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Have the conversation, take action, open the account.
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That's the biggest one.
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I mean, uh, yes, I'm coming from the self-directed arena.
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Like you have to open the buckets and start putting some money in them, and you have to do it today.
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When you look back, and it's five years have passed, 10 years have passed.
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That's the number one knee-jerk reaction, guys.
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I get when someone has not heard of self-direction after that first phone call.
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It's why didn't I hear about this 10, 15, 20 years ago?
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Like, don't let that be you.
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Like, that would be my takeaway.
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Welcome to Strength in Numbers, the podcast for real estate entrepreneurs who are tired of being broke and not having control of their finances.
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If you're ready to finally take control of your money, slash your taxes, and start building real wealth, you're in the right place.
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And now, here's your host, Marcus Crickler.
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Hey there, and welcome to the Strength in Numbers Podcast, the podcast dedicated to helping real estate entrepreneurs just like you finally take control of your numbers so that you can stop living deal by deal and start living a life of real estate that you truly desired.
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My name is Marcus Krigler.
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I'm the founder and CEO of Beck, CFO, and CPA, where we help real estate entrepreneurs make money, save money, and build real wealth in real estate.
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This episode is brought to you by Beck, CFO, and CPA.
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If you are looking for an accounting firm that specializes in real estate investors, specializes in what you do every single day and knows accounting, the specialties of accounting within real estate, tax, all the tax strategies within real estate, and certainly how to make profitability grow within real estate through our CFO services.
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We are here to help you reach out to us at BeckCFO.com, top right hand corner, free consultation, and we will see if we can be a great fit.
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Today's episode is going to be all about saving money in taxes.
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You're going to love this one.
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So Amanda Holbrook is going to join us and talk about self-directed tax savings accounts.
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And basically, what those are are accounts that you can utilize the account to invest in your type of asset, the asset that you want to invest in, right?
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Whether it's lending, real estate, anything you want, you can invest in it and do it in a tax-free or tax-deferred way.
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This is going to be an exciting episode.
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Please welcome to the show, Amanda Holbrook.
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Hello and welcome back to the Strength in Numbers podcast.
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We have a great one for you today.
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I've got my friend Amanda Holbrook, somebody that I've worked with for a number of years, over half a decade now, probably coming up on a decade, but we won't age ourselves on that.
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Somebody that I trust highly with clients that we work with because she focuses on helping them save money, store wealth and sell in uh tax-advantaged accounts, and grow it tax-free and tax deferred at other times.
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Amanda, welcome to the show.
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Thank you, Marcus.
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I appreciate you having us on and not aging us too much.
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Absolutely.
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Absolutely.
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Well, why don't you help fill in some of the gaps?
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Tell us kind of how you got into this industry, what you actually do.
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And then I'm ready to dive deep into understanding how you do what you do and how you're really impacting people's lives by saving them a bunch of money in taxes and then helping them build wealth while doing it.
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Absolutely.
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Absolutely.
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So hello everybody listening.
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Amanda Holbrook, you know, awkward handshake over the podcast here.
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Yeah.
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So I'm a specialized trust company.
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We do self-directed IRAs and 401ks for some of you listening that might go in one ear and out the other.
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So we'll dive into that.
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But yeah, how I became, you know, a big old nerd in this industry is really through, you know, baptism by fire.
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Started with, hey, I'm I'm investing, learned what when the market exploded.
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I mean, like back in 08, and I'm really aging myself, learned what private lending was, and saw I was like, well, that's gonna be huge just for the real estate space.
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And then really truly learned what you know self-directed retirement accounts was.
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And as you will soon come to find out, I just I dive really deep in and got to learn all the things and figured out wow, this is explained easily.
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Um, you know, one, your average investor can really take hold of their own wealth and build it by investing in what they know.
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I'm like, gosh, this makes so much common sense.
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How come more people aren't doing this?
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And that was, you know, the entrepreneurial spark that with the blaze, if you will, you know.
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So here we are.
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I mean, our partners and founders here.
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I mean, gosh, Keith and I went to grade school together.
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So, as in business and everything, partnerships in life, you know, you work with those that you know you like and trust, and you find you always come back together.
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And so over a decade ago now, you know, the firm was started, and here we are.
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So, still working with one investor, family, business, family office at a time, doing exactly what you just said.
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And that's how we connected.
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Absolutely, absolutely.
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So, real estate's a small world, and so you know, kind of everybody ends up knowing everybody when you're in it long enough, for sure.
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And you guys are known as one of the great companies, right?
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One of the great companies that takes care of a lot of real estate investors across the country and probably across the world in some areas, right?
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Certainly, they're probably not investing across the world, but there probably are some uh multinational clients uh that you guys are seeing for sure.
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For sure.
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So, this concept of a self-directed account, some of us might know what that is.
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Some of us probably, like you said, it goes in one ear, out the other.
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You said 401k in retirement, and you're like, I maybe already turned off the episode, right?
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Like, well, but hold on, hold on for a second.
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We don't want to be turning off the episode here because the power and what we're talking about in this episode is so massive.
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So let's let's break this down into how powerful this really is with these self-directed accounts and what that really means.
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Absolutely.
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So, I mean, yes, self-directed accounts, they are those retirement accounts, guys.
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So your buckets, you'll hear me say.
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I know that's not a professional financial term, but that's how I want you to think of them.
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So old 401ks, your Roth IRAs, HSAs, inherited IRAs, solo 401ks, absolutely one of my favorite.
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You know, but instead of being stuck in just the market where they'll say, Hey, pick something off your screen and give you an add a boy or add a girl, you picked it yourself.
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You know, that's what they call self-direction.
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You know, and I have to imagine, majority of you listening here have that entrepreneurial spirit.
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Like you don't like other people telling you what to do, you like to be the boss, right?
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You know, so that's where like self-direction was created back in the 70s, literally for you to be able to diversify your fine, not only financial portfolio, but your legacy, your tax advantageous and the asset classes that you're in without somebody else telling you what to do, where to do it.
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And when you invest in what you know, just like your business, right?
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Right, you have the automatic 10x effect that happens right after that, you know.
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So that's, I mean, very high level of what we do on a one-on-one basis.
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It's not just, oh, we get retirement accounts and we're gonna talk revenue code and blah, blah.
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No, no, no, no, no.
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That's not not what we do whatsoever.
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I like I think you can probably relate to this, Marcus.
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It's like a puzzle, right?
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Every time you talk to a client or a business, tell me more.
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Tell me how, you know, how you're bringing revenue, you know, how many entities do you have, you know, where do you want to see your money growing?
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Like what brings you joy?
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I mean, if you're like an options trader, you know, a day trader, okay, that you know, stock market probably brings you joy, but most people can't say that, right?
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Most people are just like, eh, it's there because I was told to put it there.
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Absolutely.
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But yeah, that's what it is.
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Totally makes sense.
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So it's interesting because I we work with a lot of times entrepreneurs that come in and they've started to make a little bit of money, and they usually kind of need to get organized, usually get their their books together, get their you know, LLC structured appropriately, get some tax saving strategies in place.
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And that's usually where we start working with people.
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And a lot of times, you know, we we talk to them about a retirement account, and they're like, that's not something that I really want to focus on right now.
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And and a lot of times I actually understand that, you know, they're not super cash flow positive, you know, they haven't consistently put in reserves, those kind of things.
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And and you know, they're locking up cash for a long period of time.
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And so I always like to start people out with kind of that HSA, like I feel like that's like that baby step into this self-directed world, if you will, where you can kind of get into it, understand how it works, but also it doesn't take liquidity from you.
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You actually have access to that through health expenses where you can put money into this HSA and then take money and apply it towards your health expenses.
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Maybe let's start with that right there.
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So sure, you know, I like that as a step one because so many people think, all right, I don't want to wait until I'm I'm 25 years old, I'm 30 years old, I don't want to wait until I'm 60 years old to have to deal with this.
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I'll deal with that later.
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Right now, HSA, a lot a lot of people are like, okay, now I do have some medical costs, I do want to prepare for that, maybe having a baby sometime soon, you know, those kind of things.
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Talk to us about that HSA and maybe how that they could get into that.
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Sure.
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Your beginner accounts, like where you always start, because I hear that same thing.
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Like, you know, hey, I'm a 20-some or I'm 30, you know, early 30s.
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You know, we're just getting started.
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We're putting all of it back in the business, you know, burning the boats for ah, let's go.
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So your starters are definitely your HSA.
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You know, if you have a high deductible health plan, this is the no-brainer.
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It's the double dipper, right?
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You put money into it, you get the deduction.
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So keeping more money in your pocket, less than Uncle Sam's.
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Okay.
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Yes, you can use it for expenses as needed, and you can invest it and it grows tax free forever.
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You know, and it never expires.
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Like those of you that are coming from corporate, you're like, oh, is it that FSA thing?
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And I hate that because it's like, oh, let me get my crystal ball out and figure out what my expenses will be, because if I don't use it, I'm gonna lose it.
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This is not that.
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I say the other one, Marcus, that I love as the starter is that has a similar effect is the Roth IRA.
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Yeah, you know, and especially for kids and yourself, right?
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I'm talking to us adults here, you know, because when you put money away, right, that's the objection, especially when you're just getting ramped up.
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Like, if I put this money away, you're gonna lock it away and throw away the key.
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Like, no, dude, no, no, no.
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Like a Roth IRA, you put contributions in, okay?
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And yes, the IRS limits us, guys, but you can take those contributions out at any time, tax-free, penalty free.
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What other account do you probably well, you should have in your list that functions that way?
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Right.
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Your savings, right?
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Like your oh sh account, right?
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That rainy day fund.
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Well, now, because savings accounts don't yield just squat, you invest that and it's growing tax-free.
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And you're investing it how you know.
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You know, you can partner it, just like all those other creative deal structures.
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You can partner it on deals, you can partner Roth and the HSA together on a deal, you know, like that's where it gets to the fun stuff.
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But here's where I'll nerd out.
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I mean, and yes, I know you guys are all using Chat GPT and not like financial calculators or anything these days, but type in like what compounding interest does for you or your kid, even if you do a one-time like drop in the bucket, it's insanity, like how much it can grow.
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And yes, the majority of it is tomorrow money.
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And there's advanced strategies like 72Ts and all that we're not going to get into on this podcast.
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But there are ways you can access it early.
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So if you're that guy or gal that's like, yeah, I'm, you know, YOLO live for today, you know, we're not guaranteed tomorrow.
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It's not just the tomorrow money.
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And you can attest to this, you know, when you get into the other types of accounts, it's about keeping more of what you're making.
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Doing deals in these Roths and the HSAs are proactive strategies versus reactive, which I mean, we all love our reactive clients that are last minuteers.
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You know, you have a good place in our hearts, you know.
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But you know, the more proactive you can be, you know, about your business and investing and you know, mitigating taxes is huge.
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But that HSA, Marcus, I'll ask you.
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I mean, I think it's the most underutilized.
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Well, it's absolutely underutilized.
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Matter of fact, for most people, they need a high deductible health insurance plan, anyways.
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Otherwise, they're overpaying for health insurance.
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Correct.
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Um, and especially when you look at a HSA, let's subtract out the self-direction for a second, because you can do a non-self-directed HSA.
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And so I'm this is a great way to kind of compare the two.
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So if anybody's still screwed up on and doesn't understand, which by the way, this is complex stuff, right?
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Self-direction is weird because nobody talks about it, right?
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This isn't what you're gonna hear from Merrill Lynch and Raymond James and Fidelity and and all these places that have investment funds.
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They don't want you to know about this because that takes money out of their investment fund and puts it in your control, right?
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So, this is not stuff that I'm not gonna say this is an underground society, but it kind of feels like it sometimes because nobody talks about it.
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And so let's just compare this HSA for a second, because you can put, I think it's it was$8,500,$8,550 in 2025 for family filing or uh family HSA.
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So you could put$8,500 into it.
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If you're the highest tax rate at 40%, that's saving you, what is that saving you?
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Uh$3,200 in taxes right there.
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And so when you think about your high deductible tax plan, right?
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And your high deductible tax plan is costing you or your low deductible or health insurance, I'm saying tax premium.
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Low deductible health insurance plan is costing you five thousand dollars more.
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Well, you're saving$3,500 by putting your money into a lower, uh lower cost premium and putting money into a health insurance account or HSA to ultimately save for those catastrophic events when you actually maybe need it.
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And you know, it's interesting.
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The thing I really like about it is you can tap into it no matter what.
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So we're comparing the two.
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On one hand, you've got the ability to put it into a brokerage account and it does what it does, no problem.
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And a lot of HSAs even limit the index funds and what it has to be, but then on the other hand, you can take this HSA and when Amanda's talking about putting it in a deal, you could lend that money out, you could buy a rental property, you could even wholesale a property with that money and put that profit in your HSA tax-free, right?
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Yeah, so the profits from those deals that she's talking about then ends up in the account HSA.
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And then whenever you have a medical issue, you call Amanda and you say, Hey Amanda, I need a check for$5,000 because I had XYZ happen.
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Now you've got it there, right?
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And it's done.
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And that's what I think is so great about the HSA because it doesn't matter how old you are, it just it actually just matters how much pain you are you're in, right?
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So uh that's that's the difference.
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Absolutely.
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And I'll piggyback on that too, because I have some that are still in like corporate, right?
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And they're like, well, my company is paying for, you know, the guy I get it through my company and the HSA is there, but I'm still working there.
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So I can't move my HSA.
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Yes, you can.
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Yeah, it's a 401k that follows those rules, not your HSA.
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Right.
