Why Smart Entrepreneurs Never Ignore the 'Boring' Stuff: A Deep Dive into Wealth Protection Secrets

What percentage of entrepreneurs do you think actually are prepared for worst-case scenarios? This, this ties very closely with financial literacy. Because if you have financial literacy and you're putting your money into vehicles that are letting it work for you, you have likely protected your assets. Yes. And so it is about 80 to 90% that have not done that. Crazy 80 or 90%.

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Here in my garage. Welcome to today's show. Here in the original garage. Here in my garage. Ty Lopez Show. I got Tommy here. He's helped over 150,000 entrepreneurs with the most important stuff. And if you're watching, this is the stuff you consider boring. But if you don't do this, you're basically an idiot. Because a lot of entrepreneurs don't have the right LLCs, the right C Corps. They don't double-check their taxes. They don't double-check their funding, how they're structuring the debt they put in the business. You don't have to always lend your business money personally. So we got a lot to talk about. We got a few conspiracy theories we're going to cover. We got the quest to become a billionaire. Whether kids are a distraction or kids make you wealthy. They flew in on the private jet from Salt Lake. So thanks for being here.

Thank you for having me. I, I was telling these guys, I feel like I'm in a museum. You are. This is, this is, I would say this may be one of the most viewed, uh, video backgrounds in human history. Cuz you're talking a billion, at least a. Here in my garage, depending on how you count impressions and views, is at least a seventh of the world may have seen this garage. So we're here. But yeah, I always tell people, you know, I do, I've done Brazilian jiu-jitsu for the last 10 years. And it's the boring stuff that wins fights. Same with boxing. One of my, uh, boxing instructors, he's like, one of the, he, he trains, you know, champions. And he's like, Ty, in, in 37 street fights, I'm like, how did you win them? What's the combo? He's like, straight right to the nose. That's it. He's like, all the jabs, the hooks, you do that when you're in a ring with another pro. If you want to win a street fight, you smack the guy in the nose real hard before he knows what's going on. So in the same way, making money is a lot of boring stuff. Like, do you have the right LLC structure? You have the right corporate structure?

So how you guys have helped, like, over 100,000? For over 100,000, over 170,000 businesses at this point. Yeah. It's crazy. So you go in and you basically do the boring stuff. So let me ask you this, what's the most nightmare you've ever seen when some? I, I have some horror stories. I've seen. I have a private mentor, client, uh, program where I work with people doing 100 mil or whatever they pay me. And I've seen some horrible structures. What's some, uh, bad structures you've seen?

I mean, people are, people are scared of getting punched in the nose, to use your same analogy. You know, taxes are overwhelming. They're exhausting. I think the biggest nightmare is when people let themselves get too far behind. Cuz then you have so many penalties and unnecessary issues that are ultimately just costing you more money. So.

Cuz you guys do accounting too? Yes. You're doing, you're doing corporate formation, but you're also doing estate planning, asset protection, tax stuff, like that? Yeah. Our, our main mod with the IRS, it's, it's not what you make, it's, it's what you keep. Exactly. You got to be set up properly. But then if we can proactively tax plan, as opposed to just reactively filing your taxes, yes. Getting ahead of the curve and being able to actually put some strategy in to invest back into your business, it makes a world of a difference to keep more money in your corp.

Yeah. One of the smartest advisors in the world, he's this old lawyer. He's done some of the biggest restructuring deals in American history. He's retired. I was like, 80. I was on the phone with him a few years ago. He's like, at the end of this call, where I was giving you advice, Ty, you want another the greatest advice you'll ever hear. Don't trust the advisors. Yeah. And what he meant by that was, actually, when I lived in this house, I lived in this house a long time. Moved in here in 2009. And way back, back more than a decade ago, I had a full-time CPA worker for me, working in the office here. This dude messed up my, my accounting for a few years. It took like five years to fix it. You got to go back to the IRS, explain. D. D. I mean, it wasn't the, he didn't, it wasn't the worst version that I've seen people do, but it was all messed up. And I tell American citizens, remember, the IRS is backed by the full force of 18 air craft carriers and 2 million active military. Largest army in human history. Because there's been people who mess with the IRS and then try to run. The IRS will find you. You're almost better off killing a [ __ ] and running to another country than owing the IRS five bucks. They're coming for. Cuz the IRS, yeah, they're, they're going to walk into every country and be like, yo, give us Bob. He owes us $5. And they'll be like, no, we don't want to give you Bob. And they're like, we're going to nuke you. Okay, you want Bob? Remember in The Princess Bride, the best scene? Andre the Giant walks up and the, and they're trying to break into this castle. And the gatekeeper, Andre the Giant goes, give us the keys. And the guy goes, what keys? And then the Spanish guy goes, Andre, rip his arms off. And the guy's like, oh, you mean this key? That's exactly what to happen if you run from.

So getting your account, accounting right. And no entrepreneur likes accounting. So what do you guys do? You have outside CPAs that just come in and do like fractional CFO kind of work? We actually own a tax firm at this point. So we, we acquired and we've been merging tax companies together. And we currently have 80 accountants, 80 CPAs. Our tax company alone has about 200 people total. Yeah. And one of the things that you said, that don't trust the advisor. Yeah. Test, tweak, actually verify what it is that you're doing. Because from a tax standpoint, once you know how to play the game, it becomes part of your business. Yeah. Like, you're throwing this amazing mastermind. It's going to be a great time. There's a lot of big names and a lot of great people that are coming. You have the ability to write this off as an event for your work. There's a really cool tax law, the Augusta rule, where you can rent your house out up to 14 days. So not only are you able to have an amazing work event, bring really cool people together, yep, but the cost of the entire event, you get to make a deductible expense. Health savings accounts. Yeah. Once you do it, and you know, you've been doing this for years. Yeah. To know that this is all deductible against active income that you create.

Yeah. I started, people don't know this about me, but I started in 2001. I made my first funnel. I'm one of the original funnel people out there. You know, before there was ClickFunnels, any of this. I started in '01. I built a funnel because I owned, uh, I, at the time, I was working for GE Capital, GE Financial. And I was just generating my own leads. Then I spun out my own financial planning company with a guy named John Deir. He still owns it. I sold, I sold him my half when I moved to California. But I, I became a CFP. So I was a Certified Financial Planner for like 10 years. I was one of the last people grandfathered in without a college degree. You could become a CFP. Really? Yeah. Now, you sometimes people are like, Ty's faking it. He can't be a C. He was never a CFP. Because you don't, you have to have a college degree. And I'm like, 2004, you didn't have to have one. And when I look at people's, even my own, as an entrepreneur, the temptation is, go make money, offense, offense, offense, offense. But you need defense too. Def. I mean, Al Capone didn't get put in prison for shooting people. What was it? The Valentine's Day Massacre with Al. He just shot everybody. No prison time. But he forgot to report his dang money. And he got put in prison for that's how they got him. He should have, you know, honestly, Al Capone should have reported his illegal earnings to the IRS. But like, yes, I got this by shooting 50 [ __ ]. Um, and the IRS would be like, thank you for reporting. I mean, it's so, you got to play defense too. You need good corporate structure.

