The new tax code offers new incentives. In this episode, Tom speaks with fellow Rich Dad Advisor Andy Tanner about how spending more time with his two boys is allowing him to pay less taxes.
05:07 – How Can Parents Pay Each Child $12,000 With Big Tax Benefits?
13:53 – How Do You Explain Tax Benefits To Kids?
25:02 – How Can Family Dinners Save You Taxes?
Learn more about Andy Tanner and investing, visit : http://andytanner.com/ or follow him on Facebook https://www.facebook.com/andytannerrichdadadvisor/
Speaker 1: This is the WealthAbility™ Show with Tom Wheelwright. Way more money, way less taxes.
Tom Wheelwright: Welcome to the WealthAbility™ Show with Tom Wheelwright. I'm your host, where we talk about how to make way more money and pay way less taxes.
Tom Wheelwright: So what if you could actually get a tax break for family activities? That's what we're going to talk about today. How to actually get a tax break for teaching your children how to work. And I'm very excited on this show today to have my very, very close friend, very special friend, and he's just got a really interesting story about how to involve your children in your business, and have these family activities, and get this tax break. This is Andy Tanner. Andy is the owner of Tanner Training. He's the author of ‘401Kaos'. He's the author of ‘Stock Market Cash Flow'. He's a fellow Rich Dad Advisor. He is one of, I think, the best teachers in the world, period, but especially in his subject area, he's just amazing. So Andy, thank you for joining us on the show today.
Andy Tanner: Tom, thanks so much for having me. You know, you and I have been great, great friends for a lot of years. Gosh, you're more than a friend to me, you're a confidant, and it's just always fun to chat. We actually get the chance to talk often, so it will be fun to do it on your podcast. This is exciting.
Tom Wheelwright: It's great. I was looking, I had to look Andy's website up today. TannerTraining.com, right Andy?
Andy Tanner: Yeah, you can go to TannerTraining.com, and our main site for education is the Cash Flow Academy, but if you Google us, you find us.
Tom Wheelwright: That's awesome. Like I was saying, Andy and his family very good friends of my wife Louanne and I, and Andy and Marcy have two boys, right?
Andy Tanner: That's right, Zach and David.
Tom Wheelwright: Zach and David. Some of you may actually have seen… Zach and David actually go on stage with you. They've been on stage with Robert, and Kim Kiyosaki.
Tom Wheelwright: We have a new tax law that actually gives a tax break for – a huge tax break – for involving your children. So what I really want to chat with you about today, Andy, was how you involve your children, and what the story is, and what you're doing with your kids in order to get them learning about financial education and actually get more involved in your business. It's not like they're old kids, either.
Andy Tanner: No, our kids right now, as of this recording, they're 10 and 12, and they've just been a joy. My wife and I had trouble having kids, so we had ours late in life. We had some struggles and finally the medical technology… So while most of my friends are having graduations, marriages, and turning grandparents, we're just getting into little league baseball and basketball. So it's been really fun. And Tom, I have to tell this story, if I can. I have to tell the story of when my kids first met, I think, I'm trying to remember the first time we introduced you guys, but Zach was probably maybe 5 years old, so it's been seven, eight years ago.
Tom Wheelwright: Yeah, maybe 5 or 6, yeah.
Andy Tanner: And we were on our way to have a steak together, and to meet you at dinner, and my son Zach he says, ‘Dad, where are we going?' I said, ‘Well we're going to go have dinner with the accountant.' He says, ‘What's an accountant?' I thought, ‘How do you explain to a 5 year old what an accountant is?' So I said, ‘Well, the accountant makes it so we don't have to pay as much taxes.' He looked for a minute, and he said, ‘Like Robin Hood?' And I said, ‘Well, something like that.'
Andy Tanner: So we had a nice dinner, and they had a chance to meet you, and a few weeks later we were watching television – and this is back in the Obama administration, and he was on the Tube – and Zach says ‘Dad, who's that?' And I said, ‘Son, that's Prince John.' So, that was the beginning of them learning what an accountant does, and since then we've tried to involve them in our income statement, our balance sheet, and we keep it private in our family what those numbers are, but I think it's important to talk about money with your kids, and I'll tell you, they cuss me out! If I buy a liability, I'm going to hear about it.
