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Speaker 1: What's up. It's way up with Angela Yee. I'm Angela

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Speaker 1: Yee and y'all know I love talking about financial wellness

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Speaker 1: and things that we can do to help you out.

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Speaker 1: And now we have something really special for you guys today.

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Speaker 1: What we're going to talk about. We have Lindsay C.

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Speaker 1: Smith and Shaquana Brooks here hello, and we're going to

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Speaker 1: be talking about insurance, life insurance and also accounting your taxes,

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Speaker 1: different strategies you can use. And you ladies actually are

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Speaker 1: working in conjunction, in conjunction with each other. Yes, so

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Speaker 1: what is it that you're offering?

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Speaker 2: So you want to do that? Okay? So Lindsay and

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Speaker 2: I decided to put the pieces together for everyone. There's

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Speaker 2: always so much communication about taxes and wealth and building

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Speaker 2: a legacy and trust and all of these different things. Right,

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Speaker 2: so you have when you're thinking about wealth, you're thinking

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Speaker 2: about Okay, I see this person she or he does taxes,

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Speaker 2: Lindsay does insurance. This person is talking to me about trust.

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Speaker 2: This person's a financial advisor. Wait stop, how does it

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Speaker 2: all come together? And so Lindsay and I thought that

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Speaker 2: it would be good for us to have the conversation

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Speaker 2: together versus having the conversation separately, because the reality is

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Speaker 2: when people are getting introduced to all of this information,

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Speaker 2: they're still like, Okay, this information is great, but how

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Speaker 2: do I execute it? Who are the players that's going

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Speaker 2: to actually put it together for me? And so that's

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Speaker 2: what Lindsay and I are pretty much doing, just trying

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Speaker 2: to help people get to get to their future financial self,

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Speaker 2: but being able to connect the dots.

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Speaker 3: For them, and definitely also to make it simple for them,

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Speaker 3: because I think it's overwhelming when you hear all these

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Speaker 3: different pieces and you're trying to put them together. You're like,

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Speaker 3: where do I start? I don't know where to start.

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Speaker 3: So we're laying it out so that you know exactly

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Speaker 3: what piece you got to do first, what's the order,

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Speaker 3: how do you finish, how do you execute?

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Speaker 1: Who do we use?

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Speaker 3: So I think we're going to bring that to the

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Speaker 3: fore so that it can be easier for people to

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Speaker 3: actually execute.

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Speaker 1: Well, let's do a version of that today, because I

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Speaker 1: know you have free webinars every Thursday this month. That's

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Speaker 1: all I wanted to make sure I got y'all up here, yes,

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Speaker 1: you know, nice and earth well before the month ends,

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Speaker 1: because I heard about it, you know, kind of into February,

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Speaker 1: but I wanted to make sure that at least people

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Speaker 1: can catch you know, can catch this because we have

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Speaker 1: actually scale time. We have actually day this month too.

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Speaker 1: Oh yes, we do, all right. So I do want

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Speaker 1: to talk about where it's talk because even for myself,

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Speaker 1: somebody who you know, I think relatively, I do have

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Speaker 1: knowledge about finances. And one thing that I did, and

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Speaker 1: I did this maybe like I don't know, six or

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Speaker 1: seven years ago, I got life insurance for the first

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Speaker 1: time and that was something that I never had. But

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Speaker 1: it was also confusing for me because there are so

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Speaker 1: many different types of life insurance that you can get.

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Speaker 1: So maybe you can break that down for us. Absolutely.

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Speaker 3: The first thing about life insurance is I think a

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Speaker 3: lot of people, especially in our community, we stay away

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Speaker 3: from it because we don't understand it.

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Speaker 1: It goes over our head.

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Speaker 3: And like you said, the types, knowing what type do

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Speaker 3: I need, and even to know that it's not just

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Speaker 3: death insurance's life insurance. You can actually utilize it why

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Speaker 3: you're alive. And three of the biggest strategies that I

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Speaker 3: like to use are one to create that tax free

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Speaker 3: retirement income out of it, using that permanent coverage, that

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Speaker 3: universal life, that whole life, that builds cash value, that

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Speaker 3: allows you to create an income over time. Just think

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Speaker 3: for all the entrepreneurs and all people who have a

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Speaker 3: W two job that might not have a pension. They

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Speaker 3: may need a supplemental retirement, and why not have one

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Speaker 3: that can be tax free. So life insurance does that

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Speaker 3: for you, but people don't realize that.

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Speaker 1: And you can tap into that money also.

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Speaker 3: Okay, so you're able to actually take an income out

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Speaker 3: of the life insurance tax free, so that you can

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Speaker 3: have a retirement income. And then another opportunity you invest

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Speaker 3: in real estate. People can use it to invest in

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Speaker 3: real estate. If you purchase a universal life or a

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Speaker 3: whole life permanent policy, you can actually use the money

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Speaker 3: to something Shaquana did instead of using the money from

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Speaker 3: the bank, instead of using hard money, you actually can

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Speaker 3: borrow money from your policy use it. Let's say you

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Speaker 3: were doing a flip, and so now you'll take this money,

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Speaker 3: You'll pay for the down payment, you'll be able to

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Speaker 3: do your flip. If you need renovations, you can take

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Speaker 3: the money from your policy and now you don't have

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Speaker 3: to pay like a regular hard money.