Now, you're working, average business you're working with is like doing what, 1 to 10 mil kind of thing? You know, when we've, when we first started, it was a lot of startup entrepreneurs. And we still work with a lot of people that are just getting started, that even under $100,000. But now that we've been in business 13 years, we've got clients that are making tens of millions of dollars. Um, anywhere, as soon as you're getting started, you have tax benefits. Like there's no tax code that says you have to be great at operating and generating income. As long as you have the intent, as long as you show yourself as a legitimate business. What's funny about your comment on the IRS, they'll send you letters and let you know when you owe that money. Yeah. I've never got a letter that says I overpaid. No. Don't know anyone that has. Right. You get a refund check, it's not doing you any good. So it all comes down to the proactive planning. And, um, if Wesley Snipes could beat the IRS case, yeah. Proactively plan, file your taxes. The biggest mistake that we see is that people don't track their expenses. Yes. You're running around the world all year round. If you don't have someone tracking that, you through this event, yes, you're not even going to remember you did it in March. You need to take a, I have a video or a picture of every single place I've been for, for more than a decade. So I always tell people, you're going to deal with the IRS. If you're an American citizen, you ain't rich yet if you haven't dealt one-on-one with IRS. I remember the years I never talked to IRS. And I remember the years I, you're, you'll be in cont, at some point, you're going to be continually in, if you make enough money, IRS and you're going to have a relationship. What yours were more enjoyable when you, they don't know you. That's why I tell people, it's better sometimes. Everybody wants to make, I see these young podcaster kids, 21, be like, I ain't going to be happy till I'm making 100 million a year. I'm like, you, I forgive thee, for thou knowest not what they say. You know, the money, there's an optimal frontier. It's called, when you graph, make a graph, no money, no happiness. Y. Cuz you're just like struggling for air. You know, money, life's better, better, better. But people don't realize that's called the optimal point on fishing frontier. It's different for different. I think it's genetic. I have one business partner, he never gets any diminishing returns. My money. So if he makes a million, he's, you know, a million times happier than if he made a dollar. But if he makes a billion, he's a thousand times more happy than it's straight. But most people aren't like that. For me, at some point, actually, when I lived in this house, I was the happiest. I would say the happiest time, two times in my life. I didn't have that happy of a childhood. I had a complicated childhood. My dad was in prison. That dead, but. But when I lived at the Amish, okay, for 2 and a half years, no electricity, no money. I was making about, I had a, I had a commercial farm. So I was probably making 80, $20,000 a year profit. But my expenses were like nothing. Amish, I stayed with an Amish family. They make my clothes. My entire, this is how you save money. You buy fabric for clothes. It cost you like $100 a year. But that was happy. And then 2013, I lived here. I was making seven figures, but I wasn't, I don't think I was making eight figures then. That was a good time because, like you said, IRS is not watching you as much. The bigger you get on social media, you start getting stalkers and haters and all this. So 2013 was a good. I like that. That was a year. But the IRS doesn't really, they don't care about you as much if you're just making a mill a year.

One of, uh, one of my favorite books, Rocket Fuel by Gino Wickman. And he does such a good job identifying Visionaries and Integrators. Yeah. And Visionaries, yourself, Steve Harvard, or CEO, you guys make money out of thin air. You just have an idea and you can see so far into the future. Money just comes to you, right? Those people often times are not worried because they can just go make more money. Where the Integrators are overthinking and worrying about every dollar. And a lot of times they don't end up making as much money. MH. And one of the things that Steve says all the time, $10,000 earned, right, is the same as $10,000 saved. Right? So what if you go make that extra $10,000 while saving the same $10,000? Compound the $20,000, right? I know the financial planner in you is going to love what that compound does and the rule of 72. But it's not what you make. And if you could put that money back into your business, if you can put that money into your own retirement vehicles that give you deductions, throw the money off a bridge, I don't care what you do. But give yourself the ability to make those decisions so that you can compound your wealth and truly build what you're after.

What do you think's the most legit tax breaks in America? I think just standard deductions in general. Things that people take for granted. Like bills, right? You pay your bills. And everyone complains about the bills. But good luck running a business nowadays without phone, internet, power, and portions of your rent and your mortgage. So you're having all people deducting pretty much all of that. Oh, yeah, for sure. Cuz nowadays, it's, it's pretty hard to not operate your business without some sort of a home office type deduction. Correct. And then vehicles. And every industry is different. So what do you think about buying? A lot of people are like, greatest tax hack for American is buy a big heavy SUV. Section 179 accelerated, accelerate that depreciation. There's levels to this one. You like that? Well, you can do jets. I love it. I, I've, I've done, I've taken advantage of the vehicle deduction several times. Um, right now, I don't like big SUVs. That's the problem. A lot of the electric cars now are 6,000. You got Range Rovers, G Wagons. But thought I'd take a Lambo and just put some weights in the back. Eat there you go. Or get it some large. East Americans be like, like I hit the 6,000 lb rule easy. Wesley Snipes. Yeah. Aventador is a pretty heavy car. Yeah. Wesley didn't file. Yeah. Yeah. That's it. It was definitely just lack of filing. But didn't F. But they, they probably give, I mean, they give warning. Yeah. If you're overt. Some people get in this mindset. It's like, I've seen these, there's these new accounts that I see. And I, I went on a guy's webinar just to listen. He's like, there's no taxes according to the original Constitution. I ain't going to. I said, bro, good luck. Let me tell you something. Uh, I'll come visit you in prison. Because you don't, average IRS agent is a very conservative person. If you walk in there talking about your precious standpoint, uh, 1776, American, American Freedom, they're going to be like, get a rope. Because they don't care about that. All that stuff that's going viral on social media, be careful with that. You got to. Even with t. See, the thing with tax deductions, my first mentor that was a billionaire, he was the largest, he exited, uh, for $2 billion. He's the largest mobile home guy. Made his money in mobile homes. I met him, by the way, at a house party. So I tell people, you want to grow your personal brand and create wealth, do house parties. Y. He walked in this house with just a guest of somebody else. Dude, but worth billions. He told me, he said, listen, Ty, the key thing for your taxes is also the optics of it all. So not just the substance, that's important. Like, do you have your receipts? That's obviously important. But he said, what I do, he said, I even keep my personal receipts. We went to a movie at the Grove. It was funny. And I paid cash. Is he's, this guy's 30 years old than me. Older guy. And he goes, why are you paying cash for a movie? I said, oh, it's personal, so I can't deduct it. So it's not so important. He's, ah, n. He's like, you haven't been audited yet. So the way you defend yourself from an audit is you show all your personal expenses. That you also track those. So when the IRS comes in, you're like, oh, I don't just try to deduct everything. Here's an example where I went to the movies, which is not a business expense, and I tracked that personal. So he said, first time, well, when he gets auto with IRS, they walk in. He says, I have such perfect records. They walk in and walk out because they're like, leave this dude alone. Yeah. So he tracks everything. Because legally, that you don't have to track your personal expenses if you're not deducting them. The IRS doesn't care. But that's a hack from a billionaire. He's like, no, track both. Yeah. It's, it's so much easier now than ever as well with all the credit card receipts and just separating those out. Another thing that we do a lot of is helping clients build and develop business credit and getting working cap. You do that too? I just had a guy on the podcast who has a whole funding business. So you're helping people open LLC or take their existing LLC and get business credit that doesn't report back to their personal? Yep. And also how to build and how to develop it. And one of the big things that, that vehicle deduction, it's all over the internet. And it is a great deduction. It's a great way to cut down your liabilities. But where a lot of people make the mistake is they don't need the vehicle. They don't want the 6,000 lb vehicle, right? That's a waste. Do something that's going to benefit your business. And the only way that you are going to do that is if you're proactively planning. Yes. If you're going throughout the course of the year and going into at least the fourth quarter, it's like, Ty, you killed it this year. You owe a [ __ ] ton of money in taxes. Yeah. What do you need to invest in to better your next year, right? That's probably not a vehicle. And there's levels to it, right? Then planes and all these other cool things. Get involved, marketing. But it all comes from habits. Even if you're just getting started, of setting yourself up the right way, having your go-tos that you know you're going to do on an annual basis.

