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Speaker 1: An illegal alien from Guatemala charged with raping a child

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Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 1: accused of murdering a Texas man of Venezuelan charged with

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Speaker 1: filming and selling child pornography in Michigan. These are just

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Speaker 1: some of the heinous migrant criminals caught because of President

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Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States

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Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border

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Speaker 1: crossings are at the lowest levels ever recorded, and over

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Speaker 1: one hundred thousand illegal aliens have been arrested. If you

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Speaker 1: are here illegally, your next you will be fined nearly

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Speaker 1: one thousand dollars a day, imprisoned, and deported. You will

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Speaker 1: never return. But if you register using our CBP home

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Speaker 1: app and leave now, you could be allowed to return legally.

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Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,

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Speaker 1: border and families will.

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Speaker 2: Be protected sponsored by the United States Department of Homeland Security.

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Speaker 3: All right, So now we're going to talk about multiple

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Speaker 3: streams of income.

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Speaker 4: That is I mean, I get that question. I'm sure

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Speaker 4: you get a bunch I get that. Especially in the

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Speaker 4: education field.

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Speaker 2: Teachers every day, it's like, Yo, I need to make

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Speaker 2: more money. How am I going to do this? What

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Speaker 2: do I do? How are you doing it? I'm like,

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Speaker 2: we got something for you.

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Speaker 3: Real, we got no multiple streams of income. It's no longer.

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Speaker 2: Option.

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Speaker 3: It's a necessity. Yeah, in this world that we live in.

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Speaker 3: So we're going if you're a member of e Yo University,

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Speaker 3: shouts to all of our e Yo out there students

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Speaker 3: that's enrolled. E y l University is the dopest platform

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Speaker 3: right now online. It's crazy. We did a whole course.

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Speaker 3: We did an our course on multiple streams of income

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Speaker 3: that's actually out right now. So we're going to do

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Speaker 3: is try to condense this like fifteen minutes. But if

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Speaker 3: you want the like full hour version, you can just

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Speaker 3: check out earn your Leisure dot com. We also have

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Speaker 3: a course on it about how to create a podcast

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Speaker 3: with details, product placement, all that. It's dope. It's dope.

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Speaker 3: So yeah, we yeah, this would be like the abbreviated version,

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Speaker 3: and if you want the full version, you can just

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Speaker 3: check out Eyo University for sure. But so right, when

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Speaker 3: it comes down to like having multiple streams of income, right,

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Speaker 3: I think it's important to first understand and shout out

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Speaker 3: to Derek Falcon another one of our legendary episodes that

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Speaker 3: you don't A lot of times people are under the

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Speaker 3: misconception that you need like five seven different things because

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Speaker 3: they say the average millionaire has anywhere between five to

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Speaker 3: seven streams of income. So a lot of times people

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Speaker 3: look at that and it becomes like overwhelming because it's

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Speaker 3: like we're so trained. The average person is just trained

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Speaker 3: to work a job to get money. So now it's like, Okay,

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Speaker 3: I gotta work seven jobs, or I gotta like create

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Speaker 3: seven totally different businesses. So I gotta do like construction, plumbing,

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Speaker 3: real estate. I gotta be a stock market invest I

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Speaker 3: gotta do all these different things, and it's like who

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Speaker 3: has enough time? Right? But one thing I really liked

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Speaker 3: about with Derek saiding it really resonated with us, is

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Speaker 3: that you don't need multiple avenues to create multiple streams

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Speaker 3: of income. You just need one lane that you do

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Speaker 3: really well and you can create multiple streams of income

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Speaker 3: off of that one length.

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Speaker 4: It's like what we said, like we got to build

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Speaker 4: a foundation. If you think in the sense of a tree,

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Speaker 4: the tree is gonna be the foundation of what you're

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Speaker 4: gonna do, right, So like from that, you're just gonna

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Speaker 4: start building branches from it.

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Speaker 3: Yeah, so all right, So yeah, so we're not eve

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Speaker 3: gonna give you a case study or theory. We're gonna

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Speaker 3: give you the real deal Lisia. Yeah, this is easy.

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Speaker 3: This is just all I mean, this is ours platform

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Speaker 3: in blueprint. But I mean, you know, everybody's blueprint is

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Speaker 3: gonna be different, but we can just we can speak

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Speaker 3: best about what we personally know, right.

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Speaker 4: So, and they've been here to see it, so like

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Speaker 4: y'all been here watching it. Y'all seen it from January

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Speaker 4: to now. We're just gonna give you really in detail

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Speaker 4: like how this works.

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Speaker 3: Yeah for sure. So the thing with Earn Your Lisia

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Speaker 3: is that all right. So Earn Your Lisia started in

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Speaker 3: January of twenty nineteen, and it was a podcast, right,

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Speaker 3: and it was you know, we started the Instagram page

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Speaker 3: was the first thing we did. And we launched Instagram

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Speaker 3: and we turned into like a daily discussion board pretty

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Speaker 3: much of like different financial topics. We post different things

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Speaker 3: on Instagram and people give their feedback on it and

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Speaker 3: we do different write ups and it's like a whole

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Speaker 3: you know, financial board discussion on different all different areas

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Speaker 3: of finance. Right. So, but that was all done in

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Speaker 3: relationship to build the podcast. Right, So we created a podcast, right,

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Speaker 3: we didn't know anything about That's another thing about this too,

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Speaker 3: is that we didn't know. We're not even our year yet.

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Speaker 2: We're like, we're still learning. We just had a phone

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Speaker 2: call and we're like, yo, we're learning still.

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Speaker 3: Yeah, eleven eleven months and we're still learning. So we

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Speaker 3: think we're Earner Leasia. Is that Okay? So it started

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Speaker 3: it's just a podcast, and we had to figure out

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Speaker 3: how can you monetize a podcast because there's no blueprint

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Speaker 3: on how to do it. You just kind of figure

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Speaker 3: out how you go, right. So, but now we have

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Speaker 3: a few different streams from earn lesions, like I think

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Speaker 3: we gonn talk about like five six different streams that

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Speaker 3: we have from earn Leisure, income streams from early Leasure

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Speaker 3: right now. Right, So all right, So as the podcast grew,

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Speaker 3: the first the first thing that we started to monetize

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Speaker 3: was all yeah, right, so if you listen to this,

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Speaker 3: you know that you know, we give Spotify anchor from

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Speaker 3: time to time other brands. You know, it's part of

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Speaker 3: the episode. Right, So those are ads that we do,

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Speaker 3: and we're not doing it for charity. Obviously we can't

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Speaker 3: conversated for that, right, So how you get compensated in

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Speaker 3: the podcast world was called CPM yep, right, So CPM

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Speaker 3: is like per thousand plays what you get. So if

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Speaker 3: you get standard, the good thing with podcasts is that

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Speaker 3: it's usually like standard. It's like twenty five dollars twenty on,

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Speaker 3: like twenty to twenty five. It's like usually standard, right,

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Speaker 3: industry standard.

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Speaker 2: And when the platform we use was Anchor.

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Speaker 4: Obviously if you listen to this, we did it on

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Speaker 4: Anchor and we didn't have to go find them. They

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Speaker 4: provided us with the ads based on the audience listening.

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Speaker 4: So they saw that there was a thousand people listening

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Speaker 4: to the first episodes, they send us one ad.

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Speaker 2: They see this four thousand people. Then they sent us

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Speaker 2: two ads.

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Speaker 4: So the more people we had engaged in listening, the

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Speaker 4: more ads they sent to us. And you know it,

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Speaker 4: so like you hear, you got to go back and

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Speaker 4: listen to the original adds. So the original was a

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Speaker 4: funny bit.

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Speaker 3: Man, not a crazy thing is At first I didn't

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Speaker 3: even want to take the ad because I'm like, when

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Speaker 3: I saw it was twenty dollars CPM per thousand.

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Speaker 2: That's how it works, every thousand.

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Speaker 3: So when we first started, we was averaging like two

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Speaker 3: thousand a week or something like that. So I'm like,

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Speaker 3: why are we even doing this for forty dollars? And

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Speaker 3: then I read something like just do it because it

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Speaker 3: builds up over the cost.

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Speaker 2: Of time perpetuity.

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Speaker 3: And it does. I can tell you it does. And

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Speaker 3: the crazy thing about it is that now with like

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Speaker 3: anchor like it's the dynamic ads, right, So what happens

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Speaker 3: is that not every time somebody listens to a podcast,

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Speaker 3: we get paid. So you can go back and listen

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Speaker 3: to episode one and as long as there's an ad

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Speaker 3: and placed in it, we're gonna get paid for that.

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Speaker 3: So that's pretty cool because it's like, now as our

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Speaker 3: audience grows, right, we are revenue grows as well, right,

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Speaker 3: so we get paid. So that's one way how we

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Speaker 3: get paid, right. And then so that was the first

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Speaker 3: way how we started to monetize the podcast. And then

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Speaker 3: you know, from that, we figured, okay, now we have

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Speaker 3: an audience, but we always love fashion and we always

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Speaker 3: you know, it was like, okay, what's the next thing

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Speaker 3: that we should do, and actually to promote the podcast

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Speaker 3: as well, and we came up with a couple of

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Speaker 3: different slogans with the slogan, the slogan that really stuck

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Speaker 3: and became our signature was Assets over Liability.

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Speaker 4: Yeah, we had if I remember sitting down and we

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Speaker 4: wrote down, like you said, let's come up with ten.

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Speaker 4: I'm gonna come up with ten. And we put them

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Speaker 4: out and it was like, all right, well let's use

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Speaker 4: these three. And we had three. So if you had

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Speaker 4: the day one people, you know, when you went to

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Speaker 4: the site, there was a bunch of different shirts.

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Speaker 2: And as we moved on and we realized like that's

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Speaker 2: not really gonna move, we stuck with three.

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Speaker 3: Yeah, the most popular, Access over Reliabilities. So and that

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Speaker 3: just became our trademark. We tried a couple different things,

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Speaker 3: but that became our trademark. And so the thing about merch,

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Speaker 3: everybody sells merch. It's popular, it's like the first thing

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Speaker 3: you want to do, right, But merch can be a

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Speaker 3: kind of a tricky thing. So how we use what

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Speaker 3: we use is print Fall. Right. So print Fall is

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Speaker 3: a company that allows you to not hold any inventory.

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Speaker 4: It's on demand, so like you order it, it's they

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Speaker 4: make it pretty much like what we said in the

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Speaker 4: last segment. They make it, they distribute it, and all

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Speaker 4: we do is create the file which is the assets

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Speaker 4: over alliabilities, which is ours. They print it up and

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Speaker 4: they send it out to you.

