Latest / Earn Your Leisure / EYL #312: Build Generational Wealth: Million-Dollar Tax Deductions, Investing for Kids, & Life Insurance Hacks

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EYL #312: Build Generational Wealth: Million-Dollar Tax Deductions, Investing for Kids, & Life Insurance Hacks · Earn Your Leisure

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  Speaker 1: An illegal alien from Guatemala charged with raping a child
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  Speaker 3: What's going on?
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  Speaker 6: Head over to eyl University dot com. That's EYL you
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  Speaker 7: See you there, all right, guys, welcome back, Yeah, yeah
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  Speaker 7: l we got a special episode. We got the gentlemen
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  Speaker 7: of melanin Money. Thank you brothers man George and Carter.
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  Speaker 7: We actually connected with you guys. And then invest Vest
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  Speaker 7: you hosted a dinner for us. I appreciate that. And
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  Speaker 7: just been doing your thing, you know, seeing clips online
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  Speaker 7: going crazy for a while now. And I know we
• 2:18
  Speaker 7: both have different backgrounds in finance, from the CPA side
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  Speaker 7: and from the financial advisor side, so which is dope?
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  Speaker 3: We don't really see that for sure. It was just
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  Speaker 3: really dope.
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  Speaker 7: So that's an interesting dynamic as far as financial advisors
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  Speaker 7: c PA kind of go hand in hand in corporate
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  Speaker 7: world and the combination is made online on the online side.
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  Speaker 7: So yeah, it's gonna be a dope conversation. But first
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  Speaker 7: and form, well, thank you for joining us. Appreciate it, absolutely.
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  Speaker 8: Happy to be here, man, We appreciate the award. Yeah,
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  Speaker 8: I mean that was earned.
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  Speaker 4: Everything is yeah, yeah, pun intended.
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  Speaker 2: Yeah.
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  Speaker 4: We uh, we were in Chicago and our brother Ross Max,
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  Speaker 4: and I told y'all I think I told you called.
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  Speaker 4: I was like, look, I'm so proud of y'all because
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  Speaker 4: obviously people see us together all the time and the
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  Speaker 4: two black men, but two brothers doing it together. So
• 3:09
  Speaker 4: when I saw y'all doing it, I'm like, don't stop. Yeah,
• 3:12
  Speaker 4: no matter what, don't stop.
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  Speaker 2: Yeah, for sure.
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  Speaker 8: And it's not like and I asked, I brought this
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  Speaker 8: up to you at the at the investments and how
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  Speaker 8: do y'all stay so connected through the highs and loads.
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  Speaker 8: People think that partnerships is always easy from the outside,
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  Speaker 8: but we just admired what y'all were doing, so it was.
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  Speaker 2: Like we go keep going. Yeah, So how did this
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  Speaker 2: come together?
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  Speaker 7: Like how did you guys connect? Like, what's the backstory
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  Speaker 7: of you guys coming together work together?
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  Speaker 3: Yeah.
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  Speaker 2: So we went to a conference in twenty nineteen.
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  Speaker 9: It was a financial advisor conference, and you know how
• 3:42
  Speaker 9: the industry is, right, so it was it wasn't many
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  Speaker 9: of us in the room, so kind of stuck out
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  Speaker 9: like sore thumbs. We had broke for lunch, walked to lunch.
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  Speaker 9: It's a black dude, you know, kind of swaggy. I
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  Speaker 9: was like, that's rap.
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  Speaker 2: Connect.
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  Speaker 9: We got the talking and realized we had a lot
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  Speaker 9: of similarities in what we was doing at the time,
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  Speaker 9: because you you started out like as who just had
• 4:00
  Speaker 9: happened to be a.
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  Speaker 2: CPA as well.
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  Speaker 3: Yeah yeah, yeah, yeah yeah.
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  Speaker 9: So we realized were running our businesses in the same way,
• 4:05
  Speaker 9: targeting to entrepreneurs, and then we just started to decided
• 4:09
  Speaker 9: every every other Monday for two years, it was like,
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  Speaker 9: let's just mastermind, let's just get on the call. What's
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  Speaker 9: working in your business was working in my business?
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  Speaker 2: We was just ideas here.
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  Speaker 9: We did that for two years and still liked each
• 4:19
  Speaker 9: other afterwards, so it was just like yeo, maybe we should.
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  Speaker 8: He showed up every like every Monday for two years,
• 4:23
  Speaker 8: like we didn't we didn't miss any meetings. And that
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  Speaker 8: was my first idea, like, you know, entrepreneurship could be lonely,
• 4:28
  Speaker 8: you know what I'm saying. And we were just able
• 4:29
  Speaker 8: to wrap and then then I love the most about
• 4:31
  Speaker 8: it was any accomplishments. I told him, it didn't it
• 4:36
  Speaker 8: motivated him, It didn't intimidate them, cause you.
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  Speaker 2: Know, like from the south South Chicago.
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  Speaker 8: So like I would tell somebody my wins and it
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  Speaker 8: would it would make them full a way. So I
• 4:43
  Speaker 8: had a safe space where I can talk about my
• 4:44
  Speaker 8: wins and things I was going through. And so we
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  Speaker 8: did that for two years and then after that it
• 4:49
  Speaker 8: was like man man like we could probably kind of
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  Speaker 8: bring this thing together.
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  Speaker 2: And then it was it was kind of wrapped from
• 4:53
  Speaker 2: what company did you work for?
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  Speaker 9: So actually I originally started out with mass much when
• 4:57
  Speaker 9: I first first started, and then I start to launch
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  Speaker 9: my own firm probably like a two and a half
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  Speaker 9: years after being in the industry, just because I wanted.
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  Speaker 2: To, you know, do it, do it my own way.
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  Speaker 2: Whether it was ignorance or genius, I don't know yet.
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  Speaker 3: To be determined.
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  Speaker 9: Yeah, So we had had we had our own firms
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  Speaker 9: at that point, right, he was doing his own thing.
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  Speaker 2: I was doing my own thing.
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  Speaker 9: And after the two years, we were like, all right, well,
• 5:19
  Speaker 9: let's let's come together at least, and so we don't
• 5:21
  Speaker 9: want to go all in just yet. And that's when
• 5:22
  Speaker 9: we launched the podcast, right, so like we can jump
• 5:24
  Speaker 9: launch the media, like do that?
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  Speaker 2: Do that for another being how long at the time.
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  Speaker 9: We did that for another two years, and then we
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  Speaker 9: just realized that we were just better together, right, And
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  Speaker 9: that's when eventually we just came back together completely combined,
• 5:34
  Speaker 9: our businesses merged all that jazz.
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  Speaker 4: Yeah, it's interesting, like I'll actually watched the process of
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  Speaker 4: him starting his career in financial advisor and I remember
• 5:43
  Speaker 4: him locking himself in the room, Yeah, studying, not be
• 5:46
  Speaker 4: able to go out. I'm like, damn, let's do it
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  Speaker 4: really like focus? So yeah, both did that? What made
• 5:51
  Speaker 4: you say you like, all right, I'm gonna be a
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  Speaker 4: CPA tool. I mean that in itself is like when
• 5:56
  Speaker 4: I talked to our CP, I'm like, damn, she knows
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  Speaker 4: a lot.
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  Speaker 3: Yeah, how did you even get interested in doing both? Yeah?
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  Speaker 2: So I started out as a CPA first.
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  Speaker 8: Actually, so I started I worked I worked at KPMG
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  Speaker 8: Big four, you know, working twelve hours a day, like ridiculous,
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  Speaker 8: and my clients will always So when I started my
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  Speaker 8: own business, my client, you know, I would do their
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  Speaker 8: tax advisory tax planning, but they will always ask me
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  Speaker 8: financial stuff as well. And before I met him, I
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  Speaker 8: didn't have any financial advisor I can go to like
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  Speaker 8: a George or like a Rashod to like help my
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  Speaker 8: clients with investing. So I decided to study again to
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  Speaker 8: get my financial advisor license so that I can I
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  Speaker 8: can have the accounting piece handle and then the financial
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  Speaker 8: advising piece handled as well. And so I was to
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  Speaker 8: study for both and I got both licenses and I
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  Speaker 8: studying CPA was really hard. Being a financial advisor was
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  Speaker 8: hard as well, but I think it really helped me
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  Speaker 8: because now that I understand the full scheme of things,
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  Speaker 8: even when he's advisor our clients, I can I can
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  Speaker 8: give him some advice to you.
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  Speaker 2: So yeah, okay, I got a bridge to site.
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  Speaker 7: Yeah yeah, yeah, yeah yeah god, so you still practice
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  Speaker 7: yeaheah yeah.
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  Speaker 3: So how is that from.
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  Speaker 7: Like on the financial planning so yeah, securities license yep?
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  Speaker 7: So how is that with like social media? Because I
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  Speaker 7: know when I was doing it, it was a lot
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  Speaker 7: of compliance.
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  Speaker 2: Yeah, I got very.
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  Speaker 9: Fortunately when I first like early on, when I became
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  Speaker 9: an RIA and rust of Investment Visby firm, I got
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  Speaker 9: like audited early, right because I was already I was
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  Speaker 9: on social media even at that time. But it was
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  Speaker 9: the best thing that can happen to me because I
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  Speaker 9: had a compliance consultant that helped me understand like what
• 7:27
  Speaker 9: you can say, how can you say how how do
• 7:29
  Speaker 9: things have to be documented so that you have a
• 7:31
  Speaker 9: clear delineation between your firm and the education piece, right
• 7:35
  Speaker 9: because I was I was on the verse too, Like
• 7:37
  Speaker 9: as we started, like the online things started taking off,
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  Speaker 9: I'm just like, like, do I still want to have
• 7:42
  Speaker 9: these credentials? Because from a compliance standpoint, I don't want.
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  Speaker 9: I don't want the issues. But I was able to
• 7:45
  Speaker 9: find a way to still do it as long as
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  Speaker 9: everything's were documented. We have a form called adv I'm
• 7:50
  Speaker 9: prety sire, you're famliar with it. We had to document
• 7:51
  Speaker 9: things really really well and have a separation between the
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  Speaker 9: education and the advisory piece.
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  Speaker 8: Yeah, I think something's really important because you know, we
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  Speaker 8: both thought about like because in today's day and age,
• 8:01
  Speaker 8: it's all about education.
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  Speaker 2: That's all people are teaching.
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  Speaker 8: It's very few people that are still doing implementation, and
• 8:06
  Speaker 8: so you know, we kind of have that thought like
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  Speaker 8: do we just want to teach? But I really appreciate
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  Speaker 8: the fact that we stayed in because now we can
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  Speaker 8: educate our clients, but we can actually do the work
• 8:15
  Speaker 8: because I feel like it's very few people in this
• 8:17
  Speaker 8: day and age is actually doing the work on the
• 8:19
  Speaker 8: back end of the education that they're giving as well.
• 8:22
  Speaker 4: So when y'all starting at the process of business formation,
• 8:27
  Speaker 4: what is the mission statement?
• 8:28
  Speaker 3: Right? Are you aligned on it or do you have
• 8:29
  Speaker 3: different visions for it?
• 8:31
  Speaker 4: And we said, all right, this is what we're selling
• 8:32
  Speaker 4: at How did that process go about?
• 8:35
  Speaker 3: Yeah?
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  Speaker 9: So I had the mission originally, but even before we
• 8:38
  Speaker 9: came together, I knew that I wanted to help close
• 8:41
  Speaker 9: the wealth gap by one hundred million dollars. And the
• 8:43
  Speaker 9: way that I felt like that was going to be
• 8:45
  Speaker 9: possible was by helping one hundred thousand people of color
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  Speaker 9: achieve their first one million networth. And I knew that
• 8:50
  Speaker 9: wasn't necessarily going to mean that we were going to
• 8:51
  Speaker 9: have one hundred thousand clients, right. I knew that we
• 8:54
  Speaker 9: were going to have to have scalable ways to impact people, right,
• 8:57
  Speaker 9: And so when we had that mission, I told him
• 8:58
  Speaker 9: about it and he was just like, Yo, that that's
• 9:00
  Speaker 9: something this way bigger than us, something we can do
• 9:02
  Speaker 9: for the foreseeable future.
• 9:03
  Speaker 2: And that's our north star as a company.
• 9:05
  Speaker 3: Right.
• 9:05
  Speaker 9: So, as a matter of fact, the reason why we
• 9:06
  Speaker 9: do the award show is we want to celebrate people
• 9:09
  Speaker 9: as they're achieving their different networth milestones. Right, So, first
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  Speaker 9: one hundred K and networth half a million, a million,
• 9:14
  Speaker 9: et cetera. In the first five months of the year,
• 9:17
  Speaker 9: our clients improve their collective network by one hundred million dollars, right,
• 9:21
  Speaker 9: And we were able to verify that because we have
• 9:23
  Speaker 9: this financial planning software that everybody's sing something accounts and
• 9:26
  Speaker 9: they have to actually submit and show the time stamp
• 9:28
  Speaker 9: of what their net worth was at this point versus
• 9:31
  Speaker 9: what it was when they submitted for the award.
• 9:34
  Speaker 2: So now we're able to kind of gamify wealth building.
• 9:37
  Speaker 9: Because when I first had that idea, people are like,
• 9:39
  Speaker 9: people are not gonna tell you.
• 9:39
  Speaker 2: How much I thought you were crazy, Bro, Yeah I
• 9:41
  Speaker 2: thought you were crazy. You're not going to tell you
• 9:42
  Speaker 2: what their network is. But when people want to be
• 9:45
  Speaker 2: a part of the mission.
• 9:45
  Speaker 9: They want to be a part of that number, and
• 9:47
  Speaker 9: so that has been really instrumental with the movement.
• 9:50
  Speaker 3: For people transparent.
• 9:51
  Speaker 4: Right away, that is an issue, right, like they want
• 9:56
  Speaker 4: you to do well. Yeah now, I mean you start
• 9:59
  Speaker 4: showing them and it's like it can get uncomfortable.
• 10:01
  Speaker 3: So like right away people were like, let me upload this.
• 10:05
  Speaker 8: Yeah, because when we told them they were receiving an
• 10:07
  Speaker 8: award for it, that's when the adoption happened. Because people
• 10:11
  Speaker 8: would do more for recognition than they will for money. Right,
• 10:14
  Speaker 8: So when people like, if you submit, we're going to
• 10:17
  Speaker 8: reward you, you know, in front of your peers, like,
• 10:18
  Speaker 8: oh okay, I wont my award.
• 10:20
  Speaker 2: Like people were.
