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COVID Relief Funds For Solarpreneurs - Zach Bassett
43 Plays5 years ago
Speaker 1 (00:03):
Welcome to the Solarpreneur podcast, where we teach you to take your solar business to the next level. My name is Taylor Armstrong and went from $50 in my bank account and struggling for groceries to closing 150 deals in a year and cracking the code on why sales reps fail. I teach you to avoid the mistakes I made and bringing the top solar dogs, the industry to let you in on the secrets of generating more leads, falling up like a pro and closing more deals. What is a Solarpreneur you might ask a Solarpreneur is a new breed of solar pro that is willing to do whatever it takes to achieve mastery. And you are about to become what's going on. So
Speaker 2 (00:43):
Solarpreneurs, we are back with another episode. I'm Taylor Armstrong. I'm your host. And I am super excited here today because we have the man that knows all about investing tax strategies. And as my personal financial coach, we have Mr. Zach Bassett on the show. So Zach, thanks for hopping on with us today. Absolutely. Thanks for having me. I appreciate it. Yeah. And I was just telling you off the recording here, I've been hearing you all over the place. Um, I think by now people kind of consider you the go-to financial guy for especially door to door reps. I know you've coached, uh, I don't know, a hundred. How many, how many door to door reps would you say you've coached and helps with taxes by now? Oh God, it's got it's in the thousands. I mean, I've had over 10,000 door to door clients. Um, so really I tried to coach every one of them, but, um, as far as like my new coaching program right now, I'm coaching about, about 310 door to door guys right now.
Speaker 2 (01:42):
Wow. Okay. Yeah. Incredible, incredible one. Um, so if you haven't heard of Zack, you need to start following them because, um, I think my struggle on mute mine probably speak for most of the door-to-door reps is, um, I think we're notorious for blowing our money super quick and I'm getting ready to get rid of it. I know, uh, Danny Pessy, I was in his coaching program. He was just talking about how he blew his money on trips to Europe, um, spending tens of thousands going on Europe trips and, and he he's making, I know hundreds of thousands, but if guys like Danny can blow their money quick, I can't imagine guys that are making less than that. Um, blown it even quicker.
Speaker 2 (02:26):
So yeah, some awesome stuff you share. Um, but yeah, what we, what we want to get in today, I guess before we get into the ERC stuff, Zach, how did you, uh, why did you guys decide to focus on like door to door reps and specific and how did you kind of get into that side of helping door to door reps specifically? That's a good question. So, uh, you know, I started out doing this, um, I, I did door to door 15 years ago, so that was pretty young. Um, actually it was a little longer than I lose track
Speaker 3 (03:00):
Of time. I'm getting old, but, um, yeah, I was about 18. Went out, did door to door for Atlas. Um, they did a direct TV and dish network so we could switch people over and it was one of the easier sells of all time and door to door. Um, it actually broke the system because, um, like the tomb brothers, people have heard Mark and Luke tune their legends and door to door, but they sold so many accounts and, and kind of broke this like two too big of conditions. So that company went bankrupt. And, uh, so, but during that summer I noticed like all these people make really good money and nobody knew about an LLC S Corp and that strategy. So I was, I right away kind of thought, well, that's a good area. Maybe I could, um, focus on that next. I wanted to go into accounting.
Speaker 3 (03:57):
My dad's an accountant. Um, both my brothers are tax accountants. So I thought that might be kind of cool, um, and were competitive. Me and my brothers, you know, we both own all three of us own tax firms and, um, it's a competition, yo
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Transcript
Taylor's Sales Journey
00:00:03
Speaker
Welcome to the Solarpreneur Podcast, where we teach you to take your solar business to the next level.
00:00:08
Speaker
My name is Taylor Armstrong.
00:00:10
Speaker
I went from $50 in my bank account and struggling for groceries to closing 150 deals in a year and cracking the code on why sales reps fell.
00:00:19
Speaker
I teach you how to avoid the mistakes I made and bring in the top solar dogs of the industry to let you in on the secrets of generating more leads, falling up like a pro, and closing more deals.
Defining a Solarpreneur
00:00:31
Speaker
What is a Solarpreneur you might ask?
00:00:33
Speaker
A Solarpreneur is a new breed of Solar Pro that is willing to do whatever it takes to achieve mastery and you are about to become one.
00:00:42
Speaker
What's going on, solopreneurs?
00:00:43
Speaker
We are back with another
Introducing Zach Bassett
00:00:45
Speaker
episode.
00:00:45
Speaker
I'm Taylor Armstrong.
00:00:46
Speaker
I'm your host, and I'm super excited here today because we have the man that knows all about investing, tax strategies, and is my personal financial coach.
00:00:57
Speaker
We have Mr. Zach Bassett on the show.
00:00:59
Speaker
So, Zach, thanks for hopping on with us today.
Coaching Door-to-Door Reps
00:01:02
Speaker
Absolutely.
00:01:03
Speaker
Thanks for having me.
00:01:04
Speaker
I appreciate it.
00:01:05
Speaker
Yeah.
00:01:05
Speaker
And I was just telling you off the recording here, I've been hearing you all over the place.
00:01:10
Speaker
Um, I think by now people kind of consider you the go-to financial guy for especially door-to-door reps.
00:01:17
Speaker
I know you've coached, uh, I don't know, a hundred, how many, how many door-to-door reps would you say you've coached and helps with taxes by now?
00:01:25
Speaker
Uh, it's got, it's in the thousands.
00:01:28
Speaker
I mean, I've had over 10,000 door-to-door clients.
00:01:31
Speaker
Um,
00:01:32
Speaker
So really, I try to coach every one of them.
00:01:35
Speaker
But as far as like my new coaching program right now, I'm coaching about about 310 door to door guys right now.
00:01:42
Speaker
Wow.
00:01:43
Speaker
Yeah, incredible, incredible one.
00:01:46
Speaker
So if you haven't heard of Zach, you need to start following him because I think my struggle, and you might probably speak for most of the door-to-door reps, is I think we're notorious for blowing our money super quick and getting rid of it.
00:02:03
Speaker
I know Danny Pesce, I was in his coaching program, he was just talking about how he blew his money on trips to Europe, spending tens of thousands going on Europe trips.
00:02:13
Speaker
And he's making, I know, hundreds of thousands, but if guys like Danny can blow their money quick, I can't imagine guys that are making less than that, blowing it even quicker.
