On this episode of Perennial Pride, Tom reconnects with longtime friend Lee Heisman, CEO of Exit Stage Left Advisors. With decades of entrepreneurial experience, Lee shares insights into helping business owners maximize the value of their business as they prepare for an exit. From his start in the printing industry to managing multiple successful ventures, Lee reflects on the importance of risk-taking, resilience, and aligning your efforts with your long-term goals. Tune in to learn about Lee's journey, the lessons he's gained along the way, and what business owners need to know when selling their companies.

Highlights
02:08 - The Value of Delayed Gratification.
03:39 - Challenging Conventional Wisdom for Success.
05:50 - Lee Heisman on Defining Personal Success.
06:34 - Transitioning from Physical Therapy to Entrepreneurship.
07:15 - Starting a Printing Business in Atlanta.
09:45 - Selling the Printing Business for New Ventures.
10:56 - The Importance of Resilience and Learning from Failures.
12:29 - Early Business Challenges: Working All Night.
14:39 - Side Hustles Need Full Dedication to Thrive.
16:19 - Balancing Different Types of Employees.
20:04 - Teaching Entrepreneurship at Kennesaw State University.
22:35 - Embracing Failure as a Learning Tool.
23:35 - Understanding Personal Risk Tolerance in Business.
26:04 - Preparing a Business for Sale.
28:55 - Importance of Business Financials and Predictability.
32:50 - Money in the Marketplace Post-COVID.
36:50 - Common Mistakes Before Selling a Business.
40:32 - Importance of Having a Generation 2 Successor.
42:39 - Horror Stories of Unprepared Sellers.
46:00 - The Joy of Helping Clients Exit Successfully.

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Lee Heisman
• https://www.linkedin.com/company/exitstageleftadvisors/

Call to Action
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In this final episode with estate attorney Alessandra Long, they explore the complexities of asset protection and tax planning. Together, they provide an overview of how to safeguard your wealth from risks and taxes, while ensuring a smooth transfer to future generations. They discuss strategies like irrevocable trusts, life insurance trusts, and charitable giving options. Tune in to learn more about protecting your assets and securing your legacy.

Highlights
05:10 - Reduced estate tax exemption impact
09:00 - Revocable vs. Irrevocable trusts overview
11:18 - Irrevocable Life Insurance Trust (ILIT) explained
18:12 - Charitable Lead Trusts vs. Charitable Remainder Trusts
21:00 - Grantor Retained Annuity Trust (GRAT) benefits

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect Alessandra Long
• aml@amlonglaw.com

Call to Action
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In this episode of the Perennial Pride podcast, host Tom Suvansri welcomes back state attorney Alessandra Long for part three of their estate planning series. They dive into crucial topics like powers of attorney, healthcare directives, and living wills. Alessandra explains the importance of setting up these documents before a crisis strikes, offering practical advice on how they can protect you and your loved ones. Tune in to learn how to ensure your wishes are respected and avoid the stress of legal complications during tough times.

Highlights
03:08 - Importance of Durable Power of Attorney
06:50 - Springing Power of Attorney Explained
12:30- Short vs. Long Form Power of Attorney
15:10 - Potential Situations for Power of Attorney Use
20:59 - Choosing Agents and Trust Issues
23:19 - Introduction to Health Care Directives
24:40 - Distinction Between Living Will and Last Will
29:10 - Importance of Living Wills in Estate Planning
35:19 - Encouraging Family Discussions on Estate Planning

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect Alessandra Long
• aml@amlonglaw.com

Call to Action
Schedule a Call with Tom

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In this episode, Tom Suvansri welcomes back estate planning expert Alessandra Long for a deep dive into the essentials of wills and trusts. Following their initial discussion on estate planning basics, Tom and Alessandra explore the key elements of wills, from the different types to the importance of having one in place, no matter your life stage. They also break down trusts, explaining their purpose, how they can benefit even those without vast wealth, and why funding a trust is crucial. This episode offers practical advice to demystify estate planning, helping listeners understand how to secure their financial legacy.

Highlights
01:50 - Importance of wills and why they matter.
02:44 - Explanation of what a will is and its key components.
04:53 - Types of wills and their specific purposes.
06:31 - Why having a will could simplify estate management.
10:39 - The role of a will in managing the estate of young adults.
11:59 - Misconceptions about the cost of setting up a will.
18:20 - Significance of updating your will as life changes.
21:51 - Common scenarios necessitating a will, including second marriages and special needs
children.
27:16 - The reason behind creating trusts for minor children.
30:31 - Detailed insight into revocable living trusts.
36:34 - Understanding the process and timeline involved in probate.
37:39 - The financial and emotional burden associated with probate.
41:29 - How proper planning can alleviate the probate process.

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect Alessandra Long
• aml@amlonglaw.com

Call to Action
Schedule a Call with Tom

How to Listen:
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Joining Tom today is Russ Morgan, co-founder of Wealth Without Wall Street where he shares his journey from being a financial planner to building passive income streams. He emphasizes the importance of aligning your financial goals with your personal desires and values. Russ discusses the three-step process of achieving financial freedom: setting clear goals, building a plan and pathway, and finding the right support and community. He also highlights various passive income strategies, such as short-term rentals, land flipping, online businesses, syndications, and more. Tune in to hear more about this exciting episode!