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You know, so you can have two, just like IRAs, you can have 20 underneath the sun, but you're still limited to that, you know, contribution limit across the board.
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And we got a bump this year for the HSA.
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You're at for a family, you're at 8750.
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You know, for a single person, just cut it in half, but you're in the double dip period right now, you know, so you can still get in for last year up until April 15th, you know, and you can put in 426, you know, which is awesome.
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I mean, your IRAs and HSAs and Cisa's all follow that.
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So that's that's another huge$16,000 into that account.
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And if you're like me, you've got three kids.
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Well, first off, spending$8,000 a year on medical costs is nothing.
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And I don't even have kids that get hurt and injured that often, right?
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I mean, that's nothing.
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And so I think the HSA is great, but you then you went over to the Roth IRA, and that's an interesting one because a lot of people don't realize that your contributions actually can be taken out if you need to take them out.
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Now, of course, we don't want you to take them out because that kills compounding, right?
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But if you have to take them out, you can take them out.
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Let's talk about the Roth IRA a little bit and why that's such a powerful tool.
00:17:26.319 --> 00:17:27.119
Absolutely.
00:17:27.279 --> 00:17:28.960
So, Roth IRA guys.
00:17:29.039 --> 00:17:35.039
So if you have a heartbeat, social security number and earned income.
00:17:35.279 --> 00:17:41.119
Okay, earned income is the important one for your minors, you know, but you can have a Roth IRA, you know, just so you know.
00:17:41.440 --> 00:17:46.880
So, like they should be teaching this in like high school as like one of your first saving vehicles.
00:17:47.359 --> 00:17:56.480
Uh, because to your point, and this is the piece that I don't think is ever talked about is the contributions you can take out tax-free, penalty-free.
00:17:56.720 --> 00:18:03.200
And the earnings stay, and they compound and compound and grow tax-free, however, you're you're bossing them around to do.
00:18:03.279 --> 00:18:08.720
So, whether it's in real estate, wholesale, brokerage, like all of that aside.
00:18:08.960 --> 00:18:13.119
But here's what I think of as a parent archist, because your kids are you how old are your kids again?
00:18:13.359 --> 00:18:16.240
Yeah, 12, 10, and and I'm about to turn nine.
00:18:16.480 --> 00:18:17.039
Okay, yeah.
00:18:17.119 --> 00:18:21.680
I was gonna say, I was like, I didn't think you were quite in like the high school yet, but they're still pretty young.
00:18:22.000 --> 00:18:28.000
Yeah, but as much as we love our children, you always want them at some point they're going to leave the nest.
00:18:28.160 --> 00:18:28.880
Yeah, okay.
00:18:29.039 --> 00:18:36.400
You know, and the whole point there is to teach them these tools, financial independence, you know, and to stand on their own feet and get the heck out of my purse, right?
00:18:37.680 --> 00:18:44.319
You know, so two of the exceptions are they can use that for down payment on their first home.
00:18:44.559 --> 00:18:48.400
So think of, you know, my real estate folks listening, think of house hacking, right?
00:18:48.799 --> 00:18:51.359
You know, Fanny and Lendia up to four doors, right?
00:18:51.440 --> 00:18:59.359
You might have to co-sign for that loan if they're still in college, but now you're teaching them, you know, cash flow properties, you know, and get passive income streams.
00:18:59.599 --> 00:19:03.440
You've used it as an exception to pay for college, is another one, you know.
00:19:03.599 --> 00:19:08.720
So when you look at vehicles, that's both earnings and principal, is that right?
00:19:08.880 --> 00:19:09.200
Yeah.
00:19:09.519 --> 00:19:09.839
Yeah.
00:19:10.079 --> 00:19:10.240
Yeah.
00:19:10.400 --> 00:19:12.160
For those two exceptions, yeah.
00:19:12.240 --> 00:19:12.640
Yep.
00:19:12.880 --> 00:19:17.839
So that's where most don't even think of it that way because we've just been conditioned.
00:19:17.920 --> 00:19:23.039
Oh, retirement account, you know, you just think automatically down the road, down the road, down the road.
00:19:23.279 --> 00:19:32.720
So that's where it pays to, you know, have the right butts and the right seats as far as like your financial team to be able to tell you those things of like when that makes sense.
00:19:32.960 --> 00:19:36.319
And you don't have to have a boatload to put in them.
00:19:36.480 --> 00:19:37.519
That's the other thing.
00:19:37.759 --> 00:19:43.599
You can put, you know, they limit you 7,000 if you're under 50, 7,500, you're over 50 for this year.
00:19:43.680 --> 00:19:43.920
Okay.
00:19:44.000 --> 00:19:48.160
So that's 25 and 26, you know, bump that up if you're over 50.
00:19:48.400 --> 00:19:50.400
But they limit you on how much you can put in.
00:19:50.480 --> 00:19:53.279
Like our minimum is a thousand bucks as far as contribution.
00:19:53.440 --> 00:19:59.680
So I mean, if you've listened to any, you know, pay yourself first, I mean, just get that automated.
00:19:59.920 --> 00:20:02.880
Automate it right from you know, your checking account, et cetera.
00:20:03.039 --> 00:20:04.559
Just start that best practice.
00:20:04.720 --> 00:20:08.079
You will thank yourself when you're like, oh, wait, I do have this.
00:20:08.240 --> 00:20:15.200
I mean, it beats finding money in your jeans pocket after you do the laundry when you look back, you're like, oh my gosh, I forgot I set up this account.
00:20:15.359 --> 00:20:16.799
Look at what it's done.
00:20:17.039 --> 00:20:18.160
But how much?
00:20:18.480 --> 00:20:26.960
So, I mean, I know because we have a lot of mutual clients, but you know, how often do you get people talking about like paying their children for tax strategies?
00:20:27.279 --> 00:20:28.640
Well, I think that's a great thing.
00:20:28.799 --> 00:20:34.480
I was just thinking about that because you had kind of mentioned it several times about having your kids in a Ralph IRA.
00:20:34.559 --> 00:20:39.119
And this is a strategy that we talk about with our clients on the regular.
00:20:39.279 --> 00:20:42.480
Now, here's the other piece of the puzzle.
00:20:42.720 --> 00:20:54.720
I've had several audits where the question the auditors had, not auditing for children on payroll, but the question that they had specifically was do you have children on payroll?
00:20:54.880 --> 00:20:55.200
Right.
00:20:55.359 --> 00:21:01.519
And so if you get audited, I do think that that's something that you got to make sure and you do the right way, right?
00:21:01.599 --> 00:21:03.599
And so what are we even talking about here?
00:21:03.759 --> 00:21:15.599
Well, first off, if you're a business owner and you have a child that is usually between the age of 18, basically, or eight and 17, I don't know, somewhere in that age group.
00:21:15.759 --> 00:21:20.480
But you can you can do it for a good while and you can employ them in your business.
00:21:20.640 --> 00:21:26.480
And if you employ them in your business, you are can now pay them out of your business, and there's a certain way to do it.
00:21:26.559 --> 00:21:37.759
You don't want to do it through an S Corp, you want to do it through an LLC, and there's you'll want to get with a tax professional to do it right because there's a right and wrong way to do this, and certainly uh one that can be scrutinized under audit.
00:21:38.079 --> 00:21:50.799
Pay your kids like an employee, and you know, they're doing whatever they're you know, maybe they start with shredding paper, cleaning your office, doing all that kind of stuff, administrative type tasks.
00:21:50.960 --> 00:21:59.759
And then maybe they work their way up into doing some Excel spreadsheets and doing some QuickBooks and and doing some, you know, maybe they get out there and swing a hammer, maybe they go out.
00:22:00.160 --> 00:22:00.960
There and whatever.
00:22:02.319 --> 00:22:02.720
Whatever.
00:22:02.880 --> 00:22:04.319
Go pay them, pick up rocks.
00:22:04.480 --> 00:22:05.519
Whatever you got to do.
00:22:05.759 --> 00:22:07.359
But you pay them some earned income.
00:22:07.519 --> 00:22:15.680
Well, you can pay them up to the standard deduction, which right now is between 12 and$13,000.
00:22:16.000 --> 00:22:17.759
I don't remember exactly what might be higher than that.
00:22:17.839 --> 00:22:24.319
I don't remember exactly what it is, but up to the standard deduction in income and they don't have to pay any taxes on it.
00:22:24.400 --> 00:22:27.759
So you get the deduction and then they don't have to pay any taxes on it.
00:22:27.839 --> 00:22:29.920
But that's not all the magic, right?
00:22:30.079 --> 00:22:33.839
So what Amanda's talking about, we take that strategy and we're like, okay, sweet.
00:22:34.000 --> 00:22:36.720
I paid them, you know, 12,000 bucks or whatever.
00:22:36.880 --> 00:22:38.160
I got the deduction.
00:22:38.319 --> 00:22:40.240
They don't have to report it as income.
00:22:40.400 --> 00:22:40.720
Sweet.
00:22:40.799 --> 00:22:42.240
Now, what do they do with the 12 grand?
00:22:42.720 --> 00:22:45.839
Well, I always tell people to go into two buckets.
00:22:46.000 --> 00:22:48.640
Bucket number one, Roth IRA.
00:22:48.799 --> 00:22:50.000
They don't need the money, anyways.
00:22:50.160 --> 00:22:55.680
Go throw the half of that into a Roth IRA and let us start earning, right?
00:22:55.759 --> 00:22:57.200
And let us start cooking.
00:22:57.440 --> 00:22:58.799
And they don't need it.
00:22:59.039 --> 00:23:00.559
So here's the cool thing.
00:23:00.720 --> 00:23:05.359
That is the only money, and Amanda, I'm I'm taking your thunder here, but I'm excited about it.
00:23:05.519 --> 00:23:10.160
It's the only money that will ever, never be taxed, right?
00:23:10.640 --> 00:23:14.960
Because it goes to your kid, never taxed, right?
00:23:15.039 --> 00:23:17.200
You get a deduction for it, they don't get taxed on it.
00:23:17.279 --> 00:23:21.440
Then it goes in the IRA, Roth IRA, and it's never taxed ever.
00:23:21.680 --> 00:23:22.000
Ever.
00:23:22.240 --> 00:23:23.359
It's the only way you can do it.
00:23:23.519 --> 00:23:29.440
It's the only strategy, the only strategy I know out there that you can legitimately get have income never taxed.
00:23:29.519 --> 00:23:30.160
It's amazing.
00:23:30.319 --> 00:23:30.640
Yes.
00:23:30.880 --> 00:23:31.119
Yes.
00:23:31.359 --> 00:23:33.599
And you can only do it for a short period of time.
00:23:33.839 --> 00:23:34.160
Right?
00:23:34.319 --> 00:23:35.440
Get the kids working.
00:23:35.519 --> 00:23:36.559
You know, but you're correct.
00:23:36.640 --> 00:23:41.440
I love that you go into the documentation piece, you know, and making sure it's done the right way.
00:23:41.599 --> 00:23:44.640
Because our fund disclaimer, it's a passive custodian.
00:23:44.720 --> 00:23:48.480
We're not CPAs, and you know, we're not legal, we don't sell investments, blah blah blah blah.
00:23:48.559 --> 00:23:51.039
You know, so always like, you know, document, document, document.
00:23:51.200 --> 00:23:55.119
But absolutely take advantage of that, pop it in the Roth.
00:23:55.359 --> 00:24:00.400
And then now you're creating like tax-free legacy right there.
00:24:00.880 --> 00:24:02.799
I mean, just think about that.
00:24:02.880 --> 00:24:09.359
And when you play with, like I said, get into that GPT, play with compounding interest calculators, you can partner those together.
00:24:09.519 --> 00:24:10.559
I mean, you have three kids.
00:24:10.799 --> 00:24:14.559
For those of you listening, like, imagine if you have multiple children that are minors.
00:24:14.799 --> 00:24:19.440
And I know usually during that time of your life, you know, you're really ramping up your business.
00:24:19.599 --> 00:24:20.559
So I get it.
00:24:20.640 --> 00:24:31.279
Like we're all in the same boat, but it pays to pause and work on your business and on your plan versus in it all the time.
00:24:31.759 --> 00:24:33.039
It doesn't take a long time.
00:24:33.119 --> 00:24:35.279
That's where it's who, not how, right?
00:24:35.759 --> 00:24:39.359
We're not going to hand you, hey, here's publication 590 A and B.
00:24:39.440 --> 00:24:40.000
Go read it.
00:24:40.240 --> 00:24:41.839
I would never expect anybody to do that.
00:24:42.000 --> 00:24:42.240
Yeah.
00:24:42.400 --> 00:24:50.240
You know, but it's the who, not the how that you have on your team that make the strategies we're talking about just super simple.
00:24:50.799 --> 00:24:51.119
Right.
00:24:51.359 --> 00:24:56.160
And we're talking about maxing these strategies out, but just like Amanda was talking about, you don't have to max them out.
00:24:56.319 --> 00:24:57.759
You can start small, start low.
00:24:57.839 --> 00:24:58.000
Yeah.
00:24:58.160 --> 00:25:00.400
Maybe it's$3,000 in the account.
00:25:00.480 --> 00:25:02.000
Maybe it's$1,000 in the account.
00:25:02.240 --> 00:25:05.359
Whatever it is, the earlier you can get them in, the better.
00:25:05.519 --> 00:25:09.839
And just kind of like what you were saying, here's the thing about paying your kids.
00:25:10.480 --> 00:25:18.880
Well, if you put some of that money into a retirement account, the rest of that money can go to be used for everything else that your kids cost that you're already paying for, right?
00:25:19.359 --> 00:25:22.319
You're paying for their memberships to all their sporting events.