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Speaker 3: Yeah. So, and it's an interesting business model. It's pros

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Speaker 3: and cons with everything because they take a percentage, a

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Speaker 3: pretty healthy percentage. We're working on that so, I mean,

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Speaker 3: we probably could make a lot more money if we

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Speaker 3: just did it ourselves. But the thing about it is

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Speaker 3: a lot more work and it's a lot more capital.

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Speaker 3: It doesn't cost us anything. That's the good thing about

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Speaker 3: print falls. That doesn't cost anything.

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Speaker 2: Right, we don't have to buy sweatshirts, we don't have

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Speaker 2: to buy t shirts.

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Speaker 3: One hundred dollars a month I think just to actually

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Speaker 3: run the site. But other than that, there's no there's

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Speaker 3: no money, there's no overhead. So as somebody buys the shirt,

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Speaker 3: they print it, they ship it. It's a whole. It's

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Speaker 3: a whole.

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Speaker 4: Literally, Like we created our own store on Shopify. It

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Speaker 4: goes on prince full and we put our designs up

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Speaker 4: there and people just when they order.

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Speaker 2: I remember we got our first order. I was like,

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Speaker 2: oh wow, this is great, and then we don't have

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Speaker 2: to store anything.

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Speaker 3: That's another thing to it. Especially when it comes to business,

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Speaker 3: a lot of times it's like and this is this

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Speaker 3: is this. There's no really no right or wrong answer

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Speaker 3: on this, But especially if you're doing a lot of

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Speaker 3: different things, sometimes it's better to take less money to

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Speaker 3: free your time up right, because it's like, like I said,

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Speaker 3: we could do it ourselves, but that's a lot more time,

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Speaker 3: Like we actually have to find somebody to actually make

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Speaker 3: it for. We have to hold a bundle of different

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Speaker 3: merch we have to ship it, we have to track it,

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Speaker 3: we have to you know, do all of those things.

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Speaker 3: It's not and especially as more people start to order shirts,

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Speaker 3: it becomes too much. It's difficult. So with print Fall,

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Speaker 3: they kind of do all of that for us. Like

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Speaker 3: I said, they take their percentage for doing all of

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Speaker 3: that stuff, but we're still get compensated. So that was

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Speaker 3: that was another revenue that was like the second revenue

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Speaker 3: stream that we did.

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Speaker 4: I did, and then the next one was a probably

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Speaker 4: pay program and that was kind of just happened in

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Speaker 4: a comment somebody was like, hey, you guys on Patreon,

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Speaker 4: and at the time I remember I text you, I'm like, yo,

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Speaker 4: what is Patreon? And then we did the resource showler.

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Speaker 4: It was like, oh, this could be a way that

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Speaker 4: we could give bonus content. We can put out different

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Speaker 4: variety of things and features for our audience, and so

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Speaker 4: like that became another source of income.

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Speaker 2: So we created five different tiers.

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Speaker 3: Yeah, Patreon, Patreon is a whole bob you actually you're

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Speaker 3: talking about Patreon. I don't even know what Patreon was comedy,

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Speaker 3: just like we should do a Patreon, Like what is Patreon?

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Speaker 3: And Patreon is a is a is a platform for

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Speaker 3: creatives for people to support on a financial level. And

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Speaker 3: the cool thing with Patreon is that it's a real community,

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Speaker 3: where like Patreon, you get you can add different tiers

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Speaker 3: to it. So like we have different tiers to our

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Speaker 3: Patreon and like depending on what tear you're in, Like

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Speaker 3: you get add free episodes, you get episodes before the

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Speaker 3: podcast drops. You get FaceTime conversations with us. Yeah, FaceTime

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Speaker 3: conversations is lit. You get direct conversations with us, you

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Speaker 3: get you get discounts on the merche, you get access

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Speaker 3: to Eyo University.

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Speaker 2: Yeah, that's new.

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Speaker 4: So like that was one of the things and we

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Speaker 4: sent the message out. It was like, Yo, we got

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Speaker 4: something to coming, we got something to come in, and

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Speaker 4: we were building it. So like now it's like now

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Speaker 4: they get to see what we have building. Everybody that's

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Speaker 4: in a Tier four or five they get to have

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Speaker 4: access to Eyo University. So that makes it even dope.

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Speaker 3: Yeah, and this this, this is the whole The whole

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Speaker 3: thing with the Business show is that you want to

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Speaker 3: just create different ideas because you might not be able

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Speaker 3: to copy every single thing, but you want to just

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Speaker 3: spark your brain. So for me, I'm always big on

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Speaker 3: cross promoting, right, So I'm like, okay, look if we

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Speaker 3: got Patreon, right, And and you also have to add

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Speaker 3: value like all these different report I want to stress

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Speaker 3: that too. Never do anything just to make money, right,

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Speaker 3: you got to have like real value, Like the merch

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Speaker 3: is something that we truly believe in, Like we really

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Speaker 3: believe in the merch. And I think the reason why

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Speaker 3: as Overliabilities has taken off because it's a dope slogan

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Speaker 3: and it's really powerful and like three words, it really

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Speaker 3: means a lot, Like it's assets over liability, like you

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Speaker 3: know what I'm saying. So it's like, if you're going

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Speaker 3: to spend money to wear merch, Like, you might as

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Speaker 3: well wear something that you like and it's stylished. That's

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Speaker 3: like it's dope.

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Speaker 2: Like that was our thing.

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Speaker 4: It was like, Yo, if we're going to create something

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Speaker 4: that people are gonna wear, it might have it should

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Speaker 4: have a message on it, and it should be a

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Speaker 4: message that resonates with our community and all communities. Really yeah,

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Speaker 4: like that's what the intent was when we did the merchant,

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Speaker 4: and like, let's make money. We're not a clothing brand,

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Speaker 4: but we want to have a message. Every time we

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Speaker 4: go outside we know people.

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Speaker 3: Are watching exactly. And also with the Patreon too, it's

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Speaker 3: like we don't want to just set up Patreon as

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Speaker 3: a way for people just to support the podcast. That's

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Speaker 3: like charity and an event. We want to actually give

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Speaker 3: them value as well. Right, So that's why we had

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Speaker 3: the phone conversations, That's why we added free access to

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Speaker 3: Eyo University. That's why we actually discounts on the merch.

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Speaker 3: But now with the Patreon, you get discount on the merch,

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Speaker 3: but it leads back to the merch, which is like

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Speaker 3: cross promoting, right exactly, So and everything always leads back

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Speaker 3: to the podcast. The podcast is the Mothership, which is free.

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Speaker 3: But that's the cool thing about it too, where the

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Speaker 3: podcast is free, but from something that is free, we're

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Speaker 3: able to create multiple different income streams where we can

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Speaker 3: actually profit. So that's another thing to a lot of

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Speaker 3: times people think like just because you're not actually getting

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Speaker 3: paid for something right away, or something doesn't look like

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Speaker 3: you can actually make money from it, you gotta look deeper.

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Speaker 3: It's not just like you gotta go ABC D E

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Speaker 3: F like you know what I mean, like to say, okay,

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Speaker 3: the podcast, we could the podcast is really just to

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Speaker 3: get us out there. As far as on our revenue,

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Speaker 3: of course, the podcast is to educate, that's the most important.

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Speaker 3: But as far as our revenue stream, we now we

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Speaker 3: can monetize the podcast even though people don't pay for

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Speaker 3: the podcast because of ads. But even if we had

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Speaker 3: no ads at all, we can still monetize off of

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Speaker 3: the podcast because of the visibility and allows us to

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Speaker 3: do other things.

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Speaker 4: And it's not like we have to create seven different things.

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Speaker 4: We still have the Mothership, the tree, which is the podcast,

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Speaker 4: and all these branches coming off of it. And that's

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Speaker 4: true what you said. We didn't do it for money, right,

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Speaker 4: So like when we had Patreon. We had like two

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Speaker 4: members the first month. Right next month we had seven.

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Speaker 4: Like we just kept grinding, like kept putting out the contact,

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Speaker 4: putt out of value making.

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Speaker 2: Those phone calls.

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Speaker 4: Now we're up to like over one hundred and fifteen

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Speaker 4: or something like that. And it was like just being

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Speaker 4: consistent and spreading the word and giving the value.

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Speaker 2: Like I think I was massed right.

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Speaker 4: He was like, yo, just give it away, give it away,

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Speaker 4: give it away, give it away, give it away.

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Speaker 3: And then people are, well, they want to pay for it.

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Speaker 3: They feel guilty not to that and that's why, like

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Speaker 3: I said, proud to pay. With Nipsey when he had

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Speaker 3: his one hundred dollars, it wasn't so much it's just

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Speaker 3: him selling a mixtape for one hundred dollars. This is

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Speaker 3: a whole experience. You got tickets to a concert, you

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Speaker 3: got merch. It was it was bundled together and it

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Speaker 3: was very well done and people were proud to because

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Speaker 3: people want to support, but they just got to have

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Speaker 3: something good that they can support, Like nobody wants to

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Speaker 3: support something that's just trash. And then so so then

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Speaker 3: the next revenue stream comes via of YouTube. So YouTube

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Speaker 3: is something that we're still figuring it out, but I

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Speaker 3: encourage any creative, any creative of anybody thinking about starting anything.

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Speaker 3: You got to get on YouTube. People don't fully understand

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Speaker 3: the power of YouTube. We spoke about this before, but.

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Speaker 4: That's the thing, and it would just be fully transparent.

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Speaker 4: We didn't start on YouTube.

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Speaker 3: The first like seven episodes wasn't wasn't on you. People

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Speaker 3: had to really convince us to get on YouTube. Like

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Speaker 3: the first seven episodes was just audio because it's like

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Speaker 3: it's a lot more work. You gotta film it, and

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Speaker 3: you gotta upload it, you gotta edit this. It's the

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Speaker 3: whole process. But YouTube, YouTube is interesting because it's like

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Speaker 3: YouTube also. All right, So the monetization for YouTube is

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Speaker 3: you have to have a thousand watch hours.

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Speaker 2: Yeah, so a thousand watch hours and four.

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Speaker 3: Before you come out. So watch hours is like how

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Speaker 3: many how many hours somebody has watched your video. So

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Speaker 3: you need a thousand watch hours and you need four

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Speaker 3: thousand subscribers and then you can start to monetize through

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Speaker 3: YouTube studio. And YouTube is another thing where it's like,

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Speaker 3: you know, the first YouTube check that you'll see is

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Speaker 3: like let's say, like for us, it.

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Speaker 2: Was like one hundred watched it.

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Speaker 4: I mean we watched that for like one hundred dollars.

