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Sept. 29, 2025 - Fresh & Fit
01:15:53
Money Monday Call-In Show w/ Steve From Accounting
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Time Text
And we are live.
What's up, guys?
Welcome to Freshman Podcast, man.
It's Money Monday.
We got Steven House.
Let's get into it, baby.
Go.
Go.
Oh, my God.
I will never tell a sign If you get your need And I will never tell a sign Questions in the room All right, and we are live.
What's up, guys?
Well, we'll see the Fresh Podcast, man.
Regular edition.
It's uh money Monday today, man.
We got Steve in the house, aka Steve from Accounting, our accountant is in the house, man.
And uh we're gonna have him on, guys, on as many Monday money Mondays as possible.
Uh so you guys have an expert as well that you can ask questions here.
Today's gonna be a uh QA format, man, as you guys know, we're gonna call it the uh Fresh and Fit Ramsey show pretty much.
The yeah, yeah.
The Ninja Ramsey show.
Yeah.
Uh so uh you guys are calling to the show.
The number to call into the show, guys, is uh if we could pull it up real quick for them.
And while we pull that up, I'll also have Steve introduce himself for those of you that might not be familiar with Steve, has been a long time contributor on the show.
He's our accountant and helps us out with a lot of the stuff on the back end.
646 490394.
Uh to call on through the show, guys.
Again, that number is 646 4900 three nine four.
Uh Steve, what's up, man?
Welcome to the show.
Can you introduce yourself?
Hey guys, how you doing?
I'm Steve from accounting.
Um I've been a CPA for uh going on 30 years now, and um fresh and Myron are my personal clients.
I think I met you, Myron, when you were doing um Unplugged Fitness when you're doing that.
Yeah, that's way better.
Yeah, that's when we started.
Right before you did uh Fresh and Fit.
So um yeah, it's great to be here.
I'm uh, you know, I I love the format doing the uh QA.
Um, you know, if you guys have specific questions about doing a startup business, if you uh you know, involved with real estate, um, how to structure yourself properly, um, how to take uh advantage of the new tax codes, you know, that we um it just uh got passed back in July, July fourth of this year.
Um and if you want to talk about, you know, becoming an accountant or something like that, you know, any any one of those questions, just feel free to ask.
Cool.
Perfect.
Um so guys, we're gonna open up the phone lines right now.
Bear with us real quick while Mo turns them on.
Uh makes a little bit of noises, you guys know.
But yeah, man, um anything you guys want, whether it's uh this open, uh real estate, credit, taxes.
Um, you know, you're maybe are you looking at a deal, maybe something, uh cryptocurrency, or is the course crypto too, yeah.
I'm very I highly involved with crypto and the um the the ta tax effects of that, so definitely feel free to ask me anything about that.
I'm very well versed in crypto.
Well the course ends tonight with Charlie Miguel, guys.
So if you haven't gotten into it, oh shit.
We did a Zoom call yesterday with Cost Club, of course.
Uh all the other channels.
Yesterday, so it's pretty good.
Uh crypto courses live.
So so so Steve, real quick.
Um taxes, right?
Let's say about crypto and I gained maybe like 10k when I stole a coin.
Uh I have to report that to IRS now.
Or it doesn't matter.
So, um so here's the thing with crypto and a lot of people get wrong.
It's like they buy crypto, they hang on to it.
If you hold on to it and it goes up in value, then it's an unrealized gain.
It's not a taxable event.
Yeah.
So that's where a lot of people get confused on.
So basically, yeah.
So basically it's it depends on when you buy it and when you sell it.
If the value of it is higher when you uh sell it, and then it's a gain.
If you happen to hold on to that crypto for more than one year, then it's taxed at a at a beneficial rate.
It's taxed at a long-term rate versus the uh ordinary income tax rate, which would be whatever be your tax bracket would be, which typically is gonna be higher.
So it's it's beneficial to hold on to it for a year.
You know, with crypto, sometimes it's it's not easy to do that.
It's the crypto market is so volatile, and you know, a lot of these guys like to, you know, um almost like day trade in crypto, which is you know, in my opinion, it's kind of a hard thing to do because there's not a lot of historical data there in order to do that.
So you really gotta know your stuff.
You know, there's a lot of pump and dumps out there, you gotta really know the project, you know.
Um there's ways to evaluate that uh any specific project.
Um I like for me personally, sticking to layer ones, layer one coins that are on the chain.
Um uh because I think those are the ones that have the most utility.
Um I think there's gonna be a lot of stuff going on with Ethereum.
Um and and that layer one, uh, a lot of projects and and a lot of exciting stuff happening with that.
Um not that it's the best technology, but there's a lot of stuff built on it, I think, going into the future.
So that's something to look out for if you guys are uh, you know, um looking to get in some cryptos.
Yeah, Ethereum actually went up, right?
Um so question.
Let's say I bought uh a watch with Ethereum directly.
I said, hey, it's my jeweler, here's I don't know, 20k for this watch through um uh Ethereum.
What would that look like for taxes?
Would that be uh taxable event or not really?
Yes, it is because basically you you are getting rid of that and trading it for the for the value of the watch.
You're gonna get you're basically selling it, right?
You what?
You you're having to cash that in, give it to the watch guy, and he's receiving on that day and whatever the value of it is that day, you know.
Hopefully you uh are at a game position when you got rid of it to get your watch.
Wait a minute.
Damn, I didn't know that.
Okay, that's a good one, bro.
I didn't know that one.
Wow.
Oh, you didn't know the watches and cards.
I thought it was good.
I wish, yeah, so definitely, yeah.
That's basically a taxable event because you're trading that actually for cash.
Yeah.
So um, yes, it's an exchange.
All right, there you go, fellas.
Now y'all know too.
Holy moly.
Wow.
There's also I have a book, you know, if you guys want to um talk about some of the specific stuff with it, you know, with tax crypto.
Um, you know, if you go to my uh my bio um link tree on my Instagram, I have I have a bunch of books in there that are, you know, a lot of a lot of your followers have actually navigated to and bought and um I've gotten some good feedback on it actually, because I kind of did it in a way where it's you know, like, you know, for um for people that are not well versed in it, and it kind of walks you through a lot of them are very simple reads, they're short, they're to the point.
Um and uh, you know, and they're and they're relatively inexpensive, and there's a lot of value in there.
So I I spent a lot of time because I built those books in a way where um a client come to me, such as yourself, where I would I would advise them and talk to them in almost layman's terms where they can understand it because they're they're busy running their businesses, and it's my job to make sure that they you know not only stay within the legal bounds, but they take advantage of the tax code to the maximum ability to make sure they don't, you know, they're not paying uh more taxes than they have to, because you know that's not that's not their responsibility.
Yeah, so um I've been in Miami for what 12 years now.
And it's crazy because all the big big wings that come to Miami, they come ball out, you know, and they go crazy, and uh they disappear.
But then I wonder, um tax season, right?
It takes what like four or five years for them to actually come after you after a while.
Um and some of the they paid at their taxes, bro.
So to me, it's kind of like here here's how it really works.
Yeah.
And I'm glad you that you you're almost you're almost correct in saying that.
Yeah.
What I see is typically when people don't report um like 1099s, for instance, right?
Now there's the also on crypto.
There's gonna have to be there's the 1099 um uh Q. That's the 1099 with which um or excuse me, um I I might be missing quoting.
I think it's a 1090 Q, but they're starting to institute that up especially next year.
So any transactions you have, it's gonna come from major exchanges like you know Coinbase or um or uh you know any one of the other larger ones you know Coinbase being being the biggest ones they're going to start to report transactions for people are on our selling on their exchange.
So a lot of people what happens is they don't go and move their crypto to other other um other chains and trade they'll just typically trade the main cryptos right in right within the app of Coinbase and um they'll there's uh there's going to be reporting similar to what you get when you get your 1099 composite with like Merrill Lynch or um or a Mara prize or something like that.
It's going to be very similar to that.
So the problem is a lot of these these 1099s that they're going to get they're not accurate.
So you got to make sure that you're keeping track of it sometimes especially if you go off chain and come back on to Coinbase.
So if you you know buy ETH you get in you know go to ETH and you start doing some transactions and you come back and you off off board your crypto that's where a lot of problems come in with the cost basis.
but you got to make sure that you get good software to track that.
And, you know, sometimes not even the software catches it all either.
