On today’s episode of The Real Estate Nerds Podcast, our host and attorney Scott Smith is joined by Frazer Rice. The two attorney-investors dive right into a deep conversation about asset protection and management, learning financial responsibility, and the true meaning of wealth.Note that this is an episode in our “Live From FinCon 2018” Series. Don’t forget to check out the Royal Legal YouTube channel for video extras and other great content. Back to the show...Tune in to Episode 41 of The Real Estate Nerds Podcast now to hear the full conversation.Listen To Episode 41 of The Real Estate Nerds Podcast NowFrazer Rice on Wealth Actually and Steps You Can Take To Keep More of Your Investing Income in Your HandFrazer Rice sits down with our host and asset protection attorney, Scott Smith. Together, they chat about Frasier’s latest book,[0:45] Frazer is a wealth expert who helps other investors keep as much of their earnings in their own pockets. This includes asset protection, but also tax minimization work. He points out the many ways that the U.S. Government, via taxation, pockets taxpayer dollars through sheer ignorance on the part of the taxpayer.[2:00] Frazer recently authored Wealth Actually: Intelligent Decision-Making for the 1%. The book is full of wisdom for those changing asset classes or “moving up” in the real estate world.[2:30] Scott expresses his admiration for the book, relating his own experiences as an asset protection attorney.[3:15] Frazer points out the need for unique, customized plans: “You could be a doctor with a high litigation risk. You could own a construction company. You could have a high inheritance risk with a drug-addicted sibling. Everyone’s situation is different.” Each of these circumstances requires a specific type of risk management, and that’s where Frazer’s latest work is useful[5:30] Scott asks what motivated Frazer’s latest book. Frazer immediately points to taxes, and how to mitigate capital gains and minimize tax liability. He also speaks to how to form an adequate estate plan--advice he routinely gives his clients. Failure to form an estate plan can lead to lengthy litigation, forced sales, and plenty of avoidable fees.[Tweet "“You could be a doctor with a high litigation risk. You could own a construction company. You could have a high inheritance risk with a drug-addicted sibling. Everyone’s situation is different.” - Frazer Rice, Real Estate Nerds Ep. 41"]Tools Even Children Can Use for Learning Fiscal ResponsibilityFrazer shares some of his practical tips for working with young people to set them up for a life of financial responsibility. Since financial literacy is generally overlooked in schools, Frazer has taken the initiative to fill this education gap.[7: 20] Frazer lists a couple of exercises for teaching children about investing, preparing them for a lifetime of responsibility. They learn early on about losing as well. Siblings present an ideal situation, as they can work together on exercises to determine their strengths and weaknesses[10:00] Scott inquires whether these concepts are for children only. Frazer replies that financial literacy is something investors can work on at any age. Scott asks how Frazer explains headier concepts like taxes, real estate investing, and problem-solving. Frasier replies that his financial literacy tools are modified for age-appropriateness.[14:00] Scott asks about whether it is worth the effort to train children in their real estate business for seamless transition. Frazer says yes, and that the lessons about wealth are fairly intuitive--and better off taught. He elaborates more on wealth management with some stories from his experiences with clients.[18:30] On the subject of wealth, Frazer points out that a broad definition can improve your life: “There’s a currency of success that has nothing to do with dollars.” Scott agrees, and points out that people can use real estate for passive income to free up time to pursue the things they really enjoy.[21:00] Scott asks a bit more about how children learn from early investing options. Frazer believes if the power of compound interest were taught universally, Americans in general would be doing better.[Tweet "“There’s a currency of success that has nothing to do with dollars.” - Frazer Rice, Episode 41 Real Estate Nerds Podcast"]The Takeaway: Your Approach Can Be What Makes The Deal WorkScott and Frazer wrap up with the take-aways points from their discussion. Both investors agree that a strong backing system and network is vital.[22:40] Scott points out that most investors take mis-steps because of their own blind spots.[23:00] Frazer confirms, and further elaborates that skill sets are diverse, and that’s okay: “You don’t need to know how to solve every problem..If you’re okay at a couple of things, that’s a good business model.” Some team members may be better with lenders, while others can crunch the numbers on properties and comps easily. Still others may be more equipped for managing contractors and the properties themselves.

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