Thinking About Taxes in These Two Ways will Save You Six Digits or More with Denver Nowicz

damottaleonardweb
Mar 1, 2022
3 min read

Don't miss this informative and resource-abundant episode on The Prosperity Perspective Podcast with guest Denver Nowicz, investment advisor and tax-free expert. Denver will share with our host, Liam Leonard, his top advice on why you need to diversify your investments, particularly when it comes to securing a future in retirement. Get plenty of tips on investment strategies from tax rematching programs to owning Air BnBs, because, as Denver explains, "You have to play the game or fall further behind."

3 Key Takeaways:

How you can save six figures or more over the course of retirement
Denver's three major buckets of investment
Why you need to start thinking about taxes in two specific ways

Listen to the Full Episode:

Show Notes:

[0:30] Denver introduces himself

Learning from the real world
- Taking care of family members
Seeing the impact and trials of running a business from his dad
His mom and grandma showed him sometimes life doesn't go as planned
- Coming up with the idea to secure better financial stability

[2:00] What it was like starting his own business

Taxes are a threat to your wealth
- Play to win
The same goes for accounting

[3:30] Where Denver put his money once he began

Starting on the insurance side
Locking in gains and his interest in tax-free income
Planning diversification
- "You can save six figures or more over the course of retirement by having a tax-rapid strategy." -Denver Nowicz
  - Using tax brackets the right way
- "No one ever really talks about what happens on the exit strategy" -Denver Nowicz

[5:40] Denver walks us through his first step

Strategies have been streamlined now
Tax Rematching program
- Using an insurance-type strategy where the bank puts into your insurance contract
  - Everything in that is tax free
  - It compliments offensive and defensive assets
You need to get an exit strategy and a secured future income

[9:12] What are the buckets Denver suggests his clients place income in?

The tax bucket
- Real estate investment
The tax defer bucket
- They look great now, but it means tax delay
The tax free bucket
- Most people have nothing in this bucket

[11:30] Are these tax-free life insurance products on a term or whole-life chasse?

It's a bit of a hybrid
- This strategy is a term blend with index
  - If the market drops you don't lose
  - Term structure is blended to keep the cost to one percent
What this plan will look like

[14:55] When Denver creates leverage with the bank, does it all go into the insurance company?

Taking out gains from the insurance on the tax-free money
- Creating leverage that creates higher returns
"Play the game or fall further behind." -Denver Nowicz
- It's the world we live in!

[16:40] "When I look at my own clients with a high net worth: how do they do that? It's acquiring of assets." -Denver Nowicz

The average investor chases risk with their own money and gets upset when they lose. Net worth investors use other people's money, put more of it in safe assets, and get steady returns.

[17:15] The most exciting thing Denver is working on

Crypto
- His personal obligation to get to know new asset classes
Expanding on real estate
- Short-term vacation rentals
- Thinking about legacy
- There are good Airbnb tools

[19:20] Liam's reservation with vacation rentals due to his state regulations

Denver's thought on this
He's seen some of the same things
Do research on the right towns
- Check out AIRDNA
- The window may be short before the market gets saturated
- Do your homework!
The security in diversifying stock in various airbnbs

[23:20] One piece of advice for listeners

Whether you're a business owner or high-income professional, start thinking about assets in two different ways
Start building different assets (particularly tax-free ones)

About Denver Nowicz:

Denver Nowicz is the Founder and President of Wealth For Life. He is a fiduciary and advisor with over 20 years helping highly successful individuals with tax protection and wealth maximization.

The Wealth For Life model is built on this core tenant: there are different financial strategies for different levels of wealth. If you are wealthy, mainstream advice wont help you scale.

For scaling wealth, tax protections and building multiple income streams from different types of assets are essential strategies.