So that's, you know, some of the things that we've talked about.
You know, I've been in Miguel and Charlie's course a couple years back when they, you know, they were kind of kicking it off.
I did several teachings, the tax portion of that, in their course.
I think like, I don't know, four or five times.
Okay.
Perfect.
All right.
Phone line ready, guys?
Yeah, yeah, yeah.
All right, Steve, you ready for the first caller or no?
Yeah.
Yeah, shoot.
Awesome.
All right, who's up first?
7042, you're up.
7042, you're up.
All right.
Hey, guys.
My name is Peter, and I would like to start a drunk removal company.
I have a question for Steve.
So I have a C-Corp established in Florida, but I live in Los Angeles.
do I need to set up a new...
company or I can use that one no you can actually use it but the problem is now you're not gonna get the tax benefits of the Florida like so first off um I'm not sure why you're a C Corp.
Um is it because are you are you a US citizen or you um do you have foreign status?
Uh actually it's a long story I I set it up a long time ago for Amazon but uh it didn't work out these C Corp uh never had any bank accounts or anything like that.
Okay because that's not the ideal tax structure entity that I would recommend as a CPA for your for that type of business I would have you become a S corporation.
How long ago did you start it in November 2024.
Okay so you still have time.
So typically the IRS will give you a late filing so what you want to do is and I have a book for this too.
It's called A to Z LLC to uh S Corp but in there you can figure out how to become an S-corp.
But and I walked you through I've got links in there and everything.
So I would I would direct you there but basically what you want to do is you want to turn that into an S Corp.
You want to become a for for uh federal um IRS tax purposes um and do that as soon as possible because you get about 24 months within that time from the time that you created the corporation in order to select um or elect S-corp status.
So you're still within that window so you want to do it the very next tax I don't know if you're gonna start using that company but if you are then you want to do that immediately.
And there's a couple forms that you want to file for that because if you stay as a C Corp you're gonna get taxed you're gonna get what's called double taxation.
So not only are you going to get taxed for whatever your profit is potentially on that C Corp, whatever the corporate rate is but you know let's say it's 15% but when you go to withdraw the money out of your C Corp you get taxed again.
So it's double taxation.
So that's why you want to become an S-corp.
That's a flow through so you don't get taxed as the S Corp you just file a return and then it gets reported on your personal now being in California you're still going to get hit with the the California tax rates on your personal but you don't the nice thing about it is you don't have to file a corporate return in um California because I it's like $800 just to pay the the corporate fee to be a corporation in or the franchise tax fee in California which is Extremely expensive.
It's only like a you know, it's less than 150 bucks here in Florida.
So that's a benefit.
But then in California, they require you to file a return to as well, which is another preparation fee.
So if you're Florida, you don't have to file that X one.
You just file your federal.
So that's what I would recommend for you.
Isn't it easier to close that C Corp and open S Corp in California in this case?
Well again, you can, but I said you're gonna have to pay $800 to maintain the corporation in California just to have it.
Then you're gonna have to file the return and the corporate uh return for the state of California.
Versus you don't pay the $800 to the to the jurisdiction of California.
You file only for the federal, the same way you would do with California.
You get two returns to do in California versus only one in Florida.
And the fee is only 150 bucks to maintain the company in Florida.
So it's a win in Florida.
I would stay away.
I don't like I've got a couple of clients that are they're California based, and they you know they formed these companies years ago and they they there's rate name recognition for it.
So they can't easily just change and move to another jurisdiction or just open up another company there.
So they maintain it, but it's expensive to have a company in California.
It's just $800 just to maintain a company.
That's not even taxes, that's just a franchise fee to have a corporation.
Florida is only 150 bucks a year.
Yeah, this makes sense.
And the the last question since I'm gonna drive a truck.
Uh should I put this truck on a separate business and the uh rent it out to myself or you don't really want to have a truck if you're gonna use it for business in your personal name because if you get an accident with it or someone else does, you get sued personally.
So keep it in your company name and put it in a um, you know, get an insurance policy so it only stays with a company and you it doesn't come back to you personally.
Got it.
Okay, thank you very much, Dave.
You're welcome.
All right, good stuff, man.
Phone number guys six four six four nine zero eight three three four.
Cool.
Zero three nine four.
I can't see that's an eight or six four six four nine zero zero three nine four chat.
If you guys want to call to the show.
Also, if you guys want to cut the line, uh donate to the show, you could go on fnf super chat.com.
I think we got it back up now.
Um, even though Stream Elements banned us because they suck.
Uh, but yeah, uh FNF Super Chat.com, guys to cut the line, or you can rumble rant in the last four digits of your number, etc.
to cut the line, answering all questions on anything, uh, whether it's credit real estate, you know, uh structuring your business.
Um Steve's also an expert at that.
So who's up next?
Next up we have 0702.
You are up 0702.
Hey, what's up, guys?
Uh I got uh so I'm a crypto investor on the institute.
Where are you?
Uh where are you calling in from, bro?
And how old are you?
Uh my name's Jared.
I'm I'm 30.
Okay, where are you calling in from?
Well, right now I'm outside the country, but uh I'm from the United States from Miami, actually.
Okay, cool.
All right, hit us with your question.
So uh I'm a crypto institutional investor, been in the game for a long time, but uh I've recently had like so I've been outside the country for a while, uh just traveling.
When I came back to Miami um at the Port Everglades Seaport, um they asked me, they they searched my uh all my devices, they asked me for to search my device and everything like that.
So I gave them my laptops, let them search them, but I didn't I have a bunch of privileged confidential information, attorney client privilege confirmation or privileged uh information on there.
So um I I didn't unlock my phone for them, and so they seized it.
That was almost six months ago.
Uh that has all my crypto keys on there.
We have quarter four um and you know, coming here soon.
They haven't given my phone in six six months.
I want to sell probably within the next three months here.
And uh I'm pretty strapped for liquidity right now.
So my question is I'm I'm thinking do I hire a lawyer for five, ten grand um that maybe try to file a 41G for immediate return of property or I don't know.
So I called they gave me a 60-50.
Oh, hold on, hold on, hold on.
Hold on, hold on, hold on.
Who who who took your phone?
Was it CVP or did HSI just uh show up and take up your take your stuff?
No, it was it was C BP.
Uh it was just a border search that's then gave me a 6051 D form.
Yep, I know exactly.
Yep, a 1651 D is uh a C's form uh D detained.
Um interesting.
Uh are you 100% sure it was only CP officers?
Yeah, I'm 100% sure it was only CPP.
Why did they second there's a PC?
There's no RS.
Why did they um why did the secondary you and take your shit?
It was random.
I got off I got off the boat, it it and it was random.
I actually had a I came in the country two weeks before that just fine again.
Um at uh FFL that time.
It was fine.
I got in instantly with mobile passport control.
Then this time that it was as a secondary.
They they said it was random.
They kept asking me a bunch of money laundering questions.
They let me out maybe like two hours, but um searched everything, really scrutinized me, kept asking about money laundering.
Uh pretty weird.
Um I I told them I I mean I couldn't unlock my phone off, it just didn't million reasons why not.
Um and uh Yeah, so so they they took it and I really need it.
So um then I left the country again.
I haven't been in since, and it's you know, it's in the next week it's gonna be six months.
But uh but since I'm strapped really quick, I don't know if I should hire an attorney, you know, to to file a 41G for immediate return of property in Southern District Court, and if that's even a good idea.
They I call I I called the the number on the 6051 D and um they they talked to like three incompetent people that just took me from one person to the other, had no idea what they were talking about.
Then eventually I reached like an intermediary between between agencies who told me that HSI actually has it, and then it's gonna go to their forensic lab and they're gonna do what they can, but that was like five months ago.
Yeah, bro.
Like, see, it okay.
So that that's why I asked you those questions.
Dude, you were targeted.
You were 100% targeted, bro.
That's why I asked you who has your phone.
Was it C VP or whatever?
If H S has your phone, uh they got a case open, bro.
Like um, open up because they're not gonna just stop you and take your shit like that randomly.
CPP officers like that they they're not gonna do that.
So um something is off, bro.
Like, um is it is it an iPhone?
Yeah, it's it's an iPhone.
It's it's legit.
And you can't you can't go to your club.
You can't go to your provider and just get a new one and then they could just kind of like upload all your stuff on it from the cloud, and like are you are you gonna lose all your wallets?