I've got two little girls. I pay both my little girls. They're, they're models. MH. They look like their mother. Lucky for them. But they get married up. Oh, yeah. Trust married up in looks. Steve can verify this. Steve, we getting a verification for being for for being this goofy? I'm telling you right now, she's beautiful. But my girls get that payment. I get the deduction, right? I can put the money towards school, retirement accounts. Being an entrepreneur is the most amazing thing in the world because of the ability to invest into yourself and into your future. Yeah. As opposed to just giving money to uncles. Yeah. Being an entrepreneur is the greatest tax break because your life becomes deductible. Building a personal brand is even next level. Imagine what the Kardashians have been able to legally deduct. You can't push it too hard, cuz I've arguments with IRS. If you push it too hard, if you're like, oh, I need these socks for this video. N. Don't push it too hard. But legitimate things. Basically, a good way for tax. You got to be able to imagine yourself standing in front of a judge and can you with a straight face under oath say, this was business deduction? I can say right now, this is business right here. It's generating revenue, which they can tax. Yep. So that's why I, there's always a fine line because people sometimes push it too far. There's a billionaire guy, forget his name, one of the rich, richest African-American guys in Texas. He got raided by, you know, he got put, I don't know if he's still in prison, but he was a billionaire. I'm like, bro, [ __ ] everything. Yeah. Just oil money. I think I saw that. I'm like, just pay tax. It's okay to pay some taxes. You actually should not optimize to get your taxes to zero. Couple reasons. You don't want to pay zero tax because if you ever want to finance things with a bank, yes. Banks are conservative underwriting. They don't understand that, oh, deducted more. No, they want to see AGI. They want to see you have taxable income. Number two, it makes the IRS suspicious. If you're a billionaire rolling around with a billionaire lifestyle and you pay no taxes, now you got to deal with bureaucrats. And number three, it's okay to pay some taxes to pay your fair share of the, of the country you live in. Now, America's gotten ridiculous with California. 52. I was paying 52.5% tax. And then crazy Beverly Hills tried to smack 1% on top of that for a city tax. I'm like, I might as well move to Sweden. You know, my Swedish friends pay less than 53 and a half percent tax. Yep. Like Sweden's not, and that's a socialist country. But Swedish people get all kinds of benefits. LA, if you pay ta, I don't live in LA anymore. But if you live in LA, you're basically third world. Pothole roads. You might as well live in Guadalajara, for sure. You know, no to those of you from Guadalajara.

But so for you, the background is, you, uh, this company came out of what, basically the concept that entrepreneurs suck at taxes and legal? So you would be a one-stop shop that people could just rely on and outsource that, right? Yeah. When you're, when you're first getting started in any business, I'm sure you can relate to this, you don't have the money or the means to go hire the high-power CPA and the high-power attorney for the planning that's necessary early in the business. Yeah. Now, for those visionary personalities that we talked about, that just go make a million dollar year one, they didn't do any planning throughout the course of the year. So they end up giving $3, $400,000 of it back. Now you have a huge setback in year two of your business, where the failure rate is often times over 80% in those first two years. So we thought to ourselves, how can we make something where we can keep the cost down? We can make sure that they have what they need. And we can help them with entities. We can talk to them about building business credit where they actually have capital to get away from always having to use personal funds, personal credit. Yeah. File those taxes. And the last thing as well, is estate planning. Protect the legacy for what you're building. Wills and stuff like that. Will, trust, things like that. Yep. Trust, wills, living wills. And another thing that's really cool about taxes in general, depreciation is king. Yeah. We work with a lot of real estate investors. Yeah. That when you purchase real estate and you're able to take that depreciation, yep, you're creating additional cash flow that's passive, 0 to 20% instead of 10 to 37%. And you depreciate that house to lower the tax liability. And it doesn't have to work against what you're qualifying for with houses and cars and things of that nature. So where are you currently? Where do you want to be? And our main message, message is, it's not about where you are right now. Yeah. It's where you're going to be one year, five year, 10 year. And if you let your money work for you and compound it, yeah, it's a lot easier to get there.

