2
SPEAKER_00
 than somebody who's making half a million dollars a year, or two million dollars a year, because now you probably have more resources to defend yourself, so that's a bigger fight for the IRS, and you're probably more protected because you have good advisors who've told you what to do.
2
SPEAKER_00
Because now let's say you're making- You're filing your taxes, you're doing all the right steps, and maybe- If you make a million, once you start making a lot of money, like if you're making over a million dollars a year,
2
SPEAKER_00
 You're not trying to play the game of trying to hide $10,000 because now you're already under scrutiny.
2
SPEAKER_00
The IRS is trying to see you do something wrong.
2
SPEAKER_00
And so if you try to get $10,000 under the table, it's a bad idea because you already know you're being watched.
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SPEAKER_01
You do everything by the book.
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SPEAKER_00
You try to be the best.
2
SPEAKER_00
And you have good advisors to guide you to do everything legal so you can pay the least amount of taxes possible legally.
2
SPEAKER_00
Now, if you're making $50,000 a year and you have a side hustle making you $1,000 a year,
2
SPEAKER_00
 You might take that in cash because you might say, this is a grand a year.
2
SPEAKER_00
It's just the reality, right?
2
SPEAKER_00
You're taking pictures at people's weddings.
2
SPEAKER_00
You're doing whatever.
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SPEAKER_00
You're making some cash and you're just doing it under the table.
2
SPEAKER_00
The IRS wants that thousand bucks.
2
SPEAKER_00
And this is one of those things where it's not surprising because if you look at what's been happening over the last couple of years, this is almost like been a foreshadow of things to come because
2
SPEAKER_00
 You remember over the last couple of years we've seen this new rule on Venmo, right?
2
SPEAKER_00
On Venmo transactions where they want all Venmo transactions over $600 or something like that where now if you're, let's say you're a photographer and you're taking pictures at your friend's wedding and he pays you $700 and Venmo has to report that, they want to know that.
2
SPEAKER_00
They never said why, but now you're starting to see all these things start to add up where if you're doing these small things
2
SPEAKER_00
 You know, it's just like things starting to fall into place where, oh, no wonder they started wanting all these details for this.
2
SPEAKER_00
No wonder they started really going after cryptocurrency brokerages.
2
SPEAKER_00
No wonder they really started doing all of this stuff.
2
SPEAKER_00
Maybe creating a digital dollar because they want to be able to see every transaction, which means they want to be able to tax.
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SPEAKER_00
 every transaction.
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SPEAKER_00
Of course, I can't validate this, but I mean, it's just like puzzle pieces starting to come together.
2
SPEAKER_00
And so this is where the tax thing, why is it so important?
2
SPEAKER_00
Because of inflation, because of the national debt.
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SPEAKER_00
The government needs more tax dollars to be able to go and fund their payments.
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SPEAKER_00
And so what are they going to do?
2
SPEAKER_00
Well, they're going to try to find the easiest hanging fruit.
2
SPEAKER_00
Is it going after a billionaire?
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SPEAKER_00
Probably not, because the billionaire is going to say, come after me.
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SPEAKER_00
 I have my resources, I have my army behind me.
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SPEAKER_00
I've got all my accountants, they've done everything.
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SPEAKER_00
We have everything there.
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SPEAKER_00
Everything is documented because we want to play by the books because we know you're already watching it.
2
SPEAKER_00
Now, I'm not saying that everything always is right, right?
2
SPEAKER_00
There's, of course, exceptions to this.
2
SPEAKER_00
But this is where you just have to understand, you know, they say that they're not going to go after anyone making middle income, whatever.
2
SPEAKER_01
But after you go, after you look at the thousand or so billionaires, OK, you got to look at everyone else.
2
SPEAKER_00
 I mean, so this is, again, right?
2
SPEAKER_00
That's what we would have to predict.
2
SPEAKER_00
And you got 80,000 people working on it.
2
SPEAKER_00
It's like, all right.