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Speaker 2: You got to pay it back every month. You could

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Speaker 2: pay it back when the deal is over.

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Speaker 3: Usually in a real estate deal they say, oh, it's

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Speaker 3: gonna take three months, and so this.

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Speaker 1: Is the perfect three years exactly.

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Speaker 3: So this is a way that people can utilize the

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Speaker 3: life insurance to further their network.

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Speaker 1: What happens if you don't pay it back.

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Speaker 3: So if you don't pay it back when you pass away,

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Speaker 3: the money comes off the death benefit.

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Speaker 1: Okay, so you have until you die to pay it back. Absolutely.

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Speaker 1: What this is the thing. If the word to pay it.

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Speaker 3: Back, you can keep reusing it and you can use

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Speaker 3: it and it grows while you have the money out.

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Speaker 3: So the money is growing while you have money out

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Speaker 3: with your personal bank exactly. And so that's one of

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Speaker 3: the concepts. People always talk about becoming your own bank,

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Speaker 3: infinite banking. So this is something that you can utilize.

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Speaker 3: And the last thing is funding your business. Think about

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Speaker 3: a lot of small businesses. The bank's are not giving

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Speaker 3: you money for that you decide you want to start

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Speaker 3: selling here, the bank is not about to give you

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Speaker 3: one hundred thousand dollar loan. But imagine you had the policy.

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Speaker 3: I had a client who wanted to start a truck

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Speaker 3: in business.

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Speaker 1: He decided.

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Speaker 3: He was like, hey, lindsay, where can I get this

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Speaker 3: money from the bank won't give me the money. I'm like,

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Speaker 3: you have the money in your policy. He borrowed the money,

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Speaker 3: he brought a truck. After the truck was making money,

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Speaker 3: he paid it back. He brought another truck. So these

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Speaker 3: are some things that I think if we're able to

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Speaker 3: teach people how to use life insurance, how to understand it,

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Speaker 3: what types to get, then they're going to be able

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Speaker 3: to push forward in their financial goals.

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Speaker 1: See. I'm just thinking about how I'm rehabing this brownstone

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Speaker 1: and I'm running out of money. I'm like, maybe I

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Speaker 1: need to tie a policy.

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Speaker 3: Renovating my prim residents. And they told me it was

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Speaker 3: going to be one amount, and it was a total

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Speaker 3: different amount and ready for that?

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Speaker 2: Yes, yes, exactly, Yes, this is so important. So I

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Speaker 2: had no idea. I always thought about life insurance from

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Speaker 2: the aspect of death.

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Speaker 3: Right.

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Speaker 2: I want to make sure that nobody has to do

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Speaker 2: a fish fry for me. I like a fish fry

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Speaker 2: for a card game, not to raise money for a funeral. Right.

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Speaker 2: So I literally was like, Okay, I have to make

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Speaker 2: sure that I don't have children, but I'm like, no

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Speaker 2: one care.

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Speaker 1: Neither do I. And people you said, tell me you

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Speaker 1: don't need life insurance if you don't have children, But

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Speaker 1: that's so unsure.

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Speaker 2: That's so untrue. So I literally, you know, I'm a

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Speaker 2: business owner. So I said, you know what, Lindsay, I

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Speaker 2: need to be able to utilize life insurance. And this

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Speaker 2: is after her having the conversation with me, because when

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Speaker 2: I thought, I was just like, all right, I just

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Speaker 2: don't want nobody have to do, you know, raise no money,

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Speaker 2: no go fund means none of that stuff if something

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Speaker 2: were to happen to me. So she's like, you can

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Speaker 2: literally use life insurance to have a tax free retirement.

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Speaker 2: You know, I'm an accountant, so I'm like tax free.

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Speaker 2: I'm trying to avoid taxes at all cost. So I

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Speaker 2: created an IUL, got an IUL and I've been paying

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Speaker 2: into it. And I was presented with the real estate

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Speaker 2: opportunity and it was an option of do I go

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Speaker 2: to the bank, do I pull down on a line

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Speaker 2: of credit? What do I do? And Lindsay's like.

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Speaker 1: Girls.

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Speaker 2: That policy and I literally I needed thirty thousand dollars

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Speaker 2: for the investment. I withdrew the thirty thousand dollars from

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Speaker 2: my policy. Gave them the thirty thousand dollars and I

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Speaker 2: only had taken money from my four one K before

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Speaker 2: when I was an employee that you have to pay back.

