0:11
Hi, everybody, it's John. Jay, thanks so much for joining. It'll be a little bit different call tonight.
0:17
We're gonna do some Q&A, but I wanted to open up with a few things to set the stage for what we're gonna discuss.
0:23
I do have a two part video on the Private Membership Association, and I spoke about the uses for it, and how I've been using it for clients, and then today I wanted to talk about how lately I've been using it to build out some sort of a state plan for people that are already using that, that type of structure.
0:43
So, let me know if you can hear me, OK.
0:46
I'm gonna imagine you can't You can't interrupt And let me know, I'm not using my headset, and it seems to work OK, so far.
0:54
So can you hear me? Yeah, just fine. OK, OK, yeah, so I'm setting the stage to today's What, August fourth, already, 2022?
1:03
So what we're going to talk about is the PMA, and if you've if you're in the privacy phi dot IO members area, I think that I had a two part video in the ultimate section where I'm speaking about that.
1:16
So today, I wanted to talk more speed more detail about how I've been using it for people managing their wealth for their family, for the benefit of their family. And a lot of people have this in mind. They're starting to realize that the probate court is not where you want to go and they don't really don't trust those ********, right? So what's the alternative? We have to handle things ourselves, but how do we really do that in a mature pragmatic business fashion, right?
1:41
How do we how do we take something that really is important and served our family for 25 years? And we built some welfare.
1:49
And then we let our errors have it when we don't need it anymore, or let them have, at some point, some control over where we don't really need to have control over it. And so for a lot of times, people are going to, over the last century, they go to attorneys, and then the attorneys write up legal plans and things like that. And there's nothing really wrong with that. But I think in the last, at least several decades, people have been exploited by that system, and I think a lot of people are realizing that.
2:14
And we call this the probate court, right?
2:16
So you'll hear me talk about estate planning, and I'm not an estate planner. I don't want to promote promote myself that way. I'm more of a risk manager.
2:26
OK, I'm more of an entrepreneur but A risk that people have and some of the ways to mitigate that risk is through estate planning in the traditional sense.
2:37
And so the way I look at it is the first rule in my book Estate planning is not to have an estate, or not to have an estate Worth talking about. So maybe it's your beta pickup truck was still in your name, or it's $3, or something like that, or, you know, it's a silver coin, and that's your estate.
2:54
But the wealth that you've built for your lifetime, or for the last 15 years, or whatever you've been doing, that you may want to live on right after you're gone, hopefully. That's it.
3:03
That works out that way, and you want people that you care about to inherit that, or benefit, or take control or command that, and so we can use trust organizations.
3:16
We can use attorneys, we can use legal documentation. When we do that, when we use legal documentation, we end up having to go to the courts. And in some cases, in fact, even probate court requires attorneys.
3:27
I hate to say, in fact, I was just reading the rules the other day. So let me share a couple of things with you.
3:31
Regarding private membership associations and How they give you all the power. We already have them, OK? We're already part of private membership associations. We each of us probably are a member of list of them and I like to just just to expand your mind a little bit.
3:49
Think about this a private membership association a great example of that would be a wedding party OK, not everybody's invited, right?
3:57
How about a birthday party?
3:59
How about, uh, know, that that duplex you live in?
4:04
So the both neighbors are part of an association of people that live in the duplex and it's a really silly example, but it's where people share something OK and that that that likeness that they're sharing excludes many other people that it excludes more people than it includes. And so there's the that's the legal parameter generally for a PMA, and when we're talking about business, it gets a little more complicated than that.
4:29
When we're talking about a state plan, there are a couple basic elements that are way more important than a legal document. Now, what I'm going to explain to you is how to create somewhat of a legal document, but it's not in the sense that we need attorneys and go into probate court. It's for something else, so understand that the most important thing in my book is the second most important thing.
4:50
And once you understand that you shouldn't have an estate, the next thing is that your heirs should understand the nature of the inheritance. Then these should appreciate and have a working knowledge of the asset or the thing that they're going to inherit.
5:04
And hopefully, if you want them to have it, your heirs to have the thing, hopefully they want their situations where they don't want it there.
5:13
I've seen situations where errors don't want and then there's some situations where there's no way that one of the areas of the three, let's say, has the maturity or will ever, in the near future have the maturity to take on such a task, or a thing Or whatever.
5:26
So these are considerations that you want to have, but at the same time, generally speaking, let's just say, I'm going to work from an example of a mom and a dad, and two children.