No doubt about that. Yeah. I think a lot of entrepreneurs watching, you don't have enough entities. Yeah. People don't have enough en. I'm, I'm working with a guy in my private mentor. He's making, he made $780,000 this month, mostly profit. Okay. He's making almost a million a month. The dude's got one entity. In the wrong state, okay? In general, if you don't have to have California, you know, richest guy I know, Steve Balmer, he's just passed Bill Gates, the sixth richest man in history, nominal dollar. Stan Rockefeller had more money, but not in today's dollars. And, you know, Balmer told me, he's like, I own the Clippers, but he doesn't spend one night in California. He's, he's like, I'm a, I'm a resident of Washington state. But he has a lot of entities. He's not holding the Clippers in the same entity that owns his house. You know, when I first was post, I had a lot of cars and I was posting. And this big hater guy, Ethan from H3, H3, we're friends now, but acquaintances. But he's like, oh, Ty's like, you, you don't own this Lambo. So I said, come over to the house. And on camera, was like, live. He pulls out the title. And he's like, aha, you don't have your name on it. And I was like, that's because I'm smart. But look at the LLC name that's leasing this car. Y. And he's like, oh. And then I was like, Google that one. It's owned by me. But you don't want to have, even an expensive car, you hit somebody, their lawyers are seeing dollar signs. If you hit somebody with a Lamborghini, you want that car ideally structured correctly. A car can be its own LLC. It doesn't cost much to open an LLC. He like, $500 bucks. Yep. So this guy that I said making a million dollars a month, he's got a hundred businesses in one entity. Wow. You can get in a lot of trouble with that. You can get in lawsuits. And it's easier to name something that's just one. They just name. You know, he's, he's going to get, if there's a lawsuit, they're going to try to attach to all his assets. So I tell most entrepreneurs, man, you need many more entities than you have. And you need to connect them correctly. I was with, I work with one of the biggest law firms in the world. It's called Kirkland. I was at the office of Kirkland a couple years ago doing some stuff. And I, I have a lot of entities. And I was like, do I have a lot of entities? You know, and the lawyer goes, I just restructured an 800 entity. Wow. Global subsidiary, opco, ipco, op. And they won't tell me who, but it's one of the top five. It's probably Jeff Bezos, Bill Gates. What? So if you don't necessarily need 800 entities, but most people shouldn't have a one. We just, we just restructured a client with 37. And we were like, that's a lot of entities. Yeah. Because one thing that you do want to be, we've all heard the, don't put all your eggs in one basket. We were with a bunch of insurance people yesterday. And their comment was, no one told you what baskets to use. Yes. So not all states are created equal. To your point, California, Washington. We set up a lot of entities out of Wyoming. Wyoming's a new hot one. I, I've got mine set up out of Wyoming as well. Delaware is also great. But my, don't tell Elon that. He's now anti-Delaware because he fought with them over his $50 billion patri. He's like, boy, God, Delaware. Delaware basically exists for corporations. Imagine you ever met somebody from Delaware? No humans live there except Amish people and some judges. Imagine being so rich that you have a controversy with a state. And publicly destroy what they're trying to do with incorporation. That was amazing. I, yeah, but you got to tread lightly. I don't know if Elon's going to win that. I don't think so either. There's huge law firms, judges, and senators. America. Go. There's America. If you look on what's called the Jenny Index, which is the list of corruption. Let's see where I'm going to. I do a chat GPT session every podcast. Chat GPT, let's look at the corruption index. Where does the United States rank in the top 50 globally? Let's look. This is exciting. Let's see. Okay, the 2023 Corruption Perception Index. America's 24. We only have a rank of 69 out of 100. So the top rate country is Denmark. I can tell people because I live in Denmark. Finland's number two. New Zealand. Syria is 13. Venezuela's 13. On the scale, Somalia is 11. But America's not that. And by the way, this is somewhat of a [ __ ] list. America has a different kind of corruption. So American corruption is structured in legally. It's in front of your face. Lobbyists. Why are food companies able to put Coca-Cola? They have 30 grams of sugar in one can or one drink to six-year-old kids. And then when the kids get hyper from the sugar, then the riddling pharmaceutical companies get to bring their drug into six-year-olds, seven-year-olds. That's because they have lobbyists in DC, not far from Delaware, that sit there and take the senators to dinner. And it goes further than that. I'm not going to get too far down it. But I have a friend who immigrated to the United States from a country that supposedly is super corrupt. And once he got the high, when you start to get to higher levels of business, doing more than $500 million a year, you're, you're going to see through your lawyers, whole side of. He's like, I don't know if I like America anymore because judges are having dinner the night before cases with the top lawyers in America. And they don't even have to hide it. They're like, oh, we went to call. So in America, at the highest level, you have to hire this lawyer because he, his college roommate was the judge that your case is about to appear before. So Elon Musk was like, oh, I'm not going to play the political games in America. America's bigger than one billionaire. Yeah. He's a smart man. But oh, that doesn't end well. I saw, I saw this podcast the other day. I never even thought about this or knew this, which is just, it's one more thing that goes to show. Jordan Peterson was talking about the food pyramid. Yes. And I can't, it was '70s or '80s, I believe, when they ended up coming out with that. And they had grains and wheat at the top, which obviously is not correct, as we all now. And he was talking a lot about how it all comes back to agenda. Follow the money. Wherever that goes. And whether it's corruption or not, thinking for yourself, investing your own money, it all kind of goes hand in hand. But that food pyramid, have you seen that story? Crazy agribusiness companies have huge lobbyists. Yeah. There used to be one of the most powerful groups in America was called the Grange. Was like the mafia in the 1800s, basically a consortium of American farm interests. But the reason you have the food pyramid all messed up with grains at the top, they had too much corn and too much wheat. So they send lobbyists to DC. And they're like, uh, tell everybody to need a lot of wheat and a lot of corn. That's what I'm saying. America's been cor. We're maybe not as bad as North Korea, but there's a level of corruption in America that's our grandkids will be like, man, you lived in an unethical country. I'm like, that's right. America. We think of ourselves is the best. You can't. Denmark wouldn't do that. Yeah. Look at, well, look what happened with the quarantine in 2020. I went to Sweden because Sweden, their scientists were like, we don't know if we should allow quarantine. So nope. You got a ticket if you wore a mask in Sweden. Plus that. And Sweden is such, in a good way, they're stubborn. Once they decided there wasn't enough evidence, even America couldn't pressure them. The H. So for righter wrong, there are lower corruption countries. That's why I like living in Scandinavia. Scandinavia is pretty low corruption. The stuff judges are not having dinner with the lawyers the night before the court. But it is happening in America. The flip side to this and being able to lean into what the positivity is of it is America does have so much opportunity. And there's 70,000 pages of a tax code. Yes. And one of the things that I'd like to talk about is politically, no matter what your belief is, it is very expensive to run a campaign. You don't do it by work. You don't get to a position to be able to run in a campaign by working a W2 job. Right. Doesn't happen. So no matter what side you are politically, within that 70,000 pages of a tax code, every year there are tax code changes that come out. Last year, they actually called them the Inflation Act adjustments. Right. And a lot of those changes are strictly for self-employed individuals and entrepreneurs, people that create opportunity. Yeah. So whether you're just getting started or making millions of dollars in your business, the longer that you're self-employed, you realize W2, you go to work, exchange your time for money, they take taxes out of your check and then give you what's left. But self-employed, those taxes, you may never have. There might not be Social Security in 50 years. People are retiring, it's not enough. Young people, people don't have kids anymore. For sure. Probably will be AI robots that take care of everybody. And then on the self-employed side, you, you get to control your own destiny. You get to go make your own money, invest back into your business, invest into the things that you want, and then pay taxes on what's left. And it was important for me when I realized getting wrapped up in political agendas, there's a lot of things that are out of our control. Yeah. The election last time, example. I think Trump will end up winning. You think Trump will win? Yeah. Trump's a interesting dude. I, I think the best Trump moment was in the debate with Hillary Clinton. She's like, did you pay taxes between these years? He's like, no, because I'm smart. And then she, and he goes, his greatest comeback. She gives him [ __ ] and he goes, well, if you want me to pay more taxes, you should change the law. You were a senator forever. Yeah. He said, but I know you won't because your best buddies benefit from the same tax breaks that I do. You could hear a pin drop. I was actually at my other house in Beverly Hills. I had a party. And I'm not that political. And I turned to one of my guys, big security guy, and I was like, Trump just won. The moment I knew he won was a diff. The same debate where Hillary says to him, um, I'm glad somebody with your lack of morality is, yeah, disposition is not president. He goes, yeah, because you'd be in jail. Yeah. That's right. He's a quick-witted him. Adam Corolla, there's a couple guys you don't want to get in the battle of the wits with. I will put Trump up there now. Is, you know, some people think Trump's also part of the machine. America's a big wheel. And anybody in politics is going to be a little bit part of the system for sure. You can't completely. The people that are out of the system right now, they live on a little island off New Zealand and they're making millions of dollars through the internet. They live in Cypress. They live in Malta. I know dudes like, I know people have just dropped out of society. So if you're both of the presidents are a little bit in the system, the question is, who's more in the system? I, I like to watch the Vegas odds. Let's see what they are right now. Vegas odds, you can bet on anything now. Almost anything. You're not allowed to bet on people when they'll die because in life insurance companies don't like that because then people would take out life insurance on their business partner also make a bet when they die and be like, my business partner, we were, uh, visiting this cliff and he just lost his footing. So yeah, Trump is currently listed at odds in. He's ranging minus 155 to 215, indicating his strong position among betters. So it's KLA. I don't know. I think Trump would wipe the floor with KLA Harris because she's not, she doesn't, they don't like her. But yeah, I agree with you. At the end of the day, set your own destiny outside of Washington DC. Yeah. Because nobody in Washington DC woke up and cared about me and you. Yep. They care about themselves. Republican, Democrat. And entrepreneur, yeah, play both sides. It's, it's, there's always going to be benefits for entrepreneurs and people that stimulate economies, create jobs, bring more money into the overall ecosystem. And you've seen it for years. You've been, you've been doing this for years where you're able to bring a world together off of entrepreneurship and knowledge. And knowledge is power. Same thing with the tax code. Understanding what you can and can't write off. Four words that the IRS really looks for: ordinary, necessary, helpful, and appropriate. Right? So if you can tie something when you're spending a dollar and say that it's ordinary, necessary, helpful, or appropriate, yeah, make it a business deductible expense. And start thinking that way as you spend those dollars.

