U47 – Sept 2, Thur Eve John Jay 0:03 Hello, everyone. This is John. Jay, September second. 0:06 Thanks for joining, OK. I’m sorry about that. Let’s see. 0:11 Yeah, if you can’t join, I don’t know. Someone was telling me that. She cannot click the link to join, so please just use the ph…

U47 – Sept 2, Thur Eve John Jay
Hello, everyone. This is John. Jay, September second.
Thanks for joining, OK. I’m sorry about that. Let’s see.
Yeah, if you can’t join, I don’t know. Someone was telling me that. She cannot click the link to join, so please just use the phone number. I’m sorry about that.
We have a storm here, I’m in Florida, so sometimes we get disconnected.
In situations like that. So if that happens, I’m going to have to call in or something. Or we might have just call back in. So, sorry about that.
But, anyways, Um, today, I just wanted, I had so many questions about, you know, it’s not enough to do an interview. And introduce, do a one-on-one call with you guys, and then introduce these new concepts, and then expect you to pick it up right away. I totally get that. So I always make no plans to expect to, within another month or so or a week even, to talk with you again about a new LLC that you have set up and sometimes it takes me awhile to get back to you. I’m sorry about that. And then sometimes it’s a real simple question.
It might be for me, I know it may not be for you, but I understand that you’re not sure which way to go sometimes, so I just want to cover some of those, we’ll find points, Maybe the EIN application process, maybe I should do a video on it, but I haven’t, I’ve put that off because aye.
Actually, the form changes, and it doesn’t change that much.
But there’s so many different ways to get the answer to the bottom line is I’m trying to get you through the application process to get the EIN so that you have to answer the lease questions, and that you get the EIN approval letter so that the name of your LLC appears on the approval letter with the LLC designation after it.
After that, I don’t care how you got it, I don’t care if you say it’s a single member multi-member whatever, as long as it’s an LLC with an EIN. You’re good to go.
All right. I’m sorry about that. I’m going to have to get you the recording.
Gosh, I’m sorry.
That’s the only person.
I’ll have one person that looks like one person who says she can’t join, so I will try to make it up to you in any case. So I’ll start with the basic things. Also, the W nine, I want to explain. So let me just start with a, I’ll just start listing these topics.
And then you guys can ask me some questions, and then we’ll, we’ll maybe get into some allocation ideas. That’s gonna be an ongoing project.
I mean, really, you can see, we have a membership area. So there’s a couple of different businesses going on. We have different, let’s say, cost centers and work. We’re trying to merge them right now, but um, I get I set this up through Joint Venturing. So it looks a little broken apart.
But we have privacy fight dot IO, which is a video membership, and then and this is long term, I mean, this answers the question of why This all sounds great, John, but what happens if your disappear something, I can’t get you Well, I hope that the most important information that you guys care about is going to be in those videos and repeated.
It’s my idea there.
Also, now, with this new helpdesk, which I’ll explain momentarily, you should have a more a quick way to get the information. So, those of you that just sign up and get a new LLC, you have immediate access to that and I believe we’re gonna set it up for like 90 days.
That should be enough to get you everything you need and, and, no, There’s little pieces of information need along the way.
What I did is, um, I set up the helpdesk At the bottom right corner. I think you’ll find it if you go to … dot com.
It’s a little blue thing down there. Just says Help. The question mark.
I think it floats around on the website too, but it does not located somewhere on the page.
It’s like, in your frame, do you want to see it?
If you click on it, now, please go easy, because this is new.
Literally, I just got access to this a few hours ago.
All right.
And so, we still have to make some minor changes to it, but this will allow you to submit a ticket. Now, we will have a way where you can call somebody.
Because I know. I’m the same way. I don’t like to just send tickets to people, I like to pick up the phone and call some people sometimes. So, we do intend to have that.
It’s just a matter of me staffing that, and I want to go slow and make sure I have people that I can rely on.
And people that are, you know, they have to be, I want them to be able to answer your question if they know the answer and not the …, If they don’t know the answer, OK? We’re not trying to do that, so I want to make sure we get those people there. But in case, so, …
dot com, there’s a helpdesk there, try that out, ask a question, and see how that works. It will be kind of a slow response, that’s at the start. But it’ll be a nice way to centralize those types of questions. And then also, there’s going to be materials and articles and FAQ, let’s say, lookup tables, and maybe some video content over there that will help you guys along.
And this is really probably going to be for the beginning aspects of it.
Now, um, as part of begetting aspects, when we’re switching things over, when we set up a new company, for many situations, it does helped to have a W nine. So, in the states, we do an LLC and then we’re going to start receiving some sort of cash flow with the LLC.
Um, and, uh, the way we want to document that with the payor is to give them a document under penalties of perjury using Form W nine. It’s an IRS form and that may sound kinda scary and intimidating.
I really don’t like dealing with the IRS, but this is a way to not deal with the IRS from what I’ve found over the years, because if you don’t use this W nine form, and you can find it on the internet, just search form W nine, it’s a PDF. I think the latest revision is 2018, and that’s perfectly fine.
Um, the reason why we do that is so that we say, and we certify the correctness of the tax number for the LLC, Now, the LLC is the account holder.
It does not matter that you’re using your SSN to sign for the LLC at whatever. Exchange or bank. That does not create a liability at all whatsoever, You’re not tied to the money, you’re not tied to the company that does, not that, it’s just that you’re signing for a company.
It’s not your property, except if you designate it that way in the articles, which I don’t normally do. So, anything you do with me is pretty much going to be outside of your state.
Now, just briefly looking into some of the documents like when I do an LLC, so we do the W nine to get, make sure that the … correct, I don’t want the bank mistakenly using your SSN to assign to the account holder.
That is the reason to do the W nine. Also that avoids backup withholding.
Now if you look carefully, some of you really scrutinize my documents, which is great they look kind of wonky, sometimes they look contradictory and there’s a reason why I haven’t written that way. The abstract documents, I give you are specifically for the bank.
These are not binding on anyone. This is enough to get your account open, and over the years, I’ve found that if I provide these documents to the bank, it seems to work more smoothly for the for the client.
I could probably eliminate a couple of those documents so but in any case, it’s working. Pretty good.
I know we do have some friction because of the way these are written, especially if we’re going to use a trust or an unincorporated or unregistered Association as the the single member manager or the LLC.
So we do that. So that’s why that may explain.
Some of the things that are mmm hmm.
Contradictory! So I might say it’s a single member.
When it’s when it’s not, or I might say it’s a multi-member when it’s not, it just depends on your situation.
So I make sure that it’s going to fit what you want to do, and it’s gonna get your accounts open quickly.
I mean, it’s not like I don’t want you to call me, but I don’t want you to be frustrated, you know, to try to get the accounts open. So there’s a reason to move to the madness, OK, and then we have the EIN application, I tried to show you how to do that over the internet.
There’s a link in the readme first file, and maybe I should put more information there, but I’m trying to avoid this, making that into an 80 page document. It’s just, you know, I’m trying to make it as brief as I can, and I’m trying to use the video content, so I can actually make this kind of like a college course. But, anyways, in there, there’s a link to the getting the EIN assigned.
Yes, you do have to use an, an SSN these days.
It used to be where we could use any EIN and get the new EIN.
We have to use someone’s social security number to get an EIN.
Um, if you’re out of the country, and for some reason you need an LLC in the states, there are services that will usually charge $50, and someone will use his or her SSN, to get you an EIN for your company. Again, that does not create any liability for that person, that’s why he’s willing to do it. That person does it professionally. I don’t like to do it that way.
I’d rather have more autonomy with my client, and I don’t want to get tangled up in any way with the client.
Um, I just found it works better. But there are some services, like registered agents, they like that service, I’m glad they’re out there, and the people that get … for, for others.
So that’s available. Very seldom do I have to use it.
Yes, end.
The, the, the LLC, if I could just add the LLC, that is Engine, the name Landry that we’re gonna get your document.
So, I see you posted a couple of times, I’m sorry for the delay. But we just wanna make sure we get everything right.
So, we’ll send that over shortly. We’re gonna get into some of these questions. I’m sorry if I go too long. So …
application, Debbie nine’s, those are the basic things. I know, y’all have a lot of questions on, What about Coinbase and you know all the exchanges Gemini, Gemini, I think seems to be the more difficult one.
So you’re trying to get on these exchanges to get access to coins.
An option, I think a pretty good one is Caleb and Brown.
So, um, I mean, I know you you all know about that. So, I like him around because there’s no question about reporting as of yet. I don’t, I don’t see that in the near future either.
But, again, if you’re using an LLC, that’s going to cover you and the service that I have, that’s actually an escrow service that will clear funds, you don’t need to use it. If you have an LLC, the way I’m setting it up, you can actually clear the fund yourself.
This is for people that don’t have that setup yet, and I just want to make that service available.
So like the example I give people, is, you can trade all you want, make all the profit you want, and have higher value of coins, and then go into escrow and buy real estate as long as you don’t take the real estate in your name.
Or if you structured with a loan, you’ll be fine, and that way, I’m just trying to demonstrate how it can be done without thinking that you need an LLC first. I want everyone to realize that there are options. I don’t like to think that I’m the only guy that can set this up.
You know, it is a pretty good system, but there are options to do this.
So, anyways, with that, I don’t know what else.
We could probably want you guys to bring up some questions, because of the, the different exchanges and how they ask you.
And lately, I’ve found the banks ARR Doing some weird things with the new account application process. When you go to the bank with an LLC, it should be no question that you’re gonna open a business account. And the way this is written. OK, the way the, the abstract is written in a way the articles are, with the State.
That, um, the way I have the articles are written for you when you go open your accounts.
The way to describe this is I’ve written it in a way too, so that you can manage risk in a certain way.
So when you go to the bank, and the bank says, oh, you’re your PMA, it needs an EIN, or it says some other, whatever tells you to do something to your documents.
The bank is trying to change the way you’re, you’ve already decided to manage risk and it has no idea what risk you’re seeking to manage, right?
So my response to the bank is, OK, if I make these changes, then the bank is going to have to indemnify me against the risk that I was managing. By the way, I had it set up originally, and you don’t know what that risk is. It’s an unknown risk, so it doesn’t make any sense, and they actually can’t do it anyways. It’s outside of the charter.
So, I mean, I’m not trying to be argumentative with people, but I want to make the point that I want you to know that you have the authority that you’re the boss, it’s your company, you’re liable for everything you’ve chosen to make Manage risk a certain way.
And some bank employee, I don’t care what he says about, This is our policy.
That’s a business, too. Just like yours is.
He doesn’t get to tell you how to run your business. Now, of course, he could say, go somewhere else, and in which case, I would.
There are still options, and I think we’re in the last days of that business, I think, where we’re going to be pretty soon using just Kryptos.
And then, so anyways, you guys are better than I am at asking those questions with the problems you’re having with exchanges. Let me get to the chat window here real quick and see if I don’t wanna miss anybody.
All right, sometimes I’m slow on unmuting, All right, so Yep, Yeah, I’m trying to, OK, let’s see here. Scheduler.
Don’t be so concerned about making mistakes on LLCs and choosing the right state and everything like that, Pretty much registering an LLC is going to be a good start. OK, and then you can choose the Tax treatment. You can choose what you want to do. Most people like the idea of not filing. I mean, that makes total sense. I mean, there’s many, There’s many options there. See?
Yeah, OK, So anytime you’re using money from wherever to pay off debts, that’s just income. So just, that’s fine. You already understand that, no problem there.
What we’re, what we’re really doing, I think, is, um, it’s kinda like a blanket approach to preventing or solving lots of potential problems.
If I, if I build up a wealth somewhere, that’s not in my name, and that I don’t have the exclusive rights over, but yet, I still control it, my personal liability can never reach into that thing that I’m creating. So, I want $5 million net worth. I want a $50 million net worth over there. I don’t need to have that on my Balance Sheet.
My tax reporting, my annual tax return should be the same, whether or not I become rich.
OK, I, meaning you know figuratively whether or not my net worth increases my reporting to the IRS or whatever should be the same.
Um, I mean, really, at the very minimum, we should be reporting, are living expenses. You can’t go less than that, not legitimately, that’s going to cause an audit.
So, with that being said, I just want to let you guys, um, if we could, I’m going to try to call on you.
OK, so Dmitri’s already raise your hand, so.
Go right ahead, Demeter, Hey, John. How are you? Sort of talked too much so much. No, no, no. Not at all like you kidding. I love it, OK?
So, really quickly, really stupid question, but basic.
I never renewed my LLC from when we opened it last April, just because I’ve never gotten a bill, and I totally forgot about it.
And so, what do I do right now? Am I in trouble with it hasn’t lapsed? What state is it in?
Ohio: OK, that one, OK, if it’s that new and you want to, you want to have it in good standing for some reason, because you don’t have to, but if you want to keep it a good standing and it’s just expired, like a couple of months ago, or even within the year.
So you’re out approaching the second year and it expired after that first year.
It’s, maybe you might have a small penalty, like $25 fee, OK.
In Ohio, I think it’s $99, and then you send them your articles, again, Your annual report, OK? That’ll keep it in good standing.
Now, if it’s like five years old, I probably would just set up a new company because I’m cheap. So I’m not going to, Like, the fees might be $1100 at that point, Right? So, it’s way cheaper, just set up a whole new company.
OK, it’s under a year, it’s only a few months, but do we want it? And that’s what I’m asking, because I remember in a previous call you and said, you can let it lapse. No big deal. So can you just clarify, what do we really want to do to keep all our T’s crossed and the I’s dotted? Yeah. Here’s here’s a way to make that decision.
It’s kind of a nuisance to deal with that. It’s OK, though. I mean, it’s like taking up the trash, but you only do it once a year.
The only reason you want to keep your company good standing is if you’re going to use it for new relationships, like a new lease agreement, a commercial lease agreement, maybe you’re gonna do that next year. It’s in good standing this year, but the second year of your LLC, you’re gonna do something with it. You’re gonna go open a new bank account, maybe. Are you going to do in a new investment with a third party? So, you want to keep it in good standing, because some of the bank underwriting requires its account holders to be in good standing if their businesses.
