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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 be protected.

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Speaker 2: Sponsored by the United States Department of Homeland Security Earners.

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Speaker 3: What's going on?

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Speaker 4: Listen, eylu is relaunching, revamping, retooling. That's why we're creating

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Speaker 4: a new educational experience that's more expansive.

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Speaker 2: Shoty telling we.

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Speaker 5: Got Yes twenty twenty three, we got a lot in

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Speaker 5: still a lot playing for you guys. So you know

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Speaker 5: that EYLU already includes monthly financial planning calls with Me,

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Speaker 5: book club calls with Troy, real estate calls with MG

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Speaker 5: the Mortgage Guy, access to the home Buying Blueprint Volume

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Speaker 5: one and Volume two.

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Speaker 2: Part of the.

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Speaker 5: Revamp will include twenty seven local chapters from across the

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Speaker 5: United States, live interactive teaching hands on not just pre

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Speaker 5: recorded videos, plus fifteen brand new curriculums.

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Speaker 3: The biggest just got bigger.

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Speaker 6: Head over to eyl University dot com. That's EYL you

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Speaker 6: n I V E R S I T Y dot com.

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Speaker 7: See you there, all right, guys, welcome back, Yeah, yeah

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Speaker 7: l we got a special episode. We got the gentlemen

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Speaker 7: of melanin Money. Thank you brothers man George and Carter.

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Speaker 7: We actually connected with you guys. And then invest Vest

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Speaker 7: you hosted a dinner for us. I appreciate that. And

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Speaker 7: just been doing your thing, you know, seeing clips online

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Speaker 7: going crazy for a while now. And I know we

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Speaker 7: both have different backgrounds in finance, from the CPA side

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Speaker 7: and from the financial advisor side, so which is dope?

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Speaker 3: We don't really see that for sure. It was just

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Speaker 3: really dope.

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Speaker 7: So that's an interesting dynamic as far as financial advisors

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Speaker 7: c PA kind of go hand in hand in corporate

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Speaker 7: world and the combination is made online on the online side.

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Speaker 7: So yeah, it's gonna be a dope conversation. But first

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Speaker 7: and form, well, thank you for joining us. Appreciate it, absolutely.

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Speaker 8: Happy to be here, man, We appreciate the award. Yeah,

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Speaker 8: I mean that was earned.

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Speaker 4: Everything is yeah, yeah, pun intended.

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Speaker 2: Yeah.

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Speaker 4: We uh, we were in Chicago and our brother Ross Max,

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Speaker 4: and I told y'all I think I told you called.

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Speaker 4: I was like, look, I'm so proud of y'all because

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Speaker 4: obviously people see us together all the time and the

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Speaker 4: two black men, but two brothers doing it together. So

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Speaker 4: when I saw y'all doing it, I'm like, don't stop. Yeah,

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Speaker 4: no matter what, don't stop.

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Speaker 2: Yeah, for sure.

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Speaker 8: And it's not like and I asked, I brought this

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Speaker 8: up to you at the at the investments and how

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Speaker 8: do y'all stay so connected through the highs and loads.

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Speaker 8: People think that partnerships is always easy from the outside,

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Speaker 8: but we just admired what y'all were doing, so it was.

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Speaker 2: Like we go keep going. Yeah, So how did this

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Speaker 2: come together?

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Speaker 7: Like how did you guys connect? Like, what's the backstory

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Speaker 7: of you guys coming together work together?

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Speaker 3: Yeah.

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Speaker 2: So we went to a conference in twenty nineteen.

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Speaker 9: It was a financial advisor conference, and you know how

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Speaker 9: the industry is, right, so it was it wasn't many

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Speaker 9: of us in the room, so kind of stuck out

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Speaker 9: like sore thumbs. We had broke for lunch, walked to lunch.

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Speaker 9: It's a black dude, you know, kind of swaggy. I

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Speaker 9: was like, that's rap.

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Speaker 2: Connect.

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Speaker 9: We got the talking and realized we had a lot

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Speaker 9: of similarities in what we was doing at the time,

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Speaker 9: because you you started out like as who just had

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Speaker 9: happened to be a.

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Speaker 2: CPA as well.

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Speaker 3: Yeah yeah, yeah, yeah yeah.

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Speaker 9: So we realized were running our businesses in the same way,

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Speaker 9: targeting to entrepreneurs, and then we just started to decided

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Speaker 9: every every other Monday for two years, it was like,

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Speaker 9: let's just mastermind, let's just get on the call. What's

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Speaker 9: working in your business was working in my business?

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Speaker 2: We was just ideas here.

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Speaker 9: We did that for two years and still liked each

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Speaker 9: other afterwards, so it was just like yeo, maybe we should.

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Speaker 8: He showed up every like every Monday for two years,

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Speaker 8: like we didn't we didn't miss any meetings. And that

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Speaker 8: was my first idea, like, you know, entrepreneurship could be lonely,

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Speaker 8: you know what I'm saying. And we were just able

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Speaker 8: to wrap and then then I love the most about

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Speaker 8: it was any accomplishments. I told him, it didn't it

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Speaker 8: motivated him, It didn't intimidate them, cause you.

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Speaker 2: Know, like from the south South Chicago.

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Speaker 8: So like I would tell somebody my wins and it

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Speaker 8: would it would make them full a way. So I

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Speaker 8: had a safe space where I can talk about my

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Speaker 8: wins and things I was going through. And so we

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Speaker 8: did that for two years and then after that it

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Speaker 8: was like man man like we could probably kind of

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Speaker 8: bring this thing together.

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Speaker 2: And then it was it was kind of wrapped from

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Speaker 2: what company did you work for?

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Speaker 9: So actually I originally started out with mass much when

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Speaker 9: I first first started, and then I start to launch

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Speaker 9: my own firm probably like a two and a half

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Speaker 9: years after being in the industry, just because I wanted.

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Speaker 2: To, you know, do it, do it my own way.

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Speaker 2: Whether it was ignorance or genius, I don't know yet.

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Speaker 3: To be determined.

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Speaker 9: Yeah, So we had had we had our own firms

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Speaker 9: at that point, right, he was doing his own thing.

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Speaker 2: I was doing my own thing.

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Speaker 9: And after the two years, we were like, all right, well,

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Speaker 9: let's let's come together at least, and so we don't

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Speaker 9: want to go all in just yet. And that's when

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Speaker 9: we launched the podcast, right, so like we can jump

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Speaker 9: launch the media, like do that?

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Speaker 2: Do that for another being how long at the time.

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Speaker 9: We did that for another two years, and then we

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Speaker 9: just realized that we were just better together, right, And

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Speaker 9: that's when eventually we just came back together completely combined,

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Speaker 9: our businesses merged all that jazz.

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Speaker 4: Yeah, it's interesting, like I'll actually watched the process of

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Speaker 4: him starting his career in financial advisor and I remember

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Speaker 4: him locking himself in the room, Yeah, studying, not be

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Speaker 4: able to go out. I'm like, damn, let's do it

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Speaker 4: really like focus? So yeah, both did that? What made

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Speaker 4: you say you like, all right, I'm gonna be a

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Speaker 4: CPA tool. I mean that in itself is like when

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Speaker 4: I talked to our CP, I'm like, damn, she knows

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Speaker 4: a lot.

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Speaker 3: Yeah, how did you even get interested in doing both? Yeah?

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Speaker 2: So I started out as a CPA first.

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Speaker 8: Actually, so I started I worked I worked at KPMG

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Speaker 8: Big four, you know, working twelve hours a day, like ridiculous,

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Speaker 8: and my clients will always So when I started my

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Speaker 8: own business, my client, you know, I would do their

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Speaker 8: tax advisory tax planning, but they will always ask me

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Speaker 8: financial stuff as well. And before I met him, I

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Speaker 8: didn't have any financial advisor I can go to like

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Speaker 8: a George or like a Rashod to like help my

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Speaker 8: clients with investing. So I decided to study again to

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Speaker 8: get my financial advisor license so that I can I

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Speaker 8: can have the accounting piece handle and then the financial

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Speaker 8: advising piece handled as well. And so I was to

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Speaker 8: study for both and I got both licenses and I

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Speaker 8: studying CPA was really hard. Being a financial advisor was

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Speaker 8: hard as well, but I think it really helped me

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Speaker 8: because now that I understand the full scheme of things,

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Speaker 8: even when he's advisor our clients, I can I can

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Speaker 8: give him some advice to you.

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Speaker 2: So yeah, okay, I got a bridge to site.

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Speaker 7: Yeah yeah, yeah, yeah yeah god, so you still practice

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Speaker 7: yeaheah yeah.

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Speaker 3: So how is that from.

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Speaker 7: Like on the financial planning so yeah, securities license yep?

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Speaker 7: So how is that with like social media? Because I

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Speaker 7: know when I was doing it, it was a lot

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Speaker 7: of compliance.

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Speaker 2: Yeah, I got very.

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Speaker 9: Fortunately when I first like early on, when I became

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Speaker 9: an RIA and rust of Investment Visby firm, I got

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Speaker 9: like audited early, right because I was already I was

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Speaker 9: on social media even at that time. But it was

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Speaker 9: the best thing that can happen to me because I

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Speaker 9: had a compliance consultant that helped me understand like what

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Speaker 9: you can say, how can you say how how do

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Speaker 9: things have to be documented so that you have a

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Speaker 9: clear delineation between your firm and the education piece, right

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Speaker 9: because I was I was on the verse too, Like

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Speaker 9: as we started, like the online things started taking off,

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Speaker 9: I'm just like, like, do I still want to have

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Speaker 9: these credentials? Because from a compliance standpoint, I don't want.

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Speaker 9: I don't want the issues. But I was able to

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Speaker 9: find a way to still do it as long as

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Speaker 9: everything's were documented. We have a form called adv I'm

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Speaker 9: prety sire, you're famliar with it. We had to document

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Speaker 9: things really really well and have a separation between the

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Speaker 9: education and the advisory piece.

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Speaker 8: Yeah, I think something's really important because you know, we

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Speaker 8: both thought about like because in today's day and age,

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Speaker 8: it's all about education.

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Speaker 2: That's all people are teaching.

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Speaker 8: It's very few people that are still doing implementation, and

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Speaker 8: so you know, we kind of have that thought like

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Speaker 8: do we just want to teach? But I really appreciate

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Speaker 8: the fact that we stayed in because now we can

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Speaker 8: educate our clients, but we can actually do the work

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Speaker 8: because I feel like it's very few people in this

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Speaker 8: day and age is actually doing the work on the

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Speaker 8: back end of the education that they're giving as well.

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Speaker 4: So when y'all starting at the process of business formation,

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Speaker 4: what is the mission statement?

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Speaker 3: Right? Are you aligned on it or do you have

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Speaker 3: different visions for it?

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Speaker 4: And we said, all right, this is what we're selling

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Speaker 4: at How did that process go about?

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Speaker 3: Yeah?

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Speaker 9: So I had the mission originally, but even before we

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Speaker 9: came together, I knew that I wanted to help close

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Speaker 9: the wealth gap by one hundred million dollars. And the

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Speaker 9: way that I felt like that was going to be

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Speaker 9: possible was by helping one hundred thousand people of color

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Speaker 9: achieve their first one million networth. And I knew that

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Speaker 9: wasn't necessarily going to mean that we were going to

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Speaker 9: have one hundred thousand clients, right. I knew that we

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Speaker 9: were going to have to have scalable ways to impact people, right,

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Speaker 9: And so when we had that mission, I told him

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Speaker 9: about it and he was just like, Yo, that that's

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Speaker 9: something this way bigger than us, something we can do

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Speaker 9: for the foreseeable future.

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Speaker 2: And that's our north star as a company.

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Speaker 3: Right.

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Speaker 9: So, as a matter of fact, the reason why we

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Speaker 9: do the award show is we want to celebrate people

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Speaker 9: as they're achieving their different networth milestones. Right, So, first

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Speaker 9: one hundred K and networth half a million, a million,

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Speaker 9: et cetera. In the first five months of the year,

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Speaker 9: our clients improve their collective network by one hundred million dollars, right,

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Speaker 9: And we were able to verify that because we have

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Speaker 9: this financial planning software that everybody's sing something accounts and

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Speaker 9: they have to actually submit and show the time stamp

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Speaker 9: of what their net worth was at this point versus

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Speaker 9: what it was when they submitted for the award.

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Speaker 2: So now we're able to kind of gamify wealth building.

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Speaker 9: Because when I first had that idea, people are like,

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Speaker 9: people are not gonna tell you.

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Speaker 2: How much I thought you were crazy, Bro, Yeah I

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Speaker 2: thought you were crazy. You're not going to tell you

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Speaker 2: what their network is. But when people want to be

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Speaker 2: a part of the mission.

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Speaker 9: They want to be a part of that number, and

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Speaker 9: so that has been really instrumental with the movement.

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Speaker 3: For people transparent.

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Speaker 4: Right away, that is an issue, right, like they want

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Speaker 4: you to do well. Yeah now, I mean you start

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Speaker 4: showing them and it's like it can get uncomfortable.

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Speaker 3: So like right away people were like, let me upload this.

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Speaker 8: Yeah, because when we told them they were receiving an

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Speaker 8: award for it, that's when the adoption happened. Because people

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Speaker 8: would do more for recognition than they will for money. Right,

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Speaker 8: So when people like, if you submit, we're going to

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Speaker 8: reward you, you know, in front of your peers, like,

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Speaker 8: oh okay, I wont my award.

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Speaker 2: Like people were.

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Speaker 8: Like, like when we had our last award show, people

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Speaker 8: were like hitting up our team like I missed the

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Speaker 8: dayline and I still upload my stuff so I can

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Speaker 8: get awarded. So we realized that, like again, especially our culture,

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Speaker 8: we want to be recognized more than anything. Some people

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Speaker 8: have been celebrated since graduating high school, graduating college. So

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Speaker 8: once they found out they were going to be recognized

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Speaker 8: on stage for their well building milestones to they.

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Speaker 9: Adopted it really fast. With some of our older clients,

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Speaker 9: they might have like, what's this thing? Like, they might

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Speaker 9: have some reservations about it, but by and large, most

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Speaker 9: people they're pretty.

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Speaker 2: Much with it.

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Speaker 7: So, Carter, what's some tex saving strategies as far as

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Speaker 7: on the I see you on online a lot, and

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Speaker 7: it's a lot of different information that you provide. Yeah,

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Speaker 7: so what is some some some major tax saving strategies

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Speaker 7: that that people can actually implement?

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Speaker 8: Yeah, So I think one of the easiest things that

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Speaker 8: people can do is like, don't let your job trick,

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Speaker 8: you know, thinking that they're the only person that can

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Speaker 8: pay you. Right, whatever you're doing from nine to five,

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Speaker 8: somebody else would pay you to do from five to nine.

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Speaker 2: Right.

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Speaker 8: So the reason I say that is because once you

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Speaker 8: start a business, you are able.

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Speaker 2: To take advantage of the tax code.

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Speaker 8: The I R S the created the tax code the

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Speaker 8: benefit entrepreneurs and investors, not W two employees. So if

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Speaker 8: you can start a business, then you can start turning

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Speaker 8: your personal expenses into business expenses. So, for example, if

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Speaker 8: you start a business use your cell phone, that that

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Speaker 8: that that personal expenses now a business expense. You can

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Speaker 8: write off a portion of your cell phone bill and

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Speaker 8: your taxes every single month. So once you start the business,

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Speaker 8: you start looking around and a lot of your personal

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Speaker 8: expenses can be written off in your business, and that's

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Speaker 8: one of the easier ways to lower your taxable income.

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Speaker 8: And if your if your business was to, you know,

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Speaker 8: lose money in the first year, the loss that you

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Speaker 8: take from me that you're taking your business can also

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Speaker 8: be subtracted.

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Speaker 2: From your W two income.

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Speaker 8: So I think the easiest way for people to start

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Speaker 8: out by saving on taxes is to start a business

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Speaker 8: or become a real estate.

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Speaker 2: Investor, because that's who the tax code is made for.

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Speaker 8: And then once you go from there, there's a whole

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Speaker 8: bunch of other strategies that we can unlock, writing off

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Speaker 8: your car, writing off your rent, taking advantage of real estate.

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Speaker 8: But I think starting a business is the easiest way

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Speaker 8: for people to start leveraging the tax code in their favor.

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Speaker 4: That's pretty good because I was watching Instagram, like, damn,

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Speaker 4: that sounds just like a clip.

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Speaker 3: Yea brother, Yeah, George, I'm gonna come.

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Speaker 4: To you, man, because it's an interesting time and I've

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Speaker 4: had this conversation a few occasions. I know more millionaires

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Speaker 4: than I've ever known before. Right as you start to

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Speaker 4: get in some rooms your network. Obviously your network grows

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Speaker 4: at this level as you're creating more millionaires, right, that's

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Speaker 4: the goal, that's the mission statement. What are you advising

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Speaker 4: them in terms of their finances at this point because

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Speaker 4: they've taken the advice they made it, we're seeing more

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Speaker 4: people with wealth. Everybody's not going to buy real estate,

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Speaker 4: So like, how are you looking at the clients now

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Speaker 4: as they accumulate more wealth than they've ever had before?

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Speaker 9: Yeah, I think I mean one of the age old

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Speaker 9: cliches is that like lifestyle creek, right, Like people start

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Speaker 9: making more money and they just feel like I got

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Speaker 9: to get the next car, I got to get the

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Speaker 9: bigger house, and just really trying to embedter my clients,

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Speaker 9: like what you're really after is you want to buy freedom, right,

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Speaker 9: Like you don't want more stuff? Right, So I help

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Speaker 9: them understand the qualitative side of financial planning, right like

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Speaker 9: where do you want to go, what do you want

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Speaker 9: to do, who do you want to help, what does

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Speaker 9: life's life look like? And make sure that the way

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Speaker 9: that they're preserving their money, in the way they're allocating

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Speaker 9: it is in alignment to be able to give them

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Speaker 9: more opportunities to do more of that.

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Speaker 2: Right.

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Speaker 9: When I first got started in the financial services industry,

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Speaker 9: I heard this. I went to this event and this

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Speaker 9: lady was like a in twenty eleven, a billion drill

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Speaker 9: bits were sold, right, And she said, nobody wants a

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Speaker 9: drill bit. She said, let's assume that they use the

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Speaker 9: drill bit to hang up pictures and artwork all across

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Speaker 9: the country. She said, nobody really wanted the artwork. What

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Speaker 9: they wanted is the feeling they got when.

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Speaker 2: They walked in the room with the art work was hung.

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Speaker 9: So I really try to help my clients understand, like

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Speaker 9: what do you want out of life and how can

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Speaker 9: we use your financial resources to do more of that?

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Speaker 2: Right?

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Speaker 9: And the other thing I try to do is try

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Speaker 9: to create investing in lifestyle alignment, right, because you know,

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Speaker 9: I think early pandemic, everybody was doing to row with Airbnb,

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Speaker 9: like they were seeing they were trying to do everything,

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Speaker 9: but like you got to really act yourself, like is

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Speaker 9: that in alignment with what I want to do? So

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Speaker 9: I really helped them figure out like what matters to

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Speaker 9: them and then that influences the investing decision.

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Speaker 3: Right.

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Speaker 2: They don't want to do real estate, they don't have

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Speaker 2: to do real estate. Right.

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Speaker 9: Maybe they are because real estate is it's not passed,

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Speaker 9: at least not in the beginning.

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Speaker 3: Yeah.

