U17 – StratLife — An Entrepreneur’s Lifestyle 0:01 Right now, it’s wearing hoarded getting the admit all. 0:07 All right, everyone. 0:08 All right, it’s via the guerrilla Economists and I am with my main man, John Singleton, AKA mister X AKA, the leger themselves, the man of the hour…

U17 – StratLife — An Entrepreneur’s Lifestyle
Right now, it’s wearing hoarded getting the admit all.
All right, everyone.
All right, it’s via the guerrilla Economists and I am with my main man, John Singleton, AKA mister X AKA, the leger themselves, the man of the hour, the man, the myth the legend, the scourge of the banksters. And we’re going to cover a lot of ground today.
So I hope that all of you have your notebooks ready.
And in the future, John and I will have more seminars like this, with documents, and all the other good stuff for you guys to download.
But we’re doing this as a way to leak some people up. And you got to also understand a lot of the things that John and myself dabbling.
Go on Google and find it out.
You just not.
Because this is real insider stuff.
This is from guys who’ve been there, done that, and got t-shirts, So it’s not going to be on an internet forum, it’s not going to be anywhere else.
What you’re going to hear today, it’s from two individuals who understand the systems and the respective systems, John, understands a lot of privacy and legalities, and how to protect your assets. He’s a master of that.
I understand banking better than the majority of people that are out there.
I’m talking about majority of professionals that are out there and I do talk.
No bullshit, no lie.
I do talk to executives at top level institutions, at A executive, executive level, and we do strategize on things because I understand the system and I’ve worked.
You’ve got some, you know, some, some real digging into my past.
I’ve worked as a commercial banker, I’ve managed global payment systems, I’ve worked from there too, Commodity Brokering, where you’d have to not only co laced with, uh, with mining operations, and, and, and, and, and banking, and lines of credit, and letters of credit, and shipping and logistics, and all that other stuff, but also wealth management with the BMA.
So it’s a it’s a remarkable thing.
So, oh, when you take the experience that John and myself have, and you put it all together, you’re gonna get something that is real, something that is tangible and something that is effective.
So of those of you who are going to be on this meeting that you paid for this, you will also be getting the link if you missed the first seminar.
You’re going to get a link to that seminar and you’ll be able to go back and to listen to it. That’s number one.
The second thing is that, this is also, this meeting is also being recorded.
So this link will be provided to you as well. Just give us about 24 hours and we’ll get a chance as well.
We will.
You know John’s going to do a lot of presentation work here so as am I So again have your your your notebooks ready in the end.
We’re gonna have a Q and A, and we’re going to be running this this seminar tool for about an hour OK, so if this is your first time here, don’t worry, This is going to be recorded, and you’ll get the recording Of the first seminar that we did so, Just so you have a well rounded Construct on everything so with that being said, John, what’s up, buddy? How are you? What you want to get into?
Well? I had a scenario that that we can start with Yes, I’m thinking.
Let’s look at this like a person who has never heard this before and just has just a blank mind as to what do I do right if I want to be an entrepreneur? Maybe I don’t want to be an entrepreneur, but maybe I kind of don’t have a choice And Maybe I want to try and see what it’s like.
Maybe I know maybe I think I’m going to be, you know have some independence with certain kind of money the way I make it. I can travel. I can do whatever I want.
So that’s what a lot of people are thinking today.
I’m seeing a lot of people where they just kind of need that because there their business collapsed because of the the fake you know pandemic that’s going around.
So if we start with just a blank.
Thought here, just look at an example of a person who’s in college And he really doesn’t know. Maybe you went to college so that he can get into a certain profession, But he doesn’t really have any prospects. Or maybe he does have prospects, but he still wants to. Like you say, I always have a gig, right? I always have a hustle.
So, what I would suggest is, get a tool that allows you to do things like that.
And one of those tools would be having business credit and business credit just means that you have a company that’s registered with the state.
It has a bank account, and it has a credit file that you can use.
two, get into business with other businesses.
It might mean that I’m going to be, it’s going to be easier for me to work with suppliers, so that I don’t have to really borrow money. Like, you would think like, I don’t have to go get my credit card. I don’t have to call my uncle Bob up. I can actually set up a business, and I can get product for supplies. I need to start making money in three months. I can get those supplies right now and not have to pay for it right now.
So, there’s all kinds of credit that you can use that you can leverage other people’s resources if you want to start with credit.
It’s like, for example, the first thing, let’s say your last year in college. one of the better things you should focus on, if you want to have a bit of an open mind and not just bet it all on getting that job, you know that you went to college for it.
Set up a company, set up credit. And then that becomes the the tool that you’re going to use.
It’s just paperwork, really.
I mean, there’s there’s levels of sophistication. But you can set up a business and get credit with simply paperwork, All right.
It’s about it’s a matter of registering the data from your company, in a certain way.
There’s public databases, we do that, and then we go and find the suppliers that are needed for the thing I want to get into. So what, what thing could that be? I’m just gonna make something up, and I’m telling you, I really, truly, like, like a tug of being on the beginning here.
I’m starting with a blank mind here, so I’m making this up as we go, just so I can be like the guy who I’m talking to.
So let’s say, I, I had this idea where I look around.
and I’m seeing 80% vacancy rates and commercial spaces here, so I’m thinking, Well, where’s all the, the shelving, where’s all, the furniture, where’s, where’s all that? Is it in storage?
And yeah, maybe it is.
Maybe it’s moved to a new location if the business moved or something like that.
But the vacancy rates are kinda high. So I’m thinking that there’s going to be some financial problems.
I’m thinking that a business or the businesses that are involved here, that I’m looking at all this vacant space with uptake, and some of those are in receivership right now which means they might have filed a bankruptcy proceeding. They might have started the Chapter 11, OK. They might even follow receivership and my court. You can actually do that too.
So let’s say I go to the public records, I can do this on the internet, I can also go to the courthouse, and I can look in the US Bankruptcy Court records, and I can find out which businesses have recently filed for Chapter 11 re-organization plans.
And at some point in that proceeding, they will have to disclose what things they have. They have to get rid of. So the trustee is saying you gotta get rid of this stuff and sell it and pay creditors. You gotta sell fast. It’s a fire sale, OK?
There is a process by which I can actually buy these things from the trustee, because it’s in receivership, the trustee now has authority over the business, and like I said, it’s a hot potato. It’s on fire, they have to sell it now.
So, the only trick on that is, how do I get this stuff and then sell it, and have identified, who would buy it? What, what kind of stuff are we talking about? I’ll give you a great example. A great example in my neighborhood about five years ago, I’m near Winter Park in Florida.
