Latest / Exit Algorithms / Wealth Structuring & Legacy Planning Strategies for Business Owners | Tyler Osborne (#52)
Transcript
- speaker-0: Welcome to exit algorithms, the podcast where we decode what it really takes to unlock growth, streamline operations, and prepare your business for a high value exit. I'm your host Pete Vera. And today we have Tyler Osborne in the building. He's the founder and CEO of blessed family ventures, host of the money master podcast and an inspirational speaker with over 15 years of experience in wealth structuring and capital gain strategy. Tyler, super excited to have you, man. Welcome to the show. speaker-1: Appreciate you having me on Pete. What's going on, man? speaker-0: Absolutely. Yeah, I'm excited to get into this. Yeah, how about, do you mind just starting off? you share a bit about your background? And yeah, ⁓ you your business journey. From what I've read, it's really, really unique arc there. I'm excited for our listeners to hear it. speaker-1: For sure. ⁓ So I grew up born and raised in the East side of San Jose. For those of you who don't know that it's basically the hood. Let's just be real. Majority of my friends growing up are now they're no longer living in prison or strong on drugs. So kind of thing that I got away from them. My little brother was shot five times and survived. He was actually shot in Sacramento, California. Well, my closest friends growing up was recently, this is just two and a half years ago, we shot 12 times and survived. But now he's in prison for like, the next 20, 30 years. So that's the kind of environment I came from, ladies and gentlemen. So when I say sports saved my life, it legitimately did. And I got a football scholarship to the University of St. Mary's in Kansas in 2010. I was in the what's called the small school in the field combine. Baseball, means is if you go to a small school, they'll go ahead and send you to like a regional combine. If you do very well there, then they'll send you to the one that everyone knows about in Indianapolis. That just happened like a couple of weeks ago. So that didn't happen for me. So I kind of figured I was going to do next. I got my degree in psychology, originally I wanted to be a marriage counselor. Then I got married to my wife and decided, no, I want to be a marriage counselor. It's kind of that happened. I'm still married, thank God. But I to figure out what do next. And found out the number one reason people were splitting up was because of finance. So said, okay, you should probably work in an industry. So I got, I remember one night praying and I was just like, okay, what am I supposed to do with my life? What's next? And the Lord just kind of spoke to me and, hey, go apply for JP Morgan. So I got up and I was like, JP Morgan, all right. So I started working on this application in the afternoon. And part of the application was like a math test, like an algebra test to be honest with I was like, what the heck is going on? Why am I taking a freaking algebra test? And I ended up asking my sister-in-law, who at the time was a banker at a credit union, was like, did you have to do a math test when you applied for your role? And she was like, nah, not at all. And I got so frustrated with this freaking math test, I just was like, man, I ain't doing this crap no more. I just stopped in the middle of it and grabbed my wife, went to go watch a movie. The movie had to be trashed, I still don't remember what it was to this day. I'm gonna get home is probably like, you know, 1130 at night close to almost 12 a.m. And had that same impression upon the Lord just like get up and finish the application. So I did ⁓ got and finish this math test. I finished by like around 1 1 30 in the morning. And that a Friday ⁓ night going like Saturday morning. And I got to call that next Tuesday from a lady named Jeannie Cox. I never forget Jeannie. She's awesome. She's like, hey, how you doing? This is Jeannie Cox call from JP Morgan want to reach out and talk to Tyler Osmonds. Yeah, this is me. Yeah, we just got your application and you did extremely well on the math part. I was like, did I really? I'm like, okay, cool. I was like, all right. was just like, so I'd love to go ahead and set you up on an interview. was like, okay, great. So ended up having an interview in Mountain View, California at a location out there for JP Morgan. Ended up going in, did pretty well at the branch manager of that location. He was like, okay, can you come back in like an hour or so and talk with our... our GM, our general manager or district manager, whatever he was. And I'm like, okay, cool. So I came back about an hour later, spoke with this guy and for like the next, you hours. So he was just kind of grilling me about how I didn't have a job for the past like year. And he just couldn't deal with the fact that I was training for the NFL. He could not get over that fact at all. It was just something that he couldn't get over. So I walked out there like, yeah, I probably didn't get that job. And Jeannie called me again probably like two days later, like, hi, how'd go? I was like, yeah, I don't think I got the job. It's like, really? What happened? I