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Speaker 9: Yeah, maybe they're more heavily invested in the market, right,

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Speaker 9: Maybe they're interested in acquire business that they own but

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Speaker 9: do not run. But we let the business and lifestyle

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Speaker 9: alignment kind of drive and dictate what we do, not

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Speaker 9: just like what's going to provide the greatest return.

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Speaker 7: So from a financial planning standpoint, what's the fundamentals as

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Speaker 7: far as building wealth?

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Speaker 9: Yeah, so the first thing, in my opinion is you

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Speaker 9: have to establish I think you start you start within

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Speaker 9: the state plan because that's kind of starting with the

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Speaker 9: end in mind. Right, it's like, all right, well what

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Speaker 9: do I want this to ultimately look like? How do

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Speaker 9: I want to preserve this wealth and how do I

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Speaker 9: want to pass it on?

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Speaker 2: Right?

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Speaker 9: Then from there, right, you have a journey until you

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Speaker 9: get to that target. So you're probably going to be

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Speaker 9: in the accumulation phase. You're not going to have all

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Speaker 9: the money right away, so the next a state plan

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Speaker 9: will be in the state plan will be in the

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Speaker 9: state plan, So you would make you would have a trust,

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Speaker 9: will medical directives.

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Speaker 2: Right.

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Speaker 9: I was actually talking to her later on the plane

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Speaker 9: about it, because she's in a state planning attorney, and

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Speaker 9: she was like, one thing that people really forget, forget

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Speaker 9: about and overlook is the medical director's piece, right, because

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Speaker 9: like everybody thinks about what happens when I pass away,

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Speaker 9: but what happens when you're here and you're incapacitated and

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Speaker 9: you need somebody to make decisions on your.

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Speaker 2: Behalf like living well yep, yep.

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Speaker 9: And so you have that as a part of your

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Speaker 9: state plan. And then from there it's like, Okay, well

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Speaker 9: I have this phase or this journey to get to

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Speaker 9: this target. So now I might want to purchase life

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Speaker 9: insurance so that something happens to me before I accumulate

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Speaker 9: all the wealth. I already have a vehicle that's going

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Speaker 9: to fund the dreams and aspirations that I have for

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Speaker 9: my FAMI. Right then from there, I think the next

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Speaker 9: most important thing is cash flow. I don't care how

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Speaker 9: much money you make, right, if you don't have a

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Speaker 9: great handle on your cash flow, you're not a good

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Speaker 9: steward over the resources that are flowing into your bank account. Right,

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Speaker 9: You're not going to be able to have the resource

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Speaker 9: to allocate towards building wealth. Once you have a strong

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Speaker 9: solid base on your cash flow, then we can talk

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Speaker 9: about investing and retirement planning because we know how much

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Speaker 9: we can allocate because.

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Speaker 2: We've created a cash flow plan. Right.

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Speaker 9: And then other than that, just filling in the gaps

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Speaker 9: on any other risk management, making sure you have your

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Speaker 9: the right health insurance, disability insurance. And one thing that

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Speaker 9: people don't realize is you're actually three times more likely

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Speaker 9: to become temporarily disabled in your working career than you are.

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Speaker 2: To die prematurely.

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Speaker 9: Right, So a lot of people people overlook disability insurance

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Speaker 9: and making sure that we are protecting you and putting

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Speaker 9: a good moat around your financial plan so that as

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Speaker 9: you're building the wealth, you can make sure that you're

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Speaker 9: watching out for any unforeseated.

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Speaker 7: So let's break you down. We can what's the best

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Speaker 7: life insurance that somebody should get.

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Speaker 2: Yeah, I think it depends upon your starting stances.

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Speaker 9: I think if you're young and you don't have a

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Speaker 9: lot of cash flow, I think a renewable term policy

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Speaker 9: is great, right because now you can still have the

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Speaker 9: coverage and protection, but as you get older, you have

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Speaker 9: the ability to convert that into permanent insurance. Right, because

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Speaker 9: insurance is based off agent health. But in the ideal scenario, everybody,

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Speaker 9: in my opinion, would want to have some version of

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Speaker 9: permanent insurance.

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Speaker 2: I think whole life insurance is great.

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Speaker 9: Some people like Index Universal Life, and I think having

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Speaker 9: that is a part of your overall strategy is amazing

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Speaker 9: because that's going to create a tax free cash flow

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Speaker 9: available right when you pass away. So is your family

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Speaker 9: is navigating the estate planning conversation, you already had that

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Speaker 9: cash available and don't have to look with their assets

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Speaker 9: or do anything like that.

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Speaker 8: And one thing we always talk about is how like

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Speaker 8: life insurance is over sold in the black community over

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Speaker 8: so yeah over well, like it's over it's over emphasized

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Speaker 8: on social media for people to become their own bank

445
00:17:50,520 --> 00:17:53,080
Speaker 8: with life insurance. And my thing is like, if you

446
00:17:53,080 --> 00:17:55,320
Speaker 8: ain't got no money in your own bank, how you

447
00:17:55,320 --> 00:17:56,480
Speaker 8: going to spend them to how you go work and

448
00:17:56,480 --> 00:17:59,520
Speaker 8: focus on becoming your own bank. So there is a

449
00:17:59,560 --> 00:18:01,399
Speaker 8: place for whole life insurance. There is a place for

450
00:18:01,440 --> 00:18:05,399
Speaker 8: permanent insurance. But like that, that's not an investment. Like you,

451
00:18:05,680 --> 00:18:07,080
Speaker 8: there's a couple of things you need to do, at

452
00:18:07,160 --> 00:18:10,200
Speaker 8: least in my opinion from a financial advising standpoint, there's

453
00:18:10,400 --> 00:18:12,080
Speaker 8: things you need to have in place before you set

454
00:18:12,160 --> 00:18:13,840
Speaker 8: up that permanent and seriance. That permanent seriance is not

455
00:18:13,880 --> 00:18:16,280
Speaker 8: your investment account, it's not your IRA. It is a

456
00:18:16,320 --> 00:18:19,639
Speaker 8: place for you to invest in. After you got the

457
00:18:19,680 --> 00:18:21,440
Speaker 8: basics downpack One thing. I see a lot of people

458
00:18:21,520 --> 00:18:23,480
Speaker 8: doing theyn't got no money in they savior's account, They've

459
00:18:23,480 --> 00:18:25,800
Speaker 8: got no money in they investment account, and they're being

460
00:18:25,960 --> 00:18:29,200
Speaker 8: told to stuff their life insurance policies with money even

461
00:18:29,240 --> 00:18:31,600
Speaker 8: though the cash value you want to accumulate for two

462
00:18:31,680 --> 00:18:32,359
Speaker 8: to three years.

463
00:18:32,400 --> 00:18:33,359
Speaker 2: So explain that.

464
00:18:33,520 --> 00:18:36,000
Speaker 7: Explain just to go in to that because for people

465
00:18:36,000 --> 00:18:40,800
Speaker 7: that might not have be fully understanding what you're saying. Yeah,

466
00:18:41,760 --> 00:18:45,240
Speaker 7: there's term insurance, which is just regular insurance. It's like

467
00:18:45,320 --> 00:18:49,360
Speaker 7: car insurance. Right, you pay it for ten, fifteen, twenty years.

468
00:18:49,760 --> 00:18:52,399
Speaker 7: If you die within that timeframe, your family gets money.

469
00:18:52,480 --> 00:18:54,240
Speaker 7: If you don't die, then they.

470
00:18:54,200 --> 00:18:55,119
Speaker 2: Keep the money. Right.

471
00:18:55,680 --> 00:18:57,760
Speaker 7: But then what you're referring to is like whole life

472
00:18:57,920 --> 00:19:00,960
Speaker 7: or universal life, where it lasts your whole life, and

473
00:19:01,000 --> 00:19:04,040
Speaker 7: then there's money that grows inside the policy exactly, So

474
00:19:05,400 --> 00:19:09,840
Speaker 7: infinite banking that press the term. So that's been popularized

475
00:19:09,880 --> 00:19:14,960
Speaker 7: online where people say, okay, utilize this life insurance policy

476
00:19:15,440 --> 00:19:19,359
Speaker 7: as a vehicle to put money in, and then you

477
00:19:19,400 --> 00:19:23,240
Speaker 7: can borrow money from your life insurance policy on a

478
00:19:23,320 --> 00:19:27,000
Speaker 7: tax advantage basis, as opposed.

479
00:19:26,680 --> 00:19:28,040
Speaker 2: To having it sitting in the bank.

480
00:19:28,400 --> 00:19:32,520
Speaker 7: Right, you're saying that that's not necessarily the best way

481
00:19:32,560 --> 00:19:34,920
Speaker 7: to go about it for the average person.

482
00:19:34,760 --> 00:19:39,119
Speaker 8: Right, it's not because I think it's it's overtaught but

483
00:19:39,400 --> 00:19:40,200
Speaker 8: under explained.

484
00:19:40,480 --> 00:19:40,680
Speaker 2: Right.

485
00:19:41,000 --> 00:19:44,080
Speaker 8: And so if you put, you know, one thousand dollars

486
00:19:44,119 --> 00:19:46,560
Speaker 8: a month into this life insurance policy, people think I

487
00:19:46,560 --> 00:19:49,000
Speaker 8: can go borrow the money immediately. The problem is the

488
00:19:49,040 --> 00:19:50,840
Speaker 8: insurance company is going to keep that money. First, your

489
00:19:50,880 --> 00:19:52,879
Speaker 8: cast value is not going to accumulate to about the

490
00:19:52,960 --> 00:19:53,520
Speaker 8: second year.

491
00:19:53,800 --> 00:19:55,520
Speaker 2: So if you put twenty four.

492
00:19:55,320 --> 00:19:57,360
Speaker 8: Thousand dollars in there, and then you're like, I need

493
00:19:57,400 --> 00:20:00,000
Speaker 8: some money, and like, when your cast value hasn't accumulated yet,

494
00:20:00,280 --> 00:20:01,720
Speaker 8: and then now you can't afford to do a thousand

495
00:20:01,720 --> 00:20:03,760
Speaker 8: dollars a month anymore, they cancel your policy.

496
00:20:03,800 --> 00:20:06,399
Speaker 2: The insurance company keeps all the money. So it's just

497
00:20:06,480 --> 00:20:07,040
Speaker 2: you have to.

498
00:20:06,920 --> 00:20:09,480
Speaker 8: Be educated on it, because it can be it can

499
00:20:09,560 --> 00:20:12,520
Speaker 8: be a good policy. But there's also a way where

500
00:20:12,560 --> 00:20:14,640
Speaker 8: you can put that same thousand dollars a month into

501
00:20:14,680 --> 00:20:17,960
Speaker 8: an investment account and invest the money into stocks or

502
00:20:18,000 --> 00:20:21,000
Speaker 8: index funds, and then that that broker will let you

503
00:20:21,080 --> 00:20:24,359
Speaker 8: borrow against your investment portfolio tax deferred, the same way

504
00:20:24,440 --> 00:20:27,360
Speaker 8: life insurance policy is. But the thing with this strategy

505
00:20:27,400 --> 00:20:30,080
Speaker 8: the money is available immediately. So if I put one

506
00:20:30,080 --> 00:20:32,480
Speaker 8: thousand dollars a month into this broke's account is twelve

507
00:20:32,480 --> 00:20:35,560
Speaker 8: thousand dollars a year, I can immediately borrow fifty percent.

508
00:20:35,240 --> 00:20:38,000
Speaker 3: Of it in your name or in your business name,

509
00:20:38,000 --> 00:20:40,280
Speaker 3: in my personal net.

510
00:20:39,920 --> 00:20:41,480
Speaker 2: Right, So it's like margin account.

511
00:20:41,640 --> 00:20:44,080
Speaker 8: So yeah, if you need to, if you need to

512
00:20:44,080 --> 00:20:46,800
Speaker 8: borrow against it and then be paid an interest back,

513
00:20:46,800 --> 00:20:50,560
Speaker 8: but that's fine. But now you got all the money

514
00:20:50,600 --> 00:20:52,160
Speaker 8: that you need, and if you can't pay it back,

515
00:20:52,160 --> 00:20:55,160
Speaker 8: the insurance companies, I mean the brokeers companies will say, okay,

516
00:20:55,160 --> 00:20:57,520
Speaker 8: we're gonna use your investment that's collateral. I just think

517
00:20:57,560 --> 00:21:00,359
Speaker 8: that's that's another way to go about it, because money

518
00:21:00,359 --> 00:21:02,960
Speaker 8: is available to you immediately versus you having the way

519
00:21:03,000 --> 00:21:04,840
Speaker 8: into two years for.

520
00:21:04,840 --> 00:21:07,080
Speaker 2: Life insurance policy. These are the place, a place for everything.

521
00:21:07,119 --> 00:21:09,600
Speaker 8: I just wanted to be communicated better to our people

522
00:21:09,640 --> 00:21:11,280
Speaker 8: so they can fully understand it because what they don't

523
00:21:11,320 --> 00:21:13,240
Speaker 8: understand is that the reason that the person is telling

524
00:21:13,280 --> 00:21:14,960
Speaker 8: you to do this is because they make they make

525
00:21:15,040 --> 00:21:17,080
Speaker 8: more money by you buying a whole life policy they

526
00:21:17,119 --> 00:21:19,040
Speaker 8: do if you buy a turn policy. I think there

527
00:21:19,040 --> 00:21:23,160
Speaker 8: needs to be more transparency around the education of life

528
00:21:23,160 --> 00:21:25,880
Speaker 8: insurance is needed for sure, but it needs to be talked.

529
00:21:25,680 --> 00:21:26,360
Speaker 3: About little bit deeper.

530
00:21:26,520 --> 00:21:30,280
Speaker 4: This is important conversation also important because you said a lot,

531
00:21:31,040 --> 00:21:34,159
Speaker 4: A lot was just given, sorry a lot. But as

532
00:21:34,240 --> 00:21:37,560
Speaker 4: you're creating more millionaires, right, the most important thing is

533
00:21:37,640 --> 00:21:40,600
Speaker 4: that people if they have a million dollars, doesn't mean

534
00:21:40,640 --> 00:21:43,159
Speaker 4: that they account's going to say a million exactly. So

535
00:21:43,240 --> 00:21:45,760
Speaker 4: what are some strategies to make sure that people actually

536
00:21:45,840 --> 00:21:48,359
Speaker 4: retain some of the money they're making. Because we know,

537
00:21:48,760 --> 00:21:51,479
Speaker 4: depending on what state you live in, taxes is going

538
00:21:51,520 --> 00:21:54,320
Speaker 4: to cut that at least forty percent. So what are

539
00:21:54,400 --> 00:21:57,840
Speaker 4: some strategies that entrepreneurs can use to make sure loopholes

540
00:21:57,880 --> 00:21:59,919
Speaker 4: that they can use to make sure that they can

541
00:22:00,200 --> 00:22:01,600
Speaker 4: as much of the asset as possible.

542
00:22:01,720 --> 00:22:05,719
Speaker 9: This time you got let's do it maws the tax strategy,

543
00:22:05,720 --> 00:22:07,920
Speaker 9: and then I'm talking how we advise more investment.

544
00:22:08,080 --> 00:22:14,000
Speaker 8: One thousand percent. So let's say you have a million

545
00:22:14,040 --> 00:22:16,119
Speaker 8: dollars in it ain't make a million dollars in your business.

546
00:22:16,119 --> 00:22:17,720
Speaker 8: I'm gonna try to help you write off that whole

547
00:22:17,720 --> 00:22:19,320
Speaker 8: a million dollars. So one of the first things you

548
00:22:19,359 --> 00:22:21,400
Speaker 8: can do is you can set up a retirement plan

549
00:22:21,520 --> 00:22:23,800
Speaker 8: like a solo for one K, and that will allow

550
00:22:23,880 --> 00:22:26,119
Speaker 8: you to put up to sixty nine thousand dollars into

551
00:22:26,280 --> 00:22:29,760
Speaker 8: your retirement account as a business owner. And then IRS

552
00:22:29,760 --> 00:22:31,880
Speaker 8: will also give you a sixty nine thousand dollars tax

553
00:22:31,880 --> 00:22:34,240
Speaker 8: reduction for doing so. So you get a tax deduction

554
00:22:34,320 --> 00:22:37,040
Speaker 8: for today for you investing for yourself in the future.

555
00:22:37,760 --> 00:22:39,920
Speaker 8: Another strategy that we can take advantage of is setting

556
00:22:40,000 --> 00:22:42,679
Speaker 8: up something called a private family foundation. Now these are

557
00:22:42,800 --> 00:22:45,960
Speaker 8: key because it's a foundation that you set up, but

558
00:22:46,359 --> 00:22:48,720
Speaker 8: you you can give the money to your heirs and

559
00:22:48,800 --> 00:22:50,840
Speaker 8: your family. So we can set up a private family

560
00:22:50,880 --> 00:22:52,760
Speaker 8: foundation and we can put up to thirty percent of

561
00:22:52,800 --> 00:22:55,720
Speaker 8: our agi our income into this private family foundation. So

562
00:22:55,760 --> 00:22:57,919
Speaker 8: if I make a million dollars income, I can put

563
00:22:57,960 --> 00:23:00,399
Speaker 8: three hundred thousand dollars in my private family foundation and

564
00:23:00,480 --> 00:23:02,320
Speaker 8: I arrest is going to give me a three hundred

565
00:23:02,320 --> 00:23:03,320
Speaker 8: thousand dollars tax deduction.

566
00:23:03,520 --> 00:23:05,880
Speaker 3: So now I'm at three hundred and seventy thousand deductives.

567
00:23:06,040 --> 00:23:09,080
Speaker 2: Yeah and through. So a private family foundation, is that

568
00:23:09,320 --> 00:23:11,359
Speaker 2: that's a charity. Yeah, it's charity as you set up

569
00:23:11,400 --> 00:23:12,160
Speaker 2: for you and your family.

570
00:23:12,280 --> 00:23:14,000
Speaker 8: So you can put this three hundred thousand dollars in

571
00:23:14,640 --> 00:23:17,399
Speaker 8: its private family foundation and you can use it for

572
00:23:17,520 --> 00:23:20,000
Speaker 8: scholarships for your kids, scholarships for your grandkids to go

573
00:23:20,040 --> 00:23:22,120
Speaker 8: to college. You don't have to disperse this to anybody

574
00:23:22,200 --> 00:23:24,520
Speaker 8: else outside of who you want to. So does it

575
00:23:24,600 --> 00:23:25,840
Speaker 8: have to go to a five and one C three?

576
00:23:26,080 --> 00:23:28,560
Speaker 8: It can go to your family, which makes it so powerful,

577
00:23:28,880 --> 00:23:32,280
Speaker 8: and you only have to disperse five percent a year.

578
00:23:32,960 --> 00:23:35,920
Speaker 8: But what's key about this is that dispersement can be

579
00:23:36,480 --> 00:23:39,800
Speaker 8: paying somebody to manage the private family foundation. So you

580
00:23:39,880 --> 00:23:43,000
Speaker 8: can hire your own family member to run the foundation

581
00:23:43,160 --> 00:23:46,000
Speaker 8: for you, pay them a salary, and that's all the

582
00:23:46,040 --> 00:23:48,760
Speaker 8: money you have to distribute per year until you're ready

583
00:23:48,840 --> 00:23:51,040
Speaker 8: to use the money later. So it's really like you're

584
00:23:51,040 --> 00:23:53,399
Speaker 8: putting this money into that foundation for your family and

585
00:23:53,560 --> 00:23:55,920
Speaker 8: you don't have to disperse it until you want to.