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Speaker 2: So I'm like, well, when do I have to pay

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Speaker 2: it back? And how They're like, well, you don't technically

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Speaker 2: have to pay it back, right, you don't have to

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Speaker 2: pay it back, and there's no timeframe on when you

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Speaker 2: when you have to pay it back.

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Speaker 1: I was like, oh, this is see things people don't know.

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Speaker 1: That's it and you are like you said Shaquana a

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Speaker 1: sea pa, And that's important right now too, because I

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Speaker 1: feel like tax season is always upon us no matter what.

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Speaker 2: Yeah, tax season especially when you get to that space

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Speaker 2: where you're owing money. So if you're a business owner investor,

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Speaker 2: you're in space, right, so tax season, tax season is

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Speaker 2: always here. And I say all the time, like there's

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Speaker 2: definitely you as a business owner, You're like, okay, right

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Speaker 2: now for you, you're not so happy, right, People who are

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Speaker 2: getting refunds, they're like, it's refunded, stop, give me an extension.

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Speaker 2: So the thing now, this is technically tax tax paying season.

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Speaker 2: Right that April fifteenth, deadline is really the IRS saying

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Speaker 2: if you don't pay us by this time by.

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Speaker 1: Charging penalties, you will charge.

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Speaker 2: You interests and penalties. Right, So this is technically tax

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Speaker 2: paying season. The rest of the year is what we

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Speaker 2: call tax planning season. That's a time when you're supposed

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Speaker 2: to be strategizing, meeting with your accountants, really figuring out

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Speaker 2: like what can I do to lower my tax liability?

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Speaker 2: And I tell people this all the time, we cannot

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Speaker 2: and we have to get out of the mindset of

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Speaker 2: operating from January through April and only thinking about taxes

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Speaker 2: January through April, because you have to think about it

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Speaker 2: all year. And that was the reason why I even

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Speaker 2: started my company, because I grew up small business. My

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Speaker 2: dad owns restaurants throughout Brooklyn, and so I seen what

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Speaker 2: small business was. When I went corporate, I seen how

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Speaker 2: corporate approached taxes. So I was like, Okay, there's a

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Speaker 2: huge difference between how corporations are approaching taxes and how

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Speaker 2: small business and individuals are approaching taxes. And it's not

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Speaker 2: because of money. Most people like, oh, it's because of

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Speaker 2: their corporation they have so much money. No, it's their

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Speaker 2: mindset around taxes. They're looking at taxes all year round.

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Speaker 2: How can we lower this tax liability? What business can

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Speaker 2: we start? What investments can we do?

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Speaker 1: So the best thing to do in order to lower

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Speaker 1: your tax liability is to start a business. Or for

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Speaker 1: an individual Alexai, you're not a business owner and you

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Speaker 1: get a salary and you're like, all right, how can

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Speaker 1: I make sure I maximize my return? What types of

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Speaker 1: things can people do?

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Speaker 2: Absolutely? So, I am not going to sit here and

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Speaker 2: ever say there's a ton of options for business I

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Speaker 2: mean for W two employees, because there's not. The reality

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Speaker 2: is the government incentivized business owners and investors, and they

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Speaker 2: do that because business owners and investors stimulate the economy.

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Speaker 2: We are basically doing something that they need us to do.

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Speaker 2: They don't have enough resources to house everyone, to provide

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Speaker 2: all of the resources. So what they do is they

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Speaker 2: give us tax breaks, right because they need us to

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Speaker 2: do that. They need us to do those things. So,

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Speaker 2: if you are a W two employee, what I always

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Speaker 2: suggest is that hobby that you're doing for free, that

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Speaker 2: everyone's calling your phone for, you need to start charge

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Speaker 2: for it because under the IRIS code, your business just

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Speaker 2: needs you need to bring in some sort of income

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Speaker 2: and or it just needs to be one dollar. You

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Speaker 2: need to bring in one dollar in order to start, yes,

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Speaker 2: to start that business, to start that hobby. So what

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Speaker 2: I was saying was you only need to bring in

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Speaker 2: one dollar in order to start writing off these expenses. Right.

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Speaker 2: So as an example, I always tell people, be in

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Speaker 2: a W two employee, You make your money your tax

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Speaker 2: and you have to pay your bills. Less as a

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Speaker 2: business owner and investor, you get your money, you pay

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Speaker 2: your bills, and then you pay taxes on what's left.

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Speaker 2: And there's power in that, right, There's so much power

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Speaker 2: in that. So what we have to do is shift

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Speaker 2: our mindset. So if you're a W two employee, now

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Speaker 2: you start that hobby, you now turn it into a business.

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Speaker 2: Guess what your rent? You can now write a portion

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Speaker 2: of your rent off. That vehicle that you're driving, you

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Speaker 2: can now write that off. You can pay your children, right,

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Speaker 2: so everyone's work.

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Speaker 1: You can work. So part of your mortgage, your rent.