explained everything that happened. And she's like, you know what? I'm gonna set you up with a whole nother interview outside this guy's jurisdiction and it will kind of go from there. I said, okay, cool. So I ended up having another interview with a guy in Fremont, California by the name of Eric Powell. And Eric sat down with me and we're sitting there talking and. For the next hour and a half. All he did is speak to me about football So complete complete different situation one guy didn't understand it. This guy just kept talking to me about it He won't understand my mindset my the disciplines I had playing college football be know to do those things and From there I got set up with another interview with a lady named Vicky In Cupertino, California. That's how I started my path with JP Morgan and be in the financial world speaker-0: Gotcha. Yeah, yeah. ⁓ that's awesome. It's really impressive you made it out of that, you know, that San Jose and just the rough childhood too. speaker-1: Thank God. For sure. speaker-0: Gone on to do great things. and then ⁓ were at JP Morgan for only a little while. speaker-1: Yeah, I with them for about two years. That's correct. I was them for about two years. Part of the reason was one, I couldn't stand the demographic of who they only allowed me to work with. Basically, if a person didn't have like a hundred thousand liquid cash or more, we couldn't sit down and have a conversation. And I just meant there's a lot of people out there that couldn't necessarily help. And then secondly, I found out how much they weren't paying me. That's kind of the second part to that. I found out how much they weren't paying me. They... I'd help somebody do like a half minute roll over an old 401k slash IRA. And I had made like two grand in one hour, which is cool. At that time I was like 22 years old and I was fired up about that. And I went home and just did some research and found out if I had to own my own firm that 2000 would have been close to like 30 grand. I was like, what the heck? a big difference. You know what mean? So I to figure out what to get out from there. And eventually I met some my side. He'd mentor, train me and coach me what I could do to have my own firm. And cause kind of did everything he told me to do. And then A year later, I my own business. speaker-0: Yeah, wow, that's awesome. It takes a lot of courage too to start on your own, especially after leaving a comfort safety net of an easy paycheck. Even if you were getting ripped off, it's still probably good money. speaker-1: Yeah, I agree. It's, it's not easy to go from being a nine to five, you know, employee to 100 % entrepreneurial business owner. It's not an easy transition for anyone who does it. Is it worth it? Yes. Is it easy? No. I definitely say that for sure. I agree. speaker-0: Yeah, so, and then that's when you started Blessed Family Ventures. speaker-1: Yes, that's when I started. I started my own company back then. Correct. speaker-0: Yeah. I love that. I love the mission too. Do you mind sharing kind of your thesis ⁓ that business? speaker-1: Yeah, yeah, our vision and goals to help people get into entrepreneurship, train, mentor, develop them. A lot of times people are coming in wanting to be part of the financial world. And that's usually a lot of experience that I do have there. And we mentor them, train them, coach them, develop them on how to go ahead and be a business owner, then help them develop. And once they become one, they're on their own for the most part. But they're in business for themselves, but not by themselves in the beginning. speaker-0: Got it. ⁓ love that. Yeah, I know you focus a lot on mindset, ⁓ right? habits. What do you coach ⁓ people on? What does look like in terms of financial habits? speaker-1: Um, for one, I think the main habit that a lot of people don't have, and I don't want to say not everyone, but just a lot of people I come across, a lot of people don't even pay themselves first, which is probably one the most simple habits and kind of sounds a little cliche, but it's the, it's the blunt truth. People get their paycheck and they pay everyone else first instead of going ahead and paying themselves first. And when I see that happen all the time, like, why would you work so hard? And then as soon as you get your paycheck, you don't put nothing aside for yourself. So that's one habit that I see. Another one I see is people don't have a proper budget. Either people not they don't know how to budget because typically that's not been taught in schools. You go to elementary school, graduate from college, learn nothing about finances. As soon you get out of school life is about money. So I've seen people don't have a budget. Next, as far as that I see, I see a lot of people do things in their own name. And what do mean by that? Most we don't have a trust. Most we don't have LLCs. Most we don't have things in which you want to get things out of your name. You want to be able to own nothing, control everything. I don't know if that makes sense. Does that make sense to you? You want me to lab? You can protect yourself with an LLC, but you go even further with the trust. So you have the trust