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Speaker 3: Yeah, and then it's like six months later, was to

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Speaker 3: like four thousand YouTube. So God will in this time

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Speaker 3: next year it will be four times that, you know

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Speaker 3: what I'm saying. But the good thing with YouTube is

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Speaker 3: like once again, like the audio, once a video is

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Speaker 3: in YouTube, especially if it's like gets a lot of traction,

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Speaker 3: it's there forever. So I was just telling, like Alex

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Speaker 3: goot Energy from Trucking Episode thirty nine, I'm like, yo,

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Speaker 3: your video is gonna live forever because it has like

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Speaker 3: fifty nine thousand views right now or whatever. But a

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Speaker 3: year from now, somebody types in trucking, they'll find that video,

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Speaker 3: right and then they watch it and then we get paid.

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Speaker 3: And the cool thing, and I spoke about this on

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Speaker 3: the social media episode that we did, is that a

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Speaker 3: lot of times people with especially with like YouTube and

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Speaker 3: things of that nature, numbers are not the most important thing.

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Speaker 3: Numbers are not the most important thing. What I mean

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Speaker 3: by that is that like our forty thousand subscribers that

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Speaker 3: we have right now is probably more valuable than a

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Speaker 3: lot of people that have a million, two million subscribers

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Speaker 3: because our content, we get paid at a higher CPM.

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Speaker 3: What that means is that like our content is clean,

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Speaker 3: content is that's important, So companies they love that to advertise, right,

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Speaker 3: It's like the business is like the number one space

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Speaker 3: for advertisers. So I was speaking to somebody who has

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Speaker 3: a YouTube channel, but it's a wrap show and they

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Speaker 3: bring rappers on stuff like that, you know. So he

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Speaker 3: was telling me his CPMs for his show is like

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Speaker 3: three dollars four dollars, but he has like a million subscribers.

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Speaker 3: His videos get like two hundred thousand views, right, But

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Speaker 3: he's not really making money because it's like three dollars

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Speaker 3: where we might get ten twenty thousand views per episode.

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Speaker 3: We have forty thousand subscribers, which is way less than

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Speaker 3: what he has, right, right, but we're making more money

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Speaker 3: because our CPMs could be thirty dollars twenty five dollars.

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Speaker 4: And that's another thing that's beautiful about YouTube is that

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Speaker 4: the CPM fluctuates, so like depending on the content, like

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Speaker 4: a video like mobile homes, you could get maybe forty

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Speaker 4: five dollars per CPM, which is per thousand, or like

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Speaker 4: Alex right, it could be forty seven dollars or as

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Speaker 4: in the audio space, it's just pretty stage the same

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Speaker 4: standard at twenty five dollars. So like that's another beautiful

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Speaker 4: thing about YouTubers, Like it changes and depending on the content,

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Speaker 4: and that's that's key. What you said, too, is having

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Speaker 4: clean content, because if we had profanity laced conversations, right,

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Speaker 4: people wouldn't be putting money out to put on ads.

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Speaker 4: And I think we ran into that one time when

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Speaker 4: we had an episode with We're Talking about Marijuana, which

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Speaker 4: was a business podcast and it was a business lesson,

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Speaker 4: but just the fact that we had marijuana in our title,

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Speaker 4: it kind of changed.

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Speaker 3: We didn't get paid for that, But that's something too

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Speaker 3: for a lot of crit Like I said, all of

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Speaker 3: this stuff is just free information, free knowledge because these

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Speaker 3: are things that we learned. We literally learned all this

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Speaker 3: stuff on the fly. So you know, if you're starting

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Speaker 3: a YouTube channel, if you're thinking about monetizing online, these

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Speaker 3: are good good things to know. Because we didn't notice,

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Speaker 3: Like we didn't know that we put cannabis on marijuana

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Speaker 3: in the title, that's a red flag for YouTube. The

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Speaker 3: video went out, people saw it, but we didn't get

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Speaker 3: paid on it.

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Speaker 2: We got that little yellow sticker.

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Speaker 3: They're very big on that, very big on that industry.

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Speaker 3: They've shut down pages. They shut down some big cannabis

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Speaker 3: pages where six hundred thousand subscribers, a million subscribers, they

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Speaker 3: shut their pages down. So it's just it's important to

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Speaker 3: understand what you're doing because like you could just be

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Speaker 3: doing something and I fully understand what you're doing, and

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Speaker 3: it's like you got you built up a million and

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Speaker 3: two million followers subscribers, but now it's hard for you

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Speaker 3: to monetize it. Where you see somebody with one hundred thousand,

434
00:19:27,359 --> 00:19:29,600
Speaker 3: I said, it's on social media. I know a girl

435
00:19:29,640 --> 00:19:32,399
Speaker 3: who had one hundred thousand, one hundred and fifty thousand

436
00:19:32,520 --> 00:19:36,800
Speaker 3: subscribers on Instagram that was getting paid fifteen thousand dollars

437
00:19:37,200 --> 00:19:39,960
Speaker 3: for an Instagram post. Where we know a lot of

438
00:19:40,080 --> 00:19:46,560
Speaker 3: Instagram models, bartenders that have millions of followers that can't

439
00:19:46,640 --> 00:19:48,760
Speaker 3: they can't figure out how to make money because the

440
00:19:48,800 --> 00:19:51,440
Speaker 3: only people that's going to advertise on their page is

441
00:19:51,520 --> 00:19:56,600
Speaker 3: lingerie and just promoting parties industry. They're limited, right, even

442
00:19:56,600 --> 00:19:58,840
Speaker 3: like a John Henry, John Henry doesn't have that many followers,

443
00:19:58,840 --> 00:20:01,000
Speaker 3: have like one hundred and twenty thousand followers, killing he's

444
00:20:01,000 --> 00:20:01,600
Speaker 3: making a killing.

445
00:20:01,680 --> 00:20:01,920
Speaker 2: Killing.

446
00:20:01,960 --> 00:20:04,280
Speaker 3: He making a killing because it's clean. You got a

447
00:20:04,320 --> 00:20:06,800
Speaker 3: clean look. It's you know what I mean, it's just

448
00:20:06,840 --> 00:20:09,000
Speaker 3: the whole, it's the whole package. He's very he's very

449
00:20:09,000 --> 00:20:11,639
Speaker 3: friendly to advertise it. So not to say that you

450
00:20:11,720 --> 00:20:13,200
Speaker 3: have to be that. I mean you could, you could

451
00:20:13,200 --> 00:20:15,760
Speaker 3: still make money, but not me. But just know that.

452
00:20:16,000 --> 00:20:17,679
Speaker 3: Just just just be aware of it. Like I'm not

453
00:20:17,720 --> 00:20:20,960
Speaker 3: telling you to change your your whole platform and to

454
00:20:21,000 --> 00:20:23,479
Speaker 3: become something that you're not, but just be aware of it.

455
00:20:23,560 --> 00:20:25,520
Speaker 4: You should be aware because that will be the reason

456
00:20:25,720 --> 00:20:27,760
Speaker 4: why the monetization is a lot less.

457
00:20:27,840 --> 00:20:29,480
Speaker 2: Yeah, So just know it's good to know that, not

458
00:20:29,640 --> 00:20:30,000
Speaker 2: the fact.

459
00:20:30,960 --> 00:20:34,399
Speaker 3: So and then we also do live events. Now the

460
00:20:34,440 --> 00:20:37,280
Speaker 3: live events is another way how we're monetizing. But the thing,

461
00:20:37,320 --> 00:20:39,000
Speaker 3: like I said, the thing about is that we're always

462
00:20:39,000 --> 00:20:42,280
Speaker 3: adding value. Right, So this is a business podcast. We're

463
00:20:42,280 --> 00:20:44,880
Speaker 3: never gonna apologize for making money. That's the whole point.

464
00:20:45,119 --> 00:20:47,680
Speaker 3: Like we should never be ashamed to be entrepreneurs. But

465
00:20:48,200 --> 00:20:50,320
Speaker 3: as long as you're as long as you're creating value,

466
00:20:50,359 --> 00:20:52,600
Speaker 3: that's the most important thing. Right. So just from that,

467
00:20:52,600 --> 00:20:56,959
Speaker 3: that's five different revenue streams that we named off of

468
00:20:57,000 --> 00:20:59,199
Speaker 3: the podcast. Right, So now we don't have to we

469
00:20:59,240 --> 00:21:02,000
Speaker 3: don't have to get five different jobs. We don't have

470
00:21:02,040 --> 00:21:05,720
Speaker 3: to create five different businesses, even though they are kind

471
00:21:05,720 --> 00:21:07,439
Speaker 3: of separate of each other, but they're all under the

472
00:21:07,480 --> 00:21:12,400
Speaker 3: mothership of your leader, and they all hover under the podcast.

473
00:21:12,440 --> 00:21:15,000
Speaker 3: The podcast is what leads everything, right, We know that,

474
00:21:15,080 --> 00:21:18,280
Speaker 3: and that's important too. Never go away from what feeds you.

475
00:21:18,760 --> 00:21:21,560
Speaker 3: A lot of times people get successful and one thing

476
00:21:21,680 --> 00:21:24,280
Speaker 3: and then they stop paying attention to that. Like, the

477
00:21:24,320 --> 00:21:27,000
Speaker 3: podcast is always going to be high quality. We're always

478
00:21:27,040 --> 00:21:29,520
Speaker 3: going to do our best with the podcast because we understand,

479
00:21:29,520 --> 00:21:31,359
Speaker 3: like the podcast is what got us to this point.

480
00:21:31,880 --> 00:21:35,240
Speaker 4: But this episode is brought to you by P and

481
00:21:35,280 --> 00:21:38,359
Speaker 4: C Bank. A lot of people think podcasts about work

482
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Speaker 4: are boring, and sure they definitely can be, but understanding

483
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Speaker 4: a professionals routine shows us how they achieve their success

484
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485
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Speaker 2: It's like banking with P and C Bank. It might

486
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487
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Speaker 4: To save, plan and make calculated decisions with your bank,

488
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489
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490
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492
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493
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494
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495
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496
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497
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498
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499
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500
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501
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Speaker 4: merch partners, Square makes it easy for them to take payments,

502
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503
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504
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505
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506
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507
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508
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509
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510
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511
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512
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513
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528
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529
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Speaker 3: We can't stay limited to the podcast like. If we

530
00:24:24,920 --> 00:24:27,639
Speaker 3: did that, we'd be doing ourselves and our supporter is

531
00:24:27,640 --> 00:24:29,720
Speaker 3: a disservice because that's not what we preach. Like we

532
00:24:30,119 --> 00:24:33,680
Speaker 3: preach to have no limit to expand your horizons. So

533
00:24:33,720 --> 00:24:37,080
Speaker 3: if we just stayed just doing a podcast, we wouldn't

534
00:24:37,119 --> 00:24:39,159
Speaker 3: be a good example. Like I'm saying that we got

535
00:24:39,200 --> 00:24:40,919
Speaker 3: to set an example. It's like it's more than just

536
00:24:40,960 --> 00:24:43,080
Speaker 3: like we're just not getting up here just talking about it.