Yeah, that's the thing.
I mean, the wallets are in the c I have them backed up, but uh they're not here with me, and I just I don't want to like they're I only I think one of them wasn't that's my important one, and um no, I can't I can't.
There's no backups and it's everything was on the phone.
But but no, so the the thing is the reason I don't I I mean maybe I was targeted, I'm not saying I'm I wasn't.
I kind of doubt it, but but it's it is possible.
But the the thing uh the reason I think it's uh uh it's it's standard procedure whenever from what I read and from what I understand, whatever.
Obviously you'd know better, but um what when you denied their search, uh that then they get full full legal right to detain it, and they they automatically send it to the RCLF route lab or whatever, which is their forensic one.
That's that's where HSI has custody, which I guess is probably Tampa for that but um look I I uh you know you you can you know whatever you think is uh you know it is what it is.
I I think getting a lawyer might be the way to go.
Um they have had your phone for quite a bit now.
Um Bro, what's the full story, man?
Can you tell us a full story but he's not he's something holding shit, yeah.
But it's fine.
He's on the question.
It's probably better he doesn't summarize it because it's a bunch.
I don't want to take up your guys back.
It's probably better he doesn't uh say anything anyway.
Yeah, bro.
I would say um in your situation, absolutely get a lawyer and try to get your shit back.
But um the fact that they brought you in, asked you a bunch of questions, seized your phone and stuff like that.
Yeah, bro, you're probably a subject of a criminal investigation, more than likely.
I'll be 100% honest with you.
Damn.
Which means you might be doing some bullshit, man.
So you gotta be careful, bro.
But yeah, I would say get a lawyer.
Again, I can't say that for sure, but the fact that HSI has your phone, that also has me very um concerned.
So I would say go get a lawyer, try to work, try to get your phone back, um and go from there.
Well, caller, you better get about before crypto drops.
So you gotta do it now, bro.
Before in a year.
You heard, bro?
Retain a lawyer and and try to get your phone back.
He left.
Oh, you already left?
Yeah.
Yeah, bro.
Really, nigga.
Some something's going on in there.
Something's off, bro.
I ain't gonna lie, man Nigga was so mad shady, bro Nigga was like, uh-uh, nervous Nigga was so mad shady, bro He probably had some shady shit, yeah Um through a boat.
Nigga, really.
Money laundering, yeah.
Something's off, bro.
Um for sure.
But it is his wallet, though.
That's fine.
You should get it back, but still, something isn't right there.
Yeah, something, which is fine.
I mean, I don't expect them to fucking come out and tell us everything on the phone or whatever, but you know, that's a big red flag that they detained him for multiple hours and took his shit.
You know what I mean?
So, yeah, best of luck to him, man.
But you know, we don't know the full story, obviously.
Yeah, true.
But I predict, uh I'm guessing that of course I'm not 100% sure, but I think he was probably targeted if in my ass if I had to take a guess.
That makes sense.
Yeah, if I had to take a wild guess.
Why him over everybody else?
Yeah.
Unless it's random circuit.
That's very specific to take his phone, too.
All right, uh, who's up next?
All right.
Also, if it's not so bad, just give them get give me your phone.
Like, what you mean unlock it?
What do you got to like?
Well, yeah, he kind of put he threw in there like the attorney client privilege.
Like, I don't know what that's all about.
Yeah, just he must have had another case going on.
Yeah, yeah, yeah.
Actually, yeah, good point.
He had another case going on already, and he had some information that he you went to attorney client privilege for, and it kind of tells you right there.
Already, you know what I mean, and he was worried about them looking at privilege shit, which you know they can't use that against him, but yeah, uh that should tell you, yeah, bro.
But bro, is already okay.
He's into some stuff that we don't know about, which is fine.
All right, who's up next?
8119, you're up.
It's always you never know what you get all these phone calls, bro.
Yo, these calls are closed are lit, bro.
Yeah, just lit.
My bad's money money calling shoulders lit.
I like it.
Okay.
8119, you're up 811.
All right, 811, go ahead.
Hello?
Yo, yep.
Hey.
Uh, so my question is uh so pretty much I'm a plumber working as a W-2 employee.
Um I also do a lot of side work.
Um so my question is do if I want to write off tools, do I need to have an LLC to be able to do that, or can I do that as a W-2 employee?
Okay.
No, so you can't do it as a W-2 employee.
They got rid of that stuff under the um, you know, the 210, there's a form 2106.
It's like employee-related expenses.
And now that you have to be like it's either military or special government job.
Um, they took that away for like the average Joe.
So um, but that's not to say if you're doing side jobs and I don't know if you're using your employer's tools and they're not yours, then you don't definitely get a lot of money.
No, no, that's my my my own personal.
So it's okay.
So that's all your stuff that you bought personally.
So then, you know, you could talk about doing an LLC.
Um, I don't know.
Caller, how much do you earn?
How much do you earn per year with that side job?
Yeah.
Yeah.
Uh um it's not so for my W-2, it's about um last year I did 80.
Um I I want to say with side work, uh just side work, I want to say probably like 25 ish.
So you make about 25k in your side job.
Yeah.
Uh Steve, I know that you have in a year.
I I mean it kind of arranges because some are small, some are a little, some are.
No, but I know I know that.
But you're saying annually you're making roughly 25,000 a year with your side hustle.
That's it.
Every year it's a good thing.
All right, call her, call her.
Hold on, hold on, bro.
Let us answer the question.
So, Steve, I know you said that there's certain thresholds, right?
Of where they make LC and where it makes sense not to.
So right around 40,000.
If you're doing 40,000 gross on your side jobs, then it's then it makes um sense for you to create a corporation for that.
Okay, and just get structured.
Um, and then you could file, just become an S corporation for that, for that uh side job stuff.
Right now, all you would do is whatever you're making on that, and you and you know, if it's 25 grand, then yes, you can deduct your tools, definitely.
You could get a full write-off for that under section 179.
That's gonna help you, but um, you just write it up right off the full expense of that stuff.
Um, and then you're just that's gonna go on a uh schedule C of your 1040 rather than doing the special return, the S corporation.
So don't start that until once you get to like 40,000 and above, then um you're gonna you're gonna um achieve enough of a tax benefit and savings in order to make that structure worth your while.
Wait, so Steve, real quick, just because this is real he has a good question, I guess, for all the future people in here.
So if you're making less than 40,000 a year from some side hustle, then maybe you shouldn't then don't make an LLC.
Instead, what you're saying is you can go ahead and write that off through some other type of assessment, uh, whatever they used to have.
So every 1040, they're just called it's called a special um, I called a schedule C. Okay.
it's for sole proprietors that are not incorporated.
Okay.
They would file their activity on there.
Okay, so that's actually really good now.
So I've got so okay.
So for those that are listening, because I know a lot of you guys want to start a side business, whatever, and we've gotten that question quite a bit.
Hey, when do I make my LLC or whatever?
So 40K roughly.
So basically, Steve, what you're saying, no matter where they are in the US, if you're making 40k or more, that's when you probably want to open up your LLC, turn it into an S Corp.
But if you don't make that 40K, you make 10, 20, 30k per year.
Uh, what makes more sense is to do this 1040 special form that basically which lets you write it off as a sober party you said without having an LLC open?
Correct.
Yes, because at that point in time, based on the extra self-employment tax, because you're gonna hit you're gonna get hit with 15.3% in self-employment tax for filing a schedule C with for whatever the profit is, right?
So then in his case, let's say he's got a 10, 12,000 profit.
It doesn't make sense to have an S corporation file the annual fee with the state that you're in and then incur another tax prep filing fee for the return that's gonna kind of like you know, cancel each other out.
So it doesn't make sense to do it.
Once you get to 40,000, typically you're having about a 20 uh thousand dollar profit from there, you know, and then you're gonna enjoy like a at least a uh you know three, four thousand dollar tax savings of self-employment tax.
No, that's really good.
My own personal truck for this, like uh for the purposes of writing off my truck, could I do that under like a so what you want to do is you call you list it.
So we'll let you list the truck for depreciation and you know, whatever whatever the market value is for that truck, um, or you do the mileage, whatever's the higher um of the two deductions, but you gotta equate those two.
