Think Twice Before You Trust Your Banker

So I'm just rocking out to Brittany, folks. I'm getting geared up. It's Brittany time. We're all about free Brittany. Whoo. I'm gearing up. Welcome, everybody. I know some of you may not appreciate that, but sometimes you need a little extra energy to get you going. So I've already drank too many rock stars today. This is another empty can. Whews like Monday, but it's Thursday. Welcome, everybody. My name is Mark Kohler. We're here to talk about banking and your small business. And I'm gonna field your Q and A from around the country. I wanna give away a few books. We got a whole round of books here to help you in your American dream side gig. Wanna help you build wealth, save taxes. Ah. Hope you guys are having a great week. It's summertime and it's hot in here. Corey makes me turn off the AC in the studio because he likes very crisp audio for the recording. And it's killing me. I'm going to be like, look at. I'm already sweating. It's called Hot Live YouTube or Hot Live Yoga. I don't know what it's called, but anyway, everybody, I try to keep this fun, keep it real. If you have a question about your small business, saving taxes, asset protection, setting up your entity, yada, yada yada, type it down below. I want to say thanks. For all of you that are regular viewers and listeners, please subscribe to my YouTube channel. Lots of followers there. I'm posting videos every week trying to save you money, make you money. I've got a team of lawyers, a team of accountants. Yes, we're geeks, but we speak English. We keep it real. Having fun listening to Brittany. I'm dedicating the show to Brittany. That's what I'm gonna do. Jack Free Brittany. I'm serious. I was shocked that the judge shot down that motion to have the custodianship removed. I cannot believe it. She ten years in a custodianship. Give the girl a break. Anyway, well, if you haven't read the news on that, it is actually quite shocking. Okay, so the topic at hand today is about banking for your small business. Now let's set the stage here. Anybody watching this right now, you got a sidekick. If you don't, you better get one because that's how we save taxes. I want you making more money, taking write offs for expenses that we can relate to your business. Talking cell phone, home office, PDAs, computers, laptops, headsets. Where do I go? Microphones, drones, auto travel, Dining. I want you to write off any expense you can related to your side gig. That creates tax free income in your life. Now, if we can take that income and then plow it into a Roth ira, pay off old debt and build wealth for the future. Buy some rental properties, people. Now we're talking financial flexibility, financial freedom, as some may call it. Financial freedom. Got to give this book away today. All right, so that's what it's about. That's the equation. Create some. I'm not saying quit your day job, make money, pay the bills, get out of debt, use your side gig, take as many write offs as you can. Fund a Roth IRA or real estate, build wealth. Listen, everybody. Guess what grows. The economy helps everyone hurts nobody. Okay, that was a little creepy, but you know what I'm saying? You know, you know I'm talking about. All right, so, okay, so now let's talk banking. Let's do the trifecta. And here's how it works. For those that have seen this before, can we see it? Okay, Corey, we're rocking. I better get my Gatorade out of the way. Jeez. Slave master over there. What do you call it? Okay, taskmaster. All right, here's your trust for privacy. You're going to have a revocable living trust that you're going to build to hold your assets, hold your businesses, single or married, young or old, yadda yadda. You got to have a revocable living trust at your foundation. This is where your 1040 tax return is, and I'm going to put it in red. This is where your personal bank account is going to go. All right, so there's your personal bank account, your tax return and your trust. That's your foundation. Then from there, we're going to split your life in half. Boom. And we're going to put your LLC over here with your rental property, cryptocurrency, investments, gold, whatever you want. And over here is going to be your side gig or your full time small business. That'll be an llc. Maybe initially, but we know in the long run we want the S Corp. If you're making more than 40 grand a year net, here is your day job. Now if you're married or have a partner or something, over here is the day job. That's the W2. That's help paying the bills, keeping maybe some benefits on the table, creating stability so you can blow this side gig up. I want this side gig to create that extra wealth so we can drive that money over here to your IRAs like a roth. And we're going to use that extra money to build our LLC and our investments outside of our retirement accounts. See, so I have my personal investments, maybe an Airbnb I can visit and work on rental property where mom and dad live or where the kids are going to college. I got my Roth IRA. I may even have a day job, 401k. Can you have both? Can you have a day job, 401k and a Roth IRA on the side? Yes, you can. And then your trust owns your LLC and your trust owns your, your S corp. That is the trifecta. My friends, investments, operations, all flowing down to your trust, your 1040, and your personal bank account. Now you may say, mark, what does this have to do with business banking? It has a frickin lot to do with your banking because banking is what makes this all flow smoothly. Example, let's say you're like a regular teenager that freaking doesn't put their clothes in the drawers or hang them up in the closet. And you walk into a teenager's bedroom and there's crap everywhere. Right now, as you get older, you realize it's not too efficient. You can't find your shirt, you can't find your jeans, your socks, your shoes. It's a mess. And you're always losing everything. Once you figure out the drawers are actually kind of cool. You have a drawer for underwear, a drawer for the T shirts, you're hanging up clothes, you're putting drawers together for socks and all these things. The drawers make your life easier. And when that clicks, oftentimes in your late teens or early 20s, you're like, hey, having furniture actually makes my life easier. Having bank accounts makes your life easier. Those are the drawers of your financial life. And the more you can keep them organized, it actually makes life simpler. Some people, like, if I open up my app for my bank, I probably have 20 bank accounts. And I'll scroll through them and show people sometimes, you know, just quickly, I don't want everybody to see my bank accounts. I don't want you to see my dirty laundry. Get it? There's a little. Okay, thank you. Appreciate that. Okay, so here's the deal. When you scroll through my little app for my bank, you may go, 20 bank accounts. I'll go, those are 20 drawers. I know where everything's at. So let's use red and let's stick with this for a minute. I want you to have a bank account for your side gig. So we have bank account, we're going to call this bank account number one down Here for your personal banking. Bank account number two is for your operational side gig or business. Bank account number three is for your LLC with rentals. Now, some you say, well, Mark, that makes. It's crazy because what happens if I need money from this business over here? Just transfer it. It's okay. You can move socks from the sock drawer over to the underwear drawer if you need to. It's okay. That's not commingling. That does not ruin the corporate veil. What ruins the corporate veil is if I use this bank account to pay for groceries. See, I need to pay for expenses from these accounts that relate to that operation. But I can move money anytime I want. So let's look at personal is going to pay for clothes and groceries and golf clubs. There's three examples. Let's just say we're not going to be able to write this stuff off because it's personal. But what I want to do over here is I'm going to pay for Home Depot for my tools for my rental, and I may pay for the mortgage payment on my rental. What else would be a good one? Landscaping for my rental. All right, so I've got three different tools. I mean, three different places. I might write off tools or expenses. I was thinking of Harbor Freight, to be honest. I was kind of put that up. I love Harbor Freight. If you don't have a Harbor Freight around, it's like white trash Disneyland people. It's pretty sweet. Go in there, you can get all sorts of tools so cheap. Okay, now over here in this business, we might write off expenses to, let's say, Apple Store, or I might be writing off dining or my auto. And I could do a little Home office here on this side, and I could do Home office on this side. What's the other? The store where you buy all the electronics that I'm thinking of seriously throwing out Radio Shack. What are you, from the 1980s? What have you been wanting to come? Best Buy? Radio Shack? What the hell? What kind of operation are we running in here? Are they even in business still? I don't think they are, no.

