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Study Hall: Multiple Streams of Income Buy Real Estate with an IRA · Earn Your Leisure

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  Speaker 1: An illegal alien from Guatemala charged with raping a child
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  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
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  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
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  Speaker 1: filming and selling child pornography in Michigan. These are just
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  Speaker 1: some of the heinous migrant criminals caught because of President
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  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
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  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
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  Speaker 1: crossings are at the lowest levels ever recorded, and over
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  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
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  Speaker 1: are here illegally, your next you will be fined nearly
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  Speaker 1: one thousand dollars a day, imprisoned, and deported. You will
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  Speaker 1: never return. But if you register using our CBP home
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  Speaker 1: app and leave now, you could be allowed to return legally.
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  Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,
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  Speaker 1: border and families will.
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  Speaker 2: Be protected sponsored by the United States Department of Homeland Security.
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  Speaker 3: All right, So now we're going to talk about multiple
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  Speaker 3: streams of income.
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  Speaker 4: That is I mean, I get that question. I'm sure
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  Speaker 4: you get a bunch I get that. Especially in the
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  Speaker 4: education field.
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  Speaker 2: Teachers every day, it's like, Yo, I need to make
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  Speaker 2: more money. How am I going to do this? What
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  Speaker 2: do I do? How are you doing it? I'm like,
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  Speaker 2: we got something for you.
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  Speaker 3: Real, we got no multiple streams of income. It's no longer.
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  Speaker 2: Option.
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  Speaker 3: It's a necessity. Yeah, in this world that we live in.
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  Speaker 3: So we're going if you're a member of e Yo University,
• 1:31
  Speaker 3: shouts to all of our e Yo out there students
• 1:36
  Speaker 3: that's enrolled. E y l University is the dopest platform
• 1:39
  Speaker 3: right now online. It's crazy. We did a whole course.
• 1:41
  Speaker 3: We did an our course on multiple streams of income
• 1:44
  Speaker 3: that's actually out right now. So we're going to do
• 1:45
  Speaker 3: is try to condense this like fifteen minutes. But if
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  Speaker 3: you want the like full hour version, you can just
• 1:50
  Speaker 3: check out earn your Leisure dot com. We also have
• 1:52
  Speaker 3: a course on it about how to create a podcast
• 1:53
  Speaker 3: with details, product placement, all that. It's dope. It's dope.
• 1:57
  Speaker 3: So yeah, we yeah, this would be like the abbreviated version,
• 2:01
  Speaker 3: and if you want the full version, you can just
• 2:02
  Speaker 3: check out Eyo University for sure. But so right, when
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  Speaker 3: it comes down to like having multiple streams of income, right,
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  Speaker 3: I think it's important to first understand and shout out
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  Speaker 3: to Derek Falcon another one of our legendary episodes that
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  Speaker 3: you don't A lot of times people are under the
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  Speaker 3: misconception that you need like five seven different things because
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  Speaker 3: they say the average millionaire has anywhere between five to
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  Speaker 3: seven streams of income. So a lot of times people
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  Speaker 3: look at that and it becomes like overwhelming because it's
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  Speaker 3: like we're so trained. The average person is just trained
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  Speaker 3: to work a job to get money. So now it's like, Okay,
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  Speaker 3: I gotta work seven jobs, or I gotta like create
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  Speaker 3: seven totally different businesses. So I gotta do like construction, plumbing,
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  Speaker 3: real estate. I gotta be a stock market invest I
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  Speaker 3: gotta do all these different things, and it's like who
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  Speaker 3: has enough time? Right? But one thing I really liked
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  Speaker 3: about with Derek saiding it really resonated with us, is
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  Speaker 3: that you don't need multiple avenues to create multiple streams
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  Speaker 3: of income. You just need one lane that you do
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  Speaker 3: really well and you can create multiple streams of income
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  Speaker 3: off of that one length.
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  Speaker 4: It's like what we said, like we got to build
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  Speaker 4: a foundation. If you think in the sense of a tree,
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  Speaker 4: the tree is gonna be the foundation of what you're
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  Speaker 4: gonna do, right, So like from that, you're just gonna
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  Speaker 4: start building branches from it.
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  Speaker 3: Yeah, so all right, So yeah, so we're not eve
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  Speaker 3: gonna give you a case study or theory. We're gonna
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  Speaker 3: give you the real deal Lisia. Yeah, this is easy.
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  Speaker 3: This is just all I mean, this is ours platform
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  Speaker 3: in blueprint. But I mean, you know, everybody's blueprint is
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  Speaker 3: gonna be different, but we can just we can speak
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  Speaker 3: best about what we personally know, right.
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  Speaker 4: So, and they've been here to see it, so like
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  Speaker 4: y'all been here watching it. Y'all seen it from January
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  Speaker 4: to now. We're just gonna give you really in detail
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  Speaker 4: like how this works.
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  Speaker 3: Yeah for sure. So the thing with Earn Your Lisia
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  Speaker 3: is that all right. So Earn Your Lisia started in
• 3:44
  Speaker 3: January of twenty nineteen, and it was a podcast, right,
• 3:49
  Speaker 3: and it was you know, we started the Instagram page
• 3:51
  Speaker 3: was the first thing we did. And we launched Instagram
• 3:55
  Speaker 3: and we turned into like a daily discussion board pretty
• 3:59
  Speaker 3: much of like different financial topics. We post different things
• 4:02
  Speaker 3: on Instagram and people give their feedback on it and
• 4:05
  Speaker 3: we do different write ups and it's like a whole
• 4:07
  Speaker 3: you know, financial board discussion on different all different areas
• 4:12
  Speaker 3: of finance. Right. So, but that was all done in
• 4:16
  Speaker 3: relationship to build the podcast. Right, So we created a podcast, right,
• 4:20
  Speaker 3: we didn't know anything about That's another thing about this too,
• 4:22
  Speaker 3: is that we didn't know. We're not even our year yet.
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  Speaker 2: We're like, we're still learning. We just had a phone
• 4:27
  Speaker 2: call and we're like, yo, we're learning still.
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  Speaker 3: Yeah, eleven eleven months and we're still learning. So we
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  Speaker 3: think we're Earner Leasia. Is that Okay? So it started
• 4:35
  Speaker 3: it's just a podcast, and we had to figure out
• 4:38
  Speaker 3: how can you monetize a podcast because there's no blueprint
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  Speaker 3: on how to do it. You just kind of figure
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  Speaker 3: out how you go, right. So, but now we have
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  Speaker 3: a few different streams from earn lesions, like I think
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  Speaker 3: we gonn talk about like five six different streams that
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  Speaker 3: we have from earn Leisure, income streams from early Leasure
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  Speaker 3: right now. Right, So all right, So as the podcast grew,
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  Speaker 3: the first the first thing that we started to monetize
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  Speaker 3: was all yeah, right, so if you listen to this,
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  Speaker 3: you know that you know, we give Spotify anchor from
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  Speaker 3: time to time other brands. You know, it's part of
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  Speaker 3: the episode. Right, So those are ads that we do,
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  Speaker 3: and we're not doing it for charity. Obviously we can't
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  Speaker 3: conversated for that, right, So how you get compensated in
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  Speaker 3: the podcast world was called CPM yep, right, So CPM
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  Speaker 3: is like per thousand plays what you get. So if
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  Speaker 3: you get standard, the good thing with podcasts is that
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  Speaker 3: it's usually like standard. It's like twenty five dollars twenty on,
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  Speaker 3: like twenty to twenty five. It's like usually standard, right,
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  Speaker 3: industry standard.
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  Speaker 2: And when the platform we use was Anchor.
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  Speaker 4: Obviously if you listen to this, we did it on
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  Speaker 4: Anchor and we didn't have to go find them. They
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  Speaker 4: provided us with the ads based on the audience listening.
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  Speaker 4: So they saw that there was a thousand people listening
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  Speaker 4: to the first episodes, they send us one ad.
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  Speaker 2: They see this four thousand people. Then they sent us
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  Speaker 2: two ads.
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  Speaker 4: So the more people we had engaged in listening, the
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  Speaker 4: more ads they sent to us. And you know it,
• 6:01
  Speaker 4: so like you hear, you got to go back and
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  Speaker 4: listen to the original adds. So the original was a
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  Speaker 4: funny bit.
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  Speaker 3: Man, not a crazy thing is At first I didn't
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  Speaker 3: even want to take the ad because I'm like, when
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  Speaker 3: I saw it was twenty dollars CPM per thousand.
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  Speaker 2: That's how it works, every thousand.
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  Speaker 3: So when we first started, we was averaging like two
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  Speaker 3: thousand a week or something like that. So I'm like,
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  Speaker 3: why are we even doing this for forty dollars? And
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  Speaker 3: then I read something like just do it because it
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  Speaker 3: builds up over the cost.
