Jim Dew is the CEO of Dew Wealth Management. He has 24 years of experience building high-functioning wealth management teams and virtual family offices for entrepreneurs.

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Wealth Mastery Matrix – Find out where you fit on the Wealth Mastery Matrix!

3 Value Bombs

1) Have the right structure. It may seem overwhelming depending on where you are as an entrepreneur, but you can put that out as a goal you can start working toward

2) Go DEAPR on your tax planning. D is for defer; E is for eliminate; A is for arbitrage; P is for pay now, not later; R is for reduce.

3) The tax code is very complicated, and there are many opportunities to do things legally to dramatically reduce taxes.

Show Notes

**Click the time stamp to jump directly to that point in the episode.

Today’s Audio MASTERCLASS: The Entrepreneur’s Playbook for Expanding Wealth, Freedom and Time with Jim Dew

[01:07] – Jim shares something interesting about himself that most people don’t know.

His first job was a math teacher. Before he went into wealth management, he did door-to-door sales for about 18 months.

[03:57] – What’s the structure that billionaires use that we can adapt to better manage our wealth?

How billionaires structure their wealth management is called “family office”, where a very wealthy family will hire all the needed professionals to manage their wealth.
What Jim helps with is building a virtual “family office” for a fraction of the cost.

[05:47] – What’s one thing we can do to better manage our wealth using this type of structure?

The first thing you need to know is where you’re at today on the Wealth Mastery Matrix.
The four quadrants are:
- Ostrich – lives by “avoid and ignore”.
- Juggler – tries to manage all of the stuff by yourself.
- Air traffic controller – when you have excellent advisors around you, but you’re managing the advisors yourself.
- Virtual family office – you have A-player advisors around you collaborating on your behalf and managing your wealth in a way that’s not so difficult.
Wealth management doesn’t have to be difficult. If you start moving towards better structures, all things start to clear up.
The structure is the most fundamental thing for good wealth management moving forward.

[10:54] – Basic building blocks to protecting your assets.

Asset protection is protecting yourself from all sorts of outcomes, like unexpected lawsuits.
I.L.A.T.E. – different asset protection strategies.
- I is for insurance – have umbrella liability insurance for your personal situation and liability protection for your company.
- L is for laws – utilize homestead protection laws.
- A is for annuities and life insurance – some entrepreneurs put money in annuities and life insurance if the state they live in has really good protection under the law.
- T is for trusts – a Domestic Asset Protection Trust would create ‘rainy day money’. If you ever get sued, it will be very hard to get to that money.
- E is for entities – separating different entities in your business can create asset protection.

[18:32] – Even if you’re doing the I.L.A.T.E., you probably aren’t as protected as you think you are.

Even if you have the umbrella and other coverage, if you don’t have the right exclusions, then you may not be protected.
It’s critical to read your exemptions and inclusions.

[21:26] – A timeout to thank our sponsors, The Marketing Secrets Podcast and QuickBooks Online!

[21:30] – Are those who move to Puerto Rico paying too much in taxes?

You have to think of warning signs and pay attention to them.
The tax code is very complicated, and there are many opportunities to do things legally to dramatically reduce taxes.
As an entrepreneur, your number 1 expense in your life is taxes.
If you think you’re paying too much in taxes, you want to have the right CPA and a tax attorney as part of your team
Go DEAPR on your tax planning. D is for defer; E is for eliminate; A is for arbitrage; P is for pay now, not later; R is for reduce.

[24:18] – Jim talks about an area of estate planning that almost every entrepreneur gets wrong.

First, you need basic documents.
Jim asks, “what do you want to pass on to the future generation other than estate planning?” If you can only pass on one thing, it should be wisdom.
The part that most entrepreneurs miss is passing on the wisdom of a lifetime.

[28:23] – When selling your business, how could exclusively using an investment banker cause you to miss out on millions of dollars?

When you have the right wealth manager involved, there’ll be some planning techniques that come forward an investment banker may not be aware of.

[31:11] – Jim’s parting piece of guidance

Have the right structure. It may seem overwhelming depending on where you are as an entrepreneur, but you can put that out as a goal you can start working towards.
If you get the structure right, then you’ll have a greater chance of not making mistakes in the future.
Wealth Mastery Matrix – Find out where you fit on the Wealth Mastery Matrix!

Killer Resources!

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The Entrepreneur’s Playbook for Expanding Wealth, Freedom and Time with Jim Dew

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