Jet Setting Wealth Advisory

Are you ready to unlock the secrets to financial freedom and learn how to build lasting wealth as an entrepreneur?

In this episode of Jet Setting Wealth Advisory, David T. Yu speaks with Suzanne Mariga, CPA, fractional CFO, and CEO of the Mariga Group. Suzanne is a Profit First expert and author of Profit First for Minority Business Enterprises, a Publisher’s Weekly Editor’s Pick. In this engaging conversation, Suzanne dives deep into actionable strategies for wealth building, tax optimization, and creating a profitable business, drawing on her extensive experience with seven- and eight-figure entrepreneurs and top firms like Arthur Andersen and KPMG. She also shares insights from her podcast, Profit Talk, and the systems that have changed the financial trajectory of countless businesses.

Key Takeaways:

→ Learn ways to ensure profitability from the start.

→ How to identify and cut unnecessary costs to maximize your cash flow.

→ Discover how to hire family members, implement 401(k) vesting schedules, and use tax-efficient investments to build generational wealth.

→ Why create automated systems to save and invest regularly, even during uncertain market conditions.

→ Way to reinforce financial accountability and focus on high-ROI reinvestments.

More from Suzanne Mariga and the Mariga Group:

Website: https://marigagroup.com/

Listen: The Profit Talk

Read: Profit First For Minority Business Enterprises

LinkedIn: @susannemariga 

Instagram: @susanne.mariga

Engage with David T. Yu:

Connect on LinkedIn, Instagram, & Facebook

Sign up for our newsletter or book a call!

Visit: DTY Wealth Planning Solutions

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Tamika Moses and Denise Chambers Palmer are two trailblazing figures in the South Florida real estate landscape, whose journeys reflect their dedication to excellence and empowerment in the industry. Tamika, who originally aspired to be a sportscaster, has become an award-winning real estate leader and the first African American woman to serve as president-elect of the Miami Association of Realtors Commercial Board, emphasizing the importance of confidence, community involvement, and continuous education. Denise, with over 15 years of experience, founded Keys to Legacy Realty Brokerage and focuses on the relentless effort and consistency required in real estate, advocating for mentorship and personalized client service as keys to success. Both women highlight the need for perseverance and adaptability in the evolving market, while championing diversity and community engagement as essential components of a thriving real estate career.

Here’s what to expect this episode:

• Tamika is the president elect of the Miami Association of Realtors Commercial Board for 2024, breaking barriers as the first African American woman in over a hundred years to serve as president.

• Continuous learning and adaptability are significant in the real estate industry, as demonstrated by Tamika’s journey mastering short sales and navigating the market crash of 2008.

• Client relationships in real estate are built on a client-centric approach, personalized service, and long-term relationships that extend beyond business transactions.

• The real estate market in South Florida is shifting towards niche neighborhoods, live-work-play developments, and concerns in the condo market for 2024 and beyond.

• Tax mitigation strategies like 1031 exchanges are crucial for real estate and business owners to maximize tax benefits and financial gains.

• Client education is emphasized by Denise and Tamika to empower clients to make informed decisions and build wealth through real estate investments.

• Tamika and Denise are dedicated to community involvement through initiatives like feeding the homeless and establishing scholarships in their real estate careers.

Connect with Tamika Moses:

https://www.linkedin.com/in/tamikamosesrealtor/

Connect with Denise Chambers Palmer:

https://www.linkedin.com/in/denisechamberspalmer/

https://keystolegacy.com/

Connect with David T. Yu:

https://www.dtywealthplanningsolutions.com/ 

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Charles Read, a seasoned certified public accountant with extensive experience in various sectors, offers a critical perspective on the current state of IRS budget allocation. With a looming personnel crisis as many agents near retirement and the agency’s reliance on outdated technology, Read underscores the urgent need for increased funding to modernize and improve efficiency. However, he cautions that while the IRS is set to receive a substantial budget over the next decade, the benefits of these investments will take time to manifest, particularly in training new agents. Read advocates for a balanced approach to tax policy, emphasizing fair contributions and the importance of strategic adaptation to global economic changes.

