Latest / The Dept. w/ Omar El-Takrori / If you make money and still feel broke here's why... | The Dept. #103

Transcript

If you make money and still feel broke here's why... | The Dept. #103 · The Dept. w/ Omar El-Takrori

0:00
[SPEAKER_00]: For some reason, people who make money, you might be making money, still feel broke.
0:04
[SPEAKER_00]: Today's department is the money department, and so I'm so excited to have on the department today.
0:09
[SPEAKER_00]: I have Mario Payne, Financial Expert, Money Expert,
0:13
[SPEAKER_03]: you need to be a millionaire to accelerate your wealth.
0:15
[SPEAKER_03]: It just doesn't make any sense.
0:17
[SPEAKER_03]: So as a W2 employee, yes, you can accumulate your wealth.
0:20
[SPEAKER_03]: The IRS is your biggest business partner that you ever have.
0:23
[SPEAKER_03]: It's so many things you can do via the tax code and structurally business property where you can accelerate your wealth through leverage.
0:29
[SPEAKER_03]: I'll look at money and leverage more importantly as a fast pass.
0:33
[SPEAKER_03]: I saved the company $4.6 million.
0:36
[SPEAKER_03]: That whole model of not having debt, financially speaking, it's kind of the dumbest thing
0:42
[SPEAKER_00]: What are some money myths that you've found that people are stuck in?
0:46
[SPEAKER_03]: Oh, man, it was made of some wine powder.
0:51
[SPEAKER_00]: can we just get right into some of the lies around money because people are they obviously clicked up this video or this podcast because they want to make more they want they see people you know whether they're making a lot or paying nothing in taxes or all these things but what are some money myths that you've found that people are stuck in.
1:12
[SPEAKER_03]: I mean, as many as some of one, the IRS is a taker not a giver.
1:16
[SPEAKER_03]: The IRS is your biggest business partner that you ever have.
1:20
[SPEAKER_00]: I've never heard that before.
1:21
[SPEAKER_03]: Never heard that.
1:22
[SPEAKER_00]: Because I think the IRS is out to get me.
1:26
[SPEAKER_03]: Give me all your money.
1:27
[SPEAKER_03]: Yeah.
1:27
[SPEAKER_03]: No, no.
1:28
[SPEAKER_03]: The IRS is your biggest business partner that you ever have.
1:30
[SPEAKER_03]: If you're able to structure your business properly,
1:32
[SPEAKER_03]: and use a tax code to your advantage.
1:34
[SPEAKER_03]: It's so much more money that comes back into your pocket.
1:37
[SPEAKER_03]: So that happens and you're able to grow.
1:38
[SPEAKER_03]: So that's the MIF number one.
1:40
[SPEAKER_03]: MIF number two is that you need to be a millionaire to accelerate your wealth.
1:43
[SPEAKER_03]: Like our program is called the wealth for accelerator program.
1:46
[SPEAKER_03]: And we literally try to find ways you to accelerate your wealth.
1:50
[SPEAKER_03]: So if you have a couple of dollars you just grown in your business, it's so many things you can do via the tax code and structure your business properly where you can accelerate your wealth through leverage.
2:01
[SPEAKER_00]: Oh, like, because I think W2s feel like they can't build wealth, which I know is like, is like what my wife for making $60,000 combined and come working at a church full-time.
2:12
[SPEAKER_04]: Yeah.
2:13
[SPEAKER_00]: We still were able to buy home.
2:15
[SPEAKER_00]: Yeah.
2:15
[SPEAKER_00]: And all those things.
2:16
[SPEAKER_00]: So like, yeah, can you help like, in this regard, because I don't want people to feel like it.
2:20
[SPEAKER_00]: This is only for business owners.
2:21
[SPEAKER_03]: Of course, yeah.
2:22
[SPEAKER_03]: Now, I would say the tax code was created for business owners, because business owners, we are taking on the risk, you have this beautiful studio, you have a great empire that you've built, you took on the risk, so because you took on the risk, the IRS will reward you for that.
2:38
[SPEAKER_03]: So, as a W2 employee, yes, you can
2:41
[SPEAKER_03]: accumulates your wealth, A by Max and not your 401k, A by doing an HSA account, where you can put up the $8,000 a year, and A just say, yeah, health savings account.
2:51
[SPEAKER_03]: So a health savings account, anybody that's a W2 employee, if you have a high deductible health plan, you could have it per tax code 2025.
3:01
[SPEAKER_03]: We're able to put $8600 into that, and this tax deferers.
3:04
[SPEAKER_03]: Let's say as a W2 employee, I make $100,000.
3:07
[SPEAKER_03]: That $100,000, I put $8,000 in, that decreases the value that I'm taxed.
3:11
[SPEAKER_03]: I'm taxed that from $100,000 to $92,000.
3:14
[SPEAKER_03]: It doesn't stop there, though, because you have triple tax advantage.
3:17
[SPEAKER_03]: It's the only thing out there where triple tax advantage.
3:20
[SPEAKER_03]: Number two, it grows tax defer, so as my investments in that account grows, I don't pay taxes year by year when it goes up.
3:27
[SPEAKER_03]: But then number three, if I take it out, for anything prescription related, health insurance related, by the end.
3:35
[SPEAKER_03]: the gym.
3:36
[SPEAKER_03]: If your doctor prescribes that, yes, but what about chiropractor, massage?
3:40
[SPEAKER_03]: Oh yeah, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh
3:54
[SPEAKER_03]: their weight wasn't not where it's supposed to be.
3:56
[SPEAKER_03]: So the doctor said, hey, if you get this, you're going to lose weight, you know, we approve this.
4:00
[SPEAKER_03]: So it isn't going to be with BBL.
4:02
[SPEAKER_03]: So when they took the money out of that account, didn't pay me taxes.
4:05
[SPEAKER_03]: So theoretically speaking, let's say for two years, I put $8,000 a piece.
4:08
[SPEAKER_03]: Is that $16,000?
4:10
[SPEAKER_03]: Two years later, it grows to $20,000.
4:13
[SPEAKER_03]: So that $4,000 a growth, I didn't pay taxes on.
4:16
[SPEAKER_03]: And when I pull it out, all $20,000, I get tax-free.
4:20
[SPEAKER_03]: So as a W2 employee, that's huge.
4:23
[SPEAKER_00]: So we have the IRS is intended to give you money, not take away.
4:28
[SPEAKER_00]: Yes, you can make, you don't have to be a millionaire to be wealthy.
4:31
[SPEAKER_00]: No, whichever.
4:33
[SPEAKER_00]: Which even like the idea of wealth itself, I find is, it is self-define, like what do you think about or what do you believe about when you believe about wealth?
4:41
[SPEAKER_00]: And that is the problem because of how we were raised.
4:43
[SPEAKER_00]: But okay, the third one.
4:45
[SPEAKER_03]: Yeah, well, no, we're speaking about wealth like when a client sits down with us, that's the first question to ask, what does wealth look like to you?
4:52
[SPEAKER_03]: because wealth looks totally different for me.
4:55
[SPEAKER_03]: It looks totally different to you.
4:56
[SPEAKER_03]: For a person that's billion-air, here she's gonna look at that different.
5:00
[SPEAKER_03]: For a person that's just getting out of college is trying to make it happen, looks different.
5:04
[SPEAKER_03]: So I cannot put my experiences on wealth when it comes to you.
5:08
[SPEAKER_03]: and how I think about wealth and vice versa.
5:11
[SPEAKER_03]: So we like to walk a person through what their wealth looks like and how to accelerate that.
5:16
[SPEAKER_03]: So because if you have a limited belief on something, then you can't see further.
5:21
[SPEAKER_03]: So if we're able to help you accelerate your wealth, then over time, you're going to see further, your mind is going to grow, you're going to feel more wealthy because your pink account shows it.
5:30
[SPEAKER_03]: They just help save your body.
5:31
[SPEAKER_00]: So what's your definition of wealth?
5:33
[SPEAKER_00]: Or right now.
5:34
[SPEAKER_03]: All right now, right now.
5:36
[SPEAKER_03]: Oh man, so 10 years ago, my definition was a lot different.
5:40
[SPEAKER_03]: Like now, I'm to the point, because of our business growing, because the things that we've done, well, it looks like how can I pass down hundreds of me and dollars to my family?
5:49
[SPEAKER_03]: Five years ago, it was how can I pass down five or 10 million to my family?
5:53
[SPEAKER_03]: But because of leverage, because of using the tax code to our advantage, because of buying things like real estate, being a depreciate everything we're doing, buying things like oil.
6:01
[SPEAKER_03]: Right, allowing my money to grow and have an irrespective of what that oil, oh, yes.
6:07
[SPEAKER_03]: Yeah.
6:07
[SPEAKER_03]: Yeah.
6:07
[SPEAKER_00]: Yeah.
6:07
[SPEAKER_00]: Like oil planting.
6:08
[SPEAKER_03]: No, no, like like like a I am missing oil company.
6:11
[SPEAKER_03]: It's called a North Texas oil company a perfectly next year.
6:14
[SPEAKER_03]: We're going to hit the stop market.
6:16
[SPEAKER_03]: No, so yes.
6:17
[SPEAKER_03]: which is, I don't want to get in this oil thing.
6:20
[SPEAKER_03]: Yeah, we could talk about that, but we're going to go up public next year.
6:25
[SPEAKER_03]: But from a tax co-stand point, oil is actually one of the best things you can to to a diversify your assets.
6:32
[SPEAKER_03]: Now, as a sort of five financial plan, because I'm a CFP practitioner, I have to say, past performance, that's not guaranteed future results.
6:39
[SPEAKER_03]: So how an investment grows today,
6:42
[SPEAKER_03]: May grow more, may grow later down the road, we don't know, right?
6:46
[SPEAKER_03]: Because only the Lord knows the future, not me or you would just hear, right?
6:50
[SPEAKER_03]: But the great thing with oil was that when I put money into an oil investment, I get to write that off towards my W2 income.
6:59
[SPEAKER_03]: So as a W2 employee, you make it $100,000.
7:01
[SPEAKER_03]: Let's say I put $25,000 in an oil production company.
7:05
[SPEAKER_03]: That immediately means that I'm not taxed on $100,000.
7:08
[SPEAKER_03]: I'm taxed on 75,000 right historically, again, nobody knows for future, historically, it's going to make you about 6% a year, right?
7:16
[SPEAKER_03]: So you have some type of dividend, quote, unquote, dividend, paying and best with that page you, so hopefully, if that oil hits, and you know that manufacturer company does this whole thing do, it's going to grow more, you're going to make more money.
7:28
[SPEAKER_00]: You say it you say it it's an over simplification when you say it and I get that's what what people tend to say you said you make $100,000 and let's just say you get you take 25,000 and then you give it I think what I want the listeners are watching to know is that.
7:46
[SPEAKER_00]: you need to live below your means of course and most people most people who are heavy savers because we're talking we're talking to people who feel who still feel broke even though they make money like I know people who're making six figures that like have it tight and they're not generous and they'll never pay for a meal and they live below their means but there's it's like a weird tension but I but you could only do this if you have the excess
8:11
[SPEAKER_00]: from your paycheck to do this.
8:13
[SPEAKER_03]: Yeah, correct.
8:14
[SPEAKER_03]: Yeah, what is the 50 2030 rule, right?
8:16
[SPEAKER_03]: Well, 50 30 20, how do you want to say it?
8:18
[SPEAKER_03]: So we always recommend for everyone 100 others that you make after your time.
8:23
[SPEAKER_03]: You know, strongly recommend we type.
8:24
[SPEAKER_03]: That's just me and my conviction in the lower, but you do want to type our 10%.
8:28
[SPEAKER_00]: Hey, department fan, question for you.
8:30
[SPEAKER_00]: Based on you listening to this podcast, you probably are either looking to grow your personal brand this year, build your audience online and just stop chasing business and start to have business chasing you.
8:41
[SPEAKER_00]: If that's you, I want to invite you to the content to cash challenge.
8:45
[SPEAKER_00]: This is a five day coaching experience, a live coaching experience with myself.
8:49
[SPEAKER_00]: that's done all on Zoom and you get access to a private community and it really is unlike any other experience that I offer.
8:56
[SPEAKER_00]: By the end of the challenge you'll have unreal clarity on what you're supposed to do online and you'll have the insight on how you can make an extra six or even seven figures.
9:05
[SPEAKER_00]: Yes, I said seven figures in your business.
9:08
[SPEAKER_00]: this year.
9:09
[SPEAKER_00]: And if any of those things sound great to you, I want you to join the next content to cast challenge.
9:13
[SPEAKER_00]: Scan the QR code if you're watching on a television or click the link in the description.
9:17
[SPEAKER_00]: Once you go through it, go ahead and upgrade to VIP because you'll get an extra hour of bonus VIP Q&A with me every single day of the challenge and so looking forward to seeing you there.
9:27
[SPEAKER_00]: Let's get back into the combo.
9:29
[SPEAKER_00]: But after that, well, yeah, can I just stop right there?
9:31
[SPEAKER_00]: Because like one time I was on a podcast, one of my first few episodes, and I brought up the guess, actually brought up the tie, then how the church just wants to take from you, and then we got into the tie, then he thought it was like a payment, but it's 10% of whatever you bring in.
9:50
[SPEAKER_00]: Correct.
9:51
[SPEAKER_00]: Because I believe 100% is God's.
9:54
[SPEAKER_00]: Well, I just want you to just briefly share real quick.
9:58
[SPEAKER_00]: shape your life or your view of money, just just hiding.
10:02
[SPEAKER_03]: Oh my gosh.
10:03
[SPEAKER_03]: So you might not be able to see this, but like the name of my firm is called Tom's Financial.
10:08
[SPEAKER_03]: It stands for a type, offering arms, means stewardship.
10:13
[SPEAKER_03]: So if me and my firm is not doing best for your money,
10:18
[SPEAKER_03]: would not be in good stew as of your money, not able to type more, than offer more in arms, which is given glory to God.
10:25
[SPEAKER_03]: And I think my gift is through finances.
10:28
[SPEAKER_00]: Bro.
10:31
[SPEAKER_00]: I just got chills, because it's people trust financial advisors who don't even trust God with their money.
10:39
[SPEAKER_00]: Like, how many CPAs do we work with?
10:42
[SPEAKER_00]: How many financial, they're stewarding, or they're managing our money, but they themselves have a money problem.
10:49
[SPEAKER_03]: Can I let you, and I know you have better number of vendors way or can I kind of like a fellowship to you real quick, right?
10:57
[SPEAKER_03]: So like my course, you know, I've grew up in the church.
11:01
[SPEAKER_03]: I'm going to choir.
11:02
[SPEAKER_03]: I can't sing.
11:03
[SPEAKER_03]: If I sing now, all these glasses will break because my voice is horrible, right?
11:06
[SPEAKER_03]: But I want to talk about the seed, but I was, so I grew up in the church.
11:11
[SPEAKER_03]: So when I was in the military and everything I was for a reason so I was in the military I got activated because I was a reservist So we're in Kuwait everybody else did not rack fight in 2003.
11:22
[SPEAKER_03]: I was a certified paper pusher 71 lemma.
11:24
[SPEAKER_03]: All my 71 series out there.
11:25
[SPEAKER_03]: Thank y'all for y'all service I'll pay what puts us out in the world.
11:27
[SPEAKER_00]: It always meant services officer.
11:29
[SPEAKER_00]: Okay.
11:29
[SPEAKER_00]: Okay.
11:30
[SPEAKER_00]: Okay.
11:30
[SPEAKER_00]: You know then
11:31
[SPEAKER_03]: So yeah, so I was playing basketball and I spray my ankle.
11:35
[SPEAKER_03]: So I had to have a cast, but then they said, hey, let's just do a cat scan, a cat scan on you.
11:40
[SPEAKER_03]: I said to the cast scan, they found a blood clot.
11:42
[SPEAKER_03]: I had no idea.
11:43
[SPEAKER_03]: They said that they did not remove that blood clot in 72 hours, I would have died.
11:47
[SPEAKER_03]: So like you think about for me, being in college, when we got activated, I don't want to get took an out of school, right?
11:53
[SPEAKER_03]: But I was, right, me being over there.
