Tax-Free Wealth by Tom Wheelwright (Book Review)
I first read the book Tax-Free Wealth written by Tom Wheelwright in 2015. What an eye-opening experience! There are not many places where you can get 1,000X value from a $20 investment. Whether you are an entrepreneur, investor or business owner, I would highly recommend reading Tax-Free Wealth for a better understanding of how taxes affect our lives and how you can take control of your tax situation. You might be thinking…a book about taxes? How boring! I assure you; this book is easy to understand and is filled with actionable steps and it contains stories throughout to help you understand the practical takeaways.
Here are several important points that Tom Wheelwright covers in the book:
- Tax laws are meant to encourage certain business and investment activities
- The single biggest tax shelter is real estate
- 95% of the tax code is not intended to raise money, it is to stimulate growth
- How and why entrepreneurs and investors get most of the tax breaks
- Why traditional retirement vehicles and financial planning may need to be re-evaluated
- Why a competent CPA with specialization is key, and how to find a great CPA.
Tom also discusses the “CashFlow Quadrant”, a chart that Robert Kiyosaki designed that illustrates the four types of ways you can earn money and how taxes affect each of the quadrants. For more on the CashFlow Quadrant and how it works, check out my blog post HERE
Tax-Free Wealth single-handedly opened my mind to the world of taxes and taught me how to use the tax code to my benefit using real estate and I can confidently say my perspective on investing changed altogether. After reading this book in 2015, I decided to switch CPA firms and hire a more qualified tax professional to help navigate the tax-code as it pertained to my business and real estate investments. I also decided to double down on investments where the government is trying to stimulate growth and as a result, reduce my taxes in the process. Even if you only pick up one or two strategies or tips in this book, it would be worth the investment.
The purpose in writing this blog is simply to share with you a resource that has helped me and many others along the way to financial independence. I am asked by investors all the time about which “good business books” to read. This one is in my top 3.
You can pick up a copy of Tax-Free Wealth HERE (This is not an affiliate link)
I am not affiliated or compensated by Tom Wheelwright, Robert Kiyosaki or The Rich Dad Company
To Your Success