Latest / The Steve Harvey Morning Show / Money Tip: He reframes taxes from a burden into a strategic wealth building advantage.

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Money Tip: He reframes taxes from a burden into a strategic wealth building advantage. · The Steve Harvey Morning Show

• 0:00
  Speaker 1: My guess is a season CPA and Master tax advisor
• 0:04
  Speaker 1: with over twenty five years of industry experience. He has
• 0:08
  Speaker 1: developed a proven system that helps entrepreneurs achieve financial freedom
• 0:12
  Speaker 1: within five to seven years through strategic tax planning and
• 0:17
  Speaker 1: well built Please work with the Money Making Conversation masterclass.
• 0:22
  Speaker 2: He's a master.
• 0:23
  Speaker 1: Michael Wadi Ali, How you doing, Michael?
• 0:26
  Speaker 3: I am great. Thank you so much for having me
• 0:28
  Speaker 3: on your show. It's society to be here.
• 0:30
  Speaker 2: Let me just tell you straight.
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  Speaker 1: I got a degree in mathematics, a mining sociology, and
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  Speaker 1: I am afraid to do my taxes. Okay, so I
• 0:37
  Speaker 1: just let you know. You're talking to a guy who's
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  Speaker 1: super confident everywhere, Michael. But when it comes to the taxes,
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  Speaker 1: I am intimidated.
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  Speaker 2: Why is that?
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  Speaker 3: Yeah, that's not a good thing. Let me put that
• 0:49
  Speaker 3: out there. It is that way just because that's the
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  Speaker 3: framework most people have had over the years, which is
• 0:59
  Speaker 3: the tax code is supposedly very complex and it should
• 1:04
  Speaker 3: be left to just professionals to deal with. I do
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  Speaker 3: disagree with that. The one thing I always say to
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  Speaker 3: anybody who cares to listen is the fact that weld.
• 1:17
  Speaker 2: Cannot be delegated Okay.
• 1:20
  Speaker 3: You can delegate marketing, you can delegate human resource administration.
• 1:26
  Speaker 2: There are lots of things in running a.
• 1:28
  Speaker 3: Business that you can delegate, but when it comes to
• 1:31
  Speaker 3: you building wealth, it's always going to be your action
• 1:36
  Speaker 3: that matters the most. You can have advisors like me
• 1:40
  Speaker 3: and many other folks around you, So you got to
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  Speaker 3: embrace tax coods. It doesn't require that you become an
• 1:47
  Speaker 3: expert like I. Okay, it does not require that. What
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  Speaker 3: it does require is you need to have a good
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  Speaker 3: tax advisor who is not just telling you what to do,
• 1:59
  Speaker 3: what is properly educating you in a street language so
• 2:05
  Speaker 3: that you can understand he's reasoning behind the recommendations that
• 2:10
  Speaker 3: he's giving to you.
• 2:12
  Speaker 1: Because it's an education. You know, there are a lot
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  Speaker 1: of things out there how you can save money. And
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  Speaker 1: then could you read about you know, millionaires and billionaires
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  Speaker 1: pay small taxes and they out there living a big life.
• 2:24
  Speaker 1: And you see a person an everyday employee and have
• 2:27
  Speaker 1: their check is going to tax. So explain how that
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  Speaker 1: works there, Michael, you know, twenty five years in the
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  Speaker 1: business CPA Maxter master tax expert talk to us.
• 2:39
  Speaker 2: So let me let me say this.
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  Speaker 3: If you've ever read that book reached that product by
• 2:46
  Speaker 3: Robert Kiyosaki. Right, Roberts popularize what is known as the
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  Speaker 3: cash flow quadrant. Basically, and I'm going to just put
• 2:55
  Speaker 3: this at here on the table for your listeners. The
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  Speaker 3: tax code was not written for the little guys. Let's
• 3:03
  Speaker 3: let's just be real and honest to us, okay. The
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  Speaker 3: tax code was designed by the very rich. They leverage
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  Speaker 3: and influence what they wanted to become law.
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  Speaker 2: Okay.
