Perennial Pride
Tom Suvansri is passionate about protecting and growing his family’s wealth and he shares how you can do it too. In this show, you will learn strategies that leverage economic principles in order to achieve increased financial control, cash flow, and tax advantages that last generations. It’s time to eliminate uncertainty and create wealth strategies to build a family legacy.
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Financial Traps You Need To Be Aware Of
06/12/2025
Financial Traps You Need To Be Aware Of
Today, Tom dives into the concept of freedom and the various financial traps that can hinder wealth building. He emphasizes the importance of understanding debt, retirement accounts, the tax system, home ownership, inflation, reliance on government support, and hidden fees in finance. Tune in today to hear more about taking control of your financial lives and make informed decisions to achieve true freedom and wealth. Highlights 01:04 - Perspective in financial decision-making. 03:39 - Debt as a wealth-building trap. 05:57 - Student loans and the burden of debt. 09:47 - Rethinking retirement account contributions. 11:59 - Impact of tax system on wealth building. 14:19 - Homeownership as a financial trap. 17:08 - Inflation and devaluation of currency. 19:23 - Government reliance and personal financial control. 20:57 - Hidden fees in financial services. Episode Resources Connect with Tom Suvansri Call to Action How to Listen: Subscribe on Listen on
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The True Meaning of Wealth - More Than Money
06/05/2025
The True Meaning of Wealth - More Than Money
In this podcast episode, Tom explores the concept of wealth beyond just financial capital. He emphasizes the importance of various forms of capital, including time, health, relationships, and purpose, in achieving a fulfilling life. Through personal anecdotes and reflections, he encourages listeners to assess their own wealth in these areas and take intentional steps towards improvement. Highlights 01:31 - Realizing True Wealth Beyond Finances 04:44 - Five Forms of Capital: A Holistic Approach 05:54 - Financial Capital: Importance of Cash Flow 07:12 - Time Capital: Prioritizing Your Time 09:59 - Health as Wealth: The Need for Vitality 13:49 - Relationship Capital: Importance of Social Ties 16:41 - Purpose Capital: Finding Meaning in Life 19:19 - Self-Assessment for Growth in Wealth Areas Episode Resources Connect with Tom Suvansri Call to Action How to Listen: Subscribe on Listen on
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Your Acres of Diamonds: Unlocking the Gold Within You
05/29/2025
Your Acres of Diamonds: Unlocking the Gold Within You
Join Tom today as he discusses the importance of self-investment and personal growth during uncertain times. He emphasizes the need to look within ourselves to identify opportunities and strengths, encouraging listeners to dream big and overcome fears. Tom shares insights on turning problems into opportunities, taking action, and seeking feedback from trusted individuals. Tune in to hear more about the value of embracing discomfort as a means for growth and success. Highlights 01:03 - “Acres of Diamonds” story. 03:36 - Investing in yourself first. 04:54 - Self-awareness and the blueprint process. 07:01 - Solving everyday problems like in Shark Tank. 11:07 - The importance of dreaming and aspirations. 13:56 - Leveraging unique talents for impact. 16:59 - Gauging your skills through trusted opinions. 19:51 - Learning through discomfort and failure. 21:58 - Encouragement to embrace action and growth. Episode Resources Connect with Tom Suvansri Call to Action How to Listen: Subscribe on Listen on
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Inflation, Ignorance, and the IRS: Understanding Your 3 Biggest Costs
05/22/2025
Inflation, Ignorance, and the IRS: Understanding Your 3 Biggest Costs
In this episode, Tom discusses the complexities of taxes and their impact on personal finance. He emphasizes the importance of understanding various types of taxes, including income tax, capital gains tax, estate tax, and the often-overlooked inflation tax. Tom introduces the concept of the 'ignorance tax,' highlighting the financial costs associated with a lack of knowledge about tax strategies. He encourages listeners to seek education and professional advice to mitigate their tax burdens and emphasizes the importance of continuous learning in achieving financial success. Take a listen today to see if you're being proactive about tax planning! Highlights 01:09 - Taxes: The Biggest Expense and Wealth Impact 03:03 - Taxes as Behavioral Incentives 04:36 - The Robert Kiyosaki Tax Perspective 06:57 - Capital Gains Tax: An Incentive to Invest 09:00 - Inflation: The Stealth Tax 12:34 - Surpassing Inflation to Maintain Wealth 14:28 - Ignorance Tax: Knowledge as Power 17:02 - Tax Code Structure and Strategic Planning 19:57 - Worth of Paying for Expert Advice 20:18 - Lifelong Learning for Financial Success Episode Resources Connect with Tom Suvansri Call to Action How to Listen: Subscribe on Listen on
