Fresh & Fit - Top 7 Ways To Not Pay Taxes This Year w- CPA!

00:01:03.000 And we are live.

00:01:04.000 What's up, guys?

00:01:04.000 It's Money Monday.

00:01:05.000 We're here with Steve, man.

00:01:06.000 We got to talk about the top seven ways to get your taxes deducted.

00:01:10.000 Let's get into it.

00:01:10.000 Let's go!

00:02:01.000 And we are live.

00:02:01.000 What's up, guys?

00:02:02.000 Welcome to the Fresh Fit Podcast, man.

00:02:04.000 It is Money Monday, and we got Steve in the house from Seeing Beyond the Numbers, a.k.a.

00:02:08.000 our accountant.

00:02:09.000 Quick enough, we're against the show.

00:02:10.000 Number one, guys.

00:02:11.000 Rumble.com slash Fresh and Fit.

00:02:13.000 As you guys know, if we ever get canceled, y'all know exactly where to find us.

00:02:16.000 Rumble is home base.

00:02:18.000 But right now, we're multi-streaming to all the platforms.

00:02:21.000 YouTube, Rumble, Twitch, Twitter, Facebook.

00:02:24.000 We're everywhere right now because this is absolutely a very important episode.

00:02:27.000 We're going to be covering the seven ways to lower your tax liability, guys.

00:02:33.000 This is huge because it's coming in pretty much...

00:02:35.000 We're getting into, what, fourth quarter of the year?

00:02:37.000 Yeah, we're getting close to tax planning season for most of my clients.

00:02:41.000 Typically, we'll look back...

00:02:42.000 You know, since January till now, see where they are, see what kind of moves they gotta make.

00:02:47.000 Nice.

00:02:48.000 So, you know, this is some stuff that you guys can, you know, take away and, you know, potentially go to your accountant.

00:02:53.000 Maybe it'll make you find a new accountant or whatever, but we're gonna go into seven ways to lower your tax liability, man.

00:02:58.000 This is probably gonna be one of the most important episodes we've done in a very long time, especially when it comes to finances because, guys, at the end of the day, man, You've got to understand how the tax code works and how to put yourself in a position where you're saving money on taxes.

00:03:14.000 Because a lot of you guys overpay on taxes.

00:03:16.000 There's a money game being played here, guys.

00:03:17.000 And if you're not part of the game, you can't win.

00:03:19.000 So, you know the system, then you're going to win.

00:03:21.000 Yeah.

00:03:22.000 So, if you guys got questions, we are going to have a Q&A at the end of this.

00:03:25.000 It's FNFSuperChat.com, as you guys can see there.

00:03:28.000 FNFSuperChat.com.

00:03:29.000 And that is the Super Chat button, basically, for you guys to go ahead, jump in there, ask questions.

00:03:35.000 You got an accountant.

00:03:37.000 In the house.

00:03:38.000 Actually, matter of fact, Steve, can you give them your credentials a little bit real quick and introduce yourself?

00:03:41.000 Absolutely.

00:03:42.000 So I'm Steve from accounting, and these are my clients here.

00:03:45.000 And I've been practicing CPAs since, what, going on three decades now.

00:03:50.000 I have a couple of practice locations here in Florida.

00:03:53.000 And I mainly deal with small business owners such as yourself and high net worth individuals such as you guys.

00:04:01.000 And just a whole slew of different types of industries.

00:04:04.000 We've been doing that for, like I said, about three decades.

00:04:07.000 And Steve, correction.

00:04:08.000 Almost 30 years experience.

00:04:09.000 You said clients.

00:04:10.000 Happy clients.

00:04:11.000 By the way, before any big purchase, I call Steve, get approved, and I get a write-off.

00:04:16.000 So thank you, Steve, for that.

00:04:17.000 You're welcome.

00:04:17.000 For real.

00:04:18.000 And kind of what makes me a little bit different from everybody else, at least I think so, is I'm also a serial entrepreneur.

00:04:23.000 So I've had my own businesses start them out.

00:04:25.000 So I exactly know what owners go through as hiring employees, trying to launch businesses, doing business startups and stuff like that, investing.

00:04:33.000 I did a lot of real estate investing, had a medical practice for many years, sold that to a national company, and a host of other businesses that I've been involved with too as well.

00:04:44.000 Right.

00:04:45.000 So I look at it from a strategic standpoint as when a client comes to me.

00:04:49.000 I love entrepreneurs and startups because that's kind of what my wheelhouse is.

00:04:54.000 Yeah, and he's able to, you're able to better empathize with your clients too, because as an entrepreneur in different realms, like I know when me and you talk real estate, you've done real estate before.

00:05:03.000 So you have experience to be like, okay, no, actually we can write this off.

00:05:06.000 We can, you know, oh, this tenant didn't pay rent this month.

00:05:09.000 We can actually write.

00:05:10.000 So it's really good to have an accountant that is also an entrepreneur and involved in a lot of the same endeavors that many of your clients are in.

00:05:16.000 Amen.

00:05:16.000 You know, a lot of times too, when you could, you know, sometimes Some CPAs can get lost in the weeds and get too theoretical.

00:05:23.000 And sometimes you got to step back from that and say, you know, and look at things from a different angle or a different lens.

00:05:27.000 And sometimes you'll have a different perspective that I can really give to a client, you know, that's a lot of value.

00:05:32.000 Sometimes I could give in certain situations.

00:05:34.000 Yeah.

00:05:36.000 So, yeah, guys, I'm excited for this one.

00:05:39.000 So I'll hit some of these chats real quick, and then we'll start the countdown.

00:05:44.000 I see that you guys already have sent some Rumble Rants in.

00:05:47.000 So as you guys know, we got demonetized or whatever, but hey, it is what it is.

00:05:51.000 We're still here, guys.

00:05:52.000 If you guys want to Super Chat into the show and ask a question, like I said before, we're going to do the Q&A at the end.

00:05:57.000 And then Rumble Rants as well, if you have a question.

00:06:03.000 So let's see here.

00:06:04.000 What do we have?

00:06:06.000 Bills.

00:06:07.000 Okay.

00:06:07.000 Do employers get any...

00:06:08.000 You know, we can answer these real fast.

00:06:10.000 Okay.

00:06:10.000 Do employers get any benefits by making an employee a 1099 versus a W-2 employee thinking about making a switch?

00:06:15.000 I sell toilets for a living making 180K a year and just got my first rental property.

00:06:20.000 Absolutely.

00:06:21.000 So what I would say to that is definitely if a contractor or an employee came to me and said, hey, can you pay me as a 1099?

00:06:27.000 That would be my preference because I save...

00:06:31.000 I save on the employment tax, basically.

00:06:33.000 Because for every employee that I hire, I have to kick in almost 8% in payroll taxes.

00:06:40.000 And so does that employee.

00:06:42.000 So by doing it that way, I would definitely say, yeah, definitely.

00:06:46.000 Most employers would want to do that. 0.69

00:06:47.000 Now the only thing that you have to kind of Yeah.

00:07:09.000 In most cases, you probably could be treated as an independent contractor, but you have to kind of be careful that you don't make sure that they don't control your schedule.

00:07:18.000 Like, hey, this is what time you got to show up.

00:07:20.000 This is what time you're going to leave.

00:07:21.000 This is what you're going to do.

00:07:22.000 It comes down to because you're not truly independent in that sense.

00:07:26.000 Got it.

00:07:26.000 That's the only thing I would say on that.

00:07:28.000 Who's up next?

00:07:30.000 Living Reality Fresh, if a man has his S together in the U.S., does he really need to be a passport, bro?

00:07:36.000 Also, is there a right way and wrong way to do it?

00:07:38.000 Can you guys make an episode about this?

00:07:40.000 Yeah, it's preference, bro, because I think for a guy, once you make your money, you can understand what you want to do for your dating experience.

00:07:46.000 But, again, traveling for girls, I think, personally, it's not necessary.

00:07:51.000 But if you want to do it, you can.

00:07:52.000 And, you know, I mean, it's your preference, bro.

00:07:55.000 Honestly.

00:07:56.000 But I would say, have game here, so no matter where you go, actually getting girls is not a problem.

00:08:02.000 You know?

00:08:03.000 That way you don't get finessed.

00:08:04.000 Shout out Steve, CEO of Network Web, and that's from Brett.

00:08:06.000 Shout out to Brett, man.

00:08:07.000 Shout out to Brett.

00:08:08.000 He does my reels.

00:08:09.000 He's awesome.

00:08:10.000 Oh, nice.

00:08:10.000 Okay.

00:08:11.000 Shout out to Brett, man.

00:08:22.000 I've been telling y'all, man, that it's really not worth it.

00:08:26.000 Who's up next?

00:08:27.000 Decent Bonfire.

00:08:29.000 Thanks.

00:08:39.000 So I'm assuming you're saying high rental P&L, meaning that you're making a lot of profit on the income tax return, in which case the IRS is never going to be sad about that.

00:08:48.000 They're going to love that.

00:08:49.000 The more income you put on there, they're going to basically love to tax you on that.

00:08:52.000 So no, that is not a red flag.

00:08:54.000 Should I list my separate S-Corp as a second member of the rental LLC so it can...

00:09:01.000 DM me on that one.

00:09:02.000 I gotta know a little bit more specifics about that.

00:09:05.000 Or chat in again with your...

00:09:08.000 I'll give it to you for free.

00:09:10.000 I'll look it up for you.

00:09:10.000 I want to give you a very good answer, so I'll collect some more information from you.

00:09:15.000 That's fair.

00:09:15.000 Send him some more info so that he knows what you're talking about.

00:09:18.000 But it's Money Monday, man.

00:09:20.000 So we're going to go over seven ways, guys, to lower your tax liability.

00:09:26.000 I see here that there's a different array of types, whether you're involved in real estate, you're a business owner, you're just a regular person, and you might just want to bring down your tax liability.

00:09:35.000 And we're going to count down from seven to one.

00:09:38.000 So the first one I see here, Steve, that you got is the 1031 Exchange Exchange.

00:09:43.000 For real estate.

00:09:44.000 Can we go over that a little bit?

00:09:45.000 Absolutely.

00:09:46.000 So this is a huge one.

00:09:47.000 And again, the reason why I have this as number seven on the list is because your listeners, I know not everybody's involved with real estate, but maybe a lot of them want to be.

00:09:55.000 So this kind of goes to those that want to be involved in real estate or maybe they are involved with real estate.

00:10:00.000 So if you have a property and you want to sell that property, You have to face the capital gains tax.

00:10:08.000 So what Congress did, and this is an interesting one.

00:10:11.000 Can you tell them real quick what a capital gains tax is?

00:10:14.000 Okay, yes.

00:10:15.000 So if I buy a property for $100,000 and three years from now I go and sell it because it appreciates in value, I sell it for $300,000, I have hypothetically a $200,000 capital gain.

00:10:28.000 So I'll have to pay tax on that.

00:10:30.000 Since I held it for more than a year, it's gonna be around 20%.

00:10:32.000 So I'd have to expect to pay about 60 grand, or excuse me, 40 grand for that $200,000 gain.

00:10:38.000 So what I can do, and what Congress did, and you gotta remember, Congress passed this Many years ago.

00:10:47.000 Because real estate is a huge part of the economy.

00:10:49.000 They understand this.

00:10:51.000 The guys that are making these laws, they own real estate themselves.

00:10:54.000 They don't want to shoot themselves in the foot.

00:10:55.000 So they have multi-million dollar properties that they want to sell.

00:11:01.000 And they want the economy of real estate, because it's such a huge part of the economy, to keep moving.

00:11:06.000 And they want buyers and sellers to be in the market to stimulate the market.

00:11:11.000 So by stifling Owners that want to sell their property from hitting them with high capital gains tax, they understand that that's going to stifle the market.

00:11:21.000 People will wind up holding onto these properties and not selling them and doing other things that they shouldn't be doing.

00:11:29.000 They're not true arm's length transactions.

00:11:33.000 So they put the 1031 exchange.

00:11:35.000 What that means is basically a like-kind exchange.

00:11:38.000 There used to be a time when you could do this to businesses and other different types of assets, but now they just limited it to real estate because it's such a big part of the segment of the economy.

00:11:48.000 So a light kind of exchange means that you could take a property, like the ones that you're buying now.

00:11:54.000 Let's say one of those properties, you just want to unload it.

00:11:56.000 You're having problems with it.

00:11:57.000 Maybe there's problem with tenants.

00:11:58.000 Maybe there's something coming in the neighborhood.

00:12:00.000 Or you see something else you want to purchase.

00:12:04.000 You could liquidate that property, sell it.

00:12:07.000 As long as you go and take the money, the proceeds for that, and you invest it into another property that's of equal or greater value, you could defer the entire tax on that and not pay anything on it.

00:12:21.000 All you have to do is contact an intermediary, typically a lawyer that handles those types of transactions, identify that property, say, hey, I'm gonna sell this property on 8th Avenue, I'm gonna buy this property on 11th Avenue, this one I'm selling for 400,000, The one I'm buying is $500,000,

00:12:37.000 so it's greater value.

00:12:39.000 So, hence, I'm not going to pay any tax on that property.

00:12:42.000 I'm going to purchase this property.

00:12:44.000 You go to your lawyer.

00:12:45.000 He fills out the paperwork.

00:12:47.000 Now, there's a couple of things on this one which, you know, sometimes you don't have that opportunity to get that replacement property.

00:12:55.000 And then you also have the time limit on it.

00:12:57.000 You have 45 days in which to identify three replacement properties that qualify.

00:13:03.000 And then you have 180 days in which to close on that new one.

00:13:08.000 And then the thing is, that money has to go into escrow, sit there until you close on the other one.

00:13:13.000 Can you explain to the people what an escrow account is?

00:13:15.000 So escrow is basically when you go into your attorney, so the proceeds, when you sell your property, that money doesn't go into your bank account, it goes into the attorney's bank account.

00:13:24.000 He has an escrow account that's bonded, of course.

00:13:27.000 And it sits there until you get ready to close on your new property, and then the money comes out of there.

00:13:33.000 Keeps things honest in the real estate game, guys.

00:13:35.000 The money doesn't ever come to you, actually.

00:13:37.000 It always goes to a middleman, almost, that holds the money on both parties so that it can ensure it goes where it's supposed to go.

00:13:44.000 You don't rip people off, etc.

00:13:46.000 Yeah, perfect, perfect.

00:13:47.000 Yeah, and it's a paper trail, too, for the IRS. So these are handled in a very specific way.

00:13:52.000 A lot of times, you know, you got to be careful with that because you don't want, you know, sometimes people are pressured because they don't want to pay the taxes and then they're kind of locking themselves into buying a property that maybe they're not really in love with and they don't want to, you know, want to buy.

00:14:05.000 So sometimes, you know, in those cases, I've had clients who are like, I can't find anything because it's been a very competitive market recently.

00:14:12.000 It has been.

00:14:13.000 So can they file an extension if 180 days passes?

00:14:17.000 There's a few things that you can do in case, yeah, you know, it's a little bit beyond the scope of this podcast here, but there's some things that you can get an extension when extenuating circumstances happen.

00:14:29.000 Okay.

00:14:29.000 Yeah.

00:14:30.000 And I'll tell you guys this from being a buyer.

00:14:32.000 There's been plenty of times where I was buying a home from somebody and they were in a 1031 exchange situation.

00:14:39.000 And they're pretty pushy with getting the deal closed because they have a certain amount of time to make it happen.

00:14:45.000 It works in your favor.

00:14:46.000 Yeah, so it works in my favor because it's good to deal with those kinds of sellers because they're motivated, they want to get rid of it, and they want to be able to get that money and move it over to another property.

00:14:57.000 But I didn't know that it's 180 days.

00:14:59.000 Because I never sell guys, so I haven't utilized the 1031 exchange.

00:15:02.000 But I have been on the other side where the seller is...

00:15:06.000 It has a 1031 exchange, and they're motivated to sell.

00:15:08.000 They wanted to get the deal closed, etc.

00:15:10.000 So it's good to deal with them if you're a buyer.

00:15:13.000 I mean, to be real, this is made easier for BlackRock to buy properties.

00:15:16.000 I mean, for BlackRock.

00:15:18.000 Yeah, a lot of companies, yeah.

00:15:20.000 They literally just buy a home, and then they sell, and then they're just like, oh, okay, well, I'm going to go ahead and sell it now.

00:15:26.000 And then they take that money, and they just go buy something else.

00:15:28.000 So I think the big thing here is that they can't buy a house that's less, right?

00:15:33.000 You can.

00:15:34.000 And when that happens, because as a matter of fact, I just had a client recently that this happened to.

00:15:39.000 And when that happens, let's say, like I said in that example, you sell a $400,000 property and then you buy a property that's only $350,000.

00:15:47.000 So now you have $50,000.

00:15:49.000 That's called boot, basically.

00:15:51.000 So you just pay the capital gains tax on that little $50,000.

00:15:54.000 Okay.

00:15:55.000 What if you tried to buy maybe two homes?

00:15:58.000 And then you can double it up, definitely.

00:16:00.000 Okay, so you can utilize a 1031 to buy two properties.

00:16:02.000 Yeah, so let's say 200 to $200,000 properties.

00:16:05.000 Equal 400, that qualifies as well.

00:16:05.000 Okay.

00:16:06.000 Okay.

00:16:07.000 Nice.

00:16:07.000 Bam.

00:16:07.000 All right, so there you go, guys.

00:16:09.000 Now y'all see why I love real estate so much, man.

00:16:11.000 I don't personally sell, so this isn't my wheelhouse, but...

00:16:15.000 And I think this is how a lot of Fix and Flippers as well keep their money, right?

00:16:20.000 This is one of the big secrets of Fix and Flippers because they buy the house for a certain amount of money, they sell it, and then they do a 1031 exchange to make sure that whatever they make, they don't necessarily have to give to the government because for them, they want to do it again and again and again.

00:16:36.000 I was kind of like that.

00:16:36.000 I was a little bit opposite of you because I see you see long term in these properties and you're going to get the price appreciation.

00:16:41.000 Tell the people what you did.

00:16:42.000 So what I did, I was a flipper.

00:16:43.000 I was basically, and I took advantage of a time, it was in the early 2000s, like 2003 to like 2006.

00:16:50.000 Before the market crashed.

00:16:51.000 Before the market crashed.

00:16:52.000 I sold my last property and it was dumb luck.

00:16:55.000 I did not have a crystal ball.

00:16:56.000 I wasn't smarter than anybody.

00:16:57.000 I just got lucky.

00:16:59.000 I sold my last property in 2006, before everything crashed.

00:17:02.000 Wow.

00:17:03.000 It was dumb luck. 0.98

00:17:05.000 You didn't see it coming? 0.94

00:17:07.000 I did a little bit because clients were coming to me.

00:17:09.000 Back then, I think I said this story before.