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  Speaker 2: Of time perpetuity.
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  Speaker 3: And it does. I can tell you it does. And
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  Speaker 3: the crazy thing about it is that now with like
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  Speaker 3: anchor like it's the dynamic ads, right, So what happens
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  Speaker 3: is that not every time somebody listens to a podcast,
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  Speaker 3: we get paid. So you can go back and listen
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  Speaker 3: to episode one and as long as there's an ad
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  Speaker 3: and placed in it, we're gonna get paid for that.
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  Speaker 3: So that's pretty cool because it's like, now as our
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  Speaker 3: audience grows, right, we are revenue grows as well, right,
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  Speaker 3: so we get paid. So that's one way how we
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  Speaker 3: get paid, right. And then so that was the first
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  Speaker 3: way how we started to monetize the podcast. And then
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  Speaker 3: you know, from that, we figured, okay, now we have
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  Speaker 3: an audience, but we always love fashion and we always
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  Speaker 3: you know, it was like, okay, what's the next thing
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  Speaker 3: that we should do, and actually to promote the podcast
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  Speaker 3: as well, and we came up with a couple of
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  Speaker 3: different slogans with the slogan, the slogan that really stuck
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  Speaker 3: and became our signature was Assets over Liability.
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  Speaker 4: Yeah, we had if I remember sitting down and we
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  Speaker 4: wrote down, like you said, let's come up with ten.
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  Speaker 4: I'm gonna come up with ten. And we put them
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  Speaker 4: out and it was like, all right, well let's use
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  Speaker 4: these three. And we had three. So if you had
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  Speaker 4: the day one people, you know, when you went to
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  Speaker 4: the site, there was a bunch of different shirts.
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  Speaker 2: And as we moved on and we realized like that's
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  Speaker 2: not really gonna move, we stuck with three.
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  Speaker 3: Yeah, the most popular, Access over Reliabilities. So and that
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  Speaker 3: just became our trademark. We tried a couple different things,
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  Speaker 3: but that became our trademark. And so the thing about merch,
• 7:54
  Speaker 3: everybody sells merch. It's popular, it's like the first thing
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  Speaker 3: you want to do, right, But merch can be a
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  Speaker 3: kind of a tricky thing. So how we use what
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  Speaker 3: we use is print Fall. Right. So print Fall is
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  Speaker 3: a company that allows you to not hold any inventory.
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  Speaker 4: It's on demand, so like you order it, it's they
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  Speaker 4: make it pretty much like what we said in the
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  Speaker 4: last segment. They make it, they distribute it, and all
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  Speaker 4: we do is create the file which is the assets
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  Speaker 4: over alliabilities, which is ours. They print it up and
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  Speaker 4: they send it out to you.
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  Speaker 3: Yeah. So, and it's an interesting business model. It's pros
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  Speaker 3: and cons with everything because they take a percentage, a
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  Speaker 3: pretty healthy percentage. We're working on that so, I mean,
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  Speaker 3: we probably could make a lot more money if we
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  Speaker 3: just did it ourselves. But the thing about it is
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  Speaker 3: a lot more work and it's a lot more capital.
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  Speaker 3: It doesn't cost us anything. That's the good thing about
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  Speaker 3: print falls. That doesn't cost anything.
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  Speaker 2: Right, we don't have to buy sweatshirts, we don't have
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  Speaker 2: to buy t shirts.
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  Speaker 3: One hundred dollars a month I think just to actually
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  Speaker 3: run the site. But other than that, there's no there's
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  Speaker 3: no money, there's no overhead. So as somebody buys the shirt,
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  Speaker 3: they print it, they ship it. It's a whole. It's
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  Speaker 3: a whole.
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  Speaker 4: Literally, Like we created our own store on Shopify. It
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  Speaker 4: goes on prince full and we put our designs up
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  Speaker 4: there and people just when they order.
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  Speaker 2: I remember we got our first order. I was like,
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  Speaker 2: oh wow, this is great, and then we don't have
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  Speaker 2: to store anything.
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  Speaker 3: That's another thing to it. Especially when it comes to business,
• 9:13
  Speaker 3: a lot of times it's like and this is this
• 9:15
  Speaker 3: is this. There's no really no right or wrong answer
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  Speaker 3: on this, But especially if you're doing a lot of
• 9:20
  Speaker 3: different things, sometimes it's better to take less money to
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  Speaker 3: free your time up right, because it's like, like I said,
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  Speaker 3: we could do it ourselves, but that's a lot more time,
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  Speaker 3: Like we actually have to find somebody to actually make
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  Speaker 3: it for. We have to hold a bundle of different
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  Speaker 3: merch we have to ship it, we have to track it,
• 9:36
  Speaker 3: we have to you know, do all of those things.
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  Speaker 3: It's not and especially as more people start to order shirts,
• 9:42
  Speaker 3: it becomes too much. It's difficult. So with print Fall,
• 9:46
  Speaker 3: they kind of do all of that for us. Like
• 9:48
  Speaker 3: I said, they take their percentage for doing all of
• 9:50
  Speaker 3: that stuff, but we're still get compensated. So that was
• 9:54
  Speaker 3: that was another revenue that was like the second revenue
• 9:57
  Speaker 3: stream that we did.
• 9:57
  Speaker 4: I did, and then the next one was a probably
• 10:00
  Speaker 4: pay program and that was kind of just happened in
• 10:03
  Speaker 4: a comment somebody was like, hey, you guys on Patreon,
• 10:05
  Speaker 4: and at the time I remember I text you, I'm like, yo,
• 10:07
  Speaker 4: what is Patreon? And then we did the resource showler.
• 10:10
  Speaker 4: It was like, oh, this could be a way that
• 10:12
  Speaker 4: we could give bonus content. We can put out different
• 10:16
  Speaker 4: variety of things and features for our audience, and so
• 10:19
  Speaker 4: like that became another source of income.
• 10:21
  Speaker 2: So we created five different tiers.
• 10:22
  Speaker 3: Yeah, Patreon, Patreon is a whole bob you actually you're
• 10:25
  Speaker 3: talking about Patreon. I don't even know what Patreon was comedy,
• 10:28
  Speaker 3: just like we should do a Patreon, Like what is Patreon?
• 10:30
  Speaker 3: And Patreon is a is a is a platform for
• 10:33
  Speaker 3: creatives for people to support on a financial level. And
• 10:38
  Speaker 3: the cool thing with Patreon is that it's a real community,
• 10:40
  Speaker 3: where like Patreon, you get you can add different tiers
• 10:43
  Speaker 3: to it. So like we have different tiers to our
• 10:45
  Speaker 3: Patreon and like depending on what tear you're in, Like
• 10:48
  Speaker 3: you get add free episodes, you get episodes before the
• 10:52
  Speaker 3: podcast drops. You get FaceTime conversations with us. Yeah, FaceTime
• 10:58
  Speaker 3: conversations is lit. You get direct conversations with us, you
• 11:01
  Speaker 3: get you get discounts on the merche, you get access
• 11:06
  Speaker 3: to Eyo University.
• 11:07
  Speaker 2: Yeah, that's new.
• 11:07
  Speaker 4: So like that was one of the things and we
• 11:09
  Speaker 4: sent the message out. It was like, Yo, we got
• 11:11
  Speaker 4: something to coming, we got something to come in, and
• 11:12
  Speaker 4: we were building it. So like now it's like now
• 11:15
  Speaker 4: they get to see what we have building. Everybody that's
• 11:17
  Speaker 4: in a Tier four or five they get to have
• 11:19
  Speaker 4: access to Eyo University. So that makes it even dope.
• 11:22
  Speaker 3: Yeah, and this this, this is the whole The whole
• 11:24
  Speaker 3: thing with the Business show is that you want to
• 11:25
  Speaker 3: just create different ideas because you might not be able
• 11:27
  Speaker 3: to copy every single thing, but you want to just
• 11:29
  Speaker 3: spark your brain. So for me, I'm always big on
• 11:32
  Speaker 3: cross promoting, right, So I'm like, okay, look if we
• 11:34
  Speaker 3: got Patreon, right, And and you also have to add
• 11:38
  Speaker 3: value like all these different report I want to stress
• 11:39
  Speaker 3: that too. Never do anything just to make money, right,
• 11:44
  Speaker 3: you got to have like real value, Like the merch
• 11:46
  Speaker 3: is something that we truly believe in, Like we really
• 11:48
  Speaker 3: believe in the merch. And I think the reason why
• 11:50
  Speaker 3: as Overliabilities has taken off because it's a dope slogan
• 11:54
  Speaker 3: and it's really powerful and like three words, it really
• 11:57
  Speaker 3: means a lot, Like it's assets over liability, like you
• 12:00
  Speaker 3: know what I'm saying. So it's like, if you're going
• 12:02
  Speaker 3: to spend money to wear merch, Like, you might as
• 12:04
  Speaker 3: well wear something that you like and it's stylished. That's
• 12:07
  Speaker 3: like it's dope.