That's why I said Radio Shack.

Radio Shack.

There's one in. There's one in Moab. Still, there's one. I've only seen one.

I've only seen a Radio Shack on Stranger Things, and so I'm just going to leave that. Okay, so that's. That's where what's his name worked? Fiona Wynonna Ryder's boyfriend in Stranger Things worked at Radio Shack. Sean Astin. See, I Can throw down. All right, okay, now here's the point, people. Let your business bank account pay for business stuff. Let your rental property business account pay for rental property stuff. Let your personal account pay for personal stuff. It keeps life organized. All right? Now why would I say be careful trusting your banker. Because when you go to open up your business bank account, they are going to drive you insane. You're going to walk in and go, hey, I need a business bank account. They're going to go, we need your operating agreement, we need your articles, we need the ein. We need your blood test, your Covid post results, your vaccine, you know, you know, statement that you've been back. They give you everything. They're just, they drive you nuts. Now let me say this, everybody. This is so important. This happened to me the other day and I'll give an example. Bankers are a service provider. What they say is not gospel, it's how they run their bank. If you don't like the services they're providing, go somewhere else. You're the customer. So many people walk into banks and they get intimidated. And for the banker says, this is the way it is. They sound really convincing, but it's bs. You can go to another bank down the street and get a different answer. You can go to a credit, credit union, heaven forbid. And now there's online banking services that are amazing that make life so much freaking easier. So when you walk into one of the big banks, they give you crap, say, thank you so much, but do you really want my business? Because you're making this overly complicated. Can I talk to your manager? Be nice, be respectful. But remember, you're the customer. You're the one in charge. So when it comes to business banking, be respectful. But just realize that you don't have to work with them. Okay, example, I went to an unnamed big bank a couple weeks ago to open two bank accounts. And let me tell you what I was doing. This is kind of fun. This gets you guys juices flowing. I was setting up my LLC for my crypto mining rig. That's right. I look like an old guy, but I'm freaking crypto mining. So here's my trust down here. And I have, in my structure, I have a Roth IRA. Now I've got, I could expand, I've got multiple IRAs and my kids. And I'm not a billionaire, you know. But our structures, my structure is very similar to many of my clients. But in this little example, I have a Roth IRA that owns an LLC, 100%. This LLC is what holds My cryptocurrency, it's a holding company for crypto. That's the only purpose it has. I can look on my app right now as to what my LLC is worth with my crypto wallet. So I have set up a wallet for this llc, but I didn't stop there. This LLC opened another LLC that purchased my crypto mining rig. This has its own wallet as well. So I'm going to call this a little wallet and I'll set up a little wallet over here. Now, where is this wallet located? This wallet is in Nicehash. And I can go over to my little Nicehash wallet. There it is. It's yellow and then it goes over here. I gotta be careful because you can see my bitcoin. My nice hash gets paid in bitcoin. And I can look at my portfolio right inside my nice hash wallet that's owned by this llc. Now, for privacy, I'm not going to tell you the name of my trust, I'm not going to tell you the name of my LLC that holds my crypto, and I'm not going to tell you the name of my LLC that holds my rig. That's a privacy strategy. Now, if you want to do business with me, I'll tell you the name of my S corp all day long. It's Mark J. Kohler Inc. Call me. I'll also tell you the name of our law firm, KQS Lawyers. I'll tell you the name of this. See, these are operational businesses and I don't want profit privacy over here. I want you to know where we're doing business. I want to brand those, I want to trademark them, I want to make money. But they don't hold my assets. These bank accounts have merchant accounts. I go to the bank, I open a bank account, I tie my merchant account. Maybe a shopping cart. I was wanting to think of shopping cart in my website. They're all intertwined. I can do PayPal, I can do Venmo, I can do Apple Pay. I want to make it easy for you to pay me and find me to do business, but I don't want you to find my assets. See how I'm combining banking with tax planning with business privacy, asset protection. That's what tax attorneys do. And we don't charge an arm and legging to do this. We can build your diagram in an hour, make a plan for you, and tell you what some other surfaces might cost. This is why we're booked out a month, because clients have figured out we're kind of a Fun little secret out there. So we're excited, but. But today it's free. I'm trying to teach you as much as I can. So I've got an LLC owned by my Roth. This LLC owns this LLC 100%. I'm doing crypto mining up here. So I've got a mining rig with three graphics cards. Bing, bing. So 1, 2, 3. And I'm earning bitcoin that goes into my nicehash wallet. Now I've got other videos on this. You can go to YouTube and type Roth Crypto Mining. My video will be right up there in the top two or three. Please watch it, you'll love it. I now teach more how to do this. But what's the point I'm trying to bring up here? The point I'm trying to bring up here is banking. You can't do this without banking. And if I think about this, if I walk into a bank and go, I need a bank account for my LLC owned by my Roth and it's going to own crypto, the bankers heads going to spin and then shoot off and explode, right? They're going to be like, what the, you know, they're going to run out screaming out the door. Bankers don't get this. I'm sorry. So you've got to. I feel like a jerk saying all this, but you got to dumb it down. They're on a need to know basis. You're the customer. So you're going to go into the bank and keep it simple. Don't walk in. And they're go, I'm setting up a property, I'm setting up a family management company to hire my kids. Their brain's going to go. You don't say, I'm setting up a Roth IRA LLC to go mining rig, you know, you know, build crypto and blah, blah, blah. They're going to go, so what did I do? I, Mark Kohler screwed up. I went in there and thought I could talk to this person like a human being. So I went in there, I had my articles. So you're going to have your articles of organization. This is, let me give you the list you're going to go into. Nine times out of 10, once you get through all the crap at a bank or a credit union or an online banking system. And I'm going to give you some references for some sweet online banks in the notes below. Hang tight. When you go to do this, you're going to need your articles. If you're doing an llc, they're called articles of organization. If you're doing an inc, they're called Articles of Incorporation. If you're doing a partnership, it's called certificate of partnership. This is what's recorded with the state. So you have to show up with that. Okay. Then they're going to want to see the SS4. SS4 is what gives you your EIN. That's your electronic identification number. That's all you need. Now you probably need your driver's license to prove who you are, but that's all a bank really needs is article and ein. That's it. But they're gonna want more stuff because they're a banker and they freak out if they don't know everything. But you're gonna keep it simple. But here's what Mark Kohler did. I went in and said, hey, I'm setting up an llc. It's owned by my Roth. And this LLC is also Owned by this LLC is Owned by this LLC. I need two bank accounts. Here's my articles in EIN. Here's my articles In EIN. Let's go. The 20 something year old, which is what you're always going to get on the front desk level, he looked at it and I swear his ears started to bleed. And he goes, and he's called Chicago. And I'm like, oh, no. And he starts calling his manager. And the hey, I'm trying to set up an LLC owned by a Roth ira. You could hear that person's brain explode. And then, I don't know. Let me transfer you. Then another brain was exploding. I don't know what to do. And then I need your articles. And we're going to have to look at the opera grading agreement. It's going to be three or four days. I said, Stop, stop. I was into this 15 minutes. The kid's name, his name was Jeff. I