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.
Links and Resources:
The economy has been booming, but what goes up goes down. The stock market and real estate market have been at highs, and it could soon be time for a market correction. My guest today is PM Capital CEO Scott Carter. Scott is an expert investor when it comes to precious metals.
In today’s show, Scott shares why gold and silver are the perfect assets to hedge your investment losses when the market does correct. He talks about the perfect percentage to balance your portfolio and how you store or take possession of gold and silver. He also shares historical perspective on gold and some wise financial and investment insights.
You can find Scott here:‘I would urge investors to take a fresh look at their portfolio and think about rebalancing.’ -Scott Carter Click To Tweet
- [01:21] Scott started out in the financial services industry at insurance companies.
- [01:38] He learned direct to consumer marketing and how to make money with insurance.
- [01:55] He then helped a private equity firm evaluate businesses.
- [02:17] This led him to the industry he is in now which is a precious metals company based in California.
- [02:21] He is now an owner and a CEO.
- [02:56] Scott speaks about and educates investors on the role that gold and precious metals can play in their portfolio.
- [03:10] Scott talks about the gold standard and the current Federal Reserve.
- [03:26] Up until 1933 we actually had gold coins in our pockets that were used as money.
- [03:38] Franklin Delano Roosevelt took our country off of the gold standard and citizens turned in their gold to the banks. They received paper money in return.
- [04:14] In 1971,Nixon closed the gold window and said that US money will no longer be backed by gold.
- [05:04] The only way we could increase money supply was by creating real wealth.
- [05:48] Debt is a huge problem and a huge drag on economic growth.
- [06:44] Gold and silver is important to investors because they are tangible assets that are not dollar based and tied to the markets.
- [07:42] Gold and silver can help offset risk factors that are in the market.
- [07:59] Loss of buying power or inflation is robbing us of wealth day in and day out.
- [09:34] It’s not what you have it’s what you keep, and gold has been the perfect hedge when it comes to the devaluation of money.
- [09:41] Gold holds value and enables us to purchase the same goods and service that we were able to purchase in the past.
- [10:11] Precious metals are a complement to your investment strategy. No more than 10% to 15% of your portfolio should be in gold.
- [11:09] When the market does well gold could be flat. Gold is to hedge your assets.
- [11:44] Is it time for a real estate correction? We are probably overdue. Historical indications are triggered that we are overvalued.
- [13:28] When you get to the end of the market fewer and fewer companies make up the increases in the market. Currently we have five companies making up the increases in the market.
- [13:38] Facebook, Amazon, Netflix, Apple, and Google make up 50% of the S&P 500. This means we’re getting to the top.
- [14:23] I would urge investors to take a fresh look at their portfolio and think about rebalancing.
- [14:39] Make sure that you don’t have too much concentration in any one asset class or industry.
- [14:47] Look at how precious metals like gold and silver can offset some of the risk factors that you have.
- [16:08] Bitcoin is the digital gold. What gives bitcoin value is that it can’t be recreated.
- [17:47] Having something outside the control of central organization is significant.
- [18:59] To own gold and silver you make a purchase and fund the account. Most people put the gold in their safe.
- [19:38] There can also be storage arranged for you. Owning gold and silver is a simple transaction.
- [20:24] Gold and silver is defined as a collectible with the 28% tax rate.
- [21:26] The US is the country that owns the most gold. China is catching up with us.
Links and Resources:
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We are all about making money, growing money, and keeping your money. One of the best ways you can keep your money is to be smart about your tax structure. The new tax laws have passed, and 2018 has a lot of changes for small business owners and investors. My partner and guest Mike Giorgi is here to talk about all of the new changes and how to get the most out of them.
We talk about the importance of a team to really help you set things up correctly. Depending on your circumstances, you may need to create a pass-through entity to take advantage of the 20% QBI deduction. Mike talks about setting up your corporate structure correctly, planning, and monthly check-ins. We also have a checklist for you and a lot of great advice for keeping the money that you have earned.
You can find Mike here:‘Have a management company that performs non-professionally licensed tasks with an S election, so you can get pass through income and your QBI deduction.’ -Mike Giorgi Click To Tweet
- [02:28] 2018 tax code. The changes are amazing for the rich.
- [02:48] There are a lot of changes that need to be made if you are investing or a service company or doing business in general.
- [02:59] People who are not service individuals like attorneys or realtors can get the 20% qualified income deduction.