5:37
And the two children are pretty calm, competent, and responsible. At least they've demonstrated that so far. And it's your kind of almost ideal situation.
5:46
And so, the parents live a full life, and then, you know, by the time they don't need their assets anymore, or pass on, the children are old enough to easily handle the task or manage it. Maybe they're in their thirties or something like that. So maybe that's your standard example.
6:02
So the important thing here is that those errors appreciate and understand and have a working knowledge of how to work with that asset. So that's number one. It doesn't matter about what I call my PMA, it doesn't matter what the legal document is. It doesn't matter who the trustees and all that nonsense. This is all legal jargon, OK? You want to be already exercising the competence and diligence and responsibility.
6:23
That's, that goes along with having a formal organization. And yeah, it should be a formal organization. So if I set up a structure for you, like an LLC, and maybe you want to use a private membership club as the owner, and then you come back a while later, and say, hey, this is really slick, it's working out. Great. And my wife is asking me about saying, or my husband is asking, what happens if I die? What kind of a plant, and we have, And so, then we have this conversation.
6:48
It kinda starts like this for an estate plan, So, you identify the property, you identify the value of your estate, That's not in your estate, that's the value of the thing, that you want to pass onto the next generation, let's say, or whatever you wanna call it. And so once we identify what that is, maybe it's going to be gold, maybe it's going to be the ownership of some real estate.
7:10
Maybe it's going to be: intellectual property might be a portfolio of receivables. It could be all kinds of things.
7:17
or value could just be an antique car.
7:20
Know that everybody's loved and then you got to drive it to your grandpa now. You're gone and then, you know, everybody else wants it. Right. So, it could be something of value, it's described.
7:28
And then the errors would already be a meeting of the minds. Ideally, now, sometimes it doesn't always happen. But there should be a meeting of the minds, or an educational level that's reached by the air. So that when they do obtain the rights to the thing that you want to leave them. They can handle it without doing something foolish. I'll give an example.
7:49
A person who I child, an error and a family where he's a child and maybe he's now at age 28, and then he inherits a million dollars. Let's say he doesn't have a million dollars, he's never earned. A million dollars doesn't know what it takes to get a million dollars. But his grandpa or dad thought it would be a great idea to let him inherit a million dollars.
8:07
And so, for that person, maybe he might do something like, just something crazy. Maybe he'll mentioned that he got a million dollars to his friends, and then, next thing, you know, he's talked and having a party. And the next thing you know, he's doing drugs. And I know that's a crazy example, but I've heard stories like that.
8:22
I'm sure you guys have heard, you know, the lottery winners, that sort of situation. And it's not like the money per people, but people would hurt themselves, and you would maybe make it easier for them if you facilitated with more money.
8:36
So, there's a more, more of a responsibility than just giving somebody some money, sir. And sure you can do that.
8:42
I like to think that, That's The thing I wanted to do on this earth, while I was here, is going to be carried on. I mean, maybe it's an ego thing.
8:49
But I think that if I'm going to do something positive and influence people in a positive way, and I've generated wealth and doing that, or system that it's hard to reproduce.
8:59
And I really want that to last when I'm gone, that's what I want to see. So I really want the next people to love my idea and to be involved with it before I pass on, right, And so I think that's the attitude you want to have.
9:11
Then, you go back and look at my two videos on: you have like the different provisions of Anne, an association, or the articles of an association.
9:23
In other words, the terms in words that describe the nature of the association, and, in that description, you're going to have an identification of the property. The well, the thing that's going to be moved on, right, or the plan.
9:36
The plan is really the important part of a PMA or an estate plan because things will happen based on conditions and contingencies, right?
9:44
So you'll see my two videos, I describe how to get this now, Just for the sake of this video, let's just say, I'm going to re-invent the wheel.
9:51
I'm going to start from scratch with a blank piece of paper, and I'm gonna go, well, for myself, I'm not going to start with my old notes, but I'm going to go out and find someone else's association that's in writing, and I'm gonna look at that as a model of what I want to do. And it can be almost any association, but let's just pick one that's a common easy one.
10:10
How about a homeowner's association, where the covenant or deed restrictions are published on the internet.
10:15
So where would I find that I would just Google it, right, How would just search on the Internet For a Homeowner's Association, or Deed Restrictions or Covenant, or Articles of Association? OK, a private clubs, things like that. And you'll find many examples of those. And then you can go through and find the different divisions.
10:30
So you're going to see things like there's going to be a list of people that have the authority members of the association have authority to make certain decisions. Let's call them. The board of trustees, or board of directors, you call. If it's one person you called the president. It doesn't really matter. We call it the director managing director.
