00;00;06;16 - 00;00;27;07

Unknown

Welcome to the Profit First for Real Estate Investing podcast. Every week we bring you top investors and experts sharing how they create clarity, cash flow and consistent profit. This episode is brought to you by simple CFO. Profit first. Profit always. Let's go. Hey, this is David Richter and this is the Profit First Story podcast. Thank you for listening.

00;00;27;07 - 00;00;46;01

Unknown

This is Carl Lane, and this is an exciting one because this is where if you are in the real estate world and you're like, I am so sick of not knowing where to put my money, and especially in places where I want to pay the least amount of taxes, or I want to do stuff creatively because everyone that's in the real estate world does creative stuff.

00;00;46;01 - 00;01;06;17

Unknown

We have Carter on today talking about self-directed IRAs and just that whole world. Carter, thanks for being on the show today. Yeah. Thanks, David. I'm excited man. I've heard a lot about you before meeting you. And, and yeah, this is a real honor, and I'm excited to be here. Yeah, well, I'm excited to have you. You're definitely one of the sharpest dressed people that have come on the podcast.

00;01;06;17 - 00;01;29;04

Unknown

Number one, if you're watching this on YouTube, you can obviously see he's got some of the best hair to like in all of these masterminds that I go to. I mean, I mean, Carter's to the tee here. This is awesome. So I won't focus on that though. Let's go down the road of, okay, if people have never heard of self-directed IRAs and are thinking like, what the hell does that even mean?

00;01;29;04 - 00;01;53;00

Unknown

Like self-directed? And you know, I've heard of IRA and maybe traditional IRA 401 K, can you give us that overview? And then I'm going to ask you a bunch of other questions. Yeah. So we're going to kind of just break it down to like the simplest form. So you've got here in the United States or in specifically talk here, you have individuals here that have about $43 trillion, give or take, in retirement accounts right now.

00;01;53;00 - 00;02;14;14

Unknown

And these are like IRAs for one case, you know, the big players fidelity or whatever. Only between 2 to 5% of that self-directed, which means there's so much of people's money that they that are in these retirement accounts that they have no idea that they can actually control. And self-directed just means invest into the things that they believe in, no trust want to invest into.

00;02;14;15 - 00;02;42;08

Unknown

So they're not stuck in like the stock market or like just a list of things that a company gives them. Correct. And so what we focus on is, you know, with these different groups, but just individuals in general is just educating them on, you know, what's possible. Like how how is it that you know, most people are taught the same thing, which is what I was taught, and I can kind of tell my story a little bit, but get a good job, saved my money, put it into, you know, these savings accounts or these retirement accounts, and then I'm going to retire at the age of 65.

00;02;42;08 - 00;03;02;05

Unknown

And then apparently we're all going to just like, migrate to Florida and live. Well, but, you know, sadly, you know, almost 85% of people go back to work after they retire within three years. And so the questions like, why is that a broken system? Why is it not working? Well, the stuff that we're taught to put our money into IRAs, four 20s, whatever, we're just not taught that.

00;03;02;05 - 00;03;17;19

Unknown

They're just so baked with fees and or invest in the things that lose every 4 to 7 years. And we got to rebuild and do all these things. And so the really cool thing about like, your viewers and, you know, just people in general, right? We're looking for a different way. Like there's got to be something different. There has to be a different financial vehicle.

00;03;17;21 - 00;03;47;14

Unknown

And so for most of us, we look at some form of real estate or another as that financial vehicle. So what unified Wealth does and what we want to do is come in and teach people's like, look, as you're kind of heading down this path of of learning and growing wealth in these alternative assets, did you know that you have all of these moneys over here that can be repositioned, taking it away from someone else's control, putting into your control, and then using that money down the path that you're going, which is investing into, you know, real estate one form or another.

00;03;47;14 - 00;04;07;04

Unknown

And then as you make money, you get to keep that money. As you mentioned before, you get to minimize your taxes legally, because at the end of the day, really, David is like taxes are a game. Retirement is a game. Now there's rules to that game, right? There's there's things that you gotta have tools, which is, you know, a self-directed account.

00;04;07;06 - 00;04;22;05

Unknown

But with these tools you can kind of play the game at a much better pace and actually, you know, win the game at a, at a much quicker pace than otherwise you might be doing if you're just saving your money in pocket, do these things that you don't know what it's what's being done to it. Yeah. Which is typically what a retirement happens.