00:02:24
Speaker
Oh, yeah.
00:02:26
Speaker
So yeah, some awesome stuff you share.
Tax-focused Business Origins
00:02:30
Speaker
But yeah, what we want to get in today, I guess before we get into the ERC stuff, Zach, how did you, why did you guys decide to focus on like door-to-door reps in specific and how did you kind of get into that side of helping door-to-door reps specifically?
00:02:47
Speaker
Yeah, that's a good question.
00:02:48
Speaker
So yeah,
00:02:49
Speaker
You know, I started out doing this, I did door to door 15 years ago, so I was pretty young.
00:02:57
Speaker
Actually, it was a little longer than that.
00:02:59
Speaker
I lose track of time, I'm getting old.
00:03:01
Speaker
But yeah, I was about 18, went out, did door to door for Atlas.
00:03:07
Speaker
They did a direct TV and dish network so we could switch people over.
00:03:13
Speaker
And it was one of the easier sales of all time in door to door.
00:03:18
Speaker
it actually broke the system because like the Toon brothers, people have heard Mark and Luke Toon, they're legends in door to door, but they sold so many accounts and, and kind of broke the, like too, too big of commission.
Growing JB Accounting
00:03:34
Speaker
So that company went bankrupt.
00:03:37
Speaker
And so, but during that summer, I noticed like all these people making really good money and,
00:03:44
Speaker
nobody knew about an LLC S corp and that strategy.
00:03:48
Speaker
So I was, I right away kind of thought, well, that's a good area.
00:03:54
Speaker
Maybe I could, um, focus on that.
00:03:55
Speaker
Cause I wanted to go into accounting.
00:03:57
Speaker
My dad's an accountant.
00:03:58
Speaker
Um, both my brothers are tax accountants.
00:04:01
Speaker
So I thought that might be kind of cool.
00:04:03
Speaker
Um, and we're competitive, me and my brothers, you know, we both own all three of us own tax firms and, um, it's a competition, you know, it feels like, um,
00:04:14
Speaker
we're always kind of butting heads and seeing who can get to the, do the most fastest.
00:04:19
Speaker
But it was actually me and my little brother.
00:04:22
Speaker
We started JB accounting and tax.
00:04:24
Speaker
It was golf 10 years ago, eight years, nine, 10 years ago.
00:04:29
Speaker
I'm not sure, but we started JB accounting and tax and we, we really focused only on door to door in the Provo.
00:04:37
Speaker
He started JB accounting Logan.
00:04:39
Speaker
Then he brought me on and made me an equal partner out there and,
00:04:43
Speaker
in Provo, Utah.
00:04:45
Speaker
And I was in charge of the door-to-door office.
00:04:48
Speaker
We had 40 clients.
00:04:50
Speaker
So it was crazy.
00:04:52
Speaker
We bought this, not bought, but leased this huge space for 10 years because we believed in what we were doing so much.
00:05:01
Speaker
40 clients can't pay for even a fifth of that lease.
Client Acquisition Strategies
00:05:05
Speaker
So we knew we were going to do big things, went out, and I went out and picked up
00:05:11
Speaker
Um, went out and picked up 800 door to door clients in the first summer.
00:05:15
Speaker
So I do kind of like a summer sales program myself where I go out and present it as many offices as I can, one or two in the morning and then one and two at night, bring pizza at night.
00:05:27
Speaker
If I have to, whatever I have to do to get them to meet with me.
00:05:31
Speaker
Yeah.
00:05:31
Speaker
That's what got me into door to door, free pizza.
00:05:35
Speaker
As long as you offer pizza or donuts in the morning, they're like, yep, good.
00:05:40
Speaker
Exactly.
00:05:41
Speaker
So that's how I would get it.
00:05:43
Speaker
Yeah.
00:05:44
Speaker
And I just picked up a bunch of guys and it just kind of blew up from there.
00:05:47
Speaker
Me and my brother, we ended up butting heads.
00:05:50
Speaker
We were at about 2,800 clients and we both just had different visions.
00:05:56
Speaker
So we decided to go separate ways.
Launching COS Accounting
00:05:59
Speaker
And that's when I started COS.
00:06:00
Speaker
I met Mason War, my partner.
00:06:03
Speaker
He's honestly amazing and perfect for this company because he knows nothing about taxes.
00:06:11
Speaker
And honestly, he's learned quite a bit.
00:06:14
Speaker
But he's a door-to-door sales guy.
00:06:16
Speaker
He was a regional at Aptiv.
00:06:20
Speaker
So I just said, hey, look, come do this with me.
00:06:24
Speaker
I promise you'll do really well.
00:06:26
Speaker
Because there's no salespeople in the tax industry, you know?
00:06:30
Speaker
Yeah.
00:06:31
Speaker
Yeah.
00:06:32
Speaker
And so I was able to get him to come and see the vision and we fit became 50, 50 partners.
00:06:37
Speaker
And now we're up over 3000 door to door clients.
00:06:41
Speaker
And yeah, my coach over 300 of them, we've got over a hundred bookkeeping clients.
00:06:47
Speaker
And our goal is, is to reach 10,000 plus clients by the end of the year.
00:06:51
Speaker
Yeah.
00:06:54
Speaker
So a lot of people think that's like a bad thing if we get too big,
00:06:59
Speaker
how are we going to service them?
00:07:00
Speaker
But that's the difference between us and other firms.
00:07:03
Speaker
The bigger we get, the more the service we'll get because yeah, I'm putting everything back into the company and the new systems.
00:07:11
Speaker
That's why our packets all electronic this year, instead of a paper, like annoying 2019 packet that we have.
Comprehensive Services of COS
00:07:20
Speaker
It's everything's getting better and we're hiring some of the top talent in the nation.
00:07:26
Speaker
Yeah, no, that's what impressed me a lot about you guys is I know you're growing a ton, but I still ask you guys questions probably every week or two about taxes or about this ERC credit we're going to talk about.
00:07:38
Speaker
And I get a response always within a day.
00:07:42
Speaker
And I know you even have gotten busier, but I noticed you got, you know, assistant to help out with all the texts and stuff like that you've been getting.
00:07:49
Speaker
So yeah, I'm sure you're, I'm sure you're like, all right, if I have a hundred Taylors asking me questions, I need to have someone to help me out with.
00:07:59
Speaker
Yeah.