So, in this area, someone had, uh, Gotten a lease agreement in a strip mall location that was large enough to where he could have, I think it was like 4 or 5 movie theaters. It was just just a small look in place. But in the back and it was deep, it had a lot of space.
When I go in there, I can see, it’s a, He turned it into a movie theater, but he used office equipment, and he used restaurant tables.
So you have office equipment like Office chairs, and you have restaurant tables. And he was very clever. They organize it. They, debt credit is really nice. And they put this in there.
And they made it as, they put a kitchen in there, and they made it as a dine in movie theater, which is great because there isn’t one around that’s the only went around. And they made it five bucks to come there and watch a movie. Any movie, even the New Movies?
five Bucks, so imagine.
Yeah. And the food’s decent, you know, I didn’t buy any food, obviously I don’t, I don’t usually eat stuff like that, but I mean I looked at the menu, I was like, OK, that’s good stuff.
You know they have this the typical American type food that you would get at, you know, Fridays or something like that.
But anyways, I know that they got those items out of that type of situation.
So they got them out of an office area, business that had offices and they apply it for something completely different. They didn’t open a new office and read, you know, re-invent the wheel, They said. they did something totally different and they carved out a bit of a niche market there and people that like to do something different.
Let’s go out and eat, because here, the alternative is to go to, was it, now they call it Disney Springs, OK, near Disneyworld to get to get service like that.
Yeah, there’s one example that I just described.
Have you seen that before, V? Have you get involved, anything like that before?
Yes, I’ve done this with, with companies where, you know, they were going out of business and they have office space. And believe it or not, they were hauling out.
No buckets meant buckets of computers and printers, monitors, and whatnot.
I had a client that might come right up and they would scoop up all that equipment. They’ll refurbish, and then they’ll go ahead and they’ll sell it on e-bay. That’s the number one at another client who had a construction business.
What was happening is that in, in these construction sites before Cove and you had a great amount of construction that all froze that building.
You know, supplies are just sitting there because the permits have been reneged on, the company went out, you know, went bust. And what they’re doing is they’re bidding to go in there and to clean it up.
And what they’re doing is they’re pulling out transformers or pulling out pieces and components for building construction.
These are components that are very vital and very rudimentary to aid, look to, to building a high rise, to building a commercial retail space or whatnot. And they’re buying it and they’re quickly servicing it and then selling it. I’m talking about components there.
There are 20, £30. Some of these components that are used for circuit breakers and whatnot.
There are used for breaker boxes and they’re cleaning it up and they’re just selling it for 5000, $6000. And it’s being scooped up like that, is so.
So there’s, there’s a opportunity here to kind of be like a capitalist stick repurposing fulcher You come in and you’re scooping up what what was somebody’s travesty and tragedy and you’re turning it into opportunity.
So there’s a lot of ways to look into that.
Yeah. Yeah, exactly. So like the movie theater, it’s just where I’m gonna get some some cheaper supplies, some cheaper things I need to run the business.
I’m not going to resell them, now I could resell them also, but this is just the one example.
So How would you use business credit in that example?
You probably don’t even need business credit, but you will probably need some kind of credit, because even if it’s personal credit because this will transition.
So, does help to have decent personal credit, although you can’t do this without personal credit, but you’re going to need a commercial lease agreement, you can decide on something, try to make it short term, short term, and commercial lease, in my opinion, is 36 months, OK?
And there’s, there’s a bit about, we can talk about commercial leases later, but there’s a lot to it, OK?
And I’m not just saying, go out and do that today, and the other thing is, how about, if I’m going to have a kitchen?
Who’s going to prepare the food and then where am I going to get it from? And there are restaurants suppliers. And basically, you just probably need a permit, and then you get that. You know, there’s a fee or something. And then you can have those shipped. So this is where you would use the credit.
You might not get credit, you might not be able to use your credit with the trustee of the bankruptcy court, but heck you’re gonna get it for 10% on the dollar anyways.
I mean, you could probably get someone to pay that pay for that for you as a loan, a short-term, two, month, loan, or something.
So, you get this stuff, you. You stock it up. You get you go in there and do it yourself. You decorate the place that I know that that’s what these guys did. And then you have your kitchen facility, which basically means you have a stove top and a freezer and a fridge and whatever is needed. You got a couple of things.
So you need your supplies, you need food, so that you can get, with busy credit, You can get on what’s called Net 30 terms, so you buy enough and do basics like, hamburgers hot dogs, right, and just the basic. what you’re trying to do is get to the cash flow as quickly as possible.
And I’m talking about like this is like bootstrapping. I’m not saying, you’ve got to save up a quarter million dollars before. You can do this.
And don’t think that you need $5000 to do this.
Although, 5000 would probably be the thing to have in this situation.
But think about it, $5000 is not much.
Imagine, I mean, your monthly costs are probably to live or probably $5000.
So, you know, you can do this. It’s not hard, the startup capital is very minimal here and really, it’s a lot of legwork.
OK, now, like he was just mentioning If You know how to go to the bankruptcy court and this is not the only place, But you can go there and find things that you think you can sell on e-bay You can just open up an e-bay account. And there’s different types of accounts. I think for bigger $5 a month You can get a professional account something like that.
And Professional Account lets you have certain features, like you can list items, in a certain priority, you can pay, you, you can pay to promote an item. You’d be surprised if you pay to promote an item. It might turnover real fast.
Whereas if you don’t, it’ll just trickle out the door, OK?
So, you want to identify things that would sell, and then go find out where you get those things, and here’s what your big problem is, once you find out what it’ll sell, and where to get it from, your big problem, is getting enough of the thing that will sell, right? Because you’re gonna be in a point where, Gosh, I wish I had more of these, because they’re selling so well, right? That’s what you want to have.
Exactly. Very well said.
So what are some examples of how people can go out there and establish Business credit rather quickly, rather easily?
Let’s also cover LLCs versus corporations, pros and cons to both, and what most people would need. On a startup, I would use a, an LLC. I just like them, you know, you can’t mess them up.
They have you. You’re very free as to how you want to do your accounting. And you can you can move funds around without creating new tax liabilities.
You don’t have to create a whole new taxpayer, OK?
You can, you can actually run an LLC and then just still follow your 10 40 and not have to deal with having an accountant. See, this is where people get hung up. They start, they start up a company. What do they do? They call an accountant because it’s all about taxes in their mind.
They call it the account and he goes to an S, or do an S corp, right, which is an LLC with a filing on it.