But, if you’ve already got, let’s say, two business accounts open, and you’ve got a couple Exchange accounts open, and that’s all you’re going to use it for, you don’t need to keep it in good standing.
I can tell you right now, I’ve got one company that I use as my core cash flow, and I think I’ve been using it for 17 years. And it was a Delaware company.
I setup way long time ago, and it’s been expired ever since.
I’ve never paid a fee after the first year, and I’ve run millions of dollars to there.
So you shouldn’t have any problem at all. I mean. But again, If I tried to go, here’s what I would do.
If I tried to get a commercial lease agreement with that or open a new bank account with it, I would literally have to open up a new or registered that named company in a different state.
OK, because I’m in Illinois. Right. And I just finally found a bank that I can work with. And if I can add my 2%, I’ve been trying to, chase to know when banks, OK, yeah, I’ve had a lot of people want, they want me to declare that I’m part owner, or what my percentage of ownership.
Yeah, And so I couldn’t find anybody.
And I finally found a local bank in Illinois when trust Great Company. Great Bank.
She didn’t care anything. All she put me down was as a signature. She said, Yeah.
We don’t care who owns it. So she worked really well.
She kind of understood and read between the lines, and I got really scared because I just opened at about a month and a half ago and my LLC had lapsed in terms of a year. That’s what they opened up. They didn’t give me a problem. So that’s nice, and they didn’t look OK cool, but it’s the same, you know, the dealers. So, any new deal. Any new contracts. Yeah, they want it in. Good standing. But that’s nice.
So, you do kind of have to shop around sometimes.
Yeah, absolutely, and Caleb and Brian, I’m just in the process of opening now. Are they going to catch it?
You think, should I go online, as soon as possible, to renew it for this year? They will want to see a copy of your articles.
I said those already.
I think they’ll act only on that paper copy, I don’t think they’re gonna look it up to see if it’s still valid.
I don’t think they do that, OK, Yeah, And that’s it. Yeah, I’m glad you made that comment, because the percent ownership.
So, the bank rules are that if you have a 25% or more interest in the company, you have to disclose your ID.
Well, it doesn’t require the bank to require you to obtain a 25% ownership.
Understand that. So this is how you talk to these people, say, I understand your policy.
25% ownership, right. But I don’t have a 25% ownership. This organization has 100% ownership.
I’m not required to go gain an ownership just like IBM’s accountant who has asked to open a bank account for IBM in a new town, they’re opening in, right.
The bank can’t tell him, you have to acquire some IBM stock.
I mean, I’m saying that to you so that you can have a language, you know, to have a conversation because the person you’re talking to might say, oh, that’s a good point. I haven’t thought about that. Let me check and make sure.
And then that person, we’ll call somebody say, Yeah, it doesn’t make sense, you know?
That might prompt them, but you never have to take ownership. You’re trying not to.
I mean, if you wanted to, ownership, if, I have a situation where I need two people to be members will find it’s an undivided interests, and each is, you know, 100% or 50 50 or whatever.
That works out, too.
OK, Thank you.
All right, yeah.
Go right ahead.
Hey, John. Um, so I actually wanted to jump into allocation.
Yeah, get your mind.
So I was just, know, I was talking with you before and when I think of allocation, I think about like, hey, if I have $3 million, I don’t want to allocate.
I mean, I do it in between, and in real estate I put some in maybe gold and precious metals and then I will diversify some on the business.
But I remember we were talking about real estate and that, that whole market is really wonky right now.
So, that’s problematic because, really, I mean, that’s where, ah, that’s where a lot of the windfall can go.
But, but prices are so high and I think there’s a shake out.
Yeah. Coming in.
And so, I’m just thinking to myself, you know, like, the, like, the real big, I mean, where, what are, what are they in? Are they?
Yeah. And they’re like speculating and doing derivatives. I mean, they have to have their stuff someplace. Oh. And then the last thing I’ll just say is, I don’t want millions of dollars in the bank because the dodd frank Act Yeah, So, that’s not vigorous Smart.
I ever wanted to do that. Yeah.
I don’t ever want I just always have assets and cashflow and, yeah, separate everything out.
So, I searched on who’s buying the property, but this is my conspiracy theory.
So, it’s probably close. I can tell you who it is. It’s, it’s, it’s black, Black Rock right now. Those guys, right?
It’s the largest, single Yeah, Yeah. There’s there, the stair that, their number one single family buyer right now of single family homes. And who owns Blackrock? Who owns it? Is it privately held Or is it public? Blackrock is held by Vanguard and Vanguard is private.
There’s a whole video on it. I can, yeah, I could send you the link. It explains that this would be worthwhile to research and ask, answer the question, should I get into real estate?
And if I am, how should I do that?
And I believe that the trend is too.
Have private ownership of real estate, let’s say residential, so that you and I can own it.
So, it’s a longer on the market. Ever.
Yeah, that’s what’s happening, They’re buying it all up, they’re using, they’re going to need to do it, to destroy the dollar at the same time, they’re using our money to do that.
Yeah, Got it.
And you’re right, it’s never going to go back on the market.
That’s the plan, I think.
Yep, yeah. But we have a feudal system. People haven’t realized that the feudal system came in after the Civil War.
Feudalism is.
You guys can look this up, but basically, it’s you don’t own anything.
We’re already there.
There was, there was a period of time in our history here in the States where it was up until, I think, probably 18, 20, 1860, roughly.
That, we did have kind of an … system.
It was hammered down into what we have now. So, yeah, it’s going to be more and more obvious to people that they cannot own anything.
So, at any price, it won’t be for sale. So, what do you do?
I mean, you can’t still do it. I mean, the evil money is out there, they’re not going to own everything. But they’re gonna make it real difficult for people.
Mean, as they already have.
I mean, right now, you see, I’m telling tenants, you don’t have to pay your rent, but then, the owner has to pay the mortgage, got Talya, so that’s kinda scary.
Residential is, I’ve real estate investor friends, and they’re saying, You know, residential, I would rather go and residential commercial.
Well, that’s kind of an obvious because if I drive around town, I see, yeah, you know, vacancy rates are 80% very easily.
Even even my gosh. Next year, it’s going to be, Oh, it’s going to be bad.
So, anyway, Marshall, you’re a commercial, commercial, office, business, No, retail, really? I mean, I think that’s going to be, I got it. I mean, it already has been.
There are some that are out there building new places. I don’t know if you guys see this, but in Florida where I live in Orlando, I see brand new facilities going up.
So who’s?
What kind of money is that? I don’t know.
But it’s too risky for me, because I can’t see a use case that’s different enough than the traditional use case, because of the traditional use case is being destroyed, right?
Restaurants, strip malls, shopping centers, traditional use case. What do you do now?
Because here’s a trend now.
And I have a lot of clients, I’m working with them, the situation they’ve gotten, they were destroyed in the strip mall area, and they’re able to move their operations, their retail operations, into their garage.
And it actually works for them, It’s not the best situation, but it actually will work. It’s like, it’s like what they do in Europe.
My family is from Europe, and they have their, you know, their little businesses beneath all their homes, that are eight stories high, you know, right, all the apartments they live in.
So, so my question for you, John, is, is, if, right now, residential real estate, if, if states are passing laws that, say you don’t have to pay your mortgage, then what’s like, what are, what’s Blackrock? Doing then with all their rentals? Do they just have enough like evil bank money that they can float it until the moratorium on mortgages gets dropped?
Then it’ll, they’ll continue that. Yeah, I believe that’s a very brief way of looking at it as a jury, generalized way, but I think it’s close to being accurate. Yeah. I think, Blackrock, among others, is given free money. You can, you can look at what Katherine, Austin fits, has been saying about this.
She’s on it, and she’s not going to tell you everything. You can tell.
She knows way more than she’s saying, but, uh, she says enough.
So if you’re trying to gage what to get into, listen to as many people, as you can. That, you know, our experts, Kathryn, fits as a really good example.
My recommendation for most people is to re-allocate with a windfall.
You want to pick two assets to get into two asset classes.
So the first go to is real estate, and there’s, in my opinion, about 20 ways to get into real estate.
Yeah, OK, and the other one is something that you love and or that you’re proficient in. Hopefully it’s, you got both there. If not, you can work through that. If you don’t have anything like that.
Let’s say you’re proficient in something and you just hate it and then you’re willing to get into something new. You can always partner with somebody.
No, and that’s how those work, so. Yeah, are you talking about like a business? Like a cat, like the second thing being like a cash flow or something. Yeah, Could be a brick, and mortar could be a restaurant, maybe your best friends owned a restaurant for 20 years and it’s just booming, and you see it, no, end in sight Heck, yeah. Because, what’s in it for him to let you in on the party?
Well, maybe he wants a little bit of liquidity.
So, for a quarter million dollars, you know, and maybe he doesn’t want too much.
Maybe you have three million, and he won’t take, but he won’t take more than a quarter million.
So, you gotta think about, because you want to spend at three million sometimes.
So, you might have to get into some deep water sometimes, but just have people around you that you can, you know, consult with.
They’d have knowledge in that area.
So OK, make your life a little easy, you know, pick to get out a blank piece of paper, I mean that’s, they notebook and a column down the middle and say, Real Estate.
So, here’s a couple of ideas, look at all the different zones for real estate in your area.
You got commercial, industrial, agriculture, residential, multi-family, residential, and derivatives of that, OK.
Yeah, you got paper products you got tax lien certificates.
You got notes, note brokering, you’ve gotten all this stuff, right, this is lending.
So, there’s all kinds of things.
You mean, it’s, it’s, there’s wholesaling, I mean, gosh, there’s so many things you could do, so go through all that. So when you get into real estate, and you’re, you understand, you begin to understand it, you want to invest in it vertically. So when I say vertically, this is a way to diversify.
You spread it out into the, your supply chain and more similar types of markets.
You don’t you don’t diversify by just throwing money everywhere.
It looks interesting you to vet you. Diversify, diversify in where you are. For example, that the one I always give is the cup I was working with where they have a sandwich shop in a strip mall.
And so we get to this point in the conversation after about a year, and they’re like, OK, we’re at a point now where we want to think about what you’re mentioning earlier, how do we enhance our investment in the sandwich shop?
And I said, We’ll diversify.
And that doesn’t mean, Take some of your profits and go buy stock on the, you know, stock exchange it means. Yeah.
Yeah. It means I would invest in one of my suppliers.
What am one of my most stable suppliers in a sandwich shop in a strip mall is what?
What would you think?
I mean, it would be, or the person delivering your products for the sandwich shop, so yeah, but he’s kinda crazy. I can’t rely on that guy. I think he has a problem.
What if it’s the strip mall, just by the strip mall?
You gotta think a little big, somebody, yeah, right? So I own the sandwich shop, or I own the business, and I’m renting the sandwich shop, right?
And finally, building, buy the building.
And it’s not hard to do that. You can, I’m not saying, it’s, you know, cheap.
You can make an offer, OK, with a straight face.
Can I buy the strip mall, you know, can I buy them all, and work it out. I mean, you can get an options contract on it. For example, let’s say I was going to do that and let’s say them, all $7 million.
So, I make an offer on that. And maybe the seller, He’s willing, he’s like, OK, yeah. Maybe it’s a good time to sell. But I need $50,000 down and we work that out and so I come up with $50,000 and I get an options contract. And it’s good for whatever term you know, and the reason why I get an options contract. Because I’m not coming up with $7 million.
I’m gonna go find some other people that want to come in with me, and they’re gonna get, yeah, I’m gonna, I’m gonna shop for $2.5 million segments, right?
Now I gotta have partners because I am definitely going to take on the risk myself.
So now I can have provisions in there.
Because that way, if I go solicit capital for this, no one’s going to go around me.
If I have an option on the title, that means I can try title, makes me a detector owner. Yeah. So you got to think of things like that so that’s an example of diversifying in real estate.
I’m not saying I’m like a pro at that. I’ll do other stuff.
You know, but that’s an example of how you could do it.
The other one is, of course, something that you’re really good at, proficient at, or that you love, or that you could love.
I’ve talked to so many people that they have things that they are doing as a hobby that can actually make a bunch of money mm, and in some cases, when we talk about it, they’re like, Yeah, I’m gonna do that, and they actually do it.
Uh huh, Oh, OK, I was talking to a gentleman the other day, and he had, um, we just, I was solving another problem. And then I just seemed like a kind of person that I could ask this question. I said, Why are you working at that job that you are now?
And he started laughing, he goes, Well, I just, I’m trying to save up my money because I have this product, it’s a hair care product.
He’s actually inventing a Haircare products It just took me by surprise. Like, yeah, you never know, you know.
So, um, because I’m saving up my money for my job so that I can fund the development of the project.
And I said, Well, why don’t you go find out who’s who would your competitor be?
Who would compete with you in that product?
And by that competitor, on the retail side, like, don’t buy the whole manufacturer, or just just buy a retailer in that competitive market, and then take your product, or take the cash flow from the competitor.
That’s now, you know, you now own, and put your product, use the cash to develop your product now faster.
And then put your product, of course, in that competitors, shopping cart, so to speak.
So, I’ll buy a website that’s doing that.
And so instead of waiting for the money or trying to save it up, which is the old thinking, my dad thought, and he was never, he never had a high net worth. He never had a net worth and his whole life.
And he, he was a saver like, his, His dad was, and at that time, you know, World War II, that was the time to save money. But, now, it’s not.
So, I think my suggestion was, go find the tool that’s going to produce the money to fund your project. Don’t wait till you get the money to try to fund the project.
That’s the backwards way to do it.
Yeah, he’s actually doing that now.
Cool. So, now we’re talking about small money. OK, we’re talking about 15 granderson like that, now, it could turn into big money. But what we’re talking about here is, OK, re-allocate. I got one point five million dollars, So I got $7 million.
