Joel Comm: Imagine paying only 4% taxes to the government for your
Joel Comm: business income. And now imagine paying zero capital gains taxes
Joel Comm: for all of your crypto gains. Well, I don't imagine it.
Joel Comm: I live it legally. Sir Laura Travis is super busy today.
Joel Comm: So you've got me and my guest, Devin Michaels, here
Joel Comm: to discuss how the tax situation that I mentioned is
Joel Comm: real life and how you can surround yourself with high
Joel Comm: performers that may help set you up for a very
Joel Comm: profitable future by joining us on the high seas. Ya
Joel Comm: sound exciting. Ahoy, matey. Come along with us on this
Joel Comm: ride for episode number 693. Of the Bad crypto podcast.
UU: Five.
UU: Four, three, two, one, zero. Listen, who's bad? I.
Joel Comm: Welcome to the crypto podcast, Sir Joel. I'm here with you.
Joel Comm: Travis is getting ready to do some globetrotting and he's
Joel Comm: got a lot of stuff to do. He's very busy
Joel Comm: right now and so I'm rolling solo today, but not
Joel Comm: truly because I've got a guest with me. He's an
Joel Comm: old friend, and we're just going to jump right into
Joel Comm: the interview because there's two things that I want you
Joel Comm: to walk away with as you listen. Number one, how
Joel Comm: to pay less taxes legally and not just crypto taxes,
Joel Comm: but any type of gains taxes on your stock portfolio,
Joel Comm: taxes on your precious metals gains, crypto and more. And
Joel Comm: I want to invite you to come along with us
Joel Comm: on a vacation on the high seas. You're going to
Joel Comm: love this. Let's listen in. As you know, sir, Lord
Joel Comm: Travis and myself have been living in Puerto Rico now
Joel Comm: for over two years. It's it's been really interesting, meeting
Joel Comm: ton of incredible people. But one of the gentlemen who
Joel Comm: is responsible for me being here is an old friend.
Joel Comm: His name is Devin Michaels. Devin's an entrepreneur. He's a
Joel Comm: crypto guy. And he was on episode number 382 of
Joel Comm: this podcast a little more than three years ago. But
Joel Comm: you might not know it because he was on the
Joel Comm: same show as Dr. Ron Paul. Doctor Paul, of course,
Joel Comm: was the headliner. And then there was like, Oh, also
Joel Comm: Devin and I wanted to give him the spotlight today
Joel Comm: because we've got a lot of really interesting things to
Joel Comm: talk about. Devin Michaels Welcome back to the Republic of
Joel Comm: Bad Cryptopia sir.
Daven Michaels: Mr. Joel, my dear friend of almost 15 years. It's
Daven Michaels: great to be here with you, Mika.
Joel Comm: I think it might be longer than that.
Daven Michaels: I think it might be too.
Joel Comm: If we had met around 2007. It's, it's 16 years now.
Daven Michaels: Yeah. Yeah.
Joel Comm: We just taken it your way from me.
Daven Michaels: Sorry about that. We just celebrated the 15th year of one, two,
Daven Michaels: three employee. I was shooting a commemorative video for our employees.
Daven Michaels: So that's 15 years there. Wow.
Joel Comm: And for those of you watching the video version on YouTube,
Joel Comm: Rumble or Odyssey, that is a real background. Devin lives
Joel Comm: really a big stone's throw away from me right on
Joel Comm: the harbor here in Palmas, Del Mar. And it's a
Joel Comm: beautiful day. It's a hot day. But you know, it's
Joel Comm: mind boggling to me is here we are closer than
Joel Comm: the rest of the states to the equator, and they've
Joel Comm: been having a worse heat wave than we've been having.
Daven Michaels: Yeah, not too bad here. Not too bad. Nice breeze.
Daven Michaels: Beautiful Paradise all year long. Yeah.
Joel Comm: So for those of you that really want to go
Joel Comm: deep on the Puerto Rico connection and the tax benefits,
Joel Comm: I recommend you go back to the episode we recorded
Joel Comm: three years ago. It's bad cosine forward slash 382. We'll
Joel Comm: have that in the show notes for this particular episode
Joel Comm: as well. But I want to touch on it, Devin,
Joel Comm: before we get into some other things today, including we're
Joel Comm: going to be talking about. So you guys want to
Joel Comm: stay tuned for this and interesting opportunity to go on
Joel Comm: a cruise with us in April. That's a little teaser
Joel Comm: for you. Let's let's start out with the the overarching
Joel Comm: benefits of why Americans are moving to Puerto Rico.
Daven Michaels: Yeah, absolutely. So Puerto Rico is a territory. And if
Daven Michaels: you are a US citizen and you jump through the
Daven Michaels: legal hoops and you make Puerto Rico your legal home,
Daven Michaels: in other words, you live here at least half the year,
Daven Michaels: then you essentially pay almost no tax. So we pay 4%
Daven Michaels: federal income tax. We pay 0% capital gains, we pay 0%
Daven Michaels: in dividends. And it is truly a game changer. A
Daven Michaels: dear friend of both yours and mine and neighbor of
Daven Michaels: so many years, John Lee Dumas, who is an unbelievably
Daven Michaels: successful podcaster, always says, I work 4% of the year
Daven Michaels: for the federal government and 96% of the rest of
Daven Michaels: the year for myself, he said. He works the first
Daven Michaels: couple of weeks of the year for the government and
Daven Michaels: then that's it. And that's that's a big game changer.