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Speaker 2: Yeah, you can bet that off. Your utilities, your insurance,

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Speaker 2: your property, taxes, all these things that technically you have

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Speaker 2: to figure out how you're going to pay with after

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Speaker 2: tax dollars. You can then say Okay, I'm going to

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Speaker 2: start this business. I'm going to now be able to

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Speaker 2: write off all of my major expenses.

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Speaker 1: Right.

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Speaker 2: I always say your kid, your car, your home, those

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Speaker 2: are most likely your three major expenses. People are always

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Speaker 2: also saying now food, right, They're like food off, yes, yes, yes,

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Speaker 2: So we'll talk about the electric car right off. That's

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Speaker 2: that's something that Lindsay took advantage of.

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Speaker 1: Okay, talk about that. So you got an electric vehicle.

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Speaker 3: So I just got one in December, and I have

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Speaker 3: been debating on it, and I spoke to Taquana and

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Speaker 3: I was like, listen, they given seventy five hundred.

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Speaker 1: I need that tax credit.

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Speaker 3: So basically, if you purchase a electric vehicle, you can

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Speaker 3: get seventy five hundred.

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Speaker 1: But because hybrid, no, no, okay, okay.

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Speaker 3: And it has to be it has to be new too,

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Speaker 3: because people were asking, yeah, the webinar yesterday, Yeah, it

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Speaker 3: has to be new. So because otherwise somebody already got

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Speaker 3: the tax credit. And so basically, when I purchased the car,

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Speaker 3: they gave me an option to receive a check for

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Speaker 3: seventy five hundred dollars or I can take it off

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Speaker 3: the price of the car and get my payments down.

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Speaker 3: I was like, I'll go ahead and take that right now.

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Speaker 1: Right right, so right now.

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Speaker 2: That's really good because originally they were not taking it

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Speaker 2: off the value of the vehicle. So basically just to

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Speaker 2: give backstory. But you guys, see how how Lindsay is

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Speaker 2: just talking so so fluently about this tax credit.

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Speaker 3: I'm ready for an electric she's not ready for electric cars.

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Speaker 1: I don't know. I want to, but it's hard because

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Speaker 1: of you know, having to be prepared to like plug

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Speaker 1: in and plugging.

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Speaker 3: Honestly, I feel like if you don't have a house

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Speaker 3: that has the plug in, don't set yourself up because

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Speaker 3: that's the issue right near you, your garage or someplace

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Speaker 3: where you can do that until because there's going to

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Speaker 3: be a lot of money and places that can.

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Speaker 1: Install those charges charging stations.

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Speaker 2: I'm just not there yet. I look at electric vehicles

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Speaker 2: like an iPhone, like I'm not trying to go sit

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Speaker 2: down and wait for my iPhone to charge.

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Speaker 1: You don't have an iPhone?

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Speaker 2: No, I do have an I say that I have

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Speaker 2: an Android im se iPhone. But that's how I look

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Speaker 2: at electric vehicles. I'm like, you want me to sit

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Speaker 2: here and charge this because I'm just.

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Speaker 1: A CPA that doesn't have an iPhone, right right, I phone,

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Speaker 1: I phone.

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Speaker 2: Okay, you can trust me, Okay, I phone.

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Speaker 1: Now, So let's talk about these free webinars. So what

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Speaker 1: type of information more people get and how can they

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Speaker 1: even sign up? Okay?

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Speaker 3: So basically there are four different webinars. Actually we're doing

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Speaker 3: eight because we have well four technically, ok yeah, we're doing.

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Speaker 1: And can you see it after it's all these questions?

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Speaker 1: Can you see it after it's done? Right? And then

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Speaker 1: how can people sign up? And then what are we

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Speaker 1: talking about?

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Speaker 2: You want me to do that? You go ahead and all right,

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Speaker 2: So we are doing four webinars at this point. We've

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Speaker 2: already done one more tomorrow. So in terms of the

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Speaker 2: when we're doing them, we're doing them every Thursday. In

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Speaker 2: terms of replays, replays are not available, so if you

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Speaker 2: are seeing this, make sure that you go and you register.

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Speaker 2: You will be able to just join for free. In

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Speaker 2: terms of the things that we're gonna be talking about,

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Speaker 2: we're gonna be talking about tax strategy. So I'll be,

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Speaker 2: of course given I'll be giving education on tax strategies

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Speaker 2: on how you can live tax free, what you can

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Speaker 2: implement because people aren't thinking about things from a tax

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Speaker 2: free perspective. Right, How you're writing off your travel, how

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Speaker 2: you're writing off them kids, how you're writing off that

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Speaker 2: view cool, your rent and everything else. Right, How people

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Speaker 2: are utilizing real estate so that way they are living

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Speaker 2: tax free. Real estate is the ultimate tax deduction, by

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Speaker 2: the way.

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Speaker 1: It's the ultimate.

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Speaker 2: Yes, helped me a lot, Yeah, it has, it has.

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Speaker 1: And then and then when you think about depreciation.

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Speaker 2: Appreciation is like my favorite.

