How the Rich Pay ZERO Taxes - Legally

Summary

Rich Dad Radio Show: How the Rich Pay ZERO Taxes - Legally

Episode Release Date: May 7, 2025
Host/Author: The Rich Dad Media Network
Guest: Tom Wheelwright, CPA and Author of Tax Free Wealth

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Introduction

In this compelling episode of the Rich Dad Radio Show, host Robert Kiyosaki is joined by long-time friend and personal tax advisor Tom Wheelwright. The discussion centers around the intricacies of taxation, exploring how different economic roles navigate the tax system, and unveiling strategies to legally minimize or eliminate tax liabilities.

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Understanding the Tax Quadrants

Robert Kiyosaki introduces the concept of the "Cash Flow Quadrant," originally detailed in his second Rich Dad book. The quadrant categorizes individuals into five distinct groups based on their income sources and tax obligations:

1. E - Employee:
   Tax Rate: Approximately 40% worldwide.
   Discussion: Employees pay high taxes relative to their income, with little opportunity for tax minimization.

   Notable Quote:
   Robert Kiyosaki (00:24):
   “If you’re an employee, you’re getting taxed around 40%. That’s the standard rate.”

2. S - Self-Employed/Professionals:
   Tax Rate: Approximately 60%.
   Discussion: Transitioning from an employee to a self-employed status often leads to significantly higher tax burdens due to less favorable tax structures.

   Notable Quote:
   Tom Wheelwright (03:16):
   “Self-employed individuals often find themselves in a 60% tax bracket.”

3. B - Business Owners:
   Tax Rate: Approximately 20%.
   Discussion: Business owners with around 500 employees benefit from lower tax rates, taking advantage of IRS incentives designed to encourage entrepreneurship and job creation.

   Notable Quote:
   Robert Kiyosaki (03:48):
   “Big business entrepreneurs pay about 20%.”

4. I - Insider Investors:
   Tax Rate: As low as 0%.
   Discussion: Insider investors who invest directly in assets such as real estate, oil, and agriculture can leverage tax laws to minimize or eliminate their tax liabilities.

   Notable Quote:
   Tom Wheelwright (04:23):
   “Insiders can pay as little as zero in taxes.”

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Investing Like the Wealthy: Beyond Stocks and Bonds

A significant portion of the conversation delves into the advantages of investing in real assets versus traditional stock market investments. Kiyosaki emphasizes that the government structures tax laws to favor investments that contribute directly to production and economic growth.

Key Points:

• Real Estate and Direct Investments:
  Investing directly in real assets such as real estate or oil allows investors to utilize depreciation and other tax deductions, effectively reducing taxable income.

  Notable Quote:
  Robert Kiyosaki (18:36):
  “I buy rental properties to gain depreciation benefits and invest directly in oil to maximize tax advantages.”

• Differences Between Stocks and Asset Investments:
  Stocks and mutual funds offer minimal tax deductions compared to tangible asset investments, making them less effective for tax minimization.

  Notable Quote:
  Tom Wheelwright (20:37):
  “From a tax standpoint, investing in the stock market is the hardest way to reduce your taxes.”

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Tariffs as Taxes and Their Economic Impact

The episode addresses the implementation of tariffs, particularly those introduced during Donald Trump's administration, framing them as a form of taxation that directly affects consumers and businesses.

Key Points:

• Nature of Tariffs:
  Tariffs are consumption taxes that increase the cost of goods, similar to sales tax, thereby slowing economic activity by making products more expensive.

  Notable Quote:
  Robert Kiyosaki (07:20):
  “Tariffs are a form of tax that directly increase the price of goods.”

• Strategies to Mitigate Tariff Effects:
  Wheelwright advises investors to focus on increasing their income and investing in domestic production to avoid the increased costs associated with tariffs.

  Notable Quote:
  Tom Wheelwright (22:01):
  “You need to make more money to afford the tariffs, and investing wisely can help you stay ahead.”

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Historical Context: Taxes and Warfare

Kiyosaki and Wheelwright explore the historical relationship between taxation and conflict, underscoring how tax policies have been pivotal in shaping geopolitical outcomes.

