0:10
Let me just review that real quick, So again, this is a thanks for joining us, John, Jay, January 12th.
0:16
I want to go over, and this is a continuation from the previous week, where we're talking about, I was presenting the ideas of private property, but how to interact with the exchanges, OK, And I'm gonna use that as an example. Someone sent me an e-mail today, asking for a little help on that. So many start with that, it worked out perfectly, so I can demonstrate here. So what I want to do is continue, and we're going to do Q&A. I'm gonna make this as brief as I can, but I wanted to cover this adequately now. I did put a lot of effort this time into giving you examples of how to, you know talk to third parties, OK, and why we're doing this.
0:46
So this is going to be a discussion about using your LLC, OK? It is not a PMA.
0:54
It's just an LLC. We don't care who the owner is, OK? And we're doing this as with the example of Coinbase.
1:00
This can be applied to crack and PayPal, third parties, whatever and this pertains to private property and proprietary data.
1:09
So this is what I'm talking about when I, when I say private property is when you have a company, a registered corporation, an LLC, a C Corp, whatever it is that you've registered with the state, you've simply paid a tax for indemnification. They don't own you.
1:25
You didn't waive property rights. You're the boss. You're taken on all the risk. All you did was use the state to obtain indemnification and interact with the rest of the world. You should do that all the time. This is how we should do things.
1:37
If the state weren't available, you would simply announce the existence of your company and publish the relationship of its owners to the public, that is how companies are formed.
1:49
It's just that our states lately have I shouldn't say lately in this last century.
1:53
The states have capture that normal lawful function, OK? So what?
1:59
I make that point, because when you deal with a third party and that third party like Coinbase asked you for information about your company, Understand what role you're playing, what's going on here. So typically, you're going to be the signer for the company, The company is going to be the account holder.
2:13
The owner of the company has nothing, OK? It has it has no role. It has no contractual relationship with that third party.
2:22
There's a reason why you have that owner, that the member, the shareholder, and we don't have to talk about that, to third parties, we don't have to explain ourselves.
2:29
And so I'm talking to a lot of you in, and you mean well. And you want to be kind and co-operative in whatever.
2:35
But sometimes it's it's not about that.
2:38
You don't want to do that sometimes, and people are asking for something, like, for example, if I go to Coinbase and Coinbase says, I want to see your organizational chart well I've given you all my information, OK. I've given you everything that's needed for you to do your job. I gave you the articles that's public record.
2:55
There's nothing else.
2:56
The organizational chart doesn't exist, OK, and I'm not required to create a chart, But the nature of the organization has already been disclosed to you. All right. So keep that in mind.
3:07
Understand that they're wanting to see the ownership and management and the names because every time other, these are idiots, OK, that all they're doing is they're they're wanting to see a new name and they want a person's driver's license.
3:20
That's all they're doing. They're collecting information for the government.
3:24
All right. Not to not to scare you guys are not gonna hurt you to do that, but some things you don't want to disclose, if I have a husband, a wife that wants to use an LLC, I'm gonna say pick one of you, each of you, one of you to sign. You don't both need to sign, why should you both give up your ID when you're not gonna get any more protection.
3:40
So that's how I look at it.
3:41
But anyways, how do we interact with them?
3:44
So let's go over this, here on the screen, share.
3:48
And this is what I got from the e-mail, OK. This is what Coinbase is asking this person who either has opened the account or is about to open the account, and you've seen this is the basic information, OK.
4:00
Well, the exact legal name, of course, Coinbase should know that. I mean, that's just how our society works.
4:05
I mean, I really would like to have a Jason Bourne style numbered account, OK, ain't gonna happen.
4:10
So I'm gonna accept the fact that I have to show my name, and oh yeah, I gotta show some proof that that's my name, OK, fine. So exact legal name. That's the name that appears on your IDs. They want a disclosure of the shareholders, OK?
4:23
I'll tell you who owns what, um, if if my PMA owns it, OK that's 100%. I'm gonna have to tell you the name of the PM. Make. The PMA doesn't drive a car so it doesn't have a driver's license. It doesn't have utility bills. It's not required to. It doesn't have a list of owners is not required to. Again. It's not the account holder.
4:41
And what I have most of you doing is just telling the third party that I am the hundred percent beneficial owner of the PMA, OK, and it just answers everything. Now, sometimes that's not good enough for them, and we can get by that, but that's what you do.
4:56
You can tell him anything just to get the account open.
4:58
You're not you're not needing to just do whatever they tell you just to pay for a service. You're the one paying for the service, OK. They're treating you like a suspect in a crime.
5:08
Then they ultimately they want to know who has the financial interests ultimately.
5:15
So if I have a PMA, that's named or if I have two people or five people that own the LLC, then somebody has the ultimate beneficial interests. And if it's people, typically it's going to be each of the people that are the owners of the LLC.
5:29
If it's a PMA we can say whatever we want. Because the PMA doesn't name anybody.
5:35
The PMA, the name of it, shows up on the Articles which are filed by the State.
5:40
But Coinbase wants to know, and I'm not gonna argue with them.
5:46
You get to know who the beneficial eschewed parties are in the PMA, because that's the owner of the LLC. But I'm going to show you how to interact with them on this.
5:56
To make things simple, you would just simply say: I am the seiner I've given you all my information. And also I am the boss, OK?
6:04
The single beneficial owner of the PMA and no more is required.
6:08
I don't need to show any documentation for that, OK? Because again, it's not an account holder. And then they want, they want to just still take it up a notch, and say, Oh, wait. What about other like Cato, nominee, intermediary type, Oregon, OK?
6:21
Again, I just told you, what you see in the articles is what you get, that is everything I have, OK? Who are the directors?
6:28
Again, it's me, OK?
6:32
Now that's why I like to do these LLCs and because I know what you guys are gonna use it for and I'm trying to keep you with, you know, one member, or a PMA and one sign or that sort of thing.
6:38
So, when, when an organization, OK. When an organization is asking you for a personal identifying and financial information that could lead to the disclosure, or the acquisition of your credit information or tax records, that could ultimately lead to the disclosure of this information to people that have no good intentions for you, OK?
6:59
You then have a burden.
7:01
You have a duty of care with the disclosure of the information, and we understand this to know, know we know this as a data retention policy, or privacy policy, you've seen this on every website, OK.
7:12
It's important that you read it and understand, So I'm gonna go over some aspects of this, and show you how you could interact with them.
7:19
I'm not saying that you go to Coinbase and say, hey, I don't have to tell you the thing.
7:23
What we want to do is work with them in a co-operative way, but we still want to protect our rights. And we still want to give a legitimate response, if, for some reason, we don't want to disclose something, or we know we don't have to disclose something. And we still want to control that data, and we want to know how we can control that data.
7:39
So, when you give information to a third party, there is a financial risk of, if anything else, it's a data breach, OK, as soon as you disclose it, now, somebody else is liable for that data. So the value of that data creates a certain liability on that third party.
7:54
So what?
7:55
How valuable is your financial information? I mean, I did a calculation on this because I'm, that's stupid stuff. I do. But, the calculation I came up with is the average person in America today.
8:06
His financial data, it's worth over a lifetime, let's say, a million dollars, roughly a million dollars, but your financial data could be worth a lot more if somebody's using it for illegal purposes.
8:19
So, this is like, giving someone a burning log. It's on fire, OK, you have to look at it this way. So if you want my data, I want to know that you can, you have financial responsibility, and you have security measures in place that are reasonably going to protect that data against a data breach. And I want to know what you're going to do with my data, and I want advance notice, and these sorts of things. All right, so, do you really want that data? It's my point, This is how we interact with them. And so many times, I've asked them that question, So, what's your financial responsibility? Or accountability if I disclose this thing to you, and then they just decide, oh, yeah, we don't need it.
8:52
Or if I disclose it to you, can I delete it later? because you're telling me, you just needed to verify a thing in order to open my account.
8:59
So, therefore, once my account is open, there's no need for you to retain that information, correct?
9:05
Uh huh? Yeah. I want it deleted, and I want a certificate of of destruction showing me that it's been deleted.
9:11
OK, and I'll explain that language shortly. So let me just go through these questions, and I'll give my reasoning on these.
9:17
So these questions are a list of questions that you could pull from, or you could just kind of get in your brain and help you to interact and talk with, I'm not saying you should copy and paste these questions and send them off to everybody. I'm just saying, you should understand that. these are the types of questions you should be asking, when people are asking for your identifying information. So what's the contact information for your compliance officer? When it comes to Coinbase, there is literally some person that's employed by Coinbase.