said, hey, Jeff, Jeff, stop. Hang up the phone. Please hang up the phone. Okay, let's start over. Jeff, you know you want my business. I've got 20 freaking bank accounts here. You can see them. Jeff, before this gets ugly, let's start over. Let's say I came in, Jeff, and said that I own an LLC, 100% me, I'm the manager. And I have another LLC owned by me, 100% and I'm the manager. Could you just set up those bank accounts quickly if you just had articles in eins? And he goes, yes. And I tried to be funny. I stood up, turned around and said, hey, Jeff, could you set up two bank accounts for me? Articles, Articles. He goes, sure, Mark, let's do it. Now we were done in 15 minutes. I had two bank accounts ready to go and I was out the door. Did I lie to him? No. A Roth IRA is beneficially owned by me, the beneficiary and owner of the Roth account. I didn't lie to him. I really owned it. Was I the manager of both these LLCs? Yes. And I can be the manager of an LLC owned by my Roth ira and I'm building cryptocurrency tax free. I had my bank accounts, I kept them on a need to know basis and I kept it simple. Don't go into the bank and start telling them your life story. It over complicates it. I don't know. Was that helpful? We wanted to talk about that so I could keep going on and on. But I get calls from clients all the time that are at the bank and the bankers freaking out. So keep it simple. Tell them you're the owner and just set up the gosh darn account. Now I don't want you to go in and start laundering money and lying about who owns what and all that. I'm not saying that. But if you're ultimately the owner anyway, you can generally keep it simple. Now Jack here said he had the same problem with the same guy at the same bank the other day. And he said, mark, I walked out, he went down the street to a credit union and they just rolled out the red carpet. And they were simple and easy to set up his LLC bank account. Cool. You can go to a big bank and have a good experience. You can go to a credit union and they're going to want to draw your blood. So again, shop around. You're the customer and you get to choose where you bank. Now in general, I like all my banking at one place because then I can do online transfers. I can look at all my accounts really quickly on my app. So I don't want to have accounts that are, you know, at a big bank here and credit union there and online bank there. I want to keep them organized for me in one spot. But other people say, mark, I want diversification for privacy and all these other reasons. So to each their own. There's no right way and wrong way to do this. So I have a bank account here. So let's go back here. You may have an llc. Let's use black here so that it looks uniform. You may have another bank account here. Number four, that's another LLC bank account that's owned by your Roth. Now a couple other bank accounts I like to set up is an emergency account. And this is a Dave Ramsey and Mark Kohler strategy emergency account. And what I want in there is $1,000. And I also want a kind of a fallback account, just in case something big happens that's bad. In this fallback account, I want three months of your living expenses. So let's say around 15 grand, just to be safe. Maybe 10 to 15, depending on what's going on in your life. So Now I've got 1, 2, 3, 4, 5, 5, and 6. Six bank accounts. But look at their drawers. To keep your underwear and socks and T shirts separate. Other bank accounts I might have. I have investment accounts at Acorns. I love the Acorns app. I can swipe up here, face ID go boom. And right here I have my Acorns account. I love Acorns. And I can see right now what's in my Acorn savings account. I actually have two parts to my Acorns, a short term and a long term. I teach that as well. That's tight. That's a type of bank account, but it's investing. And I'm going to use this to fund my Roth ira. My kids have bank accounts. You and your spouse may have different bank accounts. So don't stress out about having bank accounts. Treat them like drawers. Now, Jack made a good point the other day. Some of these big banks, they're nailing you 5, 10, 15 bucks in account fees if you don't have certain balances. Talk to them about that right out of the gate. Am I going to have bank fees for a certain minimum balance? I heard chase is now 1,000. They want $1,000 as a minimum balance or they charge you 10 bucks. Wells Fargo, 100, 500. Shop around. Credit unions free, huh? I hate credit unions. So that's just me. Okay, now, okay, mortgage. All right, last example, and then I'm going to answer Q and A from all you guys. So. This happens all the time. Jack, you don't mind if I share your experience? Okay, so my daughter and Jack here, they went out and purchased recently a duplex that they've been able to convert to a triplex threeplex. They're gonna probably bring in a couple grand in month with rent and be able to live there for in the third unit. Huge. They got a sweet mortgage with 3.5% down. Now, it's easy to say what they got. You know, that's really cool. Oh, my gosh. They got a three plex under 200 grand, and they're going to create 2,000 in rent. And live in the third unit for free. I love them. I get excited hearing that story. And I had a duplex when I was in college and I learned how to be a landlord and I was a frickin idiot. Now they're doing a better job than me. Now here's the interesting point. Jack and Allison, My daughter Allison has been hearing me for her whole life. Buy a rental property. Buy a rental property. Your first home could be a duplex. You should have a basement rental. So when her and Jack got married a couple years ago, they started saving their money so they could buy a rental. They walked into an unnamed big bank about six months ago. When this process was ready to get going, they had saved up 10 to $15,000. They were ready to go. I told them about the rural development loan which is oftentimes 0% down. There's also the FHA first time home buyer. Based on your income you might be able to get as low as 3%. Okay. So they walked into a big bank. Within 10 minutes they said, oh, you can't get a loan, you won't qualify your college students. No good, maybe come back in two years. That's literally what they said. They walked out demoralized. They were like, what the freak is Mark Kohler been talking about? I thought we could get a loan. I thought we could buy our first little home and buy a little duplex. And they came home pretty dejected. And I said, well tell me about the story. And they, and I said let's talk about banks. And they got the same speech that I'm giving you right now. They're like, you mean every bank is different? And I said yes, let's go to a different bank tomorrow. And I said, dress up nice, I'm not going to go with you. Take your two years tax returns. They've already been working on the credit score. They had money in the bank saved. And I said go into a different bank. And they did. They went into a different bank the next day and the banker said we'd love to give you a loan. And you know what, I think we can get you into a 3% and let's run an app right now. And they ran the numbers. He's like, here's what your down payment would need to be and here's what your mortgage payment might be. Let's pre qualify you go shopping. Within two to three weeks they had made a couple offers and it was a lot of work to close the deal because they wanted an FHA loan and they had to do some Repairs before they could even close because you had an FHA inspector. But in the end of the day, they shopped around and they. They kept bugging him. See, the squeaky wheel gets the grease. When you work with banks, don't give up. Go to bank number one, go down the next door. Bank number two. I didn't get the answer. I like bank number three. What's the interest rate? I don't like that interest rate. Bank number four. And you shop around. You are the customer. You are the captain of your ship. And if you don't like the bank you're working with, throw them off the ship and find a freaking new one. It's your world. It's your American dream. It's your side gig. It's your rental. It's your home. The bank is a resource. And if you don't like that resource, go to another one. Now, sometimes you're asking the impossible, and you might get five answers that say no. Maybe you need to change the equation and get to work on whatever the problem is. But sometimes you can find an answer. Jack, anything you'd want me to say to add to that Shop Around? Was that story fairly accurate? Anything I could add. Was his name Warbucks? You know, that's from the movie Annie or the play, one might say.