Key Points:

• American Revolution:
  The imposition of taxes by the British, such as the infamous "Tea Tax," ignited the Boston Tea Party and ultimately led to the American Revolutionary War.

  Notable Quote:
  Robert Kiyosaki (09:06):
  “America was founded as a tax revolt. The Boston Tea Party was a direct response to taxation without representation.”

• World War II and Germany:
  Excessive taxation contributed to economic hardship in Germany, fostering an environment that facilitated the rise of fascism under Adolf Hitler.

  Notable Quote:
  Tom Wheelwright (10:53):
  “High taxes burdened Germany, leading to economic distress and the rise of Hitler.”

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Strategies for Effective Tax Planning

As tax season approaches, the conversation shifts to actionable strategies individuals and business owners can employ to optimize their tax situations.

Key Points:

• Early and Proactive Planning:
  Tax planning should commence well before the end of the fiscal year to take full advantage of available incentives and deductions.

  Notable Quote:
  Tom Wheelwright (12:05):
  “Don’t wait until November or December to start planning. Begin now to maximize your tax benefits.”

• Choosing the Right Tax Advisor:
  Selecting a knowledgeable tax advisor who understands the incentives available to business owners and investors is crucial for minimizing tax liabilities.

  Notable Quote:
  Robert Kiyosaki (04:26):
  “If your tax advisor isn’t helping you pay less tax legally, you need to find a new one.”

• Investment in Domestic Production:
  Investing in areas that the government incentivizes, such as domestic oil drilling or real estate, aligns investments with tax-friendly sectors.

  Notable Quote:
  Tom Wheelwright (22:22):
  “Invest in what the government wants you to invest in—like domestic oil drilling—to take advantage of tax incentives.”

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Tom Wheelwright’s Tax Free Wealth Franchise

Towards the end of the episode, Tom Wheelwright discusses his Tax Free Wealth franchise, which empowers CPAs and tax advisors to serve entrepreneurial clients more effectively.

Key Points:

• Franchise Model:
  Wheelwright has established a franchise system with 11 active franchisees who operate their own firms under the Tax Free Wealth Advisors brand, providing tailored tax strategies for entrepreneurs.

  Notable Quote:
  Tom Wheelwright (24:10):
  “Our franchisees are entrepreneurs who follow our system to deliver the same expert tax advice while running their own firms.”

• Tax Strategy Conference:
  An upcoming conference in Park City, Utah, will feature Wheelwright and Kiyosaki, focusing on comprehensive tax strategies from business inception to exit.

  Notable Quote:
  Tom Wheelwright (26:20):
  “Join us at the Tax Strategy Conference in July to learn how to take your business from start to exit with optimal tax planning.”

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Conclusion: Embrace Capitalism and Legal Tax Minimization

Robert Kiyosaki concludes the episode by reinforcing the importance of understanding and leveraging tax laws to achieve financial freedom. He urges listeners to adopt a capitalist mindset, invest in tangible assets, and seek expert tax advice to legally minimize their tax burdens.

Final Thoughts:

• Legal and Ethical Tax Strategies:
  Emphasizing the necessity of adhering to legal frameworks while optimizing taxes, Kiyosaki and Wheelwright advocate for responsible and informed tax planning.

  Notable Quote:
  Tom Wheelwright (30:24):
  “Always do it legally, ethically, and morally.”

• Empowerment Through Education:
  Encouraging listeners to educate themselves beyond traditional schooling, the hosts highlight resources like Wheelwright’s Tax Free Wealth to empower individuals to take control of their financial destinies.

  Notable Quote:
  Robert Kiyosaki (30:37):
  “Your greatest asset is the space between your ears. Seek the information you need to build your wealth legally and effectively.”

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Additional Resources:

• Book Mentioned:
  Tax Free Wealth by Tom Wheelwright

• Franchise Information:
  Visit TFW Advisors to learn more about franchise opportunities and services.

• Upcoming Event:
  Tax Strategy Conference
  Dates: July 16-18, 2025
  Location: Park City, Utah
  Details: Featuring Robert Kiyosaki and Tom Wheelwright on comprehensive tax strategies for entrepreneurs.