00:07:59
Speaker
I have no choice there, but what's cool about that.
00:08:02
Speaker
I can have her handle anything that's secretarial and,
00:08:06
Speaker
And if someone texts me, Hey, look, I'm thinking of buying a car.
00:08:09
Speaker
Um, what's the tax outcome or, um, uh, the tax.
00:08:14
Speaker
What can't I think of the word?
00:08:16
Speaker
Yeah.
00:08:17
Speaker
What's the fact that the car buying the car will have.
00:08:21
Speaker
And, uh,
00:08:23
Speaker
And I'll answer those questions.
00:08:25
Speaker
So it's really nice.
00:08:27
Speaker
She's awesome.
00:08:28
Speaker
She's better than me at helping out with the secretarial stuff anyway.
00:08:31
Speaker
So it kind of works really well.
00:08:34
Speaker
Yeah, that's awesome.
00:08:35
Speaker
And yeah, what's cool about you guys, I think I told you this at Door-to-Door Con, but I feel like, and you can tell me if I'm wrong, but I think you guys kind of were the first doing taxes specifically for Door-to-Door people.
00:08:48
Speaker
I remember seeing you guys year after year after year.
00:08:50
Speaker
And then just this last year, or maybe the last two years, it seems like every other booth that door-to-door con is a tax guy now trying to do taxes for door-to-door people.
00:09:00
Speaker
A lot of guys are trying to take the idea, you know, but yeah, it was me and my little brother.
00:09:07
Speaker
We brought it to the table.
00:09:09
Speaker
Nobody was doing it like we were before.
00:09:11
Speaker
There were some guys, there was...
00:09:13
Speaker
you know, Dave Brown doing it before there was Bill Kohler, guys like that, but they never, never put the even close to the same effort in doing everything perfectly legal for their guys.
00:09:25
Speaker
And then also doing every single thing possible, including insurance, you know, health insurance, car insurance, life insurance, 401ks, IRAs, 529 plans.
00:09:38
Speaker
um and on and on and on coaching and you know we do it all here and uh the most you get at another uh door-to-door tax place is your tax is done and and that's it you know yeah for sure yeah and i never knew yeah i love how you guys combine it with the financial side of things and do some financial coaching too which we'll get into and
00:10:01
Speaker
Um, but, but yeah, so what kind of shifts gears, Zach, I wanted to, um, you know, ask you about the ERC stuff and you can tell us about it, but, um, what's crazy is I guess just to give a little, um, background, the ERC, Zach will explain it, but I got, I think it was 10,000 my first time filling it out.
Understanding the ERC
00:10:22
Speaker
And then, um, I guess it's available this year.
00:10:25
Speaker
But the reason I say this is because I talked to other tax guys.
00:10:30
Speaker
Actually, my brother, he uses another tax guy.
00:10:34
Speaker
And he asked him about this ERC thing.
00:10:37
Speaker
And he didn't even know what he was talking about.
00:10:39
Speaker
He's like, I don't know how they do that.
00:10:43
Speaker
So I'm thinking, dang, does Zach have like Donald Trump's number or something?
00:10:47
Speaker
How is he getting this ERC for every door-to-door person?
00:10:50
Speaker
Yeah.
00:10:52
Speaker
But yeah, Zach, can you tell us about this ERC and kind of what it is and how you guys actually get it for people?
00:10:59
Speaker
Yeah.
00:10:59
Speaker
So this is my favorite topic right now.
00:11:03
Speaker
Because what it's done for us is this, things like this are what set us apart, right?
00:11:09
Speaker
Any tax firm can do the LLC S Corp strategy.
00:11:12
Speaker
Nobody can do that strategy as good as we can, though.
00:11:16
Speaker
I'll tell you that much.
00:11:17
Speaker
There's expenses we take that other people don't, things like that.
00:11:19
Speaker
But yeah,
00:11:22
Speaker
on top of it, if there's a, if there's some, some strategy, any set strategy possible, we're going to know about it.
00:11:30
Speaker
And we're going to tell the clients about it through an email.
00:11:32
Speaker
You know, we'll do a quarterly email that says, look, check out these new things.
00:11:37
Speaker
If you're interested, watch this video and we'll have a video on it.
00:11:41
Speaker
Um,
00:11:41
Speaker
the ERC came up from one of my employees.
00:11:46
Speaker
He said, look, in the new CARES Act, I've been researching it night and day.
00:11:51
Speaker
He was a super stud.
00:11:53
Speaker
He's not with us anymore, but he brought it to the table.
00:11:58
Speaker
I said, look, that sounds amazing.
00:12:02
Speaker
Start your own department.
00:12:03
Speaker
I'll give you a commission on it.
00:12:04
Speaker
And he ran with it and it ended up exploding to what it is today where we've got over
00:12:12
Speaker
I don't know, $30 million for our clients in COVID relief funds.
00:12:17
Speaker
And our goal is over is to get well over a hundred million by the end of the year.
00:12:23
Speaker
So what it is, is it's called the employee retention credit and,
00:12:29
Speaker
What a lot of people don't realize is that as an LLC S corporation, you by law have to have one employee.
00:12:38
Speaker
So that employee is yourself.
00:12:40
Speaker
If you are just a single member LLC S corp, let's say you're not married, you're just single.
00:12:47
Speaker
Um,
00:12:47
Speaker
you are the employee and you're the owner.
00:12:50
Speaker
So if you didn't do a W-2 for last year, but you had an S-corp, then you're essentially breaking the law.
00:12:58
Speaker
So what's good about that, that means we can go back and we can amend and do the W-2 that you should have done with the reasonable wage that you should have by law done.
00:13:10
Speaker
And then you can apply for this ERC.
00:13:13
Speaker
So if you have, say, a 10K wage,
00:13:16
Speaker
you can get up to a 10 K benefit.
00:13:20
Speaker
Meaning that, you know, you're, everyone's already going to have a 10 K wage, no matter what, even if they didn't do a wage last year, they ended up doing it on the tax return through something called the Meisner method.
00:13:32
Speaker
And so they ended up paying the taxes on that 10 K. Well now with the ERC,
00:13:38
Speaker
you have all that, those taxes covered by the ERC.
00:13:43
Speaker
Plus you get a check.
00:13:44
Speaker
The check is up to 5,000 if you're single and then 5,000 more benefit in a tax credit if you're single.