10:46
It doesn't change a liability by the title that's being used, but sometimes it's important to have a title.
10:53
So if it's a mom and dad and two children, well then in the PMA it's a mom and dad and the two children. They don't need to have titles, but their relationship is described. And then the really important aspect is the property is described.
11:07
And then you get into the conditions of the use of the property or the conditions of inheriting the property.
11:12
So I'll give you a couple of examples the thing I have in mind for my children.
11:17
So let me just show real quick.
11:19
So, a lot of a lot of what I do, for clients and solving problems I've done for myself, and my friends, and family and things like that.
11:27
So, here is, literally a book that, it's a, it's a notebook, OK that I got at Barnes and Noble many years ago, probably 20 years ago.
11:37
And it was all blank pages, right?
11:39
And since then, I've filled in with notes and secret information, literally. And I keep it my fault. It just happens to be out today, but lots of times, it's in my vault. It's a fireproof has a fire rating of like, for an hour, and a fire, so it's not going to be destroyed in a fire unlikely. You can also get a fire, fire, proof bag. You can get those on Amazon for 15 bucks.
12:02
And I could put this book in there, well, what's in this book? Well, the book or the book includes credentials on accessing certain assets.
12:09
So that's one element of what we're talking about here.
12:11
So we've got the description of the assets. We've also got that where to locate the credentials, so I can have this book can evolve. But what if I can't find it anymore? What if something happens where I can't get access to it?
12:22
Well, I can have a backup plan and I can have this information duplicated. Like, I might get another book just like this or a smaller version of it.
12:32
Put it in a fireproof bag and get a contract with dare I say at a law firm. Law firms are great for this, by the way, to take custodianship of this document. So it's my backup plan. So if I need the document, there are certain ways to go access it through to two party are two factor authentication or whatever. My family would know, to go to this law firm. And the law firm gives you attorney client privilege, and the law lawyers are bonded. So, they will take responsibility for things of value, and they won't even need to know what's in it in this fireproof bag. All they need to know is.
13:05
If somebody comes one day asking for it, he's got to do this thing to qualify that he's a has the right to get it, and then they have to give it to that person, OK? So, that is another example.
13:15
Now, I know this is probably causing you guys to have all kinds of questions, like a whirlwind of questions. And that's fine.
13:21
And sometimes, I have a tendency to talk past, but, so, in in the articles that we're going to put together, we have who's doing what, under what conditions, regarding what property, and how to access the property.
13:34
And then we get into the more creative aspects of it. Like, for my children, like I was gonna say, my children, I look at it like, they don't need any of my wealth.
13:42
Because I feel like they're competent to go build their own wealth. In fact, probably by the time I die, they will have already done that. But it's just the same. Maybe.
13:51
My idea is that I wouldn't mind giving them a million dollars, not so much giving it to them, but making qualify for it.
13:57
So if my children were to get a million dollars from my portfolio, let's say, um, at a point in the future, they would first have to earn a million dollars or create a million dollars or have a million dollars free and clear in some way worth of assets or some other criteria that would then allow this what I'm telling you here.
14:18
This PMA to be executed so that a million dollars would be disbursed to that air.
14:25
That would be a way to do it. Another way of doing things is like, some of the trust organizations that people use over the years will have a set date. Like, on my son's 25th birthday, is gonna get X dollars.
14:36
Know, and why is it 25 years old? Well, because I feel like he's mature enough, or maybe I expected to have finished college by that. Or maybe he's not gonna get it until he's 28, or 35. Why? Well, because I want him to already have experience what it's like to have children and build a family and do it on his own, and then when he's 35, he should have been through that already. And then he gets A million dollars, yeah.
14:58
So there's all these things, and so that wisdom, if you start now that wisdom that thought that goes into managing a property and asset or something of value will will be written into your PMA. And so, that's how it looks. I mean, it sounds like you're writing, you're writing a story, It really is what you're doing.
15:15
So it's what I'm trying to express is that a PMA is not a some complicated document that only an attorney can write in. Please.
15:23
I hope you don't get stuck in that, that world. You don't want to do that. Because if you go to probate, you lose control of a lot of things.
15:29
Ensure probate works out good, it works out good for a lot of people. It also doesn't work out so great for many people. And, of course, that's why I'm even doing this work.
15:39
So that is a general overview, I think, let's call it, of how I would use the PMA, The basic elements of the PMA. You don't have things in your State.