537
00:24:43,119 --> 00:24:44,840
Speaker 3: We actually are implementing a real business.

538
00:24:44,880 --> 00:24:46,720
Speaker 4: Yeah, and we have a few more, Like we have

539
00:24:46,760 --> 00:24:49,240
Speaker 4: a few more even even like in the summer when

540
00:24:49,240 --> 00:24:52,000
Speaker 4: we do our summer programming. That's another stream of income

541
00:24:52,040 --> 00:24:54,679
Speaker 4: for us. We have a couple things that we're going

542
00:24:54,680 --> 00:24:57,399
Speaker 4: announce to the top of twenty twenty that were just

543
00:24:57,440 --> 00:25:00,840
Speaker 4: continuing to build off of the mothership. All earn your leisure,

544
00:25:00,880 --> 00:25:03,600
Speaker 4: but all things that help people. So yeah, man, we

545
00:25:03,600 --> 00:25:05,920
Speaker 4: gotta keep creating. And it don't be surprised if you

546
00:25:05,960 --> 00:25:09,040
Speaker 4: see like us doing trucking, Like we get a truck,

547
00:25:09,040 --> 00:25:13,000
Speaker 4: we're we're getting all this inflammation. So every time we

548
00:25:13,040 --> 00:25:15,520
Speaker 4: hear something and we learn, it's like, yo, we should

549
00:25:15,520 --> 00:25:15,840
Speaker 4: do No.

550
00:25:15,880 --> 00:25:17,960
Speaker 3: It's a fact. We even talking about our book. We

551
00:25:17,960 --> 00:25:19,720
Speaker 3: gotta get we got we gotta get back to writing

552
00:25:19,720 --> 00:25:23,040
Speaker 3: that book. But the book, that's another thing that was

553
00:25:23,080 --> 00:25:25,879
Speaker 3: like that we're looking to launch and we got the

554
00:25:25,880 --> 00:25:29,800
Speaker 3: blueprint of the book from Ash Cash episode episode twenty six.

555
00:25:29,880 --> 00:25:31,600
Speaker 3: So it's like a lot of times, like when you

556
00:25:31,680 --> 00:25:34,720
Speaker 3: listen to earn your leisure, don't just listen and just

557
00:25:34,760 --> 00:25:38,160
Speaker 3: be entertained. Man, it's application, Like I said, like we're

558
00:25:38,240 --> 00:25:41,560
Speaker 3: living proof, like we're we're literally applying things that we

559
00:25:41,720 --> 00:25:42,120
Speaker 3: are learning.

560
00:25:42,160 --> 00:25:43,760
Speaker 4: You know what the best part is, Like not once

561
00:25:43,800 --> 00:25:46,720
Speaker 4: did you say like I'm a financial advisor too, Like

562
00:25:46,920 --> 00:25:49,320
Speaker 4: people forget that part, Like yeah, so like yeah, that

563
00:25:49,359 --> 00:25:50,400
Speaker 4: your financial advisor.

564
00:25:50,720 --> 00:25:53,399
Speaker 2: I'm a teacher. But these things that we're doing, like

565
00:25:53,520 --> 00:25:55,720
Speaker 2: outside of that, that's like non different streams.

566
00:25:56,080 --> 00:25:58,320
Speaker 3: You need to have like ten ten different joints going

567
00:25:58,359 --> 00:26:00,760
Speaker 3: because you never know, you never know when something can

568
00:26:00,840 --> 00:26:02,159
Speaker 3: dry up, you know what I'm saying. You never know

569
00:26:02,160 --> 00:26:03,960
Speaker 3: when something can dry up. So it's like I've seen

570
00:26:04,000 --> 00:26:06,639
Speaker 3: it and I learned that early on just from watching

571
00:26:06,720 --> 00:26:09,040
Speaker 3: people that I grew up with older people, And it's

572
00:26:09,080 --> 00:26:11,119
Speaker 3: like you get laid off from your job and your

573
00:26:11,160 --> 00:26:13,800
Speaker 3: screw you had a bad month from your job, and

574
00:26:13,840 --> 00:26:17,040
Speaker 3: it's like you damn there on a homeless line, like

575
00:26:17,040 --> 00:26:18,800
Speaker 3: you know what I'm saying. So now it's like we're

576
00:26:18,840 --> 00:26:20,920
Speaker 3: having multiple streams. It gives you a cushion. It gives

577
00:26:20,920 --> 00:26:22,240
Speaker 3: you a buffer and it's like, all right.

578
00:26:22,119 --> 00:26:23,760
Speaker 2: Well you can feel it. You can feel the freedom.

579
00:26:23,800 --> 00:26:24,919
Speaker 3: You do feel less pressure to you.

580
00:26:24,920 --> 00:26:25,919
Speaker 2: You can feel the freedom of it.

581
00:26:25,920 --> 00:26:28,000
Speaker 4: It's like, you know what, I'm not relying on anything.

582
00:26:28,400 --> 00:26:30,920
Speaker 4: I have so many things that if this doesn't work,

583
00:26:30,920 --> 00:26:31,280
Speaker 4: I got this.

584
00:26:31,400 --> 00:26:31,760
Speaker 2: I got it.

585
00:26:31,800 --> 00:26:33,800
Speaker 4: You can feel the freedom like I can feel it personally.

586
00:26:33,800 --> 00:26:35,960
Speaker 4: It's like, Yo, this is crazy. This is different. Like

587
00:26:36,000 --> 00:26:39,520
Speaker 4: this feels like twenty nineteen doesn't feel like twenty eighteen.

588
00:26:39,680 --> 00:26:40,480
Speaker 2: It feels different.

589
00:26:40,480 --> 00:26:43,200
Speaker 3: It does. And so yeah, so that's our but that's

590
00:26:43,280 --> 00:26:45,560
Speaker 3: our journey. And not to say that you have to

591
00:26:45,560 --> 00:26:48,680
Speaker 3: start a podcast, but it's like that's something that fit

592
00:26:48,840 --> 00:26:51,520
Speaker 3: in what we were doing. So it's like what fits

593
00:26:51,520 --> 00:26:52,200
Speaker 3: in what you're doing?

594
00:26:52,280 --> 00:26:56,280
Speaker 4: Yeah, And on Early Legion University, I broke down how

595
00:26:56,320 --> 00:26:58,600
Speaker 4: you can earn income and education because a lot of

596
00:26:58,640 --> 00:27:01,199
Speaker 4: times I have conversations with people in my profession and like, yo,

597
00:27:01,440 --> 00:27:02,080
Speaker 4: how do you have time?

598
00:27:02,119 --> 00:27:02,800
Speaker 2: How do you have time?

599
00:27:03,160 --> 00:27:05,920
Speaker 4: And I went through like five or six different things

600
00:27:05,920 --> 00:27:09,040
Speaker 4: streams of income just from being an educator, Like it

601
00:27:09,080 --> 00:27:12,280
Speaker 4: is things that you probably are overthinking that you can

602
00:27:12,320 --> 00:27:14,359
Speaker 4: do that don't require much time.

603
00:27:14,760 --> 00:27:18,720
Speaker 3: Yeah, so all right, So yeah, that was that, And

604
00:27:19,000 --> 00:27:20,840
Speaker 3: like I said, that was kind of the abbreviated version.

605
00:27:20,880 --> 00:27:23,600
Speaker 3: The full version is on earn your Legion University, where

606
00:27:23,640 --> 00:27:25,560
Speaker 3: we kind of just dove into a lot of different things.

607
00:27:25,600 --> 00:27:27,840
Speaker 3: But I just wanted to just let people know that

608
00:27:28,400 --> 00:27:32,439
Speaker 3: it's always something more, no matter what you're doing, it's

609
00:27:32,480 --> 00:27:34,840
Speaker 3: always something more. And when you're looking to start a business,

610
00:27:34,840 --> 00:27:36,879
Speaker 3: see if that business is scalable, like the podcast is

611
00:27:36,880 --> 00:27:39,800
Speaker 3: scalable because we don't it's very low inventory. That's another

612
00:27:39,800 --> 00:27:42,560
Speaker 3: thing too, it's very low inventory. It can reach people

613
00:27:42,600 --> 00:27:46,640
Speaker 3: from New York to Australia. We're not limited geographically, and

614
00:27:46,840 --> 00:27:50,600
Speaker 3: it provides us opportunities to create multiple different launching paths.

615
00:27:51,040 --> 00:27:52,960
Speaker 4: That was the first question Dery Falcon ask me walked

616
00:27:53,000 --> 00:27:54,800
Speaker 4: in when we did his interview. The first thing he

617
00:27:54,880 --> 00:27:57,000
Speaker 4: sat down on my coudu and was like, Yo, how

618
00:27:57,040 --> 00:27:58,600
Speaker 4: y'all gonna scale this first thing?

619
00:27:58,640 --> 00:28:02,240
Speaker 2: You asked? I'm like, good question, and we still we

620
00:28:02,440 --> 00:28:02,880
Speaker 2: come up with.

621
00:28:02,840 --> 00:28:05,960
Speaker 3: New ideas how we can scale. So, like I said,

622
00:28:05,960 --> 00:28:09,000
Speaker 3: that's our blueprint, but what's your blueprint? Right? Like, if

623
00:28:09,040 --> 00:28:13,800
Speaker 3: you are restaurant owner, how do you scale that? How

624
00:28:13,840 --> 00:28:16,280
Speaker 3: do you create multiple different streams. Derek gave the blueprint

625
00:28:16,320 --> 00:28:18,480
Speaker 3: for that. But it's like if you if you have

626
00:28:18,560 --> 00:28:21,040
Speaker 3: a gym, how do you create multiple different streams off

627
00:28:21,080 --> 00:28:23,399
Speaker 3: that gym? Like even Alex right, he has a trucking,

628
00:28:23,800 --> 00:28:27,239
Speaker 3: but he makes more money off of his portal and

629
00:28:27,280 --> 00:28:32,680
Speaker 3: now he has merch So so yeah, so that's that's

630
00:28:32,680 --> 00:28:35,200
Speaker 3: the rightdown multiple streams of income people. It's it's it's

631
00:28:35,320 --> 00:28:37,640
Speaker 3: not something that is optional at this point in time,

632
00:28:37,760 --> 00:28:41,720
Speaker 3: is mandatory and it's all about being creative and understanding

633
00:28:41,800 --> 00:28:44,880
Speaker 3: how you can build different branches off of one tree.