that actually owns the LLC. And then you, but you set the LLC up in a state in which you have what's called annuity. And annuity just means that you have, you know, no one knows who owns it. So you set up in states like Wyoming or Delaware, places like that, in which if they look up your business, they don't know who owns it. They just know that it's there. speaker-0: Mmm. Protect yourself with the LLC. speaker-1: So there's just ways to go ahead and do that. That most, if you set up another States outside of a few States like that, then people still know who you are and they can still kind of get to you. So there's just ways and structures that a person should have, even if they're not a business, you'd still have a trust, get things out your name and just have more protection. Does that make sense? speaker-0: Yeah. Yes. speaker-1: So a of people don't have that stuff. And that's things I like to focus and help people with because there are a lot of people in which if they just know these, and it's not hard to do any of these things, these are not hard. It's just we don't have the knowledge. And that's kind of the problem right now. A lot of people just don't have the knowledge on setting some of this stuff up. speaker-0: Yeah, yeah, for sure. gotta listen to this podcast. speaker-1: absolutely, absolutely. speaker-0: How much do you recommend people put away from themselves? you have a percentage of their income or is it just case by case? ⁓ speaker-1: It's usually case by case, but I like what's called the 70 10 20 rule. So 70 live off of 70 % of your income. If you have debt, you can go ahead and put 10 % towards your debt and then save 20 % towards your towards your emergency fund and or your investments. Now, if you're in so much debt, you need to pay it off lot faster than flip the 2010 and let that be the debt and the other one be the investment. But I kind of say that 70 10 20 rule for sure. That can be, and as a person grows in their income, now you just have a set structure of what to do with it. speaker-0: Mm. Yeah. ⁓ I love that. Resist that temptation to, you know, spend more as you make more speaker-1: Correct, because I think majority of us humans, have what's called lifestyle creep, not every single person, but a lot of times when people make more money, they typically just want to go spend a lot more of it as well. And not necessarily start thinking about saving more of it. But if you already have a structure in which, hey, I'm living off of this, I'm setting aside this, I'm setting aside this, even as your income grows, that just means you're still putting away more money too, because the percentages didn't change. You just went ahead and just to have more money now. ⁓ the number value may change, but not the percentage changes, if that makes sense. speaker-0: Yeah, yeah, definitely. I love that. I think I was first exposed to that idea just studying Benjamin Franklin actually. Because that's exactly how he recommends, I think it's his autobiography talks about it. like as he made more and more money, he didn't let lifestyle ⁓ get out control. And he was able to put more and more away as time went on. speaker-1: Absolutely. And I'd even take it a step further that let's say if a person does start increasing their income rapidly, if you could keep your same lifestyle for three to five years that you had before you started to get a bunch of money, you're going to go ahead and exponentially grow your net worth and your wealth faster. The now that's hard because that's what's called delayed gratification. And as kids, we hated that. You know what I mean? You get good grades. We'll take you here. Like as adults, like, nah, I want, I want it now. You know what mean? So If we go ahead and delay gratification for a little bit, and then you'll be able to reap the benefits for kind of the rest of your life, as far as that if people go and do that. But that's just, that just takes a lot of discipline to do that. speaker-0: Yeah, yeah, I lied. People need to hear that more and more. But yeah, ⁓ payoff is ⁓ worth it, you know, in the end. speaker-1: Absolutely. Thousand percent agree. speaker-0: Yeah, I'd love to talk a little more about the structure, financial infrastructure for people's savings and investment. What does that look like ⁓ ⁓ a small business owner? speaker-1: Okay, so if a small business for one, what I've noticed is that a lot of times business owners when they start getting into business, they usually start off being a sole proprietor. So want to get out of that structure as soon as you possibly can. If you can right away, go open yourself up in LLC. Once you get over, I'd say probably between ⁓ you get between when you get close to about a hundred thousand per year, you can go ahead and start filing your LLC as an S corporation. You wouldn't need some bookkeeping for that, but that just adds a layer of protection. But also you get out of the instance of what you have to stop paying self-employment tax with the LLC. So you want to kind of get out of that right away. Now from there, obviously I think probably some of most important things when comes to a business is having the proper operations. If you're