Here’s what to expect this episode:

• The IRS is facing challenges like budget constraints and potential brain drain due to retirement eligibility of 40% of civil servants in the next two years.

• Investment in rebuilding infrastructure, technology, and human resources at the IRS will not have immediate effects.

• Outdated technology and ineffective communication between silos hinder IRS’s data integration and lead to operational inefficiencies.

• Fair share taxes and $85-86 billion budget over the next 10 years are important for IRS operations and efficiency.

• Globalization affects tax policies, and companies take advantage of different tax rates across countries.

• Effective strategies for wealth transition, retirement planning, and mitigating taxes are crucial, including charitable contributions and estate planning.

• Individuals who haven’t filed taxes in many years should approach the IRS to make necessary arrangements and file past returns to avoid potential issues.

Connect with Charles Read:

https://www.linkedin.com/in/charles-j-read-cpa/

Connect with David T. Yu:

https://www.dtywealthplanningsolutions.com/ 

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Christian Rivera, founder of e-commerce Accountants, is a renowned expert in tax planning and business structuring for the e-commerce sector. With a wealth of experience assisting digital marketers and Amazon sellers, Rivera emphasizes the critical importance of understanding the true value of your business and strategically reinvesting for long-term wealth building. He advises entrepreneurs to steer clear of debt and remain vigilant about tax efficiencies and regulations, particularly in the ever-evolving e-commerce landscape. Through his firm’s services and insights, Rivera has garnered accolades from major industry influencers, demonstrating his commitment to helping online businesses navigate financial complexities and achieve sustainable growth.

Here’s what to expect this episode:

• E-commerce industry offers wealth-building opportunities through social media marketing and influencer partnerships for small businesses.

• Understanding business value, avoiding debt, and grasping compounding interest are essential for wealth accumulation.

• Proactive tax compliance strategies are crucial for safeguarding businesses and avoiding legal problems with tax authorities.

• Tax planning is vital for managing earnings effectively in the evolving e-commerce market.

• Consulting with professionals, assessing tax risks, and strategizing tax structures can help minimize tax liabilities for entrepreneurs.

• Financial preparedness involves deploying saved money in income-generating avenues and seeking professional advice for scaling internationally.

Connect with Christian Rivera:

https://www.linkedin.com/in/christian-rivera-cpa-83680226/

Connect with David T. Yu:

https://www.dtywealthplanningsolutions.com/

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Tatiana Tsoir, a renowned certified public accountant and CFO with nearly two decades of experience, offers a unique and empowering perspective on tax planning and wealth building. As a best-selling author and speaker, Tsoir emphasizes the importance of taking responsibility for one’s financial present and future through strategic planning and a proactive approach. She highlights how personal experiences shape business decisions, underscoring the significance of understanding price psychology and its influence on consumer perceptions. Tsoir’s guidance is particularly valuable for entrepreneurs and individuals in niche industries, as she champions structured financial planning, multiple business entities for optimal tax savings, and consistent evolution to achieve financial stability and success.

Here’s what to expect this episode:

• Tatiana emphasizes tax planning and price psychology to improve business profitability and minimize tax liabilities through strategic planning.

• Tatiana’s accounting practice focuses on supporting fewer clients for better service quality and personalized attention compared to the industry average.

• Proactive tax reduction strategies and continuous support throughout the year lead to an average annual savings of $20,000 to $30,000 per client in Tatiana’s firm.

• Tatiana stresses the importance of financial planning, wealth management, compliance, and tax mitigation for entrepreneurs and small business owners.

• Structuring multiple entities for tax optimization and savings is a key strategy used by Tatiana to reduce tax liabilities and increase savings for clients.

• Effective tax planning, entity structuring, and tailored advice are essential for wealth building in industries like aviation according to Tatiana.

• Tatiana shares insights on entrepreneurial successes, financial decision-making, and the importance of having a clear plan for success in her upcoming book.

