Wealth Well Done
You’ve heard the narrative that the super wealthy don’t pay taxes and the rich keep getting richer. Unless your net worth has reached family office status, you likely don’t have access to understand how they do it. In this weekly podcast designed for affluent stewards, we will go deep into the financial planning tactics of the high net worth community. You will learn how “the rich” pay so little in taxes, and how that can apply to you. You will learn how the wealthy invest differently than the standard investor. You will learn how the biggest philanthropists in the world maximize the assets they give. All of this will be shared through a lens of understanding the responsibility associated with wealth and its impact on you, your family, and the world around you. In one facet, Eric, in cooperation with his expert guests, will demystify the _complexities and share some of the best strategies in the categories below to help you make informed decisions and grow your wealth. Getting healthy with money Investment portfolio design Real estate investing Alternative assets Tax planning Stewardship Philanthropy Risk assessment Estate planning Insurance Marital finance Succession planning Training the next generation Cash flow To accompany these wealth-enhancing strategies, we will also expose the significant, yet often overlooked, burden that comes with wealth. The increase in depression, suicide, and addiction amongst trust fund beneficiaries has been well documented. The changes people often undergo and the reduction in peace they have as their net worth increases points us to the conclusion that more money is not the answer. If the effects of an increase in finances haven’t been properly planned for, it can be devastating to a family for generations. We aim to equip you with practical and tested tools to transform your increase into a life-giving asset for your consumption and for your impact in the great commission. Eric Scovill considers himself to be a businessman for the Kingdom of God. His Christian faith shapes everything that he does, from the way he leads his family to the way he runs His businesses. Once a contractor, he followed God’s call on his life to leave it all behind and step into the great unknown. Now, he has an exclusive financial planning practice for HNW clients that don’t fit into the mold of the standard financial advisor’s plan. He is a co-founder of a cryptocurrency hedge fund, Bedrock Digital Assets Management, and a venture capital business consulting and syndication company, YouAre Launched. Together, these companies serve his clients and investors to provide a suite of alternative assets that fit inside a highly valuable financial plan tailor-fitted to the individual’s aspirations for their own finances. Wealth, and its impact on humanity, are among the most intriguing concepts worth pondering. The endless pursuit and insatiable craving for more, the collection of knowledge and assets held amongst the elite few, its ability to positively and negatively impact lives, the many teachings devoted to it in the Bible, and yet the relative unimportance placed on it by God; there is much to be studied and understood about this concept called money. The love of it is the root of all evil, yet a proper heart toward it can lead someone into a deeper faith and relationship with Jesus. Eric and his guests are sure to provide the listeners a nearly unquantifiable amount of value, exposing you to solutions you probably didn’t know existed and teaching you how to implement them yourself or with your own financial team. After listening, not only will you know how to maximize your income and your investments like the wealthy, you’ll also know how God’s rules and teachings around money can guide you into exponentially more while also protecting you from the pitfalls of excess wealth. Target audience: A couple seeking the tactical strategies employed by the high net worth community to multiply their wealth through a reduction in what goes out and a multiplication of what has remained within. They are growing in the awareness of the responsibility that accompanies this blessing and desire to be intentional with how money impacts their own lives as well as the lives of others. They want to be effective and efficient in their technical strategies and thorough in the assessment of the intangible effects their wealth brings.
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Episodes
Monday Jan 06, 2025
Monday Jan 06, 2025
Can you discern God's voice amidst the noise of daily life? Do you believe He still speaks to people at all? Join host Eric Scovill as he welcomes Pastor Nathan Rychener and his wife Katherine to explore the profound journey of hearing and stewarding communication with God. This episode unpacks common misconceptions, the importance of grounding oneself in Scripture, and practical steps to enhance your receptivity to His voice. Whether you're seeking guidance for personal decisions or a deeper relationship with the Father, this conversation will leave you feeling eager to spend more time with Him!
0:00 Introduction
5:32 Defining God's voice
11:09 Catherine's journey
15:56 Nathan's perspective
19:03 Scriptural foundation
24:40 Balancing Spirit and Word
30:37 Intimacy with God
35:15 Practical steps
Resources Mentioned:
"Get Your Life Back" by John Eldridge
"Secrets of the Secret Place" by Bob Sorge
Monday Dec 30, 2024
Monday Dec 30, 2024
Can fasting and grounding truly transform your health? Dr. Jake Hansen joins Eric Scovill to discuss the profound impact of these practices, blending biblical insights with scientific evidence. Discover how fasting not only purifies the body but also enhances spiritual well-being, and learn the surprising benefits of grounding for mental and physical health.
Dr. Hansen shares compelling stories and studies, including the remarkable effects of intermittent fasting on conditions like diabetes and cancer. He also sheds light on the controversial topics of vaccines and food quality, urging listeners to scrutinize what they consume for better health outcomes.
This episode is packed with practical advice and thought-provoking discussions, offering listeners a chance to rethink their approach to health and wellness. Whether you're curious about the science behind these practices or seeking spiritual growth, this conversation provides valuable insights to guide your journey.