So you figure out whatever the mileage rate is and and you track your mileage for whatever time, you know, you go out for two jobs back and back and forth, or you go to the Home Depot, you know, to get materials, and uh you track those miles, or you just list the car, and then I don't know if you're you you said you're using it for personal pay, possibly if you use it 100% for business, then you could write off 100% of the uh cost of the car.
Or if you um you know use it maybe 50% of the time or 75% of the time, then you you know you write off that much, but then you have to bail out switch deduction is higher.
So you just calculate that at the end of the year based on your mileage.
I know I would still be able to do that uh under the 1040 schedule C the one that you were told just telling me about?
Correct.
Yes, yep.
Okay.
All right, no, that's solid advice, man.
Uh thanks for calling in, bro.
Um and Steve, that's good because now we know uh what the threshold is.
So 40k a year or more, then you actually open up your LLC, turn it into an S Corp.
Other than that, just file this uh special form you mentioned.
1040.
It's a 1040 what again?
All right.
So it's a schedule C. Schedule C 1040.
Okay.
All right, cool.
Thanks.
Thanks, Rick Bro, for calling in your question.
Uh special metric for the actual uh supporter on Rumble for the uh subs.
Is it Sandman?
Sandman.
What about him?
Hey, shout out to you sand man.
Thank you for the 10 gifted, bro.
I think we're gonna run a subathon or something like that for you guys soon.
Yeah.
Dumb goes next week, maybe pretty much like we're the only ones who rumble doing subathons, and we kill it.
You guys support us, we get a lot of numbers.
So we're the Kaisanat of Rumble, basically.
Okay, yeah.
Yeah, we'll kill you guys.
Yeah, shout out to y'all, man.
We'll we'll definitely yeah, no one else really does subathons on Rumble.
And we should bring you a special guest and running like that.
Randomly.
Yeah, we could do that.
We'll probably plan it for you guys next week.
Um All right, cool.
Uh what is the next uh who's the next caller?
Again, guys, call into the show for 646-490394.
Already we're adding a bunch of value.
Also, guys, crypto course is open and closes tonight, right?
Which all I'm gonna go?
Tonight midnight.
Yeah, get it get in there, guys, while you guys can.
Uh link is in the chat, top of the description, get in there.
Um, who's the next caller?
Next caller is 1840 1840.
You're up.
1840, go ahead, hit us.
Hello.
What's that, man?
What's your question?
Oh, well, actually, what's your name and where you're calling in from?
Hey, man, my name's John.
I'm from Toronto.
Okay.
Uh how old are you?
I'm 21.
All right, cool, man.
How is your question?
Um, so I don't have any like crypto questions or anything.
I just have a question about getting into the US.
Um, I don't want to sit here and yeah too long.
All I gotta say is Canada is very different from when I grew up.
Yep.
And um, like even owning a home here, like I don't want to.
You know, like and it's not even about like the capital gains tax you pay when you sell or whatever.
It's like the amount of tax you pay here, like on everything, it's insane.
And uh, so you want to leave Canada?
Huh?
You want to leave Canada, basically?
I want to come to the US, bro.
Like, how?
How do I get in?
Like, uh do I get sponsored through work?
Yeah, I mean, you can you could get sponsored by work or marry an American chick.
No, marriage, no, no, no, no marriage, bro.
All right.
Well, then you're gonna have to get sponsored by uh an employer, more than likely.
What I suggest you do is I suggest you come down here.
Uh you're a Canadian.
You could you could come here on a visa waiver, come here, stay for three months, see if you like it before you make that decision, bro.
Because everyone says they want to come to the United States, so you actually come here, man.
I mean, we're not, you know, I still I think the United States is the greatest country in the world, but you know, keep in mind that you know we do have our our our problems.
So I would say before you're not the same anymore, bro.
Better than Canada.
Yeah, like every country has their fucking problems, dude.
If you lived here and you saw, like, do you like it?
I know, I know Canada sucks, bro.
But like, you know, I I have you lived in the US before?
No, bro.
I've lived in Canada.
I've lived in pretty much the same place why don't you come visit?
Stay for like a month or two.
You have like what you could get approved for three to six months on a visa.
Uh well, you don't even need a visa to come here as a Canadian.
You know, make sure you like it before you make that, you know, very serious decision to come down here and be here permanently.
Uh immigration attorney.
Bro, I'll be honest, bro.
Just stay over there, man.
Stay over to Canada, bro.
Don't come over here, man.
Why, man?
I'm a conservative.
Bro, I can't.
Like, I can't deal with these liberals, bro.
They're insane.
Well, we got bro, we got r liberals over here too, bro.
Like they're in every major city, bro.
I'm telling you, man, like it's insane.
Like, I know you guys have liberals, bro.
Like, you should see the kind of shit that I see living in Toronto, man.
It's bro, ours are worse, but we gotta deploy the National Guard deal with these niggas, bro.
Ours are worse.
But I'll be honest, bro.
You're right, like more in America.
Um similar to like Florida and Texas and so forth.
Aren't there like the marketer jurisdictions like outlast like a Alberta or like you know, like uh some of the other things?
Alberta.
But uh the thing is, like, why would I want to live in Canada when my dollar, like my dollar compared to the American counterpart, like you know what I mean?
Like, like, bro, everybody here is fucking poor.
I don't know why nobody talks about this.
Like over half of our population lives below the fucking poverty line.
I don't understand why nobody speaks about this.
It's insane.
People just love paying taxes and they think it's a fucking hunting.
So how many Canadian friends that are here, bro?
And they they they skip the matrix pretty much because they've gone to a better um you know environment.
But if you're there, bro, just stay there, bro.
Come on, man.
Just stay over there.
All right, fresh.
Come on, man.
That doesn't help us, bro.
So that doesn't help him, bro.
All right, yo, again, this is what I'll say, bro.
Uh you said you're 20 years old.
Do you have any skill sets?
Uh I have a degree in business communications.
I have a bunch of work experience.
Yeah, I mean, look, your best bet, bro, if you're not gonna get married to an American citizen, is you're gonna need a uh uh an American company to petition on your on your behalf.
Um and they did make the H1B visa thing a little bit harder.
I ain't gonna lie to you, bro.
Uh they gotta pay 100,000 one time up front to uh employ you.
Uh so that's gonna that's kind of going into effect.
I know Trump signed an executive order for that at like a week ago.
So yeah, dude, I I suggest this though.
Come down here, like go like spend a significant amount of time in the city you're thinking about coming to.
Let's say you wanted to live in New New York City.
Come down, stay there for like a month or something like that, you know, see what it's like, you know, and see if you like it.
And then if you're actually, you know, like damn, I really like this, etc.
Then you can make the conscious decision to you know take overt steps to uh get down here permanently, maybe apply to some jobs, try to get uh someone to sponsor you, or you know, some other route.
Um or you can and also I suggest you do a talk a consultation with immigration attorney.
I think that's another thing you should do as well.
Cool?
A consult like with an American immigration attorney?
No, yes, with an American immigration attorney, exactly.
Do a consultation, it's probably gonna cost you a couple hundred bucks, do that consultation, come down here, spend a couple of weeks, right?
Get get the in the city that you actually want to move to and then get a feel for it, and then you'll be in a much better educated position to you know identify a way to get down here.
But I say come down here and talk to the immigration attorney.
Cool?
That's a good advice.
But call it real quick.
All jokes aside, bro, you made a mistake.
You don't want you don't live in Canada, bro.
You live in India.
Oh, nice try.
Nice try.
You're in Toronto, you said, right?
Uh flip it around.
Thank you guys back.
Everything you do, I've been for a long time.
Yeah, so do that stuff, bro.
Uh console with an immigration attorney, spend uh a couple weeks in a major city that you want to move to, get a feel for it, and then go from there.
Okay.
Alright, work sponsorship it is is what that's basically all my research was telling me is work sponsorship.
Yeah, if you're not gonna go there get my marriage route, that's that's probably gonna be your best bet, bro.
Be honest with you.
No, these bitches are not getting my money.
All right, fair enough.
Then yeah, come down here, spend time in the city.
You need that go from there.
Well then they need you, nigga.
All right, let's go next caller.
What?
Next calling in, bro.
Who's up next?
Hi, bad.
You need you need them, bro, more than they need him.
They're here.
Next.
What the heck?
Next 6723.
You're 6723.
Welcome to the show.
What's your question and where you're calling in from in name?
Hello.
Hello?
Yo, uh, I had a question.
Yeah, can you hear me?