• 10:20
  Speaker 8: Like, like when we had our last award show, people
• 10:23
  Speaker 8: were like hitting up our team like I missed the
• 10:25
  Speaker 8: dayline and I still upload my stuff so I can
• 10:26
  Speaker 8: get awarded. So we realized that, like again, especially our culture,
• 10:30
  Speaker 8: we want to be recognized more than anything. Some people
• 10:32
  Speaker 8: have been celebrated since graduating high school, graduating college. So
• 10:36
  Speaker 8: once they found out they were going to be recognized
• 10:38
  Speaker 8: on stage for their well building milestones to they.
• 10:40
  Speaker 9: Adopted it really fast. With some of our older clients,
• 10:43
  Speaker 9: they might have like, what's this thing? Like, they might
• 10:45
  Speaker 9: have some reservations about it, but by and large, most
• 10:48
  Speaker 9: people they're pretty.
• 10:49
  Speaker 2: Much with it.
• 10:50
  Speaker 7: So, Carter, what's some tex saving strategies as far as
• 10:53
  Speaker 7: on the I see you on online a lot, and
• 10:57
  Speaker 7: it's a lot of different information that you provide. Yeah,
• 11:00
  Speaker 7: so what is some some some major tax saving strategies
• 11:04
  Speaker 7: that that people can actually implement?
• 11:07
  Speaker 8: Yeah, So I think one of the easiest things that
• 11:08
  Speaker 8: people can do is like, don't let your job trick,
• 11:13
  Speaker 8: you know, thinking that they're the only person that can
• 11:15
  Speaker 8: pay you. Right, whatever you're doing from nine to five,
• 11:18
  Speaker 8: somebody else would pay you to do from five to nine.
• 11:20
  Speaker 2: Right.
• 11:20
  Speaker 8: So the reason I say that is because once you
• 11:22
  Speaker 8: start a business, you are able.
• 11:23
  Speaker 2: To take advantage of the tax code.
• 11:25
  Speaker 8: The I R S the created the tax code the
• 11:28
  Speaker 8: benefit entrepreneurs and investors, not W two employees. So if
• 11:31
  Speaker 8: you can start a business, then you can start turning
• 11:34
  Speaker 8: your personal expenses into business expenses. So, for example, if
• 11:38
  Speaker 8: you start a business use your cell phone, that that
• 11:41
  Speaker 8: that that personal expenses now a business expense. You can
• 11:43
  Speaker 8: write off a portion of your cell phone bill and
• 11:45
  Speaker 8: your taxes every single month. So once you start the business,
• 11:47
  Speaker 8: you start looking around and a lot of your personal
• 11:50
  Speaker 8: expenses can be written off in your business, and that's
• 11:52
  Speaker 8: one of the easier ways to lower your taxable income.
• 11:54
  Speaker 8: And if your if your business was to, you know,
• 11:57
  Speaker 8: lose money in the first year, the loss that you
• 12:00
  Speaker 8: take from me that you're taking your business can also
• 12:02
  Speaker 8: be subtracted.
• 12:02
  Speaker 2: From your W two income.
• 12:04
  Speaker 8: So I think the easiest way for people to start
• 12:05
  Speaker 8: out by saving on taxes is to start a business
• 12:07
  Speaker 8: or become a real estate.
• 12:08
  Speaker 2: Investor, because that's who the tax code is made for.
• 12:11
  Speaker 8: And then once you go from there, there's a whole
• 12:13
  Speaker 8: bunch of other strategies that we can unlock, writing off
• 12:16
  Speaker 8: your car, writing off your rent, taking advantage of real estate.
• 12:19
  Speaker 8: But I think starting a business is the easiest way
• 12:21
  Speaker 8: for people to start leveraging the tax code in their favor.
• 12:26
  Speaker 4: That's pretty good because I was watching Instagram, like, damn,
• 12:28
  Speaker 4: that sounds just like a clip.
• 12:29
  Speaker 3: Yea brother, Yeah, George, I'm gonna come.
• 12:33
  Speaker 4: To you, man, because it's an interesting time and I've
• 12:37
  Speaker 4: had this conversation a few occasions. I know more millionaires
• 12:40
  Speaker 4: than I've ever known before. Right as you start to
• 12:43
  Speaker 4: get in some rooms your network. Obviously your network grows
• 12:47
  Speaker 4: at this level as you're creating more millionaires, right, that's
• 12:50
  Speaker 4: the goal, that's the mission statement. What are you advising
• 12:53
  Speaker 4: them in terms of their finances at this point because
• 12:56
  Speaker 4: they've taken the advice they made it, we're seeing more
• 12:58
  Speaker 4: people with wealth. Everybody's not going to buy real estate,
• 13:02
  Speaker 4: So like, how are you looking at the clients now
• 13:04
  Speaker 4: as they accumulate more wealth than they've ever had before?
• 13:08
  Speaker 9: Yeah, I think I mean one of the age old
• 13:10
  Speaker 9: cliches is that like lifestyle creek, right, Like people start
• 13:13
  Speaker 9: making more money and they just feel like I got
• 13:15
  Speaker 9: to get the next car, I got to get the
• 13:16
  Speaker 9: bigger house, and just really trying to embedter my clients,
• 13:19
  Speaker 9: like what you're really after is you want to buy freedom, right,
• 13:21
  Speaker 9: Like you don't want more stuff? Right, So I help
• 13:24
  Speaker 9: them understand the qualitative side of financial planning, right like
• 13:27
  Speaker 9: where do you want to go, what do you want
• 13:29
  Speaker 9: to do, who do you want to help, what does
• 13:30
  Speaker 9: life's life look like? And make sure that the way
• 13:33
  Speaker 9: that they're preserving their money, in the way they're allocating
• 13:35
  Speaker 9: it is in alignment to be able to give them
• 13:37
  Speaker 9: more opportunities to do more of that.
• 13:39
  Speaker 2: Right.
• 13:40
  Speaker 9: When I first got started in the financial services industry,
• 13:43
  Speaker 9: I heard this. I went to this event and this
• 13:45
  Speaker 9: lady was like a in twenty eleven, a billion drill
• 13:47
  Speaker 9: bits were sold, right, And she said, nobody wants a
• 13:50
  Speaker 9: drill bit. She said, let's assume that they use the
• 13:51
  Speaker 9: drill bit to hang up pictures and artwork all across
• 13:54
  Speaker 9: the country. She said, nobody really wanted the artwork. What
• 13:57
  Speaker 9: they wanted is the feeling they got when.
• 13:58
  Speaker 2: They walked in the room with the art work was hung.
• 14:01
  Speaker 9: So I really try to help my clients understand, like
• 14:02
  Speaker 9: what do you want out of life and how can
• 14:04
  Speaker 9: we use your financial resources to do more of that?
• 14:08
  Speaker 2: Right?
• 14:09
  Speaker 9: And the other thing I try to do is try
• 14:11
  Speaker 9: to create investing in lifestyle alignment, right, because you know,
• 14:14
  Speaker 9: I think early pandemic, everybody was doing to row with Airbnb,
• 14:17
  Speaker 9: like they were seeing they were trying to do everything,
• 14:19
  Speaker 9: but like you got to really act yourself, like is
• 14:21
  Speaker 9: that in alignment with what I want to do? So
• 14:23
  Speaker 9: I really helped them figure out like what matters to
• 14:25
  Speaker 9: them and then that influences the investing decision.
• 14:27
  Speaker 3: Right.
• 14:28
  Speaker 2: They don't want to do real estate, they don't have
• 14:29
  Speaker 2: to do real estate. Right.
• 14:30
  Speaker 9: Maybe they are because real estate is it's not passed,
• 14:33
  Speaker 9: at least not in the beginning.
• 14:34
  Speaker 3: Yeah.
• 14:34
  Speaker 9: Yeah, maybe they're more heavily invested in the market, right,
• 14:37
  Speaker 9: Maybe they're interested in acquire business that they own but
• 14:40
  Speaker 9: do not run. But we let the business and lifestyle
• 14:42
  Speaker 9: alignment kind of drive and dictate what we do, not
• 14:46
  Speaker 9: just like what's going to provide the greatest return.
• 14:48
  Speaker 7: So from a financial planning standpoint, what's the fundamentals as
• 14:51
  Speaker 7: far as building wealth?
• 14:53
  Speaker 9: Yeah, so the first thing, in my opinion is you
• 14:57
  Speaker 9: have to establish I think you start you start within
• 14:59
  Speaker 9: the state plan because that's kind of starting with the
• 15:01
  Speaker 9: end in mind. Right, it's like, all right, well what
• 15:03
  Speaker 9: do I want this to ultimately look like? How do
• 15:05
  Speaker 9: I want to preserve this wealth and how do I
• 15:07
  Speaker 9: want to pass it on?
• 15:08
  Speaker 2: Right?
• 15:08
  Speaker 9: Then from there, right, you have a journey until you
• 15:12
  Speaker 9: get to that target. So you're probably going to be
• 15:14
  Speaker 9: in the accumulation phase. You're not going to have all
• 15:16
  Speaker 9: the money right away, so the next a state plan
• 15:18
  Speaker 9: will be in the state plan will be in the
• 15:20
  Speaker 9: state plan, So you would make you would have a trust,
• 15:22
  Speaker 9: will medical directives.
• 15:24
  Speaker 2: Right.
• 15:24
  Speaker 9: I was actually talking to her later on the plane
• 15:25
  Speaker 9: about it, because she's in a state planning attorney, and
• 15:28
  Speaker 9: she was like, one thing that people really forget, forget
• 15:30
  Speaker 9: about and overlook is the medical director's piece, right, because
• 15:33
  Speaker 9: like everybody thinks about what happens when I pass away,
• 15:35
  Speaker 9: but what happens when you're here and you're incapacitated and
• 15:37
  Speaker 9: you need somebody to make decisions on your.
• 15:39
  Speaker 2: Behalf like living well yep, yep.
• 15:41
  Speaker 9: And so you have that as a part of your
• 15:43
  Speaker 9: state plan. And then from there it's like, Okay, well
• 15:45
  Speaker 9: I have this phase or this journey to get to
• 15:48
  Speaker 9: this target. So now I might want to purchase life
• 15:51
  Speaker 9: insurance so that something happens to me before I accumulate
• 15:54
  Speaker 9: all the wealth. I already have a vehicle that's going
• 15:57
  Speaker 9: to fund the dreams and aspirations that I have for
• 15:59
  Speaker 9: my FAMI. Right then from there, I think the next
• 16:02
  Speaker 9: most important thing is cash flow. I don't care how
• 16:04
  Speaker 9: much money you make, right, if you don't have a
• 16:06
  Speaker 9: great handle on your cash flow, you're not a good
• 16:08
  Speaker 9: steward over the resources that are flowing into your bank account. Right,
• 16:12
  Speaker 9: You're not going to be able to have the resource
• 16:14
  Speaker 9: to allocate towards building wealth. Once you have a strong
• 16:17
  Speaker 9: solid base on your cash flow, then we can talk
• 16:19
  Speaker 9: about investing and retirement planning because we know how much
• 16:23
  Speaker 9: we can allocate because.
• 16:24
  Speaker 2: We've created a cash flow plan. Right.
• 16:26
  Speaker 9: And then other than that, just filling in the gaps
• 16:28
  Speaker 9: on any other risk management, making sure you have your
• 16:31
  Speaker 9: the right health insurance, disability insurance. And one thing that
• 16:34
  Speaker 9: people don't realize is you're actually three times more likely
• 16:37
  Speaker 9: to become temporarily disabled in your working career than you are.
• 16:40
  Speaker 2: To die prematurely.
• 16:41
  Speaker 9: Right, So a lot of people people overlook disability insurance
• 16:44
  Speaker 9: and making sure that we are protecting you and putting
• 16:46
  Speaker 9: a good moat around your financial plan so that as
• 16:48
  Speaker 9: you're building the wealth, you can make sure that you're
• 16:51
  Speaker 9: watching out for any unforeseated.
• 16:52
  Speaker 7: So let's break you down. We can what's the best
• 16:56
  Speaker 7: life insurance that somebody should get.
• 16:58
  Speaker 2: Yeah, I think it depends upon your starting stances.
• 17:00
  Speaker 9: I think if you're young and you don't have a
• 17:02
  Speaker 9: lot of cash flow, I think a renewable term policy
• 17:05
  Speaker 9: is great, right because now you can still have the
• 17:08
  Speaker 9: coverage and protection, but as you get older, you have
• 17:11
  Speaker 9: the ability to convert that into permanent insurance. Right, because
• 17:14
  Speaker 9: insurance is based off agent health. But in the ideal scenario, everybody,
• 17:18
  Speaker 9: in my opinion, would want to have some version of
• 17:20
  Speaker 9: permanent insurance.
• 17:21
  Speaker 2: I think whole life insurance is great.
• 17:23
  Speaker 9: Some people like Index Universal Life, and I think having
• 17:26
  Speaker 9: that is a part of your overall strategy is amazing
• 17:28
  Speaker 9: because that's going to create a tax free cash flow
• 17:31
  Speaker 9: available right when you pass away. So is your family
• 17:34
  Speaker 9: is navigating the estate planning conversation, you already had that
• 17:37
  Speaker 9: cash available and don't have to look with their assets
• 17:39
  Speaker 9: or do anything like that.
• 17:39
  Speaker 8: And one thing we always talk about is how like
• 17:41
  Speaker 8: life insurance is over sold in the black community over
• 17:44
  Speaker 8: so yeah over well, like it's over it's over emphasized
• 17:48
  Speaker 8: on social media for people to become their own bank
• 17:50
  Speaker 8: with life insurance. And my thing is like, if you
• 17:53
  Speaker 8: ain't got no money in your own bank, how you
• 17:55
  Speaker 8: going to spend them to how you go work and
• 17:56
  Speaker 8: focus on becoming your own bank. So there is a
• 17:59
  Speaker 8: place for whole life insurance. There is a place for
• 18:01
  Speaker 8: permanent insurance. But like that, that's not an investment. Like you,
• 18:05
  Speaker 8: there's a couple of things you need to do, at
• 18:07
  Speaker 8: least in my opinion from a financial advising standpoint, there's
• 18:10
  Speaker 8: things you need to have in place before you set
• 18:12
  Speaker 8: up that permanent and seriance. That permanent seriance is not
• 18:13
  Speaker 8: your investment account, it's not your IRA. It is a
• 18:16
  Speaker 8: place for you to invest in. After you got the
• 18:19
  Speaker 8: basics downpack One thing. I see a lot of people
• 18:21
  Speaker 8: doing theyn't got no money in they savior's account, They've
• 18:23
  Speaker 8: got no money in they investment account, and they're being
• 18:25
  Speaker 8: told to stuff their life insurance policies with money even
• 18:29
  Speaker 8: though the cash value you want to accumulate for two
• 18:31
  Speaker 8: to three years.
• 18:32
  Speaker 2: So explain that.
