ASK LORAL: Your Wealth Building Strategy

Uh, Lynn's question is, I have my own

business running group homes. I also own 13 rental properties. I

got a tax bill from the IRS of 100,000 How could things be

structured to lower my tax liability? Almost exactly the

answer that I just gave Terry and Nevada is what you're going

to need, and I would say the group homes - each home should

have its own company. The 13 rentals, I mean, depending on

how you want to divide them, that could be three or four per

property. Not sure what state you're in. If you're in

California, New York, New Jersey, Pennsylvania, none of

that stuff I just said it's probably going to work very

well, and then you're going to need that big Nevada asset

company, depending on how much money you're making. So, Lynn

Rifle, call our office immediately. Let's get you some

help. And again, I would not pay that tax bill, I would defer it,

I would do an extension, get to our tax teams, and see how we

can start, you know, taking a big, big, you know, bat to that

bill, and really reduce it, because there's so much in the

big beautiful bill. When you have that much real estate, and

you have, you know, any of the homes, you have cost, I mean,

all of it, you have R and D credits, cost segregation, and

you've got your actual corporate structure that could reduce all

that. So you had a lot of ways to work it, and I would bet,

like most traditional CPAs, don't do half of the things I

just said, so then you just are out, so you either pay the bill

or you get some help, which please call in and get some

help. Dan Dan Hartke, again, not sure what state you're in. Your

question is, are you really mentoring people yourself, and

is everything handled by your team? I'm in need of some

mentoring over the next couple years as our business continues

to grow, and we start to have excessive income and cash flow.

I appreciate complicated business concepts and have a

general idea, the multi-generational trust

structure, but I need a mentor. I am your mentor, and yes, every

client gets my cell phone, I'm available. I help navigate you

through all these foundational moves. Once the foundation set,

then you are assigned a coach, like for your growth strategy,

whatever that is. If you want to grow in real estate, you want to

grow in business development, it could be in marketing, could be

sales. I have, you know, more private clients now that people

do pay extra than just have me be there one on one, in addition

to the big table, so it depends where you are, but everyone

starts at the table, gets their foundation reset. I'm heavily

involved in that first section of it, and then, as needed, I

will jump on calls, but we have calls every week that you'll be

on, depending which category, in which topic, in which area of

development you need, so that's why it's called integrated. It's

me and 28 approximately 28 financial and business experts

to help you. So, Dan, let's get that question out to him. I'm

sorry, that answer out to him. And the last one, Patrick.

Patrick has been working with Sandy. Patrick says they're

asked a question. I'm about to start a new job as a physical

therapist, and I'm setting up a drop shipping business. I want

to set it up all right. I'm very strong, Dave Ramsey fan. Been

working on paying off my house ASAP. Is this the best

direction? Um, no. I mean, if that's what you want, then I'm

going to just say we're not your people, um, because we, we, Dave

Ramsey is the live within your means, live below your means,

pay off your mortgage, stay debt free, we're going to use debt,

that's just the cost of money, all right, so Patrick, if you

can get five, you know, this time, and I think it's going to

stand very wild in the five and low sixes of how of mortgage

interest rates, so if you can get those, and if you have prior

mortgage, which, if you've had this house, and you're down in

the twos and threes, my gosh, it would never pay that off. That's

the cheapest money ever going to get.

When you got a runaway stock market right now, that's

unbelievable. You've got real estate all over the country that

you could buy, and so if you could put your money to work,

say you only owe 100 more on your house, Ramsey would say pay

it off. I would say, take your 100, go put it to work, go make

12% 15% 20% on that money, and then just make your minimums. If

you want to accelerate it, just do an extra principal payment

per month, but don't accelerate paying off cheap debt. Your

principal is the hardest thing to ever get back, and you're

never getting it back. If you just, you know, pay off all your

debt. So, Ramsey and I are in very opposite models. Ramsey

lives more like I do as a person, but he teaches you to

live, you know, like Susie Orman, live in a little bubble,

so you stay safe and don't be an entrepreneur. I'm gonna say, go

be an entrepreneur. So, if you want millionaire status and low

taxes, and again, Ramsey's not going to talk to you at all

about taxes, that's not his game. So, if you want three to

five year millionaire, low taxes, and a huge community

that's been together for 26 years, we're your people. So I

think we're your people, and especially if you're going to,

if you're starting a job as a physical therapist, that's

great, but guess what else you can do on the side, because PTs

have so many cool businesses that are around it and. That

gives you the entrepreneurial edge, and depending on where you

work, a lot of times the places you work will pay you as a

physical therapist inside your company, and so instead of being

an employee making, say, 100 150,000 which I don't know what

your salary is, but if it is, how about your company makes

that, plus you add on supplements, all sorts of

additive revenue, muscle conditioning.. there's so many

things you can do as a PT. We have PTs making a lot of money,

and as an entrepreneur, not a job. But either way, we will

help get you there again with all of you. Ask questions, and

if you don't know what question to ask, read the books, go to

the YouTube channel, ask clarifying questions on what

you're interpreting, so we can help you grow and get to the

next level. I love this call, because so many of you are at

that vortex of you're either going to accelerate and it's all

going to be better for you, or you're going to get really stuck

soon, because a lot of you are making a lot of money and you

need a bigger structure for that money to be made to keep the

taxes low. Thank you. Have a good night.

Thanks for listening to the Real Money Talks podcast.

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