00:25:22.400 --> 00:25:25.039
You're paying for their you know books if they got to go to school.
00:25:25.200 --> 00:25:28.400
You got to buy them a new car if they're getting ready to turn 16.
00:25:28.559 --> 00:25:35.039
Like that money setting in a bank account and can be used for all of that stuff that you're gonna probably be spending anyways.
00:25:35.119 --> 00:25:42.720
You're just reallocating where the money's coming from, and they're spending it on themselves, and you can teach them some good financial lessons along the way, right?
00:25:42.960 --> 00:25:49.039
Which I think is probably more than anything, will probably be the biggest piece of the whole puzzle, right?
00:25:49.119 --> 00:25:57.440
If you teach them good financial habits early, oh gosh, that is you set them up decades ahead of so many others that you know.
00:25:57.519 --> 00:26:05.920
Again, we work with people all the time in the 40s and 50s that still don't understand financial basics, and that's not to attack anybody, it's just that they didn't learn.
00:26:06.160 --> 00:26:10.960
And so when you're able to instill these in your kids, man, that's powerful.
00:26:11.200 --> 00:26:12.960
Gives them so much head start.
00:26:13.359 --> 00:26:24.799
Lead by example, and like the important word and everything you just said is just start, just start, like get out of your own way, get out of your own head, whatever that might be, and like just start.
00:26:25.039 --> 00:26:29.839
It's the same thing, like when you know, when you're talking like for to your business owners, right?
00:26:30.319 --> 00:26:31.279
You know, to your point.
00:26:31.440 --> 00:26:38.079
I mean, I've I've spoken with business owners in their 40s and 50s that are like, you know, oh, I don't have a 401k, I'm self-employed.
00:26:38.319 --> 00:26:42.880
Yeah, I'm like, that doesn't mean you shouldn't have some type of tax sheltered account.
00:26:43.359 --> 00:26:55.680
Like, if anything, it's even more important, but we're always we've been given by, I don't know, mainstream, if you want to call it that, a different message, you know, that those were only for your W-2 corporate professionals.
00:26:55.759 --> 00:26:57.519
And that is not true.
00:26:57.759 --> 00:27:11.519
I mean, let's segue into like those deeper buckets, because I think those are like for majority of your audience listening here, you know, even the solo 401k, like those deeper buckets are so, so important, you know.
00:27:11.680 --> 00:27:26.640
And then when you're listening to, you know, all of these cool strategies and cost segregation and mega backdoor Roth, like, you know, these are the basic vehicles that are done in, are these you know, self-directed, you know, employer-sponsored plans.
00:27:26.880 --> 00:27:27.200
Sure.
00:27:27.359 --> 00:27:28.400
Let's dive into those.
00:27:28.559 --> 00:27:32.319
So we start out HSA, Roth IRA, really, really good.
00:27:32.480 --> 00:27:34.799
That's gonna get you, it's gonna get you a long ways.
00:27:34.880 --> 00:27:39.039
But then the next thing we've got to look at is okay, now we're making some consistent money.
00:27:39.200 --> 00:27:53.359
We're definitely in the high tax brackets, and maybe we've aged a little bit, maybe we've become a little wiser and we're like, okay, I got to start thinking about when I'm not gonna be able to swing a hammer anymore and I don't want to work anymore and all this other stuff.
00:27:53.599 --> 00:27:56.319
So then we start looking at these other retirement accounts.
00:27:56.400 --> 00:28:05.039
And so let's start with that solo individual, maybe no employees, and what would you recommend for that type of individual right now?
00:28:05.200 --> 00:28:10.880
Making good money needs to start thinking about saving for retirement and tax strategy along the way.
00:28:11.119 --> 00:28:11.839
Absolutely.
00:28:12.000 --> 00:28:17.519
The triple threat of accounts for all of my solopreneurs out there, the Roth solo 401k.
00:28:17.759 --> 00:28:20.079
Hands down, no doubt about it.
00:28:20.559 --> 00:28:23.359
It gives you, yeah, here's your highlight reel.
00:28:23.440 --> 00:28:24.960
You have deeper buckets, right?
00:28:25.119 --> 00:28:30.480
And depending on your age, you know, up to 72,000 or 80,000 a year you can put into it.
00:28:30.799 --> 00:28:31.039
Right.
00:28:31.359 --> 00:28:31.519
Wow.
00:28:31.759 --> 00:28:36.079
And it has, you know how many tax environments there are in retirement land, everybody?
00:28:36.720 --> 00:28:37.200
There's two.
00:28:38.000 --> 00:28:38.319
There's two.
00:28:39.119 --> 00:28:42.720
Tax deferred, kick the can, or tax free Roth.
00:28:42.960 --> 00:28:43.359
Guess what?
00:28:43.440 --> 00:28:44.799
You get both in one plan.
00:28:46.640 --> 00:28:50.000
Then you have, and this is great for those of you that are transitioning.
00:28:50.160 --> 00:28:52.480
This is a good one that most don't think of it this way.
00:28:52.720 --> 00:28:54.559
It has a restriction-free loan option.
00:28:55.119 --> 00:29:01.440
You know, so 401ks you can borrow against for the DOL 50% or 50,000, whichever's first.
00:29:01.920 --> 00:29:02.160
Yeah.
00:29:02.400 --> 00:29:10.240
So right there, that is your cheapest form of capital you're ever gonna get because you pay yourself back the principal and the interest.
00:29:10.480 --> 00:29:18.640
You know, for those that are making transitional moves, like going from W-2 to full-time self-employed, that's huge, just to even be able to have that.
00:29:18.720 --> 00:29:28.160
And some will arbitrage that out or use that as a down payment on a cash-flowing asset to make some today money versus just tomorrow money.
00:29:28.240 --> 00:29:29.599
And that that's a big one.
00:29:29.839 --> 00:29:37.920
The big powerhouse here is especially if you're getting into leveraging deals, you know, deals with any kind of financing in them.
00:29:38.000 --> 00:29:47.200
So whether you're talking apartment buildings to just like a single family rental with a non-recourse loan, the 401k is the plan, you know.
00:29:47.359 --> 00:29:48.799
So you can do that.
00:29:48.960 --> 00:29:53.279
So, you know, OPM, other people's money, right, is a tool.
00:29:53.519 --> 00:29:57.440
Leveraging is just a tool to acquire more assets with the same amount of capital.
00:29:57.680 --> 00:30:00.400
Same principles apply in retirement accounts, guys.
00:30:00.559 --> 00:30:11.680
But the 401k is the only one you can do without triggering that nasty something called, I may go down this rabbit hole, but I'll give you the acronym just so you know if you hear it.
00:30:11.920 --> 00:30:16.079
You bit unrelated business income tax, UDFI as well.
00:30:16.240 --> 00:30:20.079
But just remember, you bit because it's you bit the big one.
00:30:20.160 --> 00:30:22.559
Like if you trigger, you bit, you bit the big one.
00:30:22.799 --> 00:30:27.759
Marcus and team, make sure you don't ever do that, but for sure.
00:30:28.000 --> 00:30:31.440
Yeah, but that is huge, huge, huge, huge.
00:30:31.759 --> 00:30:34.079
Yeah, so a couple pieces of background.
00:30:34.319 --> 00:30:44.400
So going into self-directed account, remember you can invest your own money in that center that account into deals that you like to do that you you believe in.
00:30:44.480 --> 00:30:49.279
And so if you like to uh lend on houses, you can lend money out of that account.
00:30:49.440 --> 00:30:52.799
If you like to buy rentals, you can buy rentals out of that account.
00:30:52.960 --> 00:31:09.440
And so you put eighty thousand dollars into this or seventy-two thousand dollars into this 401k, and then you can potentially go buy a rental that we feel confident in our you know appreciation ability and whether it cash flows or not, it doesn't matter, right?
00:31:09.599 --> 00:31:12.160
Like in that case, it doesn't matter if it cash flows tomorrow money, right?
00:31:12.240 --> 00:31:16.559
You don't, yeah, it's going back into your you're not spending it anyways, right?
00:31:16.720 --> 00:31:31.119
So you want high appreciation assets that are going to you know, maybe spit off a little cash flow just to make sure that you're not you know losing money on that asset on a yearly basis, but certainly you know, cash flow is not your priority there.
00:31:31.279 --> 00:31:39.119
Something that's paying down in principle and something that has a good exit where you can, you know, two, three, four extra money on that deal.
00:31:39.359 --> 00:31:43.839
And you know, I know a lot of people, my clients, they're like, you know, Marcus, this is great.
00:31:43.920 --> 00:31:48.720
This all sounds great, but my problem is I just don't have time to keep that money busy.
00:31:48.880 --> 00:31:54.640
And I'm like, okay, what you can understand is this you don't always have to keep the money busy.
00:31:54.799 --> 00:32:01.920
You have the same option in a self-directed account to put it in the same index funds as anything else.
00:32:02.079 --> 00:32:02.640
You have that.
00:32:02.720 --> 00:32:07.599
If you want to do that and you're like, I just don't want to mess with it, or I don't have time to mess with it right now.
00:32:07.920 --> 00:32:15.359
Boom, you're back in the index fund, you're back into treasuries, you're back into whatever you want to be in, and you can do that, no problem.
00:32:15.839 --> 00:32:24.240
But you have the option to say, Oh, I like that deal and I want to do that deal, or your brother calls you, hey, I need to borrow, or not your brother, you can't do your brother.
00:32:24.480 --> 00:32:25.200
You could do your brother.
00:32:25.599 --> 00:32:30.160
Brother's okay, your friends' brother's okay, parents and up and down the family tree.
00:32:30.319 --> 00:32:32.480
No, brother's good, branches are okay.
00:32:32.559 --> 00:32:33.279
Yeah, brothers are good.
00:32:33.440 --> 00:32:34.079
Yeah, brother's good.
00:32:34.160 --> 00:32:37.440
So your brother can call you and say, Hey, I need a hundred thousand dollars to buy this house.
00:32:37.599 --> 00:32:44.079
You're like, bang, I'm gonna pull it out of my retirement account, charge my brother a nice fair fee of like 10 and two.
00:32:44.240 --> 00:32:45.359
You know, it could be 12 and three.
00:32:45.440 --> 00:32:46.960
So it's 10 and 2, that's fair.
00:32:47.200 --> 00:32:50.079
And uh, you know, we put that in my retirement account.
00:32:50.559 --> 00:33:01.680
Absolutely, you know, and that's the thing is you're most think when, you know, hey, this either non-traditional or the good old-fashioned way, you know, you're not limited.
00:33:01.759 --> 00:33:03.759
You get to have your cake and eat it too.
00:33:04.000 --> 00:33:06.880
You know, I always joke with, you know, you the boss, right?
00:33:07.039 --> 00:33:08.319
Like you're the boss.
00:33:08.480 --> 00:33:10.960
You know, the thing that's not done, it's not a done for you account.
00:33:11.039 --> 00:33:12.480
That's what the self-directed piece means.
00:33:12.559 --> 00:33:13.359
That's it, guys.
00:33:13.599 --> 00:33:15.279
Right, you know, and same thing.
00:33:15.359 --> 00:33:24.000
Like, if you know, if it wasn't your brother and you have an operator that they've got deal after deal after deal, they're not gonna say, hey, one and done.
00:33:24.160 --> 00:33:31.599
If that relationship works out for you, I'm so plenty there were like, I will gladly keep your money working for you, and I will gladly pay you 10 and 2.
00:33:32.000 --> 00:33:35.759
And that for most is a very handsome return.
00:33:35.920 --> 00:33:38.160
And you're not at the volatility at the market.
00:33:38.319 --> 00:33:41.359
You know, it's tangible, it's secured, it's insured.
00:33:41.680 --> 00:33:47.200
So that's where everyone always asks, well, how do I know when or if I should self-direct?
00:33:47.279 --> 00:33:51.039
It's diversification play when you're talking just from a pure investment standpoint.
00:33:51.119 --> 00:33:52.319
It's just diversification.
00:33:52.559 --> 00:33:54.400
You never put all your eggs in one basket, guys.
00:33:54.720 --> 00:33:56.559
We know we all know this rule.
00:33:57.039 --> 00:34:01.279
So we are, I mean, to even simplify it at the most basic level.
00:34:01.920 --> 00:34:10.400
You'll probably laugh at me at this, but we're basically the platform the IRS says you have to have to be able to do those deals, tax sheltered in that account.
00:34:10.639 --> 00:34:13.039
Like you gotta have us, and that's okay.
00:34:13.199 --> 00:34:16.000
You know, it's but again, right butts, right seats.
00:34:16.079 --> 00:34:20.320
You know, so that's where we bring obviously the education, the know-how.
00:34:20.480 --> 00:34:25.519
We walk you through step by step by step to make sure that you're doing it the right way.
00:34:25.679 --> 00:34:30.400
But having that control, I mean, that's paramount to your success.
00:34:30.559 --> 00:34:38.159
That's why you're an entrepreneur is you like the control, you know, you don't want to ask for permission to pick your kids up from school, right?
00:34:38.559 --> 00:34:39.840
Like they eat your soul.
00:34:40.079 --> 00:34:42.079
It's the same thing with your investments, right?
00:34:42.480 --> 00:34:44.880
You know, hey, why did I lose money on that stock?
00:34:45.119 --> 00:34:45.760
I don't know.
00:34:45.920 --> 00:34:49.119
You know, a hundred percent.
00:34:49.440 --> 00:34:54.800
I think you that's something that I think you mentioned that is paramount here, right?
00:34:54.960 --> 00:34:57.360
You gotta play in the right sandbox, right?