Tom Wheelwright: Oh they know it. They do. I've heard them talk about it. So they'll be talking about ‘infinite return' that Robert's always talking about, and then they'll… David loves explaining infinite return. They're amazing on stage. But what's been so interesting to me, Andy, is, of course, we've got this new tax law that allows you to pay your kids up to $12,000 each without them paying any tax on it, so you're going, ‘Okay, how do I do this?' What's just been fascinating to me is you've had your kids involved in your business, actually now for several years, right?
Andy Tanner: Yeah. You know, for me, Tom, we spend a little bit of time teaching, but you know as Rich Dad Advisors we're students as well. Just for some strange reason, for me, the best way to learn something is to teach it. I think you learn a lot more by writing a book than maybe reading a book. So when I've been asked to speak at different places I brought my kids along for the learning experience. We've brought them up on stage, because in having to prepare a presentation on stage in front of sometimes thousands of people, it forces them to learn their material.
Andy Tanner: And the chance to compensate them for the speeches, and some of the travel, and some of the work that they do, has helped them learn a little bit about having their own money and it's just been great. It's wonderful that the government creates situations where- It's like you said, Tom. The tax code is a book of instructions on what the government would like you to do, and if you do it, why, they'll reward you for that.
Tom Wheelwright: You know, a lot of people they say, you know, I certainly don't want my kids- I don't want my 10 year old to have $12,000 that he can go spend, right? I mean, seriously, how much soda and candy and fireworks can a 10 year old buy anyway?
Andy Tanner: Right, right.
Tom Wheelwright: So, what do you do about that? How do you deal with the real question about, ‘Okay, these kids are earning money'? Do you talk to them about how much? How do you handle the money? How do you do this?
Andy Tanner: Well, it was interesting. The first thing we did is we went to the bank and set them up a bank account, and that was a great lesson in and of itself, because my son was talking to the bank manager and he says, ‘Why should I give my money to you?' You know? He was trying to say- He said, ‘Look, the value of a dollar is going to go down, so if that's certain, I mean, you're not really paying me any interest to speak of, so why should I even- Dad, why are we putting money here?' Was the question before we even start.
Tom Wheelwright: That's hilarious.
Andy Tanner: And I said, ‘Well, son, we've got to have a place to put it until we decide where to invest it.' And it's really sad, because you really can't even get a custodial checking account for minors. We actually used something called Green Light, you know, which gives them a little- I pull money from their savings account, and you charge up a card for the stuff.
Andy Tanner: But what's interesting, Tom, is you're the one that's really educated on this, is there's a lot of things beyond gum and candy and video games that people don't realize their kids could spend their money on. You know, I'm in a much higher tax bracket than my kids would be, especially with $12,000 being there off the top. So, for example, we play a lot of basketball in our family. So, they have their own private basketball coaches. They have an agility coach, and there's league fees, and there is equipment to buy, and there's gym memberships, and there's travel that is involved in our basketball team. If we just take the basketball alone, that's a wonderful way for them to realize, hey, you've got to pay for some of these extras with your own money.
Andy Tanner: And they have to learn to budget, and then of course it's not just about buying gum and candy and liabilities, you know. They go out, and they hunt for rental properties. They go out and they hunt for assets, and they also get to put money in the stock market, through a custodial account.
Tom Wheelwright: So this is actually one of the things I love. So most people, they say, ‘Oh, well I want to put money away.' I mean, obviously, you're looking at their education, when they get married, and they have a home et cetera. Most people think about, ‘Okay, I'm going to do a 529 plan, I'm going to do this education IRA, or you know, I'll have them put it into an IRA', and then you're controlled by the government, right? It's called a qualified plan so that you're controlled by the government.
Tom Wheelwright: On the other hand, what I see you doing Andy, is you've got Zach and David out there looking at real estate, okay. And so, could they actually put their- Have they found properties? Are you actually looking at how they could put money into real estate?