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Speaker 3: Every year, I'm like, how much we're gonna take off

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Speaker 3: the ship because.

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Speaker 1: There's a lot of things we don't take advantage of.

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Speaker 1: If you are a homeowner, there are so many things

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Speaker 1: that you can do that you may not even know.

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Speaker 1: You know that's possible.

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Speaker 2: So absolutely I love depreciation. That is my favorite favorite

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Speaker 2: tax deduction. Whether it's depreciating your home or your vehicle,

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Speaker 2: or your laptop or your iPhone.

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Speaker 1: And me, don't realize that you that you can write.

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Speaker 2: You cannot appreciate your man. Wow, it's considered an asset.

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Speaker 1: I'm used to do that he's appreciating.

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Speaker 2: Okay, so we're all we'll also be talking about so

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Speaker 2: Lindsey will be talking about.

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Speaker 3: Yeah, so I'll be talking about insurance, but I'm going

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Speaker 3: to give the strategies of how you can use it

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Speaker 3: while you're alive, so showing the strategy of creating your

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Speaker 3: own bank infinite banking. Also our be talking about the

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Speaker 3: types of policies, how you know what type works for

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Speaker 3: you and your family, because that's a bit that's confusing.

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Speaker 1: You know, some people want to make sure they can

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Speaker 1: at least just cover the cost of their funeral when

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Speaker 1: they If you wait till you get older, it is

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Speaker 1: a lot more expensive. It is.

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Speaker 3: But this is the thing, it's not too late right

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Speaker 3: because a lot of people say, oh, I'm fifty, I

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Speaker 3: don't know if I could still get it. You absolutely can.

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Speaker 3: I've written policies for people who are eighty, so I

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Speaker 3: don't want people to think just because they're fifty they

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Speaker 3: can't get it.

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Speaker 2: There are options.

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Speaker 3: I think one of the biggest issues with insurance, and

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Speaker 3: this is the thing that I also speak about in

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Speaker 3: the webinar, is that people are not connected to insurance

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Speaker 3: because they haven't been left insurance before.

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Speaker 1: Okay, so people don't see.

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Speaker 3: The value in spending the money. So even if somebody's

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Speaker 3: willing to go buy that Chanel bag for thirteen thousand dollars.

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Speaker 3: They're not willing to spend thirteen thousand dollars a year

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Speaker 3: on insurance even if they had it right, because I

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Speaker 3: could walk out the store with the Chanell bag the

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Speaker 3: value is on my shoulder. With the life insurance, it's

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Speaker 3: something down the line. People don't really see it, and

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Speaker 3: so then they really haven't been able to connect spending

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Speaker 3: the money to the insurance.

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Speaker 2: And so that's a huge issue.

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Speaker 3: And the other part to it is I also think

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Speaker 3: that with the insurance, because people don't understand what type

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Speaker 3: to get. People are not really sure if it's too

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Speaker 3: expensive or not. They don't know, well, that's for wealthy people.

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Speaker 3: I've heard people say that, like, it's not for us,

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Speaker 3: it's for wealthy people, but they don't understand you could

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Speaker 3: get a policy for twenty dollars. And then the last

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Speaker 3: thing is people think it's a scam. And that's because

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Speaker 3: they've had family members who have had a policy that

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Speaker 3: it didn't pay out, but why because they didn't know

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Speaker 3: the type. It might have been a term that ended

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Speaker 3: ten years ago and they're like, well, why didn't it

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Speaker 3: pay out?

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Speaker 1: Well, it And that's the thing with term insurance is

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Speaker 1: that if nothing happens and it's over, it's just over.

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Speaker 2: It's over.

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Speaker 3: But people have to look at term and say to themselves.

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Speaker 3: You pay your car insurance to protect if you get

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Speaker 3: into an accident. You pay your home insurance to protect

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Speaker 3: if there's a fire or a leak.

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Speaker 1: Or when I don't want something to happen, you don't.

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Speaker 3: Want anything to happen. But in life insurance, you're not

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Speaker 3: willing to protect your human capital. You're not willing to say,

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Speaker 3: I'm the person bringing in the money and I want

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Speaker 3: to protect my kids, my spouse, my family from having

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Speaker 3: to have financial distress when I die. Yeah, to Chaquana's point,

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Speaker 3: we don't have to do a fish fry or you know,

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Speaker 3: that's the worst feeling. And I also think that, yes,

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Speaker 3: it would be the best thing in the world if

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Speaker 3: you know we're all gonna go one day. But to

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Speaker 3: know that family doesn't have to worry about fighting over

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Speaker 3: who's paying for what and have that as an additional stress.

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Speaker 2: And it happens.