11:56
[SPEAKER_03]: I didn't have to be doing PT, I could have just chilling.
11:58
[SPEAKER_03]: But like all those steps that got to me a point to having the spray and ankle where I had a cast there for me to move a blood clot and know about, I'm here today.
12:05
[SPEAKER_03]: So like, I always give glory to God whenever I have a chance, I always give glory to God with my giving because of not for the Lord.
12:12
[SPEAKER_03]: I would not be here today.
12:13
[SPEAKER_03]: So I say like the Lord put me here for a reason.
12:16
[SPEAKER_03]: I think my reason is financial literacy, helping people grow financially, go to their welfare care, then give their money back to the house.
12:24
[SPEAKER_00]: Yeah, that's good.
12:25
[SPEAKER_00]: Yeah, and I think if you don't believe what we believe, that's okay, what it is though, is it is a principle?
12:32
[SPEAKER_00]: It's not a religious duty.
12:34
[SPEAKER_00]: I know people that don't know, don't read the Bible, don't know God, would consider themselves atheists, but they still tithe, and they give their money, or they give 10% of their money because they understand the principle of it.
12:52
[SPEAKER_00]: Um, and you know, their version is a, you know, it's kissing their ring.
12:57
[SPEAKER_00]: But this is what I love about business, biblical principles is that they're, there are no respect or a person, you actually don't have to believe what we believe to apply a principle, right, that is rooted in truth and not see the fruit of it.
13:12
[SPEAKER_03]: Yeah.
13:13
[SPEAKER_03]: But anyway, let's know.
13:14
[SPEAKER_03]: So as S, S, S, S, that's, that's a great, great mindset because to your point like,
13:19
[SPEAKER_03]: I give because it's out of my heart, but you're saying people are giving out of their heart, even though they don't believe in a Lord.
13:27
[SPEAKER_00]: Because they see, they see that it works.
13:30
[SPEAKER_03]: Oh, so you think they do it as a transaction?
13:33
[SPEAKER_00]: I mean, yeah.
13:36
[SPEAKER_00]: Like I, and here's why it works.
13:38
[SPEAKER_00]: It works because it says in Malachi.
13:41
[SPEAKER_00]: Test me in this and see that I won't open up the flevism.
13:45
[SPEAKER_00]: It's test me in the type, but yeah, because there is a fruit to the tithe, right?
13:51
[SPEAKER_00]: The fruit is, if you ask any, there's two testimonies.
13:55
[SPEAKER_00]: You ask somebody who tides, why do you type, or why do you give your money?
14:00
[SPEAKER_00]: The answer is because I'm blessed.
14:03
[SPEAKER_00]: You can ask a person who makes the same amount of money.
14:05
[SPEAKER_00]: and doesn't tie it and you ask them why don't you give your money away?
14:09
[SPEAKER_00]: Well, because I can't afford it.
14:12
[SPEAKER_00]: Like, it's all based on what you believe giving of your money does.
14:18
[SPEAKER_03]: So because you are, or they, so I had to ask this question is because you know, you know, Jesus flipped over the tables in the church, right?
14:25
[SPEAKER_03]: So, so do you think the Lord looks at that as a negative way because of this transactional?
14:31
[SPEAKER_00]: Sure.
14:32
[SPEAKER_00]: Okay.
14:34
[SPEAKER_00]: But when a principal is put in a place, it's no respecter person.
14:40
[SPEAKER_00]: It works whatever you believe.
14:44
[SPEAKER_00]: Because it's in our heart.
14:46
[SPEAKER_00]: Yeah, so I think in good faith, you know, I've seen, I've seen a high level entrepreneurs do these like, you know, outreaches during the holidays.
14:59
[SPEAKER_00]: Like we're shooting this during like the holiday season kind of and it keeps them going.
15:04
[SPEAKER_00]: It's like, you know, now I feel like numerically most kingdom entrepreneurs give a lot more even though they make a lot less than super wealthy individuals, you know,
15:16
[SPEAKER_00]: But I'm just saying, the principle of tithing, it works.
15:19
[SPEAKER_00]: Now, it does say in the New Testament that God loves a cheerful giver that has nothing to do with the outcome of the gift, though, because if you acknowledge that this isn't mine and I'm giving it, and even though you don't understand it all, you get the benefit of that transaction.
15:45
[SPEAKER_03]: Uh, when our clients tie, if we actually have an advanced way for them to tie, they're going to actually give more and have the IRS pay them more for that.
15:53
[SPEAKER_03]: So yeah, so you have what you call a donor vise fun.
15:56
[SPEAKER_03]: So a donor vise fun is where you put money in.
15:59
[SPEAKER_03]: and the money grows and that you can give that to a charity whenever you want to.
16:03
[SPEAKER_03]: So say, say, for instance, where you know, putting a say $1,000 a make up a number of $1,000 a month.
16:09
[SPEAKER_03]: So I make under 20 years, I'm doing 10% $1,000 a month, right?
16:13
[SPEAKER_03]: Instead of it, instead of giving it directly to the church per se, moth by moth.
16:17
[SPEAKER_03]: We opened up a donor vice fund and then every single month that $1,000 was that donor vice fund We're prayerfully over the year now again past performance is not guaranteed future results But if I put it in the index fund on average an index fund makes about eight to ten percent a year, right?
16:32
[SPEAKER_03]: So let's say on that that 12,000 dollars over the course of year now is 15,000 That's in the year.
16:37
[SPEAKER_03]: This is my type.
16:38
[SPEAKER_03]: So I'm not giving 12,000 15,000
16:42
[SPEAKER_00]: So, yes.
16:44
[SPEAKER_00]: So, I mean, I'll interpret that from what I think is like like a high-yield savings account.
16:50
[SPEAKER_00]: So instead of, instead of giving, you give it, you still give it to the account and it's still leaving you.
16:58
[SPEAKER_00]: It's still leaving you.
16:59
[SPEAKER_00]: Correct.
17:00
[SPEAKER_00]: And I never actually leaves you.
17:01
[SPEAKER_00]: I think in the spirit, right?
17:02
[SPEAKER_00]: But you're saying you just give your tie that the end of the year.
17:05
[SPEAKER_00]: Correct.
17:06
[SPEAKER_00]: Because you allowed it to accumulate.
17:12
[SPEAKER_00]: do I want to ask us the right way?
17:17
[SPEAKER_00]: Do you feel like God cares about the number or do you think he cares about the order?
17:25
[SPEAKER_00]: Would God rather have the first 12,000?
17:30
[SPEAKER_00]: or would he love the fact that you gave 15?
17:34
[SPEAKER_00]: Because I could see how even this gets, you know, that can get gray.
17:38
[SPEAKER_00]: The number one question I usually get asked by people like you is, Omar, how the heck does your videos look and sounds so dang crispy?
17:45
[SPEAKER_00]: Well, the reality is it's the equipment I use and you'd be surprised how inexpensive it could actually be.
17:51
[SPEAKER_00]: So I've compiled all my gear and I've updated the list and I want to give it to you.
17:55
[SPEAKER_00]: So if you're listening or watching this, just hit the description box below and I'll send you my gear guide for every budget.
18:01
[SPEAKER_00]: Now let's get back into the conversation.
18:03
[SPEAKER_03]: I think God loves that you gave a 12 because you gave, right?
18:06
[SPEAKER_03]: Because you have to give with a cheerful heart.
18:09
[SPEAKER_03]: Yeah.
18:09
[SPEAKER_03]: So I'm, I'm cheerfully giving now from a strategy standpoint because we of course we have man in the flesh, right?
18:14
[SPEAKER_03]: So the flesh, is like, how can I make sure that you're doing what you are going to do any ways which is giving and have the IRS help you do so.
18:24
[SPEAKER_03]: So that's what kind of the flesh strategy comes in.
18:26
[SPEAKER_00]: Okay.
18:26
[SPEAKER_00]: If I don't do that, and we just give.
18:30
[SPEAKER_03]: to the 12,000, then it's still 12,000, and then the church does whatever they want, and then, and out of that, it's out of your pocket.
18:38
[SPEAKER_03]: So a lot of times, when it comes to type, I know we'll talk about business and money, but I mean, without the law, we'll be, you know.
18:45
[SPEAKER_00]: But I also, I mean, I think, like, I think people make money and still feel broke because they don't know how to give money, though.
18:52
[SPEAKER_00]: Right?
18:53
[SPEAKER_00]: Like giving money breaks a spirit of greed.
18:57
[SPEAKER_00]: Correct.
18:58
[SPEAKER_00]: And it helps you realize that like it helps you be more grateful for what you do have.
19:05
[SPEAKER_03]: Yeah.
19:05
[SPEAKER_03]: It gives you discipline.
19:06
[SPEAKER_00]: It gives you discipline.
19:07
[SPEAKER_03]: And as a business owner or W2 employee that's trying to kind of up the corporate ladder, the more discipline that you are, the more that's going to help you in your career.
19:16
[SPEAKER_03]: Yep.
19:16
[SPEAKER_03]: So it's discipline.
19:17
[SPEAKER_03]: But know what I was saying, so when the money's gone, it's gone on.
19:20
[SPEAKER_03]: So people sell the time, like, okay, why do you tie a X no matter, I'm not going to give money to the Lord because the church, the pastors on the plains and these helicopters don't know what he's doing with the money, with that's him.
19:31
[SPEAKER_03]: His covenant to the Lord is what he's got going on.
19:34
[SPEAKER_03]: What I got going on is I suppose to get it with the sheriff's heart and I'm cheerfully given, whatever they do with the money, that's their thing.
19:41
[SPEAKER_03]: I go to heaven because my axis and my will, my will be in done here on earth as it is in heaven.
19:46
[SPEAKER_03]: So if I give, like I'm supposed to do accordingly, then the law is going to reward before.
19:52
[SPEAKER_00]: Okay, so if somebody's listening to this, and they're like, okay, this is like the first time I've ever heard this, maybe I don't even go to a church.
20:00
[SPEAKER_00]: Like, how would you encourage somebody, whether they believe in God or they don't to start being generous with what they do have?
20:07
[SPEAKER_03]: Yeah, yeah, yeah.
20:09
[SPEAKER_03]: Well, first, I always say pray.
20:11
[SPEAKER_03]: Before you make any financial decision, you definitely need to pray.
20:14
[SPEAKER_03]: So once the law puts on your spirit,
20:16
[SPEAKER_03]: them, then we go.
20:17
[SPEAKER_03]: Right, so is that either, again, if you want to do a donor vice fund, you're talking to your certified financial plan like myself or your financial visor.
20:24
[SPEAKER_03]: getting that set up.
20:26
[SPEAKER_03]: If you just want to give directly to the church, just do it systematically, like we've invested, we call it dollar cost averaging.
20:31
[SPEAKER_03]: We put the same amount of money in, so you build it up that discipline, right?
20:35
[SPEAKER_03]: You're increasing your character as a Christian, so you just do the same.
20:38
[SPEAKER_03]: You would say, hey, I'm going to put in x amount of dollars that I can afford.
20:41
[SPEAKER_03]: So it might not be 10% and that goes back to the 50, 30, 20 rule that I taught the
20:51
[SPEAKER_03]: mortgage car payment rent things that I need to do on the month of basis right that's 50% or 50 dollars then the extra 30 dollars should go towards once concert tickets you know going out of town vacation things that I don't necessarily need but I want yes and then the other 20%
21:11
[SPEAKER_03]: that's taxes and investing, right?
21:14
[SPEAKER_03]: And it reads always say taxes because again, the IRS is your biggest and most important business partner.
21:19
[SPEAKER_03]: So we want to pair quality taxes, of course, but then also investing because over time, investing is going to accelerate your wealth.
21:26
[SPEAKER_03]: And that's how we go from a wealth builder to a wealth creator.
21:31
[SPEAKER_03]: And that's kind of like the, that's the path of financial success you want to go on.
21:35
[SPEAKER_03]: We want to be a,
21:36
[SPEAKER_03]: So we're building our wealth right but at the end of the day we want to create wealth and that's kind of the the flow of wealth creation So you're saying Learn to live on 80% 80% correct dude.
21:48
[SPEAKER_00]: I'm so glad I caught this at a very young age Because I got saved at 20 and Discovered Dave Ramsey and financial piece of university and that was kind of the biggest
22:01
[SPEAKER_00]: you know, lifestyle thing that I made right away.
22:05
[SPEAKER_00]: It was give the first 10, save 10, learn to live off 80.
22:10
[SPEAKER_00]: And once I started realizing I could live off even way less than I started living off way less and I started saving more.
22:18
[SPEAKER_00]: And, and it just, it taught me to, I don't need to always upgrade lifestyle or increase that, that 50% that you're saying.
22:28
[SPEAKER_00]: But I think what happens is when we talk about money, people tend to have this thought.
22:34
[SPEAKER_00]: It's like it's easy for you to say at this point in time.
22:37
[SPEAKER_00]: How would you help somebody go through what they're currently putting their money toward and assess,
22:47
[SPEAKER_00]: You got Dave Ramsey saying, like, don't get in debt and stop buying the latte and stop doing this and then you have, like, that ramen guy saying, yeah, by the deck on latte and ask for a raise at work and get your internet build down.
23:02
[SPEAKER_00]: Like, so, like, where do you fall in the spectrum of, is debt good or is that bad?
23:06
[SPEAKER_03]: Yeah.
23:07
[SPEAKER_03]: Well, so I, like, most of the people I am in tune to this question because I've
23:15
[SPEAKER_03]: So for six years, I was actually Dave Ramsey, Smart Vester, where I was actually on his website.
23:20
[SPEAKER_03]: He promoted me.
23:21
[SPEAKER_03]: There was five, you know, financial vizzy, promoted Jackson, I was one of them with the whole university.
23:27
[SPEAKER_03]: But I tell clients today, I apologize, because even though it's great information in my opinion, the information pigeonholers, a lot of people from accelerated and growing their wealth, right?
23:39
[SPEAKER_03]: You have good debt and you have bad debt.
23:42
[SPEAKER_03]: And again, Dave was a great guy, great guy.
23:44
[SPEAKER_03]: But for my dead standpoint, we need dead and to accelerate your finances and leverage which we all need to grow, we have to use dead.
23:54
[SPEAKER_03]: So when we think about paying everything off with your house, I mean, paying everything off and cash or buying the house, cash, that's really not the best way to do it.
24:02
[SPEAKER_03]: Yes, psychologically it feels good.
24:05
[SPEAKER_03]: We don't have bills.
24:07
[SPEAKER_03]: If we don't have debt, right, when we save, but like financially speaking,
24:12
[SPEAKER_03]: right.
24:12
[SPEAKER_03]: So if I have a hundred thousand dollars in my savings account, would I be better taking all a hundred thousand dollars and buying it in the asset?
24:21
[SPEAKER_03]: So I have one asset, would I be smarter to have two assets where I take 20,000 in the phone for down payment, have one asset that's a house that's growing cash flowing.
24:32
[SPEAKER_03]: And now my 80,000 is left, that's invested in something that's growing as well.
24:35
[SPEAKER_03]: I have two assets instead of one.
24:37
[SPEAKER_03]: Let me ask you a question.
24:38
[SPEAKER_03]: Would you rather have one asset or two?
24:41
[SPEAKER_03]: my point.
24:41
[SPEAKER_03]: So then that whole model of not having dead, it just doesn't make any sense.
24:47
[SPEAKER_03]: Yeah.
24:47
[SPEAKER_03]: And now Dave has had from referral standpoint.
24:51
[SPEAKER_03]: I've made a lot of money because of Dave referring me through his website.
24:56
[SPEAKER_03]: So I'm not anti-dave ribs as a person.
24:58
[SPEAKER_00]: And I think he's for the, he's for the majority of the population who literally don't have self-control whatsoever when it comes to finances.
25:08
[SPEAKER_00]: Yeah.
25:09
[SPEAKER_03]: And at a great point, that's where playing comes in a place.
25:11
[SPEAKER_03]: And that's why it's important to use a certified financial planner, right?
25:15
[SPEAKER_03]: Because he or she is going to create a plan.
25:17
[SPEAKER_03]: Now, falls back to being disciplined.