Andy Tanner: It's really funny, because they bug me to death. We went out, and it was funny. We had a property they- I remember the first time Zach found one on the internet someplace, and it was a section 8 property, you know, it was an inexpensive property. It was like 70 grand for this little condo. And the process of taking a young man, you know, 11, 10 years old, to meet with an agent, to walk through the property, to talk about the pros and cons of it. You know, we have this thing called the cone of learning that we talk about a lot, where the best way to do it is to do the real thing. You know, either simulate the real experience, or do the real thing.
Andy Tanner: So, we talked about the offer, and we made the offer and someone beat us out. We made the offer, and someone made a higher offer, and on the first one beat us out. And he said, ‘Why didn't we offer more?' And we were able to go through those numbers and say, ‘Well look what that would do to your cash flow, son. If you offered more, it cuts into your cash flow, so, we congratulate someone for outbidding us, but we know what the numbers were.'
Andy Tanner: So, we get to look at properties from time to time. Some of the investments are accredited only, so they don't get to participate in those, but we learn about them together. We talk about them together. And also in stocks, it's fun for them, you know? I don't take it too serious about trying to make them into Warren Buffet. I mean, look, the experience is more important than the result. If they buy some Hershey stock, which is, you know why they're buying Hershey.
Tom Wheelwright: Of course. Of course. It's the same reason I buy Tesla stock.
Andy Tanner: Yeah, exactly.
Tom Wheelwright: It's just a bigger toy.
Andy Tanner: You buy some Hershey stock. If it loses a couple of points, they get to learn what it's like to lose that money too, as well as gain it. So the very fact they're participating, and hopefully this is an experience. I mean, I don't know, Tom – will they be great investors? I don't know. We want to plan that way.
Andy Tanner: I teach my son the joke that the reason you teach your kids to invest is so they don't move back in with you when they're older.
Tom Wheelwright: Exactly right. The whole goal is to be an empty nester. This is why-
Andy Tanner: Time will tell.
Tom Wheelwright: I think a lot of people don't understand is that the goal is to actually be an empty nester, right? I'm actually about to be an empty nester again. Because, you know, boomerang kids. They go out, they come back. They go out, they come back. You know, I love my kids to death, and we have grand children now, which is… Now we're starting talk about, you know, financial situations and finances, see, I've got a three year old. I can't wait to start talking to her about it.
Tom Wheelwright: One of the things that we ought to maybe talk about a little bit is, you know, these are minors, right. So when you talk about an account, they have to have an account that you control, you know, like a Uniform Gift to Minors Act account, or, if they're going to invest in real estate, they can invest through a trust, right?
Andy Tanner: Correct.
Tom Wheelwright: So there are trusts, I know we've been working on that, Andy, to get trusts set up for the kids so that then they could invest in, let's say, a limited liability company or a limited partnership, where you control it, right? So the idea here, just so everybody understands, the idea behind this is not to have your kids have $12,000 to go spend. The idea here is we're going to involve our children – which is what the government wants us to do, they want us to teach our children how to work, makes all the sense in the world. If my children know how to work, they don't have to rely on the government. They get jobs, and they're investors, and they do all the things the government wants them to do down the road, right?
Andy Tanner: Yeah.
Tom Wheelwright: So they're getting that information right now. They're learning how to do that. At the same time, we want to be able, as parents, typically, we want to be able to control the money. So, we want to set this up so that yes, they get paid, and they understand that they're working, and they're actually getting compensated. What I'm curious about, Andy, is how do you discuss this with Zach and David? What conversations do you have? If you're paying them $12,000, what conversation are you having with them?
Andy Tanner: Well what's interesting is investing is a team sport. We couldn't do any of these things without you, and without attorneys. Your attorney and your accountant work hand in hand, as I know you've told your listeners a thousand times. And so, the fact that I'll take my son to a meeting might be a little strange, to meet the attorney, to meet the accountant. That's one thing, we take them with us. You know, they've got to have their iPad there, because it gets boring after a while, but at least they're understanding that dad and mom don't do this by ourselves. Dad and mom need help, and dad and mom have a team of people. So that's the first thing.
