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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.

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Speaker 2: Leave now.

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Speaker 1: Under President Trump, America's laws, border and families will be protected.

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Speaker 3: Sponsored by the United States Department of Homeland Security.

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Speaker 4: All right, guys, welcome back to Earn Your Lisia Podcast

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Speaker 4: Episode eight. We have a very special episode today, but

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Speaker 4: before we start, we have to talk about a few items.

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Speaker 4: So first and foremost, thank you for your support. Thank

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Speaker 4: you for rocking on us. We appreciate you. Make sure

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Speaker 4: you subscribe to our YouTube channel Earn Your Leisure. All

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Speaker 4: of our videos will be on YouTube. We've been asked

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Speaker 4: for YouTube, so we're on YouTube now and also turn

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Speaker 4: on notifications for YouTube as well. Our merch is up

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Speaker 4: that is on our website. The shirts that me and

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Speaker 4: Troy have on right now part of the collection, so

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Speaker 4: make sure you check that out. Financial literacy is something

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Speaker 4: that you know, you gotta get the worried out any

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Speaker 4: way you can, So it's important. You know, fashion is

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Speaker 4: a major part of how we communicate, so we have

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Speaker 4: to be mindful of what we wear and what we support.

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Speaker 4: So all of the items on the shop are in

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Speaker 4: relationship to financial literacy. Yeah, check it out. It's dope,

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Speaker 4: pretty dope stuff.

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Speaker 5: And Patreon is up once again. It's patreon dot com

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Speaker 5: backslash Leisure again. We're gonna have some bonus content on there,

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Speaker 5: and we have other ways to get in contact with

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Speaker 5: us and reach us to have a more personal, in

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Speaker 5: depth conversation with us. All right, check us out on Patreon.

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Speaker 4: Getting Patreon patreons though, because it's it's more interactive and

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Speaker 4: it's a lot you'll see it's a lot of dope

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Speaker 4: stuff or on the website Legion dot com. And then

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Speaker 4: we also need to support more than ever. I am

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Speaker 4: currently serving a shadow band on Instagram. If you're not

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Speaker 4: familiar with that, google it very disappointing, highly highly suspicious

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Speaker 4: that I'm on shadow band. But and in the event,

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Speaker 4: as long as the good people for the second time

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Speaker 4: in two months, so as long as the good people

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Speaker 4: like you guys, keeps d in the word, we will

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Speaker 4: continue to grow. We will continue to give you the message,

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Speaker 4: but we need you to support. We need your help.

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Speaker 4: So all right, So if you have been listening to

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Speaker 4: the podcast, you know that our podcast is different than

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Speaker 4: mostly any other podcasts. We're a regular podcast. You have

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Speaker 4: a show and you bring a guest on and you

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Speaker 4: interview them, and that's kind of like the podcast, right,

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Speaker 4: It's like an interview show. It's cool. But our podcast

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Speaker 4: is different. It's educational. We tell stories, we look at backstories,

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Speaker 4: so we don't really have to have guests, but we

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Speaker 4: wanted to open the platform up and start to bring guests.

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Speaker 4: Then that made sense. But when we decided to bring

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Speaker 4: guests in, we wanted to keep the same format of

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Speaker 4: the podcast, where we're gonna be telling stories, looking at

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Speaker 4: the bad stories, and educating you guys. But we wanted

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Speaker 4: to bring experts in the field that we were talking about.

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Speaker 4: So we're talking about real estate, we want to bring

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Speaker 4: an expert in real estate. If we're talking about stocks,

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Speaker 4: expert in stocks. So today we are going to be

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Speaker 4: talking about some tax issues and some tax discussion. So

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Speaker 4: we have an expert in the tax field, Miss Business.

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Speaker 4: If you follow her on Instagram, her Instagram handle is

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Speaker 4: miss Business, Miss Business, right.

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Speaker 2: Business Business, MS business one zero one.

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Speaker 4: Yes, welcome, Miss Business. So Miss Business is she's a

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Speaker 4: she's a CPA, and she has a tax office in

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Speaker 4: New York City. She handles personal taxes, business taxes. Uh

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Speaker 4: so yeah, she knows all about taxes. And she is

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Speaker 4: our first guest ever, so that's a big deal. And

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Speaker 4: also we're in women's mouth, so we thought that it

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Speaker 4: would be appropriate to have a first guest as a woman.

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Speaker 4: As we said, we're not you know, like that like

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Speaker 4: that like that settle. So yeah, you know, we talk

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Speaker 4: about business a lot a lot of times. Business. You know,

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Speaker 4: you hear about men a lot, and it's it's mail

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Speaker 4: driven but there are a lot of women entrepreneurs, women investors,

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Speaker 4: women doing that thing in business. So we wanted to

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Speaker 4: highlight that, and we brought a woman on to help

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Speaker 4: us out. So thank you for joining us. We appreciate it.

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Speaker 6: Thank you for having me. I'm so excited to be here. Yeah,

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Speaker 6: I'm looking forward to this, getting into this conversation, watching

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Speaker 6: your Instagram like still trying to like write down my nuggets.

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Speaker 2: I'm happy to be here.

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Speaker 4: Thank you, appreciate it coming So all right, So the

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Speaker 4: number one topic for the last couple of weeks, and

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Speaker 4: everybody's been hitting me up to talk about this on

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Speaker 4: the gram, is how Amazon pulled the biggest magna trick

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Speaker 4: in history. Right. So, if anybody's not familiar, Amazon has

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Speaker 4: not paid taxes in two years.

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Speaker 5: Well, federal taxes.

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Speaker 4: Federal tax clear, they have not paid federal taxes in

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Speaker 4: two years. Right. So you look at that and you say,

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Speaker 4: how they made eleven billion dollars eleven billion dollar last year?

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Speaker 5: Did they double their profits last year?

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Speaker 4: They went eleven billion, They made eleven billion dollars. Not

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Speaker 4: only did they not pay taxes, they got one hundred

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Speaker 4: and fifty semi dollars back.

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Speaker 5: Yeah, one hundred and thirty six million dollar tax refund refund.

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Speaker 4: Yeah, so they actually was negative one percent, yes, in

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Speaker 4: the amount of taxes that they paid. Amazing for the

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Speaker 4: second year in a row. It's even deeper than that.

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Speaker 4: For the last ten years. They have a combined tax

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Speaker 4: rate of three percent for the last ten years federal

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Speaker 4: tax rate. So everybody's asking me.

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Speaker 5: How, how is it possible?

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Speaker 4: How is it possible?

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Speaker 5: Right?

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Speaker 4: All right?

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Speaker 5: So we researched and found out there are three ways

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Speaker 5: that this is possible. Right. The first one is stock

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Speaker 5: based employee compensation.

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Speaker 4: But before we even going to that, before we go

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Speaker 4: into that, it's it's very complicated, but it really is

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Speaker 4: three ways. Right. There's credits, rebates, and loopholes. Right, So

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Speaker 4: nobody really knows exactly what Amazon did because they didn't

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Speaker 4: make their taxes they suggest, So this is all just

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Speaker 4: kind of speculation based off of it. But within the credits,

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Speaker 4: rebates loopholes that big corporations gets, there's three items.

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Speaker 5: Three items that they're thinking, this is what happened here,

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Speaker 5: all right? All right? So the first one was stock

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Speaker 5: based employee compensation. Rather than employee employees getting a salary,

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Speaker 5: they get stock options. All right, and I think one

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Speaker 5: point one billion of the deductions came from that. The

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Speaker 5: second one was deferred income tax.

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Speaker 4: But before we go boo deferred so stock options, we

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Speaker 4: can't just people might not know what that is.

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Speaker 5: Right, Well, we're gonna go into detail, so we're gonna

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Speaker 5: go into detail about all of them. All right. So

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Speaker 5: that's the first one, deferred income tax. So these large

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Speaker 5: companies like you'll find out that they can put up

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Speaker 5: their taxes from a year to the next year. I

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Speaker 5: think going forward you said twenty years maybe almost right, right.

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Speaker 5: And then the third one was tax credits. So I

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Speaker 5: believe Amazon can expense over almost one hundred percent of

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Speaker 5: their capital investments. So that means things that they new infrastructure,

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Speaker 5: new buildings, new warehouses, new ways to deliver, they can

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Speaker 5: write all that off.

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Speaker 4: It's called cap X capital expenditures. Yeah, we'll come back

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Speaker 4: to that and all right, okay, so now let's start.

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Speaker 4: There's also one more, but we'll talk about that later on. Yeah,

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Speaker 4: but stock options, right for people aren't familiar with stock options,

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Speaker 4: are misbusiness?

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Speaker 2: Do you want to kind of I can elaborate on that.

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Speaker 2: So when you get hired.

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Speaker 6: At a company, a company can instead of giving you

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Speaker 6: a salary or giving you some sort of compensation, they'll

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Speaker 6: compensate you in the form of stocks, right, so they'll

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Speaker 6: give you sort of equity.

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Speaker 2: Share in their company.

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Speaker 6: So when Amazon will give their employees stock based compensation,

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Speaker 6: what happens is they are able to write that the

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Speaker 6: one hundred percent market value of that of that stock

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Speaker 6: off on their taxes. So let's just say hypothetically, you know,

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Speaker 6: they have one hundred percent of I mean one hundred

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Speaker 6: million dollars and stock based compensation that they offer to

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Speaker 6: their to their employees. That whole one hundred million dollars

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Speaker 6: is now going to be able to be written off.

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Speaker 6: So that's how they're able to deduct that additional pay

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Speaker 6: that they're allocated to their employees through that stock based compensation.

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Speaker 6: And they're more willing to do that because it is

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Speaker 6: a tax write off.

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Speaker 4: Okay, so yeah, so that actually so yeah, the stock

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Speaker 4: based stock based conversations or stock options called different names,

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Speaker 4: but it's the same thing. So they actually saved one

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Speaker 4: billion for that, and that was half of their tax

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Speaker 4: liability with just that. So just in paying employees executives

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Speaker 4: company stock, they were able to save one billion dollars

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Speaker 4: on their tax bill, right, Okay, okay, all right, So

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Speaker 4: now you have that, then you have also cabex right,

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Speaker 4: capital expenditures, So about.

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Speaker 2: That, I'll talk about it.

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Speaker 6: So with capital expenditures now with the new Job Act

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Speaker 6: after Trump. Now, before you would have to depreciate your

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Speaker 6: capital expendages over a specific amount of time, depending on

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Speaker 6: what you were investing in. However, now in twenty eighteen,

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Speaker 6: if you invested in any type of capital expenditures for

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Speaker 6: your business, you are able to write one hundred percent

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Speaker 6: off in the year in which you incur that expense.

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Speaker 4: Right.

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Speaker 6: So now when Amazon is, you know, releasing new infrastructure,

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Speaker 6: or they are, you know, deciding to open up a

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Speaker 6: new warehouse, that's now a one hundred percent write off.

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Speaker 2: They no longer have to.

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Speaker 6: Recognize that years down the line. They can do it

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Speaker 6: one hundred percent in twenty eighteen.

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Speaker 4: Right, So that's important because that's that that just changed.

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Speaker 2: Right, Yes, that just changed.

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Speaker 4: So now you can write off one hundred percent of

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Speaker 4: your capital expenditures. Yes, and I'm pretty sure this's great

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Speaker 4: areas you can try and find some yes, yes, yes, yes,

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Speaker 4: So then all right, so capital expenditures one hundred percent.

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Speaker 4: Now we have two what was all the one you said?

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Speaker 5: We said deferred income tax So and with they're set

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Speaker 5: up right, they can deferments.