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This episode serves as a crucial guide for individuals seeking to navigate the complex world of taxation, emphasizing the profound impact of strategic tax planning on achieving financial independence and entrepreneurial success.

Transcript

[TSA Announcement]

Plan on flying. In order to board domestic flights, your driver's license or state issued ID must be a real ID. Learn how to get your real ID [e-mail] realID or visit your local DMV. This is the Rich Dad Radio Show. The good news and bad news about money. Here's Robert Kiyosaki.

[Robert Kiyosaki]

Hello, Robert Kiyosaki, Rich Dad Radio show broadcasting from beautiful Phoenix, Arizona, where it's either heaven or hell. And right now it's heaven. It's the reason people come to Arizona. Then it turns to hell for about three months and everybody leaves town. And we have a very important show with you as my guest today is Tom Wheelwright. He's been with me for 20 something years now. Tom is a CPA, but more than that, he's the author of this book here, Tax Free Wealth. And the reason we have Tom on at this time here is simply because it's tax time. And for those of you who are Americans and your tax season is over, I hope you enjoyed paying taxes. But Tom is the expert on how you pay no taxes or minimize your taxes legally. And I do mean legally. But tax is a very, very, very big subject. So please get his book Tax Free Wealth. Even if Tom is not your CPA or your accountant, read this book and you'll have the proper questions to ask your tax advisor. Ask your tax advisor the appropriate questions. If they tell you to pay more taxes, I think you'd better start looking for a new tax advisor so they can advise you how to pay less taxes legally. So, Tom, welcome to the Rich Dad Show.

[Tom Wheelwright]

Thanks, Robert. It's always good to be on the Rich dad show talking about taxes. My favorite subject.

[Robert Kiyosaki]

Yeah. And then we'll bring this up. This was book number two of Rich Dad. It was called the cash flow quadrant and it fits right in perfectly to what my rich dad was telling me was my best friend's father and what Tom is saying. So let's go. So you know, most people say go to school and get a job and you become an employee. So, Tom, this is worldwide. Approximately what percent in taxes do employees pay?

[Tom Wheelwright]

Yeah, if you make good salary worldwide, you're going to pay 40 to 45%. 40% in tax.

[Robert Kiyosaki]

Okay, 40%. And then if you say, oh my goodness gracious, oh, this was the wrong way. But anyway, going this way, I don't know who drew this thing. But anyway, let's become. I'm going to start, I'm going to quit my job, I'm going to start my own business. So you move into self employed or you become a doctor, a lawyer, or an accountant, something like this. How much do this? You know, the biggest mistake is employees who quit their jobs to start the business. What tax bracket do they go into?

[Tom Wheelwright]

Yeah, now they go into about a 60% tax bracket.

[Robert Kiyosaki]

60%. So congratulations, you started your own business and now the government taxes you harder. And then B stands for big business. And according to IRS codes, Internal Revenue Service code, this is approximately 500 employees. So that's Elon Musk, Donald Trump, Jeff Bezos and those guys. So how much does a big business entrepreneur pay?

[Tom Wheelwright]

About 20%.

[Robert Kiyosaki]

About 20%. And I stands for insider. It's not inside investor. See, these people invest from the outside. They invest in stocks, bonds, mutual funds, ETFs, the stuff that Tony Robbins recommends. I think it's funny, but my rich dad said, come here. Being insider in a deal. And so we don't play with those stocks, bonds, mutual funds on the outside. What does an insider pay?

[Tom Wheelwright]

They can pay as little as zero.

[Robert Kiyosaki]

Zero. So they go, okay, ladies and gentlemen, it's tax season. You know, this is the book here. It's called Tax Free Wealth. And if you want to find out how you can get out of this death trap up here and get down to here, this is the book, It's Tax Free wealth by Tom Wheelwright, my personal advisor. And we're always battling this, right, Tom? It never ends.

[Tom Wheelwright]

It never ends. You know, I mean, the thing is, is that, you know that you can see the tax law is written for. It's written for the big business owners and the inside investors. That's who it's written for. So that's, that's, that's the key.

[Robert Kiyosaki]

Yeah, I, I call them. We're the capitalists. We're the people that hire people and we use money to get rich. These people are the people that are hired.