25:19
[SPEAKER_03]: If you are disciplined to stick to that plan, then over time, you'll wealth your growth.
25:24
[SPEAKER_03]: So using that leverage.
25:26
[SPEAKER_03]: Now, because I bought that house, guess what I better to do, ready to do a cost of a gaseous study, right?
25:31
[SPEAKER_03]: Now that that $200,000 house.
25:33
[SPEAKER_00]: Which by the way, I met a guy or some guy came to my workshop this last week.
25:37
[SPEAKER_00]: who does really well financially has a huge audience, huge followers, has been in business.
25:41
[SPEAKER_00]: And he said he's selling his office space in downtown Boise, like right now.
25:48
[SPEAKER_00]: And that, and he shows me, it's a beautiful office.
25:52
[SPEAKER_00]: And I said, why are you selling it?
25:53
[SPEAKER_00]: And he's like, because I need some of that equity right now.
25:56
[SPEAKER_00]: And I asked him, he bought it in like 2020 or 2019.
26:00
[SPEAKER_00]: I asked him, did you do a cost segregation study on this property?
26:05
[SPEAKER_00]: It's an investment property.
26:07
[SPEAKER_00]: He's like, what's that?
26:09
[SPEAKER_04]: Wow.
26:09
[SPEAKER_00]: I had my other friend Steve.
26:12
[SPEAKER_00]: He bought a million dollar building three years ago.
26:16
[SPEAKER_00]: a year later opens up a brokerage.
26:19
[SPEAKER_00]: He has a hundred agents now.
26:21
[SPEAKER_00]: He called me the other month and he was like, hey dude, free in.
26:25
[SPEAKER_00]: I got my tax bills like over 100 something K. I said, Steve, did you do a cost-sig study on your building?
26:32
[SPEAKER_00]: He said, no, what's that?
26:33
[SPEAKER_03]: Okay, take the reason why, right?
26:35
[SPEAKER_03]: And this is, I think, why we have when the largest black-on-investor firms in Florida and maybe in the country because at a certified financial planner, most financial planners or financial advisors, they get paid on assets, it's called AUM, assets and the management.
26:50
[SPEAKER_03]: So, when they're doing tax strategies for the clients or when they're having their clients, take their money out the market to put somewhere else, they're not making any money.
26:58
[SPEAKER_03]: They're losing money.
26:59
[SPEAKER_03]: So, your advisor, your planner, is probably not telling you to do these things because it is indirectly hurting their pockets, right?
27:05
[SPEAKER_03]: And they want to keep you happy as a client and they want to make money as well.
27:09
[SPEAKER_03]: So, you're not getting that correct information.
27:11
[SPEAKER_03]: But the cost of a gase and study allows you to just do a lot more things.
27:15
[SPEAKER_03]: So, again, using that $100,000, right?
27:17
[SPEAKER_03]: Take that amount of investment account.
27:18
[SPEAKER_03]: Now, and how it works is that the IRS, they say on an investment property, you have 27 years to basically depreciate.
27:29
[SPEAKER_03]: So things like your landscape and things like the drywall, that's going to depreciate over time.
27:34
[SPEAKER_03]: So the IRS, over 27 years, let's you kind of get that back.
27:38
[SPEAKER_03]: If you have a commercial building, it's 39 years, right?
27:40
[SPEAKER_03]: So for your first theme, it's been 39 years.
27:43
[SPEAKER_03]: Oh, wow.
27:43
[SPEAKER_03]: So.
27:44
[SPEAKER_03]: Let's say on $150,000, so the house is $200,000, because of course you're the land, it appreciates.
27:49
[SPEAKER_03]: So you can't depreciate that.
27:50
[SPEAKER_03]: So out of $200,000, this is $150,000.
27:52
[SPEAKER_00]: Well, this used me as an example.
27:54
[SPEAKER_00]: OK, yeah.
27:56
[SPEAKER_00]: We recently bought a short-term rental property.
27:58
[SPEAKER_00]: It was a $570,000.
28:00
[SPEAKER_00]: Based on that number, do you want to know how much I put down?
28:06
[SPEAKER_00]: Or do I just want to know how much should I get off my taxes this year, because we purchase that property?
28:12
[SPEAKER_00]: So, um, so, and my wife's a real estate.
28:16
[SPEAKER_00]: Oh, man, professional catch you guys.
28:18
[SPEAKER_00]: I'm listening to the social media's.
28:20
[SPEAKER_00]: Okay, um, she's a real estate professional.
28:23
[SPEAKER_00]: We just got our first booking literally a couple of days ago.
28:26
[SPEAKER_00]: Awesome.
28:27
[SPEAKER_00]: Um, and yeah, but I, I heard the number on a projection standpoint of how much I should be able to deduct off our taxes this year.
28:35
[SPEAKER_03]: Yeah.
28:35
[SPEAKER_00]: I didn't feel like it was big enough.
28:37
[SPEAKER_00]: Personally.
28:38
[SPEAKER_00]: Yeah.
28:38
[SPEAKER_00]: So, so I think, but on a 500 and
28:40
[SPEAKER_03]: Yeah, so let's say on 570,000, let's just say a 120,000 is a land.
28:45
[SPEAKER_03]: Let's say 70,000, make it easier.
28:47
[SPEAKER_03]: So 70,000 is a land 500,000 is the actual structure, right?
28:51
[SPEAKER_03]: So how to cost, say, works is that basically, over, instead of 27 years, over five years, Iris says, hey,
28:57
[SPEAKER_03]: And five years you're able to kind of deduct this.
28:59
[SPEAKER_03]: So that should be a $100,000 deduction every single year.
29:02
[SPEAKER_03]: So if you guys in the business, I know you do a lot of creative things, but let's say instead of making a say a million dollars, that's gonna bring it down to a million to $900,000.
29:12
[SPEAKER_03]: That does include anything else that you have going on, right?
29:16
[SPEAKER_03]: So this is a great way for you to have money and something.
29:20
[SPEAKER_03]: And then the IRS is rewarding you for, which I went back earlier and said, the IRS is your biggest business partner.
29:27
[SPEAKER_03]: So back to the whole debt or no debt, if you didn't do that, then you wouldn't have a $100,000 tax deduction, and you'd be in a 37% tax bracket.
29:35
[SPEAKER_03]: That's 37,000 dollars of real money that the IRS is not taking from you that stays in your pocket.
29:41
[SPEAKER_03]: That's over five years, right?
29:42
[SPEAKER_03]: So over five, that's about $180,000 of money that stays in your pocket.
29:48
[SPEAKER_03]: Right?
29:48
[SPEAKER_03]: And then, of course, you have the cash flow.
29:51
[SPEAKER_03]: Right?
29:52
[SPEAKER_03]: So, the cash flow continues to come, so you make your money, and then the house is appreciating.
29:56
[SPEAKER_03]: Right?
29:57
[SPEAKER_03]: So, so the answer to your question to with the minutes ago, good debt and bad debt.
30:01
[SPEAKER_03]: I believe if it's leverage properly, and as you as properly, all debt is good debt.
30:06
[SPEAKER_03]: Now,
30:07
[SPEAKER_03]: Credit cards that you just get in credit cards because you're flexing and looking good for people, that's bad debt.
30:13
[SPEAKER_03]: But if you use it, correct even credit card.
30:15
[SPEAKER_03]: If you use it the proper way to buy businesses or to do manufacturer spending to buy real estate or buy oil like I said or put that money, hit the things into your business, like mentorship, and we have them when to say mentors, of course, like that's a ride-off and that's something for the tax standpoint that the IRS has paid you to do.
30:33
[SPEAKER_00]: I, a lot of people do invest in themselves with me and what I have found because it's usually their first biggest investment, which I love.
30:45
[SPEAKER_00]: I'm so glad that many people's first big investment in themselves with me because I have integrity.
30:50
[SPEAKER_00]: I'm not some sleazeball, you know, and I have found
30:54
[SPEAKER_00]: that most people don't see it that way.
30:56
[SPEAKER_00]: They always feel like money is leaving them when it's leaving them.
31:01
[SPEAKER_00]: When they're making a transaction, they feel like it's taking.
31:05
[SPEAKER_00]: So somebody actually apologized to me for not being able to join my coaching program.
31:12
[SPEAKER_00]: and although I understand that they were just projecting what was really, but they felt like they were doing me a favor, or maybe my business a favor, or maybe my family a favor by joining my coaching program when in all reality, which would mean it's leaving you.
31:32
[SPEAKER_00]: if you invest in yourself, you're saying it's a 100% tax deduction, how to process the tax?
31:38
[SPEAKER_00]: Okay.
31:38
[SPEAKER_00]: If the thing or the program that you're investing in with has a cool location where they have some sort of events, let's call it Las Vegas Nevada, you're saying even coming here is a right off.
31:57
[SPEAKER_03]: Oh, I'm living in it, like right now as we speak, experience wise, like so it's, you know, it's the holiday season, right?
32:03
[SPEAKER_03]: So I'm, oh, did I love this?
32:05
[SPEAKER_03]: Yeah, yeah, yeah, yeah.
32:06
[SPEAKER_03]: So my, my mother lives in Vegas, right?
32:10
[SPEAKER_03]: Every single year, we come to Vegas.
32:12
[SPEAKER_03]: I find different ways to write it off.
32:14
[SPEAKER_03]: This year, I'm in this amazing space with an amazing podcast that they'm Omar, right?
32:19
[SPEAKER_03]: So guess what?
32:20
[SPEAKER_03]: It is a business activity.
32:21
[SPEAKER_03]: per the IRS of his four hours of more throughout the day that a whole day is a bit of activity.
32:25
[SPEAKER_03]: So when I flew in yesterday, that's going to be a tax deduction.
32:29
[SPEAKER_03]: My lodging, that is a tax deduction tomorrow, I'm going to do a coaching call.
32:34
[SPEAKER_03]: That's going now that's a bit of activity as a tax deduction on Wednesday because I do real estate and in my operating agreement, very important as a bit of so on to have an operating agreement.
32:42
[SPEAKER_03]: My operator group is says that I do real estate outside of Florida.
32:46
[SPEAKER_03]: So I'm going to see a real estate agent.
32:48
[SPEAKER_03]: I'm going to look at houses for two hours.
32:50
[SPEAKER_03]: It took me a half an hour to drive to her, half an hour to drive back.
32:54
[SPEAKER_03]: That's three hours and then one hour.
32:55
[SPEAKER_03]: I'm taking her out the lunch.
32:56
[SPEAKER_03]: We're talking about real estate.
32:57
[SPEAKER_03]: So now that is a, this whole trip is a tax deduction.
33:02
[SPEAKER_03]: So I am helping my business.
33:04
[SPEAKER_03]: I'm getting great information from you.
33:06
[SPEAKER_03]: I'm helping my clients.
33:07
[SPEAKER_03]: I'm helping myself self development and IRS is paying me for it.
33:11
[SPEAKER_03]: So when I say that the IRS is your biggest business part and that you ever have, we are living proof as we speak.
33:17
[SPEAKER_00]: Really good.
33:18
[SPEAKER_00]: Dude, it's just, I want people to know that money.
33:22
[SPEAKER_00]: as it's intended to be, is intended to be used.
33:27
[SPEAKER_00]: And you're talking about not racking up credit card debt and buying dumb stuff and things you for the, don't need, there's, I think the word is consumption.
33:39
[SPEAKER_00]: Like don't buy things that once you buy I'm have zero value.
33:44
[SPEAKER_00]: I've learned if you won't even buy something.
33:47
[SPEAKER_00]: This is why it's made me like a better buyer is like I buy quality things because it makes the dollar go further the longer the thing I bought last.
33:56
[SPEAKER_00]: Right.
33:57
[SPEAKER_00]: Sometimes, so funny story art, my video guy, we went to Nebraska and he saw this really cool jacket.
34:05
[SPEAKER_00]: He's never bought a jackal jacket more than maybe a couple hundred bucks or a hundred bucks.
34:10
[SPEAKER_00]: And we go into this cool store called, what was it called?
34:12
[SPEAKER_00]: Overland.
34:14
[SPEAKER_00]: Everything is like US made hand-stitched leather goods.
34:19
[SPEAKER_00]: And we find this flight jacket.
34:21
[SPEAKER_00]: That's like a really cool color.
34:22
[SPEAKER_00]: And it fits in like a literally like a glove.
34:26
[SPEAKER_00]: Stay in.
34:26
[SPEAKER_00]: Yeah.
34:27
[SPEAKER_00]: And the jacket was how much was the jacket?
34:30
[SPEAKER_00]: There's a $500 jacket.
34:32
[SPEAKER_00]: Okay.
34:33
[SPEAKER_00]: Now.
34:35
[SPEAKER_00]: Art doesn't necessarily need the jacket, right?
34:38
[SPEAKER_00]: But I sometimes purchases allow you to see money differently because he would spend 500 bucks on whatever usual clothes, whatever, you know, like, or whatever consumption things.
34:53
[SPEAKER_00]: He might, I was like, wrote just by the jacket, which by the way, overland has a
35:00
[SPEAKER_00]: lifetime satisfaction guarantee.
35:03
[SPEAKER_00]: Wow.
35:04
[SPEAKER_00]: I was like, wait a second, sir.
35:05
[SPEAKER_00]: You're telling me that in five years, if he's not satisfied right now with this jacket, he can bring it back for a full refund.
35:10
[SPEAKER_00]: He said yes.
35:10
[UNKNOWN]: Wow.
35:11
[SPEAKER_00]: What a crazy business model.
35:12
[SPEAKER_04]: That is crazy.
35:13
[SPEAKER_00]: Which removes the the risk from art buying this $500 jacket.
35:17
[SPEAKER_00]: So long story short.
35:18
[SPEAKER_00]: Art wore the jacket for the first
35:26
[SPEAKER_00]: like get through the lobby and to see without every single person giving him a compliment on this purchase.
35:33
[SPEAKER_00]: Now, I was teaching art that there are purchases you can make where your money does the talking.
35:41
[SPEAKER_00]: And art, you know, arts a contractor and he does, he has his own business and structure and all that stuff and I'm teaching him a lot of these things.
35:51
[SPEAKER_00]: But I want people in the, like, that isn't consumption per se because I, you know, I stepped into a whole thing where you can actually, like, what you're wearing, you're letting your money do the talking.
36:02
[SPEAKER_00]: I had to compliment what you were wearing.
36:04
[SPEAKER_04]: Right.
36:05
[SPEAKER_00]: Um, so,
36:07
[SPEAKER_00]: I just want people to see like, even this is how my mindset's been shifting over the years because I was always penny-pitching or buying the cheap thing.
36:16
[SPEAKER_00]: And buying the cheap thing with the credit card or buying something that doesn't have utility is yes, it's stupid and it's dumb debt.
36:27
[SPEAKER_00]: Now, art did pay for the jacket, like you didn't buy it on a credit card.
36:32
[SPEAKER_00]: I just think it's the type of purchases to that people are making.
36:35
[SPEAKER_03]: So it was a value shift from the company to art.
36:39
[SPEAKER_03]: So like can I talk about like the difference with a transit value perceived value?
36:42
[SPEAKER_00]: In transit value versus perceived value.
36:45
[SPEAKER_03]: Yeah, please.
36:45
[SPEAKER_03]: Yeah.
36:46
[SPEAKER_03]: So like, and from the best standpoint, so perceived value was like how much I'm going to make, right?
36:51
[SPEAKER_03]: So as a company,
36:53
[SPEAKER_03]: I invest $100.
36:55
[SPEAKER_03]: Well, as they're good.
36:56
[SPEAKER_03]: No, because we're talking about your audience, right?
36:58
[SPEAKER_03]: So as an investor, I invest $100 in something, right?
37:01
[SPEAKER_03]: My intrinsic value is, next year, that's going to grow from $100 to $200.
37:05
[SPEAKER_03]: It's a dollar amount on that, right?
37:07
[SPEAKER_03]: That's a dollar amount.
37:08
[SPEAKER_03]: The perceived value is, what am I going to be able to get from that?
37:12
[SPEAKER_03]: So when I invest in myself, I look at that as actually more value,
37:16
[SPEAKER_03]: perception, compared to intrinsic, because if I invest in myself, I have the ability to bring in more clients.