9:42
I think he's an employee, known as a Compliance Officer, that Compliance Officer is supposed to comply with Coin bases. Legal duty, OK, just because Coinbase has a legal duty under the anti money laundering laws and wherever else they want the Patriot Act and all that stuff. That duty does not necessarily fall on your shoulders.
9:59
However, Coinbase may have to collect some information, but again that duties on Coinbase, not you.
10:05
So I want to talk to the compliance officer, and or it's going to be the General Counsel. So I have a separate question here, OK? It's the chief counsel, OK?
10:11
I think Coinbase calls them some different and so I'm going to explain what I'm talking about, because I'm going to refer to my identifying information or personal first. I'm gonna refer to that in these questions. So you want to let them know, for sure now the phrases you're gonna see here, I took from coinbase's policy.
10:25
My personal financial identifying information includes my name, date of birth, nationality, gender, signature, signature.
10:34
Today it means something different, OK? It's not some cursive, ***** squiggly thing, OK. Your signature is an expression of your will.
10:41
It could be a time stamp with an IP address as we know, OK, for electronic signatures, Utility bills, you know, I mean, this is given out your home address.
10:51
If you successfully got your home address off your driver's license, it'll show up because I think on your utility bill has your service address. So, something to think about there. A lot of times people don't have names on the utility bills.
11:03
It's not required, but they're going to give you a hard time if you don't. So, that's something to talk about to photograph, your drivers license passport, things of that nature. That is biometric data.
11:13
Government issued ID, no driver's license, phone number, a home address. This all comes up biometric data. I mean, right now it's your photo, it's going to be more later along with online identifiers. You know, when you login your of your IP address. Your time-stamp, your geolocation, all these things. OK, the soul being collected by Coinbase.
11:29
Now, if, if you don't let them collect it, you know, if you've heard the stories, if you are clever enough to use a VIP or something like that, they just won't do do business with you, OK?
11:39
So, here's what you want to ask them. What is your legal duty, what law created, requirement for you to collect, store, and use my information?
11:51
And I'm asking, Please cite the law. And you can be polite about it.
11:54
You could say, OK, I'm totally with you guys. I want to use your service.
11:58
I just want to know what laws requiring you to ask me, because you're saying you're collecting data because you're required by regulatory compliance, OK?
12:07
Which regulation is it?
12:09
I could just tell you right now, it's going to be something like title 12, or the Code of Federal Regulations are going to be titled 26 is gonna be something like that, OK, financial data, I mean, yeah, banking, financial data.
12:20
Well, you know, really what they're doing is they're intimidating you and they're collecting tax information. You know, I mean, that's really what it's about.
12:27
So you're my limited liability company. my account holder is no, I'm using an LLC as an account holder.
12:33
So why are you asking for information for the owner of the account holder?
12:39
He's not an account holder.
12:41
And that goes back up to here. OK, they want this stuff, right? OK, I get it. Well, That is disclosed in the Articles, OK. It's already been done. Right.
12:51
Do you have any legal duty to request or obtain the financial identifying information from non account holders? No, they don't.
13:01
But, there, they're going back to this thing, right.
13:04
So, that's fine, let's just say we're going to give it to them, and then there's going to be a liability associated with that.
13:11
What financial responsibility do you have?
13:14
I spelled that wrong.
13:16
Do you have for the collection use and storage of information from NATA calendars?
13:21
Now imagine you've heard the news before like Wal-Mart gets hacked, right? Whatever that means PayPal it gets hacked, whatever, TransUnion.
13:29
so they get hacked right in this. They lose all this customer data.
13:32
Imagine if TransUnion was collecting data that wasn't didn't have wasn't pertinent to anyone who wanted to do business with TransUnion.
13:40
They were just collecting the data, right?
13:42
What kind of liability is that they weren't even allowed to collect that data.
13:45
Maybe it was available to them, maybe they legally collected it, but now it wasn't for A, it wasn't for a, um, there wasn't a business necessity for it.
13:54
They just had it right.
13:56
So, what kind of liability they have?
13:58
I'm going to bet, whoever suffered a data breach and held information where they didn't have a business purpose, a legitimate business purpose. They don't have insurance coverage.
14:10
Can you imagine if someone were in a situation where his data was somehow collected by a company that he didn't do business with?
14:17
And it was being used in some way Or maybe not as suffered a data breach. And he suffered losses of money for maybe, let's say, call identity theft or something. You know, there's some simple ID theft.
14:26
Imagine What kind of lawsuit that company can suffer and have no insurance. They'd have to file bankruptcy. Now we don't see this in the news, I don't know that happens very much. But I'm just saying, hypothetically, that's what you're looking at.
14:36
So what's your legal duty to collect information, and then does you're collecting this information from non account holders?
14:44
Do you have insurance? What is your financial responsibility for collecting information from non account holders? That should scare them.
14:50
That's why you want to know who these people are, right? Because you want to be copying those people on this question because the idiots who are interacting with you don't understand the liability that Coinbase has, and when you bring it to their attention.
15:03
Right.
15:04
If you don't have a legal duty, it's arguable.
15:07
Or, let's say you do, what is your financial responsibility? Even though you have a legal duty, you still have a financial responsibility. You're still accountable to me.
15:14
Right. So, why do you expect an LLC to have a utility bill or an organizational chart? So that's some I just threw in there because that comes up a lot.
15:22
And so, that's a good question.
15:24
Why does is it necessary for an LLC to have a utility bill? What information are you trying to find? You're trying to find out my place of residence. Well that's fine. I've already disclosed that, he got my driver's license, or whatever you did.
15:35
I mean, do they have some reason to doubt you, this, you can ask them, you know, do you think I'm lying to you, this sort of thing, but this is just, you know, another way to ask them.
15:45
Why do you expect an LLC to have this information OK?
15:48
As a signer, what's your legal duty to collect my employment information? I don't believe they should be doing this.
15:53
But it is in the data policy, OK? It's in their privacy policy, so I just wanted to mention this.
15:59
What does that have to do, What I've already told you.
16:02
I mean, I'm already disclosing my driver's license.
16:05
I mean, I don't want you to see my employer information, I don't want you to see my W two, why do you need that beyond what I've already given you?
16:14
And if I were to disclose it to you, what is your financial responsibility to me, because this is very sensitive information?
16:20
What security measures do you have?
16:23
If I were to give you my W two, you tell me, if you're legally required to get my W two, There's other ways of verifying and fulfilling your legal duties and getting my W two. And if I give you a W two, maybe I'm going to redact some of the information.
16:36
So, what is it that you want to know from my W two, OK, You gotta think like that, why am I doing this? Why I'm making a big deal of this?
16:44
Because you have to know, that when you're using a tool, like an LLC, to manage some of this very important to you, money and property rights.
16:53
You are not subject to third parties, just ***** nilly, collecting your information. And otherwise, excluding them from society. And yeah, there's a give and take. You have to give them something in today's modern society. But there's some of this stuff is outrageous. What is your financial responsibility or liability for data breach?
17:10
Involving all this stuff, OK, so we, this is gonna come up over and over again. How does Coinbase indemnify me? Again, it's the same type of question, it's just a different way to say, how is Coinbase going to indemnify ... account holder?
17:22
Because I'm not the calendar, right?
17:23
I'm the signer against a data breach involving any information that collects that is related to any account holder.
17:30
specifically myself. Right? Please send me a copy of your insurance binder, OK? This is little portion of the insurance contract that says it's certification, saying that it has coverage for certain things, OK. They're not going to send that to you.
17:43
You just wanna get the message to the decision maker that look your legitimate customer And you don't need to be answering all these questions, and you've given enough information. That's the message you want to give them. OK, please send me a copy of your insurance binder, specifying the limits of your liability and procedure by which I would make a claim for damages.
18:00
OK, Now, I'm quoting the policy here, So this is the Pile. I just got the website, I think it was today. Under Section five, your Written Policy, I put the website here.
18:08
They intend to, they are claiming to process your identifying information, to help detect, prevent, and mitigate fraud, and abuse of our services.
18:17
Well, do you think I'm going to use your services or somebody else, and are you trying to protect me?
18:22
That's what they say. I mean, it sounds all nice and everything. And against funds, or loss, right? And so they say it again, down here, basically, we process your information to enhance security. So they're saying in sections 3 and 8, under five, they're saying, we accept liability for collecting your data. And I want to know if they're insured for that, and how much the limit is.