[Tom Wheelwright]

That's right.

[Robert Kiyosaki]

They work guys here, right?

[Tom Wheelwright]

That's right.

[Robert Kiyosaki]

The biggest mistake, you know, people tell their kids, oh, go to school, get a high paying job. When my mother tried to get me to become a doctor, I said, mom, what? One problem with that? You have to be smart. She goes, that's right. Don't do that. So this was my rich dad's advice, was down here, you know, learned to be an entrepreneur and learned to how to invest. So the, one of the first things I had to do was take a course on real estate. I took sales from when I was getting out of the marine Corps in 74. I took sales from Xerox because You have to learn how to sell. And then I took real estate to be an inside investor. Your comments on that, Tom?

[Tom Wheelwright]

Yeah, Like I said, I mean, that's how the tax law is written. And the reason is because it's doing what the government wants you to do. Right. It's just. I mean, I think that's a really good point, that the people in the E and the S quadrant, they're working for money. The people in the B, in the I quadrant are working for assets. They're actually hiring employees. They're hiring people. They're. They're building real estate, they're developing energy, they're growing crops. I mean, that's who those people are. And the government says, hey, we'll incentivize you to do that, because we realize that you're taking some risk there, and we're happy to help offset that risk with lower taxes.

[Robert Kiyosaki]

So these are not loopholes. These are incentives. The government's saying, look, if you hire people will give you a better tax break, but if you become an employee who's hired, they tax these guys here. Is that correct?

[Tom Wheelwright]

That's exactly right.

[Robert Kiyosaki]

And then they want us to use money or capital to provide more jobs for these guys up here.

[Tom Wheelwright]

That's right. It's either other people's time and talents, which is the B quadrant, or other people's capital, which is the I quadrant.

[Robert Kiyosaki]

Right. So there's one more aspect I want to talk about is Trump's tariffs are coming in now.

[Tom Wheelwright]

Yep.

[Robert Kiyosaki]

And tariffs are a tax, aren't they?

[Tom Wheelwright]

Are. That's exactly what they are. They're not. Some people think they're inflation, but they're not. They increase the price, but the increased price, just like if you added another sales tax, would increase the price. So it's just. It's another tax.

[Robert Kiyosaki]

So can I go back in history now? Because as a lot of people say, history proves we don't learn from history. So, you know, like Donald Trump ironically pays no taxes. When he was running against Hillary Clinton, she says, oh, and Donald Trump pays no taxes. And Trump looked at her straight in the eye and said, that means I'm smart. Because when you look at that comment there, this is Hillary here, she's an attorney, so naturally she'd be pissed. And this is Trump here's a real estate guy. Zero. And he's a big business owner. And he comments on the. On Hillary plus Hillary versus the Donald.

[Tom Wheelwright]

No, absolutely. And we. We've seen it. We've seen it throughout history. You know, we see it, Saw it with Mitt Romney versus Barack Obama. Donald Trump versus Hillary Clinton. Donald Trump versus, you know, Harris. Right. She's also an attorney. And so what you see is that the people who are paying high taxes are upset because the tax law is written for the people who actually, you know, raise the capital and employ the people.

[Robert Kiyosaki]

So Obama and Kamala are attorneys.

[Tom Wheelwright]

Obama, I don't think he's an attorney, but Hillary Clinton was an attorney, and Kamala is an attorney for sure. Yep.

[Robert Kiyosaki]

Jesus. So this is another thing I want to say is this is that I went to military school and we had to study Marx, Karl Marx, you know, the Communist Manifesto. And Karl Marx said this. A graduated income tax is essential for the spread of communism. I'll say it again. A graduated income tax is essential for the spread of communism. The reason I bring this up now with Tom here is simply because so many people say, oh, you don't pay taxes. How un American. I said, no, paying taxes is communism. And they don't get that, do they?

[Tom Wheelwright]

No, no. Like you say, they forget their history, that the Revolutionary War was started over taxes. And a lot of things happen. Taxes have a big impact on our life every single day.

[Robert Kiyosaki]

Right. What Tom brought up here was that America was founded as a tax revolt.

[Tom Wheelwright]

Right.

