EnRich Your Life

Episode 2 - Tax Talk: Conversations with a CPA

• Richard Leimgruber, CRPC® • Season 1 • Episode 2

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Ever wondered how a love for music can pave the way to a thriving career in accounting? Join us as Joe Paldino, the dynamic founder and CEO of Paldino Company CPA, shares his fascinating journey from aspiring musician to a successful CPA.

In this next episode of EnRich Your Life, host Rich Leimgruber sits down with Joe, to break down the complexities of tax planning for individuals and small businesses. Joe shares his journey to becoming an accountant, his approach to helping clients navigate tax season, and the importance of proactive financial planning. Together, they cover essential tax strategies and common misconceptions. Whether you’re a W-2 employee, an independent contractor, or a small business owner, this episode delivers practical insights to help you maximize savings and avoid tax pitfalls.

Want to know more about Joe Paldino and his services?
Website:  https://jpalcpa.com
Phone:  (914) 253-6857
Facebook Page:  https://facebook.com/61564304345871
Licensed to practice in the state of New York

Chapter Markers

[00:00:00] Welcome to EnRich Your Life – Introduction by Rich Leimgruber
[00:00:49] Meet Joe Paldino, CPA
[00:03:01] Joe’s Unexpected Path to Accounting – From music dreams to CPA
[00:04:28] Tax Planning 101: Why Organization Matters
[00:06:24] What Documents Should You Send to Your Accountant?
[00:08:33] The Most Overlooked Tax Deductions & Why They Matter
[00:12:49] Life Events & Tax Changes: Marriage, Kids & More
[00:15:44] Audits Aren’t Scary, If your tax return is legitimate and well-documented
[00:18:54] Understanding Capital Gains & Tax Brackets
[00:19:27] Should You Incorporate? When is the right time?
[00:21:58] Tax Refunds: Are You Giving the IRS an Interest-Free Loan?
[00:24:28] Final Takeaways: Be Proactive, Plan Ahead!

Disclaimer: Richard Leimgruber, nor Onyx Bridge Wealth Group LLC, is affiliated with nor receives any compensation for their relationship with Joe Paldino, CPA. 

Filmed and recorded at Studio on the Avenue/LMC Media
Mamaroneck, NY
https://lmcmedia.org/
Produced and Edited by Vekterly
https://www.vekterly.com/

Disclaimer: This podcast is for informational and educational purposes only and should not be considered as financial advice, a recommendation for any specific investment, strategy, or financial decision, or legal advice. By engaging with this material, you acknowledge and agree with its intended purpose. Any examples provided are hypothetical and for illustration purposes only. Neither Rich Leimgruber, the EnRich Your Life Podcast, nor its representatives are advising or suggesting any specific action or decision. Before making any financial, legal, or tax decisions, individuals should consult their own financial advisor, accountant, legal professional, or other qualified professional before making financial decisions. All opinions expressed are those of the host and guests and do not reflect the views of any affiliated financial institutions. The views shared may not be suitable for every individual or situation. Past performance is not indicative of future results, and all investments carry risk. Please note that any strategies discussed may not be suitable for all investors, and the appropriateness of any specific investment or strategy will depend on individual circumstances.

Intro: Welcome to EnRich Your Life where financial wisdom meets everyday life hosted by Richard Lime Gruber, a financial advisor with over 25 years of experience. This podcast brings you powerful insights to make smart choices and build your financial future. Get ready to dive into practical strategies to grow, protect, and shape your financial story one podcast at a time.

[00:00:25] Richard: Hello and welcome to the newest podcast episode of EnRich Your Life , where we talk about everyday financial strategies to help you achieve your financial goals and live an enriched life. Today we'll be talking with Joe Paldino, who is the founder and CEO as well as a CPA of Paldino Company CPA right here in Mamaroneck, New York.

[00:00:49] Joe's been a CPA for a long time, and he helps small businesses and individuals and families prepare, file, and save money on [00:01:00] taxes. You can find Joe at www. jpalcpa.Com, where you can sign up for a newsletter and get great information about everyday financial strategies to help you save your money on taxes.