00:17:12.000 I was having clients come to me, and I was doing loan origination, but these underwriters, all they wanted were W-2s.

00:17:21.000 So you could get up to, I want to say, like seven loans back then for seven properties and have like...

00:17:26.000 For nothing.

00:17:27.000 I mean, it was like these no-doc loans and it was like... 0.96

00:17:30.000 Holy crap. 0.90

00:17:32.000 Yeah, it was crazy. 0.98

00:17:33.000 I heard if you just breathed, they'll give you a loan.

00:17:34.000 That was kind of like the running joke for a long time.

00:17:37.000 As long as you have a pulse, you can get a million dollars from the bank.

00:17:41.000 So you basically, so you use that to your advantage.

00:17:44.000 You would buy homes.

00:17:45.000 Can you explain the fixing and flipping process real quick for the audience, how that works?

00:17:49.000 Yeah, so I would see a property that was kind of maybe not in the best condition and I could put a certain amount of money in it.

00:17:54.000 So let's say I buy a property and typically my It was like $300,000, $400,000 properties, nothing more than that, where I could put maybe $50,000 to $60,000 into it, and then the market was kind of just going up and up and up.

00:18:08.000 It was not a normal market, and I would try to flip that within like three to, not more than six months, hold it, for not more than six months, and then I would just flip that over into another property.

00:18:20.000 I didn't do the 1031 exchange, so I just paid the capital gains tax on it because The price appreciation and what I put in to the properties, it was going up so fast that I could flip a property and make $100,000, $150,000 within a couple months, 90 to 180 days, and just keep doing that.

00:18:38.000 So I didn't want to get into the rental deal because...

00:18:42.000 I don't know.

00:18:42.000 I just, for some reason, maybe I should have, maybe I should have kept a couple of those properties for that purpose, but I didn't.

00:18:47.000 And I kind of lost out on it, but I just saw the money there.

00:18:49.000 I was like, okay, okay, I'm going to, you know, and I put very little money down on the deal, you know, maybe put 20% down and then walk away.

00:18:57.000 Like, you know, so I'm putting $100,000 down or $150,000 and walk away with $300,000.

00:19:01.000 For me, back then, at that time, that was like, Big win.

00:19:04.000 It was great money.

00:19:05.000 Yeah, I mean, yeah, that's significantly more money.

00:19:07.000 I mean, what, this is almost 20 years ago now, so that money can easily be worth, I would say, like 50% more.

00:19:13.000 Right.

00:19:13.000 And I was a CPA at another firm.

00:19:17.000 So I was doing this on the side.

00:19:20.000 Oh, okay, okay.

00:19:21.000 So I was like, yeah.

00:19:21.000 So you were probably making more money on the side with this than...

00:19:24.000 Oh yeah, yeah, and that's how I got into the medical practice.

00:19:28.000 I invested into that, and then I started my own.

00:19:30.000 So I had enough to do my own thing and feel safe that I had enough of a cushion there.

00:19:35.000 Yeah, so you took your earned income from being a CPA, and you, I tell you guys this all the time, it's one of the best ways to segue into entrepreneurship.

00:19:43.000 Have a real job, a higher income skill, Make that money, take that money, invest it into another endeavor that makes you even more money, which you did with flipping, and then you were eventually able to segue that into creating your own business and then leaving that firm.

00:19:53.000 Yeah.

00:19:53.000 I mean, it was hard, and I knew.

00:19:55.000 I mean, I was working long hours, but I knew the payoff was going to be there.

00:20:00.000 Nice.

00:20:00.000 Bam.

00:20:01.000 So you were doing the BRRRR method, which is buy, rehab, and...

00:20:04.000 Were you refinancing, too, or no?

00:20:07.000 No, I never got that complicated where I would just buy them.

00:20:11.000 You don't even need a refi.

00:20:12.000 You just sell it.

00:20:12.000 I had real estate agents that would give me pocket lists and say, hey, this property's coming up.

00:20:16.000 This person's going to maybe list it.

00:20:18.000 Are you interested in talking to them?

00:20:21.000 They knew that after you did a couple of deals with a certain real estate agent, they would bring these pocket deals to you because they knew you had a higher chance.

00:20:30.000 That's the insider info, man.

00:20:32.000 Once you get that plug, you have to go.

00:20:33.000 Because they know you're a serious buyer.

00:20:35.000 They're a serious buyer.

00:20:35.000 You're not going to You know, kick tires and waste their time.

00:20:39.000 You're going to come in and you're going to know exactly what you're doing because you've done it before and they could come to the table and close.

00:20:44.000 Because in Florida, I mean, no deal is a deal until you get to the closing table.

00:20:47.000 Everybody knows that.

00:20:48.000 Absolutely.

00:20:49.000 All bets are off until you get there and you get your check and you leave.

00:20:52.000 All right.

00:20:53.000 So that was number seven, guys.

00:20:54.000 So 1031 exchange, guys, which summarized basically you have a home, you sell it, and the proceeds that you get from that sale, you're able to go ahead and reinvest into another home of equal or greater value, and you don't pay taxes on that sale that you made on that home.

00:21:12.000 And that allows you to kind of just...

00:21:15.000 Leapfrog into the next home without paying taxes.

00:21:17.000 Matter of fact, Donald Trump utilized this a lot, guys.

00:21:19.000 A lot of you guys wonder, well, how do the wealthy stay wealthy for generations?

00:21:23.000 1031 Exchange is a huge way they do it, guys.

00:21:25.000 And they're able to pass property on to family members.

00:21:27.000 They're able to sell property and then move on and pick up another one without necessarily paying taxes.

00:21:33.000 And the 1031 Exchange is a huge part of that, man.

00:21:35.000 And he's not the only one.

00:21:36.000 I mean, all these guys in Congress that are passing these laws, they don't want these provisions to sunset because they have a lot of substantial wealth in real estate, and they're going to shoot themselves in the foot.

00:21:45.000 They're not going to do that.

00:21:47.000 So, yeah, so there you go.

00:21:49.000 So I guess we'll go on to number six now.

00:21:51.000 The sixth way, guys, and again, today's episode is the top seven ways to lower your tax liability.

00:21:57.000 We have another real estate one here, guys, which this one is a bit more advanced, and I utilize this quite a bit.

00:22:02.000 But if you know how to use it correctly, this is going to be huge.

00:22:05.000 It is called cost segregation, guys, okay?

00:22:09.000 Steve, take it away.

00:22:10.000 Huge.

00:22:11.000 So basically, cost segregation.

00:22:13.000 So when you buy a property, let's say it's a rental real estate property, I buy a property for $400,000, and what most CPAs or tax professionals might do is just depreciate that property over 27 and a half years.

00:22:27.000 Let's make it easy math.

00:22:28.000 Let's say it's 30 years, right?

00:22:29.000 That's a long time.

00:22:31.000 So you're only taking 1 30th of that $400,000 and taking that as an expense.

00:22:36.000 Can you explain to them real quick what depreciation is?

00:22:39.000 Because a lot of people get confused about it.

00:22:41.000 They're like, what is depreciation?

00:22:42.000 How does this help me on my taxes?

00:22:43.000 I don't understand it.

00:22:44.000 So basically the IRS has a method of assigning a useful life to everything that you buy, every asset that you buy that's tangible.

00:22:53.000 I think?

00:23:12.000 I think?

00:23:35.000 You take that and you break it up.

00:23:37.000 So let's say I break it up and for simple math purposes, I break it up into $400,000 component pieces.

00:23:44.000 I segregate it into 400.

00:23:46.000 So 100, 100, 100, and 100.

00:23:48.000 I got 400,000.

00:23:49.000 And I assign maybe five years to 100,000 components.

00:23:54.000 Seven years to another 100,000, and 15 years to the other 100,000, and then 27 to other 100,000.

00:24:01.000 You can see in that scenario, I'm accelerating my depreciation.

00:24:05.000 So my total amount of depreciation is going to be much greater than just keeping it at the 27 and a half years.

00:24:13.000 So you can get a huge deduction.

00:24:16.000 And that's what we did with your properties as well.

00:24:18.000 We broke those properties up and we did it to yours too as well.

00:24:23.000 It's called a cost segregation study.

00:24:25.000 So you go through and you kind of pick out the component pieces of the property that you can depreciate quicker.

00:24:32.000 Yeah.

00:24:33.000 So what it allows you guys to do is, like, basically you're able to more aggressively write off parts of the home that are non-structural.

00:24:41.000 Okay, guys?

00:24:42.000 So, like, for example, you redo the kitchen, right?

00:24:45.000 Appliances, you know, carpet, like you said, roofs, whatever it may be.

00:24:50.000 Paint, all this stuff.

00:24:51.000 Like, anything that you do in the house or anything that you...

00:24:55.000 Additions or fixes that you make to the house, you can depreciate that at a more aggressive rate.

00:25:00.000 Because instead of doing 27 and a half years for the home, now you can do it over a period of five years, right?

00:25:05.000 So now you can go ahead and aggressively write something off so you can get more tax benefits and savings for the year.

00:25:12.000 And keep in mind that you can do this in addition to the 27 and a half year write-off for regular depreciation of the home.

00:25:20.000 So, sorry, you were going to say something?

00:25:21.000 No, I think for most people, they don't look at it as an option, but if you have a CPA, go to them and say, hey, I want to get into this because most people don't know about it.

00:25:29.000 Yeah, this is a much more advanced technique that allows you to basically kind of double dip.

00:25:35.000 So not only are you able to go ahead and get the tax deduction through the depreciation over the 27 and a half years for a residential property, Now you're able to more aggressively deduct things in the house that are non-structural that are required,

00:25:51.000 right?

00:25:51.000 Maybe you redo the bathroom, you redo the kitchen, stove, new microwave, refrigerator, you replace the cupboards, you update the garage, whatever.

00:25:59.000 You're able to more aggressively write off all that stuff.

00:26:02.000 So let's say you spent $100,000 renovating the house.

00:26:04.000 You can go ahead and depreciate that over five years.

00:26:08.000 What would that be?

00:26:09.000 And you could do it all up front.

00:26:10.000 You could still do it all up front in one year, right?

00:26:12.000 Yeah, not the whole amount.

00:26:15.000 There's gonna be a certain cap limit on how much you can take in the first year.

00:26:18.000 What, is it 20% or something?

00:26:19.000 Well, it's, oh my goodness.

00:26:22.000 I gotta look it up right now.

00:26:24.000 It might be 20%.

00:26:25.000 I think it's, no, it's 40%.

00:26:27.000 I'm sorry, it's 40%.

00:26:28.000 40%.

00:26:28.000 Let's say someone spends $100,000 on fixing up the house non-structural.

00:26:32.000 That allows them to deduct an extra, what, like 20K? Yeah, but again, that rehab, depending on what you're putting in there, there's certain things, component pieces are going to be assigned different lives.

00:26:43.000 Depreciation rates, yeah.

00:26:44.000 But to keep it simple, roughly...

00:26:46.000 Yeah, you can estimate on it, too.

00:26:48.000 But there's firms that actually make a living just on providing cost segregation studies because people buy multi-million dollars, for instance, this building here, and they're depreciating it.

00:26:59.000 So someone comes in with a notepad and paper, guys.

00:27:01.000 They get very specific.

00:27:03.000 Yeah, they literally go ahead and look through the property and they write all the stuff that they could write off, etc.

00:27:07.000 And then you get someone to professionally do this, it can literally save you.

00:27:10.000 You spend a couple thousand dollars to hire this guy to come in and do this, it could save you tens of thousands, depending on how big the building is, it could save you tens of thousands, maybe even millions of dollars.

00:27:18.000 Yeah, absolutely.

00:27:19.000 I mean, think about all these Amazon hubs.

00:27:21.000 They're going through and they're getting the...

00:27:24.000 The screws and the bolts and little tiny component pieces like that.

00:27:29.000 They have people that basically they'll hire a firm that they pay thousands and thousands of dollars to put these studies together.

00:27:36.000 Because your average person is going to remodel their home at some point.

00:27:39.000 Either the bathroom, the kitchen, and it's like they don't know they can actually benefit from tax savings by doing this.

00:27:46.000 Here's the other crazy thing.

00:27:47.000 So when I pick up my houses, right?

00:27:48.000 As you guys know, I buy a lot of houses that are turnkey, which turnkey means it's basically ready to go.

00:27:53.000 It's pretty much been rehabbed 95%.

00:27:55.000 Maybe there's tenants in it already, so it's ready to go, right?

00:28:00.000 And a lot of times, the person had just rehabbed the house before they sell it to me.

00:28:03.000 I'm able to go ahead and cross-segregate their fixes. 0.99

00:28:07.000 Damn! 0.97

00:28:08.000 Because they're showing you the receipts, and sometimes they'll keep like, hey, look what I did to their property, and they're showing you the receipts, basically. 0.99

00:28:14.000 So they show me what they did to fix it, and I have that information, and I'm able to use that and write it off.

00:28:20.000 So that's why some people might say, Myron, why do you buy turnkeys, man?

00:28:24.000 Why don't you just buy a house and fix it yourself?

00:28:26.000 Well, because I'm able to get the tax benefits of that turnkey, because pretty much the rehabbers I buy from tell me how much it costs them to fix the house, And I pretty much, I'm able to get on that savings.

00:28:36.000 So question, if the previous owner did that already, can you do it for yourself?

00:28:41.000 Yeah, because it's a new purchase to him.

00:28:42.000 Okay, wow.

00:28:43.000 I even know that.

00:28:44.000 Because that's the ultimate cost to him, yeah.

00:28:46.000 That's why I'm okay with buying.

00:28:47.000 That's one of the benefits of Turnkeys, guys. 1.00

00:28:49.000 And it also builds a rapport with the person, because I bought a couple of rehabbed houses from the same people.

00:28:56.000 Yeah.

00:28:57.000 And I tell them, listen guys, look, I'm not going to be mad at you because if you made me overpay, just tell me how much y'all spent on fixing the house, right?

00:29:04.000 So I can get that savings.

00:29:06.000 Even though they sell it to me at a price, I don't care.

00:29:09.000 I'll do it for the convenience and I'm able to write off so everybody wins.

00:29:12.000 I'd almost ask for it.

00:29:13.000 Hey, man, what'd you do with the property?

00:29:14.000 Yeah, I do it after I close, though.

00:29:15.000 Pro tip, guys, you do it after you close the deal.

00:29:18.000 Because they ain't going to tell you before the deal.

00:29:19.000 Before it's done.

00:29:20.000 But once you build trust or whatever, and you close the deal with them, hey, how much did it cost you roughly to fix it?

00:29:25.000 And, you know, obviously it's going to cost them a fraction of what they sold it to you for, so they can make a profit.

00:29:30.000 But I don't even get mad at it.

00:29:31.000 I'm just like, okay, cool.

00:29:32.000 And then I'm able to go ahead and get those savings.

00:29:34.000 W. Yeah.

00:29:36.000 So, pro tip for y'all.

00:29:36.000 That's good.

00:29:37.000 Anything else with the cost seg before we go on to...

00:29:39.000 No, that's pretty good.

00:29:40.000 Yeah, I mean, I would definitely, you know, guys, look that up.

00:29:42.000 There's a lot of stuff on, I think, YouTube on there where you can get, you know, basically a little bit breakdown and get a little bit more of a understanding of what it is.

00:29:49.000 There's some really good videos on there.

00:29:50.000 Yeah, but these are, we're just giving y'all the, you know, a quick summary of what it is without going into detail, but we're going over, obviously, a bunch of different ways to save...

00:29:57.000 I think you should write these down, go to your CPA, and see if they can do it for you.

00:30:01.000 Yeah.

00:30:01.000 You know, it's funny.

00:30:02.000 There's a lot of CPA firms that don't even get involved with this stuff at all.

00:30:06.000 I mean, that's why there's actual firms that just specialize in doing this.

00:30:10.000 The biggest battle to me is finding someone that actually can follow your, I want to say, goals.

00:30:14.000 And for most people, they don't have someone that actually wants to do what they want to do.

00:30:18.000 For example, real estate or get into business.

00:30:20.000 They just do a simple turbo tax or extra block, and then, oh yeah, it's finished.

00:30:23.000 But there's way more things you can do to save money.

00:30:25.000 Especially if you're an entrepreneur, man.

00:30:27.000 You're doing yourself a big disservice if you're doing the taxes yourself or whatever.

00:30:32.000 Okay, so I can hit chats real quick and then we're going to go into number five.

00:30:36.000 This one is going to, I think pretty much everyone can utilize this next one that we're going to go into.

00:30:41.000 Buki goes, speaking of finance, I contact the Brandon High Ticket Trainer team and want to join, but I'm a 10K in debt.

00:30:47.000 Should I take a loan for the mentorship program?

00:30:50.000 Or get a second job and pay that amount that way.

00:30:55.000 It depends on you, bro.

00:30:56.000 There's so many different factors that go into that.

00:30:59.000 But it really depends on you.

00:31:00.000 Because if you're motivated, you can make that money back quickly if you're motivated and you're going to actually do the work.

00:31:06.000 So it depends on you.

00:31:09.000 Antoine goes, would y'all agree that last Friday's show had the lowest IQ panel in FNF history?

00:31:13.000 Nah, we've had worse.

00:31:14.000 Yeah, it was pretty bad though.

00:31:17.000 The Businessman, always a great valuable stream when Steve is on.

00:31:19.000 Speaking the language of business, I'll always tune in, my friend.

00:31:22.000 Thank you, Businessman.

00:31:24.000 We got here, Darius goes, let's go.

00:31:27.000 Let's go!

00:31:27.000 Oh God, my ears.

00:31:29.000 Don Pino goes, really appreciate what you guys do on Money Mondays.

00:31:32.000 I just started Arturo Side Hustle, which is car rentals with only two cars.

00:31:36.000 That would be the easiest way to get a business loan to build out fleet.

00:31:39.000 Ooh.

00:31:40.000 Okay?

00:31:40.000 Oh, this is going to tie into the next one.

00:31:42.000 Yeah, you need to listen up for the next one.

00:31:45.000 Al Marino goes, I own a construction company, event space, both LLC, S Corp, and very soon about to get into real estate investing.

00:31:50.000 Would it be smart to create a holding company to put all those under for tax purposes?

00:31:54.000 Yes, that is what I do.

00:31:55.000 I have a holding company out of Delaware.

00:31:56.000 I was telling y'all about that.

00:31:58.000 And then all my LLCs are underneath that.

00:32:02.000 Smart.

00:32:03.000 Let's see here.

00:32:04.000 60 Minute Man, this is the best podcast by far.

00:32:06.000 You guys got me into politics with that debate.

00:32:08.000 Okay.

00:32:08.000 Thanks, 60 Minute Man.

00:32:10.000 Am Images, would funding my business with my W-2 income for the first year be a good idea?

00:32:15.000 Then use a business credit card for those everyday purchases, even if you're not providing a service slash goods commodity?