00:13:54
Speaker
Okay.
00:13:54
Speaker
So 10,000 bucks guys.
00:13:55
Speaker
It's like for a lot of you, if you made $20,000, how big of a deal is that?
00:14:00
Speaker
That's half your summer right there or half your year on the doors.
00:14:04
Speaker
Like you take all those away and that's how much we're going to get you.
00:14:08
Speaker
Not to mention that savings on just the S-Corp, which will be a couple thousand as well.
00:14:14
Speaker
So if, yeah, if you're, if what, what it is, you have to have a delay or, so you had to have went through a two week period last year where you were unable to do your job, unable to, unable to sell because of COVID-19.
00:14:29
Speaker
You could have been sick for two weeks or maybe there was a mandate for two weeks.
00:14:34
Speaker
I know in April, pretty much the whole U S was shut down.
00:14:39
Speaker
So I've yet to talk to,
00:14:41
Speaker
Well, I've talked to a couple people that all they do is like podcasts and they didn't qualify.
00:14:46
Speaker
But other than that, it's like everybody else is qualified because they went through a two-week period where they had a mandate not to go out.
00:14:54
Speaker
Yeah.
00:14:56
Speaker
Yeah.
00:14:56
Speaker
So, and then there's tiers, right?
00:14:59
Speaker
So that's the first tier.
00:15:01
Speaker
If you meet that, then you're going to get the 5K.
00:15:03
Speaker
If you're married and you're like me and you believe your wife's an employee of your company, then you'll get
00:15:10
Speaker
10k start to start um and then if you have kids and they had to miss daycare it'll go up to 7 500 if single and like 16 17 000 if married and then if you were sick for two weeks whether even if you're not sure if it was covid but you were sick for two weeks last year then um and unable to work then it's going to jump up again
00:15:40
Speaker
Yeah, so depending on these little criteria, your check will go up and up.
00:15:47
Speaker
That's awesome.
00:15:48
Speaker
Yeah.
00:15:48
Speaker
So that's awesome.
00:15:49
Speaker
But there's even more to it.
00:15:52
Speaker
That's just ERC one, which is a 2020 credit.
00:15:55
Speaker
There's ERC, there's ERC two, which is all four quarters this year.
00:16:01
Speaker
So you can get it each quarter of 2021 and it's more.
00:16:06
Speaker
So instead of it being five to 10, it's seven to 12.5.
00:16:08
Speaker
So yeah,
00:16:13
Speaker
Yeah.
00:16:13
Speaker
And, and yeah, you have to meet the qualifications, but for last year, it's super easy to meet those qualifications for this year.
00:16:22
Speaker
It's a little bit more difficult, but for anyone that just started their business, um, that's what I'm going to talk about at door to door fest is that it's most likely I've got to get it passed off by the lawyers, but
00:16:38
Speaker
I'm 99.9% sure right now that if you started your business this year in 2021, you didn't backdate or anything like that, then you're going to be guaranteed to get this CARES Act tax credit.
00:16:53
Speaker
And it's going to be a lot bigger.
00:16:55
Speaker
I think you end up getting $15,000 to $25,000.
00:16:58
Speaker
$15,000 is guaranteed for anyone that started their business this year.
00:17:07
Speaker
What about if you started it like last year?
ERC Skepticism Overcome
00:17:10
Speaker
It's just a... It's the possible 7 to 12.
00:17:15
Speaker
Okay.
00:17:17
Speaker
But it's not guaranteed.
00:17:19
Speaker
I don't know why.
00:17:20
Speaker
It's just the CARES Act rules.
00:17:22
Speaker
They have to put parameters on it.
00:17:25
Speaker
And yeah, they just wanted to give a break to anyone that starts a business this year because it's a little unfair to those that started a business this year.
00:17:33
Speaker
They didn't qualify for anything.
00:17:36
Speaker
where guys that started last year qualify for PPP, EIDL, ERC, so on.
00:17:43
Speaker
Okay, gotcha.
00:17:45
Speaker
So you're telling me that guys can make, well, for every quarter, so guys can make like 40 grand in a year just by getting this ERC, basically?
00:17:54
Speaker
Yeah.
00:17:56
Speaker
If they qualify.
00:17:58
Speaker
Oh, that means that your year sucked pretty bad because you had to have a two-week period of time missed each quarter.
00:18:05
Speaker
Okay.
00:18:06
Speaker
That's not good for business.
00:18:08
Speaker
Um, but there's other ways to qualify too.
00:18:11
Speaker
So what I want you to do is if you listen to this and you're interested is you would just, uh, shoot me a text at 801-452-1900.
00:18:18
Speaker
Cool.
00:18:19
Speaker
Yeah.
00:18:19
Speaker
Yeah.
00:18:25
Speaker
We'll put that in the show notes.
00:18:27
Speaker
But yeah, it's pretty incredible.
00:18:28
Speaker
I got to admit, I was kind of skeptical of all this just because, like I said, I was hearing from other tax guys that they had no idea what it even was.
00:18:38
Speaker
And then Zach just comes out, hey, just pay me a little bit and I'll get you this credit.
00:18:45
Speaker
And then mine just showed up in the mail.
00:18:47
Speaker
It was like, I think two weeks ago.
00:18:49
Speaker
I guess it was for last year's because I filed mine, I think, in December or something.
00:18:55
Speaker
It took a few months.
00:18:56
Speaker
But yeah, just showed up, checked from IRS for like 10 grand.
00:19:00
Speaker
I'm like, wow, sweet.
00:19:01
Speaker
Yeah, anything to do to help guys out.
00:19:06
Speaker
I mean, COVID has hurt every single person in the U.S., in my opinion.
00:19:11
Speaker
You know, it really, it's been...
00:19:14
Speaker
I really disliked the last year.
00:19:16
Speaker
It's what it's done to community and the whole, you know, to NCAA basketball tournament, to sports, to things that really are important to me in my life, which is kind of...
00:19:28
Speaker
I love sports.
00:19:30
Speaker
It keeps me going.
00:19:33
Speaker
And, you know, obviously I love people and a lot of people were affected.
00:19:36
Speaker
And so anything we can do to help is huge.
00:19:41
Speaker
Yes, there are firms out there saying that you can't do the ERC and yada, yada, yada.
00:19:47
Speaker
Well, you can.
00:19:48
Speaker
And we, I mean, we are talking with the IRS.