18:46
And the reason why I mentioned this, is really for your reference, if you look right here at the Coinbase website, this website right here is where I got this section.
18:57
Now, if you read through it, you'll find out that later on this website right here incorporates this other businesses privacy policy.
19:08
This is plat ..., this is, this is the, the software interface API if you, well I guess, is what they call it, that allows Coinbase to interact with your bank account OK. And to do that, this third party has to get the the access, OK. And it has to collect your data is a pretty good policy actually if you read it, but what you have to know is that policy is now in corporate to coinbase's policy.
19:30
So what financial responsibilities? Coinbase have to me if I suffer a loss of my property or the compromise of loss of my funds because of fraud or an abuse of services you're saying you're liable.
19:41
So what's your financial responsibility, how much are you liable for? That's what I want to know. I don't see that anywhere, once I disclose this information. Will Coinbase use it to obtain additional information from third parties?
19:51
This is actually in the policy and yes, they do that, such as public records or credit reporting agencies, Yes, they do that. They'll check your credit.
19:59
I don't know if there's an inquiry on your file. You guys can tell me, this, Coinbase have a policy to notify me before it obtains additionally information about me from third parties, and to include the name and address of the third party, and its records custodian. Because, you don't want them to say, oh, we just got it from PayPal. It's gonna be a nightmare to figure out who had that. Like. we're at PayPal. Did they get it from? I want to know the person you talk to at PayPal, the custodian of that record.
20:23
Please describe the manner in which Coinbase releases information to government agencies. Do you do wait for a warrant, do demand a warrant, or you can defend the disclosure. My information, are you going to fight them. Now Coinbase has already shown it, does that, it fought the government on its blanket, subpoena or whatever for all the customer accounts And I think that was for theater.
20:42
I think the coinbase's attorneys knew that that was going to happen and they just want to keep Coinbase in a good light and appease everyone, as you can see how it really turned out.
20:51
Um.
20:52
But you want them to, um, assert rights that you would assert over your property if you haven't disclosed it to a third party because you know, Coinbase is not going to give you attorney client privilege. That's why they can do this. So does it have a policy that defends me against such a request for information? Whether or not it's made with a warrant or a court order, or are you going to fight for me?
21:10
Are you going to dem to find me?
21:11
Is Coinbase conducting a criminal investigation? This gets them to think so most of the time.
21:16
I ended up asking them, what is your data retention policy and financial responsibility if I were to give you this information? And is Coinbase assisting a government agency? And conducting a criminal investigation about me, and that is usually enough to get them to wake up and go, Because what will happen is the person who reset is not going to be the decision maker, he's gonna go into. I gotta give this to the boss right in the Boston. They just opened the guy's account. He's good. Right. So that's, that's what we're trying to do so.
21:44
and it's Coinbase does it suspect me of money laundering.
21:47
Right. I mean this is what they they claim they are doing right.
21:51
Coin base is a suspect in money laundering its customers are not but they make it look like it's customers are actually Coinbase is Coinbase is in a position to launder money. Once Coinbase obtains disclosure my information, how long does Coinbase retain it? And what is its procedure for the destruction of such information of records? And I didn't add in there, We could add it in there.
22:10
How does Coinbase prove to me that the records were destroyed completely and Insecurely?
22:16
And there are there are services that when they destroy records like for businesses, they actually provide a certification that the records were destroyed correctly and that they do have accountability so that the records were like, say, let's say if they just chuck them into a garbage dump.
22:33
Then someone collected them and then there was a data breach there. Whoever did that is responsible, right? So these companies have come on site and they shred your documents and then they destroy them or whatever. They provide you with an Indemnification certificate.
22:44
So we want to ask coin base, if it will do that.
22:47
And then once I disclose the information, for the purpose of opening my account, like I talked about before, how can I instruct Coinbase to delete the information that says that? It's no longer needed to open my account?
22:57
Hm, hm, hm.
22:58
So, yes, I can publish this, I'll give it to you in The Ace of coins list on Telegram. I'll put it up there, OK, as a PDF file. But that's it. I mean, that's all I want to cover. So, my, my bottom line here is, I don't think I even mentioned, there was one thing I wanted to talk about.
23:16
Proprietary data, OK, so, you're your company organization, or a list of its assets, for example.
23:24
I mean, if it's a private company, you have a lot more privacy, and so we call that in the corporate world. We call that proprietary data and proprietary data.
23:32
If you, if you label your property in the company properly, if you label it, or designated a certain way, or put put notices, or however, and you have certain security measures on property. Now, most of you don't need to deal with this, except for maybe your credentials, OK? That is proprietary data.
23:49
And it's not subject to disclosures in this manner, like opening an institutional account.
23:56
Because Coinbase also is, has that too. It has that available to itself. Coinbase also has proprietary data protections: legal protections, and these are protected and recognized by corporations between corporations. So if you speak their language, you'll get further as well. So there are some situations where I can say, like, oh, that's why I want to see, like, if you guys have a problem with this, send me the question. Literally, send me the information you got. And I can tell by the wording of it, if I can make that defense for you. If I can say, this happens to be proprietary data, and I'm not permitted to disclose it unless you're willing to sign a non disclosure non-compete agreement and agree to a million dollars in liquidated damages.
24:38
Know, they're not gonna do that, right? I mean, who's good at who is in his right mind going to ask the decision maker, that how long is he going to keep his job, right? They're just going to open your account. Or they're going to say, go take a hike. Right, I've seen that before.
24:53
I would say, I don't know, one out of three hundred maybe cases.
24:58
Are you guys just gave up? Somebody gave up, but I've seen them just refuse to open accounts for a few people. I don't know. You can blame me if you want, maybe not. So, let me do is stop screen share here.
25:10
So, hopefully, that was more useful than last week. And answers. A lot of questions and give you something to use.
25:17
Not that I didn't want to talk to you guys, but it might it might be helpful.
25:22
Do you want to ask some questions?
25:24
Anything about let's go with anything about what I just discussed. And we can do others after that.
25:31
OK, Stray.
25:33
Yeah. Hey. Can you hear me? Yes.
25:35
OK, so I finally, I think about a month ago, got cracking open and I just recently went to basically connect my bank account so I can withdraw money or whatever I'm doing, I need to do. And the Chi was apparently wasn't allowed.
25:49
But I got in contact with when they said, I needed to give them my phone number, OK, whatever reason it does that. And so they ended up passing me on to someone else, because I was like, I just don't understand why. It is my phone number.
26:01
Like, they accepted the application. They accepted everything.
26:06
So, if I'm in, Why can't I just connect my bank account? So, I figured the phone number was kinda weird. Is that also what you're talking about? Well, there's a lot of information with a phone number these days. As you can imagine. It's a huge amount of information.
26:19
Yeah, oh my gosh, it connects you to everything, your social media, because that's what Google and Apple want.
26:24
You guys, who get sick if I told you what they're doing with your phone number, you You don't have to have a phone number, and modern society, believe it or not. And it's legitimate to say, you know what, I actually don't have a phone that was about to say that. But I was just asking them Why don't understand why you need it?
26:38
Because they basically, They have everything on me already as it is. Like, I don't understand why they, Here's, here's what you can do. You want to get past that one moment where you're talking about that. So what you want to say is: I, I, had a phone number. It's no longer going to be good.
26:51
I had a I was a victim of identity theft recently, and I'm just winding everything up now. So I won't have a phone number, probably for about six weeks, or two weeks or something. You know, anything to get past that call where he says, OK, no problem.
27:06
The other thing to do is you could just get a VOIP service. Now, I'll give you guys a couple of websites.
27:10
I'm Rob Braxton, Brotzman, ..., dot me, Rob Braxton.
27:14
he has a lot of good information on that. You want to get a service where you park your phone number at Google, not for privacy, but for security. And then you get vips for each use of your phone, so that no one actually has your real phone number. But they have a VIP that's not connected to you, and it's not connected to social media.
27:32
So, that is another way to get around that in a situation like, Well, you have a question that should I give out this number? Give them that VIP. That's for that purpose.
27:40
So, I'm sorry, I've never heard of that before, it's called me what? It's a voice over internet protocol phone number. It's a phone number that someone when he calls you, it's just routed to your phone, but he never gets to see your phone number and you can't discover it.