Connect with Tatiana Tsoir:

https://www.linkedin.com/in/tatiana-tsoir/

Connect with David T. Yu:

https://www.dtywealthplanningsolutions.com/

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Suzanne Engel, a seasoned CFO consultant from Michigan now based in Florida, is renowned for guiding entrepreneurs towards financial clarity and strategic wealth building through expert advice. As the founder of Easy Breezy Bookkeeping, she leverages her expertise as a certified QuickBooks pro advisor to innovate beyond traditional accounting practices, emphasizing the necessity of expert guidance in wealth management. Suzanne advocates for entrepreneurs to surround themselves with successful individuals and seek advice from financial advisors and attorneys, as these steps were pivotal in her own journey starting her first business at 25. By aligning personalized tax-saving strategies and financial literacy with broader wealth planning goals, Suzanne champions the use of specialized tools like trusts and business structures to successfully navigate the complexities of wealth building.

Here’s what to expect this episode:

• Hiring experts like accountants, attorneys, and financial advisors is crucial for entrepreneurs to streamline financial processes and build wealth.

• Understanding the role of technology in bookkeeping, the need for qualified bookkeepers, and the significance of financial literacy for long-term wealth building is crucial.

• The importance of financial literacy and tax strategies in her client interactions and business development program.

• Using Quickbooks Online for managing multiple companies and assets, emphasizing the need for expertise in using such software.

• Aligning bookkeeping with larger wealth planning goals such as retirement by utilizing business assets for funding and tax deductions.

• The importance of seeking advice from experts and surrounding oneself with successful individuals to build personal wealth effectively.

Connect with Suzanne Engel:

https://www.linkedin.com/in/suzanneengel/

Connect with David T. Yu:

https://www.dtywealthplanningsolutions.com/

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Forrest Owens is a distinguished board-certified aviation law specialist who founded Aviation Legal Counsel in 2017, aiming to provide specialized legal services in the aviation industry. With a solid educational foundation in aviation technology and finance, Owens combines his expertise in corporate and business law with a deep understanding of FAA regulations and international standards. His passion for aviation law, sparked during his early studies and work with turbine engine manufacturers, drives his mission to help clients navigate complex legal landscapes, from aircraft transactions and airmen defense to airport real estate and civil litigation. Owens views his role as a navigator, guiding clients efficiently and effectively through the intricate regulatory environment of the aviation sector to achieve their goals.

Here’s what to expect this episode:

• Aviation Legal Counsel was founded in 2017 by Forrest Owens to provide legal services in aviation law.

• Forrest Owens specializes in aircraft and aviation transactions, airmen defense, airport real estate, land use, and civil litigation.

• Understanding FAA compliance is crucial for pilots, mechanics, and charter companies to ensure safe aircraft operation.

• Acquiring an aircraft involves unique challenges such as maintenance review, inspection, and tax implications.

• Maintenance, management, and misrepresentation are key factors leading to civil litigation in the aviation industry.

• Collaboration between aviation attorneys and CPAs is essential for tax efficiency in aircraft acquisition and operation.

• Consolidation and fractional arrangements in aircraft ownership are increasing due to expertise consolidation and pilot shortages.

Connect with Forrest Owens:

https://www.linkedin.com/in/forrest-owens-16a79123/

Connect with David T. Yu:

https://www.dtywealthplanningsolutions.com/

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Larry Morales, founder and owner of Skywater Group, has built a Fort Lauderdale-based conglomerate that excels in high-value asset trades, including aircraft, yachts, and real estate. His journey into this niche business began while flying corporate jets, leading him to study corporate aviation at the University of Virginia Darden School of Business, inspired by a mentor who managed corporate jets. Morales emphasizes the importance of seamless brokerage services and cultivating strong client relationships, leveraging his diverse background as a licensed realtor, yacht broker, and professional pilot. By integrating cutting-edge technology and personalized communication, Skywater Group ensures efficient and ethical transactions, appealing to high-net-worth individuals who seek expertise and trustworthiness in their asset dealings.

