It’s well known that the number one rule for building wealth, says David J. Bradford, the CEO of More With David and host of PIX11 TV Show “Renegade Money”, is – don’t lose money. “It’s not how much you make, it’s how much you keep,” he says.
Protecting what you have – as opposed to focusing on a nest egg or constant accumulation in uncertain 401(k) accounts – is how rich people stay rich, says the renegade financial guru and ardent athlete.
“The rich have a playbook that is not offered to poorer people, who are pushed towards inaccessible, tax-deferred funds like the 401(k) and left to the vagaries of high taxation, high fees, and low returns,” he says.
Protecting your wealth means building a wall around what you have, says Bradford, and that wall has to be complete and strong to deal with what he terms the ‘destroyers of wealth’. Chief among these is taxation – develop a lean tax strategy and your wealth is immediately placed into the rich person’s playbook, he adds.
Not All Taxation Is Equal
The field of taxation is an uneven landscape, says Bradford, who points to differing tax burdens in different parts of the United States. In New York City, for example, residents face a higher overall tax burden compared to many other parts of the United States, largely due to the city’s unique income tax. NYC is one of the few U.S. cities that imposes its own income tax on top of state and federal taxes, with rates ranging from 3.078% to 3.876%. This additional layer of taxation significantly increases the total tax liability for NYC residents, making their financial obligations more demanding than those living in cities without such a tax.
The sales tax rate in NYC further contributes to its higher tax burden. The combined sales tax rate in the city is 8.875%, which includes New York State sales tax, New York City sales tax, and a Metropolitan Commuter Transportation District surcharge. This rate is substantially higher than the national median sales tax rate of around 7.12%, leading to higher costs for goods and services purchased within the city.
Property taxes in NYC are also notable for their complexity and variability. While residential property taxes are generally lower compared to other parts of New York State, commercial property taxes are among the highest in the nation. Additionally, NYC imposes various other local taxes, such as hotel occupancy taxes, commercial rent taxes, and a mansion tax on high-value real estate transactions. These additional taxes and fees, coupled with capped federal deductions for state and local taxes, result in a markedly higher tax burden for NYC residents compared to those in many other U.S. regions.
Strategic Immunization Against Tax Burdens
Central to David J. Bradford’s tax protection approach is what he terms the “Tax Vax,” a sophisticated concept aimed at shielding wealth from unnecessary tax liabilities. In urban centers like New York City, Bradford’s Tax Vax strategy emerges as a robust solution.
The Tax Vax isn’t merely about minimizing taxes reactively; it represents a proactive approach to immunizing one’s wealth against tax erosion. Bradford emphasizes the importance of strategic planning and leveraging legal frameworks to optimize financial outcomes. By implementing the Tax Vax strategy, clients not only mitigate current tax liabilities but also position themselves for future tax changes and economic uncertainties.
Bradford’s methodology is far from one-size-fits-all. Each client’s financial circumstances and goals are meticulously analyzed and incorporated into a customized Tax Vax strategy. This personalized approach ensures that every aspect of asset protection, tax optimization, and estate planning aligns seamlessly with the client’s long-term objectives.
Another key aspect of his Tax Vax strategy is its integration of asset protection and estate planning measures. Bradford recognizes that preserving wealth isn’t just about reducing taxes; it’s about safeguarding assets from external threats and ensuring their smooth transition across generations. By combining robust asset protection strategies with sophisticated estate planning techniques, Bradford fortifies his clients’ financial legacies.
Beyond immediate tax savings, the Tax Vax strategy aims to foster sustainable wealth growth over generations. Bradford’s comprehensive approach empowers clients to not only protect their wealth but also capitalize on strategic investment opportunities without the fear of excessive taxation hindering their financial agility.
Renegade Spirit
A staunch advocate for financial literacy, David J. Bradford is renowned as a renegade strategist, having transformed his life from a pioneering pastor who courageously integrated an all-white church in Savannah to Chief Advisor for Drive Planning and currently building a following as CEO at MORE With David.
Following a profound personal setback – a devastating divorce – and the responsibility of single-handedly raising his five children, Bradford bravely embarked on a new chapter at 40. Transitioning from the spiritual realm to the cutthroat world of business, he left behind car sales to spearhead the sales team at an emerging hiring solutions startup before reshaping the financial landscape with More With David and more recently his NYSE TV Show “Renegade Money”.
His mission is clear: to empower individuals by debunking the conventional financial advice that has long been marketed to the masses. Through innovative financial coaching and strategic planning, especially for entrepreneurs and real estate investors, Bradford is at the forefront of fostering financial literacy, advocating for strategies that significantly reduce taxes and exponentially increase wealth.
His ability to anticipate market trends and regulatory shifts allows More With David to offer preemptive solutions that safeguard client interests effectively. Bradford’s forward-thinking approach ensures that his firm remains at the forefront of wealth management innovation, continuously refining strategies to meet the evolving needs of a diverse clientele.
David J. Bradford’s leadership at More With David is synonymous with excellence in financial advisory and wealth education. Through his visionary Tax Vax strategy and commitment to client empowerment, Bradford has redefined wealth protection in New York City and beyond. As he continues to expand his firm’s reach and influence, one thing remains clear: David J. Bradford is not just shaping the future of wealth management; he’s setting a new standard for financial empowerment in the 21st century.