not good at operations, you need to go hire someone right away. Hire some to help with their operations whether it be assistance. I could be a spouse. I be your kids whatever somebody needs to be doing your operations Now when it comes to the investing side when you own a business there are opportunities there for small business owners that I noticed most people don't take advantage of is ⁓ called an executive bonus plan, which is also known as internal revenue code 162 Which allows a business owner to actually go ahead and get a tax deduction for putting money into this for themselves and that could end up being used for retirement as well. It's a write off too, which is pretty cool. Um, but it's internal revenue code one 62. So a lot of people are not even taking advantage of that, that our business owners. So you can actually write off portions of what you're making from the business into an executive bonus plan. And that can end up working towards your retirement later on down the road. speaker-0: Wow. Yeah, that's powerful. love that. And on the topic of tax reduction, our listeners are lot of business owners gearing up probably to sell their business at some point. you have any around how they should be thinking about capital gains ⁓ before ⁓ they sell business? speaker-1: That's very so first of all, I ain't a tax guy. Let's make sure we got that. I do know some things, but there as far as what comes to capital gains, man, you got to talk to a CPA because I'm not going to sit and act like I know everything when it comes to that portion of it. I typically partner with CPAs, so I have a CPA on staff that works with me, but I don't know all the tax stuff when it comes to that. So they need to talk to a CPA before they did that. Now. depend upon some of their goals and long-term strategies. There's things that they can potentially move their money into to help delay some of those taxes. But for the most part, you need to talk to a CPA for sure. speaker-0: Yeah, that makes sense. I know just from people I work with, a common strategy is to avoid getting taxed for as much as possible. like if you can get that payment over paid out over a few years, that's one way to avoid it. There's a lot of strategies. There's a 1031 exchange people could take advantage of potentially. speaker-1: real estate for sure. Yeah, true. There's I mean, then I've heard of strategies where people, have foundations, they own a foundation, and they could actually end up giving away some of that money to the foundation. That foundation has to go ahead and I believe give 5 % off to another type of entity that has to be like helping people in some way. And that's just another kind of strategy right there. Now, like I said, I'm not a CPA. So but there is a way that you can go ahead and but you have to obviously have to the foundation first. That's like a whole setup. So that's a, there's a whole trust foundation setup that your person can end up getting into that can end up helping a person dang near get their income and taxes to less than 5%. So, but like I said, I'm not a CPA. I just know about the strategy. that makes sense. speaker-0: Yeah, ⁓ yeah, it's important. Yeah, I am sure the of your show ⁓ is your is all about, you know, financial strategy. So that's I was just curious because I know you know a lot about the topic. speaker-1: For sure, for sure. Yes, it is. The show is mainly about finances. then I do similar to you. I interview business owners to pick their brains, learn about them and also, know, let them give their advice about being in business and starting business and stuff like that for sure. But yeah, a lot, a lot of it is strategy. A lot of what we do is more of teaching on how to get retired, stay retired, protect your wealth and pass on to the next generation. That's a lot of what we talk about on this show. speaker-0: Yeah, I love that. I saw you ⁓ a lot about legacy ⁓ well. like word a lot, but it can be a little like, you know, what is that? What does that really mean? I'm curious perspective on that. Is there sometimes a contradiction ⁓ or a there between that, mean, legacy and just building generational wealth? speaker-1: Now it depends on what you want your legacy to be I think for me and I'm only speaking for me and people that typically come to me to talk about this I legacy is gonna be yes, you're gonna be leaving some money But also it's gonna be the values and morals that you know leave to your family as well What type of value system do you have like because I've heard of so many people who left money and it's corrupted their kids All right, it ended up hurting them because they ⁓ They didn't understand money. They understand the value behind it. It wasn't their dollar they had to work for. So they went off and recklessly spent it. And now their family is left off worse. They are left off worse when they got the money than before they had it. So there needs to be values and structures. So a lot of times when we're setting up things like trust, so ⁓ it comes to legacy planning in general, typically you have what's called a will and a trust, right? And those listening, probably already know the will and trust is if you