27:53
I haven't brought this up. I talk to clients about this individually, but I can, I'm not an expert on it. That's why I didn't want to bring it up, but let me get you some references. And you guys can see what I'm talking about, but in that situation that you're describing, I would use that type of method and be ready to use it.
28:07
OK, so do you think he's gonna keep beat me over the head with this then sometimes they do, sometimes they don't?
28:12
OK, I just feel like, when you try it, you already go back to my, go back to what I just explained, what is your liability for getting my phone number and what is your, what is your purpose? What are you going to use my phone number for? And who will have access to it?
28:27
And what is your financial responsibility?
28:30
Why do you need it? Why is it so important?
28:33
Because I don't, I don't want you to call me put it that way.
28:35
I don't want you to call me.
28:37
Are you going to call me? No. Then why do you need my phone number? He's not going to call you.
28:42
When to contact me, you can send me an e-mail message.
28:46
Yeah. So he might say, So. I prefer you can tell him this common way to do it.
28:50
I prefer not to be contacted by telephone.
28:54
I prefer to be contacted by e-mail.
28:56
Now, puts him in a corner because he's going to have to justify some of the Soviet you see and you say, well, look, that sounds fishy to me.
29:06
A phone number is to call me on the phone.
29:09
And I don't want phone call. So therefore, you should have no need for it unless you have some altria purpose you haven't told me about yet.
29:16
And that puts them on the spot And he's just an employee, right?
29:18
He's gonna be like, ah, you got you got irritated with me quite quickly and just sent me on, like immediately after I just asked, oh, OK, I don't take phone calls. I don't, I don't like phone calls.
29:30
And, I mean, if you want to have some fun with this, I mean, you could say, after a couple of years of therapy, my psychiatrist said, it would be a good idea for me to not take live phone calls, that you're gonna say, hack is, and give him his own phone number. Well, we can have lots of fun, but I'm just saying, you know, that you got to be creative. I mean, I just gave you a boring list. I mean, if you want to be creative fun, you know, I see all kinds of wackiness the people. I loved, when somebody asked me for Social Security number, when I go to the chiropractor, I get the whole office. I speak up to, the whole office, can hear me.
30:01
That is a typical thing that they are saying, because that's what I was asking. It's like it's editable The thing that you expect them to our numbers just not reasonable, Whatsoever. Yeah. Yeah. If someone asked me for my phone number, Depends if it's a beautiful girl, maybe I'll give it to her, but then, my wife get might get upset. But if a If a banker asked me for my phone number, and I know my accounts open, and everything's going to work, fine.
30:19
I would just simply say, I don't accept phone calls and I don't want to talk to my bank over the phone, OK.
30:28
I don't want you to call me Yeah, it say with a smile, OK, or whatever smile in your voice, I don't want you to call me.
30:37
So you don't have a need for my phone number.
30:40
You have everything else.
30:42
You have more information than my in-laws.
30:45
Yes, it's true in every case right now.
30:48
And that's a funny thing to say: Look, you have more information about me than my in-laws, Can you be happy with that?
30:56
Are you going to call me? I prefer that you don't.
31:00
I still like you, I just don't want to call it. All right, Well, thank you.
31:07
All right, Jason, what you got.
31:10
DJ, thanks for taking your time here, man.
31:13
So it's just temper KYC and it seems pretty redundant, but basically the exact legal entity name is josie's name and then they're still asking for the incorporation details which should be in the articles that say, oh, I should just, right. And then for the director, It's just me me and then Whatever when it was incorporated.
31:34
So I wonder why they keep doing That is it's a single member single. I just it's a new company guys. I just set this up for myself Maybe later I'm going to have a board of directors but today. I don't.
31:47
It's a brand new company At it in its intimate company I mean the state gave me the charter I got the charter. It's approved.
31:55
I gave you the articles Yeah, No, I don't because I watch, OK? And I watch your videos before JJ and what's the current best practice for?
32:04
like, let's say you had a second mortgage or a HELOC and you wanted to, you know, pay that off with part of your funds through the LLC. What's kind of the best way to just paid off?
32:16
Paid off, It doesn't change. Nothing changes. There's no detriment to paying it off from a third party, the fact is that it's your debt.
32:22
And if it's paid off, it's your income now.
32:26
That's, it.
32:26
Doesn't matter where the money came from, you're not going to just transfer, like a huge transfer. Yeah, you're not going to benefit.
32:33
Yeah, there's no benefit to paying it from your LLC or paying it from your personal account, just have it paid.
32:38
It doesn't matter if your Uncle Bob pays for it. The fact is that it was your debt, so if it's paid, that means you paid for it.
32:43
That's what the IRS says, that's what the SEC says. That's what the cops say. It's our standard, Yeah.
32:49
Got it, OK. And then what's been like the best practice right now? Because I know there were different ways before to buy a vehicle.
32:55
Is it still the best way to kind of borrow and print out a check from LLC and say that you borrowed from your own? It works the same way. You can pay them, pay them money, however is convenient for you.
33:07
If, if I'm gonna buy a car, I will take money from wherever it is. Now, if it's, if it's a partner, If I have a partnership with somebody, you know, there has to be part of our deal. But normally I have a company with assets in it and I can just send the money over sometimes. I don't have money over there, but I have money over there. Sometimes I have money, my personal account.
33:25
It's just a matter for me. It's about convenience. It's not going to change my tax situation, spending money.
33:29
It doesn't create a tax situation, paying off debt May that, that, you know, you got it, So it's not about where the money is coming from, the pay off the debt, It's the fact that it was paid off, you know, in a short period of time. And if it's a large amount of money, you might put yourself in a different tax bracket, so be careful about that.
33:45
That's another reason why I mean, that's another reason why I recommend offsetting the liability.
33:50
Instead of paying it off, offset it with other cash flow that you're not working for.
33:57
So, you're basically saying instead of possibly paying off a HELOC, second mortgage, then just offset offset the payments. Yeah, keep the debt.
34:09
I mean, sometimes it makes sense to paid off, but generally, keep the debt.
34:13
Oh, yeah, thank you. Thank you, John. All right.
34:21
OK, so anyone, anyone, off subject, sounds like we're ready to do that.
34:27
Elaine, oh, did you have any or you'd have any OK Muted. Hi. Oh, hey. Yeah, Thank you.
34:36
I wanted to know, what time period should I use for the new offer and compromise, the old one, which was basically a six month period from March, beginning of March to the beginning of September, or for the whole year.
34:54
Now, they said that they refused my offer in compromise, or denied it, because I didn't pay the fee, which I was required to pay, because I did not meet the low-income requirement, which was $32,200, OK?
35:12
So, on, you had told me?
35:16
Don't, don't pay it, All right?
35:19
And so, are you saying, don't pay it again, and do submitted financial information for the entire year?
35:28
I'm gonna, Yes, I'm going to use the appeals division to work on that.
35:31
There's, gotta guess.
35:33
Yeah, possibly it is, which I think it is.
35:38
OK, I don't understand.
35:40
We mean by what time period how long you want the offer to laugh when Smith's When Smith? No, not know how long the offer. When Smith was asking for documentation, he asked it for the period of the beginning of March to the beginning. Timber. OK, and I don't know if I should do that again or, and also during that time period, they had docked myself. Two thirds of my Social Security for I think six months.
36:05
OK, with, it, was that time period from last year of dollar 20 to 22, OK, So then just shift it forward another three Months, and give them that set of documents.
36:18
Unless they ask for something else. I mean, you, you could start like this. Give them the documents You've already given and they're going to ask you for updated and then just go with that. I would do it that way. Instead of trying to figure out what they want.
36:28
Yeah, OK, so just give them the same time period. Yes, just resubmit the offer. And they, they'll probably give you a hard time on the fee, and I'll deal with that.
36:38
I'll deal with that.
36:39
I have to look up what the criteria are, but I think there's gotta be an exception for that.
36:43
Is there a time period and a 30 days, you said, the last time I submitted two tasks, task, then it had to be done within 30 days.
36:54
Was, now this letter was dated December 21st. And I have to have this, oh, I see into them by the 19th to meet their 30 day deadline, right?
37:05
The post postmark, do I need to submit to task, but at the same timeframe, I know, just do what it says in the letter, and I'll deal with the Taxpayer Advocate service later, OK, oh, yeah. Yeah.
37:17
The other thing is to say that there's an income benchmark, that applies to everybody in all 50 states, is is ridiculous. Well, it's arbitrary and capricious, OK, to use their legal language.