37:23
[SPEAKER_03]: You can't put a price on that.
37:24
[SPEAKER_03]: Be able to provide for my family ways I can't even think about.
37:27
[SPEAKER_03]: You can't put a price on that.
37:28
[SPEAKER_03]: Be able to travel the world and have the IRS pay me for that.
37:31
[SPEAKER_03]: You can't put a price on that.
37:32
[SPEAKER_03]: So when I invest in myself, my perceived value goes up.
37:37
[SPEAKER_03]: That's why I'm so important to have mentors like you, mentors like our mentor, my own go to, have coaches that coach you so that when you spend money, your perception of yourself goes up.
37:47
[SPEAKER_03]: When your perception goes up, then you mentally make better decisions.
37:51
[SPEAKER_03]: You are mentally in a better space.
37:52
[SPEAKER_03]: It's crazy.
37:53
[SPEAKER_03]: You're able to help your clients more.
37:54
[SPEAKER_03]: That's what says people are part.
37:56
[SPEAKER_03]: So people who have been like, I spent, you spent, I spent $100,000 on mentorship.
38:00
[SPEAKER_03]: Best money I could spend, because my perception about myself is that much higher.
38:04
[SPEAKER_03]: That means my clients are being service better.
38:06
[SPEAKER_03]: My business is growing more.
38:08
[SPEAKER_03]: I'm able to function.
38:09
[SPEAKER_03]: My wife's happy, a happy wife is a happy life.
38:12
[SPEAKER_03]: A happy house is a happy spouse.
38:13
[SPEAKER_03]: Everything is better because of my perception.
38:16
[SPEAKER_03]: And that's why we look at things.
38:17
[SPEAKER_03]: We should look at things from a perceived value standpoint.
38:20
[SPEAKER_03]: Yeah, not an intrinsic value standpoint.
38:22
[SPEAKER_00]: That's really good.
38:23
[SPEAKER_00]: Yeah, I would call it being a value-based buyer.
38:29
[SPEAKER_00]: Whenever your money goes toward something.
38:33
[SPEAKER_00]: consider the value that your money is going toward.
38:35
[SPEAKER_00]: Yeah.
38:36
[SPEAKER_00]: And when you say perceive value like I know this is so random, but like I love steak.
38:43
[SPEAKER_00]: I eat steak usually every night at home and we just buy it in bulk or whatever, but sometimes we go to the steak house and literally pay 10x for a steak that we could have just made at home.
38:53
[SPEAKER_00]: But it's just for the good time in the date night, right?
38:55
[SPEAKER_00]: But I judge people who buy lobster at steak houses.
39:00
[SPEAKER_00]: And, and I'm not saying I'm a judge of you like shrimp and lobster, but like when I think about value based buying and nutrients and even like feeling really good after the meal.
39:17
[SPEAKER_00]: Dude, a lobster is just crawling all over the ocean and like the shrimp is just squiggling over the thing.
39:23
[SPEAKER_00]: Yeah.
39:24
[SPEAKER_00]: Dude, a cow eats grass.
39:26
[SPEAKER_00]: Yeah.
39:27
[SPEAKER_00]: And like, it's chilling in the fields.
39:29
[SPEAKER_00]: Yeah.
39:29
[SPEAKER_00]: Um, but they're the same price.
39:32
[SPEAKER_04]: Yeah.
39:33
[SPEAKER_00]: And it's just a small example of truly like inherently which one has the more value.
39:40
[SPEAKER_04]: Right.
39:41
[SPEAKER_00]: And then also, I actually think on the nutrient standpoint, there's more nutrients in.
39:46
[SPEAKER_00]: And vegetarians and vegans are going to get mad at me and all that stuff.
39:49
[SPEAKER_00]: That's fine.
39:50
[SPEAKER_00]: But I just think when I think about a purchase, is this going to add like last example, and then we can keep it rolling.
39:58
[SPEAKER_00]: is myron came here to golf and he was doing an event.
40:03
[SPEAKER_00]: So I picked him up to go to this golf course and we're talking, he just bought like a really nice home and his wife wants to like renovate it.
40:11
[SPEAKER_00]: And it's a big renovation budget.
40:13
[SPEAKER_00]: And obviously, let's do it.
40:16
[SPEAKER_00]: But he was telling me how, like, those kinds of putting my money in those kinds of things is tough for me because it doesn't necessarily have like a crazy benefit from his point of view.
40:31
[SPEAKER_00]: You know, like he's like, I want to do my golf simulator, which is going to have a crazy benefit.
40:34
[SPEAKER_00]: But he's like, dude, I'm fine with the kitchen.
40:36
[SPEAKER_00]: I don't care about the tile.
40:37
[SPEAKER_00]: Like we can just paint it and we can call it good.
40:39
[SPEAKER_00]: The cabinet support, they work.
40:40
[SPEAKER_00]: But he's like, oh my, when I buy a custom made suit that has my logo inside of the jacket and I put that thing on and I start walking in a hallway of a conference, I don't even have to open up my mouth for people to wonder what it's this guy do and then he's like, and when I get up on stage or when I get up on a YouTube video,
41:05
[SPEAKER_00]: It actually is doing something for me.
41:08
[SPEAKER_00]: It's helping me show up better.
41:10
[SPEAKER_00]: And it's just a, I think so much of the money lies and the reason why we have to struggle with it.
41:17
[SPEAKER_00]: It's all based on our mindset around money.
41:20
[SPEAKER_00]: And I remember listening to a really great podcast with Wall Street Trapper and David Chance.
41:26
[SPEAKER_00]: It's one of the his most viewed conversations, but it's like money rules of America.
41:33
[SPEAKER_00]: And it really started shaping the way you have to see money differently.
41:39
[SPEAKER_00]: And the big thing is you just have to devalue it's just money.
41:42
[SPEAKER_03]: Just money.
41:43
[SPEAKER_03]: And how you use money is leverage, right?
41:45
[SPEAKER_03]: So have you ever went to Disney World before?
41:47
[SPEAKER_00]: I have gone to Disney World as a second grader.
41:51
[SPEAKER_00]: Or I was actually my brother.
41:53
[SPEAKER_00]: I was in my second year of high school.
41:55
[SPEAKER_00]: My family, my parents took us to Disney World.
41:58
[SPEAKER_03]: Okay.
41:58
[SPEAKER_03]: So do you have the thing called FastPass?
42:00
[SPEAKER_03]: Yes.
42:03
[SPEAKER_03]: I get to basically skip the line with all the rides, right?
42:06
[SPEAKER_03]: I look at money and leverage more importantly as a fast pass.
42:10
[SPEAKER_03]: So it might be 30 rides I wanna ride.
42:13
[SPEAKER_03]: If I don't have fast pass, I got to wait in line for an hour or two hours.
42:16
[SPEAKER_03]: I might be able to just ride four or five rides that entire day.
42:20
[SPEAKER_03]: If I have fast pass, I might be able to ride half of them.
42:23
[SPEAKER_03]: So it would to accelerate my experience and have a better experience because of the fast pass.
42:29
[SPEAKER_03]: That's how we should use money from a leverage standpoint.
42:31
[SPEAKER_03]: Remember to leverage my assets, right?
42:33
[SPEAKER_03]: Use that in a good way.
42:34
[SPEAKER_03]: use the tax code the right way, right?
42:36
[SPEAKER_03]: My tell you to certify for an extra planner.
42:38
[SPEAKER_03]: That's going to help you through the goods and the bags of the market, right?
42:42
[SPEAKER_03]: I'm going to accelerate how I build my wealth and kind of had that leverage grow.
42:46
[SPEAKER_03]: So I said that to say five minutes ago, you asked the question, good that a bad debt, all debt is good if you use it the right way, and if you use the leverage, because that's going to accelerate your wealth.
42:56
[SPEAKER_00]: really good.
42:57
[SPEAKER_00]: Dude, and I learned to, or that's why we should have some sort of business.
43:02
[SPEAKER_04]: Oh, correct.
43:02
[SPEAKER_00]: Because let the business take on the debt.
43:05
[SPEAKER_04]: Yeah.
43:05
[SPEAKER_00]: You're not taking on the debt.
43:07
[SPEAKER_00]: The entity of what the business is and, and I'm not the business, the business as the business.
43:14
[SPEAKER_00]: Yes.
43:14
[SPEAKER_00]: So, if you're a W-2, or maybe you have a business and you don't know how to structure it correctly, like how are people benefiting from these debt moves, these good debt moves, and it's not being, you know, the person being leverage, but the business leveraging the debt.
43:33
[SPEAKER_03]: Oh, yeah, yeah.
43:33
[SPEAKER_03]: Well, so the great thing about leverage with debt is that you can do a personal and business, right?
43:37
[SPEAKER_03]: But from a structure standpoint, you have to be structure correctly.
43:41
[SPEAKER_03]: So everybody needs to have an LLC.
43:43
[SPEAKER_03]: So if I, all my clients at a W2 employees, I implore them, do some type of LLC.
43:49
[SPEAKER_03]: Do consult a work.
43:50
[SPEAKER_03]: If I've been in a job for 10 years, right?
43:52
[SPEAKER_03]: It's a person right on the college that wants to be where I'm at.
43:56
[SPEAKER_03]: Shouldn't I be able to, shouldn't I coach them?
43:57
[SPEAKER_03]: Should I give them some type of training on how to get there?
44:00
[SPEAKER_03]: And they're going to pay before.
44:01
[SPEAKER_03]: That should be paid not to me personally, but that should be paid through my LLC.
44:05
[SPEAKER_03]: Now let's pay through my LLC.
44:06
[SPEAKER_03]: Now I can use the tax code to my advantage.
44:08
[SPEAKER_03]: I can work from my house.
44:10
[SPEAKER_03]: So if I work from my house if I drive from my office to my house then,
44:13
[SPEAKER_03]: the net drive is a tax deduction.
44:14
[SPEAKER_03]: That means some of my gas is now a tax deduction.
44:18
[SPEAKER_03]: My car is a tax deduction.
44:20
[SPEAKER_03]: If I'm now working for my house, then some of my utilities is a tax deduction.
44:24
[SPEAKER_03]: I can't run a business without the internet.
44:26
[SPEAKER_03]: So now put on my internet bill is a tax deduction, right?
44:29
[SPEAKER_03]: So everything that I'm doing day-to-day is now a tax deduction, because I have the business.
44:32
[SPEAKER_03]: So that's the first thing you're saying.
44:35
[SPEAKER_00]: Get the LLC.
44:36
[SPEAKER_00]: The LLC inherently doesn't
44:40
[SPEAKER_00]: get you the tax break.
44:42
[SPEAKER_00]: It just allows you to prove on paper.
44:46
[SPEAKER_00]: Yes.
44:46
[SPEAKER_00]: That you you have an entity.
44:48
[SPEAKER_03]: Entity.
44:48
[SPEAKER_03]: Yeah.
44:49
[SPEAKER_03]: So you have the entity.
44:50
[SPEAKER_03]: You have the potential, right?
44:52
[SPEAKER_03]: Because LLC is just a piece of paper, but the strategy along with it, that goes a long way.
44:58
[SPEAKER_03]: Yeah.
44:58
[SPEAKER_03]: So any any person has making a profit because of course you can make money, right?
45:03
[SPEAKER_03]: You can make a 100,000.
45:04
[SPEAKER_03]: It's been 90,000.
45:05
[SPEAKER_03]: It only makes 10,000 profit.
45:06
[SPEAKER_03]: But then the strategy comes in a place like when should we change that LLCB in tax my LLC to a S corporation?
45:14
[SPEAKER_03]: And that's usually $50,000, right?
45:17
[SPEAKER_03]: Profit.
45:17
[SPEAKER_03]: Profit.
45:18
[SPEAKER_03]: So that means if I make $100,000 in my expenses or $40,000, that's $60,000 in profit, then go on for it.
45:26
[SPEAKER_03]: You should be taxed as a S-Corp. Now my entity with my state is still a LLC.
45:32
[SPEAKER_03]: But how I'm taxed by IRS standpoint is the S-Corp.
45:35
[SPEAKER_03]: So what that happens in a lot more strategy and a lot more things I can do.
45:39
[SPEAKER_03]: I can put my kids on payroll, right?
45:41
[SPEAKER_03]: So now I have a child, children, those social media.
45:45
[SPEAKER_03]: They can be doing your social media.
45:46
[SPEAKER_03]: They can be clipping up your stuff.
45:48
[SPEAKER_03]: I can pay them up to $15,000, $300 a year.
45:51
[SPEAKER_03]: And that is a tax deduction.
45:53
[SPEAKER_03]: It's the old ad, it's my parents told me.
45:55
[SPEAKER_03]: I'm in the house, right?
45:57
[SPEAKER_03]: I am paying you know allowance because I'm putting food on your table in the roof on your head.
46:01
[SPEAKER_03]: Now the IRS gets to help you do that from a tax savings standpoint, right?
46:06
[SPEAKER_03]: You're able to give yourself a, yourself a salary, right?
46:09
[SPEAKER_03]: Because in a tax code, you pay in 15.3% on what you're bringing in.
46:14
[SPEAKER_03]: That's just, that's so security tax.
46:15
[SPEAKER_03]: You can't do anything about that.
46:17
[SPEAKER_03]: But now, if I'm an LLC,
46:19
[SPEAKER_03]: I have distribution and I have a salary.
46:21
[SPEAKER_03]: So if I make $100,000, let's say I pay myself $40,000, right?
46:27
[SPEAKER_03]: So that's $40,000 that pay 15% as a salary.
46:30
[SPEAKER_03]: Everything else stays in my business and I don't pay taxes on that.
46:34
[SPEAKER_03]: And because of the big, beautiful bill, I'm also able to do QBI, qualify a business income where that $60,000 that deducted up to 20%.
46:43
[SPEAKER_03]: So this is more tax deduction, right?
46:46
[SPEAKER_03]: I'm able to do what you call an accountability plan.
46:48
[SPEAKER_03]: So again, I have a case of point right now.
46:50
[SPEAKER_03]: I have a client.
46:52
[SPEAKER_03]: who's kid runs track, kid is 16 years old, runs track.
46:56
[SPEAKER_03]: When the kid goes to different track meets, right, it's different things that they have to pay for.
47:00
[SPEAKER_03]: Since they have a accountability plan because the kids on payroll, when the kid has a break with the kids in a hotel at nighttime, the kids doing a social media.
47:08
[SPEAKER_03]: So guess what?
47:09
[SPEAKER_03]: Now that means everything associated with that track meet is a tax right off because
47:14
[SPEAKER_03]: A parent is reimbursing the child, the child gets the money tax-free, and it's a tax deduction for the business because the kids on payroll, and they have a accountability plan that's put into the app right in agreement.
47:26
[SPEAKER_03]: So, with so many things you do from a strategy standpoint, but if you don't have the LLC, you can't even get to the point to have an S-corp-thed in them.
47:33
[SPEAKER_03]: Get the strategy.
47:34
[SPEAKER_00]: I made the mistake.
47:35
[SPEAKER_00]: I like to say it like I say the year I made the most money in my life is the year I became the most broken my life.
47:42
[SPEAKER_00]: And that's because I think it was 2018 or it was the year of 2019.
47:46
[SPEAKER_00]: I made over $100,000.
47:49
[SPEAKER_00]: My first $100,000 in business, but I didn't have any structure.
47:52
[SPEAKER_00]: I had a DBA, but I didn't have LLC, and I was just, you know, personal bank account
47:56
[SPEAKER_00]: And when it came to tax time, my tax bill was literally 27% or whatever percent of how much I made, regardless of my expenses.
48:06
[SPEAKER_00]: And this is what people don't realize is even especially if you have a side hustle or you're in the beginning or maybe you're in your first year of business.
48:13
[SPEAKER_00]: What people don't realize is it doesn't matter that you made 100.
48:17
[SPEAKER_00]: Like the your tax bill will be 30,000.
48:24
[SPEAKER_00]: But you're saying, if I get my LLC, I'd open up a business bank account and I make the hundred in that business bank account and I spend on my business or my life or whatever, let's say $30,000, I am now taxed on $70,000.
48:46
[SPEAKER_00]: not 100 correct.