00:32:21.000 Yeah, absolutely.

00:32:22.000 I mean, you're going to answer that one?

00:32:23.000 Yeah.

00:32:24.000 Yeah, yeah, yeah.

00:32:25.000 Absolutely, bro.

00:32:25.000 That's what I did.

00:32:26.000 That's how you segue.

00:32:27.000 You fund your business with your regular job and then use a business credit card.

00:32:32.000 And then, yeah.

00:32:33.000 Like, in the beginning, you're going to have to fund your business, guys, with your real job.

00:32:36.000 And then once that business gets off the ground, you're able to go ahead and use the proceeds from that job and reinvest it right back into the business while your earned income from your main job allows you to live and you can continue.

00:32:47.000 And you can slowly start to Cut off how much you invest from your real income.

00:32:51.000 That is way better than getting a loan.

00:32:53.000 I always try to avoid getting into debt at all costs.

00:32:57.000 You don't even have to.

00:32:58.000 Life happens, man.

00:32:59.000 You just don't know what can happen.

00:33:00.000 You want to keep your overhead as low as possible in the beginning.

00:33:02.000 This is why I like online service-based businesses because your overhead is low.

00:33:06.000 But yes, guys, the best way to get into entrepreneurship is actually through having a job first.

00:33:11.000 Taking that money and investing it into your business because you're going to be able to kind of accelerate your growth and your progress from the beginning.

00:33:18.000 I'll give you all an example.

00:33:20.000 If I didn't have a job, I wouldn't have been able to invest into good equipment, good cameras and good sound equipment from the beginning.

00:33:26.000 We would have had to use BS, maybe Blue Yeti mics, maybe only one camera.

00:33:30.000 So that would have slowed down the acceleration and growth of the pod because I wouldn't have been able to invest as aggressively from the beginning.

00:33:35.000 But when you have that capital, you're able to invest aggressively from the beginning, get that good equipment in, and then Accelerate that process.

00:33:42.000 So it really comes down to you and how hard you're willing to work.

00:33:46.000 That's why I said, yo, there is no option for failure.

00:33:48.000 And also you can pay your bills because you've got to still pay your bills at the end of the day.

00:33:52.000 You've got to eat for your family.

00:33:53.000 So yeah, man, definitely.

00:33:55.000 That's why I waited a bit, saved some money, and then I put that into the business and I started off on a strong footing.

00:34:00.000 And then boom, you start off right and right.

00:34:04.000 Kano goes, what requirements do you need to meet in order to claim property depreciation on a rental property?

00:34:10.000 What requirements?

00:34:11.000 There's really no requirements at all.

00:34:13.000 Own it.

00:34:13.000 Yeah, you just own it.

00:34:14.000 Yeah, you just start taking depreciation.

00:34:16.000 If it's commercial, I think it's over 39 and a half years, and if it's residential, 27 and a half, right?

00:34:20.000 Yeah.

00:34:22.000 If someone's renting, can they claim anything at all?

00:34:25.000 No.

00:34:27.000 Okay.

00:34:27.000 Would you say that again?

00:34:29.000 Is someone renting a property?

00:34:29.000 Oh, the actual tenants?

00:34:30.000 Yeah.

00:34:31.000 Can you claim anything for taxes?

00:34:32.000 No.

00:34:32.000 Yeah, yeah.

00:34:33.000 Got it.

00:34:34.000 Sneeko! 0.98

00:34:35.000 Zerka has a boxing match against Prime hosted by Aiden Ross at Boxer Gym.

00:34:38.000 Will you be watching FNF? I don't know about it.

00:34:42.000 I didn't even know about that.

00:34:43.000 I mean, I'll be at a gym anyway, but...

00:34:45.000 Okay.

00:34:46.000 Rider of the Storm goes, Salute, gentlemen.

00:34:47.000 Welcome back, Fresh.

00:34:48.000 You were missed on the podcast.

00:34:49.000 Great topic, guys.

00:34:50.000 I appreciate that, Rider of the Storm.

00:34:52.000 And then we got Man of Stripe.

00:34:53.000 Hey, Steve, I have a house in Maryland fully paid, but I live in Virginia.

00:34:57.000 I'm getting LLC for my rental.

00:34:59.000 Should the LLC be in Maryland annual fee 300 or where I live in Virginia annual fee 50?

00:35:07.000 I went to the LLC where it is, where the property is located, to be honest with you.

00:35:12.000 Since the activity is going to automatically trigger a filing probably in Maryland, I don't know what the filing requirement is for that particular one, but just keep it there, yeah.

00:35:19.000 Okay.

00:35:20.000 Cool.

00:35:20.000 All right, so- Number five.

00:35:22.000 We're on to number five now, guys.

00:35:24.000 And again, this is the top seven ways to lower your tax liability.

00:35:28.000 Section 179 and bonus depreciation.

00:35:30.000 What is that?

00:35:31.000 So section 179 is an expense deduction basically for business owners that buy equipment.

00:35:37.000 So you can buy up to close like a $1.2 million worth of equipment, and you can write that off 100% in the first year.

00:35:45.000 So it's a huge deduction.

00:35:47.000 So this is getting back into the tax planning stuff.

00:35:50.000 So a lot of my clients get down to this area and they project forward to see what their profitability is going to be and maybe potentially what their tax bill is going to be.

00:35:59.000 And maybe they got some money built up in their cash and they want to go out and buy a vehicle or something like that, trade up.

00:36:05.000 Or trade in some of their business vehicles.

00:36:07.000 So a lot of times we'll do that at this time of year or maybe they want to buy some equipment.

00:36:12.000 Maybe they need some equipment.

00:36:13.000 For instance, for some of my medical practices, they buy medical equipment that's pretty expensive.

00:36:18.000 And then if they're in a position to do that, rather than pay a big tax bill, they can get their taxes way down and we can write the whole thing off. 0.56

00:36:25.000 So, I mean, the only stipulation on that is you got to use the property for 50% more for business use.

00:36:32.000 And it's qualified as a small business, so you can't purchase more than $4 million worth of equipment to qualify for the Section 179.

00:36:41.000 Okay.

00:36:41.000 And then the bonus deduction- So up to 1.2, but- Yeah, you could write off $1.2 million worth of equipment, a small business can.

00:36:50.000 Okay.

00:36:51.000 Yeah.

00:36:51.000 But you said not to exceed four.

00:36:55.000 So, if a company goes and buys $5 million worth of equipment, they don't qualify for Section 179.

00:37:00.000 They've got to keep that spending cap under $4 million.

00:37:04.000 And it's only for the year, right?

00:37:05.000 And then you can restart next year.

00:37:05.000 It goes from year to year, yeah.

00:37:07.000 You can do it every year, as long as you're buying new equipment.

00:37:09.000 And it goes for new and used equipment as well.

00:37:12.000 So, it doesn't have to be new equipment.

00:37:14.000 And, you know, again, for the Turo guy, so this is a good one for you when you list your car in there.

00:37:19.000 I'm not sure.

00:37:20.000 It could be an older car or whatever, but you want to get a new car.

00:37:23.000 And I know you're getting into that where we could talk about that maybe tomorrow on the show as far as Section 179 for renting out your cars.

00:37:30.000 You're not using Turo, are you, to do that?

00:37:32.000 No.

00:37:32.000 I'm using my boy's company, but I mean for the most part, I think like even with Toro though, like you have all those options too.

00:37:39.000 Yeah, you do.

00:37:39.000 Yeah.

00:37:40.000 Yeah.

00:37:40.000 For the luxury cars too.

00:37:41.000 Yeah.

00:37:41.000 I think for anyone who wants to get into rental business, Toro's the way to go because they take the pressure of insurance.

00:37:46.000 They handle all the extremities, all the connections.

00:37:49.000 You just pretty much join the platform, they get a cut and you bring your cars.

00:37:52.000 Yeah.

00:37:53.000 It's a good way to make a little side hustle.

00:37:54.000 Yeah.

00:37:55.000 Most definitely.

00:37:56.000 So, purchasing a vehicle and putting it on Turo can count as purchasing equipment?

00:38:01.000 Yeah, because they're going to treat you as an independent contractor and you're renting it out, so it's equipment and then you can write it off.

00:38:06.000 So, yeah, definitely.

00:38:07.000 It's a way to go.

00:38:09.000 So, you write off all the payments for the car, upkeep of the car, anything that, I guess, with maintaining?

00:38:15.000 Well, the maintenance on the car, too, yeah.

00:38:17.000 So, definitely, you're going to write that stuff off.

00:38:19.000 But the Section 179 just pertains to the purchase price of the vehicle.

00:38:22.000 Is this the same section that allows people to purchase a vehicle that's 6,000 pounds or above?

00:38:28.000 Yes, section 179.

00:38:29.000 This is the same section?

00:38:30.000 Yes, because for vehicles, in order for them to take the section 179 expense deduction, they have to weigh 6,000 pounds or more.

00:38:38.000 And it used to be 100%, but it was 80%, right?

00:38:40.000 Total cost of the vehicle?

00:38:42.000 Used to be 100%.

00:38:43.000 Yeah, so now they're...

00:38:44.000 What they're doing now, yeah, so starting in 2023, it's 80%, and then now it's getting down...

00:38:50.000 Next year it'll be 60%, 40%, 20% until it's...

00:38:53.000 Yeah, it used to be you could write off 100% of the vehicle, but then they did away with that a bit.

00:38:57.000 Now they're kind of tapering it down, yeah.

00:38:59.000 Is it too much W's for you, man?

00:39:00.000 It's why I need Trump back in office, man.

00:39:02.000 Yeah. 1.00

00:39:03.000 Biden's dumbass making it. 1.00

00:39:04.000 He's very pro-business and very pro-real estate. 0.99

00:39:06.000 I mean, there's a couple of things that were coming after, which we'll get...

00:39:09.000 We'll talk about that tomorrow, too, on the...

00:39:12.000 There's a real estate one that they kind of put the quash on.

00:39:17.000 We'll talk about that too, about the Dirty Dozen stuff that's coming up.

00:39:22.000 Okay, so Section 179 is basically writing off equipment.

00:39:26.000 That could count for cars or whatever.

00:39:28.000 But let's say you have a vehicle that doesn't match the 6,000 pounds.

00:39:31.000 You could still write it off because it's a part of...

00:39:33.000 Yeah, because there's going to be a limitation, so you're just going to depreciate it, typically over five years.

00:39:39.000 But you can take the bonus depreciation on it, which is, you can get bonus depreciation on that.

00:39:44.000 Even if it's under 6,000 pounds?

00:39:45.000 Yeah, so if it's a five-, seven-, and 15-year asset, there's bonus depreciation you can apply to it.

00:39:51.000 So in lieu of doing the section 1789, because it's not 6,000 pounds, then we could throw the bonus depreciation on it.

00:39:58.000 Okay.

00:39:58.000 So there's two ways.

00:39:59.000 Okay, so that's the two ways that you can kind of deal with vehicles.

00:40:03.000 If it's 6,000 pounds, go the Section 179 route.

00:40:05.000 Yeah, most definitely.

00:40:06.000 That's the best way.

00:40:07.000 That's the best way.

00:40:07.000 Because you can do up to 80%.

00:40:08.000 But, let's say it's a car, it's a sedan, right?

00:40:11.000 And you want to use it on Turo or something like that, or using it for business.

00:40:14.000 But it doesn't match the 6,000 pounds.

00:40:15.000 You can depreciate it over a more, I guess, over a shorter period of time, which gives you more savings.

00:40:21.000 Now, the careful thing I advise my clients to is...

00:40:26.000 You've got to be careful when you list a car, and it's very rare that I, you know, unless it's being exclusively used for business, that I list it for 100%, because there's always going to be some personal use on there.

00:40:38.000 The IRS will fight you back on that stuff.

00:40:40.000 So you want to figure out how much you're using it for business, what percentage, or is it 75, is it 80?

00:40:45.000 What's the magic ratio that will keep you from getting audited?

00:40:47.000 Well, there's no magic ratio.

00:40:49.000 As long as you can support it and say, you know, I mean, typically it's mileage logs.

00:40:53.000 They'll do, you know, so you say, okay, this is the 100%.

00:40:55.000 You know, I drove 30,000 miles this year and 20,000 of that was, you know, for business.

00:41:00.000 So then you can take the ratio of that and that's the percentage that you listed for.

00:41:03.000 So you got to be careful with that one too sometimes because they know that's kind of like, you know, you can't, every car, you know, if you had three or four cars, not all of them are going to be 100%.

00:41:12.000 And there's always going to be personal use.

00:41:13.000 So as long as you're putting some personal use in there, be reasonable, you know what I mean?

00:41:17.000 And someone's going to ask the question, what is better, to lease or finance for the best tax write-offs, you would say?

00:41:23.000 That's a great question, and it all depends on what the purpose of that car was.

00:41:26.000 And I think we did a show on that where I said, okay, there's four scenarios where you've got a mid-price car, you've got a luxury car, and are you going to keep it?

00:41:41.000 I forgot what show that was, and it was a good...

00:41:43.000 I think I did the whiteboard on that thing, where I really break that down pretty good.

00:41:48.000 So if you guys are listening to this...

00:41:49.000 Money Mondays.

00:41:50.000 It was a Money Mondays.

00:41:51.000 Stephen McCartney.

00:41:52.000 And that's when I was talking about segregation, and I also talked about the leasing.

00:41:56.000 That was a good one I did on there.

00:41:57.000 So it gives you the scenarios of when to decide whether to lease or buy.

00:42:05.000 Because I mentioned on the show as well, what I would do personally, if I had a business, I would lease, just because that payment would go towards...

00:42:12.000 Right, it's 100%.

00:42:13.000 If you're using it for business, you could write that off.

00:42:18.000 But in some cases, it might make more sense, because like we said, with Section 179, you don't want to lease.

00:42:25.000 And with yours, they turn those into capital leases, meaning that you put it on the balance sheet as an asset, and you depreciate it.

00:42:34.000 Because you have like, I think it's like a dollar lease buyout at the end?

00:42:38.000 Yeah, pretty much.

00:42:39.000 Which is nothing.

00:42:40.000 Yeah.

00:42:40.000 So this smart guy, that guy that, you know, does those, because it's a big purpose.

00:42:43.000 What's a dollar lease buyout?

00:42:44.000 So basically, I can buy the car out and keep the car for a dollar.

00:42:48.000 So, as long as there's some monetary exchange to make that, they do like a $1 lease buyout at the end of the lease term.

00:42:55.000 So, essentially, he's really buying it.

00:42:58.000 Okay.

00:42:58.000 It's like a lease.

00:43:00.000 When you lease a car, you just rent it, and then you give it back.

00:43:04.000 And then you can say, you can buy it, but you've got to pay all the upfront depreciation.

00:43:10.000 However, for me, if I want to keep the car, let's pay a dollar and keep the car.

00:43:13.000 Correct.

00:43:13.000 So, I'm basically paying for the car and leasing at the same time.

00:43:17.000 Okay.

00:43:17.000 So I got both benefits out of this contract.

00:43:19.000 You're renting to own.

00:43:20.000 Basically.

00:43:21.000 Correct.

00:43:22.000 It's like renting to own.

00:43:23.000 Yeah.

00:43:24.000 That's a good way to put it.

00:43:25.000 And then, um, okay.

00:43:26.000 Oh, fresh, you lease your cars!

00:43:28.000 I'm actually gonna buy it when I finish, if I keep it.

00:43:31.000 Okay.

00:43:31.000 But if I don't want to, I just give it to you.

00:43:32.000 Give it back and then...

00:43:33.000 So it allows you to kind of, I guess, kind of change your mind at the end?

00:43:37.000 Yeah.

00:43:37.000 Can you, like, make this change?

00:43:38.000 Like, let's say originally you just wanted to lease it and then you're like, you know, I like this car.

00:43:41.000 I want to keep it longer.

00:43:42.000 Can you make that decision in the middle of you?

00:43:44.000 I can buy it out any time that I want to.

00:43:46.000 Or I can sell it and just make profits or lose some money if I want to.

00:43:50.000 Okay.

00:43:50.000 So I have flexibility with this current contract.

00:43:52.000 Okay.

00:43:53.000 Yeah.

00:43:53.000 Okay.

00:43:54.000 And it seems to me, if you're buying a car that's under 6,000 pounds, or if you're procuring a car that's under 6,000 pounds, that's where you get into the lease or buy.

00:44:05.000 But if the car's over 6,000 pounds, it seems to me like you might as well just buy it.

00:44:11.000 To utilize 179.

00:44:13.000 Yeah, to do the section 179, yeah, correct.

00:44:18.000 To actually get that 80% right off.

00:44:21.000 Yeah, and it's all going to depend on the business usage of that vehicle and what you can substantiate, and yeah, definitely, and that's the vehicle that you want.

00:44:31.000 And you're going to, it's got a good, you know, business purpose use, then definitely I would.

00:44:35.000 Question.

00:44:35.000 Okay.

00:44:35.000 If we use that as a example where he buys a car and gets the deduction, 80% of the total value of the car, can you still write off the payments for financing the car?

00:44:48.000 You're double dipping in that case.

00:44:50.000 Got it.

00:44:50.000 Yeah.

00:44:50.000 So you can do the interest if there's interest, you know, there's an interest rate because you're financing it.

00:44:55.000 So you deduct the interest on the loan, but you can't, you can't, you're double dipping, yeah, because the depreciation represents the purchase price and then the principal payment of the loan represents the purchase price, so that's double dipping. 0.98

00:45:05.000 Damn. 0.97

00:45:06.000 That would be sweet if you could, though. 0.99

00:45:07.000 Yeah.

00:45:07.000 Okay.

00:45:08.000 So you've got to kind of pick one.

00:45:09.000 But it seems to me there's different routes you can go.

00:45:11.000 It seems to me if the car is 6,000 pounds or above, you're probably better off going the purchase option, and you're using it for business, so you can get 80% of the price of the vehicle.

00:45:22.000 Yeah, most people that do the 6,000 pounds and above, because that was really put in place for industrial stuff that they knew- For trucks.

00:45:29.000 Yeah.

00:45:30.000 That they knew, like, this is not going to really, really purpose business, personal dump trucks and stuff like that.

00:45:36.000 Yeah.

00:45:36.000 So that's kind of why.

00:45:37.000 So that's always going to be buy it.

00:45:40.000 You know what I mean?

00:45:40.000 Buy it and write it off.

00:45:41.000 You buy Rangeovers, you buy Rolls-Royce Cullinans because of the weight, shoe wagons.

00:45:45.000 Yeah.

00:45:45.000 Yeah, they snuck those in there.

00:45:48.000 Somebody, you know, these big car companies, they say, hey, as long as we make it 6,000 pounds, you know, they got away with it.

00:45:57.000 Gotcha.

00:45:58.000 Okay.

00:45:59.000 Now we are to number four.