Highlights
03:49 - The 2008 financial crisis wake-up call
05:25 - The journey to becoming your own banker
07:00 - Admitting to clients that I was wrong
11:03 - Imagination: A critical tool for financial freedom
13:00 - Setting clear and personal financial goals
15:00 - Calculating financial freedom using passive income vs. expenses
21:55 - Building a supportive community for financial freedom
32:10 - Learning and adopting new passive income strategies
33:30 - Exploring different personality-aligned investments with the Investor DNA matrix
36:00 - Real-life application: Success in short-term rentals
40:00 - Real-world example: Young professional building income through land flipping
45:00 - Various passive income streams explored: Short-term rentals, land flipping, online
businesses

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA

Call to Action
Schedule a Call with Tom

How to Listen:
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In this episode, Tom dives into the current economic uncertainties and shares insights on how the wealthy manage and grow their wealth in volatile times. Drawing lessons from the Tiger 21 group, he explores the importance of private equity, real estate, and taking control of your investments. He also emphasizes the value of personal development, skill building, and networking. Whether you're a business owner or working a 9-to-5, this episode offers actionable advice on how to assess your financial strategy, find new opportunities, and make informed decisions for long-term wealth growth.

Highlights
00:33 - Market uncertainty and current financial climate
02:10 - The typical mainstream financial advice
04:15 - Introduction to Tiger 21 Group
05:26 - Tiger 21’s “Hot Seat” practice for wealth strategy review
06:33 - Emphasis on philanthropy in Tiger 21
07:45 - Tiger 21 Group’s investment allocation report
08:50 - Comparison between average American investments and Tiger 21 allocation
09:45 - Details on Tigere 21’s private equity and real estate investments
10:53 - Importance of diversification in wealth strategies
12:12 - The hierarchy of wealth and its foundation
14:03 - Role of whole life insurance in wealth strategy
17:20 - Investment in things you can control
18:49 - Value of public equities from a Tiger 21 perspective
20:38 - Importance of personal development and direct ownership
22:10 - Risk mitigation through strategic ownership and control
23:53 - Remaining adaptable in the face of fiscal policy changes
25:30 - Importance of cash reserves and liquidity
27:00 - Opportunities in real estate during economic cycles
29:10 - Networking and learning from others
30:45 - Example of humility and open-mindedness from Tiger 21

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA

Call to Action
Schedule a Call with Tom

How to Listen:
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In today's final episode of this mini series with Joe DeFazio, we continue to explore the tax system and how it can be leveraged to build wealth and support our families. We discuss the often overlooked positive aspects of the tax code and how understanding it can open doors to financial opportunities. From business incentives to investing in energy and real estate, we delve into the strategies that allow you to legally reduce your tax burden while contributing to society. Whether you're just getting started or looking to deepen your knowledge, this episode is packed with insights to help you make the most of your financial journey.

Highlights
01:01 - The power of learning and teaching through podcasts.
03:22 - Taxes: A significant lifetime expense.
04:20 - Introduction of Joe Difazio and his credentials.
06:53 - 10th Street Capital and its services.
08:17 - His journey in life insurance and financial planning.
11:41 - The 1913 inception of the modern tax code.
16:25 - Evolution of the tax code: Creeping complexity.
20:15 - The dilemma of marginal tax rates.
23:54 - Introduction to the Infinite Banking Concept (IBC).
25:57 - Distinction between IBC and whole life insurance.
28:59 - Cash value and contractual obligations in whole life insurance.
33:54 - Dividends and paid-up additions (PUAs).
36:21 - Lending against guaranteed increasing collateral.
38:50 - Flexibility and control in using life insurance loans.
42:56 - Reducing opportunity cost: Recouping through loans.
47:41 - Structuring retirement income: Dividends and PUAs.
53:00 - Tax-free death benefit and state tax implications.
56:09 - Attacks and potential changes to tax treatment on life insurance.
1:01:10 - Emphasizing control and understanding opportunity costs.

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Joseph DeFazio
• https://www.10thstreetcapital.com/

Call to Action
Schedule a Call with Tom

How to Listen:
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In today's episode, we welcome back our friend Joe DeFazio, an enrolled agent and financial advisor, as we continue part two of our journey into understanding the tax code. We're on a mission to demystify taxes and show how the system can work for you, not against you. In this episode, we focus on the individual employee and families, laying the groundwork for how the tax code impacts everyday life. We dive into how taxes are used as incentives by the government and explore the key deductions, adjustments, and credits available to help you save as well as 529 plans. Whether you're an employee raising a family or simply navigating your finances, this episode will shed light on the tax strategies you can use to your advantage

Highlights
00:21 - Demystifying the Tax Code
02:16 - Role of the Tax Code in Incentivizing Behavior
05:46 - Key Tax Benefits for Employees and Families
11:13 - Understanding Tax Credits, Deductions, and Adjustments
18:32 - Importance of Itemizing Deductions
22:19 - Identifying Common Tax Benefits for Individuals
32:00 - The Complexity of Traditional vs. Roth 401(k)
35:50 - Historical Context of 401(k) Plans
38:02 - The Risk of Future Tax Rates
41:20 - Provisional Income and Social Security Tax Implications
52:25 - Introduction to 529 Plans for College Savings
56:25 - Potential State Tax Deductions for 529 Contributions
1:00:29 - Documenting Expenses for Tax Benefits

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Joseph DeFazio
• https://www.10thstreetcapital.com/

Call to Action
Schedule a Call with Tom

How to Listen:
Subscribe on Youtube
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