48:48
[SPEAKER_00]: So the mistake that most people make is they will spend all 100 and they will still owe 27 or 30.
48:57
[SPEAKER_00]: Yes, yes.
48:58
[SPEAKER_00]: And that's what was my problem.
48:59
[SPEAKER_03]: Because as a business like no one's taken out taxes, right?
49:03
[SPEAKER_03]: And so business bank account, very, very important structure wise.
49:05
[SPEAKER_03]: And this is why structure is so important.
49:07
[SPEAKER_03]: Out of our clients, every business that you have for bank accounts.
49:11
[SPEAKER_03]: Not one, not two, not three, not four, go over by.
49:16
[SPEAKER_03]: Had a client that actually went through a class action lawsuit with a bank because had the income
49:23
[SPEAKER_03]: but the bank said no to a loan.
49:26
[SPEAKER_03]: And the reason why after going through the process is because they didn't like their spending, right?
49:32
[SPEAKER_03]: Money was coming in, but they didn't like how they were spending the money, right?
49:35
[SPEAKER_03]: Going to shame, like, really, in real life, like going to shame, going to Teemo, like spending the money.
49:40
[SPEAKER_03]: So in order to make sure, like this doesn't happen to you, you need to separate everything.
49:44
[SPEAKER_03]: So your first business account that you have should only be for income coming in.
49:49
[SPEAKER_03]: Only income.
49:51
[SPEAKER_03]: and also wires because you cannot wire money out of an account that's not bringing any income.
49:57
[SPEAKER_03]: So being account number one, same business, only income, right?
50:00
[SPEAKER_03]: So have rental property, all the rental coming in, boom, five of the consultant company, a different talk of fee, all the money just in that one account.
50:07
[SPEAKER_03]: The second account is for expenses only.
50:09
[SPEAKER_03]: So all my expenses, just from that account.
50:12
[SPEAKER_03]: The reason why is because when they ask for your income, you give them that one bank account.
50:16
[SPEAKER_03]: And then they ask for anything else.
50:17
[SPEAKER_03]: Well, they have your P&L that they see what's coming in and out, but they don't see what your axis has been in money on.
50:22
[SPEAKER_03]: They just see the P&L.
50:23
[SPEAKER_03]: So that's good from a funding standpoint.
50:24
[SPEAKER_03]: So you can't be discriminated against.
50:26
[SPEAKER_03]: Number three, this is your payroll.
50:28
[SPEAKER_03]: So again, when you are a S-Corp, or even a C-Corp, if you make over three to half million dollars, then it's payroll, right?
50:36
[SPEAKER_03]: So again, you pay in your self-ass salary, you pay in your children's salary.
50:39
[SPEAKER_03]: Well, our guide daughter, our guide daughter was on our payroll for eight years until she was with the college that she has fast for so, you know, no state of deduction anymore.
50:46
[SPEAKER_03]: But like that third, it's just payroll, and then that fourth account,
50:49
[SPEAKER_03]: is for taxes and savings.
50:51
[SPEAKER_03]: So if I'm bringing in the money and I'm always putting money that's coming in into my taxes and savings account.
50:57
[SPEAKER_03]: At the end of the year, I have that money already there so that if I have a big tax bill, I can pay it.
51:02
[SPEAKER_03]: Instead of having to take out loans, to take out debt, or have commission breath, where you do a flat sale and now you're extending yourself to bring in money to pay the IRS.
51:11
[SPEAKER_03]: So having structure is good, but to get four bank accounts.
51:15
[SPEAKER_03]: Income expenses, payroll, taxes and savings.
51:19
[SPEAKER_00]: So good.
51:20
[SPEAKER_00]: Isn't that crazy that like, I made money.
51:28
[SPEAKER_00]: It's all gone because I needed it and now I have this bill and it was actually 2020.
51:38
[SPEAKER_00]: So I had to schedule a, and now I have to make money to pay the IRS because I didn't allow the IRS to become my business partner.
51:49
[SPEAKER_03]: How did I feel?
51:50
[SPEAKER_03]: So how did I feel to make all that money?
51:52
[SPEAKER_03]: It didn't have to make more money just to pay a back payment.
51:57
[SPEAKER_00]: I felt like I hired the wrong person because I've been hearing all of these rich people say they pay nothing in taxes and they made way more money than a hundred thousand dollars.
52:05
[SPEAKER_00]: The second is honestly the way my interpret situations like that was I'm I don't I'm not smart enough I need to get smart which is you probably get a sense that I'm like I'm pretty well versed with a lot of this stuff, but it's because I because that hurt so bad and I was I'm not I wasn't going to let another external amateur.
52:27
[SPEAKER_00]: come into what I'm doing and me not know what they're doing.
52:33
[SPEAKER_00]: So I've realized that the game of life when it comes to business and wealth and from my definition is is to learn how to make money.
52:44
[SPEAKER_00]: Like it is important that you know that you can exchange a service or a product and market it and people will give you money for this very thing and it's beautiful.
52:53
[SPEAKER_00]: but like shortly thereafter that like once you're like making the money you have to learn how to preserve the money right they say make the bag and keep the bag you know and and really when people hear about like even all the business success I'm having even now
53:10
[SPEAKER_00]: it's really still like there's still for me there's so much to do and that's why that's why I'm learning how to play offense and defense and business because when you learn how to make money it doesn't matter the market it like you have the skill of sales you have the marketing you have the ability we're all this stuff to make and offer
53:31
[SPEAKER_00]: But I actually could say, you know what?
53:33
[SPEAKER_00]: I don't want to make money for the rest of the year.
53:35
[SPEAKER_00]: I want to make more money in January, so I have more time to do stuff with that money because I understand how all this money and stuff works.
53:43
[SPEAKER_00]: So it made me feel like crap, dude.
53:46
[SPEAKER_03]: So it's two lessons.
53:48
[SPEAKER_03]: I'm not saying it's a failure, but I always say what it comes to failure is a life lesson.
53:52
[SPEAKER_03]: So I don't look at failures at bad thing.
53:53
[SPEAKER_03]: I look at experience, but we have two life lessons in number one.
53:56
[SPEAKER_03]: Feedback.
53:56
[SPEAKER_03]: Yeah.
53:57
[SPEAKER_03]: So number one, you probably realize, you know,
53:59
[SPEAKER_03]: you pay attention when you pay right so you pay attention a lot more because the tax bill because you had the back pay so we all so we always pay that's why I say mentorship is so important not like an unpaid mentor but like a paid mentor because you pay more attention when you pay like a two books on a bookshelf a book that I didn't pay for or book that I paid for even if the book that I didn't pay for might be better I'm not going to read that first I'm going to read the one I pay for because I pay attention when I pay right but number two is the importance of having a tax strategist right
54:25
[SPEAKER_03]: So the certified financial planner, like we act as tax strategies, having a CPA is great.
54:29
[SPEAKER_00]: We have internal CPAs who work for us, which by the way, you need to distinguish the difference.
54:35
[SPEAKER_00]: Yeah, or tell the, yes, the English meant between a CPA and a tax strategist.
54:40
[SPEAKER_03]: Yeah, yeah, yeah.
54:40
[SPEAKER_03]: As it is, a CPA and a tax prepare because they are basically the same.
54:44
[SPEAKER_03]: They look backwards, right?
54:46
[SPEAKER_03]: They say, this is what you did.
54:48
[SPEAKER_03]: How much can we help you get back because of what you did?
54:51
[SPEAKER_03]: They're always in reverse, right?
54:54
[SPEAKER_03]: But we want to be progressive.
54:55
[SPEAKER_03]: We want to look forward.
54:57
[SPEAKER_03]: And a tax strategist, he or she looks forward.
54:59
[SPEAKER_03]: They look at where you're at today.
55:01
[SPEAKER_03]: What can we do tomorrow?
55:03
[SPEAKER_03]: Next week, next year, for you to grow and how the IRS pay you for that growth, right?
55:08
[SPEAKER_03]: So we strategize and where you're at today, what could you do going forward?
55:12
[SPEAKER_03]: So I'm not looking back, right?
55:14
[SPEAKER_03]: I don't want to do the backstroke.
55:17
[SPEAKER_03]: No, I'm not coordinated.
55:18
[SPEAKER_03]: I want to do the front stroke, right?
55:21
[SPEAKER_03]: So I'm always looking forward.
55:22
[SPEAKER_03]: That's what a tax strategist does, right?
55:25
[SPEAKER_00]: I do have a, because that experience kind of messed with me.
55:33
[SPEAKER_00]: I don't like doing that quarterly tax payment.
55:37
[SPEAKER_00]: And I don't like doing that because or even like the quarterly put my text to the side.
55:42
[SPEAKER_00]: Yeah, help me.
55:45
[SPEAKER_00]: Help me with that.
55:46
[SPEAKER_00]: And I don't do that because I want to buy.
55:49
[SPEAKER_00]: I know I want to do something.
55:50
[SPEAKER_03]: Yeah, that's money here.
55:51
[SPEAKER_03]: I don't either.
55:52
[SPEAKER_03]: And I don't mean, of course, you have quarterly taxes, right?
55:56
[SPEAKER_03]: So, like, again, past performance as a guaranteed future result, but as a certified financial planner, like, you know, we invest clients' money, so like, preferably, if we're doing good with your money, like, it should be grown, right?
56:07
[SPEAKER_03]: So, either that's in a money market, like, a high-year-old money market account.
56:10
[SPEAKER_03]: that can be in the stock market or buy more assets.
56:13
[SPEAKER_03]: And people think about a refund as a way for the IRS like giving them money, you know it's like over paying, right?
56:20
[SPEAKER_03]: So if I put money quarterly, I'm just over paying the IRS.
56:23
[SPEAKER_03]: We should do, we should work with the tax strategy.
56:25
[SPEAKER_03]: So we should look at in our 1040 line in between 21 and 25.
56:30
[SPEAKER_03]: That gives us actually how much we paid, right?
56:33
[SPEAKER_03]: So let's say a line it says $30,000.
56:36
[SPEAKER_03]: We're like, okay, that's our tax liability, $30,000.
56:39
[SPEAKER_03]: What can we do to basically decrease this?
56:42
[SPEAKER_03]: Is it buying assets, right?
56:44
[SPEAKER_03]: So we buy an SUV within the year.
56:46
[SPEAKER_03]: If it's born to 6,000 pounds, then of course, we get section 179A, where it doesn't matter if it costs $100,000, and we'll be putting in 5,000 down, that $400,000 is a tax deduction, like that helps decrease our tax liability.
57:00
[SPEAKER_03]: We can do a 401k.
57:01
[SPEAKER_03]: If I'm my own employee, I can do what you call a solo 401k or a company 401k.
57:06
[SPEAKER_03]: I can put up the $70,000, and then with a pinch of plan, I can do up to $200,000, right?
57:11
[SPEAKER_03]: So money that, if I don't quote unquote need, instead of get it to IRS, put that into that investment, again, we talk about assets, that's another asset because it's in my 401k, that is growing.
57:22
[SPEAKER_03]: So money is growing, but then also it's a tax deduction, so that'll help.
57:25
[SPEAKER_03]: So look at those lines and strategizing, how could I use this money, you know, to decrease?
57:31
[SPEAKER_03]: A lot of people, when it comes to invested, they don't know that you could do what you call a Rob's 401k.
57:36
[SPEAKER_03]: You can actually buy a business and size your own 401k like a lot of people don't know this and most Financial advisors don't recommend this because money.
57:43
[SPEAKER_03]: It's coming out of their pocket Right below the arrives 401k is called a rollover starting business 401k where I can take money from my IRA I can take money from my old 401k.
57:53
[SPEAKER_03]: I need to start my own business because I can't do it if I don't have my own business
57:57
[SPEAKER_03]: So my own business, I moved that money over and by law, I can borrow up to 50% of money.
58:03
[SPEAKER_03]: This is going to always borrow up to 50% of the 401k.
58:06
[SPEAKER_03]: So then with that 50% then I'm able to then buy a business using my 401k.
58:13
[SPEAKER_03]: So now my 401k buys the business, then from near, then
58:18
[SPEAKER_03]: that money then buys a business.
58:21
[SPEAKER_03]: So, by doing that, I'm able to, again, leverage my own money.
58:24
[SPEAKER_03]: Just really caveat though, you have to be a C-Corp.
58:27
[SPEAKER_03]: So, if you are a S-Corp, if you text as an S-Corp, then you're not able to use that ROVs flow, and you have to be a C-Corp. And the C-Corp is usually a company making over $3 million, or,
58:36
[SPEAKER_03]: it's a company that has the owner or the owner's spouse that has health issues because you can do a health-accelerated plan and a C-Corp and a health-celled plan means that whatever health care I as a company are going to reimburse you, right?
58:52
[SPEAKER_03]: So let's say, you know, the owner has cancel us say and it's $60,000 a year because, you know, they're getting the best doctors ever.
59:00
[SPEAKER_03]: Well, the company can reimburse that.
59:03
[SPEAKER_03]: boom.
59:04
[SPEAKER_03]: So that's $60,000 to the owner that they don't pay taxes on.
59:07
[SPEAKER_03]: And then the company can write that off for their taxes.
59:10
[SPEAKER_03]: So let's say the company makes $3 million.
59:12
[SPEAKER_03]: That's, you know, if this is 100,000 a day reimburse, now we're taxed at $100,000 less, even I'm care for myself for my spouse.
59:19
[SPEAKER_03]: Yeah.
59:20
[SPEAKER_03]: So you have to be a secret to use the robes for one K, but I can actually buy businesses.
59:24
[SPEAKER_03]: I got buy laundry mats.
59:25
[SPEAKER_03]: I can buy car washes.
59:27
[SPEAKER_03]: I can buy a Facebook page if I want to, right?
59:31
[SPEAKER_03]: Using that, but a lot of people don't know that.
59:33
[SPEAKER_03]: So it goes back to structure.
59:34
[SPEAKER_03]: If you structure your business properly, then there's so many things you can do because the IRS is your business, biggest business partner.
59:42
[SPEAKER_00]: That's really good.
59:42
[SPEAKER_00]: And my friend, my friend made, makes good money at a young age hired a firm to invest his money for him and he was telling me how it was like, yeah, you get to choose your like risk level and all this stuff.
59:58
[SPEAKER_00]: Something I'm personally interested in looking into because the concept of you focusing on making money and having somebody else focused on growing it.
1:00:10
[SPEAKER_00]: Like, who cares how much you ask for?
1:00:13
[SPEAKER_00]: Yeah.
1:00:14
[SPEAKER_00]: So like, how much could somebody expect to pay someone who is growing their money?
1:00:20
[SPEAKER_00]: So this is the way I want to paint the picture.
1:00:22
[SPEAKER_00]: I generated income, whether I'm a W2 or I'm a small business owner or CEO, I generated income.
1:00:29
[SPEAKER_00]: I now have somebody taking a portion of my income and doing something with it.
1:00:36
[SPEAKER_04]: Right.
1:00:38
[SPEAKER_03]: Yeah, like how much can I expect to pay that reason so every financial vise every certified financial planner they structure the business different so it really just been so some have it based on a uem that's assets on the management so if I bring you let's say I mean so we have an investment number of $250,000 but I'm just gonna use a hundred thousand dollars as a you know
1:00:59
[SPEAKER_03]: I have a hundred thousand dollars, you know, somebody might charge you one percent of your assets was might be a thousand dollars a year, one might charge two percent, so it's with a percentage.
1:01:07
[SPEAKER_03]: We charge 2.5 percent, and I tell clients, we are above industry average, but the reason why is because how we manage money from a stock standpoint, we continue to be to stop market.
1:01:18
[SPEAKER_03]: Now, again, past performers doesn't guarantee future results, but as we manage money, we
1:01:25
[SPEAKER_03]: We lots of fun on the stock market, so we have the proof, but so we charge 2.5%.
1:01:30
[SPEAKER_00]: That's 0.5%.
1:01:31
[SPEAKER_03]: Yeah, great.
1:01:32
[SPEAKER_03]: So for every, again, $100,000 to make the math easier, you pay a $200,500 a year.
1:01:37
[SPEAKER_00]: Right.
1:01:37
[SPEAKER_00]: And you didn't have the client, didn't have to think, didn't have to look, didn't have to log in.