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Speaker 6: Right, Yeah, so there's there's deferred tax payments. So what

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Speaker 6: happens with corporations if you have the option to defer

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Speaker 6: your tax payments? So what that means from a twenty

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Speaker 6: seventeen perspective to twenty eighteen is in twenty and seventeen

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Speaker 6: they held off on some income that they decided to

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Speaker 6: pay taxes on and they paid for it in twenty eighteen.

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Speaker 6: And what that means from a percentage perspective is last

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Speaker 6: year corporate tax rate was at thirty five percent and

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Speaker 6: now in twenty eighteen it's at twenty one percent.

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Speaker 2: That's a huge drop, right.

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Speaker 5: So looking at Amazon their.

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Speaker 6: CPAs over there was like, listen, we're going to hold

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Speaker 6: back on, you know, on paying taxes on this money

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Speaker 6: and we'll claim it next year and then pay taxes

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Speaker 6: on it next year.

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Speaker 5: So how many years can go on between you doing that?

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Speaker 5: Can you? I think? Is it two years you can

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Speaker 5: go back or twenty years of how's that working?

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Speaker 6: So when it comes to things like research and development,

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Speaker 6: man any type of losses.

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Speaker 2: You can go back two years or carry it forward

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Speaker 2: twenty years. So that's the same, which is I mean,

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Speaker 2: it's kind of I mean, it is what it is.

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Speaker 2: It's the law. But we can't do that, right.

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Speaker 6: We can't say, hey, I have a loss this year,

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Speaker 6: go back to my prior year taxes and add it on.

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Speaker 6: Add that loss to my priory taxes two years ago,

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Speaker 6: and then give me some money back, right. And so

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Speaker 6: that's what's happening with these corporations, and that's how they're

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Speaker 6: able to either not pay tax in the current years

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Speaker 6: or even go back to prior years and say, hey,

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Speaker 6: I need some more that money back that I gave

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Speaker 6: you guys.

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Speaker 4: So it speculated that Donald Trump hasn't paid tax in

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Speaker 4: twenty years, right, absolutely, So this is what we're referring

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Speaker 4: to in this situation.

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Speaker 6: Well, I think with Donald Trump, there's a lot of

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Speaker 6: different things when it comes to Donald Trump. Donald Trump

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Speaker 6: like not paying taxes, Donald Trump lobby. So when you

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Speaker 6: are a big company, you have great economic value, you

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Speaker 6: do receive a lot of tax breaks. And so throughout

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Speaker 6: Donald trump career, he has fought extensively and been given

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Speaker 6: a lot of breaks. Even back in the eighties when

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Speaker 6: New York wasn't as developed as it is now. It

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Speaker 6: was more as an incentive for him to, you know,

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Speaker 6: build up certain communities, just how it is now with

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Speaker 6: like the opportunity the opportunities act, right, Like, if you

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Speaker 6: take your capital gains and you put it inside of

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Speaker 6: this fund, you won't have to you can defer your taxes,

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Speaker 6: the same thing that he's been doing. Right, And I

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Speaker 6: think also he's doing the same thing that the rest

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Speaker 6: of these corporations are doing.

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Speaker 2: He's deferring his taxes.

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Speaker 6: He probably has so many you know, so many expenses,

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Speaker 6: so many loopholes that he's taken advantage of.

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Speaker 4: Yeah. No, it's important to keep in mind that, like

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Speaker 4: you said, Amazon's not the only one. Right. So, out

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Speaker 4: of the top fortune five hundred companies, one hundred companies

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Speaker 4: paid zero taxes or negative.

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Speaker 5: Not an isolated issue, one hundred isolating.

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Speaker 4: And out of one hundred, fifty eight had multiple years

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Speaker 4: of zero or negative taxes they pay. So Amazon's just

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Speaker 4: doing what everybody else is doing. They're not. But so

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Speaker 4: we talked about the three things, but the fourth one

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Speaker 4: is the one that's really the most interesting, at least

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Speaker 4: to me. So research and development, right, So research and development.

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Speaker 4: You can take a large deduction for research and development, right.

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Speaker 4: So the reason why that's interesting with Amazon is because

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Speaker 4: what have they done for the last three years? They've

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Speaker 4: been researching and developing. We're to put the headquarters, right.

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Speaker 4: So they had like a sweepstakes of where the new

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Speaker 4: headquarters is going to be. So they went to like

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Speaker 4: every city in America and I'm pretty sure they ran

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Speaker 4: the bill up crazy. And that's part of research and development.

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Speaker 4: We got to figure out where we're going next, exactly. Yes,

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Speaker 4: we have to figure out who we're doing next. So

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Speaker 4: we go to Atlanta, we go to Tosa, Oklahoma.

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Speaker 5: Now Francisco we have one and out of you know,

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Speaker 5: New York said no, and we're begging.

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Speaker 4: Start the product again. And it's year so they started it.

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Speaker 4: So they started three years ago and it was like

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Speaker 4: every city was like begging for them to come, right.

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Speaker 4: So then they decided on Fidy in Virginia, yeah, and

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Speaker 4: New York City, Long Island City. Then New York decides

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Speaker 4: that they don't want Amazon. So Amazon says, okay, they

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Speaker 4: are taking their talent somewhere.

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Speaker 2: Else and we want to now New York want them back.

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Speaker 4: Now, New York is governors, right, and now they're going

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Speaker 4: to open up the courting process all over again and

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Speaker 4: have cities and then they'll just carry us over. They'll

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Speaker 4: do research and development for another years, a few years.

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Speaker 5: We got to find a headquarters in Canada. It'll be

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Speaker 5: it'll just America. This is right, this is America.

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Speaker 4: Yeah.

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Speaker 5: So one of the one of the things that people

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Speaker 5: were saying on on our page was should we be

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Speaker 5: mad at Amazon for doing this or should we take

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Speaker 5: the initiative to find out how we can also benefit

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Speaker 5: from these type of loopholes.

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Speaker 4: You can't.

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Speaker 2: The reality is, and I try to talk.

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Speaker 6: To you know that you said, it's so blunt like that.

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Speaker 6: You know me personally, I'm never mad at anyone for

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Speaker 6: taking advantage of things that are available to them, right,

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Speaker 6: because the laws are out there.

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Speaker 2: Amazon did not create the laws.

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Speaker 6: Amazon is just playing by the same laws that all

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Speaker 6: of these corporations have been playing by for forever, right.

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Speaker 6: And I try to communicate that to my clients all

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Speaker 6: the time, where I'm like, wealthy people are.

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Speaker 2: Doing the work right that they need to.

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Speaker 6: They're educating themselves, they are you know, getting out there,

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Speaker 6: whether it's forming a fund or it's knowing your tax

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Speaker 6: codor just being aware of what you can do and

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Speaker 6: then using that to your advantage.

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Speaker 2: That's what you need to do.

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Speaker 6: But to Rashad's point about just not being able to

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Speaker 6: do it, that's the reality. And these companies like the Amazons,

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Speaker 6: the Netflix, these companies have great economic value, so therefore

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Speaker 6: they're able to take advantage of a lot of these

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Speaker 6: tax these tax loopholes.

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Speaker 2: And you better believe that Amazon has all types of

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Speaker 2: tax attorneys. That's in court right now. Right.

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Speaker 6: So a lot of people they don't want to pay taxes,

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Speaker 6: but y'a don't really want these problems.

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Speaker 2: Like just paying taxes.

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Speaker 6: But you know, but on a serious note, there are

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Speaker 6: some things that you know, business owners can do. They're

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Speaker 6: looking to pay negative taxes not times that of ten,

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Speaker 6: not going to happen, right, Or they're looking to pay

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Speaker 6: no taxes at all, that's not going to happen. Your

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Speaker 6: company doesn't have that same economic benefit like Amazon is

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Speaker 6: like the biggest company in the world. It's like you

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Speaker 6: can't take you only want to play with Amazon a

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Speaker 6: little bit, right, because they have so much value.

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Speaker 4: There's levels. So all right, So the bad news, guys

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Speaker 4: is that you can't do what Amazon is doing. You can't,

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Speaker 4: but you can't do something right. So now we're going

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Speaker 4: to go into what you actually can do. All right, guys. So,

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Speaker 4: as we said, we're not going to leave you hanging right.

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Speaker 4: So our point is to educate you, guys, and to

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Speaker 4: put you in positions to when we want to see

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Speaker 4: you win. So, as I said, you're not Amazon, you

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Speaker 4: don't have stock most you don't have stock options to

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Speaker 4: give employees. And you know that took off half of

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Speaker 4: their tax liabilities right there. But there are advantages of

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Speaker 4: being a business owner, and that's something that we want

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Speaker 4: to encourage entrepreneurship for a lot of different reasons, not

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Speaker 4: just to take money in your taxes, but it's one

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Speaker 4: of the perks that comes with being a business owner.

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Speaker 4: Because even if you look at it from a corporate standpoint,

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Speaker 4: like large corporations, the corporate tax rate is twenty one percent, right,

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Speaker 4: that's but the highest federal tax rate for individuals is

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Speaker 4: thirty seven percent. So if you're a wealthy business like Amazon,

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Speaker 4: or if you're a wealthy person right like a basketball player,

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Speaker 4: an NBA player, NFL player, or whatever, and you're at

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Speaker 4: the highest federal tax rate. You're at an advantage to

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Speaker 4: be a corporation because the most you can pay is

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Speaker 4: twenty one percent. Now you're working your way down from there.

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Speaker 4: Whereas the federal tax rate, the highest you can pay

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Speaker 4: is thirty seven percent, and you have to work your

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Speaker 4: way down from there. So we're gonna take down a

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Speaker 4: micro level. And you know, talk about small businesses because

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Speaker 4: you know that's the majority of businesses in America and

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Speaker 4: in the world of small businesses. Right Amazon, We talk

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Speaker 4: about Amazon and Netflix, but that's not typical. Those aren't

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Speaker 4: the majority of businesses in America. So as a small

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Speaker 4: business owner, I'm going to speak from first hand experience,

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Speaker 4: whereas I can say that you have benefits of being

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Speaker 4: a business owner because you can deduct a lot of things. Right,

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Speaker 4: So we talk about Amazon as far as their travel

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Speaker 4: and things of that nature, it's the same thing with

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Speaker 4: a small business owning. On a certain level. Where you travel,

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Speaker 4: you see a client, you can deduct that. You take

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Speaker 4: your client out for a mal, you can deduct that.

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Speaker 4: You lease a car, you can deduct that the males

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Speaker 4: as long as it's for business. So your cell phone,

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Speaker 4: you can deduct that, you buy furniture for your office,

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Speaker 4: you can deduct that. So you have a lot of

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Speaker 4: things that you can deduct, where if you just have

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Speaker 4: a regular job, you can't deduct any of that stuff. Right,

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Speaker 4: So it's hard for you to do anything with your

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Speaker 4: taxes if you just have a regular job, because there's

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Speaker 4: only so much that you can actually deduct. Right, Where

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Speaker 4: a business owner you can you can get creative, be responsible, responsible,

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Speaker 4: be responsible with that. So okay, back up, it's all right.

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Speaker 4: So when we talk about the advantages for people that

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Speaker 4: may not be familiar or people that want to be

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Speaker 4: business owners or want to be entrepreneurs, what are some

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Speaker 4: basic advantages that entrepreneurs and business owners have as far

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Speaker 4: as the tax system as opposed to regular individuals.