don't. You know, a trust is going to be what owns all the assets. That's going to be, it's going to be the bucket that holds everything inside of it. That's the trust. Then the will just tells how it's supposed to be dispersed or what to do with the access to the money things like that. So will is instructions. The trust is the actual entity that holds everything. That's kind of that works. Okay. The trust even has its own, tax ID number. Okay. So that's kind of how that works there. So anyways, so what you can do is set it up into which, you have morals and values built in that you can only access this money when you're doing either a type, some type of business that's going to go ahead and help and replenish the trust, or you're going to go ahead and use it for educational purposes. You're not going to use it just for reckless things. Like I'm going out for, you know, a two week vacation. Like, you can't have access to the trust for that. You have to be doing something that's going to go ahead and help benefit the trust. You can even set up to which, Hey, unless you go ahead and graduate from college, You know, with your master's degree, you don't get access to the trust. So you just, could find ways to make sure that you're adding value to your hairs and not just giving them a bunch of money. Because I truly believe money in the hands of someone who doesn't understand it is like giving a baby a machine gun. It's dangerous. Right? there's ways you could set it up into which you want to make sure that your hairs do receive value from. and understand the money that they're getting. So I think for one, for me, at least for me and my family, we're big on values, the values that I wanna leave off to my children, right? In my household, we believe in five things, faith, family, fitness, finances, and fun, and getting better in every single one of those assets. And the cool part is you get better in every single day. Like I already got my fitness in earlier today, I got my faith in earlier today, now I'm finances, this is kind of me working right now, doing this podcast, I'm gonna do some more work when I get off here as well. And then later on we'll go ahead and do some fun stuff, too So you get all in one day and then I'll spend time my family So I'm big on that and my values So what values do you want to leave off to your hairs? And that can be a part of what you put within the stipulations of your will And the trust when they have access to the money speaker-0: Yeah. Wow. I love that. Love that. I'm glad I asked that question. It's a great answer though. It's so true. love the psychology behind that too. you know, making sure your, your money has tied to your values. I love that strategy with the trust as well. hadn't heard about that. speaker-1: Absolutely. speaker-0: Yeah, do you look what what a type of values do you look for in in businesses you invest invest with with blessed family? speaker-1: Yeah, for sure. What I'm looking for some typically is one they're to be coachable and committed. That's probably some of the two most important important things when it comes with the type of person I'm looking for to be in business with us. You got to be coachable and committed from there. I got to like you. I'm not going to like I don't want to be someone I don't around someone I don't like just because it's hard to be working with someone which you don't get along with. So if I don't feel like there's some type of connection, if I don't feel like we can grow together, if I don't feel like I'm gonna want you to be around my family, I'd be around your family, it's probably not gonna work because I'm such a family-orientated person. So people who come into business with us, they're like family eventually. So I gotta like you, you gotta be coachable, you gotta be committed. Those are kind of the things I'm looking for when comes to that. speaker-0: Yeah, that makes sense. Yeah, those foundational values. Yeah, and ⁓ on business side, what types things do you find most valuable terms of investment? ⁓ Are there certain criteria they need to hit? And is it certain industries you look at? speaker-1: A lot of times it's going to be for my industry in the financial world that most people are getting into. I have done some real estate stuff in the past, but it was more on like the STR side of things like short term rentals, which was cool. We made some good money and which is awesome with that. And I learned a lot, gained a lot and still doing it and stuff like that. But a lot of times it's going to be on my side when it comes to the financial world and their investment upfront. Really, and the cool part about this, when people come to business with me, They're not really putting too much of an investment upfront. It's really me investing into the person. So that's why I'm very selective with who I choose and who I work with because not everyone's gonna be a good fit, which is totally fine. There's 350 million people in the United States. Like we'll find the right person. that's not a big deal. what I love about what I do is I'm not looking for an investment of what a person could put money into our company. I'm looking for the right person that