634
00:28:45,840 --> 00:28:48,960
Speaker 3: So we're going to close it out with some education

635
00:28:49,440 --> 00:28:51,760
Speaker 3: as far as investing in different things.

636
00:28:53,120 --> 00:28:55,840
Speaker 2: Right, it's fun.

637
00:28:56,080 --> 00:28:57,920
Speaker 3: Yeah, so we're going to close it out. We're going

638
00:28:58,000 --> 00:29:02,240
Speaker 3: to close it out with something that is easy for me.

639
00:29:03,360 --> 00:29:05,240
Speaker 3: Like I said, a lot of times people don't fully understand,

640
00:29:05,280 --> 00:29:10,480
Speaker 3: Like everybody thinks do the podcast full time, but I

641
00:29:10,520 --> 00:29:13,680
Speaker 3: actually have a financial planning firm, independent firm.

642
00:29:13,880 --> 00:29:16,280
Speaker 2: Who was your first client you were, thank.

643
00:29:16,120 --> 00:29:21,280
Speaker 3: You for sure wealth wealth management firm. So that's what I

644
00:29:21,320 --> 00:29:28,280
Speaker 3: do like outside of this so so yeah, retirement planning, investing,

645
00:29:28,360 --> 00:29:32,400
Speaker 3: things of that nature. So one thing that always gets

646
00:29:32,440 --> 00:29:35,720
Speaker 3: people's attention when we talk about is the self directed IRA.

647
00:29:36,400 --> 00:29:37,920
Speaker 3: So I wanted to talk about that because you know,

648
00:29:37,920 --> 00:29:40,240
Speaker 3: we talk about real estate a lot on this show,

649
00:29:40,880 --> 00:29:42,960
Speaker 3: and we bring on different real estate investors and things

650
00:29:42,960 --> 00:29:44,640
Speaker 3: of that nature, and we always you know, have to

651
00:29:44,680 --> 00:29:48,040
Speaker 3: give people different options. So funding, when it comes to funding,

652
00:29:48,080 --> 00:29:50,160
Speaker 3: that stops a lot of people from investing in real estate.

653
00:29:50,280 --> 00:29:52,880
Speaker 3: So we you know, talk about two or three K

654
00:29:53,000 --> 00:29:56,120
Speaker 3: loans and hard money loans and conventional loans and things

655
00:29:56,160 --> 00:29:59,840
Speaker 3: of that nature. But another way that people can can

656
00:30:00,000 --> 00:30:01,840
Speaker 3: invest in real estate that not a lot of people

657
00:30:01,880 --> 00:30:05,280
Speaker 3: are fully familiar with is via their retirement account. Right,

658
00:30:05,320 --> 00:30:07,480
Speaker 3: because if you think about it, I've spoke about this before,

659
00:30:07,600 --> 00:30:11,960
Speaker 3: most for the average American middle class, American lower middle class, whatever,

660
00:30:13,160 --> 00:30:15,640
Speaker 3: they don't have a tremendous amount of money saved in

661
00:30:15,640 --> 00:30:18,440
Speaker 3: a savings account. They don't have money. They might probably

662
00:30:18,480 --> 00:30:21,440
Speaker 3: have no investment outside of retirement, like they don't have

663
00:30:21,760 --> 00:30:22,200
Speaker 3: I mean.

664
00:30:22,080 --> 00:30:24,400
Speaker 2: I know people straight up that don't know what an

665
00:30:24,400 --> 00:30:25,040
Speaker 2: IRI is.

666
00:30:25,800 --> 00:30:27,760
Speaker 3: Well, yeah that, but I'm just saying as far as

667
00:30:27,960 --> 00:30:32,600
Speaker 3: the money that they have saved is in retirement. So

668
00:30:32,760 --> 00:30:35,920
Speaker 3: it's not uncommon for a teacher to have a half

669
00:30:35,920 --> 00:30:39,040
Speaker 3: a million dollars in their pension plan or their four

670
00:30:39,120 --> 00:30:40,920
Speaker 3: or three B plan by the time they retire, or

671
00:30:41,320 --> 00:30:44,880
Speaker 3: it's not uncommon for somebody to work in corporate America

672
00:30:45,480 --> 00:30:49,760
Speaker 3: for twenty years and to have four hundred thousand dollars

673
00:30:49,840 --> 00:30:52,000
Speaker 3: or even like one hundred thousand in a couple of years,

674
00:30:52,000 --> 00:30:54,320
Speaker 3: Like it adds up. The good thing with four in

675
00:30:54,400 --> 00:30:56,200
Speaker 3: one case is that the money is taken right out

676
00:30:56,200 --> 00:31:00,360
Speaker 3: of your paycheck, so it's easy. Everybody knows it out there.

677
00:31:00,400 --> 00:31:02,000
Speaker 3: Like when you sign up for a job, they do you.

678
00:31:02,040 --> 00:31:03,720
Speaker 3: They sign you up for it, and then you've worked,

679
00:31:03,760 --> 00:31:05,560
Speaker 3: like I said, a union job, you have a pension.

680
00:31:05,800 --> 00:31:08,240
Speaker 3: People have money in retirement accounts, long story short, Yeah,

681
00:31:08,520 --> 00:31:12,400
Speaker 3: and that's the one place where a lot of people

682
00:31:12,720 --> 00:31:15,440
Speaker 3: that's like their only source of like real.

683
00:31:15,520 --> 00:31:17,160
Speaker 2: Say somebody if they're saving, they're like, yeah, I have

684
00:31:17,160 --> 00:31:18,080
Speaker 2: a four one yeah.

685
00:31:18,160 --> 00:31:19,719
Speaker 3: So what happens is that is that a lot of

686
00:31:19,720 --> 00:31:21,840
Speaker 3: times what happens I see all the time is that

687
00:31:22,320 --> 00:31:24,600
Speaker 3: people like they might leave their job or whatever, they

688
00:31:24,640 --> 00:31:26,840
Speaker 3: want to buy a home, and they have an old

689
00:31:26,880 --> 00:31:29,440
Speaker 3: retirement account like old four one K, and what they

690
00:31:29,440 --> 00:31:30,920
Speaker 3: do is that they cash it out because that's the

691
00:31:30,960 --> 00:31:34,120
Speaker 3: only real money. They cash out their four one K

692
00:31:34,240 --> 00:31:35,920
Speaker 3: and they use that for a down payment or they

693
00:31:35,960 --> 00:31:37,800
Speaker 3: use that to buy a home. The problem with that

694
00:31:37,920 --> 00:31:40,160
Speaker 3: is that now not only do you deplete your retirement account,

695
00:31:40,560 --> 00:31:42,560
Speaker 3: but you get taxed crazy. Like if you take money

696
00:31:42,600 --> 00:31:44,200
Speaker 3: out of a retirement account, but for fifty nine and

697
00:31:44,240 --> 00:31:47,480
Speaker 3: a half from all resignment accounts, you pay a ten

698
00:31:47,480 --> 00:31:50,240
Speaker 3: percent penalty, you pay state tax, and you pay federal tax.

699
00:31:50,240 --> 00:31:51,800
Speaker 3: So you could be paying up to fifty to fifty

700
00:31:51,800 --> 00:31:55,280
Speaker 3: five percent of the money in taxes. Right, So that's

701
00:31:55,280 --> 00:31:57,400
Speaker 3: that's a lot of money that's you're liable.

702
00:31:57,120 --> 00:31:59,080
Speaker 2: With this house man.

703
00:31:59,360 --> 00:32:03,720
Speaker 3: Yeah, it's it's important to understand that. So a lot

704
00:32:03,720 --> 00:32:06,360
Speaker 3: of times people don't fully understand that you can actually

705
00:32:06,520 --> 00:32:10,880
Speaker 3: use retirement money to actually purchase property. Right, So how

706
00:32:10,920 --> 00:32:13,560
Speaker 3: you do that is via what's called a self directed eye.

707
00:32:13,680 --> 00:32:15,560
Speaker 4: So before we go there, right, because this is important,

708
00:32:15,680 --> 00:32:18,720
Speaker 4: what's the difference between an IRA and a self directed IRA?

709
00:32:19,520 --> 00:32:22,080
Speaker 3: So, all right, an IRA is what it stands for

710
00:32:22,120 --> 00:32:23,360
Speaker 3: is then individual retirement account.

711
00:32:23,400 --> 00:32:23,480
Speaker 4: Right.

712
00:32:23,520 --> 00:32:25,440
Speaker 3: I think we spoke about this in another episode one time.

713
00:32:25,480 --> 00:32:28,160
Speaker 3: But so IRA can be set up to two different ways.

714
00:32:28,160 --> 00:32:30,360
Speaker 3: You can set an IRA up just with money out

715
00:32:30,360 --> 00:32:33,680
Speaker 3: of your pocket, and like you can fund it every year.

716
00:32:33,760 --> 00:32:36,000
Speaker 3: Like if you are self employed, or if your job

717
00:32:36,000 --> 00:32:38,160
Speaker 3: doesn't have a four one K, or if you make

718
00:32:38,440 --> 00:32:39,880
Speaker 3: under a certain amount of money, you can just put

719
00:32:39,880 --> 00:32:42,120
Speaker 3: money to an IRA every year. Right now, you put

720
00:32:42,160 --> 00:32:43,320
Speaker 3: like six thousand dollars on IRA.

721
00:32:43,400 --> 00:32:45,440
Speaker 2: There's a max on it. Yeah, for the year.

722
00:32:45,560 --> 00:32:50,120
Speaker 3: Okay, But now what's very populous, what's called the IRA rollover.

723
00:32:50,840 --> 00:32:52,760
Speaker 3: So when you what happens is that now you leave

724
00:32:52,840 --> 00:32:54,880
Speaker 3: your job, right, and now you have an old four

725
00:32:54,960 --> 00:32:58,520
Speaker 3: one K, an old pension plan, an old four three

726
00:32:58,560 --> 00:33:02,200
Speaker 3: B whatever TDA, whatever it, and you can roll that

727
00:33:02,280 --> 00:33:05,440
Speaker 3: into an IRA. Right. So the reason why it's called

728
00:33:05,480 --> 00:33:08,040
Speaker 3: the rollover is that it's going from one what's called

729
00:33:08,080 --> 00:33:10,920
Speaker 3: tax qualified vehicle to another tax qualified vehicle. You're not

730
00:33:10,960 --> 00:33:13,320
Speaker 3: paying taxes on it for your retirement. The only difference

731
00:33:13,360 --> 00:33:15,000
Speaker 3: is that the four one K is set up by

732
00:33:15,000 --> 00:33:17,280
Speaker 3: your job. The IRA is set up individually. You can

733
00:33:17,280 --> 00:33:19,120
Speaker 3: set up you know, with a bank or through a

734
00:33:19,120 --> 00:33:23,040
Speaker 3: financial advisor or you know online, there's different ways to

735
00:33:23,080 --> 00:33:23,480
Speaker 3: set it up.