Anything else we got approved for? They accepted our application.

I'm going to repeat this. And then we had to go to

a couple different banks, if you remember that.

Oh, yeah, that's right. And then I kind of called in a favor with a friend too, that had a connection. So here's what happened. Actually, that's just a last note. So they went to the second bank, got pre approved, went out and made the offer. And then when they went to that same bank to pursue the loan, they ran into some problems. And I said, well, that's a weird problem. And so I called a friend at a bank and I said, can you help him out? And he's like, yeah, that's weird. They don't know what they're doing there. So the first bank was really bad. The second bank was okay. The third bank actually closed the loan and they ended up shopping, actually a couple banks. But essentially the third or fourth bank was able to close the loan. So they went from okay to better to great. And so again, you might use multiple banks in the process to get what you want. Okay, all right, that's my speech. And I hope that helps some of you. This is your life. You're in control. Don't get frustrated. Change your Mindset, Be positive. If there's a will, there's a way. Don't give up. You can keep knocking on doors. Be respectful. Be respectful. Don't be a jerk. Honey always gets a better answer than a baseball bat. And it works out great. Okay. All right. I'm just gonna start answering some questions from YouTube and Facebook, and I want to tell all of you, thanks for being here. I love this. I'm having a good time. And if I'm gonna read these questions from a few feet away, gotta put on some glasses. Okay? Okay. All right. Oh, and before I forget, make sure, please, if you haven't subscribed to my YouTube channel, if you just search Mark J. Kohler, I shoot videos every week. All the content there is packed with info that is free, of course. And whenever I go live, you'll get a little ping to let you know I'm out there live. And I really appreciate you sharing the videos or anything. Okay, I'm going to go through quick. I'm going to try to answer these questions as quick as I can today. And I'm just going to give out some. I'm going to give out some books for some good questions. Should I do that? No, random. I'm just going to say good questions. All right. Glam rhinestones. Once I convert to S Corp, do I need to do taxes quarterly? Here's the technical answer. Abso freaking lutely. Okay. All right. Now, for those of you that are going to have an S Corp, you've got to take a W2 and you're going to take draws. Now, the technical procedure is you take a draw and then you do your W2 after the fact. That so quarterly, four times during the year, you're going to issue a 941. And this little 941 report is going to claim how much you have to take in payroll. Now, for those of you that don't know what the S Corp strategy is, go to YouTube, type Kohler, s Corp. I've got multiple videos out there. Within an hour, you're going to be an expert. I'm not kidding. You're going to know more than half the CPAs out there by watching three or four videos on mine, My channel, about S Corps. I teach classes to other CPAs about S Corps. And it doesn't make them bad CPAs. You just don't learn this in school. So you're going to do quarterly payroll. Once you turn your LLC into an S Corp. You got it. You can't get around it. So it saves you taxes, it's a good thing. And once you make at least 40 grand a year net, you're going to start payroll and we're going to split this 5050 in this example. So you take 40 grand in draws, I take 20 grand in W2 and 20 grand in K1. And if I take 20 grand divided four ways, you're going to do a 941 for 5 grand every year, every quarter. That's how it would work. Watch my videos on that. I've got a whole chapter in a book on that. Okay, Andrew says if I move my crypto and mining to an S corp llc, how will that impact long term, short term capital gains, whether it be fees? Thank you. Okay, Andrew, great question. First of all, I don't particularly like that you're doing mining outside of a retirement account because it's going to cost you more in taxes. Okay everybody. So Ryan is doing crypto mining. Everybody listen. If I own a restaurant, do I pay self employment tax on my restaurant revenue? Yes. If I am a landscaper, do I pay self employment tax when I go out and mow someone's lawn? Yes. If I'm a dentist and I do teeth cleanings and replace some cavities or fill some cavities, do I pay self employment tax? Yes. Dentists, doctors, engineers, plumbers, electricians, realtors, brokers, fix and flippers and crypto miners. It's, it's a service. When you're mining, you're going to pay self employment tax. So Ryan's halfway there. Ryan is going to put in his S corp llc, he's going to do his crypto mining. And so crypto mining is revenue in his S corp. Now he can do other things. He could be a realtor, he could be a landscaper, he could be an electrician. You could run all that revenue through one S corp. He's going to take a draw whenever he wants money and then we're going to do his W2K one. That's how it works. Every dentist, doctor, engineer, realtor, broker, all those people. We use S Corps. That's what I am. Trust me. Stay away from a C corp in frickin Nevada. It's a scam, It's a ripoff. You're going to go with an S corp in the state where you live. And Ryan, gosh darn it, you cannot have your mining rig in Nevada and think you're going to get out of this. Wherever you live is where your S corp needs to be, period. And I stand behind it. I've got ex IRS agents that are partners in my law firm. I mean in my accounting firm. I've been doing this for 20 plus years. Trust me, we will not lead you astray. And I'll sign your tax return. And if there's penalties, I'll pay them. If I'm wrong, if anybody's telling you different, you can set up your mining rig in Yugoslavia because you're off the grid and your wallet is over here and it's encrypted and all this. Oh, someone gave you that advice? Well, are they going to sign your tax return? No. Then who's in charge of your tax return? Ultimately you. And if you get audited by the irs, guess who's going to fry you. So if someone on the web, on the dark web or wherever tells you can do it differently with your crypto mining and your crypto trading, ask them if they'll sign your freaking tax return. Bing. They'll be out of there. Be careful where you get your advice, people. So Ryan is mining. Ryan, you're going to do that mining in your S corp. Now here's the trick. You are going to the day. This is what I do. The day you get paid in Bitcoin from Nicehash or wherever, you're using an ASICS rig or you're doing all sorts, I know there's 10 different ways to do mining. You might be doing staking, I get it. But if it's ordinary income, you run it through your S corp and at the end of the day, you transfer the coin to a holding company, llc. That's where I hold my crypto. My crypto holding is over here. And that's where I pay my short term, long term capital gain. I've got asset protection between my mining rig and my crypto. This LLC holds my crypto. This S corp mines for crypto, gets paid in Bitcoin or whatever and transfers the coin over here. This has a wallet. This has a wallet. So, Ryan, to answer your question, that's why I paused, there is no short term, long term capital gain problem over here because you're not going to keep the crypto here. The minute you earn it, you bounce it over here, you pay for the earning here and you're going to pay tax on that. And we're going to do as much as we can to save the money, but then, boom, you're going to hold it here for the long term, short term or long term capital gain. Now what everybody, I did because I didn't want to pay taxes Like Ryan, I did the whole thing in my Roth ira. Now this LLC is taxed, is a C corp and it's going to pay C corp tax because it is subject to self employment tax. But every crypto dollar I earn here drops into my Roth and Ryan, I'll never pay tax again. So I do a C corp blocker. It's called a C corp blocker. Write that down Ryan. And then it all drops to my llc. Roth, no tax. In your situation, you're mining over here, you're going to drop it over here and hold it there for the long term. Wendy Velasquez. And Wendy's been on the show before. If I buy a home under my name and rent it out, how can I put it under an llc? Wendy, that is a great question. Tax and legal playbook. Wendy Velasquez. Write that down. Corey, great question. Now I know Ryan and Glam are like what the freak, why don't I get a book? Well you're not as cute as Wendy. That's how it works. I'm just joking. I'm going to give a bunch of guys books too. Okay Wendy. Tax and legal playbook. Okay, Wendy, she's going to buy a home, rent it out. How can I put it under an llc? So what she does. Now remember, she's got her trust and this is her, this is Wendy down here. And so she is going to buy a home and she's going to go Fannie Mae, Freddie Mac traditional loan. She's going to tell the bank she's buying this home. She's not going to lie on any loan docs. I don't know what she's going to say. That's up to her. She's going to buy a home, she's not going to live in it. She's going to rent it out. She's going to create an LLC owned by her trust and on day two she's going to deed this little home that's currently owned by her. We're going to deed it up to the LLC. Now everybody quit freaking out. In 20 plus years I've never had a client pay on the due on sale clause. The bank has already sold her mortgage five times over and she'll probably go through three different servicers in the first month it's gone. The bank does not care as long as she is still the guarantor and she's on the mortgage. But she can transfer it to an llc, set up a lease, get asset protection and it does not pierce the veil for her to be the guarantor on the mortgage. That's okay. So, Wendy, you're going to do typically a warranty deed. If you're in California, it'll be a grant deed. You're going to deed the property up to the LLC right after closing. We're going to set up the LLC in the state where the rental property is held. We can help set up your llc. Brady Wehner in our office is a paralegal that does the deed. Transfers every day. We've been doing them for years. You're not going to go ask the bank for permission. You're just going to do it. I have met with so many banker attorneys that are like, we do not care. Just pay the damn mortgage and you can do it. If you don't pay the mortgage, then we're going to come in and start screwing up your life and we're going to foreclose and we're going to transfer it back to your name. But as long as you pay the mortgage, they do not care. Do not worry about the due on sale clause, Wendy. Get it deeded over to a new LLC and you might put two or three rentals in one LLC. That's a whole other topic. Go YouTube, Kohler LLCs rental. I got multiple videos that'll teach you how to do it. Okay, Stephen Cern says, can I loan self directed IRA money to my stepson who uses the money to buy and improve a property and then sell it back to my ira? The answer is yes. Right, Stepson? Are we okay? We're not. I don't think we are, are we? Son in law. Yes. I