00:19:52
Speaker
We are, we have four lawyers that look into everything for us.
00:19:57
Speaker
So every single thing we do is buy the book.
00:20:00
Speaker
And, you know, if we say you can get it, then you can get it.
00:20:04
Speaker
And there's many other firms out there doing it for five to 10 times as much of a fee.
00:20:10
Speaker
Yeah.
00:20:10
Speaker
Yeah.
00:20:11
Speaker
Yeah, and that's what's crazy.
00:20:12
Speaker
I mean, for how much you got me, it's like, I'm like, I feel like they should be charging way more, but it's like free money.
00:20:22
Speaker
Yeah, that's often been the goal though, is to honestly, the more money we put back into the client's pocket, the more, like my whole idea is that you might be the next guy to have this huge podcast blow up and explode and you make
00:20:39
Speaker
you know, you're worth a hundred million five years from now.
00:20:42
Speaker
And do you need 50,000 to a hundred thousand a year in tax help and bookkeeping help?
00:20:49
Speaker
Well, if I, if I was the guy that treated you well and help you get there, you're going to keep your business with me, right?
00:20:55
Speaker
Yeah, definitely.
00:20:57
Speaker
Yeah.
00:20:57
Speaker
So that's the whole idea is, is really help people out while they're in that growing stage and then, you know, get a fair, a fair price from them when they really make it.
00:21:08
Speaker
Yeah.
00:21:08
Speaker
When it's like all the people that you're helping, I'm sure a lot of these people you're helping probably weren't clients.
00:21:15
Speaker
Maybe they weren't existing clients already.
00:21:18
Speaker
Now they're coming to you to get help with this.
00:21:20
Speaker
And it's like, if you just got them 10 grand that they didn't even know about, then probably pretty likely they're going to come to you for other like financial advice and tax things too.
00:21:31
Speaker
That's the funny thing I have other people like, I love my account and I want to stay with him, but I want to do the ERC.
00:21:36
Speaker
Okay.
00:21:36
Speaker
So he didn't bring the ERC to you.
00:21:39
Speaker
He's not doing that for you.
00:21:41
Speaker
And yet you want to stay with him.
00:21:43
Speaker
That makes that literal.
00:21:45
Speaker
I mean, it makes no sense, right?
00:21:48
Speaker
That means he's not researching.
00:21:50
Speaker
He's not finding all the different things.
00:21:51
Speaker
We've got a team of guys just for research and development.
00:21:56
Speaker
So we're always going to have new things that are amazing like this.
00:22:00
Speaker
Also, our clients get, you'll see an email come through in the next six months with the prospectus for a new property that we are going to buy.
00:22:09
Speaker
We are going to manage.
00:22:11
Speaker
We are going to even,
00:22:13
Speaker
occupy and that you can join in on buying that property with us, become a partner with us.
00:22:19
Speaker
So there's not that many...
00:22:21
Speaker
tax firms out there that are allowing their clients to get in on investments with them.
00:22:27
Speaker
Yeah.
00:22:28
Speaker
Yeah.
00:22:28
Speaker
That's incredible too.
00:22:30
Speaker
And yeah, so that's what I kind of want to talk about next is just the financial side of things.
00:22:34
Speaker
Now that people are getting this 10 grand ERC money, like the other question is, are guys just going and blowing that on the, you know, down payment for the next car or are you going to do what Zach says and get that money
Initial Investment Advice
00:22:49
Speaker
growing?
00:22:49
Speaker
Yeah.
00:22:50
Speaker
So that's what I want to talk about next, Zach, is what do you, for people just getting into kind of the investment side of things, what are kind of some of the first steps you have people go through?
00:23:00
Speaker
I guess I can talk about some of the things you told me, and I know you have some specific things that you do in your coaching, but just kind of like a bird's eye view, where do you have people start when they're getting this money, they're doing good and door to door, what are they supposed to do with their money now to help it grow?
00:23:15
Speaker
Yeah.
00:23:16
Speaker
So, I mean, some of the most obvious things, the number one thing I tell people to do on the list of things to do during the year is a solo 401k through their S-corporation.
00:23:31
Speaker
and to do it through Vanguard.com.
00:23:34
Speaker
So, and if you haven't read the book, Money Master the Game by Tony Robbins, that's a must read in my coaching program because it's going to kind of teach you all the different, a lot of the loopholes in the financial system and why people are getting screwed over by traditional financial advisors.
00:23:53
Speaker
So I have them start with doing what's going to compound their net worth.
00:23:58
Speaker
When you do a solo 401k, let's say you owe,
00:24:01
Speaker
20,000 in taxes, right?
00:24:03
Speaker
So you've got, let's say you've got 50,000 in cash and you've got 20,000 in taxes.
00:24:10
Speaker
So your net worth is 30,000, right?
00:24:11
Speaker
If you,
00:24:16
Speaker
If you then take that 50,000, put it into a solo 401k, now your taxes are zero, or let's say you're married with two kids.
00:24:26
Speaker
Now your tax outcome is a $6,000 refund.
00:24:30
Speaker
So your taxes just got $26,000 better.
00:24:35
Speaker
And yet your assets stayed the same.
00:24:37
Speaker
Instead of having a cash, you've got 50 K in a 401k.
00:24:42
Speaker
First off that 401k is going to grow.
00:24:44
Speaker
And it's going to grow, if it's like mine, it'll grow at 14% per year.
00:24:48
Speaker
That's what I've averaged since I was 18.
00:24:51
Speaker
And then they just saved all that tax.
00:24:55
Speaker
So they just raised their net worth by $26,000.
00:24:58
Speaker
So instead of having a 30K net worth, they've now got a 56K net worth.
00:25:05
Speaker
Hmm.
00:25:06
Speaker
That's incredible.
00:25:08
Speaker
Yeah.
00:25:08
Speaker
And so for guys that are like starting out, I know a lot of guys are wanting to just dump their money in Bitcoin, Robin Hood, all these things.
Strategic Investment Foundations
00:25:17
Speaker
And that's, I guess, kind of like the sexy investment.
00:25:20
Speaker
People want to go and dump it in there.
00:25:22
Speaker
But do you have people build that up first and then focus on other things like real estate or what are the steps that you suggest people start with?
00:25:31
Speaker
Well, so you need coaching first off because, yeah, otherwise it's a guessing game as to where to put your money.