• 18:33
  Speaker 7: Explain just to go in to that because for people
• 18:36
  Speaker 7: that might not have be fully understanding what you're saying. Yeah,
• 18:41
  Speaker 7: there's term insurance, which is just regular insurance. It's like
• 18:45
  Speaker 7: car insurance. Right, you pay it for ten, fifteen, twenty years.
• 18:49
  Speaker 7: If you die within that timeframe, your family gets money.
• 18:52
  Speaker 7: If you don't die, then they.
• 18:54
  Speaker 2: Keep the money. Right.
• 18:55
  Speaker 7: But then what you're referring to is like whole life
• 18:57
  Speaker 7: or universal life, where it lasts your whole life, and
• 19:01
  Speaker 7: then there's money that grows inside the policy exactly, So
• 19:05
  Speaker 7: infinite banking that press the term. So that's been popularized
• 19:09
  Speaker 7: online where people say, okay, utilize this life insurance policy
• 19:15
  Speaker 7: as a vehicle to put money in, and then you
• 19:19
  Speaker 7: can borrow money from your life insurance policy on a
• 19:23
  Speaker 7: tax advantage basis, as opposed.
• 19:26
  Speaker 2: To having it sitting in the bank.
• 19:28
  Speaker 7: Right, you're saying that that's not necessarily the best way
• 19:32
  Speaker 7: to go about it for the average person.
• 19:34
  Speaker 8: Right, it's not because I think it's it's overtaught but
• 19:39
  Speaker 8: under explained.
• 19:40
  Speaker 2: Right.
• 19:41
  Speaker 8: And so if you put, you know, one thousand dollars
• 19:44
  Speaker 8: a month into this life insurance policy, people think I
• 19:46
  Speaker 8: can go borrow the money immediately. The problem is the
• 19:49
  Speaker 8: insurance company is going to keep that money. First, your
• 19:50
  Speaker 8: cast value is not going to accumulate to about the
• 19:52
  Speaker 8: second year.
• 19:53
  Speaker 2: So if you put twenty four.
• 19:55
  Speaker 8: Thousand dollars in there, and then you're like, I need
• 19:57
  Speaker 8: some money, and like, when your cast value hasn't accumulated yet,
• 20:00
  Speaker 8: and then now you can't afford to do a thousand
• 20:01
  Speaker 8: dollars a month anymore, they cancel your policy.
• 20:03
  Speaker 2: The insurance company keeps all the money. So it's just
• 20:06
  Speaker 2: you have to.
• 20:06
  Speaker 8: Be educated on it, because it can be it can
• 20:09
  Speaker 8: be a good policy. But there's also a way where
• 20:12
  Speaker 8: you can put that same thousand dollars a month into
• 20:14
  Speaker 8: an investment account and invest the money into stocks or
• 20:18
  Speaker 8: index funds, and then that that broker will let you
• 20:21
  Speaker 8: borrow against your investment portfolio tax deferred, the same way
• 20:24
  Speaker 8: life insurance policy is. But the thing with this strategy
• 20:27
  Speaker 8: the money is available immediately. So if I put one
• 20:30
  Speaker 8: thousand dollars a month into this broke's account is twelve
• 20:32
  Speaker 8: thousand dollars a year, I can immediately borrow fifty percent.
• 20:35
  Speaker 3: Of it in your name or in your business name,
• 20:38
  Speaker 3: in my personal net.
• 20:39
  Speaker 2: Right, So it's like margin account.
• 20:41
  Speaker 8: So yeah, if you need to, if you need to
• 20:44
  Speaker 8: borrow against it and then be paid an interest back,
• 20:46
  Speaker 8: but that's fine. But now you got all the money
• 20:50
  Speaker 8: that you need, and if you can't pay it back,
• 20:52
  Speaker 8: the insurance companies, I mean the brokeers companies will say, okay,
• 20:55
  Speaker 8: we're gonna use your investment that's collateral. I just think
• 20:57
  Speaker 8: that's that's another way to go about it, because money
• 21:00
  Speaker 8: is available to you immediately versus you having the way
• 21:03
  Speaker 8: into two years for.
• 21:04
  Speaker 2: Life insurance policy. These are the place, a place for everything.
• 21:07
  Speaker 8: I just wanted to be communicated better to our people
• 21:09
  Speaker 8: so they can fully understand it because what they don't
• 21:11
  Speaker 8: understand is that the reason that the person is telling
• 21:13
  Speaker 8: you to do this is because they make they make
• 21:15
  Speaker 8: more money by you buying a whole life policy they
• 21:17
  Speaker 8: do if you buy a turn policy. I think there
• 21:19
  Speaker 8: needs to be more transparency around the education of life
• 21:23
  Speaker 8: insurance is needed for sure, but it needs to be talked.
• 21:25
  Speaker 3: About little bit deeper.
• 21:26
  Speaker 4: This is important conversation also important because you said a lot,
• 21:31
  Speaker 4: A lot was just given, sorry a lot. But as
• 21:34
  Speaker 4: you're creating more millionaires, right, the most important thing is
• 21:37
  Speaker 4: that people if they have a million dollars, doesn't mean
• 21:40
  Speaker 4: that they account's going to say a million exactly. So
• 21:43
  Speaker 4: what are some strategies to make sure that people actually
• 21:45
  Speaker 4: retain some of the money they're making. Because we know,
• 21:48
  Speaker 4: depending on what state you live in, taxes is going
• 21:51
  Speaker 4: to cut that at least forty percent. So what are
• 21:54
  Speaker 4: some strategies that entrepreneurs can use to make sure loopholes
• 21:57
  Speaker 4: that they can use to make sure that they can
• 22:00
  Speaker 4: as much of the asset as possible.
• 22:01
  Speaker 9: This time you got let's do it maws the tax strategy,
• 22:05
  Speaker 9: and then I'm talking how we advise more investment.
• 22:08
  Speaker 8: One thousand percent. So let's say you have a million
• 22:14
  Speaker 8: dollars in it ain't make a million dollars in your business.
• 22:16
  Speaker 8: I'm gonna try to help you write off that whole
• 22:17
  Speaker 8: a million dollars. So one of the first things you
• 22:19
  Speaker 8: can do is you can set up a retirement plan
• 22:21
  Speaker 8: like a solo for one K, and that will allow
• 22:23
  Speaker 8: you to put up to sixty nine thousand dollars into
• 22:26
  Speaker 8: your retirement account as a business owner. And then IRS
• 22:29
  Speaker 8: will also give you a sixty nine thousand dollars tax
• 22:31
  Speaker 8: reduction for doing so. So you get a tax deduction
• 22:34
  Speaker 8: for today for you investing for yourself in the future.
• 22:37
  Speaker 8: Another strategy that we can take advantage of is setting
• 22:40
  Speaker 8: up something called a private family foundation. Now these are
• 22:42
  Speaker 8: key because it's a foundation that you set up, but
• 22:46
  Speaker 8: you you can give the money to your heirs and
• 22:48
  Speaker 8: your family. So we can set up a private family
• 22:50
  Speaker 8: foundation and we can put up to thirty percent of
• 22:52
  Speaker 8: our agi our income into this private family foundation. So
• 22:55
  Speaker 8: if I make a million dollars income, I can put
• 22:57
  Speaker 8: three hundred thousand dollars in my private family foundation and
• 23:00
  Speaker 8: I arrest is going to give me a three hundred
• 23:02
  Speaker 8: thousand dollars tax deduction.
• 23:03
  Speaker 3: So now I'm at three hundred and seventy thousand deductives.
• 23:06
  Speaker 2: Yeah and through. So a private family foundation, is that
• 23:09
  Speaker 2: that's a charity. Yeah, it's charity as you set up
• 23:11
  Speaker 2: for you and your family.
• 23:12
  Speaker 8: So you can put this three hundred thousand dollars in
• 23:14
  Speaker 8: its private family foundation and you can use it for
• 23:17
  Speaker 8: scholarships for your kids, scholarships for your grandkids to go
• 23:20
  Speaker 8: to college. You don't have to disperse this to anybody
• 23:22
  Speaker 8: else outside of who you want to. So does it
• 23:24
  Speaker 8: have to go to a five and one C three?
• 23:26
  Speaker 8: It can go to your family, which makes it so powerful,
• 23:28
  Speaker 8: and you only have to disperse five percent a year.
• 23:32
  Speaker 8: But what's key about this is that dispersement can be
• 23:36
  Speaker 8: paying somebody to manage the private family foundation. So you
• 23:39
  Speaker 8: can hire your own family member to run the foundation
• 23:43
  Speaker 8: for you, pay them a salary, and that's all the
• 23:46
  Speaker 8: money you have to distribute per year until you're ready
• 23:48
  Speaker 8: to use the money later. So it's really like you're
• 23:51
  Speaker 8: putting this money into that foundation for your family and
• 23:53
  Speaker 8: you don't have to disperse it until you want to.
• 23:56
  Speaker 8: But now your kids and your grandkids have a college fund,
• 23:59
  Speaker 8: and now you have to usellion of money for it,
• 24:00
  Speaker 8: So now we have about three hundred and seventy thousand.
• 24:03
  Speaker 8: The next thing I would recommend you do is you
• 24:06
  Speaker 8: purchase a real estate property, because with real estate we
• 24:09
  Speaker 8: get something called depreciation, and with the proper cost stack study,
• 24:14
  Speaker 8: you are able to write off thirty percent of the
• 24:16
  Speaker 8: value of the property that you purchase it. So if
• 24:19
  Speaker 8: we purchase a half a million dollar property at thirty
• 24:22
  Speaker 8: percent with the cost stack study, that's another one hundred
• 24:24
  Speaker 8: and fifty thousand dollars write off that you can get.
• 24:26
  Speaker 8: And you just got an investment property. So now you're
• 24:29
  Speaker 8: cash flowing from the investment property and you are lowering
• 24:32
  Speaker 8: your taxes at the same time. So now we're about
• 24:35
  Speaker 8: a half a million dollars. We can take advantage of
• 24:37
  Speaker 8: buying vehicles for our business, which this year you're able
• 24:41
  Speaker 8: to deduct sixty percent of the vehicle sticker price if
• 24:45
  Speaker 8: it weighs over six thousand pounds. So if you buy
• 24:47
  Speaker 8: a sprinter for our business to take our clients out
• 24:50
  Speaker 8: to lunch or whatever, that's another sixty thousand dollars right there.
• 24:55
  Speaker 8: And yeah, there are some more strategies, but I don't
• 24:58
  Speaker 8: want to take.
• 24:58
  Speaker 2: A bull of that.
• 25:00
  Speaker 3: That is good and you have a nice sprint that
• 25:02
  Speaker 3: we saw it in l Yeah yeah, yeah, yeah.
• 25:03
  Speaker 2: Yeah yeah for sure that was that was that was.
• 25:08
  Speaker 2: So these are just some like base level strategy.
• 25:09
  Speaker 8: And I think the last thing I will give people,
• 25:11
  Speaker 8: which is very key, is something called the Augusta Rule,
• 25:15
  Speaker 8: which is which is I don't think, I don't know
• 25:17
  Speaker 8: why more people aren't talking about it.
• 25:19
  Speaker 2: It's huge.
• 25:20
  Speaker 8: So with the Augusta Rule, you are legally legally able
• 25:24
  Speaker 8: to rent out your primary home to your business for
• 25:28
  Speaker 8: up to fourteen days a year, right and your business
• 25:33
  Speaker 8: pays you rent and you don't have to recognize the
• 25:35
  Speaker 8: rental income on your taxes. And if you're smart, you
• 25:39
  Speaker 8: will you do this around times that your city is popping.
• 25:42
  Speaker 8: So right now we're in New York and the UN
• 25:45
  Speaker 8: is here, so we talk about how hotel race are
• 25:48
  Speaker 8: three thousand dollars a night. So if you decided to
• 25:50
  Speaker 8: rent out your home to your business right now, you can.
• 25:53
  Speaker 8: You can look at the rent race. They're quadruple right now.
• 25:55
  Speaker 8: So now you can charge your business two thousand dollars
• 25:58
  Speaker 8: a night to rent that's your home for fourteen days
• 26:01
  Speaker 8: a year. That's twenty eight thousand dollars your business will
• 26:03
  Speaker 8: get a twenty eight thousand dollars tax deduction, and you
• 26:05
  Speaker 8: will receive that twenty eight thousand dollars tax free. These
• 26:08
  Speaker 8: are literally strategies the IRS gives us to lower our taxes.
• 26:12
  Speaker 8: But it's on us to learn the strategies of the
• 26:15
  Speaker 8: game so that we can win the game.
• 26:17
  Speaker 9: Big facts, and then we think about, like, actually, how
• 26:20
  Speaker 9: the money's invested? Right when you're invested in a Brokens
• 26:22
  Speaker 9: account or investment account, right, I know shot at the end,
• 26:25
  Speaker 9: like he has a strategy called two techs two tech
• 26:28
  Speaker 9: two index, right, and in the financial services industry, right,
• 26:31
  Speaker 9: we have this concept is called core satellite investing.
• 26:34
  Speaker 2: Right, But how does that apply?
• 26:35
  Speaker 9: How does that work to somebody who wants to invest
• 26:37
  Speaker 9: and maybe be able to outpace the market a little bit.
• 26:39
  Speaker 2: So the way I articulate it is like I call
• 26:41
  Speaker 2: it the Burger King investment strategy.
• 26:43
  Speaker 9: Right, So McDonald spends millions of dollars a year trying
• 26:45
  Speaker 9: to figure out where they want to put the next McDonald's.
• 26:47
  Speaker 9: We all know McDonald's also in the real estate business,
• 26:49
  Speaker 9: so they're trying to figure out where is the best
• 26:51
  Speaker 9: place to put it all. Burking does right, conceptually is
• 26:54
  Speaker 9: put it in proximity to McDonald's. And the reason why
• 26:57
  Speaker 9: I say that that's a great way to approach investing
• 26:59
  Speaker 9: is because it's okay to be a copycat if you
• 27:01
  Speaker 9: copy the right cat. But when you think about Charles
• 27:03
  Speaker 9: wab tdo or I TV Mari Trader got acquired Fidelity, Right,
• 27:07
  Speaker 9: these big investment institutions Vanguard, they have analysts that and
• 27:10
  Speaker 9: they spend millions and millions.
• 27:12
  Speaker 2: Of dollars a year trying to figure out, like what
• 27:14
  Speaker 2: should be going in these funds? Right, you go to
• 27:16
  Speaker 2: Vanguard dot com, look up vo Oh.