15:49
If I set you up with an LLC, please don't describe the property that the LLC manages or owns in your will.
15:57
That defeats the whole purpose because what you're then doing is, you're clawing back the property, I took out of your state and you're putting it back into your estate. So you can do that.
16:05
Just, I would just caution you that that's not the best idea in most cases. Manage property outside of your state.
16:13
Do it under terms that you decide and when it affects your family and then you want to maybe document that in writing. And that is, again, the purpose of this. I have my credentials.
16:26
And I have conditions, and these can be expressed in the articles of my private membership association, and where the heck, when I put that document well, first of all, I might write that document. It might be seven pages. It doesn't have to be complicated. seven pages.
16:41
That's probably good for 50 years, OK, And so that document, I don't need to show it to anybody, but it needs to be in a location where it can be recovered.
16:50
If I'm no longer around, suddenly, OK, if I get lost to see all that stuff, I always say, abducted by aliens leaves on mine, stuff like that. So, it has to be available to your, to your spouse.
17:00
And, in this, in this situation, a rare situation where you and your spouse would disappear at the same time, It should be available to your children, or trusted friends, family members or things like that, OK, Like I said, the credentials and then access to the document.
17:16
And then, not just the document itself. Don't surprise your heirs with what you decided. I mean, that's just my thinking.
17:25
Maybe you're thinking differently, but I'm thinking that, like, every day when I interact with my children, I'm part of the things I discuss with them, or things of this nature. Not every day, but I mean, frequently, and so that, it's no surprise that Dad decided this thing here. Oh, yeah. He was talking about that two years ago, it makes sense to me. Yeah. And so, it's a smooth transition, OK.
17:48
So, that's just my thinking on it. I know that opens up a lot of questions, and certainly, I want to, I want to answer those.
17:54
And I'm going to publish this video, more than likely it's not going to be on YouTube unless I edit it. But it will be in the members area, at least in the ultimate section. All right.
18:04
So, How about if I just stop talking, because I will keep on going.
18:09
I want to keep this to 45 minutes, so, let me know if that's going up anyways. If you guys want to ask me some questions or throw some ideas out.
18:16
If you think there's a problem or something I have, something that I have not addressed, that I totally, I forgot about, What about this, John? Please go ahead and ask me, and it will benefit everyone who's going to hear this.
18:32
And by the way, I do. I do help you write these. Don't think you, I'm just not sending you off on your own. I'm happy to help you write these as part of our deal.
18:39
It's like I was telling you, it's part of Ordeals, Do you have someone ready to take over a few features here?
18:45
And I saw sudden, I've tried to do that, and no, I'm sorry. The only thing I can come up with is the video content, and that's why I'm doing that a lot.
18:54
It's not like I'm gonna disappear, but I'll just say, I've been here for 30 years, So there's a creative aspect to it. Sure, I can, I've hired people before, and they've been able to carry out a lot of tasks. But when it comes to the creative aspect, it's difficult to do that.
19:08
But I hope that my videos will, will be there, but I intend to be here for a long time. I intend to be available.
19:16
It's a lot of fun, You know, I do other projects, as you can imagine. And a lot of my clients who are interested in that, we actually work together. I have a lot of cloud clients, their friends now, and partners, and they bring me all kinds of deals. It's really fun, so I intend to keep on doing that.
19:34
Oh, yes, I can hear you, Yeah, last week. I wrote my question in the chat, and I think it would be OK.
19:46
OK, See!
19:52
OK, Ah, I'm sorry.
19:54
Didn't hear you OK, So, things happen, yeah, I'm quitclaim on a rental property.
20:02
Is this yours that quickly morale property? Yes.
20:05
Again, due to the to the LLC, OK then.
20:12
Yeah, it doesn't matter.
20:15
You can use any address you on. It's not going to change the risk at all. The titles. The most important thing. The title of the property.
20:22
Oh, so, claim data is actually not the title and saying, well, it conveys the title. Quitclaim means the current title holder quits his claim Deeds over to the new title holder.
20:34
The grantee has to call, right? Mailing addresses don't matter.
20:38
Now, sometimes, if I need an element of privacy, it might matter, but if all you're doing is managing liability, it's not gonna be a problem, just managing liability. So, so opinions on my home address happens to be on, The equipment could be a problem. When they do not.
20:53
No, no, no, I can take the property and you know John Smith's name and I could do it over to this fancy LLC name then have the same exact address OK, the liabilities still changes over and I've seen attorneys try to take that apart but it doesn't work because the true ownership is the way it says on public records and that has to be accepted at face value.
