If you are stuck trying to figure out the path for your financial future then you have to listen in as Paul Hood, Tulsa’s most proactive CPA, will breakdown what types of investment vehicles are out there.
Broadcasting from the thrivetime show studios in beatbox that rocks it is tulsa’s number one cpa and every way he’s a best business coach client and gentleman it’s time to take a look under your financial hood with paulpaul hood tulsa’s number one cpa in every way in every way, bartlesville number one cta a cpa and everyone here you could be a cta to understand what that is, but incredible:certified public accountant in a guy who really knows what he’s talking about what I love about. Paul hood is that you, sir, have a way of making accounting not a complicated you when you meet at any of our thrive business coach clients that have met you. It seems like the feedback I consistently here is nerd now you do have to talk about things that are nerdy, but you speak the english language in a way that the average mind can handle, and so I’m excited to have you break down something that to me sounds like a bunch of gibberish a bunch of what not to say in text life insurance? First off? What does that mean index life insurance? What does that mean indexed life insurance white? Why should we care? A lot of us are busy day want to talk about bacon and getting eggs, and it’s early in the morning here. Why should we care about index life insurance? Make it to make it simple for it’s:okay, I’ll, try to make a simple meals. Are short radio show it’s hard to make things to simple, the basically yeah you have two spectrums. You have guaranteed type stuff. Let’s and it’s the steak out the insurance side of it. So an investment you have guarantee type stuff like a cd. You know that doesn’t go up and down, and you have variable type. Things are like the real quick you said cd. What does that mean? A cd is a certificate of deposit.
You go when you put money in it.Go up and down just pays interest to kind of certificate of deposit deposit got it. That’s on one side is real conservative. It doesn’t go up and down. Volatile. On the other end of the spectrum, you have variable investments that go up and down like your stocks and bonds. Things that you think of kind of so in the middle is are index products index products is where an insurance company cat gets involved and they say you were going to take part of the upside. So if the investment goes up, you get to share in it, but we’re going to the insurance companies going to assume all the downside. So it’s kind of in the middle of guaranteed products and variable products. So there’s no downside risk, but you don’t get all the upside, and so that’s why so in the life insurance area you can have, you can have a whole life policy that is guaranteed like a cd certificate of deposit, where you can have a variable universal life product that goes up and down with investment indexes in the middle. You get a little better return potential than a guaranteed product, but you don’t have the downside risk of losswell I’m kind of a big deal and I’ve got a lot of things to do today and I don’t have time to think about all these kinds of things. I just want to retire more rich that I have them already got to be rich cuz, I’m awesome, but I want to be rich what it wanted.
What I need to do? I mean what makes is actionable here. What what do I need to do with this index life knowledge that benefit me the listener, the key to what we try to do it just just kind of give people a taste of what’s out there, so that because the problem is clay, is people go to financial pay, whether it’s an insurance, personal investment person and they go to them and and they get whatever they sell? The you know, that’s that’s what they walk out the door with what we preach is a comprehensive plan that did that we bring every financial product and, by the way out there to the to the publican and make it fit for me, and if you don’t know at least a little bit, then then you don’t know what you’re getting you know we have marshall morris. Do you have a big bother? They kill author of the start here a book to amazon bestseller book. You can find on amazontom he’s also so very tall man, I’m very tall and the only cleveland indians fan in the world to see they’ve got they’ve gone to the playoffs or theories yeah that they’re coming i. Just feel like that. You made me were the first cleveland indians fan may be the only cleveland browns fan. Okay, so I didn’t get any steak by the lake, at least outside of ohio cleveland, fan and you’re. Also, a business coach. You work with clients all the time and I know that clients love to talk about best business coach marketing, branding sales and then, and then they like to get into marketing, branding and sales or sales I’ve been thinking and I was going to maybe meet with an accountant, but first I want to talk about marketing branding your sales. So why is it important for your clients, anybody out there they meet with accountant, regardless of who it is to talk about stuff like life insurance. What we’ve talked about this on the thrive time show during the week, and it’s important that you have a relationship with an accountant in you know your numbers before it’s a problem, and so you wouldn’t wait till you have a break down to go, have to go, hire an attorney or you wouldn’t wait till you are bankrupt to go, hire an accountant. You got to hire them proactively so that you can set yourself up for financial success and that’s hard because you most business owners.