Tom Wheelwright: That's awesome.
Andy Tanner: I mean, I'm going to call some people out, maybe. Does your son know who your accountant is? Well, when you walk in, my kids light up and they run and give you a big hug.
Tom Wheelwright: I love that.
Andy Tanner: And so, it's the same with our attorneys. We take them, and they get to see these people, and know they're a part of our lives, which is a huge thing because I want them growing up thinking, ‘Hey, it's normal to have these people in your life.' And if they're not in your life, that would be abnormal not normal. ‘What, your dad doesn't have an accountant? Really? You don't go to dinner with him? Really?' You know, so that's the first thing is they know the team.
Andy Tanner: The second thing is, it's really strange, is my father did this when we were young. We had a night set aside that we called Family Night, and it was on Monday night, and nothing could touch that. And we've done something similar. We run it different than my dad did, and this is something even beyond finance that I think is a wonderful thing to do, is we get together in our little living room, in the front room, and I say, ‘Zach, your turn to conduct.' And instead of me teaching the kids, once a week they teach me, and they can choose anything they want. They can choose a lesson on sharing, they can choose a lesson on unselfishness, or respect, or whatever it is, hard work, goal-setting. We started this, believe it or not, with little two-minute lessons when they were 5 years old. Then we'd go get ice cream, go see a movie. And that shift of moving them into being the teachers instead of me being the teacher, you'll be really surprised what your kids pick up in life, and what they know, and the example.
Andy Tanner: So, you know, we get together, we sing a song, which usually consists of the University of Utah fight song, and then I say, ‘Well, David, what would you like to share? Or what would you like to teach the family today?' And, sometimes that lesson is financial education, and often we'll play the game Cash Flow. The first thing is the team, the second thing is the little family night, and the third thing is we play Cash Flow as a family.
Andy Tanner: The reason my kids get up with Robert Kiyosaki – and we were in Paraguay and Argentina this fall, we're going to go to Australia with Robert this summer – and the reason they get to get on stage isn't because they've memorized well, or they're smarter kids. My kids are just like yours, or like anybody else's, but what you've focused on expands, Tom. And the fact they play Cash Flow, you know, to them, it's pretty simple. Asset, liability, income, expense. This is not MBA school. They can get up and talk about a liability and asset.
Andy Tanner: So it's really those three things. They know my team. We spend time once a week to have lessons, and we play the Cash Flow game, and we play Monopoly too. We play them both.
Tom Wheelwright: Well, and you know, I remember, I had the privilege, growing up, my parents talked about money, you know. A lot of parents don't talk about money, and not only did we talk about money, and I know they had real estate, I worked in their business, so this is all very comfortable for me, so it was very comfortable for me to be talking to entrepreneurs. So when I started in my career, I remember having conversations with entrepreneurs, and I remember my manager and my partner were going, ‘Why would we put this young buck, right out of college, and have him actually talk to clients?' But I was comfortable doing that already.
Tom Wheelwright: My dad used to take me to Rotary all the time, so I was always meeting the big wigs in town. So for me, that always became very comfortable. What I've seen with Zach and David is that they're not afraid of Robert. I've seen people come up, and they go, ‘Oh, it's Robert Kiyosaki.' And he deserves those accolades, don't get me wrong. I mean, Robert's amazing. On the other hand, what I love to see is that Zach and David, they're just very comfortable. And so what I found with my own life, and I see it with Zach and David, is what you're doing is they're actually becoming comfortable in the situation so it's not an issue to talk about money. It's not an issue to talk about investing. It's not an issue, and they're used to working, and dealing with adults. And they're not afraid of anything.