Yeah, what's your name and where you calling in from?
Uh my name's Kasam and I'm calling you from uh California.
How old are you?
Uh seventeen.
I called it before and you guys had a problem.
18 above, sorry.
Peace, nigga.
Well, I mean, you can probably ask it for a money question.
If you're if you're doing if you're okay, talk to him.
I don't I can't do it, bro.
If you're not waiting again, I'm a part of you, bro.
I don't care.
All right, go ahead, bro.
What's your what's your question?
So I so maybe I speak three languages.
Uh-huh.
Um I'm I think I'm physically capable of you know doing physical activities.
I was much a good like job I could get into.
Okay, uh what are the three languages you speak?
Uh Arabic, Spanish, and English.
Fluent on all or just conversational.
Uh I'd probably say fluent Arabic, English, and Spanish is like uh 5050.
Okay.
Um did you graduate high school?
Um I'm a senior.
Okay.
Graduate high school.
And then what do you have a scholarship to go anywhere or no?
Um I haven't accepted any slices.
Um I'm doing very good at school.
You know, I got inspired from you guys.
I have all A's.
Good.
So getting to college.
Are you gonna go to college or or no?
Uh hopefully, I'm planning on going to college.
Okay.
Just whatever you do, make sure you go into if you're gonna go to school, bro.
Go to a school, uh, well, major something number one that's gonna get you a job.
And then number two, uh, or get a trade that will get you a job.
But bro, you're young, man.
You're 17 years old.
Uh, you know, it depends on what you want to do as far as like you know, utilizing those languages, but I would say get a get uh get a skill set first.
Thank you.
I appreciate it.
Thank you, Fish.
Thank you, Mo.
And then another thing else.
Once you um once you get that job, I'll pick up a part-time job as a translator if you're uh other languages you're good at it.
You can pick up a part-time job as an interpreter.
Okay.
All right, man.
All right, man.
Graduate high school, man.
Cool.
Who's up next?
Nine eight.
No, sorry, nine zero eight six.
Nine zero zero eight six.
Welcome to the show.
Welcome back, hey.
What's up, fellas?
What's up, fellas?
Yo, uh, what's your name?
Where are you calling in from?
How old are you?
Yeah, so uh my name is Jordan.
My name um I'm 28 years old.
I'm from New York.
Okay.
Uh I had a question for Steve.
Sure.
Um, and I just want to give you guys a quick shout out.
You guys are the goats.
Keep doing God's work.
Yeah, saving lives out here.
Tell me out.
We try, man.
Go ahead.
Hit us with the question, bro, because we got a lot of people on the line, and then Chris just walked in.
So hit us with uh the question quick.
Yeah, for sure, for sure.
Um yo how's it going, Steve?
Um I'm doing well.
I'm doing well.
Um, so I just had a question.
So I'm a I'm uh an accountant right now.
I work in public accounting.
I have about you know seven years experience.
Um I'm about to get my CPA.
I you know, pass three sections and I have one more section to go um in about a month.
And I just had a question regarding, you know, starting my own firm.
Uh, you know, a tax advisory and accounting firm.
Um I saw that you have your own firm.
I looked at your website to seeing beyond the numbers.
Um I just wanted to see like if you had any rec recommendations or any suggestions, you know, um, you know, for going that route, basically.
Yep.
Yeah, so definitely so you you do you work in um you work in public you said for seven years and are you predominantly taxed or or um yeah, predominantly tax.
So I started my career at big four and now I'm at a medium sized firm now.
Okay.
Okay, good, good, good.
So you get a good experience.
Um so you're doing a lot of medium sized large larger businesses, tax returns.
Personal exactly heavy ones.
Okay.
Yeah, so um, so you wanna you want to hang your own shingle?
Yeah, yeah.
I think uh I'm ready to do my own thing.
Um, you know, I know it's a lot more work than just working in the tax department, but you know, I think I'm ready for it.
You know, uh let me ask you this.
Are you not happy where you're at right now?
What's the t what's the partner track for you to be a partner?
Um, so I'm I'm could become a manager next year.
Um, of course there'll be senior manager after that, but I'm just not sure if that's the route I want to take.
Like, you know, if I'm gonna talk to clients on behalf, you know, of the company, I I'm thinking I'd rather do it, you know, for myself.
But uh, you know, I just want to just gauge your thoughts.
So you gotta remember when you become a partner there, so it's kind of like your own you're running your own business.
You're kind of like sharing the overhead and the staff.
So basically you're gonna wind up bringing in your own clients.
You're gonna have your own profit loss, and then they're gonna sh you're gonna share, you know, whatever, you know, the rents and the staff and some of the other operating costs.
So you're you're yeah, so rather than going alone, then you're gonna do everything yourself, then you're gonna get your own, you know, office and rent it, then you're gonna get your own staff, and then you're gonna, you know, a lot of times, um, a lot of these guys they go off and then they join a larger group and they become you know, they add their name to the to the front of the building, and then that's what you guys that's what you you're the firm you're working for did.
So it's gonna be probably a lot easier and set up more for success, because you're kind of gonna run your own business within that partner firm.
You're gonna have your own column, your profit loss.
Okay.
Um and those clients that you're bringing in, you're gonna bring in f those those are gonna land.
And then there'll be other other um clients that you've been working on a lot that you're probably gonna inherit.
You're not gonna have to pay for those.
Which is good.
Um, and then you know, these partners, they retire all the time.
So there's gonna be other clients that are gonna, you know, be um divided amongst the the remaining partners there, you know, depending on their skill set and you know, who they work with and so forth.
So that's just something to think about.
I don't know how long you've been at that that firm, but it sounds like you got a pretty good solid track record.
Um, you know, if you're gonna be a manager, your next step is gonna be is probably gonna be partner in the next two or three years.
That would probably take you as much time as going and hanging your own shingle and you you know, you're probably gonna about make around the same amount of money, you know, for those yeah, so something to think about.
Okay.
No, I I definitely appreciate all the advice.
Um you know, I would say you don't get along with some people in there, you don't like the environment, the culture.
There's some you know, assholes in there, you just like okay, I wanna I gotta do my own thing, I gotta get out of here.
Then I would I would say, yeah, that probably makes sense.
But if everybody likes you there and you got you know good clients you're working on and you're you're building, you know, they're gonna you're gonna get promoted up, you'll probably become a partner, you're part owner of that business.
And um, you know, it's kind of like having your own business.
All right.
Okay.
No, that makes a lot of sense.
Cool.
Uh appreciate you calling in, bro.
Let's get the next person in.
Um, and for somebody saying, well, you have to say David, what's the bare minimum to cut the line?
Uh I got no worries, but they take it easy.
Um, just donate whatever, bro, and then whoever donates them gets on the line first.
Um again, guys, number of calls on the show, 646490394.
This is the QA call in show Money Monday with us and Steve.
Also, real quick, triple six G uh has the ebook from Steve.
Steve, people are asking the question.
We're gonna find the actual ebook because they want to know where to buy the book.
Okay, so go to my um Instagram, it's seeing beyond the numbers, all one word, seeing beyond the numbers.
In my link or my bio, there's a link tree and it goes to all my products in there.
You can see whatever books I got like four or five books on on there and some other products in there.
Awesome.
All right, all right.
Uh who's next?
Cool, who's up next?
Next we have four two one eight.
You're up four two one eight.
Hello.
Hi, Myron.
Hi.
What's your name or where are you calling in from?
I'm sorry.
I said what's your name and where you're calling in from?
I'm calling in from Tampa.
Okay.
Florida.
Um, I actually love your show.
So I was just calling in because I was uh what your talk right now what's your name?
My name is Sydney, like Australia.
Nice to meet you nice to meet you, Sydney.
How old are you?
I'm 27.
Okay.
So 27, Tampa, Florida, but you're you said you're from Australia originally.
All right, cool.
What's up?
What's your question?
No, I'm not from Australia.
I live in Tampa.
Okay, okay.
All right.
City like Australia.
Okay, all right.
I heard Australia.
I wasn't sure.
Okay.
Um what's up?
What's your question?
My question is like, what do you what's your advice for like people who um 'cause I'm gonna have a a job in the VA.
Um and I was just wanting for like I understand like how you always want like uh women to kind of like just be a familiar not familiar but like a woman who like is submissive to her man and he doesn't really work.
So what's your advice about that?
