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My First Million

How to retire with millions (and pay $0 taxes)

My First Million

Hubspot

Entrepreneurship, Investing, Business

4.82.7K Ratings

🗓️ 14 May 2025

⏱️ 70 minutes

🧾️ Download transcript

Summary

Episode 707: Sam Parr ( https://x.com/theSamParr ) and Shaan Puri ( https://x.com/ShaanVP ) talk to Ankur Nagpal ( https://x.com/ankurnagpal ) about IRS loopholes that can help you grow your net worth plus Ankur shares 6 business ideas.  See Ankur in person at the OOO SUMMIT on Friday, May 16th - https://lu.ma/2025  — Show Notes: (0:00) Ankur's portfolio experiment (10:46) A case for direct indexing (16:29) Super backdoor roth conversions (20:59) Mega backdoor conversion (23:52) IDEA: Executive Clinic for Aesthetics (32:32) IDEA: Amish Farm Imports (36:18) IDEA: Credit Card Agent (43:01) IDEA: Homeownership app (47:35) IDEA: Padel club (56:31) IDEA: Buying a sports team — Links: • Steal Sam's guide to turn ChatGPT into your Executive Coach: https://clickhubspot.com/dvj • Teachable - https://teachable.com/  • Carry - https://carry.com/  • Frec - https://frec.com/  • Superpower - https://superpower.com/  • Flightfox - https://www.flightfox.com/  • Seats.aero - https://seats.aero/  • Home Depot Workshops - https://www.homedepot.com/c/kids-workshop  • The OOO Summit - https://lu.ma/2025  — Check Out Shaan's Stuff: • Shaan's weekly email - https://www.shaanpuri.com  • Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents. — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth • Sam’s List - http://samslist.co/ My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano

Transcript

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0:00.0

I've now met so many regular people with eight and nine-figure Roth diaries on which you won't owe

0:05.6

any taxes at all.

0:06.9

And a lot of them have done that with vanilla investing.

0:10.0

I feel like I can rule the world.

0:11.9

I know I could be what I want to.

0:14.8

I put my all in it like no days off.

0:17.2

On a road, let's travel, never looking back.

0:19.2

I think that we're going to do basically like first half of this is like money tips,

0:24.8

meaning like, you know, sort of like personal finance stuff that nobody really teaches you,

0:29.3

you know, because we get most of our personal finance information either in from two really bad

0:33.4

sources, either your parents who probably only knew so much.

0:38.5

And like when you're a little kid, you think your dad knows everything. But then when you grow up, you're like, oh, he's just a guy.

0:41.8

And like, you know, he did the best he could with what he had. And the other thing is like,

0:44.7

you know, TV or books or salespeople who was like, their incentive is very different than yours.

0:49.2

Right. Like one of my favorite YouTube videos is like about, it has a picture of Jim Kramer and it says, will this, will this very loud man make me money? And it's like, no, he will not.

0:58.8

The blinking lights on this guy's screen and that this money guy on TV is not the guy to listen

1:02.8

to. So we'll do that. And then you had a bunch of business ideas also like that you've been

1:06.0

brainstorming your cheat cheat of startup ideas. So we'll go to that after. Sean, do you do you guys know each other well, by the way? I don't even know.

1:12.4

We've never hung out in person. We've never hung out. We've exchanged. We've tried to hang out,

1:16.6

haven't hung out. The last episode was the closest we've gone. I like you every time we talk.

1:21.6

Yeah. So let me introduce you. Sean, this is my friend Ocker. This is my friend Sean. I've known Ockar since 2012 or 2013,

1:30.2

and we've been buddies since, and I've known Sean since 2013, 2014. I think I'm one of the only

...

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