In the early 2000s, real estate entrepreneur Patrick faced near bankruptcy and IRS debt after a market crash. This hardship revealed a critical gap: entrepreneurs lacked tailored tax strategies. In
response, Patrick founded the Vital companies to help others avoid similar pitfalls. Today, he leads a nationwide effort to reduce tax burdens, build wealth, and improve lives—aiming to save over $1
billion in taxes through a focus on cash flow, tax strategy, investing, and protection. His journey from struggle to success now inspires others to take control of their financial future.
Episode Highlights Here:
Brett:
Before we jump into this episode, I wanna invite you to join our community to help you become a better steward scale to billions and ultimately give more or all of it away. All I want you to do is to click the subscribe button right now. I love your support. It’s incredible to see your comments, and we’re just getting started. I can’t wait to go on this journey with you. Thank you so much for subscribing. It means the world to me. Well, welcome to the build to billions podcast where you guys successful entrepreneurs and investors on their journey from millions to billions. We believe that the key to scaling and compounding your wealth and life starts every single day with a mindset and practice of stewardship over ownership and applying billionaire biblical principles. Our ultimate goal to help you scale and compound your wealth and life so you can give more all that away to help. MVPs, I’m your host today. Brett Swartz, in every episode, we teach some of the world’s top entrepreneurs, millionaires and billionaires. They share their principles, values, secrets and wisdom, providing each of us with the insights we need to reach the next level of success, faith and impact. I’m excited about our next guest. He is the founder and senior financial advisor with vital wealth, and he brings an understanding of not only complex finances, but also tax strategies, as well as helping us all plan to to be able to invest in a world outside of just the Wall Street traditional model. In fact, he’s an entrepreneur for 20 years, he owns real estate, but he kind of he’s going to bring a full picture to investing, and we’re going to be talking about passive, truly passive investing with our guest Patrick Lonergan. And Patrick last name, right? Yes. Thank you awesome. And for our listeners getting tonight for the first time and give us a little bit more about your story and your story and your current
focus?
Patrick:
Yeah. Brett, thank you very much for having me. We got started in real estate 20 some years ago. I had a full ride to law school and dropped out after buying being late for my first class buying a piece of real estate. And you know, it really was a journey where we had lots of ups and downs. We made lots of money, lost lots of money, and now we’re working with entrepreneurs that generally come to us. They’re making over a million dollars net income, and they have a tax problem. They’re tired of their CPAs being promising tax strategy, and cpas business models just not designed to do the type of work we do to deliver on the tax model. And so, you know, the CPAs do a good job of getting the right numbers in the right boxes. We’re in June and July. We’re forecasting out the tax liability and getting an idea of where they need to be. And so there’s, there’s four cornerstones that make up our planning. It starts with cash flow. Once we understand your cash flow, then we can design a tax strategy. Then once we have tax figured out, then we move on to, okay, we’re not sending the money to the IRS. Let’s figure out how to invest it. And that goes into everything from, let’s invest back in our business. Let’s invest in a traditional model. Let’s go invest in in real estate. And then, you know, at some point, maybe once we’re cross that financial freedom threshold. We take some moon shots, right? Like, let’s go invest in private equity or some of those different opportunities out there. And then the last piece is protection. We, you know, people get awfully hung up in their their legal structures and their, their, you know, insurance and that type of thing, and they haven’t built any wealth. And it’s like, let’s, let’s make sure we’re building wealth. How? Building wealth and we have something to protect before we get too tied up in our complex trust structure that we need to have in place. So that’s, that’s a quick overview of you know who we are and what we we currently do. But it’s, it’s, it’s been a journey. There’s been some ups and downs along the way. So cool.
Brett:
I’m sure there has been, by the way, you can learn more about Patrick by going to vitalwealth.com vitalwealth.com CFP, Financial Advisor, fpqp, and so much more. I think it’s flat fee financial planning. He’s got a great background, and he’s got a ton of wisdom here. And we’re gonna be diving into that, in fact. And then we’re gonna start with this, Patrick, you know, I believe we’ve all been given certain gifts, and these gifts been given gifts been given us to be a blessing, help to others. What would you say is you’re like, hey, Patrick is really great at doing this, so this is his strength or superpower that helps you help people today.
Patrick:
Yeah, thank you. I think there’s a couple pieces I love to learn. It’s interesting. I started reading way more books once I graduated college than I did while I was in college. And I always have some podcast in my ear, audio book, you know, physical book, something along those lines. And it’s all practical things that we can, we can take away so and then you combine that with, I’ll say, some creativity I’m always looking for. I would love to say I have original ideas, but I don’t have any original ideas. I I’m taking concepts and marrying them together, going, Hey, this is what if we did this in this scenario. And so when we think about the entrepreneur, I would love to say that they’re all the same, right? And we just can cookie cutter the strategies. But that’s not always the case. And. Okay, so we’re able to take all the concepts we have tools in the tool belt, marry those together to really create some unique opportunities for the entrepreneur to get planning in place that aligns with their goals. So I think that’s that’s probably where my my so
Brett:
if you’d like this little short clip of the interview I just did. Click over here to watch the full interview, and please don’t forget to subscribe. Thanks so much, everybody.
You
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About Patrick Lonergan
As a successful real estate entrepreneur in the early 2000s, Patrick soared high until the unexpected downturn left him on the brink of bankruptcy and deeply indebted to the IRS. This crushing setback sparked a profound realization: entrepreneurs lacked strategic tax planning tailored to their unique challenges. Determined to fill this gap, Patrick transformed his epiphany into action, founding the family of Vital companies. Today, he leads a groundbreaking initiative that empowers entrepreneurs nationwide to minimize tax liabilities, amplify wealth, and enhance their quality of life. With a bold goal to save his clients, customers, and listeners over $1 billion in tax, Patrick is revolutionizing financial strategy. His approach is founded on the four cornerstones of wealth building: cash flow management, tax strategy, investing, and protection through insurance and legal structures. Patrick’s journey from adversity to innovation inspires entrepreneurs to navigate their financial landscapes with confidence and strategic acumen.
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