00:46:02.000 Okay.

00:46:02.000 Yeah.

00:46:05.000 401k Roth versus traditional W-2 and business solo.

00:46:09.000 So, again, what are the top ten?

00:46:11.000 And the reason why I put this one at number four a little bit higher than the other one is because it pertains to both W-2 wage earners, which, again, a lot of your audience can benefit from this, and also for business owners.

00:46:21.000 So, for instance, if you're working a job and you're Employer offers a 401k, and let's say they do a 3% match, I would say, hey, put in 3% of your wages, dollar for dollar.

00:46:35.000 Don't go above that, but do the actual 3% because you're getting 100% return on your money right off the bat.

00:46:42.000 So that's a no-brainer.

00:46:43.000 So if you have that opportunity, take advantage of it.

00:46:46.000 Don't do 1%.

00:46:47.000 Try to do the 3% if you can basically budget yourself properly.

00:46:51.000 And just take advantage of that.

00:46:53.000 So that's why I like that one.

00:46:54.000 But for business owners, I like the solo 401k.

00:46:58.000 Now the reason why I did Roth versus traditional, the theory is...

00:47:02.000 Can you explain what a Roth is versus a traditional and what a 401k is in general?

00:47:07.000 Because a lot of the audience might be young and not understand what this even is.

00:47:11.000 So for retirement savings, basically, and not everybody's a big proponent of retirement savings, I know.

00:47:15.000 Everybody says, take your money, be in charge of it, invest it in your own assets.

00:47:19.000 But not everybody wants to invest in their own assets.

00:47:22.000 Not everybody's going to be a real estate owner.

00:47:23.000 Not everybody's going to be a business owner.

00:47:25.000 Some people have a good job, a good career, and they can see their future in that, and they're going to make a lot of money, and they just want to put money away.

00:47:32.000 So if that's the case, I would definitely take advantage of the IRAs.

00:47:39.000 But The Roth versus the traditional.

00:47:42.000 The Roth means that today you put the money away and I don't get a tax deduction for it right now.

00:47:48.000 When I go to pull the money out, I get the tax deduction for it.

00:47:52.000 The traditional, basically, I get the tax deduction now for it and I let it grow tax-free.

00:47:56.000 And then when I go to pull it out of retirement age, then I'm going to get taxed on it.

00:48:01.000 Some people like the Roth because they're thinking that they're going to be in a higher tax bracket down the line, and they're going to get whacked with taxes, and they like the idea that, yeah, I could take the money out and not get taxed on it.

00:48:13.000 I say this, and this is just me.

00:48:15.000 This is not financial advice.

00:48:16.000 You can do what you want to do.

00:48:17.000 This is just my opinion.

00:48:19.000 I like taking a tax deduction now today, because it's the sure thing.

00:48:24.000 And the reason why I say that is because there are a lot of things that they could take off the table later on.

00:48:28.000 Look at Social Security.

00:48:29.000 I don't know if it's gonna be around in 10 years.

00:48:32.000 And here I am working since I was 14 years old, putting it into the system.

00:48:37.000 And I don't even know if I'm going to collect.

00:48:38.000 So who's to say down, you know, the Roth IRA that they're going to change some rule down the line saying, you know what?

00:48:44.000 All right, we're not going to give you, you know, a full tax.

00:48:46.000 You're going to get taxed on 20% or something.

00:48:48.000 You know, so that's just me personally.

00:48:52.000 So you're going to go with the Roth?

00:48:54.000 Yeah, no.

00:48:55.000 Sorry, 401k?

00:48:56.000 For me personally, I would do the 401k.

00:48:57.000 Get the tax deduction now today.

00:49:00.000 So in other words, like I was saying to you, you got a business, like put the $66,000 away, get the tax deduction now, today.

00:49:07.000 Who knows what they're gonna do?

00:49:08.000 Like, that's so far from now, I don't even know if social security is gonna be around, you know what I mean?

00:49:14.000 These guys, yeah.

00:49:14.000 Yeah, whatever you contribute, because I remember this being in the government, you had the option of Roth.

00:49:19.000 So with the government, it was called the Thrift Savings Plan, right, which is basically their version of the 401k.

00:49:23.000 They match up to 5% of whatever you put in, you would have a traditional and you could set up a Roth.

00:49:30.000 I think you could put up to, before I left, around $18,500 per year in there, and then that would offset your income so that you would be in a lower tax bracket.

00:49:40.000 So let's say you made $100,000 per year, and you put away, to make things simple, $20,000 into your Into your IRA, traditional IRA. Now they would only tax you as making about $80,000 a year versus $100,000.

00:49:54.000 Even though you grossed $100,000, you put $20,000 away in that savings account.

00:49:58.000 So what they do is they're like, okay, we're going to reward you for putting money into your 401k, so we're going to go ahead and tax you as if you only make $80,000 even though we know you made $100,000.

00:50:07.000 Correct.

00:50:08.000 So that's the benefit of what he means when he says getting that tax benefit up front with a traditional account versus an IRA. Sorry, with a Roth.

00:50:16.000 You don't get that tax benefit.

00:50:17.000 Correct.

00:50:18.000 So as a business owner, you could do a solo 401k, but you could set up that solo 401k as a Roth and not get a tax deduction for it or set it up as a traditional and get the tax deduction for it today.

00:50:29.000 So whereas if you're a W-2 employee and you're going to participate in the company's 401k plan, such as yourself, you're going to get, your income's going to be lower because you're putting that money away and not being taxed on it.

00:50:41.000 So I would only go up to the match of whatever your company's offering and not put in more than that.

00:50:46.000 If you get a Roth, can you pull that money out to get a property like 401k?

00:50:51.000 So that's a great question because that's why I like the 401k structure because you can go in and you can still have access to that money and borrow against it as long as you pay it back.

00:51:02.000 You're fine.

00:51:03.000 Over a certain amount of time but then you're paying interest on it but you're paying yourself interest back.

00:51:07.000 So you become your own bank basically.

00:51:09.000 And there's scenarios where you can take the money out too.

00:51:11.000 Like let's say you're going to be a first time home buyer and not get penalized on it.

00:51:15.000 Yeah, I remember when I was working for the government, you could borrow against your TSP to buy a home that you were going to live in.

00:51:21.000 You couldn't do it as an investor, but you could use it to buy a home that you were going to live in.

00:51:25.000 But you have to pay yourself back and stuff like that.

00:51:29.000 It was typically frowned upon to borrow against your TSP, but a lot of people do it.

00:51:33.000 Because what ends up happening is you throttle the money that you're making because when you pull money out, well, you're messing with the compound interest.

00:51:43.000 Correct.

00:51:45.000 That's where you kind of go into...

00:51:47.000 It depends on your strategy for success because ultimately I want the money now because I know what I'm going to invest in versus waiting because I feel like later on I might not know what I want to do.

00:51:56.000 I'm assuming I know what the future is going to hold versus now, real estate.

00:51:59.000 If you're smart about it and you know how to invest properly, then you're good.

00:52:03.000 But most, let's be honest here, most government employees, most W2 employees, they're not entrepreneurs.

00:52:07.000 They don't understand investing in asset classes, etc.

00:52:10.000 So they don't know how to assess the deal properly, whatever.

00:52:13.000 And I'm telling you guys, this is a former government employee.

00:52:15.000 I didn't know any of this stuff until I learned.

00:52:17.000 And once I learned, I was like, oh, okay. 0.99

00:52:19.000 But most government employees don't know this crap. 0.98

00:52:21.000 It's like you're leaving your success and your future up to someone else. 0.99

00:52:25.000 That's why I look at it.

00:52:26.000 Yeah, because they just want to set it and forget it.

00:52:28.000 They just want to contribute to their TSP and just chill.

00:52:30.000 Which isn't bad, by the way.

00:52:31.000 Which is most people.

00:52:33.000 But if you know what you're doing, you can absolutely get a way higher ROI on investing that money into the correct property.

00:52:38.000 My thing is for me, retirement is going to be real estate.

00:52:41.000 That's my go-to for retirement.

00:52:43.000 That's typically what most people wind up building up as their biggest asset in lifetime.

00:52:48.000 Yeah.

00:52:49.000 And insurance.

00:52:51.000 What else?

00:52:51.000 Okay, so yeah, 401k.

00:52:53.000 You want to do some of the super chats real quick?

00:52:55.000 Because they've been pulling up.

00:52:55.000 Yeah, yeah.

00:52:56.000 We'll hit these and then we'll go back into the top three for y'all.

00:53:00.000 And we've got Hunter.

00:53:01.000 Good evening from Vermont, Myron Refresh.

00:53:04.000 What have...

00:53:05.000 What have been some of your biggest learning experiences in running a business?

00:53:09.000 Also, what is your favorite part of being an entrepreneur?

00:53:11.000 Thanks, Hunter.

00:53:13.000 So he wants to know our biggest learning experiences running a business and then favorite part of being an entrepreneur.

00:53:20.000 You work a lot more as an entrepreneur than as a regular employee.

00:53:23.000 You start to realize that everything you do kind of centers around your business and there's no real turning it off and like, I'm taking a break.

00:53:32.000 It's like, no, everything you do is typically centered towards your business to a degree.

00:53:37.000 And then, I mean, It's cool to see something that you built up yourself grow, in my opinion.

00:53:43.000 That's my take.

00:53:44.000 Yeah, that's why you want to put the extra hours in.

00:53:46.000 You don't mind doing that because you're the direct beneficiary of that.

00:53:49.000 Exactly.

00:53:50.000 Yeah, I mean, there's a quote that says, you either work to live or live to work.

00:53:54.000 I feel like having your own business, the experience to me is fun because I'm making work a part of my life.

00:54:00.000 For example, it's a part of me.

00:54:02.000 So I wake up every day thinking about the podcast, how we can improve, how we can bring bigger guests.

00:54:07.000 To me, that's more, I want to say, fulfilling.

00:54:09.000 And then, for example, favorite part, I would say, is the freedom to have access to pretty much referrals, recommendations, having a network.

00:54:19.000 To me, that's really amazing.

00:54:21.000 Yeah.

00:54:21.000 What about you, Steve?

00:54:22.000 Because you own a couple of firms.

00:54:24.000 Yeah.

00:54:25.000 So, yeah, I worked a ton.

00:54:27.000 I mean, there's a lot of times when, there was times when I paid all my employees, and I didn't get a paycheck.

00:54:34.000 I didn't have a paycheck.

00:54:34.000 Oh, wow.

00:54:36.000 And then they didn't care, you know what I mean?

00:54:37.000 Because it wasn't their business.

00:54:39.000 And I stood after trying to figure out, you know, solve some problems, figure out, okay, what are we going to do to solve this?

00:54:43.000 There was a lot of times when that happened, you know, especially when I was doing the medical company, you know, sometimes the insurance company, checks were not coming in.

00:54:52.000 So you had to figure out how to float that.

00:54:52.000 Wow.

00:54:54.000 And, you know, we figured it out.

00:54:56.000 But, yeah, sometimes you're the last person to get paid.

00:54:59.000 And I never let the employees know.

00:55:01.000 Yep.

00:55:02.000 They didn't know.

00:55:03.000 And I didn't cry about it.

00:55:04.000 Yeah, you make sure you take care of them.

00:55:04.000 Yep.

00:55:04.000 You know?

00:55:05.000 You just do what you got to do and move on.

00:55:08.000 They think being a boss is easy, but times like that, it's not easy.

00:55:11.000 Yep, absolutely.

00:55:15.000 Would you, Joe Argos, would you suggest an S-Corp for an insurance agent?

00:55:20.000 Also, what are some decisions that a first-time agent should claim that I might not think of?

00:55:25.000 Shout out to FNF for bringing all the value.

00:55:27.000 Yeah, definitely an S-Corp.

00:55:30.000 Set yourself up as a subchapter S-Corp.

00:55:33.000 It's kind of similar to a real estate agent, too.

00:55:36.000 And I'm going to talk about that on Wednesday.

00:55:38.000 I've got a real estate podcast.

00:55:39.000 But definitely, I tell all my agents to set up as a...

00:55:43.000 Because you're going to be paid as a 1099.

00:55:45.000 Well, the commissions you're going to get.

00:55:46.000 So definitely...

00:55:48.000 You should definitely get...

00:55:54.000 Get set up as S Corp, and then you can write off.

00:55:57.000 There's going to be a ton of stuff.

00:55:58.000 You know, your education, your ton of running around with a car and a vehicle, and list the car, too.

00:56:04.000 Even if it's a used car, get it listed, because you're going to be using it now for business.

00:56:08.000 Meetings, trainings that you go to.

00:56:09.000 Absolutely.

00:56:11.000 Car donate five bucks.

00:56:12.000 What do you think about whole life insurance?

00:56:14.000 Chris Krohn says you can become your own bank.

00:56:18.000 He's talking about life insurance to borrow against.

00:56:20.000 Yeah, I've heard of that strategy as well.

00:56:22.000 Oh, the cash value, yeah.

00:56:23.000 Yeah, have you heard about that?

00:56:24.000 Yeah.

00:56:25.000 Using life insurance policies and borrowing against that?

00:56:27.000 Yeah, yeah.

00:56:28.000 And then you could take loans against it and pay it back.

00:56:30.000 But, I mean, it takes a long time to put money away from that.

00:56:33.000 And a lot of these cash value policies, I don't like the idea of...

00:56:37.000 I like term insurance.

00:56:39.000 That's what I tell people, honestly.

00:56:41.000 That's what I do.

00:56:42.000 That's what I did.

00:56:42.000 Because I think investments should be investments.

00:56:45.000 And I think insurance should be term.

00:56:48.000 Pay the lowest amount per month.

00:56:50.000 I know a lot of people don't agree with this, but this is what I think.

00:56:52.000 And then the money that, you know, because a lot of times they take the whole life policy And it's, you know, a whole life variable policy, and they're taking your money, and they're investing it, getting a nice rate of return, and then getting you a small piece of it.

00:57:04.000 Yeah, because people don't understand, when you give them your money for the whole, and for, like, for example, IULs, they take a portion for fees, and then they put a small portion towards your actual cash value.

00:57:13.000 So it's not really that much.

00:57:14.000 Let's say you put 500 bucks, put, like, 250 in there.

00:57:17.000 The other 250 goes to, like, fees, other...

00:57:20.000 Hidden costs.

00:57:21.000 Yeah, let's say you're paying $200 a month.

00:57:23.000 They're taking $50 by the term, basically, what you would pay for a term.

00:57:27.000 They're taking $150 and investing that money, and then they're giving you a small portion of return to build a cash value.

00:57:33.000 Let's say, for easy math purposes, if you have $100,000 in one of these life insurance policies, how much can you actually borrow against it?

00:57:39.000 I mean, it all depends.

00:57:42.000 On whatever, because every policy is a little bit different.

00:57:44.000 You can take money out, but it takes a long time to build that up.

00:57:49.000 So basically, just at this point- You can't put like a big lump sum in there?

00:57:52.000 Some people do.

00:57:53.000 You can, but again, they take fees.

00:57:57.000 So let's say you put 200K in there.

00:57:58.000 You might only get like, well, depending on the plan, you might get like 150, 130.

00:58:02.000 That's going to be yours.

00:58:03.000 You can use it right away.

00:58:04.000 It depends on how much fees you gotta pay out front.

00:58:06.000 Okay.

00:58:07.000 I guess this is why it's very important to shop around with this life insurance stuff.

00:58:11.000 To manage it, to actually have it in there.

00:58:13.000 It's a very competitive industry, life insurance.

00:58:16.000 There's a lot.

00:58:16.000 That's why they come up with these strategies.

00:58:18.000 And their terms are so wildly different.

00:58:19.000 Each company has different terms and different benefits and stuff like that.

00:58:23.000 And then some come with a death cash bonus where when you die, you get a bonus.

00:58:27.000 Right.

00:58:28.000 You shouldn't tell your wife that.

00:58:31.000 I do term.

00:58:32.000 I've always done term.

00:58:34.000 I started out when I was really young and I started working.

00:58:36.000 I had this kid come to me and he sold me a variable life.

00:58:38.000 My brother was doing it for a little while too.

00:58:40.000 And then I was like, man, this cost me a lot of money.

00:58:42.000 And then I came across some other information and a couple of really smart CPA guys and they're like, look, Why are you doing that?

00:58:50.000 Here's what's going on with your money.

00:58:52.000 And they broke it down for me.

00:58:53.000 I was like, that doesn't make sense.

00:58:54.000 They're like, just get term.

00:58:55.000 And I mean, at the time, it was only going to cost me like $25 a month.

00:58:58.000 And I was putting like $200 into this variable life insurance.

00:59:00.000 Because these insurance guys, they get paid a lot of commissions up front when they sell these whole life policies.

00:59:05.000 They do.

00:59:06.000 They have wholesale teams on this.

00:59:07.000 So they're going to sell you on all the gravy, all the sexiness on it, and you can pull this money out tax-free, this and that and all the things, but it takes years and years to build it up.

00:59:15.000 It sounds good, but to build that money up takes a lot of time.

00:59:18.000 I mean, a lot of insurance guys.

00:59:19.000 I'm sorry for the insurance guy that wants to do the 1099 thing.

00:59:22.000 They're spilling the beans, man.

00:59:23.000 But still, do your thing, man.

00:59:24.000 Yeah, so I don't know.

00:59:24.000 They're spilling the beans.

00:59:25.000 Yeah, that's just me again.

00:59:27.000 This is not financial advice.

00:59:28.000 This is just me personal.

00:59:29.000 So when you say term, what do you mean by term?

00:59:31.000 It's better to go the term route.

00:59:32.000 Because it's cheaper.

00:59:33.000 It's like renting versus buying.

00:59:36.000 So pay on a monthly rate is what you mean?

00:59:37.000 Yeah, it's all monthly.

00:59:38.000 Most insurance prices can be monthly.

00:59:40.000 Versus like putting in a lump sum amount?

00:59:41.000 Yeah.

00:59:42.000 Okay.

00:59:42.000 Yeah, yeah, yeah.

00:59:43.000 I'm just paying a higher premium for a policy.

00:59:46.000 So instead of like, I just pay, I don't know, 85 bucks a month versus if I want a whole life policy.

00:59:51.000 And they're all different.

00:59:52.000 They're all, how much you want to put away, spending $200 or $300 a month for a whole life.

00:59:57.000 I'd rather take the 85 just and pay my term and then take the rest of the money I have and invest that And myself and my business and things that I can grow.

01:00:05.000 There's a layer of protection you can use for insurance, I would say for safety reasons.

01:00:09.000 Obviously speaking, you want to protect your assets, but ultimately what you're just saying is term is going to be better because you're just getting the insurance with all the fees and hidden costs.

01:00:17.000 And for you guys out there, I mean, you got a young demographic here.

01:00:20.000 You know, you guys are young.