Here’s what to expect this episode:

• Larry Morales emphasizes the value of relationships in enhancing client success across various industries

• Building strong relationships with clients has led to word-of-mouth referrals and repeat business

• The Skywater Exchange concept involves trading high-value assets like airplanes, boats, and real estate

• Larry Morales stresses the importance of effective communication and technology adoption in creating personalized experiences for clients

• Investing in high-value assets like Gulfstream jets requires careful consideration and financial planning

• Financial planning, especially with the involvement of CFOs, is crucial in facilitating transactions of luxury assets like jets and yachts

• Larry Morales discusses the use of technology and social media in luxury asset transactions, specifically in the aviation industry

Connect with Larry Morales:

https://www.linkedin.com/in/larry-morales-0612b88/

Connect with David T. Yu:

https://www.dtywealthplanningsolutions.com/

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Jill Brickel is a distinguished certified public accountant and personal financial specialist who currently serves as the president of Brickell and Company, PA CPAs and consultants. Reflecting on her career journey, Jill acknowledges that her focus on running her practice and raising her children has limited her involvement in philanthropic activities, though she has participated in professional organizations and scholarship funds in the past. She emphasizes her current work in the entertainment industry, where she supports clients in dealing with unions and provides crucial financial guidance. Despite not taking on leadership roles in community initiatives, Jill expresses a willingness to support good causes and help others give back, demonstrating a career marked by a balance between professional responsibilities, family commitments, and a desire to guide and support her clients.

Here’s What to Expect This Episode:

• Jill transitioned from marketing to accounting at the University of Florida and later earned a Master of Science in accounting with a focus on taxation.

• How to customize business management services for high-net-worth clients in the entertainment industry.

• Addressing the complexities of entertainment finance, highlighting the unique financial challenges faced by entertainers, especially those dealing with various states for tax purposes.

• Cases of successful financial stability achieved through a holistic approach and collaboration with financial experts.

• Working with athletes in football and basketball, providing financial planning services to clients in the entertainment industry, helping them make informed decisions about their finances.

• Jill Brickel’s tradition of supporting scholarship funds to help students enter the field of accounting and her work with unions like the Screen Actors Guild and the Directors Guild.

Connect with Jill Brickel:

https://www.linkedin.com/in/jill-brickel-5222b0b/

Connect with David T. Yu:

https://www.dtywealthplanningsolutions.com/

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KJ McCarter is a certified public accountant specializing in aviation tax consulting, bringing a wealth of expertise in tax analysis, business development, and client management to the table. A distinguished graduate of Indiana University’s Kelley School of Business, KJ began his career at a big four public accounting firm before joining Aviation Tax Consultants in 2021, a firm founded by his father. McCarter’s main focus is on aiding business owners in maximizing income tax benefits from aircraft ownership, emphasizing the importance of early and proactive tax planning, particularly for sales and use tax. Offering complimentary consultations, KJ is dedicated to helping clients navigate the complexities of aviation tax law, ensuring compliance while optimizing financial outcomes.

Here’s what to expect this episode:  

• Tax planning for aircraft purchases requires a unique coaching process due to unfamiliarity compared to traditional tax matters.

• Strategies to minimize or eliminate sales tax on aircraft purchases are crucial, emphasizing planning around sales tax liabilities and use tax liabilities.

• Early tax planning discussions are essential for potential aircraft owners to maximize tax benefits and ensure compliance with IRS rules.

• Discussing tax implications early on with tax advisors can help potential aircraft purchasers mitigate taxes and plan for compliance.

• Constantly evolving federal income tax and state sales and use tax laws regarding aircraft ownership require proactive planning and awareness.

• Aviation Tax Consulting specializes in maximizing financial benefits of aircraft ownership, helping clients with sales and use tax planning, income tax planning, and FAA compliance.

Connect with KJ McCarter:

https://www.linkedin.com/in/kjmccarter/

Connect with David T. Yu:

https://www.dtywealthplanningsolutions.com/

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