Andy Tanner: Well, it was wonderful to meet… It is a win-win all the way around. I mean, when you looked through some of my stuff you said, ‘You know, Andy, you really need to take advantages of these laws, because if you're going to put money away…' I think a lot of parents want to put money away for their kids anyway, so why not let it be their money? Why not find things they can do to learn about your business, whatever your business is, let them find things to be involved because you're going to have lessons by being involved, the government's going to allow you to pay them, you know, a decent sum, without having to… That's taxes that you don't have to pay. So, it really is a wonderful way to move money into an asset column of your family, your family's trust. Get a tax advantage. Get lessons for your kids.
Andy Tanner: And then also, even more than just teaching them, this is time together, you know? I mean, Tom, every day we play a little basketball practice from 3:45 to 5:15. That's time I get every day with my kids. Well, our family night. That's time you get with your kids. I was in Phoenix, talking with some people that run a merchant account with me, and I took my son to the meeting. He was 10 years old. And people might look at you a little strange when you're bringing your 10 year old son to a business meeting, but that is time with my son, and memories he'll remember. That's a bonding experience for us where it gives us opportunities to talk and make me a better parent as a teacher to have to simplify, ‘Okay, well what's a merchant account, son? This is how we have our business, and this is how people pay for our services.' He gets to learn those little parts of business.
Andy Tanner: Who knows, he may not be an entrepreneur when he grows up. I'm not forcing that on him. But at least he has the choice, right, because you know you're not getting it in school.
Tom Wheelwright: Yeah, for sure. And the other thing is you know that whenever he wants to be, there's going to be money there, because he's investing, you're setting aside, he's investing now. Of course, you're setting aside a lot more money because it's not taxable money, it's not after-tax money you're setting aside, and it's not like it's money that's going to be taxed at some point in the future, and it's not money that you have to spend on a certain type of education. So, like a 529 plan, you have to use that for tuition. You have to use that for education expenses.
Tom Wheelwright: Well, let's say that Zach's going to grow up – I know Zach – Zach's going to grow up and he's going to go to school, he's going to have a Master’s degree, the guy will go and be a seven-foot NBA player and then he'll be a doctor. That's my vision for Zach. David on the other hand, David's going to go and he's going to spend six months in college and goes, ‘Dad, can I do something else?'
Andy Tanner: Yeah. You know, it's funny. Robert Kiyosaki told me once, he said, ‘The biggest thing you need to help David do is save up a slush fund for attorney's fees.'
Andy Tanner: When he gets in college there's going to be some prank or some damage that's going to need to be paid for.
Tom Wheelwright: Exactly. No question at all. And so that's what I like, is when you're controlling the money through a trust that you control or a Uniform Gift to Minors Act account that you control – actually, trusts are even better because they last beyond 18 years old, right, or 21 years old – so when you do that then what you do is you have control, and on top of that, it doesn't have to be used for something that the government tells you to use it for. You've done what the government wanted you to do. You've trained your children. You're paying them a reasonable amount. It has to be reasonable. You can't go paying a baby $12,000 to take a couple of pictures of them. It's got to be a reasonable amount. I know that Zach and David, they actually travel with you, they're on stage, you use them as marketing in your business, but they actually do work. You've got them doing actual work, which is important as well.
Tom Wheelwright: So I want to turn this for a second, though, on you, Andy.
Andy Tanner: Yeah.
Tom Wheelwright: And I know your parents are getting up there in years.
Andy Tanner: Yes.
Tom Wheelwright: So, some people, you know, are listening and they're going, ‘Okay, this is all find and good, I don't have any children.' Just remember, this also works with parents, okay. So, at some point, you may be feeling like you have to… You know, you need to support your parents financially. I don't know if you're in that situation, Andy, but I know your parents are that age where you might have to actually consider, ‘How are my parents going to get supported if they can't… if their pension plan fails, or they can't work anymore?'
Tom Wheelwright: Social Security is certainly not enough, so would you ever consider, for example… I mean, one thing, you know, we teach all the time, is, you can have your parents own part of your business. Kids, it's a little tougher to do that, because of the kiddie tax, but parents can do that. Is that something that you think about, Andy?
