$250M Founder Reveals How The Rich Avoid Taxes (Legally)
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- Äas pĹidĂĄn 4. 07. 2024
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Episode 541: Shaan Puri ( / shaanvp ) and Sam Parr ( / thesamparr ) are on a campaign to make sure no entrepreneur pays more taxes than absolutely necessary. Theyâre joined by Ankur Nagpal, the founder of Teachable and resident tax genius, to share the 10 tax loopholes every founder should know.
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Show Notes:
(0:00) Intro
(3:00) Biggest secret to pay less in taxes
(7:20) QSBS - the most generous tax break available
(16:30) Do NOT move to Puerto Rico
(21:00) There's no true alpha in investing
(26:00) Sam's credit card tax hack
(30:00) Solo 401(k)
(34:30) Your CPA is not is not your tax strategist
(42:30) Owning real estate to lower your tax bill
(44:00) 4 triggers to happiness
(48:30) Putting the Indian diet on blast
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Links:
⢠Ankur Nagpal Twitter - / ankurnagpal
⢠Teachable - teachable.com/
⢠Carry - carrymoney.com/
⢠Mo Points - mopoints.com/
⢠Points.me - points.me
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Check Out Sam's Stuff:
⢠Hampton - www.joinhampton.com/
⢠Moneywise - joinhampton.com/moneywise-pod...
⢠Ideation Bootcamp - www.ideationbootcamp.co/
⢠Copy That - copythat.com
⢠Hampton Wealth Survey - joinhampton.com/wealth
Check Out Shaan's Stuff:
⢠Try Shepherd Out - www.supportshepherd.com/
⢠Shaan's Personal Assistant System - shaanpuri.com/remoteassistant
⢠Power Writing Course - maven.com/generalist/writing
⢠Small Boy Newsletter - smallboy.co/
⢠Daily Newsletter - www.shaanpuri.com/
My First Million is a HubSpot Original Podcast // Brought to you by The HubSpot Podcast Network // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano
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Clicked so fast! Fkn love MFM! You guys are like my best friends
right on- this is so timely , thank you for this interview, guys i really apreciate it.
Pack to the lid with value. great episode guys. thanks for posting
I need to watch this episode like 5 times. Thank you guys. -Lynsie from Boston
Most valuable episode ever, thank you!!
Great episode!
This is awesome, would love a UK one
Was listening on spotify until last minute. Then had to jump across to say Shaan you're look great keep up the good work.
you guys should do a "sell me this pen" masterclass where you break down different ways to motivate potential buyers
I'm an avid listener of the podcast. Love the content. Shaan's workout regimen is really paying off since the last time I watched a CZcams episode. Keep it up. :)
This episode is goldđĽ
40:50 is gold about selling a house
There was post economic but shaan is POST POSTAL
that was short, we needed his story and ideas
Shaan's looking slick. Getting Indian dad vibes minus the Indian Dad bod.
My business AMX would reduce points for cash cards by 40% so I got gas cards and tried to sell them to my friends and family, that provide impossible. I somehow discovered the gas card was really just a cash card with a gas picture on it. I didnât know Samâs rebate law until today so I would buy money orders with âgas cardsâ and pay my personal credit cards.
Great ep lads!
Love this
This is pure gold, i had no freaking idea of how to save o. W2 taxes
29:27 âyou knew that, Shaan?â đ These guys are funny.
So damn funny that when you go to MoPoints' site the first testimonial...is from SAM!
Hey guys, so you know - the ADS in the Podcast version of your show are about half the volume as the show. That's been happening for the last few weeks. FYI
You guys are awesome, and it became my drive time learning class. Btw, not all Indian food is bad, but we Americanize them with creams and sugars.
Did anyone else see Sam with the Zyn? The man is throwing in an upper decky zynbabwe - gotta love it!! Sam, are they 6s or 3s?
You guys area awesomeâŚnever thought this subject could be interesting - until now
Shaan looks amazing! The next Gym Shark model! đŞđź
love the glazing look of sam at 4:22
Sam, love the structured wide lapel tweed blazer. Where do you shop?
32:55 side hustle solo 4
I setup my own solo 401k years ago and financial professionals had no idea how to do it. Easiest was to set it up with vangaurd and contribute every year to get my taxes down. It only applies to solo business owners wtih no employees
I need someone like this but for the UK
Transcript the episode. Paste into GPT and ask it to be a UK tax professional and give you the equivalent sentiments. If it disclaimers you to death and refuses, vehemently explain it's hypothetical and educational only.
Accountants in the UK boil my blood, Iâve been looking for a service to proactively help me with my taxes and Iâm now convinced I should just start one because it doesnât exist for smaller businesses. Closest thing Iâve found is a fractional CFO.