Well I mean are you married now or you do you have a serious boyfriend.
You know I don't have a serious boyfriend I'm single.
27 so i was just wondering what your advice would be for that i mean obviously you know work your job make your money um but i would say you know try to find a guy uh within the next three years because you know time is ticking for you and uh you know at this rate you know you probably wouldn't be i mean even if you move this fast as you could probably wouldn't have a kid until your 30s into your early 30s so you know just really focus on trying to buckle down and find somebody yeah right so um i'm actually that girl that
um my brother put me on to you the one who called you i last year in 2024 and he was telling you that I was um the strict therapist um and he was like trying to go into business with me.
I don't know if you remember that um story.
No I don't oh okay well um but yeah he put me on to like your videos and I've been like obsessed with you ever since and I think what you're doing is great work and like everything that you say I just I guess I just worry like work for her like how we'll ever like meet somebody because like you're at home all the time.
So I like my advice with that.
I definitely understand.
Well, hopefully, you know, at the VA, you know, you'll meet some stable guys that, you know, have a good government job.
You know, obviously, when you're out and about, I mean, you're 27, so you definitely want to date with a purpose now.
But no, I appreciate the support, and I'm glad that your brother put you on.
But yeah, I would say for sure, you know, really start getting ready to try to find somebody because, you know, time's ticking, and at least you're aware of it, right?
A lot of girls your age, you know, are thinking, oh, I got all the time in the world and stuff like that.
So the fact that you're aware of it, that's half the game right there.
So you're aware of it, make moves, try to find a good guy.
You might have to lawyer standards a little bit, right?
You might not necessarily get the Chad that's making, you know, significant amount of money.
But I'm sure there's plenty of men out there that, you know, make a decent income and are good people and would be a good husband and her father.
So that's what I would say.
Caller, I want to thank you for supporting Myron.
That's really cool of you as a woman.
Sorry, Fresh X. Can I interrupt Myron?
So what would you recommend for me?
It doesn't matter what you think!
I was talking.
10 to 6 p.m.
like Monday through Friday.
Nigga.
How would I meet people then?
I mean, when you're out and about, you know, you could, I mean, I don't like using dating sites or whatever.
I would say leverage your friends and family.
Your brother probably has some good guys that he might be friends with.
Use your family.
No, he's a very anti-social introvert.
He's moving to Orlando, actually, so.
I'm gonna be by myself in St. Petersburg I'm actually moving to the small beach uh town in St. Pete so like it would just be me so I mean I guess I couldn't meet people at the beach but um you have any older men besides your brother in your life like a like an older uncle or someone that can like you know vet some of these guys for you like to typically that helps you know in my opinion I'm actually Ghana I'm from Ghana so like all my family is in Ghana and they're very Muslim so like it's a very different like cultural in
the US but like my they could find you they can help you find somebody then if you got family if you come from a Muslim family you already know your parents know a bunch of guys are gonna be eligible eligible bachelors I know Myra too strict for me like hey man you you hey you about to be 30 bro you you gotta you gotta you gotta leverage that family man if you come from a Muslim household I already know your parents got at least five or ten dudes they can line you up with man so just use that use your family.
But Myra we're like Christian but Muslim at the same time it's very my mom is a uh Christian my my dad came on here um as a student visa and he married an American woman so like I'm missing all right well uh talk to your dad he probably has some people we could hook you up with you are in the danger zone.
Caller, uh, one more thing.
Just from me to you.
Okay.
Yeah.
It doesn't matter.
I see you and you're amazing.
You know.
Stop fasting.
All right.
Uh caller, I would say rely on your brother, talk to your dad.
The fact that you come from a Muslim background.
Hey, thank you for calling in the show and thank you for supporting.
Nah, nigga.
Um all right, who's up next?
Thank you.
No worries.
You you got a little bit of time, but you got to move with urgency.
All right.
Who's up next?
Zero five, two, five.
She yapping now.
Yapper, bro.
Zero five two five year old.
Holy.
All right, zero five two five, what's up?
Hey, uh guys, can you hear me?
Yo, what's up?
So my name is Richard.
I'm 26.
Uh, I'm down here in Georgia.
All right.
Uh, so Mike Delphine is um as far as the ATM business.
I've been uh saving up my money for it.
I've been trying to I've been actually been trying to call and see you guys for quite some time.
Um shout out to you guys.
You guys are putting out some real game, real support.
I really do appreciate it.
Y'all helped me with my stock market and the crypto.
So I do appreciate that.
You got somebody coming in for stock trades.
So guys, October 8th, we're gonna have a special guest for stocks, options and trading.
So t that should be the next Monday coming up, I believe.
Uh one second here.
And that should be a really good show for you guys.
I might not be here for that one.
Cool.
Uh huh.
Because I got Tim Poole on on the ninth.
So I might leave that night.
But Fresh will run that show with you guys.
Yep.
On money Monday.
No, no, no, no, no.
He's saying October 8th.
October 8th.
Sorry, 13th, 8 p.m.
Oh, no, I'll be here then.
Never mind.
13th.
I'll be here.
13th.
Cool.
All right.
Uh, hit us with your question, bro.
What's up?
So my question is, would it be best to go ahead and use my um personal income or a um expandable income that I have uh for my W 2?
Because I don't work two jobs.
My much regular job makes me enough money uh surplus.
So in the next six months, seven months, I was thinking about going ahead and take the money that I have and starting an ATM business, or should I um go ahead and open up credit cards for this business and just uh pay payback as it goes with the surplus.
Okay, I see what you mean.
Um okay, how much do you earn from your regular job right now?
Annual.
Uh annuals.
Uh well, we just got a new contract, so um I ran some of the numbers today.
It's roughly about 65 to 75.
All right, 60 to 75k is what you're gonna earn this year.
Um and like how much left over do you have like every month after your expenses are all paid?
Roughly five to six hundred.
Okay.
Gotcha.
Uh how much money do you have saved right now?
How much money do you have saved right now total?
Uh roughly about three grand.
Um I would say, bro, save that money.
You uh you want to have at least six months of savings, dude, before you think about really getting into investments.
Uh I want I don't like guys uh dumping all their cash or the money that they have saved into like an investment endeavor, uh, unless they have like six months of savings, three to six months of savings.
So, you know, let's assume it costs you two thousand dollars to live, right?
Uh uh to pay all your expenses.
You want to have, you know, somewhere between six to uh you know eight, twelve thousand, somewhere in that range.
Yeah.
Also, uh call just so you understand.
Then from there, then you can go ahead and start investing.
But dude, you want that you want that nice little fun in case something happens to you, you lose your job or something.
You want that six months of savings, man.
Go ahead, Fresh.
Just out to uh his point here.
Um right now we're in hard times.
It isn't like ways for some people, but it really is because layoffs are all time high.
And you said your job's like a contract, right?
Well, uh I'm uh I'm a W2, I'm a contractor for the courthouse down here.
Yeah, I mean, I would yeah, dude.
Have that money saved up first, bro.
Yeah.
You you want to have that that rainy day fund, and then after you have that rainy day fund, then we can talk about you having some expendable income.
Because I'll tell you right now with the ATM thing.
What?
They're gonna need at least 10 to 20 to give me and get in.
Yeah, at least also in the numbers.
Um I talked to a few um Josh, the ATM guy that you guys had on here uh yet last year, a couple of years ago.
Um I've actually been in communication with him, and he's pointed out that the ATM together he got out of that and went on it uh and did it himself.
So the two numbers that I got from the him and the ATM together with the new uh CEO is five uh from them and seven from him.
Yeah, bro.
I get get that get that money saved up first before you do that.
I'll say this the business does work, but f uh fellas, this is not normal times, man.
Uh this announcement that Walmart's laying off at least 10,000 people.
Yeah, and it's so things are happening at a fa fast rate, and guys, changing.
You could go ahead and take a credit card and use it to get you know get in.
Yeah.
Um But you know, I mean, you gotta remember, bro, it's gonna take you a few months to start profiting, right?
And then will that then you gotta also keep in mind is that profit gonna help you, or is that that profit that you earn, is that gonna be enough to pay off the credit card before you incur a lot of debt?
Like the only way I could see you doing this it takes a while.
The only the only way I can see you doing this where you you're leveraging a credit card to get the business started, is you're gonna need one of these um these uh zero percent APR uh ones that gives you uh twelve to eighteen months of grace period.