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  Speaker 3: And the reality about the tax code is irrespective about
• 3:25
  Speaker 3: whether you are rich or or whichever side of the
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  Speaker 3: cash flow quadrant you belong to, if you understand the
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  Speaker 3: rules of the game, you can get the same benefit
• 3:37
  Speaker 3: that the big boys get. Now, the reality is most
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  Speaker 3: folks they don't genuinely care to figure out what the
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  Speaker 3: tax code is all about. So all they are doing
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  Speaker 3: really is they're not getting into it. They're just whining
• 3:55
  Speaker 3: and griping about it, all right. So if you just
• 3:59
  Speaker 3: whine about it, then you're not going to get any
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  Speaker 3: out of it, because the tax law is a set
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  Speaker 3: of incentives that the government has put in place to
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  Speaker 3: make us as citizens behave the way the government wants
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  Speaker 3: us to behave.
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  Speaker 2: Okay.
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  Speaker 3: That's what the tax good is. And why do I
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  Speaker 3: say that. I mean, the United States is one of
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  Speaker 3: the greatest country in the world today in many respects.
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  Speaker 3: I have the privilege of coming from a different part
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  Speaker 3: of the world originally, and I can tell you that
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  Speaker 3: there are lots of things that the US has been
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  Speaker 3: very successful in doing.
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  Speaker 2: And one of the ways.
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  Speaker 3: The country has been very successful in achieving all of
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  Speaker 3: that is leveraging the tax code. Because when you leverage
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  Speaker 3: the tax cood, that drives money to that part of
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  Speaker 3: the economy. Okay, for example, a lot of people rave
• 4:53
  Speaker 3: about real estate. You want to ask yourself, why are
• 4:57
  Speaker 3: there so much benefits tax benefits in real estate. The
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  Speaker 3: reason for that is the government doesn't want to be
• 5:06
  Speaker 3: responsible for providing housing for citizens, right, So what they've
• 5:11
  Speaker 3: done is they've created the capital incentives to drive money
• 5:17
  Speaker 3: into that sector. So the idea is to always look
• 5:21
  Speaker 3: at what is the tax code saying today and be
• 5:24
  Speaker 3: able to use that code to your benefits. See the
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  Speaker 3: rich people, they don't take their tax bill on this office.
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  Speaker 3: They are very intentional in what they do. The tax
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  Speaker 3: code is one of your fastest way of getting to
• 5:38
  Speaker 3: financial freedom and getting wealthy.
• 5:41
  Speaker 1: If you know how to leverage it, Michael, before I
• 5:43
  Speaker 1: asked the next question, how do we get touttoed you?
• 5:48
  Speaker 3: I have an email address that you can put on
• 5:51
  Speaker 3: your real taxes at SMITHSPA dot coms in terms as
• 5:56
  Speaker 3: in Apple X, as in Zero's ears in Edward as
• 5:59
  Speaker 3: in at SMIDCPA dot com SMEDCPA dot com. It's the
• 6:06
  Speaker 3: very easiest way to get me because there is two
• 6:09
  Speaker 3: folks who are just constantly monitoring that emails. Because I
• 6:13
  Speaker 3: get you, who's low people trying to get to who?
• 6:16
  Speaker 1: You don't want to miss an episode of Money Making
• 6:18
  Speaker 1: Conversations Masterclass. So right now follow a subscribe to Money
• 6:22
  Speaker 1: Making Conversations.
• 6:24
  Speaker 2: It's free and you can find.
• 6:25
  Speaker 1: It on the iHeartRadio app, Spotify, Apple Podcasts, or wherever
• 6:30
  Speaker 1: you get your podcasts.
• 6:32
  Speaker 2: Please don't go anywhere.
• 6:33
  Speaker 1: We'll be right back with more Money Making Conversations Masterclass.
• 6:39
  Speaker 1: Welcome back to Money Making Conversations Masterclass with me with
• 6:42
  Speaker 1: Shan McDonald. You have a proven six step system they
• 6:47
  Speaker 1: have entrepreneurs. Entrepreneurs achieve financial freedom within five to seven years.
• 6:51
  Speaker 1: I'm not asking you to reveal the entire concept, but how
• 6:54
  Speaker 1: did you come up with this concept and why does
• 6:56
  Speaker 1: it work.