736
00:33:23,560 --> 00:33:23,760
Speaker 2: Right.

737
00:33:24,320 --> 00:33:28,400
Speaker 3: So most of the time when when people do IRA rollovers,

738
00:33:28,400 --> 00:33:32,480
Speaker 3: they're rolling into what's called the traditional IRA. Traditional IRA

739
00:33:33,000 --> 00:33:37,200
Speaker 3: is investing in more traditional investments stocks, stocks, mutual funds,

740
00:33:38,520 --> 00:33:42,040
Speaker 3: things of that nature. Right, So it's invested in the

741
00:33:42,160 --> 00:33:44,680
Speaker 3: stock market, in bonds, things of that nature, and it

742
00:33:44,720 --> 00:33:46,680
Speaker 3: grows over the cost of time. So let's say you

743
00:33:46,680 --> 00:33:49,200
Speaker 3: had a job you work at at and T for

744
00:33:49,360 --> 00:33:51,000
Speaker 3: fifteen years. You have one hundred thousand dollars in a

745
00:33:51,040 --> 00:33:53,760
Speaker 3: four oneth can you left you left? So now when

746
00:33:53,760 --> 00:33:55,920
Speaker 3: you leave your job, the four one k is pretty

747
00:33:55,960 --> 00:33:57,960
Speaker 3: much frozen in the sense not frozen way. It's not growing.

748
00:33:57,960 --> 00:34:00,760
Speaker 3: It's still growing relative to have any investments do, but

749
00:34:01,440 --> 00:34:04,280
Speaker 3: you can't borrow from it, right, you can't add money

750
00:34:04,320 --> 00:34:06,400
Speaker 3: to it, you don't have any advice on it. You're

751
00:34:06,400 --> 00:34:08,279
Speaker 3: not you're not working there anymore. A lot of times

752
00:34:08,280 --> 00:34:11,040
Speaker 3: people move and they don't update the address, so it

753
00:34:11,040 --> 00:34:13,360
Speaker 3: becomes difficult to manage if you're not working there anymore.

754
00:34:13,440 --> 00:34:15,520
Speaker 3: So this is why a rollover is so appealing because

755
00:34:15,560 --> 00:34:17,960
Speaker 3: now you get to pick and choose your investments. You

756
00:34:17,960 --> 00:34:20,880
Speaker 3: can add money to the IRA if you want, You

757
00:34:20,920 --> 00:34:22,600
Speaker 3: can work with somebody that can help you out, like

758
00:34:22,600 --> 00:34:24,839
Speaker 3: an advisor and things of that nature. So that's that's

759
00:34:24,880 --> 00:34:26,839
Speaker 3: what that's what the IRA is, just taking control over

760
00:34:26,880 --> 00:34:29,440
Speaker 3: the money. So now you have that, you have it

761
00:34:29,480 --> 00:34:32,520
Speaker 3: in the i RA, all right, So now as it's

762
00:34:32,560 --> 00:34:35,960
Speaker 3: in the i RA, it can be invested in like

763
00:34:36,040 --> 00:34:38,719
Speaker 3: let's say it's invested in mutual funds, right or an

764
00:34:38,719 --> 00:34:41,320
Speaker 3: annuity or whatever. It was just the regular IR traditional

765
00:34:41,680 --> 00:34:44,120
Speaker 3: So the money's invested, you're not paying any taxes on

766
00:34:44,160 --> 00:34:47,279
Speaker 3: it as long as it stays in And it's just

767
00:34:47,320 --> 00:34:48,759
Speaker 3: like how it would be with your four one K,

768
00:34:48,800 --> 00:34:51,400
Speaker 3: except you're kind of picking choosing investments for yourself. Okay,

769
00:34:51,880 --> 00:34:53,840
Speaker 3: So it's that's the easy So if.

770
00:34:53,719 --> 00:34:56,560
Speaker 4: I'm not picking it, then it would be a financial

771
00:34:56,560 --> 00:34:58,440
Speaker 4: advisor or like I saw, like a custodian.

772
00:34:58,880 --> 00:35:01,839
Speaker 3: Most of the time, it's a through like somebody will

773
00:35:01,840 --> 00:35:03,480
Speaker 3: help you out with it. So whether that be a

774
00:35:03,480 --> 00:35:07,960
Speaker 3: financial advisor, whether that be somebody at a bank, credit union,

775
00:35:08,160 --> 00:35:10,680
Speaker 3: or you know. Usually you can do it yourself too

776
00:35:10,920 --> 00:35:14,040
Speaker 3: if you go online like you can fidelity, but a

777
00:35:14,080 --> 00:35:15,759
Speaker 3: lot of times people just don't feel comfortable doing the

778
00:35:15,840 --> 00:35:19,359
Speaker 3: things themselves. They might want help, so somebody will help

779
00:35:19,400 --> 00:35:21,000
Speaker 3: you out with it that they'll you know, kind of

780
00:35:21,040 --> 00:35:23,160
Speaker 3: guide you on like what makes sense, this is a

781
00:35:23,160 --> 00:35:25,920
Speaker 3: good investment, and this is the reasons why things that nature.

782
00:35:26,360 --> 00:35:28,840
Speaker 3: So that's what most people do, like probably like ninety

783
00:35:28,840 --> 00:35:30,920
Speaker 3: five percent of people, they'll roll at money into a

784
00:35:30,920 --> 00:35:33,680
Speaker 3: traditional IRA. But another option that you have is that

785
00:35:33,719 --> 00:35:37,440
Speaker 3: you can roll into what's called the self directed IRA. So,

786
00:35:37,160 --> 00:35:40,000
Speaker 3: so traditional IRIS allows you to invest in traditional investments.

787
00:35:40,000 --> 00:35:41,920
Speaker 3: Like like I just said, the self directed IRA allows

788
00:35:41,920 --> 00:35:44,719
Speaker 3: you to invest in a broad range of different things.

789
00:35:45,040 --> 00:35:50,520
Speaker 3: Everything from bitcoin to commodities. Is a bunch of possibilities,

790
00:35:50,640 --> 00:35:51,600
Speaker 3: all kinds of different stuff.

791
00:35:51,640 --> 00:35:53,600
Speaker 4: And one of the things, so somebody said, like you

792
00:35:53,640 --> 00:35:56,080
Speaker 4: can invest in a horse holding firm.

793
00:35:56,239 --> 00:35:57,640
Speaker 3: Yeah, you can invest in all kinds of different things

794
00:35:57,680 --> 00:36:00,439
Speaker 3: with the self directed IRA. And one of the most

795
00:36:00,480 --> 00:36:02,640
Speaker 3: popular things that people use self directed IRA is for

796
00:36:02,760 --> 00:36:05,719
Speaker 3: is real estate. So a self directed IRA allows you

797
00:36:05,760 --> 00:36:07,720
Speaker 3: to invest money in real estate. Right, So what happens

798
00:36:07,800 --> 00:36:10,440
Speaker 3: is that you have one hundred thousand dollars and instead

799
00:36:10,440 --> 00:36:12,040
Speaker 3: of like if you don't roll into a traditional IRA,

800
00:36:12,200 --> 00:36:14,799
Speaker 3: you can roll it into a self directed IRA. Now

801
00:36:14,840 --> 00:36:17,600
Speaker 3: that self directed IRA, you can buy a home, or

802
00:36:17,640 --> 00:36:19,600
Speaker 3: you can buy an apartment or whatever, or use that

803
00:36:19,640 --> 00:36:21,439
Speaker 3: money to you know, buy different forms of real estate.

804
00:36:22,040 --> 00:36:24,200
Speaker 3: And the money's not tax because the whole point of

805
00:36:24,440 --> 00:36:26,399
Speaker 3: keeping it within the IRA is that you avoid you're

806
00:36:26,480 --> 00:36:29,239
Speaker 3: avoiding paying tax tax when you take it out, or

807
00:36:29,400 --> 00:36:30,880
Speaker 3: tax when you take it out when you when you

808
00:36:30,920 --> 00:36:33,200
Speaker 3: take receipt of it, we call taking receipt of the

809
00:36:33,239 --> 00:36:35,040
Speaker 3: money right, so like when you take receipt of it,

810
00:36:35,040 --> 00:36:37,400
Speaker 3: that's when the money goes see a bank account, like

811
00:36:37,440 --> 00:36:39,759
Speaker 3: when you physically receive it. As long as it's under

812
00:36:39,800 --> 00:36:42,920
Speaker 3: the umbrella of the IRA, you never actually have you

813
00:36:42,920 --> 00:36:46,279
Speaker 3: don't have receipt of it, so you're not paying any

814
00:36:46,360 --> 00:36:48,439
Speaker 3: taxes on it. That's the benefit of rolling a fall

815
00:36:48,440 --> 00:36:51,200
Speaker 3: one came to an IRA and keeping it in the IRA. Right,

816
00:36:51,200 --> 00:36:53,279
Speaker 3: you're not paying any taxes. Whenever you take money out,

817
00:36:53,280 --> 00:36:55,600
Speaker 3: you're going to get taxed. If you take it out prematurely,

818
00:36:55,760 --> 00:36:58,000
Speaker 3: you get a ten percent penalty tax. But at any

819
00:36:58,080 --> 00:36:59,959
Speaker 3: point in time you take money out of an IRA

820
00:37:00,320 --> 00:37:01,719
Speaker 3: or four to one kre, you pay a state and

821
00:37:01,800 --> 00:37:04,719
Speaker 3: federal tax, the federal taxes with federal tax bracket you're

822
00:37:04,760 --> 00:37:07,120
Speaker 3: in at that time, and the state tax depending on

823
00:37:07,120 --> 00:37:09,440
Speaker 3: what state tax with state you're in, and it's treated

824
00:37:09,440 --> 00:37:10,200
Speaker 3: like ordinary income.

825
00:37:10,239 --> 00:37:10,960
Speaker 2: And you can borrow that.

826
00:37:11,000 --> 00:37:12,680
Speaker 4: At any time, but just know that there's gonna be

827
00:37:12,680 --> 00:37:15,319
Speaker 4: a penalty borrow What you can borrow money from the.