• 12:08
  Speaker 2: Like that was our thing.
• 12:09
  Speaker 4: It was like, Yo, if we're going to create something
• 12:11
  Speaker 4: that people are gonna wear, it might have it should
• 12:12
  Speaker 4: have a message on it, and it should be a
• 12:14
  Speaker 4: message that resonates with our community and all communities. Really yeah,
• 12:17
  Speaker 4: like that's what the intent was when we did the merchant,
• 12:19
  Speaker 4: and like, let's make money. We're not a clothing brand,
• 12:21
  Speaker 4: but we want to have a message. Every time we
• 12:23
  Speaker 4: go outside we know people.
• 12:24
  Speaker 3: Are watching exactly. And also with the Patreon too, it's
• 12:27
  Speaker 3: like we don't want to just set up Patreon as
• 12:30
  Speaker 3: a way for people just to support the podcast. That's
• 12:32
  Speaker 3: like charity and an event. We want to actually give
• 12:34
  Speaker 3: them value as well. Right, So that's why we had
• 12:36
  Speaker 3: the phone conversations, That's why we added free access to
• 12:39
  Speaker 3: Eyo University. That's why we actually discounts on the merch.
• 12:42
  Speaker 3: But now with the Patreon, you get discount on the merch,
• 12:45
  Speaker 3: but it leads back to the merch, which is like
• 12:48
  Speaker 3: cross promoting, right exactly, So and everything always leads back
• 12:51
  Speaker 3: to the podcast. The podcast is the Mothership, which is free.
• 12:54
  Speaker 3: But that's the cool thing about it too, where the
• 12:57
  Speaker 3: podcast is free, but from something that is free, we're
• 13:00
  Speaker 3: able to create multiple different income streams where we can
• 13:03
  Speaker 3: actually profit. So that's another thing to a lot of
• 13:05
  Speaker 3: times people think like just because you're not actually getting
• 13:07
  Speaker 3: paid for something right away, or something doesn't look like
• 13:10
  Speaker 3: you can actually make money from it, you gotta look deeper.
• 13:13
  Speaker 3: It's not just like you gotta go ABC D E
• 13:16
  Speaker 3: F like you know what I mean, like to say, okay,
• 13:18
  Speaker 3: the podcast, we could the podcast is really just to
• 13:21
  Speaker 3: get us out there. As far as on our revenue,
• 13:23
  Speaker 3: of course, the podcast is to educate, that's the most important.
• 13:26
  Speaker 3: But as far as our revenue stream, we now we
• 13:29
  Speaker 3: can monetize the podcast even though people don't pay for
• 13:31
  Speaker 3: the podcast because of ads. But even if we had
• 13:34
  Speaker 3: no ads at all, we can still monetize off of
• 13:36
  Speaker 3: the podcast because of the visibility and allows us to
• 13:39
  Speaker 3: do other things.
• 13:40
  Speaker 4: And it's not like we have to create seven different things.
• 13:43
  Speaker 4: We still have the Mothership, the tree, which is the podcast,
• 13:46
  Speaker 4: and all these branches coming off of it. And that's
• 13:48
  Speaker 4: true what you said. We didn't do it for money, right,
• 13:51
  Speaker 4: So like when we had Patreon. We had like two
• 13:53
  Speaker 4: members the first month. Right next month we had seven.
• 13:56
  Speaker 4: Like we just kept grinding, like kept putting out the contact,
• 13:59
  Speaker 4: putt out of value making.
• 14:00
  Speaker 2: Those phone calls.
• 14:01
  Speaker 4: Now we're up to like over one hundred and fifteen
• 14:03
  Speaker 4: or something like that. And it was like just being
• 14:05
  Speaker 4: consistent and spreading the word and giving the value.
• 14:08
  Speaker 2: Like I think I was massed right.
• 14:09
  Speaker 4: He was like, yo, just give it away, give it away,
• 14:10
  Speaker 4: give it away, give it away, give it away.
• 14:12
  Speaker 3: And then people are, well, they want to pay for it.
• 14:14
  Speaker 3: They feel guilty not to that and that's why, like
• 14:16
  Speaker 3: I said, proud to pay. With Nipsey when he had
• 14:18
  Speaker 3: his one hundred dollars, it wasn't so much it's just
• 14:22
  Speaker 3: him selling a mixtape for one hundred dollars. This is
• 14:23
  Speaker 3: a whole experience. You got tickets to a concert, you
• 14:27
  Speaker 3: got merch. It was it was bundled together and it
• 14:30
  Speaker 3: was very well done and people were proud to because
• 14:33
  Speaker 3: people want to support, but they just got to have
• 14:35
  Speaker 3: something good that they can support, Like nobody wants to
• 14:37
  Speaker 3: support something that's just trash. And then so so then
• 14:41
  Speaker 3: the next revenue stream comes via of YouTube. So YouTube
• 14:44
  Speaker 3: is something that we're still figuring it out, but I
• 14:47
  Speaker 3: encourage any creative, any creative of anybody thinking about starting anything.
• 14:52
  Speaker 3: You got to get on YouTube. People don't fully understand
• 14:54
  Speaker 3: the power of YouTube. We spoke about this before, but.
• 14:56
  Speaker 4: That's the thing, and it would just be fully transparent.
• 14:59
  Speaker 4: We didn't start on YouTube.
• 15:01
  Speaker 3: The first like seven episodes wasn't wasn't on you. People
• 15:04
  Speaker 3: had to really convince us to get on YouTube. Like
• 15:08
  Speaker 3: the first seven episodes was just audio because it's like
• 15:10
  Speaker 3: it's a lot more work. You gotta film it, and
• 15:12
  Speaker 3: you gotta upload it, you gotta edit this. It's the
• 15:14
  Speaker 3: whole process. But YouTube, YouTube is interesting because it's like
• 15:19
  Speaker 3: YouTube also. All right, So the monetization for YouTube is
• 15:22
  Speaker 3: you have to have a thousand watch hours.
• 15:26
  Speaker 2: Yeah, so a thousand watch hours and four.
• 15:30
  Speaker 3: Before you come out. So watch hours is like how
• 15:32
  Speaker 3: many how many hours somebody has watched your video. So
• 15:35
  Speaker 3: you need a thousand watch hours and you need four
• 15:38
  Speaker 3: thousand subscribers and then you can start to monetize through
• 15:41
  Speaker 3: YouTube studio. And YouTube is another thing where it's like,
• 15:45
  Speaker 3: you know, the first YouTube check that you'll see is
• 15:48
  Speaker 3: like let's say, like for us, it.
• 15:49
  Speaker 2: Was like one hundred watched it.
• 15:50
  Speaker 4: I mean we watched that for like one hundred dollars.
• 15:54
  Speaker 3: Yeah, and then it's like six months later, was to
• 15:58
  Speaker 3: like four thousand YouTube. So God will in this time
• 16:02
  Speaker 3: next year it will be four times that, you know
• 16:04
  Speaker 3: what I'm saying. But the good thing with YouTube is
• 16:06
  Speaker 3: like once again, like the audio, once a video is
• 16:08
  Speaker 3: in YouTube, especially if it's like gets a lot of traction,
• 16:11
  Speaker 3: it's there forever. So I was just telling, like Alex
• 16:14
  Speaker 3: goot Energy from Trucking Episode thirty nine, I'm like, yo,
• 16:17
  Speaker 3: your video is gonna live forever because it has like
• 16:19
  Speaker 3: fifty nine thousand views right now or whatever. But a
• 16:22
  Speaker 3: year from now, somebody types in trucking, they'll find that video,
• 16:26
  Speaker 3: right and then they watch it and then we get paid.
• 16:28
  Speaker 3: And the cool thing, and I spoke about this on
• 16:30
  Speaker 3: the social media episode that we did, is that a
• 16:32
  Speaker 3: lot of times people with especially with like YouTube and
• 16:35
  Speaker 3: things of that nature, numbers are not the most important thing.
• 16:40
  Speaker 3: Numbers are not the most important thing. What I mean
• 16:41
  Speaker 3: by that is that like our forty thousand subscribers that
• 16:46
  Speaker 3: we have right now is probably more valuable than a
• 16:50
  Speaker 3: lot of people that have a million, two million subscribers
• 16:53
  Speaker 3: because our content, we get paid at a higher CPM.