Andy Tanner: It's interesting. You know, my parents have done pretty well, and they've always been able to live within their means, so I've been blessed not to have to worry too much. They have a little rental income that they have as well, so they've been really self-sustaining. Now, who knows that my siblings and I won't have to worry about that if… they're in very good health, they're still driving, you know, all that type of stuff. You know, they still have all their wits about them, which is a blessing. But I do remember, as a child, my grandmother had Alzheimer's. Both my grandmothers died of Alzheimer's. One of them, it took 12 years of care, and so, depending on where they need to go, and what you need to do, those are important, important things to consider.
Andy Tanner: And, I'll tell you, there's even more than putting the money way in the trust. I'll give you an example of this, and this actually adds up. Let's say that Zach and David and Marcy and I are going to go to Australia with Robert and be on stage. Well, when are we going to practice and really plan out, and talk about what we're going to go on stage? You know, when is a good time to do that? Well let's go have a family dinner. We go out, and we have a steak, and we talk about the plan. We can have a business meeting at that dinner, and when that dinner's over we take that receipt and we write down, ‘Australia Planning Meeting' on it. Now dinners are becoming deductible.
Tom Wheelwright: Absolutely. Absolutely. That's right.
Andy Tanner: So there's just a lot of different… Parents, children, dinners, expenses. A lot of different things that you can do to make it a legitimate, absolute business expense because we're discussing business.
Tom Wheelwright: Absolutely. Remember the four rules. We have to have business purpose. It has to be ordinary, necessary, and we have to have documentation. So, when you have the children actually part of the business like this, and they are actually… You know, this is somewhat unique that they're going on stage, but when I was a kid, all of my family, we all worked at my dad's printing plant. Right? And so I did, surprisingly enough, bookkeeping and that's where I got involved. My brother was an actual printer, he actually worked in the press room. And I had another brother and sister who worked in the art room, and there's just… We learned different skills, we learned what we liked, and we got time actually working in a business environment. It's very low-risk. Low-risk to the kids, because they know that their parents are there, and it's low-risk to the parents because they know their kids, right?
Andy Tanner: Right.
Tom Wheelwright: This is such an important incentive that the government provides, and I think it's a shame when we don't take advantage of this incentive because I've seen with myself, and my siblings, I've seen with you and Marcy, and Zach and David, just what an impact it can have on children as they grow up. And they have this experience to actually work in a business.
Andy Tanner: Well, I will say this, maybe more than anything else. You have… First of all, we have some great tax advantages we've talked about. Second of all, you can give your children money, but you can also give them knowledge. So we've talked about the blessing of giving kids knowledge. But, I will tell you, even in addition to those things, when you spend time with your kids doing anything, it sends a message of ‘I love you.' And to trust them with what they see as a grown up discussion, or what other people might think of as grown up discussions, you know, when they get to talk about important things, and things that they see as important, it sends a message of love and trust that, ‘Son, I care about you. The reason I'm sharing this with you is because I care about you and I love you.'
Andy Tanner: And I think more than any of the tax deductions, any of the education they may receive by these experiences, that's the biggest message I want to send. The reason I'm sharing this with you, son, and the reason I'm involving you is because I love you. And that's a message that's a great gift that I hope is working out. I don't know, we'll see. They're still in the age, Tom, that they like me. Give me…
Tom Wheelwright: They still like you. They're not teenagers yet. So…
Andy Tanner: Yeah, give it another two, three years. I'll become stupid, and I'm not naïve to that. But it's been great to be at the advisors. You know, Kenny's kids – he has two sons like I do, Kenny McElroy – they're about 10 years further down the line than mine are. So I've watched Kenny, and I've watched what he's done to maintain those relationships and try to remain cool.
Tom Wheelwright: Yeah, no kidding.
Andy Tanner: To where the kids still like you.