586
00:23:56,080 --> 00:23:58,920
Speaker 8: But now your kids and your grandkids have a college fund,

587
00:23:59,200 --> 00:24:00,639
Speaker 8: and now you have to usellion of money for it,

588
00:24:00,720 --> 00:24:02,600
Speaker 8: So now we have about three hundred and seventy thousand.

589
00:24:03,520 --> 00:24:06,399
Speaker 8: The next thing I would recommend you do is you

590
00:24:06,800 --> 00:24:09,840
Speaker 8: purchase a real estate property, because with real estate we

591
00:24:09,920 --> 00:24:13,879
Speaker 8: get something called depreciation, and with the proper cost stack study,

592
00:24:14,080 --> 00:24:16,080
Speaker 8: you are able to write off thirty percent of the

593
00:24:16,200 --> 00:24:19,159
Speaker 8: value of the property that you purchase it. So if

594
00:24:19,240 --> 00:24:22,120
Speaker 8: we purchase a half a million dollar property at thirty

595
00:24:22,160 --> 00:24:24,200
Speaker 8: percent with the cost stack study, that's another one hundred

596
00:24:24,200 --> 00:24:26,000
Speaker 8: and fifty thousand dollars write off that you can get.

597
00:24:26,640 --> 00:24:28,720
Speaker 8: And you just got an investment property. So now you're

598
00:24:29,040 --> 00:24:32,359
Speaker 8: cash flowing from the investment property and you are lowering

599
00:24:32,440 --> 00:24:35,760
Speaker 8: your taxes at the same time. So now we're about

600
00:24:35,760 --> 00:24:37,680
Speaker 8: a half a million dollars. We can take advantage of

601
00:24:37,920 --> 00:24:41,520
Speaker 8: buying vehicles for our business, which this year you're able

602
00:24:41,560 --> 00:24:45,520
Speaker 8: to deduct sixty percent of the vehicle sticker price if

603
00:24:45,520 --> 00:24:47,760
Speaker 8: it weighs over six thousand pounds. So if you buy

604
00:24:47,880 --> 00:24:50,560
Speaker 8: a sprinter for our business to take our clients out

605
00:24:50,600 --> 00:24:54,000
Speaker 8: to lunch or whatever, that's another sixty thousand dollars right there.

606
00:24:55,480 --> 00:24:57,960
Speaker 8: And yeah, there are some more strategies, but I don't

607
00:24:58,000 --> 00:24:58,800
Speaker 8: want to take.

608
00:24:58,640 --> 00:24:59,119
Speaker 2: A bull of that.

609
00:25:00,119 --> 00:25:01,960
Speaker 3: That is good and you have a nice sprint that

610
00:25:02,040 --> 00:25:03,879
Speaker 3: we saw it in l Yeah yeah, yeah, yeah.

611
00:25:03,800 --> 00:25:07,720
Speaker 2: Yeah yeah for sure that was that was that was.

612
00:25:08,040 --> 00:25:09,679
Speaker 2: So these are just some like base level strategy.

613
00:25:09,680 --> 00:25:11,000
Speaker 8: And I think the last thing I will give people,

614
00:25:11,480 --> 00:25:14,600
Speaker 8: which is very key, is something called the Augusta Rule,

615
00:25:15,080 --> 00:25:17,280
Speaker 8: which is which is I don't think, I don't know

616
00:25:17,400 --> 00:25:19,119
Speaker 8: why more people aren't talking about it.

617
00:25:19,440 --> 00:25:20,119
Speaker 2: It's huge.

618
00:25:20,200 --> 00:25:24,840
Speaker 8: So with the Augusta Rule, you are legally legally able

619
00:25:24,960 --> 00:25:28,680
Speaker 8: to rent out your primary home to your business for

620
00:25:28,840 --> 00:25:32,240
Speaker 8: up to fourteen days a year, right and your business

621
00:25:33,119 --> 00:25:35,920
Speaker 8: pays you rent and you don't have to recognize the

622
00:25:35,920 --> 00:25:39,399
Speaker 8: rental income on your taxes. And if you're smart, you

623
00:25:39,480 --> 00:25:42,520
Speaker 8: will you do this around times that your city is popping.

624
00:25:42,760 --> 00:25:45,640
Speaker 8: So right now we're in New York and the UN

625
00:25:45,800 --> 00:25:48,159
Speaker 8: is here, so we talk about how hotel race are

626
00:25:48,200 --> 00:25:50,359
Speaker 8: three thousand dollars a night. So if you decided to

627
00:25:50,440 --> 00:25:53,239
Speaker 8: rent out your home to your business right now, you can.

628
00:25:53,480 --> 00:25:55,560
Speaker 8: You can look at the rent race. They're quadruple right now.

629
00:25:55,640 --> 00:25:58,680
Speaker 8: So now you can charge your business two thousand dollars

630
00:25:58,720 --> 00:26:01,080
Speaker 8: a night to rent that's your home for fourteen days

631
00:26:01,119 --> 00:26:03,600
Speaker 8: a year. That's twenty eight thousand dollars your business will

632
00:26:03,600 --> 00:26:05,680
Speaker 8: get a twenty eight thousand dollars tax deduction, and you

633
00:26:05,800 --> 00:26:08,560
Speaker 8: will receive that twenty eight thousand dollars tax free. These

634
00:26:08,600 --> 00:26:12,600
Speaker 8: are literally strategies the IRS gives us to lower our taxes.

635
00:26:12,720 --> 00:26:15,119
Speaker 8: But it's on us to learn the strategies of the

636
00:26:15,160 --> 00:26:16,600
Speaker 8: game so that we can win the game.

637
00:26:17,160 --> 00:26:20,199
Speaker 9: Big facts, and then we think about, like, actually, how

638
00:26:20,240 --> 00:26:22,200
Speaker 9: the money's invested? Right when you're invested in a Brokens

639
00:26:22,200 --> 00:26:25,600
Speaker 9: account or investment account, right, I know shot at the end,

640
00:26:25,720 --> 00:26:27,960
Speaker 9: like he has a strategy called two techs two tech

641
00:26:28,040 --> 00:26:31,520
Speaker 9: two index, right, and in the financial services industry, right,

642
00:26:31,560 --> 00:26:34,399
Speaker 9: we have this concept is called core satellite investing.

643
00:26:34,520 --> 00:26:35,840
Speaker 2: Right, But how does that apply?

644
00:26:35,960 --> 00:26:37,680
Speaker 9: How does that work to somebody who wants to invest

645
00:26:37,720 --> 00:26:39,480
Speaker 9: and maybe be able to outpace the market a little bit.

646
00:26:39,600 --> 00:26:41,439
Speaker 2: So the way I articulate it is like I call

647
00:26:41,440 --> 00:26:42,800
Speaker 2: it the Burger King investment strategy.

648
00:26:43,000 --> 00:26:45,640
Speaker 9: Right, So McDonald spends millions of dollars a year trying

649
00:26:45,640 --> 00:26:47,240
Speaker 9: to figure out where they want to put the next McDonald's.

650
00:26:47,240 --> 00:26:49,040
Speaker 9: We all know McDonald's also in the real estate business,

651
00:26:49,320 --> 00:26:51,040
Speaker 9: so they're trying to figure out where is the best

652
00:26:51,119 --> 00:26:54,040
Speaker 9: place to put it all. Burking does right, conceptually is

653
00:26:54,040 --> 00:26:56,640
Speaker 9: put it in proximity to McDonald's. And the reason why

654
00:26:57,119 --> 00:26:59,240
Speaker 9: I say that that's a great way to approach investing

655
00:26:59,320 --> 00:27:01,080
Speaker 9: is because it's okay to be a copycat if you

656
00:27:01,160 --> 00:27:03,359
Speaker 9: copy the right cat. But when you think about Charles

657
00:27:03,480 --> 00:27:07,679
Speaker 9: wab tdo or I TV Mari Trader got acquired Fidelity, Right,

658
00:27:07,760 --> 00:27:10,879
Speaker 9: these big investment institutions Vanguard, they have analysts that and

659
00:27:10,960 --> 00:27:12,639
Speaker 9: they spend millions and millions.

660
00:27:12,400 --> 00:27:14,240
Speaker 2: Of dollars a year trying to figure out, like what

661
00:27:14,400 --> 00:27:16,520
Speaker 2: should be going in these funds? Right, you go to

662
00:27:16,560 --> 00:27:17,840
Speaker 2: Vanguard dot com, look up vo Oh.

663
00:27:17,880 --> 00:27:19,280
Speaker 9: All you got to do is click the buy button, right,

664
00:27:19,280 --> 00:27:20,640
Speaker 9: and if you just did just that on the first

665
00:27:20,680 --> 00:27:22,919
Speaker 9: trading day of the year, you're up twenty one percent. Right,

666
00:27:23,080 --> 00:27:24,840
Speaker 9: So that's the first piece. Right, So like, okay, cool,

667
00:27:25,200 --> 00:27:26,880
Speaker 9: I copy the right cat. But then when I looked

668
00:27:26,960 --> 00:27:29,600
Speaker 9: inside of what was inside of these funds? Right, I

669
00:27:29,720 --> 00:27:31,320
Speaker 9: look at an index fund just like a mall. Right,

670
00:27:31,359 --> 00:27:33,520
Speaker 9: you go to any popular city, Your favorite mall is

671
00:27:33,560 --> 00:27:36,680
Speaker 9: gonna have hundreds of stores, right, and at any given time,

672
00:27:36,760 --> 00:27:38,320
Speaker 9: some store is going to be more popular, some Storre's

673
00:27:38,320 --> 00:27:40,800
Speaker 9: gonna be less popular, Right, But the mall itself is

674
00:27:40,840 --> 00:27:42,560
Speaker 9: never going to close down, right, So when you buy

675
00:27:42,600 --> 00:27:44,840
Speaker 9: an index fund or ETF, you get to basically buy

676
00:27:44,920 --> 00:27:47,360
Speaker 9: that mall. But when you look inside of it. Let's

677
00:27:47,359 --> 00:27:49,000
Speaker 9: say that Apple is one of the stores inside of

678
00:27:49,040 --> 00:27:50,600
Speaker 9: the mall. Right, we know that Apple is probably gonna

679
00:27:50,600 --> 00:27:52,959
Speaker 9: be one of the dominant stores in that particular mall.

680
00:27:53,040 --> 00:27:55,760
Speaker 9: Same thing with this index fundor ETF. So what I did,

681
00:27:55,840 --> 00:27:57,840
Speaker 9: I was like, Okay, well, what if I had ten

682
00:27:57,920 --> 00:28:00,280
Speaker 9: thousand dollars to invest in? Of the ten thousand, maybe

683
00:28:00,680 --> 00:28:03,240
Speaker 9: seven thousand, I'm buying this index fund, of this ETF,

684
00:28:03,600 --> 00:28:07,040
Speaker 9: But with thirty percent of my portfolio, I'm identifying winners

685
00:28:07,080 --> 00:28:10,280
Speaker 9: that might have a higher potential to outpace the broader

686
00:28:11,040 --> 00:28:13,680
Speaker 9: diversified portfolio. Because these index funds have you know, five

687
00:28:13,800 --> 00:28:16,800
Speaker 9: hundred different companies. Obviously, some of them are underperforming, some

688
00:28:16,840 --> 00:28:19,240
Speaker 9: of they might eventually get replaced. So how can I

689
00:28:19,320 --> 00:28:23,440
Speaker 9: identify someones that might have the ability to outperform the Googles,

690
00:28:23,480 --> 00:28:27,119
Speaker 9: the n Videos, et cetera. Have thirty percent of my portfolio,

691
00:28:27,280 --> 00:28:29,520
Speaker 9: and you know, technology companies or companies I believe are

692
00:28:29,520 --> 00:28:30,119
Speaker 9: cann outpace it.

693
00:28:30,480 --> 00:28:33,000
Speaker 2: And that's how our clients are able to outpace the

694
00:28:33,040 --> 00:28:33,879
Speaker 2: market really every year.

695
00:28:33,960 --> 00:28:34,040
Speaker 3: Right.

696
00:28:34,040 --> 00:28:35,879
Speaker 9: It's a very simple strategy, and so it's kind of

697
00:28:35,920 --> 00:28:38,000
Speaker 9: similar to what Ian talks about. But all you do

698
00:28:38,160 --> 00:28:41,600
Speaker 9: is you're looking at a globally diversified ETF for index

699
00:28:41,680 --> 00:28:44,640
Speaker 9: fund and then identifying what are the companies that have

700
00:28:44,680 --> 00:28:48,640
Speaker 9: the highest probability to outpace, right, some of the returns

701
00:28:48,680 --> 00:28:51,400
Speaker 9: and combining that strategy has allowed our clients to do

702
00:28:51,560 --> 00:28:51,960
Speaker 9: really well.

703
00:28:52,480 --> 00:28:55,080
Speaker 7: So you talked about a state plan with trust and will,

704
00:28:55,240 --> 00:28:58,640
Speaker 7: So can you explain that a lot a little bit

705
00:28:58,640 --> 00:29:01,680
Speaker 7: because sometimes people you're confused on what's the difference between

706
00:29:01,720 --> 00:29:04,280
Speaker 7: the trust and the will and do you even need

707
00:29:04,360 --> 00:29:06,360
Speaker 7: a will or what's a trust?

708
00:29:06,400 --> 00:29:09,400
Speaker 2: That's another thing that has been very popularized on social

709
00:29:09,480 --> 00:29:14,320
Speaker 2: media talk about like can you just kind of break

710
00:29:14,360 --> 00:29:16,840
Speaker 2: down the will and trust situation? Yeah, yeah, and I'll

711
00:29:16,840 --> 00:29:19,320
Speaker 2: talk about difference beweenvocable and you're revocable. Trust is ten

712
00:29:19,480 --> 00:29:20,840
Speaker 2: point yeah yeah yeah cool.

713
00:29:20,920 --> 00:29:22,800
Speaker 9: So from a will standpoint, at the end of the day,

714
00:29:22,960 --> 00:29:26,200
Speaker 9: you simply want to dictate who is going to get what,

715
00:29:26,360 --> 00:29:28,000
Speaker 9: who's entitled to whatever.

716
00:29:27,760 --> 00:29:29,840
Speaker 2: You want to leave behind when you're no longer here. Right.

717
00:29:30,120 --> 00:29:32,000
Speaker 9: The reason why people like the idea of a trust

718
00:29:32,200 --> 00:29:34,600
Speaker 9: is because you can have a little more control to

719
00:29:34,760 --> 00:29:38,440
Speaker 9: determine when and how those assets get disseminated once you're gone,

720
00:29:38,560 --> 00:29:40,000
Speaker 9: because obviously, if you have a will.

721
00:29:40,040 --> 00:29:42,440
Speaker 2: Right once you once you're gone, right, it pretty much

722
00:29:42,640 --> 00:29:44,720
Speaker 2: dies with you. Right, But that could be good in

723
00:29:44,760 --> 00:29:45,360
Speaker 2: certain situations.

724
00:29:45,400 --> 00:29:47,760
Speaker 9: I don't think everybody necessarily needs a trust, but if

725
00:29:47,800 --> 00:29:50,600
Speaker 9: you want to ensure that your errs maybe at eighteen,

726
00:29:50,760 --> 00:29:52,760
Speaker 9: my son has to do this thing before he gets

727
00:29:53,160 --> 00:29:55,080
Speaker 9: you know, fifteen thousand dollars for a down payment on

728
00:29:55,160 --> 00:29:57,400
Speaker 9: the house or whatever the case may be, the trust

729
00:29:57,440 --> 00:30:00,520
Speaker 9: can be established in a way to control how that

730
00:30:00,640 --> 00:30:04,040
Speaker 9: money is disseminated, right, Especially if you have my children

731
00:30:04,080 --> 00:30:05,640
Speaker 9: that are minors and things of that nature, you want

732
00:30:05,680 --> 00:30:07,720
Speaker 9: to really make sure that they get what they're supposed

733
00:30:07,720 --> 00:30:10,160
Speaker 9: to get when they are supposed to get it, right.

734
00:30:10,560 --> 00:30:13,720
Speaker 9: So that's the kind of the fundamental difference between trust

735
00:30:13,800 --> 00:30:15,960
Speaker 9: and wills. I think what happens is people like the

736
00:30:16,080 --> 00:30:19,080
Speaker 9: idea of a trust because of the control piece, but

737
00:30:19,160 --> 00:30:21,760
Speaker 9: at the same token, like you don't want to over

738
00:30:21,840 --> 00:30:24,320
Speaker 9: complicate your finances, right, because sometimes with a trust, like

739
00:30:24,360 --> 00:30:27,120
Speaker 9: the upkeep right, you know, if you do too much like.

740
00:30:27,200 --> 00:30:28,440
Speaker 2: It can be a little bit overwhelman.

741
00:30:28,440 --> 00:30:30,080
Speaker 9: Like I know my mother in law before she met me,

742
00:30:30,480 --> 00:30:32,840
Speaker 9: she had a very complicated trust and just decided not

743
00:30:32,880 --> 00:30:34,959
Speaker 9: to do it anymore because it was just too much. Right,

744
00:30:35,320 --> 00:30:38,240
Speaker 9: So making sure that it makes sense relative to your situation,

745
00:30:38,840 --> 00:30:40,720
Speaker 9: what is it that you actually want to achieve, And

746
00:30:40,760 --> 00:30:42,120
Speaker 9: then now we will determine if I just need a

747
00:30:42,200 --> 00:30:44,320
Speaker 9: basic will or do I need a trust to make

748
00:30:44,360 --> 00:30:46,080
Speaker 9: sure that I can pass all my assets in a

749
00:30:46,080 --> 00:30:48,560
Speaker 9: way that's a little bit more strategic relative to who

750
00:30:48,560 --> 00:30:49,400
Speaker 9: I'm passing them on to.

751
00:30:50,040 --> 00:30:52,920
Speaker 8: Yeah, And I think the difference between a revocable trust

752
00:30:52,960 --> 00:30:55,280
Speaker 8: and the irrevocable trust is huge, and I don't think

753
00:30:55,360 --> 00:30:58,000
Speaker 8: enough people know the difference. So a revocable living trust,

754
00:30:58,000 --> 00:31:00,440
Speaker 8: which I think everybody should have at some point their life,

755
00:31:01,000 --> 00:31:03,440
Speaker 8: is like a safe that you have the combination too.

756
00:31:03,760 --> 00:31:06,120
Speaker 2: You can put assets in there, you can take assets out.

757
00:31:06,680 --> 00:31:08,840
Speaker 8: It's you can change. You can change the assets in there,

758
00:31:08,840 --> 00:31:11,240
Speaker 8: you can change the beneficiaries. It has a lot of flexibility.

759
00:31:11,640 --> 00:31:13,720
Speaker 8: And the purpose of a vocable living trust is so

760
00:31:13,880 --> 00:31:16,400
Speaker 8: that when you pass away, none of your assets go

761
00:31:16,440 --> 00:31:19,280
Speaker 8: to probate court. Because we saw with Chad with Boseman,

762
00:31:19,360 --> 00:31:20,960
Speaker 8: he didn't have a true he didn't have a vocable

763
00:31:20,960 --> 00:31:23,680
Speaker 8: living trust, so he lost almost a million dollars of

764
00:31:23,800 --> 00:31:26,480
Speaker 8: his estate to probate court. Because just because you say

765
00:31:26,560 --> 00:31:28,960
Speaker 8: that your family should get something in their wheell doesn't

766
00:31:29,000 --> 00:31:30,640
Speaker 8: mean they're going to agree on it. And the more

767
00:31:30,720 --> 00:31:32,880
Speaker 8: time they spend arguing in probate court, the more money

768
00:31:32,920 --> 00:31:34,440
Speaker 8: that the lawyers make, and the more money that the

769
00:31:34,480 --> 00:31:35,200
Speaker 8: court system makes.