828
00:37:15,239 --> 00:37:17,480
Speaker 3: IRA, you can't borrow money from the IRA. You can

829
00:37:17,520 --> 00:37:19,399
Speaker 3: take money once a year from the IRA, but it's

830
00:37:19,400 --> 00:37:20,840
Speaker 3: a sixty day rule where you got to put the

831
00:37:20,840 --> 00:37:21,400
Speaker 3: money back in.

832
00:37:21,480 --> 00:37:22,680
Speaker 2: Okay, good enough.

833
00:37:22,719 --> 00:37:26,920
Speaker 3: So what happens is that with the self directed IRA,

834
00:37:27,280 --> 00:37:31,120
Speaker 3: right now you can use that money stays in the IRA,

835
00:37:31,280 --> 00:37:33,279
Speaker 3: but you can buy a real estate. So like, let's

836
00:37:33,320 --> 00:37:35,319
Speaker 3: say you used one hundred thousand and you bought a home,

837
00:37:35,880 --> 00:37:37,400
Speaker 3: used all of it to buy a home for one

838
00:37:37,480 --> 00:37:40,440
Speaker 3: hundred thousand in cash. Right, So now that one hundred

839
00:37:40,440 --> 00:37:42,839
Speaker 3: thousand is pretty much like your retirement So the one

840
00:37:42,880 --> 00:37:46,000
Speaker 3: hundred thousand rolls to two hundred thousand over the course

841
00:37:46,000 --> 00:37:48,640
Speaker 3: of time. You're not paying any taxes as it's growing, right,

842
00:37:49,160 --> 00:37:51,920
Speaker 3: So you sell that home. Now you made one hundred

843
00:37:51,920 --> 00:37:55,120
Speaker 3: thousand dollar profit. Right Now, you put that back into

844
00:37:55,120 --> 00:37:57,480
Speaker 3: the self directed IRA. Now it's not taxable. Now you

845
00:37:57,520 --> 00:37:59,239
Speaker 3: have two hundred thousand dollars. Now you can buy more

846
00:37:59,280 --> 00:38:03,160
Speaker 3: real estate or you can invest something else. Right. So

847
00:38:03,160 --> 00:38:05,960
Speaker 3: it's another way to invest in real estate with your

848
00:38:06,000 --> 00:38:10,160
Speaker 3: retirement account as opposed to investing with like a lot

849
00:38:10,160 --> 00:38:11,879
Speaker 3: of times people think that they have to cash out

850
00:38:11,920 --> 00:38:15,280
Speaker 3: their retirement to invest in real estate because most iras

851
00:38:15,320 --> 00:38:17,879
Speaker 3: will not allow you to invest in real estate. It's

852
00:38:17,880 --> 00:38:18,919
Speaker 3: not for self directed IRA.

853
00:38:19,120 --> 00:38:21,200
Speaker 4: All right, So what's the process of setting up an IRA,

854
00:38:21,280 --> 00:38:22,440
Speaker 4: because it's you're doing it yourself.

855
00:38:22,480 --> 00:38:24,080
Speaker 2: I'm assuming right, self directed.

856
00:38:23,920 --> 00:38:26,399
Speaker 3: Self directed IRA. Yeah, So the process is set up,

857
00:38:26,760 --> 00:38:28,600
Speaker 3: the process is set up a IRA. Period. This is

858
00:38:28,640 --> 00:38:31,480
Speaker 3: the process is set up an IRA. You do an

859
00:38:31,480 --> 00:38:35,719
Speaker 3: application for the IRA company, right, So now that that

860
00:38:36,160 --> 00:38:38,640
Speaker 3: sets up your IRA account. Like let's say you set

861
00:38:38,680 --> 00:38:41,880
Speaker 3: up an IRA with Franklin Simpleton. Right, you're doing an

862
00:38:41,520 --> 00:38:46,960
Speaker 3: application with Franklin Simpleton and you're setting up an IRA. Right. Now,

863
00:38:47,000 --> 00:38:49,399
Speaker 3: you have an IRA number, let's say it's one three,

864
00:38:49,480 --> 00:38:52,280
Speaker 3: five seven zero. That's your IRA number. You have an account.

865
00:38:52,560 --> 00:38:54,319
Speaker 3: All of that stuff is set up, but it's not

866
00:38:54,360 --> 00:38:56,960
Speaker 3: funded yet. So what happens is that now you have

867
00:38:57,000 --> 00:38:59,320
Speaker 3: to do a conference call with the fall one K company.

868
00:39:00,080 --> 00:39:02,080
Speaker 3: Actual is the easiest way you do a conference call.

869
00:39:02,560 --> 00:39:04,640
Speaker 3: And usually like you do with your advisor, if you're

870
00:39:04,640 --> 00:39:08,360
Speaker 3: working with an advisor, and like most companies nowadays, like

871
00:39:08,360 --> 00:39:11,719
Speaker 3: it's Fidelity, they'll do it over the phone where they

872
00:39:11,719 --> 00:39:13,959
Speaker 3: can initiate the transfer over the phone. So you say, okay,

873
00:39:14,320 --> 00:39:16,040
Speaker 3: I have an IRA, I want to roll my old

874
00:39:16,600 --> 00:39:19,120
Speaker 3: four one K into an IRA and they ask you, like,

875
00:39:19,160 --> 00:39:21,400
Speaker 3: who's the check made out to. You'll say like Franklin

876
00:39:21,440 --> 00:39:25,719
Speaker 3: for John Doe. Franklin Templeton for a benefit of John Doe, right,

877
00:39:26,120 --> 00:39:28,160
Speaker 3: and they say, like, what's the address. Most a lot

878
00:39:28,160 --> 00:39:29,719
Speaker 3: of times they'll send it directly to your house or

879
00:39:29,760 --> 00:39:32,239
Speaker 3: sometimes they'll turn it to the company, but they'll cut

880
00:39:32,239 --> 00:39:33,719
Speaker 3: the check. They'll do it over the phone and they'll

881
00:39:33,719 --> 00:39:35,960
Speaker 3: cut the check and then you deposit that until your

882
00:39:35,960 --> 00:39:38,760
Speaker 3: IRA account and now your IRA is funded. Right. Sometimes

883
00:39:38,800 --> 00:39:41,439
Speaker 3: some companies have paperwork where they have like their own

884
00:39:41,440 --> 00:39:43,960
Speaker 3: paperwork and you fill out the paperwork, you send it

885
00:39:43,960 --> 00:39:45,640
Speaker 3: back to the company and then they send the check.

886
00:39:46,080 --> 00:39:47,759
Speaker 3: So it depends either they do it with the phone

887
00:39:47,840 --> 00:39:49,600
Speaker 3: or the paperwork. But that's how you set the IRA up.

888
00:39:49,600 --> 00:39:51,120
Speaker 3: It's very simple. It's at the IRA up it's too.

889
00:39:51,160 --> 00:39:53,560
Speaker 3: It's two part process. You have an application and then

890
00:39:53,600 --> 00:39:55,839
Speaker 3: you contact the company and you tell the company where

891
00:39:55,840 --> 00:39:57,719
Speaker 3: it's send the money to. Pretty much that's how you

892
00:39:57,719 --> 00:40:01,480
Speaker 3: set the IRA up. So when it's self directed IRA,

893
00:40:01,560 --> 00:40:05,000
Speaker 3: it's the same process. It's just that there's less companies.

894
00:40:05,360 --> 00:40:07,759
Speaker 3: There's like mostly trust companies that do this. So like

895
00:40:08,320 --> 00:40:14,240
Speaker 3: with IRA. There's a bunch of hundreds, probably a thousand

896
00:40:14,320 --> 00:40:16,319
Speaker 3: companies that you can do IRA where it's very very

897
00:40:16,360 --> 00:40:21,239
Speaker 3: common traditional IRA. Everything from insurance companies to investment companies

898
00:40:21,280 --> 00:40:23,880
Speaker 3: to banks, credit unions. You can set up IRA up

899
00:40:23,880 --> 00:40:25,719
Speaker 3: with pretty much any financial institution. You can set up

900
00:40:25,719 --> 00:40:28,400
Speaker 3: a traditional IRA up right, But there's a limited amount

901
00:40:28,400 --> 00:40:31,320
Speaker 3: of companies that do self directed iras.

902
00:40:31,440 --> 00:40:31,560
Speaker 2: Right.

903
00:40:32,480 --> 00:40:34,680
Speaker 3: Well, it's just it's just less, you know, I guess

904
00:40:34,680 --> 00:40:37,000
Speaker 3: it's just it's might be I'm not really sure, but

905
00:40:37,320 --> 00:40:39,920
Speaker 3: probably I'm sure is more involved.

906
00:40:40,320 --> 00:40:42,160
Speaker 4: I mean, when I'm listening to it, it sounds like

907
00:40:42,239 --> 00:40:43,640
Speaker 4: this is like one of them things like this is

908
00:40:43,640 --> 00:40:45,759
Speaker 4: strictly for love, man, Like this is not something that

909
00:40:45,800 --> 00:40:46,640
Speaker 4: the average person.

910
00:40:47,080 --> 00:40:49,160
Speaker 3: Well, we're gonna get to that. We're gonna get to

911
00:40:49,200 --> 00:40:51,240
Speaker 3: that the pros and cons, because there's constant like everything

912
00:40:51,239 --> 00:40:53,000
Speaker 3: in life. Well, like just a few companies that I'm

913
00:40:53,000 --> 00:40:56,120
Speaker 3: not endorsing any companies because I don't work with I

914
00:40:56,120 --> 00:40:58,480
Speaker 3: don't set up self directed iras for people, but just

915
00:40:58,520 --> 00:41:00,080
Speaker 3: to kind of give you, like if you google all

916
00:41:00,120 --> 00:41:01,799
Speaker 3: directed IRA is, there's a lot of companies that will

917
00:41:01,800 --> 00:41:05,480
Speaker 3: come up, so like Equity Trust, goal Star Trust and

918
00:41:05,560 --> 00:41:07,960
Speaker 3: Trust Group. Those are different companies, but like I said,

919
00:41:08,000 --> 00:41:10,719
Speaker 3: you could just google and do your own research, not

920
00:41:10,800 --> 00:41:14,439
Speaker 3: to give those companies like any endorsement, but that's just

921
00:41:14,680 --> 00:41:16,640
Speaker 3: that's just yeah, that's just that's just a couple of

922
00:41:16,719 --> 00:41:17,239
Speaker 3: companies name.

923
00:41:17,280 --> 00:41:19,040
Speaker 2: But when would be a good time to consider doing

924
00:41:19,040 --> 00:41:20,040
Speaker 2: the self director.

