Jenn Carson Live Money Makeover

All right, so this was Jen's. I'm sure you have some version of this, but let's go to the joint, right, what you guys want to do. So from a company partnership, right, so this is different, it's a business partnership. So you're right now still sole provider. Until today. Do you turn those up? How are you handling that? Can you make any money together? Yes. So how are you handling banking? Yes, so we're just 100 percent transparent and we'll just fix it all later. So I just, so right now, last year. By the way, that does happen. Yes, so we're just going to be transparent and we'll fix it later. But who's taking the money right now? I am. And so that I 1099 10 last year and then right now we're, we're paying in payroll. It's under my, I did an EIN under my social though. So our company has, yes, I, I, I'm here. I just want to layer the problems in that area. Okay, layer the problems. We're good. Do you guys want to participate? I want to see how financially, like you're a smart group. Yeah. What are the problems in this model? Oh, it's, I have, yeah, no, it's an idea. Who gets to take more expenses? I did it, of course. And we don't like that. We don't like that. He certainly doesn't like that. Yeah. Because he's technically the same weird situation. They're so proud to 1099. So Carson's on schedule C, which gives him, you know, my jokes like 20 deductions, not eight. Yeah. So it's a very limited deduction schedule. Um, you get a little bit more benefit because you do have the EIN. Yeah. Not that much, not much. Um, but if you wanted to really be mean and pissed off, you know, you've got a lot to take. So he came in January and he's like, we're not making any decisions about our business until I can come back and see you. So that's, that's why we're here. So he came January is like, I'm not making a decision. So you get in front of the room. And so here we are to make each. So we know this has been our thing until we can connect with you guys. Okay. So you've made the money. How much did you guys make? What was your, um, so just, just shy of a hundred thousand. We generated together and separate bank account. Correct. We do have our own bank account for a company, right? We have our own business credit card with our company. That's the one card. Yes, we do. And that's the one that has about a $10,000 balance on it right now. I put it down there. That's $10,000. That's not yours. Correct. Okay. Thank you. So that, so that, um, yeah. Okay. And you just put in a simple bank account, credit card, debit cards. Yes, but we do everything on the card so I can track it for expenses and get the points. Okay. And then what are your expenses? Um, just shy of a hundred thousand dollars. All right. And let's just go. So do you have a website? Yes. And it's converting? Yes. Okay. And who owns the URL? I guess me. Don't know. Okay. Who set it up? It's under my account. Yeah. Yeah. We wouldn't even know. We paid for it with the business card, but again, this is just knowledge we didn't have. Who owns the database? Are you starting to run over here? No, I got to do all of this. You do all of this? Come on, sweaty. We're going to fix it today. What do you use for database? Do you just help? Well, we have, uh, Kajabi and, um. Okay. And what other technology? Do you have QuickBooks? Yeah. We have QuickBooks. Um, we have, uh, GoToWebinar. Um, we have WordPress, which is Zoom. Yep. Everything is Zoom. Okay. So, all right. Good. What other assets? So it's all paid for by the company card. That's cool. But whoever initiated the ownership owns the asset. So you real estate people, we even go further. Who owns the PO box? Especially if you're in a cash rent position. I've watched the worst divorces where then I have business and I own these and you own the PO box. And where did the cash projects go? Do you think after 22 years, we haven't seen it all? We've seen the best and the worst of businesses form. So, and I'm not over-exaggerating. I'm kind of having fun with you, but this is serious stuff. It's very serious. It is a serious now. This is exactly why the last business partnership that I had that I left, I got nothing and she just took everything. Well, and when you're not doing this, it's not as urgent. When this number becomes. Correct. Right? Correct. Then he gets engaged and she don't like you and your husband's pissed off because you're working too much. Then we have all sorts of issues. Nobody's ever seen those happen. Okay. What else? So you have any, so these are your assets, by the way, I can come here. Any other assets just to speak of real estate, put money away and do an effort account. 10,000, 10,000 on a car deal. Anybody else? Yeah. Well, so the, yeah, so I put it over there. So again, this is, so I put it over there. So we, there's a, there's $14,000 that we owe in June to finish my training trainer. So we've already marked, we've already sold into that energy work program, which is paying for that program, but that just hasn't been, but the company's been equally paying for your certifications and all that. Yes. Yeah. So I have all the ICF certifications that I paid for and that she gave, she has to have these certifications. Okay. But the company paid to your fare and all of that. Okay. So pretty clean. That's good. Right. It's new. Yeah. Not too much time to get in trouble. And then what do you guys want? So by the end of the year, so your income for us, and then you want two 50 each and 500 during the company. Yes. Okay. And do you want to put some of this away into investments together? So you lose some cool stuff together in addition to taking whatever home to your family. So then there'll be, I'm just going to call it a