• 6:57
  Speaker 3: We call it the design E E c ID. Okay,
• 7:04
  Speaker 3: it's a six step framework. This stands for Discover your
• 7:10
  Speaker 3: Wealth DNA. Basically, what that means to us as advisors,
• 7:15
  Speaker 3: if you come to us and you want to walk
• 7:17
  Speaker 3: with us, the first thing we need to figure out
• 7:19
  Speaker 3: to get you to make us know is how in
• 7:22
  Speaker 3: the world are you making money? Because in the life
• 7:26
  Speaker 3: that we live in, every dollar in the bank are
• 7:30
  Speaker 3: not equal when it comes to taxes.
• 7:32
  Speaker 2: So we need to know.
• 7:33
  Speaker 3: And understand how you're making money. So that's what Discover
• 7:36
  Speaker 3: your Wealth DNA stands for. And the next thing is
• 7:41
  Speaker 3: the E stands for we engineer tax freeze structures. See
• 7:48
  Speaker 3: how you do business drives in the long run, how
• 7:52
  Speaker 3: much of the money you make you are going to
• 7:55
  Speaker 3: be able to keep. Okay, there's one thing to make money.
• 8:00
  Speaker 3: There's a different thing on how to be able to
• 8:03
  Speaker 3: keep more of that money than Uncle Sam wants to take.
• 8:07
  Speaker 3: By the way, the Uncle Sam is not asking you
• 8:09
  Speaker 3: for more money than you deserve to give to them.
• 8:12
  Speaker 3: It's just that most people don't know how to do that.
• 8:14
  Speaker 3: So the EAST stands for engineer tax free structures. The
• 8:19
  Speaker 3: SEA stands for we tasue you how to capture your
• 8:25
  Speaker 3: growth and appreciation and freeze them here because if you
• 8:29
  Speaker 3: don't freeze wealth as your wet is green, what that
• 8:33
  Speaker 3: is going to do is someday when you transition out
• 8:36
  Speaker 3: of this world, your beneficiaries who inherit your wealth, Uncle
• 8:42
  Speaker 3: Sam is going to be waiting in the corner to
• 8:44
  Speaker 3: take forty five percent bite.
• 8:46
  Speaker 2: Out of that estate. O care. So that's important.
• 8:51
  Speaker 3: And then we do what we call we integrate very
• 8:55
  Speaker 3: advanced tax strategies because really these are what you were
• 8:59
  Speaker 3: saying about the very wedy's going all over the place.
• 9:02
  Speaker 3: Believe me, there's nothing they're doing that is illegal, all right,
• 9:05
  Speaker 3: otherwise they we all have been in jail. Now, the
• 9:08
  Speaker 3: this stands for we defend against tax erosion. And lastly
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  Speaker 3: the E is we then also teach and put in
• 9:16
  Speaker 3: place how to empower the multi generational legacy that is
• 9:22
  Speaker 3: following you.
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  Speaker 2: That's the decide.
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  Speaker 3: I mean, we've done this over and over and over,
• 9:28
  Speaker 3: I'll say since twenty seventeen, twenty eighteen. And the answers
• 9:32
  Speaker 3: to why it works is because within those six steps
• 9:37
  Speaker 3: we are going to papsure whatever any entrepreneurs situation is
• 9:43
  Speaker 3: and be able to bring them to a happy place.
• 9:46
  Speaker 2: So that's why we've decided to trademarket.
• 9:49
  Speaker 3: The trademark application is with the Trademark Office and it
• 9:53
  Speaker 3: should be out in the couple of weeks.
• 9:56
  Speaker 1: Congratulations on that and thank you for the breakdown or
• 10:00
  Speaker 1: the desired framework, as Michael's proven six step system help
• 10:04
  Speaker 1: entrepreneurs achieved by the actual freedom within five to seven years.
• 10:08
  Speaker 1: There are actually tricks of the trades of things you
• 10:12
  Speaker 1: can give advice on, like how to legally play your kids.
• 10:16
  Speaker 1: You know, I've heard that method. You don't have one child,
• 10:20
  Speaker 1: but there are some people have more than one child.
• 10:23
  Speaker 1: Their their tax coach a tax setup where you could
• 10:26
  Speaker 1: legally play your kids and then right off the deduction.