2
SPEAKER_00
It's just looking at history, right?
2
SPEAKER_00
I mean, history is the best indicator for what's coming.
2
SPEAKER_00
I keep saying that, and I'm sure your audience is getting very bored of the way that we're saying this.
2
SPEAKER_00
But I mean, it's the best indicator.
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SPEAKER_00
Because I can't look into the future and see what's going to happen, but I can look in the past and see what has happened.
2
SPEAKER_00
And I see that, hey, this is what happened in 2021.
2
SPEAKER_00
This is what's been happening because this is just the situation.
2
SPEAKER_00
And so for me, I've also seen a big
2
SPEAKER_00
 difference between good tax advisors and bad tax advisors.
2
SPEAKER_00
Is that why you're starting a tax?
2
SPEAKER_00
That's why, because I, you know, it's the entrepreneurial mind where when I get scammed, I get screwed over, I get, you know, these things happen, it makes me want to find a new solution.
2
SPEAKER_00
 That's how I started Minority Mindset.
2
SPEAKER_00
I got scammed when I started Minority Mindset.
2
SPEAKER_00
I got screwed over when I started my bad planning company.
2
SPEAKER_00
I got completely screwed over my first real estate investment deal.
2
SPEAKER_00
Pretty much every part of me had to do with something really bad happening.
2
SPEAKER_00
So I had a really bad tax advisor.
2
SPEAKER_00
He was really just an accountant who
2
SPEAKER_00
 filed my taxes and was never on time.
2
SPEAKER_00
And I got this call, it's horrible, it was just a mess.
2
SPEAKER_00
I got a call from my accountant one day, I'm in the office, this is right before my morning huddle.
2
SPEAKER_00
So we have a 9.30 a.m.
2
SPEAKER_00
morning huddle, calls me, I think it was like 8.45 in the morning, I'm in the office, says, hey Jaspreet, how are you?
2
SPEAKER_00
I said, good, how are you doing?
2
SPEAKER_00
He said, hey, listen, I need you to do me something.
2
SPEAKER_00
Can you wire or send the IRS $100,000 by the end of the day today?
2
SPEAKER_00
 And can you also send about $15,000 to the state government by the end of the day today?
2
SPEAKER_00
I was like, what?
2
SPEAKER_00
He said, sorry, we had some miscalculations.
2
SPEAKER_00
We did something wrong.
2
SPEAKER_00
We missed this and you need to send this by tonight.
2
SPEAKER_00
And I was like, geez, are you serious?
2
SPEAKER_00
Oh yeah, one more thing.
2
SPEAKER_00
You're probably gonna have to pay a penalty on this as well.
2
SPEAKER_00
 And this is a completely true story.
2
SPEAKER_00
When was this?
2
SPEAKER_00
This is less than a year ago.
2
SPEAKER_00
Oh my gosh.
2
SPEAKER_00
That's painful.
2
SPEAKER_00
It's very painful.
2
SPEAKER_00
And so I'm like, okay.
2
SPEAKER_00
I was very frustrated because I'm like, what did I do wrong?
2
SPEAKER_00
What are you talking about?
2
SPEAKER_00
He's like, you didn't do anything wrong.
2
SPEAKER_00
And I was like, well, if I'm the one that has to pay this and I'm the one who has to pay the penalty,
2
SPEAKER_00
 something's not right here and so I paid it and then I fired him pretty quickly because you know that's that's not the way I like to do business I like I want I want everything to be clean but I also want people who care about what they do and he was a cheaper accountant yeah I got what I paid for and so I went on the hunt
2
SPEAKER_00
 to find a good top of the line accountant.
2
SPEAKER_00
And I pay a lot more than what I used to.
2
SPEAKER_00
However, the situation scenario is extremely different because he has a very different personality about a different persona.
2
SPEAKER_00
And the way it works now is one, he manages all my books on time and a handled schedule.
2
SPEAKER_00
So every month he meets with me and he shows me, hey Jaspreet, here's your profit.
