Meet Ryan Lee: Helping Families Achieve Financial Freedom

Introduction: Nick D Introduces Ryan Lee

Hello everyone, Nick D here. Today, I'm thrilled to introduce an incredible person, Ryan Lee. Ryan has revolutionized how families manage their finances. He’s not just a financial strategist but also a mentor, coach, and guide for those looking to secure their financial future. Welcome, Ryan!

Ryan Lee Introduces Himself

Hi everyone! Thanks, Nick, for that wonderful introduction. I'm Ryan Lee, and I’m excited to share my journey and insights with you today. I’ve spent years helping families take control of their finances, reduce their taxes, and achieve financial freedom. I’m here to show you that financial security is possible for everyone.

Nick D's Backstory and Connection with Ryan Lee

Before diving into Ryan's insights, let me share a bit about how we met and why I believe in what he does. It started back in April when my good friend Randy Garn, who is on Ryan's board, invited me to get baptized. Randy’s the kind of friend you say yes to without hesitation, knowing it’ll be an amazing experience. This journey led me to Ryan Lee.

I first met Ryan at a party Randy organized for me and my wife, Nicole. The party was at Ryan's house, and it turned into an unforgettable experience. We ended up working out in Ryan’s basement, and I felt an immediate connection with him, like meeting a long-lost brother. This bond we created is a testament to the power of community and the incredible individuals within it.

Ryan Lee's Journey: From Struggles to Financial Freedom

Growing up in a strict household led me to rebel in my teenage years, dropping out of high school and moving out. I hit rock bottom but decided to turn my life around. I got my GED, went back to college, and worked hard to rebuild my life.

After college, I expected a high-paying job, but reality hit when I saw my first paycheck, heavily reduced by taxes and deductions. I realized I needed a better strategy. Climbing the corporate ladder, I sacrificed health, family time, and spirituality for career advancement, believing money would buy back my life. The 2008 financial crisis and my son’s emergency heart surgery made me rethink my priorities.

Reading "Rich Dad Poor Dad" by Robert Kiyosaki and "Creating Wealth" by Robert Allen shifted my perception of money and wealth. Within four years, I walked away from my corporate job, financially free.

Building Cashflow Tactics

Inspired by my journey, I co-founded Cashflow Tactics to help families achieve financial freedom in 10 years or less. We focus on personal financial strategy, implementation, reducing taxes, building cash flow systems, and achieving measurable financial freedom based on solid, mathematical principles.

Taxes and Finances for Families

Understanding the Tax Code

The tax code is a powerful tool for families. It's designed to incentivize certain behaviors, and families can leverage this to their advantage. Here are some strategies to consider:

Home Office Deduction: If you run a business from home, you can deduct a portion of your home expenses, reducing your taxable income. Many families overlook this powerful deduction. Ensure you calculate the percentage of your home used exclusively for business purposes to maximize this benefit.

Augusta Rule: Rent your home to your business for up to 14 days a year and deduct the rental income. This lowers your taxes while keeping the money within your control. Document these events properly to substantiate the deductions.

Hiring Family Members: If your children help out in your business, you can pay them a salary, reducing your business income. If it’s below the standard deduction, your children won’t owe taxes on it. Involving your children provides tax benefits and instills a strong work ethic and business understanding.

Real Estate Professional Status: Investing in real estate can provide substantial tax benefits. Meeting certain criteria allows you to offset your active income with real estate losses, reducing your overall tax burden.

Active vs. Passive Income Tax Rates

Distinguish between active and passive income. Active income from your business is subject to higher taxes. Aim for a target tax rate for your active income and use strategies to maintain it. Passive income should aim for a 0% tax rate. Investing in assets that generate passive income and leveraging tax advantages can help achieve this.

Creating a Financial Freedom Game Plan

Here’s how to create a customized financial freedom game plan:

Increase Financial Intelligence: Understand the rules of money and how to use them to your advantage. Continuous learning and staying updated with financial strategies are crucial. Books like "The Millionaire Next Door" and "Think and Grow Rich" provide valuable insights.

Tax Strategy: Develop a comprehensive tax strategy that includes proactive planning and regular reviews to ensure you're taking full advantage of available deductions and credits. Consider working with a tax strategist who understands family finances.

Investment Strategy: Focus on investments that align with your financial goals. Real estate is powerful, but diversify and invest in assets that provide both growth and stability. Consider index funds, REITs (Real Estate Investment Trusts), and small business ventures.

Cashflow Management: Monitor and manage your cash flow diligently. Tools like QuickBooks and Mint can help you track your finances effectively.

Advanced Tax Strategies for Families

Section 179 Deduction: Deduct the full cost of qualifying equipment and software purchased during the tax year.

Qualified Business Income (QBI) Deduction: Deduct up to 20% of your qualified business income under the Tax Cuts and Jobs Act.

Retirement Plans: Set up a SEP IRA, SIMPLE IRA, or Solo 401(k) to save for the future while reducing current taxable income.

Health Savings Account (HSA): Provides a triple tax advantage if you have a high-deductible health plan.

Cost Segregation Studies: Accelerate depreciation deductions for building components in your home office or rental properties.

The Power of Community and Networking

Investing in a strong community is crucial. Surround yourself with like-minded individuals who can elevate your vision and provide support. Networking with other families, attending workshops, and joining mastermind groups offer valuable insights and opportunities.

Leveraging Technology for Financial Efficiency

In today's digital age, leveraging technology is crucial for financial efficiency and growth. Here are some tools and strategies to consider:

Accounting Software: QuickBooks, Xero, and FreshBooks automate bookkeeping, making it easier to track income, expenses, and profitability.

Financial Planning Apps: Mint, YNAB (You Need A Budget), and Personal Capital help with budgeting, saving, and investing more effectively.

Customer Relationship Management (CRM) Systems: HubSpot, Zoho, and Salesforce streamline customer interactions, improve retention rates, and enhance sales processes.

Online Marketing Tools: Google Analytics, SEMrush, and Ahrefs optimize online presence, improve SEO, and drive more traffic to your website.

Automated Billing and Payment Solutions: Square, Stripe, and PayPal simplify billing, ensure timely payments, and enhance cash flow management.

Adapting to Economic Changes

Stay Informed: Regularly read financial news, follow industry trends, and participate in relevant forums.

Diversify Income Streams: Don’t rely solely on one income source. Consider additional revenue streams like online courses, merchandise sales, and affiliate marketing.

Emergency Fund: Maintain an emergency fund with at least three to six months' worth of expenses.

Continuous Learning: Invest in your education through courses, certifications, and seminars.

Seek Professional Advice: Work with a financial advisor who understands your industry and can provide tailored advice.

Take Control of Your Financial Future

Achieving financial freedom requires a proactive approach to taxes and finances. By understanding the tax code, leveraging deductions, creating a comprehensive game plan, and embracing community support, you can transform your financial future.

Remember, financial freedom is not just about making money; it’s about keeping and growing your wealth strategically. Take control of your finances today and pave the way for a prosperous future.

If you have any questions or need personalized advice, feel free to reach out to me at Ryan at cashflowtactics.com. Let’s work together to achieve your financial goals and build a life of abundance.

Nick D's Endorsement

Having experienced Ryan’s wisdom and strategies firsthand, I can vouch for the incredible impact they can have on your life and business. Ryan’s approach is not just about saving money but about creating a sustainable and prosperous financial future. Don’t miss this opportunity to transform your financial journey. Reach out to Ryan and start your path to financial freedom today.