Yeah. I think going back to what you were saying right before this about playing both sides, Republican and Democrat. Warren Buffett was once asked, who do you donate to? Cuz he donated to Republican and Democrat, equal amount of money. He's like, I never know who's going to win, but I'll have the friend in the White House no matter who wins. That's a smart man. That's great. Now, people don't like that principle. People will be like, where's his principle? That's called survival. That's the ultimate principle. You survive. So some humans, even the most ethical humans, not that ethical. I once met a man that was truly ethical. His name was Eban Hos. When I lived at the Amish, he walked from Boston to the to Virginia to the Amish community because he felt that using a car, a bus, a train, or an airplane used fossil fuel. And fossil fuel was the cause of wars. So he didn't want to do anything that caused man harm. He made his own clothes from wool. He was always knitting. And so unless you're like Eban, okay, who was actually probably living a truly ethical life, but he ate meat. And Josh here is a vegan. So even Josh would be, well, that guy was ethical, but he was killing other. So at the end of the day, you need to be as ethical as still allows you to survive. For sure. So Warren Buffett donated both parties. So people will call him a sellout. Other people will call him a wise man. He's, he's the richest person in the world. Understanding how to play the game. I, I like that move. I think it's great. He's a smart guy. Whenever you think you're smarter than Warren Buffett, walk to the kitchen, walk to the bathroom, find a mirror, take your right hand, bundle it together, and punch yourself in the face. Whack. You like, wake up, bro. This dude, I think his annualized return at scale is like 19%. S&P 500, let's say, is around 10. He's beaten almost double in the market at scale. Remember, some people go, oh, I had a guy message me, Ty, my ROI on my marketing spend is 600%. What you, 6X? I said, no, it's not. He's like, yes, it is. Every day I spend a dollar, I make $6 back the same day. So I went to chat GPT. I said, if I spend $1 today on Facebook ads and I make myself $6 back, and then I take that $6 and I reinvest it the next day and do 6X ROI, $36. How long till I have more money than all the molecules in the universe? Let's see. Because this guy didn't understand, you can't compound forever. Okay? It's estimated there are 10 to the 80 molecules, 80th power. So when you look at Warren Buffett doing 19%, there are people like, as an entrepreneur, you can definitely do more than 19%. Sure. But at the scale of. So it only takes 103 days for $1 to grow into more molecules. They, the guy never wrote me back. He DM'd me. He's like, I'm the best marketer. I could do 6X ROI a day. I wrote him that. I sent him the whole chat GPT calculation. Never heard back from crickets. I was like, you ain't going to 6X your money daily, or you'll have, they'll be, you'll own the Federal Reserve and the universe.

By the way, on a side note, uh, what do you think happens when we die? I like to ask more people off-the-cuff questions. Uh, what I, what I think and what I believe, what I, what I believe and what I would like to think is that we get to reunite with family. And family is forever. But, uh, deep down, I, I do believe that once we're done, our world is done. I do think there's a spirit. I do think that there's energy that's around. My, uh, my MO, my wife's grandma recently passed in the last year. And ever since she passed, our lights in our house are constantly flickering. Yeah. Change a light bulb, flickers. So I do believe that it turns into some sort of an energy. What that energy is, who you're able to meet with, that's all very wishful thinking that I get to meet with my grandpa again and meet with my parents when that time comes. Um, but I do believe that it is an energy that's able to turn into and positively or negatively impact your loved ones once you pass on.

But to get this right, you're saying your mother-in-law haunts you past death? So the mother-in-law, we may cease to be, but your mother-in-law will always be watching you. Adrian, don't forget that. This is about, this is probably like two or three weeks after she had passed. I was going to give my little three-year-old daughter a bath. And I'm flicking the light switch back and forth, and it's not working. Okay. My daughter, three years old, I'm holding her in my hand. She reaches over and hits it one time, and the light turns on. I couldn't turn the light on. I was going like this. And I just, I was telling my wife about it. And I was like, that has never happened. Yeah. And walking rooms, lamps will be flickering. And, um, I feel it. And I feel like her energy follows us around and messes with us a little bit. But, um, bizarre things happen when you're bringing them into your universe. Hard to explain. A lot of. I was talking to my friend, went for a walk the other day. PhD, most atheistic human on earth. But as he gets older, I've known him. He started coming to parties here probably 2010. So I've known him for almost 15 years. Hardcore atheist. Every year he's gone by now, 15 years later. And I was talking to, I was like, you ever have things happen so coincidental, you think they might be some credence to religion? This is the first time, it took him 15 years of life to be like, maybe there is, man. Yeah. Maybe there is. The longer you live, the more such strange coincidences happen. And if you look at mon, qu, modern quantum physics, quantum physics is basically unifying with the basic principles of religion. For example, prayer. You know, if you're Christian or Muslim, whatever, you can pray and it changes things. You have somebody across the world and they're sick, and you pray for them, and they change states. Well, quantum physics now says two particles at the furthest distance in the universe, quantum entanglement means one changes and the other changes simultaneously or beforehand. And scientists are like, what does that mean? Well, that's why I said, the, the universe is so complex. The more we know, it's, it's a little bit like Socrates said, the more I learn, the less I know. Yeah. You know, so it's like, interesting to see even my atheist friends are like, huh, maybe there's something to this God thing. Yep. For sure. I, I, uh, I was, I was raised very Catholic. Altar boy. The

whole nine yards and um definitely believe in a higher power, definitely believe in a God. Don't know so much about the Heaven and the hell. I do absolutely believe in the manifestation and the Law of Attraction, right? But to your point, when people that are very, very meaningful to you pass, yeah, I feel like there is way too much coincidence of things that happen around you that are unexplainable. Like the light, yeah, and uh, the energy that you feel when you're walking into rooms, yes. And when a light flickers that I changed a week ago that shouldn't be flickering or never did before, you can't help but think, "What's up?"

Thanks for hanging out. Thank you for being here. So let me ask you another off-the-cuff question. So magically, hypothetically, you now have $1 in your bank account. You got your wife, kids, you got to provide. You do not have Prime Corporate Services, you're starting from scratch. I drop you off in a random city. Let's pick a city, Frank. Where were you before you came here? South Carolina. All right, drop you in Greenville, South Carolina with your family. South Carolina's beautiful. Okay, you got to, you got to make a million bucks as quick as you can. At least feed your family. What are you doing?

Oh my goodness, something to do with sales. I'm definitely, I'm definitely selling. Whether it be, uh, life insurance of some sort, whether it be wholesaling real estate. I don't know enough to get into the marketing game, like being a master marketer like yourself. I don't think that I'm able to pull that off. So I'm, I'm definitely getting into something with enough margin to be able to compound that money.

If you had to pick, let's say I'm, I'm going to get into real estate. You going be a realtor? Uh, I'm not going to be a realtor. It's going to be something more lines of investor. Probably start with wholesaling to get a little bit of money. So going to go put stuff under contract, flip the contract, flip the contract to wealthy investors that go, "Oh, great. You lock this up. Here's 25 grand at a time." I'm going to reach out to you. I'm going to say, "I'm going to go find you a house." What's your buy? Okay. I'm going to go find the house that you want to buy. Y- I'm going to buy that house, flip the contract to you, make a spread, and do it a couple more times.

Yeah, people don't realize if you're broke, logic. Do stuff that saves rich people time, 'cause rich people have money, but they don't want to spend time. So like you said, find them a house. But it, it, that they call that bird dog. Being a bird dog for somebody with a lot of money is a way to instantly make for $10,000 a month, making finding solutions and making someone's life easier. Yeah, if I get to keep the relationships in South Carolina that I have going back and asking, asking Steve, asking you, asking these people that I know, "What can I do for you? What do you need? What do you need to buy?" And it doesn't even have to be wholesaling real estate, just finding something that's making your life easier and finding a spread within doing it.

Now, switching with Prime Corporate Services, we talked a little about taxes, we talked about entities. Let's talk about the estate planning thing, because this is something nobody wants to talk about. You, I just read this book, Hellbound on His Heels. It's the story, it's an insanely good book. I was telling them, we need to make a movie out of this. But it's a story of this 35-year-old drifter guy who actually shot Martin Luther King Jr., shot him in the jaw. It was a crazy story, very one of the more depressing books I've read recently. Usually, I'm an upbeat dude. This is like, "Whoa." Anyway, Martin Luther King Jr.'s widow was obviously, you know, it was tragic. But on top of it being tragic, she's like, "I have nothing. I have kids. He didn't prepare any will." Yeah. And so it becomes a big disaster. No, no, I'm not saying Martin Luther King Jr. did anything wrong. He just didn't take a little bit of time to set up his will. And it's understandable because we're focused on what happens to us in this life, for sure. But for somebody listening who's an entrepreneur, if you got kids, or even if you don't have kids, it's crazy. I bet you 50% of entrepreneurs, maybe 80%. I want to get your opinion 'cause you're an expert. What percentage of entrepreneurs don't have an updated plan? Land if they either die or are just disabled? You can get in a car wreck and be in a coma for a month. You come back out of it, and people's business will shut down. Y- You go bankrupt in 30 days because nobody could pay the bill. So what, what percentage of entrepreneurs do you think actually are prepared for worst-case scenarios?