Yeah, then I would say maybe you can go that route, but I still want you to have that six months to a year saved, bro, if possible.
Three three three months to twelve months saved.
Then you'll be in a good position where you can go ahead, God forbid, you know, you open up that credit card and then you don't want to put your own money in.
If you can't, if your uh ATM isn't profiting, you can pay it off at the end.
Does that make sense?
So I would say that makes total sense.
Yeah, bro.
So step one, have that three to twelve months of money saved.
Once you have that done, then we could talk about you potentially leveraging a credit card where you could take advantage of a 12 to 18 month APR, use that to fund your ATM business, get your foot in the door with no uh none of your own skin in the game.
Uh, but you're gonna want to have you know, start generating revenue right away, and it might take you a few months to be profitable.
You might have to try one location, then it doesn't work, you gotta put it another location, you know.
So it's not um as easy, and then with the way the economy is going, bro.
I want you to be a bit more risk averse.
Yeah, because as economy slows down, people spend less money, and guess what they don't spend money on or get money from ATMs.
Yeah, so uh it will make money for sure, just not right away.
And honestly, I I would the other thing too is I don't want you to do a cash ATM, bro.
You want to do a uh a uh a crypto ATM.
Yeah, because the crypto ATM is a good thing.
Okay, I was gonna ask them my next question.
Yes, the Bitcoin and the crypto uh don't do a don't do a cash ATM.
Do a crypto ATM so that way is both sides.
People could buy crypto from there and do cash transactions from there.
Yeah, if and and that's another thing.
The crypto ATM is gonna be worth way is gonna be way more expensive, bro.
Yep.
So that's why you know I just kind of want you to go on with your eyes open.
So here's the strategy, bro.
Work your job, save more money.
Once you get that three to six months of savings, so somewhere between let's say, you know, 20 uh between six to twenty four thousand dollars, depending on where you want to be.
I'd say be closer to twenty-four thousand.
Then open up a zero APR interest credit card for twelve to eighteen months.
Uh use that to fund your your Bank of America one is pretty good.
Bank of America has one depending on a credit score.
What's your credit score?
Um current credit score is uh six fourteen.
Oh nigga, that's trash.
Yeah, you're yeah, yeah, you ain't gonna get shit with that.
So you know what?
Yeah, you definitely need hold on, hold on, hold on, hold on.
That changed the whole strategy up.
Yeah, bro.
You you you're gonna need to take the these months to bring your credit to bring your credit score up, bro.
You ain't gonna get none of these good credit cards with the intro phase um where you get zero APR with the six fourteen, bro.
No, I'm aware, I'm well aware.
So um, I've already done work as far as I got a few things going on.
And on top of that, how you got six fourteen?
What how much debt you got?
Um I went to college.
I got a debt of twenty-two.
No, bro.
Well, what's what's your what's something else bringing is uh a school loan is not gonna bring your credit score down that much.
Well, what would what else do you have?
Well, no, it it I was at a seven fourteen and then or seven twenty and then the uh what Trump just did, uh the student loan forgiveness, it it it dropped my uh credit score a hundred points.
Oh, yeah.
Did he hear?
What?
So basically, if you don't pay your your loan back, you're any type of like late payments, the pen lays you on your credit score even further.
So you made a late payment on your credit score?
Or sorry, on your on your clothes loan?
Yeah.
That boy cooked.
That's that's why my credit went down.
Okay, is that the only is is that the only debt you have?
You don't have no credit card debt, nothing?
Yeah, bro.
That alone will fuck you up, bro.
That just not paying out on time with you.
Exactly.
All right, bro.
So okay.
So for you, now that we know your predicament.
Number one, get your credit score to at least a seven fifty.
But but to be fair, people that were not programmed because of because of Biden, they didn't know this was gonna happen like this.
So it happened so fast, bro.
People got caught up and then whooped.
Yeah, because they weren't making payments probably.
Yeah.
So okay.
So for you, bro.
I was still in a grace period before he didn't get it.
This is what you gotta do, bro.
This is what you this is okay.
This is what you gotta do.
Give it now that we know your circumstances.
Okay, number one, you need to save more money.
Okay.
You need to have somewhere closer to 20,000.
Now that I know in that period of time, while you're saving up this money, I want you to also really focus on bringing your credit score up.
Okay.
Get yourself to 720 to 750.
That's gonna put you in a position where you can actually get approved for one of these credit cards that has this zero per 0% introductory APR rate, right?
For 12 to 18 months.
Once you get your credit score into that 700 to 750 range and you got this 20K saved, now get that credit card, start up your ATM business.
Buy a Bitcoin ATM.
Do not buy uh regular cash ATM because the Bitcoin ATM will let them buy crypto on your on your uh ATM as well as do cash.
So it's dual purpose, so you can kind of you know make more money uh dual end there.
And then uh from there, once you have that once you use that credit card to get the thing started, uh just pay it pay it back uh in that 18 months.
You have time to pay it back.
And then if that doesn't work, whatever you have that you have saved, which we discussed before, you can use that to pay towards uh the balance as you're waiting to go ahead and get your um be more profitable with the ATM.
But yeah, dude, step one for you, you need a savings, you need uh, you know, six months of savings, if not more, and then you need to bring your credit score into the 700.
Six fourteen, you ain't gonna get no fucking credit card, bro.
That will give you this um introductory zero percent APR.
I I completely agree with that.
I do completely agree with that.
So I guess my final question would be is um so I got uh Capital One credit card.
Uh I got a few other I got four or five credit cards in total.
Um I was wondering if I should go ahead.
There's two credit cards, no, three credit cards that I've been looking at.
One of is the uh Capital One Saviors, um, as well as the other two are uh mission lane.
Um they give you the uh two thousand dollars each with those two, and then the savers will give me a thousand.
No, no, no, bro.
Just this is what you're gonna do is you're you're gonna wait until you bring your credit score up and you're gonna apply for a complete new credit card that's gonna give you that zero percent uh intro APR for 18 months.
And you can do that.
Uh you would, yeah.
But you should probably just wait.
So do it, get the benefits, and then do it again later on, like three months, right?
Yeah, wait, uh to So remember he can get it.
I'm saying he shouldn't even apply until he's in the seven hundreds.
Yeah, but after.
Let's say he does get a credit card, wait a little bit and then do it again for another credit card.
For me, he could he can get to he could apply for like two or three at the same time.
He could.
Because that'll all probably count as one hard thing if he does that all at the same time.
You're right, actually.
So yeah, it'll if you do it all in the same time, bro, you'll get one hard inquiry.
So um but but again, this is after you have your money saved and your credit scores in the 700 to 750 range.
If because uh I don't want you to apply and get denied.
700 to 750, because that's gonna put you in a p in a position where you'll get approved for these cards.
Because these cards aren't easy to get.
You'll be good, but not excellent.
But that's still good enough.
Most certainly.
Uh Steve, what would you say for this advice?
So yeah, I know the thing y'all saying is like, yeah.
Steve, you want to change or no?
And and and and uh I would recommend you cards, but the problem is totally agree with everything you guys are saying.
Um yeah, definitely I would wait to get the score up because you're like you said, you're no one's gonna give you a zero percent, you know, 12 to 18 months, and that's what you need.
You need that lead time because you're you know, use somebody else's money, keep your money in the bank.
Absolutely.
But you gotta remember if the shit hits the fan and you can't pay the stuff back, these are unsecured.
So your money, once you once you take your own savings and you put your money out there and and you know, God forbid, you know, the business fails, um uh then you'd lose your money and you're done.
So at least you could you know have the opportunity give you put yourself in the best position to use their money, and if the shit hits the fan, well, you know, you could your credit score will be ding for you know a little while, but you know, if you you don't have to you don't have to uh declare bankruptcy, you could just you know discharge them and then you know it takes a little while to come off your credit, but it's unsecured.
So yeah, use other people's money, bro.
OPP, other people's money.
Um so that's that's what you do.
Uh or OPM, sorry.
Um But yeah, well we'll uh uh I hope that helps, bro.
But you you got your strategy now, you know what to do.
Uh get your credit score up, and that's gonna be the that's gonna be very important for you to kind of get in.
Yep.
Uh and then and then also uh credit cards offers always change, bro.
I would recommend you credit cards, but there's cards every day coming out that have that are on a promo.
Oh, first 18 months, zero APR.