Daven Michaels: So we lived in LA where we were paying between,
Daven Michaels: you know, corporate and federal and state, and I think
Daven Michaels: I was paying about 63% in taxes and it was
Daven Michaels: just absolutely ridiculous. And so we first moved to Vegas,
Daven Michaels: got rid of the state tax, and then eventually moved
Daven Michaels: here and got rid of most of it. But there's
Daven Michaels: so many more benefits, too. So, for example, one of
Daven Michaels: the greatest benefits is is deal flow. And you were
Daven Michaels: talking about that a few minutes ago, the amazing people
Daven Michaels: you meet here because you got to be a mover
Daven Michaels: and shaker to to do this. You know, you have
Daven Michaels: a tax situation, right? You need to save money. You're
Daven Michaels: doing well in addition to that, to to pick up
Daven Michaels: and move to a territory, you have to be a pioneer,
Daven Michaels: which you are such a pioneer. And you and I
Daven Michaels: both have that pioneering spirit, as does everybody over here.
Daven Michaels: And then what happens is you have to spend at
Daven Michaels: least a half a year in Paradise. It just sucks, right?
Daven Michaels: I mean, look, look at this. It's just that's so hard,
Daven Michaels: you know? So it's gorgeous here all year long. There's
Daven Michaels: great food, great people. And the actual people who live
Daven Michaels: in Puerto Rico, actual Puerto Ricans are some of the
Daven Michaels: loveliest people in in the world. They will just give
Daven Michaels: the shirt off their back for you. They are so nice,
Daven Michaels: so wonderful. And I'll give you an example. You just
Daven Michaels: walk down the street and people are saying, good day
Daven Michaels: to you. Good day, good day, good day. Well, we leave.
Daven Michaels: We travel and and people aren't speaking to us like
Daven Michaels: saying like greeting us on the street. We're like, gosh,
Daven Michaels: you know, you get used to this, right? And then
Daven Michaels: we greet people and they look at us like we're crazy.
Daven Michaels: But there's also a lot more benefits than. Just tax benefits. So.
Daven Michaels: So the way all this works is, as Puerto Rico
Daven Michaels: is a territory, they have their own tax authority. And
Daven Michaels: it's not the IRS, it's Hacienda. And so if you're
Daven Michaels: a bona fide resident of Puerto Rico, that's who you're
Daven Michaels: paying your taxes to. You're letting the IRS know what
Daven Michaels: you're up to, but you're paying Hacienda, and there's all
Daven Michaels: these other programs that are available, too. They used to
Daven Michaels: be a whole bunch of different acts. They've now put
Daven Michaels: them under an umbrella called Act 60. When Joel and
Daven Michaels: I got into this, it was called Act 2022, and
Daven Michaels: we were just two of those acts. But now Act
Daven Michaels: 60 brings them all together. And just to give you
Daven Michaels: some examples of some of these acts, I have a
Daven Michaels: car that is a plug in hybrid. It only gets
Daven Michaels: 19 miles on a charge. Okay? It's just it's just
Daven Michaels: a token thing. But because it has a plug, I
Daven Michaels: was able to import it here tax free and save 30%
Daven Michaels: in taxes. There's an entertainment tax here. My cousin Danny
Daven Michaels: was just here shooting a pilot for Amazon. She got
Daven Michaels: a 40% tax break of which you can cash in
Daven Michaels: that tax break at 97 to 90 to $0.99 on
Daven Michaels: the dollar. So it's essentially cash back. There is a
Daven Michaels: hospitality credit. If you have like an Airbnb that has
Daven Michaels: at least I think it's 7 or 8 beds and baths,
Daven Michaels: you get 40% back over four years. Many of you
Daven Michaels: who might live in the US might be familiar with
Daven Michaels: opportunity zones where you get amazing tax benefits, while 98%
Daven Michaels: of this entire island is an opportunity zone. And this
Daven Michaels: list just goes on and on. I learn about all
Daven Michaels: these new incentives every day, and I don't know all
Daven Michaels: of them. But in a few minutes, we're going to
Daven Michaels: talk about one way that I'm going to both you
Daven Michaels: and I are going to learn all about them. And
Daven Michaels: by the way, Joel, my guess is you don't know
Daven Michaels: about all of them either.
Joel Comm: No, I don't. I know you know XD that's that's
Joel Comm: what I'm here on and you know what you say
Joel Comm: is so true. I came for the tax breaks and
Joel Comm: I did have friends already. I knew you and I
Joel Comm: knew Jld and had visited. In fact, I think that we.