770
00:31:35,480 --> 00:31:36,560
Speaker 2: For the revocable living.

771
00:31:36,440 --> 00:31:39,680
Speaker 8: Trust, it says like it's stamp saying that all my

772
00:31:39,800 --> 00:31:40,880
Speaker 8: assets go to these people.

773
00:31:41,000 --> 00:31:42,200
Speaker 2: This is how they get it, this is when they

774
00:31:42,240 --> 00:31:42,480
Speaker 2: get it.

775
00:31:42,920 --> 00:31:45,960
Speaker 8: So our vocable living trust is huge for a voting

776
00:31:46,040 --> 00:31:49,040
Speaker 8: avoiding probate court. Another reason that you want to have

777
00:31:49,080 --> 00:31:51,360
Speaker 8: a revocable living trust is because it helps us with taxes.

778
00:31:51,880 --> 00:31:54,320
Speaker 8: So here's an example. If I bought a property at

779
00:31:54,920 --> 00:31:57,480
Speaker 8: two hundred thousand dollars and that was worth a million dollars,

780
00:31:58,040 --> 00:32:02,280
Speaker 8: and I put it in my revokeable living trust. When

781
00:32:02,320 --> 00:32:04,720
Speaker 8: my kids get it, they get something called a step

782
00:32:04,840 --> 00:32:08,360
Speaker 8: up in basis. So in my example, I have eight

783
00:32:08,440 --> 00:32:10,640
Speaker 8: hundred thousand dollars gains. I pay two hundred thousand dollars

784
00:32:10,680 --> 00:32:12,880
Speaker 8: for it now is worth a million, so I say

785
00:32:12,920 --> 00:32:14,800
Speaker 8: eight hundred thousand dollars built in gain that if I

786
00:32:14,920 --> 00:32:16,680
Speaker 8: was to give it to them when I was alive,

787
00:32:16,760 --> 00:32:18,240
Speaker 8: they would have to pay that eight hundred.

788
00:32:17,960 --> 00:32:19,600
Speaker 2: Thousand dollars in capital gains taxes.

789
00:32:19,920 --> 00:32:21,880
Speaker 8: When we put it in our vocable living trust and

790
00:32:21,960 --> 00:32:23,760
Speaker 8: I passed away and passed to my kids, they get

791
00:32:23,800 --> 00:32:25,800
Speaker 8: what's called a step up in basis, So they receive

792
00:32:25,880 --> 00:32:28,720
Speaker 8: the property with a million dollar fair market value and

793
00:32:28,760 --> 00:32:30,680
Speaker 8: they can sell it the next day and pay no

794
00:32:30,920 --> 00:32:33,960
Speaker 8: capital gains taxes. So by putting the property in a

795
00:32:34,000 --> 00:32:37,440
Speaker 8: revocable living trust, you help your kids avoid unecessary taxes

796
00:32:37,560 --> 00:32:40,040
Speaker 8: on assets that you're trying to pass down, and that's

797
00:32:40,040 --> 00:32:42,160
Speaker 8: how we build true generational wealth.

798
00:32:42,400 --> 00:32:43,880
Speaker 2: We don't want to just pass down assets.

799
00:32:43,960 --> 00:32:47,040
Speaker 8: We want to pass down tax free assets, which is

800
00:32:47,160 --> 00:32:51,520
Speaker 8: very important, and irrevocable trust is in my opinion, it's

801
00:32:51,600 --> 00:32:55,160
Speaker 8: only used for estate planning purposes, and unless your estate

802
00:32:55,320 --> 00:32:58,680
Speaker 8: is over thirteen million dollars, you probably don't need irrevocable

803
00:32:58,680 --> 00:32:59,880
Speaker 8: living trust because you don't.

804
00:32:59,680 --> 00:33:01,880
Speaker 2: Pay its eight taxes until your state reach is that high.

805
00:33:02,200 --> 00:33:05,160
Speaker 8: So you don't want to put things in an irrevocable

806
00:33:05,280 --> 00:33:09,880
Speaker 8: trust before that because you can't benefit from it in

807
00:33:10,000 --> 00:33:12,600
Speaker 8: your lifetime if you put a property in an irrevocable

808
00:33:12,600 --> 00:33:14,880
Speaker 8: trust's worth a million dollars and it generates one hundred

809
00:33:14,880 --> 00:33:17,120
Speaker 8: thousand dollars a year in cash flow, you can't take

810
00:33:17,200 --> 00:33:19,960
Speaker 8: that because it's irrevocable. You can't benefit from it. So

811
00:33:20,320 --> 00:33:22,600
Speaker 8: it just understanding what people need personally. I think most

812
00:33:22,600 --> 00:33:25,240
Speaker 8: people need a revocable living trust until they reseet thirteen

813
00:33:25,240 --> 00:33:25,880
Speaker 8: million dollar market.

814
00:33:25,920 --> 00:33:26,120
Speaker 2: Yeah.

815
00:33:26,120 --> 00:33:29,240
Speaker 4: I was reading an article maybe last week about Ruper Murdoch. Yeah,

816
00:33:29,320 --> 00:33:31,000
Speaker 4: and he's in there in court now because he has

817
00:33:31,040 --> 00:33:34,000
Speaker 4: an irrevocable trust and he I think he is based

818
00:33:34,000 --> 00:33:34,640
Speaker 4: on succession.

819
00:33:35,120 --> 00:33:36,840
Speaker 3: He doesn't want to pass it down to this air.

820
00:33:37,080 --> 00:33:37,280
Speaker 2: Yeah.

821
00:33:37,360 --> 00:33:40,800
Speaker 3: So like cannot change, cannot change, can't change lock.

822
00:33:41,160 --> 00:33:42,960
Speaker 2: It's a safe throw away the key put in about

823
00:33:43,000 --> 00:33:43,240
Speaker 2: him on the O.

824
00:33:43,520 --> 00:33:47,080
Speaker 7: What about an iselt right where it's a life insurance

825
00:33:47,120 --> 00:33:48,280
Speaker 7: policy inside the trust.

826
00:33:48,400 --> 00:33:50,880
Speaker 2: Is that a good idea? It can be?

827
00:33:51,040 --> 00:33:52,960
Speaker 8: I don't I haven't studied eyelists that much, but I

828
00:33:53,040 --> 00:33:56,280
Speaker 8: have heard about him. None of our clients have have

829
00:33:56,440 --> 00:33:58,320
Speaker 8: needed it thus far, But I think it can be

830
00:33:58,560 --> 00:34:02,480
Speaker 8: a powerful policy. But it has to be structured the

831
00:34:02,600 --> 00:34:05,040
Speaker 8: right way, and it's gonna cost a little bit of

832
00:34:05,080 --> 00:34:06,000
Speaker 8: money to get that set up.

833
00:34:06,320 --> 00:34:10,440
Speaker 4: Yeah, yeah, yeah, we were talking about this the other

834
00:34:10,560 --> 00:34:14,320
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Speaker 2: Will be protected.

883
00:37:01,000 --> 00:37:03,279
Speaker 4: Sponsored by the United States Department of Homeland Security on

884
00:37:03,760 --> 00:37:07,840
Speaker 4: Market Monday is actually about buying life insurance policies on

885
00:37:08,000 --> 00:37:11,960
Speaker 4: family members. On thoughts around that and in terms of planning,

886
00:37:12,120 --> 00:37:14,839
Speaker 4: I guess for the future, and also wealth creation because

887
00:37:14,840 --> 00:37:17,080
Speaker 4: we've seen this happen in other communities, not so much

888
00:37:17,080 --> 00:37:17,399
Speaker 4: in ours.

889
00:37:17,440 --> 00:37:19,120
Speaker 9: What's your thoughts, Yeah, I mean, I think at the

890
00:37:19,200 --> 00:37:21,279
Speaker 9: end of the day, if we remove a motion from it, right,

891
00:37:21,320 --> 00:37:23,960
Speaker 9: at the end of the day, we know that our

892
00:37:24,000 --> 00:37:27,600
Speaker 9: loved ones are going to pass away, right. And if

893
00:37:27,680 --> 00:37:31,080
Speaker 9: you have if your desires to create generational wealth right

894
00:37:31,120 --> 00:37:32,880
Speaker 9: for your family, it's like, hey, let's just have a

895
00:37:32,920 --> 00:37:34,520
Speaker 9: conversation about like what does that look like?

896
00:37:34,680 --> 00:37:34,759
Speaker 2: Right?

897
00:37:34,840 --> 00:37:38,000
Speaker 9: So, for example, if you have a parent that's aging, right,

898
00:37:38,640 --> 00:37:41,120
Speaker 9: you have life insurance on them. Maybe they didn't have opportunity,

899
00:37:41,120 --> 00:37:43,239
Speaker 9: they didn't have a market Mondays they didn't have or

900
00:37:43,239 --> 00:37:44,880
Speaker 9: your leaders didn't have millon and money, they didn't have

901
00:37:44,960 --> 00:37:46,680
Speaker 9: opportunity to accumulate a lot of wealth.

902
00:37:47,080 --> 00:37:47,200
Speaker 2: Right.

903
00:37:47,360 --> 00:37:49,279
Speaker 9: One of the great things about life insurance is that

904
00:37:49,440 --> 00:37:51,560
Speaker 9: it can close that gap for putting these on a

905
00:37:51,600 --> 00:37:54,319
Speaker 9: dollar obviously, assuming you know you have our in decent health.

906
00:37:54,440 --> 00:37:56,320
Speaker 2: So I think it can be a great strategy.

907
00:37:56,920 --> 00:37:59,160
Speaker 9: Some people even go as far as, you know, having

908
00:37:59,200 --> 00:38:01,800
Speaker 9: the family trust, right, and then the trust being the

909
00:38:01,840 --> 00:38:04,399
Speaker 9: beneficiary of the life insurance, and then when you pass away,

910
00:38:04,480 --> 00:38:06,759
Speaker 9: the money goes into the trust and then now that

911
00:38:06,840 --> 00:38:08,759
Speaker 9: can kind of keep the trend going. But I think

912
00:38:08,800 --> 00:38:10,440
Speaker 9: it's I think person is a great stretch. I think

913
00:38:10,440 --> 00:38:12,680
Speaker 9: we're just so emotional about it and we feel like, oh.

914
00:38:12,600 --> 00:38:14,640
Speaker 2: That's blood money waiting for me to die, right, you're lie.

915
00:38:16,360 --> 00:38:18,880
Speaker 9: But we removed the emotion from it, and we're like, yo,

916
00:38:19,000 --> 00:38:21,600
Speaker 9: like this is what we want our family to look

917
00:38:21,719 --> 00:38:24,520
Speaker 9: like for generations to come. What is the most efficient

918
00:38:24,640 --> 00:38:27,000
Speaker 9: way for us to do that. I think life insurance

919
00:38:27,040 --> 00:38:29,080
Speaker 9: can be a great vehicle to facilitate that you spoke.

920
00:38:28,880 --> 00:38:30,680
Speaker 7: About something earlier that we haven't spoke about a lot

921
00:38:30,760 --> 00:38:34,600
Speaker 7: on disability insurance. Yeah, why it just talk about that?

922
00:38:34,760 --> 00:38:36,800
Speaker 7: Like why is that important? And like what's some detail

923
00:38:36,880 --> 00:38:39,160
Speaker 7: that people should know about disability insurance? Yeah, so I

924
00:38:39,160 --> 00:38:40,280
Speaker 7: can speak from personal experience.

925
00:38:40,320 --> 00:38:44,800
Speaker 9: So when I was twenty eight, I got married and

926
00:38:45,040 --> 00:38:47,640
Speaker 9: I was having this crazy random backpain. I thought I

927
00:38:47,719 --> 00:38:50,320
Speaker 9: was like maybe deadlifted too much weight or something, and

928
00:38:50,400 --> 00:38:52,040
Speaker 9: then come to find out I had a benign tumor

929
00:38:52,360 --> 00:38:54,960
Speaker 9: in my ninth vertebrae right that fractured my spine.

930
00:38:55,400 --> 00:38:56,880
Speaker 2: I had to relearn how to walk. It was a

931
00:38:56,920 --> 00:38:59,560
Speaker 2: whole whole situation. Right, wife had to like lock into

932
00:38:59,600 --> 00:39:02,319
Speaker 2: the valves early sixty days.

933
00:39:02,360 --> 00:39:05,120
Speaker 9: You know what I'm saying and people don't realize, is

934
00:39:05,160 --> 00:39:09,279
Speaker 9: that you are three times more likely to become temporarily

935
00:39:09,320 --> 00:39:11,640
Speaker 9: disabled than you are adopted maturely. Right, And so what

936
00:39:11,800 --> 00:39:15,360
Speaker 9: disability insurance does. It's an insurance coverage on your income.

937
00:39:15,440 --> 00:39:17,239
Speaker 9: Like we have insurance on everything. We have insurance on

938
00:39:17,280 --> 00:39:19,160
Speaker 9: our cell phones, we do have some of us have

939
00:39:19,239 --> 00:39:21,840
Speaker 9: insurance on our lives. But what's the insurance if you

940
00:39:21,960 --> 00:39:24,680
Speaker 9: get hurt or sick and can't work what's the insurance

941
00:39:24,719 --> 00:39:27,680
Speaker 9: on that, right, And so disability insurance bridges that gap. Sometimes,

942
00:39:27,680 --> 00:39:30,200
Speaker 9: if you're employed, you might have insurance and it might

943
00:39:30,239 --> 00:39:32,719
Speaker 9: cover fifty to sixty percent, right, but that's also going

944
00:39:32,800 --> 00:39:34,560
Speaker 9: to be a taxable benefit. So always ask people, are

945
00:39:34,600 --> 00:39:36,719
Speaker 9: you if I cut your check and half right now

946
00:39:36,760 --> 00:39:38,560
Speaker 9: because you live off fifty or sixty percent of your income?

947
00:39:38,560 --> 00:39:41,040
Speaker 9: They probably like, no, I can't, right, And so having

948
00:39:41,120 --> 00:39:44,360
Speaker 9: disability insurance and or supplemental disability insurance can kind of

949
00:39:44,400 --> 00:39:46,480
Speaker 9: close that gap so that if you get hurt or.

950
00:39:46,520 --> 00:39:49,000
Speaker 2: You get sick, you have the ability to still meet

951
00:39:49,000 --> 00:39:49,359
Speaker 2: your knees.

952
00:39:49,360 --> 00:39:51,360
Speaker 9: Because you can't call American Express, you can't call a

953
00:39:51,400 --> 00:39:53,520
Speaker 9: mortgage company saying hey, I can't work right now? Can

954
00:39:53,600 --> 00:39:55,520
Speaker 9: I defer these bills? They're going to say, and know

955
00:39:55,560 --> 00:39:58,440
Speaker 9: what we can do for you? Right, So disability insurance

956
00:39:58,480 --> 00:40:00,759
Speaker 9: bridges that gap to ensure that thing happens to you.

957
00:40:01,200 --> 00:40:02,920
Speaker 2: You're okay. Now.

958
00:40:03,560 --> 00:40:05,640
Speaker 9: Some of the features and benefits of disability insurance that

959
00:40:05,719 --> 00:40:07,880
Speaker 9: you want to think about are like, there are certain

960
00:40:08,480 --> 00:40:12,120
Speaker 9: policy benefits that they call writers, right, And basically the

961
00:40:12,160 --> 00:40:14,000
Speaker 9: way they work is like, for example, let's say that

962
00:40:14,120 --> 00:40:17,680
Speaker 9: you are a surgeon, right, and you make your money

963
00:40:17,719 --> 00:40:20,440
Speaker 9: with your hands, right, So what you probably want to

964
00:40:20,480 --> 00:40:22,320
Speaker 9: do is you want to get special provisions and the

965
00:40:22,400 --> 00:40:24,960
Speaker 9: disability policy to ensure that. Hey, look, I can still

966
00:40:25,000 --> 00:40:27,160
Speaker 9: go be a professor, right and teach what I do,

967
00:40:27,320 --> 00:40:29,759
Speaker 9: But because I can't use my hands, right, I need

968
00:40:29,840 --> 00:40:31,680
Speaker 9: to be able to still receive income because that was

969
00:40:31,680 --> 00:40:34,279
Speaker 9: my primary source of income. Because with disability insurance it

970
00:40:34,360 --> 00:40:36,800
Speaker 9: does create a little bit of a moral hazard. The

971
00:40:36,800 --> 00:40:39,160
Speaker 9: reason why they don't like, let you get ninety percent, Like, well, shoot,

972
00:40:39,160 --> 00:40:40,960
Speaker 9: you know people on game the system, and like, I'm

973
00:40:41,000 --> 00:40:43,680
Speaker 9: not going to work injury, right, So you just got

974
00:40:43,760 --> 00:40:46,440
Speaker 9: to be mindful of the writers and the clauses that

975
00:40:46,520 --> 00:40:48,920
Speaker 9: allow you to take advantage of it, like if you

976
00:40:49,040 --> 00:40:51,080
Speaker 9: have like a special skill set to be able to

977
00:40:51,120 --> 00:40:54,080
Speaker 9: still benefitm benefit from it, but potentially still earn income

978
00:40:54,160 --> 00:40:55,680
Speaker 9: in other ways, like you know, being a teacher or

979
00:40:55,680 --> 00:40:57,760
Speaker 9: a professor, even if you own occupation.

980
00:40:58,200 --> 00:41:01,759
Speaker 2: Yes, right, yes, got it man, you got it, brother,

981
00:41:02,000 --> 00:41:09,200
Speaker 2: got it to write, y'all. I need that. I don't

982
00:41:09,239 --> 00:41:09,640
Speaker 2: know about that.

983
00:41:10,840 --> 00:41:14,120
Speaker 4: As business partners, right, what about having insurance on each

984
00:41:14,120 --> 00:41:15,800
Speaker 4: other right or buy sell agreements?

985
00:41:15,960 --> 00:41:18,560
Speaker 3: People don't talk about that. Yeah, but if.

986
00:41:18,440 --> 00:41:22,279
Speaker 4: Something happens to carter yep, you know, what happens to

987
00:41:22,360 --> 00:41:24,000
Speaker 4: the business, what happens to the income.

988
00:41:24,360 --> 00:41:26,719
Speaker 3: These things need to be discussed one hundred percent. Let's

989
00:41:26,760 --> 00:41:27,160
Speaker 3: talk about it.