wealth account for easy terms. Yes. So that's an undisclosed amount. You've got to decide. Okay. That way you can do some joint assets. Okay. What else do you guys want? I'm sure there's going to be a lot of property over here. Yes. How are you guys going to handle that? You're going to jointly why you're watching? Cause we got completely screwed over by me. Yeah. Cause it was yours. Yeah. But we worked for him. So it was a work for hire, which means you can't take it. So by law, the rules on that change at 21% and now it's yours. So all the words that just came out of your mouth didn't make sense. I'm very excited. I was like, yes. So I, I, he bought by law is 20. So I say take it to 21% and it is now yours. So do you think I made it on how to be a million now? I got it. Thank you. I did not make up how to be a millionaires documented for generations. I think that I made it a little different because I had a sequencing to it. Correct. Right. So when you add your own flavor to a body of work at 21%, it's now yours, including my home. I'll give you a little story, right? So these are owned by my publishers, right? We're in a co-ownership of these. So for me to get my own book back, right? I've added it. So you'll be seeing the millionaire maker relaunched in version two with a whole bunch of success stories and updates. Because when I wrote the books, there wasn't such a thing as cannabis legal and CBD and crypto. So I'm going to add asset classes and add success stories, 21%. So for example, if my book's a hundred pages, I have to do 121 pages. And now I have a new book of new ownership. So, I mean, there are people in the world. So the fidget spinner, this is like teaching you. This is so critical. The little fidget spinner. Do you know that was created in the 1980s? You know, the little stupid thing that has now become a billion dollar little toy. It was created in the eighties, but the family didn't know what to do with it. Right. Typical invention kind of a thing. Got the patent. And there are people who really follow trademarks and patents. And as soon as they expire, they acquire. Right. It happened in Napoleon Hill. It has happened to so many people. Zig Ziglar. Right. I know that's like, Tom, Julie, save your dad's work. So they just let it expire. And again, legacy stuff happens like that. And nobody pays attention. I guarantee somebody's watching this. Right. The minute, you know, we miss a day, someone's going to pick it up and then charge a fortune for it. And there's nothing you can do about it. It's just the rules of the game. So you really want to pay attention to the dates. Like one of our really good friends just passed away. And he owns this cool thing that hardly actually pays a royalty. It's called kickstand caddy. It's a very, um, cause the kickstands on Harley, especially big Harleys are not that strong and bikes can fall over. So we actually, he's one of our big table guys. He passed away. And one of the first things you had told like Damon and I were looking through all of this stuff and said, you got to find that patent. And his family needs to know that that patent needs to be renewed. It's very, very valuable, right? Especially if you monetize stuff. But anyway, fidget spinner dropped off a patent. Somebody else picked it up. They knew how to market and do like the QVC kind of HSN, whatever, however, the other fan commercial thing. And that thing has made that family millions and the family that originated nothing. So this is like a business to itself. There's people who just buy and sell URLs. So be careful when you just spat out URLs casually that are really, really good. Cause somebody's going to grab them and then charge you later for your idea. So there's a lot of this stuff you guys do casually. Now I don't want you to go to the other side and say, Oh my God, I can't tell you anything else too. So I'm an NDA. Don't be weird about that stuff. Like in this community, I mean, we don't know you all yet, but I mean, so once you get in, we don't have time to rip off your stuff. Are you kidding? We're too busy doing cool stuff. That's just bad energy. So to your point, get your own IP back. It's back. It's back. It's back and more and way better. And we thank him for being him. Right. So it's kind of thanks for the original work and I'm going to have a bunch of cool stuff to it and have new work. Yes. All right. So we'll get there as a product. Yeah. All right. So you guys did it made him a million and a half. So it should make us more. So where's Scott? We need Scott on this one. You guys want to grab Scott? Um, and then the other thing too, I'm just going to put it up here, but we don't buy any Edwin is going to take the stage or other things like is, um, he'll talk to you guys about setting up a 401k company, right? So this is a company one. So you're going to do your own for your family, right? And then, sorry, that's 401k, but he'll tell you a little off, whatever you want you to do. Okay. But qualified money again is very protective money. Okay. So in your wealth account, you put money that's cash and then money into qualified. Okay. Now, as far as the entity, Scott might have a different idea, but I'm going to start. So since you guys, yeah. And if they choose to have any employees in the future, then they'll have an employee benefit plan. They can do it that way. So they're drawing the 250,000. Well, that's what we're going to talk about because this is a lot of money. And if you pay yourself a W2, you just killed yourselves. Correct. Correct. So how I think so, or change our minds is I would have Jenny, you're California. You've got one, two questions. Okay. Right. So probably where you all want us to move. Is that what