21:18
So the address doesn't matter.
21:21
All right, OK, yep.
21:27
Hey John, I got a quick question.
21:31
I noticed that with the LLC documents that we paid for, or whatever, the BSA didn't come along with it.
21:37
But, I didn't notice that the video you had on the banking abstract showed that, is that, that video setup today should be everything that Yeah. You should have. I'm still setting about when you get in, so make sure you ask if you don't get the there in your banking abstract documents. I don't think I eliminated those. I think there's still in there.
21:56
So, just say, Yeah, it's, uh.
22:00
I mean, I don't know that the banks are reading it too much anymore, but they were a couple of years ago. So, but yeah. If you don't have it, it's in the banking abstract documents.
22:08
And it's like some of the last pages, like the last few pages, OK.
22:15
They just were blowing off. So I think that might help. Yeah. And I do have some videos on that too, because I want you to understand how to talk to these people. I mean, we kind of have to act like, We're good slave. But at the same time, we have to pretend we're answering the question.
22:29
And I've talked to a gentleman in Australia the other day in Australia, and, he said that he just simply change the articles to make himself the owner, open the account, and then changed it back. And he had to pay a fee associated, But he was happy to do that.
22:42
Then, to them, afterwards. That at least try, because I know what you were saying, like, what we're talking about.
22:47
It's completely legal and they just don't understand it, so I give it a shot dealing with a very corrupt system.
22:53
Yes, we're doing the best. Yeah.
22:56
Should I e-mail you for that or?
22:59
Yeah, send back to my if my assistant sent it to just send back to her and say, Can I can I have the Bank Secrecy Act documents that are in the abstract?
23:09
I, even if I don't publish them anymore, you can have, I mean, I, you just asked me for, if you see 70, you think, you know, have definitely asked?
23:18
OK, Thank you. Yep. And then the Oklahoma question. You always want to get your EIN assigned to the account holder before you open your account.
23:24
So you register the account holder, which is your LLC, for example, then you get the EIN for it, then you open your account, that's, that's the order in which things go.
23:35
In the app that shows you, say use the bank address on the EIN, if it's online. It doesn't have to come to, yeah. You can tell the bank for your LLC account holder.
23:46
Where to send mail. What you put in the articles doesn't determine where mail has said, it's what you tell people where you want mail to be sent. No one's really going to look up your articles. Now, the bank, when you hand them your articles, the bank.
23:59
Unless you say something may go off the address there, like principal address.
24:03
But just to be sure, if there's something different, just tell.
24:06
That's as simple as that.
24:08
Yeah, they're required to send to your IRC talent.
24:11
All right. So there's there's an online function for applying for the EIN. And that's what your link leads to and they only give you 15 minutes, and I'm such a klutz. I just, yeah, I just know I'm going to need to practice before I actually do that. So there's this form SS for is the same form that you get on the online thing. I don't want to even open it until I know the SS for if you want to print that out and mail it in, That's an option you have.
24:37
It just takes longer, and it's slightly different than the online application, OK, but basically, it would give me pretty much the same information that they want as the online information.
24:49
Yes, it's going to get your EIN.
24:51
Yes, and I just have to know, I don't have to open the bank account until I get the EIN number, but it says use the address of the bank that you intend to use with the LLC, and I have to use it OK. Yeah, yeah, I don't have to open a bank before I apply for the EIN.
25:10
You could do that, but you should not try to do that, because it's very difficult with the banks today, it was easier, 10 or 20 years ago. But today, they insist on you having an EIN, when you walk in the door or go online. Just get the number one, OK. Alright.
25:26
And if, if we have time, I would love very much to hear about your track. I've been dying to know how. All right, OK, yeah. And quitclaim deed, you say you put the property back your name so it's OK to put the property from your LLC back in your name if you want to do rifai because the banks can only underwrite it in that way. It is, you can keep it in the name of the LLC, It's just difficult to talk to, someone at the bank is so complex enough to understand that, your financing and your financing and retaining beneficial interest.
25:54
It just you're never gonna get very easily the competent people. So to save time it might be easier to read it out. If you're out of your LLC's name, put it back in your name, and then and then redo that later.
26:06
Um, just don't do that if you have an existing lien.
26:10
So make sure that you don't have an IRS Lean notice of lien, judgement lien, no claims against your name.
26:17
Because the moment you put the real estate back in your name, everything attaches and it will stay attached when when you even go back to the LLC, the lien will follow.