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Elite Golf. Elite Wealth. How the Best Play the Long Game — On the Course and With Their Capital
05/15/2025
Elite Golf. Elite Wealth. How the Best Play the Long Game — On the Course and With Their Capital
Today's episode, Tom draws the parallels between the game of golf and financial management, emphasizing the importance of long-term thinking, holistic approaches, and emotional control in achieving financial success. He discusses the significance of generational wealth, the need for the right financial tools, and the value of collaboration with experts to navigate complex financial landscapes. Tune in today to learn more about the measuring of financial progress and maintaining a proactive mindset to adapt to changing circumstances. Highlights 00:35 - Masters as a symbol for managing life. 01:01 - Golf’s parallels with financial management. 02:00 - Generational thinking in golf and finance. 03:11 - Importance of estate planning and education. 03:46 - Strategy in golf and financial planning. 05:07 - Holistic integration of financial advisors. 07:01 - Exploring diverse financial tools and strategies. 09:33 - Mindset and emotional control in finance and golf. 11:03 - Benefits of proactive financial planning. 13:13 - Value of expert advisors and a team approach. 14:49 - Importance of measuring financial progress. 16:49 - Objective evaluation of financial strategies. Episode Resources Connect with Tom Suvansri Call to Action How to Listen: Subscribe on Listen on
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Beyond the Numbers: Building a Life You Want with Gil Roberts
05/08/2025
Beyond the Numbers: Building a Life You Want with Gil Roberts
In this engaging conversation, Tom chats with Gil Roberts, an entrepreneur with a diverse background in finance and business. They talk about the journey from traditional finance to entrepreneurship, discussing the lessons learned from early failures and successes. Gil emphasizes the importance of understanding the financial system, the value of connecting with people, and the need to break free from societal expectations. Tune in to hear more about the significance of personal fulfillment over material possessions. Highlights 01:27 - Transition from programming to finance. 02:14 - First failed business and key learning. 05:23 - Experience gaining collection proficiency. 08:36 - Importance of doing what you love. 09:09 - Transition to commercial lending. 13:49 - System design in education and work. 15:43 - Concept of lifestyle inflation. 19:17 - Escape the rat race. 24:09 - Freedom beyond monetary wealth. 44:31 - Emphasis on financial literacy and education. Episode Resources Connect with Tom Suvansri Connect with Gil Roberts Call to Action How to Listen:
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Maximizing Business Value Before Sale with Steve DeTray
05/01/2025
Maximizing Business Value Before Sale with Steve DeTray
Today, Tom is joined by Steve DeTray to discuss the critical aspects of business exit planning, emphasizing the importance of having a succession plan, understanding business valuation, and preparing both the business and the owner for a successful exit. They explore the mindset shift required for business owners, the role of a support team, and the emotional readiness needed for transitioning out of a business. Thinking about selling your business? This episode is for you! Highlights 01:33 - Mistakes from a rushed business exit. 06:58 - Necessity of a business-owner mindset shift. 11:06 - The critical 5-year runway for exiting. 13:52 - External forces driving involuntary exits. 19:45 - Over-reliance on the business owner. 25:21 - Eight key drivers impacting business value. 29:10 - Preparing the owner emotionally for exit. 31:14 - Importance of purpose post-retirement. Episode Resources Connect with Tom Suvansri Connect with Steve DeTray Call to Action How to Listen:
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The Hidden Importance of Insurance with Kyle Shoulvin