- [04:30] We have found a work around to get this deduction by having a management company.
- [05:09] You need to have these types of conversations with your corporate compliance people.
- [06:13] Doctors and professionals can lower their taxes by having money flow through their practice or management company.
- [08:59] A 21% flat tax is an amazing thing especially for professionals.
- [09:13] Have a management company that performs non-professionally licensed tasks with an S election, so you can get pass through income and your QBI deduction.
- [09:42] Associative entertainment deductions are gone. Travel meals are limited to 50%.
- [10:43] If you think about it, the trade offs are worth it.
- [11:15] Get your tax team involved and ask about the effective tax rates of your current entities and what changes you may need to make with the new laws.
- [11:49] Create a plan and create a budget. You need to document everything.
- [12:31] Have a resolution and plan backing up that resolution. Check and recheck your plan on a monthly basis and make sure you are doing everything in that documentation.
- [12:59] Find a professional team, put a plan in place, and document everything.
- [14:08] Be sure to issue your corporate stock if you have an LLC. Make sure there is another officer in the annual minutes.
- [15:20] Document a special resolution for anything that is special. Track large changes.
- [15:48] Have cash flow in your proceedings.
- [16:32] Email StartAssetEducation@gmail.com
- [17:21] Anyone making $175,000 to $200,000 needs to talk to Mike. There is a phase out that starts at these numbers. They need to be spread out across the structure.
Links and Resources:
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We have all heard the old adage that real estate is the fastest way to create wealth. My guest, Tim Denbo is a friend and community member who was involved in the real estate industry when he saw a pain point and decided to do something about it. He had the vision and skill set to create a tool that makes it easier to market real estate across the industry from selling, renting, residential, and commercial.
VirtualTourCafe is a tool that helps real estate marketers create websites, virtual tours, and flyers easier, faster, and better. Tim talks about all of the benefits of his tool from being more cost effective to the real savings of selling or renting faster. He also talks about staging, photography, his book, and virtual staging. He even shares a story where a seller was going to give up, then tried the virtual staging tool and sold the property in a week.
You can find Tim here:‘My book is just a better way to help our clients and anybody do a better job of taking photos and marketing their properties.’ -Tim Denbo Click To Tweet
- [01:08] VirtualTourCafe is to help people involved in real estate to better market their properties. Tools, presence, and exposure.
- [02:02] This is a system that makes things easy for people who aren’t tech savvy. Creates property websites, virtual tours, and flyers.
- [02:49] People can log into their own account and create tools that will help them do things fast and easy.
- [02:55] Tim also wrote How to Photograph and Market Houses to Sell Fast.
- [03:16] He wrote this book in response to people’s questions about how to get the best pictures for their listings.
- [04:12] Tim was affected by the crash of 2008. This gave him an opportunity to rethink what he was going to do with his life, and he got into real estate.
- [04:43] He noticed other agents needed help photographing and marketing their properties.
- [04:50] He had a lightbulb moment and decided to automate the process.
- [05:02] It took a team of developers and programmers about six months to launch VirtualTourCafe back in 2008.
- [05:26] Now they have users in every state and several different countries.
- [05:34] What is virtual staging? How does it work?
- [05:47] They just launched RealEZPhotoFix. Virtual staging is taking a digital photo and adding furniture to make it looked staged.
- [07:35] It is okay for realtors and real estate agents to use virtually staged photos as long as they disclose the fact.
- [07:57] In real estate, it’s all about disclosure especially if you are licensed.
- [08:36] Physically staging homes can cost thousands of dollars.
- [08:57] A digitally staged photo is $32.
- [09:38] Some buyers have a hard time visualizing what the room will look like. Having the perception of what it will look like can increase sales.
- [10:18] The real value is being able to sell the property quicker.
- [11:45] This techniques enables sellers to get the property on the market while it is still being prepared.
- [12:23] They can do 3D rendering and finish a room that is under construction. They can also be clutter a messy room.
- [13:17] When taking pictures, level the camera and keep it straight.
- [13:54] Lighting is also very important. Turn on all the lights and take photos that aren’t facing the window.
- [15:15] Put the toilet seats down.
- [15:32] With furniture less is more. Get rid of as much as you can.
- [16:58] Take a shot of the front of the house with some blue sky.
Links and Resources:
- Loral’s Real Money Talks
- How to Photograph and Market Houses to Sell Fast
- Ask Loral
- Get Your Free Report
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