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Speaker 6: Well, first, I always tell people, because do you get

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Speaker 6: that question a lot, what's the advantage of me being

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Speaker 6: a business owner or even claiming self employed, right, because

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Speaker 6: then you are a business ow owner as well versus

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Speaker 6: me being an employee. And I always tell them employees

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Speaker 6: are tax first and they have to pay their bills later,

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Speaker 6: where a business owner pays their bills and then the

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Speaker 6: tax they are charge tax on what's left.

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Speaker 2: Right, And so, like you said, we can't.

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Speaker 6: As a business owner, there's a ton of things that

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Speaker 6: you can write off, right, Like you can write off

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Speaker 6: your travel, you can write off your mills, you can

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Speaker 6: write off anything that relates to your business, your supplies,

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Speaker 6: your employees. Right, So everything that relates to your business

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Speaker 6: you're able to write off. You know, I know we

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Speaker 6: spoke about it and covered it a little bit when

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Speaker 6: we were talking about Amazon, but even cathex, right, if

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Speaker 6: you have any type of machinery or you know, warehouse,

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Speaker 6: or even for my real estate investors or you know,

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Speaker 6: just landlords, even if you have one and you don't

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Speaker 6: have like multiple properties, if you're doing things to your

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Speaker 6: property like capital improvements, you're able to write that off

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Speaker 6: one hundred percent, right, versus being a homeowner where you're

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Speaker 6: not able to write that off at all. Right, So

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Speaker 6: those things are very important when you are a business owner.

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Speaker 4: Yeah, well yeah, exactly, And that's something that people have

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Speaker 4: to fully understand. I like what you said as far

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Speaker 4: as taxes, I forgot exactly how you framed it. But

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Speaker 4: regular people, regular people people with people, people were people

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Speaker 4: were regular jobs pay taxes first. Business owners pay taxes last. Right,

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Speaker 4: So you can make a hundred thousand dollars, but then

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Speaker 4: by the time you have all your deductions, you might

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Speaker 4: only pay taxes on twenty thousand. Yep. Now it's important

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Speaker 4: to be responsible with that because the good thing about

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Speaker 4: having a regular job when it comes to taxes that

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Speaker 4: you don't have to worry about paying the taxes. It's

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Speaker 4: done for you, right, it's taken out of your paycheck.

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Speaker 4: So most of the time you might even get money

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Speaker 4: back at the end of the year because they've they've

436
00:22:47,119 --> 00:22:49,400
Speaker 4: taken too much money out right, whereas a business owner,

437
00:22:49,440 --> 00:22:52,280
Speaker 4: they're not taking any money out of your paycheck. So

438
00:22:52,520 --> 00:22:54,359
Speaker 4: you either pay quarterly or you pay at the end

439
00:22:54,400 --> 00:22:56,000
Speaker 4: of the year. So what happens a lot of times

440
00:22:56,320 --> 00:23:00,000
Speaker 4: is that you don't save to pay your taxes. Right.

441
00:23:00,119 --> 00:23:02,120
Speaker 4: So let's say you make a hundred thousand dollars, right,

442
00:23:02,480 --> 00:23:05,080
Speaker 4: but you're living like you make one hundred thousand, So

443
00:23:05,160 --> 00:23:07,359
Speaker 4: like everybody, you're spending one hundred thousand. You're living up

444
00:23:07,359 --> 00:23:11,199
Speaker 4: to the limit. So now when it's tax time, you

445
00:23:11,280 --> 00:23:14,960
Speaker 4: have a tax liability for twenty five thousand, thirty thousand,

446
00:23:15,280 --> 00:23:18,480
Speaker 4: but you don't have twenty five thousand saved, So now

447
00:23:19,040 --> 00:23:21,640
Speaker 4: you're behind on your taxes, right, and before you know it,

448
00:23:21,960 --> 00:23:24,919
Speaker 4: the next tax year comes around. And this is how

449
00:23:24,960 --> 00:23:27,600
Speaker 4: a lot of business owners fall into tax trouble because

450
00:23:28,560 --> 00:23:32,400
Speaker 4: it's up to you to actually pay it. It sounds easy,

451
00:23:32,680 --> 00:23:34,840
Speaker 4: but it's not not easy at all.

452
00:23:34,880 --> 00:23:35,960
Speaker 2: It's a lot of discipline.

453
00:23:35,960 --> 00:23:38,919
Speaker 6: I try to find a lot of systems for my clients,

454
00:23:39,000 --> 00:23:42,080
Speaker 6: one being quarterly taxes, getting me in there doing your

455
00:23:42,080 --> 00:23:43,120
Speaker 6: bookkeeping quarterly.

456
00:23:43,200 --> 00:23:43,840
Speaker 2: Whether it's me.

457
00:23:43,920 --> 00:23:46,520
Speaker 6: Or you, you know, you just kind of knowing what

458
00:23:46,600 --> 00:23:50,880
Speaker 6: your income and expenses are for that quarter. But that's

459
00:23:50,960 --> 00:23:54,000
Speaker 6: important because at the end of the year, paying twenty

460
00:23:54,040 --> 00:23:57,080
Speaker 6: five hundred quarterly versus paying ten thousand at the end

461
00:23:57,119 --> 00:23:59,160
Speaker 6: of the year seems like a you know, a world

462
00:23:59,240 --> 00:24:02,680
Speaker 6: of difference, you know, so I do. That is important

463
00:24:02,720 --> 00:24:05,480
Speaker 6: and I'm glad that you brought that up because it

464
00:24:05,640 --> 00:24:08,240
Speaker 6: sounds good, like, oh, I get to pay my taxes later.

465
00:24:08,400 --> 00:24:10,720
Speaker 6: But imagine looking at your W two and you're like, oh,

466
00:24:10,760 --> 00:24:13,600
Speaker 6: I paid out twelve thousand this year. Imagine that twelve

467
00:24:13,640 --> 00:24:15,639
Speaker 6: thousand at once, at once.

468
00:24:15,400 --> 00:24:17,400
Speaker 2: At the end of the year. You're not gonna want

469
00:24:17,400 --> 00:24:17,920
Speaker 2: to pay it.

470
00:24:18,040 --> 00:24:21,480
Speaker 4: Oh you don't, you don't have it, right, Oh.

471
00:24:21,480 --> 00:24:22,440
Speaker 2: You don't have it.

472
00:24:22,600 --> 00:24:23,440
Speaker 4: You don't have it to pay.

473
00:24:23,480 --> 00:24:25,520
Speaker 5: Okay, So before we go any further, because you said

474
00:24:25,640 --> 00:24:29,320
Speaker 5: a few things real estate, and you said regular people,

475
00:24:29,359 --> 00:24:29,840
Speaker 5: and I guess.

476
00:24:29,960 --> 00:24:32,480
Speaker 4: That's why you go with this everybody. So everybody's not

477
00:24:32,520 --> 00:24:35,720
Speaker 4: a business owner, right, So most people aren't business owners, right.

478
00:24:36,119 --> 00:24:39,520
Speaker 4: So we talked about the advantages of business, but there's

479
00:24:39,560 --> 00:24:44,240
Speaker 4: also things that regular people with regular jobs can take

480
00:24:44,240 --> 00:24:47,480
Speaker 4: advantage of as well. Right. So, Okay, I'm a business

481
00:24:47,520 --> 00:24:48,879
Speaker 4: owner and Troy, you're a school teacher.

482
00:24:48,920 --> 00:24:49,840
Speaker 5: I'm an educator.

483
00:24:50,320 --> 00:24:55,119
Speaker 4: Okay, Okay, So I spoke. I spoke from the business

484
00:24:55,200 --> 00:24:58,639
Speaker 4: season standpoint, so I want you to talk on on

485
00:24:58,640 --> 00:24:59,960
Speaker 4: the other side of the flip side of the cor.

486
00:25:00,119 --> 00:25:04,040
Speaker 5: So I'm an educator, and taxes are taken out, and

487
00:25:04,160 --> 00:25:06,280
Speaker 5: like I said, we have a set salary and that

488
00:25:06,359 --> 00:25:09,160
Speaker 5: works in our benefit, especially when we want to go

489
00:25:09,240 --> 00:25:11,119
Speaker 5: to do things like purchase a home. Right when we

490
00:25:11,160 --> 00:25:13,800
Speaker 5: look at our income, our income is steady because it's

491
00:25:13,800 --> 00:25:16,480
Speaker 5: the same thing. Whereas you, for example, you might have

492
00:25:16,600 --> 00:25:18,680
Speaker 5: made it a one hundred thousand, but if your deductions

493
00:25:18,680 --> 00:25:20,560
Speaker 5: were seventy five thousand, when the bank looks at it,

494
00:25:20,600 --> 00:25:23,199
Speaker 5: they said that your incomes only twenty five thousand, you

495
00:25:23,280 --> 00:25:25,080
Speaker 5: might not be able to be approved for a loan.

496
00:25:25,640 --> 00:25:28,960
Speaker 5: But one of the things that struck me this year,

497
00:25:28,960 --> 00:25:32,480
Speaker 5: and this actually happened, I was shopping at best Buy

498
00:25:33,040 --> 00:25:36,040
Speaker 5: and one of the employees there ran up on me.

499
00:25:36,119 --> 00:25:37,520
Speaker 5: He knows me. I've been there a few times, and

500
00:25:37,560 --> 00:25:39,199
Speaker 5: he goes, yeah, I can help you. I can help you.

501
00:25:39,240 --> 00:25:41,399
Speaker 5: Can I ask you a personal question? And he says,

502
00:25:42,520 --> 00:25:45,400
Speaker 5: did you get your income tax back? And I'm like what?

503
00:25:45,680 --> 00:25:47,359
Speaker 5: And he's like, yo, I didn't get my refund back.

504
00:25:47,400 --> 00:25:49,239
Speaker 5: The mess with my money and then tell me I'm

505
00:25:49,280 --> 00:25:54,040
Speaker 5: getting less this year. So has there something that's changed

506
00:25:54,040 --> 00:25:56,840
Speaker 5: in the federal income tax for us regular people?

507
00:25:57,760 --> 00:26:01,560
Speaker 2: I'm not going to call you guys. I'm gonna call

508
00:26:01,600 --> 00:26:02,600
Speaker 2: you guys employees.

509
00:26:02,800 --> 00:26:03,679
Speaker 5: Thank you, thank you.

510
00:26:03,880 --> 00:26:06,360
Speaker 2: So Yes, a lot has changed, and I think that

511
00:26:06,359 --> 00:26:07,240
Speaker 2: that's important.

512
00:26:07,640 --> 00:26:11,919
Speaker 6: Right. The tax code has shifted to be in favor

513
00:26:12,000 --> 00:26:13,520
Speaker 6: of the real estate investor.

514
00:26:15,280 --> 00:26:17,520
Speaker 5: This episode is brought to you by P and C Bank.

515
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530
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531
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532
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534
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535
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536
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537
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539
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540
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541
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542
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543
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544
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545
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Speaker 1: An illegal alien from Guatemala charged with raping a child

546
00:28:09,240 --> 00:28:13,040
Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

547
00:28:13,280 --> 00:28:17,399
Speaker 1: accused of murdering a Texas man of Venezuelan charged with

548
00:28:17,480 --> 00:28:21,359
Speaker 1: filming and selling child pornography in Michigan. These are just

549
00:28:21,480 --> 00:28:25,240
Speaker 1: some of the heinous migrant criminals caught because of President

550
00:28:25,280 --> 00:28:28,800
Speaker 1: Donald J. Trump's leadership. I'm Christy Noman, the United States

551
00:28:28,880 --> 00:28:33,679
Speaker 1: Secretary of Homeland Security. Under President Trump, Attempted illegal border

552
00:28:33,680 --> 00:28:37,240
Speaker 1: crossings are at the lowest levels ever recorded, and over

553
00:28:37,320 --> 00:28:39,560
Speaker 1: one hundred thousand illegal aliens.