00;04;22;07 - 00;04;38;27

Unknown

And that's where profit first, you know, like we're all about keeping more of the money. And this sounds like a great way for someone who's not of the traditional mindset but wants to like, invest outside of the stock market and to be able to really like it says self-directed, you know, like being able to put it in the things they believe about that they care about.

00;04;38;29 - 00;04;57;02

Unknown

And I know there's a bunch of stipulations. There's a bunch of things on it that's getting into the nitty gritty. But why would someone want a self-directed versus just a traditional IRA? Like, is it just because of, you know, like, are there any other benefits other than I could just invest in real estate? Like, are there other benefits to the self-directed world?

00;04;57;05 - 00;05;19;20

Unknown

Yeah. So like let's just take a look at like the stock market as a whole. And I'm not saying the stock market is bad. I'm not saying, you know, equities are bad or bonds are bad. What I'm saying is, you know, when we look at like an IRA for one, like when those things were created in the 70s and 80s, they were never created to be like the thing, like it's the one and only thing that's going to help you build wealth, and you got to put it in equities long term.

00;05;19;22 - 00;05;52;22

Unknown

But what a self-directed account allows folks to do, is it allows them to diversify, right? Equities for one case. Those are cool. If you're worth a company, you have a form of companies matching it. Free money. Cool. Do that. But that doesn't have to be the only path, right. So a lot of the folks that come to us from one organization or another, they're like, look, yeah, I've got some money in equities, but I also want to do real estate because I know whatever path they're doing, whether it's, you know, notes or rentals or rehabbing or tax whatever, they're like, I can also make money over here.

00;05;52;22 - 00;06;09;09

Unknown

And a lot of times my returns are much better. The other benefit is if my money's in my control and I'm putting into real estate, you know, a tweak doesn't come out or a war doesn't pop off, or something happened to the market where all the returns that I made go away. And that's just historically what happens every 4 to 7 years.

00;06;09;09 - 00;06;30;27

Unknown

Any growth returns. And then, you know, most people have to start over. So I think what we have is as a society right now where people are being more educated than ever, there's more resources to learn stuff. And people are going, wait, why have I bought into this thing when it's not really get the job done at a 5 to 6 or 7%, you know, return annually?

00;06;30;27 - 00;06;53;15

Unknown

And that's typically what you know, most investment accounts do, you know. And then I want to bore everybody with the devaluation of the dollar and inflation, it's like your money is worthless and it's just not getting the job done. And so we want to, you know, educating people which people are more educated. That's why they go to a group, you know, the different organizations and the folks that follow you and, and learn from you and your group is we want to add to that.

00;06;53;15 - 00;07;13;10

Unknown

Education is like, look, there's other things that you can't do, right? And it sounds like this is a very good option, like to a listener who's in the real estate world as an alternative to just, you know, parking their money in the stock market as they make money, as they're keeping more of it, you know, instead of just doing a traditional and a traditional IRA or a Roth or whatever, you can have the self-directed account.

00;07;13;17 - 00;07;31;09

Unknown

When is a good time for someone to open up a self-directed account? Like when do you advise people to do that? Or like, let's just say I've got a fix and flipper who's been flipping for the last 2 or 3 years, you know, they start to make some money. They're making over six figures annually, you know, like inside of their company.

00;07;31;11 - 00;07;50;00

Unknown

Would you advise them to start, like, when do you say, hey, I think you should open up a self-directed account. Yeah. No, that's a really great question. I'm obviously going to say yeah. Now. Right. So an especially so for this scenario. And a lot of folks have that question who are business owners. Like a lot of us that start out in the real estate I've been in real estate about 20 years.

00;07;50;00 - 00;08;13;12

Unknown

You know, I was a business guy that, you know, so there are specific self-directed retirement accounts for business owners. So like as the guy or gal that has an LLC or an S Corp and they're making money and investing while they're paying taxes on that money because it's growing, right? We get deductions and things like that. And without boring everybody to death with tax code.

00;08;13;12 - 00;08;39;02

Unknown

But a business owner can make a bunch of money and also contribute to a business's retirement account. So there's a really cool account that we specialize in called a solo. For one K, and it's only for business owners. So if I have LLCs or an S Corp or whatever, I have the ability to have my own businesses retirement account where I can contribute up to $74,000 per year of my business income into the retirement account.