Joel Comm: You're recording the last time you were on the show
Joel Comm: was when I first visited you in February 2020. The
Joel Comm: episode came out the the following month and we were
Joel Comm: going to move to that May and then Covid hit
Joel Comm: and everything became more complicated and we put it off
Joel Comm: for another year. But I'm really glad that I pulled
Joel Comm: the trigger when I did. I came for the tax breaks,
Joel Comm: but I'm staying for the community. I have never in
Joel Comm: my life and I'm approaching 60 ever being in a
Joel Comm: community like this of high performers, of creative people, of
Joel Comm: good hearted people. And you have everything in where we
Joel Comm: live in Palmas Del Mar, from thousand heirs to billionaires
Joel Comm: and from hanging out with people. You wouldn't know the
Joel Comm: difference of who you're hanging out with because it seems
Joel Comm: like the egos are largely checked at the gate and
Joel Comm: people were all here kind of for the same reasons. Yeah,
Joel Comm: it's a yeah for sure.
Daven Michaels: Sorry to interrupt, but yeah, it's like kind of a
Daven Michaels: flip flop and t shirt community, right? So how are
Daven Michaels: you going to be flexing? You know what I mean?
Daven Michaels: So it's nice. It's nice. People do check their egos
Daven Michaels: at the door. I think for the most.
Joel Comm: Part, there's all of these groups that we're in and
Joel Comm: signal and what's happened. There's always something going on. You know,
Joel Comm: I've become a pickleball enthusiast since I've moved here. Aaron
Joel Comm: is a big golf enthusiast. And, you know, we we
Joel Comm: live on the golf course. So Holes five and six
Joel Comm: of the Palms course are right behind our condo and
Joel Comm: the beach is right outside the door. And so it's
Joel Comm: just there's always something to do. Yeah, we're going somewhere tonight.
Joel Comm: Are you are you joining us tonight? What's going.
Daven Michaels: On tonight?
Joel Comm: I don't know. I have to ask Aaron. All right, cool.
Daven Michaels: Cool. You check with your social director. I'll check with mine. Yeah,
Daven Michaels: but like you said, I've never experienced anything like it
Daven Michaels: except on, like, television, Right? These little, you know, these
Daven Michaels: TV shows that take place in this little small town.
Daven Michaels: Everybody knows each other, and they're all like, best homies.
Daven Michaels: But I've never experienced in real life until moving to
Daven Michaels: Puerto Rico.
Joel Comm: I think part of it is, you know, when you're
Joel Comm: in the city, like we came from Denver to orchestrate
Joel Comm: somebody's calendar with yours in multiple couples calendars, you get together,
Joel Comm: it's a big deal. It's an event here. There's so
Joel Comm: many people and so many friendly people that it's like, Hey,
Joel Comm: what are you doing for dinner tonight? Hey, we're having,
Joel Comm: you know, karaoke at our place this weekend. We're going
Joel Comm: to the Beach Club on Sunday. And and people just
Joel Comm: continue to get together to the point where we have
Joel Comm: now had two since we've been here, vacations with groups
Joel Comm: of people from here. So we basically just pack up
Joel Comm: Puerto Rico and we put it on a cruise ship
Joel Comm: and taken on the road. And we'll talk a little
Joel Comm: bit more about that here soon. By the.
Daven Michaels: Way, are you going to Rusty's root beer float party.
Joel Comm: Tomorrow? Yes, I am going.
Daven Michaels: To hit that, too. But we have another party. Simultaneously.
Daven Michaels: So we're going to be jumping back and forth. Yeah.
Joel Comm: So let's you know, we kind of hit on the
Joel Comm: governmental programs, the things that are available here. And we'll
Joel Comm: try and find a website for you guys that has
Joel Comm: all of the different acts so that you can take
Joel Comm: a look at those. Let's talk a little bit about
Joel Comm: some of the services on the island and the things
Joel Comm: that people are working on.
Daven Michaels: Yeah. So what's interesting is, well, okay, so let me
Daven Michaels: start with my own personal experience. So I always I
Daven Michaels: felt that when we came here, we were going to
Daven Michaels: approach this as we are a guest in this territory.
Daven Michaels: And and so I don't, you know, try to push
Daven Michaels: my opinions or agenda on anybody. And my goal was
Daven Michaels: to make this place a better place than when I
Daven Michaels: got here, right. To to make a difference and make
Daven Michaels: an impact. And I like, I kind of an impact junkie.
Daven Michaels: So I really like that. And a lot of people
Daven Michaels: are doing the same thing here. And, you know, you
Daven Michaels: can you could actually come here and say, I'm not
Daven Michaels: going to do any of that. I don't want to
Daven Michaels: have any impact. I'm just going to do my time
Daven Michaels: and so on and so forth. And you would still
Daven Michaels: impact the economy because you'd hire a ton of people
Daven Michaels: to help you with a bunch of different stuff and
Daven Michaels: you put a lot of money into the economy. And
Daven Michaels: so I'm involved in a lot of projects here. One
Daven Michaels: of my favorites is I am a member of Partnership
Daven Michaels: for Modern Puerto Rico, which is the think tank that
Daven Michaels: was created by Alberto Barco, who's the former secretary of
Daven Michaels: commerce to Puerto Rico. And he actually, if you came
Daven Michaels: in on our program, Act 20, 22, several years ago,
Daven Michaels: he would have signed the decree because it was he
Daven Michaels: and his regime, if you will, that that ushered in
Daven Michaels: Act 2022. And it has had such a huge impact
Daven Michaels: on the on this island. So many things are happening.