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  Speaker 2: Uh So the answer to that is absolutely yes. See,
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  Speaker 2: these are exactly these are not these are no means,
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  Speaker 2: these are nothing illegal, These are nothing, These are not
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  Speaker 2: unethical things. These are not imral thinks. So, by the way,
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  Speaker 2: anything any good tax advice or is telling you, you
• 10:47
  Speaker 2: got to check it against theory frameworks. Is it legal?
• 10:51
  Speaker 2: Is it ethical? Is it morrow?
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  Speaker 3: It has to meet those three tests all right now?
• 10:57
  Speaker 3: The question you just ask, honestly, that's is taxation one
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  Speaker 3: O one in my fame, all right. Okay, hiring your kids,
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  Speaker 3: that's not an advanced tax strategy, all right, that's not
• 11:12
  Speaker 3: some sof skateed thing.
• 11:14
  Speaker 2: It's so basic.
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  Speaker 3: Everybody should be doing that if you have a business.
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  Speaker 3: See the tax code allows for it, all right, The
• 11:25
  Speaker 3: tax code encourages it.
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  Speaker 2: See.
• 11:28
  Speaker 3: Laws didn't just come to be. Laws are put within
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  Speaker 3: the framework. Again, I said at the beginning of our
• 11:35
  Speaker 3: time together that look, these things were designed by the rich.
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  Speaker 3: But you know what, you don't need to be rich
• 11:41
  Speaker 3: to implement them, all right.
• 11:44
  Speaker 2: You just only need to know the rules of the game.
• 11:47
  Speaker 3: How do you employ your kid? Oh my god, most
• 11:50
  Speaker 3: of us have home offices, all right. Your kid doesn't
• 11:54
  Speaker 3: necessarily need to be coming to your physical office location
• 11:57
  Speaker 3: to do the work that they need to do.
• 12:00
  Speaker 2: All right. You can give them some things to do
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  Speaker 2: at home.
• 12:03
  Speaker 3: They can be the one taking out your trash from
• 12:06
  Speaker 3: your home office.
• 12:07
  Speaker 2: They can be the one washing that car once a week.
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  Speaker 3: That is a business, big I mean in my office
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  Speaker 3: we have taken seven ideas that kids can do in
• 12:17
  Speaker 3: their businesses of their parents. Okay, and then when you
• 12:22
  Speaker 3: do that, you are allowed to pay them up to
• 12:25
  Speaker 3: fifteen or sixteen thousand dollars, which when you look at that,
• 12:30
  Speaker 3: that child ends up not paying any taxes. You as
• 12:33
  Speaker 3: the business owner, get sixteen thousand dollars. Right, That is
• 12:38
  Speaker 3: off your taxable income. That is passing onto the kids. Now,
• 12:42
  Speaker 3: whether you like it or not, your minor kids, you're
• 12:44
  Speaker 3: already taking care of them anyway, instead of you just
• 12:48
  Speaker 3: bringing the money.
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  Speaker 2: Out of your pocket.
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  Speaker 3: Literally, the government is subsidizing your upbringing off your kids now.
• 12:55
  Speaker 3: But even better than that, I can tell you I
• 12:58
  Speaker 3: have lots of clients. I have one particular attorney. Every
• 13:02
  Speaker 3: time she meets with mess like, Michael, my kids are
• 13:05
  Speaker 3: going to be thanking you because all of them are
• 13:07
  Speaker 3: going to be millionaires before they become twenty one.
• 13:09
  Speaker 2: Do you know why?
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  Speaker 3: Because since her kids were five and seven that she's
• 13:15
  Speaker 3: been our client. I have taught her how to implement
• 13:18
  Speaker 3: that strategy, and she's been putting all that money away
• 13:23
  Speaker 3: into an individual retirement account for those kids, okay.
• 13:28
  Speaker 2: And I have taught her what to.
• 13:30
  Speaker 3: Do and how to move those moneys from the IRA
• 13:34
  Speaker 3: accounts into a rough account when the time. So my
• 13:38
  Speaker 3: point is that whole issue of employing your minor kids
• 13:42
  Speaker 3: is a no brainer.
• 13:43
  Speaker 2: Wow.
• 13:44
  Speaker 1: Well, first of all, thank you, and I hope everybody
• 13:46
  Speaker 1: listening and watching took notes because Michael Wadiali knows what
• 13:52
  Speaker 1: he's doing. He's a master, you know, tax strategist and
• 13:56
  Speaker 1: a CP over twenty five years.
