Ep #63: Keep More of the Money You’re Making: Understand Tax Laws with Terry Windrem

A friend of mine once said: “Throughout your life, you will probably meet 5 people that have the ability to change your life forever.” When you come across one of these special relationships, be aware of it, be grateful for it and embrace it with open arms.

My next guest on The Richard Robbins Show is one of these 5 people.

Terry Windrem, President and CEO at Park Place Financial, boasts over 40 years of experience in financial, succession and estate strategies.

I was lucky enough to meet Terry when I was 23 years old. Terry, just a few years older than myself, owned properties, drove nice cars and inspired me to get into the world of sales. Terry’s true passion, however, comes in the form of helping others save money and invest in their future.

“It’s one thing to make it, but it’s another to keep it. Compound interest is the 8th wonder of the world.”

Terry tells me that over an extended period of time, the money we lose to taxes can be life-changing.

“If you look at the impact of taxation over time, there is probably no other factor that has that big of an impact on people’s lives. People forget to think about the long-term effect of taxation. Taxes compound just like interest does.”

In this episode of The Richard Robbins Show, Terry and I talk about the biggest financial mistakes entrepreneurs make. Terry shares some incredible strategies to keep more of your own money, he provides tactics to create intergenerational wealth and offers some points on how to get started.

Pay close attention to this episode! If you take advantage of this interview, I think you could potentially save tens, if not hundreds of thousands of dollars.


Listen to the Full Episode:

What You’ll Learn In Today’s Episode

  • Fundamental understanding of tax laws.
  • The advantages of incorporating your business.
  • The tax advantages of incorporating a PREC.
  • Tax write-offs and how to understand them.
  • The difference between good debt and bad debt.
  • 3 mistakes that small business owners make and how to avoid them.
  • A tactical plan on how to get started.
  • Intergenerational family wealth planning strategies.

Ideas Worth Sharing

The work that a good accountant will do is almost like building the house. What we’re going to do is help to put the right furniture in the right room. @ParkPlacePTBO @richardlrobbins Click To Tweet It’s crucial that you get the right advice and you get the right accountant. There is a spectrum in terms of the quality of the advice that you are going to get from any individual. @ParkPlacePTBO @richardlrobbins Click To Tweet The tax system is like an inverted pyramid. On the first dollars that you make, you don’t pay any taxes at all. But as you earn more income, the government takes a bigger and bigger slice. @ParkPlacePTBO @richardlrobbins Click To Tweet

Resources in Today’s Episode

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