00:34:57.599 --> 00:35:05.360
And so if you're in the sandbox, you gotta play by the rules, you gotta play by the rules of the sandbox, and if you don't, don't get in the sandbox, it's not worth it, right?
00:35:05.840 --> 00:35:12.960
But if you come in and you're willing to play by the rules, you're willing to understand what the rules are of the game.
00:35:13.519 --> 00:35:23.280
I know people that have seven figures in a Roth IRA or a Roth 401k, like that's not unheard of, and you can easily do that over time.
00:35:23.360 --> 00:35:30.559
And here's the thing when you put a deal inside of a Roth IRA, it's not ever taxed.
00:35:30.880 --> 00:35:32.159
It's never taxed.
00:35:33.039 --> 00:35:47.519
And so that$30,000 you know, wholesale, if done correctly and thought out ahead of time, and you don't need the$30,000, boom, and it can go into your your retirement account that can grow.
00:35:47.679 --> 00:35:56.800
And we see clients doing that all the time, legally, correctly, and compliantly within their wealth building portfolio.
00:35:56.960 --> 00:35:58.639
Now, there's things you got to be able to do.
00:35:58.719 --> 00:36:01.599
You got to be able to afford it, you got to be able to say no to cash today.
00:36:01.760 --> 00:36:02.639
Just got to.
00:36:02.800 --> 00:36:03.599
That's okay.
00:36:03.760 --> 00:36:13.679
That's part of growing up as a as an entrepreneur, is we've got to defer some of these uh instant gratification, yeah, gifts.
00:36:13.840 --> 00:36:14.320
Yeah.
00:36:14.559 --> 00:36:14.719
Yeah.
00:36:15.119 --> 00:36:15.920
Some good way of it.
00:36:16.079 --> 00:36:17.920
So that we don't have to do this forever.
00:36:18.079 --> 00:36:26.079
Like the reality is this when you're 30 to 50, you're in your prime money-making years, it just is what it is.
00:36:26.320 --> 00:36:29.119
After you get 50, it starts to wane.
00:36:29.199 --> 00:36:32.800
Now, I think that's getting a little older now because we feels like we're getting a little younger.
00:36:32.960 --> 00:36:37.840
But the reality is as you're getting older, your money-making ability goes down.
00:36:38.000 --> 00:36:46.880
And if you haven't prepared for that, and if you think, oh, well, I'll just worry about it when I'm that age and I'll have, you know, I'll flip some houses and I'll do this and that and the other.
00:36:47.039 --> 00:36:48.639
No, you got to think about this ahead of time.
00:36:48.719 --> 00:36:53.519
You got to prepare earlier the better, obviously within your financial means.
00:36:53.760 --> 00:36:55.920
Amanda, I appreciate you jumping on here.
00:36:56.000 --> 00:36:58.400
We've had a great time, gave a ton of value.
00:36:58.559 --> 00:37:05.440
I want to finish off, I always finish off with this question, and it's because my big belief is this better decisions equal better results.
00:37:05.599 --> 00:37:08.559
If you're gonna have better results in life, you got to start making better decisions.
00:37:08.719 --> 00:37:15.840
So, what would be kind of your big takeaway for helping people make better decisions so that they can get those better results?
00:37:16.079 --> 00:37:21.760
Yeah, I mean, the big takeaway is have the conversation, take action, open the account.
00:37:21.920 --> 00:37:22.960
That's the biggest one.
00:37:23.119 --> 00:37:25.840
I mean, uh, yes, I'm coming from the self-directed arena.
00:37:26.000 --> 00:37:30.639
Like you have to open the buckets and start putting some money in them, and you have to do it today.
00:37:30.880 --> 00:37:35.039
When you look back and it's five years have passed, 10 years have passed.
00:37:35.280 --> 00:37:37.599
That's the number one knee-jerk reaction, guys.
00:37:37.760 --> 00:37:41.679
I get when someone has not heard of self-direction after that first phone call.
00:37:41.760 --> 00:37:45.440
It's why didn't I hear about this 10, 15, 20 years ago?
00:37:45.599 --> 00:37:47.360
Like, don't let that be you.
00:37:47.519 --> 00:37:49.519
Like that would be my takeaway.
00:37:49.679 --> 00:37:53.199
Like you have, I mean, combination of the minds here.
00:37:53.440 --> 00:37:59.599
Hop on a phone call, talk with Marcus's team, talk with our team, and make that action for yourself.
00:37:59.760 --> 00:38:01.360
You owe it to yourself, right?
00:38:01.519 --> 00:38:07.360
We don't want to be swinging hammers and working until you know we're, you know, late 50s and 60s and 70s.
00:38:07.519 --> 00:38:08.480
Like I've seen it.
00:38:08.639 --> 00:38:11.280
This is how you prevent that, you know.
00:38:11.599 --> 00:38:13.840
Only you can prevent forest fires there, boo-boo.
00:38:14.159 --> 00:38:14.719
That's right.
00:38:15.440 --> 00:38:15.920
That's right.
00:38:16.079 --> 00:38:17.760
Oh no, I was like, I love that.
00:38:18.159 --> 00:38:20.000
Amanda, where can people get a hold of you?
00:38:20.079 --> 00:38:29.360
If they're they want to learn more about this self-direction and how to open up the account, whether it's one of the starter accounts or even maybe one of the deeper accounts, how do we get a hold of you?
00:38:29.679 --> 00:38:30.159
Absolutely.
00:38:30.320 --> 00:38:33.519
So you always check us out on our website, specialized trustcompany.com.
00:38:33.760 --> 00:38:36.079
I will have all of my info in the show notes as well.
00:38:36.159 --> 00:38:41.840
But a Holbrook, H O L B R O O K at I-R-A-S-T.com.
00:38:42.079 --> 00:38:44.480
505-514-0587.
00:38:44.719 --> 00:38:45.840
That is my direct dial.
00:38:46.000 --> 00:38:46.800
You can text me there.
00:38:46.960 --> 00:38:49.920
We'll hop on a call and let's see what makes sense.
00:38:50.079 --> 00:38:58.320
And, you know, even if it's not today, guys, you have to make a plan and then have an accountability date, like a deadline to get that done.
00:38:58.480 --> 00:39:01.840
Like that is how you get the results, even if you're not quite there yet.
00:39:02.000 --> 00:39:03.440
So that would be my takeaway.
00:39:03.519 --> 00:39:06.480
So thank you for asking and thank you for putting this together today.
00:39:06.639 --> 00:39:09.039
You know, I love, love the mission here.
00:39:09.360 --> 00:39:09.920
Of course.
00:39:10.159 --> 00:39:10.480
Love it.
00:39:10.639 --> 00:39:12.960
Well, I vouch for uh specialized.
00:39:13.039 --> 00:39:18.400
I personally use specialized trust companies, so happy to promote them on the podcast.
00:39:18.559 --> 00:39:28.800
And one of the things that I will say about specialized is I don't understand how they make any money because their ability to have uh serve their customers at a high level is crazy.
00:39:28.880 --> 00:39:31.519
I'm like, how did you just get back to me in two seconds?
00:39:31.679 --> 00:39:33.039
You I don't understand.
00:39:33.199 --> 00:39:36.639
You just have people waiting around waiting on me to ask you a question.
00:39:36.719 --> 00:39:37.679
And so it's amazing.
00:39:37.840 --> 00:39:40.320
Great customer service, great company to work with.
00:39:40.559 --> 00:39:41.920
Know a lot of the people over there.
00:39:42.079 --> 00:39:46.159
So it's been a wonder, it's been wonderful working together and look forward to doing more of it.
00:39:46.400 --> 00:39:46.800
All right.
00:39:46.880 --> 00:39:47.199
Thank you.
00:39:47.360 --> 00:39:48.880
Right back at you and your team.
00:39:49.039 --> 00:39:49.360
Thank you.
00:39:49.519 --> 00:39:50.239
Bye-bye.
00:39:50.559 --> 00:40:06.320
Wow, what an awesome episode and some great tax strategies there, getting into how to pay your children and doing it the right way, and then setting up that Roth IRA to ultimately save long-term wealth for your kids and then have access to that capital still.
00:40:06.480 --> 00:40:14.000
All of this in a way to build wealth, not just for yourself, but for your family, because we all know that's what most of us get in this for, right?
00:40:14.079 --> 00:40:17.599
We get into it to make money for our families, to build that legacy wealth.
00:40:17.760 --> 00:40:20.800
And these types of strategies are the strategies that do that.
00:40:20.960 --> 00:40:25.599
If you want strategies like that and more, reach out to us at BeckCFO.com.
00:40:25.679 --> 00:40:32.719
We're here to help you until then keep making better decisions so that you can get better results in business.
00:40:32.960 --> 00:40:33.599
Talk to you.
00:40:34.079 --> 00:40:36.000
Thanks for listening to Strength in Numbers.
00:40:36.320 --> 00:40:46.800
If you're ready to take control of your finances and start building real wealth in your business, be sure to schedule your free discovery call with markets at b ecdfo.com to get started.
00:40:47.039 --> 00:40:49.840
Thanks for listening, and we'll see you on the next episode.
00:00:00.160 --> 00:00:03.200
Have the conversation, take action, open the account.
00:00:03.359 --> 00:00:04.400
That's the biggest one.
00:00:04.559 --> 00:00:07.280
I mean, uh, yes, I'm coming from the self-directed arena.
00:00:07.440 --> 00:00:12.080
Like you have to open the buckets and start putting some money in them, and you have to do it today.
00:00:12.320 --> 00:00:16.480
When you look back, and it's five years have passed, 10 years have passed.
00:00:16.719 --> 00:00:19.039
That's the number one knee-jerk reaction, guys.
00:00:19.199 --> 00:00:23.120
I get when someone has not heard of self-direction after that first phone call.
00:00:23.199 --> 00:00:26.879
It's why didn't I hear about this 10, 15, 20 years ago?
00:00:27.039 --> 00:00:28.800
Like, don't let that be you.
00:00:29.039 --> 00:00:31.120
Like, that would be my takeaway.
00:00:32.320 --> 00:00:40.399
Welcome to Strength in Numbers, the podcast for real estate entrepreneurs who are tired of being broke and not having control of their finances.
00:00:40.560 --> 00:00:47.520
If you're ready to finally take control of your money, slash your taxes, and start building real wealth, you're in the right place.
00:00:47.840 --> 00:00:50.960
And now, here's your host, Marcus Crickler.
00:00:54.240 --> 00:01:10.560
Hey there, and welcome to the Strength in Numbers Podcast, the podcast dedicated to helping real estate entrepreneurs just like you finally take control of your numbers so that you can stop living deal by deal and start living a life of real estate that you truly desired.
00:01:10.719 --> 00:01:12.000
My name is Marcus Krigler.
00:01:12.079 --> 00:01:22.719
I'm the founder and CEO of Beck, CFO, and CPA, where we help real estate entrepreneurs make money, save money, and build real wealth in real estate.
00:01:22.959 --> 00:01:27.120
This episode is brought to you by Beck, CFO, and CPA.
00:01:27.280 --> 00:01:48.319
If you are looking for an accounting firm that specializes in real estate investors, specializes in what you do every single day and knows accounting, the specialties of accounting within real estate, tax, all the tax strategies within real estate, and certainly how to make profitability grow within real estate through our CFO services.
00:01:48.560 --> 00:01:58.000
We are here to help you reach out to us at BeckCFO.com, top right hand corner, free consultation, and we will see if we can be a great fit.
00:01:58.319 --> 00:02:00.959
Today's episode is going to be all about saving money in taxes.
00:02:01.040 --> 00:02:02.159
You're going to love this one.
00:02:02.239 --> 00:02:07.680
So Amanda Holbrook is going to join us and talk about self-directed tax savings accounts.
00:02:07.760 --> 00:02:16.240
And basically, what those are are accounts that you can utilize the account to invest in your type of asset, the asset that you want to invest in, right?
00:02:16.319 --> 00:02:24.719
Whether it's lending, real estate, anything you want, you can invest in it and do it in a tax-free or tax-deferred way.
00:02:24.879 --> 00:02:26.400
This is going to be an exciting episode.
00:02:26.560 --> 00:02:28.560
Please welcome to the show, Amanda Holbrook.
00:02:28.800 --> 00:02:32.080
Hello and welcome back to the Strength in Numbers podcast.
00:02:32.240 --> 00:02:34.400
We have a great one for you today.
00:02:34.560 --> 00:02:44.159
I've got my friend Amanda Holbrook, somebody that I've worked with for a number of years, over half a decade now, probably coming up on a decade, but we won't age ourselves on that.
00:02:44.639 --> 00:02:59.919
Somebody that I trust highly with clients that we work with because she focuses on helping them save money, store wealth and sell in uh tax-advantaged accounts, and grow it tax-free and tax deferred at other times.
00:03:00.159 --> 00:03:01.759
Amanda, welcome to the show.
00:03:02.080 --> 00:03:03.039
Thank you, Marcus.
00:03:03.120 --> 00:03:06.319
I appreciate you having us on and not aging us too much.
00:03:07.120 --> 00:03:08.080
Absolutely.
00:03:08.319 --> 00:03:09.199
Absolutely.
00:03:09.360 --> 00:03:11.680
Well, why don't you help fill in some of the gaps?
00:03:11.840 --> 00:03:16.080
Tell us kind of how you got into this industry, what you actually do.
00:03:16.159 --> 00:03:27.439
And then I'm ready to dive deep into understanding how you do what you do and how you're really impacting people's lives by saving them a bunch of money in taxes and then helping them build wealth while doing it.