[Robert Kiyosaki]

It was called the Bond Party, and it was a terror revolt. We didn't want to pay. America did not want to pay taxes on English Tea anymore. So that was 1773, and that led to Revolutionary War. So this is the lesson. First, there's currency wars. Second, there's trade wars. Third, there's shooting wars. So right now, we're about to go into a shooting war with China over taxes, plus Taiwan, plus we have the Middle east, plus you have Russia and Ukraine. So there's a direct correlation between taxes and warfare. Take it away, Tom.

[Tom Wheelwright]

No, there's. There's. There's no question. I mean, throughout history, you know what. Why do people go to war? If you look at World War II, Germany was. They put so many taxes on Germany. The world had put so much tax burden on Germany that they thought. They thought their only way out was fascism. Hitler.

[Robert Kiyosaki]

Right. And Adolf Hitler came to power 1933. But who else came to power? Was FDR, Franklin, Del. Another tax guy?

[Tom Wheelwright]

Well, well, certainly, certainly historically, the Democrats have been more socialist leaning than. Than the Republicans. I mean, that is. That is a difference in the platform. The Republicans have been very capitalistic, and the Democrats have been much more socialistic. So that. That would be a natural tendency, I would think. But between the two, and historically, the Republicans have lowered taxes and the Democrats have raised taxes.

[Robert Kiyosaki]

Yeah, it's really quite interesting. It's tax season. The time to do tax planning is now, not April 1st. Any comments before we go to a break on how people can be better tax planners?

[Tom Wheelwright]

Yeah, I think you said it earlier that, remember that the tax law is a series of incentives. These aren't loopholes. They're incentives. They're incentives to invest a certain way, the way the government wants you to invest. Well, you, you can't wait until November and December to find a deal to invest in. You have to start looking now. You have to start planning now. You have to. If you're. If your tax advisor isn't giving you good tax advice, you need to find the tax advisor now because November, December, it's going to be too late.

[Robert Kiyosaki]

This is the book Tax Free Rail. Read this book not to become a tax advisor, but you can ask better questions of your tax advisor. And does this work worldwide, Tom?

[Tom Wheelwright]

It does. The principles in Tax Free wealth are similar all over the world. Even the tax rates are similar all over the world.

[Robert Kiyosaki]

They're very, very interesting. And always remember, America started as a tax revolt, the Boston Tea Party. We don't want to pay taxes, but for some reason, because of our academic system, most teachers are Marxists because they also believe in labor unions. You know, another thing that Mark said was workers of the world, unite. And my poor dad was very much into the teachers union and my rich dad hated unions. You know, I mean, so there's always three sides to a coin. Heads, tails, on the edge of it. And your job is to look at it. Which way do you want to go? So when we come back, we'll be talking to Tom more about what a person can do because it's not matter of cheating the government. It's actually changing your mindset to hear if you can do that and those things, you can start this progress. So we come back, we turn to Tom Wheelwright, author of Tax Free wealth, and we're going into what you can do to actually become more of a capitalist, not a Marxist. We'll be right back.

[Rich Dad Media Network]

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[Robert Kiyosaki]

Welcome back. Our guest today at Rich dad radio show is a longtime friend and a personal tax advisor. For full disclosure, there's Tom Wheelwright. He's the author of this book here, Tax Free Wealth. Just because the pain of being, you know, bending over and you know what having the tax take your money away from you is hurts. It hurts no matter what you say. And my problem is I keep making more and more money. So I've got to keep calling Tom as what can I do? Because again, this is employee, small business or self employed, doctors or lawyers, big business or investor. So when I call Tom, I'm already in here. My job is how do I stay here stronger. So Tom, what advice do you have for people who are in these categories? What can they do? Let's say you're an S paying the highest taxes. Is there something you can do?

[Tom Wheelwright]

Yeah, there actually are a couple of Things you can do. First of all, just because you're small doesn't mean you can't act like the big guys. So, so you can actually have, if you have the right tax advisor, you can actually behave like the big guys and get the same tax result as the big guys. You don't have to pay 60%. That's actually a choice and I think it's a choice of ignorance because once you learn how you can go from S to B from a tax standpoint, pretty easily. And then on the I side, this is a matter of going from S to I is really the more money you make, the more assets you need to buy. That's what it comes down to. The more money you make, the more assets you need to buy.