Daven Michaels: I'll give you an example. In this enclave that we
Daven Michaels: all live in, there has not been new development here
Daven Michaels: in two decades, in 20 years, because it was overbuilt
Daven Michaels: in the heyday prior to 2008. Now there's new construction here. Um,
Daven Michaels: and people are benefiting. One of the things that is
Daven Michaels: included in the Act 60 program, not in my decree,
Daven Michaels: but in the current decree is that you have to
Daven Michaels: buy a property within two years. So you can come here,
Daven Michaels: you can rent a place, you can check it out,
Daven Michaels: see if you like it, but eventually you have to
Daven Michaels: buy something that is so great for the economy. You know,
Daven Michaels: it's fantastic. You can see it. You can see things
Daven Michaels: changing here and you can see that there's a lot
Daven Michaels: of collaboration between, you know, people that grew up in
Daven Michaels: Puerto Rico and us transplants. And it's pretty cool to
Daven Michaels: to see it in real time. Um, I happen to
Daven Michaels: be involved with several charitable projects. We gave 1500 toys
Daven Michaels: to the orphans last year. Um, and I'm working on
Daven Michaels: something really cool. Matter of fact, I think we should
Daven Michaels: talk about this. So. Yeah, I think it's making news.
Joel Comm: Here we go.
Daven Michaels: For the big reveal. What's up? So we moved to
Daven Michaels: Puerto Rico five years ago, five months after Maria. We first.
Daven Michaels: And if you don't know what Maria was, it was
Daven Michaels: a once in a hundred year hurricane. There's such a
Daven Michaels: thing as a Cat six. That's what hit Puerto Rico.
Daven Michaels: As a matter of fact, when it came onshore, it
Daven Michaels: came onshore right here, right here in Palmas, Del Mar,
Daven Michaels: right behind me, 210 mile an hour winds. Unbelievable. And
Daven Michaels: it was it was devastating for Puerto Rico. It was interesting, though.
Daven Michaels: I was in a meeting yesterday with Alberto and Luis Lumba,
Daven Michaels: and we were talking and they said, you know, one
Daven Michaels: great thing about Maria is they put us on the
Daven Michaels: global map. People didn't know about Puerto Rico until Maria. Now,
Daven Michaels: a lot of people think that Puerto Rico still doesn't
Daven Michaels: have power and it was knocked out by Maria and
Daven Michaels: that that's not the case at all. But I guess
Daven Michaels: it did draw attention to to Maria. So our two
Daven Michaels: Puerto Rico excuse me. So anyways, when I moved here,
Daven Michaels: nobody was here. The lights were out. Um, and I
Daven Michaels: started a little cigar club. Um, and later it just
Daven Michaels: became a social club. We, you know, cigars were kind
Daven Michaels: of optional. Um, and we would have maybe 5 or
Daven Michaels: 6 people that would show up and we do them
Daven Michaels: once a month. Fast forward five years later, we have
Daven Michaels: almost a thousand people in the San Juan Social Club
Daven Michaels: and we do events once a month, a curated locations
Daven Michaels: across the island. And my whole vision for that, it
Daven Michaels: was not complex at all. It was basically I wanted
Daven Michaels: to bring Puerto Ricans together with transplants, people like us,
Daven Michaels: and just to to have cocktails and break bread and
Daven Michaels: get to know each other and have a dialogue and
Daven Michaels: have fun. And I'll tell you, I would like to
Daven Michaels: take full credit for that inspiration. But actually it was
Daven Michaels: somebody else's. So we used to live in LA and
Daven Michaels: I used to have this friend, Brian and Brian had
Daven Michaels: this networking group and I think it was called like
Daven Michaels: Networking at Night or After Dark or something like that.
Daven Michaels: It was like a happy hour, a thing. And he
Daven Michaels: would really build this as this serious networking group. And
Daven Michaels: we used to make fun of him because what it
Daven Michaels: really was, was a bunch of young professionals getting together
Daven Michaels: to like hook up. I mean, but it was super successful.
Daven Michaels: It was like he would he put it in nightclubs
Daven Michaels: and he'd pack them out and it was great. And
Daven Michaels: we would just poo poo on him. But he was
Daven Michaels: one smart cookie. And. And fast forward decades later, he
Daven Michaels: has the biggest incubator in Los Angeles that was born
Daven Michaels: out of that. And so so I just started doing
Daven Michaels: these events. I didn't charge for him. It's just, you know,
Daven Michaels: fun getting people together, knowing that, you know, it would
Daven Michaels: it would create some cool stuff on the island. So anyways,
Daven Michaels: you know, now we get a lot of people that
Daven Michaels: show up to the events and it's super awesome. And
Daven Michaels: I had another inspiration that I can't take credit for.
Daven Michaels: So Joel, as you know, for the last decade, I've
Daven Michaels: spoken on a cruise called The Marketer's Cruise. You never
Daven Michaels: came along, right? Never try to get you right. Okay.