01:00:21.000 Now's the time to lock into a term really cheap right now and have it, you know.

01:00:24.000 Gotcha.

01:00:25.000 Yeah.

01:00:25.000 Okay.

01:00:26.000 God forbid.

01:00:27.000 What else do we got here?

01:00:29.000 What did we do with the HSA? What's the difference between a 1099 NEC versus getting an LLC? I have a 1099 NEC for home cares as a medical doctor, but not sure if it would benefit me if I should get an LLC. Okay,

01:00:44.000 so a 1099 NEC versus getting an LLC. Okay, so a 1099, it's just a form that somebody that paid you filed with the government saying that you're a non-employee.

01:00:57.000 NEC stands for non-employee compensation.

01:01:00.000 Okay.

01:01:00.000 So they hired you to do something, they paid you, and then they have to go to the government because they want to deduct it on their taxes.

01:01:06.000 So they're going to do the deduction, they're going to fill out that form, you get it, they file it with the IRS, and now You want to be an LLC treated as an S Corp because that 1099, if you don't become an S Corp,

01:01:23.000 is going to be taxed extra 15.3% self-employment tax if you don't do the subchapter S Corp.

01:01:29.000 So that's what we talked about on your show the last time.

01:01:32.000 Awesome, yeah.

01:01:33.000 Yeah, so you're kind of getting the two a little bit conflated and confused here.

01:01:37.000 So I just wanted to make that.

01:01:38.000 1099 is just the guy, whoever paid you, is filing that form to say how much he paid you so he can write it off.

01:01:45.000 And then he's forcing you to report it on your income tax return.

01:01:48.000 But have him make sure he does it in the LLC. Make sure that that LLC is converted to an S-Corp.

01:01:56.000 I have a book on that that I just came out with.

01:01:59.000 It's 26 bucks.

01:02:01.000 So I would charge my client like, I don't know, $350, $400 if they came to my office and they had an LLC and they were a sole member, right?

01:02:09.000 And I would convert them, fill out the form.

01:02:11.000 So I did this book.

01:02:12.000 It's out right now on my SamCart.

01:02:16.000 And for 26 bucks, it's a no-brainer.

01:02:18.000 And then you guys can learn it to the point where you can give it to somebody else and then even somebody could pay you to do one for them.

01:02:24.000 It walks you detail by detail.

01:02:26.000 I got the YouTube clips there in the forum.

01:02:28.000 Versus having someone, yeah.

01:02:30.000 Yeah, tutorials.

01:02:31.000 Switch from LLC to S. Yeah, I mean literally step-by-step ABC. Okay.

01:02:36.000 Steps in there.

01:02:37.000 W Steve.

01:02:38.000 And then we'll get into that.

01:02:38.000 Yeah, yeah, yeah.

01:02:40.000 If you join the Patreon, that's one of them you're going to get for free.

01:02:42.000 So every month I'm going to try to put a book out there for really cheap for these guys, you know, so you guys can level up and get financial literacy.

01:02:49.000 The more you know, the more you can save.

01:02:50.000 That's pretty much what we're telling you here today.

01:02:52.000 Versus, and you could do it yourself, versus hiring someone that's going to charge you $300, $400, $500.

01:02:52.000 Yeah.

01:02:56.000 Yeah, you know, you got to get somebody to do it.

01:02:58.000 And a lot of times, like I said, I went to an attorney with my brother, and I paid $2,500, and he didn't even convert us to an S-Corp.

01:03:04.000 And I got screwed.

01:03:06.000 And I was young. 0.96

01:03:07.000 You're going to start a business, and you think because you're dealing with a lawyer, everything's going to be done correctly. 1.00

01:03:07.000 You were dumb. 1.00

01:03:14.000 Yeah, it's like, you thought he was fine, but... 1.00

01:03:17.000 A lot of times they don't even do it.

01:03:18.000 Yeah, exactly.

01:03:19.000 That's a great one too.

01:03:20.000 I'm going to get into that real quick with the red flags.

01:03:23.000 I got some really good stuff.

01:03:24.000 Wesley snipes, man.

01:03:25.000 He got sniped.

01:03:25.000 You did get sniped.

01:03:26.000 Literally.

01:03:27.000 What else do we got here?

01:03:29.000 Super Javi says, Steve, last time you said that a truck driver working a 1099 job should start an LLC. What's the benefits of that?

01:03:38.000 Again, because he's going to be treated as an independent contractor.

01:03:41.000 He has his truck.

01:03:42.000 He could write that off.

01:03:44.000 I don't know if it's his truck or he's using the company's truck.

01:03:46.000 But basically, you're going to save the self-employment tax, 15.3%, by getting paid as an independent contractor and getting an LLC, turning that into an S-Corp, and then just...

01:04:00.000 Paying a portion of that money, constring it as payroll, where you pay the self-employment tax.

01:04:06.000 All right.

01:04:07.000 A.B. Hey, Fresh.

01:04:08.000 Have you learned 100 words today?

01:04:10.000 LOL. Hashtag CEO Network.

01:04:12.000 We up.

01:04:12.000 WMO. Tomorrow I will.

01:04:14.000 Hunter says, Steve, currently putting $1,000 a month into my IUL, which is another insurance policy, at 21, and using that for investments and as well as tax-free retirement, which is very good.

01:04:25.000 What's your thoughts on using insurance for tax-free retirement and other purchases?

01:04:29.000 Not a lot of people leverage this.

01:04:31.000 A thousand dollars.

01:04:31.000 Which is true.

01:04:32.000 So you must be making pretty good money.

01:04:34.000 I mean, I have some people that have done that.

01:04:34.000 I don't know.

01:04:36.000 You know, you feel good about it and they sold you on that policy.

01:04:38.000 I don't know the specifics of what it offers.

01:04:41.000 That's the Index Universal Life.

01:04:43.000 I used to have one as well.

01:04:44.000 It's pretty good because it gives you bonuses.

01:04:46.000 It gives you money up front in cash value and the benefit of when you want to have people under your, what do you call it?

01:04:54.000 Trust.

01:04:55.000 Beneficiaries, yeah.

01:04:55.000 Beneficiaries.

01:04:56.000 So it's pretty good, but it's more of an investment than anything else.

01:04:59.000 But again, they're taking your money, keeping it there for you, but also investing some of it for themselves.

01:05:03.000 So it's kind of like a trade-off.

01:05:05.000 Right.

01:05:05.000 Yeah.

01:05:06.000 Okay.

01:05:08.000 Yeah, I don't like the idea of having life insurance conjoined with investment.

01:05:15.000 That's me personally.

01:05:17.000 And you can borrow from it as well.

01:05:18.000 And I'm not going to tell anybody what to do.

01:05:19.000 That's just me, what I would do personally if somebody asked me.

01:05:21.000 But you can also borrow from it as well.

01:05:23.000 If you want to borrow money for a house or whatever, you can borrow from it and just pay yourself back.

01:05:26.000 Okay.

01:05:29.000 Kenny goes, question, I live in Texas and I hired, can I hire you from here?

01:05:35.000 Where am I at?

01:05:36.000 I'll wait for my tax return to buy another property with the offer of 1% of Rocket Mortgage and take that property, divide the land, and put a few RV or mobile homes and rent it out.

01:05:46.000 Continue.

01:05:46.000 I like that business.

01:05:47.000 It's a cash cow RV business.

01:05:49.000 Yeah, I mean, I have clients all over the United States.

01:05:52.000 So, yeah.

01:05:53.000 How can I hit you up?

01:05:55.000 So, definitely, just DM me, probably through my Instagram, seeing beyond the numbers.

01:06:01.000 Seeing beyond the numbers, guys, is the Instagram handle.

01:06:01.000 Seeing beyond the numbers?

01:06:01.000 Yeah.

01:06:04.000 You're going to get an auto-reply on there right now because it's set, but just leave me a message and I read them all.

01:06:09.000 Okay, cool.

01:06:11.000 Water Dragon.

01:06:12.000 Oh, no.

01:06:14.000 Okay, Water Dragon goes, I'm getting the Tesla Cybertruck as a work truck, fully electric, will definitely be over 6,000 pounds.

01:06:20.000 What would be better, lease or buy, or lease to buy?

01:06:24.000 I would buy.

01:06:26.000 Get the financing on it and get that deduction because it's a 6,000 pound vehicle, so definitely that would be...

01:06:32.000 And also at least the buy isn't common, guys.

01:06:34.000 You got to know the person or kind of have like inside help to get that kind of contract.

01:06:38.000 Ah, okay.

01:06:39.000 So it's not like you can even go to a dealership and be like, yeah, I want at least to buy. 0.96

01:06:42.000 They're going to be like, look at you crazy.

01:06:43.000 Not everybody offers that.

01:06:44.000 They'll be networking.

01:06:45.000 Okay.

01:06:47.000 Hen, RIP, says, what if I want to buy an old car of the company S Corp and declare it as 50-50 personal slash business?

01:06:55.000 He wants to buy an old car under the S Corp and declare it 50-50?

01:07:00.000 So he's using it 50%.

01:07:01.000 Yeah, you can listen.

01:07:02.000 As long as 50% business use, you're going to list it for 50% of whatever the purchase price is, and you're going to depreciate it from there.

01:07:10.000 All right.

01:07:11.000 I think we missed one below.

01:07:14.000 Kenneth Potch.

01:07:16.000 He did a two-part question.

01:07:18.000 Oh, it was?

01:07:18.000 Okay, cool.

01:07:18.000 Got it.

01:07:19.000 Oh, yeah.

01:07:20.000 And then he said, yeah, because he said continue.

01:07:22.000 Which I recommend or is there a better way to do an LLC before buying it?

01:07:26.000 I'm renting part of the land.

01:07:27.000 Is that passive income?

01:07:28.000 Do I make LLC for that?

01:07:29.000 I appreciate all the hard work.

01:07:30.000 I'll try to call on Friday to explain better.

01:07:32.000 So yeah, he had a two-part question.

01:07:33.000 Basically, he said, I'm waiting for my tax return to buy another property with the offer of 1% Rocket Mortgage and take that property, divide the land, and put a few RV and mobile homes to rent it, and then it goes, what should y'all recommend?

01:07:47.000 Or is there a better way to do it?

01:07:48.000 Do an LLC before buying it?

01:07:49.000 I'm renting part of the land.

01:07:50.000 Is that passive income?

01:07:52.000 Do I make LLC for that?

01:07:53.000 This is a very complex question.

01:07:54.000 I mean, you could do the LLC after.

01:07:56.000 It doesn't really matter.

01:07:57.000 But you could do it after.

01:07:58.000 Because I, like, again, I say, you know, once you close, no deal's a deal until you get to the closing table.

01:08:02.000 Then you have all the structure set up.

01:08:04.000 So you could do it after and then just do a quick claim deed into the LLC once it's done.

01:08:08.000 Yeah.

01:08:09.000 You know what?

01:08:10.000 I understand your question now.

01:08:12.000 Steve's 100% right.

01:08:13.000 And I've actually experimented with this.

01:08:15.000 It's way easier to buy the property under your personal name and then switch it to a business after the fact, guys. 0.97

01:08:20.000 If you try to buy under a business up front, like let's say you make the LLC and then you try to buy it Through that, it's going to be a pain in the ass because you're not going to qualify for as good of rates. 0.68

01:08:30.000 The terms aren't going to be as good because they're going to look at it like, oh, you're a business. 0.83

01:08:34.000 It's more risky.

01:08:35.000 So it's better to buy under your personal name and then switch it over to a quick claim deed like Steve was saying.

01:08:41.000 And it's cheaper and it's easier and you'll get better interest rate, better terms.

01:08:45.000 More lenders will work with you when it's your personal name versus using business terms.

01:08:50.000 So, I'm a big fan of buying the real estate under your personal name.

01:08:55.000 Actually, Mo and them were with me when I did this.

01:08:58.000 So, this is what you do, step by step.

01:09:00.000 Buy the house under your personal name, right?

01:09:02.000 Close the deal.

01:09:04.000 After you close the deal, work with either your attorney or an accountant.

01:09:07.000 Steve does it for me all the time.

01:09:08.000 Get a quick claim deed and then create an LLC for that address.

01:09:13.000 So let's say you buy 123 Main Street.

01:09:15.000 Create an LLC 123 Main Street.

01:09:18.000 Now you have that LLC created.

01:09:19.000 You get an EIN number for it, which is basically a social security number for that business.

01:09:24.000 You get that EIN number.

01:09:25.000 You go to the bank and you create a bank account for it.

01:09:27.000 Okay?

01:09:27.000 Bank account, yeah.

01:09:28.000 So buy the property.

01:09:29.000 Close it.

01:09:30.000 Create the LLC. Do a quick claim deed to switch that personal property over to the LLC name now.

01:09:35.000 Now it's 123 Main Street LLC. Then you get an EIN number.

01:09:38.000 That EIN number is what you go and take to the bank and make a bank account.

01:09:42.000 Bam! 0.98

01:09:42.000 You just went from converting it to a personal asset into a business, essentially. 0.98

01:09:47.000 And you're able to keep the good terms that you got on it.

01:09:51.000 You probably got a pretty good 30-year fixed rate A 30-year mortgage with a fixed rate, maybe you got it through an FHA loan, whatever it may be, but you convert it, and then bam, you're good.

01:10:02.000 Yo, bro, you don't learn this at school, man.

01:10:04.000 Yeah.

01:10:04.000 Money Mondays.

01:10:06.000 And kudos to you, because you just mentioned a really big thing, that they don't overlook the fact that you have to take that EIN number and your LLC to the bank and open up a bank account.

01:10:17.000 For the LLC. And the reason why is because the LLC protection that you're getting provided can be pierced if you just put that money, the rental money, in your personal bank account.

01:10:29.000 Because you have to demonstrate.

01:10:30.000 So if somebody ever sues you and you go to court, the judge could say, oh, well, you have all this stuff in your personal account.

01:10:36.000 You have to separate and not co-mingle.

01:10:40.000 I never want to take personal stuff and money that you're getting and mix it with your business LLC stuff.

01:10:45.000 So that's a huge one that you'd You want to separate it, man, as best you can.

01:10:49.000 And here's the thing.

01:10:50.000 I'll be honest with y'all.

01:10:50.000 It's going to take you some time.

01:10:51.000 It's going to take you six months to a year to kind of get your properties established, get all your paperwork in order and everything else like that.

01:10:58.000 But once you do, get it settled and then make that transition where you have bank accounts for each of your real estate properties under the LLC name.

01:11:06.000 We keep it simple.

01:11:07.000 We typically go whatever the address is, LLC. Create a bank account for it.

01:11:10.000 And then the money goes into that.

01:11:12.000 And I'm going to talk to you guys.

01:11:14.000 We're like 90% of the way there where I'm going to have a bookkeeper and everything else, but I'm using a CERN app to collect all the rent.

01:11:21.000 I'm going to talk to you guys about how I set that up, how to do it with bank accounts and everything else like that.

01:11:25.000 We'll do a full episode for you guys on how to run your real estate portfolio to properly collect the money and put yourself in a position where you don't mess yourself up.

01:11:33.000 But as far as procuring the property, what you're asking, buy under your personal name, bro.

01:11:38.000 Most of the time it's going to be easier.

01:11:39.000 Unless you're like a Grant Cardone and you got like 10x LLC, you're not gonna get the most favorable loan terms.

01:11:47.000 Like Grant Cardone, Ken McElroy, some of these big real estate investors, they can acquire debt that me and you can't get.

01:11:54.000 And they could probably do it under a business.

01:11:56.000 They can go ahead and get these really good terms.

01:11:57.000 They build a relationship with those banks.

01:11:59.000 And they know the banks personally.

01:12:00.000 Over a period of time.

01:12:01.000 So you gotta almost start at the bottom and work your way up to that, if possible.

01:12:06.000 Yeah.

01:12:07.000 You know, once you have a relationship with a bank, then maybe you can go the route of having an LLC and going there, but in general, it's better to buy it under your personal name.

01:12:14.000 Could you explain the Augusta rule in real estate?

01:12:18.000 Yeah, so basically you can rent out your personal residence for up to 14 days every year for rent and basically not have to declare the rental income on it.

01:12:31.000 So a lot of people, the Augusta rule is basically because where their masters is played, a lot of people that own homes in there, because you remember so many people fly from all these areas, they go to Augusta, Georgia.

01:12:42.000 And they rent homes to be there for the masters for all that period of time.

01:12:46.000 So a lot of people will just rent their home for like 14 days and they're getting a lot of rent for these homes, you know, because it's in the band.

01:12:56.000 So they just came up with this like, as long as it's 14 days or less, they call it the Augusta rule because that's where they're doing the golf tournament there. 0.99

01:13:04.000 Oh shit. 0.95

01:13:05.000 Yeah, so they came up with that saying, all right, you don't have to report that as income on your tax return. 0.99

01:13:10.000 Okay.

01:13:11.000 What else do we got?

01:13:14.000 Bills, anything else?

01:13:15.000 Yeah, we got some more.

01:13:16.000 Card says, how much do you have to make a month to start using a private jet?

01:13:20.000 Because I hate traveling with other passengers.

01:13:22.000 I've heard it costs like 100k a year for a jet.

01:13:25.000 I don't know, bro.

01:13:27.000 It might cost you more than that.

01:13:28.000 Stop me, bro.

01:13:29.000 Somebody else.

01:13:30.000 I'll tell y'all this.

01:13:31.000 For us to go from Romania to London costs about 20K. And that was a short flight.

01:13:38.000 It was 30.

01:13:38.000 It was 30?

01:13:39.000 Yeah. 1.00

01:13:39.000 Damn. 1.00

01:13:40.000 30 plus. 0.99

01:13:40.000 How many people were on it? 0.99

01:13:42.000 Me, you, Andrew, Sneeko, Tom, Justin.

01:13:47.000 And then the girl.

01:13:49.000 Well, two girls. 0.93

01:13:49.000 So maybe seven people? 0.93

01:13:51.000 Yeah.

01:13:52.000 That's not bad.

01:13:52.000 And you figure if you fly first class, sometimes it's going to cost you that much.

01:13:56.000 Yo, first class is a rip-off, bro.

01:13:57.000 Yeah. 1.00

01:13:58.000 Goddamn. 0.98

01:13:58.000 So you paid three or four grand, so you had that many people on there, so that's actually not that bad. 0.98

01:14:02.000 Yeah.

01:14:02.000 You know?

01:14:03.000 Yeah, but that was a short flight, too.

01:14:08.000 You know?

01:14:08.000 Oh.

01:14:09.000 Yeah, it wasn't long.

01:14:10.000 How long was it?

01:14:11.000 Like, two, three hours.

01:14:12.000 Two hours.

01:14:13.000 Okay.

01:14:13.000 I mean, yeah, because, I mean, there's some first-class flights, like, from, you know, Miami to New York, where you're going to pay a couple grand, at least, you know?