990
00:41:27,440 --> 00:41:31,200
Speaker 8: We're talking with our our lawyers about that in the

991
00:41:31,280 --> 00:41:32,960
Speaker 8: making right now because and like one thing I love

992
00:41:32,960 --> 00:41:34,960
Speaker 8: about our relationship, we have the tough conversations on the

993
00:41:35,040 --> 00:41:37,439
Speaker 8: front end. Yeah, like bro, like if you do something

994
00:41:37,520 --> 00:41:40,279
Speaker 8: crazy or you're not you're not around like every like

995
00:41:40,400 --> 00:41:41,759
Speaker 8: you know, love is cool, but everything needs to be

996
00:41:41,800 --> 00:41:45,520
Speaker 8: in writing. So we are working with our lawyers on

997
00:41:45,600 --> 00:41:47,239
Speaker 8: on our by selling agreements and things like that because

998
00:41:47,239 --> 00:41:50,320
Speaker 8: it's so important because we want this business to be

999
00:41:50,440 --> 00:41:52,719
Speaker 8: generational and we don't want to lose it just one

1000
00:41:52,840 --> 00:41:56,279
Speaker 8: generation with us. So we are putting those things in

1001
00:41:56,320 --> 00:41:58,320
Speaker 8: place literally as we speak, to make sure we protect

1002
00:41:58,360 --> 00:42:00,040
Speaker 8: our business and protect ourselves.

1003
00:42:00,040 --> 00:42:01,680
Speaker 9: And from about just for those for the benefit of

1004
00:42:01,719 --> 00:42:03,720
Speaker 9: the listeners. Like when it comes to about sell agreement,

1005
00:42:03,719 --> 00:42:05,080
Speaker 9: the reason why you want to have that is because

1006
00:42:05,400 --> 00:42:07,120
Speaker 9: let's say something does happen to me, right, like if

1007
00:42:07,160 --> 00:42:09,920
Speaker 9: I own fifty percent of the business, right and technically

1008
00:42:10,000 --> 00:42:11,680
Speaker 9: that you know my wife in here is that my

1009
00:42:11,760 --> 00:42:15,080
Speaker 9: wife is great. I don't I don't think she's like, yo,

1010
00:42:15,120 --> 00:42:16,880
Speaker 9: all right, so I'm gonna start managing this portfolio.

1011
00:42:16,960 --> 00:42:18,239
Speaker 3: Yeah yeah, yeah, same thing.

1012
00:42:18,680 --> 00:42:21,440
Speaker 9: Yeah, you understand she might not be the best peryea,

1013
00:42:21,520 --> 00:42:23,320
Speaker 9: I love it, might not be the best person to

1014
00:42:23,400 --> 00:42:25,279
Speaker 9: do that, right. So, and one thing you can also

1015
00:42:25,360 --> 00:42:26,960
Speaker 9: do is you can get by sell agreements funded with

1016
00:42:27,040 --> 00:42:29,040
Speaker 9: life insurance. Right, so that way it's like, all right, well,

1017
00:42:29,320 --> 00:42:31,239
Speaker 9: something happens to you, right my wife. I mean I

1018
00:42:31,280 --> 00:42:32,919
Speaker 9: would trust and believe that something happened to my wife

1019
00:42:32,920 --> 00:42:33,239
Speaker 9: wild be good.

1020
00:42:33,400 --> 00:42:35,080
Speaker 3: Yeah, yeah, you'd be good. But I got you man,

1021
00:42:35,200 --> 00:42:35,839
Speaker 3: I got you. Man.

1022
00:42:36,560 --> 00:42:40,600
Speaker 9: He's been documented, right, documents on its own record, but

1023
00:42:40,760 --> 00:42:42,560
Speaker 9: being able to say, okay, cool, the buy sell agreement

1024
00:42:42,560 --> 00:42:43,480
Speaker 9: is funded bout life insurance.

1025
00:42:43,480 --> 00:42:46,040
Speaker 2: Something happens to you that I buy you out and

1026
00:42:46,160 --> 00:42:48,040
Speaker 2: then your wife gets those proceeds. Right.

1027
00:42:48,120 --> 00:42:50,799
Speaker 9: So, but it's important, right, Like from day one when

1028
00:42:50,840 --> 00:42:53,440
Speaker 9: we formally locked in, like we made sure that everything

1029
00:42:53,560 --> 00:42:56,279
Speaker 9: was solidified, all the documentation was squared away because I

1030
00:42:56,360 --> 00:42:57,839
Speaker 9: had started the brand first.

1031
00:42:58,680 --> 00:43:00,200
Speaker 2: He was and I was like, I said, I think

1032
00:43:00,200 --> 00:43:01,640
Speaker 2: it's time for us to you know, go further with it.

1033
00:43:01,680 --> 00:43:02,320
Speaker 2: He's like, Bell, let's do it.

1034
00:43:02,360 --> 00:43:04,440
Speaker 9: I was like, okay, cool and yeah, yeah, sit up

1035
00:43:04,440 --> 00:43:06,239
Speaker 9: some paperwork, right, Yes, we did it, but we did

1036
00:43:06,320 --> 00:43:08,760
Speaker 9: on the front end so we could just documentation beats conversation.

1037
00:43:08,880 --> 00:43:11,399
Speaker 8: Those things have to be in place if you want

1038
00:43:11,440 --> 00:43:13,000
Speaker 8: to make sure that your business is little. Yeah, And

1039
00:43:13,040 --> 00:43:15,560
Speaker 8: I think business structure is really important as well. I

1040
00:43:15,560 --> 00:43:19,640
Speaker 8: don't think enough people talk about because the way our

1041
00:43:19,719 --> 00:43:22,360
Speaker 8: business is structured, we could have just been a traditional partnership,

1042
00:43:22,400 --> 00:43:24,560
Speaker 8: which is which is fine, but there are some tax

1043
00:43:24,640 --> 00:43:28,520
Speaker 8: limitations by having a traditional partnership. Because if he wants

1044
00:43:28,640 --> 00:43:32,680
Speaker 8: to go to a conference in in deduct the expense

1045
00:43:32,719 --> 00:43:34,239
Speaker 8: in our taxes, I'm like, well.

1046
00:43:34,200 --> 00:43:35,960
Speaker 2: I don't want to go to that conference. I don't

1047
00:43:35,960 --> 00:43:36,759
Speaker 2: want to I don't want the.

1048
00:43:36,760 --> 00:43:38,640
Speaker 8: Business to have to pay for that, right, And so

1049
00:43:38,800 --> 00:43:41,120
Speaker 8: if you and your if you have a traditional partnership

1050
00:43:41,320 --> 00:43:43,520
Speaker 8: and you and your partner are not agreeing on a

1051
00:43:43,600 --> 00:43:45,719
Speaker 8: specific deduction, then you can't take it.

1052
00:43:46,160 --> 00:43:46,279
Speaker 2: Right.

1053
00:43:46,680 --> 00:43:48,360
Speaker 8: So the way we set it up is that we

1054
00:43:48,480 --> 00:43:51,040
Speaker 8: have our LLC, which is our mellon of money, and

1055
00:43:51,160 --> 00:43:53,719
Speaker 8: then we have our s corps fifty percent owner of

1056
00:43:53,840 --> 00:43:56,520
Speaker 8: that company. So now I can take all the deductions

1057
00:43:56,560 --> 00:43:58,640
Speaker 8: I want to take in my es corp. He can

1058
00:43:58,680 --> 00:44:00,840
Speaker 8: take all the deductions that he wants to escort, and

1059
00:44:00,960 --> 00:44:04,520
Speaker 8: we can only we only take group business deductions in

1060
00:44:04,680 --> 00:44:07,680
Speaker 8: our LLC for melon the money. And you know, I

1061
00:44:07,800 --> 00:44:11,480
Speaker 8: see a lot of new partnership business owners lose out

1062
00:44:11,560 --> 00:44:14,640
Speaker 8: on tens of thousands of dollars in deductions because their

1063
00:44:14,960 --> 00:44:17,279
Speaker 8: financial structure is not the way it should be to

1064
00:44:17,640 --> 00:44:18,800
Speaker 8: maximize their tax savings.

1065
00:44:19,560 --> 00:44:22,359
Speaker 2: What about all right? So a big thing is people

1066
00:44:22,440 --> 00:44:23,520
Speaker 2: that want to plan for their kids.

1067
00:44:23,719 --> 00:44:27,839
Speaker 7: Yea, whether it's college savings, whether it's when they want

1068
00:44:27,840 --> 00:44:31,520
Speaker 7: to they put life insurance on their kids. You know,

1069
00:44:31,640 --> 00:44:33,759
Speaker 7: there's there's a variety of different ways that people can

1070
00:44:33,840 --> 00:44:36,600
Speaker 7: save money for their kids. Right. So somebody's coming to

1071
00:44:36,680 --> 00:44:40,600
Speaker 7: your office and they just got married and they have

1072
00:44:40,800 --> 00:44:46,080
Speaker 7: a baby on the way, right, talk talk through the

1073
00:44:46,160 --> 00:44:48,600
Speaker 7: process that you would educate them as far as the

1074
00:44:48,680 --> 00:44:51,080
Speaker 7: different ways that they can actually set their children up.

1075
00:44:52,280 --> 00:44:53,759
Speaker 9: I mean, like you said, there's a lot of ways.

1076
00:44:54,640 --> 00:44:56,919
Speaker 9: Because there'll be just a new born baby, right. Well,

1077
00:44:56,960 --> 00:44:59,680
Speaker 9: probably wouldn't start entertaining the conversation of putting them on payroll,

1078
00:44:59,760 --> 00:45:00,200
Speaker 9: right Yeah.

1079
00:45:00,239 --> 00:45:03,200
Speaker 2: Yeah, that I'll come on the back end and talk

1080
00:45:03,200 --> 00:45:05,920
Speaker 2: about that part that might be an adit audit red flag.

1081
00:45:06,040 --> 00:45:08,480
Speaker 9: Yeah, but I think one of the ways that you

1082
00:45:08,520 --> 00:45:11,280
Speaker 9: can always obviously set up a custodial accounts in the beginning.

1083
00:45:11,360 --> 00:45:14,040
Speaker 2: What that means is, right, is kind of joint ownership.

1084
00:45:14,080 --> 00:45:16,000
Speaker 9: You can control it until the kid reaches a certain age,

1085
00:45:16,400 --> 00:45:18,400
Speaker 9: and so deciding what do you want to do for

1086
00:45:18,440 --> 00:45:18,759
Speaker 9: the kids.

1087
00:45:18,800 --> 00:45:20,799
Speaker 2: So do you want the kid to go to college? Right?

1088
00:45:20,880 --> 00:45:22,239
Speaker 9: Do you want to say, want to be able to

1089
00:45:22,280 --> 00:45:24,800
Speaker 9: buy their first property at a certain age. I like

1090
00:45:24,880 --> 00:45:26,440
Speaker 9: to start with the end in mind, with the target,

1091
00:45:26,480 --> 00:45:27,960
Speaker 9: and then from there we can figure out the best

1092
00:45:28,000 --> 00:45:29,920
Speaker 9: investment vehicles are the best options. So one of the

1093
00:45:29,960 --> 00:45:33,560
Speaker 9: things would definitely be opening up a custodial broker's account.

1094
00:45:33,840 --> 00:45:35,839
Speaker 9: Another thing would be also getting a life insurance policy

1095
00:45:35,880 --> 00:45:37,919
Speaker 9: on them as well, because insurance is based off agent

1096
00:45:38,000 --> 00:45:39,879
Speaker 9: health and when you do design it the right way,

1097
00:45:40,120 --> 00:45:42,040
Speaker 9: there are ways where you can have something called high

1098
00:45:42,080 --> 00:45:44,000
Speaker 9: early cash value, or you can have ten pays or

1099
00:45:44,040 --> 00:45:46,719
Speaker 9: twenty pays, and while your commissioned as an agent, if

1100
00:45:46,760 --> 00:45:48,200
Speaker 9: you get compensated that way, it goes down.

1101
00:45:48,280 --> 00:45:49,560
Speaker 2: That is the best thing for the client.

1102
00:45:49,719 --> 00:45:52,080
Speaker 9: Right, those are two fundamental things that I would do

1103
00:45:52,080 --> 00:45:54,040
Speaker 9: because I mean, at that age, right, being able to

1104
00:45:54,040 --> 00:45:56,080
Speaker 9: get a policy and getting a custodial account, and people

1105
00:45:56,080 --> 00:45:58,239
Speaker 9: don't realize the number one thing in investing that you

1106
00:45:58,280 --> 00:46:00,279
Speaker 9: have in you have it to your advantage is time. Right,

1107
00:46:00,360 --> 00:46:02,560
Speaker 9: So being able to get that started, you know, literally

1108
00:46:02,640 --> 00:46:05,600
Speaker 9: from day one, is a super advantage for sure. About

1109
00:46:05,640 --> 00:46:08,840
Speaker 9: five twenty nine, I'm not against five twenty nine. I

1110
00:46:08,880 --> 00:46:10,239
Speaker 9: mean there's some tax benefits from it.

1111
00:46:11,120 --> 00:46:13,320
Speaker 8: They just became sexy again, Yeah they did, because you

1112
00:46:13,360 --> 00:46:15,839
Speaker 8: can confer them to roth I right now.

1113
00:46:15,960 --> 00:46:17,680
Speaker 9: Yeah, so I'm not I'm not against I think five

1114
00:46:17,719 --> 00:46:19,880
Speaker 9: twenty nine are great vehicles. I just like to optimize

1115
00:46:19,880 --> 00:46:22,400
Speaker 9: for flexibility. I think that we just live in a

1116
00:46:22,480 --> 00:46:23,960
Speaker 9: very different environment. I think when I was in school,

1117
00:46:23,960 --> 00:46:25,360
Speaker 9: when I was in college, and that you hear things like, oh,

1118
00:46:25,400 --> 00:46:28,000
Speaker 9: that's not a professional, that's not a career. And people

1119
00:46:28,520 --> 00:46:30,120
Speaker 9: might not be going to college in the same way

1120
00:46:30,200 --> 00:46:32,759
Speaker 9: that they are now with the advent of certain technology.

1121
00:46:33,640 --> 00:46:35,279
Speaker 2: But I'm not against them. I think they could be.

1122
00:46:36,760 --> 00:46:37,480
Speaker 2: You could turn to it.

1123
00:46:37,760 --> 00:46:40,040
Speaker 4: Yeah, So just because I want to just constot it

1124
00:46:40,080 --> 00:46:44,399
Speaker 4: before you jump outma agmah preferential or because like you said,

1125
00:46:44,400 --> 00:46:47,000
Speaker 4: you're thinking of the end of mind and there's different

1126
00:46:47,080 --> 00:46:49,279
Speaker 4: levels of control you can have right at eighteen, Yeah,

1127
00:46:49,760 --> 00:46:50,399
Speaker 4: controls over.

1128
00:46:50,840 --> 00:46:52,680
Speaker 3: So what's your I think.

1129
00:46:52,560 --> 00:46:55,040
Speaker 9: If you're passing down the methodology, right, that's that's that's

1130
00:46:55,080 --> 00:46:56,560
Speaker 9: a big We didn't talk a lot about it, right,

1131
00:46:56,640 --> 00:46:59,840
Speaker 9: but like a big part of all of this is

1132
00:47:00,120 --> 00:47:02,600
Speaker 9: is as you're doing, as you're setting this stuff up,

1133
00:47:02,680 --> 00:47:04,480
Speaker 9: like you don't want to just do what you do

1134
00:47:04,600 --> 00:47:06,000
Speaker 9: what you're you didn't have for your kids.

1135
00:47:06,040 --> 00:47:08,120
Speaker 2: You want to educate them so they have the methodology

1136
00:47:08,160 --> 00:47:10,319
Speaker 2: and the mindset on why you did it right.

1137
00:47:10,680 --> 00:47:12,960
Speaker 9: And so for me, I think, even though you're giving

1138
00:47:13,040 --> 00:47:14,799
Speaker 9: up control at eighteen, if you did what you were

1139
00:47:14,840 --> 00:47:17,640
Speaker 9: supposed to do in terms of like advising them at

1140
00:47:17,640 --> 00:47:19,080
Speaker 9: every step, especially once you were able to put them

1141
00:47:19,080 --> 00:47:20,920
Speaker 9: on payroll head, this is while we're doing it, this

1142
00:47:21,000 --> 00:47:22,000
Speaker 9: is what we're gonna use the money for.

1143
00:47:22,040 --> 00:47:23,200
Speaker 2: I could have just given you the money.

1144
00:47:23,360 --> 00:47:24,880
Speaker 9: Well, the reason why we're putting you on payrohch I'll

1145
00:47:24,920 --> 00:47:26,640
Speaker 9: let you expound upon reason why we're putting you on

1146
00:47:26,680 --> 00:47:28,360
Speaker 9: payrolls because this is what it means for our business

1147
00:47:28,400 --> 00:47:30,520
Speaker 9: and this is tax tax free income to you and

1148
00:47:30,600 --> 00:47:31,719
Speaker 9: now we can invest into the rock.

1149
00:47:31,760 --> 00:47:34,560
Speaker 2: Diray now to stick your thunder, But you leave something

1150
00:47:34,560 --> 00:47:37,400
Speaker 2: on the ball for me. Bron So I think it's

1151
00:47:37,560 --> 00:47:39,480
Speaker 2: for me. It's about the education, right.

1152
00:47:39,480 --> 00:47:41,400
Speaker 9: I mean, control is control is great, but at the

1153
00:47:41,480 --> 00:47:42,759
Speaker 9: end of the day, like I was mentioned, I was

1154
00:47:42,800 --> 00:47:44,840
Speaker 9: talking to this lady on the plane who has adult children,

1155
00:47:44,840 --> 00:47:48,000
Speaker 9: and she was just like, your kids are gonna be

1156
00:47:48,040 --> 00:47:50,920
Speaker 9: your kid. You can only do so much right in

1157
00:47:51,000 --> 00:47:53,399
Speaker 9: my opinion, you know, with the first eighteen years of life,

1158
00:47:53,440 --> 00:47:55,160
Speaker 9: if you did what you were supposed to do, they're

1159
00:47:55,160 --> 00:47:57,319
Speaker 9: gonna take what they're supposed to take and they gonna

1160
00:47:57,320 --> 00:47:59,000
Speaker 9: do what they want to do. So I'm personally I

1161
00:47:59,520 --> 00:48:02,040
Speaker 9: don't need control, at least me personally beyond the age

1162
00:48:02,040 --> 00:48:02,440
Speaker 9: of eighteen.

1163
00:48:03,200 --> 00:48:05,719
Speaker 8: Yeah, And one of my favorite strategies that I don't

1164
00:48:05,719 --> 00:48:09,400
Speaker 8: think enough people utilize is hiring their kids into their business.

1165
00:48:10,400 --> 00:48:13,200
Speaker 8: What most people do is they make money, they pay

1166
00:48:13,280 --> 00:48:15,439
Speaker 8: taxes on that money, and then they pay their kids,

1167
00:48:16,080 --> 00:48:18,319
Speaker 8: which is okay, it's a good start, but I think

1168
00:48:18,360 --> 00:48:18,560
Speaker 8: it's a.

1169
00:48:18,560 --> 00:48:19,080
Speaker 2: Better way to do it.

1170
00:48:19,200 --> 00:48:22,319
Speaker 8: You make money first, then you hire your kids into

1171
00:48:22,360 --> 00:48:24,680
Speaker 8: your business, and when you do this, you're able to

1172
00:48:24,719 --> 00:48:26,160
Speaker 8: pay each of your kids. I'm sure I'll have to

1173
00:48:26,200 --> 00:48:28,600
Speaker 8: hurt this before up to fourteen thousand, six hundred dollars

1174
00:48:28,640 --> 00:48:33,320
Speaker 8: each per child, and your business receives the fourteen thousand

1175
00:48:33,320 --> 00:48:36,040
Speaker 8: dollars tax deductions if you pay anybody else, and your

1176
00:48:36,120 --> 00:48:38,680
Speaker 8: kids can receive this fourteen thousand, six hundred dollars tax

1177
00:48:38,760 --> 00:48:41,759
Speaker 8: free because the standard deduction wipes out their income. They

1178
00:48:41,800 --> 00:48:43,360
Speaker 8: don't have to file a tax return, you don't have

1179
00:48:43,400 --> 00:48:44,799
Speaker 8: to send UMBER ten ninety nine, you have to send

1180
00:48:44,800 --> 00:48:45,319
Speaker 8: in W two.