Daven Michaels: So the marketers Cruise is all the top marketers from
Daven Michaels: all over the world. They get together on a cruise
Daven Michaels: once a year, about 450 of us. And I would
Daven Michaels: speak on that cruise every year. And the byproduct of
Daven Michaels: that was three things. One, I made a lot of
Daven Michaels: money from the deals that I made to all these
Daven Michaels: joint ventures I did with a global audience. They went
Daven Michaels: back to their respective countries and they were thought leaders
Daven Michaels: in those countries and they spread my word and kind
Daven Michaels: of made me a global brand in my space. And
Daven Michaels: then lastly, now it's a decade later. There's not much
Daven Michaels: money for me to be made. I'm already doing business
Daven Michaels: with all of these people. There's a little fresh blood
Daven Michaels: every year, but that's about it. But now we just
Daven Michaels: go every year because now our best friends are there
Daven Michaels: and we know that if we didn't take the cruise,
Daven Michaels: we wouldn't see them. And that's what happens when you
Daven Michaels: have time with people. Time equals depth. The more time
Daven Michaels: you spend with somebody, the more you get to know them,
Daven Michaels: the more money you can make with them, the deeper
Daven Michaels: your friendship and bond becomes. And so I always wanted
Daven Michaels: to do a cruise. But five years ago, as soon
Daven Michaels: as I got to Puerto Rico, I had the idea.
Daven Michaels: But the timing wasn't right. Now, five years later, we
Daven Michaels: are launching the San Juan Social Club cruise.
Joel Comm: Remind me the URL, I'm going to go and pull
Joel Comm: it up so we can show it.
Daven Michaels: Yes. If you go San Juan. Social Cruise. Com. San
Daven Michaels: Juan Social Cruise. Yep. And so the idea behind the
Daven Michaels: San Juan Social Club cruise. It's for residents of Puerto
Daven Michaels: Rico and people that are interested in Puerto Rico that
Daven Michaels: want to network, make friends and learn about all of
Daven Michaels: Puerto Rico's amazing resources, benefits and opportunities and those resources,
Daven Michaels: benefits and opportunities. I kind of put it into three buckets.
Daven Michaels: One is governmental, which is a lot of the stuff
Daven Michaels: that we talked about today. Two is all the cool
Daven Michaels: stuff that guys like you and I are doing all
Daven Michaels: over the island. Things from like investments to like renewable
Daven Michaels: projects to you name it. And then lastly services, all
Daven Michaels: the different services that are offered on the islands, banking services,
Daven Michaels: accounting services, hospitality, different services like that. And so we
Daven Michaels: set sail April 13th of next year. We announced it
Daven Michaels: three weeks ago. We've already had 150 people register and
Daven Michaels: it looks like we're going to cap it at 300.
Daven Michaels: I don't want to, but they don't have enough room
Daven Michaels: on the boat. They don't have an event space big
Daven Michaels: enough for us. So I think we're going to cap
Daven Michaels: it at 300. We are on virgin virgins. Brilliant lady,
Daven Michaels: which is not even in the ocean yet, right? They
Daven Michaels: drop it in December and then Joel and I and
Daven Michaels: a few friends are going to go test it out
Daven Michaels: in February. And then in April we do the big cruise.
Daven Michaels: So we'll be on Virgin's brilliant lady. If you're not,
Daven Michaels: I mean, you've probably heard about Virgin Cruises, but you
Daven Michaels: may not know it's the hottest cruise line on the
Daven Michaels: ocean right now. Everybody is raving about Virgin. It's all adult.
Daven Michaels: It's super fun.
Joel Comm: The ship the ship just looks absolutely beautiful. I've done
Joel Comm: a lot of cruising and I feel like Richard Branson
Joel Comm: is next level. This stuff and this boat is going
Joel Comm: to be sparkly, brand new. And I'm excited because we
Joel Comm: leave from San Juan, which is real fun. So wherever
Joel Comm: you're coming from, you just fly into San Juan, spend
Joel Comm: the night downtown, maybe get a little early, see Old Town,
Joel Comm: San Juan, visit the fortress, right? Do a little touristy stuff,
Joel Comm: and then we take off. We spend a whole day
Joel Comm: at sea on our way to Aruba. Beautiful island. Then
Joel Comm: we bop over to Curacao. I haven't been to Curacao
Joel Comm: since I was a little boy, and I've been wanting
Joel Comm: to go back ever since then because I remember it
Joel Comm: just being a Paradise. And then we're off to Martinique.
Joel Comm: You could practice your France if you want to, and
Joel Comm: then to Saint Kitts and Nevis, where I am also
Joel Comm: a citizen of I'm a saint. And so for me,
Joel Comm: it'll be going home before I go home.
Daven Michaels: I think that's so cool. I think you need to
Daven Michaels: use that passport when you come over. So a few
Daven Michaels: things to note. If you haven't been to Puerto Rico before,
Daven Michaels: come a couple of days early or stay a couple
Daven Michaels: of days late. We're going to be showing everybody around,
Daven Michaels: so it'll just be super fun. I have to tell you,
Daven Michaels: this is so funny, Joel. So 20, 25 years ago,
Daven Michaels: let's see, I measure in girlfriends lives and I've been
Daven Michaels: together 15 years before.
Joel Comm: That in.
Daven Michaels: Girls. So. Yes, 20 years ago. Okay. This was in
Daven Michaels: the Mariana days, 20, 20 years ago. I came to
Daven Michaels: Puerto Rico for the very first time. I'm on a
Daven Michaels: cruise ship. We had a half day here and it
Daven Michaels: was beautiful. I remember I just thought it was so cool.