Yeah, real estate, probably the bigger things you’d get into would be agriculture, like farming.
So, I don’t know, I’m not yeah, I mean, we need farmers. But realize also, you know, they’re under attack.
The forums are there under attack, no evil people, they literally want to destroy the topsoil so it is irretrievable they cannot, you cannot recover that it’s, I can’t even imagine that, but I mean farmers right now being paid to plow under their crops. So, I will just mentioned this to you.
OK, with that going on, I think the future of farming is going to be micro farming, permaculture, aquaponics.
Hydroponics, things like that, and also underground farming.
under ground, We have technology now where we can piped sunlight into a facility. In fact, right now, these big, tall scraper, tall skyscrapers over there in China.
I’ve seen this, you can find on the internet, too.
There are farms underneath these tall 100 story buildings, like corn.
They’re growing corn underneath and these buildings, when you build a building that’s 100 stories, It’s I think It’s got to have a counter-balance of about 30 stories underneath the ground.
Oh, wow, yeah. We don’t realize that. We just think the building is sitting on top of the ground, but it’s not. It’s actually in the ground.
And underneath that is farming in China.
That’s crazy.
Yeah, so just realize there’s a lot out there. If you just do some investigation into it, then, yeah, I could direct $50 million at a project.
But you know, I don’t know, I wouldn’t put money anywhere right now, except Kryptos and precious metals.
And I don’t even like precious metals and I really don’t like Kryptos, but you kinda have to do it. It’s gonna be a tool, I mean, you’re gonna have to have kryptos, I just don’t like sitting there and waiting for the price to go up against the dollar.
But I don’t know where else to go.
Right now. Right. Right, And then, and then, again, you know, like, like you said, precious metals, That’s manipulated, as well. So as that, would you say precious metals is more of a short term, long term midterm or play? Let me clarify with precious metals.
My thinking on precious metals is that I’m not going to keep my precious metals more than a few months.
Because I’m going to do something else.
That’s my plan. I’m just go into precious metals because I don’t want to be in the dollar and I don’t want to be in the bank.
And I, you know, I’m, I’m, I feel some more secure in a vault somewhere or taken ownership or something. I’m not, I’m not buying precious metals for the sake of precious metals. Yeah. It’s to manipulate it.
But looking at the past, I’m saying, well, OK.
Even if the price goes down against the dollar, I can still recover, and it’s, I think, a lot more secure than buying rice or commodities, maybe, you know, or sure certainly Yeah, Yeah. Yeah. Or you could do it and so like.
How do you determine the percentage that you go into a gold or silver like million dollars to percentage, it’s a percentage. So I look at it like this. An investment of precious metals, OK, I jokingly tell people, invest. Invest in gold, if you’re old.
And what I mean by that is if you don’t have any creative ideas, and you don’t feel like it, you don’t feel like it, like you’ve done the work in your lifetime, you’re done with, you know, you’re 600 to maybe or even 53, whatever. And so, yeah, then go into gold. No shame there.
So, you’re just parking it somewhere.
But then what percentage? So so keep that in mind, that’s my opinion of gold.
I’m not trying to make a lot of money on gold.
I don’t think anybody ever will, but, yeah, if if gold is for that purpose, then what part of your portfolio do you want to not perform, Right, and not perform with gold, is way better than trying to get into the stock market, in my opinion.
Or even going into the dollar.
Exactly, Yeah, I agree, I agree with that, yeah, so, still golda safe, but it’s a way to move money or harbert for a short period of time.
Yep. And that’s why, you know, you’re bringing this up, have an allocation or re-allocation plan. And so, yeah, that’s good. That’s the hard part.
But still, I don’t think we should forget the old traditional ways of investing and yeah, I hate Warren Buffett, the drug dealer, but.
If you can read his book, The Warren Buffett Way, OK and also Rich Dad Poor Dad, very basics, there’s some more sophisticated books out there. OK I like the idea of a value investor.
I could look at our Warren Buffett, bought Amex, check that out.
You’ll see what I’m talking about.
Um, another thing to keep in mind about basics and discipline.
Just, yeah, I mean, people ask me all the time.
And we can talk a little bit about no estate planning.
But they want to know what, what do I do with a windfall? And then how do I protect it from my family?
And you don’t have to add your family members names to your, no documents or things like that. You just need to make the credentials available.
Whatever you’re using.
Um, but there’s a really good book if you guys wanna get it, I got the audio one years ago. It was called, The Millionaire Mind.
And this will give you another perspective on how actual millionaires live. It’s going to be the opposite, mostly of what most of y’all think.
It just blew me away, so it was like 20 years ago I read that, then there’s another book you can find for free on the Internet. You can Google this title.
It’s called the richest man in Babylon.
It’s all, OK?
That is worth its weight in gold if it had weight.
Wow, thank you for the questions.
Yeah, that’s great, thank you. Alright, perfect.
All right, let’s move to Alex. Thanks for waiting, Alex.
Hey John, Jay. Over my volume here, so there’s no delay.
Couple of questions about trust for U and W nine’s It’s necessary to have a W nine for a trust or do you just need the EIN?
And then with that, there’s some exemption questions on there is that just basically left out for LLCs and trusts And then my second question is about whether it was actually about something I telegram to you about.
I was listening to a podcast by Jeffrey, Matt I don’t know if you know if you’re familiar with him. He’s a researcher.
He was talking about civil forfeiture OK, Basically, you know the authorities can take property that they suspect as a link to any crimes and that just made me start thinking.
Not about crime, but just basically about whether or not you could put all of your property in a residence In a trust like everything at some address Could that be part of a trust and does that keep that OK?
So two questions there.
They a W nine and then that whole thing about the trust OK, remind me, because I might forget the question, but Debbie Nine’s, I mean, I have it open on my screen right now.
I mean, I could do a screen share if you want me to you, but it’s kinda short whenever I can pull that off. And, I actually did a video on this the other day, but, um.
Do that.
So a W nine is a best practice. Let’s call it. that, OK.
So you have a new LLC. The reason why I do the W nine is to make sure that whoever’s going to pay me is going to be liable if he makes a mistake on the EIN and the name of the LLC.
All right, so.
So if there’s pain, yeah, any pay or to the LLC I want to make sure that he’s gonna pay the LLC and the LLC’s name and with the correct ….
I don’t want my SSN on there because I’m signing for this with my SSN.
Right, right.
So, you, all you would do is put like you see here, OK, line one, you put the name of your LLC.
I come down here and I choose limited liability.
Choose P for partnership.
I put the address of the company. Now, woo, what’s that? Let’s see, she used the registered agent address as a rule no.
Sometimes you can I like to use agent addresses that are not actual agents. I just put your name at that address so you don’t have to pay every year because for most of you, you don’t need that.
So generally, I like using and the principle address of the company of the LLC, so in your documents, wherever it says principle address, I would put that here in line 5 and 6.
If your address is in California, I would not use the California address, it’s probably OK, but I’m just going to say, as a general rule, I would just avoid using it as much as possible.
So, at some point, you’re gonna have to get mail from somebody, now, whatever addressee put on the LLC does not determine where mail goes. Mail goes. Where you tell people to send mail? That’s it.
Then we come down here and we make sure that we only fill out this OK.
The EIN, it’s gonna fill out, yeah, do not put your SSN at all here.
So, it’s only the EIN for the LLC that goes there.
Then you definitely are gonna have to sign this, so I don’t know. I think you have to print this, and sign it, and then put the date in there.
When you sign this, make sure that you do it with a title on your name, so you would sign it and say, You know, put your signature a comma, um, authorized signatory for an LLC.
If it’s a trust, you might want to put trustee or as trustee next to your signature.
You can also put, if it’s an LLC, you can put Vice president, you can put Managing Member.
Just anything, you wouldn’t know. You would input PMA there.
No, because there’s no, there’s no PMA here. got it, OK.
Know, this has never part of the discussion guys, so I know this is another reason I’m going to talk about this today because the LLC isn’t OK, It’s literally not a trust.
It’s gonna function that way, but it’s literally an LLC.
The fact that a PMA owns it and the fact that you’re using it in that way makes you the trustee For the PMA.
We never have to tell people that: We only talk about the LLC and your relation to the LLC.
Got it.
Yeah, so that’s the thing. Now see here?
This is what you’re trying to accomplish.
You’re avoiding backup withholding. You guys can look this up as under Section 34, 31st six of the tax code.
You’re also avoiding having the liability, like for example, if I open a trust account and I don’t give the bank a W nine and the person that enters, it just thinks it’s OK to put my SSN for the trust EIN.
I got big problems, how am I going to correct 1099 or something, Right. It’s going to be a problem.
So, this makes sure that they do it right, that makes them liable.
Is that good? Yeah, so that’s basically going to go to the exchanges, They’re the ones that are going to be paying out to your company, your LLC, Exactly, trust.
The bank should get one as well.
I agree with that. Yeah, it’s a best practice.
Don’t have to, but it’s a good practice to do that.
Yep, OK, that makes sense.
So, I onto the other part of my question about trust and, you know, is it possible to put all of your property from of residents or the entire contents of a residence into a trust?
Yeah, you certainly can do that.
So, the only limitation really, as far as risk management, to make your trust, or whatever effective, is, you want to separate out, um, the different types of risk from the same owner, so I wouldn’t use my LLC to own my car in my house.
I could use my LLC to own my house, to be the title holder of my house, and I can put a lien on my car with the same LLC.
So title, ownership and a lienholder do not mix liability, so you can use the same LLC for those two things.
I can use an LLC for managing 3 or 4 or 8 different types of cash flow. Like I can run a restaurant with my LLC.
I can also invest in kryptos with my same LLC, have a cash account or several and then Buy and Sell Gold and have a hobbyist website where I sell woodworking with one LLC.
No problem because it’s all cash.
Cash checks, whatever, It’s just cash flow.
OK, but when I’m taking title to things, especially fixtures on the land, like real estate, it’s hard to move that stuff. It’s hard to change that stuff. I can’t just spend it, right? I have to find a buyer, so it’s a nuisance.
So, when I, when I take the title, I want to make sure all the risk as best as I can calculate, it is in one LLC. So if I have in one town, I have lots, I’d like to do single family residential, then I’d probably maybe group them by tens or something.
Even then, I’ll break it apart a little bit.
If it’s a hotel, it gets its own LLC.
Right, An apartment complex, separate LLC, you can have one LLC per piece of land. Let’s say you like to do single family residential, and then rent them out, for example.
So I would have one LLC per, now, you can start that this out.
Bye titling each LLC using the address of the property, and then not register the LLC, it’s not necessary. It doesn’t need an EIN.
It doesn’t need to be registered with the state, and I know if any attorney, here’s this evil freak out and say, This guy’s nuts.
There’s reasons why, and we can go into that if you asked me, but.
You can then have the cash flow from those rentals come through one LLC that does have an EIN and it does have a bank account.
This will make your life a lot easier, I believe.
I’ve never had a problem with that.
OK, so just to straighten that point out in regards to a Trust versus an LLC.
LLC, working with different cash flows from different properties will work but with the trust, you’re really just looking to, do, keep it to one title per trust. Yeah. It’s the same thing. Property is the same exact thing.
Yeah, you can take the take the address of the property for example and put the word trust after it so it’s either a trust or an LLC. Same use.
Excellent. Thank you, OK. And then somebody was asking I know I think we got a couple of hands up here.
Somebody’s asking, oh, OK, brokerage account. He’s in a fight with them over the beneficiary. I put down is that my name? Comma, PMA, OK? So that’s the name of your PMA. It’s your name PMA, OK? Now remember when you do that, that PMA designation identifies a different, separate person.
And that’s what they’re having a problem with.
So they they chose to put just my name, and don’t understand the PMA. since I submitted the paper, which explains the PMA. I asked them to have their Attorneys look it over and compliance officer. Now I either leave as is or closed.
No, you’re OK.
Remember the articles that are on file with the State are binding on everyone. That is the whole purpose of publishing articles.
All right, your articles are the law of the company.
That’s my way of saying it.
So it is binding on them.
So if they want to act upon you being the individual owner, and you’re not, and you’ve noticed them, and they do something that’s contrary to your interests, they’re liable.
But just the same, I mean, I like to avoid controversy. So just as a matter, of course.
Like, let’s say, as we approach that first year, I may send them a copy of the articles and say, hey, guys, just to update, you, just want to let you know, here’s a copy of my articles.
I just filed my, my annual report for the year, and I just thought I’d give you guys a copy for your records. You see, that way, it doesn’t raise any?
No questions like, Oh, what’s new, Why are you doing this? Oh, you already told them why? Because you just thought you’re supposed to do it, You’re just being a nice guy, and they’re like, OK, fine.
They should, they shouldn’t look at it.
So what that does is it gives them the official record, gives them proper notice, and you do it in a way that doesn’t make them have to examine anything.
I’d rather not get the attorneys involved.
And someone wants me to summarize, revenue procedure 2019, 24, and what was that about? I just did a whole video on that.
And it just flip my mind, like, what the heck was I talking about?
I’ll remember in a second. I’m sorry.
I’ll get back to that. Oh. And so, you asked me about the trust, OK? Yeah, so, I think I covered that, Alex, right? The trust.
So we got that, right? Yup. They won’t forget you, OK, cool.
Alright, and walk through video for setting up an account with Chase. Hm, Hm. Yeah, OK. Gosh, that’s intimidating. Um, maybe if you pay me enough, I’ll do that.
Know, if somebody were to do that, I probably buy the video from you if you are. I’m actually trying to say, I don’t want to do it.
If somebody would go and open an account at Chase and go through all the steps and make an a video recording of it, I’ll buy it from you.
And then, if you’ll let me use it, is that OK?
If anybody does that, I mean, some of you have been really nice to help me out, and you’ve done documents like that for me, and just sent to me.
And I just so much appreciate that, but I’m more than happy to pay for it.
So, to get any ideas, let me know an uncooperative cessation which does private, based on his own ricarda false extra, OK, A tax return is required to be filed when a tax return is filed, that creates the duty to file. I don’t know where there’s any other duty to file.
