0:00 one thing that I could have done better I wish I did better in my 20s it was being more financially illiterate so that I could take advantage of certain things dude if I was a dancer and I asked you for like like advice and you hit me with that I'd be so ████ bummed out yeah [Music] and welcome back to another amazing episode of the careful boys where we are currently off the Record no one wants to stay with me do you want all of us here don't blame it on me I already did the ████ lob it's like in volleyball when you said it that's it you can't touch the ball again it's different every time sometimes Ryan says it sometimes you point to the guy next to you I don't I didn't know you want all of us to say I thought we were doing Like a Wheel of Fortune I was trying to buy my own business and to be
0:50 honest I was about to fart and I was wondering if I should do it hey everyone's side still go ahead go ahead go ahead like I feel but doesn't want to come yeah yeah all right try it again [Laughter] dude the ████ bubble went up the ████ strong [Laughter] so what are you going to tell us about how awesome Vegas is again no I'm never gonna say ████ like that yeah but you're totally you're totally bragging about how you said forty thousand dollars in taxes only in our
1:41 private group I didn't think you're gonna make it public information so in the group chat um recently we had to do our 2022 taxes um and in the taxes uh because I lived in Nevada for a full year now I was like yeah what would be my tax had I stayed in California and I saved I think like almost 47 000 wow that's a lot of money what are you gonna use it for a raise times two or three invest in your own businesses sometimes two or three years ████ as of like crazy you know what I'm talking about yeah yeah that's pretty sweet that's only California well Anthony doesn't want to go anywhere he doesn't want to move to the states so how's the water situation up there though yeah pretty good not raining like
2:31 crazy the last six months so like Lake Mead is like overflowing now hey put it all put it all on black yeah put it on black yeah you got the guts did you do it what put it all on black no I'm not Joe oh you don't want double the money all right Joe's down this guy doesn't like money God this guy hates dogs he hates an opportunity I'm scared of crazy ████ like that what is like a an actual practical game plan though for you when you're thinking like okay cool like now I've saved this much by moving out here I'm gonna use this money to we know it's not reinvest into your business but like what what are like strategies uh so that was a strategy when we um first thought about moving because at that time um when I talked with my accountant I was like based off the last three years can you estimate like how much I would save and then they he said it's gonna
3:21 probably be anywhere from like 50 to maybe even 100. um so I was like okay cool so if I move to Vegas and I hate it and I come back in five years I would come back 200 to almost 500 richer so I was like that's that's worth it it's worth it just just living somewhere else for five years if I hate I'll just come back um so this was the first year I was able to kind of take like the empirical evidence and then match it with what we forecasted okay so you're getting proof now this is how this is really speculated and this is what happened cool so pretty happy why do you look so grumpy dude oh dude we're not jealous we're jealous for sure so how's the water those is it's like you can only drink like one cup a day and Crystal Geyser they got all the same Brands over there
4:11 there's only one pack a month how about you how about you Nick how much have you saved tax was now now that you have two kids ████ nothing dude I'm getting destroyed on Texas you haven't used your pugs as deductions no I tried to and they looked they laughed in my face they looked at me like I was like you can do it until you get audited yeah honestly my biggest fear my biggest fear is getting audited it sucks you seem like a guy that's scared of being audited yeah what flag the audit yeah I don't even know that they tell you what exactly the flags but um some of the things some things I learned recently is um don't round up around down your your numbers so let's just say for example it's your the number is like 1230 and 67 cents but don't put 1230. oh so it Flags
5:03 just by being um you got to put the sense put everything in because it'll alert it Flags things um obviously if you you know your accountant doesn't want you to make money on paper for a year or two so if you do it like I think three plus years that Flags them oh uh well Walter made zero dollars you know but with deductions and stuff you know it's actually it is it is it's it's accurate it's accurate but it Flags it Flags them so it's one of those things they flat it got flagged they audited and like okay there was no wrongdoing here but no they oh that was wrong well no there wasn't any wrongdoing it's what she wouldn't um classify certain things as what we classify their masks so your sex dolls are not a business expense well sir I try yeah for research I really tried but she was like no it's not research
5:54 um you're just trying to have fun oh but you don't know that no those are emotional support dogs that's yeah that's that's the tough part so and then when there's and I had a stickler auditor and then so she actually increased the amount of years I was audited so rather than one year she increased it to like I think three years no wow you must have really talked back it's it's sucked it's uh um yeah so getting audited so like you know there's no Rhyme or Reason other than you know just bad luck bad timing because when I got audited it was less than one percent we're getting audited now it's a little now it's a little over one percent yeah I totally do the artery yeah I was there there is some though like if like you're the IRS so you're also not trying to audit people that like uh make