01:14:20.000 By the way, that was my first ever private jet flight on my birthday.

01:14:24.000 Shout out to Andrew.

01:14:25.000 Shout out to Andrew, man.

01:14:25.000 Awesome.

01:14:26.000 That's great.

01:14:26.000 But yeah, I mean, to answer your question, bro, what did he ask specifically again?

01:14:30.000 He wants to know, basically, I guess how to manage it.

01:14:33.000 How much would it cost to manage it?

01:14:35.000 Yeah, he says, how much do you have to make a month to start using private jet because I hate traveling with other passengers that have heard it costs like 100k a year.

01:14:41.000 Yeah, bro, it's expensive.

01:14:42.000 I mean, it depends on how much you want to spend.

01:14:47.000 I ain't spending that much.

01:14:48.000 I mean, I still do frickin' commercials.

01:14:50.000 Even Wes Watson travels for seminars and shows every day on a private chat like Pro, but he's not paying for it.

01:14:58.000 I mean, he's paying for it, but he doesn't own it.

01:15:00.000 I mean, you're rating it off on your taxes.

01:15:02.000 Yeah, it's right off.

01:15:03.000 And then some people just need to bypass the line.

01:15:07.000 They need to get there.

01:15:08.000 They need to make sure that they don't want to go through TSA. They don't want to go through commercial and have it delayed.

01:15:14.000 If your business warrants that and you're in a position where you can do that, then I'd say more power to you, but that's not for everybody.

01:15:20.000 Like, look at Trump or Grant Cardone.

01:15:22.000 They have to go to, like, an event and be there.

01:15:24.000 They're making, like, 500K, 300K, spending 30K. Won't even matter.

01:15:29.000 Yeah.

01:15:29.000 So it depends on you, really.

01:15:31.000 I mean, me, I'm different, man.

01:15:33.000 I don't like spending ridiculous amounts of money on luxury like that.

01:15:36.000 It pisses me off, personally, because I still like to live like I'm a Fed, right?

01:15:41.000 Like, I made that kind of money.

01:15:42.000 You still have your Honda.

01:15:43.000 Yeah, I still have my Honda.

01:15:44.000 So, me, personally, I would never do that.

01:15:47.000 Like, I don't care how much money I make.

01:15:48.000 I just can't fathom giving that amount of money to be for three hours on a plane. 1.00

01:15:53.000 Like, fuck that. 0.99

01:15:54.000 But if your business warrants it, you need to be at places, right? 1.00

01:15:57.000 You don't have time to deal with TSA, whatever.

01:15:59.000 You're jet flying, limousine riding, you're Ric Flair type status, etc.

01:16:02.000 You're traveling a lot.

01:16:03.000 I could see why, and you can't get the benefit.

01:16:06.000 I think you're going to know yourself when you're making money, if you can afford it or not.

01:16:09.000 Yeah, you'll know, bro.

01:16:10.000 You'll know.

01:16:12.000 Guys, today's sponsor is...

01:16:14.000 Quick little announcement.

01:16:16.000 None other...

01:16:19.000 We have Blue Chew!

01:16:20.000 And guys, we got something special for you guys today.

01:16:23.000 Once again, this is Blue Chew.

01:16:25.000 It's an online service that helps men get access to chewable tablets, that helps you achieve stronger, longer-lasting erections.

01:16:31.000 Pause.

01:16:31.000 Everything is done online, so no awkward in-person visits to the doctor, and you get a medication shipped to you directly.

01:16:38.000 Get your first month of Blue Chew free with our promo code RESHFIT. That's right, RESHFIT, all one word, capital...

01:16:44.000 Once again, it's BlueChew.com.

01:16:45.000 And use promo code FRESHIONFIT to get your first month absolutely free.

01:16:48.000 If you're watching on YouTube, click the link down below.

01:16:51.000 Rumble as well.

01:16:52.000 And once again, support us with BlueChew.

01:16:54.000 FRESHIONFIT is the code. 0.99

01:16:55.000 Damn. 0.98

01:16:56.000 Guys, use the code. 0.99

01:16:57.000 Get in there.

01:16:58.000 And hopefully...

01:17:00.000 Hopefully you get longer lasting corrections.

01:17:03.000 Pause.

01:17:04.000 Okay.

01:17:04.000 I'll read the next one, man.

01:17:05.000 Goddamn fresh. 0.99

01:17:08.000 I'm just saying, bro. 1.00

01:17:12.000 Oh, man.

01:17:13.000 Blue cheese. 1.00

01:17:14.000 Oh, shit. 1.00

01:17:15.000 Okay. 1.00

01:17:16.000 That was entertaining.

01:17:17.000 Number four?

01:17:18.000 That was funny as hell.

01:17:18.000 Number four?

01:17:19.000 Yeah, number four.

01:17:21.000 So the fourth thing, guys, okay?

01:17:23.000 Actually, no, we're at the top three now.

01:17:25.000 Top three.

01:17:25.000 The top three.

01:17:26.000 Round three.

01:17:27.000 The HSA plan.

01:17:28.000 Yeah, so that's a health savings account.

01:17:31.000 And whether you're a W-2 wage earner or you're a business owner, you should probably take advantage of it.

01:17:36.000 So basically, that's a health savings account.

01:17:38.000 You could put about four grand per person away.

01:17:41.000 And you can put the money in and get the deduction on your tax return.

01:17:45.000 You can let the money grow in an account.

01:17:47.000 You can invest it in anything that you want.

01:17:49.000 It doesn't have to be anything specific.

01:17:51.000 It's basically you self-direct it the way you see fit.

01:17:54.000 Some people have taken the money and invested it into real estate, too, as well.

01:17:59.000 And then when you pull the money out, you don't get taxed on it, but you have to spend it on qualified medical expenses.

01:18:07.000 But you can let the money grow in there.

01:18:10.000 But you could set it up for yourself, for your kids in the future, if you're going to have kids or whatever.

01:18:13.000 So, I mean, I like it because it applies to everybody and you're a business owner.

01:18:16.000 You know, you can put about four grand away per year.

01:18:19.000 Can you borrow against it?

01:18:21.000 No.

01:18:22.000 That's basically, you're just going to use it on qualified medical expenses.

01:18:25.000 Got it.

01:18:25.000 So there's a list of things that even fall out, you know, because a lot of times your health insurance plan doesn't cover everything.

01:18:31.000 But the only caveat on that is you have to have a high deductible insurance plan, meaning that your deductible That you pay on your insurance plan has to be $1,500 at least.

01:18:41.000 Okay.

01:18:41.000 So, you know, in all these high deductible insurance plans, they have low premiums.

01:18:46.000 So the higher the deductible, the lower the premium.

01:18:49.000 And, you know, sometimes, so deductible means that basically you're going to have to, like, if you go see the doctor and your insurance plan, then you're going to be on the hook for the first $1,500.

01:18:59.000 That's the deductible part.

01:19:01.000 It's kind of like with car insurance, too.

01:19:02.000 You get an accident, got a $500 deductible, you gotta dish out $500 before they start paying.

01:19:08.000 Bam, okay.

01:19:10.000 So that's a great one, yeah.

01:19:11.000 Yeah, yeah, that's something we'll get you to size. 0.97

01:19:14.000 And I'm getting you with the health insurance and all that stuff.

01:19:16.000 Yeah, I'm doing that right now.

01:19:17.000 Might as well.

01:19:18.000 I'm pretty healthy, but...

01:19:20.000 Hey, you never know.

01:19:21.000 Now that I think about it, actually, when I was working for the government, yeah, I remember they would send me forms.

01:19:25.000 For that.

01:19:26.000 Because with the government, yeah, you probably had flexible savings.

01:19:29.000 You probably had great benefits.

01:19:31.000 Yeah, because I used to get a form in the mail every year.

01:19:33.000 I didn't know what it was because I didn't understand taxes at all.

01:19:35.000 But okay, that makes sense.

01:19:36.000 So as an entrepreneur, you can get a health savings plan, and that will give you...

01:19:40.000 You can deduct that.

01:19:41.000 Anybody.

01:19:42.000 Anybody can do it.

01:19:42.000 Even as an employee as well.

01:19:43.000 I got offered it at my other job.

01:19:45.000 Yeah, you can do it.

01:19:46.000 So is it better to do it through the company that you work for?

01:19:50.000 Or is it better to do it on your own?

01:19:51.000 You can just do it on your own.

01:19:52.000 Typically, if your company doesn't offer or whatever, just go down to a bank or something like that, open up an account, and then you could just...

01:19:58.000 And if you're an employee, you just go to HR, hey, I want to sign up for HR. Yeah, or do it that way.

01:20:02.000 If they administer it for you and they do it that way, then that's the easier way to do it.

01:20:05.000 But if they don't, then you could just go on your own, go to your own bank and just set up a health savings account.

01:20:09.000 Are there any companies that you tell people that are best, or is it depending on region and where you live?

01:20:14.000 No, pretty much it's pretty much very general.

01:20:17.000 Most...

01:20:18.000 Banks offer it.

01:20:19.000 Okay.

01:20:19.000 What about like for dental?

01:20:22.000 So yeah, you can pay dental expenses out of that health savings account too.

01:20:25.000 That's one of the things that you can spend out of there.

01:20:27.000 That's qualified medical expense.

01:20:28.000 Okay.

01:20:29.000 Some of y'all need that.

01:20:30.000 Bam.

01:20:30.000 All right.

01:20:31.000 Cool.

01:20:31.000 Number two.

01:20:32.000 So now we're going into the top two here, guys.

01:20:34.000 Okay?

01:20:34.000 So this is huge.

01:20:38.000 And this is for my business owners.

01:20:40.000 Get yourself a qualified bookkeeper.

01:20:42.000 I mean, that is...

01:20:44.000 I can't stress that enough.

01:20:45.000 It makes everybody's life easier.

01:20:47.000 It gives you information.

01:20:49.000 I've got one, pretty much.

01:20:50.000 Yeah.

01:20:51.000 It gives you information throughout the year to make decisions on your business.

01:20:54.000 And you want somebody that's a full-charge bookkeeper that knows, you know, get hooked up with some program online, whether it's Xero or it's, you know, QuickBooks Online that is...

01:21:04.000 Proficient in that, that knows how to take your bank account, link it to get all the download for the transactions and bucket those and code those transactions.

01:21:13.000 So you have, you know, they reconcile the bank statement every month or maybe every quarter.

01:21:18.000 You should at least every quarter, every three months have something financial-wise where you have a profit and loss and you know exactly where you stand in your business so you can make decisions.

01:21:25.000 It's worth its weight in gold because this way not only do you have the information all year, But when you go see your tax professional at the end of the year, everything's done.

01:21:34.000 It makes their life easier.

01:21:35.000 It makes your life easier.

01:21:36.000 You know where you stand.

01:21:37.000 You can get better tax planning.

01:21:39.000 So definitely just spend the money to do that.

01:21:41.000 If you're not proficient in doing it, I get a lot of clients where they try to do it themselves, and it takes us more time to unravel that and do it.

01:21:48.000 Sometimes we just got to start from scratch and re-download everything and just re-bucket everything.

01:21:52.000 And we're not cheap in doing it sometimes.

01:21:54.000 You know, because when we're doing it when we're the most busy and we don't have the most resources, So you're better off just getting it done throughout.

01:22:01.000 Hire somebody to do it.

01:22:03.000 Spend $100, $150.

01:22:05.000 People can do it pretty cheap.

01:22:08.000 And yeah, definitely.

01:22:09.000 That's what I would say.

01:22:09.000 That's why that's a huge one.

01:22:10.000 Because if you don't have good information going into your tax preparer, you're going to miss the opportunity to get a lot of tax deductions.

01:22:17.000 Capitalize on benefits.

01:22:18.000 Honestly, there's so much stuff that's in there.

01:22:20.000 And another thing, they'll keep you straight.

01:22:22.000 Try not to co-mingle.

01:22:26.000 Don't just use your business card to spend on personal stuff out of there.

01:22:29.000 If you need money, just take a draw, put it in your personal account, separate the business between the personal, and just have everything in your business account that's really business as much as possible.

01:22:40.000 Sometimes we can't do it because things come up.

01:22:43.000 But that's what I would say.

01:22:45.000 So definitely a qualified bookkeeper that is proficient.

01:22:49.000 It's a full charge.

01:22:51.000 Just do it.

01:22:52.000 What about business credit cards?

01:22:54.000 Yeah, that's the same thing too.

01:22:56.000 Because that kind of works like the bank account too.

01:22:57.000 You just kind of link it with those programs online and everything gets downloaded in there.

01:23:01.000 And you could just bucket all the expenses out of there too.

01:23:04.000 And again too, it makes it easier if you're using that business credit card for just business purposes.

01:23:11.000 It just makes things a lot easier.

01:23:13.000 Way cleaner.

01:23:14.000 Yeah.

01:23:15.000 And guys, especially when you have real estate property and you have, like right now I got like 30 plus tenants, that becomes a pain to track.

01:23:23.000 I mean, right now as we speak, I'm like going with Roger and we're like tracking down who still owes money and stuff like that.

01:23:28.000 And you know, yeah, bro.

01:23:29.000 So, and I got an app, and I'm going to talk to you guys about how I'm doing this.

01:23:32.000 Yeah, he's awesome.

01:23:33.000 Yeah, but it's really important for you to have a bookkeeper.

01:23:37.000 Steve actually hooked me up with his bookkeeper, and she's going to probably start taking over here next month or so, but she's going to start taking over here very soon once we have everybody fully enrolled in the app that we're using to collect rent, and she's going to be handling all that stuff with making sure.

01:23:52.000 Everyone pays.

01:23:53.000 All the money comes in.

01:23:54.000 Paying bills off water.

01:23:55.000 Electric.

01:23:56.000 It's happening before I get a letter.

01:23:57.000 You owe this much in water.

01:23:59.000 I'm like, oh man, I didn't even know.

01:24:00.000 Then I go in there and I manually pay it.

01:24:03.000 But you want someone to handle that all for you because it starts to get very...

01:24:08.000 Chaotic, once you have, you know, at this point, man, I got 14 properties, guys, and, you know, 30 plus cents.

01:24:13.000 It's very difficult to manage all that in different states.

01:24:15.000 So this is where Bookkeeper becomes very important in the situation.

01:24:20.000 So my mom used to manage her own stuff, and she became like her own spreadsheet analyst, and she would just put everything in there, keep track of it.

01:24:27.000 But she only had one business.

01:24:29.000 And my thing is, does she need a bookkeeper at that point?

01:24:31.000 No, not really.

01:24:32.000 And again, the level of transactions that you have per month in there, some business, like a rental property, it's not going to have too many transactions in there, right?

01:24:40.000 But he's got a lot of rental properties.

01:24:43.000 Yeah, 30 tenants.

01:24:44.000 So that adds up.

01:24:45.000 But if you only had one rental property, I wouldn't say, just go get a bookkeeper.

01:24:48.000 Because basically, when you have one rent check a month, you have to pay your mortgage, you have to pay your real estate taxes, insurance, maybe some repairs and maintenance, right?

01:24:55.000 Or HOA or something like that.

01:24:57.000 So there's not a lot of activity in there.

01:24:58.000 So I'm saying more for an operational business where you have more transactions.

01:25:04.000 Some people can take care of it themselves because they're proficient and they feel comfortable.

01:25:07.000 But once you get to a couple hundred transactions, two or three hundred and even beyond, you're going to want somebody that knows what they're doing.

01:25:14.000 Got it.

01:25:15.000 And bookkeeping is really important, too, because like Steve was saying, he kind of glossed over it, but I want to bring importance to it.

01:25:22.000 That's going to help your tax preparer with appropriately writing things off.

01:25:27.000 For example, if people didn't pay rent, or you experienced losses, or you had vacancy, whatever, that's going to be very important for you for real estate.

01:25:34.000 And it makes their job easier, and they're able to look at the numbers and be like, oh, dude, you actually took a loss here.

01:25:39.000 And then you're able to apply that against your income, and it helps significantly.

01:25:42.000 Yeah.

01:25:43.000 So, you know, so even when you got annoying tenants that don't pay rent or you have to evict them or whatever, I've had to hire lawyers to kick people out, you know what I mean?

01:25:53.000 You know, you can write that all off.

01:25:54.000 But also, too, you were always asking me at a moment's notice, you got a deal coming on, what's the first thing that the bank will ask you for?

01:26:00.000 Profit and loss statements.

01:26:01.000 Right, and up to date.

01:26:02.000 Last year, last two years, up to date.

01:26:02.000 Yep.

01:26:02.000 Up to date.

01:26:05.000 And you need them like that, right?

01:26:06.000 Because you got to make the deal.

01:26:06.000 Yep.

01:26:07.000 So, yeah, that's why you want somebody handling your stuff.

01:26:10.000 Because they are going to ask you, they're absolutely going to ask you for profit loss statements, guys, when you are doing a deal.

01:26:10.000 Yeah, man.

01:26:16.000 And it gets so annoying where you'll start the deal, right?

01:26:19.000 Like let's say the first of January, right?

01:26:22.000 And they'll be like, okay, we need a profit loss statement.

01:26:24.000 You give them the profit loss statement.

01:26:24.000 Okay, cool.

01:26:25.000 Then like 20 days later, they're like, oh, we need another profit loss statement.

01:26:29.000 You're like, what the hell?

01:26:30.000 And they're like, yeah, bro, we're probably not going to close in 30 days, so we need another profit loss statement.

01:26:33.000 Sorry!

01:26:34.000 And then you've got to give them another one.

01:26:35.000 And it's just annoying because underwriters are super weary nowadays because, you know, thanks to the real estate market crash from before and then the pandemic, they've been weary, man, with giving out loans.

01:26:46.000 So, yeah, you need someone in your corner that can help hook you up.

01:26:49.000 I mean, obviously, I'm lucky I got Steve.

01:26:50.000 He's able to, you know, get me a profit loss statement within 24 hours a lot of the times, man.

01:26:56.000 A lot of you niggas don't got Steve, so you guys gotta go get somebody, man. 1.00

01:27:02.000 But yeah, Steve hooks me up with the private law statements, and then obviously with the real estate stuff, he's gonna give me one of his people to help me with that.

01:27:09.000 And now, we're giving you Steve to hook you guys up.

01:27:12.000 Yeah.

01:27:13.000 His books, his access.

01:27:15.000 Yo, who does that, bro?

01:27:16.000 WFNF, appreciate it.

01:27:17.000 A lot of YouTubers would never give y'all their accountants, man. 1.00

01:27:20.000 Shit, I know. 1.00

01:27:22.000 Shout out to Myron. 1.00

01:27:24.000 He did it.

01:27:25.000 And then, number one?

01:27:28.000 We can finish these off before we get into number one.

01:27:31.000 Myron, do you think...

01:27:33.000 Well, Carr says, Myron Refresh, what do you think on Messi joining Intern Miami?