00:25:38
Speaker
But so what I do, I start people out from the very easiest of things.
00:25:43
Speaker
You know, first I go over their credit card situation, how many credit cards they should have, how they should spend it, how they should pay it off.
00:25:51
Speaker
Then I go over their car situation, how they should buy cars, how they should pay them off, same with homes.
00:25:58
Speaker
And the thing is, is minimum payments, minimum down, and minimum payments.
00:26:03
Speaker
Step around credit cards, obviously you wanna pay the majority of those off every month.
00:26:09
Speaker
And then you want to paint a perfect picture for the bank.
00:26:13
Speaker
Whenever you do anything, you need to be thinking, how is the bank going to see this?
00:26:18
Speaker
Because the goal is passive income, right?
00:26:21
Speaker
I think for everybody, the goal is passive income.
00:26:25
Speaker
So how do you get passive income?
00:26:26
Speaker
The main and best way to do it is through real estate.
00:26:30
Speaker
So we need to paint this picture for the banks that makes them love you.
00:26:33
Speaker
So we get all those things I just talked about, perfect.
00:26:37
Speaker
And then we make sure they're doing 5% to 10% of their investment capital into a Robinhood account and a Coinbase account.
00:26:48
Speaker
So if you've got 100,000 to invest in a year, you're only putting at maximum $10,000 into the Robinhood and Coinbase account total.
00:26:58
Speaker
And I also give them a list of the stocks and a list of the crypto to buy.
00:27:03
Speaker
Also how to buy the crypto.
00:27:05
Speaker
Some of them are difficult.
00:27:08
Speaker
But then that's going to paint a bit.
00:27:11
Speaker
That's already starting to paint this really nice picture.
00:27:14
Speaker
It shows that all your credit cards are being used right.
00:27:17
Speaker
your credit score is above 800 and stays there.
00:27:20
Speaker
And then your cars are being paid down just right.
00:27:23
Speaker
Your home's being paid down just right.
00:27:25
Speaker
You've got,
00:27:27
Speaker
you know, just the right amount into speculative investing, but then, and now you've got 90,000 left over in your investment capital.
IRA Contribution Insights
00:27:35
Speaker
So then with that 90,000, first off, if you, if you can do an HSA, you're going to max an HSA out every time.
00:27:43
Speaker
Um, that's a no brainer because it, it is guaranteed not to lose money and it gives you a tax savings.
00:27:51
Speaker
Um, so it compounds your net worth.
00:27:53
Speaker
And then it, once it hits a certain amount, it's actually going to grow, um,
00:27:57
Speaker
without the ability to lose.
00:28:00
Speaker
And so it's nice to have that in your portfolio, a mix of zero risk assets.
00:28:07
Speaker
And so then after that, it's IRA, traditional IRA for anyone making over 100,000 Roth IRA if you're under 100,000.
00:28:16
Speaker
And the reason for that is a lot of financial advisors would say, no, do a Roth as long as possible.
00:28:22
Speaker
Well, what good is the Roth going to do me when I've got $20 million in losses as my income each year at retirement because of all my real estate properties?
00:28:36
Speaker
It's not going to do you good.
00:28:38
Speaker
So getting that tax break up front is what's going to be amazing because that's going to compound and compound like crazy.
00:28:45
Speaker
So you do that.
00:28:47
Speaker
If you guys know the rule of 72, you should do that anytime you're thinking about an investment.
00:28:53
Speaker
But you just go 72 divided by the interest rate you want to get.
00:28:58
Speaker
So let's say it's 12%.
00:29:01
Speaker
Well, you're going to get around, I think, six and a half at 12%.
00:29:05
Speaker
So that means your money will double every six and a half years.
00:29:09
Speaker
No, 6.1.
00:29:11
Speaker
So then you take how many years do you have until
00:29:14
Speaker
retirement or your goal year.
00:29:16
Speaker
And if that's, if you're 25, you've got 40 years.
00:29:19
Speaker
So you have to pull from retirement.
00:29:21
Speaker
So now you go 40 divided by six and you're going to get six and a half.
00:29:27
Speaker
So now you take the amount you want to invest.
00:29:29
Speaker
So let's say it's 20,000.
00:29:31
Speaker
If you put 20,000 into a 401k and it compounds at 12% for 40 years, you're going to have about two and a half million dollars from one time, $20,000 investment.
00:29:44
Speaker
No, yeah, not every year, 20,000, just one time.
00:29:49
Speaker
So that guy that is smart enough to put 20 K away when he's 25 into a 401k through Vanguard.com into the funds that I am in, they're going to completely set themselves apart.
Consistency in Investments
00:30:02
Speaker
And not only that, they're also going to be able to do several times more rental properties than the guy that's just focusing on doing rentals.
00:30:12
Speaker
Hmm.
00:30:12
Speaker
because of that collateral, because of their portfolio, because of the picture being painted perfectly for the banks.
00:30:20
Speaker
They'll actually be able to do more, have more in retirement, much, I mean, millions more in retirement, maybe hundreds of millions more.
00:30:28
Speaker
And then they'll also have hopefully hundreds, if not thousands more rental properties than the guy that's just focusing on rentals every year.
00:30:38
Speaker
Okay.
00:30:39
Speaker
Incredible.
00:30:41
Speaker
And yeah, what's really cool is you give out this exact steps and I'm sure you'll talk about this in a sec, but when I started working with you, I'd heard, I'd read like the financial books and everything, but sometimes it gets overwhelming hearing all these things and guys like me, we just need like step by step by step.
00:30:59
Speaker
So that's what I really liked the most is after the call, we just did think it was about 30 minutes, an hour and Zach just breaks it down like this.
00:31:07
Speaker
But then you text me like the exact steps step one get your credit card figured out step two Thing is, you know get the exact percentages of the of the investments and exactly where to put it Because I was throwing some money in Robin Hood But I was listening to like friends that didn't really know what they're talking about There's oh go buy this stock go buy this crypto.
00:31:27
Speaker
It's like going crazy.
00:31:28
Speaker
Hey, and then they you know lose money and I didn't really know who to you know trust but
00:31:36
Speaker
But yeah, so you're really helping people figure it out.
00:31:39
Speaker
And yeah, that Tony Robbins book.
00:31:42
Speaker
I just read the one.
00:31:44
Speaker
Have you read the new one that came out?