They don’t want to sacrifice the short term for the long-term thing until they have bankruptcy to see an account way to see an attorney, but I have a problem until something hurts really bad to go to the doctori. See this all I mean all your account, so I mean what percent of the time do you see a business owner and you sit down with him for the first time and they have all of their finances in order. They can tell you exactly where everything is and how it works. It’s organized it’s night, it’s a nice, it’s tight, it’s it makes sense. Very rarely. I’ll give you an example:i met with a guy great guy, I’m, really excited about working with him. He’s got the potential as company to be a multimillion-dollar business, relatively quick. Has it on his taxes in 3 years, so hasn’t paid any time. So yes, it it plays out you just kind of put your head in the sand and hope you know I can get it done, quick enough, but we’re getting fixed up, but the key is i, don’t care. If your doctor, your plumber, at 99% of people coming our office are not being proactive and proactiv means measuring measuring using the numbers to steer your business. Not just you know, okay the there’s over it’s time to do the best business coach taxes. Oh my gosh. What is are terrible news happens there I mean, did it? What point today? How did that conversation go everybody’s doing everyone around them is doing taxes new like and it’s funny it’s just like anything else. You know it starts off generally my experience and we met him come in as being behind 10 years. It starts off.
Well, it’s something bad something happens in one year and and then you know why we can’t do this year. Cuz we didn’t do last year and then all the sudden compounds you blink in 5 years ago, on by other guys, I’m going to go, read the blog about the making of black panther. While you guys are doing your taxes yet I’m saving, you just call the irs and say hey. You know we’re behind by 3 years ago the irs to send a letter to you and then then you come see me and then we fix it at what point did it take you away? You know they don’t take you away cuz what they do here to see. If there’s a move by the irs, what the irs does is late. They have a thing called impute impute texas I want to talk about impute taxes. Have you ever found yourself running out of money before the end of the month? Are you saving enough for retirement? Are you getting ahead as a best business coach? Financially tulsa? If you didn’t look under your financial hood, you come to the right place. It’s a look under the hood with tulsa’s number one cpa and every way, alright, you welcome back to look under the hood with paul hood and we’re talking today about taxes and were talking about specifically planning your financial future, but before we went to the break your time at what happens when you haven’t paid taxes and 3 years and soap all talk to me about the process when you have a client hasn’t paid taxes in in 3 years, do you call the irs and say hey guys? We need to get caught up here or how does that count as a conversation at fort worth?
What’s the process when normally we don’t have to because what happens is the irs starts off with a little nice letter say hey by the way, but you forgot to file your taxes in. If you don’t file, your taxes were going to buy them for you and then they what they end up doing is a impute taxes and impute. So what they do is they talk to me that way? So what I do is I just filed tax return for you and they just make up numbers, and it’s really really high numbers, because then they want to get it out of there sitting section and moved over to collections this when it gets real fun when flexing starts. Let me in and they’ll send letters to people you do business with insane. Listen! This guy owes us money, don’t pay any money. You owe him so pay it, so they can get pretty ugly, really yeah. So what we does will get whirlpool transcript, so we will try to recreate numbers cuz. You know somebody who hasn’t filed their tax return that have the number to file them anyway. So we have to recreate them through bank statements in accounting and then being really proactive and get the things in so that because our numbers are always better than the irs is number to play. Well, okay, we’ll move on to a less intense topic here. This is a roth ira and a roth ira named for delaware senator, william roth and established by the taxpayer. Relief act of 1997, a roth ira is individual retirement plan. A type of qualified retirement plan hilarities to the traditional ira when you said ira i, think some people say what the roth ira help us understand. It I’m talking about that. You know:irish, republican, army or whatever irish movement i, just now, I’m backed up into individual retirement account is what an ira is so and I a traditional ira means you’re getting a tax deduction or the money pre-tax or roth ira. You don’t get a tax deduction, so it’s after tax money, but it grows potentially tax-free. So it’s kind of like you’re running a race and and the ross starts off way behind, because you’re starting off with less money because you’re having to give them calcium their money up front now, I’m, not a huge fan of ross in most cases.
Now, if you’re younger, roster great, because you have time for that race for that rod to catch up and pass I like a traditional ira, because every best business coach dollar we get in there. Even though we got to give uncle sam $0.30 on the dollar on the earnings we get the iron we get to keep 70% on his peace. If somebody’s out there listening-and they say I want to know, should I use an ira for my wife for my investing. What would you say if someone out there making $40,000 a year should I be investing in an ira play? Is really not an investment? It’s and it’s it’s a it’s think of it as a box. So it’s just like a 401k or a life insurance policy. So what you put into the boxes? Investments an ira is an alternative for people that say they don’t have a 401k or something at work, and they they got to put something in so everybody should have some sort of box whether it be qualified or non-qualified, 401k ira. So the answer is yes, everybody should be pretty much have an ira or some sort of investment. Well, because eric chub misled me and told me that today show is about the irish republican army I would like to go ahead and share some of the research I’ve done here. It was a. It was a paramilitary movement in ireland of the 28th 20th and 21st centuries dedicated to irish republicanism. Basically, these guys thought that ireland should be its own independent republic and but they’re they’re only move was there, don’t they had one that had one marshall? Do you know what their one move was? The ira, not the roth ira, but the irish republican army? Do you know what they’re there move was educate me? They believe that public violence was the key to freedom. Thank you. So much I appreciate every word for moving on here. You guys all fun ireland done now. That’s their investment vehicle which is invest in advertising advertising. You mean advertising. What do you mean? Invest in advertising? Who should be investing in advertising? What anybody has a business could advertise the other. The challenges is i. Think you need is a caveat play. You need a business coach or somebody who’s qualified aka you to to to direct you. You know clay I was in business for years ago.
