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Do Your Taxes Right— Pay Nothing, Control Everything with Patrick Rood
When it comes to taxes, it’s crucial to have a solid understanding of the process. But with all the tax codes, terms, and complex processes, many individuals and even entrepreneurs make crucial mistakes that cost them more than what they should be paying.
This is why, having the right knowledge can really be life-saving if we are to win this tax game. Not only can we ensure that we are getting the most out of tax season, but playing our cards right can also impact our wealth and financial stability.
In this episode, Daniel sits with Patrick Rood, the Owner of Rood Financial Services. If you’re curious about how the wealthy do their taxes, tune in as Patrick reveals the secret to reducing your taxes to zero, as well as juicy insider scoops about leveraging deductions, bonus depreciation, and intelligent purposeful purchasing. Daniel and Patrick also discuss the value of sales and casual management, the power of applied knowledge, the importance of consistent data tracking, and the 40% rule you can follow to set boost your financial health.
“The one real asset that no one can take from you is ingenuity and action. Think outside the box and then take action on it.” —Patrick Rood
Episode Highlights
- 01:49 Meet Patrick
- 07:24 What Knowledge Can Do
- 11:06 How to Do Your Taxes RIGHT
- 16:06 Intelligent Purposeful Purchasing
- 20:16 A Common Tax Mistake
- 25:29 Applied Knowledge Power
- 30:32 Why The Stock Market is a Bad Game
- 34:19 The 40% Rule
- 39:06 Things to Think About
Resources:
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Connect with Patrick:
Patrick is the owner and one of the visionaries of our “firm of the future”. His background in working with international companies across sectors, entrepreneurship, and coupled with his education at Baker & Rowan University has paved the way for our current success. He has led with a strong desire to meet the clients where they are and not allow state borders to hinder us from serving those that need our help.
Quotes:
07:38 “The only thing that limits you and your success is a lack of knowledge.” —Patrick Rood
15:14 “Taxes are optional. The only reason you pay them is because you’re not playing the right game.” —Patrick Rood
15:42 “If you own nothing, you pay zero tax. So the game that the wealthy play is own nothing, but control everything.” —Patrick Rood
20:27 “If you’re in business and you’re making $100,000, and you pay taxes, you’re doing something wrong.” —Patrick Rood
22:41 “If the cost doesn’t outweigh the gain, there’s no point. You can make adjustments now so that you don’t end up in that situation again, but sometimes there’s real money to go back after.” —Patrick Rood
23:31 “When you got bad data, you’re not going to be able to make good decisions.” —Patrick Rood
30:33 “Nobody gets rich in the stock market unless you’re lucky. Playing the stock market is more like playing the lottery than playing the lottery itself.” —Patrick Rood
33:27 “Always pay God first. The first dime goes to charity. The second dime always goes to you. Pay yourself first.” —Daniel Gomez
35:05 “The one real asset that no one can take from you is ingenuity and action. Think outside the box and then take action on it.” —Patrick Rood
