161: You Must Be Weird | Common Asset Protection Mistakes, and LLC Updates featuring Garrett Sutton
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 27 June 2018
⏱️ 41 minutes
🧾️ Download transcript
Summary
#161: What makes you weird makes you successful. Embrace what makes you "abnormal".
Why? Because being wealthy isn't normal.
Inflation transfers wealth from lenders to borrowers. Therefore, be a smart borrower.
Next, Rich Dad Advisor Garrett Sutton joins us with updates to protect yourself and your real estate with Limited Liability Companies (LLCs). His website is CorporateDirect.com.
We learn about common asset protection mistakes. Garrett tells us why flip properties and buy-and-hold properties should be in separate LLCs, and more.
When you establish a Wyoming LLC which presides over your other LLCs, you get better protection and you reduce your audit risk.
LLCs vs. LPs also discussed.
Want more wealth?
1) Grab my free E-book and Newsletter at: GetRichEducation.com/Book
2) Actionable turnkey real estate investing opportunity: GREturnkey.com
3) Read my new, best-selling paperback: getbook.at/7moneymyths
Listen to this week's show and learn:
00:50 What makes you weird? Embrace it. That's often what makes you wealthy.
05:54 The New Orleans Investment Conference.
07:37 I'm the newest writer at Forbes.
09:55 Inflation transfers wealth from lenders to borrowers.
12:57 Garrett Sutton interview begins.
15:05 Common asset protection mistakes.
16:37 Buy-and-hold vs. flipping and asset protection.
18:55 Does every property need its own LLC?
21:04 LLCs in multiple U.S. states. What makes Wyoming special.
24:17 Reducing your administrative time in maintaining your LLCs.
24:50 Lower your audit risk.
26:33 California.
29:58 LLCs vs. Limited Partnerships (LPs).
32:41 Living Trusts.
34:34 New IRS rule to conform with by December 31st.
Resources Mentioned:
CorporateDirect.com | 1-800-600-1760
Transcript
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| 0:00.0 | Get Rich Education is brought to you by Ridge Lending Group and Corporate Direct. |
| 0:08.8 | Welcome to Get Rich Education with Keith Winehole, giving you information and ideas on the investment that has turned more ordinary people into millionaires and billionaires than anything else and can provide |
| 0:23.3 | you with more wealth and happiness than you ever thought possible. Now, here's your host, |
| 0:29.3 | investor, entrepreneur, business owner and educator Keith Weinhold. |
| 0:38.4 | Welcome to Get Rich Education, episode 161. |
| 0:41.7 | Hi, I'm Keith Weinhold. |
| 0:42.8 | And before we talk with Rich That Advisor, Garrett Sutton, about protecting your assets today, I've got a strange kind of question for you. |
| 0:50.6 | What makes you weird? |
| 0:53.4 | Yeah, think about that. I want to know what it is that you think makes you weird? Yeah, think about that. |
| 0:54.5 | I want to know what it is that you think makes you weird compared to others, |
| 1:00.1 | and I potentially want you to embrace that thing that's weird about you. |
| 1:04.3 | That distinctive behavior that sets you apart, that makes you abnormal, |
| 1:09.3 | you really might just want to embrace that because |
| 1:12.3 | you see being wealthy is abnormal itself I want you to dig out what is inside of |
| 1:19.4 | you that is both weird and good maybe I can help you do that if I just open up |
| 1:24.7 | and give you some examples of what I think makes me weird, okay? |
| 1:29.7 | If I think about the things that have had the most positive influence on my life and the |
| 1:34.0 | lives of others, they stand out as the actions that are bold and really that are weird. |
| 1:40.3 | For example, more than 15 years ago, I moved away from my home state of Pennsylvania, where I lived my entire life. |
| 1:47.7 | And that's a place that I guess a lot of people would consider a kind of normal place to live. |
| 1:52.7 | And I moved to Anchorage, Alaska because I had vacationed in Anchorage four times previously. |
| 1:58.0 | And I felt like Anchorage best fit my interests. Well, that was |
... |
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