Teaching Millionaires

• $22,000 Solo 401(k) Secret Advisors Won't Share

  I discovered a retirement strategy that saved me $22,000 in taxes in ONE YEAR, and most financial advisors won't tell entrepreneurs about it. In this video, I reveal exactly how switching from a SEP IRA to a Solo 401(k) can potentially TRIPLE your tax-advantaged retirement contributions. Perfect for freelancers, consultants, small business owners, and side hustlers with no full-time employees.   ⏱️ CHAPTERS: 00:00 - How I Saved $22,000 on Taxes 00:53 - My Conversation with Ashley the Yoga Studio Owner 02:33 - SEP IRA vs Solo 401(k): The Key Difference 03:53 - Income Examples: Why This Works for All Entrepreneurs 05:17 - The Compound Growth Advantage 06:34 - Is a Solo 401(k) Right for You? 08:32 - Taking Action: December 31st Deadline   🔑 KEY POINTS: - SEP IRAs limit you to 20% of net income - Solo 401(k)s let you contribute as BOTH employer AND employee - Current Solo 401(k) contribution limit: up to $70,000 - Extra catch-up contributions available for those over 50 - Must establish plan by December 31st to claim this year's tax break - Works for all self-employed individuals (no employees except spouse)   🔽 FREE RESOURCES: Download my Solo 401(k) Guide: https://pages.teachingmillionaires.com/sep-vs-solo401k    #Solo401k #TaxStrategy #EntrepreneurFinance #RetirementPlanning   ⚡️ Connect with Rich: ▶️ Subscribe for weekly financial insights: https://teachingmillionaires.com/youtube-subscribe  📱 Follow on Instagram: https://teachingmillionaires.com/instagram  ✖️ X: https://teachingmillionaires.com/twitter 📘 Facebook: https://teachingmillionaires.com/fbgroup 🌐 Website: https://teachingmillionaires.com 🎧 Apple Podcasts - https://teachingmillionaires.com/apple-podcast  🎧 Spotify - https://teachingmillionaires.com/spotify-podcast    👥 About Rich Smith: Rich Smith helps individuals and business owners optimize their wealth through smart financial strategies. With expertise in tax incentives and wealth preservation, Rich breaks down complex financial concepts into actionable steps. 📌 This video may contain links through which we are compensated when you click on or are approved for offers. The information in this video was not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. I am not a financial advisor. The information I share is for educational purposes only and shouldn't be considered as certified financial or legal advice. It is imperative you conduct your own research. I am sharing my opinion only.

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• $50K Tax Savings Most Landlords Miss (Cost Segregation)

  This hidden tax strategy could save real estate investors $50,000+ in taxes WITHOUT renovating their properties. My friend Greg almost missed out on $47,000 in tax savings because his CPA never told him about cost segregation.   Learn how to: ✅ Legally accelerate depreciation on rental properties ✅ Reclassify components to 5, 7, and 15-year schedules instead of 27.5 years ✅ Apply this to properties you ALREADY own ✅ Use tax savings to fund your next property purchase   Most accountants never tell clients about this IRS-approved strategy that wealthy real estate investors have used for decades. Don't leave your money on the table!   🔽 LEARN MORE: Discover if Cost Segregation can save you thousands in taxes - we'll review your property details and show you how to maximize your tax savings 👇 https://pages.teachingmillionaires.com/re    ⏱️ CHAPTERS: 00:00 The $50K mistake most landlords make 00:26 No renovations needed to unlock tax savings 00:49 Why most CPAs don't tell clients about this strategy 02:56 Cost segregation: The hidden tax strategy explained 04:26 How to unlock hidden deductions in properties you already own 05:07 Breaking down the $50K savings calculation 06:22 Who can benefit from this strategy (not just tycoons) 08:32 Documentation tips and bonus depreciation benefits   #realestateinvesting #taxstrategy #costsegregation   ⚡️ Connect with Rich: ▶️ Subscribe for weekly financial insights: https://teachingmillionaires.com/youtube-subscribe 📱 Follow on Instagram: https://teachingmillionaires.com/instagram ✖️ X: https://teachingmillionaires.com/twitter 📘 Facebook: https://teachingmillionaires.com/fbgroup 🌐 Website: https://teachingmillionaires.com 🎧 Apple Podcasts - https://teachingmillionaires.com/apple-podcast 🎧 Spotify - https://teachingmillionaires.com/spotify-podcast   👥 About Rich Smith: Rich Smith helps individuals and business owners optimize their wealth through smart financial strategies. With expertise in tax incentives and wealth preservation, Rich breaks down complex financial concepts into actionable steps. 📌 This video may contain links through which we are compensated when you click on or are approved for offers. The information in this video was not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. I am not a financial advisor. The information I share is for educational purposes only and shouldn't be considered as certified financial or legal advice. It is imperative you conduct your own research. I am sharing my opinion only.