• 16:56
  Speaker 3: What that means is that like our content is clean,
• 16:59
  Speaker 3: content is that's important, So companies they love that to advertise, right,
• 17:04
  Speaker 3: It's like the business is like the number one space
• 17:06
  Speaker 3: for advertisers. So I was speaking to somebody who has
• 17:11
  Speaker 3: a YouTube channel, but it's a wrap show and they
• 17:15
  Speaker 3: bring rappers on stuff like that, you know. So he
• 17:18
  Speaker 3: was telling me his CPMs for his show is like
• 17:20
  Speaker 3: three dollars four dollars, but he has like a million subscribers.
• 17:25
  Speaker 3: His videos get like two hundred thousand views, right, But
• 17:28
  Speaker 3: he's not really making money because it's like three dollars
• 17:30
  Speaker 3: where we might get ten twenty thousand views per episode.
• 17:34
  Speaker 3: We have forty thousand subscribers, which is way less than
• 17:37
  Speaker 3: what he has, right, right, but we're making more money
• 17:39
  Speaker 3: because our CPMs could be thirty dollars twenty five dollars.
• 17:43
  Speaker 4: And that's another thing that's beautiful about YouTube is that
• 17:46
  Speaker 4: the CPM fluctuates, so like depending on the content, like
• 17:49
  Speaker 4: a video like mobile homes, you could get maybe forty
• 17:52
  Speaker 4: five dollars per CPM, which is per thousand, or like
• 17:56
  Speaker 4: Alex right, it could be forty seven dollars or as
• 18:00
  Speaker 4: in the audio space, it's just pretty stage the same
• 18:02
  Speaker 4: standard at twenty five dollars. So like that's another beautiful
• 18:05
  Speaker 4: thing about YouTubers, Like it changes and depending on the content,
• 18:08
  Speaker 4: and that's that's key. What you said, too, is having
• 18:10
  Speaker 4: clean content, because if we had profanity laced conversations, right,
• 18:16
  Speaker 4: people wouldn't be putting money out to put on ads.
• 18:19
  Speaker 4: And I think we ran into that one time when
• 18:21
  Speaker 4: we had an episode with We're Talking about Marijuana, which
• 18:25
  Speaker 4: was a business podcast and it was a business lesson,
• 18:28
  Speaker 4: but just the fact that we had marijuana in our title,
• 18:31
  Speaker 4: it kind of changed.
• 18:32
  Speaker 3: We didn't get paid for that, But that's something too
• 18:35
  Speaker 3: for a lot of crit Like I said, all of
• 18:36
  Speaker 3: this stuff is just free information, free knowledge because these
• 18:39
  Speaker 3: are things that we learned. We literally learned all this
• 18:41
  Speaker 3: stuff on the fly. So you know, if you're starting
• 18:43
  Speaker 3: a YouTube channel, if you're thinking about monetizing online, these
• 18:46
  Speaker 3: are good good things to know. Because we didn't notice,
• 18:48
  Speaker 3: Like we didn't know that we put cannabis on marijuana
• 18:52
  Speaker 3: in the title, that's a red flag for YouTube. The
• 18:54
  Speaker 3: video went out, people saw it, but we didn't get
• 18:56
  Speaker 3: paid on it.
• 18:57
  Speaker 2: We got that little yellow sticker.
• 18:58
  Speaker 3: They're very big on that, very big on that industry.
• 19:01
  Speaker 3: They've shut down pages. They shut down some big cannabis
• 19:04
  Speaker 3: pages where six hundred thousand subscribers, a million subscribers, they
• 19:08
  Speaker 3: shut their pages down. So it's just it's important to
• 19:11
  Speaker 3: understand what you're doing because like you could just be
• 19:14
  Speaker 3: doing something and I fully understand what you're doing, and
• 19:17
  Speaker 3: it's like you got you built up a million and
• 19:20
  Speaker 3: two million followers subscribers, but now it's hard for you
• 19:24
  Speaker 3: to monetize it. Where you see somebody with one hundred thousand,
• 19:27
  Speaker 3: I said, it's on social media. I know a girl
• 19:29
  Speaker 3: who had one hundred thousand, one hundred and fifty thousand
• 19:32
  Speaker 3: subscribers on Instagram that was getting paid fifteen thousand dollars
• 19:37
  Speaker 3: for an Instagram post. Where we know a lot of
• 19:40
  Speaker 3: Instagram models, bartenders that have millions of followers that can't
• 19:46
  Speaker 3: they can't figure out how to make money because the
• 19:48
  Speaker 3: only people that's going to advertise on their page is
• 19:51
  Speaker 3: lingerie and just promoting parties industry. They're limited, right, even
• 19:56
  Speaker 3: like a John Henry, John Henry doesn't have that many followers,
• 19:58
  Speaker 3: have like one hundred and twenty thousand followers, killing he's
• 20:01
  Speaker 3: making a killing.
• 20:01
  Speaker 2: Killing.
• 20:01
  Speaker 3: He making a killing because it's clean. You got a
• 20:04
  Speaker 3: clean look. It's you know what I mean, it's just
• 20:06
  Speaker 3: the whole, it's the whole package. He's very he's very
• 20:09
  Speaker 3: friendly to advertise it. So not to say that you
• 20:11
  Speaker 3: have to be that. I mean you could, you could
• 20:13
  Speaker 3: still make money, but not me. But just know that.
• 20:16
  Speaker 3: Just just just be aware of it. Like I'm not
• 20:17
  Speaker 3: telling you to change your your whole platform and to
• 20:21
  Speaker 3: become something that you're not, but just be aware of it.
• 20:23
  Speaker 4: You should be aware because that will be the reason
• 20:25
  Speaker 4: why the monetization is a lot less.
• 20:27
  Speaker 2: Yeah, So just know it's good to know that, not
• 20:29
  Speaker 2: the fact.
• 20:30
  Speaker 3: So and then we also do live events. Now the
• 20:34
  Speaker 3: live events is another way how we're monetizing. But the thing,
• 20:37
  Speaker 3: like I said, the thing about is that we're always
• 20:39
  Speaker 3: adding value. Right, So this is a business podcast. We're
• 20:42
  Speaker 3: never gonna apologize for making money. That's the whole point.
• 20:45
  Speaker 3: Like we should never be ashamed to be entrepreneurs. But
• 20:48
  Speaker 3: as long as you're as long as you're creating value,
• 20:50
  Speaker 3: that's the most important thing. Right. So just from that,
• 20:52
  Speaker 3: that's five different revenue streams that we named off of
• 20:57
  Speaker 3: the podcast. Right, So now we don't have to we
• 20:59
  Speaker 3: don't have to get five different jobs. We don't have
• 21:02
  Speaker 3: to create five different businesses, even though they are kind
• 21:05
  Speaker 3: of separate of each other, but they're all under the
• 21:07
  Speaker 3: mothership of your leader, and they all hover under the podcast.
• 21:12
  Speaker 3: The podcast is what leads everything, right, We know that,
• 21:15
  Speaker 3: and that's important too. Never go away from what feeds you.
• 21:18
  Speaker 3: A lot of times people get successful and one thing
• 21:21
  Speaker 3: and then they stop paying attention to that. Like, the
• 21:24
  Speaker 3: podcast is always going to be high quality. We're always
• 21:27
  Speaker 3: going to do our best with the podcast because we understand,
• 21:29
  Speaker 3: like the podcast is what got us to this point.
• 21:31
  Speaker 4: But this episode is brought to you by P and
• 21:35
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• 24:22
  Speaker 3: We can't stay limited to the podcast like. If we
• 24:24
  Speaker 3: did that, we'd be doing ourselves and our supporter is
• 24:27
  Speaker 3: a disservice because that's not what we preach. Like we
• 24:30
  Speaker 3: preach to have no limit to expand your horizons. So
• 24:33
  Speaker 3: if we just stayed just doing a podcast, we wouldn't
• 24:37
  Speaker 3: be a good example. Like I'm saying that we got
• 24:39
  Speaker 3: to set an example. It's like it's more than just
• 24:40
  Speaker 3: like we're just not getting up here just talking about it.
• 24:43
  Speaker 3: We actually are implementing a real business.
• 24:44
  Speaker 4: Yeah, and we have a few more, Like we have
• 24:46
  Speaker 4: a few more even even like in the summer when
• 24:49
  Speaker 4: we do our summer programming. That's another stream of income
• 24:52
  Speaker 4: for us. We have a couple things that we're going
• 24:54
  Speaker 4: announce to the top of twenty twenty that were just
• 24:57
  Speaker 4: continuing to build off of the mothership. All earn your leisure,
• 25:00
  Speaker 4: but all things that help people. So yeah, man, we
• 25:03
  Speaker 4: gotta keep creating. And it don't be surprised if you
• 25:05
  Speaker 4: see like us doing trucking, Like we get a truck,
• 25:09
  Speaker 4: we're we're getting all this inflammation. So every time we
• 25:13
  Speaker 4: hear something and we learn, it's like, yo, we should
• 25:15
  Speaker 4: do No.