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Speaker 3: You see it in the entertainment business all the time,

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Speaker 3: and they have the money to pay for insurance, but

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Speaker 3: nobody said anything to them. Their families after that are

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Speaker 3: in financial distress because they were the one breadwinner, right,

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Speaker 3: and this happens all the time. I read something on

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Speaker 3: Limera that's where they do all of the analytics for

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Speaker 3: life insurance, and they basically said that fifty seven percent

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Speaker 3: of America has insurance, but they're usually underinsured or they

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Speaker 3: don't have the right type of insurance that's gonna last.

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Speaker 3: And so basically that's letting us know there's millions of

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Speaker 3: people without insurance.

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Speaker 1: And you can turn your term insurance into whole.

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Speaker 3: Life or universal life acts. Absolutely, you could convert it.

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Speaker 3: People don't know that either.

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Speaker 1: Okay, you're learning and that it is a process for

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Speaker 1: me always.

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Speaker 2: I wanted to also mention your point where you talked about,

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Speaker 2: you know, just people dying and family not knowing exactly

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Speaker 2: what to do or you know who who like actually

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Speaker 2: what the person had going on. And so that's why

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Speaker 2: in the webinars, we're also going to bring in someone

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Speaker 2: that's going to talk about trusty because that's so important

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Speaker 2: because a lot of times, you you know, a lot

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Speaker 2: of times you know you're moving, you're shaking, you're doing

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Speaker 2: what you're doing, and you're like, okay, I want to

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Speaker 2: invest here, I want to do this. I don't have

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Speaker 2: a building here, I have a home here. But a

438
00:20:42,040 --> 00:20:45,720
Speaker 2: lot of times the conversation is leave a legacy, don't

439
00:20:45,800 --> 00:20:48,959
Speaker 2: leave grandma's house. I mean, don't sell grandma's house. But

440
00:20:49,000 --> 00:20:51,680
Speaker 2: there's no insurance, there's nothing in place, there's no trust,

441
00:20:51,720 --> 00:20:54,120
Speaker 2: there's no insurance, there's nothing. What if this person can't

442
00:20:54,160 --> 00:20:56,200
Speaker 2: afford Grandma's monthly payment.

443
00:20:55,960 --> 00:20:58,880
Speaker 1: Right, or the property taxes or.

444
00:20:58,800 --> 00:21:01,840
Speaker 2: The maintenance, and that that's how Grandma's house gets sold.

445
00:21:02,160 --> 00:21:04,600
Speaker 2: And so a lot of times, you know, just kind

446
00:21:04,600 --> 00:21:07,640
Speaker 2: of bringing the conversation together, we're like, okay, we need

447
00:21:07,680 --> 00:21:10,800
Speaker 2: to give them access to the information of a trust.

448
00:21:10,800 --> 00:21:13,560
Speaker 2: What does it really mean? Because there's so much conversation

449
00:21:13,640 --> 00:21:15,119
Speaker 2: about it, but it's like what does it mean? And

450
00:21:15,160 --> 00:21:17,520
Speaker 2: how can I take the insurance and put it on

451
00:21:17,600 --> 00:21:19,399
Speaker 2: the trust? And okay, so what if I put all

452
00:21:19,440 --> 00:21:22,280
Speaker 2: these assets and a trust? Yes, and if I put

453
00:21:22,320 --> 00:21:25,400
Speaker 2: all this all these assets underneath this trust, then what

454
00:21:25,480 --> 00:21:28,280
Speaker 2: does it mean? In terms of taxes? What does it

455
00:21:28,320 --> 00:21:32,400
Speaker 2: all mean? Because there is death tax? Death tax is real, okay?

456
00:21:32,480 --> 00:21:35,360
Speaker 1: And if I don't got to pay these bills because

457
00:21:35,400 --> 00:21:39,680
Speaker 1: when I do, somebody don't pay them, and I actually

458
00:21:39,760 --> 00:21:42,200
Speaker 1: just connected with somebody to start working on my truest

459
00:21:42,280 --> 00:21:45,399
Speaker 1: because I don't have my properties or anything. And you know,

460
00:21:45,440 --> 00:21:47,159
Speaker 1: you just think I'm going to leave this to but

461
00:21:47,320 --> 00:21:50,400
Speaker 1: you do want to put your assets into a test

462
00:21:50,440 --> 00:21:52,199
Speaker 1: because if I leave my house and now you have

463
00:21:52,240 --> 00:21:55,080
Speaker 1: to pay tax on receiving that, that tax can be

464
00:21:55,160 --> 00:21:56,520
Speaker 1: so much that you can't afford to pay.

465
00:21:56,400 --> 00:21:59,960
Speaker 2: Any tax ye all the property taxes. So that's so important.

466
00:22:00,280 --> 00:22:03,359
Speaker 2: And another concept, I mean, another topic that we're gonna

467
00:22:03,359 --> 00:22:06,000
Speaker 2: talk about is just funding, like using other people's money.

468
00:22:06,320 --> 00:22:08,760
Speaker 2: I tell people all the time, it's so funny. So

469
00:22:09,119 --> 00:22:12,160
Speaker 2: before I started my own company, I worked at one

470
00:22:12,160 --> 00:22:14,160
Speaker 2: of the top accounting firms in a real estate fund

471
00:22:14,200 --> 00:22:17,160
Speaker 2: and they literally raised two hundred and sixty five million dollars.

