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In this episode, Lucas and David are joined by Derick Van Ness from Big Life Financial. Derick discusses the impact of state tax deductions on federal taxes, with a focus on high-income earners in states like California and New York. David shares his relaxed attitude towards financial management, explaining how he balances cash flow despite economic struggles. Derick also highlights the importance of having a reliable team and establishing a financial operating system for business owners.

00:00 Considering hiring a forensic accountant for business review.

05:15 Evaluate current advisors; start with taxes.

07:39 R&D entails credits for system upgrades efforts.

12:01 Limiting state taxes as federal write-offs.

14:52 Conference and event travel cause financial strain.

16:31 Bank crisis caused financial ruin, power loss.

23:02 Shop owners often overlook tax seriousness.

24:00 CPAs busy auditing, rarely offer proactive advice.

28:32 Automate savings early for financial security.

31:46 Recommended savings percentage and retirement amount?

34:07 Aggressively save; build income streams beyond business.

36:10 Budget for two months' shop expenses buffer.

41:50 Real estate improves over time with depreciation.

44:54 Pursue passion freely, enjoy life without constraints.

47:45 Alternative investments offer consistent income for retirees.

50:21 Intangible capitals determine your EBITDA multiplier.

52:27 Prepare for unexpected events despite profitability.

55:57 Send info to stream on Facebook page.