554
00:28:39,120 --> 00:28:39,960
Speaker 3: Have been arrested.

555
00:28:40,240 --> 00:28:43,800
Speaker 1: If you are here illegally, your next you will be

556
00:28:43,840 --> 00:28:47,720
Speaker 1: fined nearly one thousand dollars a day, imprisoned, and deported.

557
00:28:48,160 --> 00:28:51,400
Speaker 1: You will never return. But if you register using our

558
00:28:51,440 --> 00:28:54,640
Speaker 1: CBP home app and leave now, you could be allowed

559
00:28:54,680 --> 00:28:56,840
Speaker 1: to return legally do what's right.

560
00:28:57,400 --> 00:28:58,240
Speaker 2: Leave Now.

561
00:28:58,600 --> 00:29:02,880
Speaker 1: Under President Trump's laws, border and families will.

562
00:29:02,760 --> 00:29:05,960
Speaker 3: Be protected sponsored by the United States Department of Homeland Security, and.

563
00:29:05,880 --> 00:29:11,040
Speaker 6: The business owner right all of the perks. And I'm

564
00:29:11,080 --> 00:29:12,600
Speaker 6: sure I don't know if the guy who you were

565
00:29:12,680 --> 00:29:14,560
Speaker 6: talking to, like if he had a house or what.

566
00:29:14,520 --> 00:29:16,120
Speaker 2: His specific situation was.

567
00:29:16,480 --> 00:29:19,120
Speaker 6: But to just speak a little bit about some changes

568
00:29:19,160 --> 00:29:21,440
Speaker 6: that I've seen a lot with my clients.

569
00:29:21,360 --> 00:29:24,800
Speaker 2: One being people who have homes have been hit hard.

570
00:29:25,240 --> 00:29:27,400
Speaker 6: Right, So I'm not talking about the landlords or the

571
00:29:27,440 --> 00:29:30,680
Speaker 6: real estate investors. I'm not talking about those people. I'm

572
00:29:30,720 --> 00:29:34,840
Speaker 6: talking about homeowners, single family homeowners, and they've been hit

573
00:29:35,000 --> 00:29:40,760
Speaker 6: the hardest because now taxes are capped at ten ten thousand, right,

574
00:29:40,840 --> 00:29:43,880
Speaker 6: So where last year you were able to, you know,

575
00:29:43,960 --> 00:29:47,000
Speaker 6: take in all of your sales tax, your sales I mean,

576
00:29:47,040 --> 00:29:51,120
Speaker 6: your income tax and your property tax. Now it's not

577
00:29:51,200 --> 00:29:54,800
Speaker 6: even putting a dent inside of your you know, inside

578
00:29:54,840 --> 00:29:59,280
Speaker 6: of your itemized deductions because it's being capped at ten thousand.

579
00:29:59,400 --> 00:30:01,440
Speaker 5: Yeah, I was right, and so yeah.

580
00:30:01,320 --> 00:30:04,240
Speaker 6: And so what they also did was they raised standard

581
00:30:04,280 --> 00:30:07,080
Speaker 6: deduction and got rid of personal exemption. So to just

582
00:30:07,120 --> 00:30:11,320
Speaker 6: elaborate a little bit about that, and prior year in

583
00:30:11,320 --> 00:30:16,600
Speaker 6: twenty seventeen, we would all receive standard deductions based off

584
00:30:16,680 --> 00:30:20,400
Speaker 6: of your filing status if you were single, head of household, right,

585
00:30:20,440 --> 00:30:23,400
Speaker 6: and then you would also in addition, get a personal exemption.

586
00:30:24,240 --> 00:30:28,240
Speaker 6: Now personal exemptions have been taken away. Standard deductions has

587
00:30:28,280 --> 00:30:31,680
Speaker 6: been increased. Right, So what that means is, let's just say,

588
00:30:31,760 --> 00:30:32,760
Speaker 6: let me give some numbers.

589
00:30:33,200 --> 00:30:33,840
Speaker 2: If you are.

590
00:30:33,880 --> 00:30:37,520
Speaker 6: Married filing joint, right, your standard deduction has now been

591
00:30:37,600 --> 00:30:40,320
Speaker 6: increased to twenty four thousand dollars.

592
00:30:40,440 --> 00:30:40,640
Speaker 4: Right.

593
00:30:41,360 --> 00:30:44,960
Speaker 6: However, in order for you to itemize, you have to

594
00:30:45,120 --> 00:30:49,040
Speaker 6: get above that standard deduction. So now if you have

595
00:30:49,120 --> 00:30:53,920
Speaker 6: a home and say you have your property taxes, right,

596
00:30:53,920 --> 00:30:57,800
Speaker 6: and then you and your wife will have your your

597
00:30:57,840 --> 00:31:01,680
Speaker 6: income taxes, your state income taxes, that's not probably going

598
00:31:01,720 --> 00:31:05,720
Speaker 6: to exceed over twenty four thousand dollars once you start

599
00:31:05,760 --> 00:31:06,800
Speaker 6: adding everything up.

600
00:31:06,840 --> 00:31:08,920
Speaker 2: So now it's just a situation where.

601
00:31:08,880 --> 00:31:12,400
Speaker 6: Everyone, not everyone, but for it's a lot harder for

602
00:31:12,480 --> 00:31:16,120
Speaker 6: people to get over that standard deduction hurdle now, and

603
00:31:16,160 --> 00:31:19,960
Speaker 6: so that's why people are getting hit hard, especially homeowners,

604
00:31:20,000 --> 00:31:22,000
Speaker 6: because last year, you guys are.

605
00:31:21,880 --> 00:31:28,640
Speaker 4: Eating any tips that people that aren't business owners that

606
00:31:29,200 --> 00:31:32,520
Speaker 4: employees can do to reduce their tax liability to save

607
00:31:32,560 --> 00:31:36,000
Speaker 4: money on taxes to yeah, anything they can do.

608
00:31:36,840 --> 00:31:38,920
Speaker 6: If you are a homeowner and you've been hit, what

609
00:31:38,960 --> 00:31:42,560
Speaker 6: I would suggest is putting your property inside of an LLC,

610
00:31:42,960 --> 00:31:45,320
Speaker 6: because that way with your property is in an LLC,

611
00:31:45,440 --> 00:31:46,960
Speaker 6: it's now considered a business.

612
00:31:47,160 --> 00:31:48,560
Speaker 2: So now that's considered a business.

613
00:31:48,600 --> 00:31:51,160
Speaker 6: Now you're able to write off a one hundred percent

614
00:31:51,160 --> 00:31:53,640
Speaker 6: of your CAPEX and well your capital improvement.

615
00:31:53,800 --> 00:31:55,840
Speaker 2: So if you need a new AC.

616
00:31:56,800 --> 00:31:59,880
Speaker 6: You know, as as a homeowner, you can't write that off,

617
00:32:00,080 --> 00:32:02,920
Speaker 6: but as a business owner you're able to, right, So

618
00:32:03,040 --> 00:32:07,000
Speaker 6: now and then there's also a twenty percent deduction. Right,

619
00:32:07,040 --> 00:32:10,480
Speaker 6: So let's just say, if you know you're home I

620
00:32:10,480 --> 00:32:12,640
Speaker 6: don't know, let's just say in your LLC you're bringing

621
00:32:12,680 --> 00:32:15,920
Speaker 6: in ten thousand dollars on your personal return. You're now

622
00:32:16,800 --> 00:32:19,400
Speaker 6: given a twenty percent deduction. So now that would be

623
00:32:19,680 --> 00:32:23,840
Speaker 6: a two thousand dollars deduction edition that you would be

624
00:32:23,880 --> 00:32:27,000
Speaker 6: receiving on your on your taxes. So that would be

625
00:32:27,080 --> 00:32:31,480
Speaker 6: my suggestion for you know, people.

626
00:32:31,280 --> 00:32:34,160
Speaker 2: That, yeah, like employees, if they own a.

627
00:32:34,120 --> 00:32:36,720
Speaker 4: Home, anything somebody can do if they don't own a

628
00:32:36,720 --> 00:32:39,520
Speaker 4: home kind of difficult, Huh.

629
00:32:39,360 --> 00:32:42,000
Speaker 2: It's difficult. Yeah, it's difficult.

630
00:32:42,120 --> 00:32:43,840
Speaker 4: It's just the way the tax law is set up.

631
00:32:43,880 --> 00:32:46,400
Speaker 4: You know, it's set up for business owners in companies.

632
00:32:46,400 --> 00:32:51,120
Speaker 4: Really yeah, and your think about it is that it's

633
00:32:51,160 --> 00:32:53,560
Speaker 4: a I don't even want to say it's unfortunate, because

634
00:32:53,600 --> 00:32:55,280
Speaker 4: it's just it is what it is, what it is.

635
00:32:55,320 --> 00:32:58,440
Speaker 6: And one thing that I stress now more than ever

636
00:32:58,560 --> 00:33:00,680
Speaker 6: is that we have to pay attention and to the

637
00:33:00,720 --> 00:33:03,720
Speaker 6: people that are in office and play up to that.

638
00:33:04,120 --> 00:33:04,320
Speaker 2: Right.

639
00:33:04,760 --> 00:33:08,200
Speaker 6: I find that if in school they taught us to

640
00:33:08,320 --> 00:33:12,480
Speaker 6: focus more so on the taxes, then our mindset would

641
00:33:12,480 --> 00:33:13,360
Speaker 6: be so different.

642
00:33:13,480 --> 00:33:17,240
Speaker 2: Right, because let's just use when Obama was in office.

643
00:33:17,480 --> 00:33:22,040
Speaker 2: I believe when he was in office, there was a rebate.

644
00:33:21,640 --> 00:33:25,560
Speaker 6: For homeowners like eight thousand dollars or something like that. Right,

645
00:33:25,720 --> 00:33:27,920
Speaker 6: So many people took that money and then reinvested it

646
00:33:27,960 --> 00:33:29,400
Speaker 6: and purchased homes.

647
00:33:29,480 --> 00:33:29,680
Speaker 2: Right.

648
00:33:29,760 --> 00:33:32,440
Speaker 6: And so now with Trump, if you're going to purchase

649
00:33:32,440 --> 00:33:35,440
Speaker 6: a home, now, maybe the time to you know, get

650
00:33:35,440 --> 00:33:38,480
Speaker 6: that rental property that you want. Now, maybe the time

651
00:33:38,520 --> 00:33:41,120
Speaker 6: to start that business that you want, because now you're

652
00:33:41,120 --> 00:33:43,720
Speaker 6: able to get more you know, you're able to write

653
00:33:43,760 --> 00:33:45,200
Speaker 6: off more and get more deduction.

654
00:33:45,440 --> 00:33:47,960
Speaker 2: So we just have to pay attention to the tax code.

655
00:33:48,000 --> 00:33:48,720
Speaker 2: A little bit more.

656
00:33:48,880 --> 00:33:51,280
Speaker 4: Education is the key, and also it's a couple other

657
00:33:51,320 --> 00:33:54,200
Speaker 4: things that people should be aware of too. With a

658
00:33:54,320 --> 00:33:57,120
Speaker 4: five twenty nine plan, that's a it used to be

659
00:33:57,400 --> 00:33:59,840
Speaker 4: a college savings plan only, but now with the new

660
00:33:59,840 --> 00:34:02,640
Speaker 4: tax law, you can use the money for anything as

661
00:34:02,680 --> 00:34:05,600
Speaker 4: far as education is concerned. So you can use it

662
00:34:05,680 --> 00:34:07,760
Speaker 4: for prep school, you can use it for private school,

663
00:34:07,800 --> 00:34:11,120
Speaker 4: you can use it for elementary school. So that helps

664
00:34:11,120 --> 00:34:13,120
Speaker 4: parents out as far as paying for the cost of

665
00:34:13,239 --> 00:34:16,440
Speaker 4: education where you just don't have to use it for college.