472
00:22:17,600 --> 00:22:19,480
Speaker 2: That's a lot of money. You know what they did,

473
00:22:19,520 --> 00:22:21,440
Speaker 2: They went and leveraged that two hundred and sixty five

474
00:22:21,480 --> 00:22:23,880
Speaker 2: million that they raised, and they went out and they

475
00:22:23,880 --> 00:22:25,560
Speaker 2: got a line of credit for another two hundred and

476
00:22:25,600 --> 00:22:27,960
Speaker 2: sixty five million, and they tapped into the line of

477
00:22:28,000 --> 00:22:31,000
Speaker 2: credit before they ever tapped into the capital that they raise.

478
00:22:31,320 --> 00:22:34,080
Speaker 2: And we have to structure our lives like that as well.

479
00:22:34,400 --> 00:22:36,880
Speaker 2: If we have, like, for instance, that thirty thousand dollars.

480
00:22:37,359 --> 00:22:39,440
Speaker 2: I could have taken that out of my bank account,

481
00:22:40,040 --> 00:22:42,120
Speaker 2: but guess what that would have been My money once

482
00:22:42,240 --> 00:22:45,480
Speaker 2: is gone poof yeah, not never to return, right, never

483
00:22:45,520 --> 00:22:50,320
Speaker 2: to return. But with me utilizing other people's money, the insurance,

484
00:22:50,560 --> 00:22:53,320
Speaker 2: you know, the insurance policy, I was able to keep

485
00:22:53,320 --> 00:22:55,679
Speaker 2: my money. So now I can do something else with that.

486
00:22:56,200 --> 00:22:58,800
Speaker 2: And now my investment is now working.

487
00:22:59,040 --> 00:23:01,879
Speaker 3: And also the other side to that, and sometimes investments

488
00:23:01,880 --> 00:23:02,600
Speaker 3: don't go the where we.

489
00:23:02,560 --> 00:23:05,440
Speaker 1: Want them to go, and so at risk, and let's

490
00:23:05,440 --> 00:23:09,000
Speaker 1: make sure we understand if somebody tells you this is

491
00:23:09,040 --> 00:23:13,080
Speaker 1: a shore fire, and if that's not, that is no

492
00:23:13,119 --> 00:23:13,520
Speaker 1: such thing.

493
00:23:13,560 --> 00:23:15,000
Speaker 2: There's no such thing at all.

494
00:23:15,240 --> 00:23:18,320
Speaker 3: And so that's important that you use the insurance money

495
00:23:18,359 --> 00:23:20,600
Speaker 3: because now if things don't go the way they're supposed to,

496
00:23:20,640 --> 00:23:24,480
Speaker 3: the time frame isn't the same, the payback isn't the same.

497
00:23:24,560 --> 00:23:26,480
Speaker 3: Now she doesn't have to worry about she lost the

498
00:23:26,480 --> 00:23:28,760
Speaker 3: money in her bank account. She has the money in

499
00:23:28,800 --> 00:23:31,520
Speaker 3: her insurance. Her insurance will continue to make money. So

500
00:23:31,640 --> 00:23:33,480
Speaker 3: it's okay if she ended up saying, you know what,

501
00:23:33,520 --> 00:23:35,600
Speaker 3: I'm not going to pay that back because I didn't

502
00:23:35,600 --> 00:23:37,400
Speaker 3: make the money I was supposed to make. Right, So

503
00:23:37,480 --> 00:23:39,879
Speaker 3: that's why you want to leverage money.

504
00:23:39,920 --> 00:23:42,400
Speaker 1: That's all. I pay it back when I get it exactly,

505
00:23:42,400 --> 00:23:43,919
Speaker 1: some of it here, some of it there.

506
00:23:44,040 --> 00:23:45,760
Speaker 2: Exactly back when I get it. And I think that

507
00:23:45,760 --> 00:23:49,000
Speaker 2: that's so important. So just realizing other people's money, whether

508
00:23:49,040 --> 00:23:51,400
Speaker 2: it's insurance, whether it's the line of credits, whether it's

509
00:23:51,400 --> 00:23:54,800
Speaker 2: credit cards, like, understanding how this all works and really

510
00:23:54,800 --> 00:23:59,600
Speaker 2: being able to utilize it effectively and responsibly is so important.

511
00:23:59,680 --> 00:24:02,600
Speaker 2: So pretty much throughout all of these free webinars, our

512
00:24:02,720 --> 00:24:05,280
Speaker 2: goal is to just bring it to just bring it

513
00:24:05,320 --> 00:24:08,080
Speaker 2: all together for everyone so that way it's not like

514
00:24:08,800 --> 00:24:10,639
Speaker 2: so many disconnected topics.