Daven Michaels: And at one point I was on this balcony and
Daven Michaels: I looked out over Puerto Rico and I said to myself.
Daven Michaels: Who the hell lives in Puerto Rico now? I didn't
Daven Michaels: mean like, who would live here. I just meant who
Daven Michaels: the hell lived here? It wasn't. Yeah, it wasn't on
Daven Michaels: my radar. I think I barely knew it was a
Daven Michaels: part of the US. And now I live in Puerto Rico,
Daven Michaels: and so do you. And I think that's just so
Daven Michaels: cool because I just have fallen in love with Puerto Rico.
Daven Michaels: And the pictures you're seeing right here are of old
Daven Michaels: San Juan, which is the oldest city in the US.
Daven Michaels: It's epic. And so, yeah, you know, come early and
Daven Michaels: check it out. And then the other thing I was
Daven Michaels: going to say on on Curacao, listen, I've been in
Daven Michaels: Curacao a bunch of times. We've been to all these
Daven Michaels: ports a bunch of times. We're going for the people,
Daven Michaels: we're going for the ship. But Curacao is unique because
Daven Michaels: I think it was a former Dutch colony, I believe.
Daven Michaels: And so it looks it looks like that It looks
Daven Michaels: you know, so many of these Caribbean destinations can kind
Daven Michaels: of blend, you know, blend, gel together. Right. They're all
Daven Michaels: beautiful blue beaches and what have you. But Curacao is
Daven Michaels: truly unique. And what's interesting is we have some some
Daven Michaels: really top notch speakers, including Mr. Joel, really, you know,
Daven Michaels: top of their game cutting edge speakers, which I'm very
Daven Michaels: excited about. John Lee Dumas will be joining us, too.
Daven Michaels: We have Alberto Barco, former secretary of economic development for
Daven Michaels: Puerto Rico. Brock Pierce, crypto billionaire Harry Dent, another one
Daven Michaels: of our neighbors prolific. We have Michael Drew, the number
Daven Michaels: one book strategist in the world. Nobody on the planet
Daven Michaels: has more New York Times, USA Today or Wall Street
Daven Michaels: Journal bestsellers like 124 of them. Just unbelievable group. Who
Daven Michaels: else do we have? Let's scroll down.
Joel Comm: Oh, John Lee Dumas is there.
Daven Michaels: Yeah. Oh, and then I was going to tell you this, too.
Daven Michaels: So we have Mr. Joel. We have Jerry Conti. And
Daven Michaels: then this is kind of interesting. So Derek Hogan Camp
Daven Michaels: is a dear friend of mine, lives in Europe and
Daven Michaels: lives in Dubai, but actually grew up in Curacao. He
Daven Michaels: hasn't been back there in forever and now he's going
Daven Michaels: to be back there on the boat. So. Very cool.
Joel Comm: Excellent. Yeah. So, you know, this is the people that
Joel Comm: you're going to be rubbing elbows with on this cruise.
Joel Comm: I don't know where you are. You know, in your life,
Joel Comm: those of you who are listening right now. But if
Joel Comm: you're into crypto, you're going to find crypto people. You're
Joel Comm: going to find a wide swath of interests in the
Joel Comm: blockchain space, in the NFT space, in the metaverse. Yeah.
Joel Comm: In all of this you're going to find high performers
Joel Comm: and you don't know like I'm going to say take
Joel Comm: a risk, get on the boat, reserve your room, get
Joel Comm: on the boat and see what happens. Because any time,
Joel Comm: you know, in my life showing up is been the
Joel Comm: key to success is putting myself out there. And we
Joel Comm: already know there's over 125 people from the San Juan
Joel Comm: Social Club that are going to be there, 150 and
Joel Comm: and more to come. And, you know, and I'll see
Joel Comm: you there. I'll be on the boat. We'll say, hey,
Joel Comm: I'm on my way to, you know, to the pool.
Daven Michaels: Exactly. Hey, um, I was going to say to, um,
Daven Michaels: I can honestly say and I'm sure that you can
Daven Michaels: say this to all of your for me, it's all
Daven Michaels: but at least some of your best connections always come
Daven Michaels: from events, right? My best connections, my best amigos, my, my,
Daven Michaels: my highest yielding business contacts. They all came from events.
Daven Michaels: But now if you go from one day or two
Daven Michaels: day or three day event to a one week long event,
Daven Michaels: then you really go deep and the benefits are huge.