26:27
Yeah so I have nothing on my personal name with IRS or anything. Yeah, the question was, I tried to explain them for, like, three days, I was trying to reach you by data, and then anything, all, they said, was we cannot underwrite it under one LLC, so I took it. Undermined name and I remember, you said, don't sign the 4056 C document, right?
26:51
But they kept insisting, like, you have to do it.
26:56
And I did, but I made sure that they are not touching anything related to the LLC, So, and I signed in my name, and they said they might pull my credit history or whatnot, but they'd bend.
27:13
But, how do you avoid that? Because, anytime I, I talked to, like, five banks, and they just said, You just have to do it.
27:21
It just might be the side of the times. I've usually been able to bulldoze my way into things or, or, you know, talk my way of things. I'm actually finding that that's more difficult these days.
27:31
I mean, back in the nineties I used to get my my account setup with no SSN. And then in the late nineties, I couldn't do that anymore. And that's what I figured out how to set up a whole new credit file. So, yeah, it's just how many tricks that we have left. I don't know. So, you kind of have to work through it the best. You can't say you went to five different banks.
27:49
That, that's a pretty good effort, because I was going to say, I was going to suggest that, but, yeah, credit banks, credit unions, and to just smaller banks, and all of them were just like, Oh, no. We cannot do it.
28:04
You have designed the 405 6 C, and then one credit union said that, OK, you know, you can, and we will not touch your LLC.
28:13
And I kept saying, fine. And before I sign it, I looked at all the documents that, OK, no mention of the LLC, was there anywhere.
28:22
So, I was like, OK, That's looks clean enough to sign, yeah.
28:26
It's very specific that 45 or 60, and you can also give them notice of liability regarding the collection of records, for which you did not give authorization.
28:37
Then you can limit the disclosure and the use of those records by basically saying it in a letter.
28:42
Like, you can write a letter, like you would literally write a bank, a letter, or you would serve it on the banks' general counsel and then bring a copy into the closing and say, look, guys, OK, fine, I'll let you do this, But you, this is your, your limit, the access. And then you, you tell them what to do with your records. And they can only use it for that purpose. So, and then the authorization expires upon closing.
29:08
So, just realize you have, you have the power, sometimes, where, I'm not, like, I wouldn't doing a mortgage for closing, but I mean, I'm a mortgage underwriting.
29:17
But sometimes, I will ask for the other parties document retention policy, their policy that pertains to managing records that they're gonna get financial records, right?
29:30
And if they don't have one, or if they have one, I'll tell them If they don't have one, I'll tell them what their liabilities, if they have one, if it's suitable to what I want, find a lot of times, I get I line things out. Like I said, I won't agree to binding arbitration. And no, you can't use, you know, you don't get a blank check to do whatever you want with my data.
29:48
And you have this particular liability, no, etcetera, or things like that.
29:51
Sometimes when it comes to a business account, I will, I will ask for, um, their, their policy as it pertains to proprietary data.
30:03
Proprietary data of a company is a different matter that it's than a person, that's why you have a lot more advantage for the company. You have more more rights regarding disclosure of records, and there are more obligations To third parties.
30:16
But, yeah, I mean, If you, If you have to do it that way.
30:19
I don't see a problem with that, OK.
30:24
4 or 5, 6.
30:26
Put me in trouble, but since His name is not making tonight, I'm hoping I'm good.
30:33
I think you're fine. I mean, you can, even when you're done, if you're done with it, I would send them a letter just the same and say, you know, any any authorization is hereby revoked. Oh, no.
30:42
You're no longer authorized to even use, collect, store, or disseminate the information that was obtained under the 4560.
30:52
Do you have No, I just pull on my brain. If you asked me, I'll just, you know, I can e-mail you something. You know, Oh, yeah, that's, yeah.
31:03
Yeah, and I had two more questions. I didn't know if anyone else is in line, they can ask best.
31:08
I think Swaggers had something, I didn't want to keep him waiting, I'm sorry, I thought you're done, Know, this is actually good. I've got some things to say on this topic, so I'm the non US. Residents. Yeah, I'm from Canada, I've got that yoga business. I've been gone for awhile but I'm here.
31:25
Basically I've managed to open up a US bank account with as a foreigner using a service called mercury dot com.
31:34
And it's like a tech company that helps with startups for US based businesses that have founders outside of the country.
31:43
And I had to submit like no documents at all.