I got? I do. I mean, I wouldn't say like, like I just walked across the line like that. Well, and you can actually use Scott in my, or my address, which ones we are in Zephyrco headquarters. And you can use our office and we do a lease right there. And then people say, well, why are you in bed? So that all comes along with your entities, though, especially in California. I mean, it comes with any of you guys, but I mean, I've been in Nevada resident for a very long time. So tell me how you would like to do this design. I'll start. And then you add, and you're of course correct me, but this is their goal. They want a million gross, 250 each to take out. So I'm thinking California, right. Each. Right. And then you do what's in your company? Genius Unlocked Coaching Institute. Genius Unlocked Coaching Institute. C-C-I. Yeah, C-I. Coaching Institute. There we go. That whole thing you just said. Yes. Okay. I got it. Yeah. Genius Unlocked Coaching Institute. Because do you actually perform in California? Yes. To come to a room? You have a new conference facility available? Yes. Yes. So right now, yes. All of our, in all of our stuff. Got it. We might be moving on and it'll be turning in September to Nevada and not California. Right now we're San Diego Bay Area. So it's currently right. We're still proud of our partnership. Yeah. So right now she's taking all the money. So she's getting the tax benefit more than he is. She owns all the URL currently in her name. So this needs to get in here. Yes. Or let's be honest. It needs to probably get over here. Yes. But I don't want to expense the hell out of him too soon. So LLC in Nevada, two S-Forbes that would have owned the membership interest. This is your ultimate world. Could you see how quickly that happened? Yeah. This is why I have her little head spinning. Okay. So, right. Yeah. So it's a lot to set. So if you're going to say set one and set two, you're going to have to set three. You're each going to need one. Yes. Yeah. This is step one. Okay. And for now you could, I mean, you can do it as well. Come to step two. So this is step one. Okay. And this is step two. Ideally you're on this runway. You're getting done by the end of the year. What's the S-Forbes? This is a lot of S-Forbes. And the reason, and then what you're going to do is your two companies are going to be contracted to work with this company. Right. So, right. So you're going to work for each other. So where are your two fifties going to come back to is an S-Forbes and your two fifties coming to S-Forbes because now you get full deductions upon a divorce because you will have a divorce. Let's not be fantasy island. Right. We're going to be together forever. No, you're not. You will have different partners and now that seems weird. So we're going to plan for a divorce. We actually have a slide that says design your divorce while you're in love. You're in love. Now, once we have a divorce, we're going to set all this up and brilliant one over there is going to do buy-sell agreements, all sorts of interesting bylaws, make the same legal planning for a divorce. So when that happens, your families don't get murdered, meaning not like murder, but like, yes. Well, we heard about some. Okay. So that way, this company, which is usually you, your family can decide how it wants to expense and do deductions. Like you can decide if you want a Maserati and maybe you want, like I do, a Rubicon Jeep. Right. So believe me, I've had partners like Bob Proctor who likes, you know, Rolls Royces and Bentley's and I like Jeeps. So I'm not want our company to have to. And then here's the difference. I fly private, they fly commercial. You don't put that on the company expense. You put your personal benefit, but you put that crap over here. Unless you fly together Southwest and have the company pay for it. Or you'll figure out he's got genius team behind him that will help sort out the co-keeping and how you expense. But for the most part, the healthiest relationships that I've had, we all kind of work that way is I do my world my way, flying, traveling, eating, kids. Right. I put business trips on more than most safaris while the rest of the gang goes home. Right. So you don't want that to be burdened by that. And the other side, you chime in any time you want, is if you ever want to sell this, you want it to be pretty pure business. Right. Because you can really write through a lot of your own expenses, like my wardrobe. I can guarantee you if I have a partner here, they don't care about my wardrobe. Right. But I do. Right. And I'm not going to sell these. This is you getting legal deductions out of your life because you got to. And this stays pure upon a sale. It's just this was pure business. It didn't have vehicles. It didn't have your kids working for the company and all that. That all comes over here. Right. So it's just a pure business. It's easy to look at accounting and say, this is what they made. That was true business expense. Got it. Easier to sell. Otherwise, what's forensic accounting usually is to untangle something where you put all of this in here, 20, 40, 50,000. Yeah. A lot. Because you have to dissect the whole thing and say, what was really built here? Right. So this is cleaner. And then if I sell, anything happens, you value the company. Right. What else would you do? We're not giving you advice. We're just telling you how we have a conversation. How we've done it, how we do it, how we consider it might be an idea to consider might be. Exactly. An idea to consider might be. This is phase one. But here's what's going to happen. This one is the one that does like what's your biggest liability for all of us in the world? Taxes. No. Oh, no. I