God blessed me I do really really well and then all the sudden I hooked up with you and I have redefined doing really really well in the primary thing we’ve done has been focused on advertising and where to put my dollars and it creates it-is kind of like planting seeds, clay, it’s like having a farm in your planting seeds. If you don’t buy the seeds and the more seeds you plant, the more the more harvest you get, I want to get marshall morris’s. Take on this is the co-author, the best-selling book their start here and I want to take on. This is a business coach, but you see business owners out there that are on the planet. Earth they drive by mcdonald’s, but have pop up there on youtube they watch the apple commercials they’re driving down the road to hear a quiktrip commercial. They see the signage the chick-fil-a’s invested. They always have a cow out in front of the building. They drive by all this advertisement see the massive word lowe’s on the store lowe’s. They see the massive amount of marketing at starbucks has done by being on every corner. In america, and then they get to their own business, which is located in the strip mall in the best business coach fontana shopping center, where in the corner, where nobody ever visits-and they say but will be in my business, it’s different advertising doesn’t work, so doesn’t work, you would say. Well if you believe that you were going to be for real, yes, but do you really know if you would pour I mean? Do you really know because I don’t really know about who I was for the state of mind, you don’t think you’ve got to have advertised come on marshall, marshall i, give you life example the last two new clients that we picked up this week. We’re referred to be to me by people i, don’t know they’re not even climb. It is because the only thing I can figure out his mark needs top of mine people have hey. Do you know a good cpa that does hood guys and they’re, not even clients, i, don’t want to work with people. I, don’t know very well to me. It’s all about relationships, jump them if I just want to say that I did i. Just want to say that myself and I just want to dedicate this song to a beautiful man. Did i. Did we talk about advertising and we talk about r&b. Why are you henry, ford and he says stopping advertising to save money is like stopping your watch to save time the rest of this week. Would you like an ice cream cone for the point being, if you’re, a business owner and you’re trying to find ways to save or invest more, like dr. Zoellner talks about this? All the time on a drive time show that we advertising is like the gas pedal to your business vehicle if you’re trying to get up a hill. The last thing you want to do is take your foot off the gas pedal. So if you are listening right now, you say I don’t know. I just want to see if you, if you, if you about the other thing right now, big shout out to help out there but of jail, I really am having a hard time figuring out how to advertise. You can go to thrive time, show., comets, drivetime, show.Com and paul.
Hood is a sponsor of the thrive time show in person to day workshops. So, if you leave, if you just got to do you request your tickets, if you find the thrive time show on itunes, oh yeah, and you leave us an objective review and send us the proof that you did it to info at 2 by emailing us to info at thrive. Time should I comment info at drivetime. Show.Com paul hoodies made it available reconnect to get a free ticket. Now, if you don’t want to attend the workshop about growing a business and maybe don’t own business-and you just want to get maybe do on a best business coach, we just want to get to a place of financial peace. You just went into a place where you know that you have a financial plan. I would encourage you to go to hood cpas, I’m, going to go to gps.Com right now myself, because I want to see how long it takes. Cuz. Some people have said:paul i, don’t have i, don’t have time I’m on to go schedule.
A meeting so I’m going to myself I’m pulling up here, looking good and it says now, is the time to look under your financial, hood. Okay, it is the time this is the time so I’m going to watch a video with you or you tell me a little bit about your company and I’m going to schedule my 1-hour free consultation and it when I twist your giving away a free copy of warren buffett’s book snowball. How is it possible you’re, giving away so many copies of a book? What’s the catch, the catch is that you got to be willing or desirable to improve yourself in a fight people it to lake success, it’s not complicated, it’s not it’s! It’s a process and whether your own, a business or you’re, an individual you’re behind on your taxes, your head on your taxes, it’s just it doesn’t matter what you got to figure out where you want to go, and then you speak for the natural advice from professional. It’s just like investing an advertising like I only cost people don’t just go out advertise. You got to find somebody like the people that thrive. That understand where it, where is the best way to put your money just like a marketing just or just like a investing? You don’t just go out and buy stocks. If you go and talk to somebody like us in and so go to hood cph.Com and set up your hours of free time to start the process, it’s a one-hour consultation. It’s absolutely free! You get a copy of best business coach warren buffett’s books, no ball. So the whole thing of me not to go over $500 value. That I’d say at least a $300 value. Their accountant in town will charge you 300 bucks to meet with you for an hour or so so I can go to hood cps.Com and claim your free copy of warren buffett’s book snowball and get your finances in order. This is your year to be successful. You don’t need to be all stressed out. You need to have a plan and paul who can help you make that plan we can all relax. Is that car will see you next week