[Robert Kiyosaki]

That's what's really interesting about Tom, is because I make so much money in this category anyway, I have got to keep buying and I generally buy oil, real estate and cattle, livestock, so, so there are different categories. Even if you're up here, you can stay up here but act more diligently down here. Any comments on that?

[Tom Wheelwright]

Yeah, for sure. You may make your money as an employee or self employed person and that's fine. But when you invest your money, invest it like a big business owner, invest it like an inside investor and then you're doing what the government wants you to do with your money and actually you'll actually end up with more assets. It's interesting. I find that the by investing the way the government wants you, you actually make more money on your investments, not just pay less tax.

[Robert Kiyosaki]

Yeah, so what I, what I do is I just keep focusing here. Now I'm at later stage of my life, so what I have to do is I have to buy more real estate.

[Tom Wheelwright]

That's right.

[Robert Kiyosaki]

But, but not my house. I buy rental properties from Kenny McElroy, so I get depreciation. Da da da da da. But this other thing is, you know, people invest in oil. I was an oil man. I went to Kings Point to drive oil tankers for Standard Oil. And people invest in oil stock. That's not the same as investing in oil. Like with Mike Selli. Mike Maseli is my oil guy. I invest directly into oil. Well, what's the difference there Tom, between stocks and investing in oil wells?

[Tom Wheelwright]

Well, you think about it. What does the government want? They want you to actually drill more oil. They want you to produce more cattle, they want you to build more real estate. And so they want you to invest in the actual hard asset. They don't want you to invest in A derivative, which would be the stock they want you to invest in. The asset itself.

[Robert Kiyosaki]

Yeah. So when I meet these financial planners to say, well, you know, invest in the s and P500, I just go, loser. I wouldn't do that. Now, you might have to. It's better than not doing anything. But I don't want to be a loser and invest in the S and P or the Nifty. It was a Nifty Thrifty. And then now is the Big eight, Right. The Apple, Microsoft and all that. So I just don't touch those stocks. Any comments on that?

[Tom Wheelwright]

Well, so, interestingly enough, as important as the stock market is in the economy, it's not from a tax standpoint, it's the hardest way to reduce your taxes. I mean, about all you can do, you can do a 401k or IRA and you get a little bit of deduction here and there, but you're not investing in the actual asset. So the government's saying, look, it's okay if you save for retirement. We're happy to help you with that. But if you're going to do more than that, if you really want to be a serious investor, we need you investing in the I quadrant because that's where we need the production. That's. That's actually production.

[Robert Kiyosaki]

Correct. And then right now, with these tariffs that Trump's putting on there, that's causing havoc all over the place right now, isn't it? Because it's a tax.

[Tom Wheelwright]

It is, and it's a consumption tax. So it's very different from an income tax because it's actually, it's like putting a weight on the economy. It drags on the economy because you're adding a tax every time you buy something. And it's, it. It really does slow things down, and that's what's causing the havoc.

[Robert Kiyosaki]

So as a professional, you know, accountant and all this, when you see Trump adding a tariff, what goes through your head? What does a person do to not get nailed by this tariff? Or what is anything a person can do?

[Tom Wheelwright]

Well, what goes through my head is, well, you know, you're going to need to make more money, and so you better be investing. Better be following what you're talking about, Robert, from an investing standpoint. And you better be paying less tax so that you have more money to invest and so that you can afford the tariffs, because the tariffs, if they're all over the place, then you're going to be paying the tariffs no matter.

[Robert Kiyosaki]

What, and the tariff's going to increase your expenses. Right. I mean, so if you're, if you're buying like toothpaste from someplace or hairdressing and all this, it all goes up. So that's why you have to make more answers, make more money, but make it in the right, make it in the right quadrant over here.

[Tom Wheelwright]

Well, on top of that, remember, the tariffs don't apply to anything, to what's made in the US So that is an encouragement if you're going to drill oil, drill oil in the US if you're going to build real estate, build real estate in the US if you're going to raise cattle, raise them in the US no tariffs on those.

