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Cliff Notes: Here's Why Every Black Person Should Have a Business · Earn Your Leisure

• 0:01
  Speaker 1: Earners. What's up.
• 0:02
  Speaker 2: You ever walk into a small business and everything just
• 0:04
  Speaker 2: works like The checkout is fast, the receipts are digital,
• 0:08
  Speaker 2: tipping is a breeze, and you're out the door before
• 0:11
  Speaker 2: the line even builds. Odds are they're using Square. We
• 0:15
  Speaker 2: love supporting businesses that run on Square because it just
• 0:18
  Speaker 2: feels seamless. Whether it's a local coffee shop, a vendor
• 0:21
  Speaker 2: at a pop up market, or even one of our
• 0:23
  Speaker 2: merch partners, Square makes it easy for them to take payments,
• 0:27
  Speaker 2: manage inventory, and run their business with confidence, all from
• 0:31
  Speaker 2: one simple system. If you're a business owner or even
• 0:35
  Speaker 2: just thinking about launching something soon, Square is hands down
• 0:38
  Speaker 2: one of the best tools out there to help you start, run,
• 0:41
  Speaker 2: and grow. It's not just about payments, it's about giving
• 0:45
  Speaker 2: you time back so you can focus on what matters
• 0:47
  Speaker 2: most Ready. To see how Square can transform your business,
• 0:51
  Speaker 2: visit Square dot com backslash go backslash eyl to learn
• 0:56
  Speaker 2: more that Square dot com backslash, go backslash eyl. Don't wait,
• 1:01
  Speaker 2: don't hesitate. Let's Square handle the back end so you
• 1:04
  Speaker 2: can keep pushing your vision forward. This episode is brought
• 1:10
  Speaker 2: to you by P and C Bank, a lot of
• 1:12
  Speaker 2: people think podcasts about work are boring, and sure, they
• 1:16
  Speaker 2: definitely can be, but understanding a professional's routine shows us
• 1:20
  Speaker 2: how they achieve their success little by little, day after day.
• 1:24
  Speaker 2: It's like banking with P and C Bank. It might
• 1:27
  Speaker 2: seem boring to save, plan and make calculated decisions with
• 1:30
  Speaker 2: your bank, but keeping your money boring is what helps
• 1:33
  Speaker 2: you live or more happily fulfilled life. P and C
• 1:36
  Speaker 2: Bank Brilliantly Boring since eighteen sixty five. Brilliantly Boring since
• 1:41
  Speaker 2: eighteen sixty five is a service mark of the PNC
• 1:44
  Speaker 2: Financial Service Group, Inc. P and C Bank National Association
• 1:48
  Speaker 2: Member FDIC.
• 1:52
  Speaker 1: I think that every black person should own a business,
• 1:57
  Speaker 1: even if they never wanted to be an entrepreneur, because
• 2:01
  Speaker 1: the tax code was set up for owners to win
• 2:05
  Speaker 1: and employees to pay.
• 2:06
  Speaker 3: Well on what's the option though, what's the option?
• 2:10
  Speaker 1: Option? The option is this? As you said, what what's
• 2:12
  Speaker 1: most important?
• 2:15
  Speaker 2: Those three?
• 2:16
  Speaker 1: I want to go to the fourth one, but well
• 2:17
  Speaker 1: we'll take it back to work it. We'll come back
• 2:20
  Speaker 1: to work at it. The tax code was set up
• 2:23
  Speaker 1: for owners to win and employees to pay, and so
• 2:27
  Speaker 1: why it's important for us to understand the tax code,
• 2:30
  Speaker 1: because there are things that you're paying for right now
• 2:33
  Speaker 1: that could absolutely be right offs. Okay, the cell phone
• 2:37
  Speaker 1: that you use, the laptop that you're on, the cell
• 2:40
  Speaker 1: phone bill, the whole office. And the reason why that's
• 2:43
  Speaker 1: important is because we will go to work every single
• 2:45
  Speaker 1: day for the direct deposit. They will tax you before
• 2:48
  Speaker 1: that direct deposit hits. And I'm sure some of y'all
• 2:50
  Speaker 1: in this audience don't counted how much they deducted from
• 2:53
  Speaker 1: your check. And then you take that same check and
• 2:55
  Speaker 1: you go and you spend it on goods and services
• 2:57
  Speaker 1: and your tax Again, when you start a business, then
• 3:02
  Speaker 1: there are things that you're spending right now that you
• 3:04
  Speaker 1: can operationalize and reduce your taxable income so that you
• 3:08
  Speaker 1: pay less taxes. Let me helped make that real for you.
• 3:10
  Speaker 1: There is a president that y'all used to have that
• 3:13
  Speaker 1: paid seven hundred and fifty dollars in taxes as an entrepreneur.
• 3:16
  Speaker 1: There is a corporation Amazon that paid zero taxes because
• 3:20
  Speaker 1: they took advantage of the tax bill. The second is
• 3:23
  Speaker 1: we have to understand the way that policy works. Now.
• 3:26
  Speaker 1: I think it was Jim Jones or somebody. No, actually,
• 3:28
  Speaker 1: I think it was Ryan Leslie that talked about the PPP. Right.
• 3:31
  Speaker 1: So while a lot of people were celebrating the stimulus checks,
• 3:35
  Speaker 1: there were a lot of entrepreneurs that were looking at
• 3:37
  Speaker 1: the stimulus bill. Right. So there were fourteen hundred dollars
• 3:40
  Speaker 1: in checks being cut, but there were twenty thousand to
• 3:43
  Speaker 1: one hundred thousand dollars in funds being allocated to black entrepreneurs.