• 27:17
  Speaker 9: All you got to do is click the buy button, right,
• 27:19
  Speaker 9: and if you just did just that on the first
• 27:20
  Speaker 9: trading day of the year, you're up twenty one percent. Right,
• 27:23
  Speaker 9: So that's the first piece. Right, So like, okay, cool,
• 27:25
  Speaker 9: I copy the right cat. But then when I looked
• 27:26
  Speaker 9: inside of what was inside of these funds? Right, I
• 27:29
  Speaker 9: look at an index fund just like a mall. Right,
• 27:31
  Speaker 9: you go to any popular city, Your favorite mall is
• 27:33
  Speaker 9: gonna have hundreds of stores, right, and at any given time,
• 27:36
  Speaker 9: some store is going to be more popular, some Storre's
• 27:38
  Speaker 9: gonna be less popular, Right, But the mall itself is
• 27:40
  Speaker 9: never going to close down, right, So when you buy
• 27:42
  Speaker 9: an index fund or ETF, you get to basically buy
• 27:44
  Speaker 9: that mall. But when you look inside of it. Let's
• 27:47
  Speaker 9: say that Apple is one of the stores inside of
• 27:49
  Speaker 9: the mall. Right, we know that Apple is probably gonna
• 27:50
  Speaker 9: be one of the dominant stores in that particular mall.
• 27:53
  Speaker 9: Same thing with this index fundor ETF. So what I did,
• 27:55
  Speaker 9: I was like, Okay, well, what if I had ten
• 27:57
  Speaker 9: thousand dollars to invest in? Of the ten thousand, maybe
• 28:00
  Speaker 9: seven thousand, I'm buying this index fund, of this ETF,
• 28:03
  Speaker 9: But with thirty percent of my portfolio, I'm identifying winners
• 28:07
  Speaker 9: that might have a higher potential to outpace the broader
• 28:11
  Speaker 9: diversified portfolio. Because these index funds have you know, five
• 28:13
  Speaker 9: hundred different companies. Obviously, some of them are underperforming, some
• 28:16
  Speaker 9: of they might eventually get replaced. So how can I
• 28:19
  Speaker 9: identify someones that might have the ability to outperform the Googles,
• 28:23
  Speaker 9: the n Videos, et cetera. Have thirty percent of my portfolio,
• 28:27
  Speaker 9: and you know, technology companies or companies I believe are
• 28:29
  Speaker 9: cann outpace it.
• 28:30
  Speaker 2: And that's how our clients are able to outpace the
• 28:33
  Speaker 2: market really every year.
• 28:33
  Speaker 3: Right.
• 28:34
  Speaker 9: It's a very simple strategy, and so it's kind of
• 28:35
  Speaker 9: similar to what Ian talks about. But all you do
• 28:38
  Speaker 9: is you're looking at a globally diversified ETF for index
• 28:41
  Speaker 9: fund and then identifying what are the companies that have
• 28:44
  Speaker 9: the highest probability to outpace, right, some of the returns
• 28:48
  Speaker 9: and combining that strategy has allowed our clients to do
• 28:51
  Speaker 9: really well.
• 28:52
  Speaker 7: So you talked about a state plan with trust and will,
• 28:55
  Speaker 7: So can you explain that a lot a little bit
• 28:58
  Speaker 7: because sometimes people you're confused on what's the difference between
• 29:01
  Speaker 7: the trust and the will and do you even need
• 29:04
  Speaker 7: a will or what's a trust?
• 29:06
  Speaker 2: That's another thing that has been very popularized on social
• 29:09
  Speaker 2: media talk about like can you just kind of break
• 29:14
  Speaker 2: down the will and trust situation? Yeah, yeah, and I'll
• 29:16
  Speaker 2: talk about difference beweenvocable and you're revocable. Trust is ten
• 29:19
  Speaker 2: point yeah yeah yeah cool.
• 29:20
  Speaker 9: So from a will standpoint, at the end of the day,
• 29:22
  Speaker 9: you simply want to dictate who is going to get what,
• 29:26
  Speaker 9: who's entitled to whatever.
• 29:27
  Speaker 2: You want to leave behind when you're no longer here. Right.
• 29:30
  Speaker 9: The reason why people like the idea of a trust
• 29:32
  Speaker 9: is because you can have a little more control to
• 29:34
  Speaker 9: determine when and how those assets get disseminated once you're gone,
• 29:38
  Speaker 9: because obviously, if you have a will.
• 29:40
  Speaker 2: Right once you once you're gone, right, it pretty much
• 29:42
  Speaker 2: dies with you. Right, But that could be good in
• 29:44
  Speaker 2: certain situations.
• 29:45
  Speaker 9: I don't think everybody necessarily needs a trust, but if
• 29:47
  Speaker 9: you want to ensure that your errs maybe at eighteen,
• 29:50
  Speaker 9: my son has to do this thing before he gets
• 29:53
  Speaker 9: you know, fifteen thousand dollars for a down payment on
• 29:55
  Speaker 9: the house or whatever the case may be, the trust
• 29:57
  Speaker 9: can be established in a way to control how that
• 30:00
  Speaker 9: money is disseminated, right, Especially if you have my children
• 30:04
  Speaker 9: that are minors and things of that nature, you want
• 30:05
  Speaker 9: to really make sure that they get what they're supposed
• 30:07
  Speaker 9: to get when they are supposed to get it, right.
• 30:10
  Speaker 9: So that's the kind of the fundamental difference between trust
• 30:13
  Speaker 9: and wills. I think what happens is people like the
• 30:16
  Speaker 9: idea of a trust because of the control piece, but
• 30:19
  Speaker 9: at the same token, like you don't want to over
• 30:21
  Speaker 9: complicate your finances, right, because sometimes with a trust, like
• 30:24
  Speaker 9: the upkeep right, you know, if you do too much like.
• 30:27
  Speaker 2: It can be a little bit overwhelman.
• 30:28
  Speaker 9: Like I know my mother in law before she met me,
• 30:30
  Speaker 9: she had a very complicated trust and just decided not
• 30:32
  Speaker 9: to do it anymore because it was just too much. Right,
• 30:35
  Speaker 9: So making sure that it makes sense relative to your situation,
• 30:38
  Speaker 9: what is it that you actually want to achieve, And
• 30:40
  Speaker 9: then now we will determine if I just need a
• 30:42
  Speaker 9: basic will or do I need a trust to make
• 30:44
  Speaker 9: sure that I can pass all my assets in a
• 30:46
  Speaker 9: way that's a little bit more strategic relative to who
• 30:48
  Speaker 9: I'm passing them on to.
• 30:50
  Speaker 8: Yeah, And I think the difference between a revocable trust
• 30:52
  Speaker 8: and the irrevocable trust is huge, and I don't think
• 30:55
  Speaker 8: enough people know the difference. So a revocable living trust,
• 30:58
  Speaker 8: which I think everybody should have at some point their life,
• 31:01
  Speaker 8: is like a safe that you have the combination too.
• 31:03
  Speaker 2: You can put assets in there, you can take assets out.
• 31:06
  Speaker 8: It's you can change. You can change the assets in there,
• 31:08
  Speaker 8: you can change the beneficiaries. It has a lot of flexibility.
• 31:11
  Speaker 8: And the purpose of a vocable living trust is so
• 31:13
  Speaker 8: that when you pass away, none of your assets go
• 31:16
  Speaker 8: to probate court. Because we saw with Chad with Boseman,
• 31:19
  Speaker 8: he didn't have a true he didn't have a vocable
• 31:20
  Speaker 8: living trust, so he lost almost a million dollars of
• 31:23
  Speaker 8: his estate to probate court. Because just because you say
• 31:26
  Speaker 8: that your family should get something in their wheell doesn't
• 31:29
  Speaker 8: mean they're going to agree on it. And the more
• 31:30
  Speaker 8: time they spend arguing in probate court, the more money
• 31:32
  Speaker 8: that the lawyers make, and the more money that the
• 31:34
  Speaker 8: court system makes.
• 31:35
  Speaker 2: For the revocable living.
• 31:36
  Speaker 8: Trust, it says like it's stamp saying that all my
• 31:39
  Speaker 8: assets go to these people.
• 31:41
  Speaker 2: This is how they get it, this is when they
• 31:42
  Speaker 2: get it.
• 31:42
  Speaker 8: So our vocable living trust is huge for a voting
• 31:46
  Speaker 8: avoiding probate court. Another reason that you want to have
• 31:49
  Speaker 8: a revocable living trust is because it helps us with taxes.
• 31:51
  Speaker 8: So here's an example. If I bought a property at
• 31:54
  Speaker 8: two hundred thousand dollars and that was worth a million dollars,
• 31:58
  Speaker 8: and I put it in my revokeable living trust. When
• 32:02
  Speaker 8: my kids get it, they get something called a step
• 32:04
  Speaker 8: up in basis. So in my example, I have eight
• 32:08
  Speaker 8: hundred thousand dollars gains. I pay two hundred thousand dollars
• 32:10
  Speaker 8: for it now is worth a million, so I say
• 32:12
  Speaker 8: eight hundred thousand dollars built in gain that if I
• 32:14
  Speaker 8: was to give it to them when I was alive,
• 32:16
  Speaker 8: they would have to pay that eight hundred.
• 32:17
  Speaker 2: Thousand dollars in capital gains taxes.
• 32:19
  Speaker 8: When we put it in our vocable living trust and
• 32:21
  Speaker 8: I passed away and passed to my kids, they get
• 32:23
  Speaker 8: what's called a step up in basis, So they receive
• 32:25
  Speaker 8: the property with a million dollar fair market value and
• 32:28
  Speaker 8: they can sell it the next day and pay no
• 32:30
  Speaker 8: capital gains taxes. So by putting the property in a
• 32:34
  Speaker 8: revocable living trust, you help your kids avoid unecessary taxes
• 32:37
  Speaker 8: on assets that you're trying to pass down, and that's
• 32:40
  Speaker 8: how we build true generational wealth.
• 32:42
  Speaker 2: We don't want to just pass down assets.
• 32:43
  Speaker 8: We want to pass down tax free assets, which is
• 32:47
  Speaker 8: very important, and irrevocable trust is in my opinion, it's
• 32:51
  Speaker 8: only used for estate planning purposes, and unless your estate
• 32:55
  Speaker 8: is over thirteen million dollars, you probably don't need irrevocable
• 32:58
  Speaker 8: living trust because you don't.
• 32:59
  Speaker 2: Pay its eight taxes until your state reach is that high.
• 33:02
  Speaker 8: So you don't want to put things in an irrevocable
• 33:05
  Speaker 8: trust before that because you can't benefit from it in
• 33:10
  Speaker 8: your lifetime if you put a property in an irrevocable
• 33:12
  Speaker 8: trust's worth a million dollars and it generates one hundred
• 33:14
  Speaker 8: thousand dollars a year in cash flow, you can't take
• 33:17
  Speaker 8: that because it's irrevocable. You can't benefit from it. So
• 33:20
  Speaker 8: it just understanding what people need personally. I think most
• 33:22
  Speaker 8: people need a revocable living trust until they reseet thirteen
• 33:25
  Speaker 8: million dollar market.
• 33:25
  Speaker 2: Yeah.
• 33:26
  Speaker 4: I was reading an article maybe last week about Ruper Murdoch. Yeah,
• 33:29
  Speaker 4: and he's in there in court now because he has
• 33:31
  Speaker 4: an irrevocable trust and he I think he is based
• 33:34
  Speaker 4: on succession.
• 33:35
  Speaker 3: He doesn't want to pass it down to this air.
• 33:37
  Speaker 2: Yeah.
• 33:37
  Speaker 3: So like cannot change, cannot change, can't change lock.
• 33:41
  Speaker 2: It's a safe throw away the key put in about
• 33:43
  Speaker 2: him on the O.
• 33:43
  Speaker 7: What about an iselt right where it's a life insurance
• 33:47
  Speaker 7: policy inside the trust.
• 33:48
  Speaker 2: Is that a good idea? It can be?
• 33:51
  Speaker 8: I don't I haven't studied eyelists that much, but I
• 33:53
  Speaker 8: have heard about him. None of our clients have have
• 33:56
  Speaker 8: needed it thus far, But I think it can be
• 33:58
  Speaker 8: a powerful policy. But it has to be structured the
• 34:02
  Speaker 8: right way, and it's gonna cost a little bit of
• 34:05
  Speaker 8: money to get that set up.
• 34:06
  Speaker 4: Yeah, yeah, yeah, we were talking about this the other
• 34:10
  Speaker 4: day on This episode is brought to you by P
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  Speaker 1: An illegal alien from Guatemala charged with raping a child
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  Speaker 1: some of the heinous migrant criminals caught because of President
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• 37:00
  Speaker 2: Will be protected.
• 37:01
  Speaker 4: Sponsored by the United States Department of Homeland Security on
• 37:03
  Speaker 4: Market Monday is actually about buying life insurance policies on
• 37:08
  Speaker 4: family members. On thoughts around that and in terms of planning,
• 37:12
  Speaker 4: I guess for the future, and also wealth creation because
• 37:14
  Speaker 4: we've seen this happen in other communities, not so much
• 37:17
  Speaker 4: in ours.
• 37:17
  Speaker 9: What's your thoughts, Yeah, I mean, I think at the
• 37:19
  Speaker 9: end of the day, if we remove a motion from it, right,
• 37:21
  Speaker 9: at the end of the day, we know that our
• 37:24
  Speaker 9: loved ones are going to pass away, right. And if
• 37:27
  Speaker 9: you have if your desires to create generational wealth right
• 37:31
  Speaker 9: for your family, it's like, hey, let's just have a
• 37:32
  Speaker 9: conversation about like what does that look like?
• 37:34
  Speaker 2: Right?
• 37:34
  Speaker 9: So, for example, if you have a parent that's aging, right,
• 37:38
  Speaker 9: you have life insurance on them. Maybe they didn't have opportunity,
• 37:41
  Speaker 9: they didn't have a market Mondays they didn't have or
• 37:43
  Speaker 9: your leaders didn't have millon and money, they didn't have
• 37:44
  Speaker 9: opportunity to accumulate a lot of wealth.
• 37:47
  Speaker 2: Right.
• 37:47
  Speaker 9: One of the great things about life insurance is that
• 37:49
  Speaker 9: it can close that gap for putting these on a
• 37:51
  Speaker 9: dollar obviously, assuming you know you have our in decent health.
• 37:54
  Speaker 2: So I think it can be a great strategy.
• 37:56
  Speaker 9: Some people even go as far as, you know, having
• 37:59
  Speaker 9: the family trust, right, and then the trust being the
• 38:01
  Speaker 9: beneficiary of the life insurance, and then when you pass away,
• 38:04
  Speaker 9: the money goes into the trust and then now that
• 38:06
  Speaker 9: can kind of keep the trend going. But I think
• 38:08
  Speaker 9: it's I think person is a great stretch. I think
• 38:10
  Speaker 9: we're just so emotional about it and we feel like, oh.
