The Greatest Tax Shelter in U.S. History that You Don’t Know About
What tax planning strategies are available right now that are unheard of?
CPA, financial guy and all around good guy Joel Block joins us.
Join The Our Shawn for the Future Done Right(TM) Show as we explore what we are seeing and what we need for the future.
**NOTE: This is a general discussion of legal ideas and is not legal advice. You must consult counsel to get legal advice based on your facts and circumstances. Do not rely on the content of this message without consulting a lawyer. No attorney-client relationship is formed by this video.**
Here is the YouTube video: https://youtu.be/ydGY3r76NyA
REMEMBER: More videos on the future economy are available at http://futuredoneright.com
Below is a machine transcript of the interview —
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Hey everyone is Dr. Sean, welcome to another edition of future done right. And today we’re joined by Joel block, who’s going to have some exciting information for us. He’s gonna be talking about some tax strategies.
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Some new stuff he’s seeing and what he’s learned about it was probably stuff you haven’t heard about US News timing and stuff. I’m going to be learning about it right with you.
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So it’s gonna be very interesting. Joel is a fellow CPA for those who don’t tune as office. I’m an attorney at a CPA, I work with people on
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business planning and execution particularly everything touches the ownership and control the business Joel’s a CPA works a lot in the investment world and has learned some stuff about
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Opportunities here for tax planning. So it’s really exciting and information. Interesting.
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Information, a little bit different than what you may have heard from other people and stuff, you probably haven’t seen before. So really looking forward to it.
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Get you introduced this new strategy would love your comments. What are you seeing what are you thinking, what are you thinking when you hear about this just drop them below wherever you’re watching with us Dr. Sean on LinkedIn.
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Joel block on LinkedIn or whether it’s the future done right YouTube channel, wherever you see this just drop your comments below. And we’ll take it from there. So Joe. Welcome to the show would love to hear what
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You’re thinking out there.
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Sean. How are you man.
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Let me, let me, let me first say that, you know, although I’m licensed as a CPA. I haven’t practiced in 30 years and
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I don’t function as a CPA, I run a hedge fund them a professional investor. I’ve been in venture capital for most of my career. So
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He knows numbers. He just doesn’t do audits.
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Right I I I I do numerical stuff, but I don’t do tax returns. I don’t do on it, it’s, I don’t have clients. I don’t
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I don’t broker money. I don’t make investment for people. People give us their money and then we go by real estate with it. I wrote a hedge fund and so we run a fund and
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And we also advise other people how to set up funds and how to get organized for rather sophisticated people so you know we’re. That’s what we do but but no confusion if you need a CPA call Sean
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Model actually do CPA work either. So call somebody else.
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Had the license. I do a lot of
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Famous call call anybody else. Just don’t call me.
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Yeah, just don’t call us. I do a lot of I do a lot of financial work. I look at financial statements particular when I’m doing the securities filings when I’m helping companies with mergers and acquisitions that kind of stuff. But yeah.
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I don’t actually do any pure CPA work myself, either. So we’re CPA is that they’ll do CPA work.
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I’ll tell you. Listen, you probably feel the same way as I do. It was the greatest training in the world. Yep. There is no better training to be trained as a CPA.
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Was a Price Waterhouse doing tax work as a youngster. And that’s actually what put me on the trajectory into my current career. So yeah, I’ve done this, this path for, you know, for all my years so
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It’s a great background, I go back to it all the time when I’m looking at financial statements understanding why companies are doing what they’re doing and why they’re not. It helps a lot.
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Yeah, but I, but I will also say that if I didn’t quit Pricewaterhouse I’d have been fired for sure.
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Wasn’t me it didn’t work out at all. So that’s how it goes. I understand you were there you go. That’s it.
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Yeah so reminder, folks. Quick reminder no investment advice, no legal advice on the show, we’re just giving you stuff for your education. So these are ideas you can bounce around and figure out what you want to do for the next step. So
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Joel back over to you. So nonpracticing CPA got the license doesn’t use it but he knows he knows a thing or two about tax and he’s
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He’s learned about, you know, when I first got in this business, and I was at Price Waterhouse my job in the in the mid 1980s was to convert the books and records of 500
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Partnerships into tax returns 500 partnerships and tax returns, it was, it was absolutely miserable dreadful work, we had to do for a day there was an army of guys working on this account we did with a bang these things out.