So that’s what you get. You get bogged down. Because right out the door, you’re spending $1500, or maybe it’s $500 for accounting practices.
When I believe that’s not necessary, number one, all right, so you get a company set up, and then you can start, start operating this way.
You can, you can start with your credit now.
You may have to guarantee some things out the door to get started, but I would start like that.
Usually an LLC is probably the best way to go.
And, you know, don’t let that get in your way. I mean, I’ve talked to people before and they’re getting hung up on the cost of registering an LLC.
I mean, they’re really cheap but still and they think they have to pay all this money for accountants. When really all you really need to do is make money, just go make money. You can just do it in your name. Then you can switch it over. What we’re talking about. Here is being an entrepreneur.
You can just do it yourself and when it starts working then you can start re-organizing.
And if it did, if you organize a company after the fact, let’s say you made a mistake in.
You didn’t account for certain things that you could have gotten a better tax rate because you sort of should have labeled something a certain way or bought it under certain terms.
So what the whole point is, you want to start an activity that’s going to produce money as quickly as possible.
Exactly, You want to get to dollar one as quickly as possible. A lot of times, people do get hung up, and they’re like, I’m going to startup expenses now.
Just go out and do it, because look, I’ll tell you this, guys.
You know, some of you all know that I’m in the middle of opening up an exchange, and it’s it’s trying to open up an exchange in the United States.
I think, uh, I don’t know, man, I like Christian missionary outreach in like the Soviet Union. I think there was a better chance of doing that.
So, in other words, there’s a lot of regulator and Regulatory **** you gotta deal with and a lot of my partners, You know, that I’m working with some of my developers.
Like, oh, we gotta get just A, B, C, D, and E, and E, F G done in order for us to be out there, and I’m like, no, forget all of that. Because a B C D E F G is what they put out there. in order to cause you to have fearing your heart, So you don’t take the first step.
I said, guys, hmm, hmm, hmm, hmm, hmm, get out there.
Let’s get out there, let’s get to dollar one as quickly as possible, because by the time, the regulators figure out what the **** it is that we’re doing, that’s right. It would have been operating for 6, 7, 8 months.
Maybe even a year, and then we can say, OK, we didn’t know you could, in most cases, I’m talking about crypto exchange.
If you can plead ignorance on certain things that we don’t need to do, you don’t need to have every single, no key crossing, every, I dotted.
You just need to get to dollar one, and that’s something you need to do.
Don’t worry about if you don’t got money, Oh, man. I am people getting creative.
I’m driving my car and I’m seeing road signs that, you know, plopped on people’s houses, power washing 200 bucks Literally guys that go around the air compressor. You can buy for 100 bucks at Home Depot. Know, they’re using …, power washing houses, our Washington Roofs, cleaning up the gutters this than the other.
There are creative ways to create cashflow, whether it’s your business to do something like that, or your business is, that, is something that’s internet oriented.
Well, you’re getting lateral, maybe you’re trading, kryptos, or maybe your, uh, you know, consulting, maybe you aren’t maybe whatever the heck it is you want to do, just do it.
Don’t get hung up on, hey, I need to have A, B, C, and D in place in order for me to even if my told it to the oh no jumped and Jump in starched women.
It’s either a product or service. Go sell it.
See who buy it, go ask somebody to buy it and like you said.
That’s a great example, OK, we can talk about selling products on e-bay and and there’s suppliers that are included there and we’re going to talk about how to get using some suppliers how to get the credit going.
You want to Answer that one question about credit so that the step you want to take the first step is you want a company that will supply you something and a company that does report Under net 30 terms to a business and its credit file. So a real common one would be something that sells office supplies or factory equipment or things that most businesses can use. And I’m gonna give you guys a trade secret here.
Go look at you.
Line U L I N E, go look at U line OK, and you want a business account with uline.
You can get one FedEx to, but you line is very useful because they have this huge catalog with just I mean, it’s almost like going to what do people like to go to to look at?
Just shopping window shopping, like men probably like to go to Home Depot, right?
Uline has done the best Best Buy yeah. That’s my electronics. Yeah, so you line it’s kinda like that in the world of office. Applying to think office supply, that’s kinda boring. I’m gonna tell you right now.
If you look at a Uline Catalog, you will buy something you will find a need for something that they have.
It’s cool stuff, in my opinion, anyway. So anyways. That’s what you do. Start at you line get an account there. That would be your first Net 30 account, OK? That’s the beginning steps of getting Business credit.
And I’m not saying: go out and do it exactly that way because there’s a couple of things that you want to set up first, OK?
But like what you’re saying on this thing where you do pressure washing, let’s say that it’s not your bag, right, but you know that your neighbor and you were talking on Saturday, you guys are cutting the grass and you’re sending out there talking, man. I gotta pressure Wash my house.
You know, if you went over to your neighbor’s house, the going rate is 200 bucks and he would pay you 50 just because you’re being nice to him to do it.
And maybe he has a pressure washer that you can use.
I’m just saying you could do that OK but let’s say you go and Lisa pressure washer. You don’t have one.
You don’t want to make the commitment, so or you borrow someone’s and you start lining up some jobs.
In one day, you could have enough jobs to keep you busy for the week with a little bit of effort. And I know, because I’ve done things like that.
Let’s say after a couple of months, it’s going pretty good.
You will find people if you’re not even trying. But if you try, you will find people, you’ll find two guys. I’m just making this stuff up.
You find two guys that will do the work, and then you book the jobs and now your job is no longer pressure washing outside, getting all dirty and stuff.
Your job is on your phone book in these jobs, and having these guys show up and just hope that they do a good job at it, you know you get to supervise them, and things like that, OK?
Then, your job is processing payments, making sure the customer is happy and making, you know, making sure the supplies are there, It just grows from there.
You can do that in one year.
I’m just going to make up a number V Because if we, you know, I’m sure we’ve done this stuff like this before in one year, if you did something half way, OK?
Halfway decently, you’re gonna make twice as much money as you would need to live for that year that’s understating it, if you did that, absolutely right. We’ve done that before, so I don’t know about you, but for me, I try to, it’s like a game. I have, and I share this with clients. I try to make as much money as I need for my living expenses by April.
Yeah, it’s a good practice, so start looking at things differently like that to start looking at things, not as a consumer or waiting for a paycheck.
Because those guys will, they’ll spend a whole year till December 31st to pay for their whole years of living expenses.
Nothing wrong with that, But let me ask you this question. Why would you have to do that?
Why wouldn’t you just spend until April, to make your whole year’s worth of living expenses? You did it for one year. Why not four months, three months?