• 38:12
  Speaker 2: That's blood money waiting for me to die, right, you're lie.
• 38:16
  Speaker 9: But we removed the emotion from it, and we're like, yo,
• 38:19
  Speaker 9: like this is what we want our family to look
• 38:21
  Speaker 9: like for generations to come. What is the most efficient
• 38:24
  Speaker 9: way for us to do that. I think life insurance
• 38:27
  Speaker 9: can be a great vehicle to facilitate that you spoke.
• 38:28
  Speaker 7: About something earlier that we haven't spoke about a lot
• 38:30
  Speaker 7: on disability insurance. Yeah, why it just talk about that?
• 38:34
  Speaker 7: Like why is that important? And like what's some detail
• 38:36
  Speaker 7: that people should know about disability insurance? Yeah, so I
• 38:39
  Speaker 7: can speak from personal experience.
• 38:40
  Speaker 9: So when I was twenty eight, I got married and
• 38:45
  Speaker 9: I was having this crazy random backpain. I thought I
• 38:47
  Speaker 9: was like maybe deadlifted too much weight or something, and
• 38:50
  Speaker 9: then come to find out I had a benign tumor
• 38:52
  Speaker 9: in my ninth vertebrae right that fractured my spine.
• 38:55
  Speaker 2: I had to relearn how to walk. It was a
• 38:56
  Speaker 2: whole whole situation. Right, wife had to like lock into
• 38:59
  Speaker 2: the valves early sixty days.
• 39:02
  Speaker 9: You know what I'm saying and people don't realize, is
• 39:05
  Speaker 9: that you are three times more likely to become temporarily
• 39:09
  Speaker 9: disabled than you are adopted maturely. Right, And so what
• 39:11
  Speaker 9: disability insurance does. It's an insurance coverage on your income.
• 39:15
  Speaker 9: Like we have insurance on everything. We have insurance on
• 39:17
  Speaker 9: our cell phones, we do have some of us have
• 39:19
  Speaker 9: insurance on our lives. But what's the insurance if you
• 39:21
  Speaker 9: get hurt or sick and can't work what's the insurance
• 39:24
  Speaker 9: on that, right, And so disability insurance bridges that gap. Sometimes,
• 39:27
  Speaker 9: if you're employed, you might have insurance and it might
• 39:30
  Speaker 9: cover fifty to sixty percent, right, but that's also going
• 39:32
  Speaker 9: to be a taxable benefit. So always ask people, are
• 39:34
  Speaker 9: you if I cut your check and half right now
• 39:36
  Speaker 9: because you live off fifty or sixty percent of your income?
• 39:38
  Speaker 9: They probably like, no, I can't, right, And so having
• 39:41
  Speaker 9: disability insurance and or supplemental disability insurance can kind of
• 39:44
  Speaker 9: close that gap so that if you get hurt or.
• 39:46
  Speaker 2: You get sick, you have the ability to still meet
• 39:49
  Speaker 2: your knees.
• 39:49
  Speaker 9: Because you can't call American Express, you can't call a
• 39:51
  Speaker 9: mortgage company saying hey, I can't work right now? Can
• 39:53
  Speaker 9: I defer these bills? They're going to say, and know
• 39:55
  Speaker 9: what we can do for you? Right, So disability insurance
• 39:58
  Speaker 9: bridges that gap to ensure that thing happens to you.
• 40:01
  Speaker 2: You're okay. Now.
• 40:03
  Speaker 9: Some of the features and benefits of disability insurance that
• 40:05
  Speaker 9: you want to think about are like, there are certain
• 40:08
  Speaker 9: policy benefits that they call writers, right, And basically the
• 40:12
  Speaker 9: way they work is like, for example, let's say that
• 40:14
  Speaker 9: you are a surgeon, right, and you make your money
• 40:17
  Speaker 9: with your hands, right, So what you probably want to
• 40:20
  Speaker 9: do is you want to get special provisions and the
• 40:22
  Speaker 9: disability policy to ensure that. Hey, look, I can still
• 40:25
  Speaker 9: go be a professor, right and teach what I do,
• 40:27
  Speaker 9: But because I can't use my hands, right, I need
• 40:29
  Speaker 9: to be able to still receive income because that was
• 40:31
  Speaker 9: my primary source of income. Because with disability insurance it
• 40:34
  Speaker 9: does create a little bit of a moral hazard. The
• 40:36
  Speaker 9: reason why they don't like, let you get ninety percent, Like, well, shoot,
• 40:39
  Speaker 9: you know people on game the system, and like, I'm
• 40:41
  Speaker 9: not going to work injury, right, So you just got
• 40:43
  Speaker 9: to be mindful of the writers and the clauses that
• 40:46
  Speaker 9: allow you to take advantage of it, like if you
• 40:49
  Speaker 9: have like a special skill set to be able to
• 40:51
  Speaker 9: still benefitm benefit from it, but potentially still earn income
• 40:54
  Speaker 9: in other ways, like you know, being a teacher or
• 40:55
  Speaker 9: a professor, even if you own occupation.
• 40:58
  Speaker 2: Yes, right, yes, got it man, you got it, brother,
• 41:02
  Speaker 2: got it to write, y'all. I need that. I don't
• 41:09
  Speaker 2: know about that.
• 41:10
  Speaker 4: As business partners, right, what about having insurance on each
• 41:14
  Speaker 4: other right or buy sell agreements?
• 41:15
  Speaker 3: People don't talk about that. Yeah, but if.
• 41:18
  Speaker 4: Something happens to carter yep, you know, what happens to
• 41:22
  Speaker 4: the business, what happens to the income.
• 41:24
  Speaker 3: These things need to be discussed one hundred percent. Let's
• 41:26
  Speaker 3: talk about it.
• 41:27
  Speaker 8: We're talking with our our lawyers about that in the
• 41:31
  Speaker 8: making right now because and like one thing I love
• 41:32
  Speaker 8: about our relationship, we have the tough conversations on the
• 41:35
  Speaker 8: front end. Yeah, like bro, like if you do something
• 41:37
  Speaker 8: crazy or you're not you're not around like every like
• 41:40
  Speaker 8: you know, love is cool, but everything needs to be
• 41:41
  Speaker 8: in writing. So we are working with our lawyers on
• 41:45
  Speaker 8: on our by selling agreements and things like that because
• 41:47
  Speaker 8: it's so important because we want this business to be
• 41:50
  Speaker 8: generational and we don't want to lose it just one
• 41:52
  Speaker 8: generation with us. So we are putting those things in
• 41:56
  Speaker 8: place literally as we speak, to make sure we protect
• 41:58
  Speaker 8: our business and protect ourselves.
• 42:00
  Speaker 9: And from about just for those for the benefit of
• 42:01
  Speaker 9: the listeners. Like when it comes to about sell agreement,
• 42:03
  Speaker 9: the reason why you want to have that is because
• 42:05
  Speaker 9: let's say something does happen to me, right, like if
• 42:07
  Speaker 9: I own fifty percent of the business, right and technically
• 42:10
  Speaker 9: that you know my wife in here is that my
• 42:11
  Speaker 9: wife is great. I don't I don't think she's like, yo,
• 42:15
  Speaker 9: all right, so I'm gonna start managing this portfolio.
• 42:16
  Speaker 3: Yeah yeah, yeah, same thing.
• 42:18
  Speaker 9: Yeah, you understand she might not be the best peryea,
• 42:21
  Speaker 9: I love it, might not be the best person to
• 42:23
  Speaker 9: do that, right. So, and one thing you can also
• 42:25
  Speaker 9: do is you can get by sell agreements funded with
• 42:27
  Speaker 9: life insurance. Right, so that way it's like, all right, well,
• 42:29
  Speaker 9: something happens to you, right my wife. I mean I
• 42:31
  Speaker 9: would trust and believe that something happened to my wife
• 42:32
  Speaker 9: wild be good.
• 42:33
  Speaker 3: Yeah, yeah, you'd be good. But I got you man,
• 42:35
  Speaker 3: I got you. Man.
• 42:36
  Speaker 9: He's been documented, right, documents on its own record, but
• 42:40
  Speaker 9: being able to say, okay, cool, the buy sell agreement
• 42:42
  Speaker 9: is funded bout life insurance.
• 42:43
  Speaker 2: Something happens to you that I buy you out and
• 42:46
  Speaker 2: then your wife gets those proceeds. Right.
• 42:48
  Speaker 9: So, but it's important, right, Like from day one when
• 42:50
  Speaker 9: we formally locked in, like we made sure that everything
• 42:53
  Speaker 9: was solidified, all the documentation was squared away because I
• 42:56
  Speaker 9: had started the brand first.
• 42:58
  Speaker 2: He was and I was like, I said, I think
• 43:00
  Speaker 2: it's time for us to you know, go further with it.
• 43:01
  Speaker 2: He's like, Bell, let's do it.
• 43:02
  Speaker 9: I was like, okay, cool and yeah, yeah, sit up
• 43:04
  Speaker 9: some paperwork, right, Yes, we did it, but we did
• 43:06
  Speaker 9: on the front end so we could just documentation beats conversation.
• 43:08
  Speaker 8: Those things have to be in place if you want
• 43:11
  Speaker 8: to make sure that your business is little. Yeah, And
• 43:13
  Speaker 8: I think business structure is really important as well. I
• 43:15
  Speaker 8: don't think enough people talk about because the way our
• 43:19
  Speaker 8: business is structured, we could have just been a traditional partnership,
• 43:22
  Speaker 8: which is which is fine, but there are some tax
• 43:24
  Speaker 8: limitations by having a traditional partnership. Because if he wants
• 43:28
  Speaker 8: to go to a conference in in deduct the expense
• 43:32
  Speaker 8: in our taxes, I'm like, well.
• 43:34
  Speaker 2: I don't want to go to that conference. I don't
• 43:35
  Speaker 2: want to I don't want the.
• 43:36
  Speaker 8: Business to have to pay for that, right, And so
• 43:38
  Speaker 8: if you and your if you have a traditional partnership
• 43:41
  Speaker 8: and you and your partner are not agreeing on a
• 43:43
  Speaker 8: specific deduction, then you can't take it.
• 43:46
  Speaker 2: Right.
• 43:46
  Speaker 8: So the way we set it up is that we
• 43:48
  Speaker 8: have our LLC, which is our mellon of money, and
• 43:51
  Speaker 8: then we have our s corps fifty percent owner of
• 43:53
  Speaker 8: that company. So now I can take all the deductions
• 43:56
  Speaker 8: I want to take in my es corp. He can
• 43:58
  Speaker 8: take all the deductions that he wants to escort, and
• 44:00
  Speaker 8: we can only we only take group business deductions in
• 44:04
  Speaker 8: our LLC for melon the money. And you know, I
• 44:07
  Speaker 8: see a lot of new partnership business owners lose out
• 44:11
  Speaker 8: on tens of thousands of dollars in deductions because their
• 44:14
  Speaker 8: financial structure is not the way it should be to
• 44:17
  Speaker 8: maximize their tax savings.
• 44:19
  Speaker 2: What about all right? So a big thing is people
• 44:22
  Speaker 2: that want to plan for their kids.
• 44:23
  Speaker 7: Yea, whether it's college savings, whether it's when they want
• 44:27
  Speaker 7: to they put life insurance on their kids. You know,
• 44:31
  Speaker 7: there's there's a variety of different ways that people can
• 44:33
  Speaker 7: save money for their kids. Right. So somebody's coming to
• 44:36
  Speaker 7: your office and they just got married and they have
• 44:40
  Speaker 7: a baby on the way, right, talk talk through the
• 44:46
  Speaker 7: process that you would educate them as far as the
• 44:48
  Speaker 7: different ways that they can actually set their children up.
• 44:52
  Speaker 9: I mean, like you said, there's a lot of ways.
• 44:54
  Speaker 9: Because there'll be just a new born baby, right. Well,
• 44:56
  Speaker 9: probably wouldn't start entertaining the conversation of putting them on payroll,
• 44:59
  Speaker 9: right Yeah.
• 45:00
  Speaker 2: Yeah, that I'll come on the back end and talk
• 45:03
  Speaker 2: about that part that might be an adit audit red flag.
• 45:06
  Speaker 9: Yeah, but I think one of the ways that you
• 45:08
  Speaker 9: can always obviously set up a custodial accounts in the beginning.
• 45:11
  Speaker 2: What that means is, right, is kind of joint ownership.
• 45:14
  Speaker 9: You can control it until the kid reaches a certain age,
• 45:16
  Speaker 9: and so deciding what do you want to do for
• 45:18
  Speaker 9: the kids.
• 45:18
  Speaker 2: So do you want the kid to go to college? Right?
• 45:20
  Speaker 9: Do you want to say, want to be able to
• 45:22
  Speaker 9: buy their first property at a certain age. I like
• 45:24
  Speaker 9: to start with the end in mind, with the target,
• 45:26
  Speaker 9: and then from there we can figure out the best
• 45:28
  Speaker 9: investment vehicles are the best options. So one of the
• 45:29
  Speaker 9: things would definitely be opening up a custodial broker's account.
• 45:33
  Speaker 9: Another thing would be also getting a life insurance policy
• 45:35
  Speaker 9: on them as well, because insurance is based off agent
• 45:38
  Speaker 9: health and when you do design it the right way,
• 45:40
  Speaker 9: there are ways where you can have something called high
• 45:42
  Speaker 9: early cash value, or you can have ten pays or
• 45:44
  Speaker 9: twenty pays, and while your commissioned as an agent, if
• 45:46
  Speaker 9: you get compensated that way, it goes down.
• 45:48
  Speaker 2: That is the best thing for the client.
• 45:49
  Speaker 9: Right, those are two fundamental things that I would do
• 45:52
  Speaker 9: because I mean, at that age, right, being able to
• 45:54
  Speaker 9: get a policy and getting a custodial account, and people
• 45:56
  Speaker 9: don't realize the number one thing in investing that you
• 45:58
  Speaker 9: have in you have it to your advantage is time. Right,
• 46:00
  Speaker 9: So being able to get that started, you know, literally
• 46:02
  Speaker 9: from day one, is a super advantage for sure. About
• 46:05
  Speaker 9: five twenty nine, I'm not against five twenty nine. I
• 46:08
  Speaker 9: mean there's some tax benefits from it.
• 46:11
  Speaker 8: They just became sexy again, Yeah they did, because you
• 46:13
  Speaker 8: can confer them to roth I right now.