• 3:48
  Speaker 1: There's funding that gets allocated to community development financial institutions.
• 3:53
  Speaker 1: And why it's important for entrepreneurs to understand policy because
• 3:56
  Speaker 1: there are some people in America that pulled up on
• 3:58
  Speaker 1: a policy, but they expect for black people to pull
• 4:01
  Speaker 1: up on a bootstrap, and that's important.
• 4:04
  Speaker 3: So hold on.
• 4:06
  Speaker 2: Understanding the tax code is more important than having a
• 4:09
  Speaker 2: good network.
• 4:09
  Speaker 1: You don't have to work at it, but you also
• 4:11
  Speaker 1: have to understand your why and the reason why. Business
• 4:13
  Speaker 1: ownership and ownership just in general is important because income
• 4:18
  Speaker 1: is taxed at a lower rate than assets, and your LLC,
• 4:21
  Speaker 1: your LOP, your C corporation, and yours corporation are assets.
• 4:26
  Speaker 1: I'd like to say that black people are overachievers, meaning
• 4:29
  Speaker 1: that the tax code allows for you to attempt to
• 4:32
  Speaker 1: make a sale for up to three years and still
• 4:36
  Speaker 1: write off ten to twenty five thousand dollars in write
• 4:39
  Speaker 1: offs every single year, which a lot of people do.
• 4:42
  Speaker 1: Your business fails, it gets classified as a hobby. You
• 4:45
  Speaker 1: can start another one. And now if you're making sixty
• 4:47
  Speaker 1: thousand dollars a year in your job, writing off twenty
• 4:49
  Speaker 1: five thousand dollars in your business, now you're paying less
• 4:52
  Speaker 1: taxes and you can put that money to work any
• 4:54
  Speaker 1: way you want, through the real estate, through the sock market,
• 4:57
  Speaker 1: et cetera. So it's important to understand how that works.
• 5:00
  Speaker 1: You're al and I want to bring it back full
• 5:02
  Speaker 1: circle because I don't think you're understanding the way the
• 5:04
  Speaker 1: policy works. The Homestaid Act allow for white people, white
• 5:10
  Speaker 1: men to own lane. Social Security allow for white people,
• 5:15
  Speaker 1: white men to retire comfortably. We have MG the mortgage
• 5:19
  Speaker 1: guy who sit up here talking Keyana right, Rishaana, who
• 5:22
  Speaker 1: is talking about real estate and getting loans right. Redlining
• 5:26
  Speaker 1: right allow for self people, white people to get government
• 5:30
  Speaker 1: back loans to buy home of homes while we couldn't.
• 5:33
  Speaker 1: Those are policies people pulling up by policy but telling
• 5:37
  Speaker 1: black people there's no venture capital, there's no bank loans,
• 5:40
  Speaker 1: and there's no grants. For your enterprises. So when we're
• 5:44
  Speaker 1: able to understand policy, we're able to unlock the resources
• 5:47
  Speaker 1: that our ancestors invested in building up this country and
• 5:51
  Speaker 1: make sure that that money comes full circle back to
• 5:54
  Speaker 1: us while still owning the business that has your name
• 5:58
  Speaker 1: on it. And we heard Ronnie talk about her two
• 6:01
  Speaker 1: kids in the front of the audience. Right, she could
• 6:04
  Speaker 1: own that LLC and put her children as members of
• 6:08
  Speaker 1: that LLC. So when she passes, it passes right along
• 6:11
  Speaker 1: to you. Burn the candle at both six we're talking
• 6:14
  Speaker 1: about siblings, checks, you talk, you turn on CNBC, they're
• 6:17
  Speaker 1: talking about six figures, right, How can I get the
• 6:19
  Speaker 1: government to pay me? How can I get the business
• 6:23
  Speaker 1: to pay me? And we're talking about fourteen hundred dollars?
• 6:25
  Speaker 1: Let me go get a bag.
• 6:26
  Speaker 3: I feel that. I feel that. An illegal alien from
• 6:29
  Speaker 3: Guatemala charged with raping a child in Massachusetts. An MS
• 6:33
  Speaker 3: thirteen gang member from El Salvador accused of murdering a
• 6:37
  Speaker 3: Texas man of Venezuelan charged with filming and selling child
• 6:41
  Speaker 3: pornography in Michigan. These are just some of the heinous
• 6:45
  Speaker 3: migrant criminals caught because of President Donald J. Trump's leadership
• 6:49
  Speaker 3: I'm Christine Noman, the United States Secretary of Homeland Security.
• 6:53
  Speaker 3: Under President Trump, attempted illegal border crossings are at the
• 6:57
  Speaker 3: lowest levels ever recorded, and over one hundred thousand illegal
• 7:01
  Speaker 3: aliens have been arrested. If you are here illegally, your
• 7:05
  Speaker 3: next you will be fine nearly one thousand dollars a day, imprisoned,
• 7:09
  Speaker 3: and deported. You will never return. But if you register
• 7:13
  Speaker 3: using our CBP home app and leave now, you could
• 7:16
  Speaker 3: be allowed to return legally. Do what's right, leave now.
• 7:21
  Speaker 3: Under President Trump, America's laws, border and families will be protected.
• 7:25
  Speaker 3: Sponsored by the United States Department of Homeland Security,