Now, you’ve heard me say about C Corp.
I happen to believe that a C corp is a C corp because it file a tax return, claiming it’s a C corp.
That’s why it has to file.
Just like an S corp.
S corp is an LLC, that files a form 2, 5, 5, 5, so in order to get the S Corp classification, you actually have to file a tax return.
So that’s why I say once you file that return, there’s going to be the presumption that you have to keep on filing, OK?
So it’s up to you, I mean, an unincorporated association.
I mean, what about mm?
You hire a babysitter to give her a 1099.
Give him 1099 W two.
I mean, you could it’s kinda silly, I mean, maybe.
But an unincorporated association, I mean, we’re we’re part of many unincorporated associations. Your neighbors are part of the association. Your family is part of a different association. All the people in your neighborhood that had blue cars, are part of that association. Everybody who’s right handed, it goes on and on and on.
So the IRS does not care about unincorporated associations, but if it files a return, you file a return with the IRS. And you say this is an unincorporated association is earned this much money this year. The IRS will say thank you very much, and check to make sure that your tax treatment is correct.
It’s up to you.
That’s my answer.
And active in good standing. Yeah, I think you can use those terms.
Interchangeably. active means that everyone in the world will recognize it according to the official government records as a thing, a person that’s in good standing.
All right, and let’s see. Oh, good. Kill them brown, OK, super great.
Brick and mortar banks, I was, for 1, 1 for two would open them. Yeah, so it’s hit or miss with the banks.
Yeah, they all say we don’t know about …, but so what? They’re not supposed to look at PMS. That’s why I gave you these documents. OK, I give you the BSA Bank Secrecy Act memorandum. I just made that up complaints memorandum and there’s a brief in there that I didn’t write.
It came from some attorneys, and it just explains that the banks have no legal duty to look into the PMA.
if it’s an unincorporated unregistered association, but they do anyways.
They think that a human being has to be the owner of the company, so I guess it’s just a you know, it’s up to us. How do we communicate with people? Really, it’s testing our ability to do that.
So far, we’re doing OK, I mean, there is some difficulty out there, but we’re getting past it.
If I can’t get them to change the ownership, what a workaround by adding another entity?
I mean, you can change the ownership if you want.
I mean, it. Here’s what we here’s what we do. If I just feel like the client’s, he’s frustrated. So I’m just I’ll just tell them this. Just tell them, you’re the owner.
Just tell him you’re the owner.
And don’t change anything. Keep your PMS the owner. And they’ll go on that.
They almost never look at the state and get a state record and say, Oh, you haven’t changed the state record yet, they just take your word for it.
That is another option.
I don’t like that one, but sometimes it’s worth just moving on with your thing.
I’m an LLC already set up and trading, Kayla and Brown Do not understand how I’m going to defer taxes using, but instead of a trust, OK, OK, So how do I defer taxes with an LLC or with a trust?
You defer taxes by not choosing to make that trust or LLC the destination of where the money is going, the destination meeting, the final place where you’re going to go and tell the IRS, OK, here we have gains. Here’s my balance sheet or my tax return.
Here’s the money I owe for the tax rate based upon what I’m filing.
If you choose not to do that, that is also fine.
So you have an LLC or trust. Just don’t file a return for it.
Make sure that any tax payer, that gets money from it and including yourself if you’re filing 1040, if you’ve got, if you’ve ever follow 10, 40.
Make sure that if you get money from that LLC and it’s not for the LLCs purposes that you record that included as on your 1040 that that’s it. It’s as simple as that.
Now, you think, Gosh, why is John the only person saying that?
Maybe I am the only person saying that, I didn’t understand this either until I started looking at the problem, and I, I looked at the accounting, and I looked at the tax code.
I sat through many audits with the IRS agents. I talked to them privately.
I talked to other people over the years, and I came to the conclusion that the tax liability comes from filing a return.
I can tell you why. I think that we’ve got lots of stories and that you guys have probably heard them before.
So other people should be talking like this. I’m not saying you shouldn’t file tax returns.
I’m just saying, why would you create a tax side? Doesn’t mean you don’t have one.
Why would you jointly file a tax return with your brother who has no interest in what you do, who lives in another city?
Then also, include on that joint tax return, your neighbor, When would anyone ever end up in that situation? When is there ever need to do that? There isn’t.
So that’s what we’re doing. We’re creating a person that can handle money that doesn’t have a tax liability until the owners of that person decide to file a report it in a certain way.
Yeah, and there’s another thing about Killen Brown.
So, this is kind of new, and maybe I’m misunderstanding what’s going on here, but, with killam at Brown, yeah, they want a notarized copy of the articles. That is fine, I mean.
OK, of the articles, that I give you, OK, so I give you what are called the banking abstract documents. Yeah, where you have to sign those. You want, They want those notarized. Now, here’s the difference.
They’re being nice to us. They could require us to go through our embassy and get what’s called an apostate deal, on a legal document to use in a foreign jurisdiction. That’s what, that’s what it’s for. And that would be expensive and time consuming, OK? Killam Brown is not asking us for that. All they want is an officer of the court where we live to witness our signature on a document that we’re signing.
The articles that come from the state, OK, that we have where we send you when we give your final documents.
And you have the stamp from the state That I don’t believe you can notarized that because you’re not signing it.
There’s nothing to witness there, and if you know, dries it, you’re changing the certificate status of that document.
Now, they do accept a copy of the certificate of, of articles, OK? A copy of this certified copy.
That is another gray area, But that’s on them. If they want to do that, then that’s fine. But officially, we’re supposed to send an actual certified copy of the articles, and that would be on paper.
And it would have a seal or embossing stamp on there, or a crimped page, and then that would be the document we’d send a very special way. So thankfully, they’re not asking us to do that.
So I want to explain that the legal aspect of how that’s supposed to be done and how they are doing it, So there shouldn’t be any problem with any document that you’re going to be signing to have that notarized.
If it’s a certificate from a government, I don’t see how you can notarized that. And I don’t think that’s what they’re asking.
So let me know if I’m wrong on that one.
Yep, and then Process start with Gemini. Right. Yes, so Geminis asking Tech questions, I don’t know about the tech questions.
If there are technical regarding law or the document you’re using, like your LLC documents or something, I can, I can help you with that?
Again, they’re going to do the same thing that banks are doing, but they’re going to do some other things, like, they’re gonna ask you, OK, what’s the source of wealth? And so the general answer is that it’s my savings, my personal savings, and my my income for my job. And I’m just allocating some of that money over for investment investment purposes.
Here’s what you want to avoid, implying that you are collecting money from your friends and family and you’re pulling it together and using Gemini to do that.
That is a no-no. You can have a big problems. They won’t open the account. Then, if you tell them that, they’ll make you get a money transmitter licenses. And trust me. You do not want to go down that road.
So just be careful about how we talk to these people. Just, you know, I don’t care if you are using your family’s money, and your brother says, Hey, invest my crypto money for me. You can do that, but just don’t tell them, you’re doing that. Don’t tell anyone you’re doing that.
I hope that answers what you, What you asked here. Blackrock is a fed puppet. Yeah, of course. It is. I mean, that’s, yeah, I wonder, what else is out there? The …, just using one company has got to be more.
I wonder if the drug companies are owning them.
An additional signer, OK? So on the banking banking abstract documents I give you, you’ll see there’s a, what’s called a Banking Resolution.
This is a formal document that says, this company authorizes this individual to be a signer for the company, and yeah, you’re signing for yourself.
You’re signing as the vice president or managing member, and you’re signing as the authorized signer. You know, a one member LLC, right? Or signer for a single member or double member LLC. You can do all that. They’ll accept all that. So it’s the banking resolution document. So if you want to add a signer, or an authorized user, you do not have to modify the articles. Now, you can if you want.
All you would do is take my document.
This is why I give you the ODT version, leiber office, you can open this, save it as a new filename, replace your name with the new signers name, and save that in your records. And then print that out and do whatever the bank wants. Maybe the bank wants it. notarized sign, whatever.
And then that document goes along with whatever else The bank wants, some ID or something, and then you’ll you’ll add an authorized user.
No problem. And, by the way, you don’t need an authorized user.
I mean, most of the time, you don’t.
For myself, usually my wife signs for things. I’m sometimes, I have a partner sign for things.
I’ve been lucky where I have, you know, trust relationships with people.
I mean, hopefully have those things, I’ve really never had a problem with things like that over the years.
So, it’s not that you need that, but let’s say you can’t trust anybody, right?
And hopefully you maybe you want to leave some your wealth for your children, and maybe they’re not in on it so much.
So, hopefully, they have some education about wealth, or how to acquire it, or whatever, and you leave the credentials available to them, so that when you lose your mind, or get lost at sea or something, and they want to go access that. They know where to go to get the credentials. They know what to do, or can get help to to, to do that. And, then, whatever you want to happen happens. Now, you can document this in a book.
And the reason why I say things like this is because, I’m always inclined to recommend that people stay out of a situation where that wealth would be pulled into a probate process.
You really don’t want to go there, so that way, if that’s not part of your state, you’re already ahead of the game.
You should still have a will, in my opinion, but your will expresses what’s in your state and what should be done with it.
And I think your wheels should be have nothing important in it.
Maybe it should cover something that you never thought of, that after you die, someone discovered, and all of a sudden it’s part of your State. And now you have an estate surprise, and your will already handles that.
So something to think about there.
On the PMA I am I’d like to use that if the client is suitable for what he wants to do to develop out an estate plan.
Now I’m not an estate planner, and I just even really hate using that term, but I want people to have somewhat of a, um, like what I actually, I’m doing, is, I’m kinda copying things I’ve developed from my family over the years.
I don’t really like saying that, but, and that’s really what I’m doing, because so far, it’s worked really well, and everybody likes it. Everyone in my family. They understand what’s going on.
I have my own philosophy on how to no leave things behind, if, you know. That’s my plan anyways.
So I’ll share that with you, but, um, the PMA can be used as a way to document what you want to have happen to this particular wealth. That is not in your State. So the PMA acts as its own state.
All right? That doesn’t go too far. So I have to like file pilot with the state.
No. Not just, Oh, yeah, don’t do that. No, no, never. It’s all private.
So you want to keep it in your private personal records in your vault, but I should want to, the banks, too to add, to let them know, never. Never. Never. Never. Never showed that to the bank. None of their business. Don’t show it to the bank.
You control everything, you’re using the bank as a service provider, Your bank, the bank you are using for your company, should be seen as an employee.
So you wouldn’t tell that to your employee.
So you would never want to tell that to the bank.
They want you to tell them OK. Fine. Like, for example, like, like, write a check or something like that.
So the other person could sign, yes.
So what you do is, let us say, I vanished.
Aliens abducted me.
And so my wife is like, hmm, hmm, hmm, wow, I guess I need some of the money.
So, let’s see what he did.
So she’s gonna go to this place that she knows to go to, and I’m speaking generally, and she’s going to then go to another place, And she’s gonna get the information.
And then she’s gonna go get a blank check.
And she’s going to write a check for whatever amount of money she wants, whatever she. Because she can login to the account on the internet, for example, it’s a bank account. And she could see what money’s there. And so she can write a check on that account. And she could send the check similar to pay for something. She can also deposit the funds somewhere.
So she can write a check on the account that I’m the signer for, even though she’s not the signer.
Now, if she walks in the bank, not going to work, If she walks in the bank and tries to do it, something like that, the banks can say, Well, you need a probate order from the judge.
And they’re right, but don’t ever do that.
OK, Manager Affairs’ outside of the bank.
Right, can I ask another question? Yes, your LLC like, is it better to have to allocate one LLC’s for like the capital gains?
LLCs like four just like Business Income.
It’s a separate Yeah, I would separate them that way. Yeah.
For a business, I would separate from an investment portfolio, OK, Makes sense, You don’t have to, but it’s probably a good idea.
Yeah. Especially with the business I get from, let’s say you have your, your investment portfolio in your LLC, and then you’re running your business on your LLC, would it be prudent to take on an equity partner.
Now, because you got all your net worth it, you know, he does no interest in, right.
So you want to isolate that so that way it frees you up to do other deals with other parties, loans, like contracts, things like that. I’m not tying up my other thing that I really care about over here.
So, separated out, give me, go to some sure, Sam, and go to Janet.
Hi, John. Hello.
Hey, I am, just happy couple questions about the determination request.
Yeah, so I know it’s a little off topic, but, um, I know, you don’t like CPA’s, but, this all makes me so nervous, and I’ve, I’ve used one for years, so, and I like him, OK.
And so, he wanted to put the erroneous 10 99, into the tax return, and then back it out. And I guess there’s a place for that.
Um, and then, I don’t know if that’s OK, or if I need to do something different.
Then, I haven’t filed my tax return yet, because I had filed an extension, and I don’t know if I need to file it first, and then send that with my determination request, or if I need to send the request before I make, OK.
Hopefully, it’ll probably work that way, but I would be leery of it just because CPA’s just want you to do what they want you to do, and they’ll tell you anything. I’m sorry, I’m so biased guys, but they will just tell you to do anything. They’ll say they’ll explain in any way, just so you’ll do it.
Then whatever happens.
They just say, well, I don’t know I can help you there, because they’re not liable for anything.
So, Rob, what I’ve found to be successful is we file the tax return else for some people, they haven’t felt like you got an extension, So you prepare the return, and you make a copy of the return. You don’t even have to sign it.
You just make a copy of the return. And then there, you take your 299, and you do the Request for Determination Letter, and you send all that into the Secretary of the Treasury.
Then, that’s enough.
Then you could literally file your return and not include 1099 from the beginning.
If the IRS has a problem with that, they’ll send you a notice about something, they’ll say Underreporting or something like that.
And I’ve never seen that. I’ve done.
Many of those, I haven’t seen that.
I mean, they’ve always told the times they did write back, they don’t always write back, but the times they did. The IRS races, cryptic response. It’s almost the same Every time it says.
we reviewed your request and advise you to take no further action.