2
SPEAKER_00
I'm sorry, we'll start from the top.
2
SPEAKER_00
Here's your revenue.
2
SPEAKER_00
Here's your expenses.
2
SPEAKER_00
Here's what your expenses look like.
2
SPEAKER_00
Here's how they changed.
2
SPEAKER_00
Here's your profit.
2
SPEAKER_00
Here's your tax liability.
2
SPEAKER_00
 And here are the things that you can do to limit your tax liability.
2
SPEAKER_00
That's cool.
2
SPEAKER_00
Here are three recommendations or whatever that we believe based off of what's happening right now to legally limit your tax liability.
2
SPEAKER_00
And he has given me so many interesting ideas because the tax code is over 2,000 pages long.
2
SPEAKER_00
 And you need, I'm an attorney, I studied a lot of tax.
2
SPEAKER_00
It takes a lot of knowledge and education to understand and read the tax code, but then things keep changing all the time.
2
SPEAKER_00
Like even this Inflation Reduction Act is changing corporate tax structure.
2
SPEAKER_00
 So you need somebody who literally eats, breathes, and all they care about is tax.
2
SPEAKER_00
And this is this guy, right?
2
SPEAKER_00
And I'm like, dude, like, this is amazing.
2
SPEAKER_00
Like, I love this because I don't have the time.
2
SPEAKER_00
I don't want to spend my time thinking about taxes and all the cash flow stuff.
2
SPEAKER_00
I want to build my business.
2
SPEAKER_00
 And so I got to know him, got to build, see how he worked, and really liked it.
2
SPEAKER_00
And after a number of months of working with him and seeing him in action, I was like, hey man, you have nothing on social media.
2
SPEAKER_00
Can we work together?
2
SPEAKER_00
He's very good at what he does, but I was like, let me work with you.
2
SPEAKER_00
I think we can create a lot of things here because there's a lot of small businesses.
2
SPEAKER_00
 that need what you have to offer because there's a lot of small businesses who have bad accountants who all they do is file their taxes.
2
SPEAKER_00
And you need a tax advisor, especially now as we're going to see a big change.
2
SPEAKER_00
You need an advisor who's going to guide you on what to do with your money, how to document what you do, just to make it completely seamless.
2
SPEAKER_00
That way you don't have to stress about it.
2
SPEAKER_00
And he was like, I'm down.
2
SPEAKER_00
So over the last couple of months,
2
SPEAKER_00
 We've been working to build this together.
2
SPEAKER_00
It's not launched yet.
2
SPEAKER_00
We're just talking about it because it came a conversation, but that's something that I've been really working on.
2
SPEAKER_00
So, you know, if you're listening to this and you want a good tax advisor, just email me team at the minority mindset.com or send me a DM on Instagram, minority mindset, and I will connect you.
2
SPEAKER_00
But these are, I mean, this is where, what am I doing?
2
SPEAKER_00
I like entrepreneurship.
2
SPEAKER_00
 I like this stuff because it gets me excited.
2
SPEAKER_00
It's the way that my brain works.
2
SPEAKER_00
It's the way that gets my purpose, right?
2
SPEAKER_00
And so I do that.
2
SPEAKER_00
I like investing in real estate.
2
SPEAKER_00
I like investing in stocks.
2
SPEAKER_00
I'm passively doing it in stocks.
2
SPEAKER_00
But right now, I just see more opportunity for me to invest in things like market briefs, to invest in things like this tax firm, because I see the opportunity.
2
SPEAKER_00
It's fun.
2
SPEAKER_00
I have a blast doing it.
2
SPEAKER_00
I get to meet really cool people.
2
SPEAKER_00
So, you know, it's just it's a matter of now, what is that lifestyle?
2
SPEAKER_00
Now, if I didn't, if I wasn't an entrepreneur,
2
SPEAKER_00
 Well, what I'd be doing, yeah, I'd be stacking up cash to find good investments either in the stock market or the real estate market or to buy a startup because it's very accessible now thanks to the internet, thanks to all the crowdfunding sites out there.