666
00:34:16,480 --> 00:34:19,000
Speaker 4: Now you can use it for anything related to education

667
00:34:19,040 --> 00:34:21,560
Speaker 4: at any point in time during child life. That's important.

668
00:34:21,880 --> 00:34:24,000
Speaker 4: And then also the limit has been raised as far

669
00:34:24,000 --> 00:34:25,480
Speaker 4: as how much money you can put into an IRA

670
00:34:26,360 --> 00:34:29,279
Speaker 4: and four one K as well. So the limit for

671
00:34:29,360 --> 00:34:32,440
Speaker 4: IRA this she is six thousand dollars four one K

672
00:34:32,560 --> 00:34:35,279
Speaker 4: is nineteen thousand. So those are vehicles that you can

673
00:34:35,320 --> 00:34:37,960
Speaker 4: put money in for your retirement and that helps you

674
00:34:37,960 --> 00:34:39,640
Speaker 4: save money in the taxes as well. That's probably one

675
00:34:39,640 --> 00:34:43,200
Speaker 4: of the biggest tax deductions that people have if they

676
00:34:43,400 --> 00:34:46,160
Speaker 4: just are employees, because that allows you to save up

677
00:34:46,200 --> 00:34:48,200
Speaker 4: to almost twenty thousand dollars in a four one K

678
00:34:48,320 --> 00:34:51,840
Speaker 4: nineteen thousand if and if you're over fifty five, you

679
00:34:51,880 --> 00:34:55,400
Speaker 4: can actually save even more than that. But that's a

680
00:34:55,440 --> 00:34:58,080
Speaker 4: pretty sizable amount and it goes back to you know,

681
00:34:58,200 --> 00:35:00,360
Speaker 4: it's in your account and it grows for your retire vironment.

682
00:35:00,480 --> 00:35:02,919
Speaker 4: So then also reduce your income for that year. That's

683
00:35:02,920 --> 00:35:04,719
Speaker 4: how Yeah, that's exactly what it does. So that's why

684
00:35:04,719 --> 00:35:07,000
Speaker 4: you save money your taxes because it reduces your income.

685
00:35:07,560 --> 00:35:10,319
Speaker 4: So something to be aware of. But the key is

686
00:35:10,360 --> 00:35:14,439
Speaker 4: to educate yourself and to learn the political gain and

687
00:35:14,520 --> 00:35:16,399
Speaker 4: you know, these are these are the rules that we're

688
00:35:16,440 --> 00:35:19,000
Speaker 4: in so as far as Amazon to say, like whether

689
00:35:19,160 --> 00:35:22,880
Speaker 4: my personal opinion, if it's fair, if it's not, I mean,

690
00:35:22,920 --> 00:35:25,160
Speaker 4: what are they supposed to do? Not do it? Right?

691
00:35:25,239 --> 00:35:27,160
Speaker 4: So it's the same thing with you as an individual.

692
00:35:27,560 --> 00:35:31,080
Speaker 4: You should you know, learn the tax code, the tax

693
00:35:31,200 --> 00:35:33,479
Speaker 4: law and take advantage of it. And the thing about

694
00:35:33,480 --> 00:35:35,000
Speaker 4: being a business owner tool is that you don't have

695
00:35:35,080 --> 00:35:37,400
Speaker 4: to be full time. You can have a business and

696
00:35:37,440 --> 00:35:40,040
Speaker 4: still work a job as well, right, and then you

697
00:35:40,040 --> 00:35:43,920
Speaker 4: can still take advantage of your business, right because you

698
00:35:44,000 --> 00:35:45,839
Speaker 4: have just like any other business that has, you have

699
00:35:45,880 --> 00:35:47,879
Speaker 4: expenses and you have things that nature as well. So

700
00:35:48,239 --> 00:35:50,960
Speaker 4: you don't want to start a business just for tax benefits.

701
00:35:51,040 --> 00:35:52,560
Speaker 4: Obviously you want to start a business because you want

702
00:35:52,560 --> 00:35:55,960
Speaker 4: to be successful in business. But that's another benefit and

703
00:35:56,040 --> 00:35:58,000
Speaker 4: something to strive forward where it's like you don't have

704
00:35:58,040 --> 00:35:59,680
Speaker 4: to do one or the other. You can do both.

705
00:36:00,120 --> 00:36:03,319
Speaker 4: And by having a business as your side hustle or

706
00:36:03,360 --> 00:36:06,480
Speaker 4: part time job or whatever, now you're opening up the

707
00:36:06,520 --> 00:36:09,719
Speaker 4: window where you can deduct more things, and you know

708
00:36:10,200 --> 00:36:14,560
Speaker 4: it gives you a lot more flexibility. So yes, that

709
00:36:14,560 --> 00:36:20,239
Speaker 4: that any any final words about that for any personal business? No?

710
00:36:21,360 --> 00:36:25,600
Speaker 2: Yeah, I feel like I said, all right, cool.

711
00:36:27,440 --> 00:36:30,719
Speaker 4: For the final segment, we're gonna switch topics one eight

712
00:36:31,560 --> 00:36:38,040
Speaker 4: and we're gonna talk about Kanye West, not in.

713
00:36:38,000 --> 00:36:41,880
Speaker 5: The sense of some of his you know, political statements

714
00:36:41,920 --> 00:36:44,880
Speaker 5: that he's made in the past, more so of what

715
00:36:45,080 --> 00:36:47,160
Speaker 5: is going on with him as far as the legality

716
00:36:47,160 --> 00:36:50,799
Speaker 5: standpoint with his publishing. And we spoke about publishing, I

717
00:36:50,800 --> 00:36:53,840
Speaker 5: believe on our first episode. Right yeah, we pull up

718
00:36:54,160 --> 00:36:57,359
Speaker 5: everything that a person makes as far as music.

719
00:36:57,719 --> 00:37:01,120
Speaker 4: Can I just interject real quick, So well, all right,

720
00:37:01,719 --> 00:37:04,440
Speaker 4: I think it's important for people to understand publishing and

721
00:37:04,480 --> 00:37:08,080
Speaker 4: masters are two different things too. Yes, masters is ownership

722
00:37:08,200 --> 00:37:10,319
Speaker 4: of your music, like you make the decisions I want

723
00:37:10,360 --> 00:37:12,600
Speaker 4: to put this music in this movie. I want to

724
00:37:12,640 --> 00:37:15,520
Speaker 4: put commercial commercial. If you don't own your master's, the

725
00:37:15,560 --> 00:37:17,960
Speaker 4: decision is being made for you by whatever owns your master's.

726
00:37:18,040 --> 00:37:18,160
Speaker 5: Right.

727
00:37:18,520 --> 00:37:21,600
Speaker 4: Publishing is when your music is played. Every time your

728
00:37:21,640 --> 00:37:24,719
Speaker 4: music is played, you get paid for it. Right, So

729
00:37:24,760 --> 00:37:28,839
Speaker 4: the publishing is split fifty to fifty between the composers

730
00:37:28,880 --> 00:37:32,480
Speaker 4: of the music, the producer and the songwriter.

731
00:37:32,160 --> 00:37:35,839
Speaker 5: Right and something For cases like Kanye, he's both. So

732
00:37:35,880 --> 00:37:39,120
Speaker 5: he's a songwriter for most of his music and he's

733
00:37:39,120 --> 00:37:40,359
Speaker 5: a producer for a lot of his music.

734
00:37:40,840 --> 00:37:41,320
Speaker 4: Songwriter.

735
00:37:41,880 --> 00:37:45,360
Speaker 5: Well, in recent years, there are other people on the

736
00:37:45,480 --> 00:37:48,080
Speaker 5: on the song, but a lot of people there are

737
00:37:48,120 --> 00:37:49,640
Speaker 5: a lot of people on it, but he's still one

738
00:37:49,680 --> 00:37:51,319
Speaker 5: of them, right, So he still get a percentage where

739
00:37:51,320 --> 00:37:53,560
Speaker 5: he's there's some artists who don't write any of the music, right.

740
00:37:53,600 --> 00:37:55,719
Speaker 5: He does write some of his music, and he's a

741
00:37:55,760 --> 00:37:58,560
Speaker 5: producer for a lot of the music with other people,

742
00:37:58,600 --> 00:38:01,440
Speaker 5: but he still gets a percentage. So like he's fighting

743
00:38:01,480 --> 00:38:02,799
Speaker 5: for that. He wants his publishing back.

744
00:38:02,880 --> 00:38:03,040
Speaker 4: He does.

745
00:38:03,480 --> 00:38:04,400
Speaker 5: He doesn't own his publisher.

746
00:38:04,800 --> 00:38:06,200
Speaker 4: HE'LM is the.

747
00:38:06,160 --> 00:38:08,600
Speaker 5: Company who owns his publishing and their their parent company

748
00:38:08,640 --> 00:38:11,840
Speaker 5: is Sony ATV. Which we heard in you know the

749
00:38:11,880 --> 00:38:16,400
Speaker 5: past week about ownership with them, but he doesn't own it,

750
00:38:16,440 --> 00:38:19,680
Speaker 5: and he has sued them. He sued them because he

751
00:38:19,719 --> 00:38:22,160
Speaker 5: wants it back, and his thing is it's dating back

752
00:38:22,480 --> 00:38:25,400
Speaker 5: to twenty ten. But he originally signed a contract with

753
00:38:25,400 --> 00:38:28,439
Speaker 5: EMI in two thousand and three. So before he makes

754
00:38:28,480 --> 00:38:32,520
Speaker 5: college drop out, before he is a well renowned superstar

755
00:38:32,640 --> 00:38:34,920
Speaker 5: that he is, he signs a publishing deal with them. Now,

756
00:38:35,160 --> 00:38:37,520
Speaker 5: he has had production credit up until that point, so

757
00:38:37,600 --> 00:38:41,120
Speaker 5: he did the blueprint, and he had some production on

758
00:38:41,160 --> 00:38:43,520
Speaker 5: I think Seagulls album being the Seagulls album and a

759
00:38:43,520 --> 00:38:46,360
Speaker 5: few other Rockefeller artists. He had production credit, but he

760
00:38:46,440 --> 00:38:50,680
Speaker 5: wasn't a recording artist just yet. So before college dropout,

761
00:38:50,800 --> 00:38:54,240
Speaker 5: he signs a publishing deal with them. Now the issue

762
00:38:54,320 --> 00:38:58,480
Speaker 5: is that Kanye lives in California. You want to touch

763
00:38:58,520 --> 00:38:59,200
Speaker 5: it a little.

764
00:38:58,960 --> 00:39:03,440
Speaker 4: Bit, Yeah, So all right, so Kanye is suing, all right,

765
00:39:03,480 --> 00:39:06,719
Speaker 4: So he tried to get his publishing back, right, He's unsuccessful.

766
00:39:06,719 --> 00:39:09,520
Speaker 4: He's not able to get the publishing back. So when

767
00:39:09,520 --> 00:39:10,960
Speaker 4: I don't even say back because he never had it,

768
00:39:11,600 --> 00:39:14,560
Speaker 4: trying to get his possibility, he's unsuccessful, so he sues.