might call right now the infamous Matt Sorenson because we were just talking about this yesterday and I get it all jacked up when we go from stepson to his son in law. Okay, now everybody, when you have a Roth ira, let's go back to my Roth ira. I can own this. Hey, a stepson is prohibited from stepfather in an IRA transaction. Both directions stepson. So I knew I was right. Non prohibited. It's the son in law is prohibited from. Okay, stepson. Okay, since I'm live on YouTube and Facebook, I'm not going to give you all the details, but I'm just going to say stepson. There's a good chance that they're not prohibited. Son in law from father in law or father in law can loan stuff. Son in law money. Which direction? Both. Son in law. Okay. Okay, got it. Thanks, man. You rock. Everybody live. I'm going to give away Matt Sorensen's book right now. Matt, is that okay with you? I'm just going to give away a book. You okay with that? I have to sign it. Okay, I'm going to sign it. Sorry, Matt. All right. Matt Sorenson, the author of the Self Directed IRA Handbook. We just got him on. Phone a friend. Phone a friend. I phoned Matt Sorenson, the author of the Self Directed IRA Handbook. We're going to give it to Stephen Cern. I hope I say your name right, Stephen. You got it, Corey. Now, anybody that wins a book today or is given a book, you email Coreykjcohler.com Coreyarkjkler.com youm just say Mark gave me a book and Cory will line you up and mail you the book. And he needs your mailing address and all that. Now here's what Matt Sorensen just said. A stepson is not prohibited with your Roth IRA or traditional Iraq. So if I want to give a loan. If Steve wants to give a loan to his stepson out of his ira, he can do it. Not prohibited. And the stepson could loan stepfather money out of his ira. The son in law is a different story. You guys ready? A son in law could not loan money to father in law because it's prohibited. But a father of father in law can loan money to a son in law. That's how it works. I know, it's weird. There's a whole chapter in Matt Sorenson's book on what's prohibited and what's not. This is the best selling book in America on self directed IRA rules. This is the second edition. If any of you need this book, it's on Amazon and you can get it really quickly@sdirahandbook.com S D IRA self directed IRA handbook.com get over there and get a copy. I literally have one on my desk and it's all thumbed with little folds and everything. It's tricky. So you need to know this. These are probably the two best books for just having on your desktop. The Tax and Legal Playbook. The Self Directed IRA Handbook. Now I've got two other books here. I'm going to give away three. And I've got my workbook that's awesome too. But these are like daily resource books that you're going to want to use. So. Steven, thank you. All right, I'm going to jump over to Cash to Burn. Wow. Cash and burn 150. I need your books. Will there be a coupon day? Yes, we do. A back to school special on Labor Day is coming up. Is it Labor Day? Memorial Day? Which One did we already have. I always forget which one's first. Okay, so here in September on Labor Day weekend. So in one month we're going to have a special and give and 25 to 50% off a lot of my products. So keep an eye out for that. Anybody that would like it, hook up the book. You know, you got to ask a good question and I'll give you a book. Come on. You know, Millie, ask a good question. All right, if some of you are seeing a comment from a Darren Charrington here, he is an attorney on my team. He is at his desk answering questions for any of you. So if you see answers from a Darren Charrington, he's with me. Okay? John says in Texas, disabled veterans do not pay property taxes on their home. If the home is moved into a revocable living trust, will the veteran have to pay property taxes on it? John, that's a great question. My gut feeling would be no. But you're going to have to maybe look at the exemptions for that because the government wants you to have a trust. The government, if you're disabled and thank you for your service, does not want you to pay property tax. So you've just got to make sure you marry those two rules or legal benefits together. So if there's an exemption you have to apply for and I apologize, I'm not doing business in Texas law every day. We know a lot of the Texas rules and we help clients in Texas every day. But whenever I don't, I recommend go get do a little research, John, but I would think you're going to be okay. But double check that, make sure that you look at the exemption form to not pay property tax and say I'm a disabled veteran. I am the 100% owner of the property through my revocable living trust. And just make sure you check a box for an exemption. Look into it. Okay. Where am I going? Corey? Laura. Okay, I'm going to try this out. Laura. Laura St. Pierre. Hello. I am a freelancer, 1099 work who wants to get into rentals. If I have a lot of assets home, a rental, 401k but inconsistent income because she's a freelancer, will the lender still loan to me based on my collateral? Laura, great question. When it comes to banks, first of all, banks not only look at your collateral, they look at your income. So it is true you're going to have to make sure you look really good on the income side as well as the asset side. Now let's all talk about Laura here for a minute, Is that okay? Laura? Laura. Let's look at her trifecta. And this is what any of my attorneys can do. They can set up your trifecta, get give you a little diagram, give you a checklist for the year and meet with you each year to help you stay dialed in. And if our appointments are out at four weeks, don't stress, just get on the calendar, we'll take care of you. All right, so Laura is a freelancer, that's an entrepreneur. She's got a 1099. Now everybody look at this. What's Laura going to face in taxes? Let's say Laura brings in 60 grand. She's a sole proprietor, so I'll just do a little sole prop. She's going to report this on a schedule C on her tax return. And let's say she writes off 20 grand in all sorts of things. Dining, home office, auto, Home Depot, Best buy. She nets 40. Okay, everybody hang tight. Now if Laura goes to the bank with her 1040 and she shows them that I have 40 grand in income, that's going to help her qualify for a loan. So you want to go in with your best foot forward, Laura, and Show them your 1040 tax return with your schedule C and your tax return. Now, as your accountant, this isn't good. You're going to be paying out the rear end in taxes. Sorry for my French there. Because you're going to pay 15.3% in self employment tax on $40,000. What? 15.3%, that's $6,000. Then you're going to pay state tax. If you're in a state with state tax plus fed. Do you see that everybody? Laura's getting killed as a freelancer on taxes and it's self employment tax. So what are we going to do? Steve earlier on one of his questions said, well, what about the S corp? So what we're going to do is want to convert Lara over to an S corp. Now she could be an LLC taxed as an S Corp or just come right out of the gate as an Inc. But the most important thing is I want her to be an S corp. Now look what happens now I'm going to do this in blue. The same 1099 is going to come in for 60 grand, then she's going to write off 20,000 in expenses. She's going to net 40. Same example, apples to apples. See, she got the same write offs and S Corp is not going to give her more write offs. She's got all of her write offs and Laura I want you to read my books on home, office, cell phone, dining, travel. I mean, everything we can write off, we want to write it off. And you're going to net 40 grand. That's what you're going to take into the bank. But here's why. You're going to look sexier to the bank when you take that 40 grand. We're going to divide half of it into a W2. And banks love W2s. And half of it is a K1. Now, the bank is still going to see 40 grand of income. They're just going to see half of it as W2. And half it is a K1. You want to go to a well educated banker that understands this. If they don't understand that you made 40 grand go to a different banker. Just like Jack and Allison. They shopped around. Now why do we do this? And I'm going to put this in red. She only pays FICA on the W2. The F word. FICA. No. What? The FICA over here, she paid 15.3% on the entire 40. But we're going to split it. We're going to do 20 grand in W2 and 20 grand in K1. We just cut the six grand in half. $3,000. We saved $3,000 by doing an S corp. Now I know for some of you that are watching from California, they're like, Mark, an LLC is $800 and you charge $800 to set it up. Holy crap. That's $1600. And blah, blah, blah. Okay, California waives the $800 for the first year on an S corp. And yes, you're going to have to do a tax return. As I told Steve, you got to do quarterly payroll. An S corp is going to cost you $2,000 a year. That's why I say the break even point is around 40 grand. Because look it, the S corp is going to cost her too. So let's put it in black. I mean, I want to show the cost too. Cost 2,000. Saved 3,000. Now I know. Hey, this is hard math. Work with me. Save 3,000, spend 2,000 now. Hold it. This is hard. Jack, help me out. Save 3,000, spend 2. What do you think? Would you do it? I mean, that's kind of good. That's how the S Corp works. Guess what? Helps everyone. Helps the economy. Hurts no one. That was creepy. Do the S Corp, Laura. That's the moral of the story. You're gonna look better for the bank with the W2. You're gonna save on self employment tax and any of you out there that are getting a 1099 Uber side gig selling crap on ebay, affiliate on Amazon, dentist, landscaper, doctor, engineer, bleh. All of us. If you're getting multiple 1099s, funnel them through the S Corp. Saving money. That's the plan. All right, then you're going to go out there, set up an llc, buy the rental in your own name. Like we talked about just a minute ago. You. You're going to buy the rental in your own name and then deed it up to the llc. Now look at Laura. She's got a side gig. She's saving taxes. She's buying rentals. She's got a 401k. Laura, I love you. You're cranking. All right, next question. Where should I go? Can't. Torpedo says, can you write off the COVID testing as a travel business expense? That's a great question. No one's asked me that. All right. If you're traveling for business and you have to pay for Covid related testing related to that trip, I'd write it off as a travel expense, not medical. I really would. I like it. No one's asked me that question. Torpedo, you just won a book. Torpedo Joe, you won the Business Owner's Guide to Financial Freedom. Love this book. It's for business owners. Now, since Torpedo is asking about this, I know he's a business owner or Torpedo Joe could be a female. So Torpedo Joe gets a business Owner's guide to financial freedom. Email Corey Coreykj Kohler.com now, notice the question there. He's traveling for business, had to pay for a COVID test to travel, apparently, whatever the deal was. But it was a business trip, it was a business related expense. I'm going to write off that COVID test as a write off. Love it.