If that’s your standard, look how your life changes. What could you do for the last six months of the year?
Plan for the next year, or start a business, or something, you know?
Now, some people will say, how do you go about doing business credit?
You scroll, you pull it up on Scruple, do, I have to give out another trade secret.
Yeah, you can give yours, and then I’ll, I’ll cap it off of the mind as well. Let me just say let’s google it. Let me tell you what traditional people do, right? Let me just cover this real quick, right, OK, so you go to Screwball, you asked your typical CPA guy your account, and whatever, right, This was Italian.
Well, what you need to do is, you need to maintain good credit relationship with suppliers and vendors.
You gotta get yourself an EIN, and actually make all your payment sometimes and you open up the business credit card and make sure you personally guarantee it.
I got crappy credit, how am I going to guarantee a business credit card? Then you gotta get incorporated and you got to separate your business and your personal expenses and you got to monitor your credit. And You asked me, what my god, I mean more on How much stuff do I have to do? You don’t need to do any of that junk. Go ahead.
You know, you don’t have to do all that stuff and be careful about this If you get a business. If you register a business, and you open a bank account, a lot of times. The bank’s going to say, Hey, would you like a business credit card?
If you do that, if you set up a business and you wait for someone to offer you credit, especially a bad, This is a personal line of credit. It is not a business credit card.
I know lot of you that are listening to this, you’re going what?
They said, it was business, it is not, I’m going to tell you why it’s not because when the bank offers you credit, it is using your personal identifying information, your SSN, your name, date of birth. It is using that information only to underwrite or apply for the loan to underwrite the line of credit. It is not using your business. Why? Because your business does not have a credit file.
It’s new, so don’t be fooled by the banks. Now, how do you get a line of credit for the business?
You build up your file. Then you go ask for a line of credit, you go choose a creditor.
Don’t wait for them to come to you, because it’s not going to be what you think.
So just just a word of warning there. But here is the first step. I’m gonna I’m gonna give this up here.
Go to this website y’all, and we could put it here in the Chat window to like you did for Uline.
This website is called List Yourself dot net.
OK, I can put it here real quick.
This is kinda the secret, now, this is how I, this is how I do it.
You don’t have to do it this way, but I, when I set up the business, I make sure that the business can receive mail at a real business address.
OK, Not a PO. Box. Not a UPS Box.
It has to be a place, like it could be a virtual office space, it could be where people actually work, that could be, you know, you’d have a desk there and things like that, OK. It has to be that it cannot be a residential address. It can be a farm, but make sure the farm a zone, and the location is a business location. Office, industrial, agricultural, OK.
Not a residential, All right.
So once you have that, you need a phone number, and today it doesn’t matter so much you don’t need a PBX and land line and all that used to be like that. Now, you don’t really need that. And you need an e-mail address. So, preferably, you don’t have to, but it’s a good idea to setup a website for your LLC, if this is what you intend to do. Now, I rarely do this, but I’m just saying it is convenient to do this anyways. So, set up an LLC, set up a website dot com or something for your LLC, and it doesn’t have to be the same name. It can be pretty much any name you want, OK.
Once you have that set up, get e-mail, get an e-mail account from that website.
Then use that to do what I’m going to show you right now.
So you go to list yourself dot net, and if you look at that website, I’m looking at it right now.
If you want to jump, I can share screen, OK, so on the far left side, let me just flip over there real quick, All right.
Just you got it. You got to enable it.
Second of all, it’s quite simple.
So the purpose of having an e-mail address that identifies your business is it is useful down the road, but also the phone number, and the physical address is going to make it work.
So, you go to list yourself dot net, and I’m on the, on the far left side. Are there it goes, OK, Thank you. I put mine up there. Oh, you got it. Perfect. Thanks OK, see right here on individual or lateral far left.
That’s that right there.
Just click on that, all right, fill out that little form. There you go.
Now be prepared as soon as you fill out this form, it’s going to ask you how you want confirmation, right, So at the very bottom, you’ll notice it’ll say Do you want to do you want us to call you or e-mail you or whatever? They are going to send you something like maybe a text message, OK, so have your phone ready. When you, when you finish that form, make sure you, you labeled as a business that’s not residential, the address is business.
You put the business.
You’re your name, the, know, the country. All that stuff.
Now, this is for, let’s see, list yourself, there should be one for business, OK, so you, if you click on that business bubble, there, be, click on the business one, right in the middle.
It’s a single SCO National.
Yeah, just pick any, it doesn’t matter. So business.
Once you click on business, see, yeah, there you go, now see how it switches over So you got your company name?
What category is it? Now? This is like the SEC, if you guys don’t know, it’s called a, it’s a standard industrial classification code.
This is for marketing purposes, but all businesses are classified under a standard industrial classification code. This came out of the the eighties with Ronald Reagan under the Department of Commerce.
This is kind of a nice way to do, have marketing, so that if you’re marketing to a business, under the SEC, it’s easy to target the market. It’s easier, heavier lift broker, do this. So that’s why you have an see here.
And it’s kind of nice, because, again, this is going to show up in the public records for new businesses.
When you fill out this form, you’re gonna get a confirmation request, it’s going to be however you want, text, phone call, or whatever. You fill that out at the bottom of this form.
Then, that’s done. You’ll never have to do that again.
What’s going to happen is in a short time, the address that you’re using here for the business is going to get mail from Dun and Bradstreet.
It’s going to be like this welcome. Congratulations. You now have a business credit file, OK? You’re going to have a file, but you’re not going to have a score yet.
It’s going to take a little while. When I say a little while. I mean, let’s say two months.
It’s going to take 230 day cycles to get a report from a net 30 supplier. So that’s why it’s important to have those lined up when you start this at least one.
But you don’t need more than four and don’t have less than three. So it’s going to be either 3 or 4 net 30 suppliers.
So uline is number one.
So this is going to get your business credit score going.
And after Net 30 is established, and you have at least 3 Net 30 accounts, and they’ve reported twice, let’s just say you’re going to have a score, and that score should be 1 to 100, I believe it is 1 to 100 to 100, something like that.
Your score should be around 90, because you don’t need it to be 100, but around 90 is good, because it’ll show that.
You can get it, you can acquire debt, and you can manage it. And you’re not late, You’re not in default, OK?
As a business owner, that’s what you want.
You want to show that you have debt, and that you’re managing it. And the more you do that, the more credit you can get.
So if you compare this with personal credit, personal credit has a limit.