769
00:39:15,040 --> 00:39:18,520
Speaker 4: He sues under the grounds that in California, you cannot

770
00:39:18,600 --> 00:39:21,319
Speaker 4: be in a contract longer than seven years. They have

771
00:39:21,440 --> 00:39:24,760
Speaker 4: what's called the servitude law. His interrect that word is interesting.

772
00:39:24,800 --> 00:39:28,040
Speaker 4: Won't get back to that later. So EMI counter sues

773
00:39:28,200 --> 00:39:32,080
Speaker 4: him for week this week for breach of contract because

774
00:39:32,120 --> 00:39:34,319
Speaker 4: they said that the contract is in New York. New

775
00:39:34,400 --> 00:39:39,000
Speaker 4: York doesn't have a servitude law. Seven years doesn't matter, right,

776
00:39:39,600 --> 00:39:43,560
Speaker 4: So why is this interesting? Because he had a very

777
00:39:43,560 --> 00:39:47,640
Speaker 4: famous quote where he talked about slavery.

778
00:39:47,719 --> 00:39:52,320
Speaker 5: Right. Kanye's quote was, slavery sounds like a choice, a choice.

779
00:39:52,440 --> 00:39:54,919
Speaker 4: So but yeah, so he says that comment about slavery, right,

780
00:39:55,400 --> 00:39:57,960
Speaker 4: and it got all kinds of backlash and it went

781
00:39:58,040 --> 00:40:02,120
Speaker 4: viral and all that. So the interesting thing now is

782
00:40:02,160 --> 00:40:05,799
Speaker 4: that in his contract. It came out recently that he

783
00:40:05,840 --> 00:40:07,879
Speaker 4: has a clause in his contract with EMI that he's

784
00:40:07,920 --> 00:40:10,839
Speaker 4: not allowed to retire or take extended breaks from USIC.

785
00:40:10,880 --> 00:40:13,000
Speaker 5: Yeah, so that the written in the contract, right, It

786
00:40:13,000 --> 00:40:16,440
Speaker 5: says his principal occupation needs to be writing, recording producing

787
00:40:16,800 --> 00:40:19,200
Speaker 5: for a major label. Furthermore, he may not initiate a

788
00:40:19,239 --> 00:40:21,399
Speaker 5: retirement or extended how it is, so he can't even

789
00:40:21,400 --> 00:40:24,480
Speaker 5: take a break literally in his contract now, He has

790
00:40:24,520 --> 00:40:27,120
Speaker 5: had revisions to the contract since two thousand and three,

791
00:40:27,880 --> 00:40:29,920
Speaker 5: and I think the most recent one was twenty fourteen,

792
00:40:29,960 --> 00:40:32,400
Speaker 5: and we don't really know that the details of the revisions,

793
00:40:32,719 --> 00:40:33,960
Speaker 5: but that piece is still in there.

794
00:40:34,320 --> 00:40:38,120
Speaker 4: So this is so crazy because so they have a

795
00:40:38,160 --> 00:40:42,560
Speaker 4: servitude law, which is servitude is like slavery. That's that

796
00:40:42,680 --> 00:40:46,080
Speaker 4: word is synonymous with slavery. Kind of different, but it's similar.

797
00:40:46,800 --> 00:40:49,560
Speaker 4: And they have in his contract that he can't retire

798
00:40:49,719 --> 00:40:53,960
Speaker 4: or take an extended break, no breaks forever, right in perpetuity.

799
00:40:54,000 --> 00:40:57,080
Speaker 5: Yeah, so it says terms, but there's no distinction on

800
00:40:57,080 --> 00:41:00,239
Speaker 5: how long a term is. Now his thing is saying like, hey, thing,

801
00:41:00,280 --> 00:41:02,799
Speaker 5: it's seven years, seven years because I live in California

802
00:41:02,880 --> 00:41:04,840
Speaker 5: and their thing is like, hey, you signed us in

803
00:41:04,880 --> 00:41:05,200
Speaker 5: New York.

804
00:41:05,239 --> 00:41:11,279
Speaker 4: I'm biased when it comes to Kanye because Kanye he's

805
00:41:11,280 --> 00:41:13,080
Speaker 4: too important, Like he's an important person.

806
00:41:13,280 --> 00:41:14,000
Speaker 5: I can't throw a brother.

807
00:41:14,160 --> 00:41:16,040
Speaker 4: No, we can't throw him away. We can't throw him away.

808
00:41:16,120 --> 00:41:18,120
Speaker 2: And you don't want to throw Kanye away, No we can't.

809
00:41:18,160 --> 00:41:20,040
Speaker 5: We can't throw we can't.

810
00:41:20,120 --> 00:41:23,040
Speaker 6: At all these little church things that he's been doing lately,

811
00:41:23,120 --> 00:41:25,279
Speaker 6: I'm like, okay, kind of like Kanye.

812
00:41:25,040 --> 00:41:29,960
Speaker 4: Kanye Kanye played a Sunday service the graduation the graduation

813
00:41:30,160 --> 00:41:34,040
Speaker 4: album that was like soundtrack music to Like My Life,

814
00:41:34,120 --> 00:41:35,319
Speaker 4: Like I mean like I.

815
00:41:35,360 --> 00:41:38,640
Speaker 5: So the crazy thing about graduation, and I told everybody

816
00:41:38,680 --> 00:41:41,719
Speaker 5: on the initial episode was like, yeah, I was into

817
00:41:41,719 --> 00:41:44,879
Speaker 5: the music. I remember getting that album early and at

818
00:41:44,880 --> 00:41:47,799
Speaker 5: the time here in Hawaii, I printed that thing up

819
00:41:48,040 --> 00:41:50,200
Speaker 5: with a bunch of other CDs and I came to

820
00:41:50,280 --> 00:41:52,440
Speaker 5: your house aubording to your mom, like he shipped him

821
00:41:52,480 --> 00:41:55,120
Speaker 5: this album and you call me like four days later, like, Yo,

822
00:41:55,160 --> 00:41:58,120
Speaker 5: this is the best album I've ever so familiar.

823
00:41:58,600 --> 00:42:00,759
Speaker 4: I went to school in Hawaii for two years. I

824
00:42:00,760 --> 00:42:02,000
Speaker 4: went to school in Maryland for two years, and I

825
00:42:02,000 --> 00:42:03,399
Speaker 4: went to gooo in Hawaii, so where he got music

826
00:42:03,480 --> 00:42:08,320
Speaker 4: from Yeah, Troy, so that before that's before well, I

827
00:42:08,360 --> 00:42:10,280
Speaker 4: was like right around the time the iPod was really

828
00:42:10,360 --> 00:42:14,080
Speaker 4: popping off, but we still had CDs. So I had

829
00:42:14,080 --> 00:42:16,200
Speaker 4: a radio with a CD player. So he would send

830
00:42:16,200 --> 00:42:19,320
Speaker 4: me like new music because I'm in Hawaii obviously, so

831
00:42:19,360 --> 00:42:22,440
Speaker 4: it's totally different, right, I'm not getting new music, so

832
00:42:22,480 --> 00:42:26,440
Speaker 4: he's sending me new music via CDs. So the Kanye CD,

833
00:42:26,600 --> 00:42:28,840
Speaker 4: I like burnt that I think I had. Kanye actually

834
00:42:28,840 --> 00:42:31,280
Speaker 4: on my iPod though, but I remember I was listening

835
00:42:31,280 --> 00:42:35,000
Speaker 4: to that like all the time. So yeah, obviously it's

836
00:42:35,000 --> 00:42:37,320
Speaker 4: an unfortunate situation what has happened a lot of things,

837
00:42:37,360 --> 00:42:40,160
Speaker 4: but we're not gonna talking about that too much. But

838
00:42:40,239 --> 00:42:45,439
Speaker 4: the business side is disturbing. And it's interesting that comes

839
00:42:45,440 --> 00:42:49,120
Speaker 4: out right now because this is the same week or

840
00:42:49,440 --> 00:42:52,120
Speaker 4: month as the day lat Soul situation right.

841
00:42:52,280 --> 00:42:54,439
Speaker 5: Before we go, because we have to touch on day Soul.

842
00:42:54,480 --> 00:42:59,280
Speaker 5: But there's key literature in the contract that principal source

843
00:42:59,320 --> 00:43:02,600
Speaker 5: of principal occupation. It's a toss up because how do

844
00:43:02,640 --> 00:43:05,440
Speaker 5: you define that, right? Is it him being a producer

845
00:43:05,480 --> 00:43:09,200
Speaker 5: songwriter or is it the businessman who makes the easies right,

846
00:43:09,200 --> 00:43:12,120
Speaker 5: because it's tough to tell, like one generates more revenue,

847
00:43:12,440 --> 00:43:14,480
Speaker 5: but the contract says that this has to be it.

848
00:43:14,520 --> 00:43:17,040
Speaker 5: So like last year, we saw him put out five

849
00:43:17,080 --> 00:43:20,560
Speaker 5: albums right now, he produced, he produced, what he was

850
00:43:20,920 --> 00:43:22,160
Speaker 5: featured on every one of them.

851
00:43:22,719 --> 00:43:23,359
Speaker 4: They produced five.

852
00:43:23,760 --> 00:43:27,200
Speaker 5: Yeah, so in terms of producing, like, yeah, that looks

853
00:43:27,280 --> 00:43:30,680
Speaker 5: like his principal occupation because he put out five albums

854
00:43:30,719 --> 00:43:33,400
Speaker 5: and he was featured on a bunch of them and

855
00:43:33,560 --> 00:43:36,759
Speaker 5: two and that year was always in twenty nineteen right,

856
00:43:36,840 --> 00:43:39,200
Speaker 5: that's when the little suit haven't done in January.

857
00:43:39,280 --> 00:43:41,239
Speaker 4: How do you sign a contract that says you can't

858
00:43:41,239 --> 00:43:43,320
Speaker 4: take a break or you can't retire?

859
00:43:43,400 --> 00:43:43,920
Speaker 5: Who read this?

860
00:43:44,239 --> 00:43:47,320
Speaker 6: What was in his mind at that moment? No, it's

861
00:43:47,520 --> 00:43:49,880
Speaker 6: I know that's what I was thinking. Like he probably

862
00:43:49,920 --> 00:43:52,040
Speaker 6: was just like, I'm never gonna want to retire from this.

863
00:43:52,040 --> 00:43:52,960
Speaker 5: This is what I'm going to do.

864
00:43:53,200 --> 00:43:55,239
Speaker 4: Well, you know what a lot of people like, because

865
00:43:55,239 --> 00:43:57,040
Speaker 4: we're gonna talk about daylst Soul, right, what a lot

866
00:43:57,040 --> 00:44:01,319
Speaker 4: of people say, Well, these artists signed deal, so we

867
00:44:01,360 --> 00:44:03,600
Speaker 4: don't have sympathy for somebody that signs a contract. But

868
00:44:03,640 --> 00:44:05,640
Speaker 4: then it's like you got to put yourself in these

869
00:44:05,719 --> 00:44:07,840
Speaker 4: in these people's shoes, right, like if this is your dream,

870
00:44:08,320 --> 00:44:10,879
Speaker 4: your entire life. I remember I saw Charlomagne one day.

871
00:44:11,200 --> 00:44:12,800
Speaker 4: Well I didn't see him personally, but I was watching

872
00:44:12,800 --> 00:44:15,319
Speaker 4: the Breakfast Club and he was talking about his dealer.