Can I actually add to that?

Corey has a question. Our producer.

Yes, Corey, I know a lot of people that got stuck in another country on a business trip doing something else that got stuck.

Okay. And they had to stay longer.

Stay longer.

Yes. Okay, let me tell you Cory's question. Let's say Torpedo Joe is flying out of the country. Ooh, this could be really real. Knock on wood. Let's say Torpedo Joe in the next three weeks is traveling out of the country for business, pays for his COVID test, business write off, travels to another country, and the Delta variants, Whatever. Freaking Covid. What do they call it? Delta variant. Whatever nails us, please. No. Do we really have to wear masks? Why are people that are vaccinated wearing masks? To protect the people that don't even want to get vaccinated. That's all I'm saying. Everybody says, don't go there. Oh, no, I'm going to get in trouble. Okay? I'm vaccinated. I like wearing masks. Do I need to say that? But anyway, I'm in trouble, okay? I'm just going to move on. Move on. I know. This is so hot. Okay, but listen to the story. Torpedo Joe goes out of the country. Delta variant hits. He's stuck. This happened to a lot of people when Covid first hit. So Torpedo Joe is traveling for business and gets stuck somewhere and has to stay in a hotel, pay for food, and comes back as soon as possible once the travel restriction was lifted. Is that a write off? Yes, because Torpedo Joe was there for business in the first place. Now let's say Torpedo Joe stays longer than he could have to get back. So as soon as the travel restriction was lifted, he's like, I met this cute girl over here. I'm going to stay a few extra days. That would be a personal expense. He only gets to write off the business expenses for staying there as long as was required due to this travel restriction. Okay. All right, Torpedo Joe, great question. You guys want another cool question? Did I.