• 13:58
  Speaker 2: Correct, Michael, that's correct.
• 14:00
  Speaker 1: Let us talk about this. You know, I much about
• 14:02
  Speaker 1: business owners and taxes. You know, you know, you get
• 14:06
  Speaker 1: the basic taxes, employee taxes, you know, property taxes, all
• 14:10
  Speaker 1: use utilities. But there's a general tendency that owners of
• 14:14
  Speaker 1: business overpay in taxes.
• 14:16
  Speaker 2: Why is that.
• 14:20
  Speaker 3: Eighty close to eighty percent of small business owners.
• 14:24
  Speaker 2: Over pay in taxes.
• 14:26
  Speaker 3: The reason for that is there is this profound fear
• 14:32
  Speaker 3: for taxes, and so most people have come to have
• 14:36
  Speaker 3: this love hate relationship.
• 14:38
  Speaker 2: And what they do is they completely avoid these subjects
• 14:43
  Speaker 2: of taxes all through the year, okay, and so they
• 14:47
  Speaker 2: only meet with some guy who do tax return when
• 14:51
  Speaker 2: it becomes very clear that April fifteen is around the corner. Okay.
• 14:57
  Speaker 2: You cannot operate like that and win the game of money.
• 15:02
  Speaker 2: You just cannot.
• 15:04
  Speaker 3: Really, taxes must be one of the tripods upon which
• 15:08
  Speaker 3: your wealth is built, because if you can really plan
• 15:12
  Speaker 3: your taxes legally. That's why we say we help you
• 15:16
  Speaker 3: get to financial freedom five to seven years faster. And
• 15:19
  Speaker 3: that's a very conservative number really, because when you are
• 15:24
  Speaker 3: not doing tax planning, you literally put yourself into a
• 15:28
  Speaker 3: tax jail for like eighteen years.
• 15:30
  Speaker 2: What do I mean by that? When you don't do
• 15:32
  Speaker 2: any tax planning.
• 15:34
  Speaker 3: For every average of eight hours that you walk every day,
• 15:37
  Speaker 3: almost three hours out of that eight hours is given
• 15:41
  Speaker 3: to the tax guy.
• 15:42
  Speaker 2: Wow, Now, yeah, I'm serious. Think about it.
• 15:45
  Speaker 3: Because you have taty seven percent margin a tax bracket
• 15:49
  Speaker 3: at the federal level. If you're in the state that
• 15:51
  Speaker 3: has stayed taxes, you got another five to eight percent.
• 15:55
  Speaker 3: So if you are not doing any planning, three hours
• 15:59
  Speaker 3: of that eight hours it's going to the tax guy. Now,
• 16:01
  Speaker 3: if you slip that with the guy who is doing
• 16:04
  Speaker 3: tax planning and it's giving only less than one hour
• 16:08
  Speaker 3: a day to the tax guy, who do you think
• 16:10
  Speaker 3: we make more money and get faster to their goals
• 16:13
  Speaker 3: the guy who is doing tax planning.
• 16:14
  Speaker 2: Most people.
• 16:16
  Speaker 3: They they don't know they work with tax preparers.
• 16:22
  Speaker 2: They are not working with tax advisors. They see difference.
• 16:26
  Speaker 3: Okay, yeah, so a tax preparer is just the guy
• 16:31
  Speaker 3: who is just taking all of your documents at the
• 16:35
  Speaker 3: end of the year and feeding it into a software,
• 16:39
  Speaker 3: and the software spits out a number and tells you
• 16:42
  Speaker 3: this is what your tax situation looks like.
• 16:45
  Speaker 2: That's compliance.
• 16:46
  Speaker 3: And that's why to your question about eighty percent of
• 16:50
  Speaker 3: small business owners, they are overpaying in taxes. Now, if
• 16:55
  Speaker 3: you are doing planning, you are meeting with an advisor
• 16:58
  Speaker 3: at the very minimum, no less than once every quarter.
• 17:03
  Speaker 3: You are very intentional and how to be strategic on
• 17:07
  Speaker 3: all the money decisions.
• 17:08
  Speaker 2: You are making.