04/24/2025
The Hidden Importance of Insurance with Kyle Shoulvin
In today's exciting episode, Tom chats with Kyle Shoulvin, an independent insurance broker, discussing the often-overlooked importance of insurance in financial planning. Kyle shares his journey from teaching to the insurance industry, emphasizing the value of independent agencies in providing personalized insurance solutions. They dive into essential personal insurance coverages, the significance of liability coverage, and the complexities of homeowners insurance, particularly in the context of rising risks and market challenges. Tune in to make sure you have all the right coverage you need! Highlights 07:13 - Misconceptions about the insurance industry. 10:49 - Importance of liability coverage. 16:32 - Understanding condo insurance requirements. 22:40 - Insurance challenges in risk-prone areas. 30:01 - Impact of natural disasters on insurance. 35:34 - Commoditization of the insurance industry. 40:53 - Importance of understanding policy comparisons. Episode Resources Connect with Tom Suvansri Connect with Kyle Shoulvin Call to Action How to Listen:
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Embracing Change: Strategies for Personal Development
04/17/2025
Embracing Change: Strategies for Personal Development
In this episode, Tom talks about the inevitability of change in life and how to navigate it positively. He emphasizes the importance of self-reflection, understanding one's unique strengths, continuous education, taking action, surrounding oneself with supportive people, and financial preparedness. Additionally, he highlights the significance of risk management and cultivating gratitude during times of transition. Tune in to be inspired to embrace change as a pathway to personal growth and fulfillment! Highlights 01:04 - Embracing Impermanence: The Inevitability of Change. 04:38 - Finding Purpose: Assessing Personal Values. 08:00 - Unique Skillset: Embrace and Love Your Uniqueness. 10:05 - Lifelong Learning: Education is a Passion. 12:43 - Taking Action: Ready, Fire, Aim. 15:57 - Support Networks: Importance of Surrounding Yourself with the Right People. 18:54 - Financial Preparedness: Getting Your Financial House in Order. 25:04 - Gratitude Practice: Focus on Positive Aspects. 26:28 - Managing Change: Growth, Stress, and Maturity. Episode Resources Connect with Tom Suvansri Call to Action How to Listen:
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Have Your Dollars Do More Than One Job
04/03/2025
Have Your Dollars Do More Than One Job
Today, Tom dives into the concept of wealth stacking, emphasizing the importance of making money work for you in multiple ways. He introduces the infinite banking concept as a strategy to leverage life insurance for wealth accumulation and explores various methods to utilize home equity and investment portfolios effectively. Tom also highlights the risks associated with leveraging debt and the importance of making informed investment decisions to ensure financial growth and security. Tune in to hear more! Highlights 02:59 - Challenging traditional wealth-building. 05:56 - Introduction to Infinite Banking concept. 08:39 - Borrowing against life insurance policies. 10:05 - Real estate leveraging example. 14:44 - Risks of leveraging for investments. 16:47 - Warren Buffett’s rule on not losing money. 19:08 - Risks and controls in using margin loans. 23:45 - Importance of not over-leveraging. 26:20 - Advanced debt strategies and traditional advice contrast. Episode Resources Connect with Tom Suvansri Call to Action How to Listen:
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What Not To Do To Be Wealthy
03/27/2025
What Not To Do To Be Wealthy
In this podcast episode, Tom discusses the key principles for achieving financial success and the common pitfalls that lead to financial failure. He emphasizes the importance of tracking finances, having a solid financial plan, continuous learning, and making informed investment decisions. The conversation also highlights the dangers of short-term thinking and the strategic use of debt. By flipping the perspective on financial success, he encourages you to take actionable steps towards building your wealth. Highlights 00:36 - The opposite approach to financial advice. 01:25 - Financial failure strategy: Not tracking finances. 02:58 - Importance of having a financial plan. 04:31 - Continuous learning in personal finance. 09:11 - The risk of relying solely on internet advice. 10:53 - The pitfalls of thinking short-term. Episode Resources Connect with Tom Suvansri Call to Action How to Listen:
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Navigating Private Equity Investments with Keshav Kolur
03/13/2025
Navigating Private Equity Investments with Keshav Kolur
In this episode, Tom chats with Keshav Kolur, the principal at Clive Capital, who shares his journey into real estate investing and the establishment of his company. Together, they discuss the importance of financial freedom, the benefits of private equity, and the innovative fund of funds model that simplifies investment for tech professionals. Keshav outlines the criteria used to assess investments, emphasizing cash flow, tax benefits, and diversification. Tune in to hear more about the accessibility of alternative investments, such as oil and gas, and innovative strategies for building wealth through private equity and self-directed IRAs. Highlights 04:57 - Journey into real estate at a young age 05:50 - Discovering syndications over single-family homes 07:50 - Proof of concept with first syndication 08:51 - Launching Clive Capital to expand passive investments 11:19 - Emphasis on private equity over public markets 12:51 - Significance of diversification 14:59 - Fund of Funds model explained 17:41 - Criteria for selecting investments 22:59 - Accredited investor: who qualifies? 29:39 - Three ways to fund investments 33:59 - Excitement about oil and gas investments 35:24 - Tax benefits of oil and gas investments 36:54 - Alternative investment strategies in focus Episode Resources Connect with Tom Suvansri Connect with Keshav Kolur Call to Action How to Listen:
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Navigating Trust Administration with Antony Joffe
02/27/2025
Navigating Trust Administration with Antony Joffe
In this podcast episode, Tom chats with Antony Joffe, chairman of Sterling Trustees, to discuss the importance of trust administration and the role of independent trustees. They explore the benefits of trusts for wealth protection and generational legacy, the advantages of South Dakota's trust laws, and the common misconceptions surrounding estate planning. Antony emphasizes the need for financial education for beneficiaries and the importance of choosing the right trustee to avoid family conflicts. Tune in to hear more from this episode! Highlights 04:40 - Antony’s unexpected career path 06:35 - Importance of trusts in legacy planning 09:56 - Challenges of independent trustees 12:15 - Why South Dakota for trust laws 15:12 - Importance of teaching financial responsibility 17:39 - What families often get wrong about trusts 19:32 - Keeping it simple: Trust design advice Episode Resources Connect with Tom Suvansri Connect with Antony Joffe Call to Action How to Listen:
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The Buy, Borrow, and Die Strategy
02/20/2025
The Buy, Borrow, and Die Strategy
Today, Tom discusses the 'Buy, Borrow, and Die' strategy, a wealth-building approach that emphasizes the importance of acquiring assets, borrowing against them, and utilizing tax laws to pass wealth efficiently to the next generation. He highlights the benefits and risks associated with this strategy, including the significance of the stepped-up basis and the need for careful estate planning. Tom encourages listeners to integrate these strategies into a cohesive financial plan and to start small with practical steps. Tune in to find out more about this strategy! Highlights 02:54 - Importance of asset ownership. 05:23 - Borrowing against appreciating assets. 06:26 - Stepped-up basis explained. 09:32 - Risks of over-leveraging. 11:45 - Importance of estate planning. 12:57 - Start with basic asset-backed loans. 13:56 - Need for a cohesive financial strategy. 15:05 - Long-term legacy and business continuity. Episode Resources Connect with Tom Suvansri Call to Action How to Listen:
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Entrepreneurial Grit: Problem-Solving, Persistence & Innovation with David Frankel
02/06/2025
Entrepreneurial Grit: Problem-Solving, Persistence & Innovation with David Frankel