Tom Wheelwright: And you know, here's the thing, you know, I still remember… My dad and I – I can't say I was really, really close to my dad, I was closer to my mom, my brother was closer to my dad… But the one thing that I always remember, and probably my favorite memory of my dad, is he would take me to Rotary, and he would introduce me to these people. And I look at the confidence I have to be talking to people, to be talking to dignitaries which I do when I travel with you and Robert, to be on stage, to be in front of people, and I'm going, ‘You know what, I can really…' The kernel of that came back when I was there with my dad in Rotary, and he's introducing me to the president of the Mormon Church, and he's introducing me to…
Andy Tanner: Yeah.
Tom Wheelwright: The mayor, or the governor, you know. And I'm just going, ‘Well, this is normal.' Right?
Andy Tanner: Yeah.
Tom Wheelwright: This is normal.
Andy Tanner: It is a true blessing. It reminds me of a really quick story I'll squeeze in in our time. When we were in Paraguay, Robert had a meeting with the mayor of the city, and so he asked Zach and David to come along. So there we are in the mayor's office, and you know, they're presenting gifts and all this stuff, and the funniest thing was, they mayor's looking us like, ‘Oh, it's just nice. This guy's got his family.' And Robert says, ‘Hey, these two have a message for you.' He says, ‘Really?' And you can believe what he taught. He said, ‘Zach and David, could you give the mayor your thoughts on monetary and fiscal policy?'
Tom Wheelwright: That's fantastic.
Andy Tanner: I mean, of all the things to have them talk to a government official about is fiscal and monetary policy, right? And so they talked to him about fiscal and monetary policy, and it's a great blessing, and that's something they'll remember, but you're right. It does make them less intimidated by, say, even their teachers at school, who I actually think are wonderful. They've been blessed with really good teachers. All the way around. To learn how to read, learn how to write. And then, hopefully mom and dad can take care a little bit of the financial education.
Tom Wheelwright: That's awesome. So, Andy, share with us again your contact information. How do they get hold of you? Because Andy, by the way, is a great teacher on stocks, paper assets. That's his specialty, that's what he does for Rich Dad Advisors, and he's the one I always go to when I have questions about the stock market. So, where do they go, Andy?
Andy Tanner: That's kind of you to mention that, Tom. Well, our main website is called TheCashFlowAcademy.com, and it's fun. Those are the same lessons we try to teach our kids. It's maybe a little bit more elaborate there than I do, but my sons understand what it means to short a stock. They understand what a put option is, and what a call option is, and when you'd use them. And so these things can be taught at a level where anyone can understand. Even a sixth grader. So that's our goal, is to make investing simple, and fun, and real.
Andy Tanner: Tom, we just owe you such a huge debt, you know, in how you've structured things for our family, and, you know, you've worked hand-in-hand with our asset protection attorney to make sure that these trusts are set up the right way, the LLCs are set up the right way. The entities are all correct, both from an asset protection standpoint, a family planning standpoint. Of course, we don't want to pay taxes.
Tom Wheelwright: Why would you?
Andy Tanner: So, that's the important part, is reducing the tax burden. So we thank you, not only as our accountant, but more and more importantly as one of my good, close friends.
Tom Wheelwright: Well, thank you Andy. Thanks for being with us. Thanks everybody for being with us. It's absolutely been a treat to have Andy Tanner with us, and it's always a treat to have you, our listeners, with us. Remember, The WealthAbility™ Show, as you implement this, make sure you listen over and over again, because as you implement the ideas that you've been talking about, remember a couple of things. First of all, it does take a team, okay, so don't be doing this on your own. And second of all, it's all about making way more money, and at the same time, paying way less taxes.
Tom Wheelwright: Hey, thanks so much for listening today. As an additional thank you, I want to give a special gift just to our podcast listeners to help you jump-start your journey to building massive wealth, tax free. This is a group of not just one, but five of my top educational resources on this topic. There are several amazing, helpful .pdf downloads and two training videos. These resources are not available, and we don't give them away anywhere else. So get these bonuses now. All you have to do is go to wealthability.com/gift – that's wealthability.com/gift – and get these gifts to jump-start your wealth now.
Speaker 1: You've been listening to The WealthAbility™ Show with Tom Wheelwright. Way more money, way less taxes. To learn more, go to wealthability.com.