I have an old friend on the show today. Joel Comm has been a staple in the digital space for a long time. He is the author of 15 books and the co-host of the mega successful Bad Crypto podcast. He is here today to talk about the future of crypto and more.
We discuss how things have evolved in the digital marketing space and Joel’s own evolution including the creation of his crypto podcast. We talk about the benefits of blockchain as a technology that will revolutionize the future. We talk about the importance of getting in on the ground floor of new markets and the importance of always having fun.
You can find Joel here:“The magic happened when I was having fun and trusting the process.” Joel Comm Click To Tweet
- [01:49] Joel Comm has been an internet entrepreneur since 1995.
- [02:11] He has since written 15 books. He has worked in the online marketing space and the affiliate marketing space and the social media space. He has also embraced all forms of online media from blogging to podcasting to videos.
- [02:24] In 2017, he started dabbling in crypto currency and was absolutely enthralled.
- [02:39] Joel and his friend Travis Wright would talk about bitcoin and blockchain and everything crypto. They then decided to start a show about it and the Bad Crypto Podcast was created.
- [02:41] The purpose of the show was to make crypto easy-to-understand for regular people.
- [02:59] They started in July of 2017 and have had over 7 million downloads.
- [03:35] You don’t do the books and the speaking tours until you’ve had the success.
- [03:44] Joel began his digital career trading websites that sold things. One he cracked the code on affiliate marketing and advertising, he started teaching others how to do it.
- [04:26] He wrote about and spoke about how he was making money.
- [05:23] We now know that social media companies don’t have our best interest at heart and we are actually the product.
- [05:51] Blockchain is a great solution because it brings transparency back to various activities. It creates a public ledger of activity, but privacy is woven into it.
- [06:23] Blockchain is either going to lead to new solutions and more freedom and opportunity for us or we’re facing a really dystopian Big Brother future.
- [07:38] Blockchain is really just a fancy database. Blockchain is decentralized, because no one power or authority has power over it.
- [08:44] Solutions built on blockchain give people the power to invest in projects in a way that they would like.
- [09:44] In March 2017, Joel started learning about crypto. He and Travis were talking about crypto a lot. 3 months later they started their show.
- [11:00] Part of it was timing and two regular guys talking about crypto.
- [12:13] Bitcoin is merely a better form of digital payment. There are many different types of coins and tokens. With ethereum we have the ability to go beyond just payments. We can write smart contracts.
- [13:06] There are even tokens that empower musicians to be paid more fairly for online downloads.
- [14:42] Crypto is kind of circa 1997 where the internet was.
- [16:11] They do four shows a week and two or three are usually interviews. They never make recommendations.
- [19:44] Joel’s fifteenth book is the The Fun Formula: How Curiosity, Risk-Taking, and Serendipity Can Revolutionize How You Work.
- [20:47] The fun formula helps liberate people from the hustle and grind.
Links and Resources:
Edwin Kelly from Specialized IRA Services is here today to talk about the advantages and flexibility with a self-directed IRA. Whether you need income or tax savings, there are savings and investment vehicles that can help you meet your goals that aren’t tied to the ups and downs of the market.
Today, he talks about how everyone needs a customized plan that fits their circumstances, and he talks about the benefits of using a Roth to withdraw tax-free income. It’s also possible to make creative investments like real estate. You are in the driver’s seat and can invest in anything that is legally allowed by the government.
You can find Edwin here:“Anyone who has a company-sponsored retirement plan is used to only having 5 to 10 mutual fund options. If they don't like those options, the company doesn't give them any other alternatives.” -Edwin Kelly Click To Tweet
- [01:12] Edwin is a custodian of IRAs.
- [01:36] When he was young, he read and studied about some of the great businessmen.
- [01:55] He knew he wanted to be in business, and he was looking for a niche.
- [02:01] From study, he noticed that starting a business in a new industry allows your business to expand as the industry expands.
- [02:14] He wanted to find something that would solve serious financial problems and seemed new. He discovered self-directed retirement accounts although they weren’t really new.
- [02:51] Company-sponsored retirement plans haven’t worked as well for people as they thought they would, because of company limitations on investments.
- [03:27] A self-directed space allows someone to get complete control over their retirement account and invest in anything allowed by the government. The possibilities are endless.
- [03:35] Edwin found that there wasn’t a company doing what he was trying to do and he wanted to enable people to be able to invest in what they wanted.
- [04:01] There is some confusion about self-directed IRAs. There’s what people call self-directed and then there is truly self-directed.
- [05:09] Most investment banks offer a self-directed fund where you can pick anything that they offer. This is limited to stocks, bonds, mutual funds, and CDs.
- [05:18] A better question to ask is can you buy a foreclosed property with your retirement account and have your retirement account pay to fix it up and then put a tenant in there and collect rent tax free.
- [05:49] A true self-directed retirement account has a custodian who allows you to invest in anything that the government allows you to invest in without restrictions.
- [06:24] There are probably less than 30 firms who specialize in what Edwin’s firm does.
- [07:43] The government tells you what you can’t do. You can’t buy life insurance inside your retirement account. You can’t buy collectibles and no self-dealing. Most everything else is allowed.
- [10:27] At Specialized they create custom plans for their clients. They use individual retirement accounts. Small business retirement plans like solo 401(k)s. The last category is tax-advantaged specialty accounts.
- [12:25] The Roth vehicle is the only one that allows us to go from forever tax to never tax. All income is not subject to tax.
- [14:34] You can invest in an LLC and it can hold all kinds of assets.
- [16:02] Self-directed retirement accounts are going to be part of your picture not all of the tools. Look at your rate of return and see where it makes sense to put something into a retirement account. Consult with an expert and optimize.
- [20:10] Edwin gives an example of the power of compound interest.
- [23:40] An example of a 53 year-old attorney who opened a Roth late. He then built a real estate portfolio within that Roth using leverage. His monthly distribution is now $40,000 a month tax free. He built that in 14 years.
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