Daven Michaels: We're going to we are definitely going to have some
Daven Michaels: crypto celebrities. I did want to kind of tell you
Daven Michaels: guys a little bit about, you know, what's involved and
Daven Michaels: what have you. So it's super easily $300, you know,
Daven Michaels: locks in your crew. So basically you put down a
Daven Michaels: $300 deposit per person, everything's double occupancy and then we
Daven Michaels: collect the rest of the money, or Virgin collects the
Daven Michaels: rest of the money from you throughout the course of
Daven Michaels: the year until December 1st. And then we've negotiated some
Daven Michaels: great perks for you. So number one, $600 on board,
Daven Michaels: carbon credit for cocktails. And by the way, virgins cocktails
Daven Michaels: are super awesome and super inexpensive. Like they're doing this
Daven Michaels: totally different now. I think a beer is $5, a
Daven Michaels: cocktail is $9, which is like half the price of
Daven Michaels: like a Carnival cruise ship or something. So very cool. Um,
Daven Michaels: so we negotiated $600 cabin credit. In addition to that, your, your,
Daven Michaels: your single fee is going to cover your port taxes,
Daven Michaels: your your tips, everything essentially. And if you book this
Daven Michaels: week when you see this podcast will give you an
Daven Michaels: extra $100 credit as well. So it just makes it
Daven Michaels: so unbelievably reasonable. Also, if you're thinking of coming solo,
Daven Michaels: not a problem, you just simply put in on your guest,
Daven Michaels: you put TBD and then you have some options. You
Daven Michaels: have until December to figure out who's going to go
Daven Michaels: with you. You can replace a person like if you
Daven Michaels: want to put somebody in temporarily, we can change it up.
Daven Michaels: Not a big deal. Or you can have us help
Daven Michaels: you find a roomie and that's no problem at all.
Daven Michaels: We're getting plenty of room. We. Us and we have
Daven Michaels: until December to do that. So it's no big deal
Daven Michaels: at all.
Joel Comm: So, you know, a lot of the the rooms on
Joel Comm: cruise ships are small or dated. This is a brand
Joel Comm: new boat. And for those of you that are watching
Joel Comm: the the video version of this, the the suites, they're
Joel Comm: really beautiful. They're they're great rooms. And this is you know,
Joel Comm: we're we are doing the very same cruise twice you
Joel Comm: and I are. Yeah. And I have no qualms with
Joel Comm: that because I feel like we're just going to be
Joel Comm: cruising in style. And how long do people have to
Joel Comm: to put down their deposit and book to be sure
Joel Comm: they can get get all the perks?
Daven Michaels: Yeah, we have a little time, but you want to
Daven Michaels: take advantage of the perks and jump in now to
Daven Michaels: lock into reservation. We will sell out soon if you
Daven Michaels: want to get the extra $100 credit on top of
Daven Michaels: the $600, then the time to do this is now. Um, and, um. Yeah,
Daven Michaels: I mean, it's super, super exciting. By the way, if
Daven Michaels: you happen to be foodies, um, Virgin does things a
Daven Michaels: little bit differently. So normally you have, um, you know,
Daven Michaels: like a big dinner room, if you will, like a
Daven Michaels: what's the word I'm thinking of? Whatever, an assembly place
Daven Michaels: for dinner. And then there's usually. Dining room. Dining room.
Daven Michaels: Thank you. Um, brain fart. But then there's also usually
Daven Michaels: a couple of specialty restaurants. Virgin's totally different. They have
Daven Michaels: no dining room. It's all restaurants, and they're all Michelin
Daven Michaels: star inspired menus. So if you're a foodie, yum, yum.
Daven Michaels: And if you like to drink, you got a big
Daven Michaels: fat credit that will cover basically all the drinks you're
Daven Michaels: going to want.
Joel Comm: And no kids on the cruise.
Daven Michaels: Okay. It's no kids. And we know for some of you,
Daven Michaels: you know, that that could be a deal killer. And.
Joel Comm: You know, you put them off on grandma and grandpa
Joel Comm: for the week. I mean, that's what they love that
Joel Comm: That's what we did with our little. Right.
Daven Michaels: Exactly.
Joel Comm: Exactly. So there you go. The links are in the
Joel Comm: show notes for everything. Yeah. One last thing.
Daven Michaels: When you when you book, there's a little dropdown who
Daven Michaels: referred to you and just click on bad crypto or comm.
Joel Comm: Okay, great.
Daven Michaels: And that way we can make sure that we put
Daven Michaels: everyone kind of in the same cool kids area and
Daven Michaels: we'll have everything all set.
Joel Comm: Uh, excellent. I was So that will be in the
Joel Comm: booking process. That's where they do that. So yeah, just,
Joel Comm: I think it's in my name. So just.
Daven Michaels: Just look, I put both on there.
Joel Comm: Okay? So either one, we'll do the trick. And those
Joel Comm: of you that are bad kryptonians that end up joining,
Joel Comm: you know what? We'll probably set aside a little happy hour. Yeah.
Joel Comm: For us. I think.
Daven Michaels: We should. I think we should.
Joel Comm: Hang out together and get to know you guys a
Joel Comm: little bit and that'll.
Daven Michaels: Be. I think that's a great idea. How cool is that?
Daven Michaels: You get to hang out with Joel. Calm. Hello. That's awesome.
Daven Michaels: I mean, I get to hang out with Joe all
Daven Michaels: the time. I'm spoiled, but, you know, you probably don't
Daven Michaels: get to if you're just a or if you're a
Daven Michaels: listener on the podcast.
Joel Comm: But now on the high seas, maybe ya we be pirates.