• 25:15
  Speaker 3: It's a fact. We even talking about our book. We
• 25:17
  Speaker 3: gotta get we got we gotta get back to writing
• 25:19
  Speaker 3: that book. But the book, that's another thing that was
• 25:23
  Speaker 3: like that we're looking to launch and we got the
• 25:25
  Speaker 3: blueprint of the book from Ash Cash episode episode twenty six.
• 25:29
  Speaker 3: So it's like a lot of times, like when you
• 25:31
  Speaker 3: listen to earn your leisure, don't just listen and just
• 25:34
  Speaker 3: be entertained. Man, it's application, Like I said, like we're
• 25:38
  Speaker 3: living proof, like we're we're literally applying things that we
• 25:41
  Speaker 3: are learning.
• 25:42
  Speaker 4: You know what the best part is, Like not once
• 25:43
  Speaker 4: did you say like I'm a financial advisor too, Like
• 25:46
  Speaker 4: people forget that part, Like yeah, so like yeah, that
• 25:49
  Speaker 4: your financial advisor.
• 25:50
  Speaker 2: I'm a teacher. But these things that we're doing, like
• 25:53
  Speaker 2: outside of that, that's like non different streams.
• 25:56
  Speaker 3: You need to have like ten ten different joints going
• 25:58
  Speaker 3: because you never know, you never know when something can
• 26:00
  Speaker 3: dry up, you know what I'm saying. You never know
• 26:02
  Speaker 3: when something can dry up. So it's like I've seen
• 26:04
  Speaker 3: it and I learned that early on just from watching
• 26:06
  Speaker 3: people that I grew up with older people, And it's
• 26:09
  Speaker 3: like you get laid off from your job and your
• 26:11
  Speaker 3: screw you had a bad month from your job, and
• 26:13
  Speaker 3: it's like you damn there on a homeless line, like
• 26:17
  Speaker 3: you know what I'm saying. So now it's like we're
• 26:18
  Speaker 3: having multiple streams. It gives you a cushion. It gives
• 26:20
  Speaker 3: you a buffer and it's like, all right.
• 26:22
  Speaker 2: Well you can feel it. You can feel the freedom.
• 26:23
  Speaker 3: You do feel less pressure to you.
• 26:24
  Speaker 2: You can feel the freedom of it.
• 26:25
  Speaker 4: It's like, you know what, I'm not relying on anything.
• 26:28
  Speaker 4: I have so many things that if this doesn't work,
• 26:30
  Speaker 4: I got this.
• 26:31
  Speaker 2: I got it.
• 26:31
  Speaker 4: You can feel the freedom like I can feel it personally.
• 26:33
  Speaker 4: It's like, Yo, this is crazy. This is different. Like
• 26:36
  Speaker 4: this feels like twenty nineteen doesn't feel like twenty eighteen.
• 26:39
  Speaker 2: It feels different.
• 26:40
  Speaker 3: It does. And so yeah, so that's our but that's
• 26:43
  Speaker 3: our journey. And not to say that you have to
• 26:45
  Speaker 3: start a podcast, but it's like that's something that fit
• 26:48
  Speaker 3: in what we were doing. So it's like what fits
• 26:51
  Speaker 3: in what you're doing?
• 26:52
  Speaker 4: Yeah, And on Early Legion University, I broke down how
• 26:56
  Speaker 4: you can earn income and education because a lot of
• 26:58
  Speaker 4: times I have conversations with people in my profession and like, yo,
• 27:01
  Speaker 4: how do you have time?
• 27:02
  Speaker 2: How do you have time?
• 27:03
  Speaker 4: And I went through like five or six different things
• 27:05
  Speaker 4: streams of income just from being an educator, Like it
• 27:09
  Speaker 4: is things that you probably are overthinking that you can
• 27:12
  Speaker 4: do that don't require much time.
• 27:14
  Speaker 3: Yeah, so all right, So yeah, that was that, And
• 27:19
  Speaker 3: like I said, that was kind of the abbreviated version.
• 27:20
  Speaker 3: The full version is on earn your Legion University, where
• 27:23
  Speaker 3: we kind of just dove into a lot of different things.
• 27:25
  Speaker 3: But I just wanted to just let people know that
• 27:28
  Speaker 3: it's always something more, no matter what you're doing, it's
• 27:32
  Speaker 3: always something more. And when you're looking to start a business,
• 27:34
  Speaker 3: see if that business is scalable, like the podcast is
• 27:36
  Speaker 3: scalable because we don't it's very low inventory. That's another
• 27:39
  Speaker 3: thing too, it's very low inventory. It can reach people
• 27:42
  Speaker 3: from New York to Australia. We're not limited geographically, and
• 27:46
  Speaker 3: it provides us opportunities to create multiple different launching paths.
• 27:51
  Speaker 4: That was the first question Dery Falcon ask me walked
• 27:53
  Speaker 4: in when we did his interview. The first thing he
• 27:54
  Speaker 4: sat down on my coudu and was like, Yo, how
• 27:57
  Speaker 4: y'all gonna scale this first thing?
• 27:58
  Speaker 2: You asked? I'm like, good question, and we still we
• 28:02
  Speaker 2: come up with.
• 28:02
  Speaker 3: New ideas how we can scale. So, like I said,
• 28:05
  Speaker 3: that's our blueprint, but what's your blueprint? Right? Like, if
• 28:09
  Speaker 3: you are restaurant owner, how do you scale that? How
• 28:13
  Speaker 3: do you create multiple different streams. Derek gave the blueprint
• 28:16
  Speaker 3: for that. But it's like if you if you have
• 28:18
  Speaker 3: a gym, how do you create multiple different streams off
• 28:21
  Speaker 3: that gym? Like even Alex right, he has a trucking,
• 28:23
  Speaker 3: but he makes more money off of his portal and
• 28:27
  Speaker 3: now he has merch So so yeah, so that's that's
• 28:32
  Speaker 3: the rightdown multiple streams of income people. It's it's it's
• 28:35
  Speaker 3: not something that is optional at this point in time,
• 28:37
  Speaker 3: is mandatory and it's all about being creative and understanding
• 28:41
  Speaker 3: how you can build different branches off of one tree.
• 28:45
  Speaker 3: So we're going to close it out with some education
• 28:49
  Speaker 3: as far as investing in different things.
• 28:53
  Speaker 2: Right, it's fun.
• 28:56
  Speaker 3: Yeah, so we're going to close it out. We're going
• 28:58
  Speaker 3: to close it out with something that is easy for me.
• 29:03
  Speaker 3: Like I said, a lot of times people don't fully understand,
• 29:05
  Speaker 3: Like everybody thinks do the podcast full time, but I
• 29:10
  Speaker 3: actually have a financial planning firm, independent firm.
• 29:13
  Speaker 2: Who was your first client you were, thank.
• 29:16
  Speaker 3: You for sure wealth wealth management firm. So that's what I
• 29:21
  Speaker 3: do like outside of this so so yeah, retirement planning, investing,
• 29:28
  Speaker 3: things of that nature. So one thing that always gets
• 29:32
  Speaker 3: people's attention when we talk about is the self directed IRA.
• 29:36
  Speaker 3: So I wanted to talk about that because you know,
• 29:37
  Speaker 3: we talk about real estate a lot on this show,
• 29:40
  Speaker 3: and we bring on different real estate investors and things
• 29:42
  Speaker 3: of that nature, and we always you know, have to
• 29:44
  Speaker 3: give people different options. So funding, when it comes to funding,
• 29:48
  Speaker 3: that stops a lot of people from investing in real estate.
• 29:50
  Speaker 3: So we you know, talk about two or three K
• 29:53
  Speaker 3: loans and hard money loans and conventional loans and things
• 29:56
  Speaker 3: of that nature. But another way that people can can
• 30:00
  Speaker 3: invest in real estate that not a lot of people
• 30:01
  Speaker 3: are fully familiar with is via their retirement account. Right,
• 30:05
  Speaker 3: because if you think about it, I've spoke about this before,
• 30:07
  Speaker 3: most for the average American middle class, American lower middle class, whatever,
• 30:13
  Speaker 3: they don't have a tremendous amount of money saved in
• 30:15
  Speaker 3: a savings account. They don't have money. They might probably
• 30:18
  Speaker 3: have no investment outside of retirement, like they don't have
• 30:21
  Speaker 3: I mean.
• 30:22
  Speaker 2: I know people straight up that don't know what an
• 30:24
  Speaker 2: IRI is.