Which means OK, because I told them, I’m not including 1099, and they basically said, OK, I just think it’s easy that way. Now, I’ll say something else, too, for 10, 99th.
I’ve done, I’ve literally handled close to 30,000 debt collections since the nineties, OK?
And in almost every one of those situations, the client is getting 1099 for not having paid his credit card debt.
And in every situation, and I didn’t know how to do this in the nineties, and I literally, I did talk to CPA, and he did explain this to me, and this is how I learned.
I did learn this from a CPA, but we excluded the 1099 every single time, thousands of times and never never have my client ever had a problem with the IRS. They never came back and said you unreported.
Now, I did have one guy that was just terrified and he went and Googled stuff on the Internet. And he actually fill out a form.
There is a form for this.
I forget what you call it, but it goes with 1099 and it’s for imputed income taxes and then I think he sent that in with his 299.
And that was accepted that way, So he wasn’t held for the imputed income tax. He still got out of the tax on it.
So I think there are different ways to do it. I’m just so biased towards CPAs. I’ve just seen the mess people over so many years.
I’m not saying your C P. Is going to do is plug into perfect job for you.
That’s just my, Well, he he.
He added it in there, and then hey, shows where he takes it back out, so, and he knows that I’m doing this later. I showed it to him, So he’s curious about it, So we’ll see how that goes. But all right.
And then then so I can send that without having fouled the taxes in China until 10 if I get a response back from them and then file the taxes will follow for your deadline. But yeah.
I mean, in my standard form letter, I have mentioned that I’m sending a copy of my 1040, just just to be complete. So, yeah, but just make sure. Yeah.
Yeah. I mean, you don’t have to have files written for you. Just send a copy of what you are filing, OK? Yeah, OK. All right. Good. And I’ve got everything and then I also need to send one to the original.
Creator of the 10 99 which was Celsius. Now, you don’t have to tell them anything.
I just wonder if you’re including the 10 99, and you’re still going to ask for determination letter.
I just have to amend the letter, so that we’re saying that we’re including it.
Change. That’s OK. I have to change the wording a little bit.
OK, well, OK, all right.
Always looking to learn new stuff, So, Yeah.
All right. Thank you. Sure. All right.
Let’s go to Shem, please.
Hey, John.
I got a letter from Bank of America, this past week, some money, services, form, money services, businesses form. And so, what I did is, I took your letterhead idea.
You did the last time filled it out and said it references this Money Services built business form, and I just sent them a copy of the articles, the signed articles, You know? Yes.
And I’m hoping that that satisfies them if you ever come up. That’s pretty good. That’s a good, That’s a good response. Back, yeah, because, yeah. It goes right to my definition of the articles.
are the law, the company, so if you guys can understand the articles and you’re an international multi-billion dollar bank, can’t help you there.
Yeah, because I, in the top of the letter, I put, you know, I’m investing in real estate personally and I’m using personal savings. And that’s it. And I say, here’s the articles, I like that.
For everyone listening, who’s going to hear this?
I like that response, and, I’m just, I’m gonna look this up, I’ll say something here, but, um, Make no mistake.
The banks tried to create liabilities for people and people will say things are not supposed to You, did perfectly.
You send the articles, So, you have to talk, Hey, my articles do all the talking for me. I’m not going to fill out your form. If you start filling out forms that you’re just given without understanding what you’re doing, you probably shouldn’t be doing many ways.
If you’re not going out to look for the form to fill it out and someone’s giving you a form probably shouldn’t be filling that form out because someone’s giving it to you, especially here.
If he participates in this conversation, they will pull him into a situation where he’s going to have to give them money.
Transmitter license or FinCEN is going to be on his **** and he’ll, he’ll have years of problems with the IRS.
eight pages long, that form. What’s it called? Let me look it up our services business activities.
MSP activities.
It doesn’t have an OMB number on it.
There was just a letterhead that they sat with that in first paragraph. That was it.
I have one here, Suspicious Activity Report Money Services businesses, OK, that’s a FinCEN. It’s six pages. It’s got an OMB. So so that’s their document.
Yeah. And all I did was fund the bank account with $200 out of my debit card. You know, they’re either dumb, or they’re dumb, or they are trying to trap you into a situation. And just one other quick question. Please, John, I’m running a consultancy business and I’m putting anything I make into into the LLC.
Is that going to be all right? Or should I create something else to put the money into, before I put it into the LLC, because I’m not have insurance. You go straight to the LLC. I mean, that has already means of indemnification So you don’t need a layer.
You almost never need to layer, Yeah.
Perfect. Thank you very much. Appreciate, OK, yeah. I’m glad I’m glad you brought that up. I don’t see it here, but I would love to see that document, and I would like to find, I’m not going to spend time to it, but I will do this. I search Spend Money Service business. I go to the FinCEN dot gov website.
And here’s let me just tell you what it says. You guys can do this, too.
The term money.
Right here, the term money services includes a person doing business whether or not on a regular basis, as an organized business concern in one or more of the following currency dealer. Is that what you’re doing confess infest Now? Are you a check casher or your issue or traveler checks redeemer of traveler’s checks? Are you a money transmitter?
Are you, the US. Postal Service, now come on.
Confess, we know you’re delivering other people’s mail.
An activity threshold, a greater than a thousand dollars per person per day in one or more transactions applies to the definition of currency dealer.
You do not want to be in this classification, guys.
That’s why have you do these forms a certain way.
And also when you apply for things, we’re be very careful about, you know, there are always trying to detect if someone’s doing this.
Glad you brought that up. Alright, I’m not ignoring y’all. I know you get your hands up and everything I’m trying to get everybody. And Frank, thanks for.
Thanks for your patience, Frank I just got a note from my assistant. She’s got everything set up.
OK, I just want just real quick, John, so I’ve got price targets on these kryptos, and when I I’m going to try to You know, cashed out at certain points here, but um, I would like to maybe moves Move into a stable coin and Trotta go to, you know, one of these.
one of these, the centralized Finance places that you know, you can lend your coins out and make interest on I’m kinda thing.
So um, if I were to open an account with like a celcius or an exo, if I mean I guess I’m assuming I would have to do that Also open the account in the name of the LLC. Transfer the coins too.
Celcius and What I’m getting at is the interest that I earn on those coins if it’s in the account if an account of the LLC would that also be a way to avoid paying taxes on that income.
Yeah, I recommend it. That is the simplest, cleanest way to avoid any question.
Use your LLC as the account holder and it has all the liability, but also realize sometimes these companies are paying out interest in kryptos and so that’s not taxable.
It’s just, your kryptos are worth more now.
It’s still not a taxable thing, and they’re calling it interest, but, yeah, but it’s not really taxable interest, but to avoid all the drama.
Yeah, Use an LLC, OK, and so if it’s in my personal name, or will they are they going to 1099 me, though?
Know, make sure that’s why you do the …
and make sure your account holders the LLC and that the other party has the EIN and to nail it, Kim, the W nine.
I’ve never had a problem doing it that way, OK. And by the way, you’re going to find out the 1099 is going to be erroneous anyway, so you can choose to ignore it.
Yes, OK.
Thank you, man, Appreciate it.
Alright, all right, OK, don’t go to, let’s see, I want to try to make sure I get remember is there, OK Jean?
Hi, can you hear me?
OK my question is: Coincide investing.
Presume that at some point I will be taking profits, how do I avoid taxation, move money, back to.
Name that I have here is also LLC, OK, just make sure your LLC is the account holder.
Wherever you’re moving the money and then the LLC has the liability, not you.
And then don’t follow return for the LLC except any money you pay yourself, OK, How about buying a piece of property? Once we get the money?
Spend the money from the LLC, and when you take title, don’t use your name to take the title.
Use another company, or a trust, or a third party, some other name when you take title.
Now, there’s, there’s a reality there, because sometimes you’ll be in a mortgage situation, so if you, if you get a mortgage, it’s probably easier to closing your name, just conveyed out of your name afterwards and not planning on having important, OK, yeah, so it’s easier. Just pay cash of the thing and don’t take title in your name.
Say that one more time.
Pay cash or what it is, Once you sell your coins to the LLC, you wire the money to the LLC.
Have the LLCs. Send the money to your escrow agent when you’re going to go to the closing for the real estate.
When you take the title, make sure the contract isn’t the name of a new LLC or that same one if you want to use the same one.
Just make sure it’s not in your name.
I’m not going to avoid taxes that we’ll avoid income tax, yes, that will. What that does is it creates a record of money that’s moving around yourself.
And it never comes to you as a game.
Now, pretty much every CP is going to disagree with that.
But I’ve never had a problem doing it that way.
None of my clients have had a problem doing that way. In fact, actually. I probably learned it from some real estate investors.
I mean, we, I’ve learned a lot of things from those guys over the years, and they’ve never had a problem they did all the time.
I can explain why I have so many articles and things. If you want to see more information? I mean, just asked me by e-mail, I can send you more pretty soon. This helpdesk will probably have all that stuff there, too.
I wasn’t also, do you need to be the LLC, now? We have set up to make sure they’re set up.
Yeah, we do that actually, when, when it’s written up, we send it to you to make sure that we have your information correctly.
And then, if you have any questions, we answer those, and actually, we asked you to approve it.
If, I mean, if very seldom do I have someone who has already written up his documents that asked me to review them, I will if you want me to, I just want.
Yeah. And you almost can’t mess it up? I mean, I have my own preferred way of doing things.
The reason the way I write my documents is so that if my client is under a subpoena five years from now, he doesn’t have to be concerned about what’s in the document as long as he didn’t make any substantial changes to it. Because it’s written in a way, that will still establish that He is divested of exclusive rights over the property.
So, no one’s going to pierce that.
No one’s really going to get past how I’ve written the contract.
But you could probably get pretty close to that. The only thing I don’t like of, those standard ones you get off the Internet, or the ones that have attorneys have written.
They write a lot of things in there that allows other attorneys to pierce the corporate protection that you think you have.
So I’ve seen enough problems over the years, where I’ve written my documents to avoid all that, but you can get by most people, unless you have an immediate problems with collections or something, or the IRS.
You can get by with a single member LLC, with standard documents mm, hm, OK.
Alright, and dimitrov.
Jacob’s next OK, there you go. You got where you got me, John. Yes. OK First of all, I just clarified, kill them round about the notary, so I will tell you, they don’t they don’t need anything coming from the state. A notary public will suffice.
They told me that I clarified OK, so it’s probably the same as usual, Maybe I misunderstood him recently. So OK, cool.
Yeah, so OK, number two. Are you saying to take a W nine to the bank that is linked with our LLC now or do we wait?
Let’s say I take profit from Caleb and Brown, transfer it into the associated checking and then submitted that. Should we do that now? Sort of as a setup?
I would do it before December 31st, a month, before, a month, because number, Or something like that.
Yeah, yeah, just last quarter, just because the whole purpose, again, is to make sure that any 1099 the account holder, may receive, are correct.
So, you’d never want to see your SSN with your LLC name on there on 1099.
OK, so, I’ve just taken a filled out W nine and haven’t put it, or whatever they do with it, OK.
Another quick question, so, I make a million dollars from Calvin Brown. I have them send US dollars into my bank account.
Now, write a check from that bank account. Buy something cash, a little candle.
Alon trust and I’m putting it in a land trust, OK, OK, Can I put myself as a beneficiary or will that red flag anything?
Oh, that’s fine. That’s fine.
I know I don’t see a problem with that. No, no, no, actually I don’t see a problem with that. Just don’t also be the grantor and the trustee. So in that case, the grand tour is going to be your LLC.
grant, or OK, yeah, the trust or grand tour is going to be the LLC. That’s the person reviewing the money. Yeah, yes, yes. And who do you have in mind for the trustee yourself?
Or somebody else.
Trustee, myself. My partner was not my husband, but you know we’re not legally marry.
I would recommend against that OK, if if anything, what I would do is have my LLC be the trustee you can sign for it, Just make on paper the LLC the trustee if you have to if you don’t have someone else. You can make the trustee.
It’s even better if you can have an adult child be the trustee for you, That’s even way better.
An adult child, OK, OK, but and I had this conversation frequently, um, even if you don’t have a marriage license, mm, you, if you’re a significant other or spouse or whatever, like my wife, we don’t have a marriage license, we’ve been married for 22 years or so, it’s a mayoral community, right?
You know you’re living together so or I don’t know, I mean, probably it is, So just as, just act as if it is because the rest of the world will, no matter what you call it.
So, I refer to that for what, what I do for clients for all these protections.
I assume I act as if that is a mayoral community And with all due respect to how you want to call it, this is how you want to view it.
So so for that, I wouldn’t have him be the trustee, because it’s still within the mailroom marital community.
And so there’s really no separation.
There’s no trust relationship even though a marriage is a trust or this relationship is trust trusting, But legally, you want to have the beneficial party have the same interests as the trustee, I guess, is the way to say it touches. So, either the LLC will be the trustee or an adult child whomever, and then he and I can just be the beneficiaries correct? That’s a great way to do it. I really think that’s the best way to go, Yeah, that’s how I would, I would have a lot of children, just one child. You don’t need all of them.
I don’t have children. That’s why I’m thinking someone you can trust, right? That’s the whole view. Yes, absolutely. OK, OK, and last one, So how do oh, so let’s say in these crazy times. I can’t pay my credit card. OK, and I have a single member?
LLC, right now, I’m the only one. How do I add someone else, so that the credit card stopped?
Again, it’s an LLC, will never be against your LLC, because it won’t be the debtor.
Alevi could attach to your interest in the LLC, because your interest is 100% on, on record. So you simply amend the articles.
That’s why I say, it’s the law, the company. Yeah, it protects you.
So, you want people to see that you’re not the only owner.
So what status isn’t, Well, what are?
Yes, yeah, so just file an amendment to the articles. There’s little fee there, maybe $50 or something. Haha. Infectious, we’re talking, I could probably find it right now. That’s what I usually do.