Because the personal credit is typically used to buy personal liabilities that have a There’s a limit, because people can only make so much money, because most people are getting paid by the hour, OK. But a business can make an infinite amount of money. And so it doesn’t have a ceiling, it’s the opposite.
All right VI.
Did you get them?
Is that it? They want me to go more, I think. I think this will get them in the right.
So, there is first things first, do this first, look at you line, get that going, You got your bank account set up, and you start a role.
Yeah, that’s the quick, easy and very, very extreme, friendly, cost, effective way of, you know, of getting that business credit setup, OK.
And that, that, and that gets things going.
Um, the other way, OK, there’s another way, and this is through different services and one of these, These are, you know, completely legal.
And there are no services out there. If anybody’s interested.
I worked with a few with a company that does this, where, if you have an LLC, they’ll go ahead and they’ll build out that credit file for your LLC.
They’ll know Jack up your year, you know, your Dun and Bradstreet numbers, you paid X score basically.
Then they will also build-up and put within their lines of credit and trade lines that are in there so they can literally build up your file, where it looks like your business had. Let’s say instead of uline.
you had a $20,000 line of credit or 30 or a $50,000 line of credit with Caterpillar John Deere.
Or you had one? Or, you had like, a $15,000 line with staples or you had, so, or at will, or yeah, like a, you know, $20,000 line with IBM, you, know, or whatever. Right?
So, it quickly and rapidly builds up your score and their typical industry charges, whatever.
That’s 10%, whatever the cost of the last minute.
So if you want a $10000 line in your credit file for your business, a thousand dollars cost, $50,000 line, That’s a $5000 cost, at that point. Yeah, you’re spending money.
What’s the advantage? The advantage here is number one, you rapidly building up a major file.
and they’ll build it up for you, where, you know, you know, they’ll get you a home address, you know.
Working cell phone numbers, the whole nine yards.
The last seminar kinda went in on how you could do that yourself.
Of having a built up credit line for your business, is that now you have this beautifully built up LLC, it looks completely establish, it looks rock solid, it looks like it’s handling a lot of debt. It looks like it’s handling A lot of incumbents, looks like it’s solid.
Now, you can go ahead, and now you can apply for one.
Now, you can go ahead and apply for business loans 150 to 100,300 or 400,000.
Whatever it is which you can actually utilize Reeve, best back into your business, re-invest into assets that are actually generating your income.
So that’s the way to do it. So so your initial outlay might be a few thousand bucks.
But it’s a small price to pay if you are having access to capital, which is huge.
Because one thing that John, I love is OPM other people’s money.
And when we say Other people’s money, we’re talking about financial institutions.
We’d love to take advantage of a fire in finance institution, that doling out cash.
John, another client.
I like to joint venture with people, too. I like to work with people that have resources, that I don’t have, but I have a knowledge of something, or I might know. I mean, it’s as simple as this.
If you know how to market something, and you’re looking at, Let’s say I see this every day, I’m looking at a business, and I’m going to man.
I know that there are, just, there’s this niche market out there that they don’t know, They don’t know that they’re too busy doing their thing, that probably making good money. But if they just did a couple thing, couple of data, they could make a lot more money.
And if I came to the table with that with the plan, and I put my money where my mouth is.
Which means, I put the money on the table that the cost involved with doing the thing, the joint venture, and then I’m betting on myself now. And I said, Look, I’ll split it with whatever we net on that, we’ll split it with the upfront costs on it, because I’m going to joint venture with his resources and my knowledge, my skills, or maybe I know something. Maybe, I’m like, you know, a marketer, and I know 10000 people, and they’re like looking for the next thing to buy, and I can do that. I can leverage that.
So that there’s another way to immediately make money with other people’s money.
With other people’s resources.
Yeah, I would caution on the coaching on how to do that Yeah, we both do that. Now. What I was saying is Yeah.
What I was saying is that if you need coaching on how to do that, get ahold of John and I’ll put his e-mail right hand, and you can bring John on as your personal coach.
Yeah, Yeah, I’ll work with you like a partner. I don’t take an interest in your and your thing, though. I don’t like doing that.
But yeah, I can. I can coach. Yeah, yeah. So I would comment your e-mail. Yeah.
Some press. Yep, Singleton press at proton mail dot com.
Because I’m looking at a message from on Skype and one of my clients is asking me, Where do we start with on the business credit? So we’re actually talking about that right now. So I’m gonna have that conversation again. So anyways, I would caution you on this, Yeah, it’s great. You can put a line of credit on their trade line and get 10 grand and 50 grand but have a plan on how to use it.
And I think my recommendation is, don’t just pay for employees, That’s the liability on your books, OK, and yeah, maybe you can do that. Maybe it’s a huge cash flow thing, right?
You’re gonna make a lot of money, it doesn’t matter what you do, and I don’t think so, I would, I would suggest is, take your first loan money, and go do something that’s going to produce immediate capital back.
sales, OK. So that first loan money, it would be something like buying advertising.
Not necessarily writing copy, but just get some advertising out there, get some TV radio, whatever you’re gonna do, flyers, direct mail, whatever, it’s going to be, Facebook Ads. And that’s another thing I mean, you can do. Social networking is great for marketing.
and many and many instances, and it’s very cheap.
So, have a plan for that money to make money right away.
I guess the next job we can walk, we can talk about our taxes.
Um, so that’s a lot of things where it slows people down, because they’re more concerned about taxes, and taxes are the last thing you should be concerned about. And I’m not saying don’t pay your taxes.
I’m just saying you will have tax liability, but you can deal with that and tax the tax collector as a friendly creditor.
If you understand what that involves, OK, I’m not saying they’re gonna let you go without paying, but they will work with you on paying the taxes, and they know that they know that your venture that you’re in is going to be used to pay the taxes. I can tell you how many licenses I’ve had re-instated where someone’s driver’s license gets suspended because you can’t pay a tax bill and then I simply have a hearing and get it re-instated because he can’t go to work without the license.
So the tax, people say, oh yeah, well of course, yeah, well re-instate your life and just go to work and now pay the bill we say.
So taxes, last thing you should be concerned about.
The first thing you should be concerned about is making money as fast as possible.
If you can make it the moment you start, then that’s what you want to do.
If it’s not feasible and you can make money for 30 days or 90 days, OK, then work with that plan ahead for that, OK?
Within, you can do that for, I’m gonna just be conservative here.
You can do that for one year and completely ignore taxes and ***** it up the taxes, OK? for one year and by the way, you’re not going to ***** it up. But just, that’s going to be on your mind.