• 30:25
  Speaker 3: Well, yeah that, but I'm just saying as far as
• 30:27
  Speaker 3: the money that they have saved is in retirement. So
• 30:32
  Speaker 3: it's not uncommon for a teacher to have a half
• 30:35
  Speaker 3: a million dollars in their pension plan or their four
• 30:39
  Speaker 3: or three B plan by the time they retire, or
• 30:41
  Speaker 3: it's not uncommon for somebody to work in corporate America
• 30:45
  Speaker 3: for twenty years and to have four hundred thousand dollars
• 30:49
  Speaker 3: or even like one hundred thousand in a couple of years,
• 30:52
  Speaker 3: Like it adds up. The good thing with four in
• 30:54
  Speaker 3: one case is that the money is taken right out
• 30:56
  Speaker 3: of your paycheck, so it's easy. Everybody knows it out there.
• 31:00
  Speaker 3: Like when you sign up for a job, they do you.
• 31:02
  Speaker 3: They sign you up for it, and then you've worked,
• 31:03
  Speaker 3: like I said, a union job, you have a pension.
• 31:05
  Speaker 3: People have money in retirement accounts, long story short, Yeah,
• 31:08
  Speaker 3: and that's the one place where a lot of people
• 31:12
  Speaker 3: that's like their only source of like real.
• 31:15
  Speaker 2: Say somebody if they're saving, they're like, yeah, I have
• 31:17
  Speaker 2: a four one yeah.
• 31:18
  Speaker 3: So what happens is that is that a lot of
• 31:19
  Speaker 3: times what happens I see all the time is that
• 31:22
  Speaker 3: people like they might leave their job or whatever, they
• 31:24
  Speaker 3: want to buy a home, and they have an old
• 31:26
  Speaker 3: retirement account like old four one K, and what they
• 31:29
  Speaker 3: do is that they cash it out because that's the
• 31:30
  Speaker 3: only real money. They cash out their four one K
• 31:34
  Speaker 3: and they use that for a down payment or they
• 31:35
  Speaker 3: use that to buy a home. The problem with that
• 31:37
  Speaker 3: is that now not only do you deplete your retirement account,
• 31:40
  Speaker 3: but you get taxed crazy. Like if you take money
• 31:42
  Speaker 3: out of a retirement account, but for fifty nine and
• 31:44
  Speaker 3: a half from all resignment accounts, you pay a ten
• 31:47
  Speaker 3: percent penalty, you pay state tax, and you pay federal tax.
• 31:50
  Speaker 3: So you could be paying up to fifty to fifty
• 31:51
  Speaker 3: five percent of the money in taxes. Right, So that's
• 31:55
  Speaker 3: that's a lot of money that's you're liable.
• 31:57
  Speaker 2: With this house man.
• 31:59
  Speaker 3: Yeah, it's it's important to understand that. So a lot
• 32:03
  Speaker 3: of times people don't fully understand that you can actually
• 32:06
  Speaker 3: use retirement money to actually purchase property. Right, So how
• 32:10
  Speaker 3: you do that is via what's called a self directed eye.
• 32:13
  Speaker 4: So before we go there, right, because this is important,
• 32:15
  Speaker 4: what's the difference between an IRA and a self directed IRA?
• 32:19
  Speaker 3: So, all right, an IRA is what it stands for
• 32:22
  Speaker 3: is then individual retirement account.
• 32:23
  Speaker 4: Right.
• 32:23
  Speaker 3: I think we spoke about this in another episode one time.
• 32:25
  Speaker 3: But so IRA can be set up to two different ways.
• 32:28
  Speaker 3: You can set an IRA up just with money out
• 32:30
  Speaker 3: of your pocket, and like you can fund it every year.
• 32:33
  Speaker 3: Like if you are self employed, or if your job
• 32:36
  Speaker 3: doesn't have a four one K, or if you make
• 32:38
  Speaker 3: under a certain amount of money, you can just put
• 32:39
  Speaker 3: money to an IRA every year. Right now, you put
• 32:42
  Speaker 3: like six thousand dollars on IRA.
• 32:43
  Speaker 2: There's a max on it. Yeah, for the year.
• 32:45
  Speaker 3: Okay, But now what's very populous, what's called the IRA rollover.
• 32:50
  Speaker 3: So when you what happens is that now you leave
• 32:52
  Speaker 3: your job, right, and now you have an old four
• 32:54
  Speaker 3: one K, an old pension plan, an old four three
• 32:58
  Speaker 3: B whatever TDA, whatever it, and you can roll that
• 33:02
  Speaker 3: into an IRA. Right. So the reason why it's called
• 33:05
  Speaker 3: the rollover is that it's going from one what's called
• 33:08
  Speaker 3: tax qualified vehicle to another tax qualified vehicle. You're not
• 33:10
  Speaker 3: paying taxes on it for your retirement. The only difference
• 33:13
  Speaker 3: is that the four one K is set up by
• 33:15
  Speaker 3: your job. The IRA is set up individually. You can
• 33:17
  Speaker 3: set up you know, with a bank or through a
• 33:19
  Speaker 3: financial advisor or you know online, there's different ways to
• 33:23
  Speaker 3: set it up.
• 33:23
  Speaker 2: Right.
• 33:24
  Speaker 3: So most of the time when when people do IRA rollovers,
• 33:28
  Speaker 3: they're rolling into what's called the traditional IRA. Traditional IRA
• 33:33
  Speaker 3: is investing in more traditional investments stocks, stocks, mutual funds,
• 33:38
  Speaker 3: things of that nature. Right, So it's invested in the
• 33:42
  Speaker 3: stock market, in bonds, things of that nature, and it
• 33:44
  Speaker 3: grows over the cost of time. So let's say you
• 33:46
  Speaker 3: had a job you work at at and T for
• 33:49
  Speaker 3: fifteen years. You have one hundred thousand dollars in a
• 33:51
  Speaker 3: four oneth can you left you left? So now when
• 33:53
  Speaker 3: you leave your job, the four one k is pretty
• 33:55
  Speaker 3: much frozen in the sense not frozen way. It's not growing.
• 33:57
  Speaker 3: It's still growing relative to have any investments do, but
• 34:01
  Speaker 3: you can't borrow from it, right, you can't add money
• 34:04
  Speaker 3: to it, you don't have any advice on it. You're
• 34:06
  Speaker 3: not you're not working there anymore. A lot of times
• 34:08
  Speaker 3: people move and they don't update the address, so it
• 34:11
  Speaker 3: becomes difficult to manage if you're not working there anymore.
• 34:13
  Speaker 3: So this is why a rollover is so appealing because
• 34:15
  Speaker 3: now you get to pick and choose your investments. You
• 34:17
  Speaker 3: can add money to the IRA if you want, You
• 34:20
  Speaker 3: can work with somebody that can help you out, like
• 34:22
  Speaker 3: an advisor and things of that nature. So that's that's
• 34:24
  Speaker 3: what that's what the IRA is, just taking control over
• 34:26
  Speaker 3: the money. So now you have that, you have it
• 34:29
  Speaker 3: in the i RA, all right, So now as it's
• 34:32
  Speaker 3: in the i RA, it can be invested in like
• 34:36
  Speaker 3: let's say it's invested in mutual funds, right or an
• 34:38
  Speaker 3: annuity or whatever. It was just the regular IR traditional
• 34:41
  Speaker 3: So the money's invested, you're not paying any taxes on
• 34:44
  Speaker 3: it as long as it stays in And it's just
• 34:47
  Speaker 3: like how it would be with your four one K,
• 34:48
  Speaker 3: except you're kind of picking choosing investments for yourself. Okay,
• 34:51
  Speaker 3: So it's that's the easy So if.
• 34:53
  Speaker 4: I'm not picking it, then it would be a financial
• 34:56
  Speaker 4: advisor or like I saw, like a custodian.
• 34:58
  Speaker 3: Most of the time, it's a through like somebody will
• 35:01
  Speaker 3: help you out with it. So whether that be a
• 35:03
  Speaker 3: financial advisor, whether that be somebody at a bank, credit union,
• 35:08
  Speaker 3: or you know. Usually you can do it yourself too
• 35:10
  Speaker 3: if you go online like you can fidelity, but a
• 35:14
  Speaker 3: lot of times people just don't feel comfortable doing the
• 35:15
  Speaker 3: things themselves. They might want help, so somebody will help
• 35:19
  Speaker 3: you out with it that they'll you know, kind of
• 35:21
  Speaker 3: guide you on like what makes sense, this is a
• 35:23
  Speaker 3: good investment, and this is the reasons why things that nature.
• 35:26
  Speaker 3: So that's what most people do, like probably like ninety
• 35:28
  Speaker 3: five percent of people, they'll roll at money into a
• 35:30
  Speaker 3: traditional IRA. But another option that you have is that
• 35:33
  Speaker 3: you can roll into what's called the self directed IRA. So,
• 35:37
  Speaker 3: so traditional IRIS allows you to invest in traditional investments.
• 35:40
  Speaker 3: Like like I just said, the self directed IRA allows
• 35:41
  Speaker 3: you to invest in a broad range of different things.