2
SPEAKER_00
And I'd be passively investing.
2
SPEAKER_00
Like, I would not change that.
2
SPEAKER_00
So, I mean, I think everybody should be doing this.
2
SPEAKER_01
You can put 100 bucks a month away into stocks or into an automated account that is investing for you.
2
SPEAKER_00
Did you know if you're 21 and you start investing $100 a month,
2
SPEAKER_00
 and you never change that and you just get a 10% return on your money which is the average stock market return.
2
SPEAKER_00
 and you do that until you're 65, you will retire a millionaire.
2
SPEAKER_00
We're talking about less than $4 a day.
2
SPEAKER_00
$100 a month, automatic.
2
SPEAKER_00
Going into an index fund.
2
SPEAKER_00
And you just keep trying to match the market, right?
2
SPEAKER_00
Doesn't mean you're going to get 10% returns every year, but over the long term.
2
SPEAKER_01
Over decades you will, yeah.
2
SPEAKER_00
That's what the historical stock market return is.
2
SPEAKER_00
Now you can just plug this into a calculator and you'll see that $100 a month from 21 to 65, 66, you will be a millionaire.
2
SPEAKER_00
 But if you don't start that until, let's say, in your 20s, you don't care about money.
2
SPEAKER_00
You're out partying, you're not having a good time.
2
SPEAKER_00
In your 30s, you're trying to get a good job, trying to figure things out.
2
SPEAKER_00
And now in your 40s, you're like... I got to put a thousand bucks, a couple thousand bucks.
2
SPEAKER_00
It's very different.
2
SPEAKER_00
If you're 45 and you're putting a hundred bucks aside at that same 10% return, when you retire, you're going to have $100,000.
2
SPEAKER_00
Not a million, not even half a million.
2
SPEAKER_00
We're talking about a hundred grand.
2
SPEAKER_00
It makes that big of a difference because time is such an important factor.
2
SPEAKER_01
 I'm such a big fan of doing this.
2
SPEAKER_01
I started doing this when my late 20s.
2
SPEAKER_01
 actually gotten a whole life insurance in my late 20s and My dad was in life insurance.
2
SPEAKER_01
And so I learned about it a lot as a kid But I started I bought my own policy.
2
SPEAKER_01
I think when I was like late 27 and I keep buying more whole life insurance But I started doing the automatic payments from my checking account right into an index phone.
2
SPEAKER_01
Yeah every month so now when I was in my late 20s in my like early 30s, and it's I
2
SPEAKER_01
 You know in seven or eight years it's been just compounding and growing and it really starts to grow and as you earn more money you can say I'm going to put 200 bucks a month in or 300 bucks and really put that extra money in automatically so you don't even see it you don't think about it and you know you're going to be making money for the long haul.
2
SPEAKER_00
Exactly.
2
SPEAKER_01
100 bucks a month.
2
SPEAKER_00
 It's so simple and there are so many apps out there that make it so easy that don't even charge you a fee that there's really no excuse not to do this.
2
SPEAKER_00
And you just set that up and that never changes.
2
SPEAKER_00
What are those top apps for people?
2
SPEAKER_00
Use M1 Finance.
2
SPEAKER_00
M1 Finance?
2
SPEAKER_00
M1 Finance.
2
SPEAKER_00
It's easy to use.
2
SPEAKER_00
There's tons of them out there.
2
SPEAKER_00
Do your own research.
2
SPEAKER_00
They are a sponsor and affiliate for Minority Mindset.
2
SPEAKER_00
Full disclaimer, I'm not getting paid to say this here, but do your research.
2
SPEAKER_00
There's a ton of apps out there.
2
SPEAKER_00
 What are the other at what are there a few others that you for dollar cost averaging honestly like you can do something like FTX does that like acorns of her acorns does something where you can start with a dollar?
