Wealth-Building Made Simple

Many real estate investors are getting into the short term rental markets (AirBNB, VRBO, etc) because of the potential for increased cash-flows on their properties.   It's also very in-trend with where the world is going (nomadic: live and work anywhere).  
Susana Gibb and Phillip Washington, Jr. discuss the type of insurance coverage needed to cover these properties and what they cover.
 
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Alison Reiff-Martin, CPA and Phillip Washington, Jr. discuss retirement strategies for business owners through the combined eyes of a CPA and wealth manager.  So many nuggets in this episode.
 
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Jason Grimes and Phillip Washington, Jr. discuss how often you can refinance your property technically and how to determine when it makes sense.  
 
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Negotiating starts well before you get to the closing table.  Robert Lewis, Jr. and Phillip Washington, Jr. discuss negotiation strategies for sellers in this market.
 
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I stopped doing "political" episodes on this podcast because I received so many requests after having a few amazing guests that won their races.  It really had nothing to do with being on the show.  They were just amazing people who I wanted to interview because of who they were.  When amazing, successful do something, they often times succeed.
Karen Cherry is another one of those amazing people who I had to have on the show.  She is running for Duncanville City Council District 4 and I feel if (when) Duncanville elects her they will be blessed by her energy, wisdom, and spirit.  
Share the episode with folks you know who live in Duncanville.  They will love to hear her vision of the future for Duncanville.  
www.karencherry.org
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The tax benefits around life insurance have been used by wealthy families for generations.  Jon Thurmond and Phillip Washington, Jr. discuss how they have seen their emerging affluent and affluent clients use life insurance to potentially reduce the amount of taxes they pay over time.   
 
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🎙 "Old school" NFTs
🎙 The formula for investing in NFTs
🎙 A few of the infinite ideas I see for making money by investing in NFTs
 
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Andrew Carnegie's favorite type of person to go into business with late in life.
Why that type of person?
How are futures and options similar to Bitcoin and crypto?
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Whoever invented the idea of driverless cars must have had the idea of teen drivers in mind!  Until the powers that be allow for full driverless cars on the road we have to deal with teen drivers on the road and pay the exorbitant insurance rates they add to our auto-policies.  
Susana Gibb and I (Phillip Washington, Jr.) discuss these rates and how to prepare financially for a teen driver on your auto-policy. 
 
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Sole proprietor, LLC, partnership, S-Corp, C-Corp...with all these entity options for organizing your business, how do you which one to use and when you should change to a different entity?  Alison Reiff-Martin, CPA and Phillip Washington, Jr. discuss the answer to these questions on today's episode.
 
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Jason Grimes and Phillip Washington, Jr. discuss what it means to "buy points" and its helpful in the process of buying a home/real estate.
 
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Americans (in general) have not been raised in a culture of negotiation.  Some people see it as rude, showing a lack of trust, and/or don't know why they don't feel comfortable about negotiating.  
The reality is negotiating should be a natural normal part of every buying process and is not rude when done correctly.  
Robert Lewis and Phillip Washington, Jr. discuss when to start the negotiating process when in the home buying/selling process.
 
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So many people are learning about the benefits of growing cash inside of a life insurance policy.  It's been an asset for wealth families for well over a century.  
In this episode, Jon Thurmond and Phillip Washington, Jr. discuss how insurance companies actually earn the interest they pay to life insurance policies.
 
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My guest appearance on the About Mansfield Podcast with Steve Cosio
The effect on the energy business
Who wins? Can anyone catch up?
The effect on the profit center for dealerships (the service center)
The effect on the auto insurance industry
Why A.I. is already a better driver than humans
How this affects ride sharing?
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Most people think if you work really hard you should be able to generate wealth.  I know lots of very hardworking people that are struggling financially (that's most people).  I also know a ton of relatively "lazy" people who has lots of money abundantly flowing to them.  
The key to wealth-building isn't hard work...it's knowing and applying the formula!
 
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What is actually covered under my personal articles floater in my homeowners insurance policy? 
Susana Gibb and Phillip Washington, Jr. discuss some interesting (to say the least) stories of clients losing very precious personal valuables to help explain what's covered and what is not under that part of your policy.  
 
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If you're building wealth and growing your income, there comes a point in time where you realize it no longer makes sense to be your own tax adviser.  
That time is different for everyone.  Alison Reiff-Martin, CPA and Phillip Washington, Jr. discuss when they feel they right time is for a wealth-builder to hire a tax professional.  
 
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If you have ever went through the process of getting a mortgage then you are probably familiar with the term CD.  The first time I went the process of getting a mortgage it took me (Phillip) a couple times of hearing it to get the courage to ask, what does that mean and what the purpose of that document? 
On this episode Jason Grimes and I discuss the ins and outs of the closing disclosure and its importance.  
 
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Buying a home can be overwhelming.  However, buying the home is the easy part when compared to maintaining a home. There are so many things and costs you have to keep up with.  
Robert Lewis and Phillip Washington, Jr. discuss how buying a home warranty helps make the home maintenance process a whole lot more simple.  
 
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Children of aging parents are more and more shouldering their parents financial burden as medical bills and other unforeseen expenses their parents can't afford are getting more and more expensive.  
Every mentally healthy child wants their parents to live a great quality of life in their later years and feel compelled to help their parents.  
Jon Thurmond and Phillip Washington, Jr. discuss how life insurance helps refill the financial bucket for the children who gladly shoulder that burden for their parents who sacrificed so much to allow them to be in position to be a blessing for their parents.  
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You can acquire all the investing knowledge on the planet and still never build any real wealth without the proper mindset that must be present in order to create and manage long term wealth.
This is the first episode in a series of episodes around what's required to create the "Wealth-Building Mindset".
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If you are a golfer (or ever been golfing with golfers), then you know that drinking alcohol and driving a golf cart go together like hamburgers and french fries. 
What you may not know is, you might not be covered under your auto insurance policy when driving that rented (or owned) golf cart.
Susan Gibb and Phillip Washington, Jr. discuss this in detail on this episode.
 