• 35:45
  Speaker 3: Everything from bitcoin to commodities. Is a bunch of possibilities,
• 35:50
  Speaker 3: all kinds of different stuff.
• 35:51
  Speaker 4: And one of the things, so somebody said, like you
• 35:53
  Speaker 4: can invest in a horse holding firm.
• 35:56
  Speaker 3: Yeah, you can invest in all kinds of different things
• 35:57
  Speaker 3: with the self directed IRA. And one of the most
• 36:00
  Speaker 3: popular things that people use self directed IRA is for
• 36:02
  Speaker 3: is real estate. So a self directed IRA allows you
• 36:05
  Speaker 3: to invest money in real estate. Right, So what happens
• 36:07
  Speaker 3: is that you have one hundred thousand dollars and instead
• 36:10
  Speaker 3: of like if you don't roll into a traditional IRA,
• 36:12
  Speaker 3: you can roll it into a self directed IRA. Now
• 36:14
  Speaker 3: that self directed IRA, you can buy a home, or
• 36:17
  Speaker 3: you can buy an apartment or whatever, or use that
• 36:19
  Speaker 3: money to you know, buy different forms of real estate.
• 36:22
  Speaker 3: And the money's not tax because the whole point of
• 36:24
  Speaker 3: keeping it within the IRA is that you avoid you're
• 36:26
  Speaker 3: avoiding paying tax tax when you take it out, or
• 36:29
  Speaker 3: tax when you take it out when you when you
• 36:30
  Speaker 3: take receipt of it, we call taking receipt of the
• 36:33
  Speaker 3: money right, so like when you take receipt of it,
• 36:35
  Speaker 3: that's when the money goes see a bank account, like
• 36:37
  Speaker 3: when you physically receive it. As long as it's under
• 36:39
  Speaker 3: the umbrella of the IRA, you never actually have you
• 36:42
  Speaker 3: don't have receipt of it, so you're not paying any
• 36:46
  Speaker 3: taxes on it. That's the benefit of rolling a fall
• 36:48
  Speaker 3: one came to an IRA and keeping it in the IRA. Right,
• 36:51
  Speaker 3: you're not paying any taxes. Whenever you take money out,
• 36:53
  Speaker 3: you're going to get taxed. If you take it out prematurely,
• 36:55
  Speaker 3: you get a ten percent penalty tax. But at any
• 36:58
  Speaker 3: point in time you take money out of an IRA
• 37:00
  Speaker 3: or four to one kre, you pay a state and
• 37:01
  Speaker 3: federal tax, the federal taxes with federal tax bracket you're
• 37:04
  Speaker 3: in at that time, and the state tax depending on
• 37:07
  Speaker 3: what state tax with state you're in, and it's treated
• 37:09
  Speaker 3: like ordinary income.
• 37:10
  Speaker 2: And you can borrow that.
• 37:11
  Speaker 4: At any time, but just know that there's gonna be
• 37:12
  Speaker 4: a penalty borrow What you can borrow money from the.
• 37:15
  Speaker 3: IRA, you can't borrow money from the IRA. You can
• 37:17
  Speaker 3: take money once a year from the IRA, but it's
• 37:19
  Speaker 3: a sixty day rule where you got to put the
• 37:20
  Speaker 3: money back in.
• 37:21
  Speaker 2: Okay, good enough.
• 37:22
  Speaker 3: So what happens is that with the self directed IRA,
• 37:27
  Speaker 3: right now you can use that money stays in the IRA,
• 37:31
  Speaker 3: but you can buy a real estate. So like, let's
• 37:33
  Speaker 3: say you used one hundred thousand and you bought a home,
• 37:35
  Speaker 3: used all of it to buy a home for one
• 37:37
  Speaker 3: hundred thousand in cash. Right, So now that one hundred
• 37:40
  Speaker 3: thousand is pretty much like your retirement So the one
• 37:42
  Speaker 3: hundred thousand rolls to two hundred thousand over the course
• 37:46
  Speaker 3: of time. You're not paying any taxes as it's growing, right,
• 37:49
  Speaker 3: So you sell that home. Now you made one hundred
• 37:51
  Speaker 3: thousand dollar profit. Right Now, you put that back into
• 37:55
  Speaker 3: the self directed IRA. Now it's not taxable. Now you
• 37:57
  Speaker 3: have two hundred thousand dollars. Now you can buy more
• 37:59
  Speaker 3: real estate or you can invest something else. Right. So
• 38:03
  Speaker 3: it's another way to invest in real estate with your
• 38:06
  Speaker 3: retirement account as opposed to investing with like a lot
• 38:10
  Speaker 3: of times people think that they have to cash out
• 38:11
  Speaker 3: their retirement to invest in real estate because most iras
• 38:15
  Speaker 3: will not allow you to invest in real estate. It's
• 38:17
  Speaker 3: not for self directed IRA.
• 38:19
  Speaker 4: All right, So what's the process of setting up an IRA,
• 38:21
  Speaker 4: because it's you're doing it yourself.
• 38:22
  Speaker 2: I'm assuming right, self directed.
• 38:23
  Speaker 3: Self directed IRA. Yeah, So the process is set up,
• 38:26
  Speaker 3: the process is set up a IRA. Period. This is
• 38:28
  Speaker 3: the process is set up an IRA. You do an
• 38:31
  Speaker 3: application for the IRA company, right, So now that that
• 38:36
  Speaker 3: sets up your IRA account. Like let's say you set
• 38:38
  Speaker 3: up an IRA with Franklin Simpleton. Right, you're doing an
• 38:41
  Speaker 3: application with Franklin Simpleton and you're setting up an IRA. Right. Now,
• 38:47
  Speaker 3: you have an IRA number, let's say it's one three,
• 38:49
  Speaker 3: five seven zero. That's your IRA number. You have an account.
• 38:52
  Speaker 3: All of that stuff is set up, but it's not
• 38:54
  Speaker 3: funded yet. So what happens is that now you have
• 38:57
  Speaker 3: to do a conference call with the fall one K company.
• 39:00
  Speaker 3: Actual is the easiest way you do a conference call.
• 39:02
  Speaker 3: And usually like you do with your advisor, if you're
• 39:04
  Speaker 3: working with an advisor, and like most companies nowadays, like
• 39:08
  Speaker 3: it's Fidelity, they'll do it over the phone where they
• 39:11
  Speaker 3: can initiate the transfer over the phone. So you say, okay,
• 39:14
  Speaker 3: I have an IRA, I want to roll my old
• 39:16
  Speaker 3: four one K into an IRA and they ask you, like,
• 39:19
  Speaker 3: who's the check made out to. You'll say like Franklin
• 39:21
  Speaker 3: for John Doe. Franklin Templeton for a benefit of John Doe, right,
• 39:26
  Speaker 3: and they say, like, what's the address. Most a lot
• 39:28
  Speaker 3: of times they'll send it directly to your house or
• 39:29
  Speaker 3: sometimes they'll turn it to the company, but they'll cut
• 39:32
  Speaker 3: the check. They'll do it over the phone and they'll
• 39:33
  Speaker 3: cut the check and then you deposit that until your
• 39:35
  Speaker 3: IRA account and now your IRA is funded. Right. Sometimes
• 39:38
  Speaker 3: some companies have paperwork where they have like their own
• 39:41
  Speaker 3: paperwork and you fill out the paperwork, you send it
• 39:43
  Speaker 3: back to the company and then they send the check.
• 39:46
  Speaker 3: So it depends either they do it with the phone
• 39:47
  Speaker 3: or the paperwork. But that's how you set the IRA up.
• 39:49
  Speaker 3: It's very simple. It's at the IRA up it's too.
• 39:51
  Speaker 3: It's two part process. You have an application and then
• 39:53
  Speaker 3: you contact the company and you tell the company where
• 39:55
  Speaker 3: it's send the money to. Pretty much that's how you
• 39:57
  Speaker 3: set the IRA up. So when it's self directed IRA,
• 40:01
  Speaker 3: it's the same process. It's just that there's less companies.
• 40:05
  Speaker 3: There's like mostly trust companies that do this. So like
• 40:08
  Speaker 3: with IRA. There's a bunch of hundreds, probably a thousand
• 40:14
  Speaker 3: companies that you can do IRA where it's very very
• 40:16
  Speaker 3: common traditional IRA. Everything from insurance companies to investment companies
• 40:21
  Speaker 3: to banks, credit unions. You can set up IRA up
• 40:23
  Speaker 3: with pretty much any financial institution. You can set up
• 40:25
  Speaker 3: a traditional IRA up right, But there's a limited amount
• 40:28
  Speaker 3: of companies that do self directed iras.
• 40:31
  Speaker 2: Right.