1:01:44
[SPEAKER_03]: You know, no, no, we manage it.
1:01:46
[SPEAKER_03]: Right.
1:01:46
[SPEAKER_03]: We manage it.
1:01:47
[SPEAKER_03]: But again, what separates us is that from a menisposed standpoint, we're not just managing your money though, right?
1:01:52
[SPEAKER_03]: We're managing your wealth.
1:01:53
[SPEAKER_03]: So we're coming up with strategies on how can we all leverage this, whatever money you have to have it grow.
1:01:59
[SPEAKER_03]: So again, since we have internal CPAs, since I'm a sort of five-finish planer, I think that's the tax advantages.
1:02:04
[SPEAKER_03]: we find ways to to leverage this.
1:02:05
[SPEAKER_03]: So maybe we move money from your IRA, maybe we suck that on with us that I talked about.
1:02:11
[SPEAKER_03]: And now maybe that's by some real estate with us now company four one K. Let's find some ways to leverage this money.
1:02:16
[SPEAKER_03]: And then as your money grows, of course, you do better.
1:02:19
[SPEAKER_03]: And then
1:02:20
[SPEAKER_03]: We do better.
1:02:21
[SPEAKER_03]: Right?
1:02:21
[SPEAKER_03]: That's only investment side.
1:02:22
[SPEAKER_03]: When it's strategy side, we also structure businesses.
1:02:25
[SPEAKER_03]: We structure your LLC.
1:02:27
[SPEAKER_03]: If you want us to help prepare and fire attacks, we do that as well, and that's another fee, right?
1:02:31
[SPEAKER_03]: And that minimal is $5,000, but it's just helping people.
1:02:35
[SPEAKER_03]: But the question to ask people is, what's the cost if you don't do it?
1:02:39
[SPEAKER_03]: So if I do it myself, right?
1:02:42
[SPEAKER_03]: Case of point had a client that came in some of my office last year.
1:02:45
[SPEAKER_03]: They did a 1031 exchange.
1:02:47
[SPEAKER_03]: Are you from me with a 1031 exchange of you?
1:02:49
[SPEAKER_00]: I am.
1:02:49
[SPEAKER_00]: I'll say it in playing terms.
1:02:51
[SPEAKER_00]: Okay.
1:02:51
[SPEAKER_00]: A 1031 exchange is when you sell a property and you make money from selling it because of the equity.
1:02:59
[SPEAKER_00]: If I just spend that money, that equity is going to be taxed.
1:03:05
[SPEAKER_00]: If I don't want this money to be taxed, I roll it into a new investment property.
1:03:10
[SPEAKER_00]: Correct.
1:03:11
[SPEAKER_03]: Look at you, right?
1:03:12
[SPEAKER_00]: So that should be, I should be, do hiring.
1:03:14
[SPEAKER_00]: Yeah, I mean, we're all feeling an application, right?
1:03:16
[SPEAKER_03]: Yeah.
1:03:18
[SPEAKER_03]: So they did that.
1:03:19
[SPEAKER_03]: But it was one thing that they did not do, that cost them come tax time.
1:03:23
[SPEAKER_03]: They did not have a qualified intermediary.
1:03:26
[SPEAKER_03]: So when I do that, 1031 exchange with most of you don't know where is that.
1:03:29
[SPEAKER_03]: Whatever the sell is, whatever that dollar amount is, let's say they made $100,000 on the sale.
1:03:34
[SPEAKER_03]: They cannot hold that money.
1:03:37
[SPEAKER_03]: They have to give it to a qualified intermediary, either they're sort of five financial planner, the title company, their tax attorney, somebody who holds that money in escrow.
1:03:45
[SPEAKER_03]: You can't put that into your own bank account.
1:03:47
[SPEAKER_03]: So they put that one in their own becker count.
1:03:50
[SPEAKER_03]: So they had to pay taxes on that because they didn't have a qualified and a meter So if they would hire me, you know, to structure everything then that would have saved them and again It was a as 15,000 dollars right because a capital gains 50 was 15,000 dollars
1:04:04
[SPEAKER_03]: So you pay me X amount of dollars, that saves you way much more than 15,000, right?
1:04:09
[SPEAKER_03]: So yes, it experienced that they know now, but it's 15,000 that they would have saved.
1:04:13
[SPEAKER_03]: And of course, when you pay a person who's certified, it is a tax deduction.
1:04:16
[SPEAKER_03]: So you get that money back in your taxes.
1:04:17
[SPEAKER_00]: It's so funny how that works, right?
1:04:19
[SPEAKER_00]: Yeah, it's okay.
1:04:20
[SPEAKER_00]: Like I actually think in so many ways things don't cost anything.
1:04:24
[SPEAKER_00]: It only costs if it's a consumable from the standpoint of like it literally is just a dormant thing, but
1:04:36
[SPEAKER_00]: Why not pay the professional and even like pay the best?
1:04:41
[SPEAKER_00]: Like we do it with our health because we value our life.
1:04:44
[SPEAKER_00]: Right.
1:04:45
[SPEAKER_00]: But there's the life of the business.
1:04:47
[SPEAKER_00]: There's the life of your legacy.
1:04:50
[SPEAKER_00]: Right.
1:04:50
[SPEAKER_00]: And it's like, it's so funny because like, you know, we learn about this concept of an irresistible offer.
1:04:58
[SPEAKER_00]: Alex Ramosi has a book called $100,000 offers.
1:05:00
[SPEAKER_00]: How to make an offer so good.
1:05:01
[SPEAKER_00]: People feel stupid for saying no.
1:05:04
[SPEAKER_00]: That's like the tagline.
1:05:06
[SPEAKER_00]: But like, you're an offer from a tax strategist or a financial advisor is irresistible correct, because the cost of not, like you mentioned, it's more expensive to be ignorant and to spend the 15k, because what would your fee have been if you just handled it?
1:05:26
[SPEAKER_00]: You know, like much lower, and then also the headache.
1:05:31
[SPEAKER_00]: and then the shoot man and then the emotional and then now we're talking about things that are outside of money that are affecting things distress right and then that's the now that energy is going into now how you're going to make money and like now you're going to show up not the best so it's crazy hot like the circulation of money and this is why this conversation is so important because
1:05:51
[SPEAKER_00]: And I know this conversation is not the only conversation that's going to do it.
1:05:55
[SPEAKER_00]: Like it's a lifelong journey to learn money, but I've just learned to learn it from the people that know it more than I do.
1:06:05
[SPEAKER_00]: Yeah.
1:06:05
[SPEAKER_03]: And we call it a tourist tax.
1:06:07
[SPEAKER_03]: I mean, that is it's a tax or even if you don't think you'd be an ignorant.
1:06:11
[SPEAKER_03]: their thought process that they was going to do with themselves and that ignorance that they had on that situation cost them 15 plus thousand dollars that they'll never get back.
1:06:21
[SPEAKER_03]: So they still use me, but they're a year late in 15,000 dollars short, right?
1:06:28
[SPEAKER_03]: So we don't want anybody to pay the ignorance tax, pay a person, right?
1:06:31
[SPEAKER_03]: It's like, it's like,
1:06:32
[SPEAKER_03]: Climbing the mountain like okay, when we invest money we invest in ourselves like we don't start from the top we start from the bottom Going through the process to climb through the top is bumps in the roads along the way But if you have a person that helps you through that Once you get to the top you feel a lot better But the top is not the end all be all it's going back down to the bottom So if you didn't have as many bumps in the road as we come up to top of that mountain
1:06:55
[SPEAKER_03]: Once we climb back down we feel better about ourselves, we've made better financial decisions, we have more money, we have less headaches as you talked about before.
1:07:03
[SPEAKER_03]: It's just a very, very easy transition down that hill.
1:07:06
[SPEAKER_00]: What led you into getting into this profession after you like finished out at Dave Ramsey or like money?
1:07:14
[SPEAKER_00]: Like how, oh, money?
1:07:15
[SPEAKER_00]: Yeah, why did you get into the finance?
1:07:17
[SPEAKER_03]: Yeah.
1:07:17
[SPEAKER_03]: Oh, man.
1:07:18
[SPEAKER_03]: So I've been practicing for 18 years.
1:07:20
[SPEAKER_03]: I know it looks so young.
1:07:20
[SPEAKER_03]: I got these
1:07:24
[SPEAKER_03]: I started at a company called Edward Jones in 2007, and I started my own investor farm in 2013.
1:07:29
[SPEAKER_03]: But the reason why I started though, so I went to school, and I knew I wouldn't do finances when I was in college.
1:07:35
[SPEAKER_03]: I went to Tennessee State University, full circle, like I got into Tennessee State University now I helping menace their endowment, which is crazy.
1:07:42
[SPEAKER_03]: But I got a job as an intern at General Electric.
1:07:46
[SPEAKER_03]: And I was doing basically financial reporting for them and kind of finding ways for them to save money.
1:07:53
[SPEAKER_03]: So as soon as I graduated from college, they hired me full-time.
1:07:56
[SPEAKER_03]: I wanted to hire me full-time.
1:07:58
[SPEAKER_03]: I was tasked to find ways in their calls and to find ways to basically cut calls.
1:08:03
[SPEAKER_03]: It was a six-month project.
1:08:06
[SPEAKER_03]: And within those nine months, I saved the company $4.6 million.
1:08:11
[SPEAKER_03]: Now, this is back in 2006.
1:08:13
[SPEAKER_03]: Now, $4.6 million still a lot today with inflation, $4.6 million is about $8 million today.
1:08:18
[SPEAKER_03]: So, think about you in nine months being 23 years, 23 years old, I called it save the company $18 million.
1:08:24
[SPEAKER_03]: So, they had an outspin in a whole department.
1:08:27
[SPEAKER_03]: I'm like, okay, I'm about to get a promotion.
1:08:29
[SPEAKER_03]: I'm about to get a raise.
1:08:31
[SPEAKER_03]: Something's going to happen.
1:08:32
[SPEAKER_03]: Guess what they gave me no more?
1:08:33
[SPEAKER_03]: Just guess.
1:08:34
[SPEAKER_03]: Just guess what they gave me.
1:08:35
[SPEAKER_03]: What?
1:08:38
[SPEAKER_03]: They gave me a award on a piece of paper and they gave me a piece of party.
1:08:43
[SPEAKER_00]: Ew.
1:08:44
[SPEAKER_03]: I don't even like pizza.
1:08:47
[SPEAKER_03]: I ate cheap old little Caesar's piece and growing up to the point, I'll like pizza no more, right?
1:08:52
[SPEAKER_03]: They gave me a piece of party.
1:08:53
[SPEAKER_03]: And right then in there, I thought to myself, if it's the way that I can help people, not companies, I have a gift of finding ways to save and make companies money, how about I do that for myself?
1:09:05
[SPEAKER_03]: Right then in there, I said, I'm gonna be a financial advisor, cause I can help.
1:09:09
[SPEAKER_03]: I identify how to save money and I can help identify companies that are growing and that's what I made that decision So with six months of me basically doing applications I can either then I got a offer sheet with a company called AG Edwards or at Wood Jones I pick at Wood Jones again the lower puts everything in your spirit for a reason if I'd picked AG Edwards in 2008 when a market went down I lost my job because they went belly up at Wood Jones state around of course I learned how to kind of grow a farm
1:09:38
[SPEAKER_03]: Learn how to, you know, manage money over six years from 2007 to 2013, and in 2013, I saw them on their own practice in a rest of the history.
1:09:46
[SPEAKER_00]: And what does the practice look like now, like what's the process, like who do you, who's like a guaranteed client or like you can guarantee a success story for?
1:09:58
[SPEAKER_03]: Yeah, yeah, yeah.
1:09:59
[SPEAKER_03]: Well, we can never use a G word, we'll come to the best.
1:10:01
[SPEAKER_00]: No, you were in the best team.
1:10:03
[SPEAKER_03]: I'm a fiduciary and past performances like getting to future results.
1:10:08
[SPEAKER_03]: But no, I mean, we have over 1000 clients.
1:10:11
[SPEAKER_03]: I mean, we have over 14 team members.
1:10:15
[SPEAKER_03]: So we're definitely a nice size farm again.
1:10:18
[SPEAKER_03]: We have a minimum But we're to help.
1:10:22
[SPEAKER_03]: I mean I have my YouTube so I give you know free game near course I have my social media.
1:10:27
[SPEAKER_03]: I give free game but we're here as far as a niche What does a niche client look like?
1:10:32
[SPEAKER_03]: Yeah, you know, so we say if you're WWE to employ you make a $200,000 or more Because if I'm making a hundred thousand it's only so much that you can do
1:10:39
[SPEAKER_03]: Once hit that $200,000 mark, we have that extra income when we just start the LLC, do real estate, or do that consultant job, where we could really use the tax code to our advantage and leverage like I talked about before.
1:10:50
[SPEAKER_03]: If I were a bit as owner, if I'm making them, profit-wise, over $50,000.
1:10:54
[SPEAKER_03]: So that means I might be making 90,000 in my expenses or 50, and I'm before the NSF-50,000, or I might be making 300,000 about a lot of expenses, and
1:11:03
[SPEAKER_03]: And now, guy, you know, 200 expense.
1:11:05
[SPEAKER_03]: So I'm pocketing 100,000.
1:11:07
[SPEAKER_03]: But once you go to that 50,000 dollar mark, that's where we can really use a tax code to your advantage.
1:11:11
[SPEAKER_03]: Because, like I said, I'm like, most other financial advice, certified financial planners, you know, we lean into the tax strategies.
1:11:18
[SPEAKER_03]: So, yes, we want you to grow your money and stop market.
1:11:20
[SPEAKER_03]: And we make money when your money grows and stop market.
1:11:23
[SPEAKER_03]: But because of our structure and how we run our business, when you build wealth, we make money that way is where, and when you make money, we make money, and everybody wins.
1:11:32
[SPEAKER_00]: Dude, so good.
1:11:34
[SPEAKER_00]: Sean, I have a question for you.
1:11:35
[SPEAKER_00]: How long have you been having your business?
1:11:40
[SPEAKER_00]: Is your fifth year?
1:11:41
[SPEAKER_00]: Can you break?
1:11:42
[SPEAKER_00]: Can you tell me how much you've made every year?
1:11:44
[SPEAKER_00]: Like generally speaking.
1:11:51
[SPEAKER_00]: 95 in your first year?
1:11:52
[SPEAKER_00]: Wow.
1:11:53
[SPEAKER_00]: Were you structured?
1:11:54
[SPEAKER_00]: She's.
1:11:55
[SPEAKER_02]: That's a lie.
1:11:56
[SPEAKER_00]: Did you have the LLC dialed in it?
1:11:58
[SPEAKER_00]: It was a side hustle.
1:11:59
[SPEAKER_00]: I mean, 95K is a side hustle.
1:12:01
[SPEAKER_00]: That's good.
1:12:02
[SPEAKER_00]: OK. And then.
1:12:03
[SPEAKER_00]: Yeah.
1:12:08
[SPEAKER_00]: I screwed my first impression for bad.
1:12:09
[SPEAKER_00]: I had to record right last year.
1:12:11
[SPEAKER_00]: No, but I want, because you're the realist example.
1:12:13
[SPEAKER_00]: You know, you'll hire contractors some time at time, but you're kind of like a solo per newer.
1:12:18
[SPEAKER_00]: Yeah.
1:12:18
[SPEAKER_00]: So like most people are just solo per newering it.
1:12:21
[SPEAKER_00]: So you're like 95.
1:12:23
[SPEAKER_00]: And then falling few years.
1:12:31
[SPEAKER_00]: Okay, so he would be like an ideal of course.
1:12:34
[SPEAKER_00]: Okay, so have you run into like a scary tech situation?
1:12:46
[SPEAKER_00]: So in four years of a highly profitable service based business, you were told to shut it down and start a new one because you either didn't have the right information or whoever you were
1:13:08
[SPEAKER_00]: So, yeah.
1:13:09
[SPEAKER_00]: Just as CPA, did it.
1:13:11
[SPEAKER_03]: Is that a difference between us?
1:13:13
[SPEAKER_03]: Yeah, so everybody should have both.