So when you're ready to do it, then call back into the show and we'll we'll go over it with you and talk about nerfed what cards, yeah, what cards you can go ahead and get.
I know like Bank of America has a couple credit cards where you get that intro, zero percent APR intro, but who knows?
It might take you a year to save up that money and be ready.
And then bam, by that point, then we could go ahead and you know give you the best cards.
Right here, this one's fire.
Which one?
American from Bank of America?
Yeah.
Yeah.
But if they're still running that promo.
Yeah.
Oh, also another good thing about those cards, they let you do a cash advance.
Yes.
They let they let you uh so Bank of America with some of these cards, another good thing for you is they let you go ahead and do a balance transfer.
So let's say you got a 10,000 limit on there.
You could go ahead and put that money into your bank account, cash, and then use it that way as well.
Obviously, you gotta pay a transaction fee and shit, but that's another option to you uh for you as well.
So things to keep in mind, bro.
But step one for you is you need to build up your savings 100%.
That's that's your biggest weakness, and you need to bring your credit score up.
Don't even think about starting anything until you get those two things fixed.
All right, all right.
Good questions, bro.
So June first, next year.
I got you.
I'm calling you guys back with great news.
Good stuff, really.
You got it, man.
All right, man.
You got this, bro.
Uh completely doable.
And then girl show right now.
Yeah, go ahead.
Yeah, you're running Chris's uh uh Lisa D. Uh, this is from actually uh what's this?
Uh this is from Super Chat, F and F Super Chat.
Awesome.
Uh Lady Sarah says, Hi FNF, female fan here.
I'm a stay-at-home wife, pregnant at the moment.
I would love to go back to school for nursing after I have the baby.
Do you think it's a good idea?
Passport bro's wife.
Yeah.
Wow.
Well, congrats for getting here.
Uh, you if you you got them.
Um good idea.
She goes about the school after getting a baby.
I mean, I mean, it she could if she wants, but like if you don't need to, I mean, if you don't have to, no, don't do it.
She's just gonna encourage someone else raise it, and then you gotta pay for someone else to raise it.
Then you gotta go to school for four years, you gotta pay for that.
And then by the time you get money, like, you know, your kid's gonna be growing up and you're gonna miss that whole time that he needs you there.
So yeah, or she does that.
So if you can afford to stay home, you got somebody that provides for you, then yeah, yeah.
Like, take that route if if that's you know, you know, live be live beneath your means.
It's a lot better than to do that for the you know, the that short period of time.
It goes by fast.
Yeah, kids grow up fast, man.
Before you know it, they're you know, they're they're they're 13 years old, they don't really want to hang out with you anymore.
They want to go with their model with their friends, or you know, they're they're involved with uh, you know, all the sports and all the other extra critical care activities.
So all right.
Cool.
Uh all right, anything else?
Guys, course closes tonight at midnight.
Uh some more chats here as well.
Yeah.
Here for us, you can handle this.
Um getting ready and shit.
Cool.
All right, guys.
We're gonna have after hours at about 11 o'clock.
First gonna finish reading these things up and then we're gonna get the show going here very soon.
Triple 6G says, W Steve, I brought your A to Z ebook this past Friday.
I'm working on starting my photography business slash video business.
Thanks for the value, brother.
That's for you, Steve.
Perfect.
Yep.
You're well, you're welcome and thank you for buying it.
Appreciate it.
Very good book, guys.
Uh he says, uh again, Steve, I'm starting a photography slash video production type business.
I have some equipment, but still have a lot more I want to purchase, some of which is pricey, one K plus.
Should I wait until the business is set up in order to apply purchases for tax write-offs?
Or can I apply purchases made prior to business establishment towards the business taxes after the fact?
I mean, it doesn't really matter, but if you don't need some of the equipment immediately, I would just kind of organically grow into that until you know start the cash flow and it's making some money, then get your equipment as you go rather than what I call it putting the cart before the horse where you buy everything and then you know just see how the business goes.
So if you could do without some pieces of equipment, do so.
Wait to buy that later when you get some cash flow and some funds readily available that are being you know produced by the business activity itself.
Um, but it doesn't really matter when you buy it because you're gonna get the write-up when you get the write off.
Awesome.
Good stuff.
Uh what's next?
Sandman, 10 subs, bro.
Shout out to your brother for supporting the show.
Gio says, hey Steve, I'll Tesla on a lease, and I put it under my father's business name.
Am I cool when tax season comes up?
I use it for DoorDash.
And I have an app that tracks my mileage.
It's called driver note, and I have a Chase business account for the money I make from DoorDash.
And a credit card I use for expenses on the car.
I'm not in a good position to get any tax benefits.
Yeah, so you could just get you can get the mileage, just track the mileage and then give that to your CPA or whoever does your taxes, and then just take the mileage.
You can't list the car because it's not yours, it's under his business, but you can get the mileage because you're putting gas in it and then you're you're getting wear and tear on the car.
So yeah, definitely.
All right.
We have up next as well.
He says it's a two-year lease.
I paid $300 a month.
I've said a lot of money compared to automobile and have a solar panel to charge my car.
What the what the hell are you?
Nigga, what?
In addition, I made a sole proprietorship business with Chase.
I didn't make a business account with AIN number.
It was given to me for my LLC.
Okay, for Doordash.
Should I make a business account with LLC or keep the account I already made with Chase?
Also, should I turn my LLC into S Corp or should I wait until I make a certain amount of money?
So again, we talked about that earlier.
The threshold would be if you're saying around 40,000 dollars.
If you're there, then definitely you want to become an S Corp.
Um definitely, yeah.
The account that you have with the bank has to be separate from your person, your personal.
So you want to make it a designated business account that's attached to the EIN number, not your social security.
That's what the IRS requires in order to make it a legitimate standalone business.
Um is it isn't it under his dad's name?
He was talking about the car.
Car, got it.
Okay, yeah.
Perfect.
Any more.
All right, here we go.
Uh him again.
I mean, we kind of asked answered this before.
Uh yeah.
One chest says, Hi, Steve.
We appreciate you heavily.
Quick question to you, possibly help you bless you.
Do you still need any more contributions for your son?
Oh, I appreciate that.
Um, no, I'm not at the time right now.
Um, I appreciate that.
Yeah, we we had a we had a petition, uh, we had a lot of support.
We had a you know a demonstration, a peaceful demonstration, and um all of that worked.
I was on uh my rent show um back then when you know things were happening.
So I appreciate that.
Yeah, so so um, you know, we'll we'll I'll I'll have an update on that um uh god willing shortly.
So we'll do it every uh I appreciate appreciate the uh the support though.
By the way, Steve, uh once again, bro, your loss was definitely uh tough, and you worked through it, even though I as a dad I would be livid, and I'm sure you were too, but uh we're gonna be able to do that.
Oh, yeah, it's it's been devastating for our horantal family.
You know, I have other children, so yeah, you know, I don't I you know uh I can't just check out or do something crazy, you know, or yeah, you know, so those those are the those are the things I you know, those are my responsibilities.
So I have other children that you know that need me.
Hopefully you get justice, bro.
Yeah, yeah, I appreciate it.
Um and then we have here two more.
Oh, we did one already.
Speaking of Nathan says my number ends in 5389.
We did him.
Okay, awesome.
He says, I hope this super chat.
Oh, what'd you say?
Cool.
A Denver base, good advice.
I couldn't do a 1040 for my DJ business.
Wasn't sure if when to incorporate.
Well, 40k and above.
Again, that's 40,000 gross top line.
Um is gonna be your threshold.
Once you hit that, you're like, it's just it's a no-brainer.
Just just get organized under a uh as corporation.
All right.
Good to go.
Guys, uh special mention man, we gotta show of Chris right now.
He's happy because today he got his big chain.
Shout out to Chris, man.
That's a white carrot here in Miami, Florida.
Guys, if you don't know, best of their hands down.
Supports the show.
Shout out to him, my boy Adam.
This is Chris.
Chris, come here real quick, man.
Chris's new chain man is in studio, fresh and fit live.
Show them the chain, brother.
Five years running, supporting the team.
He's been a long time friend, business partner, well deserved, and Chris got it made.
See this change.
And real diamonds, my boy.
W support WT W Fresh and Fit supporters.
Um Chris deserves it after five years in you know, helping the show.
And guys, outdoors with some girls coming out right now.
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