1181
00:48:45,520 --> 00:48:45,920
Speaker 2: None of that.

1182
00:48:46,239 --> 00:48:49,200
Speaker 8: They get that fourteen thousand dollars tax free. And then

1183
00:48:49,760 --> 00:48:52,120
Speaker 8: if I were you, they don't, I would take seven

1184
00:48:52,200 --> 00:48:54,440
Speaker 8: thousand of that fourteen thousand and put it into a

1185
00:48:54,520 --> 00:48:56,719
Speaker 8: roth ira for them because they probably need all the

1186
00:48:56,760 --> 00:48:59,480
Speaker 8: money right now. And if you do this from when

1187
00:48:59,520 --> 00:49:02,319
Speaker 8: your kids age I recommend, don't you know you can

1188
00:49:02,360 --> 00:49:04,359
Speaker 8: start hiring your kids in your business at their eighty

1189
00:49:04,400 --> 00:49:06,759
Speaker 8: seven because that's when they can actually do work, you know,

1190
00:49:06,960 --> 00:49:08,880
Speaker 8: answer the phones, clean up the office, stuff like that.

1191
00:49:09,280 --> 00:49:10,839
Speaker 8: If you do this from when your kids at age

1192
00:49:10,920 --> 00:49:13,520
Speaker 8: seven to when you're kids at age seventeen, that's the

1193
00:49:13,520 --> 00:49:15,880
Speaker 8: cut off for hiring your kids into your business. They

1194
00:49:15,920 --> 00:49:18,000
Speaker 8: will have about one hundred and thirty one hundred and

1195
00:49:18,040 --> 00:49:20,440
Speaker 8: forty thousand dollars of tax free money in their rob ira.

1196
00:49:20,920 --> 00:49:22,239
Speaker 2: Not to mention you.

1197
00:49:22,760 --> 00:49:24,680
Speaker 8: They've been learning from you as a boss for the

1198
00:49:24,800 --> 00:49:27,239
Speaker 8: last ten years. So not only are you teaching them,

1199
00:49:27,360 --> 00:49:29,120
Speaker 8: are you paying them for their work, but you're teaching

1200
00:49:29,160 --> 00:49:31,799
Speaker 8: them entrepreneur skills at the same time. So I think

1201
00:49:31,840 --> 00:49:34,200
Speaker 8: this is a great way to save money or taxes

1202
00:49:34,239 --> 00:49:36,319
Speaker 8: in your business, pass down tax free well to your

1203
00:49:36,400 --> 00:49:39,040
Speaker 8: kids and help them get a head start on entrepreneurship

1204
00:49:39,680 --> 00:49:41,640
Speaker 8: at the same time. And I think that more people

1205
00:49:41,719 --> 00:49:44,440
Speaker 8: should take advantage of, you know, hiring their kids and

1206
00:49:44,440 --> 00:49:46,560
Speaker 8: their business and giving them the rupes supervaluable.

1207
00:49:46,560 --> 00:49:48,760
Speaker 4: At seventeen, they're probably going to make the biggest financial

1208
00:49:48,800 --> 00:49:51,279
Speaker 4: decision other than buying a house, which is am I

1209
00:49:51,360 --> 00:49:51,879
Speaker 4: going to school?

1210
00:49:51,960 --> 00:49:53,239
Speaker 2: Yeah? And now you get your own money to make

1211
00:49:53,280 --> 00:49:54,919
Speaker 2: that decision. True now because you can.

1212
00:49:54,800 --> 00:49:56,279
Speaker 8: Go to school on my time for one hundred thousand

1213
00:49:56,280 --> 00:49:58,040
Speaker 8: But no, no, you got one hundred and twenty thousand dollars.

1214
00:49:58,280 --> 00:50:00,560
Speaker 8: You can use that for college or what what I'll

1215
00:50:00,600 --> 00:50:02,640
Speaker 8: plan to do for my kids. I would say like this,

1216
00:50:02,800 --> 00:50:04,520
Speaker 8: this is the c capital you need for your business.

1217
00:50:04,840 --> 00:50:08,160
Speaker 8: We don't need to go find outside funding or find investors.

1218
00:50:08,200 --> 00:50:11,200
Speaker 8: You have one hundred thousand dollars to put towards that business.

1219
00:50:11,239 --> 00:50:11,479
Speaker 2: Idea.

1220
00:50:11,560 --> 00:50:13,640
Speaker 8: I'll be the CFO of the company. I'll help you

1221
00:50:13,760 --> 00:50:15,560
Speaker 8: to put the money into your business. But I want

1222
00:50:15,600 --> 00:50:18,080
Speaker 8: my kids to have options on what they want to

1223
00:50:18,120 --> 00:50:20,320
Speaker 8: do instead. It happened to take the tradition around.

1224
00:50:20,920 --> 00:50:23,160
Speaker 2: So what's the conversion that you can find twenty nine

1225
00:50:23,160 --> 00:50:23,560
Speaker 2: to a row?

1226
00:50:23,760 --> 00:50:25,960
Speaker 8: Oh yeah, So with the five to twenty nine plan,

1227
00:50:26,400 --> 00:50:28,640
Speaker 8: the problem that I used to have with it is

1228
00:50:28,680 --> 00:50:31,320
Speaker 8: that that money needs to be used for college or

1229
00:50:31,400 --> 00:50:33,280
Speaker 8: you or you have to pay taxes on the earnings

1230
00:50:33,320 --> 00:50:36,720
Speaker 8: from that money. And let's face it, you know, eighteen

1231
00:50:36,800 --> 00:50:39,200
Speaker 8: years from now, like college might be less of a

1232
00:50:39,280 --> 00:50:41,880
Speaker 8: thing than it already is today, and so if they

1233
00:50:41,920 --> 00:50:43,200
Speaker 8: don't want to go to college, then you have to

1234
00:50:43,239 --> 00:50:45,360
Speaker 8: now pay taxes on that money. But the rule is

1235
00:50:45,520 --> 00:50:48,160
Speaker 8: today you can convert I believe it's up to thirty

1236
00:50:48,200 --> 00:50:51,640
Speaker 8: six thousand dollars of five to twenty nine money into

1237
00:50:51,840 --> 00:50:54,800
Speaker 8: a roth ira and not have to pay any taxes

1238
00:50:54,840 --> 00:50:57,080
Speaker 8: on there. So like if your kids at eighteen say hey,

1239
00:50:57,080 --> 00:50:59,200
Speaker 8: I want to go to college, you can convert that

1240
00:50:59,680 --> 00:51:01,680
Speaker 8: money to a wroth ira and they could continue to

1241
00:51:01,760 --> 00:51:06,719
Speaker 8: grow tax free, which is a huge flexibility option for

1242
00:51:06,840 --> 00:51:08,719
Speaker 8: kids now. So now five between one plans like Hey,

1243
00:51:08,719 --> 00:51:09,759
Speaker 8: if you don't want to go if you don't want

1244
00:51:09,760 --> 00:51:11,719
Speaker 8: to go to college, I can either change the name

1245
00:51:11,800 --> 00:51:13,719
Speaker 8: to another child, or I can convert it to a

1246
00:51:13,800 --> 00:51:16,399
Speaker 8: wroth Ira and they could continue growing tax free forever,

1247
00:51:17,680 --> 00:51:18,560
Speaker 8: which is pretty big.

1248
00:51:18,680 --> 00:51:18,839
Speaker 7: Yeah.

1249
00:51:19,000 --> 00:51:22,239
Speaker 4: And so this is I mean amazing information. One of

1250
00:51:22,239 --> 00:51:25,920
Speaker 4: the things that people always ask us about is asset allocation, right,

1251
00:51:26,000 --> 00:51:28,360
Speaker 4: and so in order to do these things, to have

1252
00:51:28,520 --> 00:51:30,799
Speaker 4: these strategies, they have to know how to spend, how

1253
00:51:30,840 --> 00:51:34,600
Speaker 4: to say where they put. So what is the recommended percentages?

1254
00:51:35,440 --> 00:51:37,960
Speaker 4: I guess the case the case, but just an overarching

1255
00:51:38,040 --> 00:51:40,239
Speaker 4: theme of what asset allocation will look like.

1256
00:51:40,320 --> 00:51:42,520
Speaker 2: Yeah, even just even just even cash flow personal finance.

1257
00:51:42,880 --> 00:51:45,440
Speaker 9: Yeah, so I mean, just to your point, depend on

1258
00:51:45,480 --> 00:51:46,719
Speaker 9: how much money you make, do you think you need

1259
00:51:46,760 --> 00:51:48,279
Speaker 9: to be paying yourself fifty percent of that for like,

1260
00:51:49,000 --> 00:51:51,560
Speaker 9: for general expenses, But the average person, I would say,

1261
00:51:51,680 --> 00:51:55,520
Speaker 9: let's keep your necessities, right, You're you're housing your cars,

1262
00:51:55,680 --> 00:52:00,239
Speaker 9: all that stuff, builds utilities, but ideally around fifth but

1263
00:52:00,320 --> 00:52:02,640
Speaker 9: no more than sixty percent, right, Like, between that fifty

1264
00:52:02,680 --> 00:52:04,640
Speaker 9: to sixty percent range is pretty decent.

1265
00:52:05,440 --> 00:52:09,040
Speaker 2: Then fifteen to twenty percent of your money.

1266
00:52:08,880 --> 00:52:11,759
Speaker 9: For like your you know, your you're once right, being

1267
00:52:11,800 --> 00:52:15,080
Speaker 9: able to travel, dining out, entertainment like those things that

1268
00:52:15,120 --> 00:52:18,320
Speaker 9: could be very variable, right, and then another fifteen to

1269
00:52:18,400 --> 00:52:22,319
Speaker 9: twenty percent for allocated for investing. Now as your income increases, right,

1270
00:52:22,400 --> 00:52:24,080
Speaker 9: we want those percentages to flip.

1271
00:52:24,480 --> 00:52:24,600
Speaker 2: Right.

1272
00:52:25,040 --> 00:52:27,640
Speaker 9: So for example, like you know, they said the average

1273
00:52:27,680 --> 00:52:29,600
Speaker 9: retirement age is sixty five, but when you really do

1274
00:52:29,640 --> 00:52:31,479
Speaker 9: the math, reason why the average retirement age is sixty

1275
00:52:31,520 --> 00:52:33,960
Speaker 9: five is because the average person makes fifty thousand dollars

1276
00:52:33,960 --> 00:52:36,239
Speaker 9: in the United States, right, meaning they did everything right,

1277
00:52:36,280 --> 00:52:39,160
Speaker 9: they can maybe allocate ten percent towards investing in saving,

1278
00:52:39,200 --> 00:52:41,080
Speaker 9: which means that's gonna take them thirty plus years to

1279
00:52:41,080 --> 00:52:43,200
Speaker 9: accumulate a million dollar nest egg. But if you make

1280
00:52:43,520 --> 00:52:45,560
Speaker 9: one hundred thousand dollars, you've doubled your income. And if

1281
00:52:45,560 --> 00:52:47,360
Speaker 9: you just doubled your savings rate from ten percent to

1282
00:52:47,400 --> 00:52:49,160
Speaker 9: twenty percent, now you can put away.

1283
00:52:49,040 --> 00:52:50,080
Speaker 2: Four times more money.

1284
00:52:50,440 --> 00:52:50,600
Speaker 3: Right.

1285
00:52:50,680 --> 00:52:52,880
Speaker 9: So I think one of the keys is as your

1286
00:52:52,960 --> 00:52:56,920
Speaker 9: income increases, strategically increasing your savings rate. Because here's the thing,

1287
00:52:57,400 --> 00:53:00,520
Speaker 9: even if your lifestyle does increase as you make more money,

1288
00:53:00,800 --> 00:53:03,200
Speaker 9: as long as you've increase your savings rate, you're always

1289
00:53:03,239 --> 00:53:06,040
Speaker 9: guaranteeing and banking banking in the fact that I'm now

1290
00:53:06,120 --> 00:53:09,279
Speaker 9: going to increase my investing as well. But to start out,

1291
00:53:09,320 --> 00:53:11,880
Speaker 9: I think those are great percentages. But as your income increases,

1292
00:53:12,400 --> 00:53:14,920
Speaker 9: I think you know, of anything above six figures, I

1293
00:53:14,960 --> 00:53:16,719
Speaker 9: would try to get that. I would try to get

1294
00:53:16,719 --> 00:53:19,560
Speaker 9: those necessities down to like closer to fifty percent, maybe

1295
00:53:19,560 --> 00:53:22,680
Speaker 9: even less, and then continue to increase these saving and

1296
00:53:22,760 --> 00:53:24,880
Speaker 9: investing allocation so that you can just get to your

1297
00:53:24,920 --> 00:53:25,439
Speaker 9: target faster.

1298
00:53:25,560 --> 00:53:27,359
Speaker 2: Because retirement has nothing to do with age. It has

1299
00:53:27,400 --> 00:53:29,160
Speaker 2: everything to do with assets. It's a number.

1300
00:53:29,719 --> 00:53:31,759
Speaker 9: You don't have to be sixty five, right, It's like, oh,

1301
00:53:31,800 --> 00:53:34,480
Speaker 9: I got a target, Now this is the number. How

1302
00:53:34,560 --> 00:53:36,920
Speaker 9: can I get there as fast as possible? You get

1303
00:53:36,960 --> 00:53:38,680
Speaker 9: there as fast as possible while being a good steward

1304
00:53:38,719 --> 00:53:39,440
Speaker 9: over your finances.

1305
00:53:39,920 --> 00:53:42,080
Speaker 8: How do we get tricked into thinking that sixty five

1306
00:53:42,280 --> 00:53:44,640
Speaker 8: is like now I want to do whatever I want

1307
00:53:44,680 --> 00:53:46,480
Speaker 8: to do in life, like you know, like my knees

1308
00:53:46,520 --> 00:53:48,880
Speaker 8: barely work like like So we always tell our clients, like,

1309
00:53:49,160 --> 00:53:51,040
Speaker 8: retirement is not an age, It is a number.

1310
00:53:51,120 --> 00:53:53,799
Speaker 2: The faster we get you there, the faster you can

1311
00:53:53,920 --> 00:53:55,040
Speaker 2: like do whatever you want.

1312
00:53:55,160 --> 00:53:58,279
Speaker 8: So it's about more, you know, financial freedom than it

1313
00:53:58,400 --> 00:54:01,400
Speaker 8: is about retirement, because it's just like, how when at

1314
00:54:01,440 --> 00:54:03,920
Speaker 8: what point do I have enough money when my investments

1315
00:54:03,960 --> 00:54:06,279
Speaker 8: can pay me out to lift my lifestyle. And at

1316
00:54:06,280 --> 00:54:07,839
Speaker 8: that number, if you want to stop working, stop working.

1317
00:54:07,880 --> 00:54:10,080
Speaker 8: But I just think that we as a people, as

1318
00:54:10,120 --> 00:54:12,160
Speaker 8: a coach, you need to get away from that sixty

1319
00:54:12,200 --> 00:54:13,399
Speaker 8: five and now I can live my life.

1320
00:54:13,480 --> 00:54:15,680
Speaker 7: Life is meant to You're meant to do more than that.

1321
00:54:16,120 --> 00:54:19,560
Speaker 7: So what's the process. Somebody comes into your office? Yep,

1322
00:54:20,080 --> 00:54:21,080
Speaker 7: you guys in Atlanta, right.

1323
00:54:21,520 --> 00:54:23,200
Speaker 9: No, Actually, we used to, like y'all do a lot

1324
00:54:23,200 --> 00:54:25,000
Speaker 9: of stuff in Atlanta, but now we're I'm actually based

1325
00:54:25,000 --> 00:54:27,439
Speaker 9: in Charlotte, North Carolina, and we're both moving to Dallas.

1326
00:54:27,480 --> 00:54:29,879
Speaker 2: Actually next month the office is gonna be in Dallas.

1327
00:54:30,040 --> 00:54:31,040
Speaker 2: It's gonna be in Dallas. Yeah.

1328
00:54:31,080 --> 00:54:31,959
Speaker 3: We just in in Dallas.

1329
00:54:32,280 --> 00:54:33,640
Speaker 2: Work come back often.

1330
00:54:33,880 --> 00:54:34,640
Speaker 3: Yeah, we go be there.

1331
00:54:34,680 --> 00:54:37,439
Speaker 2: We go in Atlanta City for your hospitality. You're still

1332
00:54:37,440 --> 00:54:39,840
Speaker 2: in Chicago right now. No, I actually been living in

1333
00:54:39,840 --> 00:54:42,160
Speaker 2: a meta jine for like a year and a half. Columbia, Columbia.

1334
00:54:42,239 --> 00:54:44,480
Speaker 3: Yeah, we didn't think that was going on.

1335
00:54:44,680 --> 00:54:46,840
Speaker 2: Yeah yeah, yeah, yeah. Deficit?

1336
00:54:47,600 --> 00:54:48,120
Speaker 3: What state is that?

1337
00:54:52,280 --> 00:54:54,600
Speaker 8: So the first question I get is is it for

1338
00:54:54,680 --> 00:54:56,799
Speaker 8: tax purposes, And the answer is no, because the US

1339
00:54:56,920 --> 00:54:58,960
Speaker 8: is on the US based tax system, so the longest

1340
00:54:59,280 --> 00:55:01,759
Speaker 8: on a reddit resident based tax system. So as long

1341
00:55:01,800 --> 00:55:04,400
Speaker 8: as you are a US resident, you pay US taxes

1342
00:55:04,520 --> 00:55:06,840
Speaker 8: unless you live in Puerto Rico and that's a different conversation.

1343
00:55:07,719 --> 00:55:09,120
Speaker 2: But I just want to get good at Spanish and

1344
00:55:09,200 --> 00:55:12,160
Speaker 2: learn how to dance. Also, so I had a better answer,

1345
00:55:12,440 --> 00:55:16,319
Speaker 2: how so how do you stay out there? Well, I've

1346
00:55:16,320 --> 00:55:18,120
Speaker 2: been living out there for about a year and a half.

1347
00:55:18,320 --> 00:55:19,600
Speaker 2: I mean you do like months at a time.

1348
00:55:19,960 --> 00:55:21,960
Speaker 8: Yeah, I'll come back for events and things like that,

1349
00:55:22,040 --> 00:55:25,520
Speaker 8: client events like that. But yeah, we're we're we're playing

1350
00:55:25,600 --> 00:55:27,840
Speaker 8: our flag in Dallas because you know, we built this

1351
00:55:28,080 --> 00:55:30,960
Speaker 8: business this big from two different states to different countries.

1352
00:55:31,000 --> 00:55:33,000
Speaker 2: Imagine how far we can grow it living in the

1353
00:55:33,040 --> 00:55:33,439
Speaker 2: same city.