I can help become a leader. and go ahead and service more people out in the community. So it's really gonna be about the individuals. So when I'm looking for someone, I'm looking for leaders. If a person already has leadership qualities, that does help quite a bit for sure because... for the industry that I'm in, I'm looking for leaders for sure. So I guess that's the quality. That's what I'm looking for. That's the investment. The investment is coming on my side. I'm gonna spend my time, my effort, my resources to go ahead and pour into this person, believe that they're gonna become very successful. And when they do become successful and I have their business up and running, it's their business, I'm gonna get between 10 to 15 % on the value of their company for the rest of their life. But that just means they're up and running, it's theirs now, so. That's kind of cool. That's kind how we do it. speaker-0: Yeah, no, makes perfect sense. you know, another big topic of the show is AI and technology. I'd love to hear from your perspective, you know, how are you implementing ⁓ these days? ⁓ do you see it reshaping your industry? speaker-1: for sure. think AI is it is not only the future, it's also the now for sure. It's also the now too. So it's funny you said that because I've literally just like my last few guests of my show have been like leaders of AI companies, which is pretty cool. ⁓ one thing that we're getting ready to incorporate is creating an AI agent of me and through having because I have a coaching program or whatnot. Create an AI agent of me that a person go ahead and purchase and they can ask questions to it all day kind of like a chat GPT But just for me in my mindset when it comes to everything that I do that's one ways we're getting ready to incorporate it right now us speaker-0: Yeah, I love that. Yeah. I'm in an &A community and they just developed a ⁓ very similar product for the guy who founded it. And fire. I mean, it's super good. Like I ask it any kind of questions with deals and it gives me like way beyond a normal search would. speaker-1: Absolutely. Absolutely. And then the cool part now too, I've also used it for, used AI to help set up a coin for me as well, like making phone calls and stuff like that, that I don't want to do. So ⁓ I've it like that too, which is pretty cool. So it's just what I love about AI, it gives you the ability to implement the things that I don't feel like doing. If that makes any sense, right? So that's the cool part. Like setting appointments, cool. It can go ahead and do that. It can also go ahead and obviously market for you as well. So the cool part is that now that it's here, I'm just trying to find different ways on how I could utilize it for my business and implement as well. But as right now, those are the two strategies that we're doing. speaker-0: Yeah, I love it. Do you see it affecting the industry in ⁓ of, ⁓ that argument people are having, it's like, is it going to replace certain They're saying like service industry, service based industries, lawyers, accountants, ⁓ those jobs may be at risk. ⁓ I'm curious what thoughts are on that. speaker-1: I don't think it will replace like some stuff will get replaced like yes, I think some things will get replaced but lawyers, ⁓ well cuz you're gonna I don't think an AI can give proper judgment like like the judicial system can. And I'm not gonna say that's always legit because there's some corrupt people in there too. God bless them though. Anyways, hold different topic, hold different subject. But anyways, I don't think lawyers will get to replace accountants. I don't think so too, because the laws are always changing. I know what AI is, it can give you the proper information. It cannot always do the actual application. Does that make sense? So there's gonna be some things that will still need human touch and human capabilities. Now for a lot of things in which, when I used to work for JP Morgan, right, we'd obviously at ⁓ Chase you'd see tellers, you'd see tellers there. And I used to tell the tellers, ⁓ hey, building these machines. You need to become a banker or an advisor because your job's gonna get taken away. Ha ha ha, like we can't say that happened. Like, okay, you say that now. Right, and I'm not talking about an ATM machine. ATM machines were already there before I got to the bank. I wasn't there that early in the game. Way back for that. So when you go into JP Morgan's, a lot of them now, they have like these big kiosks. And at this kiosk, you can basically do anything. You can go ahead and deposit checks. You can go ahead and take it up to like up to three grand. You can go ahead and pay your bills. Whatever you need to do that a teller would do, this kiosk does the exact same thing. And I remember telling them before this kiosk came out, start looking at something else. And believe me, well, now when you go into a location, either it be a JP Morgan, it'd be a Wells Fargo, it'd be a Charles, it don't matter where you go as far as that. Before, when I used to go into the bank with my mom, there'd be like 10 to 15 tellers, right? Now you usually see two or three, and then everything else, just go these little