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  10:16
• How One Credit Card Gets Us $7,500 in Free Family Vacations Every Year

  Discover how my family enjoys luxury all-inclusive beach vacations worth $7,500+ completely FREE every year using a simple credit card strategy that anyone can use - even without travel hacking experience! I reveal exactly how the Wyndham Rewards Earner Business Card lets us stay 5-7 nights at the Ultra Cancun oceanfront resort with unlimited food, drinks, and kids club access - without spending a dime. This isn't a complicated points scheme - it's a straightforward system my family uses every single year. In this video, you'll learn: - The exact welcome bonus that funded our entire resort stay - How we leverage 8X points on gas and 5X on utilities with everyday spending - The Capital One Venture X strategy that doubles our earning potential - Our Southwest Companion Pass hack that lets both kids fly FREE - Why most people miss out on 3X value by redeeming points incorrectly   👉 FREE RESOURCES: ✅ Southwest Companion Pass Guide (Updated): https://teachingmillionaires.com/southwest ✅ Rich's Credit Card Strategy Playlist: https://www.youtube.com/playlist?list=PLL-fTDysacRcyuzxtG3KEr6trYzOVGuXB   👉 CARDS MENTIONED: 💳 Wyndham Rewards Earner Business Card: https://cards.barclaycardus.com/banking/cards/wyndham-rewards-earner-business-card 💳 Capital One Venture X Business: https://teachingmillionaires.com/recommends/venture-x-business   ⏱️ CHAPTERS: 00:00 - How We Get Free Luxury Beach Vacations 02:28 - The Wyndham Rewards Card Strategy 03:06 - Moving Everyday Spending to the Right Card 03:40 - Maximizing Points with Bonus Categories 04:43 - Expanding Our System with Capital One 05:16 - The Southwest Companion Pass Secret 06:19 - Why Most People Redeem Points Wrong 07:22 - Converting Points to Real Vacation Value 09:40 - The Complete $7,500 Travel System   #FreeVacation #PointsAndMiles #FamilyTravel   ⚡️ Connect with Rich: ▶️ Subscribe for weekly financial insights: https://teachingmillionaires.com/youtube-subscribe 📱 Follow on Instagram: https://teachingmillionaires.com/instagram ✖️ X: https://teachingmillionaires.com/twitter 📘 Facebook: https://teachingmillionaires.com/fbgroup 🌐 Website: https://teachingmillionaires.com 🎧 Apple Podcasts - https://teachingmillionaires.com/apple-podcast 🎧 Spotify - https://teachingmillionaires.com/spotify-podcast    👥 About Rich Smith: Rich Smith helps individuals and business owners optimize their wealth through smart financial strategies. With expertise in tax incentives and wealth preservation, Rich breaks down complex financial concepts into actionable steps. 📌 This video may contain links through which we are compensated when you click on or are approved for offers. The information in this video was not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. I am not a financial advisor. The information I share is for educational purposes only and shouldn't be considered as certified financial or legal advice. It is imperative you conduct your own research. I am sharing my opinion only.