2
SPEAKER_00
So they like round up your change.
2
SPEAKER_00
Yeah Yeah, there's I mean if you go to the minority mindset calm because my team is literally doing a lot of stuff Yeah, I don't know all of them off the top of my head because I use what I use But if you want like reviews just go to the minority mindset calm.
2
SPEAKER_00
We have dozens of articles over there on awesome
2
SPEAKER_00
 But that never changes.
2
SPEAKER_00
It has to be invested forever.
2
SPEAKER_00
And then on the active side, now this is where you can understand you a little bit where maybe you want to invest in real estate.
2
SPEAKER_00
Maybe you say, I hate that idea.
2
SPEAKER_00
Maybe you want to invest in individual companies.
2
SPEAKER_00
Maybe you say, I hate that idea.
2
SPEAKER_00
But this is where now you can also start putting some extra cash aside to be invested.
2
SPEAKER_00
So this is money where you're looking for a good opportunity.
2
SPEAKER_00
And the percentage of how much you're going to do is going to really just depend on you.
2
SPEAKER_00
Some of you are going to say, I don't even care about that.
2
SPEAKER_00
 I just want to pass it, but never have to worry about it.
2
SPEAKER_00
Fine.
2
SPEAKER_00
Some of you are going to say, I'll pass it, but I want to be in the game.
2
SPEAKER_00
I want to be involved.
2
SPEAKER_00
Some people like that, and I like that.
2
SPEAKER_00
And so now you're putting some cash aside into, you know, maybe it's a bank account or whatever, and you have some cash sitting here waiting to be invested.
2
SPEAKER_00
Maybe it's waiting to be a down payment for a home, or you're waiting for just a good buying point in the stock market, but this is where you're doing your research right now.
2
SPEAKER_00
 And you're trying to find the right opportunity where now you just want to take this cash and go out and actually buy something.
2
SPEAKER_00
And again, this is assuming you're not an entrepreneur.
2
SPEAKER_00
And there's different opportunities for different people in different stages of their life.
2
SPEAKER_00
 and this is just understanding you where you are in your life if you want to be in the entrepreneurial side building your own business if you want to be in the I want to invest in real estate side or I want to be in the stock market side like it's just it's a matter of personal preference because at the end of the day
2
SPEAKER_00
 We try to make investing so complicated, but it's live below your means, invest the difference.
2
SPEAKER_00
And that's ultimately the solution to becoming wealthy.
2
SPEAKER_00
No matter what market you're in, no matter what economy you're in, no matter where in the world you're in, that is the simplest solution.
2
SPEAKER_00
Now you can get as nitty gritty as you want, but once you understand that, you have the formula to become wealthy.
2
SPEAKER_01
 If you guys are loving this, make sure to leave a comment, yes, below.
2
SPEAKER_01
If you want more with Jaspreet and myself, comment below.
2
SPEAKER_01
Make sure to follow Jaspreet on his YouTube.
2
SPEAKER_01
We'll have it all linked up.
2
SPEAKER_01
Leave a comment if you want to learn more about becoming financially free in the future with Jaspreet.
2
SPEAKER_01
Amen.
2
SPEAKER_00
Amen.
2
SPEAKER_00
Thank you for having me on, Lewis.
2
SPEAKER_01
 Thank you so much for listening.
2
SPEAKER_01
I hope you enjoyed today's episode and inspired you on your journey towards greatness.
2
SPEAKER_01
Make sure to check out the show notes in the description for a full rundown of today's show with all the important links.
2
SPEAKER_01
And also make sure to share this with a friend and subscribe over on Apple podcasts as well.
2
SPEAKER_01
 I really love hearing feedback from you guys, so share a review over on Apple and let me know what part of this episode resonated with you the most.
2
SPEAKER_01
And if no one's told you lately, I want to remind you that you are loved, you are worthy, and you matter.
2
SPEAKER_01
And now it's time to go out there and do something great.