1354
00:55:33,520 --> 00:55:36,040
Speaker 7: So somebody, if somebody's working with you guys, Now, how

1355
00:55:36,080 --> 00:55:39,000
Speaker 7: does that's virtual? I mean for the most part, yeah,

1356
00:55:39,080 --> 00:55:42,359
Speaker 7: virtually like a zoom meeting and you do everything. It's

1357
00:55:42,440 --> 00:55:43,839
Speaker 7: not like a lot of in person stuff.

1358
00:55:43,960 --> 00:55:45,759
Speaker 9: Now we have we have three in person events a

1359
00:55:45,880 --> 00:55:47,239
Speaker 9: year and we do like regional meet ups. How we

1360
00:55:47,280 --> 00:55:49,640
Speaker 9: did was actually last night, But yeah, we have three

1361
00:55:49,680 --> 00:55:52,279
Speaker 9: in person events a year. Client for filming events to

1362
00:55:52,400 --> 00:55:54,800
Speaker 9: give this opportunity to connect. But like it kind of

1363
00:55:54,880 --> 00:55:57,160
Speaker 9: was a happy accent, Like before COVID even happened, I

1364
00:55:57,360 --> 00:55:59,080
Speaker 9: had I still have office, I don't really use it.

1365
00:55:59,760 --> 00:56:02,000
Speaker 9: I said, I wanted to be able to do more

1366
00:56:02,080 --> 00:56:04,240
Speaker 9: stuff versus I want to serve clients all across the country.

1367
00:56:05,000 --> 00:56:06,160
Speaker 2: And so we went virtual.

1368
00:56:06,760 --> 00:56:08,560
Speaker 9: And so like we don't have people just you know,

1369
00:56:08,640 --> 00:56:11,399
Speaker 9: walking our office, you know, anymore. From from that vantage point,

1370
00:56:11,840 --> 00:56:14,239
Speaker 9: all the you know, intake calls is virtual. All of

1371
00:56:14,320 --> 00:56:16,840
Speaker 9: the you know, servicing calls are virtual. And then we

1372
00:56:16,920 --> 00:56:20,399
Speaker 9: do meet in person periodically when we do in person experiences. Yeah,

1373
00:56:20,880 --> 00:56:25,560
Speaker 9: what's Wealth Weekend? Wealth Weekend? Wealth Weekend is our anchor,

1374
00:56:25,600 --> 00:56:29,600
Speaker 9: it's our flagship event. And basically it's an event. This

1375
00:56:29,640 --> 00:56:31,319
Speaker 9: is kind of three parts. So one the first day

1376
00:56:31,320 --> 00:56:33,640
Speaker 9: as a conference, right educational conference. You know, we have

1377
00:56:33,960 --> 00:56:35,600
Speaker 9: have a bunch of heavy here to speakers. Hopefully we

1378
00:56:35,600 --> 00:56:36,720
Speaker 9: can get you out there next year.

1379
00:56:38,760 --> 00:56:41,359
Speaker 2: In Atlanta and maybe we're moving to Downas at some point,

1380
00:56:41,440 --> 00:56:42,840
Speaker 2: but you know, it'll probably be in Atlanta for the

1381
00:56:42,880 --> 00:56:45,359
Speaker 2: same reason I have a vest Best in Atlanta every year. Yeah,

1382
00:56:45,560 --> 00:56:46,600
Speaker 2: it's just easier that way.

1383
00:56:47,400 --> 00:56:49,680
Speaker 3: It turns out man just trying to write copy man

1384
00:56:50,840 --> 00:56:52,479
Speaker 3: exactly for sure.

1385
00:56:53,000 --> 00:56:55,680
Speaker 9: So it starts out with an educational conference and then

1386
00:56:56,480 --> 00:56:58,200
Speaker 9: we have a mixer that evening, right so after you know,

1387
00:56:58,239 --> 00:56:59,680
Speaker 9: you learn a bunch of stuff, getting a chance to

1388
00:56:59,719 --> 00:57:02,600
Speaker 9: likenect with other people, we have a mix of that evening,

1389
00:57:02,600 --> 00:57:04,680
Speaker 9: and then the next day we have a philanthropic event

1390
00:57:04,760 --> 00:57:06,279
Speaker 9: that morning. We didn't talk much about it, but we

1391
00:57:06,360 --> 00:57:09,360
Speaker 9: do have a foundation as well, the Meloni Money Foundation.

1392
00:57:09,920 --> 00:57:10,160
Speaker 2: Uh that.

1393
00:57:10,480 --> 00:57:12,759
Speaker 9: That foundation's mission is to help one hundred thousand people

1394
00:57:12,800 --> 00:57:15,120
Speaker 9: achieve economic stability, right, because you can't think about building

1395
00:57:15,160 --> 00:57:18,200
Speaker 9: wealth if you can't eat right. So and there, we

1396
00:57:18,280 --> 00:57:19,960
Speaker 9: really are just supporting a lot of other causes that

1397
00:57:20,000 --> 00:57:22,640
Speaker 9: are already doing great work. So whatever city we're in,

1398
00:57:23,040 --> 00:57:25,240
Speaker 9: we have our director find an opportunity for us to

1399
00:57:25,280 --> 00:57:28,040
Speaker 9: do something. This past year or this in July, we

1400
00:57:28,880 --> 00:57:31,040
Speaker 9: did a back to school drive. We stuffed like two

1401
00:57:31,200 --> 00:57:33,520
Speaker 9: hundred and fifty book bags with supplies all that jazz.

1402
00:57:34,040 --> 00:57:36,920
Speaker 9: So we do a philanthropy event Saturday morning. Saturday night,

1403
00:57:37,000 --> 00:57:38,720
Speaker 9: we have our award show, and then we have a

1404
00:57:38,760 --> 00:57:41,479
Speaker 9: sneaker ball after party after the uh.

1405
00:57:42,960 --> 00:57:46,080
Speaker 3: Saw the sinkerball. Oh yeah, man, yeah, it was I

1406
00:57:46,120 --> 00:57:47,400
Speaker 3: gotta represent for the sninker bleak.

1407
00:57:47,520 --> 00:57:51,240
Speaker 2: Yeah you got some heat. Yeah, Sunday we do it.

1408
00:57:51,280 --> 00:57:53,400
Speaker 9: We do a brunch kind of invite, the only situation

1409
00:57:53,480 --> 00:57:54,840
Speaker 9: we can just kind of connect with our peers.

1410
00:57:55,680 --> 00:57:58,960
Speaker 3: I mean it looked incredible. This is the second year.

1411
00:57:59,480 --> 00:58:00,840
Speaker 2: Yeah yeah, this second year.

1412
00:58:00,880 --> 00:58:02,920
Speaker 4: Yeah, I mean it looked incredible. Obviously mic was a

1413
00:58:03,400 --> 00:58:05,760
Speaker 4: dish out the mic with that all white suit.

1414
00:58:06,000 --> 00:58:08,360
Speaker 3: Yeah yeah yeah yeah, come looking better than us that

1415
00:58:08,400 --> 00:58:10,560
Speaker 3: I want to yeah yeah, yeh yeah, yeah, it looks incredible.

1416
00:58:10,960 --> 00:58:14,080
Speaker 4: And like I said, when you watch it just from

1417
00:58:14,360 --> 00:58:16,840
Speaker 4: our viewpoint, it was like, man, this is this is spectacular,

1418
00:58:17,200 --> 00:58:17,760
Speaker 4: this is dope.

1419
00:58:18,080 --> 00:58:20,560
Speaker 3: This is something that it gives people purpose.

1420
00:58:20,600 --> 00:58:23,000
Speaker 4: It's like, yeah, we're getting celebrated for doing something that

1421
00:58:23,200 --> 00:58:25,720
Speaker 4: has nothing to do with entertainment, has nothing to do

1422
00:58:25,800 --> 00:58:29,160
Speaker 4: with sports, has all to do with business, and that's unique.

1423
00:58:29,240 --> 00:58:30,440
Speaker 3: So congratulations on that.

1424
00:58:30,560 --> 00:58:32,640
Speaker 4: I want I want to talk about my health wealth

1425
00:58:33,640 --> 00:58:36,880
Speaker 4: right the website itself, because, like I said, people are

1426
00:58:37,000 --> 00:58:40,080
Speaker 4: being transparent on the front end. Are you finding that

1427
00:58:40,360 --> 00:58:42,920
Speaker 4: the clients are becoming more accountable and holding each other

1428
00:58:42,960 --> 00:58:44,400
Speaker 4: accountable in this process as well?

1429
00:58:45,040 --> 00:58:45,280
Speaker 3: Yeah?

1430
00:58:45,600 --> 00:58:47,800
Speaker 9: I think now, because the thing is they now know

1431
00:58:47,960 --> 00:58:49,720
Speaker 9: they have. They have a measuring stick, right, and you

1432
00:58:49,760 --> 00:58:50,400
Speaker 9: can't hit the target.

1433
00:58:50,480 --> 00:58:51,000
Speaker 2: You can't see.

1434
00:58:51,040 --> 00:58:52,840
Speaker 9: So the purpose of the wealth health assessment is like

1435
00:58:53,240 --> 00:58:54,760
Speaker 9: the same way if you go into a doctor's office,

1436
00:58:54,760 --> 00:58:56,840
Speaker 9: you wouldn't want the doctor to start prescribing you medication

1437
00:58:57,040 --> 00:58:58,680
Speaker 9: if they didn't know what was going on with you. Right,

1438
00:58:58,840 --> 00:59:01,120
Speaker 9: So it's just you should do this tax strategy, you

1439
00:59:01,120 --> 00:59:03,200
Speaker 9: should invest in this account, you should do this. We

1440
00:59:03,320 --> 00:59:05,560
Speaker 9: have an assessment that covers I would say, a pretty

1441
00:59:05,760 --> 00:59:08,400
Speaker 9: broad spectrum of the things that at least everybody should

1442
00:59:08,400 --> 00:59:10,400
Speaker 9: have addressed at some point in their financial journey, right,

1443
00:59:10,440 --> 00:59:12,280
Speaker 9: And we can then we quantify that with a score

1444
00:59:12,680 --> 00:59:15,320
Speaker 9: and we see, okay, well this person doesn't have an

1445
00:59:15,400 --> 00:59:18,360
Speaker 9: estate plan, they don't have disability insurance. They do have

1446
00:59:18,440 --> 00:59:21,000
Speaker 9: a retirement account, but don't have a row. We're able

1447
00:59:21,000 --> 00:59:23,280
Speaker 9: to like ask enough questions to figure out where you are.

1448
00:59:23,360 --> 00:59:25,600
Speaker 9: So that way we know not only where to prioritize

1449
00:59:25,640 --> 00:59:27,440
Speaker 9: our focus and how to help you, but you have

1450
00:59:27,480 --> 00:59:30,160
Speaker 9: awareness on what the gaps are and you become educated, oh,

1451
00:59:30,200 --> 00:59:31,720
Speaker 9: these are things I should even be thinking about.

1452
00:59:31,840 --> 00:59:31,920
Speaker 2: Right.

1453
00:59:31,960 --> 00:59:34,960
Speaker 9: And then what it also does I don't know what

1454
00:59:35,000 --> 00:59:37,720
Speaker 9: it is about human nature, but people just like to

1455
00:59:38,120 --> 00:59:39,800
Speaker 9: like to gamify things.

1456
00:59:39,880 --> 00:59:41,400
Speaker 2: Right, So it's like my score is a sixty four,

1457
00:59:41,600 --> 00:59:44,240
Speaker 2: Like I want to improve that score. So now they're like, no,

1458
00:59:44,680 --> 00:59:46,320
Speaker 2: what's the first thing I can do to improve my score?

1459
00:59:46,360 --> 00:59:48,600
Speaker 9: And they're seeing, you know, tactical things that they can

1460
00:59:48,640 --> 00:59:51,680
Speaker 9: do until your point from a community standpoint, like they're

1461
00:59:51,720 --> 00:59:53,720
Speaker 9: connecting with each other. Even at our meetup last night,

1462
00:59:53,960 --> 00:59:55,400
Speaker 9: this dude's I want to get in real estates. I'm

1463
00:59:55,400 --> 00:59:56,600
Speaker 9: about to buy multifamily over here.

1464
00:59:56,680 --> 00:59:57,200
Speaker 2: Just hit me up.

1465
00:59:57,200 --> 01:00:00,920
Speaker 9: They exchange contact information and now the community be right,

1466
01:00:01,120 --> 01:00:03,280
Speaker 9: is also helping each other because we don't if you're

1467
01:00:03,360 --> 01:00:05,480
Speaker 9: valuable to your business and your business is not valuable.

1468
01:00:05,760 --> 01:00:07,360
Speaker 2: Right. What I mean by that is it's great to

1469
01:00:07,400 --> 01:00:09,000
Speaker 2: be the face, it's great to be online. It's great

1470
01:00:09,000 --> 01:00:10,000
Speaker 2: for people to know who you are.

1471
01:00:10,520 --> 01:00:13,640
Speaker 9: But I'm sure that at some point, you know, Charles

1472
01:00:13,720 --> 01:00:15,840
Speaker 9: Wabbs was working at Charles wab But now you can't

1473
01:00:15,880 --> 01:00:17,960
Speaker 9: talk to Charles, right, It's not to say that Charles

1474
01:00:18,000 --> 01:00:20,800
Speaker 9: is untouchable. It's to say that Charles built a business

1475
01:00:20,840 --> 01:00:23,000
Speaker 9: that can sustain without him. Right, I'm pretty sure y'all

1476
01:00:23,000 --> 01:00:26,000
Speaker 9: want the Eyl name. Eyl name to live on, whether

1477
01:00:26,080 --> 01:00:27,880
Speaker 9: y'all are behind the mics or not right, and so

1478
01:00:27,960 --> 01:00:29,440
Speaker 9: we're just trying to do the same thing. And I

1479
01:00:29,480 --> 01:00:32,000
Speaker 9: think that starts with galvanizing the people to empower them,

1480
01:00:32,760 --> 01:00:35,440
Speaker 9: but also you know, giving them quantifiable ways to know like,

1481
01:00:35,480 --> 01:00:37,840
Speaker 9: all right, this is what success looks like. It's a

1482
01:00:37,920 --> 01:00:40,440
Speaker 9: clear path, it's a recipe. Whether it's coming from George

1483
01:00:40,520 --> 01:00:42,880
Speaker 9: or Carter whoever, I have a blueprint on what I

1484
01:00:42,960 --> 01:00:44,080
Speaker 9: need to do when I need to imploy it.

1485
01:00:44,200 --> 01:00:44,360
Speaker 2: Yeah.

1486
01:00:44,360 --> 01:00:45,680
Speaker 8: I think one of the dopest things that we notice

1487
01:00:45,680 --> 01:00:50,800
Speaker 8: in our client events people are bragging about their financial decisions.

1488
01:00:50,840 --> 01:00:52,840
Speaker 8: It's like, do I'm maxim my roth Ira already? Or

1489
01:00:52,880 --> 01:00:54,400
Speaker 8: I did that tax strategy? Not do I say one

1490
01:00:54,440 --> 01:00:56,680
Speaker 8: hundred thousand thousand taxes. And for the first time in

1491
01:00:56,800 --> 01:01:00,840
Speaker 8: my life, people are openly talking about their findinancial milestones,

1492
01:01:00,840 --> 01:01:03,720
Speaker 8: their financial decisions, their financial wins, which I think the

1493
01:01:03,880 --> 01:01:08,160
Speaker 8: reason why financial literalacy is so taboo and the black

1494
01:01:08,240 --> 01:01:11,160
Speaker 8: culture is in my opinion, due to embarrassment what they

1495
01:01:11,200 --> 01:01:14,440
Speaker 8: don't know. So we weren't allowed to talk about finances

1496
01:01:14,520 --> 01:01:16,800
Speaker 8: at my dinners table, not that it was a bad thing,

1497
01:01:17,000 --> 01:01:18,680
Speaker 8: my parents didn't know, so it made them ashamed. And

1498
01:01:18,720 --> 01:01:21,000
Speaker 8: they were ashamed, so they didn't want to talk about it.

1499
01:01:21,320 --> 01:01:22,960
Speaker 8: But now we have our client events and we have

1500
01:01:23,040 --> 01:01:25,400
Speaker 8: our client dinners, like people are openly talking about their

1501
01:01:25,440 --> 01:01:29,480
Speaker 8: financial milestones, openly talking about their financial wins because they're

1502
01:01:29,640 --> 01:01:33,000
Speaker 8: educated and there's no shame around not knowing about money.

1503
01:01:33,440 --> 01:01:35,600
Speaker 2: And I think if the more we educate.

1504
01:01:35,320 --> 01:01:37,800
Speaker 8: And the more we implement, we all love talking about

1505
01:01:37,840 --> 01:01:40,080
Speaker 8: stuff that we're good at, and then on the better

1506
01:01:40,120 --> 01:01:41,400
Speaker 8: we get with our money, the more we want to

1507
01:01:41,400 --> 01:01:42,920
Speaker 8: talk about and the more we talk about, the more

1508
01:01:42,920 --> 01:01:44,600
Speaker 8: we win as a culture, and the more we win

1509
01:01:44,640 --> 01:01:47,120
Speaker 8: as a community. So that's probably one of the things

1510
01:01:47,160 --> 01:01:49,520
Speaker 8: I love about our community the most is that people

1511
01:01:49,520 --> 01:01:52,800
Speaker 8: are bragging about their financial wins and it's not taboo anymore,

1512
01:01:53,160 --> 01:01:54,840
Speaker 8: and that helps them get to the next level faster.

1513
01:01:55,120 --> 01:01:57,520
Speaker 2: Facts, So, like, who's the ideal client for you guys?

1514
01:01:58,240 --> 01:02:03,720
Speaker 9: The ideal client is somebody who is an entrepreneur who's

1515
01:02:03,720 --> 01:02:04,959
Speaker 9: figured out the money making part.

1516
01:02:04,920 --> 01:02:06,720
Speaker 2: Right, like money, how much money should they be?

1517
01:02:07,360 --> 01:02:10,200
Speaker 9: I would say, no less than a hundred thousand, And

1518
01:02:10,400 --> 01:02:11,720
Speaker 9: we got something for people who make less than a

1519
01:02:11,760 --> 01:02:13,600
Speaker 9: hundred thousand as well, but which we can talk about.

1520
01:02:13,640 --> 01:02:15,760
Speaker 9: But no less than you know at least at least

1521
01:02:15,800 --> 01:02:17,360
Speaker 9: your first six figures, because then you got enough play

1522
01:02:17,400 --> 01:02:19,760
Speaker 9: to mold. Right, You got some some you know, opportunities

1523
01:02:19,800 --> 01:02:21,560
Speaker 9: and strategies you can take advantage of. But they they

1524
01:02:21,760 --> 01:02:23,680
Speaker 9: buy and large figured out the money making part. Sure,

1525
01:02:23,720 --> 01:02:26,120
Speaker 9: do they want to make more cool? There's enough coaches

1526
01:02:26,160 --> 01:02:28,080
Speaker 9: and people online talking about ways to make money. We

1527
01:02:28,080 --> 01:02:30,480
Speaker 9: don't need to feel that void, right, somebody who's an

1528
01:02:30,520 --> 01:02:34,040
Speaker 9: entrepreneur making at least six figures and has the desire

1529
01:02:34,120 --> 01:02:36,160
Speaker 9: to be an investor, right, because I think what we've

1530
01:02:36,320 --> 01:02:38,400
Speaker 9: seen as a gap is that people focus so much

1531
01:02:38,440 --> 01:02:40,400
Speaker 9: on the revenue, the top line revenue.

