$250M Founder Reveals How The Rich Avoid Taxes (Legally)

My First Million

Hubspot

Entrepreneurship, Investing, Business

4.8 • 2.7K Ratings

🗓️ 17 January 2024

⏱️ 57 minutes

🔗️ Recording | iTunes | RSS

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Summary

Episode 541: Shaan Puri (https://twitter.com/ShaanVP) and Sam Parr (https://twitter.com/theSamParr) are on a campaign to make sure no entrepreneur pays more taxes than absolutely necessary. They’re joined by Ankur Nagpal, the founder of Teachable and resident tax genius, to share the 10 tax loopholes every founder should know. No more small boy spreadsheets, build your business on the free HubSpot CRM: https://mfmpod.link/hrd — Show Notes: (0:00) Intro (3:00) Biggest secret to pay less in taxes (6:20) QSBS - the most generous tax break available (15:30) Do NOT move to Puerto Rico (20:00) There's no true alpha in investing (25:00) Sam's credit card tax hack (29:00) Solo 401(k) (33:30) Your CPA is not is not your tax strategist (41:30) Owning real estate to lower your tax bill (43:00) 4 triggers to happiness (47:30) Putting the Indian diet on blast — Links: • Ankur Nagpal Twitter - https://twitter.com/ankurnagpal • Teachable - https://teachable.com/ • Carry - http://carrymoney.com/ • Mo Points - https://mopoints.com/ • Points.me - http://points.me — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Moneywise - https://joinhampton.com/moneywise-podcast • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth Check Out Shaan's Stuff: • Try Shepherd Out - https://www.supportshepherd.com/ • Shaan's Personal Assistant System - http://shaanpuri.com/remoteassistant • Power Writing Course - https://maven.com/generalist/writing • Small Boy Newsletter - https://smallboy.co/ • Daily Newsletter - https://www.shaanpuri.com/ Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more. — Other episodes you might enjoy: • #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits • #209 Gary Vaynerchuk - Why NFTS Are the Future • #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto • #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett • #218 - Why You Should Take a Think Week Like Bill Gates • Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More • How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More

Transcript

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0:00.0	Today we're talking taxes because taxes are my favorite subject. They became my favorite subject when I paid way too much in tax when I sold my company and I was so happy and so sad at the same time today's guest had the same problem.
0:15.7	He sold teachable for over $200 million and then decided, you know what, he's going to go on a
0:21.3	renegade to make sure that no entrepreneur pays more taxes than they need to
0:26.0	we basically invited him here and he was like you know I could talk about my story I could talk about my life
0:30.8	We were like no dude talk dude, talk about taxes.
0:33.0	I feel like I can rude the world.
0:35.0	I know I could be what I want to.
0:38.0	I put my all in it like my days off on the road.
0:41.0	Onker, welcome to the show, man, and it's a long time coming.
0:44.3	Yeah, I'm excited to be here.
0:46.4	It's weird how I've now accumulated a lot of specific knowledge in this one kind of very
0:50.6	narrow topic and I'm excited to share it.
0:52.4	In the summary of your story and we'll talk kind of very narrow topic and I'm excited to share it.
0:52.8	And the summary of your story and we'll talk about a little bit later in the episode,
0:56.1	but we want to talk about taxes. Summary of the story is prodigy, I'm entrepreneur,
0:59.0	had a bunch of stuff, started at college, you started a company called Teachable,
1:01.8	sold it for $250 million when you were 31.
1:05.2	That was like a course's business.
1:06.4	Now you've got a new thing, was called Carry, no, it was called Ocho, now called Carry,
1:11.2	and it's like a 401k, like a self-directed 401k thing.
1:14.3	Yeah, absolutely. It's basically the bigger vision is how do we help people build wealth
1:18.5	by saving money on taxes and the solo 401k is our first product.
	...

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