• 40:32
  Speaker 3: Well, it's just it's just less, you know, I guess
• 40:34
  Speaker 3: it's just it's might be I'm not really sure, but
• 40:37
  Speaker 3: probably I'm sure is more involved.
• 40:40
  Speaker 4: I mean, when I'm listening to it, it sounds like
• 40:42
  Speaker 4: this is like one of them things like this is
• 40:43
  Speaker 4: strictly for love, man, Like this is not something that
• 40:45
  Speaker 4: the average person.
• 40:47
  Speaker 3: Well, we're gonna get to that. We're gonna get to
• 40:49
  Speaker 3: that the pros and cons, because there's constant like everything
• 40:51
  Speaker 3: in life. Well, like just a few companies that I'm
• 40:53
  Speaker 3: not endorsing any companies because I don't work with I
• 40:56
  Speaker 3: don't set up self directed iras for people, but just
• 40:58
  Speaker 3: to kind of give you, like if you google all
• 41:00
  Speaker 3: directed IRA is, there's a lot of companies that will
• 41:01
  Speaker 3: come up, so like Equity Trust, goal Star Trust and
• 41:05
  Speaker 3: Trust Group. Those are different companies, but like I said,
• 41:08
  Speaker 3: you could just google and do your own research, not
• 41:10
  Speaker 3: to give those companies like any endorsement, but that's just
• 41:14
  Speaker 3: that's just yeah, that's just that's just a couple of
• 41:16
  Speaker 3: companies name.
• 41:17
  Speaker 2: But when would be a good time to consider doing
• 41:19
  Speaker 2: the self director.
• 41:19
  Speaker 3: So before we even get to that, So how you
• 41:21
  Speaker 3: set up the self directed IRA is that you you
• 41:24
  Speaker 3: go online or you contact them and you set it
• 41:27
  Speaker 3: up with them and they'll walk you through the process
• 41:31
  Speaker 3: of like who the chech needs to be made out
• 41:33
  Speaker 3: to you, to give you an account number and all
• 41:34
  Speaker 3: of that. So it's the same thing I just explained,
• 41:37
  Speaker 3: but you have to do it this to yourself as
• 41:39
  Speaker 3: opposed to like a lot of times with the i
• 41:41
  Speaker 3: RA you have help because it it ovis that will
• 41:43
  Speaker 3: help you out with yeah most of the time. But
• 41:46
  Speaker 3: in this process you're gonna have to like kind of
• 41:48
  Speaker 3: navigate this yourself. So of course you want to be
• 41:49
  Speaker 3: probably educated, you want to do your research, but the
• 41:53
  Speaker 3: thing with the show is just to provide information. It's
• 41:56
  Speaker 3: not to say to do one thing or another, but
• 41:58
  Speaker 3: it's just to provide information. So there's some drawbacks with
• 42:02
  Speaker 3: the I with self directed IRA, because the thing with
• 42:04
  Speaker 3: the self directing IR, like, if you have a regular
• 42:06
  Speaker 3: IRA right now, the money is invested in the stock market,
• 42:10
  Speaker 3: you don't really have to do anything like I mean,
• 42:12
  Speaker 3: you can just monitor it and make sure you're in
• 42:14
  Speaker 3: a good fund or a good investment, but it's not
• 42:17
  Speaker 3: gonna cost you like money, right Like if you buy
• 42:21
  Speaker 3: a real estate property, if you buy a home right now,
• 42:25
  Speaker 3: you buy that home for one hundred thousand dollars, but
• 42:27
  Speaker 3: you just it's not a huge just let that go.
• 42:29
  Speaker 3: Because now the boiler might break, right so now you
• 42:32
  Speaker 3: gotta pay money to fix the boiler. Or the house
• 42:36
  Speaker 3: might need to be painted. Now you gotta pay money
• 42:38
  Speaker 3: to fix this upkeeping the house. No matter what, there's
• 42:40
  Speaker 3: still upkeep. You gotta cut the grass. There's always gonna
• 42:42
  Speaker 3: be something. So it's gonna cost you money, exactly. It's
• 42:45
  Speaker 3: important for people to understand that it's buying a house is
• 42:48
  Speaker 3: gonna cost you money without like there's no way around it.
• 42:53
  Speaker 3: So when you have your retirement account tied into that,
• 42:55
  Speaker 3: a lot of times people you know, you're not investing
• 42:58
  Speaker 3: your fall one K into an IR, a regular IRA
• 43:01
  Speaker 3: with the expectation that you're gonna have to pay five
• 43:03
  Speaker 3: thousand dollars a year just to keep up that IRA.
• 43:06
  Speaker 3: There's fees involved with an IRA, but that's taken out
• 43:09
  Speaker 3: of the amount. It's not like you're coming out of
• 43:12
  Speaker 3: your pocket with a house. Is different, right. Also, a
• 43:16
  Speaker 3: lot of times people buy homes and the especially with
• 43:20
  Speaker 3: investment properties, they're doing that to actually have income. So
• 43:24
  Speaker 3: they buy a home and they want to have income
• 43:25
  Speaker 3: come from that right to like support their lifestyle. But
• 43:29
  Speaker 3: any money that you generate from the self directed IRA
• 43:32
  Speaker 3: property has to go back into the self directed IRA.
• 43:34
  Speaker 3: If it doesn't, then you get taxed on it. So
• 43:37
  Speaker 3: that's also important for people to understand. It's more of
• 43:39
  Speaker 3: a long term play.
• 43:41
  Speaker 4: So, like I said, so that's not like obviously your
• 43:44
  Speaker 4: primary residence, I'm assuming primary residence.
• 43:46
  Speaker 2: What when you're investing in the real estate or could
• 43:48
  Speaker 2: it be.
• 43:48
  Speaker 3: No, it could be anything. It doesn't have to be
• 43:49
  Speaker 3: a primary residence. It could be a rental, it could
• 43:51
  Speaker 3: be a primary it could be different different things. But
• 43:54
  Speaker 3: it's just like all things in life. You want to
• 43:56
  Speaker 3: put together game plan, you want to put together game plan,
• 43:58
  Speaker 3: you want to be fully knowledgeable. But like I said,
• 44:01
  Speaker 3: at the whole point of the podcast is just to
• 44:03
  Speaker 3: give information and then from the information that you can
• 44:07
  Speaker 3: decipher and say, okay, this makes sense. But a lot
• 44:09
  Speaker 3: of times we're forcing to doing things because we just
• 44:12
  Speaker 3: we don't know. So for most people, the self directed
• 44:16
  Speaker 3: IRA probably wouldn't be the best fit because it's more
• 44:19
  Speaker 3: work involved everything that I just named, But in some
• 44:22
  Speaker 3: cases it could potentially make sense. So just wanted to
• 44:26
  Speaker 3: let people. I spoke about that in a few different settings,
• 44:30
  Speaker 3: like live settings, and it's always get it always gets
• 44:32
  Speaker 3: a good reaction. So I wanted to cover that in
• 44:35
  Speaker 3: a podcast, and I knew that you know today obviously
• 44:37
  Speaker 3: that we didn't have a guest, I thought it would
• 44:39
  Speaker 3: be a good a good time to actually cover that topic.
• 44:41
  Speaker 3: So we talk about real estate so much.
• 44:43
  Speaker 2: Shout out. I want to thank you for coming man.
• 44:45
  Speaker 2: This is this is. This has been a learning experience,
• 44:48
  Speaker 2: like just when you think you know, somebody fact.
• 44:51
  Speaker 3: Follow me on the ground.
• 44:54
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 44:58
  Speaker 1: in Massachusetts and MS. The teen gang member from Al
• 45:01
  Speaker 1: Salvador accused of murdering a Texas. Man of Venezuelan charged
• 45:06
  Speaker 1: with filming and selling child pornography in Michigan. These are
• 45:10
  Speaker 1: just some of the heinous migrant criminals caught because of
• 45:13
  Speaker 1: President Donald J. Trump's leadership. I'm Christy Noman, the United
• 45:17
  Speaker 1: States Secretary of Homeland Security. Under President Trump, attempted illegal
• 45:22
  Speaker 1: border crossings are at the lowest levels ever recorded, and
• 45:25
  Speaker 1: over one hundred thousand illegal aliens have been arrested. If
• 45:29
  Speaker 1: you are here illegally, your next you will be fined
• 45:33
  Speaker 1: nearly one thousand dollars a day, imprisoned, and deported. You
• 45:37
  Speaker 1: will never return. But if you register using our CBP
• 45:40
  Speaker 1: home app and leave now, you could be allowed to
• 45:43
  Speaker 1: return legally. Do what's right. Leave now. Under President Trump,
• 45:48
  Speaker 1: America's laws, border and families will be protected.
• 45:52
  Speaker 2: Sponsored by the United States Department of Homeland Security.