[00:01:15] Articles that are included in that are what happens if you should have Children? What happens if you get married? What kind of life events you're dealing with and how are they going to affect your tax strategies?

[00:01:27] I've personally known Joe for 10 years, and for full and fair disclosure, Joe is my personal accountant, my family's accountant, and I think he does a great job, which is why he's here today.

[00:01:37] So welcome, Joe, to our podcast. Thank you so much for joining us. Tell me why did you become an accountant? 

[00:01:46] Joe P: Thank you, Rich. I'm a little nervous now. You've kind of hyped me up just a little bit here. It's actually a long story. I was a hyper teenager. My brother was a police officer in Mount Vernon. I [00:02:00] grew up in Mount Vernon.

[00:02:02] I was hyper, and at that time, this was, you know, the 60s, the 70s, so my brother thought I was doing drugs. And he took me on this brotherly car ride, and he was saying, you know, you, you might mess up your life, and you could do anything you want, and you could And he was fishing, and he, he just threw out accountant.

[00:02:20] You can become an accountant. Yeah, okay. Me, I'm gonna be a rock star. I'm gonna be a guitar player. That's all I, I cared about. So I floundered around eight years after high school. And I said, what the heck am I gonna do with my life? I was working at Sam Ash. I was in the stock room, moving boxes.

[00:02:34] And, and I was like, I remember my brother's conversation. So I went to Mercy College. I attended in the evenings. So I said, let me try the accounting course. And it just clicked. Accounting just made sense. There's a yin and a yang. There's a left debit credit.

[00:02:51] It all just balances. It all works out. It was like, oh, this is perfect. Improperly thought was if I'm an accountant, I don't have to deal with [00:03:00] people. 

[00:03:01] Richard: Right, right. Yeah, at least that's what you thought. 

[00:03:03] Joe P: It didn't work out that way, and I'm kind of glad I chose this path because, you know, I've had some personal struggles, and at one point I had a demon I had to overcome, and it was because I was a CPA that I was able to overcome it because New York State wanted to pull my certificate.

[00:03:23] And I worked very hard to get my certificate, and I wasn't going to lose it because I couldn't control myself. Stopped what I was doing and haven't looked back since right. It's almost 30 years now 

[00:03:37] Richard: 30 years That's incredible, huh of helping people yeah, so I'm right behind you. I'm 26 years right now So yeah, it's and it's an incredible feeling and obviously between us.

[00:03:48] We have a lot of experience So so tell me a little bit about what you like to do for fun. I know but why don't you tell our audience? 

[00:03:53] Joe P: Well, all right 

[00:03:54] So as I said, I wanted to be a musician. My dream was to walk across the stage Stage in [00:04:00] MSG . Right. Yeah, that didn't work out so well. But , I do play in a band.

[00:04:04] I do jam with a lot of people. Mainly what I do for, for my own head is, is to actually just play guitar. I like to play music constantly and if I'm not playing music, then I'm tinkering. I can do most home repairs Myself, I know don't try this at home, but, I I can do plumbing. I can do woodworking. Most anything I can handle. So I'm not afraid of anything. 

[00:04:28] Richard: I appreciate you coming in today. And I think what I wanted to do today is share some knowledge that you have of taxes. And we all know the U. S. tax code is very complicated. I can't tell you how many times I have to remind people that I'm not a tax accountant, but I certainly know a lot about it.

[00:04:45] Of course. I think ultimately, there's a lot of common misconceptions with our tax code, and there's a lot of, there's a lot of bad information floating around. That's right. And 

[00:04:54] Joe P: everybody's account is the best until. Correct. Then, you know, you get the, [00:05:00] oh, he never told me about that, he never did this, I had no idea what he's doing, and we try not to do that.

[00:05:06] I try to be thorough with my clients. I, as a matter of fact, I may be a pain in the neck at times because if you don't understand what I'm explaining to you, then we're going to sit there and we're going to spend the extra 10, 15 minutes. To ensure that you do at least leave my office with a better understanding of what you came in.