• 46:15
  Speaker 9: Yeah, so I'm not I'm not against I think five
• 46:17
  Speaker 9: twenty nine are great vehicles. I just like to optimize
• 46:19
  Speaker 9: for flexibility. I think that we just live in a
• 46:22
  Speaker 9: very different environment. I think when I was in school,
• 46:23
  Speaker 9: when I was in college, and that you hear things like, oh,
• 46:25
  Speaker 9: that's not a professional, that's not a career. And people
• 46:28
  Speaker 9: might not be going to college in the same way
• 46:30
  Speaker 9: that they are now with the advent of certain technology.
• 46:33
  Speaker 2: But I'm not against them. I think they could be.
• 46:36
  Speaker 2: You could turn to it.
• 46:37
  Speaker 4: Yeah, So just because I want to just constot it
• 46:40
  Speaker 4: before you jump outma agmah preferential or because like you said,
• 46:44
  Speaker 4: you're thinking of the end of mind and there's different
• 46:47
  Speaker 4: levels of control you can have right at eighteen, Yeah,
• 46:49
  Speaker 4: controls over.
• 46:50
  Speaker 3: So what's your I think.
• 46:52
  Speaker 9: If you're passing down the methodology, right, that's that's that's
• 46:55
  Speaker 9: a big We didn't talk a lot about it, right,
• 46:56
  Speaker 9: but like a big part of all of this is
• 47:00
  Speaker 9: is as you're doing, as you're setting this stuff up,
• 47:02
  Speaker 9: like you don't want to just do what you do
• 47:04
  Speaker 9: what you're you didn't have for your kids.
• 47:06
  Speaker 2: You want to educate them so they have the methodology
• 47:08
  Speaker 2: and the mindset on why you did it right.
• 47:10
  Speaker 9: And so for me, I think, even though you're giving
• 47:13
  Speaker 9: up control at eighteen, if you did what you were
• 47:14
  Speaker 9: supposed to do in terms of like advising them at
• 47:17
  Speaker 9: every step, especially once you were able to put them
• 47:19
  Speaker 9: on payroll head, this is while we're doing it, this
• 47:21
  Speaker 9: is what we're gonna use the money for.
• 47:22
  Speaker 2: I could have just given you the money.
• 47:23
  Speaker 9: Well, the reason why we're putting you on payrohch I'll
• 47:24
  Speaker 9: let you expound upon reason why we're putting you on
• 47:26
  Speaker 9: payrolls because this is what it means for our business
• 47:28
  Speaker 9: and this is tax tax free income to you and
• 47:30
  Speaker 9: now we can invest into the rock.
• 47:31
  Speaker 2: Diray now to stick your thunder, But you leave something
• 47:34
  Speaker 2: on the ball for me. Bron So I think it's
• 47:37
  Speaker 2: for me. It's about the education, right.
• 47:39
  Speaker 9: I mean, control is control is great, but at the
• 47:41
  Speaker 9: end of the day, like I was mentioned, I was
• 47:42
  Speaker 9: talking to this lady on the plane who has adult children,
• 47:44
  Speaker 9: and she was just like, your kids are gonna be
• 47:48
  Speaker 9: your kid. You can only do so much right in
• 47:51
  Speaker 9: my opinion, you know, with the first eighteen years of life,
• 47:53
  Speaker 9: if you did what you were supposed to do, they're
• 47:55
  Speaker 9: gonna take what they're supposed to take and they gonna
• 47:57
  Speaker 9: do what they want to do. So I'm personally I
• 47:59
  Speaker 9: don't need control, at least me personally beyond the age
• 48:02
  Speaker 9: of eighteen.
• 48:03
  Speaker 8: Yeah, And one of my favorite strategies that I don't
• 48:05
  Speaker 8: think enough people utilize is hiring their kids into their business.
• 48:10
  Speaker 8: What most people do is they make money, they pay
• 48:13
  Speaker 8: taxes on that money, and then they pay their kids,
• 48:16
  Speaker 8: which is okay, it's a good start, but I think
• 48:18
  Speaker 8: it's a.
• 48:18
  Speaker 2: Better way to do it.
• 48:19
  Speaker 8: You make money first, then you hire your kids into
• 48:22
  Speaker 8: your business, and when you do this, you're able to
• 48:24
  Speaker 8: pay each of your kids. I'm sure I'll have to
• 48:26
  Speaker 8: hurt this before up to fourteen thousand, six hundred dollars
• 48:28
  Speaker 8: each per child, and your business receives the fourteen thousand
• 48:33
  Speaker 8: dollars tax deductions if you pay anybody else, and your
• 48:36
  Speaker 8: kids can receive this fourteen thousand, six hundred dollars tax
• 48:38
  Speaker 8: free because the standard deduction wipes out their income. They
• 48:41
  Speaker 8: don't have to file a tax return, you don't have
• 48:43
  Speaker 8: to send UMBER ten ninety nine, you have to send
• 48:44
  Speaker 8: in W two.
• 48:45
  Speaker 2: None of that.
• 48:46
  Speaker 8: They get that fourteen thousand dollars tax free. And then
• 48:49
  Speaker 8: if I were you, they don't, I would take seven
• 48:52
  Speaker 8: thousand of that fourteen thousand and put it into a
• 48:54
  Speaker 8: roth ira for them because they probably need all the
• 48:56
  Speaker 8: money right now. And if you do this from when
• 48:59
  Speaker 8: your kids age I recommend, don't you know you can
• 49:02
  Speaker 8: start hiring your kids in your business at their eighty
• 49:04
  Speaker 8: seven because that's when they can actually do work, you know,
• 49:06
  Speaker 8: answer the phones, clean up the office, stuff like that.
• 49:09
  Speaker 8: If you do this from when your kids at age
• 49:10
  Speaker 8: seven to when you're kids at age seventeen, that's the
• 49:13
  Speaker 8: cut off for hiring your kids into your business. They
• 49:15
  Speaker 8: will have about one hundred and thirty one hundred and
• 49:18
  Speaker 8: forty thousand dollars of tax free money in their rob ira.
• 49:20
  Speaker 2: Not to mention you.
• 49:22
  Speaker 8: They've been learning from you as a boss for the
• 49:24
  Speaker 8: last ten years. So not only are you teaching them,
• 49:27
  Speaker 8: are you paying them for their work, but you're teaching
• 49:29
  Speaker 8: them entrepreneur skills at the same time. So I think
• 49:31
  Speaker 8: this is a great way to save money or taxes
• 49:34
  Speaker 8: in your business, pass down tax free well to your
• 49:36
  Speaker 8: kids and help them get a head start on entrepreneurship
• 49:39
  Speaker 8: at the same time. And I think that more people
• 49:41
  Speaker 8: should take advantage of, you know, hiring their kids and
• 49:44
  Speaker 8: their business and giving them the rupes supervaluable.
• 49:46
  Speaker 4: At seventeen, they're probably going to make the biggest financial
• 49:48
  Speaker 4: decision other than buying a house, which is am I
• 49:51
  Speaker 4: going to school?
• 49:51
  Speaker 2: Yeah? And now you get your own money to make
• 49:53
  Speaker 2: that decision. True now because you can.
• 49:54
  Speaker 8: Go to school on my time for one hundred thousand
• 49:56
  Speaker 8: But no, no, you got one hundred and twenty thousand dollars.
• 49:58
  Speaker 8: You can use that for college or what what I'll
• 50:00
  Speaker 8: plan to do for my kids. I would say like this,
• 50:02
  Speaker 8: this is the c capital you need for your business.
• 50:04
  Speaker 8: We don't need to go find outside funding or find investors.
• 50:08
  Speaker 8: You have one hundred thousand dollars to put towards that business.
• 50:11
  Speaker 2: Idea.
• 50:11
  Speaker 8: I'll be the CFO of the company. I'll help you
• 50:13
  Speaker 8: to put the money into your business. But I want
• 50:15
  Speaker 8: my kids to have options on what they want to
• 50:18
  Speaker 8: do instead. It happened to take the tradition around.
• 50:20
  Speaker 2: So what's the conversion that you can find twenty nine
• 50:23
  Speaker 2: to a row?
• 50:23
  Speaker 8: Oh yeah, So with the five to twenty nine plan,
• 50:26
  Speaker 8: the problem that I used to have with it is
• 50:28
  Speaker 8: that that money needs to be used for college or
• 50:31
  Speaker 8: you or you have to pay taxes on the earnings
• 50:33
  Speaker 8: from that money. And let's face it, you know, eighteen
• 50:36
  Speaker 8: years from now, like college might be less of a
• 50:39
  Speaker 8: thing than it already is today, and so if they
• 50:41
  Speaker 8: don't want to go to college, then you have to
• 50:43
  Speaker 8: now pay taxes on that money. But the rule is
• 50:45
  Speaker 8: today you can convert I believe it's up to thirty
• 50:48
  Speaker 8: six thousand dollars of five to twenty nine money into
• 50:51
  Speaker 8: a roth ira and not have to pay any taxes
• 50:54
  Speaker 8: on there. So like if your kids at eighteen say hey,
• 50:57
  Speaker 8: I want to go to college, you can convert that
• 50:59
  Speaker 8: money to a wroth ira and they could continue to
• 51:01
  Speaker 8: grow tax free, which is a huge flexibility option for
• 51:06
  Speaker 8: kids now. So now five between one plans like Hey,
• 51:08
  Speaker 8: if you don't want to go if you don't want
• 51:09
  Speaker 8: to go to college, I can either change the name
• 51:11
  Speaker 8: to another child, or I can convert it to a
• 51:13
  Speaker 8: wroth Ira and they could continue growing tax free forever,
• 51:17
  Speaker 8: which is pretty big.
• 51:18
  Speaker 7: Yeah.
• 51:19
  Speaker 4: And so this is I mean amazing information. One of
• 51:22
  Speaker 4: the things that people always ask us about is asset allocation, right,
• 51:26
  Speaker 4: and so in order to do these things, to have
• 51:28
  Speaker 4: these strategies, they have to know how to spend, how
• 51:30
  Speaker 4: to say where they put. So what is the recommended percentages?
• 51:35
  Speaker 4: I guess the case the case, but just an overarching
• 51:38
  Speaker 4: theme of what asset allocation will look like.
• 51:40
  Speaker 2: Yeah, even just even just even cash flow personal finance.
• 51:42
  Speaker 9: Yeah, so I mean, just to your point, depend on
• 51:45
  Speaker 9: how much money you make, do you think you need
• 51:46
  Speaker 9: to be paying yourself fifty percent of that for like,
• 51:49
  Speaker 9: for general expenses, But the average person, I would say,
• 51:51
  Speaker 9: let's keep your necessities, right, You're you're housing your cars,
• 51:55
  Speaker 9: all that stuff, builds utilities, but ideally around fifth but
• 52:00
  Speaker 9: no more than sixty percent, right, Like, between that fifty
• 52:02
  Speaker 9: to sixty percent range is pretty decent.
• 52:05
  Speaker 2: Then fifteen to twenty percent of your money.
• 52:08
  Speaker 9: For like your you know, your you're once right, being
• 52:11
  Speaker 9: able to travel, dining out, entertainment like those things that
• 52:15
  Speaker 9: could be very variable, right, and then another fifteen to
• 52:18
  Speaker 9: twenty percent for allocated for investing. Now as your income increases, right,
• 52:22
  Speaker 9: we want those percentages to flip.
• 52:24
  Speaker 2: Right.
• 52:25
  Speaker 9: So for example, like you know, they said the average
• 52:27
  Speaker 9: retirement age is sixty five, but when you really do
• 52:29
  Speaker 9: the math, reason why the average retirement age is sixty
• 52:31
  Speaker 9: five is because the average person makes fifty thousand dollars
• 52:33
  Speaker 9: in the United States, right, meaning they did everything right,
• 52:36
  Speaker 9: they can maybe allocate ten percent towards investing in saving,
• 52:39
  Speaker 9: which means that's gonna take them thirty plus years to
• 52:41
  Speaker 9: accumulate a million dollar nest egg. But if you make
• 52:43
  Speaker 9: one hundred thousand dollars, you've doubled your income. And if
• 52:45
  Speaker 9: you just doubled your savings rate from ten percent to
• 52:47
  Speaker 9: twenty percent, now you can put away.
• 52:49
  Speaker 2: Four times more money.
• 52:50
  Speaker 3: Right.
• 52:50
  Speaker 9: So I think one of the keys is as your
• 52:52
  Speaker 9: income increases, strategically increasing your savings rate. Because here's the thing,
• 52:57
  Speaker 9: even if your lifestyle does increase as you make more money,
• 53:00
  Speaker 9: as long as you've increase your savings rate, you're always
• 53:03
  Speaker 9: guaranteeing and banking banking in the fact that I'm now
• 53:06
  Speaker 9: going to increase my investing as well. But to start out,
• 53:09
  Speaker 9: I think those are great percentages. But as your income increases,
• 53:12
  Speaker 9: I think you know, of anything above six figures, I
• 53:14
  Speaker 9: would try to get that. I would try to get
• 53:16
  Speaker 9: those necessities down to like closer to fifty percent, maybe
• 53:19
  Speaker 9: even less, and then continue to increase these saving and
• 53:22
  Speaker 9: investing allocation so that you can just get to your
• 53:24
  Speaker 9: target faster.
• 53:25
  Speaker 2: Because retirement has nothing to do with age. It has
• 53:27
  Speaker 2: everything to do with assets. It's a number.
• 53:29
  Speaker 9: You don't have to be sixty five, right, It's like, oh,
• 53:31
  Speaker 9: I got a target, Now this is the number. How
• 53:34
  Speaker 9: can I get there as fast as possible? You get
• 53:36
  Speaker 9: there as fast as possible while being a good steward
• 53:38
  Speaker 9: over your finances.
• 53:39
  Speaker 8: How do we get tricked into thinking that sixty five
• 53:42
  Speaker 8: is like now I want to do whatever I want
• 53:44
  Speaker 8: to do in life, like you know, like my knees
• 53:46
  Speaker 8: barely work like like So we always tell our clients, like,
• 53:49
  Speaker 8: retirement is not an age, It is a number.
• 53:51
  Speaker 2: The faster we get you there, the faster you can
• 53:53
  Speaker 2: like do whatever you want.
• 53:55
  Speaker 8: So it's about more, you know, financial freedom than it
• 53:58
  Speaker 8: is about retirement, because it's just like, how when at
• 54:01
  Speaker 8: what point do I have enough money when my investments
• 54:03
  Speaker 8: can pay me out to lift my lifestyle. And at
• 54:06
  Speaker 8: that number, if you want to stop working, stop working.
• 54:07
  Speaker 8: But I just think that we as a people, as
• 54:10
  Speaker 8: a coach, you need to get away from that sixty
• 54:12
  Speaker 8: five and now I can live my life.
• 54:13
  Speaker 7: Life is meant to You're meant to do more than that.
