BTM 82: When Manifesting and Taxes Collide with Shanyn Stewart
Shanyn Stewart began her career with General Electric as one of two accountant/advisors that worked directly with GE employees and executives to mitigate taxation throughout the county. In 1996, she started Advanced Accounting to assist clients apply those principles she learned at GE to assist in reducing their tax liability. In addition to her Life, Health and Variable Contracts, Shanyn holds Series 6, Series 7, Series 63 and 65 licenses. Shanyn is the author of, “The 10 Most Expensive Tax Mistakes That Cost Business Owners Thousands” and is a Certified Senior Advisor and Certified Acceptance Agent with the IRS.
On today’s episode, we talk with Shanyn about her amazing photographic memory and how she was able to leverage this gift to become one of the top tax strategist in the country. She shares with us how entrepreneurs can use legal loopholes to create long-term wealth by understanding tax advantages. You’ll also learn why having a real estate investing mentor is a game changer. Lastly, we talk about strategies you can use to reduce your taxation (and increase your income) from your W-2 income by investing in real estate.
Key Points From This Episode:
- The #1 reason real estate investing beats the stock market
- The true hidden costs of not investing in mentorship as a real estate investor
- How to Create Income Stability in an Unstable World
- What is a 1031 Exchange and How You Can Use It to Defer Capital Gains Taxes
Links Mentioned in Today’s Episode
Shanyn’s Website: https://advancedaccounting.com/
Shanyn’s Favorite Books:
Think & Grow Rich https://amzn.to/2BnWM3g
The Science of Getting Rich https://amzn.to/2DP15qF
Freebie: Download any 2 audio books for free when you try audible for 30 days: https://beforethemillions.com/book
Shanyn’s Favorite Lifestyle Design App: Trello keeps track of everything, from the big picture to the minute details. https://trello.com/
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BTM 81: Protect Your Assets: Mindset, Legal & Tax Advice with Scott Smith
Scott Royal Smith founded Royal Legal Solutions to offer tax, business, and legal strategies to real estate investors. He has spent the past 8 years of his career diving through case law, reading the ever-changing tax code, and analyzing real estate investment so that you don’t have to. Scott works with clients all over the United States and Canada who want to grow their businesses and protect their hard-earned assets. He uses a combination of his legal expertise, experience as an investor, and love of helping others grow and protect their businesses to build ironclad asset protection plans for his clients.
On today’s episode, Scott shares with us why setting up the right business structure is key to protecting your assets as a business owner and investor. He also shares the top questions to ask yourself to awaken self-awareness during your investing journey. You’ll learn the real asset you build when you achieve success (hint: it’s not money) and why you must get comfortable with failure in order to succeed. Lastly, we wrap up the episode with how you can shelter your assets by creating a asset holding company and learning how to take advantages of the U.S. laws for business owners and investors.
Key Points From This Episode:
- Why rich people don’t own assets (what they do instead)
- How you can create a series of LLCs from your desktop to protect your assets
- The story of how a real estate investor lost over $3 million dollars over a lawsuit (with insurance coverage)
- The #1 type of risk most insurance companies can protect you from
Links Mentioned in Today’s Episode
Scott’s Website: https://royallegalsolutions.com/
Scott’s Favorite and Recommended Books:
Four Hour Work Week https://amzn.to/2RSY8si
Rich Dad, Poor Dad https://amzn.to/2DJOy7Q
Freebie: Download any 2 audio books for free when you try audible for 30 days: https://beforethemillions.com/book
Scott’s Favorite Lifestyle Design App: Habitat Bull can easily keep track of all your habits, routines and repeated to-dos. http://www.habitbull.com/
Access The Best Strategies, Tips & Advice !
Every week, we send an email sharing my best advice, tips and strategies related to Real Estate Investing. Each of these weekly emails contain relevant and actionable information that can help you no matter where you are in your investing journey.