Get the thing done. Make the money, get the things set up. Get your right people in place, get your suppliers in place, get that system, go and get your website working, OK? Get the money in the door, get your payment processor going.
Then take some moment and some time and look back and say, I wonder what kind of taxes I have here.
Then talk to somebody who understands you for your type of business and makes sure. If it’s a CPA or somebody, makes sure that CPA or that accountant understands how to work with the types of business that you’re in.
Get somebody who’s suited for your type of business, because Hillary was saying all the deductions.
Real Estate is different than 711, OK? Real estate is different than retail, per se. Right?
So taxes, think about them last. Yeah, you’re gonna end up paying them. And, Yeah, you can always fix things. And it’s not permanent. It’s not going to destroy you forever.
If, however, you go forever and you don’t deal with taxes.
And here’s where you can get really get into trouble, if you’re collecting unemployment insurance and things like that from employees and you, that becomes a trust account, and if you don’t pay that money over, now you have criminal implications. So just that you should be aware of, OK.
But really, income taxes are things you can handle later on.
Collecting sales tax.
That is also a trust relationship, so you better make sure that you have that set up properly and a lot of those are turnkey systems anyways, you can have services manage that for you.
But other than that, that is not really a concern that should slow you down.
Absolutely, correct, absolutely correct.
And, of course, guys, you know, when she you have an LLC set up, that’s, that’s the pass through. The LLC in, and of itself doesn’t have a tax liability until you actually go ahead and import it. Now. The way you offset your taxes Now, you probably hear the Idiotic media saying Donald Trump only paid $750 in taxes.
You’ve probably heard that, like, a bunch of times. The fact of the matter is 750 was just tax liability, actually paid 5, 10.
I think about five point two million eight for that specific year. We had a $750 liability.
Now, when you have an LLC setup, that means every time you go out, OK, that’s a write off, You have dinner with, you know, you haven’t gone out to dinner, you book on a family vacation book on a trip.
That is a write off, You buy a tablet, you buy a laptop, that’s a ride off, you buying office equipment, that’s a ride off, whatever you do.
Your car, ride off your car, the mileage on your car, right off, the insurance, and you call it right off.
This, if you work from home, there’s just certain that it varies by state to take, actually, I think this is federal, certain percentage of your house up to 150 square feet can be written off.
That’s 150 by 150 to 200 square feet can’t be written off in in taxes as a deduction.
So if you already have a mortgage or you’re renting, that’s more money back in your pocket.
So the advantage that somebody who was an entrepreneur has over somebody, who is a W two employee, is this, the W two employee gets bent over, and raped on, all the taxes coming out.
The entrepreneur pais himself first.
That’s the difference, This is why it comes into board, now we got bought out.
She has a question, I ask your question, can ask you to unmute, Can y’all hear me? Yes. Yes.
So yeah, I’m an LLC for 13 years, Iron Small, small surf shop in Virginia Beach.
Um, so what?
I’ve had a good accountant for awhile.
My first question was, When I’m filing taxes, should I do?
Married filing jointly? or just had it? How should I do that? I feel like, um, because because, like you said, It’s a pass through entity so my wife has a good job.
So whatever I owe from the business, um, they didn’t end up taking her tax refund?
Yeah, because you’re filing jointly. Yeah, yeah, so that was my question. Yes, if you don’t want that to happen, that don’t File jointly. That’s why I recommend not filing jointly.
You can make your money other other ways. You don’t need to be concerned about that deduction.
You get a break or something like that? Right? Yeah.
So, OK, just in that situation, I would just not file jointly for that reason alone.
Because that’s why they want you to file jointly. So they can do that.
Yeah. See the money, ever. Yeah. So she should make it to where she owes money at the end of the year to, I mean, she could fix that herself.
Just, OK, hey, until the end of the year, I mean, underpay underpay, so, yeah, underpays so that you owe them, OK. There’s two ways to do that. You don’t file jointly and underpay that’ll stop the tax refund from being levied.
Did you clarify underpaid? John Scott? I’m sorry.
Well, make it to wear.
You owe the IRS Yeah, if it’s $100, whatever you have to do to make it to where you owe them, OK, thank you. What’s the question about proof of address?
Yes, that wasn’t me. I don’t think, oh, somebody else or Kevin asked about proof of address, OK. Yes, so that, yeah, that’s pretty simple. There’s two ways to do that, I would do both.
one other note on that, I don’t know if it would apply.
But, yes.
I think, John, hold on, I’m unmuted, you buy at Weatherhead.
Allah, OK, good. So far, there’s a form online.
If you search on the internet for IRS Form, Innocent, Spouse relief.
She can file that and see if she can get that changed. Now, I think that may only apply in levy situations, but I just want, I just want to throw that out there because I know a lot of people may want to know about that. That lot of times our accountants don’t tell them.
So, Kevin has a question about proof of address.
John, then I’ll also give my tip.
Got you first.
Alright, Kevin, what does it proof of address for what situation?
Yes, she’s talking about trust accounts, for trust accounts.
Who wants proof of address?
All right.
Alex, thank you.
Alex, Delete them.
Excuse me.
Oh no. What’s enacted?
I was an accident as part but I’ll go ahead. Yeah, well if the bank wants proof of address, I’m just gonna have to ad lib here. I don’t know if he’s talking about.
When you open a trust account, if the bank wants proof of address for the trust, the bank.
Yeah, and so no, the trust doesn’t have an electric bill come on people.
So you can just explain, like the trust does not have an electric bill. Why would a trust have an electric bill?
That’s right. Because the banks are reading off a script that, when you open up, they’re going down a script, folks.
A, B, C, So they’re going to come up with a stupid question of, do you have an electric bill like what John said. The trust doesn’t have an electric bill and you just, and then you just stay quiet and make them feel stupid at that time. And are you actually using an address for the Trust, where it can receive mail and the name of the Trust?
And if you are, then it’s enough for you to tell them that they can verify the address by sending a postcard if they want the trust. I mean, Yeah. It’s, it’s a calm and said, Look, guys, come on, how does my trust need a utility bill?
Now, I will tell you this, there are services, and I’d have to go look them up right now, but there are services that will print the utility bill based on where the address is located and the services in that area.
So, if you need a utility bill for something, let me know. I mean, I do it all the time. For clients, OK, So, you do so. We both do the same thing. Whatever that I just did one for. For a client of mine for Con Edison was like a five point five million dollars goal deal, so they need a proof of dress. I just create one for nobody. Looks interesting.
And that’s the thing, John, people, like, oh, my God, if I create this.
W two, or like a paste up, I’ve got to create a paste up.
Oh, my God.