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I hated doing the tax work, but I love reading the partnership agreements.
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You know Price Waterhouse, I was doing, you know, solar tax credits. I was dealing with credits. I was doing these wind partnerships.
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You know those windmills, they have in the California desert and some other places are
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I was doing taxes for those. So I’ve seen a few tax shelters in my career, I’ve seen a few things about the way that wealthy people move their money around
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And and that’s kind of how I learned a lot of the things that I eventually came to become very, very expert at
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And one of the things that that I’m always looking at as a professional investor we buy real estate all over the country. We have about 40 assets.
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And and so we just buy things around the country. But one of the things I’m always looking for is what’s next, what’s happening next. Yeah. And there’s a little piece of the
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That in December 2017 a year ago for right now, Trump released the, I think it’s called TC J tax cuts and jobs act of 2017 right maybe you’ve talked about that on the show. Yep.
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And there was a lot of stuff in there. They changed a lot of rules, but there’s something I never heard anything about until
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Six or eight weeks ago with the IRS released some, you know, tentative regulations about a new set of tax rules that hugely affects my business, the real estate business.
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And it affects it for the better I in my career in the tax business. And remember, I’m not in the tax business every day. But I have a lot to do with it every day.
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I have never seen anything like what they snuck in there. This is the most amazing thing.
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I’ll tell you what it is in a minute. But I want to give you a little background because you have to understand a couple things.
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And this particular deal is mostly for wealthier people it’s, it is it is the thing when I tell you how much money is at stake here. You will not believe that it’s, it is it is an amount that is absolutely staggering but it. Not only is PR taxes, but it also
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It also is going to help people to direct some of their investment dollars because if you want to go buy real estate. This gives you a little bit of a roadmap about how to go move those dollars and this is very, very important. So here’s what it is.
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The tax code has a provision that said if you buy real estate and we’re talking to Sean about code section 1031 just so you know. Yep. Let’s see a
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Lot of changes at 1031. So just as an aside, the cryptocurrency people lost out on 1031 right up till arguably till till the end of 2017 you could exchange one crypto for another under 1031 a real limit they limited to 1031 to just real estate so
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Yeah, because, well, and you’ll understand why maybe have a second but but so here’s what happens. Just so that everybody understands, we’re all on the same page about how this works.
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So let’s say you go buy a building for 100 grand and and some years later. Now, it’s worth 500 and you sell it. Right.
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You normally have to pay tax on $4,000 but if you take the 500,000 and you reinvest it back into more real estate, not anything else more real estate.
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Than what the government says, gee, you’re, you’re kind of in the same situation you don’t own the same piece of real estate, but you didn’t get any cash to pay tax with
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And you’re kind of in the same situation. So we’re just going to consider that a swap you just swap the piece of land and you didn’t really sell it like like is sell a stock.
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You’re kind of the same as you were before you ever got any cash. So as long as you get any cash because you have to reinvest that cash within six months.
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Then you can roll forward. So you roll forward that 4000 then you sell that building for a million then you sell the next billion for 2 million and then you keep rolling forward.
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After while that’s how many families in the country have gotten very wealthy as by rolling these buildings forward.
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And then they live on the rental income from these buildings and that’s what a lot of families do and that’s where a lot of money in our country has come from.
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So, but here’s what happens. Eventually, somebody says, you know, I want to get out of real estate. I don’t like real estate anymore. I want to be out of it.
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And they’ve got like $10 billion, let’s say in the in accumulated gains and they’re going, I don’t want to pay tax on $10 billion, you know, that would be ridiculous.
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So what do they do, you know, well, the typical way that it’s dealt with is that grandma, grandpa who probably bought the buildings, a long time ago.
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Where they die. All that tax goes away, because the first $11.2 billion in in assets that grandma, grandpa give to the heirs.