00:03:27.759 --> 00:03:28.479
Absolutely.
00:03:28.719 --> 00:03:29.280
Absolutely.
00:03:29.439 --> 00:03:30.639
So hello everybody listening.
00:03:30.719 --> 00:03:34.639
Amanda Holbrook, you know, awkward handshake over the podcast here.
00:03:34.879 --> 00:03:35.120
Yeah.
00:03:35.280 --> 00:03:37.280
So I'm a specialized trust company.
00:03:37.439 --> 00:03:42.960
We do self-directed IRAs and 401ks for some of you listening that might go in one ear and out the other.
00:03:43.120 --> 00:03:44.400
So we'll dive into that.
00:03:44.639 --> 00:03:51.039
But yeah, how I became, you know, a big old nerd in this industry is really through, you know, baptism by fire.
00:03:51.199 --> 00:03:56.080
Started with, hey, I'm I'm investing, learned what when the market exploded.
00:03:56.159 --> 00:04:05.280
I mean, like back in 08, and I'm really aging myself, learned what private lending was, and saw I was like, well, that's gonna be huge just for the real estate space.
00:04:05.439 --> 00:04:09.840
And then really truly learned what you know self-directed retirement accounts was.
00:04:10.000 --> 00:04:20.639
And as you will soon come to find out, I just I dive really deep in and got to learn all the things and figured out wow, this is explained easily.
00:04:20.879 --> 00:04:28.240
Um, you know, one, your average investor can really take hold of their own wealth and build it by investing in what they know.
00:04:28.319 --> 00:04:30.240
I'm like, gosh, this makes so much common sense.
00:04:30.319 --> 00:04:32.319
How come more people aren't doing this?
00:04:32.560 --> 00:04:38.319
And that was, you know, the entrepreneurial spark that with the blaze, if you will, you know.
00:04:38.480 --> 00:04:39.519
So here we are.
00:04:39.680 --> 00:04:41.680
I mean, our partners and founders here.
00:04:41.839 --> 00:04:44.480
I mean, gosh, Keith and I went to grade school together.
00:04:44.720 --> 00:04:52.800
So, as in business and everything, partnerships in life, you know, you work with those that you know you like and trust, and you find you always come back together.
00:04:52.959 --> 00:04:57.519
And so over a decade ago now, you know, the firm was started, and here we are.
00:04:57.680 --> 00:05:05.120
So, still working with one investor, family, business, family office at a time, doing exactly what you just said.
00:05:05.360 --> 00:05:06.959
And that's how we connected.
00:05:07.279 --> 00:05:08.639
Absolutely, absolutely.
00:05:08.800 --> 00:05:15.439
So, real estate's a small world, and so you know, kind of everybody ends up knowing everybody when you're in it long enough, for sure.
00:05:15.680 --> 00:05:18.079
And you guys are known as one of the great companies, right?
00:05:18.160 --> 00:05:25.360
One of the great companies that takes care of a lot of real estate investors across the country and probably across the world in some areas, right?
00:05:25.600 --> 00:05:33.519
Certainly, they're probably not investing across the world, but there probably are some uh multinational clients uh that you guys are seeing for sure.
00:05:34.160 --> 00:05:34.720
For sure.
00:05:34.959 --> 00:05:40.399
So, this concept of a self-directed account, some of us might know what that is.
00:05:40.560 --> 00:05:43.519
Some of us probably, like you said, it goes in one ear, out the other.
00:05:43.600 --> 00:05:48.639
You said 401k in retirement, and you're like, I maybe already turned off the episode, right?
00:05:48.720 --> 00:05:51.680
Like, well, but hold on, hold on for a second.
00:05:51.920 --> 00:05:58.639
We don't want to be turning off the episode here because the power and what we're talking about in this episode is so massive.
00:05:58.800 --> 00:06:06.560
So let's let's break this down into how powerful this really is with these self-directed accounts and what that really means.
00:06:07.040 --> 00:06:07.920
Absolutely.
00:06:08.160 --> 00:06:12.480
So, I mean, yes, self-directed accounts, they are those retirement accounts, guys.
00:06:12.720 --> 00:06:14.560
So your buckets, you'll hear me say.
00:06:14.639 --> 00:06:18.399
I know that's not a professional financial term, but that's how I want you to think of them.
00:06:18.480 --> 00:06:26.480
So old 401ks, your Roth IRAs, HSAs, inherited IRAs, solo 401ks, absolutely one of my favorite.
00:06:26.800 --> 00:06:35.600
You know, but instead of being stuck in just the market where they'll say, Hey, pick something off your screen and give you an add a boy or add a girl, you picked it yourself.
00:06:35.680 --> 00:06:38.399
You know, that's what they call self-direction.
00:06:38.560 --> 00:06:43.279
You know, and I have to imagine, majority of you listening here have that entrepreneurial spirit.
00:06:43.439 --> 00:06:47.920
Like you don't like other people telling you what to do, you like to be the boss, right?
00:06:48.639 --> 00:07:08.480
You know, so that's where like self-direction was created back in the 70s, literally for you to be able to diversify your fine, not only financial portfolio, but your legacy, your tax advantageous and the asset classes that you're in without somebody else telling you what to do, where to do it.
00:07:08.639 --> 00:07:12.399
And when you invest in what you know, just like your business, right?
00:07:12.480 --> 00:07:18.480
Right, you have the automatic 10x effect that happens right after that, you know.
00:07:18.639 --> 00:07:25.040
So that's, I mean, very high level of what we do on a one-on-one basis.
00:07:25.199 --> 00:07:29.439
It's not just, oh, we get retirement accounts and we're gonna talk revenue code and blah, blah.
00:07:29.680 --> 00:07:30.639
No, no, no, no, no.
00:07:30.720 --> 00:07:32.639
That's not not what we do whatsoever.
00:07:33.040 --> 00:07:35.759
I like I think you can probably relate to this, Marcus.
00:07:35.839 --> 00:07:37.279
It's like a puzzle, right?
00:07:37.519 --> 00:07:42.240
Every time you talk to a client or a business, tell me more.
00:07:42.399 --> 00:07:49.519
Tell me how, you know, how you're bringing revenue, you know, how many entities do you have, you know, where do you want to see your money growing?
00:07:49.600 --> 00:07:50.959
Like what brings you joy?
00:07:51.120 --> 00:07:58.240
I mean, if you're like an options trader, you know, a day trader, okay, that you know, stock market probably brings you joy, but most people can't say that, right?
00:07:58.399 --> 00:08:01.600
Most people are just like, eh, it's there because I was told to put it there.
00:08:02.160 --> 00:08:02.800
Absolutely.
00:08:03.120 --> 00:08:04.399
But yeah, that's what it is.
00:08:04.639 --> 00:08:05.439
Totally makes sense.
00:08:05.600 --> 00:08:24.000
So it's interesting because I we work with a lot of times entrepreneurs that come in and they've started to make a little bit of money, and they usually kind of need to get organized, usually get their their books together, get their you know, LLC structured appropriately, get some tax saving strategies in place.
00:08:24.160 --> 00:08:26.480
And that's usually where we start working with people.
00:08:26.720 --> 00:08:34.080
And a lot of times, you know, we we talk to them about a retirement account, and they're like, that's not something that I really want to focus on right now.
00:08:34.159 --> 00:08:42.960
And and a lot of times I actually understand that, you know, they're not super cash flow positive, you know, they haven't consistently put in reserves, those kind of things.
00:08:43.120 --> 00:08:46.159
And and you know, they're locking up cash for a long period of time.
00:08:46.320 --> 00:09:04.080
And so I always like to start people out with kind of that HSA, like I feel like that's like that baby step into this self-directed world, if you will, where you can kind of get into it, understand how it works, but also it doesn't take liquidity from you.
00:09:04.159 --> 00:09:15.519
You actually have access to that through health expenses where you can put money into this HSA and then take money and apply it towards your health expenses.
00:09:15.679 --> 00:09:17.519
Maybe let's start with that right there.
00:09:17.679 --> 00:09:28.639
So sure, you know, I like that as a step one because so many people think, all right, I don't want to wait until I'm I'm 25 years old, I'm 30 years old, I don't want to wait until I'm 60 years old to have to deal with this.
00:09:28.799 --> 00:09:30.080
I'll deal with that later.
00:09:30.320 --> 00:09:40.080
Right now, HSA, a lot a lot of people are like, okay, now I do have some medical costs, I do want to prepare for that, maybe having a baby sometime soon, you know, those kind of things.
00:09:40.240 --> 00:09:43.759
Talk to us about that HSA and maybe how that they could get into that.
00:09:44.000 --> 00:09:44.320
Sure.
00:09:44.480 --> 00:09:47.600
Your beginner accounts, like where you always start, because I hear that same thing.
00:09:47.759 --> 00:09:51.519
Like, you know, hey, I'm a 20-some or I'm 30, you know, early 30s.
00:09:51.600 --> 00:09:52.559
You know, we're just getting started.
00:09:52.639 --> 00:09:56.320
We're putting all of it back in the business, you know, burning the boats for ah, let's go.
00:09:56.559 --> 00:09:59.519
So your starters are definitely your HSA.
00:09:59.919 --> 00:10:03.360
You know, if you have a high deductible health plan, this is the no-brainer.
00:10:03.840 --> 00:10:05.600
It's the double dipper, right?
00:10:05.759 --> 00:10:08.240
You put money into it, you get the deduction.
00:10:08.399 --> 00:10:11.279
So keeping more money in your pocket, less than Uncle Sam's.
00:10:11.600 --> 00:10:11.840
Okay.
00:10:12.000 --> 00:10:18.879
Yes, you can use it for expenses as needed, and you can invest it and it grows tax free forever.
00:10:19.120 --> 00:10:20.480
You know, and it never expires.
00:10:20.559 --> 00:10:24.000
Like those of you that are coming from corporate, you're like, oh, is it that FSA thing?
00:10:24.159 --> 00:10:30.399
And I hate that because it's like, oh, let me get my crystal ball out and figure out what my expenses will be, because if I don't use it, I'm gonna lose it.
00:10:30.720 --> 00:10:31.840
This is not that.
00:10:32.159 --> 00:10:39.440
I say the other one, Marcus, that I love as the starter is that has a similar effect is the Roth IRA.
00:10:39.679 --> 00:10:43.039
Yeah, you know, and especially for kids and yourself, right?
00:10:43.120 --> 00:10:51.120
I'm talking to us adults here, you know, because when you put money away, right, that's the objection, especially when you're just getting ramped up.
00:10:51.200 --> 00:10:54.240
Like, if I put this money away, you're gonna lock it away and throw away the key.
00:10:54.480 --> 00:10:55.840
Like, no, dude, no, no, no.
00:10:56.080 --> 00:10:59.120
Like a Roth IRA, you put contributions in, okay?
00:10:59.360 --> 00:11:07.120
And yes, the IRS limits us, guys, but you can take those contributions out at any time, tax-free, penalty free.
00:11:07.279 --> 00:11:12.159
What other account do you probably well, you should have in your list that functions that way?
00:11:12.559 --> 00:11:12.799
Right.
00:11:13.039 --> 00:11:14.159
Your savings, right?
00:11:14.320 --> 00:11:16.080
Like your oh sh account, right?
00:11:16.159 --> 00:11:17.440
That rainy day fund.
00:11:17.600 --> 00:11:23.759
Well, now, because savings accounts don't yield just squat, you invest that and it's growing tax-free.
00:11:24.000 --> 00:11:26.159
And you're investing it how you know.
00:11:26.480 --> 00:11:29.679
You know, you can partner it, just like all those other creative deal structures.
00:11:29.759 --> 00:11:36.799
You can partner it on deals, you can partner Roth and the HSA together on a deal, you know, like that's where it gets to the fun stuff.
00:11:36.960 --> 00:11:38.559
But here's where I'll nerd out.
00:11:38.639 --> 00:11:55.600
I mean, and yes, I know you guys are all using Chat GPT and not like financial calculators or anything these days, but type in like what compounding interest does for you or your kid, even if you do a one-time like drop in the bucket, it's insanity, like how much it can grow.
00:11:55.679 --> 00:11:58.720
And yes, the majority of it is tomorrow money.
00:11:58.799 --> 00:12:03.279
And there's advanced strategies like 72Ts and all that we're not going to get into on this podcast.
00:12:03.600 --> 00:12:06.240
But there are ways you can access it early.
00:12:06.399 --> 00:12:13.279
So if you're that guy or gal that's like, yeah, I'm, you know, YOLO live for today, you know, we're not guaranteed tomorrow.
00:12:13.440 --> 00:12:15.600
It's not just the tomorrow money.
00:12:15.759 --> 00:12:22.159
And you can attest to this, you know, when you get into the other types of accounts, it's about keeping more of what you're making.
00:12:22.639 --> 00:12:33.519
Doing deals in these Roths and the HSAs are proactive strategies versus reactive, which I mean, we all love our reactive clients that are last minuteers.
00:12:33.919 --> 00:12:36.720
You know, you have a good place in our hearts, you know.
00:12:37.039 --> 00:12:44.879
But you know, the more proactive you can be, you know, about your business and investing and you know, mitigating taxes is huge.
00:12:45.120 --> 00:12:48.159
But that HSA, Marcus, I'll ask you.
00:12:48.240 --> 00:12:50.720
I mean, I think it's the most underutilized.
00:12:51.039 --> 00:12:52.960
Well, it's absolutely underutilized.
00:12:53.200 --> 00:12:57.200
Matter of fact, for most people, they need a high deductible health insurance plan, anyways.
00:12:57.360 --> 00:12:59.519
Otherwise, they're overpaying for health insurance.