00;08;39;04 - 00;09;04;03

Unknown

Now, because it's a self-directed one, I can take that money and I can reinvest it into real estate and all the other cool things that I'm already doing, one form of real estate or another. So what I'm doing is instead of just writing a check to the United States Treasury and saying, okay, off to the ether or whatever, I'm giving it to myself and my own account, and I'm investing the things that I want to invest into, and I'm paying myself the interest and my interest is compounding for me.

00;09;04;05 - 00;09;19;27

Unknown

Yeah, right. I'm not giving it to a, you know, a financial fidelity, not saying everything wrong with fidelity, but like, I'm not giving it to a financial institution that are just going to fee the crap out of it. I'm giving it to myself. I'm investing the things, I'm keeping the money, and I'm building an ecosystem around myself through a business and through my retirement accounts.

00;09;19;29 - 00;09;38;16

Unknown

So to answer your question now is the best. So now is the best time. I would say to it sounds like you have to be a profitable business, correct? Like you can't be on life support. And like this is going to say, because it sounds like if you put in the self-directed can, can you reinvest back into your own business or is that a process.

00;09;38;16 - 00;09;58;22

Unknown

Yeah. You transaction. Yeah. You can. Yeah. We're kind of going into the weeds here. You know, so I'm going to give you a link and you can share with you people. We can kind of take a deeper dive, you know, individually on a individual, a person's specific situation. But so let's talk about the person that's just starting out and investing.

00;09;58;24 - 00;10;15;18

Unknown

Right? I set up a business and I'll use myself as the example. I was a W2 guy 21 years ago. I wanted to invest in a real estate because I knew it created more wealth than anything. And so I all I, you know, knew in the beginning was like, I need an LLC. Okay, cool. I have an LLC.

00;10;15;24 - 00;10;34;00

Unknown

I spend a bunch of money on trying to get my, you know, softwares and things like that to get my LLC running. Well, my, my business is profitable, but what I didn't realize at the time and I and just like a lot of your people, you know, I reached out to mentors to teach me all this stuff is even though I have a business that's not profitable, that business can show losses.

00;10;34;00 - 00;10;53;08

Unknown

And because I'm a to person, I get to play in all the tax code, which is about 6000 pages. And so because I have a business, because I have a self-directed retirement account attached to the business and I'm a W-2 guy, I got a lot of tax deductions, and I got a bigger tax return because I get to play in all the tax code sandbox.

00;10;53;10 - 00;11;14;09

Unknown

So it doesn't matter if the business is, you know, booming. It doesn't matter if it's just starting. You know, these are tools that allow somebody to play the game of taxes, play the game of retirement, and do it in a way that's, you know, very strategic, legal, moral, ethical, you know, and allow us to legally pay the minimum rate in the taxes.

00;11;14;09 - 00;11;36;18

Unknown

You know, it's a game, you know. Yeah. So it sounds like this, this strategy in the self-directed world helped you on your journey as well to get you're a product of the system as well. Yeah. I mean really quick, you know, like so I learned from my mother. My mother was like the one that taught me early on, get a good job, save your money, put it in your for one K, get a good job.

00;11;36;18 - 00;11;55;14

Unknown

Number one that has A41K, make sure they match it and then do that thing. And my money. My mother worked for a company called Freddie Mac. A lot of your viewers are going to know who Freddie Mac was back in the day, 32 years. This woman was like saving, saving, saving, saving, 18 months before she was going to retire, 2008 came.

00;11;55;14 - 00;12;19;15

Unknown

We everyone knows what happened in 2008. My mom shows up to work on a Monday. The doors are locked. She gets a phone call a week later, letting her know that her entire life savings was wiped away in the stock market in one day. Wow. Now, now she's saved almost $1 million in her 41 K plan. My mother also was, you know, new into real estate.

00;12;19;15 - 00;12;39;19

Unknown

She had four rental properties. Nobody taught her how to structure it in a way that would protect it through businesses. And one taught her the tax advantages. Nobody was actively managing her money. Nobody had told her that she could self-directed and everything wiped away in a matter of months. Nine months after that, she passed away in her sleep due to emotional hardship.