wish. That's easy. Another human. So people who follow drugs. Yeah. Right. So who are your biggest are your clients. Right. And how they misbehave or behave or do whatever they want to do. So you don't want assets, right, long term inside what we are going to call your liability operation machine. You want them to come over here. And so then you start. These are your assets. They start moving this way. And the liability of contracts with your clients, although they sound like they're assets, they're actually your highest exploitation. So then long term, you keep this. Now, does this have to have an agreement back with here? Yes. Right. Because your assets are combined. You want to say, like, who's going to own the URL? Normally, you'd value it again. One of you would buy it. You would value the database and the monetization and you'd buy it. You could keep IP separate, but you'd have contracts back here. What else would you have? Licensing rights back to this thing. One of your greatest assets. And that will teach you to monetize. That's enormous. Do you think that we're not looking at that monetization of the black hole? Oh, my gosh. Absolutely. Like what's possible? How much merchandise? How many casinos? How many restaurants? How much? One of the biggest wine groups we're talking to this afternoon. All right. Yeah. They want to put their label on they want to put the black hole label on their wine. We already got the constellation. We're already sponsored by Corona. So now we want a wine and a hard liquor and whatever. My point is, it's a database. You can say ching, ching, ching. We've got 100,000 people on average. They spend 20,000 a year with us. That's a big database. This is your evaluation mark in today's world. You all know that monetized databases and the wide plane didn't sell for so much. Why did all those databases sell? So this is not casually built. What else would you do, sir? And then everyone will set up some 401ks and solos, plus within your family. You'll set up your own wealth account, make some decisions, and then the cash flow will work in and you'll start to get going. Yep. The only other thing, what would you think? Maybe over here, take a tiny W-2. That guy take a tiny W-2. If you take a little tiny W-2, like $24,000 each on a W-2 this way, that gives you officer and director benefits. Employee benefits is a whole tax code by itself. You'll miss some of those if you're not an employee, but you don't want $250 W-2. You want a tiny bit W-2 and a consultant. And then to go to the kid thing, so when we say set up the LLCs and the stuff for the kids, it's not in the S-course. It's not in. It's completely, 100% separate. If you don't stack, we're not stackers. There's companies who, they encourage you stacking your account. You get something down here, the whole house of cards, house of cards, that's crazy stuff. Okay, so those are just totally, totally separate. Yeah, now let's just say your 16 year old wants to work for the company, and you want to legitimately give her a payroll because it helps with the corporate credit, and she's legitimately working here, not Vermont, then you pay her out of your own little W-2. But for your kids, it is good to W-2 them for that credit mark. When they're above 14, having a little W-2 here and there helps them get their little credit marks. When they're 18, they kind of roll out a little better. So we have an idea where that fits in? Depends how big it gets. I'd start it probably in this category, and if it rolls out to be something bigger, then you'd do another one with another company. And then a retreat center, so would we set up another LLC to buy it? Oh gosh, yes. That's a real estate company. And then this company would actually go do business inside that real estate company. So this right here may be a wealth account. That's what this is for. Maybe you put a little bit of So you put it away knowing you're going to do the real estate to go to the retreat center. In Nevada. Montauk was a great place. Yes, it was. I'm just saying. It's in Nevada. No, Idaho. You can do Idaho. My husband wants to not retire in Idaho. He has six years left, and then he's like, I want to go to Idaho and build a huge house. And I'm like, oh great, a retreat center in Idaho. Yeah, and there's some people inside our community who are serious about that faster. Well, I know it's like her family. She and her husband have a beautiful ranch in northern Arizona. If you want to wait, you can start using, and then I have another guy in northern, just north of Albuquerque. There's probably about eight or 10 in our community already where they have them, and they're looking for people to come bring their workshops to them as a way to get that model working. And then as you put it in a funny way, a real estate company go by your retreat center, and then it's going to lease it back, right? This company is going to come in and lease. Because we're just paying VB, VRBO right now. But that should be an expense, either. Yes, it is. Well, because that's not set up yet, but that's what we're using it for right now. Well, that's what you do to the class of us. Anything else you need to know about what we do to support that, or do you know enough? You're just going to go along and get some money. Yeah, that's all we need. I think we should start there, if that's okay. This is a lot. Yeah, I'm just like, I'm like, this is a lot. I know, but there's a whole system. It makes sense. You see, the good thing is, is that it makes sense. Like, I completely see what you're doing, and I see this piece. Some of this stuff was a little scary, because we weren't aware, so I love the awareness piece of it. Well, and you're not scaring yourselves out, and