31:49
Like all I had to submit was the certificate from the New Mexico government or whatever, like that. Yeah, that certification thing. I sent them your first document, like the, the fact or whatever, the very first thing, and they were like, this is wrong.
32:05
And so I sent them the certificate from the New Mexico, and they said, yes, And I had two founders that I had to list. We had to give up a passport, but two founders, and I said, 0% ownership interests, and no questions asked, oh, that's OK, I'm glad to hear that that's what most people It's funny that I'm surprised, but that's the way it should be. Yeah. Wow, Yeah. So like that can be an option for some of these people.
32:33
Like it's a, I know that it's a crypto friendly thing, like they, they have opportunities to get funding for your company, like that's kind of how they're making money. And then they, they're tying into a bank out of Tennessee, I think, to actually do the banking. And yeah, I've got this account, it hooked up to my Stripe and everything, so, Because I've been fighting banks, you know, I was fighting of first, internet banking, US Bank, and neither of them were, Well, I didn't push it that hard and then I found these guys.
33:04
So, like, keep that in mind for everybody who's who's listening, like, I don't know if you could just messaged them and be like, I'm managing family wealth or whatever. Like, Because I just show my, my website for my online store and stuff. So, Like neighborhood, they were checking for that and that's why I passed, like no, that does help because you're a business presence. That helps a lot. I mean, if I really want to do a value add, I would I would provide you each with a one page URL, with your LLC. I mean, we've been getting by fine without that, but Yeah, that would really help a lot.
33:36
Yeah, yeah, so, anyway. So, I just wanted to share that victory and the mercury dot com. Right? Mercury dot com. Yeah.
33:43
And there's a chance that you could open an account with an LLC and just plug right into Caledon Brown or whatever.
33:50
You get a free wire transfers internationally. Wow, 1% conversion fee, if you want to do a foreign currency, That's not US. dollars. But Good to go.
34:05
Yeah, and then the only, the last thing I just wanted to say is that I wanted to get in touch with you about the contract that I need these people to sign for this new program that I'm launching. I mentioned before, but I've actually got it done now, so how should I? what's the best way to reach you?
34:21
Now, e-mail, in that case, and I think I recall you sent me something recently and I don't see anything that needed to be changing, as probably I didn't mention, I didn't respond back yet.
34:29
But if you want me to look at something else, just e-mail it as an attachment or use telegram.
34:34
OK, I will do that, I'll do that right now. And, yeah, we're launching the program on Wednesday.
34:39
So, I've got a copy, the, this other contract, and I'm sure it'll be fine, but if you have any magic words, you want to put on it, like that, too. Well, if I know more specifics, I do, and I do the same thing. I, I start with an old document that I've already used, and then I modify it so it makes sense.
34:58
All right, great. Well, thank you so much Scraping. Great. And thank you so much for the LLC, man like that. That's such a game changer for someone like me, you know, glad to do it. Yes, certainly. All right, thank you. I'll be all right.
35:11
So does that help login? Do you have anything else? Yeah. I do have questions. Sure.
35:16
So, one of the questions is the credit cards, so I keep getting this ads and whatnot to my office though, something, but.
35:25
And I applied for one, but they actually took my name, yeah, my credit history, and all that, so I can submit saying, that, no, that's not what I wanted.
35:36
So they will always do that. This is the rule. When you set up a company and someone solicitude for credit, it is not what you want. In most cases, it is going to be a personal line of credit. I don't care if they tell you that It's a business line, they're lying.
35:50
And a lot of them don't even know their lines, or just their boss tells them, hey, you get a commission, if you do this thing, they will always underwrite it with your credit that They've probably already done that. So, if you want credit, there's a couple of ways to get. It depends on what you're gonna do.
36:04
If you want signature line of credit, which is what we know as consumers with a credit card with a business.
36:11
It's a signature line of credit, and you have to be deliberate about setting up a file and through Dun and Bradstreet and that will lead to the creation of the a credit line of credit and you're going to use Net 30 accounts and it's a little bit where it's a little bit of work.
36:28
So it's not for everybody. And the Net 30 Type accounts are not for specifically real estate investors, though, those investors are: business owners have a different way to get financing.
36:40
mm. Net 30 is your revolving type, signature line of credit and for small business like in your case.
36:47
Well, I don't know exactly what you're doing, but for the other gentlemen, he would be getting into things like advertising That's what I recommend is getting credit so that you can pay for advertising.
36:58
mm burst.
36:59
Yes, fund all my business through my HELOC a personal blog I open on my primary house. OK, I just loan the money to this business account.
