Hey everyone, welcome to another episode of "I'm Rich, Now What?" with Iron Man and Thor. Today, we're diving into the topic of financial advisors. Do you need one? When should you get one?

Iron Man shares his journey of finding a financial advisor at a trade show while he was still building his wealth. His advisor provided industry-specific insights, like restricted property trusts and captive insurance plans, to help him maximize profitability and mitigate taxes.

Thor discusses the importance of having a financial advisor who understands your industry and the value of a good CPA and tax attorney. They debate whether CPAs who are also attorneys are too stretched thin to be effective. The conversation touches on how CPAs can either just handle your taxes or proactively suggest ways to minimize them.

Iron Man talks about the significance of a financial advisor who acts as a family office, managing all financial transactions and planning. He emphasizes the need for strategic planning, balancing current and future financial goals.

The hosts agree on the necessity of having a financial team that includes a financial advisor, CPA, and possibly a tax attorney. They highlight the importance of finding the right professionals who are attentive and aligned with your financial needs and goals.

In the end, they ponder the appropriate costs and thresholds for hiring a financial advisor and share personal anecdotes about their experiences with financial planning.

#financialadvisor #wealthmanagement #investmentstrategy #moneymanagement #assetmanagement #taxplanning #financialgoals #smartinvesting #financialfreedom #taxmitigation

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In this episode, Lion and Mouse discuss their preferred credit cards and their experiences with them. Lion reveals his go-to credit card is the AMEX Platinum, highlighting its benefits like no spending limits, travel perks, and metal design. Mouse humorously points out the practicality of his Discover card from college.

They also delve into whether credit cards can influence social perceptions, debating if a high-limit card like AMEX Platinum can make a difference in professional settings. They also discuss the pros and cons of various cards based on lifestyle needs, including points and rewards systems.

The conversation touches on the importance of credit cards over debit cards for security and dispute resolution. They also emphasize the benefits of the AMEX dispute process and shares his concerns about using debit cards.

In the end, the episode discusses the value of choosing a credit card that aligns with your lifestyle and financial goals.

#financialadvice #financialgoals #lifestylefinances #disputeresolution #travelperks #financialplanning #moneymanagement #moneytalks #financialwellness #smartspending

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Today, Lion and Panther dive into the topic of choosing a car when you're wealthy. We explore the different motivations and considerations behind car ownership among the affluent. Lion proudly lists his collection, which includes high-performance and luxurious vehicles like a Range Rover SV, GMC Denali turbo diesel pickup truck, and a Challenger Hellcat, emphasizing his preference for fast, powerful cars with a touch of luxury. He also owns a mix of classic cars, such as a 74 Bronco, a 41 Dodge Power Wagon, and a 72 Olds 442, highlighting his passion for unique and vintage automobiles.

In contrast, Panther’s approach to car ownership is more practical. I drive a 2017 BMW 440xi hardtop convertible, a dream car I bought used to enjoy the blend of a convertible with year-round usability. However, I'm considering switching to something more economical and practical, like a Toyota Camry, to avoid the high costs of premium gas and expensive maintenance. They discuss the importance of balancing personal enjoyment, practicality, and even tax considerations when selecting a car. Additionally, they touch on how some people choose cars as status symbols, while others prioritize comfort and functionality. In conclusion, the conversation reveals that car choices among the rich are deeply personal, reflecting individual values and lifestyles. Whether it's about the thrill of driving a high-powered machine or the practicality of a reliable daily driver, the key is to find what best suits your needs and preferences.

#luxurycars #wealthylifestyle #personalfinance #carethusiast #vehiclepreference #highperformancecars #financialplanning

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