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  11:21
• $100K College Fund Mistake: New IRS Rules Changed Everything

  I almost made a $100K mistake with my kids' college savings. In this video, I reveal how the new IRS rules for 529 plans completely changed my saving strategy and potentially saved me from a costly error. I break down: - The traditional 529 college savings approach and its hidden risks - The game-changing 2024 IRS rule allowing 529-to-Roth IRA conversions - How to build a true financial "launchpad" instead of just a college fund As a parent of two young boys and former educator with nearly 20 years of experience, I've learned that success isn't just about education—it's about giving your kids financial flexibility and freedom.   🔗 FutureMoney (Custodial Account Platform) - use referral code: RichSmith https://teachingmillionaires.com/recommends/futuremoney   ⏱️ CHAPTERS: 00:00 - The $100K College Savings Mistake I Almost Made 01:06 - Why Traditional College Planning Falls Short 02:41 - The $100K Question: What If They Skip College? 03:44 - Game-Changing 529-to-Roth IRA Rules for 2024 05:47 - Why Ages 18-30 Need Capital the Most 06:51 - Our 60/40 Strategy: 529s and Custodial Accounts 08:22 - Building a Financial Launchpad, Not Just a College Fund 09:54 - The Legacy of Financial Freedom for Your Kids   #CollegeSavings #529Plan #ParentingTips   ⚡️ Connect with Rich: ▶️ Subscribe for weekly financial insights: https://teachingmillionaires.com/youtube-subscribe 📱 Follow on Instagram: https://teachingmillionaires.com/instagram ✖️ X: https://teachingmillionaires.com/twitter 📘 Facebook: https://teachingmillionaires.com/fbgroup 🌐 Website: https://teachingmillionaires.com 🎧 Apple Podcasts - https://teachingmillionaires.com/apple-podcast 🎧 Spotify - https://teachingmillionaires.com/spotify-podcast    👥 About Rich Smith: Rich Smith helps individuals and business owners optimize their wealth through smart financial strategies. With expertise in tax incentives and wealth preservation, Rich breaks down complex financial concepts into actionable steps.   📌 This video may contain links through which we are compensated when you click on or are approved for offers. The information in this video was not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. I am not a financial advisor. The information I share is for educational purposes only and shouldn't be considered as certified financial or legal advice. It is imperative you conduct your own research. I am sharing my opinion only.

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  11:18
• I Almost Lost My S-Corp Status | Avoid This IRS Mistake

  A simple payroll mistake almost cost me my S-Corp status and thousands in IRS penalties. I share my story and how my friend Ashley actually DID lose her status - resulting in years of tax problems.   Learn the critical S-Corp requirements the IRS demands: - Why proper payroll is non-negotiable - How to determine your "reasonable salary" - The exact system I use to stay penalty-free   🔗 GUSTO PAYROLL DISCOUNT: https://teachingmillionaires.com/recommends/gusto ✅ FREE S-CORP CHECKLIST: https://pages.teachingmillionaires.com/s-corp    ⏱️ CHAPTERS: 00:00 My S-Corp Nightmare Begins 00:32 Ashley's Cautionary Tale 02:32 How I Almost Made the Same Mistake   03:34 How We Caught and Fixed It in Time 04:31 The Critical S-Corp Requirements You Must Follow 05:29 The S-Corp Survival Checklist 06:57 The Automated Payroll System I Recommend   #SCorp #TaxTips #SmallBusinessTax   ⚡️ Connect with Rich: ▶️ Subscribe for weekly financial insights: https://teachingmillionaires.com/youtube-subscribe 📱 Follow on Instagram: https://teachingmillionaires.com/instagram ✖️ X: https://teachingmillionaires.com/twitter 📘 Facebook: https://teachingmillionaires.com/fbgroup 🌐 Website: https://teachingmillionaires.com 🎧 Apple Podcasts - https://teachingmillionaires.com/apple-podcast 🎧 Spotify - https://teachingmillionaires.com/spotify-podcast   👥 About Rich Smith: Rich Smith helps individuals and business owners optimize their wealth through smart financial strategies. With expertise in tax incentives and wealth preservation, Rich breaks down complex financial concepts into actionable steps.   📌 This video may contain links through which we are compensated when you click on or are approved for offers. The information in this video was not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. I am not a financial advisor. The information I share is for educational purposes only and shouldn't be considered as certified financial or legal advice. It is imperative you conduct your own research. I am sharing my opinion only.

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  9:06

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