• 17:09
  Speaker 3: In fact, before you are taking any money decisions, you're
• 17:12
  Speaker 3: talking to your tax guy, okay, and he or she
• 17:15
  Speaker 3: is making you understand and know how to structure that
• 17:19
  Speaker 3: transaction in the way that we optimize your tax situation.
• 17:23
  Speaker 2: Okay.
• 17:24
  Speaker 3: In fact, when you are doing tax planning, you've already
• 17:27
  Speaker 3: designed the end game before the years starts, and so
• 17:31
  Speaker 3: as the year is going, all you are doing is
• 17:32
  Speaker 3: like you're driving. Sometimes your slow dance because you come
• 17:35
  Speaker 3: into a cove. Sometimes you speed off because the road
• 17:39
  Speaker 3: is straight and clear. So that's what tax plan is
• 17:42
  Speaker 3: all about. People are over paying taxes. They are over
• 17:45
  Speaker 3: donating money the government has not asked them for because
• 17:49
  Speaker 3: they have not put in the time to work with
• 17:52
  Speaker 3: good tax advisors.
• 17:54
  Speaker 1: You don't want to miss an episode of Money Making
• 17:55
  Speaker 1: Conversations Masterclass. So right now, follow a subscribe the Money
• 18:00
  Speaker 1: Making Conversations. It's free and you can find it on
• 18:03
  Speaker 1: the iHeartRadio app, Spotify, Apple Podcasts, or wherever you get
• 18:07
  Speaker 1: your podcasts.
• 18:09
  Speaker 2: Please don't go anywhere.
• 18:11
  Speaker 1: We'll be right back with more Money Making Conversations Masterclass.
• 18:16
  Speaker 1: Welcome back to Money Making Conversations Master Class with me
• 18:20
  Speaker 1: Rashaan McDonald. Digital currency and bigcom mining. That's another area
• 18:26
  Speaker 1: where I will tell you, Michael, I've been I've interviewed
• 18:30
  Speaker 1: probably over one hundred people. I still don't get it.
• 18:33
  Speaker 1: Can you educate me and my listeners are simplified to
• 18:37
  Speaker 1: show us how that process works? You know, the digital
• 18:41
  Speaker 1: wallet and all these things.
• 18:44
  Speaker 3: So, like I said, now I decide the first thing
• 18:47
  Speaker 3: is the DED which is discovery your wealth DNA. Right,
• 18:52
  Speaker 3: So in this case, you're saying, hey, sitting across the
• 18:55
  Speaker 3: table from me is a guy who is trying to
• 18:57
  Speaker 3: get to that place of financi your freedom right through
• 19:02
  Speaker 3: digital asset. Now, there are almost three components if I'm
• 19:09
  Speaker 3: to break that down. One is the tax component, which
• 19:12
  Speaker 3: of course is my forte every day. The tax component
• 19:16
  Speaker 3: here is to look at that line of business or
• 19:18
  Speaker 3: that line of how to make money and say, okay,
• 19:22
  Speaker 3: what are the tax benefits in the air? Okay, how
• 19:26
  Speaker 3: does this persing? How is the ires wanting to tax
• 19:29
  Speaker 3: this guy or this bootload of money? I have a
• 19:32
  Speaker 3: tax PAYI client. He makes on the average anywhere from
• 19:36
  Speaker 3: two to three million every year from his digital asset treading.
• 19:40
  Speaker 2: Okay.
• 19:42
  Speaker 3: Now, the kind of strategies of structures were put in
• 19:45
  Speaker 3: place from him is very different from the guy who
• 19:48
  Speaker 3: is a manufacturer. Okay, So that's why I said how
• 19:54
  Speaker 3: you make money is important. Now let me go to
• 19:57
  Speaker 3: the cross of what I think your question is just
• 20:00
  Speaker 3: trying to explain what is digital assets?
• 20:05
  Speaker 2: All right? Okay, Now when you really look at it,
• 20:09
  Speaker 2: let's kind of zoom back to win.