In this engaging conversation, Tom interviews David Frankel, founder of Perky LLC, who shares his entrepreneurial journey, the challenges he faced, and the innovative solutions he created. They discuss the importance of problem-solving, resilience, and persistence in entrepreneurship, as well as the role of sales experience in building relationships and understanding customer needs. Tune in to hear more of this conversation between two entrepreneurs! Highlights 01:08 - Starting the entrepreneurial journey. 01:44 - Innovation from necessity: high school invention. 02:29 - The rarity of patented ideas coming to market. 03:41 - Solving the droopy collar problem. 08:29 - The importance of observing problems. 09:41 - Are entrepreneurial skills innate or learned? 11:45 - Emotional intelligence in solving problems. 13:21 - The value of patience and persistence. 14:06 - Teaching children problem-solving skills. 14:56 - The necessity and benefits of failure. 16:54 - The unique drive of entrepreneurs. 18:01 - Sales: A foundation for entrepreneurship. 22:32 - Building relationships in sales. 26:04 - Entrepreneurship lesson: addressing a wide audience. 28:11 - Process from idea to product development. 33:02 - Packaging’s role in product marketability. Episode Resources Connect with Tom Suvansri Connect with David Frankel Call to Action How to Listen:
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Tax-Savvy Strategies: Proactive Planning to Maximize Wealth
01/30/2025
Tax-Savvy Strategies: Proactive Planning to Maximize Wealth
In this episode, Tom discusses the importance of proactive tax planning, especially as the year comes to a close. He emphasizes the need to plan ahead to avoid last-minute stress and suboptimal financial decisions. The conversation covers various aspects of tax planning, including deductions, credits, income conversion strategies, and navigating tax brackets. Tom encourages listeners to educate themselves about the tax code and work with financial professionals to optimize their tax situations and ultimately retain more wealth. Highlights 03:32 - Planning to mitigate tax stress 05:56 - Tax deferral: conventional wisdom 07:35 - Importance of deductions 10:25 - Credits as tax reducers 13:08 - Converting income types 16:05 - Progressive tax brackets strategy 18:05 - Income splitting benefits 21:15 - Tax deferral with 401k and IRA 23:36 - Real estate and 1031 exchanges 24:43 - Opportunity zones benefits 26:03 - Strategic tax planning importance Episode Resources Connect with Tom Suvansri Call to Action How to Listen:
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Creating Lasting Experiences Through Financial Independence with Clint Harris
01/23/2025
Creating Lasting Experiences Through Financial Independence with Clint Harris
In this podcast episode, Tom chats with Clint Harris, a general partner at Nomad Capital, who shares his unique journey from a medical sales career to the self-storage investment space. Clint discusses the importance of financial independence, the pursuit of a meaningful life, and how he transitioned into real estate investing. He highlights the advantages of self-storage as an asset class, the innovative business model of Nomad Capital, and the deeper purpose behind their investments, which focuses on creating opportunities for families to spend quality time together. In this conversation, Tom and Clint dive into the complexities of real estate investment, emphasizing the importance of partnerships, understanding asset classes, and adapting to market trends. They discuss the impact of COVID-19 on storage needs, particularly among millennials, and explore cultural perspectives on consumerism. Tune in to hear more from this exciting episode! Highlights 03:59 - Strategy shift: single-family to Airbnb. 05:49 - Realization of time and financial independence. 07:06 - Exploring successful real estate investor strategies. 07:52 - Experiencing burnout from managing multiple tenants. 08:25 - The appeal of self-storage investments. 09:07 - Importance of asset class conversion. 12:17 - Financial independence and personal goals. 14:12 - Founding of Nomad Capital. 17:18 - Impact of generational shifts on real estate. 18:45 - Discussion on consumerism and storage needs. 21:05 - Advantages of self-storage: low expense ratio. 25:00 - Effects of housing market trends on storage. 26:20 - Millennial usage of self-storage as extended space. 36:00 - Investing strategy: assessing personal alignment. 37:00 - Suitable investment profile for self-storage fund. Episode Resources Connect with Tom Suvansri Connect with Clint Harris Call to Action How to Listen:
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How to Know What is Cheap vs Expensive
12/19/2024
How to Know What is Cheap vs Expensive