If you are earning less than ÂŁ250,000 don't even bother. Anything less than that threshold negate any creative accounting
@@MayorSom not sure I agree, a 1 person business bringing in ÂŁ100k with high margins could stand to make a return on anything spent up to ÂŁ7/8k in 1 tax year alone, plus the real ROI would compound for each tax year done effectively thereafter.
Almost đhitting 400k subs ⌠LETS GOOO!!!
Just saw Sam's Money Wise and now I'm here
Paying taxes with a credit card đ Iâm definitely trying that this year
Holy shit, thats some 4k Photo Sam. Congratz on the thumbnail
You're welcome
37:28 Iâm on my 5th account in 12 years. Itâs frustrating paying someone 200 dollars an hour to debate then educate them, the âprofessionalâ who should educating you.
Sam was hurt by the points hack! better to learn now
Sam's outfit is always sick !!!
Living in STL for 12 years now and trying to buy a business I relate to Sam so much. I laughed so hard that he got married Catholic and had a drinking problem, most STL thing ever.
Lol I will pay to have the investor say why he can't trust me or invest to my fiance. Wanna hear a funny story about loopholes love and other relevant things to your post and this podcast episode. Said and unsaid.
Bro, but oldest and health man is from india(Swami Sivananda) most powerful guy is from india gama đŞ
The best part of my day is listening to the MFM giggle it literally gives me a pep to my step plssSSssss do not remove this
Samâs looking fly!
This year the tax man cometh for the lads
LOL @ Sam not knowing about transferring points. Sam - if it makes you feel better it's become less of a bargain to transfer as airlines have move towards $/pt equivalents vs. zone style point pricing. But ya still a big miss.
So glad I didn't have to watch that hubspot commercial again
401(k) Limits are combined - if you max out your Solo 401(k), you cannot also max out your Employer 401(k)
the employee limits are combined, not employer!
Thumbnail image looks like the face of a guy who's surprised he hates doing thumbnail photoshoots as much as he does
Sam looking like an eczema cream model in that thumbnail đ
No but thanks for the life changing info as always fellas
I need someone like him in Canada. If anyone knows one let me know please, thanks.
This is good alpha
That cultural food bias is real. For the Caribbean immigrants it's the same. We have an Indian- inspired dish called roti, very tasty wrap. Some Canadian nutrition writer said it was 1,000 calories for one đ˘. And suggested that you eat only half and the Caribbean immigrants online WENT CRAZY!
29:20
đĽ
Shaan's lookin' a little pale in that Hampton/Hubspot ad read around 8min.
He is right about the diet, part, my college best friend ate like shit. I was amazed đŽđ˘.
53:11 Looking at him I thought I was going to get diabetes, or a heart attack.
Bring back "MFM Shark Tank"
Until now I always thought Indian food was like super great for protein because I only ever eat the chicken varieties with naan bread. Thatâs Indian food to me
hahaha "here comes the tax fairy" .... "I'm completely out of the mailing system... How many stamps do I use? What part do I lick?" đ¤Łđ¤Łđ¤Ł This is the funniest talk on taxes ever. I didn't think it was possible for this to be entertaining and useful, yet the impossible is now reality! Well done đ P.S. My stay at home wife is now becoming a real estate profession.
Spotify listeners are missing Sam looks, what a tragedy.
Damn I love Indian fast food. It's like fast food but nicer đ
Finally Shaan shaved that gray ass beard
This guy moves so much. Camera cuts two two guys with stiff shoulders and then a warbler.
Ankut wins worst BG of the year already?
Ah jeez this thumbnailâŚ
Dude doesnât have company to save people on taxes. His company provides 401k plans, youâre not saving your deferring your taxes
hi! we have solo 401k's, self-directed IRA's, cash balance plans -- and a few other tax savings accounts in beta. we also do tax strategy + filing for a handful of clients for now, before rolling that out more broadly
Most people are in a lower tax bracket when they retire so technically heâs helping people save on taxes.
@@AnkurNagpalOchoDo I have to already be wealthy or spend a bunch of money to be one of the handful?
@@AnkurNagpalOcho I found your price schedule, pro looks more my speed.
56 minutes long, maybe 5 minuets of actual tax info. đ¤ˇđťââď¸
hahahah what is Sam wearing ?
does anyone else remember when Sam didn't have a kid, was cool and wore leather jackets.
i remember those days. was fun.
All of you are being taken to the cleaners with taxes. 98% of you owe $0.
7th
1st
First
This was cool and all, but is very US centric. Would be useful to know who is the equivalent of this dude for those born in more rad countries, such as Australia.
Currently living in ireland, Australia is like a tax haven compared to Ireland.
We need more episodes. This is bullshit. You canât drop gems like this and make us wait.