This, this ties very closely with financial literacy. Because if you have financial literacy and you're putting your money into vehicles that are letting it work for you, you have likely protected your assets. Yes. And so it is about 80 to 90% that have not done that. It's crazy. 80 or 90%. So people can come to, you know, nothing. You're an entrepreneur, you're growing fast. You can come to Prime Corporate Services and just be like, "I need to get this stuff." And you guys have lawyers ready to go? Yeah, we got a full team of CPAs, full team of attorneys. What we like to do is just give a free consultation. Yeah, let's just talk. Where are you current? Where do you want to be? How are you structured with your entities? How could having more capital for your business benefit you? Filing taxes is something that we all have to do, like we've talked about. But one of the areas where you asked me earlier, how would you make a million dollars? We work with a lot of people that work off of probate lists. Yes. Anyone that's been through a probate knows they're expensive. Yep. And they take forever. Need a living trust, right? You need a living trust. And a lot of people think that you need a will, they think that that's enough. But in most states, avoiding that probate is through a living trust. If you don't know, probate's a bunch of bureaucracy that locks everything up, and you're just have this like limbo zombie time. Yep. And that's another thing that I'll tell people is like, ask your friends, ask your family, ask your loved ones. You want to protect your own assets and what you're working for by having this estate plan, but you don't want to go through it if you can avoid it either. Yes. I want to make sure that my mom, I want to make sure that my grandparents, I want to make sure that the people that I truly care about are overly protected and that their assets go where they want them to go. Yeah. One, because I think that's just the right thing to do. Yeah. And two, I don't want to deal with it. Yes. If something was to happen to my parents, I don't want to have an argument with my sister on who gets the rocking chair that's in the basement. Yes. And it can be about money. Get torn up over little stuff like that. Oh my gosh. You ever see the dude who got divorced with his wife and she wanted half of everything? So he took a chainsaw and saw the in half. The judge got pissed at him for doing that. He's like, "You said half." He's like, "I'm going to be fair." I thought he was going to take a chainsaw to his house too. They caught him before. There's, there's this other story too about these two people that couldn't figure out what they were going to do with their Beanie Baby collection, okay? And so when they went into court, have you seen this? They put all the Beanie Babies in the middle of the courtroom and picked one for one on what. Imagine being the judge. The culmination of your illustrious career is helping two people with Beanie Babies. I went, speaking of Beanie Babies, I like, I know Beanie Baby well because the billionaire's name is Ty, who started Beanie Bab. It's spelled different, but if you ever go down to Cabo, Mexico, he has one of the best hotels. But you make a billion dollars off nonsense Beanie Babies. Yeah. Part of the reason I became an affiliate for Prime Corporate Services because I see almost, I would say one out of 100 entrepreneurs is structured correctly. One. Now, if you're a huge entrepreneur and you're doing 100 million plus, you need extra complex set. But most entrepreneurs are doing 1 to 30 mil. Yeah. And at that level, you can come in and at least get, at least get the basics done, 'cause you can always get more complex, for sure. But if you go to a complex, high-powered attorney that's $2,500 bucks an hour, they're going to still want you to have the basics done. And they come and stack stuff on top. So by the way, I'm going to put in the show notes, Ty's.com, Prime podcast. We'll have all the show notes, references to books that I talked about, things that, that you talked about here. But we'll also have a link. I become affiliate for Prime Corporate Services, so you can click my affiliate link. That way, they will know you came from me. Just say, "Tai sent you." When you talk to them, and they've got 100% free first call. Do an evaluation call. Even if you end up using someone else, at least I always recommend people talk to a couple people. Yeah. And for those of you who already have a plan, don't trust advisors. Get primed and double check in the free consultation. Like this is what my lawyers said up as our accountants. Let their accountants give a second opinion. Never hurts to have a second opinion, for sure. Never. I was in Europe, got my teeth cleaned 'cause I was there for the summer. I won't say which country 'cause I don't want to put down the country. The dentists were like, "You have three cavities. We're going to drill. We'll drill today if you want." And I've never had a cavity in my life. So I'm like, "What?" So thank God I remembered, always get a second opinion. I was like, "Let me go back to America." I went to my dentist here in Beverly Hills. He's like, "Bro, you don't have any cavities." He's like, "Let me show you how they misread the x-rays." He has more advanced machinery. He's like, "H- They, he's like, "You have a little thing you were born with in your teeth that looks like a cavity, but it's completely fine." So I got a, I got a second opinion on my teeth. And those are important. But people have millions of dollars at stake and they don't get a second opinion. It's crazy. So Ty Lopez.com, Prime podcast. Click the link. Tell them Tai sent you from the podcast with Tai. And it's free, you know what I mean? I, I sign up for a lot of free stuff. Yeah, I just test it, you know? For sure. And I know a lot of people. Part of the reason I became an affiliate for you all is that I know a ton of people who have used your services. Real estate people, online entrepreneurs, coaches, personal brands. You know, and a lot of the stuff you do is just like, let's get the basics in place. Y- If you have a personal brand and a business in general, you can ask a lawyer. But I'm telling you, what I do is put the personal brand in its own LLC or S-corp or C-corp, whatever you want to do, because personal brand now is a legitimate separate business. Yeah. So if you're selling a supplement and you have a coaching business and you have a personal brand, you don't always have to make three entities, but it's not insane. It's not insane, especially intellectual property. Intellectual property. I own a lot of, I own the intellectual property in America for SMMA, a huge, you know, social media marketing agency. That can be its own business. Yep. You can license out your IP. You can license between a very common thing called IPco Opco. A lot of people don't know this, but you know, I've had five millionaire mentors. But since then, I progressed into five Forbes list billionaire mentors. I've been in business with three guys on the Forbes list, and they have a whole another level thing. It's kind of like playing basketball with my friends that were good in high school, and then like some of, I'm friends with some of the LA Lakers when they come to your house, you're like, "B- this is a different level." It's even how they dribble a ball. It's like, "Okay." I did an NBA party in like Golden State Warriors were all there, James Harden, you know. It's another level. And so the people who are at another level, separate out. In real estate, you can have a, you know, a land company and a management company and a personal brand or a coaching business. You can have the intellectual property you create, like 67 steps, separated from a management company, and you can pay royalties back. Sometimes you use Delaware, sometimes you use offshore. But that simple stuff is important, for sure. You can also sell the, the management, different entities. If you ever want to exit, if you have it all in one company, it's harder to sell. Yes. So by having multiple entities, you can sell off part of your business, but not all of it. Gives gives you more negotiation in that point as well. And that's when you schedule the call. That, that call is for whoever's listening, whoever clicks the link. I mean, yeah, ask questions that are based off of your business. If you're brand new, let us know you're brand new. If you're making a million, 3 million, 5 million, knowledge is power to your point. And the more that you know what questions to ask, I always recommend people, if you are a real estate entrepreneur, ask the accountant, ask the CPA, "How many real estate taxes do you file a year?" Yes. If you're a marketer, "How many marketing businesses do you file a year?" And I think that's one of the values that we've been able to create as we've really grown is we have 80 accountants now that we force to communicate with each other. M- If you're running an accounting business out of your house, yes, what continuing education do you have to continue to get? That's I said, "Beware of the advisor." Very minimal. You put them in teams. You have some people who really, they know real estate, and other people know online coaching and things like that. Yep. And at this point, we actually have seven different tiers where they come in at an entry level and work their way up based off of need. If you're a brand new entrepreneur, you don't need tier seven. You probably need tier one or two to just give you some strategies. But as you make more money, you're able to go to these people that have more sophistication, more knowledge, and can help you get more creative by proactively planning throughout the year. Yeah. By the way, what, switching, bouncing around here, it's the most controversial thing you believe to be true that 99% of Earth would disagree if they were standing right here in a garage? It'd be like, "[Expletive] this guy." Oh, jeez. The, the conspiracies? No, it could be anything. It can be anything. 9/11 was an inside job. Big. He does. And you think 9/11 is an inside job? I do. You need to be my mom. She has a strong opinion on night. So let me ask. Tell her to come party tonight. I want to talk to her about that. She's on my farm. She lives on one of my farms. So let's go down this, just for a millisecond. Who did it then, in your opinion? I, I have no opinion on 9/11, uh, because I don't know. Uh, what's, I don't, what's the, what's the most crime have a motive? What was the motive? The day or two before, yeah, the Pentagon lost a lot of receipts, okay? It's about a trillion dollars worth of money spent, okay? That the plane happened to hit where those were being recorded and were no longer available, okay? You mean at the Pentagon when the one plane hit the P- Correct. Well, why didn't they just, would it be easier just set it on fire or something? I mean, then we get to go into war. Then we get to be the My mom thinks she's like, "People make a lot of money with war." Adolf Hitler, he did a fake, you know, he did a fake little attack on Poland that gave him an excuse to invade Poland. So my mom's theory, maybe this is yours, is that it was an excuse to start a Middle Eastern War? Yes. Which made Halliburton and the Bush family a lot of m- Is that kind of where you're going? I mean, think how long we were in that war. And then now knowing what we know, think about how we exited that war and how much we left in billions of dollars worth of actual military equipment. Yes. Um, I have a hard time thinking that all of those things are coincidences. Yes. And that goes back to the same thing on what happens when you die. Um, I'm not qualified to be speaking on this, to be very clear. But based off what I know, there are a lot of convenient things that happened between the Pentagon, the World Trade Centers, war, and who's feeding who from a financial standpoint. I think there is a lot of money motive that happens in a lot of natural disasters in general. I even, uh, the global warming stuff and the hurricanes that just barely happened. Dubai is over there making it rain whenever they want, right? We obviously have a lot more control than I think that people know about, myself included.