00;12;39;21 - 00;13;04;13

Unknown

Wow. So that was the catalyst for me. You know, I remember standing at her funeral was like, what with what is what's happening? Like, I realized for me, it was it was this financial untruths that I had been taught that saving your money, getting a good jobs job is going to save me. The the 4k plan was going to be the thing, and watching this woman do it like David, she was like perfect to a tee followed by every single rule.

00;13;04;15 - 00;13;22;22

Unknown

Yeah. And passed away with nothing right before. I mean, she was 62. She was going to have her early retirement. And so just like a lot of your folks, like I study, you know, I reached my hand out and I learned from professionals and I learned all of this stuff, and I wanted to be mentored. And then I went out and started to help people understand this stuff.

00;13;22;22 - 00;13;57;15

Unknown

So, yeah, there's just it there's there's another way to do things. You know, when we use real estate, there's and again, the folks that are watching have W-2 job. That's awesome. Like, you're building this runway, right? You're building this wealth. There's also this thing that can be built on side of that. So if we ever want to take the off ramp and go into business full time, like we have the off ramp to do that or the option, or we can just stay and run both roads simultaneously, job and business, you know, sounds like this is not just a passion project in your in the self-directed world, but it's a mission based on what?

00;13;57;17 - 00;14;16;14

Unknown

Yeah, I just heard right there, that was some heavy stuff and I'm sorry you had to go through that. It sounds like you've turned that into something where you're trying to help as many people avoid what happened in that situation as possible. Yeah. No, thank, thank you for saying that. And I, I, I believe that wholeheartedly on a daily basis, man.

00;14;16;14 - 00;14;32;15

Unknown

I want to help as many people that are willing to listen to the message. And if all I do is just educate people on like what's possible, because the thing is, like, even though I do real estate, my job is to teach people to make money. Real estate, like that's your group job. Like they have different, you know, education and you know, they have that path.

00;14;32;18 - 00;14;52;09

Unknown

My job is to be on the side and be like, okay, cool, you're heading down this. Like, these are all the things that can help you build wealth for you, protect it, minimize your taxes, build for your future financially, support your family. Have the money go in your pocket. Have the compounding interest come to you and not just given money away for no reason, just because we don't know any any better.

00;14;52;11 - 00;15;11;23

Unknown

Now that's so good. Because I don't know if you've seen this card, but you know, like when people play Cash Flow 101, that game from Robert Kiyosaki, it's like they're stuck in the rat race and it's like you've helped them build a bridge to like the fun track, the financial freedom, you know, through the self-directed and making sure that they're that they're not left on the side of the road.

00;15;11;23 - 00;15;32;06

Unknown

You know, it's like, okay, we worked our butts off. We did everything right. We put all this money away. We made lots of money, whether in W-2 or in a business or real estate investing company, and now there's nothing to show for it at the end of the day. And you're really helping people with that education side. So I did want to ask then there's other self-directed companies out there.

00;15;32;08 - 00;15;53;09

Unknown

Would you say that your mission there and what you're doing, is it the education that makes it different? Like how would you say that you have separated yourself from kind of the pack of companies out there? Yeah, no. Thanks for the question. Yeah, the education for sure. Education comes first. We want to make sure people understand what their options are so they can base decisions, you know, on what's going to be best for them.

00;15;53;12 - 00;16;16;11

Unknown

The second part of that is the way that we build them is just a completely different way. Yeah. There's tons of self-directed companies out there. What what most people are going to find is the custodial model, which which basically is you give your money yourself, your retirement money to that company as the custodian, that company holds that money in their control.

00;16;16;13 - 00;16;38;01

Unknown

And then if you want to use that money, you have to ask permission to that company, hey, I want to do this deal. It's going to go here, here's how much, here's why I'm doing it. And because the custodian controls it, they're going to take some time to review it. They're going to you know, it takes time. And as you know, David, in real estate, like we need to base decisions on facts and figures right now in real time.

00;16;38;01 - 00;16;52;29

Unknown

Make sure the numbers work and we need to pull the trigger. Right. That deal is not going to hang out for, you know, three days to three weeks before I can, you know, so and then and then the custodians will charge fees to do that because they control they're going to charge a fee, they're going to charge a fee.

00;16;52;29 - 00;17;13;23

Unknown

And there's annual fees and fees, fees, fees, which completely goes against why we want to control our money to get away from the fee based process. So so yeah, our process is completely different. We build our self-directed accounts. It's a checking account at a bank. We're partner with a bank. So a client moves their money from a fidelity to a Schwab or whatever into their own bank account.