So I literally go online, I get Google or I use Duck Duck Go and I look for, let’s say Ohio.
I’m LLC.
Amend articles, and I usually fat file it.
Prepare it while we’re talking on the phone, you know, if you guys you guys know if you talk to me, While we’re yeah, you don’t pay any money for it. It’s free I mean the government has the form.
If the government doesn’t have the form, you can make one in about five minutes.
It doesn’t have to be a fancy, so.
So I just add his name and just make him a member of the PMO, correct?
Yeah, it’s straightforward. PMA, the LLC forget the PMA.
So if it’s OK If the owners A PMA, you don’t have to do anything to protect your interests because you have no interest, right? OK. If you are the single member, even if your name is the PMA, it’s time for you. If you’re the single member individually, then yeah. You want to add another person.
A real person, not a fictitious name.
So we’re gonna see here yeah, here it is: 50 50 dollars and north-west registered agent dot com. They’re really nice. These guys, or, they want to sell you a service, That’s why, but you’ll see the actual form there. They’ll tell you all the rules and everything. But they wanted to charge you $100 to do it in the state of Charge 50. If you do by yourself, you just pay 50 dollars.
OK, we’ll do that. Then.
My final question is, Can federal student loans, if you were to ever, I mean, I’m having good standing, but I still have quite a ways to go.
So, can they sort of throw a monkey wrench into your LLC because it’s not all government, and this is why I tell people it’s bulletproof. I would never say that.
Because I didn’t want to be attacked. I’ve got a tax advice over the years. I’ve make sure it is bulletproof.
No, no.
Because the first time I did this, it was because of an IRS situation. That was ugly.
And so I came up with this, and it stopped them forever, and I was like, ****, I could do this for everything now, and student loans, there’s nothing, there. Nothing.
If I can beat the IRS student loans, here’s a common student loans, though, they don’t go away, now, unfortunately, they’re not inheritable, so that’s cool.
Yep, that’s one of your children, so, but they can knock your net worth down a little bit. If you don’t know how to manage it, they’re like, fire.
So, what I recommend on student loan is, hey, it, like you, would, any other liability, try to pay it. Try to keep it at bay, try to, I mean, you can make yourself uncollectible and they won’t be able to take anything.
But just the same, why not get some cash and buy an asset for a couple of grand or $5000, and then allocate the returns on that $5000? I mean, lots of times you can to spend $5000 and make $2000 a month for 20 years.
And I would take that cash flow and allocate it towards the student loan, and actually, on the books, it looks like I don’t have a student loan debt.
Because I’m offset by an asset.
I just think I would just do it that way.
OK, don’t get into a payment plan, even if it’s, Even if you have to pay the IRS, I would do it that way.
OK, all right, thank you, sir.
All right, yeah, these guys are kinda stingy. I’m seeing here OK, They give me that OK. Well, let’s see.
Maybe I’ll have to take that back I’m looking at north-west Registered Agent and this is the, see to do it right, I’ll show you in a second if I get it right.
OK, Let me just show you, anyway, so I’m going to flip over there real quick. I won’t take up too much.
Let’s just go over there since I can do that.
You see here, this is, I got this from north-west Registered Agent. I’m not saying any of those guys, I mean, there, it’s a great service, I mean, but, you can do this yourself.
Here it is, Now, I just did a video on how to do this with New Mexico, and I think anyone for Colorado, So this is what you would, if you want to, you could submit this online.
You can also do an Ohio LLC on paper, so this must be their cover sheet, then how to start a new one and see it’s $99.
They don’t have the document here for amending the articles that I can see, so I’d have to like search around OK to find it.
But, yeah, you get the idea, but I’m familiar with the website, so I’ll take a look at it thank you. All right, and let’s see here we go with Jacko.
Jacob, you there did take too long.
OK, well, um, let me see, I’m gonna go back to the real quick, uh, OK, Interesting.
Yeah. So, I’m this person saying Hydroponics farm near the near, OK, so it’s nearby.
Yeah, I know it would be yeah, Greenhouses, OK. So, hydroponics that’s awesome, I mean it’s, it’s so you could do this stuff. You can do hydroponics.
It’s low tech, what I’m finding is people that actually do this commercially it’s not these huge mega farms, OK they but they make it, they make these farms very efficient by automated systems.
So the supply chain for hydroponic farm Is pretty good so you can find a lot of good products to automate the process if that’s what you want to do.
Like for example if the Hydroponic farm costs a million dollars it might be justifiable to invest in it and Offset that cost by selling some of the product you know.
Yeah and if you have really good food OK, I will look thank you for sending the pick pictures from Gemini. I will check those out.
OK, can I, do, I have to do it now?
All right, I’ll try. Sometimes my telegram is not let me download files. Some, I’m reluctant to go over there. Let me, let me see if I can pull it off.
Just a second.
OK, and then when the data crashes, it’s, it’s nice to just be able to bet on that, right.
When the dollar crashes, U S D T and others will also crash, Where do you shelter from the storm?
Yeah. Keep this in mind.
It’s nothing new. I mean, I would go into gold.
The only other thing I would look at is an asset that produces cash flow.
And then, I don’t care really in the long term what the asset is worth in the meantime.
So, if the equity goes down because of dollar crashes, maybe there’s some other things too, that are going to be a big problem.
But just the same. Hopefully, it doesn’t affect my cashflow.
That’s what I would look for.
And I know this is probably a cliche now, but I like investing in finished products.
This is my recommendation, like, I’m not going to invest in base metal the same way you would invest in gold, that’s silly. But, what I would do is, invest in copper wire and tubing.
And the way I would do that is with a contract with the manufacturer.
So that would be maybe one other way, Now I will mention something else to you.
Um, I probably should talk about this more if you guys want me to.
I have a little profile and an investment strategy. It’s not so much investment as it is, using it in the way you would use gold. But I talk about investing or buying loose diamonds.
one carrot, loose diamonds, loose diamonds, and many places in the world are just like cash.
And they’re very easy to carry. They are not metallic.
They’re pretty much invisible, but they’re very valuable. And so there, I have a strategy that I put together on how to buy them.
So you can get the right price and have the, you know, get the right spot in, the supply chain.
So yeah, that would be my thinking. Yeah, the dollar is going to crash. There’s going to be some other things that go along with that.
But yeah, gold, loose diamonds.
And manufacturers of products using base metals that have been around for a long time.
Maybe steel products, too.
So I haven’t done too much research on that, but I read that. I really like copper.
All right.
Yeah. I mean, you can go into I would use decentralized kryptos, such as Bitcoin and litecoin, and a few others. Yeah, OK. OK.
oh someone already read it, OK, richest man in Babylon. All right, cool. You think publishing your articles on the Blockchain? This is coming.
Yes, it is. It is binding. You publish your articles on the Blockchain.
This is why I mentioned frequently that we publish, we register articles with the state only because this is what we’ve been born into.
Traditionally, we would publish articles in the newspaper. Before the printing press, we would go out and stand on the rooftops somewhere, and shout to the world. Hey, everybody.
My company is such and such, and I’m the boss, OK? That’s kind of how we’ve done it. We have to announce the existence of an organization by name in the public.
So yeah, the blockchain is going to be a great way for that to happen.
Publishing articles.
Yeah, OK, so chase’s herbal I’m sorry I had that experience, Janet, Jason’s horrible.
You know, Maybe that’s changing because, for years, since 2009, at least, I’ve had really good reports about J. So my suspicion is that maybe they’re hiring really untrained people. They’re not training them and they’re just letting them make havoc for people. I don’t know, frustrate them.
I never heard of that before.
You can, know, try something online. That’s cool.
I guess that’s what the trend now.
All right.
I mean, Yeah, Now they’ve got electronic signature.
So, um, Now who, I don’t know, who would not owe Chase would not accept a copy of the certified copy from the state. OK, I have to tell you and Chase the defense. It’s chase’s prerogative to do that.
It is nice that they would take a copy of the certified copy, but it’s well within their rights to ask for an actual certified copy with the current pages and all that stuff.
And that’s really mean.
But they have the right to do that.
What if you file the 1099 given by a law firm for AMX saying income earned, OK?
All right.
If you already claim 2099 for a debt that you didn’t pay and it doesn’t meet the two exclusions, which are you’re not liable for the imputed income tax.
If you were insolvent for the tax period, which most people can show even me, I can show that.
Or either or you have you did not have a new deal with the creditor that you didn’t fulfill, OK.
So if you already reported and you shouldn’t have, you can file a 1040 X and amend it and then remove it.
Or if you have an account, like You know, we were just talking about who can exclude it, I don’t know.
Maybe he still have to amend it but yeah, you can still do 1040 X an amendment I don’t see a problem at that I mean if it’s if it’s a decent amount of money probably makes sense to do that.
Can I change the name of my PM after the Articles? Yeah. You can change the name of the PMA. Here’s what you do. If you, if you’re …, is the, the Member manager VLSC and you want to change his name, all you do is a many articles and change the name. And I have language and how to do this and that video, I think I put in the members area, and I’ll tell you how to do that.
What you want to keep in mind is, on the document where you many articles, you want to make the amendment first, because you have the authority to do that.
And then afterwards, if you’re changing your authority, then change your authority last.
Like if you’re removing yourself, change your authority last.
If Yeah, so let’s say change your name Yeah.
If you’re just changing the name of the PMA, all you do is something like: in this in the section where you’re mending the articles, you would say be it resolved this day. Amending the name of the managing member from, and then you give the name, and then you say to the name up and then give it a new name.
And then you might say something like, such that, then the name of the managing member is now, and, again, give the new name, and I know that sounds wordy, but that’s kind of how things are done that way. So that is my version of amending it.
Wow, up in New York, hydroponic farm, that’ll be nice.
Just be nice, OK. Average waiting time for the reply from Coinbase. You know I’ve heard Coinbase taken six weeks.
No maybe more.
I know it’s crazy. Calama Brown seems to be like the best game in town that’s not in town. Do you have any opinion about the potential flooding events in Florida? I don’t know.
I mean, the average altitude in Florida is 12 feet.
I think my neighborhood is two feet above seawater. Judging by the puddles in the ponds in our in our area, we have lots of ponds where we are all throughout central Florida ponds everywhere.
So, you know, imagine it’s like a sponge ameen flooding would just immediately flood.
I don’t know what’s going on.
I’m, I’m, I’m gonna guess that some of these predictions about Florida flooding are maybe going to come true.
Probably where I am is going to be flooded, I’m 45 minutes inland from the eastern coast.
See Insurance Companies, Artwork.
I weren’t sure what you meant OK can use.
OK, Investment Opportunity with Insurance Program, so I don’t know.
I’m just talking off the cuff here. I’m definitely not an expert on insurance actuarially.
What I would recommend is: Quantify your insurance operation. Your investment opportunity. What is it that you’re investing in?
Is it stock? I don’t know. Is it a contract? Is it receivables?
And just like any other investment.
And the thing you’re investing in should have a balance sheet. If it does not have a balance sheet, you can create a balance sheet, and that helps you calculate your investment. That’s another thing you can do, for, example, if I’m going to buy something.
Let’s say it’s my neighbors.
I know the guy and he’s running a really successful Coyne laundry, right?
But he’s running everything out of his pocket. You know, how some people used to do it. Maybe they still do it that way. And he really doesn’t have good books and records.
Well, I even though I know the guy, but to be pragmatic, I would go to a business broker and I would have that broker give me a set of books and records. And maybe he has to go through an audit process of the guy who’s selling the laundromat to me.
So anything you’re doing like, you’re saying here, an investment opportunity with insurance program, OK? Look at it just like another asset and look at all the components of it, and maybe you want to see a balance sheet up and see what you’re investing in. What is it that you’re really investing in?
Correct me if I’m wrong, but my understanding of a mining contract is that you’re investing, you think about this.
If you’re buying a mining contract, I believe that the investment is an investment in bandwidth.
So, that has to do with the facility that’s providing the bandwidth and the technology and the funding behind the facility.
So, I’m just using that as an example, so that when you’re investing in something you’re not quite sure about, understand what it is that you actually are investing in.
For example, if I want to buy Macdonald’s, which I never would, that is a business system and it’s also a real estate investment.
So um starbuck’s, that’s a real estate investment but it’s also, you’re investing in a brand.
No. Because it’s a licensing deal.
Let’s see if I can. OK, Coinbase.
Yeah taking about business.
Do print articles on the Blockchain yeah and FTEs.
I’ve been looking into it and have made a few entities OK, I don’t know what entities are I probably do, but I don’t recognize … I’m sorry, when you open up a settlement trust bank account, the trust says the trustee does not have signing rights.
So when opening the account, the bank will ask, who has signing rights.
If so, OK, it has signing rights, but it’s with the authorization of the beneficiary, and the beneficiary is saying, Yeah, go open a bank account, So you’re good there.
And it almost doesn’t matter. We tell the bank, it really doesn’t matter. We tell the bank, what matters is what’s documented for the trust and the account holder.
The trust is going to be the account holder, so all the authority is in there, all the liabilities in there.
The beneficiary, I’ve never known, had to come with you. I mean, what if your beneficiary is two years old?
I mean, I think the bank employees may not know what they’re doing to tell you to bring in your beneficiary that’s silliness. That’s why we have, I mean, I don’t even like using a driver’s license number to identify the beneficiary.
You don’t have to it’s as if it’s sufficient to identify by name, date of birth and relation to yourself, or to the trustee.
Some are tax free from Australia, OK? Crypto haven’t there. OK.
Australia has LLCs, you can use them the same way.
I’m sure there’s a little variation on that.
But to be certain, I mean, I just want you to know that you can do it without me being involved all the time, I’m more than happy to do it. You can do an LLC here in the States you can domesticated in Australia. You can take the same idea, open up an LLC in Australia and use the same tax treatment here. I don’t think you’re gonna have a problem with that. I have not done that.
So, far so good though.
The canadian’s, we’ve done for, haven’t had a problem there.