One or two more questions.

One or two more questions. Did I talk about the garage on the last live? I did, didn't I? I did. I forgot. Someone commented. Okay, so I forgot on the last live to talk about. Here was the question. So here's your home, and you have a garage. So here's your garage. I'm visual with everything. Okay? Garage. I'm a guy, you know. Okay, all right, so garage, house. I have a small business. You guys don't like me today, do you? Everybody's like saying, mark, you're. You're pushing the envelope. I want this. I want this rated E. Can we get it rated E? I'm just joking. Okay, so, okay, here's your garage. Here's your little front door, and here's the driveway. And you have a business vehicle. I had the coolest question the other day. Someone said, can I write off the garage under the home office expense because I have a business vehicle? I was like, no one in 20 years had asked that question. My office debated this, and we said yes and no. Here's what we would say. Yes, 100%. If. Here's the if it's 100% business use vehicle. So let's say it's a delivery truck and you park it in your garage at home. For your employees to use. Okay? And so it's 100% business use vehicle. And number two, number two and number two, number one, the garage is not used for personal use whatsoever. Okay? So now I could write off 100% of this garage. Assuming that 100%. I'm going to put that in red. Oh, come on, come on, come on. 100% business. If it was a hundred percent business use vehicle and the garage is not used for personal use at all. Okay, now what happens if your car. For most of us, my car is not 100% business use. So let's say I'm 70% business use vehicle. And to make it simple, I use 30% of the garage to store my surfboard and a bunch of garbage like most of us do. So I've got 70% business use on the car and 30% business, 30% personal use of the garage. Now as you can see, I planned that perfectly because that means my garage is 70% business. Maybe I'm storing some supplies, inventory, equipment that are business and my car is 70% business use. I think you've got an argument. Now here's the problem with the home office deduction. It has to be exclusively used for business in order to be a write off. That's one of the tests. The other is your primary place of business. But we got the admin exception, yada yada. Now any of you CPAs or tax lawyers out there, you know I'm pushing the envelope with this one. But let's just think about it. Let's say that the Garage is literally 70% dedicated exclusively to business. Your business vehicle is 70% with good record keeping business, I might go for it. And that's what our office decided. I like it. So talk to your accountant. If you're using the garage for storing equipment, supplies or inventory and you've got a business vehicle over 50%, I can't just be doing mileage. I want a business vehicle that's over 50% and you're using actual for your business mileage. I like it now. Oh, one other thing for banking, what I didn't talk about in banking was back to the very beginning of this is that we have some online banking resources that are amazing. We've got three banks we really, really like. Now some of them are used just for IRA LLCs. Some of them you need to be 100% owner of the LLC to get some sweet banking. But we're going to put those links down in the description and Jack is going to kind of describe which each bank is good for and put the contact information down down there for you. We just went and signed up for one of those banking debit cards as a single member LLC and so far it's been going really well. So what's their name? I'm gonna give them a shout out. D I B Z I B. Zebo. That's right, Zibo. Z I B O. It's business banking for Single Member LLCs. They really like it. For Single Member LLC is doing real estate, but you can use it for a single member LLC for any type of business. Now that's your shout out. Zebo, we got to get you on our show. We want to be on yours. Let's get talking. Because I really like what they're doing for business banking for small business owners. Celera bank, we love them. For IRA LLC and Titan Bank. I want to give all three of them a shout out. They're great. We're going to put them down in the description Solera and Titan as well as Zibo. Okay, so I answered the garage. Your resources for banking are down below. And two more questions. One, one more question. One more question. And Cory, you know what I'm feeling? I'm feeling generous. I'm going to let Corey. If any of you want to send hate mail, you send it to Corey. By the way, ladies, he's single. Helps the economy, hurts no one. I'm just saying, ladies, he's a good looking guy. He's got a good job. He's pretty ripped. Okay, I'm gonna give away four books and Corey is gonna get to choose those winners. Okay? And the grand prize winner. Grand prize is gonna win my 8 steps workbook which is 60 videos online access immediately to help you build or grow, start your business. Have successful business owners that have loved this. Eight town home workshops, hour and a half each, plus 60 other videos comes with a business plan, marketing plan and strap plan. If any of you are trying to build your business, it's 99 bucks. You can get it at Amazon. It's a freaking awesome workbook. There's nothing else out there like it. It took me two years to develop it. Okay, Corey, I'm going to come back to you and you're going to announce our winners. In the meantime, I'm going to choose a question. Slide. Go slowly. I'm going to choose. I don't like that one. Keep going down. No, go up. Go up the other way. Or is this the way to go? Okay, okay. I'm clearly thinking about selling my business on four Years. Is that it? Is that the top? Yeah.

I'm just trying to slow for you.