It gives us the technical look. Nobody looks at anything. You know, why?
Because the thank you, open up your accountant, the town clerk and the governmental officers. They all have one thing in common.
They are all a bunch of mediocre lazy, bureaucrats that just want paperwork to cover there but that’s it, that’s all it is. No one takes the time to go look for anything and that’s the honest truth.
Yeah, and Pogo as a follow up question that, I was going to talk about this. Next.
We’re gonna talk about delegate real quick, and he says, Should I do my own taxes?
If you’re smart about taxes And you know how to do it, and you’re comfortable doing it, OK?
But I would caution you on this: It’s a good idea. It’s a good habit to delegate it. It’s great that you know how to do it, but that just means that when it’s done for you, don’t let that individual file for you, by the way. Make sure that you review it and file it yourself.
But you can review someone else’s work.
That’s a better use of your time, OK?
Delegate, Delegate things like you know your accounting, your web design, even copywriting.
I’ll write up the template of a copy, like I’ll spend five minutes writing some copy, if I’m gonna advertize something on a website, and I’ll pay somebody $100 or even one thousand dollars Rewrite my copy to make it better.
And he’ll usually do a pretty good job, OK? So, shipping, you want to outsource that, not Outsource, but I mean delegate that in some way where you’re not spending your time doing shipping, OK?
Packing things up and sealing things and reprinting labels, there are services for that, OK?
So, on the taxes, my real, if you really want to make this, you know, something that’s a tool that you can make money with, and somewhat enjoy it, OK, Have someone else do your taxes? If you don’t like CPAs, use a bookkeeper, I love using bookkeepers.
I like finding bookkeepers that if they know accounting skills, and I have them do a balance sheet for me, I don’t need a CPA.
And if you need to know an address, I’ll do mail forwarding and all that other stuff.
There’s many services out there. Open virtual Offices. one of them. Here’s another one.
I posted to show you guys this real quick.
Yes, I Postal, Pretty good. Trade secrets V, I know you can’t do this. ***** holes. So what do I do? So, I think a client, let’s say, you know, John, I, we love incorporating in New Mexico. We love incorporating in Wyoming PA, there’s some of the states that we love and co-operating in.
So we need, let’s say, let’s just say I need, like a Wyoming addressed, or, or, let’s say New Mexico address, right?
I’ll go to, like I, postal one dot com, go to view locations, I cannot international US.
And I’ll just click on me, go to.
Right. Oh, there it is.
I can get this now, So when someone, I’m opening a business account, or when I’m applying for business credit, they pump into this address, and all of a sudden they see awful 301 Lang Avenue.
Oh north-east Sweden OK, he has a real business office.
You 10 bucks a month.
Right. Prestige …, 40 bucks a month, domestic floating of documents and patches and a lot of them also have costs.
When they call that number, you give them a business that was linked to this.
An actual person will say, Oh, yes, hi, so And so business can help you. Oh, you’re looking for John Smith, he’s not here.
I can take a message or forward the message to them, or whatever, right?
It’s legit, so there, so you want a business, lender, is looking to extend credit to, You’re going to look at stuff like this.
They’re gonna look at, list yourself.
They’re gonna look at the, you know, start a business address. They’re going to triangulate all this. That’s what creates, you know, credence credibility, company, but that’s just, I mean, this is a cost, it’s a very cheap and effective way of doing it.
This is what spreaders.
That’s right. Yeah, and then it’s just a matter of getting some suppliers. So at first, when you start something, expect to spend some time. I mean, I’ve, I’ve done this 60, 80 hours a week, just busting my **** on something.
But then after a while it kind of tapers off and literally I have literally done things where for years on end I would work four hours a week and make a million dollars a year and sometimes that requires hiring 12 people or 15 people or not. It depends on what, what you’re doing. It can be done.
Anybody else have any questions?
Now’s the time for the Q&A.
7, one last thing I’ll add is, questions you avoid making decisions in your business about, about centered around tax breaks.
OK, Make decisions based on how your business is going to turnover, hire conversion from your capital, OK?
If you put money out here, you’re gonna get so much capital back, that should be the basis of your decision making, not, am I going to qualify for tax deduction? The tax deduction, it should be as a matter, of course. It just happens to come out that way, OK?
Then then you’re going to make better decisions, and you will be you will be making more money later. Instead of trying to save money, you want to try to make more money.
Anybody else have any questions?
Any specific suggestions, Financial, Crypto consulting, LLC, Kami, …, you gotta be careful, man. Alex, I’ll tell you right now, Alex, and over in the chat, I’ll tell you right now.
As someone right now who has a lot of relationships with institutional crypto, everything from OTC desks to liquidity providers to institutions, there’s a lot of regulation coming down.
And between us, people that are here on this board, I will tell you right now that, you know, I’m launching an exchange. Next generation wallet.
We’re, know, putting together a trade coin, the whole utility token.
I’m offshoring.
John I don’t know if I got a chance, but we have come to the conclusion that the only way we’re going to survive OK, just off shore. Yeah, I wondered about that. If that was necessary, OK, it’s gotten so crazy. OK, like, I wouldn’t.
I mean, if you’re going to, well, here’s the deal.
Alex, if you really want to be a financial crypto consulting, right, LLC, I would suggest, because the way that the language is being worded by, not only FinCEN, not only SEC, CFTC and FINRA, but also the IRS and the Department of Justice, mm, OK?
The way the wording is being crafted, they are literally taking it as if it is a financial instrument.
So, therefore, if you’re going to comment on it, I would highly suggest you go out just to cover your ****, get a series six, I’ll get a series.
I think it’s a series 53 or 54, I don’t remember. But it allows you to comment on stocks.
It allows you to recommend financial instruments and products, um, without actually selling them, OK, because when you sell them, that’s the reason why I say that. It says, you’re going to future proof yourself.
So right now, if you want to do a consulting and Kami, for me, for the LLC, go for it.
You’ll have a window of opportunity to, you know, come out to the guns blazing and make money.
But the clamping down is happening as we speak intrusion detection.
Choose your jurisdiction. I know that you want to get that exact Get the **** out of California and New York. When I work with people in New York, I give them a new ID and a new address in Pennsylvania. And then you can do there, Yeah, so if you’re in California, don’t identify as being in California.
You can, you can make it look like your residence is in Wyoming or Colorado, it doesn’t really matter, because it’s all virtual.
So, there’s, there’s a process there, OK.