37:32
It's arbitrary capricious because you have completely, OK, They're actually basing the offer on your demographic.
37:40
So, the 32,000, it's outside of that criteria. So, they've got a conflict there, and I'll deal with that.
37:47
I'm just as an example just for your edification, everyone listening, you know, when you deal with the IRS, they, they just, you gotta think of this stuff through, and you gotta use their own standards. I read their manuals, so I know what they're doing. But if I want to, if I want to entertain an offer and I'm gonna say 32,000 as some sort of determining factor and you live in Detroit and some other guy lives in the Hamptons and some other persons in Los Angeles that's completely different demographics.
38:07
You need over $100,000 a year, I think to live in, in Los Angeles. If you're really at 120,000 a year, you're probably poor.
38:15
I think if you're in Detroit and you're making 28,000 a year, you're probably doing pretty good. In the Hamptons you're probably making you know a quarter million dollars a year or more.
38:27
So that's something I'm going to deal with and I have some case law and some procedures I can use but first we need to follow their immediate instructions and then resubmit it and get that rolling, and then I can deal with them.
38:37
OK, I made an appointment with you for Monday afternoon, so hopefully I'll get most of this done over the weekend, all right, X and B And be able to talk to you might have one more question but let's try to get it postmarked by the 18th that way we're like a day earlier if we can.
38:52
No.
38:53
Just just because OK. Before that. I mean, if we can get it done on Monday, let's do that.
38:58
No.
38:58
16, I'll try, but also, um, is it OK for me to open up the New Jersey LLC, because I've, I'm going to have to pay?
39:11
My credit card is like three quarters full.
39:15
OK, and I've got to there are no other way to do it.
39:19
Was like, oh, no, I'm asked me right now. All I have the Social Security in that little pinch, and that's it, Well, and they need it. If you need it, yes, do that, if you need it to move money. Yes.
39:30
It's not going to hurt you, I just want to avoid that. But it's not going to hurt you, So go ahead. And I haven't, I haven't looked at the videos you sent about looking at Spotify. and I think it was e-bay about looking for websites.
39:44
But I I have to look at it again. But we can talk about, like, OK, OK, I'll go over it again. I'm not just saying, Hey, good luck with that.
39:53
Now, I don't introduce you to that Concept so we can sit sit down together, and, but at least try like go there and collect information, know, you gotta, you gotta try, you don't have to expert at it.
40:02
Yeah, and then when when we talk, you'll say, I found this, I found that, and I can explain it to you, OK, All right. So do our work, and I'll do it for the same time period.
40:12
Yeah, Oh, I start there, OK, OK, perfect, thank you.
40:16
Sure, Alright, strange to think of another question.
40:19
Yeah, I've got a couple, I just want to let everybody else, doctor, real quick. Yeah.
40:23
OK, so I created a bit of a T-shirt business thing, and, you know, just something to potentially being a passive income or try it out.
40:30
I am, really new to it, but, I, I don't know, if I should hook it up to my personal bank account, because it's so new and I don't have really any income from it. Or just hook it straight to the same LLC piano business account. Yeah, the LLC will handle that. It's, it's a new business.
40:46
ensure you can mix that in with your crypto investments and as long as the beneficial interest are the same. You're owning everything so fine.
40:53
Yeah, exactly. OK, because I know you were talking about you didn't want to over load how much the LLC owns and so OK, well, that that comes into there's two aspects.
41:03
one is if the LLC has title two real estate and then maybe a vehicle that's, that's a no-no.
41:10
If it's, if it's got several bank accounts, and you got kryptos and then cash, and then maybe you have a Vault service all, that's pretty liquid, and it's not going to mix up liabilities, all right. It's just when you get into things that have completely different risk, like real estate and vehicles totally different, right?
41:25
OK, you could, you could use your LLC to own a car, which I don't recommend. I think you should own the car in your name, but if you're if your LLC owned a car, it could certainly have several bank accounts, no problem, because it's so liquid.
41:37
Even if in a situation where you're drunk driving, OK, God forbid, and then you hurt somebody, and then as soon as you for a million dollars, if you, we're in that situation. You could liquidate those accounts.
41:47
If you wanted to get that money out of that risk, which is immoral, but you could do that if someone were for the, the risk that was created by the car.
41:56
You could do that, it's so liquid.
41:57
So it's OK to mix them together in a new business, like you're describing T-shirts. What could possibly go wrong with T-shirts?
42:04
Yeah, Because I don't actually pay for any of that, you know. I'd say Yeah. Yeah. It's a quick You know cash flow cash flow. Cash flow and so let's say it turns into something or you make it bigger or you acquire your competitor, right?
42:16
Then Yeah, OK, I would set up a separate company Yeah, and also yeah, when I'm gonna go and maybe it's looking good right balance She's looking good income savings looking good. I'm like heck.
42:28
I'm gonna take on some debt. I'm gonna go find a partner.
42:31
I'm gonna set up a different company, Fresh Balance Sheet, Get my, you know, history in, and go shopping for a partner, because, now that I have like 250 a year, I can bring in a partner that's going to invest money with me. Because he knows he's going to get money back in six months.
42:45
Yeah, and we're going to use the partner to acquire something else that was, you know, whatever, it's gonna make us money, right.
42:51
Expand it, make it bigger, when you want to sell it and get another one. Right? Right? Yeah, there's something different. Yeah.
42:59
Caught. so, then my next question was, you know, it doesn't say essentially that plumbing situation here. Yeah, They had a broker on the website, and you said to not do it myself and go through a broker, And so my question was, do it, does that mean I need to get my own personal, separate broker from what's on the website?
43:17
I would go with the broker that is available and appear to be competent.
43:22
I mean, I don't know, because I don't like to know any other professionals. I don't want to, I don't have a referral type thing, I don't like to do that. I like to qualify people from scratch, from the beginning all the time. So, yeah, the answer is, yes.
43:34
Pick the broker, pick the first one. Like, find my own separate, yes to vote.
43:39
I'm saying, take that first one, talk to them on the phone if you haven't already, and then get the other one on the phone.
43:46
I called one today for a client, and I had to go through this, script, this service, this screening service, and then, I was told, send an e-mail, and some of the get with you, and I said, No, no, no, It's, OK, I'm not going to work with you guys, And I connected it. Yeah, so I'm, I'm making that decision for my client, if it's, my client, I'm going to tell him to do the same thing.
44:06
So, I'm acting like my client, I'm just, we have a contract and so I'm doing that for him, so, so, yeah, OK, so what am I I?
44:14
Pick 1 pick 1 and go with it. And if at some point you don't like him or he doesn't do the job or something. Get another one.
44:21
But you gotta start somewhere. Yeah. It's like wine, OK? In wine, too. So what do I do? I go to that, I look at the Y as the wine rack and I'm like, well, it says read and it's light body. OK, I'm gonna get that one. I know it, you don't know until you try it. well, and I figured that that broker with specific like that company was on that site. So, I'm figuring that I have to go through him, regardless.
44:45
Maybe, but that's another decision you can make. Do I want to do that and is there a conflict of interest? Does the, is the website, this listing, all these businesses, is it owned by the broker? And they'll be fine to just know who you're dealing with.
45:00
OK.
45:02
OK, and you still think that was a good one to go for her? Yep, I couldn't tell you by any criteria, because I really, If I'm gonna qualify somebody, I need to talk to him on the phone.
45:11
OK, I'm going to ask, Where do you make your money?
45:15
What's your payday?
45:17
Well, I get paid when you close, nice. That's what I want to hear. You charge an upfront fee.
45:22
If he says, Yes, I might say, it's not my kinda person, not my kinda broker, but maybe there's a legitimate reason for it.
45:30
Um, but what I really want, and this is how I refer people to, sometimes they need attorneys or whatever I refer, I look at attorneys as almost all the same.
45:39
I mean, they practice different areas of law, but I want an attorney for my client who's going to be available. I don't want someone who's going to take a big fat retainer and then just not be available or talk down to you or something like that.
45:49
And so, we get that information. You know, by talking.
45:53
You gotta get them on the phone, and, if you can't get them on the phone, like this one, service I called, it looked to me, like it was going to be awhile.
46:00
That was enough for me, whatever, you know. Yep.
46:03
And I was also worried about, like, the money. I know I sent you the numbers and stuff. And I had, I had learned, and maybe this is incorrect, but no doc loans.
46:11
Isn't that up to, like, 50,000 you can get for a new business or something?