[00:05:24] Richard: I think doing that also makes your life a little easier the next time,

[00:05:27] Joe P: Like I say, we don't I don't like, I personally do not like the phrase, well, you're the accountant.

[00:05:33] Right. Because at the end of the day, it's still your tax return and, and even if you can come back to me, ultimately, you are responsible for any errors, mistakes, omissions. So, it's really important that you be involved and understand what the numbers are and where they came from. 

[00:05:51] Richard: . So, Joe, you know, as we just wrapped up 2024, right now, I've already gotten a bunch of mailings from, associated parties, [00:06:00] whether it's you know, my 1099 or clients are getting their W 2s. They're also getting their 1099s from their investment companies and wherever else that income might be coming from.

[00:06:11] And I get calls all the time, Hey Rich, what do I need to send to my accountant? And I just shake my head and laugh and I say, send them everything. Send them every single page, front to back. Don't try to cut it, make it smaller. 

[00:06:24] Joe P: Don't try to help them. 

[00:06:25] Richard: Right. Why? 

[00:06:26] Joe P: Because Ultimately take a brokerage statement.

[00:06:28] Okay, so so a brokerage statement has 24 pages to it and you decide to scan Because we do a lot of things, electronically through a portal. So you try to scan just the front pages So now I got 12 pages, but there's important information that may be on the reverse side because you didn't think about it it's really important that you share all the information because even if it isn't a 1099 form You got a situation.

[00:06:54] I don't know what the situation is until I look at all the pieces. Then I can figure out [00:07:00] how to, to navigate your specific tax issue. Alright? But I need info. It's up to you to document, maintain your records. Right. I'm not a miracle worker. Alright? So the bottom line is, ultimately, you're responsible. I will help you.

[00:07:18] I will help you navigate it. But, but the other thing, you said your account, your, your clients are asking you, well, if they've used an accountant, most accountants can supply them with an organizer. 

[00:07:29] Richard: Well, and that's what I was going to ask you, is like, do you usually have a checklist that you could provide to clients?

[00:07:33] Joe P: I, I, I certainly do. 

[00:07:34] Richard: Great. 

[00:07:34] Joe P: And, this, the checklist I would provide, they're, they're a generic checklist, okay? But, in your case, I would send a, a, a organizer that was specific to you. Oh. And it would say, okay, last year you had a 1099 from Axon, or, or whoever it is. And you would then run through your paperwork and say, oh yeah, this is good.

[00:07:55] Because you saved me the, the, the, the, having to ask you the same [00:08:00] question. Hey, bro, last year you, you were with who, Jones? You were with Jones as an investment company. This year I don't, I don't see the statement, Oh, I sold that off. Right. Okay? So by getting the organizer from your, your CPA, from your accountants, 

[00:08:13] Richard: Right.

[00:08:13] Joe P: that would save time and, and I'll ultimately save you. Money in the long run. 

[00:08:19] Richard: What about, when we talk about not only the tax forms that you get, but some clients have you know, deductions that they forget about. And that's one of my biggest stress is like, did I remember all of my deductions?

[00:08:30] So what would you recommend somebody do for that? 

[00:08:33] Joe P: First of all, I got a smack in the back of the head. Alrighty. Because we offer bookkeeping services. Whether it's me, our firm, whether you hire an independent bookkeeper, Especially small businesses, you're so busy doing what you do for, you're good at what you do.

[00:08:51] And, and forgive me, but you suck at bookkeeping. Okay? That's why you need somebody to come in and do it for you. Even if it's on a quarterly [00:09:00] basis, just to, to summarize, re recap everything. Put it in categories. Then, you turn it over to your CPA. And again, proactive is very important in taxes. You can't just wait till January 1st to say, How can you save me money?

[00:09:16] I can't at that point. The time to save money is during the course of the year. Be proactive. Once a quarter, update your books and records. Make an appointment, go see your accountant. Hey man, this year we're on track to do 10 percent better than last year. Or, you know what, I'm in a slump, what, where can I cut back?