00;17;13;25 - 00;17;27;17

Unknown

They have their own debit card, their own checkbook. You know, it's an entity. You know, we build it with a trust, and I don't want to bore everybody to death with, like, how a watch is built. But, you know, we can do that on the one on one call, but, it's a it's a retirement account.

00;17;27;17 - 00;17;48;09

Unknown

That's a trust. It's a bank account that the client can do whatever they want. They don't have to ask permission. They don't have to pay a fee. They just can deploy their money at will into things that they want to invest into. And then our pay a fee to do it. That's that is so interesting because yeah, like I, I know people in this space and all I've heard of this is the custodial model.

00;17;48;09 - 00;18;07;21

Unknown

So I think this is very interesting where okay then you're not like the trust or you're not the custodian for the people then are you then advising them in like setting and helping them like almost hand-holding them to get it set up and what they can and can't do. Like you said, you're you're telling them how the watch is built almost.

00;18;07;21 - 00;18;24;10

Unknown

But being able to do it so they're successful is that it as well as what I'm picking on. Yeah. So we build the watch so we can help you help which we do it for. Right? Okay. You do it. We build the retirement account. We create the trust account. We set up the bank account, we roll the money, we do all the stuff, okay.

00;18;24;17 - 00;18;48;01

Unknown

And yeah, we do ongoing education. But it's David when I say and you have a lot of custodians, they want to make it feel as if you, the client doesn't want to control your money because you the client is there's so much of the there's all these different rules and, and I'm like, I'm a simple guy. I'm like a cookies on the bottom shelf guy.

00;18;48;01 - 00;19;08;12

Unknown

I just want it to be super easy. So yeah, there's there's two things you can't do with a self-directed account. You cannot buy life insurance with it basic, and you can't invest into a collectible, like you can't buy a stamp, coin or alcohol. That's it. Yeah, like that's it. Go do whatever else you want. You want to start a business, you want to invest in real estate.

00;19;08;12 - 00;19;26;26

Unknown

You want to buy land. You want to buy cattle like anything that's not a collectible or life insurance. Like go get on my pat you on the back and say, see you later. Call me if you have a question. No pain you for the question. Just call me if you have a question. Yeah. That's so interesting. It's just such a different model than what I'm used to hearing in this space of wondering.

00;19;26;29 - 00;19;46;19

Unknown

Yeah, those are the models. Yeah. Okay, so that's where you are literally building it for them and then you're there for them if they need you. And then there's ongoing education. Okay. Webinars on a weekly basis. I have one tonight and we just educate it. Right. It's kind of an open forum. People are doing deals. My job isn't to tell them to do a deal, not to do a deal.

00;19;46;19 - 00;20;01;05

Unknown

My job was like, okay, cool, here's the best way to do that. Yeah. And you can take a loan from the retirement account. You can fund your business, have the business, make the money, pay the you know, it's like there's a lot of different cool things that can be done after that. But we just want to teach, man, I want to build you the thing and I want to teach you how to use it super easy.

00;20;01;07 - 00;20;23;21

Unknown

All right. I have to pause the episode real quick. If you're a real estate investor who's tired of wondering where your money is going or why you're closing deals but still feeling broke, you need to talk to simple CFO, simple CFO is profit first certified and fully endorsed by Mike McCall. It's the creator of Profit First himself. Our team specializes in helping real estate investors finally get control of their cash flow.

00;20;23;27 - 00;20;44;20

Unknown

So you keep your money, you pay yourself consistently and build a business that doesn't run on chaos. We'll help you implement the profit first system the right way so that the financial processes you've been missing, and give you a dedicated fractional CFO who actually understands investing and keeping track of your numbers on flips, wholesales, rentals, private learning, all of it.

00;20;44;23 - 00;21;07;24

Unknown

So if you want predictable profit instead of waving deal to deal, head over to simple cfo.com and book your financial clarity call today. That's simple cfo.com. Stop living in confusion and start keeping the money you worked so hard to earn. Now back to the episode. Okay, I want to ask this because this is also a touchy subject in this space.

00;21;07;24 - 00;21;27;13

Unknown

Customer service. Like how is it there? Not that I, you know, is it impeccable? I was going to say I'm asking the basically the top guy here, but this is where a lot of the other custodians, you know, you're here even even though you're paying to call them like the long wait times or like the person doesn't know the answer or like, hey, go figure this out.