873
00:44:15,360 --> 00:44:17,279
Speaker 4: He signed with the Breakfast Club and he was saying

874
00:44:17,320 --> 00:44:19,640
Speaker 4: that it was right after he was fired. He was unemployed,

875
00:44:19,960 --> 00:44:21,880
Speaker 4: and the Breakfast Club called him. It was like his

876
00:44:22,000 --> 00:44:25,040
Speaker 4: dream job Number one markets from South Carolina. So long

877
00:44:25,040 --> 00:44:27,680
Speaker 4: story short, when they offered him a deal, he signed it.

878
00:44:27,719 --> 00:44:29,279
Speaker 4: He didn't look he didn't look at it.

879
00:44:29,560 --> 00:44:32,799
Speaker 5: But on top of him getting like Kanye, on top

880
00:44:32,800 --> 00:44:34,480
Speaker 5: of him getting the revisions in the deals, he was

881
00:44:34,520 --> 00:44:36,160
Speaker 5: getting advances every time you resigned.

882
00:44:37,080 --> 00:44:39,000
Speaker 4: But what I'm trying to say is that if this

883
00:44:39,040 --> 00:44:41,040
Speaker 4: is your opportunity and you've been trying for this your

884
00:44:41,040 --> 00:44:44,760
Speaker 4: whole life, and jay Z is there and nine times out.

885
00:44:44,640 --> 00:44:47,440
Speaker 5: Tell you sign, You're gonna sign it.

886
00:44:47,680 --> 00:44:49,439
Speaker 4: Yeah, you gonna sign it. It takes a strong person

887
00:44:49,480 --> 00:44:51,399
Speaker 4: to do what master P did and turn a million

888
00:44:51,480 --> 00:44:53,879
Speaker 4: dollars down and say no, I'm not I'm not saying

889
00:44:53,880 --> 00:44:55,759
Speaker 4: that the right thing to do is to sign it,

890
00:44:56,040 --> 00:44:58,279
Speaker 4: But I'm just saying I could understand where a kid

891
00:44:58,360 --> 00:45:03,360
Speaker 4: that's not properly educated on business, that's young, that is impressionable,

892
00:45:04,200 --> 00:45:06,600
Speaker 4: he's gonna do whatever he has to do and then

893
00:45:06,960 --> 00:45:09,000
Speaker 4: think about the repercussions later on.

894
00:45:09,520 --> 00:45:11,840
Speaker 5: The crazy part and part of that contract too, is

895
00:45:11,880 --> 00:45:14,160
Speaker 5: like he has this clause where he has to the

896
00:45:14,200 --> 00:45:17,480
Speaker 5: same person that became Kanye. He has to maintain that.

897
00:45:17,719 --> 00:45:19,720
Speaker 5: Like it's almost like a keep that same energy clause,

898
00:45:19,880 --> 00:45:22,440
Speaker 5: Like he has to fulfill. Yeah, that's part of it too,

899
00:45:22,520 --> 00:45:25,360
Speaker 5: Like the same person that generated all this income and

900
00:45:25,400 --> 00:45:28,400
Speaker 5: all this popularity. You have to be that person throughout

901
00:45:28,440 --> 00:45:31,000
Speaker 5: the term of this country. That mean, so like if

902
00:45:31,000 --> 00:45:35,000
Speaker 5: he going to the Grammys and saying something crazy, or

903
00:45:35,040 --> 00:45:37,359
Speaker 5: he's stepping on stage and he's saying something that might

904
00:45:37,400 --> 00:45:40,560
Speaker 5: be outlanders or something, you have to maintain that person.

905
00:45:40,640 --> 00:45:42,360
Speaker 4: So like when Jay was like, Yo, do you know

906
00:45:42,400 --> 00:45:43,840
Speaker 4: the language in that No.

907
00:45:43,960 --> 00:45:46,880
Speaker 5: It's well, I could pull it up, but no, it's

908
00:45:46,920 --> 00:45:49,320
Speaker 5: in a contract, and it's like that, it's the jayline,

909
00:45:49,360 --> 00:45:50,799
Speaker 5: Like in order to be Bobby, then you gotta be

910
00:45:50,840 --> 00:45:53,640
Speaker 5: Bobby now, Like that's it, Like he has to be

911
00:45:53,840 --> 00:45:56,560
Speaker 5: Kanye West, the person that we knew throughout the terms

912
00:45:56,600 --> 00:45:57,240
Speaker 5: of the contract.

913
00:45:59,080 --> 00:46:01,600
Speaker 4: That's interesting because he's never been the same person. He's

914
00:46:01,640 --> 00:46:02,439
Speaker 4: always a different person.

915
00:46:02,480 --> 00:46:05,399
Speaker 5: There's another breach. So then then you see there's another breach, right,

916
00:46:05,440 --> 00:46:07,120
Speaker 5: so it's like, wait, that's not the guy we signed.

917
00:46:08,440 --> 00:46:10,239
Speaker 5: I don't know how he wins this hopefully, I mean hope.

918
00:46:10,280 --> 00:46:13,040
Speaker 4: Well, that's the thing that he might have in his

919
00:46:13,160 --> 00:46:15,800
Speaker 4: favor is deserve too. That's why he's gonna have to

920
00:46:15,840 --> 00:46:19,799
Speaker 4: the servitude thing. And it's like this isn't in good

921
00:46:20,200 --> 00:46:22,719
Speaker 4: and the fact that he can't retire, so every contract

922
00:46:22,760 --> 00:46:25,239
Speaker 4: legally has to be done in good faith, right, even

923
00:46:25,320 --> 00:46:27,560
Speaker 4: somebody signs it. If it's not done in good faith

924
00:46:27,800 --> 00:46:30,239
Speaker 4: between both parties, then it could be null and void.

925
00:46:30,480 --> 00:46:33,120
Speaker 4: So something in my opinion, I'm not a lawyer, but

926
00:46:33,280 --> 00:46:35,680
Speaker 4: if a contract has in it that you can't retire,

927
00:46:35,760 --> 00:46:39,319
Speaker 4: that's not in good faith because nobody that doesn't even

928
00:46:39,360 --> 00:46:41,439
Speaker 4: make sense. It's say, okay, you're tied to a certain

929
00:46:41,440 --> 00:46:44,600
Speaker 4: amount of albums or this is your your requirement. But

930
00:46:44,640 --> 00:46:48,480
Speaker 4: to say you can never retire. Everybody has to retire

931
00:46:48,560 --> 00:46:50,000
Speaker 4: at some point, like where you supposed to work to

932
00:46:50,080 --> 00:46:54,680
Speaker 4: you die, that's crazy. So all right, Kanye, we're gonna

933
00:46:54,680 --> 00:46:54,960
Speaker 4: follow this.

934
00:46:55,080 --> 00:46:55,920
Speaker 5: No pray in a situation.

935
00:46:56,200 --> 00:46:58,440
Speaker 4: But can we talk about day LASO let's go into that,

936
00:46:58,480 --> 00:47:02,480
Speaker 4: all right? So day Las So if anybody isn't fully

937
00:47:02,480 --> 00:47:05,160
Speaker 4: familiar because you might not know who they lost soul

938
00:47:05,280 --> 00:47:07,640
Speaker 4: is if when you were born, right, yeah, if you're

939
00:47:07,680 --> 00:47:12,319
Speaker 4: younger than what thirty thirty, let's give them thirty even

940
00:47:12,760 --> 00:47:15,880
Speaker 4: thirty two. Maybe I don't know because a lot of

941
00:47:15,920 --> 00:47:18,680
Speaker 4: people may not be familiar with who day Last Sold is. Right,

942
00:47:18,719 --> 00:47:22,120
Speaker 4: So Daylight Sold is a legendary rap group, pioneer rap

943
00:47:22,160 --> 00:47:25,799
Speaker 4: group like in late eighties early ninete eighty nine.

944
00:47:25,800 --> 00:47:28,160
Speaker 5: They come out with it first eighty nine three feet

945
00:47:28,200 --> 00:47:28,440
Speaker 5: high in.

946
00:47:28,480 --> 00:47:32,880
Speaker 4: Rising eighty nine, so thirty years ago. Thirty years ago, yeah,

947
00:47:32,960 --> 00:47:35,960
Speaker 4: thirty years ago. So all right. They were signed to

948
00:47:36,080 --> 00:47:39,239
Speaker 4: a label called Tommy Boy, which isn't around anymore. But

949
00:47:39,280 --> 00:47:40,480
Speaker 4: at the time they had a lot.

950
00:47:40,320 --> 00:47:42,960
Speaker 5: Of they're back, they got like some some stuff that

951
00:47:42,960 --> 00:47:46,239
Speaker 5: they're releasing, but they were sold in two thousand and

952
00:47:46,280 --> 00:47:50,040
Speaker 5: two and they lost their catalog and then they got

953
00:47:50,040 --> 00:47:52,719
Speaker 5: it back. They got their old catalog back dated from

954
00:47:52,920 --> 00:47:56,040
Speaker 5: two thousand and two from everything previously and up to

955
00:47:56,080 --> 00:47:58,040
Speaker 5: two thousand and two. So Day Last Soul was part

956
00:47:58,080 --> 00:47:58,760
Speaker 5: of that catalog.

957
00:47:58,840 --> 00:48:03,319
Speaker 4: Okay, so right, so they they have their music has

958
00:48:03,320 --> 00:48:06,279
Speaker 4: never been on any streaming service ever, right, because they

959
00:48:06,280 --> 00:48:08,000
Speaker 4: don't own their music. They don't own the masters, they

960
00:48:08,040 --> 00:48:11,440
Speaker 4: don't own the publishing, they own anything. So now their

961
00:48:11,560 --> 00:48:15,120
Speaker 4: music is now going to be released on streaming services.

962
00:48:15,280 --> 00:48:18,960
Speaker 4: But it came out that their label owns ninety percent

963
00:48:19,000 --> 00:48:23,200
Speaker 4: of their publishing, right their three man group, so that

964
00:48:23,320 --> 00:48:25,400
Speaker 4: leaves them ten percent to split, so that leaves them

965
00:48:25,440 --> 00:48:29,680
Speaker 4: three point three percent. So it's a whole uproar of like,

966
00:48:30,239 --> 00:48:32,640
Speaker 4: how is this possible? How does somebody own ninety percent

967
00:48:32,719 --> 00:48:34,280
Speaker 4: of the music that you created.

968
00:48:34,040 --> 00:48:36,920
Speaker 5: Right, and why should we? And the thing is like, listen,

969
00:48:36,960 --> 00:48:39,360
Speaker 5: this contract needs to be revisited and it needs to

970
00:48:39,360 --> 00:48:42,640
Speaker 5: be restructured. And the label's like, wow, you signed that

971
00:48:42,760 --> 00:48:46,960
Speaker 5: contract thirty years ago, right, a lot of things have changed.

972
00:48:47,280 --> 00:48:50,600
Speaker 5: Like one of the things that the company is saying

973
00:48:50,680 --> 00:48:52,640
Speaker 5: is like, listen, we in your original contract, we owned

974
00:48:52,640 --> 00:48:56,879
Speaker 5: seventy percent of publishing. You had thirty. But over time, right,

975
00:48:57,360 --> 00:49:00,520
Speaker 5: because you've accumulated debt. And a lot people don't know

976
00:49:00,520 --> 00:49:02,880
Speaker 5: that they've accumulated debt because a lot of the songs

977
00:49:02,920 --> 00:49:06,280
Speaker 5: that they did from I Leave eighty nine to ninety six,

978
00:49:07,239 --> 00:49:09,640
Speaker 5: some of the samples weren't cleared on their songs, so

979
00:49:09,960 --> 00:49:13,560
Speaker 5: they got lawsuits and the record company has to pay

980
00:49:13,600 --> 00:49:16,960
Speaker 5: those lawsuits. So they're saying, listen, you've accumulated debt for us,

981
00:49:17,120 --> 00:49:19,080
Speaker 5: so we're going to add that into it. So it

982
00:49:19,080 --> 00:49:21,480
Speaker 5: originally starts to seventy percent, but it grows to ninety.

