The Ultimate Business Strategy??
Big profits 💰💰💰💰💰
0️⃣ taxes
How? Well it's something I just discovered in the last year. It's a great way to blow up your net worth.
And it's a whole lotta fun to build.
Here's the 2-minute blueprint, LFG ⬇️
Big profits 💰💰💰💰💰
0️⃣ taxes
How? Well it's something I just discovered in the last year. It's a great way to blow up your net worth.
And it's a whole lotta fun to build.
Here's the 2-minute blueprint, LFG ⬇️
Phase 1: cash flowing business. Put another way, you need a business that makes money. Duh.
That can be a lot of things, but it needs one key component for all this to work...
That can be a lot of things, but it needs one key component for all this to work...
*It should not require your presence all day every day!*
This of course if easier said than done.
But you can do it over time. You'll need a few things:
A vision/strategy
A killer product/service
"A" players
A system of delegation to those A players
Oh and...
This of course if easier said than done.
But you can do it over time. You'll need a few things:
A vision/strategy
A killer product/service
"A" players
A system of delegation to those A players
Oh and...
A relentless focus on HIGH LEVERAGE tasks for you. Strategy, partnerships/network, marketing. Focus on those things and put in place a team that can do the rest.
For pure leverage I love online businesses. I can huge address a huge TAM with a few clicks each day.
This year..
For pure leverage I love online businesses. I can huge address a huge TAM with a few clicks each day.
This year..
my online businesses will generate close to $20M in topline with ~10 teammates and employees.
Leverage.
Then it's time for...
Leverage.
Then it's time for...
Phase 2: A real estate based *business*
Notice I did not say 'investments'. Investments are passive. Businesses are active.
You gotta have active 'losses' to offset those sweet gainz from Phase 1.
Notice I did not say 'investments'. Investments are passive. Businesses are active.
You gotta have active 'losses' to offset those sweet gainz from Phase 1.
If you're just buying SFH or small multi's and banging rent checks that's tough to do.
For this to work you need to become what's called Real Estate Professional.
What's that??
For this to work you need to become what's called Real Estate Professional.
What's that??
Short version:
- spend 750 hours a year on your RE, AND
- spend more than half your work time on the RE business
Can't do that with a couple rental houses 😥. (CAVEAT: this is a complex issue that you should talk to a pro about! Go to therealestatecpa.com for more)
BUT
- spend 750 hours a year on your RE, AND
- spend more than half your work time on the RE business
Can't do that with a couple rental houses 😥. (CAVEAT: this is a complex issue that you should talk to a pro about! Go to therealestatecpa.com for more)
BUT
You can do that with a real estate *business*.
That's why I love the car washes. We're active in this business.
My partner does the day-to-day while I do the big strategy, marketing, and partnerships.
More on that here:
That's why I love the car washes. We're active in this business.
My partner does the day-to-day while I do the big strategy, marketing, and partnerships.
More on that here:
Then, Phase 3: bonus deprecation 😍
You can now write off 80% of improvements, machinery, hard assets in the year you purchased them. (also complex issue! talk to a CPA)
That allowed us to take a ~$700k deduction last year. Dropped tax bill to ~0
Neat, right? Now...
You can now write off 80% of improvements, machinery, hard assets in the year you purchased them. (also complex issue! talk to a CPA)
That allowed us to take a ~$700k deduction last year. Dropped tax bill to ~0
Neat, right? Now...
I feel pretty guilty about having a high income and paying no taxes!
That's where we have some more fun. The last week of December we dropped off some BIG checks to schools, homeless shelters, animal shelters, and more.
FEELS good. And of course...
That's where we have some more fun. The last week of December we dropped off some BIG checks to schools, homeless shelters, animal shelters, and more.
FEELS good. And of course...
There will be a big fat tax bills (presumably) when we sell these businesses. The tax man always gets his bite of the apple.
**TLDR: build two businesses that don't require your full time involvement, and use one's paper losses to offsets the other's real gains.**
Lastly...
**TLDR: build two businesses that don't require your full time involvement, and use one's paper losses to offsets the other's real gains.**
Lastly...
I'm by no means an expert on this (just started April '22) but this is the plan. Follow me to see if it all falls apart.
Tell me how stupid/evil I am in the replies...
And RT please, I bet you have a follower that would love/hate this...
Tell me how stupid/evil I am in the replies...
And RT please, I bet you have a follower that would love/hate this...
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