00;21;27;13 - 00;21;44;16

Unknown

Go Google this you know thing. It sounds like you take more of a coaching and like a very hands on approach versus like, let me just call this number, get someone that has no idea what they're doing. That is literally just clock in and clock and now and like, okay, if I find the answer, great. If I don't I don't.

00;21;44;18 - 00;22;01;05

Unknown

Yeah. So so we're heavy on the education up front. Like we want to make sure that everyone knows what it is, how how it benefits them, how they can use it. It's very simple. You the way that we build them. It's a bank account. It's an entity. You use it the exact same way that you would a business.

00;22;01;05 - 00;22;26;02

Unknown

Same thing. Wire money, ACH, swipe a debit card, write a check, invest in something, deposit in the checking account so you're even removing some of the barriers that make it to where the other companies have the questions pop up. Because you're not the custodian. Because I think that's a lot of it, is like they're just reaching out for different things, like, hey, can I get the money or can I get it faster, or can I do this or that or whatever it might be where you've removed some of those barriers of entry for a self-directed account?

00;22;26;03 - 00;22;44;29

Unknown

Okay, correct. Yeah. I like in not saying, you know, just for education purposes, custodians. Right. They make money when the client's money is in their account. Right? Right. Then they get overnight fed rate and they charge fees too, right? That's so not saying that they make it difficult, but they've you know they don't have to do it, man.

00;22;44;29 - 00;23;04;13

Unknown

If I'm just being completely honest David. So like the IRS code says, look a custodian just doesn't have to let you do that particular investment, not because it's illegal, but because maybe they're having some some difficulties in administration department. Or they can say, hey, no, we don't actually like that deal. Well, you're going to you're doing a rehab in Ohio and the cap rate's 12%.

00;23;04;15 - 00;23;20;05

Unknown

We don't love it. Yeah, well, that's but that's my money. I should be able to do that deal if I want to do that deal, I don't know why am I asking permission? And then why am I also paying a fee for that? Yeah. That's great. So yeah, that is a lot different for that setup. And I really like it.

00;23;20;05 - 00;23;53;23

Unknown

Okay. Well we're getting down to the final minutes here in this, but I want you to give your best real estate advice, like whether it be for the retirement accounts or whether it be just something that you've learned over the years, doing it yourself. But what's something that you would want to impart to the listeners? Before we start to wrap it up on the real estate, I'm going to say just in general, but anything that anything that you're interested in, anything that you have a passion for, that you want to do, find the right people that know how to do that thing and reach your hand out and ask for guidance and help.

00;23;53;26 - 00;24;12;15

Unknown

You know, I've been fortunate in my life with men in finance and business and, you know, asset protection, retirement to teach me, from Goldman Sachs to Fidelity, to asset protection attorneys. And I've and I've been mentored by like the like people in the space that I wanted to learn that thing. And just man take suggestions, be open to suggestions.

00;24;12;19 - 00;24;37;03

Unknown

Understand that you don't know it all. And find a group or people that know how to do that thing and just get behind them and follow them. That's been my experience. Whether it's on the real estate side, the self-directed side. But, you know, knowledge is key, man. And like right now, we're in such a blessed time in our lives where there's more, there's more groups and there's more like, you know, high level people and community to teach us these things.

00;24;37;03 - 00;24;55;03

Unknown

Because guys like you and I, we actually want to help. It's like, come here, man, let me show you. Like what? Like I found a way through this thing. Let's let's show you how to do the same thing. Yeah. No, that's awesome. Because yeah, being open to feedback and like you said, finding your tribe, that group, that community that's been where you want to be and really leaning in and asking them.

00;24;55;07 - 00;25;14;25

Unknown

So I did want to ask, what's your best tip then in your line of work, like the self-directed industry, do you have like a hot tip or something that we didn't talk about where you're like, man, I wish everyone would know this. Yeah. I mean, we'll just keep it on this self-directed subject matter. So a tip in the self-directed subject matter like I'm a 49 year old guy, right?

00;25;14;25 - 00;25;32;05

Unknown

Retirement age is 59. Well, because I have a and these are things that I'll teach the viewers that are, you know, watching this if they if they'd like, want to have a conversation. But if I have a business is making money and I contribute to my businesses for one k plan, well, that's still a retirement account. So in there, I got to wait until I'm 59.5 to live off of it.

