How To Make Money From The Government – Hello my friends. And welcome to another episode of Passive Real Estate Investing. I’m your host Marco Santarelli. I have a guest returning today. Great guy, very smart and very helpful in the category of making more money through tax savings. So Tom Wheelwright was on the show a few years ago. Very nice man. I have spoken to him on many occasions in different places, and I really enjoy chatting with him because I always like to pick his brain and find out how I can pay less tax legally, ethically and morally. So he just released a new book called Win-Win Wealth Strategies: 7 Investments The Government Will Pay You To Make, literally. So that’s the topic for today. And I just picked up the book, started it. I haven’t finished it yet. There is a lot of great content there and he has great examples in every chapter.
So it is very easy to understand and follow. So, you know, tax is one of those areas that makes people cringe or stick to the sand and avoid the topic because they feel that they don’t have much control over it, but the opposite is true. And when you understand the taxation game, it’s really just a rule book that the IRS puts out that basically gives you instructions through tax incentives on what they want you to do to help them produce the kind of results they want to get economically and, and jobs etc., infrastructure, so energy, whatever. So this is an interesting way of looking at things. And the more, you know, the more you will grow. And, you know, I like to say, the more you learn, the more you earn, and this is one of those things, the more you learn, the more you save on taxes, which means the more cash goes into the pocket you . So it’s like getting more, but that’s it. So let’s meet our guests and I hope you enjoy today’s episode.
How To Make Money From The Government
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I am pleased, to welcome back to the show, Mr. Tom Wheelwright, Tom is a CPA and tax and wealth expert. He is the CEO of WealthAbility, Rich Dad advisor, entrepreneur international speaker, bestselling author of tax free wealth. And he just released his latest book titled Win-Win Wealth Strategies: 7 Investments The Government Will Pay You To Make. Tom is a CPA for Robert Kiyosaki, who most of you know is the author of Rich Dad, Poor Dad. And he has spoken on stage on every continent to over a hundred thousand entrepreneurs, small business owners and investors. Man, this man is doing a lot around the world and his goals. I love helping people achieve their financial dreams faster by reducing their taxes permanently and legally. How amazing, Tom, welcome back to the show.
Good. Oh, I appreciate that. Yes. We had a great conversation almost two years ago. It’s been so long that you’ve been on the show and I’ve actually apologized to you for not having you last year that I take full responsibility for that. But Tom, you know, it’s always great to hear you and talk to you. We have a lot of friends in common and I was thinking here this morning, it’s been a while since we talked, how is the tax landscape changing? If anything, it’s been two years since you were on the show, because I was wondering this morning.
Yes. Pretty interesting. Not as much as we thought it might change, actually. We can thank my Senator Kirsten Sinema in Arizona for preventing massive change. He and Joe Manchin, of course in West Virginia are the two obstacles to rebuilding that horrible, better plan. We might still see something before midterm who knows, but their window is getting smaller. I think what has really changed is the attitude. I think it’s this whole tax attitude, this whole theme of the rich, you know, the rich don’t pay their fair share. Rich people cheat on taxes. The IRS came out last year and said, we think we can collect a trillion dollars from cheating rich people, which personally offends me and my profession because all those rich people have CPAs. So we are either involved in this or we are ignorant. Good. So I take exception to that. And the reason I’m writing this new book is really to take exception to it, really to say, look, that’s not the way the tax law works. That is not what is happening. And just because you pay a little tax, it probably means you’re actually more patriotic than people who pay high taxes. And that’s hard to get your attention. But once you start reading the win-win world strategy, you quickly realize that the more you do for others, the less tax you pay.
Yes. Very very true. I learned that a long time ago. And I think a lot of listeners to the show and there’s about 68,000 that I’ve clocked in on, which is a big audience, I think realize that, but there’s still new people coming in all the time. So, you know, you kind of went off on a little tangent, which I like. So let me ask you about that. Why do some people think that tax incentives, which is exactly what you are talking about are labeled and I would say immoral weakness. Why would they say that?
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It is ignorance. I thought, okay. It is ignorance of what happened during the last 60 years. So before the 1960s, we didn’t have the same kind of incentives. Good. Workers weren’t taxed heavily before the 1960s, we didn’t get huge tax incentives like tax credits and so on. And for some reason, there’s this whole mindset that, wow, if you don’t pay taxes, you must be bad because I pay taxes. Well, maybe you don’t understand how tax law works and it does. I mean, love him or hate him. Donald Trump might be right. He might be smart. You know, he probably doesn’t pay taxes just because he follows the rules and he knows the game better than anyone else knows the game. And you know, the way I see it, Marco is our partner the government. Whether we like it or not, right. We all play this game. The problem is that the government makes the rules. The government enforces the rules, the government judges the rules, and the government can change the rules at any time. Good. So it’s up to us to decide, will we learn the rules and will we play to win? Are we not going to learn the rules? And will this be a win lose where the government wins and we lose.
Yes. Attract. That’s actually one thing you talk about early in your book, which I like that you refer to taxes as a game. And when I read that, I thought that was really cool because I was actually referring to money as a game. In fact, I own all the domain names for money as games.com and all that. And I’m going to turn it into a brand, which we already use as Money Is, but you know, you refer to taxes as a game. And the object you say of this game is to build wealth that will not be taxed. And that’s a very powerful statement, I think, for some people to hear or read. So can you just at a high level, talk about what the rules of the game are if taxes are a game.
Yes. So here are the rules. The main rule is that you are either a silent partner or an active partner. Good. You can choose, you can choose whether you are silent or active. So if you shut up, that means, you know, you look at your paycheck every, every time you get it and you go, oh my goodness, why are they taking so much money out of my paycheck and you complain. Then, you know, you’re excited to get a refund because you overpaid your taxes, right? So that’s how normal people play the game. Active partners with the government say, what does the government want to do? What exactly does the government want to do? And if I contribute and now I do that, the government wants to do, what are the tax benefits for me to do that? And how does it affect my wealth building? Good. So that’s the high point of the game is that I will actively understand what the government wants
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