01:27:39.000 I think it's great, man. 0.98

01:27:40.000 For Miami itself, the culture, shit, companies here. 0.96

01:27:45.000 I think it's great to have Messi here in Miami. 0.99

01:27:48.000 Oh, okay.

01:27:48.000 It's dope.

01:27:49.000 I'm not familiar with what into Miami is, but...

01:27:51.000 But he don't speak English, right?

01:27:53.000 Probably not.

01:27:55.000 Hunter goes, I'll take.

01:27:57.000 I work in insurance.

01:27:58.000 It depends how the policy is designed.

01:27:59.000 You can also borrow up to how much cash value you have.

01:28:03.000 So if you have 200K cash value, you can borrow up to 200K. You don't have to pay back the loan.

01:28:09.000 It deducts when you die.

01:28:10.000 Yeah, so that's probably like an IUL. But again, there's different policies that have different, I want to say, rules.

01:28:16.000 But that's a pretty good one.

01:28:17.000 Yeah, he's saying I'll take.

01:28:19.000 Well, they're speaking generally about different ones, my friend.

01:28:22.000 Yeah.

01:28:23.000 He got insulted by y'all.

01:28:24.000 Yeah, because...

01:28:25.000 Anyone that sells insurance, they don't want you to hear some things that happen behind the scenes because here's your money.

01:28:31.000 I'm going to sell you on the best benefits you can hear from my mouth about the product and then, yeah, it's a good deal versus, okay, just so you know, here's some hidden fees that you might not be aware of and some other stuff.

01:28:42.000 I mean, the fact that life insurance has dedicated sales teams tells you that they're clearly profiting well.

01:28:42.000 Well, of course.

01:28:50.000 That's why they have sales teams. 0.97

01:28:51.000 Bro, I know guys making no minimum than $200,000 a month selling insurance.

01:28:56.000 What?

01:28:56.000 Yeah, 100%.

01:28:57.000 Because once again, it's referrals.

01:28:59.000 Oh, you need one.

01:29:00.000 Your brother needs one.

01:29:01.000 Sister needs one. 1.00

01:29:02.000 I got you.

01:29:03.000 Come to me.

01:29:05.000 Actually, PPD. Insurance.

01:29:05.000 Damn.

01:29:05.000 Okay.

01:29:08.000 Oh, okay.

01:29:10.000 Okay, so as an INS agent, you can't put a lump sum amount that's greater than seven years worth of premiums.

01:29:16.000 Otherwise, the IRS considers it an investment and not insurance.

01:29:18.000 So the lump sum can be greater than the equivalent of seven years worth of premiums.

01:29:22.000 There you go.

01:29:24.000 Wait, he's an IRS agent, he said.

01:29:28.000 As an insurance agent.

01:29:30.000 Oh, sorry.

01:29:31.000 Okay, so he shortened it.

01:29:34.000 Okay.

01:29:35.000 I thought you meant like immigration naturalization.

01:29:37.000 Yeah, that's what I was going to say.

01:29:38.000 I was going to say, bro, INS has been gone since 2003.

01:29:41.000 Oh, Lord.

01:29:42.000 Cardona, he goes, is it true that the rich buy paintings to save their money?

01:29:45.000 Hell yeah.

01:29:46.000 Could you tell them about, because remember, I bought the Lamborghini painting, and I bought the table for Off-White with Virgil.

01:29:46.000 I've heard about this.

01:29:53.000 Could you tell them, because I think, did I write that off or no?

01:29:56.000 No, because that's a collectible.

01:29:57.000 Okay.

01:29:58.000 Yeah, it's going to appreciate and value.

01:29:59.000 Okay.

01:30:00.000 But I have heard of most people buying paintings.

01:30:02.000 But isn't it weird, because I know people that buy...

01:30:04.000 Yeah, those are personal collectibles and stuff like that.

01:30:06.000 It's not like business use stuff, so it's like a Rolex watch or something like that, you know?

01:30:10.000 It's going to...

01:30:11.000 Oh, sorry.

01:30:12.000 It's like a Rolex watch.

01:30:14.000 These are collectible.

01:30:15.000 They're going to appreciate it.

01:30:16.000 So that's a good investment as far as parking your money.

01:30:19.000 I have friends that they'll buy a piece of art from artists that they know very well, and they know it's going to appreciate, and then they sell it later on for a way higher price.

01:30:26.000 Yeah, so they're going to have a capital gain on that.

01:30:28.000 Most definitely, yeah.

01:30:29.000 It's a good investment, yeah.

01:30:30.000 Okay.

01:30:31.000 Okay.

01:30:32.000 IULs are rich man's Roth. 0.93

01:30:33.000 I've done case studies on IUL versus 401k and between managed fees, it's managed fees, taxes, etc.

01:30:40.000 They take out more over 30 years in a 401k than an IUL. I work in finance and IULs have way more advantages than 401ks and Roths.

01:30:48.000 I will agree because I actually had IUL as well and I weighed versus getting a 401k or Roth.

01:30:54.000 It was way better because once again, you get the death benefit, you can borrow from it and let's say you die You don't have to pay it back.

01:31:01.000 We'll just take it out of what the penalty would be for...

01:31:03.000 Sorry, the cash bonus would be when you die.

01:31:05.000 Yeah, it's tax-free money.

01:31:07.000 Let's say when you die, right, someone was going to get, like, let's say a million dollars.

01:31:11.000 If you borrowed, like, 200k, you get 800k. 1.00

01:31:14.000 Oh, fuck that nigga. 1.00

01:31:16.000 You can get less money, that's it. 1.00

01:31:17.000 That's pretty much it, bro.

01:31:19.000 So, I mean, it's the WW. Yeah.

01:31:21.000 I will say, actually, guys, we're going to set up another interview with Chris Cronin.

01:31:26.000 We'll talk about this in detail because Chris is really the guy that does this a lot with life insurance and investing into real estate.

01:31:33.000 He's actually the one that brought it to my attention.

01:31:35.000 He writes it in his book.

01:31:36.000 So, we're going to talk about that in more detail.

01:31:39.000 I'll be sure to pay attention to that because I learned something.

01:31:42.000 I mean, that was just my opinion.

01:31:44.000 And you're speaking from a tax perspective.

01:31:47.000 No, but whole life insurance itself, some of them fall under that category.

01:31:51.000 But IULs specifically are very well thought out for investments.

01:31:54.000 And everyone is different.

01:31:56.000 I know Chris uses a very specific one.

01:31:58.000 It's not like you can go to any life insurance and be like, all right, I want to borrow against it and do real estate.

01:32:03.000 He uses a very specific one that has very specific terms that work for him in his real estate business.

01:32:08.000 I would wager he has an IUL. That's why I would assume. 0.99

01:32:11.000 Yeah, probably.

01:32:11.000 It's gotta be.

01:32:12.000 Assume, yeah.

01:32:12.000 Based on what it is.

01:32:14.000 Andrew T. says he doesn't check his mail.

01:32:16.000 Is that true?

01:32:17.000 LOL. That's a random question.

01:32:19.000 Well, to be fair, I did see him check his mail one time.

01:32:20.000 He literally gets...

01:32:21.000 While we were there.

01:32:22.000 If y'all knew how much mail he gets...

01:32:24.000 Hold on.

01:32:24.000 Bro.

01:32:25.000 You wouldn't either, nigga. 1.00

01:32:26.000 He takes his email, but not mail. 0.95

01:32:27.000 Yeah, I mean...

01:32:28.000 There you go.

01:32:29.000 On his computer emails.

01:32:30.000 Yeah, okay.

01:32:31.000 I work in Texas in the oil field making $120,000 and also invest in a 401k tax taken out now, being a W-2.

01:32:37.000 What's the best way to not have to pay so much in taxes?

01:32:41.000 I also don't get taxes taken out for a few months out of the year.

01:32:45.000 He lives in Texas.

01:32:46.000 Yeah, he's a W-2.

01:32:48.000 Bro, you were literally in the same position as me when I was working for the government.

01:32:51.000 I made pretty much the same thing.

01:32:52.000 He's a W-2 employee and he's trying to figure out the best way to not have to pay so much in taxes.

01:32:59.000 I mean, again, a couple of things that we just talked about here.

01:33:02.000 I do have a book.

01:33:04.000 I get it for a dollar.

01:33:04.000 It's a dollar.

01:33:05.000 Just go on my SamCart there.

01:33:07.000 And it's got 10 strategies in there for W-2 wage earners in there. 0.60

01:33:10.000 So I cover those in there.

01:33:11.000 To spend less?

01:33:12.000 It's for a buck, yeah.

01:33:13.000 I wanted to give it out for you.

01:33:14.000 As a W-2 earner, you're probably single, don't have kids, don't have a family.

01:33:18.000 So yeah, dude, Uncle Sam loves people like you the most.

01:33:21.000 They're going to take the most taxes from y'all. 0.93

01:33:23.000 Especially anyone that's a six-figure earner.

01:33:26.000 Yeah, they love you guys.

01:33:28.000 I mean, I remember because I was in a tax bracket and they used to absolutely kill me.

01:33:32.000 I pay less the taxes now making 10x the money versus when I made 120k as an agent.

01:33:37.000 Yeah.

01:33:39.000 Yeah, dude.

01:33:40.000 Get that book.

01:33:40.000 It goes in 10 ways to...

01:33:43.000 And it's only, you said a dollar, right?

01:33:44.000 It's a buck, yeah.

01:33:44.000 Yeah, it's a dollar.

01:33:45.000 I had to host it on there.

01:33:46.000 Otherwise, I would give it away free.

01:33:48.000 But I had to put it...

01:33:48.000 So I had to put it for something.

01:33:49.000 Put it somewhere?

01:33:49.000 Okay.

01:33:50.000 So it's a dollar to 10 ways for W2 employees.

01:33:52.000 But you could go over some of the things we talked about here.

01:33:54.000 Buy real estate, health savings plan...

01:33:59.000 Yeah, cost segregation through 1031 exchange.

01:34:01.000 The 401k, contribute more to it.

01:34:03.000 Max it out, right?

01:34:05.000 The traditional.

01:34:05.000 I remember when I was working for the government, it was like 18 to 19k a year.

01:34:08.000 And that would help deduct your income a bit so that you don't be as high of a tax bracket.

01:34:13.000 Because you guys would be amazed that, like, you know, there's...

01:34:17.000 Man, when I was working for the government, I remember it was like $87,000 a year was like the magic line.

01:34:23.000 Once you hit over $87,000, you got taxed substantially more.

01:34:26.000 So I would just focus on getting down to below $87,000 and then bam, your tax liability would go down tremendously.

01:34:32.000 So figure out what that number is for you and contribute that number so that you bring your liability down.

01:34:37.000 Changes every year.

01:34:37.000 It was so bad.

01:34:38.000 We used to do overtime, right?

01:34:39.000 So we'd calculate, okay, if we make this much money a month from overtime, if we go past this, we'll get taxed higher.

01:34:45.000 So we'd always work below that.

01:34:46.000 Yeah.

01:34:46.000 If possible.

01:34:47.000 Yeah.

01:34:47.000 That's crazy.

01:34:48.000 Imagine like, you know, that's just wrong.

01:34:50.000 Yeah.

01:34:50.000 That's way higher.

01:34:51.000 Yeah.

01:34:51.000 So you got to figure out what that number is for you, bro.

01:34:54.000 But it changes every year.

01:34:56.000 So I have a lot of questions, but I saved two years and I'm going to do a big movement with money to buy a mobile home with enough land to divide it, then buy a RV and put it into rent for more earnings.

01:35:04.000 Good job, bro.

01:35:05.000 Good job, yeah.

01:35:06.000 Good stuff, bro.

01:35:06.000 Water Dragon says, Yo FNF, could y'all do an episode for best high-yield savings accounts?

01:35:12.000 I use Opportun app, used to be called Digit, and I love it, but it's not giving me interest.

01:35:17.000 I just recently opened up SoFi, because it's 3.5% interest, but I heard of others that are 5%.

01:35:23.000 I got you right now, bro.

01:35:24.000 You're going to need money to do this, but Merrill Lynch has a high-yield savings account, which I think right now is at about 6% almost.

01:35:32.000 Shoot! 0.92

01:35:33.000 It goes off of the Fed.

01:35:35.000 You need $100,000, but you invested in there and you basically get a 6% return.

01:35:40.000 Between 5% to 6%, which is really high because it goes off of what the Fed is.

01:35:44.000 And the interest rates are probably going to keep going up, man.

01:35:46.000 So it's a pretty good savings.

01:35:49.000 Let's say you put a million dollars in there.

01:35:51.000 That's going to give you...

01:35:52.000 5% is going to give you 50K. 50K. There you go.

01:35:58.000 That's damn near working a full-time job.

01:36:01.000 That's someone's salary.

01:36:02.000 The only caveat is you need $100,000 to open the account.

01:36:06.000 It's called the preferred deposit, guys.

01:36:08.000 Merrill Lynch preferred deposit.

01:36:10.000 You need $100,000, but the interest rate is the highest I've seen.

01:36:14.000 I don't think anyone...

01:36:15.000 I don't know any higher than that.

01:36:17.000 Right now, I think it's closer to $6,000.

01:36:17.000 Me either.

01:36:19.000 So, I'll look it up for y'all.

01:36:21.000 Okay, Mike.

01:36:22.000 Hey FNF, this question is from Myron.

01:36:24.000 I'm 21 years old, finishing up my bachelor's in criminal justice, trying to get into federal law enforcement.

01:36:29.000 What are the next steps to get there?

01:36:31.000 Should I do internships, higher education, or apply?

01:36:33.000 Thanks.

01:36:34.000 I did an entire episode for you guys on this, how to get into law enforcement.

01:36:40.000 I talk about how to become an FBI agent, DEA, ATF, how to get into local or state police.

01:36:46.000 Watch that episode.

01:36:47.000 Timestamps are in there, but I go into detail in that. 0.99

01:36:51.000 You know, the panel interviews, polygraphs, all that shit. 0.91

01:36:54.000 So watch that episode if you want to get into law enforcement, guys. 0.93

01:36:57.000 And share it with any friend that you have that might want to get into law enforcement. 1.00

01:37:00.000 Ivan Leal says, Steve, Myron, Fresh, Moe and Chris, bum ass motherfucker. 0.99

01:37:06.000 Thank you so much for all the value you provide. 1.00

01:37:08.000 Dumping my Feminazi, GF, was the best choice I made last year. 1.00

01:37:12.000 Good.

01:37:13.000 Any other live shows in the works possibly, Monday, Monday live show would be amazing.

01:37:17.000 Yeah, I mean, many more, bro.

01:37:20.000 Hunter again says, oh no, we got one ready?

01:37:22.000 And, oh, Fresh and Fit says, Myron, do you think the government will get involved in AI deepfakes?

01:37:29.000 It's becoming a huge deal because they're getting way more too realistic.

01:37:32.000 5.02% right now, guys, for the Merrill Lynch preferred deposit.

01:37:35.000 And no, they're not paying me to tell y'all that.

01:37:37.000 I don't even have a thing with them, but I'm giving y'all some sauce.

01:37:40.000 They should pay us, though.

01:37:40.000 They should pay us.

01:37:41.000 Merrill, you owe me a goddamn check. 0.99

01:37:43.000 But yeah, that's damn good. 0.99

01:37:45.000 I don't think you're going to find a higher interest rate on your savings account.

01:37:48.000 And oh, the other beauty.

01:37:49.000 I forgot to mention this.

01:37:50.000 You can pull the money out anytime.

01:37:53.000 You can literally pull the money out at any time.

01:37:54.000 No penalty.

01:37:55.000 Okay.

01:37:55.000 It's a high interest account that you can literally pull money out at any time, guys.

01:37:58.000 So it's not a CD. Yeah.

01:38:00.000 No.

01:38:01.000 So that's one of the benefits.

01:38:03.000 A lot of these guys, they'll penalize you if you pull the money out, but they won't.

01:38:07.000 But the caveat is you need $100K. Yeah.

01:38:10.000 But here's the thing.

01:38:11.000 You can put the $100K in there, and then I think you just have to leave $2,000 in.

01:38:15.000 And then you can put in the 100, pull it out, have the account opened, and then maintain at least 1 to 2,000 in there, and you'll get that 5%.

01:38:22.000 That's crazy.

01:38:23.000 So, anyway.

01:38:24.000 Were we at here?

01:38:25.000 Sorry.

01:38:26.000 And then we gotta close this thing out, guys.

01:38:27.000 What is the best way to prevent going to jail by an accusation from a girl that isn't true?

01:38:30.000 The women have to... 1.00

01:38:31.000 Oh, this is a good man.

01:38:32.000 Bro, keep all records.

01:38:34.000 Pray for Russell Brand right now.

01:38:36.000 Also, any of the creators.

01:38:38.000 Look, guys.

01:38:40.000 The Matrix is attacking him for real.

01:38:41.000 This could be anybody.

01:38:43.000 So, I mean, we all know that he didn't They're painting the narrative that he's this bad person,

01:39:05.000 when in reality, if he's this bad person, he'd be caught a long time ago.

01:39:08.000 So it's just like, bro. 0.99

01:39:10.000 It sucks, man. 0.99

01:39:11.000 It's what they do, man. 1.00

01:39:12.000 Once you get close to the truth, some chick comes out. 0.99

01:39:15.000 Don't be surprised if we get attacked too, bro.

01:39:18.000 Hunter says, also with IULs, your money is completely protected from probate, which is very true.

01:39:23.000 It's protection.

01:39:24.000 And if you get divorced or someone comes after you, like government, courts, they can't look into your policy to take any cash value you have in the policy.

01:39:33.000 Another good way to protect your cash is IUL. Shout out to you, man.

01:39:36.000 He's definitely selling it.

01:39:38.000 Decent Bonfire.

01:39:39.000 Since a one-member LLC is a disregarded entity and must report on personal sum list, a random S-Corp they have as the second member to get their rental LLC as an EIN number and K1 status, less audits?

01:39:53.000 Okay, disregarded entity.

01:39:56.000 That's a lot of jargon.

01:40:00.000 Some list a random S-curb.

01:40:02.000 They have a second member.

01:40:04.000 I don't know.

01:40:05.000 That's a very convoluted question.

01:40:09.000 Get their rental LLC and EIN number and K-1 status.

01:40:13.000 He's trying to say, will that lead to less audits?

01:40:15.000 Anything that's removed off of your personal income tax return into its own filing is going to be less audit.

01:40:22.000 So I'm not sure.

01:40:22.000 A disregarded entity means that you're going to file it on your 1040.

01:40:26.000 You're going to have that business active.

01:40:27.000 So you're basically giving the IRS jurisdiction over that entity along with your personal stuff.

01:40:33.000 Yeah, that's the whole purpose of going to...