00:12:59.759 --> 00:13:00.080
Correct.
00:13:00.159 --> 00:13:08.000
Um, and especially when you look at a HSA, let's subtract out the self-direction for a second, because you can do a non-self-directed HSA.
00:13:08.320 --> 00:13:11.519
And so I'm this is a great way to kind of compare the two.
00:13:11.600 --> 00:13:17.360
So if anybody's still screwed up on and doesn't understand, which by the way, this is complex stuff, right?
00:13:17.519 --> 00:13:20.480
Self-direction is weird because nobody talks about it, right?
00:13:20.559 --> 00:13:30.799
This isn't what you're gonna hear from Merrill Lynch and Raymond James and Fidelity and and all these places that have investment funds.
00:13:30.960 --> 00:13:37.519
They don't want you to know about this because that takes money out of their investment fund and puts it in your control, right?
00:13:37.600 --> 00:13:45.919
So, this is not stuff that I'm not gonna say this is an underground society, but it kind of feels like it sometimes because nobody talks about it.
00:13:46.000 --> 00:13:58.720
And so let's just compare this HSA for a second, because you can put, I think it's it was$8,500,$8,550 in 2025 for family filing or uh family HSA.
00:13:58.960 --> 00:14:01.279
So you could put$8,500 into it.
00:14:01.360 --> 00:14:07.360
If you're the highest tax rate at 40%, that's saving you, what is that saving you?
00:14:07.600 --> 00:14:11.200
Uh$3,200 in taxes right there.
00:14:11.440 --> 00:14:15.120
And so when you think about your high deductible tax plan, right?
00:14:15.279 --> 00:14:22.799
And your high deductible tax plan is costing you or your low deductible or health insurance, I'm saying tax premium.
00:14:23.039 --> 00:14:27.759
Low deductible health insurance plan is costing you five thousand dollars more.
00:14:28.000 --> 00:14:44.559
Well, you're saving$3,500 by putting your money into a lower, uh lower cost premium and putting money into a health insurance account or HSA to ultimately save for those catastrophic events when you actually maybe need it.
00:14:44.720 --> 00:14:46.399
And you know, it's interesting.
00:14:46.639 --> 00:14:50.639
The thing I really like about it is you can tap into it no matter what.
00:14:50.720 --> 00:14:52.000
So we're comparing the two.
00:14:52.240 --> 00:14:58.639
On one hand, you've got the ability to put it into a brokerage account and it does what it does, no problem.
00:14:58.799 --> 00:15:24.159
And a lot of HSAs even limit the index funds and what it has to be, but then on the other hand, you can take this HSA and when Amanda's talking about putting it in a deal, you could lend that money out, you could buy a rental property, you could even wholesale a property with that money and put that profit in your HSA tax-free, right?
00:15:24.240 --> 00:15:30.000
Yeah, so the profits from those deals that she's talking about then ends up in the account HSA.
00:15:30.559 --> 00:15:40.879
And then whenever you have a medical issue, you call Amanda and you say, Hey Amanda, I need a check for$5,000 because I had XYZ happen.
00:15:41.039 --> 00:15:42.879
Now you've got it there, right?
00:15:43.039 --> 00:15:43.759
And it's done.
00:15:43.919 --> 00:15:51.440
And that's what I think is so great about the HSA because it doesn't matter how old you are, it just it actually just matters how much pain you are you're in, right?
00:15:51.600 --> 00:15:53.840
So uh that's that's the difference.
00:15:54.320 --> 00:15:55.120
Absolutely.
00:15:55.360 --> 00:16:00.080
And I'll piggyback on that too, because I have some that are still in like corporate, right?
00:16:00.159 --> 00:16:07.519
And they're like, well, my company is paying for, you know, the guy I get it through my company and the HSA is there, but I'm still working there.
00:16:07.759 --> 00:16:09.759
So I can't move my HSA.
00:16:10.159 --> 00:16:11.039
Yes, you can.
00:16:11.200 --> 00:16:14.639
Yeah, it's a 401k that follows those rules, not your HSA.
00:16:14.960 --> 00:16:15.039
Right.
00:16:15.200 --> 00:16:25.600
You know, so you can have two, just like IRAs, you can have 20 underneath the sun, but you're still limited to that, you know, contribution limit across the board.
00:16:25.840 --> 00:16:28.159
And we got a bump this year for the HSA.
00:16:28.399 --> 00:16:31.440
You're at for a family, you're at 8750.
00:16:31.600 --> 00:16:44.159
You know, for a single person, just cut it in half, but you're in the double dip period right now, you know, so you can still get in for last year up until April 15th, you know, and you can put in 426, you know, which is awesome.
00:16:44.240 --> 00:16:47.440
I mean, your IRAs and HSAs and Cisa's all follow that.
00:16:47.679 --> 00:16:51.120
So that's that's another huge$16,000 into that account.
00:16:51.200 --> 00:16:53.360
And if you're like me, you've got three kids.
00:16:53.519 --> 00:16:57.759
Well, first off, spending$8,000 a year on medical costs is nothing.
00:16:57.840 --> 00:17:01.039
And I don't even have kids that get hurt and injured that often, right?
00:17:01.200 --> 00:17:02.559
I mean, that's nothing.
00:17:02.960 --> 00:17:14.319
And so I think the HSA is great, but you then you went over to the Roth IRA, and that's an interesting one because a lot of people don't realize that your contributions actually can be taken out if you need to take them out.
00:17:14.400 --> 00:17:18.559
Now, of course, we don't want you to take them out because that kills compounding, right?
00:17:18.960 --> 00:17:21.599
But if you have to take them out, you can take them out.
00:17:21.680 --> 00:17:26.000
Let's talk about the Roth IRA a little bit and why that's such a powerful tool.
00:17:26.319 --> 00:17:27.119
Absolutely.
00:17:27.279 --> 00:17:28.960
So, Roth IRA guys.
00:17:29.039 --> 00:17:35.039
So if you have a heartbeat, social security number and earned income.
00:17:35.279 --> 00:17:41.119
Okay, earned income is the important one for your minors, you know, but you can have a Roth IRA, you know, just so you know.
00:17:41.440 --> 00:17:46.880
So, like they should be teaching this in like high school as like one of your first saving vehicles.
00:17:47.359 --> 00:17:56.480
Uh, because to your point, and this is the piece that I don't think is ever talked about is the contributions you can take out tax-free, penalty-free.
00:17:56.720 --> 00:18:03.200
And the earnings stay, and they compound and compound and grow tax-free, however, you're you're bossing them around to do.
00:18:03.279 --> 00:18:08.720
So, whether it's in real estate, wholesale, brokerage, like all of that aside.
00:18:08.960 --> 00:18:13.119
But here's what I think of as a parent archist, because your kids are you how old are your kids again?
00:18:13.359 --> 00:18:16.240
Yeah, 12, 10, and and I'm about to turn nine.
00:18:16.480 --> 00:18:17.039
Okay, yeah.
00:18:17.119 --> 00:18:21.680
I was gonna say, I was like, I didn't think you were quite in like the high school yet, but they're still pretty young.
00:18:22.000 --> 00:18:28.000
Yeah, but as much as we love our children, you always want them at some point they're going to leave the nest.
00:18:28.160 --> 00:18:28.880
Yeah, okay.
00:18:29.039 --> 00:18:36.400
You know, and the whole point there is to teach them these tools, financial independence, you know, and to stand on their own feet and get the heck out of my purse, right?
00:18:37.680 --> 00:18:44.319
You know, so two of the exceptions are they can use that for down payment on their first home.
00:18:44.559 --> 00:18:48.400
So think of, you know, my real estate folks listening, think of house hacking, right?
00:18:48.799 --> 00:18:51.359
You know, Fanny and Lendia up to four doors, right?
00:18:51.440 --> 00:18:59.359
You might have to co-sign for that loan if they're still in college, but now you're teaching them, you know, cash flow properties, you know, and get passive income streams.
00:18:59.599 --> 00:19:03.440
You've used it as an exception to pay for college, is another one, you know.
00:19:03.599 --> 00:19:08.720
So when you look at vehicles, that's both earnings and principal, is that right?
00:19:08.880 --> 00:19:09.200
Yeah.
00:19:09.519 --> 00:19:09.839
Yeah.
00:19:10.079 --> 00:19:10.240
Yeah.
00:19:10.400 --> 00:19:12.160
For those two exceptions, yeah.
00:19:12.240 --> 00:19:12.640
Yep.
00:19:12.880 --> 00:19:17.839
So that's where most don't even think of it that way because we've just been conditioned.
00:19:17.920 --> 00:19:23.039
Oh, retirement account, you know, you just think automatically down the road, down the road, down the road.
00:19:23.279 --> 00:19:32.720
So that's where it pays to, you know, have the right butts and the right seats as far as like your financial team to be able to tell you those things of like when that makes sense.
00:19:32.960 --> 00:19:36.319
And you don't have to have a boatload to put in them.
00:19:36.480 --> 00:19:37.519
That's the other thing.
00:19:37.759 --> 00:19:43.599
You can put, you know, they limit you 7,000 if you're under 50, 7,500, you're over 50 for this year.
00:19:43.680 --> 00:19:43.920
Okay.
00:19:44.000 --> 00:19:48.160
So that's 25 and 26, you know, bump that up if you're over 50.
00:19:48.400 --> 00:19:50.400
But they limit you on how much you can put in.
00:19:50.480 --> 00:19:53.279
Like our minimum is a thousand bucks as far as contribution.
00:19:53.440 --> 00:19:59.680
So I mean, if you've listened to any, you know, pay yourself first, I mean, just get that automated.
00:19:59.920 --> 00:20:02.880
Automate it right from you know, your checking account, et cetera.
00:20:03.039 --> 00:20:04.559
Just start that best practice.
00:20:04.720 --> 00:20:08.079
You will thank yourself when you're like, oh, wait, I do have this.
00:20:08.240 --> 00:20:15.200
I mean, it beats finding money in your jeans pocket after you do the laundry when you look back, you're like, oh my gosh, I forgot I set up this account.
00:20:15.359 --> 00:20:16.799
Look at what it's done.
00:20:17.039 --> 00:20:18.160
But how much?
00:20:18.480 --> 00:20:26.960
So, I mean, I know because we have a lot of mutual clients, but you know, how often do you get people talking about like paying their children for tax strategies?
00:20:27.279 --> 00:20:28.640
Well, I think that's a great thing.
00:20:28.799 --> 00:20:34.480
I was just thinking about that because you had kind of mentioned it several times about having your kids in a Ralph IRA.
00:20:34.559 --> 00:20:39.119
And this is a strategy that we talk about with our clients on the regular.
00:20:39.279 --> 00:20:42.480
Now, here's the other piece of the puzzle.
00:20:42.720 --> 00:20:54.720
I've had several audits where the question the auditors had, not auditing for children on payroll, but the question that they had specifically was do you have children on payroll?
00:20:54.880 --> 00:20:55.200
Right.
00:20:55.359 --> 00:21:01.519
And so if you get audited, I do think that that's something that you got to make sure and you do the right way, right?
00:21:01.599 --> 00:21:03.599
And so what are we even talking about here?
00:21:03.759 --> 00:21:15.599
Well, first off, if you're a business owner and you have a child that is usually between the age of 18, basically, or eight and 17, I don't know, somewhere in that age group.
00:21:15.759 --> 00:21:20.480
But you can you can do it for a good while and you can employ them in your business.
00:21:20.640 --> 00:21:26.480
And if you employ them in your business, you are can now pay them out of your business, and there's a certain way to do it.
00:21:26.559 --> 00:21:37.759
You don't want to do it through an S Corp, you want to do it through an LLC, and there's you'll want to get with a tax professional to do it right because there's a right and wrong way to do this, and certainly uh one that can be scrutinized under audit.
00:21:38.079 --> 00:21:50.799
Pay your kids like an employee, and you know, they're doing whatever they're you know, maybe they start with shredding paper, cleaning your office, doing all that kind of stuff, administrative type tasks.
00:21:50.960 --> 00:21:59.759
And then maybe they work their way up into doing some Excel spreadsheets and doing some QuickBooks and and doing some, you know, maybe they get out there and swing a hammer, maybe they go out.
00:22:00.160 --> 00:22:00.960
There and whatever.
00:22:02.319 --> 00:22:02.720
Whatever.
00:22:02.880 --> 00:22:04.319
Go pay them, pick up rocks.
00:22:04.480 --> 00:22:05.519
Whatever you got to do.
00:22:05.759 --> 00:22:07.359
But you pay them some earned income.
00:22:07.519 --> 00:22:15.680
Well, you can pay them up to the standard deduction, which right now is between 12 and$13,000.
00:22:16.000 --> 00:22:17.759
I don't remember exactly what might be higher than that.
00:22:17.839 --> 00:22:24.319
I don't remember exactly what it is, but up to the standard deduction in income and they don't have to pay any taxes on it.
00:22:24.400 --> 00:22:27.759
So you get the deduction and then they don't have to pay any taxes on it.
00:22:27.839 --> 00:22:29.920
But that's not all the magic, right?
00:22:30.079 --> 00:22:33.839
So what Amanda's talking about, we take that strategy and we're like, okay, sweet.
00:22:34.000 --> 00:22:36.720
I paid them, you know, 12,000 bucks or whatever.
00:22:36.880 --> 00:22:38.160
I got the deduction.
00:22:38.319 --> 00:22:40.240
They don't have to report it as income.
00:22:40.400 --> 00:22:40.720
Sweet.
00:22:40.799 --> 00:22:42.240
Now, what do they do with the 12 grand?