Joel Comm: So Devin, one of the reasons that, you know, I
Joel Comm: got into crypto, which we went into length in the
Joel Comm: previous interview three years ago, was because you were the
Joel Comm: final nudge, you kind of pushed me over the edge
Joel Comm: back in spring of 2017, and it was through you
Joel Comm: that I finally took the leap. And so you are
Joel Comm: a big crypto guy and I want to know your
Joel Comm: take the lay of the land right now. You know,
Joel Comm: time stamp this. It's mid-August 2023. Bitcoin has been hovering
Joel Comm: in the 29,000 realm. The SEC is coming down hard
Joel Comm: on everything they can throw mud at. How do you
Joel Comm: see this all fleshing out? And do you believe personally
Joel Comm: enough financial advice that 2024 is going to be the
Joel Comm: bull run that puts us on the same cycle that
Joel Comm: we've always seen?
Daven Michaels: Boy, that's a really great question. And I would honestly
Daven Michaels: say that my crystal ball is a little murky. But, um,
Daven Michaels: the consensus with the people who know is that the,
Daven Michaels: the this bear period is over. Um, and obviously the
Daven Michaels: number one driving force is, is BlackRock, right? And so
Daven Michaels: you're going to see a insane amount of money flood
Daven Michaels: into the market. So, you know, it seems like, um,
Daven Michaels: you know, we should be back moving again. Um, I
Daven Michaels: think it's enough to move the needle. It should be, um,
Daven Michaels: you know, I looked at like this, um, during the
Daven Michaels: last bear market. What. What brought us back was a
Daven Michaels: few things. It was Michael Saylor, PayPal and Elon Musk.
Daven Michaels: So when we went into this last bear phase, I
Daven Michaels: was like, What? How are you going to top that?
Daven Michaels: You know, but, but BlackRock ETFs that would do that
Daven Michaels: mainstream adoption.
Joel Comm: That's, you know. Right. What we're looking for.
Daven Michaels: Yeah. Yeah. So it I thought this bear market would
Daven Michaels: be a lot longer. I really did. So you know
Daven Michaels: they're not been these most recent announcements I would have
Daven Michaels: said you know maybe maybe years still but I think
Daven Michaels: the odds are pretty good that we could be back
Daven Michaels: in business in 2024. Yeah, I would agree.
Joel Comm: Let's go. We're all hanging on. So another reason to
Joel Comm: get on the cruise, to prep yourself, to make some connections,
Joel Comm: meet some people that'll help.
Daven Michaels: These are movers and shakers. People, people on the inside. Yeah, absolutely. So,
Daven Michaels: I mean, and you you guys may not know this,
Daven Michaels: but they call Puerto Rico crypto Rico because the US
Daven Michaels: crypto guys and gals came down here because you know,
Daven Michaels: they make a lot of money in the crypto space.
Joel Comm: So and this is how, you know, we've managed to
Joel Comm: legally pay far less taxes. I mean, it's almost a negligible,
Joel Comm: a negligible amount legally, folks, legally. And once you stop
Joel Comm: paying 30, 35%, 40% in income taxes, the magic of
Joel Comm: compounding is really something amazing. That's when you really start
Joel Comm: to see it.
Daven Michaels: Yeah. And you know, you have more money for whatever
Daven Michaels: you want in your life. I find that money intensifies everything.
Daven Michaels: So if you're a good person, if you're philanthropic, you're
Daven Michaels: going to be more philanthropic. And I know I certainly
Daven Michaels: am here. I mean, I give a lot of money.
Daven Michaels: We're doing a lot of things. And and it's great.
Daven Michaels: It's a great feeling. So that's pretty cool.
Joel Comm: Excellent. Well, Devin, thanks for for coming on today. Really
Joel Comm: encourage you guys to to go to the website for
Joel Comm: the San Juan Social cruise if you just go to
Joel Comm: San Juan Social cruise is that right?
Daven Michaels: Yeah that one's fine.
Joel Comm: Then you can get there also SJ Social Club will
Joel Comm: get you there. The links are in the show notes
Joel Comm: for this episode and probably under the videos if you're
Joel Comm: watching there. Bad code and for forward slash 693 is
Joel Comm: what it's going to be all about. On our next episode,
Joel Comm: Travis Wright will be back. He is doing some globetrotting
Joel Comm: trotting the globe and I might be somewhere else in
Joel Comm: the world as well. But that's the beauty of, you know,
Joel Comm: podcasting is you can do from wherever you are.
Daven Michaels: Awesome. Awesome. Joel Thanks so much for having me, Amiga.
Joel Comm: Absolutely. And I almost called you Travis. I did call
Joel Comm: you Travis. Gavin, Do you know how we end the show?
Joel Comm: You know how we end the show.
Daven Michaels: I guess. Stay back.
S4: Oh, that's it. Bad.
S5: Who's bad?
Joel Comm: The Bad Crypto podcast is a production of Bad Crypto LLC.
Joel Comm: The content of the show, the videos and the website
Joel Comm: is provided for educational, informational and entertainment purposes only. It's
Joel Comm: not intended to be and does not constitute financial investment
Joel Comm: or trading advice of any kind. You shouldn't make any
Joel Comm: decisions as to finances, investing, trading or anything else based
Joel Comm: on this information without undertaking independent due diligence and consultation
Joel Comm: with a professional financial advisor, Please understand that the trading
Joel Comm: of bitcoins and alternative cryptocurrencies have potential risks involved. Anyone
Joel Comm: wishing to invest in any of the currencies or tokens
Joel Comm: mentioned on this podcast should first seek their own independent
Joel Comm: professional financial advisor.