925
00:41:19,920 --> 00:41:21,320
Speaker 3: So before we even get to that, So how you

926
00:41:21,320 --> 00:41:24,279
Speaker 3: set up the self directed IRA is that you you

927
00:41:24,360 --> 00:41:27,680
Speaker 3: go online or you contact them and you set it

928
00:41:27,760 --> 00:41:31,000
Speaker 3: up with them and they'll walk you through the process

929
00:41:31,080 --> 00:41:33,359
Speaker 3: of like who the chech needs to be made out

930
00:41:33,400 --> 00:41:34,920
Speaker 3: to you, to give you an account number and all

931
00:41:34,960 --> 00:41:36,680
Speaker 3: of that. So it's the same thing I just explained,

932
00:41:37,120 --> 00:41:39,440
Speaker 3: but you have to do it this to yourself as

933
00:41:39,480 --> 00:41:40,880
Speaker 3: opposed to like a lot of times with the i

934
00:41:41,040 --> 00:41:43,560
Speaker 3: RA you have help because it it ovis that will

935
00:41:43,560 --> 00:41:46,040
Speaker 3: help you out with yeah most of the time. But

936
00:41:46,360 --> 00:41:48,080
Speaker 3: in this process you're gonna have to like kind of

937
00:41:48,160 --> 00:41:49,799
Speaker 3: navigate this yourself. So of course you want to be

938
00:41:49,800 --> 00:41:52,920
Speaker 3: probably educated, you want to do your research, but the

939
00:41:53,920 --> 00:41:56,239
Speaker 3: thing with the show is just to provide information. It's

940
00:41:56,239 --> 00:41:58,840
Speaker 3: not to say to do one thing or another, but

941
00:41:58,880 --> 00:42:02,759
Speaker 3: it's just to provide information. So there's some drawbacks with

942
00:42:02,800 --> 00:42:04,640
Speaker 3: the I with self directed IRA, because the thing with

943
00:42:04,680 --> 00:42:06,240
Speaker 3: the self directing IR, like, if you have a regular

944
00:42:06,280 --> 00:42:10,080
Speaker 3: IRA right now, the money is invested in the stock market,

945
00:42:10,080 --> 00:42:12,319
Speaker 3: you don't really have to do anything like I mean,

946
00:42:12,360 --> 00:42:14,440
Speaker 3: you can just monitor it and make sure you're in

947
00:42:14,480 --> 00:42:17,560
Speaker 3: a good fund or a good investment, but it's not

948
00:42:17,600 --> 00:42:21,200
Speaker 3: gonna cost you like money, right Like if you buy

949
00:42:21,840 --> 00:42:25,000
Speaker 3: a real estate property, if you buy a home right now,

950
00:42:25,080 --> 00:42:27,360
Speaker 3: you buy that home for one hundred thousand dollars, but

951
00:42:27,440 --> 00:42:29,120
Speaker 3: you just it's not a huge just let that go.

952
00:42:29,760 --> 00:42:32,759
Speaker 3: Because now the boiler might break, right so now you

953
00:42:32,800 --> 00:42:36,759
Speaker 3: gotta pay money to fix the boiler. Or the house

954
00:42:36,840 --> 00:42:38,480
Speaker 3: might need to be painted. Now you gotta pay money

955
00:42:38,520 --> 00:42:40,640
Speaker 3: to fix this upkeeping the house. No matter what, there's

956
00:42:40,640 --> 00:42:42,600
Speaker 3: still upkeep. You gotta cut the grass. There's always gonna

957
00:42:42,600 --> 00:42:45,399
Speaker 3: be something. So it's gonna cost you money, exactly. It's

958
00:42:45,440 --> 00:42:48,160
Speaker 3: important for people to understand that it's buying a house is

959
00:42:48,160 --> 00:42:52,560
Speaker 3: gonna cost you money without like there's no way around it.

960
00:42:53,040 --> 00:42:55,600
Speaker 3: So when you have your retirement account tied into that,

961
00:42:55,640 --> 00:42:58,480
Speaker 3: a lot of times people you know, you're not investing

962
00:42:58,600 --> 00:43:01,080
Speaker 3: your fall one K into an IR, a regular IRA

963
00:43:01,520 --> 00:43:03,919
Speaker 3: with the expectation that you're gonna have to pay five

964
00:43:03,960 --> 00:43:05,879
Speaker 3: thousand dollars a year just to keep up that IRA.

965
00:43:06,480 --> 00:43:09,919
Speaker 3: There's fees involved with an IRA, but that's taken out

966
00:43:09,960 --> 00:43:12,480
Speaker 3: of the amount. It's not like you're coming out of

967
00:43:12,520 --> 00:43:16,160
Speaker 3: your pocket with a house. Is different, right. Also, a

968
00:43:16,200 --> 00:43:20,560
Speaker 3: lot of times people buy homes and the especially with

969
00:43:20,640 --> 00:43:23,960
Speaker 3: investment properties, they're doing that to actually have income. So

970
00:43:24,160 --> 00:43:25,840
Speaker 3: they buy a home and they want to have income

971
00:43:25,880 --> 00:43:28,480
Speaker 3: come from that right to like support their lifestyle. But

972
00:43:29,360 --> 00:43:32,160
Speaker 3: any money that you generate from the self directed IRA

973
00:43:32,400 --> 00:43:34,480
Speaker 3: property has to go back into the self directed IRA.

974
00:43:34,960 --> 00:43:37,319
Speaker 3: If it doesn't, then you get taxed on it. So

975
00:43:37,360 --> 00:43:39,759
Speaker 3: that's also important for people to understand. It's more of

976
00:43:39,760 --> 00:43:40,760
Speaker 3: a long term play.

977
00:43:41,280 --> 00:43:44,319
Speaker 4: So, like I said, so that's not like obviously your

978
00:43:44,360 --> 00:43:46,920
Speaker 4: primary residence, I'm assuming primary residence.

979
00:43:46,920 --> 00:43:48,560
Speaker 2: What when you're investing in the real estate or could

980
00:43:48,560 --> 00:43:48,839
Speaker 2: it be.

981
00:43:48,760 --> 00:43:49,880
Speaker 3: No, it could be anything. It doesn't have to be

982
00:43:49,920 --> 00:43:51,680
Speaker 3: a primary residence. It could be a rental, it could

983
00:43:51,680 --> 00:43:54,600
Speaker 3: be a primary it could be different different things. But

984
00:43:54,640 --> 00:43:56,360
Speaker 3: it's just like all things in life. You want to

985
00:43:56,360 --> 00:43:58,839
Speaker 3: put together game plan, you want to put together game plan,

986
00:43:58,880 --> 00:44:01,879
Speaker 3: you want to be fully knowledgeable. But like I said,

987
00:44:01,920 --> 00:44:03,480
Speaker 3: at the whole point of the podcast is just to

988
00:44:03,520 --> 00:44:07,560
Speaker 3: give information and then from the information that you can

989
00:44:07,600 --> 00:44:09,640
Speaker 3: decipher and say, okay, this makes sense. But a lot

990
00:44:09,640 --> 00:44:12,359
Speaker 3: of times we're forcing to doing things because we just

991
00:44:12,680 --> 00:44:16,520
Speaker 3: we don't know. So for most people, the self directed

992
00:44:16,560 --> 00:44:19,560
Speaker 3: IRA probably wouldn't be the best fit because it's more

993
00:44:19,560 --> 00:44:22,640
Speaker 3: work involved everything that I just named, But in some

994
00:44:22,719 --> 00:44:26,279
Speaker 3: cases it could potentially make sense. So just wanted to

995
00:44:26,360 --> 00:44:29,840
Speaker 3: let people. I spoke about that in a few different settings,

996
00:44:30,480 --> 00:44:32,839
Speaker 3: like live settings, and it's always get it always gets

997
00:44:32,840 --> 00:44:35,480
Speaker 3: a good reaction. So I wanted to cover that in

998
00:44:35,520 --> 00:44:37,840
Speaker 3: a podcast, and I knew that you know today obviously

999
00:44:37,840 --> 00:44:39,080
Speaker 3: that we didn't have a guest, I thought it would

1000
00:44:39,080 --> 00:44:41,360
Speaker 3: be a good a good time to actually cover that topic.

1001
00:44:41,360 --> 00:44:42,799
Speaker 3: So we talk about real estate so much.

1002
00:44:43,200 --> 00:44:45,000
Speaker 2: Shout out. I want to thank you for coming man.

1003
00:44:45,160 --> 00:44:48,520
Speaker 2: This is this is. This has been a learning experience,

1004
00:44:48,600 --> 00:44:50,880
Speaker 2: like just when you think you know, somebody fact.

1005
00:44:51,440 --> 00:44:52,480
Speaker 3: Follow me on the ground.

1006
00:44:54,400 --> 00:44:58,080
Speaker 1: An illegal alien from Guatemala charged with raping a child

1007
00:44:58,120 --> 00:45:01,279
Speaker 1: in Massachusetts and MS. The teen gang member from Al

1008
00:45:01,360 --> 00:45:06,200
Speaker 1: Salvador accused of murdering a Texas. Man of Venezuelan charged

1009
00:45:06,200 --> 00:45:10,120
Speaker 1: with filming and selling child pornography in Michigan. These are

1010
00:45:10,160 --> 00:45:13,680
Speaker 1: just some of the heinous migrant criminals caught because of

1011
00:45:13,719 --> 00:45:17,440
Speaker 1: President Donald J. Trump's leadership. I'm Christy Noman, the United

1012
00:45:17,440 --> 00:45:22,200
Speaker 1: States Secretary of Homeland Security. Under President Trump, attempted illegal

1013
00:45:22,239 --> 00:45:25,880
Speaker 1: border crossings are at the lowest levels ever recorded, and

1014
00:45:25,920 --> 00:45:29,279
Speaker 1: over one hundred thousand illegal aliens have been arrested. If

1015
00:45:29,320 --> 00:45:32,959
Speaker 1: you are here illegally, your next you will be fined

1016
00:45:33,040 --> 00:45:37,120
Speaker 1: nearly one thousand dollars a day, imprisoned, and deported. You

1017
00:45:37,200 --> 00:45:40,720
Speaker 1: will never return. But if you register using our CBP

1018
00:45:40,880 --> 00:45:43,640
Speaker 1: home app and leave now, you could be allowed to

1019
00:45:43,680 --> 00:45:48,520
Speaker 1: return legally. Do what's right. Leave now. Under President Trump,

1020
00:45:48,680 --> 00:45:52,280
Speaker 1: America's laws, border and families will be protected.

1021
00:45:52,360 --> 00:45:54,480
Speaker 2: Sponsored by the United States Department of Homeland Security.