Title: Why the Ultra-Wealthy Pay Less Tax And How You Can Too with Rich Dad Poor Dad Tax Advisor Tom Wheelwright Summary: In this episode of the Passive Income Attorney Podcast, host Seth Bradley and tax expert Tom Wheelwright discuss the intricacies of tax strategies for high-income professionals, particularly in the realm of real estate investments. They explore how to leverage tax incentives, the importance of depreciation, and the benefits of real estate syndications. Tom emphasizes the need for a holistic approach to taxes, focusing on long-term wealth building rather than short-term deductions. The conversation also touches on the significance of having a strong team of advisors and the importance of education in achieving financial freedom. Links to watch and subscribe: https://youtu.be/rvqgik6QCtI?si=U9Rc-6cHI6Ik57QU Bullet Point Highlights: Highly paid professionals bear the biggest tax burden. Investing in alternative assets can work with tax incentives. Depreciation allows for tax deductions without cash outlay. Real estate syndications can provide significant tax benefits. Understanding the real estate professional status is crucial for tax advantages. Avoiding Schedule C can reduce audit risks. Education is essential for making informed investment decisions. Building a team is key to successful investing. Passive income provides freedom from traditional work. Tax strategies should align with long-term financial goals. Transcript: Seth Bradley (00:10.154) What's up law nation? Welcome to the Passive Income Attorney Podcast, the best place for learning about the world of alternative passive investments so that you can have more freedom, flexibility, and fun. If you're ready to say bye-bye billables no more, start by going to attorneybydesign.com to download the Freedom Blueprint to get started. This will also get you access to opportunities to partner with us on one of our next passive real estate investments.   We'd love to get you started, get you on board and get you on your way to financial freedom. All right, kiddos, let's talk about taxes, baby. Boring to some, but not to us. We're highly paid professionals and we've worked damn hard to get where we are. We make this economy spin round and round, but what's the reward? We bear the biggest tax burden. Highly paid W-2s hit the hardest with taxes because...   Well, that's just the way that our beautiful system is set up. On the other side of the tax spectrum though, are investors and entrepreneurs. Now you might be asking yourself, you know, why is that? Because that's the beautiful system that we have set up and it's just set up to incentivize certain behaviors that the government deems the most important things like energy.   things like entrepreneurship, things like housing or real estate. See, when we invest in alternative assets like businesses, energy and real estate, we are working with Uncle Sam, not against him. He becomes our friend rather than our foe. Notice that I did not mention stocks, bonds and mutual funds in that category, in those categories of things. Those traditional investments are not tax incentivized unless you lock them away in a retirement account.   which you can't access without penalties until you're gray. So how do we as attorneys, doctors, engineers, the friend, Uncle Sam, you got it. We just said it. You jump into tax incentivize alternative investments, but there are other tools in your arsenal as well. That's not the only game in town. You can stack these things. Have your other half become a real estate professional and we'll dive what that is into later.   Seth Bradley (02:30.926) Now your passive losses can offset your active income. Set up a tax sheltered infinite banking policy. You still have access to your capital. Plus you accrue compounding tax free interest. So your money works in two places, at least in two places at once. Saving is for losers. Lazy money disappears, especially in a hyperinflationary env