So, like B is saying try to avoid being in a situation where there’s lots of regulatory compliance issues like the United States is the biggest group of pirates on the planet. It is, no one says you have to do the consulting from California. You can be in Wyoming PA, Yeah, you could be in a different country or you could be in a different state.
Utah nobody cares, right, so just consider those two also And now we can we can tell you how to do that on the web, another question.
Can you talk about bankruptcy with an LLC?
You can buy with an LLC. That’s not a problem. set up a business account. If you need to buy crypto by directly through me, I can hook you guys, up, it’s not a problem.
Then it won’t matter, because he’s not gonna, yeah, there’s no reporting, but there’s no one involved. Yeah, if you’re dealing with the reporting party, like Coinbase just open an account with your LLC a Coinbase it’s that simple.
Question about paying myself. Glad up.
So Ponyo as a question about paying himself for business.
Did you want to ask them specifically?
I think you’ll hear me.
Oh, yeah. Yeah. Sorry about that. Um, yeah. So like I mean, my wife, we open this business 13 years ago, so I’ve never paid myself.
Is that something that I should be doing and I guess, going back to what you said before, like, don’t try and like get away from the Tahoe Taxiing. I guess that’s why I did that.
To begin with, but we weren’t making, We just put all the money back into the bay from the get go. We still are. You know, that makes sense, if you’re feeling the business, I’ve done that too. Where you just keep pumping, backend you’re not taking any money out. Keep coming back here, but don’t know if I gotta go by sounds, and if I could buy groceries, I use the company cart or whatever, I’ll write it off. Yeah, yeah. Yeah, if you go overseas, yeah, me too. If you go get groceries with the company, then that’s just your money, that’s part of your paycheck and know that you don’t need a WSU for that.
You just declare it on your 10 40, It’s probably better than I do that, and then rather claim file taxes that they pay them. Yeah, I’m saying if your if your LLC is not falling returns, then make sure that any personal use of that LLC money is going to be reported as your income, and you don’t need a 1099 or a WTO to go with it. Just, click OK. Just keep track of it, you know, find an easy way to keep track of it, like a credit card or a debit card or something like that. Yeah, exactly. A textile Z I. Gotcha.
Yep, OK, cool. Thank you so much.
No problem.
All right, Anybody else have any questions here?
Alex, you might like what John said, you wanna get out of that jurisdiction. You know, you want to get into something more crypto friendly. Wyoming is great man. Wyoming is right now the Crypto Mecca of the United States. So you want to check that out.
I never heard about the Fed dollars and the kryptos that crop was asking about Fed is paying for Golding digital dollars.
OK said that, it’s up further up at 355 Mark.
How can these the digital dollars be converted to you on? I don’t know.
You probably know the there are deals where the Fed is paying for gold and digital dollars, How can these fed digital dollars?
Deals with the Fed is painful, digital dollars.
Well, dollars are digital, I think people are thinking that the Fed has some sort of a digital cryptocurrency dollars have been majority of dollars floating 90% of dollars floating around out, there is digital.
It’s all just one zeros on a computer screen.
There’s no actual physical cache.
I think about 10% of money supply is actually physical cash, national digital to begin with. How can how can the Fed.
Convert it to Yuan.
I don’t understand your question prop I mean there’s there’s swap lines with with various country countries all through the Fed wire.
There’s no reason for the dollar to be converted to Yuan?
There’s no the reason for that, he wants a weak currency.
Yeah. I don’t know why you want to do that.
Anyway, any other questions, folks?
About NaN and if not, thank you all for joining us.
Again, I’m going to put John’s e-mail in there real quick and then singleton press at proton now.
Then mine is the gorilla G, R.
Or law.
The gorilla in the Economist.
So those are our e-mails you can reach out to us. John does a lot of the business coaching. He will help you with that. If you need asset protection.
You got no some predators and collectors coming after you John is the man to kick them in the nuts if you need funding and how to setup your business operations and all that other stuff.
Or, you know, just to get business credit done, the quick and dirty way, you can contact me about that.
Or if you need kryptos Buy Gold and he got Bimetal Precious Metals. Well, John, you got to say my next time. I think correct me if I’m wrong. I mean, we could change it. But what I’m thinking is, I do have a few people that want to know about this private membership association idea. Yes. So maybe we’re going to hit that real hard next time. Yes! I think, Yeah! I think we should show them how to do it soup to nuts.
And you have all presentation.
I’ve been re-organizing businesses lately so they don’t have to comply with the the illegal mask practices, OK?
using a PMA, so it’s very powerful.
Jan …: We just put the e-mails in what I do, oh wait, wait, wait, made a mistake. I’m sorry.
Here we go. My fault, guys, my fault, here we go.
John’s e-mail is singleton for us.
I’m just gonna press full-time.
Than mine as Gorilla.
Tunnel nests.
Yeah, That’s our stuff.
All right?
Well, good work. They appreciate it. I think we’ve covered a lot of ground today.
Yes, we did. Yes, we did.
So I’ll probably, next week or so, will Will will set third seminar. We’ll we’ll get into deeper to the PMA stuff. All right. All right. Thank you all for listening in. Contact us. E-mail us if you have any questions. It’s there, John. You can reach him at Singleton Press, add proton mail dot com.
And the monkey, man, you can get me overhead Gorilla economist at Gmail right there. Thank you all for listening in.
This is the gorilla.
And he is the man.
We’re over.


1. The seminar hosts, the Guerrilla Economists and John Singleton, discussed strategies and insights related to the entrepreneurial lifestyle.
2. They encouraged listeners to have a proactive mindset, covering aspects such as how to leverage business credit and work with suppliers to minimize borrowing.
3. They shared strategies on how to scout businesses filing for Chapter 11 re-organization, which might present opportunities for purchasing valuable assets at lower costs.
4. They discussed the importance of personal credit, especially when trying to secure a commercial lease agreement for business purposes.
5. A suggestion was made to utilize bankruptcy court records and eBay to source and sell items, offering an affordable way to start a business.
6. The speakers emphasized not getting hung up on costs such as registering an LLC, advising to focus first on making money and then transitioning the business into an LLC.
7. They shared insights about establishing business credit, suggesting beginning with a Net 30 account and gradually building up a business’s credit file.
8. They emphasized the power of leveraging personal knowledge and skills to market and improve businesses, highlighting the potential for lucrative partnerships.
9. The hosts recommended making immediate capital back by investing the first loan money in activities like advertising and optimizing websites for sales.
10. The discussion also covered taxation for businesses, and they recommended hiring a bookkeeper or a CPA familiar with the specific type of business. They advised writing off certain business-related expenses, such as part of home space, car, and insurance.

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