00:31:46
Speaker
I think it's called like Unshakeable.
00:31:48
Speaker
Not yet.
00:31:48
Speaker
Or Unbreakable.
00:31:50
Speaker
Yeah, it's on my list.
00:31:52
Speaker
Okay.
00:31:53
Speaker
So yeah, it's probably the same thing.
00:31:53
Speaker
I think it's just like a condensed version of the Money Master the Game.
00:31:57
Speaker
Because isn't that one like?
00:31:59
Speaker
They are the same.
00:32:00
Speaker
It's just kind of updated.
00:32:02
Speaker
updated knowledge on how you should think of life and financial perspective.
00:32:10
Speaker
Yeah.
00:32:10
Speaker
Because in the book, he just talks about how he says something like 80 or 90% of financial advisors, they're recommending you
00:32:20
Speaker
um only the things that make them the most money things like that yeah like universal policies and so if you've been approached by someone selling you a universal life insurance policy guys it's 100 you need to not do that um if you already did it you should just cancel it even though you've paid 10 grand already that just cancel it lose the 10k and start putting it into term life insurance
00:32:47
Speaker
and a solo 401k you will five to six extra money now till retirement compared to doing that iul that they promised you was so amazing the the commission on that is unreal and if i was here to just make money off my clients trust me i'd do iuls all day long because if i do a say i do a 401k for you um and you put a hundred thousand in
00:33:11
Speaker
I'm going to make less than a thousand dollars a year off of that.
00:33:15
Speaker
If you put a hundred thousand into a, uh, IUL with me, I would make, I don't know, $40,000 right up front.
00:33:28
Speaker
Yeah.
00:33:28
Speaker
So back up front and, and yeah, you can't hardly blame these financial guys because it's in their best interest.
00:33:37
Speaker
And, and, and they, they,
00:33:40
Speaker
lie to themselves enough to say IULs are the best.
Avoiding Poor Financial Products
00:33:43
Speaker
Before you know it, they're talking like an IUL is three times better than a 401k in a term.
00:33:48
Speaker
It's just the actual facts are that it is absolutely not even close to as good.
00:33:56
Speaker
Yeah, so definitely, that's why it's great to have a tax accountant giving you the financial advice.
00:34:01
Speaker
Because guys, if you take my advice on these things, I'm not making money off of any of those things.
00:34:07
Speaker
Right now, if you do a 401k, I'm going to make zero off of it.
00:34:11
Speaker
If you go out and do a term life insurance policy, zero dollars off of it.
00:34:15
Speaker
You know, so on and so forth.
00:34:17
Speaker
So why would I point you in the wrong direction?
00:34:20
Speaker
Yeah.
00:34:21
Speaker
I love it.
00:34:22
Speaker
And so Zach, do you have any stories of people you helped that were, I know Danny's kind of an example of someone you helped coach and is, is building some long-term wealth now, but do you have any other examples of people who are making like tons of money, just like blowing it all.
00:34:36
Speaker
And then you started suggesting these things and turn it around.
00:34:39
Speaker
Now they have a ton of properties.
00:34:41
Speaker
Now they're having a ton of success with it.
00:34:43
Speaker
That's the thing.
00:34:44
Speaker
The guys that have a ton of success, they normally weren't blowing their money on nothing.
00:34:50
Speaker
They normally were trying their best and doing an all right job.
00:34:55
Speaker
But it doesn't mean that there's guys out there that do blow their money and coaching helps them so, so much.
00:35:03
Speaker
Like Danny Pettis, he still likes to blow some money, right?
00:35:07
Speaker
He'll be the first to tell you.
00:35:09
Speaker
But he's also...
00:35:10
Speaker
does a lot of investing and uh i mean he's invested in me personally and uh trusts me very much and he's one of my favorite people in the world honestly he's a great guy um
00:35:24
Speaker
But the guys, okay, so there's like, one of the guys that I did the taxes for and talked about all the different strategies of cost segregation, of accelerated depreciation was Damon Lilly.
00:35:41
Speaker
Damon Lilly's like, he's got a ton of properties.
00:35:45
Speaker
He's my accountant.
00:35:46
Speaker
I can't really say how many.
00:35:48
Speaker
He's my client.
00:35:48
Speaker
I can't say how many properties he has or anything like that.
00:35:51
Speaker
But he's a big dog.
00:35:53
Speaker
He's got a McLaren.
00:35:55
Speaker
Wow.
00:35:56
Speaker
Yeah.
00:35:56
Speaker
And then Chandler Smith, he was a client of mine back four years ago.
00:36:04
Speaker
And he's, you know, I used to talk to him every week and told him everything I know.
00:36:10
Speaker
And now he's, I mean, he's not a client of mine anymore.
00:36:13
Speaker
He's with my brother, but he's got to have, I don't know,
00:36:18
Speaker
a couple hundred doors at least, maybe 600 doors.
00:36:23
Speaker
I don't know, but he's got a ton.
00:36:25
Speaker
Yeah.
00:36:26
Speaker
So, yeah, that's the thing.
00:36:29
Speaker
My new company at COS, most of the guys I'm coaching are in this new coaching program, which I just started, you know, six months ago.
00:36:38
Speaker
So we'll have to wait and see what happens as far as the coaching goes.
00:36:42
Speaker
But I can tell you before that, I was basically coaching people for the last 10 years.
00:36:48
Speaker
It just wasn't called coaching.
00:36:49
Speaker
It was called tax planning.
00:36:50
Speaker
Yeah.
00:36:52
Speaker
Yeah.
00:36:53
Speaker
So many guys I've helped get their first property and I've helped them get their 20th property.
00:36:59
Speaker
So the list is very long.
00:37:02
Speaker
Yeah, well, you've already helped me out a ton and hopefully I can be your next success story and we'll be talking in a couple of years, me with multiple properties.
00:37:11
Speaker
I sure will.
00:37:12
Speaker
I would say I would bet on it for sure.
00:37:15
Speaker
Yeah, but no, I love what you're doing.
00:37:17
Speaker
And so for people that want to start working with you, Zach, can you tell them a little bit about what the coaching looks like?
Flexible Financial Coaching
00:37:23
Speaker
Yeah.
00:37:23
Speaker
Because for me, that was another thing.
00:37:24
Speaker
I thought I was going to be dropping a ton of money and it's going to be the time consuming thing.
00:37:28
Speaker
but literally just a call for an hour.