46:15
Because I don't have any money from the bank.
46:19
Well, that's a third party loan.
46:21
Always, always get yourself into a situation where, you, OK, that's why I say, if you go to a broker first so you're trying to do all the work right.
46:30
The overachiever stereotype you try to do all the work first. At the broker, do the work, let the Broker Earnest Commission? Let the broker go to find you a lender?
46:39
But also, give your broker, your lenders information, and say, This is what I was considering, Let your broker set that up.
46:45
Because your broker might look at that and say, You're talking to the wrong person at the bank, You need the commercial office.
46:52
And let them hook you up there. OK, yeah, But I don't have any money, so isn't that going to be like? Oh, we want this person. She's money, OK?
47:03
There is something to say about you're coming to buy a business and you and it's perceived that you need 100% financing OK, That's kind of a problem, but it's not going to stop you so I always go to my seller as the first lender.
47:22
They are offering Yeah, they're some do and some don't, and I ignore them either way, I don't care if the seller tells me I'm not going to lend you. I'm not going to be the financer I'm not going to whatever I'm not going to give you terms. That's what they say, OK. I don't care.
47:36
I'm still going to make them the offer I want and you you make the offer it gets accepted, or there's a counter-offer, when there's an offer that is accepted or counter-offer is accepted.
47:47
That's when you go find your financing.
47:51
That's when you go back to the seller. That's what I would do. I go back to the phone and say hey, this looks like a great deal. I'm sure you know it's a great deal. Can you fund me?
47:58
X So that's why I also recommend you get something where the asking price is within six months of the net income.
48:06
Yeah, that would make it easier. So genuinely be my partner I Could do that more asking me. I could do that. I've just trying to be cautious about my time Yeah, but you can keep you can do this. OK, and get out of your mind, like I just told the one client today.
48:23
I just said stop telling people that you're a newbie.
48:26
Stop asking consumer questions like he's asking the question.
48:30
He's asking the listing service Are your listings legitimate?
48:36
You don't do that, OK? You shouldn't even be in business, OK, if what you need to do is ask for information then you decide if it's legitimate. The guy who's selling it to you is gonna say, yes, legitimate, you know, you, gotta keep this in mind, OK. It's a business, it's an entrepreneur. It's not, don't be a consumer in and have a straight face, I mean, meaning, OK.
48:58
You're sincere and you're not trying to cheat somebody and you're actually in good faith. And, yeah, you're new at it, but don't tell the other guy, you're new at it.
49:06
They didn't figure that out.
49:07
Yes, right.
49:09
You go in there and say, I'd like to, you know, I'd like to, I'd like to buy this, No, Here's my offer.
49:17
The thing is you want to have a written offer.
49:19
Anybody can make up a written offer. I can make one for you, Your broker can make one, but it should be a written offer. That's respectable right?
49:26
I mean, I think an e-mail message is probably not a good written offer. It depends on your situation. I don't know. Maybe there's a better way to do it.
49:32
And just go go with that.
49:34
OK, well, how do you define what a cut off? Like, I know that's a really vague question because there's a good offer is going to meet certain criteria.
49:41
First of all, it's going to be made in good faith, for example, if, if, I'm, let's say, I'm listing a duplex for sale, it's a, it's a rental, and so you buy this duplex and you have two tenants That's a business, OK.
49:54
And, let's say, it's worth a million dollars conservatively.
49:58
and so, I've got it on the market for one point two million.
50:02
OK, so, that's normal, I'm asking for too much.
50:05
And so, you come in there with an offer based upon something made based upon gross rents based upon return on, No, no, no, no, you want to, you want to free yourself, Forget the, probably the asking price of the property because that's not the price.
50:23
You look at a property and you look at the gross rents and you decide what those rents represent to you as being the value of the property.
50:33
In other words, the rents coming in, determine the value of the property, not the fair market value of all the stupid consumers in the area who have mortgages, that is not a fair, comparable, on a rental property.
50:45
That's another aspect, OK. So it's like, for, like, soap.
50:49
I say it's worth a million dollars by the measurement of all the consumers who have a similar house with similar square feet in that area, but these are people that bought the house, and they live in those houses, and those are not the people's assets. You're looking at an asset, you see. So when it comes to negotiating and the person wants X and you're saying, Well, the cop value is not necessarily million dollars.
51:09
Because that is the value of residential homes from non investors, these are just consumers.
51:16
These are homeowners OK, OK, so I'm gonna say the objective standard is not the fair market value for your one point two million dollars asking price the objective standard is gross rents because based on the rent you're getting your property is only worth $850,000.
51:32
So This is what you. do. You have a fair market not fair market. But you have an objective standard that You don't have to say this. You'd have to talk about this, But you make your offer based upon your objective standard, Which is something that many, many other real estate investors will use. Alright.
51:48
A Standard one, OK, that's the one you like, so then that the, the seller comes back and says, you're just lowballing me and you'd say, Well, no, here's how I arrived at this and you, you show up, it's an objective standard. Right?
51:59
Now, Lowball, at a one point two million dollars, a duplex, it would be something like $600,000 that's not a series software and that offer should be ignored, OK.
52:09
So, that's how you do it. So, you want to have an objective standard that's reasonable, and an in your own method of doing things.
52:16
So that way, if you have to justify it to the seller, you can do it. You don't sound like someone who doesn't know what he's doing, right, and you want to be respectful.
52:25
And sometimes if you're, if you're going to make an offer that you think is not going to be reset, respected, you should say, ask in advance.
52:33
I'm not trying to disrespect to you, but I would like I just think that I have an offer that you might not like, but I'm just going to make it anyways. You know, I'm not trying to insult you, right? So that's just kind of puts the person's defenses down.
52:46
And it's OK to **** off somebody.
52:48
That's OK.
52:50
It's just that you want to be like respectful. I don't know if that makes sense. But somebody like you want to be treated, but it's OK to say, No, I think you're out of your mind. You know. Or, That would be ridiculous.
53:06
So, yeah, there's that, and, like, ask yourself, what would it cost you to recreate this enterprise? What would it cost you? Like, I was looking at one, I did a video last year.
53:15
The guy was selling water bottles, and they were kinda cool, and then he was, it was like, $8500. And I'm like, OK, well, you got $5000 of inventory that tells me that you bought too much inventory.
53:26
Right, so, so that shouldn't be factored in. I don't wanna get too far into that discussion. But, So, it should be reasonable, and then you should look at it in terms of, what would it cost me to recreate this. Because it costs me half, the asking price to recreate this exact same business.
53:43
Without regard to the customer, less, because that's the other side of it.
53:46
But, can I just go to the seller and if he gives me aren't, you know, objects to me? I can just say, well, you know, if I were to just recreate what you have here, it only cost me half as much.
53:55
Then he might come back and say, yeah, well it'll the other half of that money would come from you building up your customer database.
54:01
And he's right, you know, I'm just saying these are the kinds of conversations that you have with them, but you want to be reasonable.
54:08
Yeah. Just justify your offer, somewhat.
54:11
Or excuse yourself, and, say, I'm probably quarterly wrong. Not that, I would say that the essence, right? You could, You could. I'm just, you know, and then you could also say, look, if you've had this listed for you know six months, there's, have, you had any offers on it, it's kind of embarrassing if it's been, I notice, has been listed for six months. Have you had? any real legitimate offers?
54:33
Yeah, sometimes they'll lie.
54:35
But, you know, it's interesting how they respond.
54:39
I'd like to take it off your hands is probably an alligator, right? I just think I could do something with it. Well, he's retiring. He just wants to get rid of it. And so I love those situations. Guys, retiring, perfect. Yeah, he's more pliable. Yeah, he's more pliable. A 25 year old is going to be like, oh, I want the one. That's worth one point two billion to work with.
55:00
Yeah, 70 was emotionally involved, OK.
55:07
You're always gonna get the financing.
55:08
There is always money out there that, you know, that, and I'm like, I don't know where it's coming from, but but over time, you'll find it.
55:16
You'll just know people, you'll know me.
55:18
I know some people, if I needed funding for real estate, I would, I would call up some people in Atlanta.
55:26
OK, alright, thank you. Sure thing. Alright, let's find out with a lame, but it's a good question. OK? You're gonna put that the PDF of that you talked about on ace of coins. Yes. And will this video go on a sequence? Also, you can not sure Yet.
55:45
I might put it privately and put a link to those who are on the call.