[00:09:35] What can we look at and try to save this year? But you gotta be proactive and you have to do it at least. Semi annually annually, but more often is always better and it's you do in order to make decisions You know, you need timely information.

[00:09:51] Richard: And that's you know One of the things that I was gonna bring up because I know the some of these answers to believe not you've taught me Well, and that is like, you know, if you're if you're coming to the end of the [00:10:00] year And all of a sudden you're, I remember one year you told me, Rich, go out and get yourself that bookkeeper, you want to reduce your taxes and not have to do something, get a bookkeeper.

[00:10:10] And your life is easier and you can, and that's considered a deduction, there's also like. Increasing your 401k contributions. If you're in September and you've made a lot of money because you've gotten a raise or you've gotten a promotion and you've only been putting a minimal amount into a 401k, which is tax deductible, you could potentially increase your tax your, your withholding into a 401k and reduce your taxable income.

[00:10:33] You've 

[00:10:34] Joe P: got a small business, maybe. A SEP is the way to go for you. Okay? So, so, SEP, what is it 68, 000 this year, okay? Now, obviously, you know, it depends on a lot of factors, but you, with your IRA account, you're gonna get your 7, 000 a year, but you can potentially put away 10, 000, 12, 000. If you're a small business owner.

[00:10:57] Correct. Right, absolutely. So it's, it's to you, it's, [00:11:00] it's really important to be, again, proactive. So that you can make those decisions timely. Right. You know? Yeah. You're sitting with me in, in February and I said, you should have opened up a, a 401k. 401k, yeah. You should have opened the 401k.

[00:11:14] You should have done the SEP. At that point, it's maybe a little too late to get some of this stuff going. And that's when they're calling me saying, Hey, I have three hours. Can you open 

[00:11:23] Richard: up a 401k for me? Yeah, yeah. How could 

[00:11:25] Joe P: you have told me when you 

[00:11:26] Richard: didn't even know what was going on with your business?

[00:11:28] Sure, sure, sure, sure. That leads me to my next question is. When there's a major life change, somebody has a child or you're divorced, divorce, marriage, , why is it important for you to make sure that you're looking at your situation to see if any other tax advantages are there for you to help reduce your taxes?

[00:11:49] And how do you do that? 

[00:11:49] Joe P: Again, it's being proactive. All righty. Take for example, people get married, okay? And right away what they've done, and they always do it, oh, [00:12:00] she goes and she changes her withholdings to married.

[00:12:03] He changes his withholding, because we're married now. But there's a, there's a certain You gotta, you gotta think of the table to sort of antiquated, they still, even though they've revised and everything, they still have that 1950 mentality built into the table, okay? So, you go married, oh, so you're the breadwinner, so it reduces the withholdings.

[00:12:23] And then she goes married, and my husband, and that reduces the withholdings. The next thing you know, for the first time in their life, they're short, and they're short big. Okay, again, when you, when that happens, you got married, hey, before you go on your honeymoon! Book an appointment with your CPA, and then he could do a tax evaluation.

[00:12:44] You should change your withholdings to, to married. You, on the other hand, can leave your status quo, and you'll, you'll at least break even for the year. You'll be in a better position, won't get any you know, sticker shock. 

[00:12:57] Richard: That, that leads me to my comment, [00:13:00] which is when somebody asked me Again, figuring out the tax system.

[00:13:04] I have to explain to some that when, when you're withholding money for taxes, you're really just estimating how much your company is required to send to the IRS on your behalf. 

[00:13:15] Joe P: Correct. 

[00:13:16] Richard: But at the end of the day, when you do your taxes, and that's why we have accountants, they're going to look at all of your income from dividends, interest, 1099s, W 2s, and then you're going to add it all up and you're going to figure out how much in taxes you should have paid.

[00:13:32] And how much you actually withheld, 

[00:13:34] and that's where you get 

[00:13:35] your return or a refund, a refund or you owe. 

[00:13:39] Joe P: I have a client that has resources and they make, they earn about 60, 000 a year in a W 2. Dividend income and their capital gains incomes are well over 80, 000 to 100, 000. [00:14:00] So, with them, it's really, you know, if you just went along, okay, my W 2 covers it.