37:10
And, whenever the property gets civil or whatnot, the business account gets the money and from the title company. And I just pay back the HELOC and the interest.
37:21
So, yeah, and that's what entrepreneurs do. It's kinda risky, but if you, that's what you do.
37:26
It's not like you're gonna go out and buy a gigantic color TV in a pool, for your backyard, you know? You're actually taking some, some risks that a lot of people wouldn't take.
37:35
And putting it in a place where you're the lead, you're competent to make it work. And so, that's great, That's all we have to do.
37:42
Sometimes you have not taken any money out of the business account for personal gain except this one transaction, which is back and forth between my HELOC and the Business bank account, that's it.
37:54
That's what you do.
37:55
And what I recommend, I mean, as an entrepreneur, I'm always doing I start up a joint venture and it's always bootstrapping. Meaning that I'm starting with nothing in many cases or one thousand dollars, OK? It's just how I like to do things.
38:08
And out the door, the moment I'm doing, thinking about a project is, I'm always asking, Where do I get my money from?
38:16
And usually, it's my customer, so I need to have something already ready to deliver so I can sell it.
38:25
So if I'm going to get a line of credit, then the first thing I'm going to spend money on is not hiring people, and it's not inventory.
38:33
It's going to be that sale, it's going to be getting that customer buy my service or product. Now, that can't always happen.
38:41
I like those situations, I look for those situations if if it's not obvious, I always try to find a way to make it work that way, But for many people, I mean it might you can scale up more easily if you come in with some funding. You know, if you have a venture and you get $2 million of funding, well, that might be an easier way to do it.
39:01
I just have never done it that way, but certainly.
39:07
Let me know if you want to.
39:09
I have some videos on the the the line of credit mm for a business mm so there's like three steps OK, So you want to set up your Net 30 accounts. You want to? set up your business profile on the 411 directory online? List yourself dot net.
39:26
You set that up. You get your Net 30 is going in 2 to 3 months. You'll start getting a credit score. You'll get contacted by Dun and Bradstreet you'll find a lot of services on the Internet That will just go to dun and bradstreet and open your account you can do this for free.
39:38
I don't like to do it that way. I like to set up everything first and then let Dun and Bradstreet contact my client, and my client contacts me and says, Hey, Dun and Bradstreet sent me this letter and then I got confirmation that everything's in order.
39:50
That's how I do it, and then from there, we're looking at another three months It'll take before my client is gonna get a line of credit.
39:56
And typically it's going to be like 20 to $60,000, OK?
40:06
Did you try let me ask him that last thing you were saying. Did you try regarding the banks?
40:09
Did you try to like push on the banks your balance sheet or your 10 forty's?
40:18
Like, they did ask me that can you provide your 10 40 or W twos and stuff like that, and I did and yes, that's when that has said, OK, since we have D are they able to do is we we probably won't even contact our use of 405068 the document. Yeah. Because they already have that information right? At the closing. That's what they told me like, yeah, Your W two is very enough.
40:44
So we didn't have to use See you good. That's good to know.
40:49
So if, if it were me, I would just make, if they want one or the other, I prefer to give them a tax return, that limits that tells me, I know, exactly, they're only gonna get what I give them, And I would tell them, you get one or the other.
41:02
I'll give you the texture and that's how you're gonna get, If you want to balance sheet, OK, fine, they may want a way to verify the Balance Sheet, because you know, about, she could just be numbers on a piece of paper, for a public corporation, you know where that county has done by Ernst and Young, for example. That's going to be a third party verification in itself, because those guys go to jail. They lie, right? Well, you're a small business owner, so they may want some sort of verification. That's why they always ask for 10 forties.
41:25
Yeah, well, that's good to know.
41:27
All right, anyone else think about the state plan idea.
41:32
Anything?
41:34
Something new? Can going back to the credit card with a bank account, so It's not a good idea to do that, but what about a bank card and debit card Well, yeah, that's really convenient, and that's OK. Oh, sure.
41:50
That was my question. Yeah, just go for convenience area.
41:55
All right, Well, that looks like we're hitting about 45 minutes and I really appreciate everyone's participation. Is there any last question? I'll take 1 or 2, maybe.
42:02
That if not, I'll just call it a wrap and I'll, I'll publish it. I will send everyone that's on this call. I'm going to send you guys a link to it either way, but it will probably show up in the members area.
42:15
All right. Well, thank you. All right.
42:18
Speaker: Alright.
42:20
Right.