I think it’s too early to tell, really, but, but yeah, if you want to do something real quick, it’s just because I don’t have expertise in Australia. With their system of registering the company. There’s a bit more formality with most other countries than than here in the states.
So yeah, but you can do the same thing.
I can, I can certainly help you with that. I did, I did sit here on Telegram one day and I walked through the Australian LLC with a person and we did it. So, I haven’t heard back from her, so I guess everything’s good. Let’s see just how it goes.
Insurance program is basically the probability of insurance premium being paid by the client, and the claims are kept.
OK, that’s interesting, because I would want to know, OK, I’m sorry guys, I didn’t repeat this. The insurance program was basically the probability that the insurance premium is being paid by the client.
So, you’re investing in the cash flow, and the claims are kept within a certain range, yeah.
Urine kes, investing in the cash flow, and the risk of claims being paid out.
That’s cash flow, and you’re going to have a bit of a separate balance sheet.
So, I would want to isolate those numbers, and be able to analyze them.
Kinda like tax lien certificates.
It sounds pretty cool.
Which of your sites will have the new help page? OK, so I’m sorry if I didn’t wasn’t clear on that. Ace of … dot com, it’s up there now.
If we go.
Now you’re going to see a different view on my page.
Because I’ve got my My IDs on there, But basically that’s what it looks like, right.
So see how here, it doesn’t move the help button, Right? So, you just click on that, and all we’re going to do is ask your e-mail. So, if it gives your e-mail, it’s really cool and you can upload like five documents.
If you have a PDF or something, because upload five documents, then you could, you can make up a name if you want, I don’t care.
Tell us what you’re talking about, then, you know, whatever and then, just like anything, tell us, you’re not a robot.
That’s really important.
And then we go, OK, we’re going to have a lot more features up there soon, but this is the bare bones to get started. All right?
Crazy, Coinbase applied May 27 finally receive response, what?
June, July, August, they had a few questions and they’re now reviewing it. Hmm, hmm, hmm.
Maybe they have high volume.
That’s the nature of the business, I suppose.
Is there someone else?
That, Frank, did you wanna ask me something?
Yeah John, I was just interested My ears perked up when you said, when you were talking to that lady and you said something about putting $5000 and having $2000 a month income. give me an idea of where I can do that. I’ve got some sounds like. Stop, go our money, output that way.
Oh my gosh. Yeah, yeah. Keep tell my wife, she’s not wasting your time on e-bay and stuff and for her, it’s a hobby, and I don’t know, she gets the movie points and stuff.
And nobody wants to know actually, B buys me a silver coin.
So, I’ll shut up, right? Yea, I got Silver for free.
It seems like it’s for free, yeah.
But I was like, if you’re going to spend that much time on the computer, why not buy an online store That sells the stuff you’re already dealing with?
Then you can add in your products, and she hasn’t done it yet, So. I can’t make it it.
But anyways, I show beginning people, or people that just like coming to me and they’re there in their sixties. And I can show people that they can use the Internet, you don’t have to be tech savvy. I’m not, I don’t want to be. But you can find a broker of a website, that’s a business. It may be brick and mortar. But it may also only be website. It’s up to how you want to do it.
You can choose If you want to spend a lot of time or not, If you want to just make it really a cash flow that you barely have to pay attention to, you can do that, too. Without employees.
Lot of times, it’s all plug and play, they have fulfillment centers, all you need is a merchant account, really. And you go online and find them. I can give you so many examples. I found one, and I’ve never, I haven’t done this, But I’ve done other things that are like this And I’ve had clients do this with great success if they’ll just do it, because some are afraid, But I found one the other day. And there’s a couple of things I like. I like vanity products, like pet supplies, Like baby things, baby products.
I like exercise equipment, but anything that’s a vanity.
So the one I found the other day was out there, Women’s Jeans.
It was a retail website. It was for $45,000.
Now, that sounds a little bit large, but the way I measure whether or not I’m willing to buy it, is if I can pay for the business at the asking price within 3 to 6 months of net income.
And so the net income was $12,000 a month. The net income is 12,000 a month. So, in Yen underflow now. Yeah.
What the heck? Can you do? A 12 brand? It’s free money. It’s free money, and you got a craze, and you got a fulfillment center. I need to plug it in a merchant account. And if you have, if you’re a high volume of customer contact, you just outsource that.
Hmm. Yeah, Wow, that’s there. There’s another one. OK, so this one woman, I was, um, OK, so she found, she fell one for 18,000.
It, it kneaded $7000 a month.
And on the, on the listing, the seller was saying, I will not accept terms, which means, don’t ask me to finance it to you. And so, she calls me like a week later, and so we’re talking about something else, And I said, Hey, What about the thing that? Did, you get that?
She goes, yeah, but the guy said, he wouldn’t accept terms, and I said, so, she goes, What means?
So, I said, Well, did you make an offer?
She said, No, I was like, Well, make an offer.
But he said, he won’t take turns and I don’t want to pay cash for it. I said, I don’t care if you have $18,000 in your pocket. Make an offer that has terms on it. And when he says to you, he doesn’t want terms, Ask them, why are his books a fraud?
Yeah, yeah, he’s lying, right, and then it turns it around, he’s like, well, no, but well, come on, who couldn’t wait for two months, OK, so he wants 18 grand. He’s netting $7000 what’s going to take 2.5 months? 10 weeks?
What’s the problem with 10 weeks.
Now why would why would somebody sell a business for that kind of money with that amount of inflow quadruplets money, and these are people that I’m going to just summarize what they’re doing. A lot of these people that are doing this are really good. Somehow, it generating a business, all of a sudden, and making cash flow, they run it for about two years, and then sell it. So it’s like flipping URLs.
I don’t know how they worked.
And, where are you, Where would you go to find these kinds of things that my go to for demonstration purposes is a website called exchange marketplace dot com.
OK, exchange, marketplace dot com. I do have a video on this, I think.
It’s, I think it’s public on YouTube, on, um, on privacy, fight.
I have a series of those videos where I’m talking about other ways of doing things like this.
So, anyways, I just said to her why don’t you offer a thousand dollars non-refundable down an offer to pay him $19,000 and he’ll finance it so coming up with an offer he’d never accepted. Expected, right, it’s something new.
I’m not saying you have to do that and I’m in fact I want to make an offer where the person says, that’s insulting.
Mean, maybe, or.
I want him to say, No, yeah, right, because, then I know where to start.
No, with them, if I can.
So, yeah, it’s kinda fun. You’ll find it. So you’ll just need a merchant account. And a little bit of, maybe you go to … dot com, and have someone build your site, my son, who’s 17 today. He’s almost 18.
He comes to me today.
And he needs a website for this project, he’s doing.
And he found a whole package where they’ll build them, the whole site, for $126. And actually, once he saw what was involved, he came over to me and he said, Hey, Dad, do you think it’s OK?
Is it possible that I can just change that and just refund my money?
Because I can see now that I could do that myself? So, I said, Hey, do whatever you want, You know?
So, it’s not that hard.
OK, I use that for offsetting liabilities. If I want to buy, you know, some motorcycle or something or a waste, my money on a boat or something, I’ll just do that first.
Alright, so anything else?
That’s always an interesting topic, I love showing people that because, you know, some people come to me and they’ve been gutted by the IRS or something. And they spent their whole lives doing things to, to have a nice retirement and the IRS took advantage of that. And they were just unsophisticated. They didn’t see and they got bad advice and they got everything taken from them. And so they’re left with their Social Security, which is kinda the name of the game, I hate to say.
And so it’s just a little bit of effort Little bit more work to get them over that little bit of?
Creating some cash flow, and It’s never been easier It’s never been easier to create some new cash flow Also. John. Let me ask you real quick while I got you. So I’ve gathered that you’ve done a lot of getting people out of credit card debt or fighting the?
Um, so my wife has a lot of credit card debt that’s been, that’s old and been written off, well, not reload, but within the last couple of years, what is the, what does the most efficient way to go about go about getting her credit rebuilt?
I mean, most of these accounts have been written, all socio up on that. She settled, you know, first a percentage of the balance.
So, I mean, I don’t know if you have any, if, you know anything about that. As far as, Yeah, I never settle. Never settle it. Never thought you’d never rewarded for settling yours out Your cash?
So, never settle.
Most of them have just been written off.
They’re all written off and third party.
Third party collectors are still calling on some.
So, what you do is when they call, I mean, it’s not, it’s never productive. It’s never to your advantage to talk to them on the phone, so, Instead, you Just asked them to send you a letter. That’s it. And they usually do, they usually do on. The other thing is, when they send you the letter.
I just, You can, you can dispute it and say, I dispute this. I want to copy the contract, and then who cares what they say, it, doesn’t matter, you just responded. It’s OK. But if they’re not going to sue you, and she’s going to stay on your credit, and it goes to a debt collector that fixture credit.
You just bute a debt collector for reporting the item without a permissible purpose.
And the way that works, is, you have to do to those disputes to give them a chance to respond, and then you do it again.
I think, after 30 days, what I also like to do is, I ask the debt collector, it has to be a third party debt collector.
I also request a validation of the account, I don’t care what the response is.
By the way, they could do whatever, it doesn’t matter, because they will not be able to survive a fair credit reporting act review, Meaning, that you didn’t have a deal with that debt collector and it’s reporting on your credit file and you didn’t authorize that.
You’re, you’re disputing it with the credit bureau, Right. I mean, with, with one of the agencies. Right, right, with the Bureau, right, at the same time though, I asked for validation and then I, however they respond, I usually use that validation if I need to With the Bureau.
But, most of the time, I don’t have to.
So, you dispute the item because it was reported without a permissible purpose.
And there’s one little paragraph, and the Fair Credit Reporting Act, that has that, those criteria in there.
It Antedates report by more than seven years, it was reported without a permissible purpose.
It’s inaccurate purpose, I’m sorry, go ahead, reported without a permissible purpose. You have to do that twice.
You have to document it, so you have to be in writing, not on the phone.
You could do first class letter. That’s fine.
Certify is OK, too, you don’t have to be certified.
And then, if it’s not corrected, then, which most of the time, it is by that point, you have a cause of action. Now, that sounds scary. But you can find the pleading The way to do this to file a complaint.
You can find it as an example and most places on the Internet I have it somewhere in fact actually have this section in my book on which I can send you.
Um, so I’ll send you the PDF file.
Uh, if you have to go to Federal Court, you’ll win and you can get a thousand dollars per per item from Whomever’s Breaking the law?
Yeah, it’s kinda cool thousand dollars plus you’re filing fee if you had to pay it, so there’s that. The other thing is, ironically, a creditor, like Citibank, for example.
The original creditor can report an item, and it won’t be on your file from seven years from the date of last payment. So that’s why it never benefits you to pay, because as soon as you pay, it just gonna stay on your file longer.
They’re not going to changes the animals kilometer hmm.
So if Citibank sues you and gets a judgement lien and then reports it, here’s what’s really happening.
Citibank reports the first item, you can’t get it off your file for unless it’s inaccurate.
And chances are it’s not going to be it has a permissible purpose, because it is a creditor.
But if it reduces its claim to a Judgement Lien, it will never report the judgement link to your credit file.
A third party has been doing that it’s called lexis Nexis.
lexis nexis is a a reporting agency.
That’s just like Equifax it’s regulated under the CRA.
But no one ever hears about it because its business model is to go scours public records and collect them and publish it on people’s credit.
Like this ill stepchild of the credit reporting.
Whatever, so. Well yeah. Yeah. So here’s the Achilles heel of the whole system because lexis nexis reported the judgement lien. And you didn’t give permission.
There’s no permissible purpose.
So you have to dispute it with lexis nexis.
That’s the kind of secret.
And again, you have the claim and Fed Court if it’s not fixed.
That’s the same thing with tax liens. And by the way, tax liens and bankruptcies, tax liens, or to, like, Tax Lien, IRS, Liens notices of Lean, all those lanes.
Those can be removed for the same reason reported by lexis nexis without a permissible purpose.
I just said yes, bankruptcies and tax liens judgements.
And you might have a battle on your hands because sometimes they make you go to court. So but that’s the remedy.
And here’s what I do for people. So I would just recommend this.
My, my credit is around 600. Maybe it’s 590. I don’t know.
I deliberately leave it that way. I don’t care. I can have a score of 800 if I want. I don’t care I laugh at people, that brag about their credit.
I mean, it’s funny because how much does that cost to have really good credit and then what have you done?
What does that what does that do for you and your life, you know? Yeah, OK, you get lower insurance rates or something like that But what I would have done over the years is for example on the foreclosure business.
I did like over one thousand foreclosure cases from 2008 and The offer to those people was I will keep in your house long enough to where you can use that house and recover all the money spent on it And then I will show you how to buy a new house with bad credit Buy a new house Then I did that and they did it with horrible credit. In fact, some people even went and became real estate investors. once I showed them some of the things.
Um, so I would recommend considering ways to do things with regards to what your credit file is buying a car, a house, whatever the hardest thing to do is um get a cell phone contract.
But you can, you can negotiate things like your house them in right now.
My, I rent this house and I, I went to had to go through 20 deals, 20 possible houses to get this one because most everyone said, we don’t like your credit score, no matter how much money I wanted to put down. So I had to keep on shopping until someone said, yeah, you look like a nice guy. And sure, I’ll take two months downpayments, stuff like that.
And so that worked.
That’s the kind of thing, I’d rather than happy to do that.
Do you, do you still do, know, these kinda things like clear? I hope it’s credit.
Yeah, I’ll help you. Yeah, I guess on it. But.
yeah, I hope you, all, I need to see is, um, like, I really want to show you how to do it, but I’ll help you with it.
Um, I do it for promoting things.
I don’t even like to charge money for it, but if you just show me the items on your credit, if I can see the actual item, I can tell you how to frame the dispute, and then show you how to do that process.
And, I’ll help, OK, Hopefully, we don’t have to go to court, but, yeah, yeah, sure, yeah.