00;25;32;07 - 00;25;53;21

Unknown

But the cool little tip, you know, trick is I can borrow money from that retirement account personally to myself. I can then fund a business, have that business make a bunch of money. I can pay myself back interest as much as 100% if I want. And then I can just kind of keep that ecosystem going so I can.

00;25;53;21 - 00;26;19;02

Unknown

My business makes money. I contribute to the retirement account. I borrow the money personally, I stick it back into the business. I make more money. I can live off the money my business makes. I can take the money. And it's just this ecosystem that just all the money flows back to me legally, morally, ethically. There's so interesting I okay, we we're going to have to have a second session or something because now I have like a million more questions because I mean, that's just like one of them, one of many causes.

00;26;19;04 - 00;26;42;29

Unknown

So yeah. No. That's awesome. I love hearing that and that you're doing that with the self-directed accounts, because I've heard that with other products out there. Just not the self-directed stuff. That's very cool. Okay, so now that you've definitely whet my appetite and I'm sure other people's, what is the best way for people to either reach out to you, get Ahold of or go to the webinars, like, where do you want to point people to?

00;26;43;01 - 00;27;07;02

Unknown

So I think, initially, everybody can just go to WW dot talk to unified.com/p f for profit first. So there's the the link right there. You can book a well I mean what we'll spend an hour hour and a half with people and just educating them like where are you at, what path are you heading down?

00;27;07;04 - 00;27;27;13

Unknown

What are the best things that can kind of get you there? Potentially a much quicker rate. You know, how the retirement accounts work and kind of the ecosystem. So we were just loved, educated, all this stuff. And I know we spent, you know, we really 30,000ft macro view. You know, we would love to get really granular with people specifically on the situation, how these things could potentially help them.

00;27;27;15 - 00;27;45;14

Unknown

Yeah. Now this has been awesome. Where from number one, this is really a mission for you. And I again, just thank you for telling that story because I think that hits home with lots of people where they've seen someone in their life. They had a loved one that did it right or tried to do it the best they could, and then everything got wiped out.

00;27;45;14 - 00;28;15;28

Unknown

So I appreciate you bringing up your own personal story there and now how it's you're helping other people on that journey as well too, and I did. It was very interesting learning what Unified Wealth does because not as a custodian, but more of like, you're helping people build this and even building it for them and then educating and really being that support from that side, which I think is so different than the typical model in the self-directed world, and just being able to go down this road with someone that has been there, you've been sounds like you've invested in real estate.

00;28;15;28 - 00;28;31;23

Unknown

You've gone down the road of building a business. You've gone down the road now of helping so many other businesses. I just want to recap. There was some of the highlights and I appreciate everything you said and finding the community, finding the people, asking the questions. Don't be afraid to say, I don't know this, please teach me. I need to know this.

00;28;31;23 - 00;28;54;17

Unknown

I raised my hand so it's been really great. So again, if you're listening, that website was WWE Dot talk to unify.com/pdf. That's where you can find them. And if you're making money but feeling broke and you're like, dude, I can't even think about a retirement account right now because my head's underwater. Reach out to simple cfo.com. That's our website.

00;28;54;17 - 00;29;11;04

Unknown

We can get you back on the right track, and then getting you investing in a self-directed account as soon as humanly possible, because this is something the longer you wait, the worse it is. The longer you wait, the worse it is. And this is where you, wherever you are being able to start that on your journey as soon as humanly possible.

00;29;11;04 - 00;29;28;05

Unknown

I do it myself personally. And then Carter obviously has helped tons of people in this space as business owners. So, Carter, thank you again. Is there anything else before we wrap up that you'd like to say? No, man, it's just it's a real honor to come and spend some time with you and, you know, share the message that there is hope.

00;29;28;05 - 00;29;46;28

Unknown

There is a way that we can do things, you know, different or better, to help us get into that financial stability and freedom that we're all looking for. So, thanks a lot for your time, man. I really appreciate it. Well, thank you. And if you're listening to this, remember, make profit a habit, but not an event.

00;29;47;00 - 00;30;00;04

Unknown

And remember to keep that money. That's it for today's show. Be sure to subscribe, review and share this episode. If you're serious about financial systems and keeping more of your profit. Visit simple cfo.com to take your free discovery. Call today.