01:40:34.000 Guys, the reason why we tell y'all to switch from an LLC to an S-Corp is because when you don't switch over to an S-Corp, you end up being...

01:40:42.000 And you stay in an LLC and you have like a regular W-2 job.

01:40:44.000 What ends up happening is you get double-texted and then you go into an IRS pile that is going to be more highly audited.

01:40:49.000 Correct?

01:40:50.000 I mean, for rentals...

01:40:52.000 Keep an LLC. You don't want to be an S Corp for rentals.

01:40:54.000 Yes.

01:40:55.000 But for a goods and services operational business, you want to convert that into an S Corp and separate that from your regular.

01:41:01.000 Here's the rule, guys.

01:41:02.000 If you're running a business where you're generating income, it's an LLC, then you eventually turn it into an S Corp.

01:41:07.000 If it's a real estate business where you're just having properties and making passive income, it's LLC. Yeah.

01:41:13.000 Go watch the episode that we did last time Steve was here.

01:41:17.000 We go into extreme detail with S-Corps versus LLCs and why you need to set up as an S-Corp for most service-based businesses.

01:41:25.000 And I talk about that.

01:41:26.000 I have that A to Z book.

01:41:27.000 It's $26.

01:41:28.000 You can get it on my Amazon card or the Sam card.

01:41:32.000 And yeah, just basically going there.

01:41:33.000 And I talk about this, exactly what you're talking about, and I go into detail about it.

01:41:37.000 That episode, I would argue, is one of our best.

01:41:39.000 Money Mondays.

01:41:40.000 Watch that episode, get the book, because the episode's gonna tell you why you need to do it, and then Steve's gonna teach you how to do it.

01:41:45.000 Yep.

01:41:45.000 Okay?

01:41:46.000 So, the book will teach you how, and then the episode will tell you why you need to do it.

01:41:50.000 Alright?

01:41:51.000 Man of Stripes says...

01:41:52.000 And we'll go 50 and up from here, because we gotta close this thing out.

01:41:55.000 Since I have a house in Maryland fully paid, and that rent pays for my house mortgage in Virginia that I currently live, how should I get another property?

01:42:02.000 Save money up to 20% and get a loan, or something else?

01:42:04.000 Well, there's two options, my friend.

01:42:06.000 You can either go the investor route and put the 20-25% down.

01:42:09.000 Be prepared to put 25% down.

01:42:11.000 I can't remember the last time I put 20% down on a house.

01:42:14.000 So be prepared for 25%.

01:42:16.000 Or you can go ahead and do an FHA, but you're going to have to live in it for a year.

01:42:21.000 So it really comes down to what you're willing to do.

01:42:23.000 If you got no kids, bro, and you got a flexible, I want to say, career lifestyle right now, just live in it, bro.

01:42:29.000 Just save more money.

01:42:31.000 And just do it again.

01:42:33.000 Repeat.

01:42:34.000 Yeah.

01:42:35.000 And then the other thing too you got to remember is if it's a single family home and you live in it, you're on the hook for paying a higher mortgage.

01:42:42.000 So that's why it's always better if you're going to do an FHA to have at least a duplex or a triplex because that way you can offset the mortgage on your tenants.

01:42:52.000 But if you're going to live in it yourself, be prepared to pay a higher rent because you're only putting 3.5% down.

01:42:56.000 And you're going to have to pay PMI. When I did it at three units, I was living it for free.

01:43:01.000 The two tenants paid the mortgage.

01:43:03.000 So you had a little bit of cash flow, too.

01:43:04.000 Yeah, and 200 bucks.

01:43:05.000 But it depends, guys, on your...

01:43:07.000 It depends on the market that you're in, how much you're charging rent.

01:43:11.000 It varies wildly.

01:43:12.000 In some markets, it might be better to just get the single-family home.

01:43:15.000 In some other markets, you'd be like, hell no, I'm not going to do a single-family home.

01:43:18.000 I need to do a duplex or a triplex for this to make sense.

01:43:20.000 So it really, really depends on what it is.

01:43:23.000 That's why I always use the metric of cash on cash return.

01:43:26.000 That's why I tell you guys, use cash on cash returns because that's going to give you the best bird's eye view of your returns of the money that you actually put in.

01:43:35.000 That's why I like to use the cash on cash.

01:43:38.000 What's good?

01:43:39.000 My G's.

01:43:40.000 What are your thoughts on working for a company gained a substantial amount of caliber of craftsman work beside a non-compete?

01:43:45.000 Is side work an option without competition?

01:43:48.000 I'll give it down to Marco first.

01:43:50.000 John DeMarco.

01:43:51.000 John DeMarco.

01:43:52.000 He signed a non-competition.

01:43:54.000 You depend on how long it is, and yeah, I mean, there's always a way for them to find out.

01:43:59.000 I mean, I've done these.

01:43:59.000 When I've sold my companies, I had non-competes too.

01:44:01.000 I mean, typically it's going to be like a three-year deal.

01:44:04.000 Typically not more than five years, but I mean, it's a risk that you take, and I don't know how much you're paying for that non-compete, because there's going to be some price you're paying on it.

01:44:11.000 So as long as you follow, and maybe outside of the jurisdiction and the radius of where you can't compete with them, That's where you gotta assess the risk, my friend, and figure it out.

01:44:24.000 But typically, most non-competes, I mean, if the guy's smart, he has it in a very big, broad way where they can come after you if they find out that you're competing.

01:44:34.000 Might not be worth it.

01:44:35.000 Might not be worth it, bro.

01:44:38.000 Avi Arga, I live in Vegas.

01:44:40.000 I'm trying to start a hustle to buy real estate.

01:44:41.000 I have two jobs and in school for tech right now.

01:44:44.000 Should I flip houses or with today's pod start a Turo business with a sports car?

01:44:48.000 Shout out FNF. Go ahead.

01:44:49.000 That's great.

01:44:50.000 Turo business is great.

01:44:51.000 Yeah, definitely.

01:44:52.000 I mean, like you said, you only got the app.

01:44:53.000 You can get the insurance there.

01:44:55.000 I think that might be a way to go.

01:44:57.000 The only thing you need for Turo is basically the car and you can either lease it or which I don't recommend.

01:45:03.000 You could buy it as well.

01:45:05.000 Or by under company name.

01:45:07.000 But real estate, you gotta have money for reserves, have money to invest.

01:45:12.000 Steve, real quick for you, did you have a team, when you were doing the fixing and flipping, did you have a team of contractors that you would just call, hey, I'm closing on this, I need you to go in there and fix immediately?

01:45:22.000 Yeah, I had three guys that I used to hire and pretty much they were working for me almost full time all the time because they were on these projects.

01:45:27.000 So you had almost infrastructure set up for your fixing and flipping.

01:45:30.000 Yeah, there's like three or four guys that I can.

01:45:31.000 You're closing on the house, they're there pretty much the next day fixing stuff up.

01:45:34.000 Yeah, yeah, pretty much.

01:45:35.000 Do you suggest if someone is going to get into that endeavor to, you need contractors pretty much on call?

01:45:42.000 You need a team.

01:45:42.000 You need people because if you want to flip, you don't want to hang on to that house too long.

01:45:46.000 You want to get it back out in the market as quick as possible because you're paying every month and you're not renting it.

01:45:51.000 Were you taking hard money loans to do it?

01:45:53.000 I was doing regular loans on it, yeah.

01:45:53.000 No.

01:45:55.000 You were literally using just 100% your own capital?

01:45:57.000 Yeah.

01:45:58.000 No, no.

01:45:59.000 I wasn't buying everything cash.

01:46:00.000 I was putting the money down similar to what you were doing.

01:46:02.000 Okay.

01:46:03.000 You were buying as an investor.

01:46:04.000 But I was paying on that loan for the period of time that I had it.

01:46:07.000 So I wanted to flip that as quick as possible because the market was going high.

01:46:11.000 So you were put 20% down, acquiring the property, and you literally put all your own capital into it.

01:46:11.000 Yeah.

01:46:16.000 And how long would you hold it before you...

01:46:18.000 I mean, you know, I've never had one more than six months.

01:46:22.000 You know, three months was typically the turnaround time because the guys kind of knew what we had to do and what we had to do to get it back.

01:46:28.000 So I want to say this real quick because too many people talk about fixing and flipping and fixing and flipping and yeah, this is what I want to get into.

01:46:36.000 One thing I want all you guys that want to get into real estate and want to go through the fixing and flipping route, you're going to need contractors.

01:46:43.000 You're going to need guys that you can pretty much call and they're on site doing the job that you trust that aren't going to nickel and dime you and can get materials for cheap because the other thing too that happened during the pandemic that a lot of people don't talk about is the cost of lumber went up, the cost of products went up, the cost of labor went up.

01:46:57.000 I felt it.

01:46:59.000 Oh yeah, because you did rehabs, big rehabs on your property.

01:47:02.000 It should have cost me like 30k, it cost me 50k.

01:47:05.000 There you go.

01:47:05.000 And the problem is that buyers were different back then because people would put up with a lot more...

01:47:10.000 Now these buyers don't want to come in and they want these places that look brand spanking new.

01:47:14.000 They want beautiful stuff.

01:47:15.000 Where we were getting...

01:47:16.000 They were kind of speculating.

01:47:17.000 There's more speculative buyers.

01:47:19.000 They're like, oh, I'll sit here for a year.

01:47:20.000 It's going to go up in value.

01:47:21.000 So we got to...

01:47:23.000 I want everybody to know that because if you get into the fix and flip game...

01:47:26.000 You're going to need the infrastructure of people that can go in and fix it quickly.

01:47:29.000 And then also, Steve was fortunate because he had a high-skill income, and he had his own capital.

01:47:36.000 He put it in.

01:47:37.000 So he wasn't at the mercy of a high-interest loan through a private lender or some private equity that's charging him 50% interest or something crazy like that.

01:47:45.000 Yeah.

01:47:46.000 Yeah.

01:48:11.000 It's more profitable for contractors to work on commercial deals than to work on residential deals, guys.

01:48:17.000 So why are they going to go ahead and take your job when they can go make more money doing an apartment complex or whatever?

01:48:21.000 Keep in mind, both of these businesses are a hustle.

01:48:25.000 And renting a car is not easy either because you need a team as well.

01:48:27.000 Because once again, You need to track your cars because they get stolen.

01:48:31.000 You need people to wash their cars, valet them.

01:48:33.000 You need a whole service team to manage that business as well.

01:48:37.000 So they're both hustles, guys.

01:48:38.000 It's not easy either way.

01:48:39.000 And if you're going to have cars like Mercedes and BMWs, you're going to lean more towards the luxury side.

01:48:44.000 Then you've got to deal with the upkeep of those vehicles because they're not cheap.

01:48:47.000 You're going to need German mechanics.

01:48:49.000 When they get hit, the repairs, the collision.

01:48:53.000 Very expensive.

01:48:53.000 You need a team for both these practices, guys.

01:48:55.000 Didn't Kevo rent his Lambo's for a bit and just say, fuck this shit? 1.00

01:48:58.000 Yeah, because it's stressful. 1.00

01:49:00.000 Yeah.

01:49:00.000 Because, once again, every time a car goes out, it's like, okay, is it going to get hit today?

01:49:04.000 Is it going to be good today?

01:49:05.000 Who knows?

01:49:06.000 They're going to smoke in my car.

01:49:07.000 You just never know. 1.00

01:49:07.000 These idiots, like, guys, they're going to drive the car like they fucking stole it a lot of times, man. 1.00

01:49:12.000 They're going to do dumb shit with it. 1.00

01:49:13.000 Certain cars... 0.99

01:49:16.000 I want to say different because, let's say for example, a Rolls-Royce truck.

01:49:19.000 You just stunt in that car.

01:49:20.000 You don't drive it too fast.

01:49:21.000 You just stunt in it.

01:49:21.000 So you drive it slow.

01:49:22.000 But once again, that's way more luxury than a Mercedes or a BMW, which is just A to B. So it just depends.

01:49:29.000 When you don't own it, you don't trade it the same.

01:49:31.000 So I'm not saying that to discourage you guys, but I want you guys to understand that like, you know, There's a lot of entrepreneur porn out there telling you you can go ahead and buy fix and flip houses.

01:49:40.000 It's so easy.

01:49:40.000 Yeah, do it, man.

01:49:41.000 It's great.

01:49:42.000 Or, yo, just get on tour, blah, blah, blah.

01:49:44.000 You're going to need to have things in place to make it successful long-term.

01:49:48.000 The fix and flipping thing, I think it's one of the biggest lies in real estate, telling people, yeah, just be a fix and flipper.

01:49:53.000 No, man, you need infrastructure there.

01:49:54.000 You're going to need contractors.

01:49:55.000 Sounds easy.

01:49:56.000 You're going to need people.

01:49:57.000 You pretty much had three guys for you full-time that were fixing houses.

01:50:00.000 And I did a lot of the stuff myself, too.

01:50:01.000 You did it yourself, too.

01:50:02.000 You're a handyman.

01:50:02.000 Yeah.

01:50:03.000 Are you a handyman?

01:50:04.000 Do you have a team?

01:50:06.000 So if you are, then we could talk about that.

01:50:08.000 But if you're not, man, then yeah.

01:50:10.000 Number one.

01:50:11.000 Number one.

01:50:11.000 So number one, last but not least, get the right CPA or tax professional.

01:50:16.000 CPA or EA. And you want somebody that's accessible, that's reasonable in fees, that has industry-specific knowledge.

01:50:24.000 So ask the people in your industry, whatever you're in your medical, find out who they're using in your area and link up with them.

01:50:32.000 Yeah, definitely that would be...

01:50:34.000 So that's kind of what led me to a great idea that you gave me, Fresh, is to do the Patreon.

01:50:38.000 So I have the Patreon set up, and all of a sudden I had this epiphany.

01:50:42.000 I'm like, okay, wait a minute.

01:50:43.000 This is a great way to now...

01:50:47.000 Yeah.

01:51:06.000 All the books that I'm going to be doing, I'm going to keep up with one book a month in there.

01:51:10.000 So they're going to get them all as part of the deal.

01:51:13.000 And what I'm doing for your members here is I'm giving them for the middle tier, which is typically $44.00.

01:51:22.000 For $26.

01:51:23.000 So for the first hundred guys that come in and do the Patreon, and it's like a $216 savings per year.

01:51:33.000 So for about $300 per year, you're going to get all that value, all the e-books, all the one-on-one with me, the questions and everything.

01:51:41.000 So get in there. 0.98

01:51:42.000 So for the first hundred guys that come from the Fresh and Fit are going to get that discount.

01:51:46.000 And I want to mention, just talking to Steve101 is that price one time.

01:51:52.000 Yeah.

01:51:52.000 Every week I'm going to be on a call.

01:51:54.000 You could ask me anything, anytime.

01:51:55.000 I'm responding to as many DMs as I can.

01:51:59.000 Also on Instagram...

01:52:02.000 Starting next week, because I'm going to be with you tomorrow doing your show.

01:52:05.000 I'm going to do Instagram Live at Tuesdays, 8pm.

01:52:09.000 I'll post it out there, so follow me on Instagram.

01:52:13.000 I'm going to do a one-hour Q&A, anything you want to ask, just like you guys are doing here.

01:52:17.000 And yeah, just hit me up.

01:52:18.000 We're going to try to bring Steve on more frequently.

01:52:21.000 We're trying to convince him to move, so we'll see what happens.

01:52:24.000 But yeah, you'll see Steve more, because I think you guys really benefit from this, and having someone like him who's a professional when it comes to taxes is, you know, you can't lose.

01:52:34.000 Speaking of the right CPA, Wesley Snipes.

01:52:38.000 What happened there, bro?

01:52:39.000 Tell them what happened there, bro.

01:52:41.000 Yeah, so basically, and I'm starting to do a couple of reels on this.

01:52:44.000 Some of the content creators, and I don't have anything personal against these guys, obviously, you know.

01:52:48.000 So, I mean, there's some red flags out there you gotta watch for.

01:52:51.000 So there is, you can Google it, go to the IRS Dirty Dozen, you go in there, and every year the IRS publishes 12 The Dirty Dozen things that are tax strategies and loopholes and things that these promoters use.

01:53:03.000 And I've seen a lot of videos out there on social media that are promoting these things.

01:53:07.000 Go in there and you can see what the 12, every year they publish it and they update it.

01:53:13.000 See what the IRS is coming after.

01:53:14.000 So if you've got somebody who wants to promote and push you like an insurance captive or something like that, like, whoa, these are things that the IRS are coming after.

01:53:23.000 So that's one thing.

01:53:24.000 These are red flags that some people tell me, like, oh, yeah, create this business and make a loss, produce a loss and put it on your tax return and offset it against your W-2 wages.

01:53:34.000 That's a huge red flag.

01:53:35.000 That's a big no-no for me.

01:53:37.000 So yeah, just to add that out there.

01:53:39.000 Also, if you do the Patreon, I forgot to add, you're going to get the three books I already have for free.

01:53:44.000 So instead of buying them, so the guys I know they wanted to go out there and buy them, it might be cheaper just to do the Patreon thing and you're going to get those books already.

01:53:50.000 All right.

01:53:53.000 This was a really informative episode, man.

01:53:55.000 And real quick, I'll give you all a little summary rewind.

01:53:58.000 So the seven things, seven ways to cut back your taxes, guys, for the year 2023.

01:54:04.000 1031 exchange, cost segregation, section 179 and bonus depreciation.

01:54:09.000 Number four was 401k Roth and traditionals.

01:54:12.000 Number three, a health savings plan.

01:54:13.000 Number two, the right bookkeeper.

01:54:15.000 And then number one, obviously having the right CPA. These are all things that are critical and necessary to cutting back your tax liability, guys.

01:54:23.000 And then if you're a W-2 earner, Steve has a thing pretty much for $1, 10 ways to cut your tax liability as W2 earner, because as you guys know, you guys get taxed at the highest level.

01:54:35.000 But these are the top seven ways to pretty much save on paying Uncle Sam legally, of course, so that you don't get Wesley sniped.

01:54:43.000 We're going to be back with some girls here probably in the next 30 minutes or so. 1.00

01:54:47.000 Before 10.

01:54:48.000 And yeah, guys.

01:54:49.000 He is Steve.

01:54:50.000 Seeing Beyond the Numbers.

01:54:51.000 Follow him on Instagram, guys.

01:54:52.000 And you're going to see a lot more of him in the future, hopefully.

01:54:54.000 And we'll catch you guys.

01:54:55.000 Peace.

01:54:56.000 Peace.

01:54:56.000 Perfect.

01:54:57.000 Thanks, guys.

01:54:57.000 I ran.

01:54:59.000 I ran so far away.

01:55:02.000 I just ran.

01:55:04.000 I ran all night and day.

Fresh & Fit - September 18, 2023

Top 7 Ways To Not Pay Taxes This Year w- CPA!

Episode Stats

Summary

Transcript