Today, Tom discusses the importance of understanding the true costs of living, emphasizing the difference between short-term cheap options and long-term investments. He explores various aspects of personal finance, including financial planning, insurance, tax strategies, estate planning, and debt management, urging listeners to think holistically about their financial decisions and the impact they have on their future. Tune in to understand the true cost living. Highlights 03:00 - Long-term quality vs. short-term savings. 03:51 - Health as a long-term investment. 04:49 - Thinking beyond immediate costs. 05:55 - Long-term net worth vs. income planning. 10:18 - Comprehensive financial planning overlooked for sales. 15:00 - The role of insurance in risk mitigation. 20:53 - Proactive tax planning importance. 23:55 - Estate planning and legal basics. 25:59 - Leverage vs. debt in wealth building. 29:44 - Investing in personal health for long-term benefits. Episode Resources Connect with Tom Suvansri Call to Action How to Listen:
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The Entrepreneurial Mindset with Richard Walsh
12/05/2024
The Entrepreneurial Mindset with Richard Walsh
In this episode, Richard Walsh joins Tom and shares his extensive entrepreneurial journey, beginning from his time in the Marine Corps to becoming a successful business owner and coach. He discusses the challenges he faced during the 2008 economic downturn, the importance of shifting from an employee mindset to an owner mindset, and the critical role of feedback in validating business ideas. Richard emphasizes resilience in the face of rejection and the necessity of learning from failures to achieve success in entrepreneurship. Tom and Richard dive into the multifaceted journey of entrepreneurship, emphasizing the importance of commitment, understanding expectations, and the necessity of having a purpose beyond profit. Tune in to hear about the resilience required to navigate the ups and downs of business ownership and the significance of recognizing the true value provided to customers. Highlights 03:00 - From shoveling granite to $1,000 in a day: an entrepreneurial awakening. 04:45 - Scaling from landscape to custom water features. 07:02 - 2008 financial crash: Losing half a million in one day. 10:24 - Shutting down the business to refocus on family. 13:05 - The creation of "Escape the Owner Prison" and a new coaching venture. 18:50 - Side hustle reality for would-be entrepreneurs. 23:30 - Overestimating in one year, underestimating in five. 24:50 - The rejection blues: handling noes and setbacks. 31:36 - Vision-driven business: Understanding the bigger mission. 38:17 - The importance of customer journey and experience. 46:17 - The thrill of entrepreneurship: innovation and automation. 47:56 - Where to find more about Richard and his coaching services. Episode Resources Connect with Tom Suvansri Connect with Richard Walsh Call to Action How to Listen:
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Navigating Tax Strategies for Wealth Building with Scott Phillips
11/14/2024
Navigating Tax Strategies for Wealth Building with Scott Phillips
Joining Tom in today's episode is Scott Phillips, founder of SDP, about wealth building strategies, particularly focusing on oil and gas investments. Scott shares his personal journey, insights into tax strategies, and the importance of diversification in investment portfolios. The conversation delves into the tax benefits associated with oil and gas investments, the risks involved, and the future of the industry in a changing economy. Scott emphasizes the need for careful planning and understanding one's financial situation before making investment decisions. Tune in to hear more about how tax benefits are not loopholes, but incentives. Highlights 02:03 - Insights from owning businesses: Reducing tax concerns. 04:41 - Early exploration into oil and gas tax strategies. 06:45 - Importance of understanding tax implications in investments. 08:06 - Learning cycles of investment: Oil vs. stock market. 09:52 - Tax benefits of oil and gas investment explained. 13:08 - Why government offers tax incentives for drilling. 15:00 - Technology advancements lower oil production costs. 19:39 - Ideal times to invest in oil and gas. 22:43 - Addressing the perception of oil's future amid alternatives. 26:46 - Environmental impact and the industry's response. Episode Resources Connect with Tom Suvansri Connect with Scott Phillips Call to Action How to Listen:
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How to Access Cash for Opportunities
11/07/2024
How to Access Cash for Opportunities