00:22:42.720 --> 00:22:45.839
Well, I always tell people to go into two buckets.
00:22:46.000 --> 00:22:48.640
Bucket number one, Roth IRA.
00:22:48.799 --> 00:22:50.000
They don't need the money, anyways.
00:22:50.160 --> 00:22:55.680
Go throw the half of that into a Roth IRA and let us start earning, right?
00:22:55.759 --> 00:22:57.200
And let us start cooking.
00:22:57.440 --> 00:22:58.799
And they don't need it.
00:22:59.039 --> 00:23:00.559
So here's the cool thing.
00:23:00.720 --> 00:23:05.359
That is the only money, and Amanda, I'm I'm taking your thunder here, but I'm excited about it.
00:23:05.519 --> 00:23:10.160
It's the only money that will ever, never be taxed, right?
00:23:10.640 --> 00:23:14.960
Because it goes to your kid, never taxed, right?
00:23:15.039 --> 00:23:17.200
You get a deduction for it, they don't get taxed on it.
00:23:17.279 --> 00:23:21.440
Then it goes in the IRA, Roth IRA, and it's never taxed ever.
00:23:21.680 --> 00:23:22.000
Ever.
00:23:22.240 --> 00:23:23.359
It's the only way you can do it.
00:23:23.519 --> 00:23:29.440
It's the only strategy, the only strategy I know out there that you can legitimately get have income never taxed.
00:23:29.519 --> 00:23:30.160
It's amazing.
00:23:30.319 --> 00:23:30.640
Yes.
00:23:30.880 --> 00:23:31.119
Yes.
00:23:31.359 --> 00:23:33.599
And you can only do it for a short period of time.
00:23:33.839 --> 00:23:34.160
Right?
00:23:34.319 --> 00:23:35.440
Get the kids working.
00:23:35.519 --> 00:23:36.559
You know, but you're correct.
00:23:36.640 --> 00:23:41.440
I love that you go into the documentation piece, you know, and making sure it's done the right way.
00:23:41.599 --> 00:23:44.640
Because our fund disclaimer, it's a passive custodian.
00:23:44.720 --> 00:23:48.480
We're not CPAs, and you know, we're not legal, we don't sell investments, blah blah blah blah.
00:23:48.559 --> 00:23:51.039
You know, so always like, you know, document, document, document.
00:23:51.200 --> 00:23:55.119
But absolutely take advantage of that, pop it in the Roth.
00:23:55.359 --> 00:24:00.400
And then now you're creating like tax-free legacy right there.
00:24:00.880 --> 00:24:02.799
I mean, just think about that.
00:24:02.880 --> 00:24:09.359
And when you play with, like I said, get into that GPT, play with compounding interest calculators, you can partner those together.
00:24:09.519 --> 00:24:10.559
I mean, you have three kids.
00:24:10.799 --> 00:24:14.559
For those of you listening, like, imagine if you have multiple children that are minors.
00:24:14.799 --> 00:24:19.440
And I know usually during that time of your life, you know, you're really ramping up your business.
00:24:19.599 --> 00:24:20.559
So I get it.
00:24:20.640 --> 00:24:31.279
Like we're all in the same boat, but it pays to pause and work on your business and on your plan versus in it all the time.
00:24:31.759 --> 00:24:33.039
It doesn't take a long time.
00:24:33.119 --> 00:24:35.279
That's where it's who, not how, right?
00:24:35.759 --> 00:24:39.359
We're not going to hand you, hey, here's publication 590 A and B.
00:24:39.440 --> 00:24:40.000
Go read it.
00:24:40.240 --> 00:24:41.839
I would never expect anybody to do that.
00:24:42.000 --> 00:24:42.240
Yeah.
00:24:42.400 --> 00:24:50.240
You know, but it's the who, not the how that you have on your team that make the strategies we're talking about just super simple.
00:24:50.799 --> 00:24:51.119
Right.
00:24:51.359 --> 00:24:56.160
And we're talking about maxing these strategies out, but just like Amanda was talking about, you don't have to max them out.
00:24:56.319 --> 00:24:57.759
You can start small, start low.
00:24:57.839 --> 00:24:58.000
Yeah.
00:24:58.160 --> 00:25:00.400
Maybe it's$3,000 in the account.
00:25:00.480 --> 00:25:02.000
Maybe it's$1,000 in the account.
00:25:02.240 --> 00:25:05.359
Whatever it is, the earlier you can get them in, the better.
00:25:05.519 --> 00:25:09.839
And just kind of like what you were saying, here's the thing about paying your kids.
00:25:10.480 --> 00:25:18.880
Well, if you put some of that money into a retirement account, the rest of that money can go to be used for everything else that your kids cost that you're already paying for, right?
00:25:19.359 --> 00:25:22.319
You're paying for their memberships to all their sporting events.
00:25:22.400 --> 00:25:25.039
You're paying for their you know books if they got to go to school.
00:25:25.200 --> 00:25:28.400
You got to buy them a new car if they're getting ready to turn 16.
00:25:28.559 --> 00:25:35.039
Like that money setting in a bank account and can be used for all of that stuff that you're gonna probably be spending anyways.
00:25:35.119 --> 00:25:42.720
You're just reallocating where the money's coming from, and they're spending it on themselves, and you can teach them some good financial lessons along the way, right?
00:25:42.960 --> 00:25:49.039
Which I think is probably more than anything, will probably be the biggest piece of the whole puzzle, right?
00:25:49.119 --> 00:25:57.440
If you teach them good financial habits early, oh gosh, that is you set them up decades ahead of so many others that you know.
00:25:57.519 --> 00:26:05.920
Again, we work with people all the time in the 40s and 50s that still don't understand financial basics, and that's not to attack anybody, it's just that they didn't learn.
00:26:06.160 --> 00:26:10.960
And so when you're able to instill these in your kids, man, that's powerful.
00:26:11.200 --> 00:26:12.960
Gives them so much head start.
00:26:13.359 --> 00:26:24.799
Lead by example, and like the important word and everything you just said is just start, just start, like get out of your own way, get out of your own head, whatever that might be, and like just start.
00:26:25.039 --> 00:26:29.839
It's the same thing, like when you know, when you're talking like for to your business owners, right?
00:26:30.319 --> 00:26:31.279
You know, to your point.
00:26:31.440 --> 00:26:38.079
I mean, I've I've spoken with business owners in their 40s and 50s that are like, you know, oh, I don't have a 401k, I'm self-employed.
00:26:38.319 --> 00:26:42.880
Yeah, I'm like, that doesn't mean you shouldn't have some type of tax sheltered account.
00:26:43.359 --> 00:26:55.680
Like, if anything, it's even more important, but we're always we've been given by, I don't know, mainstream, if you want to call it that, a different message, you know, that those were only for your W-2 corporate professionals.
00:26:55.759 --> 00:26:57.519
And that is not true.
00:26:57.759 --> 00:27:11.519
I mean, let's segue into like those deeper buckets, because I think those are like for majority of your audience listening here, you know, even the solo 401k, like those deeper buckets are so, so important, you know.
00:27:11.680 --> 00:27:26.640
And then when you're listening to, you know, all of these cool strategies and cost segregation and mega backdoor Roth, like, you know, these are the basic vehicles that are done in, are these you know, self-directed, you know, employer-sponsored plans.
00:27:26.880 --> 00:27:27.200
Sure.
00:27:27.359 --> 00:27:28.400
Let's dive into those.
00:27:28.559 --> 00:27:32.319
So we start out HSA, Roth IRA, really, really good.
00:27:32.480 --> 00:27:34.799
That's gonna get you, it's gonna get you a long ways.
00:27:34.880 --> 00:27:39.039
But then the next thing we've got to look at is okay, now we're making some consistent money.
00:27:39.200 --> 00:27:53.359
We're definitely in the high tax brackets, and maybe we've aged a little bit, maybe we've become a little wiser and we're like, okay, I got to start thinking about when I'm not gonna be able to swing a hammer anymore and I don't want to work anymore and all this other stuff.
00:27:53.599 --> 00:27:56.319
So then we start looking at these other retirement accounts.
00:27:56.400 --> 00:28:05.039
And so let's start with that solo individual, maybe no employees, and what would you recommend for that type of individual right now?
00:28:05.200 --> 00:28:10.880
Making good money needs to start thinking about saving for retirement and tax strategy along the way.
00:28:11.119 --> 00:28:11.839
Absolutely.
00:28:12.000 --> 00:28:17.519
The triple threat of accounts for all of my solopreneurs out there, the Roth solo 401k.
00:28:17.759 --> 00:28:20.079
Hands down, no doubt about it.
00:28:20.559 --> 00:28:23.359
It gives you, yeah, here's your highlight reel.
00:28:23.440 --> 00:28:24.960
You have deeper buckets, right?
00:28:25.119 --> 00:28:30.480
And depending on your age, you know, up to 72,000 or 80,000 a year you can put into it.
00:28:30.799 --> 00:28:31.039
Right.
00:28:31.359 --> 00:28:31.519
Wow.
00:28:31.759 --> 00:28:36.079
And it has, you know how many tax environments there are in retirement land, everybody?
00:28:36.720 --> 00:28:37.200
There's two.
00:28:38.000 --> 00:28:38.319
There's two.
00:28:39.119 --> 00:28:42.720
Tax deferred, kick the can, or tax free Roth.
00:28:42.960 --> 00:28:43.359
Guess what?
00:28:43.440 --> 00:28:44.799
You get both in one plan.
00:28:46.640 --> 00:28:50.000
Then you have, and this is great for those of you that are transitioning.
00:28:50.160 --> 00:28:52.480
This is a good one that most don't think of it this way.
00:28:52.720 --> 00:28:54.559
It has a restriction-free loan option.
00:28:55.119 --> 00:29:01.440
You know, so 401ks you can borrow against for the DOL 50% or 50,000, whichever's first.
00:29:01.920 --> 00:29:02.160
Yeah.
00:29:02.400 --> 00:29:10.240
So right there, that is your cheapest form of capital you're ever gonna get because you pay yourself back the principal and the interest.
00:29:10.480 --> 00:29:18.640
You know, for those that are making transitional moves, like going from W-2 to full-time self-employed, that's huge, just to even be able to have that.
00:29:18.720 --> 00:29:28.160
And some will arbitrage that out or use that as a down payment on a cash-flowing asset to make some today money versus just tomorrow money.
00:29:28.240 --> 00:29:29.599
And that that's a big one.
00:29:29.839 --> 00:29:37.920
The big powerhouse here is especially if you're getting into leveraging deals, you know, deals with any kind of financing in them.
00:29:38.000 --> 00:29:47.200
So whether you're talking apartment buildings to just like a single family rental with a non-recourse loan, the 401k is the plan, you know.
00:29:47.359 --> 00:29:48.799
So you can do that.
00:29:48.960 --> 00:29:53.279
So, you know, OPM, other people's money, right, is a tool.
00:29:53.519 --> 00:29:57.440
Leveraging is just a tool to acquire more assets with the same amount of capital.
00:29:57.680 --> 00:30:00.400
Same principles apply in retirement accounts, guys.
00:30:00.559 --> 00:30:11.680
But the 401k is the only one you can do without triggering that nasty something called, I may go down this rabbit hole, but I'll give you the acronym just so you know if you hear it.
00:30:11.920 --> 00:30:16.079
You bit unrelated business income tax, UDFI as well.
00:30:16.240 --> 00:30:20.079
But just remember, you bit because it's you bit the big one.
00:30:20.160 --> 00:30:22.559
Like if you trigger, you bit, you bit the big one.
00:30:22.799 --> 00:30:27.759
Marcus and team, make sure you don't ever do that, but for sure.
00:30:28.000 --> 00:30:31.440
Yeah, but that is huge, huge, huge, huge.
00:30:31.759 --> 00:30:34.079
Yeah, so a couple pieces of background.
00:30:34.319 --> 00:30:44.400
So going into self-directed account, remember you can invest your own money in that center that account into deals that you like to do that you you believe in.
00:30:44.480 --> 00:30:49.279
And so if you like to uh lend on houses, you can lend money out of that account.
00:30:49.440 --> 00:30:52.799
If you like to buy rentals, you can buy rentals out of that account.
00:30:52.960 --> 00:31:09.440
And so you put eighty thousand dollars into this or seventy-two thousand dollars into this 401k, and then you can potentially go buy a rental that we feel confident in our you know appreciation ability and whether it cash flows or not, it doesn't matter, right?
00:31:09.599 --> 00:31:12.160
Like in that case, it doesn't matter if it cash flows tomorrow money, right?
00:31:12.240 --> 00:31:16.559
You don't, yeah, it's going back into your you're not spending it anyways, right?
00:31:16.720 --> 00:31:31.119
So you want high appreciation assets that are going to you know, maybe spit off a little cash flow just to make sure that you're not you know losing money on that asset on a yearly basis, but certainly you know, cash flow is not your priority there.
00:31:31.279 --> 00:31:39.119
Something that's paying down in principle and something that has a good exit where you can, you know, two, three, four extra money on that deal.
00:31:39.359 --> 00:31:43.839
And you know, I know a lot of people, my clients, they're like, you know, Marcus, this is great.
00:31:43.920 --> 00:31:48.720
This all sounds great, but my problem is I just don't have time to keep that money busy.
00:31:48.880 --> 00:31:54.640
And I'm like, okay, what you can understand is this you don't always have to keep the money busy.
00:31:54.799 --> 00:32:01.920
You have the same option in a self-directed account to put it in the same index funds as anything else.
00:32:02.079 --> 00:32:02.640
You have that.