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Yep, all evaporates under the estate tax. And so there’s no tax and that’s kind of the ultimate tax shelter. But what happens if you want to get rid of that building.
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And it’s not grandma, grandpa Mom and Dad, mom and dad aren’t that old then what happens. Well, so here’s what, here’s what happens. Out of this new Trump deal
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Trump’s whole posture is that the private sector does things better than the public sector and he wants money to pour into
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poor communities. So either communities where there is some distress for the people of color, whether they’re people that have low income for whatever reason.
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He wants somebody to be moved into these communities and and they’ve been doing this since the 70s and this Nixon started this in the 70s had these these kinds of things going. So here’s what they did is they sent to the 50 state governors you propose to us.
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Some number of census tracts that you want us to designate as an opportunity zone opportunity zone.
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And if you will review those and will approve them. So these 50 state governors sent to the IRS a list of areas that they want to be considered opportunity zones. So the opportunity zones, then
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For then approved by the IRS and they ended up approving at 700 opportunities ZONES ACROSS THE COUNTRY. All in different parts, you know,
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Some of the biggest one that there’s, there’s a lot of California because it’s a big territory, but they’re all over the country and every single state.
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And and with this new tax law says is if you have accumulated profits in a 1031 exchange like that $10 million that you don’t want to wait for grandma, grandpa to die or whatever the situation is
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If you take that money and you invest it in an opportunity zone one of these at 700 census to find locations.
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If you let the money sit there for five years, then elevate 10 points of, let’s say, a 2223 point capital gains tax so about half.
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Let it sit there for seven years will debate about three quarters of the tax and if you leave it there for 10 years will debate 100% of the tax and will also update any tax that you make.
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On whatever gets made in the opportunities own area, wow, you’re making money twice. Yeah. So that whole $10 million could be a beta tax and
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All the profit that gets made, and the opportunities. Over the next 10 years no tax. So this is a this is a tax phenomenon that has never been seen before.
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And I don’t know if you could wait your guests and how many dollars worth of accumulated real estate taxes are tied up in these 1031 exchanges and you want to hazard a guess.
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Gabi several trillion
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$6 trillion is sitting in these accumulated profits in these 1031 exchanges that the government has never gotten a hands on in years and years and years. So the government said, Listen, this is going to cost us let’s say a trillion dollars in
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It potential tax. They may not even they may not even ever get the tax really because people could die or corporations hold property and they never, never gets attacks.
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So the most it will cost, let’s say, is a trillion dollars, but instead let’s pour this into poor communities and let’s move
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Private sector money into wealthy in for wealthy people into poor communities and let’s have them build shopping centers and apartment buildings and restaurants and different things and read gentrified these areas.
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Well, how many jobs are going to be created by doing that. How much money is going to move by doing that. How many construction people, how much dollars of
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Equipment services. And by the way, it’s not only about real estate. You can buy a business, you can buy business property. It just has to be tangible whatever the property is has to be tangibles can be real estate can be personal property.
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As long as it’s tangible and this has never been seen in my experience in the history of the United States, where this many dollars are at stake. It is a remarkable, remarkable program.
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And by the way, so let’s say you’re sitting there saying, Gee, I’m not a wealthy investor, I don’t have any 1031 opportunity.
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You don’t have to bring it from 1031 you can bring it from anywhere. It’ll be, you know, tax there’ll be no tax on any money than anybody brings us to one of these deals. But here’s the thing.
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Let’s say you’re an investor. Do you think that investing in these opportunities zones is going to be a good idea.
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You know whether or not you get the tax break or not because billions or billions and billions of dollars are going to flow into these opportunities zones and that means it’s probably a good idea for investors to think about some of those areas to
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Find the right ones, I would imagine. Yes. Because particularly potential, particularly if you get a group together that’s going to do it. I mean, you can redo a whole opportunity. So depending on the size of it right
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Well, so here’s
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And that’s, that’s the rest of the discussion is how do you know where the right places. I’m a professional investor i mean i i buy and sell things for a living and
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One of the things that people don’t really understand professional investors make money on the way up to make money on the way down. They understand how markets move and they understand timings and so forth and
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One of the things that professional investors do is they invest in things they can control.