1:13:15
[SPEAKER_03]: A tax strategist and a tax repair slash CPA.
1:13:19
[SPEAKER_03]: A tax strategist, you're one, should have looked at the growth and said, hey, what can we do?
1:13:25
[SPEAKER_03]: You're two to make sure that a we make more money.
1:13:28
[SPEAKER_03]: but then be with structure properly, we make more money, we pay the less in taxes.
1:13:32
[SPEAKER_03]: Because as you make more money, you have more money, you have more resources.
1:13:36
[SPEAKER_03]: With that resource, you can do more things.
1:13:38
[SPEAKER_03]: We can again buy a business if you want to.
1:13:42
[SPEAKER_03]: We can have more equipment.
1:13:44
[SPEAKER_03]: We have more equipment, that's a tax deduction.
1:13:46
[SPEAKER_03]: We can buy property, that's tax deduction.
1:13:48
[SPEAKER_03]: We can buy oil, I don't know if I talked about oil earlier, but we can actually talk about oil.
1:13:52
[SPEAKER_03]: When you buy oil, literally you're able to,
1:13:55
[SPEAKER_03]: right off 95% of that.
1:13:57
[SPEAKER_03]: So let's say we buy oil, $25,000.
1:14:00
[SPEAKER_03]: Year one, that's gonna be about a $20,000 deduction.
1:14:03
[SPEAKER_03]: You're gonna make in between 4 to 6% every single year going forward, right?
1:14:07
[SPEAKER_03]: So now we're diversifying our money and we're having the IRS allow us to do that.
1:14:11
[SPEAKER_03]: So there's so many things that you can do.
1:14:13
[SPEAKER_00]: It's good.
1:14:14
[SPEAKER_00]: I heard of a strategy that you tell me if tell me which one's better, okay?
1:14:19
[SPEAKER_00]: So one strategy, like toward the end of the year, it's like,
1:14:23
[SPEAKER_00]: I need most people like make the money by new equipment.
1:14:26
[SPEAKER_00]: We're going to update the thing.
1:14:27
[SPEAKER_00]: We're going to someone told me like, no, dude, you can actually swipe your credit card or swipe a card into Facebook ads.
1:14:35
[SPEAKER_00]: Yes, get your get the money, a chunk of money into the account.
1:14:40
[SPEAKER_00]: You don't need to run any ads yet, but just get it in there.
1:14:43
[SPEAKER_00]: And then the following year, you'll start spending it.
1:14:46
[SPEAKER_00]: And that spending the money will extra turn in revenue.
1:14:50
[SPEAKER_03]: both yeah so it's always two their ways of skin and cat right so so first I'll buy it so you have what you call 100% bonus depreciation right and now with a big beautiful bill is up to $2.5 million max so you can buy equipment little you have a client that has a construction company right
1:15:07
[SPEAKER_03]: And I said, hey, you need to buy you a generator.
1:15:10
[SPEAKER_03]: The reason why you want to buy a generator because that's $60,000 a generator that you're going to use next year anyway, right?
1:15:15
[SPEAKER_03]: That's going to decrease your tax liability.
1:15:18
[SPEAKER_03]: So like any equipment that you have, you should buy it.
1:15:20
[SPEAKER_03]: It doesn't have to be an SUV, right, if I'm in construction.
1:15:23
[SPEAKER_00]: This is a generator, five men, piecass, so we just upgraded some stuff too, because we're starting to feel like it's time to level up, and I was like yeah, usually if there's like a momentum in your business, you're gonna do more of whatever you're doing.
1:15:36
[SPEAKER_00]: Yeah, so like yeah, we didn't think in that, okay.
1:15:38
[SPEAKER_03]: Yeah, and when you had that momentum, that's the best time to spin the money, right?
1:15:41
[SPEAKER_03]: Because you're thinking skill, you're thinking growth, with things of slow, you're like oh, let me.
1:15:47
[SPEAKER_03]: Let me count these two pennies and rub them together, I don't know, right?
1:15:50
[SPEAKER_03]: So like when momentum happens, that's what we want to grow.
1:15:53
[SPEAKER_03]: So so that's on the first thing, the, uh, was of course okay, so the first, it was like the swipe the car.
1:16:02
[SPEAKER_03]: Oh yeah, so yeah, yeah, yeah.
1:16:04
[SPEAKER_03]: So yeah, so the great thing is that any time I put money into market advertising, that is a 100% tax deduction, right?
1:16:11
[SPEAKER_03]: So taking a step further, not only that, but like right now we have
1:16:15
[SPEAKER_03]: Black Friday, supper Monday, it's so many companies that allow you to do 40-50% off for the next year.
1:16:21
[SPEAKER_03]: So if I have like, Zapier for instance, right?
1:16:23
[SPEAKER_03]: I do all this automation, do Zapier.
1:16:25
[SPEAKER_03]: How about I go ahead and pay for my Zapier service now using the Black Friday sale, get 50% off, and it's all allocated for the next year, right?
1:16:33
[SPEAKER_03]: If I have go high level, whatever things you use for the next year, whatever your tech stack is, what if I use the Black Friday and supper Monday sales now,
1:16:42
[SPEAKER_03]: up pay that for the year so that is a tax deduction for 2025 and all the 2026 is being used and allocated as well.
1:16:50
[SPEAKER_00]: I'm going to pay you like I'm going to pay you for 2026.
1:16:55
[SPEAKER_00]: Lump some.
1:16:58
[SPEAKER_00]: Is that a good idea?
1:16:59
[SPEAKER_03]: I've got to look at the books first.
1:17:03
[SPEAKER_00]: I've got to look at the books first.
1:17:05
[SPEAKER_00]: No, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no
1:17:29
[SPEAKER_03]: as long as what you do, income wise, or deduction wise, long as it's fair, ordinary, necessary, and reasonable, in a pursuit of income for your business, you can justify it.
1:17:39
[SPEAKER_03]: Because the IRS don't have this huge, do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do-do
1:17:51
[SPEAKER_03]: However, the IRS also says after three years, you got all these ride-offs, it's in no income, it's a hobby, not a business.
1:17:58
[SPEAKER_03]: So you do have to bring in some type of income.
1:18:01
[SPEAKER_00]: Dude, I'm trying to have a three year hobby with my watches.
1:18:04
[SPEAKER_00]: By the end of three years, I got to shut it down.
1:18:06
[SPEAKER_00]: No, okay, and then yeah, and that's why I love I love telling people to start a podcast because if you're a podcast drives business Then when you travel.
1:18:15
[SPEAKER_00]: I don't need to throw a workshop or anything.
1:18:17
[SPEAKER_00]: I can just literally go into a city and start having conversations that is clear proof that like this drives business into my Or drives business into my my company
1:18:27
[SPEAKER_00]: Then I can write off all these trips.
1:18:29
[SPEAKER_00]: Yes, so like me my wife went to New York this last weekend I didn't bring art this time and it was just supposed to be vacation and We went through the weekend, but that falling Monday I shoulder-taped a few people and I shot a podcast also and because I knew if I just did that then it would make the trip Work for some tax benefits and stuff like that.
1:18:54
[SPEAKER_03]: Could also just kind of give caveat to infrastructure standpoint, right?
1:18:57
[SPEAKER_03]: That's why it's important for, and I'm sure you have when you have an operating agreement.
1:19:01
[SPEAKER_03]: Instead of operating agreement, you need to say you are doing those things.
1:19:05
[SPEAKER_03]: So operating agreement will also have a vacation log, right?
1:19:07
[SPEAKER_03]: So that vacation log basically, you're tapping like we, we provide vacation logs for our clients.
1:19:12
[SPEAKER_03]: But our clients quite a town, you know, they email us on one of our CPAs, send them a vacation log.
1:19:17
[SPEAKER_03]: Basically, kind of says, what they're doing, how many hours they're going to spend?
1:19:20
[SPEAKER_03]: We have everything automated to go high level, so they do what through our go high level, through go high level, because they haven't seen to go high level, not the same event come.
1:19:27
[SPEAKER_03]: But by doing that, now it's notated and they sign it as well.
1:19:30
[SPEAKER_03]: So we have documentation.
1:19:32
[SPEAKER_03]: If you ever get out of it, boom, we have that documentation.
1:19:35
[SPEAKER_00]: So it's good.
1:19:36
[SPEAKER_03]: Operating agreement, everything that you do inside the Operating agreement, it didn't from near the different forms.
1:19:40
[SPEAKER_03]: So can vacation law.
1:19:42
[SPEAKER_03]: If I do the Augusta rule where my business is running out to my house of the 14 days out the year I have my board of directors that's documentation.
1:19:50
[SPEAKER_03]: I have my meeting minutes You can do it up to 14 days.
1:19:53
[SPEAKER_03]: We save it every four weeks basically has some type of event where you know Your business is talking to your board about what you're doing in your business.
1:20:00
[SPEAKER_03]: So that means if I do that Like okay, so like you know we're gonna be doing that of course right my mom has a business.
1:20:06
[SPEAKER_03]: We're doing that as right now for Augusta rule
1:20:08
[SPEAKER_03]: That means all the food, that's a tax deduction, right?
1:20:12
[SPEAKER_03]: Um, everything associated if she buys things, that's a tax deduction.
1:20:17
[SPEAKER_00]: Okay.
1:20:17
[SPEAKER_00]: There's two things I want to ask you.
1:20:19
[SPEAKER_00]: The first is I know I know the Augusta rule and it usually has to do with your like primate.
1:20:25
[SPEAKER_00]: That's where they're really encouraging.
1:20:26
[SPEAKER_00]: Use your primary residence to host these meetings and stuff.
1:20:29
[SPEAKER_00]: Okay.
1:20:30
[SPEAKER_00]: So I have a primary residence which would yield a certain dollar amount to rent it out.
1:20:35
[SPEAKER_00]: But I also have this place.
1:20:37
[SPEAKER_00]: And I pay a lease for this place, however, people have paid me to rent this place.
1:20:44
[SPEAKER_00]: And I've rented this place for $15,000 a day.
1:20:49
[SPEAKER_00]: Does the Augusta rule apply to the primary residence?
1:20:53
[SPEAKER_00]: It's only basically going on in primary residence because of the golf course and the houses along the golf course.
1:20:58
[SPEAKER_00]: Yeah, yeah, yeah, yeah.
1:20:59
[SPEAKER_03]: Okay, I'll let it go.
1:21:01
[SPEAKER_03]: So the Augusta rule was from Augusta George.
1:21:02
[SPEAKER_03]: Yeah, so as you know, because you're a golfer.
1:21:04
[SPEAKER_00]: That's right, for me once.
1:21:05
[SPEAKER_00]: All right.
1:21:06
[SPEAKER_00]: The second question I have is you mentioned the big beautiful bill which did happen earlier in 2025.
1:21:12
[SPEAKER_00]: but how does the big beautiful bill affect W2 employees or even businesses and why did Trump install this?
1:21:22
[SPEAKER_03]: Yeah, yeah.
1:21:23
[SPEAKER_03]: Many reasons, right?
1:21:25
[SPEAKER_03]: The rich get richer, right?
1:21:26
[SPEAKER_03]: And the rich uses the tax code to their advantage.
1:21:29
[SPEAKER_03]: So if you're able to lean in the tax code to use that to your advantage, you're going to profit.
1:21:35
[SPEAKER_03]: So first we had like bonus depreciation.
1:21:37
[SPEAKER_03]: It was 40% right?
1:21:39
[SPEAKER_03]: So
1:21:39
[SPEAKER_03]: Bonus to the pre-season is like if I have a get a pre-so-equipment, it costs $60,000, I can write off 100% of that.
1:21:45
[SPEAKER_03]: Well, as it was before, I could only write off 40% of that, right?
1:21:48
[SPEAKER_03]: So if I got a $60,000 piece of equipment, I can get all $60,000 from a tax deduction and get in that case 24,000.
1:21:55
[SPEAKER_03]: But having an 100% I may be able to write off more.
1:21:57
[SPEAKER_00]: thing, so in the example of $100,000, if I make $100,000, and I spend $100,000 in the new beautiful bill, it's actually all wiped, correct?
1:22:10
[SPEAKER_00]: But in Biden days, it was, if I made $100,000, and I spent $100,000, I still owe 60.
1:22:17
[SPEAKER_03]: Yeah, yeah.
1:22:18
[SPEAKER_03]: So it was a sliding scale.
1:22:19
[SPEAKER_03]: So one for like a hundred the next year 80% then 60% and was at 40%.
1:22:24
[SPEAKER_03]: So now it's back up to 100.
1:22:26
[SPEAKER_03]: They also reinstated it again, like I said, section.
1:22:28
[SPEAKER_00]: Which is why you need to start a business.
1:22:30
[SPEAKER_00]: Start a business.
1:22:31
[SPEAKER_03]: Everybody has to write it.
1:22:31
[SPEAKER_03]: Have a business.
1:22:32
[SPEAKER_03]: Yeah, that's number one.
1:22:35
[SPEAKER_03]: Number two, the, and that will stimulate the economy.
1:22:38
[SPEAKER_00]: Yeah, that was the point that the point is like this will get people spending money right and then circulating the money and we're good.
1:22:44
[SPEAKER_00]: Right.
1:22:44
[SPEAKER_03]: Yeah, so so that that was number one.
1:22:46
[SPEAKER_03]: Number two, increase the message for one case.
1:22:48
[SPEAKER_03]: So now you can put more money into your 401k.
1:22:51
[SPEAKER_03]: You can do more from my owner for case standpoint as well.
1:22:54
[SPEAKER_03]: So if I have my own 401k as owner, I could put more money in.
1:22:56
[SPEAKER_03]: So anything related to stimulate to the camera like to your point is great, but from a tax standpoint, if you utilize the tax code to your Venezuela leverage, save more money.
1:23:06
[SPEAKER_03]: Because then, say before, the tax code was created for business owners, because business owners are creating the risk.
1:23:12
[SPEAKER_03]: A W to employ you, you're working for a company.
1:23:15
[SPEAKER_03]: it's a check like you're you're not you're still in the economy yes because we are consumer economy as Americans but you're not really taking on a risk as a business but because we're taking on that risk as a business we're able to get those tax deductions and because our president not being political but since our president is on a more wealthier side right he has wealthier friends he sees how
1:23:34
[SPEAKER_03]: The tax code can stimulate a business, it can stimulate business, it's an extended, extended economy.
1:23:40
[SPEAKER_03]: And that's why a lot of those tax cuts were put in place.
1:23:43
[SPEAKER_03]: Another thing is, Bill, that we definitely want to look at for anybody doing real estate.
1:23:48
[SPEAKER_03]: Anybody doing real estate, we want to do a qualified opportunity zone.
1:23:53
[SPEAKER_03]: Very, very important.
1:23:54
[SPEAKER_03]: So it was in the first bill that Trump passed in 2017.
1:23:58
[SPEAKER_03]: It was taken out under Biden.
1:23:59
[SPEAKER_03]: It was put back in in a new big beautiful bill.
1:24:03
[SPEAKER_03]: That is, is if we buy a property in the dilapidated area, right?
1:24:07
[SPEAKER_03]: So the quote unquote hood, right?
1:24:09
[SPEAKER_03]: But in a dilapidated area, what happens is that everything I do is attacks theduction great.
1:24:13
[SPEAKER_03]: But as that grows, if I hold it for 10 years,
1:24:19
[SPEAKER_00]: Oh, sell it, at least for 10 years.
1:24:20
[SPEAKER_00]: So if I buy a house in East Las Vegas, okay, you can hold it for 10 years.
1:24:25
[SPEAKER_03]: Yes, yeah, yeah, yeah, yeah.
1:24:26
[SPEAKER_03]: And I sell it all the growth of that, I don't pay any taxes on.
1:24:30
[SPEAKER_03]: It is 100% tax-free.
1:24:33
[SPEAKER_00]: Dude, I've never heard of this.
1:24:35
[SPEAKER_03]: Yes, qualified opportunities, oh yeah.
1:24:38
[SPEAKER_00]: So they have to be an investment property.
1:24:39
[SPEAKER_00]: Oh, yeah, yeah, can't be a primary.
1:24:41
[SPEAKER_00]: Oh, but you're saying it's an investment property correct.