[Robert Kiyosaki]

Yeah. And the thing I like about oil, what, what kind of tax advantages do I get for investing with Mike Maseli, who is my oil oil guy.

[Tom Wheelwright]

So oil actually has the best tax advantages of anything because you don't have to be a professional investor to get the tax advantages of oil. You do as a real estate investor or if you're in agriculture. But if you're in oil, you can be even an employee and you can still get, Effectively, you're getting 80% deduction, typically the first year for the investment. So if you put in $10,000, you get an $8,000 deduction.

[Robert Kiyosaki]

And that's why Trump is saying, drill, baby, drill.

[Tom Wheelwright]

That's right. Because, you know, the whole, we run on energy, Right? The whole economy runs on energy. So the more energy we have, the more production we have.

[Robert Kiyosaki]

So, Tom, we're talking about how you're going to start your own franchise now. I mean, you're. Tom is an s. But he's acting like here because he runs a business as an accounting firm with employees working for him. So do you want to talk about, or is it too premature to talk about your firm?

[Tom Wheelwright]

We actually started the franchise. We have 11 franchisees already. These are tax advisors. And the goal is I like the idea of having entrepreneurs serving entrepreneurs instead of having employees serving entrepreneurs. The problem with the big firms is you're, you're going to sit down with an employee, but an employee is not going to understand what you do as an entrepreneur. So if you're an entrepreneur, you really want to be with another entrepreneur. And that's where the franchise makes sense. Because the franchisees, they're all entrepreneurs in their own rights, but they follow our system. I trained them. And so they get all of the, they get all the skill set that I would give them if they were in my firm, but they get to be their own firm.

[Robert Kiyosaki]

Right. So Tom is taking, you know, A students like Tom and moving them down here.

[Tom Wheelwright]

Exactly. Right.

[Robert Kiyosaki]

Yeah. So how, if somebody is. So your target is really a cpa, right?

[Tom Wheelwright]

Yes, it is.

[Robert Kiyosaki]

So how would a CPA who's interested in, you know, being part of your network there, which franchise is as a network? Metcalfe's Law. How would they get in touch?

[Tom Wheelwright]

Yeah, so our, Our. Our website is tfw, as in Tax Free Wealth Advisors. TFW Advisors us. It's the US Franchise. And connect with us right there you can see our other franchisees there. You can see the type of people that we're attracting and where we. We have new franchisees joining every single month. So it's starting to get some momentum, which is really fun to see. And, and the franchisees, I've got to tell you, Robert, I don't like CPAs as a general rule. I don't like hanging around them, but I love hanging around our. I love the franchisees. They're so entrepreneurial. It's awesome.

[Robert Kiyosaki]

They're not the most exciting people, Tom.

[Tom Wheelwright]

They are, just not as a general rule.

[Robert Kiyosaki]

So, I mean, at least. At least entrepreneurs are wild men, most of them, rolling it crazy. So you need a good, good tax advice. So would you give your website again how a EPA could get in touch with you?

[Tom Wheelwright]

Sure. It's TFW Advisors. Tfw, as in Tax Free wealth. Tfw. Tfw, like Tax Free Wealth Advisors, Us. And we also have a tax conference, Tax Strategy conference coming up in July in Park City, Utah. You're speaking at Robert. So. So July 16th through the 18th. So Robert's gonna lead it off for us, and we're gonna talk about take a business all the way from the beginning of the business all the way through exit of the business from a tax standpoint for all you tax nerds out there.

[Robert Kiyosaki]

Yeah. And remember, you know, like, when my. My mom says, why don't you become a doctor, an attorney, or an accountant? I said, mom, you have to be smart. She goes, you. You're right. You best not become one. So I moved down here right away because this is where the wild guys operate, you know, but the wilder you are, the more need Tom's help because you don't want to go to jail and dance to hula, you know, for some guy, you know what I mean? So do it legally. That's the most important part. Do it legally.

[Tom Wheelwright]

Exactly. Exactly. Yeah. So I just thought it'd be great to have you there because, I mean, typically you go to these boring tax conferences and you got all these Tax nerds out there, these lawyers, they're so boring. Robert, one thing I know about you is you are never boring.