Okay? Okay, I'm going to go to Swing for the ring. I like this. This is a good question for everybody. Swing for the Ring asks, can I use a health savings account to invest in a rental property? Yes. And I have done that. Swing for the Ring. Now, everybody, I want to talk about the health savings account. And don't worry, you've already typed I want the book. I get it. Don't type it again. Corey's going to choose five winners, four book winners, and a grand prize winner for the workbook. But everybody pay attention here. We're going to talk about the health savings account. And this is a huge tip. This can save and make you thousands. So here's how it works. Let's go to our trifecta. So in your trifecta, here's your Trust, here's your 1040, and here's your personal bank account. All right? Now, in your foundation, you're going to have your day job, you're going to have your side gig, and some of you are going to be full time small business owners. Maybe Laura with her 1099, freelance. Okay, so you've got your small business LLC here. Ooh, that was ugly. I gotta erase that and do it right. Okay, all right, so here, this is like Laura, she's got her LLC, soon to be S Corp side gig, 1099, whatever. Now over here, you're going to have your LLC with your rental property. And then your trust is also going to own your personal home. Now, your personal home might be a duplex or something creative, but it's going to be owned by your trust. Your trust owns your S Corp, llc, and your trust owns your rental llc. See the trifecta? I know some of you get sick of it. I don't. This is your foundation, be building it. You have a diagram. I carry around my own diagram in my own workbook that I can be looking at all the time. This is my calendar in my workbook. It's got all my notes, my phone numbers. I carry this around with me everywhere I go. Have the same thing. Get off the phone once in a while, carry some paper around. It'll help you be more organized. Now, in this mix, you might have a day job, 401k. If you're single, married, you might each have your own Roth ira. Single or married. But here is one of the biggest secrets in building wealth. I'm going to put it in red so we can highlight it in this Diagram. I want all of you to try and it depends on your health insurance plan to set up a health savings account hsa. Now sit back, calm down, just hang with me. A health savings account is not a use it or lose it plan. You don't have to have a day job to have one. You don't have to have a business to have one. All you have to have is a high deductible plan. This year I'm going to go straight to my little handy dandy Mark Kohler calendar. I'll be selling these in December again for 2022. The health savings deductible for 2021 is if you're single. It has to be at least a deductible of 3,600 if you're married. Oh, that's the health saving account contribution. Oh my gosh. Your minimum deductible is 1400 if you're single this year or 2,800 if you're married. Your contribution is 3,600 single, 7,200 married. So you can put in 3,600 or 7,200 if you're married and you get a tax write off on the front page of your tax return. Now why do I like this health savings account? Because it grows tax free, it comes out tax free for any medical expense and you get a tax deduction to put in the money. You take it with you everywhere you go. It's like a supercharged Roth IRA for health care. Now I'm going to blow your mind with two things here. First, nine years ago, it's been at least eight to nine years ago, I formed an LLC in Illinois. And this little LLC owns a rental property I bought for 40 grand. I've had it for nine years. It's got, it's a section eight low income housing rental. It cash flows a couple hundred bucks a month and it goes back into my HSA tax free. It paid for Molly, my daughter's braces. I can pull it out for medical anytime I want. My HSA does not just have to be at a bank. My HSA can form an LLC and buy a rental property. Oh, you want more? They want more, Jack. You guys want more? That's not good enough. Last year I formed an llc. Honor of John Dutton and Yellowstone. And I have a little LLC owned by my HSA with my contribution from last year. And I bought four cows. Actually, I got to clarify here, I bought five pairs. Now what for some of you that are farmers, I bought five mother cows that were pregnant this spring. They gave birth and believe it or not, this is actually quite rare. They usually kind of a ratio of two to three calves or bulls. My five mom cows gave birth to five bulls. So now I have 10 cows in my livestock. Dutton Kohler LLC for Yellowstone, you fans. And I've got 10 cows now in my LLC. I had five moms that gave birth to five bulls. These bulls recently were turned into steers. It was pretty traumatic for them. But anyway, I'm going to sell these 10 cows right now in the fall. Now if you've noticed, there is a drought in the west and a lot of cattle are being sold off because farmers don't have enough feed for their cows. So right now beef prices are down. But guess what, they're going to be coming back with a vengeance as many are predicting if you have enough feed for your cows. And when I bought my 10 cows, we bought enough hay to get us through the winter. So next spring in 2022, I, I can sell my 10 cows. But it's better than that. I have 10 cows and the five moms are going to be pregnant again. I hooked them up with a bull in town. So anyway, I'm going to have five pregnant cows and five bulls and I'm going to sell my five pair which will be 10 cows plus my five and I'm going to make money. And I did it all in my health savings account and all the profit goes down to my health savings account tax free. And I can pay for chiropractors, dental, eyes, copays, deductibles, prescription drugs. Your health savings account can be self directed. Your health savings account goes with you the rest of your life. Your health savings account is like a supercharged roth for health care and all of you can have one. You can go to directed ira.com and set up a HSA to just own crypto. This is the stuff I'm teaching. I love it. Please don't go anywhere. Get onto my YouTube channel. I've got so many freaking videos on all this. We've got a podcast every week on self directing. We have the Main street business podcast. Please subscribe, follow me on YouTube on Facebook. I'm going to keep producing content every week and I want to say thank you for being here. I love it. And my winners, Corey, you've got our five winners must be present to win. Okay, so do I choose the book or have you already chosen the books?

Okay, the grand prize goes last, right?

Okay, grand prize is last. Who's the winner of what? Your CPA isn't telling you.

Ryan Lee.

Ryan Lee. This is a story that's the gateway drug to tax planning. You're going to freaking love it. I even worked in a little sex scene to. You know, it's pretty sweet when you find out Viagra's tax deductible. Oh, it really is PG13 anyway, but it's going to be a made for TV movie. Now, any of you that are winners, you're going to go to Corey. Send coreyarkj Kohler an email and say, corey, I was one of your winners. And $20 for Corey. Oh yeah, whatever. Ladies, you can email Corey. Send him a pic, tell him you know where you're at, he'll send you. Now I need a very. A headshot. I didn't mean to be. I wasn't trying to be salacious. No, just some head headshots. Corey's from Texas. He's been to Buc ee's. Good looking guy, played football in high school, graduate from college and runs my studio. He's legit. Can I, should I share anything else? Likes long walks on a beach? Okay, there we go. Well, your CPA isn't telling you. Okay, next winner. Business owner's guide to financial freedom.

Randy Leap.

Randy Lape, you are the winner. It's great book. I'll sign them and get them out to you and you can give them away as a gift if you already have a copy. The self directed IRA handbook by Matt Sorenson, my business partner. He is awesome. This is a best selling book on self directing, your health savings account. Everything I talked about with the cows and your rentals you can do in your hsa. It's in this book. Who's the winner?

Andrea Snook.

Andrea Snook, you are the winner. You're a winner today. Doesn't that feel good? Andrea Snook. My tax and legal playbook. Oh, I love this book. Second edition. And if Joe Biden's administration passes a new tax law, we're going to end up with a third edition. But we'll see. Tax and legal playbook.

Lauren Katua.

Lauren Katua. Lauren Coutua is the winner of the tax and legal playbook and our grand prize winner of the eight steps to start and grow your business. 99 bucks on Amazon and it's an awesome book. You will love it. 60 different videos and webinars and you fill it out. There's business plans in here and QR codes to watch stuff. Who's the winner?

So this is only because she's been every single one of our lives for, like the last two months and has asked every single week.

Okay. Corey said. Millie Diaz. Every time she's here. She's been here eight times in a row. She's always asking questions. She's on time, and she's very kind on the chat. Millie Diaz, you're the winner. Thank you. Thanks, everybody. We'll be here. I don't know. Will we be here next week? We're gonna be in Vegas at our corporate training. We're gonna do it from live. Live from Vegas. Oh, we're gonna be live from Vegas. Put this on your calendar. And Matt Sorensen is gonna be with me. And we're going to be at a really inappropriate restaurant or club and we're going to be live next Thursday. We won't live next Thursday at 4 o' clock Pacific or Mountain. Same time. So it's going to be 4 o' clock mountain, 5 o' clock Pacific. No, that's wrong. 4 o' clock mountain, 3 Pacific next week. Matt Sorenson and I live in Vegas here answering your questions from around the country. Please put it on your calendar. 4 o' clock mountain. Just stick with 4 o' clock mountain next week and we'll see you. Thanks, everybody. Keep living the dream.