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They don’t tend to invest in things that they cannot control. So for example, I can’t control the United States economy. So I don’t bet on the United States economy.
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But these opportunities zones, I can control how many dollars go in, I kind of have a sense about it.
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We can add value to real estate, we can add value to communities. And by doing that, we make money that if we get a little bit of lift from the economy to all the better.
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So, I mean, that’s, that’s kind of way it works. So you do have to be very careful that you pick the right ones. I will also tell you
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That there’s a couple of other factors and some of the factors are that just because you bring money into a community does not necessarily mean
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That that community is going to say yes, we want the money right now. That may seem counterintuitive.
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But, you know, a lot of these communities of color don’t want to be pushed around by wealthy people
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So they’re they’re picky about it. They say, Listen, just because Walmart wants to build a store doesn’t mean we want Walmart yep and Walmart gets freaked out by that because they’re going hey wait a second, we’re doing you a favor by bringing a story you place.
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A lot of times communities don’t feel that way. So you have to, there’s a lot of factors that investors have to think about. It’s not just about the money you know
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We see we’ve seen a lot of Baltimore City where I grew up, you know, and it’s it rings close to home where they have projects that got partially done there’s a highway to kind of know where in Baltimore, where they started building it.
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And then the neighborhoods came together and said, What are you doing, you’re tearing down houses and building a highway says highway goes for about two miles and then just dead ends. It goes back up onto the street level because
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They were going to build this highway to connect one part of Baltimore to another in the neighborhood rose up, you know, so that happens sometimes.
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Well, isn’t that that that brings up issues of eminent domain, other kinds of complicated real estate problems, but
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He also said that the bottom line is that consumers do have a lot of power and there are there are a lot of issues, but
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This is a
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Very powerful tool for family planning or for planning your wealth. Yeah.
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This, this is a, here’s the thing. In order to qualify for all these tax incentives. You just don’t throw money into a neighborhood. I mean, there’s a set of procedures that typically somebody like me sets up a fund that I haven’t set up a funnel other I’m probably going to
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People set up funds they have to. They have to put money into these communities. I mean, there’s a whole bunch of rules. I mean these things.
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They don’t just say here, do whatever you want, have this very specific rules, you have to
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Add a certain amount of value to the project. In other words, these are not for a fix and flippers who just put a few dollars and, you know, put a little bit of lipstick on a pig and
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That’s not what the government wants the government wants substantial investment in these communities. So taking a piece of land and developing a piece of land doing a redevelopment of a piece of
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A piece of existing property that’s what the government’s looking for. And so when those things happen.
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That’s when that’s when you make the money. So a fund like mine or some fun that I would somebody like me would set up.
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Has to invest 90% of its assets into qualified property qualified property. There’s rules for qualified properties and we have to do these things within certain timeframe, she have to invest the money to certain period of time, something like 30 months.
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And I gave understand that the rules are not
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finalized the IRS, the government still work not somebody’s rules. So yeah, but these things are all emotion.
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That’s a gym hidden the tech coach you know there’s been other things that people been finding over time. And this is, this is one of the beauties.
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Where you know you really want to take a close
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Look at this, I see the opportunity there, particularly with like you say, there’s a lot of pent up money people doing these chain of 1031 exchanges for decades. And there’s many people out there that have big dollars sitting there and then now go and opportunities.
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And you’re right, opportunities over the critical mass. It sounds like you know you may not only get the tax treatment, but you may get a substantial gain if you can get the right if you can get the right
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Opportunity, you know, here’s, here’s the thing. You know, it’s the people you’ve got a fan base people
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That watch your show. Yeah. These are people who would never get the inside track from that because they wouldn’t find me. They wouldn’t be fine. I mean guys are kind of hidden we kind of, it’s not like we hide the bushes, but we were not easy to find.
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Yeah, and and so guys like you that bring that kind of talent and there’s, there’s a lot of guys that I know that are similar and they, we all know what’s going on. But regular consumers even CPA 99% of CPS haven’t heard of this yet.
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99% of attorneys haven’t heard about this.