515
00:24:10,960 --> 00:24:13,119
Speaker 1: That's great and anything that people need to dive deeper

516
00:24:13,160 --> 00:24:15,320
Speaker 1: into than they can go. And you know, there are

517
00:24:15,320 --> 00:24:17,240
Speaker 1: certain things that you might be like, I know this,

518
00:24:17,600 --> 00:24:19,920
Speaker 1: but I have to work on this, and that's fine.

519
00:24:20,000 --> 00:24:23,560
Speaker 1: Like all of us are work in progress, absolutely, and I.

520
00:24:23,480 --> 00:24:26,679
Speaker 2: Believe we're giving out a free yes, yes, yes, so living.

521
00:24:26,440 --> 00:24:27,680
Speaker 1: Out our books for free.

522
00:24:27,840 --> 00:24:29,440
Speaker 2: Okay, are giving out our books for.

523
00:24:29,320 --> 00:24:33,439
Speaker 1: Free, just like I brought you on to by the way,

524
00:24:33,480 --> 00:24:38,440
Speaker 1: it's Black History Month. Yeah, we are focused on some positive,

525
00:24:38,520 --> 00:24:41,080
Speaker 1: amazing things that will make a difference in our lives,

526
00:24:41,119 --> 00:24:43,320
Speaker 1: but also in our communities and also for the future.

527
00:24:43,560 --> 00:24:47,119
Speaker 2: Yes. Absolutely, So if you guys want our book, just

528
00:24:47,400 --> 00:24:51,280
Speaker 2: text four one three seven to two text the word

529
00:24:51,440 --> 00:24:52,440
Speaker 2: ye so why.

530
00:24:53,200 --> 00:24:55,879
Speaker 1: Yes special, Yes we made a special for you.

531
00:24:56,520 --> 00:24:59,200
Speaker 2: Yes, yes, we made it special for you. So again

532
00:24:59,280 --> 00:25:03,119
Speaker 2: four one three seven text the word ye. And you

533
00:25:03,160 --> 00:25:05,760
Speaker 2: will receive my book, which is three hundred plus tax

534
00:25:05,760 --> 00:25:08,320
Speaker 2: deductions because the number one question I'm always asked is

535
00:25:08,520 --> 00:25:10,560
Speaker 2: what can I write off? So you get three hundred

536
00:25:10,560 --> 00:25:14,040
Speaker 2: things plus that you can write off in Lindsay.

537
00:25:13,840 --> 00:25:16,560
Speaker 3: And you get my book Creating Wealth through Life Insurance

538
00:25:17,000 --> 00:25:20,680
Speaker 3: and it's simplified so that you can understand life insurance

539
00:25:20,720 --> 00:25:22,639
Speaker 3: so that you don't have to worry about feeling like

540
00:25:22,680 --> 00:25:23,480
Speaker 3: it's over your head.

541
00:25:23,880 --> 00:25:27,600
Speaker 1: Okay, well I love it well Lindsay C. Smith Taquana Briggs.

542
00:25:27,760 --> 00:25:30,000
Speaker 1: Thank y'all so much. What are your social media handles

543
00:25:30,000 --> 00:25:32,320
Speaker 1: so people can follow both of you as well? Okay?

544
00:25:32,359 --> 00:25:35,560
Speaker 3: So mine is Lindsay Smith, the Agent and my name

545
00:25:35,640 --> 00:25:37,880
Speaker 3: is spelled l I N D s A Y because

546
00:25:37,920 --> 00:25:39,960
Speaker 3: you make it as well with the eat.

547
00:25:40,400 --> 00:25:42,960
Speaker 2: My name on social media is miss Business one on one,

548
00:25:43,000 --> 00:25:46,040
Speaker 2: so that's MS dot Business one zero one.

549
00:25:46,119 --> 00:25:47,919
Speaker 1: All right, well, thank y'all. So much. I really do

550
00:25:48,000 --> 00:25:50,560
Speaker 1: appreciate it. I think this was really insight and I

551
00:25:50,640 --> 00:25:52,760
Speaker 1: really we appreciate it. I'm saying y'all better go and

552
00:25:52,760 --> 00:25:56,280
Speaker 1: sign up for this absolutely free webinar, but also make

553
00:25:56,320 --> 00:25:57,840
Speaker 1: sure you get your free book, all right.

554
00:25:57,920 --> 00:26:01,439
Speaker 2: Yes, that's the number one more time for hold on.

555
00:26:01,640 --> 00:26:03,560
Speaker 1: I had it right, I had it in my head.

556
00:26:03,880 --> 00:26:05,320
Speaker 1: I heard it right on the screen.

557
00:26:05,480 --> 00:26:07,520
Speaker 2: It's four one three seven two.

558
00:26:07,760 --> 00:26:10,800
Speaker 1: Text to ye the four one three seven two very well,

559
00:26:11,359 --> 00:26:15,760
Speaker 1: Thank you as well for the angela Ye Wall