Are you a so favorite billionaire, least favorite billionaire? Favorite billionaire, least favorite billionaire? My favorite billionaire is probably future me. Okay. Can I say that? Sure. My least favorite billionaire is me now. Okay. I don't have a favorite or least. Go for you. When you say billionaire, do you want to have liquid billion or you want to have a Forbes list net worth? Liquid. And the liquid billion, I would, I would definitely prefer to have the assets so that they could work for you and appreciate and work on their own. Okay. I think that that's extremely valuable. Just knowing what I know from a tax standpoint with what I do, getting there would be a whole lot easier in my mind by utilizing tax benefits to work in your favor. So I believe that that would make more sense than just having the liquid. But I wouldn't complain either way, I'll tell you that right now. So billionaire for you. Let's go to the minimum goal. That's that's the ideal goal. Billionaire vision. 10 years from now, what's the minimum net worth you need to have to not be depressed or pissed at yourself? I, I mean, I'm not depressed or pissed. I think that one thing that, or feel like you underperform. Here's, here's something that, one thing that we talked about earlier. I feel like the most financial success that I ever had was when I hit $100,000 in my bank account. Okay. That was the only moment. Every checkbox. The million and everything after that was far less fulfilling than 100,000. Well, that might mean. So I build a test. I'll put a link in the show notes. 12types.com. It's the four motivations. You may not be that motivated by money. Yeah. See people who have a marginal diminishment of enjoyment. I'm like that too. I'm in the fourm of motivation, which is material things, slash money, number one. Number two is mating, slash romance. Number three is movement, slash freedom. And number four is mastery, slash status. I'm the lowest for me is material things. It's very ironic that people think that I was joking in the hear in my garage commercial when I said, "Do you know what I like more than material things? Knowledge." Because to me, knowledge gave me freedom. Yeah. Money can actually put shackles on you. I've actually made enough money. I'll give you an example. I lived in a nice enough house, or a baller house, right? It's one of the nicest houses in the world. And I lived there from 2015 to 2019. Okay. This is this is a very prime Beverly Hills. Put 1,200 people in my backyard, 18 bathrooms, 17 bedroom mansion. Jeez. It was a little bit of a shackle on me because I didn't, I felt like I needed to be there a lot. But I love to travel. Yeah. So those years I traveled less than I. So when you know your own genetic motivations, you actually can dial. I'm more freedom than I am materialistic. So I'd rather have a small, I'd rather have four mini mansions than one huge mansion because then I have an excuse to be more free. Or four. I'd rather have four cool houses that aren't even mansions than one mega mansion. But I have other friends. I mean, look at Hugh Hefner. Hugh Hefner was like, "I want." He had one mansion. He got here in it's called, well, Bel Air, Beverly Hills area. He didn't leave for 20 years. Yeah. He said, "I never go to another man's party." That's came to him. But I tried that life. I was like, Hugh Hefner, his son, I'm friends with his son, Cooper. You know, he, people don't realize Hugh Hefner had the same IQ, 155, probably as Bill Gates, probably as Elon Musk. Hugh Hefner is a very smart man, but he was genetically different than me. I'm not as, I don't have heaven on Earth by just being in one house all the time. Yeah. I need to test you after this. I would love to. That would 12types.com. You go there, you click the four motivations. It takes like three minutes. Test. I bet you are. So let me ask you four questions. You have a choice. You have 1 billion cash in your bank account, okay? But you're completely estranged from your wife and kids. Like you see your kids like once a month. No way. No family. Okay. But wait, there's the 12. You have a billion and you're estranged for. You still see your kids, but you're not close, and you're divorced. Or you 100 grand for the rest of your life, never allowed to make more, and you have the family that you have now. 100 grand. All 100 grand. Okay. Those are your wife might be watching, so we don't want to create a self- a grand all day. It would, it would, uh, I, I think it would take from a lot of the enjoyment from life, but it wouldn't be worth the amount of money, right? For what that's worth. One of my business partners, I've had 13. He's like, "[Expletive] my wife and kids. He's like, "A million." He's at least honest. Okay. So that means you're higher on mating. You are material. So let's make it easier. Material. I give you 1 billion, but you cannot leave from two miles from your home. You cannot travel for the next decade. And you're on a regular 9-to-5 schedule. So you have to come into the office 9:00 in the morning. You get 3 weeks off like a regular American. You got a bill. But no travel and no freedom of your schedule. You get 3 weeks off. You can go to Disneyland. And here, you get a mill a year. A million a year with complete freedom. Million a year, complete freedom. Travel when you want, work from where you want, take your kids. Get, but no more than a million here. You have a bill for but for a decade and no more than two miles from your house. Get which one are you picking? Billion. Billion. Okay. So that means movement, freedom, less important to you. Material, higher. Okay. Last one. I already lost money off staying with this family and these girls. I got to, I got to get the bil. I got to get the billion back. You got the billion. All right. So you could have a billion in your bank account, but you will be completely unknown. Like literally, only people will know you is your blood family and two best friends. Okay. But you got a billion. You walk and you can never tell anybody that you're a billionaire. You're a complete unknown billionaire. You can't drive a nice car, nothing. In fact, if somebody finds out you're a billionaire that's not your family or friends, you get the billionaire instantly. Billion instantly revoked. Okay. Or you make a mill a year and you're the most loved person anywhere you go. Men want to be you and women want to be around you. You go to a conference, they want you to speak. You live that. You have the status of like the most interesting man in the world, but you can't make more than a million a year. Billion. Billion. Okay. So you're mating first, material second. Which one between the freedom and the status would be more important for you? Freedom. Freedom. Fre and status support. Yeah. Know thyself, my friend. That's very interesting. So what you need to do. You going to have more kids? I got two right now. I don't think so. My wife, my wife won, uh, let me get a vasectomy. So it's not totally off the table right now. But I've got two little girls. They're amazing. Three and a half and 10 months. They say you need to have 12 kids. That's to be sure that your genetics, your best of your genetics manifests in one of your. Yeah. That's why Bach had, Johann Sebastian Bach, the greatest musician of all time, had 20 children, and two of them are some of the greatest musicians ever. Wow. You have sexual selection, you have mixing. So sometimes one kid gets none of the good traits of either of you. Yeah. So, but so two. How many of those 20 were just total, total [expletive]? Yeah, I don't know. They are unknown. I think three of them actually for Bach were, one, one or two daughters and one or two interesting. But for you, your wife wants more kids though? She's, she's undecided. Yeah. But she, we're still pretty, hey, these two little ones, we're still, they, we're still in the thick of it. Three and a half and 10 months. Okay. There's a couple, a millionaire couple, I think it's in Romania. Google this. It's a cra- We'll put in the show notes. They had one husband, one wife. They flushed out her eggs, put it in 20 surrogate