• 20:14
  Speaker 3: The United States currency was back by good. I mean,
• 20:20
  Speaker 3: most people don't realize this. It's only as recent as
• 20:24
  Speaker 3: nineteen seventy two that that requirement was removed by the
• 20:30
  Speaker 3: then president. In the past before then, every time that
• 20:36
  Speaker 3: is in circulation, there is a corresponding amount of backing
• 20:43
  Speaker 3: or collateral, if you will want to put it that way, right,
• 20:46
  Speaker 3: that is sitting in a good deposit boat. Now, with
• 20:51
  Speaker 3: the taking away of that requirement, what has happened is
• 20:56
  Speaker 3: that many governments are not free to literally print money.
• 21:01
  Speaker 2: Literally.
• 21:02
  Speaker 3: I mean, so if you look at what happened during
• 21:04
  Speaker 3: the COVID era, we don't a lot of money into circulation,
• 21:09
  Speaker 3: and that was what created our inflation. Now, why is
• 21:14
  Speaker 3: this whole digital currency, Bitcoin.
• 21:16
  Speaker 2: And all of that coming into place?
• 21:19
  Speaker 3: All what I just explained about the big print, It
• 21:22
  Speaker 3: has put the next generation in the place where they
• 21:24
  Speaker 3: are a little bit neighbors.
• 21:27
  Speaker 2: They consign that there is a whole lot of thing. Yeah.
• 21:32
  Speaker 3: Right, So there's just this consign that all of this
• 21:35
  Speaker 3: is a mirrd and so that is how digital assets
• 21:40
  Speaker 3: or currency began to gain popularity. Now what is digital
• 21:45
  Speaker 3: currency really? It's really science. I mean it's awesome. I
• 21:48
  Speaker 3: personally pregate it may not be in our time, but
• 21:51
  Speaker 3: I personally pregnate we are going to get to an
• 21:54
  Speaker 3: era where digital assets will be the main currency of
• 21:59
  Speaker 3: doing business every day because it's a system that does
• 22:05
  Speaker 3: what we call a double entry check, Meaning if I
• 22:09
  Speaker 3: send something out, science puts us in a place where
• 22:14
  Speaker 3: the person receiving it and the person is sending it
• 22:16
  Speaker 3: out it matches at the same time. Now I'm trying
• 22:19
  Speaker 3: to give you high level what all of this bitcoin
• 22:22
  Speaker 3: digital assets are all about. It's just it's just a
• 22:27
  Speaker 3: it's just a blockchain, all right. A blockchain tells you, Okay,
• 22:32
  Speaker 3: if this thing has a side, it has a face.
• 22:35
  Speaker 3: And so that's why there is the belief that it's
• 22:37
  Speaker 3: going to supersede all of the fiat currency. Fiat currency
• 22:42
  Speaker 3: being this is money. This is the United States dollar,
• 22:45
  Speaker 3: this is the euro, this is and all of this
• 22:47
  Speaker 3: are just getting their value by reason of what the
• 22:53
  Speaker 3: government says. It is, not because there's something backing it.
• 22:57
  Speaker 3: But it's different when you are looking at the need
• 23:00
  Speaker 3: to assets. Digital assets are back back. It's it's following
• 23:04
  Speaker 3: a strong fundamental supply and demand logistics and because of that,
• 23:11
  Speaker 3: it's only a matter of time it will definitely surpass
• 23:15
  Speaker 3: the fiat currency. Okay, I don't know if that helps
• 23:18
  Speaker 3: anybody listening. I know everybody is different in terms of
• 23:23
  Speaker 3: how they embrace any new concept, but I personally, I'm
• 23:27
  Speaker 3: a fan believer that it's only a matter of time
• 23:29
  Speaker 3: it will become what it is.
• 23:30
  Speaker 1: Here's a quack question that should take quick My daughter
• 23:33
  Speaker 1: when you graduated. We gave her my wife and I
• 23:35
  Speaker 1: gave her graduation gaire financial guilt, and we to look
• 23:39
  Speaker 1: put this in a compounded interest. I want to make
• 23:41
  Speaker 1: sure I'm giving a good advice. Okay, compounded interest account.
• 23:46
  Speaker 1: Was that the right advice to give her or she
• 23:49
  Speaker 1: we have steered her into other options?
• 23:51
  Speaker 2: You know?
• 23:51
  Speaker 1: And by the way she's listening.
• 23:56
  Speaker 2: That was a good advice. But this is my advice.