• 54:16
  Speaker 7: So what's the process. Somebody comes into your office? Yep,
• 54:20
  Speaker 7: you guys in Atlanta, right.
• 54:21
  Speaker 9: No, Actually, we used to, like y'all do a lot
• 54:23
  Speaker 9: of stuff in Atlanta, but now we're I'm actually based
• 54:25
  Speaker 9: in Charlotte, North Carolina, and we're both moving to Dallas.
• 54:27
  Speaker 2: Actually next month the office is gonna be in Dallas.
• 54:30
  Speaker 2: It's gonna be in Dallas. Yeah.
• 54:31
  Speaker 3: We just in in Dallas.
• 54:32
  Speaker 2: Work come back often.
• 54:33
  Speaker 3: Yeah, we go be there.
• 54:34
  Speaker 2: We go in Atlanta City for your hospitality. You're still
• 54:37
  Speaker 2: in Chicago right now. No, I actually been living in
• 54:39
  Speaker 2: a meta jine for like a year and a half. Columbia, Columbia.
• 54:42
  Speaker 3: Yeah, we didn't think that was going on.
• 54:44
  Speaker 2: Yeah yeah, yeah, yeah. Deficit?
• 54:47
  Speaker 3: What state is that?
• 54:52
  Speaker 8: So the first question I get is is it for
• 54:54
  Speaker 8: tax purposes, And the answer is no, because the US
• 54:56
  Speaker 8: is on the US based tax system, so the longest
• 54:59
  Speaker 8: on a reddit resident based tax system. So as long
• 55:01
  Speaker 8: as you are a US resident, you pay US taxes
• 55:04
  Speaker 8: unless you live in Puerto Rico and that's a different conversation.
• 55:07
  Speaker 2: But I just want to get good at Spanish and
• 55:09
  Speaker 2: learn how to dance. Also, so I had a better answer,
• 55:12
  Speaker 2: how so how do you stay out there? Well, I've
• 55:16
  Speaker 2: been living out there for about a year and a half.
• 55:18
  Speaker 2: I mean you do like months at a time.
• 55:19
  Speaker 8: Yeah, I'll come back for events and things like that,
• 55:22
  Speaker 8: client events like that. But yeah, we're we're we're playing
• 55:25
  Speaker 8: our flag in Dallas because you know, we built this
• 55:28
  Speaker 8: business this big from two different states to different countries.
• 55:31
  Speaker 2: Imagine how far we can grow it living in the
• 55:33
  Speaker 2: same city.
• 55:33
  Speaker 7: So somebody, if somebody's working with you guys, Now, how
• 55:36
  Speaker 7: does that's virtual? I mean for the most part, yeah,
• 55:39
  Speaker 7: virtually like a zoom meeting and you do everything. It's
• 55:42
  Speaker 7: not like a lot of in person stuff.
• 55:43
  Speaker 9: Now we have we have three in person events a
• 55:45
  Speaker 9: year and we do like regional meet ups. How we
• 55:47
  Speaker 9: did was actually last night, But yeah, we have three
• 55:49
  Speaker 9: in person events a year. Client for filming events to
• 55:52
  Speaker 9: give this opportunity to connect. But like it kind of
• 55:54
  Speaker 9: was a happy accent, Like before COVID even happened, I
• 55:57
  Speaker 9: had I still have office, I don't really use it.
• 55:59
  Speaker 9: I said, I wanted to be able to do more
• 56:02
  Speaker 9: stuff versus I want to serve clients all across the country.
• 56:05
  Speaker 2: And so we went virtual.
• 56:06
  Speaker 9: And so like we don't have people just you know,
• 56:08
  Speaker 9: walking our office, you know, anymore. From from that vantage point,
• 56:11
  Speaker 9: all the you know, intake calls is virtual. All of
• 56:14
  Speaker 9: the you know, servicing calls are virtual. And then we
• 56:16
  Speaker 9: do meet in person periodically when we do in person experiences. Yeah,
• 56:20
  Speaker 9: what's Wealth Weekend? Wealth Weekend? Wealth Weekend is our anchor,
• 56:25
  Speaker 9: it's our flagship event. And basically it's an event. This
• 56:29
  Speaker 9: is kind of three parts. So one the first day
• 56:31
  Speaker 9: as a conference, right educational conference. You know, we have
• 56:33
  Speaker 9: have a bunch of heavy here to speakers. Hopefully we
• 56:35
  Speaker 9: can get you out there next year.
• 56:38
  Speaker 2: In Atlanta and maybe we're moving to Downas at some point,
• 56:41
  Speaker 2: but you know, it'll probably be in Atlanta for the
• 56:42
  Speaker 2: same reason I have a vest Best in Atlanta every year. Yeah,
• 56:45
  Speaker 2: it's just easier that way.
• 56:47
  Speaker 3: It turns out man just trying to write copy man
• 56:50
  Speaker 3: exactly for sure.
• 56:53
  Speaker 9: So it starts out with an educational conference and then
• 56:56
  Speaker 9: we have a mixer that evening, right so after you know,
• 56:58
  Speaker 9: you learn a bunch of stuff, getting a chance to
• 56:59
  Speaker 9: likenect with other people, we have a mix of that evening,
• 57:02
  Speaker 9: and then the next day we have a philanthropic event
• 57:04
  Speaker 9: that morning. We didn't talk much about it, but we
• 57:06
  Speaker 9: do have a foundation as well, the Meloni Money Foundation.
• 57:09
  Speaker 2: Uh that.
• 57:10
  Speaker 9: That foundation's mission is to help one hundred thousand people
• 57:12
  Speaker 9: achieve economic stability, right, because you can't think about building
• 57:15
  Speaker 9: wealth if you can't eat right. So and there, we
• 57:18
  Speaker 9: really are just supporting a lot of other causes that
• 57:20
  Speaker 9: are already doing great work. So whatever city we're in,
• 57:23
  Speaker 9: we have our director find an opportunity for us to
• 57:25
  Speaker 9: do something. This past year or this in July, we
• 57:28
  Speaker 9: did a back to school drive. We stuffed like two
• 57:31
  Speaker 9: hundred and fifty book bags with supplies all that jazz.
• 57:34
  Speaker 9: So we do a philanthropy event Saturday morning. Saturday night,
• 57:37
  Speaker 9: we have our award show, and then we have a
• 57:38
  Speaker 9: sneaker ball after party after the uh.
• 57:42
  Speaker 3: Saw the sinkerball. Oh yeah, man, yeah, it was I
• 57:46
  Speaker 3: gotta represent for the sninker bleak.
• 57:47
  Speaker 2: Yeah you got some heat. Yeah, Sunday we do it.
• 57:51
  Speaker 9: We do a brunch kind of invite, the only situation
• 57:53
  Speaker 9: we can just kind of connect with our peers.
• 57:55
  Speaker 3: I mean it looked incredible. This is the second year.
• 57:59
  Speaker 2: Yeah yeah, this second year.
• 58:00
  Speaker 4: Yeah, I mean it looked incredible. Obviously mic was a
• 58:03
  Speaker 4: dish out the mic with that all white suit.
• 58:06
  Speaker 3: Yeah yeah yeah yeah, come looking better than us that
• 58:08
  Speaker 3: I want to yeah yeah, yeh yeah, yeah, it looks incredible.
• 58:10
  Speaker 4: And like I said, when you watch it just from
• 58:14
  Speaker 4: our viewpoint, it was like, man, this is this is spectacular,
• 58:17
  Speaker 4: this is dope.
• 58:18
  Speaker 3: This is something that it gives people purpose.
• 58:20
  Speaker 4: It's like, yeah, we're getting celebrated for doing something that
• 58:23
  Speaker 4: has nothing to do with entertainment, has nothing to do
• 58:25
  Speaker 4: with sports, has all to do with business, and that's unique.
• 58:29
  Speaker 3: So congratulations on that.
• 58:30
  Speaker 4: I want I want to talk about my health wealth
• 58:33
  Speaker 4: right the website itself, because, like I said, people are
• 58:37
  Speaker 4: being transparent on the front end. Are you finding that
• 58:40
  Speaker 4: the clients are becoming more accountable and holding each other
• 58:42
  Speaker 4: accountable in this process as well?
• 58:45
  Speaker 3: Yeah?
• 58:45
  Speaker 9: I think now, because the thing is they now know
• 58:47
  Speaker 9: they have. They have a measuring stick, right, and you
• 58:49
  Speaker 9: can't hit the target.
• 58:50
  Speaker 2: You can't see.
• 58:51
  Speaker 9: So the purpose of the wealth health assessment is like
• 58:53
  Speaker 9: the same way if you go into a doctor's office,
• 58:54
  Speaker 9: you wouldn't want the doctor to start prescribing you medication
• 58:57
  Speaker 9: if they didn't know what was going on with you. Right,
• 58:58
  Speaker 9: So it's just you should do this tax strategy, you
• 59:01
  Speaker 9: should invest in this account, you should do this. We
• 59:03
  Speaker 9: have an assessment that covers I would say, a pretty
• 59:05
  Speaker 9: broad spectrum of the things that at least everybody should
• 59:08
  Speaker 9: have addressed at some point in their financial journey, right,
• 59:10
  Speaker 9: And we can then we quantify that with a score
• 59:12
  Speaker 9: and we see, okay, well this person doesn't have an
• 59:15
  Speaker 9: estate plan, they don't have disability insurance. They do have
• 59:18
  Speaker 9: a retirement account, but don't have a row. We're able
• 59:21
  Speaker 9: to like ask enough questions to figure out where you are.
• 59:23
  Speaker 9: So that way we know not only where to prioritize
• 59:25
  Speaker 9: our focus and how to help you, but you have
• 59:27
  Speaker 9: awareness on what the gaps are and you become educated, oh,
• 59:30
  Speaker 9: these are things I should even be thinking about.
• 59:31
  Speaker 2: Right.
• 59:31
  Speaker 9: And then what it also does I don't know what
• 59:35
  Speaker 9: it is about human nature, but people just like to
• 59:38
  Speaker 9: like to gamify things.
• 59:39
  Speaker 2: Right, So it's like my score is a sixty four,
• 59:41
  Speaker 2: Like I want to improve that score. So now they're like, no,
• 59:44
  Speaker 2: what's the first thing I can do to improve my score?
• 59:46
  Speaker 9: And they're seeing, you know, tactical things that they can
• 59:48
  Speaker 9: do until your point from a community standpoint, like they're
• 59:51
  Speaker 9: connecting with each other. Even at our meetup last night,
• 59:53
  Speaker 9: this dude's I want to get in real estates. I'm
• 59:55
  Speaker 9: about to buy multifamily over here.
• 59:56
  Speaker 2: Just hit me up.
• 59:57
  Speaker 9: They exchange contact information and now the community be right,
• 1:00:01
  Speaker 9: is also helping each other because we don't if you're
• 1:00:03
  Speaker 9: valuable to your business and your business is not valuable.
• 1:00:05
  Speaker 2: Right. What I mean by that is it's great to
• 1:00:07
  Speaker 2: be the face, it's great to be online. It's great
• 1:00:09
  Speaker 2: for people to know who you are.
• 1:00:10
  Speaker 9: But I'm sure that at some point, you know, Charles
• 1:00:13
  Speaker 9: Wabbs was working at Charles wab But now you can't
• 1:00:15
  Speaker 9: talk to Charles, right, It's not to say that Charles
• 1:00:18
  Speaker 9: is untouchable. It's to say that Charles built a business
• 1:00:20
  Speaker 9: that can sustain without him. Right, I'm pretty sure y'all
• 1:00:23
  Speaker 9: want the Eyl name. Eyl name to live on, whether
• 1:00:26
  Speaker 9: y'all are behind the mics or not right, and so
• 1:00:27
  Speaker 9: we're just trying to do the same thing. And I
• 1:00:29
  Speaker 9: think that starts with galvanizing the people to empower them,
• 1:00:32
  Speaker 9: but also you know, giving them quantifiable ways to know like,
• 1:00:35
  Speaker 9: all right, this is what success looks like. It's a
• 1:00:37
  Speaker 9: clear path, it's a recipe. Whether it's coming from George
• 1:00:40
  Speaker 9: or Carter whoever, I have a blueprint on what I
• 1:00:42
  Speaker 9: need to do when I need to imploy it.
• 1:00:44
  Speaker 2: Yeah.
• 1:00:44
  Speaker 8: I think one of the dopest things that we notice
• 1:00:45
  Speaker 8: in our client events people are bragging about their financial decisions.
• 1:00:50
  Speaker 8: It's like, do I'm maxim my roth Ira already? Or
• 1:00:52
  Speaker 8: I did that tax strategy? Not do I say one
• 1:00:54
  Speaker 8: hundred thousand thousand taxes. And for the first time in
• 1:00:56
  Speaker 8: my life, people are openly talking about their findinancial milestones,
• 1:01:00
  Speaker 8: their financial decisions, their financial wins, which I think the
• 1:01:03
  Speaker 8: reason why financial literalacy is so taboo and the black
• 1:01:08
  Speaker 8: culture is in my opinion, due to embarrassment what they
• 1:01:11
  Speaker 8: don't know. So we weren't allowed to talk about finances
• 1:01:14
  Speaker 8: at my dinners table, not that it was a bad thing,
• 1:01:17
  Speaker 8: my parents didn't know, so it made them ashamed. And
• 1:01:18
  Speaker 8: they were ashamed, so they didn't want to talk about it.
• 1:01:21
  Speaker 8: But now we have our client events and we have
• 1:01:23
  Speaker 8: our client dinners, like people are openly talking about their
• 1:01:25
  Speaker 8: financial milestones, openly talking about their financial wins because they're
• 1:01:29
  Speaker 8: educated and there's no shame around not knowing about money.
• 1:01:33
  Speaker 2: And I think if the more we educate.
• 1:01:35
  Speaker 8: And the more we implement, we all love talking about
• 1:01:37
  Speaker 8: stuff that we're good at, and then on the better
• 1:01:40
  Speaker 8: we get with our money, the more we want to
• 1:01:41
  Speaker 8: talk about and the more we talk about, the more
• 1:01:42
  Speaker 8: we win as a culture, and the more we win
• 1:01:44
  Speaker 8: as a community. So that's probably one of the things
• 1:01:47
  Speaker 8: I love about our community the most is that people
• 1:01:49
  Speaker 8: are bragging about their financial wins and it's not taboo anymore,
• 1:01:53
  Speaker 8: and that helps them get to the next level faster.
• 1:01:55
  Speaker 2: Facts, So, like, who's the ideal client for you guys?
• 1:01:58
  Speaker 9: The ideal client is somebody who is an entrepreneur who's
• 1:02:03
  Speaker 9: figured out the money making part.
• 1:02:04
  Speaker 2: Right, like money, how much money should they be?