[00:14:04] They're gonna wake up with a, a, you know, quite a surprise come April 15th. Because they weren't proactive in, , bringing the information to the accountant. 

[00:14:14] Richard: That's another thing about, you know, maximizing your deductions. What are the most overlooked deductions that you find when you're doing somebody's taxes?

[00:14:23] That, that maybe somebody's like, Oh, I didn't even realize we can use that as a deduction. And I know there's one that, that we always shy away from, which is that home office deduction. So maybe you could talk a little bit about some of the common. Missed ones and why you might not want to use that home office deduction. 

[00:14:37] Joe P: As you were bringing up the question That 

[00:14:39] was the one that was running through my right.

[00:14:41] Are you running a legitimate business and I tell this to everybody, if you're running a legitimate business, don't shy away from anything. Right. All right? If you can justify, clients ask me, oh, can you give me a list of expenses? Well, how about I, how about this? Can you explain to me why that expense was necessary for your [00:15:00] business?

[00:15:00] If you can justify that that was a net, and honestly justify. Right. Okay, if you can justify that expense, then it's a deduction. You can defend it. Okay, the same thing with the home office. You legitimately work out of your home, and you have an exclusive area. Don't shy away from it. You're entitled to it.

[00:15:23] Okay, the reason that these things create stress for people and why they're taboo is because people tend to abuse things. Okay, be honest. You know, as it says, Give the devil his due, alrighty? You made some money, pay the government, and they will leave you alone. 

[00:15:44] Richard: That leads us to red flags. To the big audit word. How do you prevent somebody from being audited? What, what kind of advice would you give for somebody who maybe just went through an audit and says, I don't want to ever have to go through that again? 

[00:15:59] Joe P: I'm not afraid [00:16:00] of audits per se, because again, You're coming to me and I'm explaining it to you and everything that we put on that tax return is legit.

[00:16:10] I'm not afraid of the audit. Okay? If it's when people do things that don't make sense that are illogical. Okay, I, I started a Schedule C. I can hear, I can write everything off. I started a Schedule C. I, I can, the government expects me to lose money for five years. No, they don't expect you to lose money ever.

[00:16:27] But if you have, you have some startup expenses, maybe you, instead of being greedy, okay, it's really doubtful that you lost 100, 000 in your business, but you lost something sizable. Can we justify it? How did, how did we get there? How did you start a business that didn't have any revenue?

[00:16:48] Okay, and again, I don't, I don't shy away from that. because you could have a business that you're getting off the ground Didn't generate [00:17:00] any revenue But you did everything that a business person would have done to make it a viable entity you advertise the right way You did the marketing. Okay, you weren't just a I need to pay less in taxes You were legitimately trying to get a business off the ground.

[00:17:16] Don't don't let the word audit Scare you. Right. Okay. And most audits today are you miss something. You'll get a letter. Okay. Oh, look, we couldn't find this 1099 on your tax return. 

[00:17:29] Richard: That's not poking their head and saying, Hey, did we miss it? Or did you miss it? And then that's always justifiable where you can respond.

[00:17:38] And Joe, that's really where If somebody called me and said, Rich, I got this letter. I'm like, well, why call me? Call your accountant. Call your accountant. You don't use an accountant? Why aren't you using an accountant? That's why you have an accountant. 

[00:17:47] Joe P: Because they don't want to 

[00:17:49] pay. 

[00:17:49] Richard: Right. 

[00:17:50] Joe P: You know. Well, I can do it myself.

[00:17:52] Yeah, 

[00:17:52] I do it myself. Yeah, okay. Well, how'd that work out for you? 

[00:17:55] Richard: I think Warren Buffett back in 2011 famously said that I [00:18:00] pay a lower effective tax rate than my receptionist. And when he said that the world kind of blew up, like, can you believe this? The tax code is not fair 

[00:18:07] Joe P: more legitimate 

[00:18:09] deductions to offset his income. 