55:50
And to, if someone asked me, an ace of what if someone asked me for the link, I'll give it to him privately.
55:56
I don't think I'm going to put it on YouTube, OK. I definitely want it, yeah, yeah, I'll make it available, OK. And that's right.
56:05
I forgot the other thing, all right, we'll go to somebody else. And I remember the other question OK, let's go to let's go to the rising.
56:11
Hi, thank you. Ticket here. You're doing asides right now. So it's about privacy. I went to sign up for a gym today. And they wanted my bank routing number. That's the only way I could sign a sign up And I wondered if I can.
56:27
Paul, and if you knew, automatically, if there was a law that, as long as I fulfill their obligations, that they can't dictate to me how I pay.
56:36
It was a gymnasium.
56:38
Yep, OK.
56:40
OK, So they, They're, they're determining your payment options, and they're basically requiring you to do a direct deposit.
56:46
Yeah, and I don't want my, my route, and I wouldn't either, because it's been abused. It's been abused or there's, So what you can do is just have a conversation.
56:53
Now, lot of times if you have a conversation with the people locally, they're just going to say, Well, it's our corporate policy, I can't help you, You have to call this number, or something like that. Right. But maybe you can call somebody, I mean, I would start with the manager, and I would ask.
57:07
I would explain.
57:09
I was, you can tell I'm a lie or not.
57:11
You could explain. I'm not comfortable giving out my bank information, because I've had problems before with people overcharging my account. And I know you guys wouldn't do that, but just the same, I'd rather not. I'd rather pay for a month in advance, or three months in advance. And if it's a month to month membership, it shouldn't be any problem. Just to lock me out. If I know, don't pay, unless, it's like this LA Fitness really expensive contract, and they wanna get you to a three year deal. I don't think those exist anymore, but so you just kinda have to talk to the manager and see what's going on there, But then maybe, if you're, if you appears that, you're talking to someone who actually has to control. Like, it's a private gym and then this is the sole proprietor, OK, cool, because he could say, well, what kind of financial responsibility do you have in the event of a data breach, and what security measures do you have in place to protect my banking information? And the reason why I asked you that is because I've already had a situation, and, again, you can just make up a story. Doesn't matter. I've had a situation where I was a victim of identity theft, and I lost a lot of money.
58:02
And I just recently got out of that situation.
58:04
It took years and it started from disclosing this type of information with an auto pay, which I did for convenience, and now I'm right. I'd rather be inconvenienced.
58:14
Would it be OK with you if I gave you cash, or a credit card, every, you know, every month?
58:19
I mean, would you, they, maybe they'll accept a credit card if you're willing, you know, so, so yeah, just talk to the manager and use those two things.
58:27
What's your data retention policy? What's your financial obligation? And responsibility to me, in the event of a data breach, I've already had that problem, or not.
58:33
However, you wanna do it, and, um, what was the other 1 to 2?
58:38
That's responsibility. I just did the whole presentation. What I forget. You don't want.
58:43
You don't want people to Yeah, your private bank account. Exactly, What interests them? You don't, you haven't done business with them before, you know, you don't know. Yeah, What else can come get they don't need it?
58:54
I mean, I should be able to just give them money, and it should be good. Exactly.
58:59
I mean, exactly, so that's, I mean, just just tell them, I don't want to do that, and I've had problems before.
59:05
And are you gonna do you have financial responsibility in the event of a data breach? The other thing I want to say is, do you have financial responsibilities, event of a data breach, and what are your security criteria, How are you going to guarantee the security of my financial data?
59:19
Who has control over this information? If I give it to you, who has access who here has access? You can do like the who here. Know, who was like, Oh, well, yeah, he's on the second shift, was, Oh my gosh, yeah. So, yeah, You just gotta talk to them. And see who the decision maker is.
59:37
So you would you would go that way rather than say, Oh, there's this code. There's that is that sort of always, I don't like state laws. I don't very seldom do I Cite laws because I find that people just want you they want you to talk to them and they want to be respected. They want to they want to be validated. Yeah. Hey, you know your policy, I'm sure It's got a good reason. But, I got this other situation here. And if I'm gonna give it to you, and here's what I want to know. And I have a right to know that down, I yeah. Nice, yeah.
1:00:06
Good luck with that. And let me know if they do. All right.
1:00:10
All right.
1:00:10
And SQL with JSON Oh, hey, I'm just wondering, in regards to tax liability. So, if you transfer money into your existing life, insurance up to like the MEC limit as that a tax liability would trigger a tax liability.
1:00:29
No. You're buying something or you're the owner of the policy.
1:00:34
Yeah. It's an indexed universal life. And, you know, I'm just kind of getting ready for the next run.
1:00:41
Work to allocate.
1:00:43
Buying insurance is not income Like receiving money, for instance.
1:00:46
So you're taking money out of a company instead of paying yourself. You're putting into your insurance policy. I don't think that's taxable income, and I don't think that's considered a gain. OK, I think an NAACP would agree with me.
1:00:59
I'm speaking OSCUl here, but just to be safe on it, why not have an LLC own your life insurance or insurance policy that's easy to do And, yeah.
1:01:10
That's actually my next question because I watched your videos before and I remember, you mentioning like doing an annuity or something like that where then, you can borrow pretty much if you have a nice one, you can borrow from your, your policy. You are pretty much ever and make, sure. That's a special type of insurance contract, yeah. It's a term life and envy.
1:01:35
Do you still know, anybody Do that?
1:01:37
There's the two gentlemen in Texas, I can give you their contact information, but you can shop around that.
1:01:42
For for agents that do what was called Infinite Banking, right? Oh, Infinite. It is. That does Seth Rich. Seth right. Advance Seth Advance in Texas.
1:01:55
Yeah, yeah, those guys do that refer a lot of people over there so they can answer your questions. If I can get the information right there.
1:02:06
If you have it posted, please. But I don't have it handy. And it's, if you wouldn't mind elayne, that'd be awesome.
1:02:12
OK, say thank you, give me the time. Yeah.
1:02:18
All right, Kathleen, thanks for your patience.
1:02:24
Did you have a question?
1:02:29
Wait to hear me. Yeah. I can hear you. Yeah, OK, great.
1:02:33
In 20 21 you created an LLC for me, connected to like that PMA, add a New Mexico. It was specifically for crypto and I had trouble and I kind of abandoned it until now. I'm getting back to it, but I had trouble with my ad, but I've been in Wells Fargo's forever with business accounts. All kinds of accounts. And I tried so hard. I went to even different Wells fargo's in different States and they went for me.
1:02:58
Then I had trouble with Caleb and Brown to even know know the rising things and sending them to them and they were saying Oh that's not an not the right Notary, and you know it was just so bizarre.
1:03:08
I thought, Well, you know, has anything changed? maybe now that it's easier, or is anything different? There was a period of time, and I think it was in 20 21 were Caleb Brown was giving people a hard time with a ....
1:03:22
OK, we got past that, somehow I think they had some new people. And I got got them on the phone and said, Hey guys, what's up? Hundreds of these, Yeah.
1:03:32
Yeah.
1:03:34
Yeah.
1:03:35
So I think that may be resolved now. And then with the banks like Wells Fargo, usually maybe we'll get through that. Chase lately is beginning us a hard time.
1:03:44
But we can usually push through if I know exactly what's being causing it to being held up. Like what information like.
1:03:50
If you just come in there, and say I am the sole member owner of the PMA, that should be enough.
1:03:55
You know what they did?
1:03:56
They They went online and looked up the LLC and all the details. And they said, well, your name is nowhere.
1:04:04
It's just the, like beauty to PMA or something. Because you're talking with someone who doesn't know his job. What you want to explain? Yeah, you want to explain that? I've given you a banking resolution identifying myself. As designer, you can't tell IBM that because the CPA who's doing the accounting for IBM isn't a stockholder. That IBM doesn't get to have a bank account. So why are you telling me that?
1:04:28
Hmm, hmm, hmm, hmm, hmm, hmm, hmm, hmm, hmm, and you can see different ways, Right. But, again, it's that simple thing that that person doesn't understand. So, what you'd want to do is I politely asked, is it possible that I could talk with a manager that has more, you know, knowledge or experience with this type of organization.
1:04:42
Not to say that you don't know what you're doing, but can we bring someone else and I can explain that. This is not necessary.
1:04:49
OK, and then I'm probably going to talk to you next week about, when we had talked back then, I was looking at selling a condo, and it's currently the only thing I own for a property and I only lived in it about a year.