kiosks. Why? Because they can do the same job that the human can do because it wasn't too difficult of a job. So jobs that are a little bit more difficult, I think aren't going anywhere. But sometimes some things like calling customer service and stuff like that, my am I took some of that stuff over because you can literally program something to go ahead and handle and answer those questions. But lawyers, accountants, nah, ⁓ I'm not I'm not taking the chance of going on no robot or wouldn't come my taxes. Like I'm not, I need someone with a P10. Like nah, heck no. I don't need the, I don't need no robot trying to take that over for sure. speaker-0: Yeah, yeah, at least not anytime soon. speaker-1: Hopefully not. not. speaker-0: Yeah, I I think, I think you're spot on. ⁓ there are certain jobs are definitely in danger. was talking, it's funny on my podcast too. just interviewed a, ⁓ two like CEOs of AI companies, which is funny too. but one was saying he was about to hire this marketing agency to help him ⁓ his business. And get like received the whole demo and everything. And he. did the math and figured out how much it would cost to just to build it out with AI agents to do exactly what the marketing company was going to do. he was able to do it, like he has a coding background granted, but he was able to do it in a weekend, ⁓ the product that the agency was going to offer him. speaker-1: And they're probably gonna weigh overcharging too. I can imagine. can imagine. if you're, you're brilliant enough to know how to create that stuff, that's a benefit. That's a huge, I mean, that's why he's the CEO of an AI company. speaker-0: Right. It's crazy where it's going, it's becoming more accessible to even non-coders now. speaker-1: Yes, yes it is. I mean, I'm finding out that a lot of times people would just partner with a coder and they start the day and start ⁓ opening a company and pay their coder a percentage of whatever profits they're getting, have an AI company and all. So it's taken over for sure. speaker-0: Yeah, wow, that's exciting times to live in for sure. speaker-1: It is. I just hope it doesn't get to the point like iRobot. You know what mean? I just don't want I don't know you've seen that movie Will Smith or not, but no, I don't want none of that. You know, I watched this. I watched a movie probably like, what was it? Close to a year or so ago called Megan. I was like, don't want that happening. I don't know if you've seen that either, but these. Yeah, Yeah. Vicky was that the second version was part two. Like there's Megan one and there's Megan two. And like there was like a bad one. And I don't know, but. I don't want that crap happening. That's my main thing. Let's, stay as far away from that as we possibly can. But as far as helping businesses, I'm all for it, but I don't want no robots walking around my house trying to get me. Nah, I don't want none of that. speaker-0: Yeah Yeah, yeah, it's a fine line. speaker-1: funny though, because with my kids, like whenever we use chat, GPT and AI, they're like, ⁓ always say thank you. I'm like, why do you say thank you to a dad? I'm like, just in case something happens, they can remember I was nice to them. speaker-0: you never know. ⁓ speaker-1: You never know. And all of a sudden these robots try to take over the world. They're like, you know, he used to say thank you and please all the time. We're going to spare him just a little bit. That was nice, exactly. So, speaker-0: Yeah, Tyler was nice. coming up on time here. We could probably talk forever, Tyler, but I all the insight you gave today. I always the show if could give ⁓ one piece of ⁓ for ⁓ listeners ⁓ speaker-1: Yeah, for sure. got, heard this several years ago, but it was a concept called do it now. And what it means is stop procrastinating. Right? The biggest nation in the world is procrastination. many people procrastinate when it comes to life and whatever they have to get done. Just go do it now. Waiting on things never typically works out better for a person. So I'd say if I give anyone advice listening, go do it now. If you're like, you know, once the, once the best time to start getting my finances right today, it was yesterday. But let's just make sure just go do it now. There's always things or steps you can take to get things done and start moving forward now. If you focus on getting 1 % better every single day and a hundred days, you'll be a hundred percent better. So let's just go ahead and do it now. Get things done. Get after it. Make it happen. speaker-0: I love it. Well said. yeah, I appreciate it. Really good nuggets in here today, Tyler. Where's the, yeah, absolutely, where's the best place listeners can find you at? ⁓ speaker-1: appreciate it. You can visit my website, ⁓ moneymasternation.com. You can go ahead and get on the website and on through the website, you get access to me, you get access to a free financial course if you want to go ahead and get into that. Also, could find me on Instagram at moneymaster408. You can go ahead and reach me ⁓ those two places. speaker-0: Awesome, I'll leave that in the show notes. speaker-1: I appreciate you brother. speaker-0: All right, thanks, Heather.