And you were, and you were telling me that? Because she has, she has she inherited a house that’s a rent house.
Um, we want to get that out of her personal name, and I think you had mentioned that to me, just because the, the credit card debt, and she also has student loan debt that, I mean, she’s not behind on it.
But just to shield that trust property from any potential creditors that that’s the perfect example of putting, putting that housed in an LLC, right? That’s the use of it. But there’s another adjective I want to add in there potential creditors and future creditors.
Because whoever has a judgement lien now, that judgement lien against your your wife will will still attached to the new owner’s interest in the property that she did previously owned.
It will still attach.
So follow said, I don’t, what do you mean by that, I’m not sure if, so, do you own a house if you own a house?
Yeah, there’s a judgement lien against your name and your name is on the title, and the judge has public records, OK, In that state, where do you own the house?
If you did that title over to an LLC, for example, that judgement lien still encumbers the interest of the judgement lien on the new owner.
Oh yeah, yeah, yeah. So you’re saying Do it ASAP, before There’s that.
Yeah, definitely, yes.
Gotcha, yeah, and, and don’t sell it by the … Are there, alright.
If you want, if you want to do something, whether it is rented out, mean, because if you don’t just take all your equity, the only other way around that is to follow a lien on the property the best way to do it as deed over the property.
Yeah, OK.
And, would you, would it be OK to dede over the property to the same LLC that I’m using for the kryptos that I have not file a tax return yet? Or, you don’t want to mix those, kryptos? I’m fine, That’s fine.
But one of the other measures I use is that if, if my LLC that I’m owning my house with, my house I live in, as a crypto portfolio, and I don’t really care how big that portfolio is, if I’m the only investor in that portfolio, I’m fine with that, because, even though it is too unlike things, it is almost the same as my LLC, also having a bank account.
It’s also highly liquid, so that means I’m not stuck with that, I can move money around, and also kryptos are different creatures. Like, the debt collection system is not geared yet to grabbing any money from crypto.
Yeah, it’s a difficult situation, so you’ll be fine. Now, if you take on a business partner or something like that, and you’re running a business.
Certainly, you want to isolate that from your, your portfolio, So that’s when you open a new, OK. Gotcha, OK, Thank you.
All right, and I appreciate all your comments, and I’m glad this is worked out for you guys. I’m glad to cover these these topics, Somebody was asking me something here. What was it?
Yeah, this one’s, this one’s recorded.
So I’m gonna, I’m gonna make this available Let’s see.
Yeah, appreciate your comments, Let’s see here.
Deals insurance for OK, Sounds good.
Yeah, if you give me details on the insurance, I really appreciate that.
Um, OK, yeah, and then.
OK, yeah, OK, now, the computer, the computer, I’m sorry, the credit profile, number, C, P N, um, back in the nineties, I, just, I saw that I was not going to be able to negotiate my way into getting a bank account without an SSN.
And I just had chosen in 19 93 to stop using my SSN and I’ve never used it since I take them back, I probably said it twice since then.
Um, not because I had to cut was trying something out.
And, so, to me, it was immoral, so I still had to get a bank account. And, as I said, I’m going to find out what exactly the banks doing with this SSN. When I apply for an account and I reverse engineered it and I did a lot of research. I talked to some bankers, I forget what I did, but I did, I did liquid at a database that’s maintained.
I believe, it’s still published by the national security agency, the NSA, and I took me back to some publication, which I don’t remember anymore.
Where it was demonstrating a Navy algorithm, the Navy had developed a way to generate these SSN numbers back from 1933 or 35 or whenever they started that.
So, when I found out what the bank was doing, I realized the bank is only concerned with the fact that when you apply for an account, you give them your SSN date of birth and name.
And then it checks to see if there’s a credit file, that’s all it’s checking for, it doesn’t connect into the IRS and there’s no, there’s talking back and forth and stuff like that. So It also does, one other thing, it checks to make sure that that number has not been assigned to a dead person.
So it’s called, Checking Against the Death Index file.
So as far as CPM’s go, and I know that I’m giving you a long answer here, you can use a credit profile number and it’s actually become easier over the years in lieu of an SSN to open a bank account.
The only way you need, the only thing you have to keep in mind is that you just have to ask for credit and get denied.
That will create your file and then you can use that to open a bank account with a C PN credit profile number, not your SSN at all.
Um, and you’re not going to be a problem at all. There’s not going to be just don’t get interest on the account.
So you might get Becker withholding if you care backup withholding.
So, I don’t normally market that service by itself. I thought it was cool in the very beginning.
But, really, I found that the wrong people were attracted to it, not to say that you’re going to do anything wrong with it, but the common question that people are asking me about the computer or the credit profile number is whether or not it’s legal. So, a person would come to me with a problem. And I would suggest, OK, Well, hey, look, let’s set up a new credit file. Because in your situation, it makes sense to do that. now.
I will recommend that in some cases where, like a person that I just was helping with, this was kind of being stocked on paper if you will.
And a victim of ID theft that she could never shake no matter what she did.
There’s some person in her family. She doesn’t know exactly who it isn’t, or she can’t stop them.
And they keep using your credit, I don’t know what the heck is going on, and maybe she didn’t tell me everything, But I said, well, no matter what you’re doing, it’s not working. So, then, let’s just do this, Let’s just, start, start a whole new, quick, clean file, which is what she’s doing. And it literally takes 15 minutes to do this.
It takes maybe three months to have a decent working file, as you can imagine, because it’s literally just like you got out of high school or college, right? That’s kind of what we’re doing.
Um, so anyways.
I would. I would recommend it.
for some people that have, uh, just no other real option now, some people just want to do it because it sounds cool.
I don’t recommend that.
I really don’t prefer that.
I mean, I’ll walk you through the steps but I almost always find an alternative.
So if you think having a CPM is good idea because you want to maybe create a straw person, which is a big, a big project, um, And I’ve never done it, By the way.
I’ve done it for people.
When they needed it, but I don’t need to do it for myself. If I want a straw person, I’ll just set up a company. I don’t need to create a fake name or something like that.
Um, but yeah, if your credit is really bad, or something, and there’s a real good use case.
No, I just kinda recommend against it.
Sorry. Sorry to give such a long answer.
OK, yeah, I’m glad. I’m glad it helps. I appreciate your comments. I’m glad your situation.
Let me know if you need some details on something, but Transfer House into an LLC, as long as there’s no judgement, you can do it with a judgement.
That’s the whole thing.
I mean, there’s a law called the Fraudulent Conveyance Act.
It’s national, but each State has its own version of that law. I think it’s even yeah, it’s it’s adopted in all the States. There is no fraudulent conveyance when the creditors not prejudice, and the reason why the creators not prejudice.
When you transfer real estate from your name, where you have it, a judgement lien against yourself or tax lien to the LLC, the reason why there’s no prejudice to the creditor is because once the lien is filed, it attaches wherever that debtor transfers the property interest.
So they might scare you. It’s a fraudulent conveyance. But it’s not because his Lean interests are not being prejudiced, because the other laws on the books that say, that lien attaches to the new owner.
****, When a cash out from crypto, what would be an amount not to raise red flags. Where are these red flags?
Where are they?
I would love to see some where you have problems with not red flags, but transferring money is if it’s an irregular transaction, OK? And I know if you just got a new windfall and you send a million bucks to yourself.
Yeah, OK, that’s irregular.
And, sure, the bank might hold the transaction and want to make you answer some questions.
If that’s the case.
If I anticipate that, I would probably send $100,000 first, and then I would send another $100,000, whatever.
But FinCEN is your biggest enemy here. It’s not red flags.
FinCEN, realistically, Financial Crimes Network, the presumption that you’re involved in money laundering.
Now, that agency is enforced through the IRS, it does not have its own enforcement agency.
FinCEN enforces or sites people for criminal violations and civil violation. So that kind of scares me, not that you guys should be concerned. It’s just that when I have a client in situation, it involves FinCEN.
I do things a little bit differently to get them out of that situation, but, yeah, they’ll just get a fool with your money.
One million dollars is like $23 million, These guys don’t. It’s not that.
It’s if you’re doing something like, let’s say you’re just getting a regular paycheck every day and then all of a sudden, maybe you get a birthday gift of cash from your Uncle Bob. And it’s three times a paycheck and you put it in with your paycheck.
Here’s what might happen electronically, the software that is looking at your account may create a FinCEN report and send it electronically to an agent at FinCEN. It may go through a screening process.
And then nothing else happens.
Because it was an unusual transaction, but it fell within a certain threshold. Now, I’m just guessing, because I am, I understand risk management systems like this that I’ve worked with for many years. I’m just guessing what FinCEN does? No one’s ever going to know because it’s a police function. So they’re not going to tell us they can’t.
Um, but we probably have all had FinCEN reports at one time or another that we’ll never know about. And just like that does tread transaction I just told you about, you probably will get one and you’ll never know about it. Now maybe if it’s a larger amount of money.
Maybe if you’ve never put a million dollars in your account, you put a million dollars in your account.
Maybe your bank might get a phone call from FinCEN.
The person, or real agent at FinCEN may tell the bank, Hey, can you send us the account details here?
Remember, all that stuff, we give the bank when we open the account, they’re going to see all that, No problem, that’ll cover you.
And they’re gonna say, That doesn’t look like a money launderer to us. And you’re, you’re probably not gonna hear about it. You. I’ve never had a client in so many years.
Um, ever say, even before FinCEN was created, I’ve never had a problem where, and I’ve had clients. Not a lot. But a handful where there’s been large amounts of money in irregular amounts. And there were these scrutinies and things going on. And it’s mostly manual those times in the nineties, and early two thousands.
I’ve never really had a problem with any of this stuff, except where the bank just wants to freeze the money and, and trade on it, and claim that there’s some reason why it needs to freeze the transaction.
But, if you guys see those red flags out there, let me know.
Yeah, thanks, I’m glad I’m glad my voice is hanke hung in there, so.
And so there is, let’s see, one more person here, Dmitriy, would you want to ask, just quickly jump, So, going forward, since, you know, people are going to start taking profits. It looks like the criminals are taking off before they possibly come down again if somebody wants to hire or consult with you so that you can help them out of a situation they may be stuck in.
What’s the best way to contact you, where we can get hired on as, you know, to help us transition through?
Let’s say, buying, and you want to put the wholesomeness, But, you know, things that we’re not familiar with.
How, what? OK, what’s because I don’t? I don’t I mean?
I talk to you several times, but other than the LLC, and how do you get a hold of you?
Sort of how quickly, you know, OK, now this, this helpdesk is set up, I’m gonna have some avenue where people can do that. They’re not clients never heard of me and said, Oh, I gotta get SSI question I’m going to have that set up so yeah, I’m just going to tell you right now. It’s going to be that helpdesk.
If you did that today, I would get the message within minutes.
It’s not yet automated.
It will be but yeah, that’s probably the best way to go.
OK, and that’s an ace of coins You said right instead of coins.
Yes OK, hmm, hmm, hmm, Sure.
I’m going to mention one more thing and then we’ll end the call Thanks so much for your participation. You guys did great. I always love your questions there. Great as, helps everyone else, too.
I am going to do continue to do these calls.
But intermittently I’m going to insert a call where it’s on a different platform with my partners and it’s a paid call.
And it’s some of the material that I’ve never published before.
Because some of you have asked me for it and I believe it’s time to publish some of that stuff.
I believe it’s going to help people.
And I really hope that people want to use it, Like I have been using it over the years, so I may do just a series of those calls.
I’m not going to do too many of those, and I probably will not make it available on the members area. Just yet, I’m not sure yet. But just so you know, that may come out pretty soon. Um, I think it’s gonna be pretty reasonable.
But, um, I just want, I just want to change the format just a little bit. I’m also, I don’t like the idea that, and I appreciate people’s patience, but I don’t like the idea that someone wants to talk to me, and he has to wait three months, it’s, nobody’s fault, but just how the things work.
So, what I’m thinking is, if I have these calls on a group, on a group level, instead of paying for my one-on-one consultation, if you’re willing to pay for a less lesser amount, and come in with a group and like we’re doing now. I think that may help a lot more people get answers.
By the way, I am working on There is one more thing I will tell you, I am working on.
I bring on the call here to join me, to talk with you all a business broker.
And I want to discuss the process by which you would work with the broker, and yeah, I’m going to ask them to promote the service. I don’t even know who it is going to be yet.
Um, just so you get an idea of how that kinda flows. So that may help you answer the question is of, OK, I’ve got $3 million here, and when I buy this thing over here, how do I get there? Do I have to call John all the time?
Maybe, but there’s this method out here. OK, and I want to introduce you guys to that, that method, OK.
Alright, well, thanks so much again, and appreciate your participation.
Y’all, enjoy your weekend!


1. John Jay addressed listeners on a privacy-themed talk show, discussing various aspects of setting up an LLC, addressing privacy concerns and detailing financial strategies.
2. He addressed common questions about LLCs, emphasizing that these concepts might not be immediately clear and promising to discuss them in future sessions.
3. Jay stressed the importance of proper documentation, explaining the use of IRS Form W-9 when establishing a new company and setting up a cash flow system.
4. The host discussed the pros and cons of using an escrow service for cash flow clearance in the absence of an LLC.
5. Jay provided advice on keeping LLCs in good standing, discussing potential penalties, and strategies to avoid them.
6. He discussed the state of the real estate market, calling it “wonky”, and suggested listeners diversify their investments.
7. Jay discussed the process of setting up an LLC and gave detailed advice on filling out Form W-9, while also explaining how to handle different addresses and brokerage accounts.
8. He provided a detailed walkthrough on dealing with banks and ensuring the security and privacy of transactions, emphasizing the importance of proper documentation.
9. Jay explained the legal aspects of notarization, discussing how certain documents should be handled and how to avoid potential issues.
10. The discussion closed with Jay offering advice on wealth management, using LLCs and Private Membership Associations (PMAs) to ensure proper distribution of assets, and how to handle tax obligations.

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