In today's episode of the Perennial Pride podcast, Tom discusses different options for leveraging assets without liquidating them. He explores the use of personal credit cards, home equity lines of credit, margin accounts, and cash value life insurance as sources of capital. Tom highlights the pros and cons of each option and emphasizes the importance of being disciplined and responsible when using debt as leverage. He also emphasizes the need to be prepared and have access to cash in order to take advantage of opportunities that may arise. Tune in to hear more! Highlights 03:00 - Building an Opportunity Fund. 03:21 - No Magic Bullet in Financial Strategies. 03:57 - Leveraging Assets Without Liquidation. 05:05 - Pros and Cons of Credit Card Use. 06:46 - Home Equity Line of Credit: A Viable Option. 09:50 - Margin Accounts: Accessing Cash Through Brokerage. 13:08 - Infinite Banking: Leveraging Life Insurance. 18:31 - Benefits of Cash and Preparedness. Episode Resources Connect with Tom Suvansri Call to Action How to Listen:
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Seven Overlooked Areas That Are Robbing Your Wealth
10/31/2024
Seven Overlooked Areas That Are Robbing Your Wealth
In today's episode, Tom dives into the importance of wealth management, discussing key areas that are often overlooked. He covers topics like cash flow management, tax reduction strategies, evaluating fees, and the drawbacks of relying solely on banks for wealth storage and borrowing. Tune in to hear more about alternative strategies, including infinite banking, diversifying investments, and essential risk mitigation through insurance and estate planning Highlights 01:54 - Uncovering hidden health risks. 03:05 - Financial risks beneath the surface. 04:26 - Importance of cash flow awareness. 05:09 - Diversifying streams of income. 06:34 - Tax strategies and opportunities. 07:55 - The true cost of fees. 09:22 - Rethinking the role of banks. 11:09 - Investment diversification beyond markets. 13:46 - Importance of risk mitigation. 15:56 - Estate planning for wealth transfer. 22:11 - Empowerment through financial education. Episode Resources Connect with Tom Suvansri Call to Action How to Listen:
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Mastering the Business Exit: Lessons in Risk, Resilience, and Maximizing Value with Lee Heisman
10/24/2024
Mastering the Business Exit: Lessons in Risk, Resilience, and Maximizing Value with Lee Heisman
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 Connect with Lee Heisman Call to Action How to Listen:
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Asset Protection, Trusts, and Tax Strategies Explained with Alessandra Long
10/17/2024
Asset Protection, Trusts, and Tax Strategies Explained with Alessandra Long
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 Connect Alessandra Long Call to Action How to Listen:
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Powers of Attorney, Healthcare Directives, and Living Wills Explained with Alessandra Long
10/10/2024
Powers of Attorney, Healthcare Directives, and Living Wills Explained with Alessandra Long
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 Connect Alessandra Long Call to Action How to Listen:
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Estate Planning Essentials: Understanding Wills and Trusts with Alessandra Long
10/03/2024
Estate Planning Essentials: Understanding Wills and Trusts with Alessandra Long
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 Connect Alessandra Long Call to Action How to Listen:
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Building Financial Freedom: Aligning Goals with Passive Income Strategies with Russ Morgan
09/26/2024
Building Financial Freedom: Aligning Goals with Passive Income Strategies with Russ Morgan
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 Call to Action How to Listen:
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What The Tiger 21 Group Tells Us About Building Wealth
09/12/2024
What The Tiger 21 Group Tells Us About Building Wealth
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 Call to Action How to Listen:
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Understanding Taxes with Joseph DeFazio - Part 3
09/05/2024
Understanding Taxes with Joseph DeFazio - Part 3
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 Connect with Joseph DeFazio Call to Action How to Listen:
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Understanding Taxes with Joseph DeFazio - Part 2
08/29/2024
Understanding Taxes with Joseph DeFazio - Part 2
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 Connect with Joseph DeFazio Call to Action How to Listen:
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