1:24:44
[SPEAKER_00]: That I don't have to 1031 exchange.
1:24:45
[SPEAKER_03]: No, I do not do not.
1:24:47
[SPEAKER_03]: Do not have 1031 exchange, right?
1:24:48
[SPEAKER_03]: And so two caveats, right?
1:24:50
[SPEAKER_03]: Number one, you want to make sure that it's in a qualified area.
1:24:53
[SPEAKER_00]: That's right.
1:24:54
[SPEAKER_00]: How do you find that out?
1:24:55
[SPEAKER_03]: You go to her, we're just Google Chat TVT, so Google Chat TVT.
1:24:59
[SPEAKER_03]: So that's number one.
1:25:01
[SPEAKER_03]: Number two, whatever you put in, and while our clients, little, little, you have to put in money for my investment.
1:25:07
[SPEAKER_03]: So little, we haven't clients sailed like the video stock, right?
1:25:11
[SPEAKER_03]: Sell it, put a couple of hundred dollars in, as part of the down payment for it, for a property, right?
1:25:16
[SPEAKER_03]: So whatever you put in, you got to also do the same amount,
1:25:19
[SPEAKER_03]: and repairs so that house over 18 months.
1:25:22
[SPEAKER_03]: So let's say I bought it, but that's what he did property for $30,000.
1:25:25
[SPEAKER_03]: He got to be cash, it could be alone.
1:25:27
[SPEAKER_03]: So I could sell no video stock for $100, and then with my other $5,000 put it down pay money, right?
1:25:32
[SPEAKER_03]: Then I pay the rest of it via loan, right?
1:25:34
[SPEAKER_03]: So that's $30,000.
1:25:36
[SPEAKER_03]: And then over a 18-month time period, I do,
1:25:40
[SPEAKER_03]: $30,000 of remodeling right again it could be too long right so since I met those two things we're good as that house gross if I sell it over five years I don't pay 15% tax I pay 10% but if I do it over 10 years then I don't pay any taxes at all when I sell it and that goes to the strategy I always talk about you buy
1:26:04
[SPEAKER_03]: You borrow because over 10 years you could just take money out of it by borrowing, right?
1:26:09
[SPEAKER_03]: And then you buy pass by setting up a trust, right, because that was in your trust.
1:26:12
[SPEAKER_03]: So now all that property goes down to your family.
1:26:15
[SPEAKER_03]: And then they do a real quick claim deed.
1:26:16
[SPEAKER_03]: They don't pay any taxes.
1:26:18
[SPEAKER_03]: Another thing with a big, beautiful bill.
1:26:19
[SPEAKER_03]: Because if we're married, it used to be 26 million.
1:26:22
[SPEAKER_03]: If I had 26 million dollars or less, I could pass that down to the family and not pay any state taxes.
1:26:27
[SPEAKER_03]: Now it's 30 million.
1:26:29
[SPEAKER_03]: Or if I'm single, it used to be 13 million, like a pass down to my family with no estate taxes, now it's 15 million.
1:26:35
[SPEAKER_03]: So because the big beautiful bill is now more money, I could pass down to the family and not pay taxes.
1:26:40
[SPEAKER_03]: Using the strategy for all clients we do, we buy, we borrow, and then through our state plan and platform, the relax estate, we buy pass.
1:26:50
[SPEAKER_03]: That's good.
1:26:50
[SPEAKER_03]: That's true, generation of wealth.
1:26:52
[SPEAKER_00]: Well.
1:26:55
[SPEAKER_00]: What if a city inherently is not has no hood?
1:27:01
[SPEAKER_00]: Do they have a hood?
1:27:04
[SPEAKER_03]: Well, I think all cities have some type of...
1:27:05
[SPEAKER_00]: Okay, so I'm thinking about, like, a Salt Lake City, Utah.
1:27:09
[SPEAKER_00]: I don't know about Salt Lake City.
1:27:11
[SPEAKER_00]: Okay, okay, let's say.
1:27:13
[SPEAKER_03]: I've been outside by the way.
1:27:14
[SPEAKER_03]: That's as crazy like the mountains all around it.
1:27:17
[SPEAKER_03]: Salt is so pretty.
1:27:18
[SPEAKER_00]: No, yeah.
1:27:19
[SPEAKER_00]: I'm just thinking about, like, this can, this can, okay, let's,
1:27:24
[SPEAKER_00]: Well, okay, I'm thinking about Vegas as the example, right?
1:27:26
[SPEAKER_00]: Like Vegas is a very interesting city, meaning two streets over from the hood could be nice.
1:27:34
[SPEAKER_00]: So like because I know this city, I'm thinking based on this thing you have never heard before, by the way, and I'm.
1:27:40
[SPEAKER_00]: Pan-attention bro, I'm listening to podcasts, you know, that I could get a property, knowing that we won't do anything for 10 years and we'll make sure we hold on to this, that this will be a really good place to park money.
1:27:55
[SPEAKER_00]: But I can like rent it out to people, as a long term rental or midterm rental, if it allows, if you know, if the state allows or whatever.
1:28:04
[SPEAKER_00]: but then it doesn't have to be so hood because if you only go one direction out and in, you probably are good, you know?
1:28:12
[SPEAKER_03]: Yeah, yeah, yeah.
1:28:13
[SPEAKER_03]: So like our clients, like when they want to buy property, that's the first conversation we have.
1:28:18
[SPEAKER_03]: And so for us, we also want to look at leverage.
1:28:21
[SPEAKER_03]: So what are some areas in the country,
1:28:24
[SPEAKER_03]: that it our hoods or it might be cheaper to buy.
1:28:27
[SPEAKER_03]: Like I have two, like literally in real life, I have two properties in the opportunity zones and Pittsburgh, right, it's called the Homewood area.
1:28:33
[SPEAKER_03]: Anybody in Pittsburgh, you guys know what that is?
1:28:35
[SPEAKER_03]: It's the Homewood area.
1:28:36
[SPEAKER_03]: It's the lapitating.
1:28:37
[SPEAKER_03]: We bought two properties and went through the process like now, right?
1:28:42
[SPEAKER_03]: So like it allows you to,
1:28:44
[SPEAKER_03]: If I live in Vegas or live in LA, things might be very expensive in LA.
1:28:48
[SPEAKER_03]: Well, it's a federal program.
1:28:50
[SPEAKER_03]: It's not a state program.
1:28:51
[SPEAKER_03]: So I can buy something in Indianapolis.
1:28:53
[SPEAKER_03]: So it's just that it went from.
1:28:54
[SPEAKER_03]: I have a friend called name in Everton.
1:28:56
[SPEAKER_03]: He's doing amazing things with properties and Cleveland.
1:28:58
[SPEAKER_03]: He's trying to things that opportunity zones as we speak.
1:29:01
[SPEAKER_03]: So it doesn't have to be in your state.
1:29:02
[SPEAKER_03]: It's a federal program.
1:29:04
[SPEAKER_03]: That's good.
1:29:04
[SPEAKER_03]: And then, of course, you just pay a property manager.
1:29:07
[SPEAKER_03]: Yeah, pay him or her 10%, it's a tax deduction.
1:29:10
[SPEAKER_03]: So after you have it in service, you just pay the property manager to make sure everything is good.
1:29:14
[SPEAKER_03]: You can sell another LLC and have a property manager's big company.
1:29:17
[SPEAKER_03]: If you want to go through that route and have more tax deducts.
1:29:19
[SPEAKER_03]: So those things you can do with that property, the generate more money, and also decrease your tax liability.
1:29:25
[SPEAKER_00]: It's good.
1:29:26
[SPEAKER_00]: What else?
1:29:27
[SPEAKER_00]: Is that everything big for the most part?
1:29:29
[SPEAKER_03]: With that, also, if I have a car, if I have a car now, I'm able to deduct my out of loan.
1:29:36
[SPEAKER_03]: I couldn't do that before.
1:29:37
[SPEAKER_03]: So I can deduct my out of loan.
1:29:39
[SPEAKER_03]: If I'm single though, if I make less than $100,000, I make $400,000 on phased out.
1:29:42
[SPEAKER_03]: If I'm married, I make over 200,000 on phased out, if I make $200,000 on phased out, if I make less than $100,000.
1:29:47
[SPEAKER_03]: 200,000, excuse me, that I get to duck my car alone.
1:29:51
[SPEAKER_03]: And it's a lot more.
1:29:52
[SPEAKER_03]: I mean, it's a lot more.
1:29:53
[SPEAKER_03]: But every deduction is not for every personal.
1:29:56
[SPEAKER_03]: And that's why I was back to not just having a tax repair or CPA, having that tax strategies that sit you down with your situation.
1:30:04
[SPEAKER_03]: to ask you like we do for our clients, what does wealth look like to you and how you want to accumulate your wealth and then finding those things in the tax code to make sure that we leverage the tax code to your advantage.
1:30:15
[SPEAKER_03]: Because like I said, and the solidified furniture planer we're not just doing stocks.
1:30:18
[SPEAKER_03]: Now yes, 70, 80% of our business is stocks, but the other 20, 30% is finding ways for you to increase your wealth.
1:30:25
[SPEAKER_03]: Right?
1:30:26
[SPEAKER_03]: And so if we do that then we're doing our job, you're happy, everybody's happy, everybody wins.
1:30:32
[SPEAKER_00]: Bro, so good, appreciate you.
1:30:34
[SPEAKER_00]: I think everyone's mind, if you're still listening or watching DME, department fam, this was mind blowing.
1:30:41
[SPEAKER_00]: But this is like a constant conversation that needs to continually be going and growing.
1:30:47
[SPEAKER_03]: I got one more gift by the way, too, before you were first.
1:30:49
[SPEAKER_00]: Is there a gift?
1:30:50
[SPEAKER_00]: Yeah, yeah, yeah, yes, it's for because, well, before you give me the gift, how can people connect with you?
1:30:55
[SPEAKER_03]: Well, that is the gift, right?
1:30:56
[SPEAKER_03]: So my team and I actually created a creator's blueprint, because I know most of your
1:31:03
[SPEAKER_03]: Consumers are creators of some sort.
1:31:05
[SPEAKER_03]: So it's actually created a creators blueprint a five-star process on how to create wealth.
1:31:10
[SPEAKER_03]: So all you got to do is Texas 904 905408.
1:31:13
[SPEAKER_03]: So 904 9548 and just text Omar.
1:31:21
[SPEAKER_03]: Oh, it may are very easy.
1:31:23
[SPEAKER_03]: And we're going to give everybody that blueprint that tells you step-by-step how to build wealth.
1:31:28
[SPEAKER_03]: Because I will accelerate a program.
1:31:30
[SPEAKER_03]: Everybody, when we first thought this amount of where we are, we all got to start somewhere.
1:31:34
[SPEAKER_03]: And we start, we are a wealth builder.
1:31:38
[SPEAKER_03]: We're all just building wealth.
1:31:39
[SPEAKER_03]: Then it gets to a point where now we're making some money, we've got some things going on, then we become a wealth strategist, because we're building wealth, but we have some strategies in the place.
1:31:48
[SPEAKER_03]: And then from there, we need to grow from a wealth strategist to a wealth creator.
1:31:52
[SPEAKER_03]: So we want to walk people through how to start as a wealth builder, and then get to the point where they're a wealth creator.
1:31:59
[SPEAKER_03]: And we walk through that simple blueprint.
1:32:01
[SPEAKER_03]: So again, 904, 905, 408, Omar, or you can, you know, five million Instagram.
1:32:06
[SPEAKER_03]: or my YouTube at Payneful Prophets, my last name is Payne, because our profits could be painful, but it's still profit.
1:32:12
[SPEAKER_03]: So P-A-Y-N-E, F-U-L profits with the S, then you can also DME Omar there, and follow your boy, they that are YouTube, or in a description, I'm pretty sure you put it down.
1:32:23
[SPEAKER_03]: Yeah, yeah, Omar, they'll get that blue profile.
1:32:26
[SPEAKER_00]: Rechage you for being on last thing before we wrap in the world of personal branding.
1:32:32
[SPEAKER_00]: where people inherently are entities and my image and my essence is what makes money.
1:32:45
[SPEAKER_00]: But in the personal brand world, right?
1:32:48
[SPEAKER_00]: How do I justify, because you said you talk about the ordinary and necessary in the pursuit of income, because people follow my brand?
1:33:01
[SPEAKER_00]: they have said and I have it on camera that the reason why they're attracted to me or the reason why they're joined my program is because I'm a family man.
1:33:09
[SPEAKER_00]: It's because I'm a faith, I'm a man of God.
1:33:14
[SPEAKER_00]: It's because I like golf because I like golf is a part of the brand.
1:33:18
[SPEAKER_00]: I mean,
1:33:19
[SPEAKER_00]: You, that's why we can, there are these things that people have connected with me because of my personal brand is that ordinary necessary even though I and and the fact I have it on camera and stuff of people expressing the things and I know it sounds gray, but I just want to know your take on that.
1:33:35
[SPEAKER_03]: So if, if this money coming out of your pocket expense wise, then then yes, because you can just find that as this business.
1:33:42
[SPEAKER_03]: So it could be 10 different businesses, right, 10 different creators on YouTube.
1:33:47
[SPEAKER_03]: They all run their business different ways, but if it those expenses, if you're bigger money in and we know you're bigger money in and those expenses You have expenses, so those expenses you're able to justify because it's in a pursuit of income for your business Okay, so since you run your business like you run your business and you have the receipts to prove it Incomwise and expense wise, then yes now pro bono is different
1:34:10
[SPEAKER_03]: Right, we can't write off our time, right?
1:34:13
[SPEAKER_03]: So if I do speak in the cases all the time and sometimes I charge, sometimes I don't.
1:34:18
[SPEAKER_03]: When I don't charge, I can't write off by time.
1:34:21
[SPEAKER_03]: I can run off the trip, not go off things to that nature, but I can't say, hey, you didn't pay me $10,000, I'm gonna write it off for my taxes pro bono, no.
1:34:28
[SPEAKER_03]: So you can't write off your time, but I can see if money's exchange and it's expense because of how you run your business, then yes, of course.
1:34:35
[SPEAKER_00]: And so, because I'm looking for a clear answer that you would probably give me on a zoom call or something, but I just joined a country club.
1:34:42
[SPEAKER_04]: Okay.
1:34:43
[SPEAKER_00]: is that a deduction.
1:34:45
[SPEAKER_00]: And I did bring a client and I also, yeah, I mean, do bits of meat is there, right?
1:34:51
[SPEAKER_03]: So you see, do a client event there, right?
1:34:55
[SPEAKER_03]: So when you do events and you use a net, then yes, of course.
1:34:58
[SPEAKER_03]: Yeah, yeah.
1:34:59
[SPEAKER_03]: And I'm in Jacksonville.
1:35:01
[SPEAKER_03]: You guys in Jacksonville is a club called a university club.
1:35:03
[SPEAKER_03]: I have a membership there.
1:35:05
[SPEAKER_03]: I do stuff there.
1:35:06
[SPEAKER_03]: That's a tax deduction.
1:35:07
[SPEAKER_00]: Bang, bang.
1:35:09
[SPEAKER_00]: All right, appreciate you.
1:35:09
[SPEAKER_00]: Thanks for being on.
1:35:11
[SPEAKER_00]: You helped the people, bro.
1:35:15
[SPEAKER_00]: Yeah.
1:35:16
[SPEAKER_03]: That's why now with the 2025, 22 years ago, I got that spraying ankle.
1:35:21
[SPEAKER_03]: Don't look at my ankle, my ankle is an ash, man.
1:35:23
[SPEAKER_03]: So I got ash, it goes, don't put them in.
1:35:25
[SPEAKER_03]: I've been to people, so I could say it 23 years ago, because that's brand ankle and I'm just going to blow a clot.
1:35:30
[SPEAKER_03]: The look we're here for a reason to help the people.
1:35:32
[SPEAKER_03]: And I'm just honored to be able to sit across from you.
1:35:35
[SPEAKER_03]: Again, thank you two and a half years ago to say Mario.
1:35:37
[SPEAKER_03]: It's not your time yet.
1:35:38
[SPEAKER_03]: And so so thank you.
1:35:40
[SPEAKER_04]: I appreciate it.