[00:18:11] Richard: isn't it also true that there are certain types of income that have preferred ways of getting tax, right? Yes. So there's, there's ordinary income, which is when you get a W 2, your, your 1099, your interest. some preferred, but capital gains is where, where, where he would make 

[00:18:28] Joe P: gains, right? Have a preferred rate.

[00:18:31] And the thing with, if you have substantial capital gains on your tax return, you would get a sort of blended rate. So we look at your tax return and you're in a 33 percent tax bracket, but you had significant capital gains. Well, maybe with that blending, you're coming in at. 30 percent instead of the 33%.

[00:18:49] Richard: Because capital gains are a lower, 

[00:18:51] longer term capital gains. 

[00:18:53] Joe P: Long term capital gains. 

[00:18:54] Richard: Not short 

[00:18:54] term, but long term. 

[00:18:55] Joe P: Right. Well, short term is just ordinary income. 

[00:18:57] It's just a glorified dividend. 

[00:18:59] Richard: [00:19:00] That being said, when we, when we talk about ways to establish a business.

[00:19:05] One of the things that you came to me and said, Rich, it's time. You've been a sole proprietor your whole life. It's time that you become a corporation.

[00:19:13] Joe P: Correct. 

[00:19:13] Richard: What are some of the benefits of becoming a corporation that maybe somebody who's just starting out in business, you had said, you're not there yet, you're not there yet, you get up to a certain level of income.

[00:19:23] And now it makes more more sense to maybe incorporate. 

[00:19:27] Joe P: So as as a sole prop. You understand? You're, you're subject to sole propriety. You're subject to a 15. 3 percent self employment tax. All right? Now, now, self employment tax is nothing more than FICA on a pay stub. All righty? Right. But the difference is When you work for somebody, you contribute the 7%, 7.

[00:19:54] 65%. Your employer matches it. When you're a sole proprietor, you are both [00:20:00] employer and employee. So that's why you get hit with the 15. 3%. at the end of the year on that specific income. Your other income is subject to the to the prevailing rate at that time. But that one little piece, that Schedule C, has an additional tax on top of everything else.

[00:20:20] All right? So now you want to weigh it out. You know, it's costing you 8, 000 a year in self employment taxes. Well, we could move you over to an S Corp. You're gonna save, maybe we Reasonable compensation is an important issue. It's not just smoke, you know, smoke and mirrors is not correct You have to it has to be reasonable compensation So now let's say that comes out to four thousand dollars a year in self employment tax Remember self employment tax is FICA.

[00:20:52] So you have a corporation irs ruled You need to pay yourself a salary you pay yourself that salary and you're paying only [00:21:00] four instead of the eight eight. That extra four that's now left over is potential pocket money to you. Great. Okay. Yeah. Obviously there's a cost associated with a payroll and a and obviously a corporate tax return.

[00:21:17] But if the net savings is to your advantage, that's when it's the time is right. So you, but it's, it's a case by case, it's a study, you know, you have to analyze it. It's not just, yeah, it works for you. What's the sense of you paying, you know, $1,800 $2,500 for a corporate tax return and you're only saving $800 a year?

[00:21:38] Richard: There's value to everything . To wrap things up I think this has been very helpful. One of the things that gets my goat. Every time is when I'm sitting down with a new prospect or a client, and I look over their tax return and they're, they're always so proud to say, look at me, I got a 6, 000 tax return back this year.

[00:21:58] Isn't my accountant great? [00:22:00] And I, you know, it's always like, yeah, that's really good that they found it. Yep. Right. And my whole thing is, well, 6, 000 a year is, is, is 500 a month. Let me ask you a question, Mr. and Mrs. Client. Did you have a cash flow issue last year? Could 500 a month help your cash flow instead of giving the IRS an interest free loan that you withhold your taxes in January?

[00:22:26] You're not doing your tax return until April of the following year. So that's 16 months, 16 months before you get that money back. Cause you've over contributed and the common excuse as well. I like to do that because it then gives me a way to save money. 