[Robert Kiyosaki]

No, I, I hate. That's what, that's why I had trouble in school. Once again, a book is called Tax Free wealth. And let me remind you of this. America was founded as a tax free nation. It was called the Boston Tea Party. But remember this also is that when you add tariffs and things like that, it leads to war. So those are the reasons that it's important to be more aware today. You don't get this information at school, but you do get it on YouTube and things like this and talking to private entrepreneurs like Tom. So it's up to you to seek the information you want. Because if you go to a school teacher, they're going to tell you to go to school and get a job, work hard, save money, and put it in the stock market, which is suicide, absolute suicide. So again, America's found as a tax free nation. There's a couple other things that Mark said is that workers of the world unite and then they all become union guys. And nothing wrong with that. But my rich dad just hated unions. He says all they want to do is get paid more and work less. You know, so when my poor dad was head of the Teachers Union of Hawaii, I sat there at his union, teachers union meetings. It was. I wanted to vomit. I wanted to vomit because the labor teachers unions and Trump is shutting down the, what do you call it, the Education Department. I think that's hysterical. But I sit, listen to my father, talk to the union leaders of the teachers. I wanted to vomit. It had nothing to do with better education, that most of these school teachers who are union guys, they're Democrats, they just want to get paid more and work less. And it was just disgusting. I sat there going, why are we paying you guys? They get three months vacation a year anyway, or something like that. So anyway, you got to be careful who you listen to, because this is your greatest asset is the space between this ear and that ear. And that's why listen to Tom. Or if you like paying taxes and you think it's American, then join the labor union and go vote for Hillary next time. Or Kamala. Even better. My God, it's a free country. You vote for who you want to vote for. But I'm a capitalist and I don't vote for Marxist. Final words. Tom.

[Tom Wheelwright]

No, I think you said it right from the beginning. You know, it's about incentives. And remember that the incentives are there for the big business owners, the Inside investors. And a small business owner can act and behave like a big business owner. All you have to do is understand the rules. And that's why I wrote Tax Free wealth was for the entrepreneurs to understand the rules.

[Robert Kiyosaki]

Most important, do it legally. Right.

[Tom Wheelwright]

Most important legally, ethically and morally. Every time.

[Robert Kiyosaki]

It's a lot cheaper to do it legally. Cuts down your attorney's fees.

[Tom Wheelwright]

It does. And it helps you sleep at night. Very important.

[Robert Kiyosaki]

Yeah, yeah. And I have a good time. Frigate. Oh, I made so much money. That means I have to give Kenny more money or give Mike Maselli more money. My oil guys or my cattle guys. I'm always investing, but not in stocks, bonds or mutual funds like Tony Robbins recommends because I'm not that stupid, you know.

[Tom Wheelwright]

That's right. Incentives work.

[Robert Kiyosaki]

Yeah, but I'm an entrepreneur. I'd like to make a lot of money, support my government and not pay much taxes. America was founded as a tax free nation. Boston Tea Party, 1773. Thank you, Tom, very much.

[Tom Wheelwright]

Thanks, Robert.

[Robert Kiyosaki]

Welcome back. Robert Kiyosaki, Rich Dad Radio Show. The final words of this thank you, Tom Wheelwright book is tax Free Wealth. He has franchises tfw, not dfw. Final words is this. There's a lot of people living in Puerto Rico and the reason they go to Puerto Rico is to pay less taxes. Well, if you read this book here, nothing wrong with Puerto Rico, but you don't have to live there. So, I mean, all these guys are giving advice over YouTube. Ask them where they live. It's in Puerto Rico because they didn't read this book here. Look, remember, America was founded as a tax free nation and you're a Marxist and a communist if you're paying taxes and joining a labor union. So don't drink the Kool Aid of go to school, get a job or become a doctor or lawyer. Follow the Rich dad properties here. This is who we talk to, B's and I's. And you can stay up here if you want with Tom's book. You can come down here. So. Well, thank you, Tom Wheelwright. Tax Free well, and thank you for listening to the Rich Dad Show.

[Rich Dad Media Network]

This podcast is a presentation of Rich Dad Media Network.