1:05:03
Out of, you know, the five years I've owned it, and I rented it off and on but never declared that rent.
1:05:10
Because I was in such a low-income bracket, then it seemed like, well, we'll talk about that later. But then, you'd suggested, if I sell it, to maybe Quick Deeded into an LLC mm, And since they're just pass through, is, how does it make a difference in my capital gains?
1:05:26
If it's in an LLC, well, you're not a pass through, Somebody comes to you, you don't have that ability.
1:05:32
But a company does.
1:05:35
Oh, OK.
1:05:37
You've already chosen your tax treatment.
1:05:39
You fall 10 forties. That's it. It's good for life. But a new company can choose a tax treatment.
1:05:46
And so that's why that's why your company has tax deferment, and you cannot get that.
1:05:51
Ah, OK.
1:05:53
And so, it, that wouldn't put up any flags for, for flipping it so quickly. I had somebody else tell me, Oh, they're gonna get you for fraud. I don't know what they were saying, I don't, I don't know what these flags looked like, because I've never seen them. And you're, I'm sure, Yeah, you are a Universe away from fraud.
1:06:13
No, there's no, I mean, people that say that, they're probably, they have no net worth put it that way. They've never done anything on their own. Not to insult your friends or anything, but I mean, I'll be the first to say that to people by family Like, man, you don't even have a net worth but talking about, you know, what, do you?
1:06:28
No one was even a lawyer, and I thought, well, but I also ask them questions about crypto and the tax implications when you don't even take it back into US dollars and he got that one wrong. So, I'm OK. So maybe he's not so good. No attorneys. Know certain things, but they don't know everything. I mean, they're just like, They're like everybody else.
1:06:49
I mean, just because I can fix the car, doesn't mean I can, I'd be a cashier.
1:06:53
Yeah, without training, you know.
1:06:55
So, just, you know, they have a tendency to think that they know everything just because they're lawyers, and I've found that's why even do this work, because, yeah, when I first started this, I was like, I was investigating lawyers in the debt collection industry and I sat in the courtroom, and I watched them, and I'm not a smart guy.
1:07:12
You are. Maybe. But OK, so I'm sitting there. I'm still in college. And I'm looking at these attorneys.
1:07:17
And I'm thinking to myself, what a complete moron. Yeah. He can't even speak clearly.
1:07:24
And as I watched him, I'm like, this is a scam and the judges fixing it form. Every time they screwed up the judge does something. Wait a minute, what just happened. And I would sit there like for half a day and they would go through 50 cases. And I would watch these stupid attorneys and I'm like, I can do this job. I can, I can help these people. Instead of running over, I can help them.
1:07:45
So, yeah, just take it, attorney for reference. If I need a ..., a case law, voluntarily go, I will call an attorney course. They don't like to do that because to them as demeaning but I will use an attorney to jeopardize and do my casework. I don't need him to make a legal argument.
1:08:03
Well, and, and you're so focused in certain areas that you're deep in it, and research study, and that's the thing. I also give them a break, because they are, they, they kinda spread themselves, but they still have their practice, but still does not, excuse. They should have some competence in this stuff. Like, for example, the simple question.
1:08:20
If crypto's are taxable, how would I pay the tax and kryptos?
1:08:26
So much, he didn't know it, right? That it made me cautious about everything else. Yes, and that's what you know right away, OK? Well I don't need to ask them questions about that stuff.
1:08:36
Yeah, you might know divorce law and a lot of them are just, what we used to joke on me and real estate investors will jochen column form jockeys because most attorneys are good enough to fill out forms. They couldn't, if you give them a blank piece of paper, they could not write a pleading for breach of contract. They wouldn't even know the elements of the police.
1:08:53
I said just where we are today Yeah. Just activists for doctors to show me a doctor.
1:08:59
Yeah. Drug dealers, they are drug dealers. Exactly, yeah. Go back, and I'll show my daughter about lavoisier since she's studying science, and she's, so I'm showing are about lavoisier, who, back in the 18th century, he discovered oxygen.
1:09:14
There's a long process there, but it wasn't like, he just Graduated as a scientist, and then he went into. so I've got some funding and went into a fully stocked laboratory. No. Lavoisier. Had to go to a glassblower and have him tell him the specs to make the glass bulb this guy needed to conduct his experiments. He invented science. Those guys were highly educated. The all new Latin, and yeah, that scientists could probably write a legal pleading. That's how smart these people were.
1:09:43
But today we've become so lasing departmentalized we just don't so just know who you're talking to and know and have confidence in yourself.
1:09:50
I need help to know stuff, but I also have confidence in making a decision for myself, and being, you know, right. With my family.
1:09:58
So, long, long explanation there, but it has No, no, that's great. What I'll do is make an appointment for next week to get more details in all this. Yeah, and I see your note, here. Do you need to be retrained, is that what you're asking me? Do This like you're not going to learn everything in 20 minutes and five out. You need to just talk to me and don't be afraid to schedule with me. Just book time with me. OK, I will probably from Monday to look at your, yeah, OK, so once you do, If you're already a member, I give you a coupon code to waive the fee, OK?
1:10:25
If you, how do I, which members should I become, and which, you've already paid me for an LLC, so I will give you the code?
1:10:33
Oh, OK, e-mail me in advance, OK, the code then bucket.
1:10:38
If any of you book a time with me. I give you the code during the call, it the end of the call, so that if you want to schedule a follow up with me, 2 or 3 even. I'm not charge you for those. Yesterday, the one call is good for 2 or 3 so oh, wow, thank you so much. Now I did e-mail you through proton mail just yesterday. I should I should. I should I just go back to that an e-mail you and ask you to respond yet?
1:11:03
Oh, did you? Oh, you mean in Chat? You might have? Did I respond to your e-mail? Oh, I see I see it right here.
1:11:08
That was your appointment. Notice, let me see here.
1:11:12
Sometimes I miss it because I get so many well, if you just want to send me a code to there and then I'll look at if that, I can do that.
1:11:20
Let me just see if it just queues up because the sooner the better, I've got the kind of going, It just went, went live, or you are using Verizon.
1:11:30
Yes, For one yeah, the phone. I have OK, so anyways. Why did you shoot me an e-mail just to be sure and I'll just reply back with the code OK, Hotmail! Yeah, Singleton press that proton mail back. OK, got it. Thank you so much.
1:11:43
Yeah, yeah. All right.
1:11:45
And here's who's crypto keeper, which you got.
1:11:49
Hey, John, thanks for your time. I was just curious. I was going through your packages during the call, and was wondering if I was to purchase either the premium or the ultimate Does that include a 1 to 1, was that a separate thing?
1:12:05
The video membership?
1:12:08
Yes. Yeah, OK. Video membership privacy, phi dot IO there's different pricing for there's two levels now.
1:12:13
There's the premium and the alternate. Yeah, we combined premium in the Basic, with an ultimate separate. I have another one, which is the Inner Circle, which only has a few videos, which most people don't care about yet. So, yeah, It's a different pricing for the different levels.
1:12:28
I'll just tell you on premium and basic that lower price one. That is for people that are just beginning to understand some of the things, and they're dealing with actual financial problems, like debt collections and things like that. Those are very basic rudimentary things. The ultimate section is more about this type of content, and also how to look at investments and how to invest, and what to consider, and more technical things.
1:12:49
OK, does that include setting up LLCs and the Pygmies? Yeah, it'll actually show you. I got videos in there that actually show you how to do the whole thing yourself.
1:12:57
Mmm hmm. All right, thank you. Yep.
1:13:02
All right.
1:13:02
Yeah, I look at it like this Thursday evening at eight o'clock is the beginning of the weekend, I don't know about y'all, but It doesn't mean I don't work, but I still that weekend. So I'm going to say, have a good weekend.
1:13:15
Is there anything else, one last, Thank you so much for posting that, I appreciate your comments, and appreciate your help.
1:13:23
OK, so, great, I will probably make this link available. Not publicly, but it's going to be to all of you and then it's probably gonna be in the membership area since I did cover some important things.
1:13:35
I think anyways This is it's going to be in the membership area On Ace of coins.
1:13:40
Yes, Yes, but I will give you the link once I, I'll probably upload it to YouTube, which is most convenient, but it'll probably be privately, OK.
1:13:49
This was a great, cool, thank you for being here. Thank you so much, or you'll have a nice weekend.
1:13:54
Thank you.