• 1:02:07
  Speaker 9: I would say, no less than a hundred thousand, And
• 1:02:10
  Speaker 9: we got something for people who make less than a
• 1:02:11
  Speaker 9: hundred thousand as well, but which we can talk about.
• 1:02:13
  Speaker 9: But no less than you know at least at least
• 1:02:15
  Speaker 9: your first six figures, because then you got enough play
• 1:02:17
  Speaker 9: to mold. Right, You got some some you know, opportunities
• 1:02:19
  Speaker 9: and strategies you can take advantage of. But they they
• 1:02:21
  Speaker 9: buy and large figured out the money making part. Sure,
• 1:02:23
  Speaker 9: do they want to make more cool? There's enough coaches
• 1:02:26
  Speaker 9: and people online talking about ways to make money. We
• 1:02:28
  Speaker 9: don't need to feel that void, right, somebody who's an
• 1:02:30
  Speaker 9: entrepreneur making at least six figures and has the desire
• 1:02:34
  Speaker 9: to be an investor, right, because I think what we've
• 1:02:36
  Speaker 9: seen as a gap is that people focus so much
• 1:02:38
  Speaker 9: on the revenue, the top line revenue.
• 1:02:40
  Speaker 2: They're not paying attention to the bottom line. They're not
• 1:02:42
  Speaker 2: lining it's not equal bottom line, brother, They're.
• 1:02:44
  Speaker 9: Not paying attention to like, how do I take chips
• 1:02:47
  Speaker 9: off the table as the owner of this business to
• 1:02:48
  Speaker 9: make sure I'm prioritizing my personal wealth Because at the
• 1:02:50
  Speaker 9: end of the day, if I'm saying that this is
• 1:02:52
  Speaker 9: up the right way, I'm an employee of the business
• 1:02:53
  Speaker 9: that I own. Right, So, people who are ready to
• 1:02:57
  Speaker 9: have somebody help them build their personal wealth right while
• 1:03:00
  Speaker 9: they build are building their business.
• 1:03:03
  Speaker 7: Okay, yeah, dope, man, You guys know a lot Mann.
• 1:03:11
  Speaker 2: What's the name of the firm.
• 1:03:12
  Speaker 9: Yeah, So capital Wise is the is the formal name
• 1:03:15
  Speaker 9: of the firm, right that that we established. But we
• 1:03:19
  Speaker 9: have a very unique hybrid structure where it's like a
• 1:03:22
  Speaker 9: mastermind and the firm powers the implementation of the mastermind. Right,
• 1:03:26
  Speaker 9: so we really don't have to talk about the firm
• 1:03:28
  Speaker 9: anymore that much because Melon and Money Enterprises is our
• 1:03:32
  Speaker 9: main entity and then when people come into the ecosystem
• 1:03:35
  Speaker 9: of Melon in Money, we have this hybrid setup to
• 1:03:37
  Speaker 9: where that's how we can serve so many clients where
• 1:03:40
  Speaker 9: they can show up for advisor Q and a's where
• 1:03:42
  Speaker 9: our cfps are answering their questions in real time on
• 1:03:44
  Speaker 9: a weekly basis. They can schedule calls with their advisors,
• 1:03:48
  Speaker 9: but they can also still learn because at the end
• 1:03:50
  Speaker 9: of the day, do we want to keep our clients
• 1:03:51
  Speaker 9: forever for the foreseeable future. Of course we do, but
• 1:03:54
  Speaker 9: we also want to educate and empower people as well,
• 1:03:56
  Speaker 9: and so the mastermind component was important for us to
• 1:04:00
  Speaker 9: continue to provide people education and resources in different ways
• 1:04:03
  Speaker 9: to expand their business along with expanding their wealth.
• 1:04:06
  Speaker 2: Right.
• 1:04:06
  Speaker 9: But capital Wise is the firm that implements all of
• 1:04:09
  Speaker 9: the you know, financial planning, asset management, all that jazz
• 1:04:13
  Speaker 9: and that powers our Melon money enterprises.
• 1:04:14
  Speaker 8: And Brooks Alliance helps us with the tax planning thing
• 1:04:18
  Speaker 8: or shout out to Hiquana Chaquana books on that. So
• 1:04:21
  Speaker 8: we just we want to create an environment where our
• 1:04:23
  Speaker 8: clients can still get educated and our clients get the
• 1:04:25
  Speaker 8: implementation of the education as well, so that you know,
• 1:04:29
  Speaker 8: it's a one stop shop for pretty much everything. And
• 1:04:32
  Speaker 8: I don't know if y'all okay with this, but like
• 1:04:33
  Speaker 8: we want to give your audience a free my wealth
• 1:04:36
  Speaker 8: health assessment if they want to take advantage of it,
• 1:04:38
  Speaker 8: just you know what I'm saying, just to get to
• 1:04:40
  Speaker 8: earn this something because we understand that, you know, you
• 1:04:43
  Speaker 8: are really really educate your audience on how to get
• 1:04:45
  Speaker 8: to that next step financially, and we would love to
• 1:04:47
  Speaker 8: show them where what the gaps are and then some
• 1:04:50
  Speaker 8: ways that they can improve on their on their journey
• 1:04:53
  Speaker 8: to financial freedom.
• 1:04:54
  Speaker 2: Yeah.
• 1:04:54
  Speaker 9: Essentially, what was what we're building now was like a
• 1:04:58
  Speaker 9: fractional family office, right, Like our goal is to have
• 1:05:01
  Speaker 9: all the pieces in place so that when it comes
• 1:05:03
  Speaker 9: to if you need a real estate advisor, if you
• 1:05:05
  Speaker 9: need if you're at a point where you're ready to
• 1:05:06
  Speaker 9: exit your business, you need a business advisor for that. Like,
• 1:05:09
  Speaker 9: we want to have all those pieces in place, and
• 1:05:11
  Speaker 9: we have the referral partners for those people right now,
• 1:05:13
  Speaker 9: but we want to make it more embedded so that
• 1:05:16
  Speaker 9: whether you're starting, growing or scaling, we can see you
• 1:05:18
  Speaker 9: all the way through that client journey, so that we
• 1:05:21
  Speaker 9: can serve you at every level. And that's why we
• 1:05:23
  Speaker 9: call our clients rich relatives because it's like we're trying
• 1:05:25
  Speaker 9: to build a family office. But yeah, I mean because
• 1:05:27
  Speaker 9: these are things that just like our culture doesn't get
• 1:05:29
  Speaker 9: exposed to, Like you got to have fifty million dollars
• 1:05:31
  Speaker 9: to have a conversation to entertain working with a family office.
• 1:05:35
  Speaker 9: But at the end of the day, all it really
• 1:05:36
  Speaker 9: means is you have a money team, right that's cohesive,
• 1:05:39
  Speaker 9: this coordinated, that can help you make decisions without you
• 1:05:42
  Speaker 9: having a wonder like is everybody operating your best interests?
• 1:05:45
  Speaker 2: And that's our ultimate goal is to build it into
• 1:05:47
  Speaker 2: a fractional family office.
• 1:05:48
  Speaker 4: Yeah, I think that's even an educational piece right there,
• 1:05:51
  Speaker 4: Like even for some people prior to maybe the past
• 1:05:54
  Speaker 4: few years, understanding what a family office is. You want
• 1:05:56
  Speaker 4: to just break that down. Some people literally will say, yeah,
• 1:06:00
  Speaker 4: family works, Yeah.
• 1:06:01
  Speaker 9: No, yeah, this is something that let's like no, like
• 1:06:05
  Speaker 9: like literally you hire a financial team and their own
• 1:06:09
  Speaker 9: like you're their only client, right, in a traditional financial
• 1:06:11
  Speaker 9: family office standpoint right, And that means you have your attorneys,
• 1:06:14
  Speaker 9: business attorneys, you have your family attorney, you have your
• 1:06:18
  Speaker 9: investment advisor, your financial planner, a tax planner, tax attorney.
• 1:06:22
  Speaker 9: Their only job is to maximize and preserve your wealth.
• 1:06:27
  Speaker 2: Right, that's their only job.
• 1:06:28
  Speaker 9: They don't have any other clients, right, And so the
• 1:06:30
  Speaker 9: model is genius, right, But it's just like the way
• 1:06:32
  Speaker 9: it's set up now, it's like if you don't got
• 1:06:34
  Speaker 9: twenty five million, like you like it ain't it's nothing
• 1:06:36
  Speaker 9: for us to do because that's you're the only clients, right.
• 1:06:39
  Speaker 9: So setting up the ecosystem where you can still have
• 1:06:41
  Speaker 9: the team that's coordinating all that for you, but not
• 1:06:44
  Speaker 9: you don't have to have that much money, I think
• 1:06:47
  Speaker 9: is as a great asset, and that's what we're aiming
• 1:06:49
  Speaker 9: to build.
• 1:06:49
  Speaker 3: Yeah.
• 1:06:50
  Speaker 8: Yeah, and you want to have a financial team because
• 1:06:52
  Speaker 8: like I think a lot of people think it's their
• 1:06:54
  Speaker 8: job to know all this, Like is your job.
• 1:06:55
  Speaker 2: To know about that?
• 1:06:56
  Speaker 8: Accounting is your job to know about that investing you know,
• 1:06:58
  Speaker 8: like you should have a team of people that are
• 1:06:59
  Speaker 8: communicating on your behalf, so like do with your best
• 1:07:03
  Speaker 8: at go make money for the business. And you have
• 1:07:05
  Speaker 8: this team, the financial team on the back end is
• 1:07:07
  Speaker 8: helping you preserve the wealth, help you minimize taxes, help
• 1:07:10
  Speaker 8: you build generation to wealth and all those things. So
• 1:07:13
  Speaker 8: that's what we're noticing with our clients. They're actually able
• 1:07:14
  Speaker 8: to grow their business faster because they have they know
• 1:07:17
  Speaker 8: that that we're taking care of everything on the back
• 1:07:19
  Speaker 8: end from an investing in tax strategy standpoint.
• 1:07:21
  Speaker 9: And they just have the clarity and the confidence right
• 1:07:24
  Speaker 9: because it's like if you have a bunch of tabs
• 1:07:26
  Speaker 9: open on your phone or your computer, like it's inherently
• 1:07:28
  Speaker 9: going to run slower, right, And a lot of our
• 1:07:30
  Speaker 9: clients they have all these things, this unfinished business in
• 1:07:32
  Speaker 9: the back of their head, like I probably do need
• 1:07:34
  Speaker 9: to redo that tax return for last year. I haven't
• 1:07:37
  Speaker 9: fould tax or I haven't done this, I haven't done that,
• 1:07:39
  Speaker 9: And they don't realize how that impacts their clarity as
• 1:07:41
  Speaker 9: a business owner to really run and thrive because all
• 1:07:43
  Speaker 9: that stuff is just running in the background. So when
• 1:07:45
  Speaker 9: we come in with our team and say, hey, look,
• 1:07:46
  Speaker 9: let's get this stuff in good order so you can
• 1:07:48
  Speaker 9: operate in excellence and not have that stuff in the
• 1:07:50
  Speaker 9: back of your mind. What we've seen is a lot
• 1:07:52
  Speaker 9: of people are able to run even faster as entrepreneurs
• 1:07:55
  Speaker 9: because they finally check those boxes.
• 1:07:57
  Speaker 2: That's fine, man. So how can people find you? Guys?
• 1:08:00
  Speaker 2: What's the website? All the information?
• 1:08:02
  Speaker 9: Yeah, so Meiling the Money on all platforms, YouTube, Instagram.
• 1:08:07
  Speaker 2: Of course you can follow us individually.
• 1:08:09
  Speaker 9: I'm George Ahrimpaul jun you might want to put down
• 1:08:11
  Speaker 9: the show notes on then my last name, yeah.
• 1:08:14
  Speaker 8: Yeah, yeah, and for me this cope Field Underscore Advisor
• 1:08:17
  Speaker 8: on Instagram, but Meiling the Money on all other social
• 1:08:19
  Speaker 8: media platforms. And I think one of the best ways
• 1:08:21
  Speaker 8: to tap in with us is to take advantage of
• 1:08:24
  Speaker 8: the free My Wealth Health assessment, so again we can
• 1:08:26
  Speaker 8: see where you are financially and we can give you
• 1:08:28
  Speaker 8: recommendations on how to improve that score and what you
• 1:08:31
  Speaker 8: need to do next. Because again a lot of people
• 1:08:34
  Speaker 8: one of my favorite quotes is that you cannot teach
• 1:08:36
  Speaker 8: what you do not know, and you cannot lead where
• 1:08:39
  Speaker 8: you did not go. So you can't teach your kids
• 1:08:42
  Speaker 8: by generational wealth if you haven't gotten there yet. You
• 1:08:44
  Speaker 8: can't teach you about your kids about financial freedom if
• 1:08:46
  Speaker 8: you haven't learned the financial literacy strategies to get there.
• 1:08:49
  Speaker 2: So I think the more that we're educated, and the
• 1:08:51
  Speaker 2: more that people are educated, the further their go.
• 1:08:53
  Speaker 8: And that's our goal with you know, letting everybody take
• 1:08:56
  Speaker 8: this assessments, they can know where they're going on their
• 1:08:59
  Speaker 8: journey effects.
• 1:09:00
  Speaker 3: I appreciate you brothers, Thank you guys.
• 1:09:03
  Speaker 2: Thank you for having that to Columbia. I'm sure.
• 1:09:05
  Speaker 3: Yeah, there's a plane that we need to come.
• 1:09:10
  Speaker 2: That's a single man's game. Man, all right, God, thank
• 1:09:17
  Speaker 2: you for rock us to see you next week.
• 1:09:18
  Speaker 3: Peace.
• 1:09:20
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 1:09:23
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 1:09:27
  Speaker 1: accused of murdering a Texas. Man of Venezuelan charged with
• 1:09:32
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 1:09:36
  Speaker 1: some of the heinous migrant criminals caught because of President
• 1:09:39
  Speaker 1: Donald J. Trump's leadership. I'm Christine Noman, the United States
• 1:09:43
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 1:09:48
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 1:09:51
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 1:09:55
  Speaker 1: were here illegally, your next you will be fine nearly
• 1:09:59
  Speaker 1: one thousand dollars a day, imprisoned, and deported. You will
• 1:10:03
  Speaker 1: never return.
• 1:10:04
  Speaker 2: But if you.
• 1:10:04
  Speaker 1: Register using our CBP home app and leave now, you
• 1:10:08
  Speaker 1: could be allowed to return legally. Do what's right, leave now.
• 1:10:13
  Speaker 1: Under President Trump, America's laws, border and families will be protected.
• 1:10:18
  Speaker 3: Sponsored by the United States Department of Homeland Security,