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Yet it just, it just is not in the marketplace. It’s starting to be the trade journals that the CPS and attorneys read, but I believe me, they’re, they’re just finishing tax season they they haven’t got to these pages yet.
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It just yeah you become commonplace.
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You may have a few more months to operate all because you’re right. A lot of tax attorneys are going to tax attorneys and CPA is going to go into next taxis and they’re gonna get really busy, but
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I have seen a little bit of talk about opportunities, but the way you’ve placed it all together. It’s just beautiful. Joel. Why don’t you tell folks how to get ahold of you as you’re
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Getting let me, let me first say that in the next day or two, we’re coming up with a new little piece on our website for opportunities on your White Paper, there’ll be a bunch of material. People can opt in if they want to.
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They want to learn about investing these things we can potentially direct them to something or
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Help them in some capacity and we’re happy to help do that so
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My website. Joel block calm. I’m Joel block. I’ve been in this business. And actually, from that website, you can find lots of other resources on my website. I would encourage people to opt in and you know that they can get on our mailing list, they can find out about the sort of thing but
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This is the up and coming or is it live right now as we speak.
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The website. The opt in, he had
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The opposite is live.
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But I’m just, I’m actually just getting back the final draft of a white paper written some other materials.
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This stuff is all emotion. It’s very fluid. So we’re we’re among the first people to produce a white paper like this.
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My offices got an organized in the last couple of weeks. I mean, the government agencies and the agencies are just starting to spit out lots of stuff. So it’s very, very early.
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I mean, I’ll tell you, saying people, here’s what’s going to happen.
00:19:52.950 –> 00:20:02.190
People are gonna listen to this and they’re going to kind of forget about it, then two years from now, it’s gonna be the rage, they’re going to go. I think I might have heard about this somewhere and they’re going to hurt have heard about it on your show.
00:20:02.670 –> 00:20:03.210
There you go.
00:20:03.390 –> 00:20:10.260
Now if they get an early start, they’re gonna they’re going to be an early and if they get a late start, then that’s just how most people operate, they get a late start, yeah.
00:20:10.320 –> 00:20:18.360
Well, that’s our goal is to wake people up and show about the future, folks. So, like, comment, share jump over to Joel’s page. Make sure you get a hold of the information
00:20:18.720 –> 00:20:24.630
Go ahead and subscribe today. And then you’ll get the white paper when it’s ready. I’m sure it’ll eat do an email blast and get it out to you guys, so
00:20:25.020 –> 00:20:36.720
Check that out Joel’s already getting your contact information if you want to have questions or whatever, just reach out to me, Dr. Sean glad to talk to you as well. I’ll probably refer you back to Joe on this particular opportunity because that’s well in his wheelhouse.
00:20:38.370 –> 00:20:47.550
Make sure you let your friends know about the show. Tell them so that they can get the inside track as well there’s enough room for everybody. So don’t feel like you need to be greedy with the opportunities we can get the word out there to a
00:20:47.880 –> 00:20:51.930
critical mass of people that can get in very early and potentially get an opportunity so
00:20:53.040 –> 00:20:58.470
While we did talk a little bit of investment advice. Remember, it’s not specific investment advice for you it’s not legal advice.
00:20:58.770 –> 00:21:03.930
Go talk to your own attorney or an investment advisor about what you’re going to do with this information and how you’re going to build it out.
00:21:04.920 –> 00:21:12.180
I remind you, you can check out our past shows which include another episode with Joel block along with their upcoming guests. You can check out all that at future done right.
00:21:12.660 –> 00:21:21.510
Com. You can also get on our email list to get updates like the stuff Joel’s talking about and I’ll probably put out an email when Joe gets that white paper ready, just to remind people that it’s there.
00:21:22.440 –> 00:21:33.390
So, folks. Thanks for joining us, pat yourself on the back for doing the hard work to be ready for the future. This is great information just came out will be working to bring you more stories like this as they emerge, Joel. Thanks for joining me today.
00:21:33.840 –> 00:21:34.650
Sean Take care, man.
00:21:35.010 –> 00:21:35.580
Lot of fun.