[00:22:40] Joe P: There's 

[00:22:40] a mentality, right? All right.

[00:22:42] There's a certain mentality. There are people that. Absolutely are okay, don't want to pay the government any more than they have to, but then there are the others who, it's a forced savings. I've had clients, specific clients, where Oh yeah, I understand that, but every [00:23:00] April, we go to Disneyland. So that's where the government refund comes in in time, and they can then enjoy their family vacation.

[00:23:08] Yep. Alright? It's a personal preference. 

[00:23:11] Richard: Do you think that strategy works for everybody, 

[00:23:13] Joe P: It's a personal thing. 

[00:23:15] Richard: My response is usually, well, what if you put that 500 in the money market, and you've been getting 4. 5%? Right. And guess what? If you gave, if you've been over withholding in December, when it comes time to buy those Christmas gifts, you cannot ask the IRS for a refund prior, 

[00:23:30] but you could certainly go into your money market account and take that money out, 

[00:23:33] Joe P: and if you're short, that extra money that you put away now is available to cover whatever shortfall. The thing is, you don't want to just be so dramatic. Again, you need to do tax projections. 

[00:23:46] Right. You want to be proactive. A couple of hundred bucks, more or less. A thousand dollars, more or less. Okay, but you have to be proactive. But if you're not monitoring and staying on top and [00:24:00] get, at least, Semi annually, visiting your accountant to get an idea where you're headed, you're asking for trouble.

[00:24:08] Richard: So Joe everybody has a mantra. And my mantra is there's a lot of financial strategies that are out there to help certain people save money and taxes different ways. Yes. You just need to find the right strategy that fits you. That's, that's what I've been talking to, you know, about EnRich Your Life podcast, find that strategy that's going to help you.

[00:24:28] What's your mantra? What do you tell people? Like words of advice? This was a, by the way to our audience, I, I didn't, I didn't ask, tell him that I would be asking him this, so there's a little thought process to this right now. 

[00:24:39] Joe P: Again, what I do, what you see right now, how I explained it to you, everything, it's exactly what I do when a client sits in front of me. I tell you, these are the rules, I tell you what I see from your situation, the, I tell you what possible things you can do, but at the end of the day, [00:25:00] you have to make that decision, what comfort level do you have, so or I can just Advise you, I tell you to, to, to be proactive.

[00:25:10] Again, it all comes down to being proactive. 

[00:25:14] Richard: Proactive. The word of the day. 

[00:25:16] Joe P: That's the 

[00:25:16] only thing that's gonna save you, man. 

[00:25:18] Richard: Planning that we're planners. Planning is being proactive. 

[00:25:21] Joe P: Absolutely. 

[00:25:23] Absolutely. 

[00:25:23] Richard: Well, thank you, Joe. I mean, this is great. 

[00:25:25] Joe P: Thank you, Rich. 

[00:25:25] Richard: I, I hope we come back and we do it again we can get into even further, more about all these other different things.

[00:25:30] You can call me in the next couple of weeks, but. 

[00:25:33] Joe P: Come after February like 10th. Yeah. You call me. I'm hanging up on you. I'll tell you. 

[00:25:37] Richard: Okay. Wouldn't be the first time 

[00:25:39] Joe P: rich is on the phone. Okay. Yeah. Yeah. Tell him I'm busy. 

[00:25:43] Richard: Well, everybody, thank you very much for joining us today on the EnRich Your Life podcast.

[00:25:47] I hope you enjoyed our discussion today. If you have any questions or comments, be sure to get in touch with either Joe or myself. What I will say is, please don't forget share this [00:26:00] podcast with who you can don't forget to like, and share it.

[00:26:03] Don't forget to check out, Spotify and iHeart Podcast and Apple Podcast. We're on all the podcasts, so make sure you subscribe and like and share so that we can continue to provide great information and financial strategies so that everyone can achieve their financial goals.

[00:26:21] Thanks very much. And on one last note, I'd like to thank LMC Media. I'd like to thank Jammie from Vekterly, who is also helping produce this podcast. And we'll see you the next one. Have a great day.