A few weeks ago when I sat down with Jeff (my tax strategist) I threw him a curveball…
“You work with hundreds of millionaires on their taxes. What’s something that works for them that most people aren’t doing?“
When I asked this question, I was expecting some kind of tactical answer…
Like a loophole…
But what Jeff came back with was even better.
“If a client doesn’t have a reason for saving on their taxes – a reason that’s emotionally compelling for them – then it almost never works out.” he said. “Simply being motivated by “beating the tax game” usually isn’t enough”
This surprised me.
Because I assumed just paying less in taxes would motivate most people.
So I dug a little deeper…
“Give me some examples of what you mean by an emotionally compelling reason” I said.
“Well it really doesn’t matter what the reason is – as long as it’s important to the client.” Jeff said. “So for example, I just talked to a guy today who wants to be able to keep his mom in an upscale assisted living facility that’s pretty expensive. That’s his “why”. And that means a lot to him, so he’ll probably follow through with his tax stuff cause he has a specific reason for why he wants to save on his taxes“
Ok, so having someone in your life that you want to help is a good reason.
Makes sense.
I asked Jeff to give me some more examples…
“I had a client yesterday who told me that he’s been dreaming of buying a vintage Porsche for the last three years. This guy could easily buy the car today without blinking an eye. But he told me if he could buy it with saved tax money, then he’d actually pull the trigger on it because that’s like “found money” to him“
I laughed at that one.
Cause I think that way as well.
I found the whole topic fascinating.
Cause it was a deep look into what really motivates people to do something.
So I drilled Jeff on it some more…
I wanted to hear more of the reasons he hears every single day when talking to clients…
So Jeff wound up going through a laundry list of the reasons he hears from people.
– Putting money away for their kids
– Putting their kids into better schools
– Helping their parents to retire early
– Buying a beach house in San Diego
– Funding a wildlife rescue in South America
– Buying a 40-ft fishing boat
– Taking the family on a 30-day European trip
– Being able to fly private instead of commercial
– Buying their wife a new Range Rover
– Funding a charity for homeless veterans
– Building up a huge real estate portfolio
– Buying football equipment for their son’s school
The list went on and on.
And it was a wide mix of reasons.
Some of the reasons were very altruistic…
Others were simply for pleasure…
Or living a life of luxury…
But Jeff said in the end it doesn’t matter what the reason is.
The only thing that matters is that the reason is important to the client.
That’s the key.
He said he’s seen this over and over again with his clients.
If they simply want to “beat the tax game” then it’s never enough to follow through.
Cause that’s not a big enough “why”.
I thought that was really interesting.
So I wanted to share it with you.
And it’s something worth thinking about if you’re interested in saving money on your taxes.
BTW I’m gonna wrap this series up on taxes tomorrow.
I hope it was helpful for you.
Judging by the responses I got, it seems like it was eye-opening for a lot of people.
Also…
A bunch of people have emailed me and asked for more info about working with Jeff (my tax strategist).
I’ve connected a few people to him already.
And I’m gonna do a full email tomorrow all about him.
And what he does for me.
The guy is brilliant.
So be on the lookout for that if you’re interested in chatting with Jeff to see if he can help you.
I’ll lay all of that out in my email tomorrow.
Talk to ya then…
– Justin
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