• 23:59
  Speaker 3: You you go, you should have done that even when
• 24:04
  Speaker 3: she was three four five, because what is well wealth
• 24:10
  Speaker 3: really is compounding interests less taxes.
• 24:15
  Speaker 1: Okay, Okay, that's.
• 24:16
  Speaker 2: What wealth is.
• 24:17
  Speaker 3: So really you kind of lost anywhere from eighteen to
• 24:22
  Speaker 3: twenty years of that same money compounding before you give
• 24:26
  Speaker 3: it to her, So I know you definitely will know this.
• 24:29
  Speaker 3: I mean a lot of people talk about the Rocky
• 24:31
  Speaker 3: Feller method. I mean, what's all of the Rector Feller method.
• 24:34
  Speaker 3: All they've done is they figured out how to kind
• 24:37
  Speaker 3: of continue to pass well on from generation to generation
• 24:42
  Speaker 3: tax free, okay, and then they leverage good insurance products
• 24:47
  Speaker 3: in the process, which is tax free, to be able
• 24:50
  Speaker 3: to make sure that worth.
• 24:51
  Speaker 2: Is passing on.
• 24:52
  Speaker 3: I mean, what you did, if I'm to look at
• 24:55
  Speaker 3: it on the spectrum of what is wrong and what
• 24:58
  Speaker 3: is extremely great.
• 24:59
  Speaker 2: What you did for your daughter was in the middle
• 25:01
  Speaker 2: of that spectrum, okay, meaning you gave her a gift
• 25:05
  Speaker 2: and you said, look, put this money away. Now what
• 25:09
  Speaker 2: she can do for herself is allow that money to
• 25:12
  Speaker 2: compound and not be eating up by taxes.
• 25:15
  Speaker 1: Okay.
• 25:16
  Speaker 3: Now, at the point where she want to transition it
• 25:19
  Speaker 3: at from whatever that instrument is, that's where the good
• 25:22
  Speaker 3: tax advice or she'll be talking to her and say, okay, yes,
• 25:26
  Speaker 3: what we need to do so that when you transition
• 25:29
  Speaker 3: this money at from this character to this next one,
• 25:32
  Speaker 3: we freeze or we do some discounting of the value
• 25:36
  Speaker 3: so that about sixty to seventy percent of that group
• 25:40
  Speaker 3: is shielded from taxes.
• 25:42
  Speaker 1: I'll tell you you know, we've been going in circles
• 25:45
  Speaker 1: trying to get your most showed because you're very busy man,
• 25:48
  Speaker 1: and I appreciate it. But the knowledge you presented to
• 25:51
  Speaker 1: me on the show today, you know, people pay for
• 25:54
  Speaker 1: people pay for and they give it for free. On
• 25:56
  Speaker 1: my podcast, Money Making Conversations, Maclaed. As we exit more time,
• 26:00
  Speaker 1: give us your email address, Michael.
• 26:03
  Speaker 3: My email address is taxs t A xs in Zero's
• 26:07
  Speaker 3: ees and Edward s as in some at Smith CPA.
• 26:12
  Speaker 3: That is spelled s I S in Sam and I
• 26:15
  Speaker 3: said Mary double e as in ed or ds in
• 26:19
  Speaker 3: David see us in Charlie ps in as in Apple
• 26:23
  Speaker 3: dot com.
• 26:24
  Speaker 1: Brother, fantastic. I like your demeanor and I love your confidence.
• 26:28
  Speaker 1: That's key when you're dealing with people's money. Man, like
• 26:32
  Speaker 1: you say, you, your your your legacy of consistency, and
• 26:37
  Speaker 1: the fact that you like you said, man, your your
• 26:39
  Speaker 1: talents and your demeanors are incredible. Thank you for coming on.
• 26:43
  Speaker 1: Money Making Comments is a masterclass and we will talk soon.
• 26:46
  Speaker 2: My brother, I appreciate it absolutely. Thank you so much.
• 26:49
  Speaker 1: Now, if you want to be a guest on my show,
• 26:51
  Speaker 1: money Making Conversation Masterclass, please visit our website, Moneymaking Conversation
• 26:55
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• 26:58
  Speaker 1: you're a small business owner, entrepreneur, motivational speaker, influencer, a nonprofit,
• 27:03
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