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Once you get to retirement, there's not much you can do lower your taxes.  You have to approach this problem with foresight and plan in advance.  Alison Reiff-Martin, CPA and Phillip Washington, Jr. discuss 4 planning ideas you can begin implementing now to put you in a potentially lower tax bracket in retirement.  
 
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Phillip Washington,Jr. and Jason Grimes discuss what factors have the most weight on your credit score and on the factors that determine if you can borrow money and at what rate?
 
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Robert Lewis, Jr. (Ink Realty) gives his opinion on this question on the episode today.
 
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One of the big threats of the affluent (and emerging affluent) is losing a big chunk of their assets in a lawsuit or if they have to file bankruptcy. 
Many know about the protection that insurance, corporations, and retirement accounts provide them in protecting a portion of their assets from these threats...very few know that life insurance can also be another asset protection tool. 
Jon Thurmond and Phillip Washington, Jr. discuss that topic on today's episode.
 
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Today's topic with Susana Gibb (Gibb Insurance Services)
An insurance policy that pays if you or your loved ones are kidnapped
Why it's a good idea to not let anyone know you have this type of insurance policy
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Today's topics:
Why most of the top money managers spend so much time understanding credit and debt markets and how they work?
What function does money serve society?
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Today's topics with Alison Reiff-Martin CPA (ReiffMartin CPA)
A strategy high income and wealthy people keep their income taxes low using real estate
How depreciation and interest deductions work
Why understanding the rules of the game is important if you want to build long lasting wealth
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Today's topic with Jason Grimes (The Grimes Group) 
What are jumbo loans and what's the difference between jumbo loans and regular loans?
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Today's topic with Robert Lewis (Ink Realty)
What happens to the equity in a home when it's sold in a divorce?
Can one spouse sell the home without the other spouse's consent?
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Today's topic with Jon Thurmond (Axis Financial)
Protecting your family from the #1 cause of bankruptcy in America
Buying enough insurance without becoming "insurance poor"
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Today's topic with Susana Gibb (Gibb Agency Dallas)
What are the risks when traveling you should be aware of
Do travel policies cover being stuck in a country with Covid?
Place to buy travel insurance coverage
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Today's topic:
Understanding the different stages of an economy
How to use that information to invest wisely for the future
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Today's topic with Robert Lewis (Ink Realty) and Tiesha Lewis (Escrow Officer at Providence Title) 
How does a property get transferred to someone else at death?
What happens if there isn't a will?
Who decides what happens to the property with and without a will?
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Today's topics with Alison Reiff-Martin CPA
Creating a plan to invest the EIDL money into your business
Ideas on business investments that can potentially help you make more money for your business
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Today's topic with Jason Grimes (Grimes Group)
Should I put all the equity from the sale of my home into the new house I'm buying?
3 ideas for what to do with your equity to better your finances
Jason talks about what his clients with over $300,000 and over $1M of equity did with their equity to improve their finances
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Today's topic with Jon Thurmond (Axis Financial)
The financial decision you make when you truly love someone
Purchasing peace of mind
Linking the heart and the head through proper planning
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Today's topic with Susana Gibb (Gibb Agency Dallas)
What is workers comp insurance?
Do I have to buy it?
Why you might be exposed to a lawsuit from your babysitter and gardener if you don't have workers comp!
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Questions:
Difference between investing and gambling?
Outside of Bitcoin, what other crypto assets do you like?
What backs crypto currencies?
Will the fed hiking rates affect crypto prices?  When is a good time to invest?
Should I invest in mining pools?
How do I know when to buy and sell Bitcoin/crypto?
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Today's topic with Alison Reiff-Martin CPA (ReiffMartin CPA):
What's the difference between a 1099 employee and a W2 employee?
Is there a difference in the amount of tax paid?
What happens if you get the classification wrong?
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Today's topic with Jason Grimes (Grimes Group) 
The impact of rising rates on home affordability
Ideas on how to avoid getting priced out of this market
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Today's topic with Robert Lewis (Ink Realty)
The home affordability problem in DFW
Strategies for first time home buyers to find the money to buy a home in this crazy market
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Today's topic with Jon Thurmond (Axis Financial)
The benefits of planning like a pessimist so you can live like an optimist
What is a buy-sell agreement?
Why it's so important for business partners to have one
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Today's topic with Susana Gibb (Gibb Agency-Dallas)
What part of my insurance policy covers me if someone is hurt in my home?
If I get in a fight at a bar, am I covered?
Why attorneys tend to get the max limit on the liability part of insurance policies
 
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Today Phillip discusses:
🎙 The definition of an economy
🎙 5 big overlooked economic opportunities that need lots of money
🎙 Why thinking like a lender can make you a better investor
 
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Today's topic with Alison Reiff-Martin, CPA (ReiffMartin CPA)
The type of thinking needed to unlock the true value of your business
Building a business that requires little of your time while generating plenty of profits
Building a business not a job
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Today's topic with Jason Grimes (Grimes Group):
Where does a mortgage broker source the money for client deals?
What are the different funding sources for buying real estate?
What is the key to finding the money you need for your property?
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Today's topics with Robert Lewis (Ink Realty)
The pros and cons of selling your home right now
The benefits of having no emotional attachment to buying and selling properties
Using your home equity to improve your financial plan
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Today's topics with Jon Thurmond (Axis Financial)
Can my minor children receive my life insurance proceeds?
What happens to my life insurance money if me and my spouse die at the same time and we have minor children?
Estate planning strategies for people with minor children
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