00:37:30
Speaker
So you tell them a little bit about that.
00:37:33
Speaker
Yep.
00:37:33
Speaker
So that's the thing.
00:37:35
Speaker
With me, it's not, Hey, you're going to pay 30,000 and you get five calls a year and we can get away to Vegas.
00:37:43
Speaker
It's, it's,
00:37:45
Speaker
150 bucks an hour and you need to do as many as you need to do so in my opinion at first most of the time guys need four a year but there are certain guys that really really need that you know they need a whether it's their dad or their
00:38:02
Speaker
teacher or their coach, they need that person in their ear all the time.
00:38:07
Speaker
And maybe they don't have their dad around anymore to do it.
00:38:11
Speaker
So, um, that they, they use me for that and they'll schedule some of some guys schedule once a week, once a month, it's totally up to them.
00:38:20
Speaker
And, uh,
00:38:21
Speaker
Obviously, their income situations are all different.
00:38:23
Speaker
Some guys make millions of dollars, so it's nothing each time they call.
00:38:27
Speaker
But four a year is more than enough to really impact your life.
00:38:34
Speaker
And honestly, even two a year is a very good start.
00:38:38
Speaker
But four a year is kind of where I say you maximize the benefits.
00:38:42
Speaker
So that's $600 a year for my coaching program.
00:38:46
Speaker
Wow.
00:38:46
Speaker
Yeah.
00:38:47
Speaker
Super cheap.
00:38:50
Speaker
Yeah.
00:38:51
Speaker
Go over other pricing to just, you know, to give people an idea of what all the pricing is.
00:38:56
Speaker
Right.
00:38:57
Speaker
Yeah, I know.
00:38:58
Speaker
I almost bought before I started working with you, I was like trying to learn more about investments and I was looking at buying these like investing in property courses that were
00:39:07
Speaker
like you know three four grand for the course and i'm like well i'm like all right i'll just work with uh zach and yeah and yeah it's so easy because you give all the steps and um like you said it's not something i need to do every couple weeks because you gave me enough steps it's going to keep me busy for probably the quarter um yeah i should be going through a quick as quick as i can
00:39:32
Speaker
Um, so yeah, super easy for our listeners.
Ambition for Wealth Creation
00:39:35
Speaker
So definitely reach out to Zach and, um, I know you dropped your phone number.
00:39:39
Speaker
So we'll put that in the show notes for you, Zach.
00:39:41
Speaker
I'm sure you'll have some people reaching out and, um, just to kind of start wrapping up any, anywhere else that people can reach out with you or connect to you.
00:39:50
Speaker
I think you got a YouTube channel, stuff like that, right?
00:39:52
Speaker
Yep.
00:39:52
Speaker
Yeah.
00:39:53
Speaker
I was going to say, so, I mean, a lot of the coaching, what I do is honestly available for free.
00:39:59
Speaker
I'd say, you know, 30% of it's free on YouTube.
00:40:02
Speaker
And we'll be adding more and more and more videos, including our podcast, which will start to be either weekly or monthly, just depending on when we can get to it.
00:40:12
Speaker
But yeah, go to our YouTube channel at COS Accounting and Tax, and it's an ampersand sign for and.
00:40:19
Speaker
um, check those videos out.
00:40:21
Speaker
They're super beneficial.
00:40:22
Speaker
And then, uh, yeah, contact us.
00:40:25
Speaker
You can Google to us accounting and tax and, and find the number to see it to us, the front desk, or you can just text me at 801-452-1900.
00:40:35
Speaker
I'm more than happy to get you set up with the consultation and, uh,
00:40:43
Speaker
Yeah, I mean, I want to help as many guys as possible.
00:40:47
Speaker
At Door2DoorCon, I set a goal to help create 10,000 multimillionaires before I retire.
00:40:53
Speaker
So I want to do that.
00:40:56
Speaker
I want to retire before I'm, you know.
00:40:59
Speaker
55.
00:41:00
Speaker
So I got to get going on it.
00:41:02
Speaker
Yeah.
00:41:02
Speaker
All right.
00:41:02
Speaker
Well, let's help you out.
00:41:04
Speaker
Yep.
00:41:05
Speaker
So for our listeners, guys, if you haven't already gotten this ERC, at the very least, go get that.
00:41:10
Speaker
But guaranteed, if you get that, you're going to want to work with Zach more because he's going to help you turn that 10 grand into multiple tens of thousands if you follow his advice.
00:41:20
Speaker
So go start working with them.
00:41:22
Speaker
Zach, thanks for dropping some extreme value today for coming on the show.
00:41:25
Speaker
And we'll see you hopefully at a door to door fest soon and some of the other events.
00:41:30
Speaker
And yeah, thanks again.
00:41:31
Speaker
We'll talk to you soon.
00:41:33
Speaker
Heck yeah.
00:41:34
Speaker
Thanks so much, Taylor.
00:41:35
Speaker
I appreciate it.
00:41:36
Speaker
You have a good one.
00:41:38
Speaker
Hey Solar Printers, quick question.
00:41:40
Speaker
What if you could surround yourself with the industry's top performing sales pros, marketers, and CEOs and learn from their experience and wisdom in less than 20 minutes a day?
00:41:49
Speaker
For the last three years, I've been placed in the fortunate position to interview dozens of elite solar professionals
00:41:55
Speaker
and learn exactly what they do behind closed doors to build their solar careers to an all-star level.
00:42:01
Speaker
That's why I want to make a truly special announcement about the new solar learning community exclusively for solar professionals to learn, compete, and win with the top performers in the industry.
00:42:12
Speaker
and it's called Sol Society.
00:42:15
Speaker
This learning community was designed from the ground up to level the playing field and give Solar Pros access to proven mentors who want to give back to this community and help you or your team to be held accountable by the industry's brightest minds for, are you ready for it, less than $3.45 a day.
00:42:33
Speaker
Currently Soul Society is closed to the public and membership is by invitation only.
00:42:37
Speaker
But solopreneurs can go to soulciety.co to learn more and have the option to join a waitlist when a membership becomes available in your area.
00:42:47
Speaker
Again, this is exclusively for Solopreneur listeners, so be sure to go to www.solciety.co to join the waitlist and learn more now.
00:42:59
Speaker
Thanks again for listening.
00:43:00
Speaker
We'll catch you again in the next episode.