0:00 Introduction
3:16 Exploring health impacts of grounding and fasting
8:31 Spiritual and physical benefits of fasting
13:39 Scientific perspective on fasting
17:28 Understanding grounding
24:19 Evaluating organic food choices
26:37 Closing thoughts and future discussions
Resources Mentioned:
Ketone test strips
Abundant Mind podcast
Dr. Jake Hansen's website
Follow Dr. Jake HansenInstagram
LinkedIn
Monday Dec 23, 2024
Monday Dec 23, 2024
Today’s health crisis is not just physical—it’s a spiritual challenge for an entire generation. Host Eric Scovill is joined by Dr. Jake Hansen, who shares eye-opening insights from his practice that reveal the alarming trend of undeveloped spinal curves in children and its broader implications. Discover how the pervasive use of handheld devices is reshaping not just our necks but potentially our connection to faith and family. Tune in for practical strategies to counteract these effects, as well as overall encouragement for looking to Christ in all things!
0:00 Introduction
2:33 Building connections through faith
5:27 Jake's unique background explained
13:42 Impact of forced medical decisions
18:43 Alarming statistics on spinal health
23:28 Spiritual implications of physical health
30:49 Practical tips for a better spine
37:05 Thoughts on living like Christ
Resources:The Abundant Mind Podcast
Restoration Chiropractic
Dr. Jake Hansen's website
Superbook
BibleSocks
Follow Dr. Jake HansenInstagram
LinkedIn
Monday Dec 16, 2024
Monday Dec 16, 2024
Is your business really yours...or is it His? There are two types of Christian professionals: those trying to do business in the world, and those inviting God to transform their work into a vessel for His eternal kingdom. It doesn't matter what industry you're in–if you hand God the keys to your business, He will use it in greater ways than you ever could.
In this part two episode, host Eric Scovill returns with Josh Fonger, founder of Fouth Soil Ventures, to discuss this profound shift in perspective that leads to long-term success. Together they discuss the power of aligning business practices with biblical values, the importance of prayer over fear, and the art of waiting on the Lord for strategic decisions. Whether you're a business owner or an employee, find out how to integrate your faith into your work and be a light in the marketplace.
0:00 Introduction
1:49 Aligning business with faith
10:03 Strategic patience in business growth
23:53 Networking and marketing with a Christian ethos
30:30 Integrating faith into professional life
33:47 Ideal clients for faith-driven business coaching
Resources Mentioned:
Fourth Soil Ventures
Monday Dec 09, 2024
Monday Dec 09, 2024
How does your faith inform your business operations? Aligning your work with biblical principles could transform not just your bottom line, but your entire approach to leadership and growth. Join me as I welcome Josh Fonger, founder of 4th Soil Ventures, who shares his journey from real estate to faith-driven business consulting.
Josh reveals how the parable of the four soils inspired his mission to help companies multiply their impact by honoring God in every aspect of their operations. Discover Josh’s “100 Fold Framework,” a unique approach to integrating biblical wisdom into business strategy, and hear real-life examples of how this has helped companies thrive.
0:00 Introduction
1:12 The meaning behind the company name
4:27 Embracing faith in entrepreneurship
8:03 Encouragement for those feeling misaligned
12:03 The 100 Fold Framework
15:29 Balancing business growth and spiritual priorities
20:24 The power of prayer in decision-making
24:40 Seeking genuine counsel and avoiding false comfort
27:47 Preparing for economic changes
31:42 Encouragement for ongoing spiritual and business battles
35:37 Conclusion and preview of next episode
Resources Mentioned:
4th Soil Ventures
The Parable of the Four Soils
Michael Heiser's "The Unseen Realm"
1 Kings 22: Story of Micaiah and King Ahab
Monday Dec 02, 2024
Monday Dec 02, 2024
In this episode of Wealth Well Done, Eric Scovill discusses the significance of biblically-responsible investing. You’ll discover how to “vote with your dollars” and identify which investments might be working for or against your values. Eric shares resources that will equip you to align your investments with your faith, rather than blindly investing in index funds. With a call to vigilance through continued prayer and fasting, you’ll leave this episode feeling equipped and encouraged to continue pursuing godly values in your finances, your politics, and beyond.
0:00 Intro
5:09 Economic Concerns
10:18 Investment Ethics
15:27 Screening Investments
20:36 Investment Strategies
25:45 Biblically Responsible Investing
27:18 Belief and Miracles
Resources:
Partners for Ethical CareInspire Insight
American Conservative Values ETF
Seek Invest (launching soon)
Envoy Financial (Andrew Barlow)
Blue Trust
Monday Nov 11, 2024
Monday Nov 11, 2024
Look deeper than the technical details of estate planning and explore the biblical principles that should guide how we transfer wealth to the next generation.
Far too often, estate plans focus solely on tax strategies and asset protection, without considering the spiritual and relational impact on heirs. But the Bible warns against simply handing down wealth without also passing down wisdom.
Listen as your host, Eric Scovill, unpacks practical ways to ensure your estate planning aligns with godly stewardship, cultivates responsibility in your heirs, and prepares them for the burden and privilege of inherited wealth.