1532
01:02:40,400 --> 01:02:42,240
Speaker 2: They're not paying attention to the bottom line. They're not

1533
01:02:42,320 --> 01:02:44,920
Speaker 2: lining it's not equal bottom line, brother, They're.

1534
01:02:44,760 --> 01:02:47,080
Speaker 9: Not paying attention to like, how do I take chips

1535
01:02:47,120 --> 01:02:48,680
Speaker 9: off the table as the owner of this business to

1536
01:02:48,680 --> 01:02:50,840
Speaker 9: make sure I'm prioritizing my personal wealth Because at the

1537
01:02:50,920 --> 01:02:51,920
Speaker 9: end of the day, if I'm saying that this is

1538
01:02:52,040 --> 01:02:53,920
Speaker 9: up the right way, I'm an employee of the business

1539
01:02:53,960 --> 01:02:56,960
Speaker 9: that I own. Right, So, people who are ready to

1540
01:02:57,040 --> 01:03:00,680
Speaker 9: have somebody help them build their personal wealth right while

1541
01:03:00,680 --> 01:03:01,920
Speaker 9: they build are building their business.

1542
01:03:03,440 --> 01:03:10,280
Speaker 7: Okay, yeah, dope, man, You guys know a lot Mann.

1543
01:03:11,200 --> 01:03:12,160
Speaker 2: What's the name of the firm.

1544
01:03:12,880 --> 01:03:15,720
Speaker 9: Yeah, So capital Wise is the is the formal name

1545
01:03:15,800 --> 01:03:18,920
Speaker 9: of the firm, right that that we established. But we

1546
01:03:19,040 --> 01:03:21,160
Speaker 9: have a very unique hybrid structure where it's like a

1547
01:03:22,600 --> 01:03:26,680
Speaker 9: mastermind and the firm powers the implementation of the mastermind. Right,

1548
01:03:26,720 --> 01:03:28,080
Speaker 9: so we really don't have to talk about the firm

1549
01:03:28,120 --> 01:03:32,160
Speaker 9: anymore that much because Melon and Money Enterprises is our

1550
01:03:32,560 --> 01:03:35,200
Speaker 9: main entity and then when people come into the ecosystem

1551
01:03:35,240 --> 01:03:37,520
Speaker 9: of Melon in Money, we have this hybrid setup to

1552
01:03:37,560 --> 01:03:39,600
Speaker 9: where that's how we can serve so many clients where

1553
01:03:40,440 --> 01:03:42,200
Speaker 9: they can show up for advisor Q and a's where

1554
01:03:42,240 --> 01:03:44,720
Speaker 9: our cfps are answering their questions in real time on

1555
01:03:44,760 --> 01:03:47,640
Speaker 9: a weekly basis. They can schedule calls with their advisors,

1556
01:03:48,240 --> 01:03:50,040
Speaker 9: but they can also still learn because at the end

1557
01:03:50,040 --> 01:03:51,560
Speaker 9: of the day, do we want to keep our clients

1558
01:03:51,680 --> 01:03:54,280
Speaker 9: forever for the foreseeable future. Of course we do, but

1559
01:03:54,360 --> 01:03:56,680
Speaker 9: we also want to educate and empower people as well,

1560
01:03:56,880 --> 01:03:59,840
Speaker 9: and so the mastermind component was important for us to

1561
01:04:00,040 --> 01:04:03,520
Speaker 9: continue to provide people education and resources in different ways

1562
01:04:03,560 --> 01:04:06,120
Speaker 9: to expand their business along with expanding their wealth.

1563
01:04:06,200 --> 01:04:06,320
Speaker 2: Right.

1564
01:04:06,360 --> 01:04:09,080
Speaker 9: But capital Wise is the firm that implements all of

1565
01:04:09,160 --> 01:04:12,760
Speaker 9: the you know, financial planning, asset management, all that jazz

1566
01:04:13,000 --> 01:04:15,320
Speaker 9: and that powers our Melon money enterprises.

1567
01:04:14,960 --> 01:04:18,040
Speaker 8: And Brooks Alliance helps us with the tax planning thing

1568
01:04:18,280 --> 01:04:21,160
Speaker 8: or shout out to Hiquana Chaquana books on that. So

1569
01:04:21,320 --> 01:04:23,120
Speaker 8: we just we want to create an environment where our

1570
01:04:23,120 --> 01:04:25,560
Speaker 8: clients can still get educated and our clients get the

1571
01:04:25,560 --> 01:04:29,120
Speaker 8: implementation of the education as well, so that you know,

1572
01:04:29,200 --> 01:04:31,760
Speaker 8: it's a one stop shop for pretty much everything. And

1573
01:04:32,360 --> 01:04:33,600
Speaker 8: I don't know if y'all okay with this, but like

1574
01:04:33,680 --> 01:04:36,200
Speaker 8: we want to give your audience a free my wealth

1575
01:04:36,200 --> 01:04:38,520
Speaker 8: health assessment if they want to take advantage of it,

1576
01:04:38,720 --> 01:04:40,720
Speaker 8: just you know what I'm saying, just to get to

1577
01:04:40,760 --> 01:04:43,080
Speaker 8: earn this something because we understand that, you know, you

1578
01:04:43,240 --> 01:04:45,520
Speaker 8: are really really educate your audience on how to get

1579
01:04:45,520 --> 01:04:47,760
Speaker 8: to that next step financially, and we would love to

1580
01:04:47,840 --> 01:04:50,120
Speaker 8: show them where what the gaps are and then some

1581
01:04:50,280 --> 01:04:53,200
Speaker 8: ways that they can improve on their on their journey

1582
01:04:53,240 --> 01:04:54,040
Speaker 8: to financial freedom.

1583
01:04:54,360 --> 01:04:54,560
Speaker 2: Yeah.

1584
01:04:54,880 --> 01:04:58,760
Speaker 9: Essentially, what was what we're building now was like a

1585
01:04:58,880 --> 01:05:01,080
Speaker 9: fractional family office, right, Like our goal is to have

1586
01:05:01,240 --> 01:05:03,560
Speaker 9: all the pieces in place so that when it comes

1587
01:05:03,600 --> 01:05:05,120
Speaker 9: to if you need a real estate advisor, if you

1588
01:05:05,200 --> 01:05:06,720
Speaker 9: need if you're at a point where you're ready to

1589
01:05:06,720 --> 01:05:09,160
Speaker 9: exit your business, you need a business advisor for that. Like,

1590
01:05:09,280 --> 01:05:10,960
Speaker 9: we want to have all those pieces in place, and

1591
01:05:11,000 --> 01:05:13,840
Speaker 9: we have the referral partners for those people right now,

1592
01:05:13,920 --> 01:05:15,920
Speaker 9: but we want to make it more embedded so that

1593
01:05:16,040 --> 01:05:18,320
Speaker 9: whether you're starting, growing or scaling, we can see you

1594
01:05:18,440 --> 01:05:21,760
Speaker 9: all the way through that client journey, so that we

1595
01:05:21,760 --> 01:05:23,120
Speaker 9: can serve you at every level. And that's why we

1596
01:05:23,160 --> 01:05:25,080
Speaker 9: call our clients rich relatives because it's like we're trying

1597
01:05:25,080 --> 01:05:27,120
Speaker 9: to build a family office. But yeah, I mean because

1598
01:05:27,280 --> 01:05:29,560
Speaker 9: these are things that just like our culture doesn't get

1599
01:05:29,600 --> 01:05:31,640
Speaker 9: exposed to, Like you got to have fifty million dollars

1600
01:05:31,720 --> 01:05:35,040
Speaker 9: to have a conversation to entertain working with a family office.

1601
01:05:35,080 --> 01:05:36,360
Speaker 9: But at the end of the day, all it really

1602
01:05:36,440 --> 01:05:39,400
Speaker 9: means is you have a money team, right that's cohesive,

1603
01:05:39,480 --> 01:05:42,200
Speaker 9: this coordinated, that can help you make decisions without you

1604
01:05:42,320 --> 01:05:45,680
Speaker 9: having a wonder like is everybody operating your best interests?

1605
01:05:45,680 --> 01:05:47,240
Speaker 2: And that's our ultimate goal is to build it into

1606
01:05:47,240 --> 01:05:48,360
Speaker 2: a fractional family office.

1607
01:05:48,840 --> 01:05:50,960
Speaker 4: Yeah, I think that's even an educational piece right there,

1608
01:05:51,160 --> 01:05:54,200
Speaker 4: Like even for some people prior to maybe the past

1609
01:05:54,240 --> 01:05:56,280
Speaker 4: few years, understanding what a family office is. You want

1610
01:05:56,320 --> 01:05:59,439
Speaker 4: to just break that down. Some people literally will say, yeah,

1611
01:06:00,160 --> 01:06:01,360
Speaker 4: family works, Yeah.

1612
01:06:01,640 --> 01:06:04,920
Speaker 9: No, yeah, this is something that let's like no, like

1613
01:06:05,120 --> 01:06:09,160
Speaker 9: like literally you hire a financial team and their own

1614
01:06:09,240 --> 01:06:11,760
Speaker 9: like you're their only client, right, in a traditional financial

1615
01:06:11,800 --> 01:06:14,800
Speaker 9: family office standpoint right, And that means you have your attorneys,

1616
01:06:14,880 --> 01:06:18,360
Speaker 9: business attorneys, you have your family attorney, you have your

1617
01:06:18,480 --> 01:06:22,360
Speaker 9: investment advisor, your financial planner, a tax planner, tax attorney.

1618
01:06:22,880 --> 01:06:27,320
Speaker 9: Their only job is to maximize and preserve your wealth.

1619
01:06:27,160 --> 01:06:28,120
Speaker 2: Right, that's their only job.

1620
01:06:28,160 --> 01:06:30,520
Speaker 9: They don't have any other clients, right, And so the

1621
01:06:30,640 --> 01:06:32,760
Speaker 9: model is genius, right, But it's just like the way

1622
01:06:32,800 --> 01:06:34,080
Speaker 9: it's set up now, it's like if you don't got

1623
01:06:34,520 --> 01:06:36,560
Speaker 9: twenty five million, like you like it ain't it's nothing

1624
01:06:36,560 --> 01:06:38,520
Speaker 9: for us to do because that's you're the only clients, right.

1625
01:06:39,280 --> 01:06:41,320
Speaker 9: So setting up the ecosystem where you can still have

1626
01:06:41,520 --> 01:06:44,160
Speaker 9: the team that's coordinating all that for you, but not

1627
01:06:44,360 --> 01:06:47,000
Speaker 9: you don't have to have that much money, I think

1628
01:06:47,120 --> 01:06:49,200
Speaker 9: is as a great asset, and that's what we're aiming

1629
01:06:49,240 --> 01:06:49,560
Speaker 9: to build.

1630
01:06:49,760 --> 01:06:49,960
Speaker 3: Yeah.

1631
01:06:50,080 --> 01:06:52,640
Speaker 8: Yeah, and you want to have a financial team because

1632
01:06:52,720 --> 01:06:54,040
Speaker 8: like I think a lot of people think it's their

1633
01:06:54,120 --> 01:06:55,840
Speaker 8: job to know all this, Like is your job.

1634
01:06:55,760 --> 01:06:56,200
Speaker 2: To know about that?

1635
01:06:56,200 --> 01:06:58,000
Speaker 8: Accounting is your job to know about that investing you know,

1636
01:06:58,080 --> 01:06:59,480
Speaker 8: like you should have a team of people that are

1637
01:06:59,480 --> 01:07:03,320
Speaker 8: communicating on your behalf, so like do with your best

1638
01:07:03,360 --> 01:07:05,600
Speaker 8: at go make money for the business. And you have

1639
01:07:05,720 --> 01:07:07,760
Speaker 8: this team, the financial team on the back end is

1640
01:07:07,840 --> 01:07:10,320
Speaker 8: helping you preserve the wealth, help you minimize taxes, help

1641
01:07:10,360 --> 01:07:12,880
Speaker 8: you build generation to wealth and all those things. So

1642
01:07:13,040 --> 01:07:14,919
Speaker 8: that's what we're noticing with our clients. They're actually able

1643
01:07:14,960 --> 01:07:17,440
Speaker 8: to grow their business faster because they have they know

1644
01:07:17,560 --> 01:07:19,200
Speaker 8: that that we're taking care of everything on the back

1645
01:07:19,280 --> 01:07:21,800
Speaker 8: end from an investing in tax strategy standpoint.

1646
01:07:21,560 --> 01:07:24,120
Speaker 9: And they just have the clarity and the confidence right

1647
01:07:24,160 --> 01:07:26,680
Speaker 9: because it's like if you have a bunch of tabs

1648
01:07:26,720 --> 01:07:28,880
Speaker 9: open on your phone or your computer, like it's inherently

1649
01:07:28,920 --> 01:07:30,400
Speaker 9: going to run slower, right, And a lot of our

1650
01:07:30,440 --> 01:07:32,600
Speaker 9: clients they have all these things, this unfinished business in

1651
01:07:32,640 --> 01:07:34,400
Speaker 9: the back of their head, like I probably do need

1652
01:07:34,440 --> 01:07:37,160
Speaker 9: to redo that tax return for last year. I haven't

1653
01:07:37,160 --> 01:07:38,840
Speaker 9: fould tax or I haven't done this, I haven't done that,

1654
01:07:39,280 --> 01:07:41,600
Speaker 9: And they don't realize how that impacts their clarity as

1655
01:07:41,600 --> 01:07:43,800
Speaker 9: a business owner to really run and thrive because all

1656
01:07:43,840 --> 01:07:45,400
Speaker 9: that stuff is just running in the background. So when

1657
01:07:45,440 --> 01:07:46,760
Speaker 9: we come in with our team and say, hey, look,

1658
01:07:46,840 --> 01:07:48,920
Speaker 9: let's get this stuff in good order so you can

1659
01:07:48,960 --> 01:07:50,680
Speaker 9: operate in excellence and not have that stuff in the

1660
01:07:50,720 --> 01:07:52,840
Speaker 9: back of your mind. What we've seen is a lot

1661
01:07:52,840 --> 01:07:55,000
Speaker 9: of people are able to run even faster as entrepreneurs

1662
01:07:55,040 --> 01:07:56,880
Speaker 9: because they finally check those boxes.

1663
01:07:57,840 --> 01:08:00,520
Speaker 2: That's fine, man. So how can people find you? Guys?

1664
01:08:00,560 --> 01:08:02,160
Speaker 2: What's the website? All the information?

1665
01:08:02,960 --> 01:08:07,240
Speaker 9: Yeah, so Meiling the Money on all platforms, YouTube, Instagram.

1666
01:08:07,320 --> 01:08:09,120
Speaker 2: Of course you can follow us individually.

1667
01:08:09,240 --> 01:08:11,040
Speaker 9: I'm George Ahrimpaul jun you might want to put down

1668
01:08:11,040 --> 01:08:12,680
Speaker 9: the show notes on then my last name, yeah.

1669
01:08:14,920 --> 01:08:17,280
Speaker 8: Yeah, yeah, and for me this cope Field Underscore Advisor

1670
01:08:17,439 --> 01:08:19,599
Speaker 8: on Instagram, but Meiling the Money on all other social

1671
01:08:19,640 --> 01:08:21,760
Speaker 8: media platforms. And I think one of the best ways

1672
01:08:21,800 --> 01:08:24,160
Speaker 8: to tap in with us is to take advantage of

1673
01:08:24,280 --> 01:08:26,559
Speaker 8: the free My Wealth Health assessment, so again we can

1674
01:08:26,600 --> 01:08:28,720
Speaker 8: see where you are financially and we can give you

1675
01:08:28,760 --> 01:08:31,680
Speaker 8: recommendations on how to improve that score and what you

1676
01:08:31,800 --> 01:08:34,000
Speaker 8: need to do next. Because again a lot of people

1677
01:08:34,400 --> 01:08:36,639
Speaker 8: one of my favorite quotes is that you cannot teach

1678
01:08:36,880 --> 01:08:39,360
Speaker 8: what you do not know, and you cannot lead where

1679
01:08:39,400 --> 01:08:42,160
Speaker 8: you did not go. So you can't teach your kids

1680
01:08:42,240 --> 01:08:44,360
Speaker 8: by generational wealth if you haven't gotten there yet. You

1681
01:08:44,439 --> 01:08:46,519
Speaker 8: can't teach you about your kids about financial freedom if

1682
01:08:46,640 --> 01:08:49,040
Speaker 8: you haven't learned the financial literacy strategies to get there.

1683
01:08:49,200 --> 01:08:51,200
Speaker 2: So I think the more that we're educated, and the

1684
01:08:51,280 --> 01:08:53,200
Speaker 2: more that people are educated, the further their go.

1685
01:08:53,640 --> 01:08:56,280
Speaker 8: And that's our goal with you know, letting everybody take

1686
01:08:56,320 --> 01:08:59,120
Speaker 8: this assessments, they can know where they're going on their

1687
01:08:59,200 --> 01:09:00,479
Speaker 8: journey effects.

1688
01:09:00,560 --> 01:09:03,000
Speaker 3: I appreciate you brothers, Thank you guys.

1689
01:09:03,560 --> 01:09:05,479
Speaker 2: Thank you for having that to Columbia. I'm sure.

1690
01:09:05,640 --> 01:09:08,880
Speaker 3: Yeah, there's a plane that we need to come.

1691
01:09:10,720 --> 01:09:17,639
Speaker 2: That's a single man's game. Man, all right, God, thank

1692
01:09:17,640 --> 01:09:18,880
Speaker 2: you for rock us to see you next week.

1693
01:09:18,960 --> 01:09:19,160
Speaker 3: Peace.

1694
01:09:20,160 --> 01:09:23,760
Speaker 1: An illegal alien from Guatemala charged with raping a child

1695
01:09:23,840 --> 01:09:27,640
Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

1696
01:09:27,880 --> 01:09:32,000
Speaker 1: accused of murdering a Texas. Man of Venezuelan charged with

1697
01:09:32,080 --> 01:09:35,960
Speaker 1: filming and selling child pornography in Michigan. These are just

1698
01:09:36,080 --> 01:09:39,799
Speaker 1: some of the heinous migrant criminals caught because of President

1699
01:09:39,880 --> 01:09:43,400
Speaker 1: Donald J. Trump's leadership. I'm Christine Noman, the United States

1700
01:09:43,479 --> 01:09:48,240
Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border

1701
01:09:48,320 --> 01:09:51,800
Speaker 1: crossings are at the lowest levels ever recorded, and over

1702
01:09:51,920 --> 01:09:55,080
Speaker 1: one hundred thousand illegal aliens have been arrested. If you

1703
01:09:55,200 --> 01:09:59,000
Speaker 1: were here illegally, your next you will be fine nearly

1704
01:09:59,120 --> 01:10:03,080
Speaker 1: one thousand dollars a day, imprisoned, and deported. You will

1705
01:10:03,200 --> 01:10:03,920
Speaker 1: never return.

1706
01:10:04,280 --> 01:10:04,680
Speaker 2: But if you.

1707
01:10:04,800 --> 01:10:08,400
Speaker 1: Register using our CBP home app and leave now, you

1708
01:10:08,479 --> 01:10:12,680
Speaker 1: could be allowed to return legally. Do what's right, leave now.

1709
01:10:13,200 --> 01:10:17,960
Speaker 1: Under President Trump, America's laws, border and families will be protected.

1710
01:10:18,080 --> 01:10:20,200
Speaker 3: Sponsored by the United States Department of Homeland Security,