00:32:02.720 --> 00:32:07.599
If you want to do that and you're like, I just don't want to mess with it, or I don't have time to mess with it right now.
00:32:07.920 --> 00:32:15.359
Boom, you're back in the index fund, you're back into treasuries, you're back into whatever you want to be in, and you can do that, no problem.
00:32:15.839 --> 00:32:24.240
But you have the option to say, Oh, I like that deal and I want to do that deal, or your brother calls you, hey, I need to borrow, or not your brother, you can't do your brother.
00:32:24.480 --> 00:32:25.200
You could do your brother.
00:32:25.599 --> 00:32:30.160
Brother's okay, your friends' brother's okay, parents and up and down the family tree.
00:32:30.319 --> 00:32:32.480
No, brother's good, branches are okay.
00:32:32.559 --> 00:32:33.279
Yeah, brothers are good.
00:32:33.440 --> 00:32:34.079
Yeah, brother's good.
00:32:34.160 --> 00:32:37.440
So your brother can call you and say, Hey, I need a hundred thousand dollars to buy this house.
00:32:37.599 --> 00:32:44.079
You're like, bang, I'm gonna pull it out of my retirement account, charge my brother a nice fair fee of like 10 and two.
00:32:44.240 --> 00:32:45.359
You know, it could be 12 and three.
00:32:45.440 --> 00:32:46.960
So it's 10 and 2, that's fair.
00:32:47.200 --> 00:32:50.079
And uh, you know, we put that in my retirement account.
00:32:50.559 --> 00:33:01.680
Absolutely, you know, and that's the thing is you're most think when, you know, hey, this either non-traditional or the good old-fashioned way, you know, you're not limited.
00:33:01.759 --> 00:33:03.759
You get to have your cake and eat it too.
00:33:04.000 --> 00:33:06.880
You know, I always joke with, you know, you the boss, right?
00:33:07.039 --> 00:33:08.319
Like you're the boss.
00:33:08.480 --> 00:33:10.960
You know, the thing that's not done, it's not a done for you account.
00:33:11.039 --> 00:33:12.480
That's what the self-directed piece means.
00:33:12.559 --> 00:33:13.359
That's it, guys.
00:33:13.599 --> 00:33:15.279
Right, you know, and same thing.
00:33:15.359 --> 00:33:24.000
Like, if you know, if it wasn't your brother and you have an operator that they've got deal after deal after deal, they're not gonna say, hey, one and done.
00:33:24.160 --> 00:33:31.599
If that relationship works out for you, I'm so plenty there were like, I will gladly keep your money working for you, and I will gladly pay you 10 and 2.
00:33:32.000 --> 00:33:35.759
And that for most is a very handsome return.
00:33:35.920 --> 00:33:38.160
And you're not at the volatility at the market.
00:33:38.319 --> 00:33:41.359
You know, it's tangible, it's secured, it's insured.
00:33:41.680 --> 00:33:47.200
So that's where everyone always asks, well, how do I know when or if I should self-direct?
00:33:47.279 --> 00:33:51.039
It's diversification play when you're talking just from a pure investment standpoint.
00:33:51.119 --> 00:33:52.319
It's just diversification.
00:33:52.559 --> 00:33:54.400
You never put all your eggs in one basket, guys.
00:33:54.720 --> 00:33:56.559
We know we all know this rule.
00:33:57.039 --> 00:34:01.279
So we are, I mean, to even simplify it at the most basic level.
00:34:01.920 --> 00:34:10.400
You'll probably laugh at me at this, but we're basically the platform the IRS says you have to have to be able to do those deals, tax sheltered in that account.
00:34:10.639 --> 00:34:13.039
Like you gotta have us, and that's okay.
00:34:13.199 --> 00:34:16.000
You know, it's but again, right butts, right seats.
00:34:16.079 --> 00:34:20.320
You know, so that's where we bring obviously the education, the know-how.
00:34:20.480 --> 00:34:25.519
We walk you through step by step by step to make sure that you're doing it the right way.
00:34:25.679 --> 00:34:30.400
But having that control, I mean, that's paramount to your success.
00:34:30.559 --> 00:34:38.159
That's why you're an entrepreneur is you like the control, you know, you don't want to ask for permission to pick your kids up from school, right?
00:34:38.559 --> 00:34:39.840
Like they eat your soul.
00:34:40.079 --> 00:34:42.079
It's the same thing with your investments, right?
00:34:42.480 --> 00:34:44.880
You know, hey, why did I lose money on that stock?
00:34:45.119 --> 00:34:45.760
I don't know.
00:34:45.920 --> 00:34:49.119
You know, a hundred percent.
00:34:49.440 --> 00:34:54.800
I think you that's something that I think you mentioned that is paramount here, right?
00:34:54.960 --> 00:34:57.360
You gotta play in the right sandbox, right?
00:34:57.599 --> 00:35:05.360
And so if you're in the sandbox, you gotta play by the rules, you gotta play by the rules of the sandbox, and if you don't, don't get in the sandbox, it's not worth it, right?
00:35:05.840 --> 00:35:12.960
But if you come in and you're willing to play by the rules, you're willing to understand what the rules are of the game.
00:35:13.519 --> 00:35:23.280
I know people that have seven figures in a Roth IRA or a Roth 401k, like that's not unheard of, and you can easily do that over time.
00:35:23.360 --> 00:35:30.559
And here's the thing when you put a deal inside of a Roth IRA, it's not ever taxed.
00:35:30.880 --> 00:35:32.159
It's never taxed.
00:35:33.039 --> 00:35:47.519
And so that$30,000 you know, wholesale, if done correctly and thought out ahead of time, and you don't need the$30,000, boom, and it can go into your your retirement account that can grow.
00:35:47.679 --> 00:35:56.800
And we see clients doing that all the time, legally, correctly, and compliantly within their wealth building portfolio.
00:35:56.960 --> 00:35:58.639
Now, there's things you got to be able to do.
00:35:58.719 --> 00:36:01.599
You got to be able to afford it, you got to be able to say no to cash today.
00:36:01.760 --> 00:36:02.639
Just got to.
00:36:02.800 --> 00:36:03.599
That's okay.
00:36:03.760 --> 00:36:13.679
That's part of growing up as a as an entrepreneur, is we've got to defer some of these uh instant gratification, yeah, gifts.
00:36:13.840 --> 00:36:14.320
Yeah.
00:36:14.559 --> 00:36:14.719
Yeah.
00:36:15.119 --> 00:36:15.920
Some good way of it.
00:36:16.079 --> 00:36:17.920
So that we don't have to do this forever.
00:36:18.079 --> 00:36:26.079
Like the reality is this when you're 30 to 50, you're in your prime money-making years, it just is what it is.
00:36:26.320 --> 00:36:29.119
After you get 50, it starts to wane.
00:36:29.199 --> 00:36:32.800
Now, I think that's getting a little older now because we feels like we're getting a little younger.
00:36:32.960 --> 00:36:37.840
But the reality is as you're getting older, your money-making ability goes down.
00:36:38.000 --> 00:36:46.880
And if you haven't prepared for that, and if you think, oh, well, I'll just worry about it when I'm that age and I'll have, you know, I'll flip some houses and I'll do this and that and the other.
00:36:47.039 --> 00:36:48.639
No, you got to think about this ahead of time.
00:36:48.719 --> 00:36:53.519
You got to prepare earlier the better, obviously within your financial means.
00:36:53.760 --> 00:36:55.920
Amanda, I appreciate you jumping on here.
00:36:56.000 --> 00:36:58.400
We've had a great time, gave a ton of value.
00:36:58.559 --> 00:37:05.440
I want to finish off, I always finish off with this question, and it's because my big belief is this better decisions equal better results.
00:37:05.599 --> 00:37:08.559
If you're gonna have better results in life, you got to start making better decisions.
00:37:08.719 --> 00:37:15.840
So, what would be kind of your big takeaway for helping people make better decisions so that they can get those better results?
00:37:16.079 --> 00:37:21.760
Yeah, I mean, the big takeaway is have the conversation, take action, open the account.
00:37:21.920 --> 00:37:22.960
That's the biggest one.
00:37:23.119 --> 00:37:25.840
I mean, uh, yes, I'm coming from the self-directed arena.
00:37:26.000 --> 00:37:30.639
Like you have to open the buckets and start putting some money in them, and you have to do it today.
00:37:30.880 --> 00:37:35.039
When you look back and it's five years have passed, 10 years have passed.
00:37:35.280 --> 00:37:37.599
That's the number one knee-jerk reaction, guys.
00:37:37.760 --> 00:37:41.679
I get when someone has not heard of self-direction after that first phone call.
00:37:41.760 --> 00:37:45.440
It's why didn't I hear about this 10, 15, 20 years ago?
00:37:45.599 --> 00:37:47.360
Like, don't let that be you.
00:37:47.519 --> 00:37:49.519
Like that would be my takeaway.
00:37:49.679 --> 00:37:53.199
Like you have, I mean, combination of the minds here.
00:37:53.440 --> 00:37:59.599
Hop on a phone call, talk with Marcus's team, talk with our team, and make that action for yourself.
00:37:59.760 --> 00:38:01.360
You owe it to yourself, right?
00:38:01.519 --> 00:38:07.360
We don't want to be swinging hammers and working until you know we're, you know, late 50s and 60s and 70s.
00:38:07.519 --> 00:38:08.480
Like I've seen it.
00:38:08.639 --> 00:38:11.280
This is how you prevent that, you know.
00:38:11.599 --> 00:38:13.840
Only you can prevent forest fires there, boo-boo.
00:38:14.159 --> 00:38:14.719
That's right.
00:38:15.440 --> 00:38:15.920
That's right.
00:38:16.079 --> 00:38:17.760
Oh no, I was like, I love that.
00:38:18.159 --> 00:38:20.000
Amanda, where can people get a hold of you?
00:38:20.079 --> 00:38:29.360
If they're they want to learn more about this self-direction and how to open up the account, whether it's one of the starter accounts or even maybe one of the deeper accounts, how do we get a hold of you?
00:38:29.679 --> 00:38:30.159
Absolutely.
00:38:30.320 --> 00:38:33.519
So you always check us out on our website, specialized trustcompany.com.
00:38:33.760 --> 00:38:36.079
I will have all of my info in the show notes as well.
00:38:36.159 --> 00:38:41.840
But a Holbrook, H O L B R O O K at I-R-A-S-T.com.
00:38:42.079 --> 00:38:44.480
505-514-0587.
00:38:44.719 --> 00:38:45.840
That is my direct dial.
00:38:46.000 --> 00:38:46.800
You can text me there.
00:38:46.960 --> 00:38:49.920
We'll hop on a call and let's see what makes sense.
00:38:50.079 --> 00:38:58.320
And, you know, even if it's not today, guys, you have to make a plan and then have an accountability date, like a deadline to get that done.
00:38:58.480 --> 00:39:01.840
Like that is how you get the results, even if you're not quite there yet.
00:39:02.000 --> 00:39:03.440
So that would be my takeaway.
00:39:03.519 --> 00:39:06.480
So thank you for asking and thank you for putting this together today.
00:39:06.639 --> 00:39:09.039
You know, I love, love the mission here.
00:39:09.360 --> 00:39:09.920
Of course.
00:39:10.159 --> 00:39:10.480
Love it.
00:39:10.639 --> 00:39:12.960
Well, I vouch for uh specialized.
00:39:13.039 --> 00:39:18.400
I personally use specialized trust companies, so happy to promote them on the podcast.
00:39:18.559 --> 00:39:28.800
And one of the things that I will say about specialized is I don't understand how they make any money because their ability to have uh serve their customers at a high level is crazy.
00:39:28.880 --> 00:39:31.519
I'm like, how did you just get back to me in two seconds?
00:39:31.679 --> 00:39:33.039
You I don't understand.
00:39:33.199 --> 00:39:36.639
You just have people waiting around waiting on me to ask you a question.
00:39:36.719 --> 00:39:37.679
And so it's amazing.
00:39:37.840 --> 00:39:40.320
Great customer service, great company to work with.
00:39:40.559 --> 00:39:41.920
Know a lot of the people over there.
00:39:42.079 --> 00:39:46.159
So it's been a wonder, it's been wonderful working together and look forward to doing more of it.
00:39:46.400 --> 00:39:46.800
All right.
00:39:46.880 --> 00:39:47.199
Thank you.
00:39:47.360 --> 00:39:48.880
Right back at you and your team.
00:39:49.039 --> 00:39:49.360
Thank you.
00:39:49.519 --> 00:39:50.239
Bye-bye.
00:39:50.559 --> 00:40:06.320
Wow, what an awesome episode and some great tax strategies there, getting into how to pay your children and doing it the right way, and then setting up that Roth IRA to ultimately save long-term wealth for your kids and then have access to that capital still.
00:40:06.480 --> 00:40:14.000
All of this in a way to build wealth, not just for yourself, but for your family, because we all know that's what most of us get in this for, right?
00:40:14.079 --> 00:40:17.599
We get into it to make money for our families, to build that legacy wealth.
00:40:17.760 --> 00:40:20.800
And these types of strategies are the strategies that do that.
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If you want strategies like that and more, reach out to us at BeckCFO.com.
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We're here to help you until then keep making better decisions so that you can get better results in business.
00:40:32.960 --> 00:40:33.599
Talk to you.
00:40:34.079 --> 00:40:36.000
Thanks for listening to Strength in Numbers.
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If you're ready to take control of your finances and start building real wealth in your business, be sure to schedule your free discovery call with markets at b ecdfo.com to get started.
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Thanks for listening, and we'll see you on the next episode.
