your income.
- You should have a complete financial plan.
[15:08] – How do you help people specifically in the world of taxes?
- Jude and his team are not CPA’s or Tax advisors; they are a full-service financial planning firm that holistically looks at every aspect of their client’s situation.
- They help their clients by using the Guidance Planning and Strategies Wealth Navigator to perform a thorough analysis to determine where they are now, and where they are going.
- Their clients receive a tax map, and there are 7 steps on the map that allow them to analyze their client’s situation from a taxable perspective
[16:47] – Who is your avatar? What type of specific clients do you work with?
- 2 Avatars:
- Clients who have a high income – they help them put in some precise strategies to lower their current taxable liability and to prevent their ticking tax time bomb in the future.
- Clients who are already established – they help them efficiently get the highest value that they can for themselves and potentially leave some money for the next generation.
[18:41] – Jude’s parting piece of guidance.
- Taxes are currently on sale, and you should be moving money from dollars that will always be taxed to dollars that will never be taxed.
[19:48] – Jude’s call to action for Fire Nation.
- The Entrepreneur Action Plan – 5 Tips to Avoid the Ticking Tax Bomb. Schedule an appointment and download the guide! (Sorry! This link was active when this episode was first published in 2019 but is no longer an active offer.)
[20:00] – Thank you to our Sponsor!
- HubSpot: HubSpot’s AI- powered tools are changing the way you create content and communicate with your customers! Find out more about how to use AI to grow your business at HubSpot.com/artificial-intelligence!
Killer Resources!
1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!
2) Free Podcast Course: Learn from JLD how to create and launch your podcast!
3) Podcasters’ Paradise: The #1 podcasting community in the world!
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