983
00:49:21,880 --> 00:49:24,680
Speaker 5: It's like crazy, like, how are you even supposed to

984
00:49:25,040 --> 00:49:25,759
Speaker 5: make money off of that?

985
00:49:26,880 --> 00:49:28,919
Speaker 4: You're not supposed to make money off of that whole point.

986
00:49:29,239 --> 00:49:30,839
Speaker 4: That's the whole points. So now that's a whole big thing,

987
00:49:31,320 --> 00:49:34,080
Speaker 4: and they're trying to rework the deal and it's like

988
00:49:34,120 --> 00:49:37,160
Speaker 4: a boycott on Tommy Boy. Jay Z has not put

989
00:49:37,160 --> 00:49:40,400
Speaker 4: the music on title in support of them, and I

990
00:49:40,440 --> 00:49:43,040
Speaker 4: think they actually signed the nas Massa.

991
00:49:43,000 --> 00:49:49,040
Speaker 5: In Masviel, so they have. So the Tommy Boy decided

992
00:49:49,320 --> 00:49:52,560
Speaker 5: after the uproar that they're gonna suspend. They're gonna put

993
00:49:52,560 --> 00:49:55,400
Speaker 5: a suspension on releasing into the streaming services until they

994
00:49:55,440 --> 00:49:57,680
Speaker 5: can work something out. So they have done that in

995
00:49:57,760 --> 00:50:00,239
Speaker 5: good faith. But like you said, Jay was pioneered. Look,

996
00:50:00,320 --> 00:50:02,239
Speaker 5: we're not putting this on title not till y'all figure

997
00:50:02,239 --> 00:50:05,960
Speaker 5: something out. And they have, I believe, so seven years

998
00:50:06,000 --> 00:50:08,720
Speaker 5: of music. Their biggest song I believe was be Myself

999
00:50:08,760 --> 00:50:12,000
Speaker 5: and I and then they had Stakes. It's high. They

1000
00:50:12,320 --> 00:50:15,080
Speaker 5: had a good catalog with Tommy Boy. But Tommy Boy

1001
00:50:15,160 --> 00:50:17,120
Speaker 5: has a lot of artists and they might be going

1002
00:50:17,120 --> 00:50:19,759
Speaker 5: through a similar situation. So like Naughty by Nature, which

1003
00:50:19,800 --> 00:50:22,120
Speaker 5: was a huge group in the nineties, like they could

1004
00:50:22,120 --> 00:50:25,160
Speaker 5: be next, right, so we'll see. And even the War Report,

1005
00:50:25,200 --> 00:50:26,400
Speaker 5: like that's one of my favorite albums.

1006
00:50:26,680 --> 00:50:28,600
Speaker 4: Remember Nor he said left Tommy Boy because.

1007
00:50:28,760 --> 00:50:32,440
Speaker 5: They just saw right. Yeah, So, like I mean, Tommy

1008
00:50:32,440 --> 00:50:35,239
Speaker 5: Boy is and genius too said that he's like, yo,

1009
00:50:35,320 --> 00:50:37,440
Speaker 5: they an my boy and that that's like the hashtag

1010
00:50:37,480 --> 00:50:39,680
Speaker 5: that's been being used like Tommy and my Mother f

1011
00:50:39,719 --> 00:50:42,279
Speaker 5: and boy. But that comes from that era too.

1012
00:50:43,960 --> 00:50:46,880
Speaker 4: Yes, a lot of skeletony in the music business. So

1013
00:50:47,200 --> 00:50:50,640
Speaker 4: once again, you know, it's it's something that a lot

1014
00:50:50,640 --> 00:50:52,959
Speaker 4: of people aspire to be in the music business. Yeah,

1015
00:50:53,040 --> 00:50:54,840
Speaker 4: but it's important to understand it's a business.

1016
00:50:54,920 --> 00:50:58,160
Speaker 5: It's a business before we even go like, there are

1017
00:50:58,160 --> 00:51:01,200
Speaker 5: some people who have on an amazing jobs with the

1018
00:51:01,200 --> 00:51:03,919
Speaker 5: business aspect of it, right, So like, yes, we spoke

1019
00:51:03,920 --> 00:51:06,440
Speaker 5: about Prince and I he changed his name to get

1020
00:51:06,440 --> 00:51:08,040
Speaker 5: the right to his music, right, he was the form

1021
00:51:08,120 --> 00:51:10,600
Speaker 5: the artist formally known as Prince because he couldn't use

1022
00:51:10,640 --> 00:51:13,160
Speaker 5: it because of his deal. But Frank Ocean, I don't

1023
00:51:13,160 --> 00:51:16,560
Speaker 5: think people understand what Frank Ocean's done. So Frank Ocean

1024
00:51:17,000 --> 00:51:19,680
Speaker 5: was an artist on def Jam. He put out Channel Orange,

1025
00:51:20,239 --> 00:51:21,200
Speaker 5: one of my favorite albums.

1026
00:51:21,280 --> 00:51:23,480
Speaker 2: You like it.

1027
00:51:23,719 --> 00:51:24,359
Speaker 4: I didn't listen.

1028
00:51:24,400 --> 00:51:26,680
Speaker 5: I know you ain't listen to it. So Chama Orange

1029
00:51:26,760 --> 00:51:28,480
Speaker 5: was a great It was critically acclaimed. I think he

1030
00:51:28,520 --> 00:51:32,879
Speaker 5: wanted a Grammy Award for it. And between that time

1031
00:51:32,960 --> 00:51:36,680
Speaker 5: and like twenty sixteen, he was having some issues with

1032
00:51:36,719 --> 00:51:39,640
Speaker 5: the label and he only had a two album deal,

1033
00:51:39,800 --> 00:51:43,440
Speaker 5: so he did something really ingenious. He put out an album.

1034
00:51:43,600 --> 00:51:45,560
Speaker 5: It was Endless. It was actually a visual album. If

1035
00:51:45,560 --> 00:51:48,160
Speaker 5: you watch the album, it looks like an Ikea commercial.

1036
00:51:48,239 --> 00:51:50,319
Speaker 5: That music is just being played and he's like in

1037
00:51:50,360 --> 00:51:53,160
Speaker 5: this warehouse and he puts the album out and that

1038
00:51:53,200 --> 00:51:57,280
Speaker 5: fulfills his contract. The very next day he puts out

1039
00:51:57,480 --> 00:52:00,839
Speaker 5: an exclusive album on iTunes called Blonde. So he did

1040
00:52:00,840 --> 00:52:03,680
Speaker 5: a deal with Apple to exclusively put that album out

1041
00:52:03,800 --> 00:52:06,960
Speaker 5: and got that done independently. So like he put albums

1042
00:52:07,000 --> 00:52:09,759
Speaker 5: back to back and got the money. Like Endless was

1043
00:52:09,800 --> 00:52:11,160
Speaker 5: like nobody remembers.

1044
00:52:10,840 --> 00:52:13,000
Speaker 4: That dropped the bogus album to get It was a

1045
00:52:13,040 --> 00:52:13,720
Speaker 4: visual album.

1046
00:52:13,960 --> 00:52:16,600
Speaker 5: It looks like an Ikea commercial. It's just black and

1047
00:52:16,640 --> 00:52:18,440
Speaker 5: white and his visuals and he's in his warehouse and

1048
00:52:18,440 --> 00:52:20,200
Speaker 5: his music being played and you're like, yo, what am

1049
00:52:20,239 --> 00:52:22,719
Speaker 5: I watching? And then the next day it's like boom, oh,

1050
00:52:22,760 --> 00:52:25,359
Speaker 5: here's the album. So like the fans were like, oh great,

1051
00:52:25,360 --> 00:52:28,440
Speaker 5: we got new music two days in a row. Record

1052
00:52:28,480 --> 00:52:30,399
Speaker 5: companies like wait, you know, he just pulled a fast

1053
00:52:30,440 --> 00:52:32,560
Speaker 5: one on us. He's looking at it like bad I

1054
00:52:32,640 --> 00:52:35,000
Speaker 5: just made money from Apple, and I'm gonna make some

1055
00:52:35,000 --> 00:52:37,520
Speaker 5: money from these little the streams that people thought endless

1056
00:52:37,560 --> 00:52:39,560
Speaker 5: was my album, so like, there's ways that you can

1057
00:52:39,600 --> 00:52:41,840
Speaker 5: be creative with it. But I don't think people know

1058
00:52:41,880 --> 00:52:43,480
Speaker 5: about history that was. That was a pretty I saw.

1059
00:52:43,640 --> 00:52:47,480
Speaker 5: I think he did say that recently. Yeah yeah, yeah, yeah.

1060
00:52:47,440 --> 00:52:49,960
Speaker 4: All right, well shout out at him. Okay, guys, so

1061
00:52:50,120 --> 00:52:53,919
Speaker 4: before we before we wrap up, thank you for coming

1062
00:52:54,080 --> 00:52:58,080
Speaker 4: his business so long. Give the people your information, how

1063
00:52:58,120 --> 00:53:00,399
Speaker 4: to how to contact you, how to reach you, how

1064
00:53:00,400 --> 00:53:02,520
Speaker 4: to follow you, all your social media and all that.

1065
00:53:03,160 --> 00:53:08,400
Speaker 6: So right now, I'm only on Instagram, miss ms dot

1066
00:53:08,640 --> 00:53:12,880
Speaker 6: business one zero one. I have an office in Brooklyn,

1067
00:53:13,040 --> 00:53:15,200
Speaker 6: so if anyone is ever in Brooklyn, and I also

1068
00:53:15,239 --> 00:53:19,440
Speaker 6: have a location in Manhattan, so just contact me. You

1069
00:53:19,440 --> 00:53:22,560
Speaker 6: guys can hit me up in my DM. My email

1070
00:53:22,960 --> 00:53:28,520
Speaker 6: is ask at miss businesswe zero one dot com.

1071
00:53:28,640 --> 00:53:31,040
Speaker 4: All right, well, yes, once again, thank you guys for

1072
00:53:31,080 --> 00:53:34,480
Speaker 4: rocking with us. We will be back next week. And yeah,

1073
00:53:34,600 --> 00:53:39,200
Speaker 4: continue to give us your feedback and your thoughts and

1074
00:53:39,239 --> 00:53:42,359
Speaker 4: your suggestions and then also remember the website is up

1075
00:53:42,360 --> 00:53:45,600
Speaker 4: with all of our information. Follow us on YouTube, so

1076
00:53:45,600 --> 00:53:48,080
Speaker 4: we'll subscribe to our YouTube channel, follow us on social media,

1077
00:53:48,560 --> 00:53:50,240
Speaker 4: and yeah, thank you, thank you for thank.

1078
00:53:50,120 --> 00:53:51,719
Speaker 5: You for your point. We're gonna keep going as long

1079
00:53:51,719 --> 00:53:53,120
Speaker 5: as y'all keeps the pointing. I know that.

1080
00:54:19,840 --> 00:54:23,719
Speaker 7: You just realized your business needed to hire someone yesterday.

1081
00:54:24,239 --> 00:54:28,960
Speaker 7: How can you find amazing candidates fast? Easy? Just use Indeed.

1082
00:54:29,400 --> 00:54:32,120
Speaker 7: Stop struggling to get your job posts seen on other

1083
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Speaker 7: all you need