women in Eastern Europe. They only had to pay $10,000 per, and they had 20 kids last year. The goal is to have 102. They said, "I don't know how to come up with 102 from one woman." So they have 20. So when it might be logical to do this. So you only have one a- When you have to stay up late at night with one baby crying, they just have all 20. They're like, "Ah, we're, we're, we're knocking it out all at once. We're miserable anyway. Might as well be more miserable." You must is the number one problem for humanity is not having enough children. I doubt that's true. Probably the number one pressing problem for humanity is, will AI completely wipe Homo sapiens off the planet? That's a billion per more likelihood than us not having enough kids. But so you wouldn't have 20? No way. I'm cool too. I'm not worried about the perfect anything. So you would have a vasectomy if the wife was on board? Yes. Absolutely. So that's where the money thing for you is a little higher 'cause you're like, "If I have 20 kids, I ain't going to be able to become a billionaire." Yeah. It's a lot of time. It's a lot of energy. I love them to death, and they're, they're amazing. I wouldn't change it for the world. But it does make it difficult from a time standpoint, coming and flying here from Salt Lake to be here for a couple days. Like, I love this as well, you know? Yeah. And, uh, I, I don't think that moderation or balance are possible. I think that you put a lot of energy and focus into things that you truly care about and that you truly want. Then how are you going to do the kids if you don't believe a balance is possible? Which one are you going to focus on? I feel like two has given me enough balance to not completely lose my mind. If I had another three or four, I'd have to sacrifice. What you didn't have more? Ever think maybe I shouldn't had any kids? Um, no. I, uh, I understand how people have that thought very, very clearly. But for me, I feel like I'm, uh, I'm very fulfilled and grateful that I get to experience life through these two innocent, at times, [expletive] kids. They're too young to have a motive. Yeah. For sure. Freud says that you're a narcissist until you're about six, and then you get the theory of the mind and you realize other humans exist. So as we wrap up here, question for you. You're president of Prime Corporate Services. You've worked with over 150,000, you know, businesses forming companies, seeing taxes. If you had one day left on Earth, you're going to Mars in one of the SpaceX, but your kids are staying here, and you want to impart the best financial advice that you've learned from your own life and working with all these entrepreneurs, and you got like 30 seconds. What do you say to your kids and the world about money, wealth, income? The number one thing that I would say is what we've done with our business, and that's tweak, test, and track. And I think what that comes down to is it's never going to be perfect. It's always going to be hard. And major changes in cha- chasing the the shiny penny everywhere that you go and chasing the shiny object is not the answer. Yeah. I don't think it necessarily needs to be something that you're overly passionate about or that you, I never thought I'd be talking about entity and tax for the last 13 years. Yeah. But I've worked really hard. I found a way to enjoy it. We didn't get squirrely and chase all the other options that you could potentially make money with. I think the more committed you stay to the vision that you create early, the easier it is to obtain that financial freedom. So focus, find what works, don't get distracted. 100%. I, you know, one thing I would add to that, if I was on the ship with you, it is I would tell people that know thyself. Yeah. And set a goal that will actually make you happy financially. For some people, that's a billion. For others, it's a million. Yeah. And then shoot to the goal as quickly as you can. Like you said, with very little distractions, straight line. Wake up every day, write for a few minutes. The greatest thing to do in the morning, that's the gym of the mind. Forces you to write some. Write and read. Work out. And then spend 3 hours in deep work. The most focused you can. If you can be in a room with no windows, no music playing, no kids around, whatever. Focus. Cal Newport wrote a book called Deep Work. The human brain, most people can focus crazy for 3 hours. So by the time it's noon, you've done the gym of the brain, reading and writing. You've done the gym of the body, 45 minutes. I created my own workout called the 150 body for busy entrepreneurs. 45 minutes. And then you got 3 hours to go nuts and just focus on the most, not answering emails. Yeah. In that, this is the stuff that will make you money, for sure. And then after that, do what you can. But at least you know that morning, you just knocked a ton out. I, one thing that's helped as well for me is I think that having the vision to build and grow is great, and obviously money comes with that. But one of the motivating factors that has changed recently. We currently have over 300 employees, and, um, over a 100, over, over 200 of them in office. Yeah. And so we've created a really cool culture. It's, it's not as much about the money as as it also is now the people. Those 300 people, yeah, have significant others, they have children. Um, Prime Corporate Services is able to feed a lot of mouths at this point. How do we continue to make their lives better? We got 401k options now, we've got insurance, we've got things that I never would have dreamed of five years ago. So even though the goal to build and grow an amazing company has not changed, the motivation has. Right. And being able to offer more areas to build and grow companies that are going to impact the people that are helping really facilitate what this ultimate vision is of building the best company to be able to help the most entrepreneurs in the world. And we've done a really good job the last 13 years. It's been a fun ride. Yeah. You get paid in proportion to the amount of people you help, for sure. People don't realize they're a dirty capitalist, but they're also good capitalists. Y- And dirty capitalists trick the system, but good capitalists get paid in proportion to the amount of people they genuinely help. So for those of you watching, very important. If you're an entrepreneur or thinking of becoming an entrepreneur, go to Ty's.com/primepodcast. Okay? I got the show notes, but also there is a link there that will let them know you came from me. I'm going to make sure they pay extra attention to people who come from me. So make you need a special coner department. If they say they're from Tai, but book a call. Even if you have your own entities, your own lawyer, get a second opinion. I do this all. I do it every year. I bring a new law firm in or new CPAs every year. Double check on what's going on here because nobody cares about you and your family as much as you. Nobody wakes up thinking about you like you. So you have to be proactive and get a second opinion on your legal structure, your taxes, your estate planning. And this business funding thing, people don't realize. So Prime does all four, which is great because if you like them, you can have a one-stop shop. Or if you like how your personal lawyer does your will, you can keep that with them and just use Prime for something. They've got enough services there, probably one or more things that they can do for you that you don't have going now. So Ty's.com/primepodcast. You'll see the show notes, you'll see a special link that lets them know you're coming from me. I'm glad to be an affiliate for good services. I know a ton of people here in Hollywood. Before I become affiliate for stuff, I ask around, okay? Because people always want me to be an affiliate for their stuff. So I can't vouch that everything they do is perfect, but I know a lot of people that like their stuff. Do your own due diligence. Talk to them directly. And, uh, I'll see you over at Ty's./primepodcast. Thanks for being on the show, my friend. Thank you for having me. You.