there's a divorce out of here that you can, instead of one person getting pissed and taking the money and doing something weird, it's just like, this is what we agree to do. And some people go as far as actually verbally, have you done that yet? For a few people, I have verbally record the conversation. My understanding is, my understanding is, I'm recording. Then, right, the voices are different, the tone's different, the love is there. I hear people jiggle beady ears in different rooms. The other thing, though, is, I mean, like, once it's set, then, like, this business card, since it's under yours, you probably, can I close it down? Sure. I'm looking at this map, right? If there's anything under your social, reopen up here appropriately. Cards, cards, cards, cards. And the cards is the way to keep it all clean and easy. It's just easy, mechanical to keep it. It's just, use the card in the right company. So, you might go to Costco before you run to the VRBO, and then you forget something, Carson has to go. If you use your own cards, the corporate card, it's fine, you're going to be checking out, because you've got to think, which company legally needs this deduction, right? So, that's just behavior stuff that'll come over time, and then you'll call. Who do I have on speed dial at the Costco checkout? And then, if you're in the wine club, then that's easy, and you're going to get money for giving your clients wine, and then you go to check back in the company later. See, stuff like that, let's just say they did that, because you asked me about how MLMs work. Let's just say they did that one, or you get some CBD. If you're both in agreement, then park that kind of stuff in here, that's not like basic. Yeah, I have residual income from my, it's a lot of a question, maybe I should have said that down there. I get a little bit, I forgot, I do have a little bit more income, it's not very much at all, from my last MLM. So, you can throw that in here now. So, I can throw that in there. Because that's what I'm going to do, like that's easy. Yeah, I'm just like, what do I do with this money? And it just sits in its own account, so it's residual income. Okay, cool. Those are just little things. It's going to be like the app, unless it becomes a big thing, it's going to disappear, right? For now, because you guys transfer it. All right, so you guys, why don't you finally do this big table that we've been waiting for 120 days? We're figuring it out. I'm talking to Jody right after this, and we're going to figure it out. Okay. It has to all come from here, my little force down here. We got to figure out how we're going to do it up here. Or you have credit down here, and you could do it on your card and charge the company 10%. And then in 100 days, or in... Yeah, whatever you just said, that sounded cool. Because money's going to take you another month. Right, it's the over the eve of possibilities. You're going to give $25,000 online credit, and you get 10% annually, until you get funded, and then those cards for the company can pay back that, and then you'll get that, but that will be moved today. How do we show this? Yeah. Prom note. Okay, so whoever's going to be talking about stuff, that can remember that. You're going to put it on a prom note. Because it's you, it'd be different if it was because you already have the assets. Right. So you already have the security, right? If it doesn't get paid back, you have the asset, really, and Scott will help you. So you just do a prom note, to show that it's all good. It's no money. He's going to make a little money on the deal. He'll appreciate that. Remember that thing we were talking about? Yeah. So I'll catch up. Yeah. I'll catch you up, honey, don't worry. How's it going? I'm just catching up. You take care of my little one. He's supposed to be here, but my little one was sick. The universe is amazing. I'm glad he's not sitting right here right now. He'd be having a hard time. Oh, I wouldn't be sitting up here if he was sitting up there. But yeah, you would. It'd just be a little more healthy. Okay, okay, there we go. Okay, that's a good thing. All right, questions you guys have? This is helpful. How critical some of this stuff is. You guys set up partnerships like they're water. This is important stuff. No, this is amazing. This is why we've been sitting here, was until we had this conversation. Could you imagine, what would have happened if we would have showed up with some weird random thing? We just had to undo it. It would have cost you more money. The longer you wait, the more weird things you do, the more expensive it is to fix your mess. All right, come back and get this money. I'll sign it up. So here's the new thing. The answer is yes. Oh, by the way, you get all this stuff. So it's say yes, and then you're going to figure it out. It's not, I got to figure it out and then say yes. You got to get your decisions in the right order. We're going to figure it out. Okay, yes, we're going to figure it out. Okay, and go back. Yeah, we talked to him. Well, now you're going to sign a contract and then you're locked. And then you're going to sign a prom note. Okay, we figure it out. Do you own a house? No, I don't. Do you have like savings, any other stuff? Remember, that's a huge line of decision-making for all of you. You're going to shortcut your businesses so much by making what I call short, decided decisions because the bank accounts are there versus you're going to get motivated. Like we got to pay this back, right? And I'll get back. Let's go get our million dollars we just committed to the entirety of what we're going to go do. Oh yeah, I forgot we were on. And we already linked your husband in. He's good.