[00:00] Introduction
[02:38] Revocable living trusts and their benefits
[06:30] Irrevocable trusts and their tax implications
[12:50] Generation-skipping trusts and QTIP trusts
[18:14] Community property and per stirpes vs. per capita
[24:27] Step-up in basis and its political implications
[27:57] Biblical considerations in estate planning
[33:47] Seeking financial counsel from the Bible
Monday Oct 28, 2024
Monday Oct 28, 2024
Safeguard your family's future by learning about the essential elements of effective estate planning in this episode. Discover the importance of selecting the right guardians and trustees to carry out your wishes, and learn about strategically timing asset distributions to your beneficiaries. Eric also discusses the value of crafting a personalized cover letter to communicate your core values and desires.
[00:00] Introduction
[03:03] Estate planning and establishing a living trust
[08:18 ] Selecting guardians and trustees to carry out your wishes
[11:02] Timing asset distributions to your beneficiaries
[15:04] Crafting a personalized cover letter to communicate your values
[17:48] Sample cover letter of a trust
[25:30] Things to consider when establishing a trust
[27:52] Sample calculations to determine appropriate trust funding
Monday Oct 21, 2024
Monday Oct 21, 2024
Are your finances aligned with God’s word? In this episode, Eric Scovill explores some biblical teachings on wealth and faith. He challenges us to reflect on the true meaning of belief, the role of works, and the call to a deeper level of discipleship. Explore topics like the parable of the great banquet and the importance of loving God and neighbor. Listen now and let's grow together in our understanding of biblical stewardship.
[00:00] Introduction
[02:35] How finances can be a measure of the heart
[05:12] Statistics and biblical teachings on Christian giving
[08:47] The concept of belief and works
[14:55] The role of fear and reverence in faith
[19:00] The danger of over-simplifying our faith
[25:00] The role of repentance and relationship with God
[31:28] The importance of loving God and our neighbors
Resources Mentioned:
The Treasure Principle by Randy Alcorn
Monday Oct 14, 2024
Monday Oct 14, 2024
Taxes are one of the biggest expenses for business owners and investors. In this episode, we'll discuss strategies you can legally use to reduce your tax bill and keep more of the money you earn. We'll cover retirement accounts and how to maximize tax benefits, depreciation, and how real estate investors can lower their taxes, as well as tax credits and incentives for business owners. Learn how to partner with the IRS using legal tax loopholes and how to select a tax professional to help you implement strategies.
Here are some topics from today’s discussion:
The compound impact of taxes on your wealth
How to qualify and select a CPA
How to use the Augusta loophole
How to partner with the IRS
Roth IRA vs. traditional IRA
The 1031 exchange
How to use accelerated depreciation
How to use bonus depreciation to offset taxes
Episode Highlights:
[02:46] The Compound Impact of Taxes on Your Wealth
Effective tax planning can have a significant impact on your wealth. For instance, by reducing your taxable income from $600,000 to $50,000 and owing $50,000 in taxes instead of $200,000, you would have an extra $150,000 available for investment. Over time, compounding this additional amount at a growth rate of 12% can significantly boost your long-term net worth. Smart tax strategies and strategic investments can make a massive difference in securing your financial future.
[06:07] Qualifying and Selecting a CPA: Strategies for Business Owners, Real Estate Investors, and Philanthropists
Determine the Expertise Quality: When considering hiring a Certified Public Accountant (CPA), it's important to recognize that the expertise level can greatly impact both the service quality and the overall cost. To ensure you find the right CPA for your needs, take the time to qualify them through an interview-like process.
Assess Proactivity: One way to evaluate a potential CPA is by understanding their approach to proactivity. Discuss with them how involved you and your financial team realistically plan to be and inquire about their go-to strategies for business owners, real estate investors, and philanthropists.
Explore Philanthropy Strategies: If philanthropy is of interest to you, bring up the topic during the meeting with the CPA. They may introduce the concept of "bunching," which involves maximizing deductions by combining charitable contributions into a single year to surpass the standard deduction threshold. For example, instead of donating $15,000 to a charity each year, consider giving $30,000 every other year, taking advantage of higher deductions.
Gift Appreciated Assets: Another strategy to discuss with your CPA is gifting appreciated assets instead of cash. By donating appreciated assets, such as stocks or property, you can increase your deduction while avoiding capital gains tax. This allows you to give more to the charity while reducing the government's share.
Choosing the right CPA who understands your unique needs and can provide expert guidance on tax strategies specific to your situation is crucial for maximizing your financial outcomes. Make sure they are familiar with strategies specific to your situation, like S corps for business owners or opportunity zones for real estate investors. Finally, consider how up-to-date they are on the latest tax laws and incentives. An experienced CPA should stay on top of changes in the tax code.
[34:19] How to Use Bonus Depreciation to Offset Taxes
Bonus depreciation allows you to take upfront depreciation on passive income, potentially offsetting passive gains with large passive losses. If you can't fully utilize the passive loss in one year, it can be carried forward to future years. However, if you have real estate professional status, you can convert the passive loss into an active loss, offsetting active income instead. This allows you to reduce taxes at a higher rate compared to offsetting passive gains.
Resources Mentioned:
Nth Degree CPAs