6:45 a lot of money no don't make a lot of money right it would be like a waste of time yeah exactly yeah because like that's what they do get audited because they can't fight it yeah they don't have the fun stuff but you get hit you gotta hit like a sweet spot in between right it's like more than middle class than anything for sure so like when they audit like a multi-millionaire they can afford tax attorneys like 20 tax attorneys to fight against one yeah they're trying to go they want they want like small businesses so they like have money to pay but don't have enough to like change the scope of the auditor that you had would you say like outside of that situation you would hang out with that person I never met the auditor I didn't that's a good question you wouldn't get them some with them yeah she was a woman and she was a potential Jerry because she's Southeast Asian yeah um I won't say she's Vietnamese but um yeah very she's a fam yeah okay actually
7:38 I think she was a fan how stressed were you were you during this conversations those email exchanges um it wasn't more stress I was more like upset yeah because because I was getting accused of things that I wasn't doing and then it wasn't actually it was not even accused it's like basically you did this this is what you did it's like no yeah it's like no I didn't and then it would disprove that you didn't do it yeah so basically you're I felt like I was guilty before yeah you know rather than being innocent you know to proven guilty what kind of things are those are those very basic like you said you spent this and you don't have a receipt for example Asian Asian uh my Asian tour um she's like you know how many uh receipts that you got paid like look that's not how they pay it's all cash and he says no no I think you're lying and then and there was a time when the Laugh Factory the owner Laugh Factory
8:28 goes he told me uh Hey if you find a venue out there I'll let you use Laugh Factory name and open a club so I was like cool so I told you it's a research but you don't have anything written who writes that like who what business is gonna be like oh yeah hey I'm gonna write you a letter that says hey go ahead and open a club No One's Gonna do that no you're lying like you just went for vacation so so I couldn't write any of that off and she was like I think you're just lying about being a comedian unless you can make me laugh right now what joke would you tell her um I would tell her like you know I would say let's see uh oh say knock knock knock who's there got you huh like we're gonna increase that to six years you're looking at molestation charges
9:20 I'm not Nick though I'm not Nick I'm not a dick she's like who's there she's like yeah you're right you're right she shows a picture of me yeah sorry Walter you're not you're an option I feel like honest for like small businesses though um is like it's like getting a speeding ticket on the freeway like everybody's speeding you just got caught that day yeah you know what I mean so like even the things that you're like getting in trouble for whatever it's not like you are ████ tax fraud like money laundering like Mafia it's like you're just doing certain business practices that aren't like to the T or like you know what I mean like beneficial because everyone in the ecosystem technically every small business starts off illegal yeah because like if you're supposed to do it the right way today's video is
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11:52 somewhere to start the Lumi starter pack is perfect for new customers it comes with a solid stick of deodorant the cream tube deodorant and two free products of your choice like the deodorant body wash and the deodorant wipes and on top of that you get a free shipping that's a special offer for listeners new customers get five dollars off the starter pack with code OTR at lumaydeodorant.com that equates to over 40 of your starter pack when you visit Luminate deodorant.com and use the code o t r you're technically supposed to pay yourself as an employee right from the start but that's your first way to save money is I'm not paying not paying myself I can get this thing ████ up and running right so you're technically already an unpaid worker and you're supposed to like ████ suit yourself for some ████ which is crazy yeah so
12:43 you're on LLC yeah it's ████ impossible you know the tick tock thing that's been going around about like oh buy a G-Wagon yeah and then you get the tax right on so that's my account about it right and she goes okay what they're neglecting to tell you is is that when you go to because they say to buy a G wagon because it retains its value and then so when you go to sell it you can you're only it only drops in a little bit for what you pay for but my account said is what they're neglecting to tell you is when you sell it you have to report that so then all the tax deductions you got from it you have to pay back once you get that money back yeah and then but people are like no no you don't got to do that yeah like I said you could you could write your pugs off yeah until you get audited until you got and then when you get audited and then they they find out that oh you spent 150 000 on a car and you didn't you didn't pay taxes on a blah blah blah okay you have to pay the back taxes on
13:33 it plus penalty plus interest so like and then if they audit you because everything what five six years seven years they can you know they can like go back and be like okay hey then that you're paying interest on like let's say five years and then penalty because the assumption is you're supposed to have paid so since you're guilty you got you would charge you interest and penalty and that's what that's what all that just kills you but depending on who you're selling a car to nobody ever really writes the True Value they got yeah but then but if you get audited think about what happened to this vehicle you can't just tell them that you sold it for 500 bucks No No One's Gonna No One's Gonna believe that like they'll write the receipt for a dollar a lot of used cars people will do that like I have a paid a dollar but then how how could they if they're like I don't believe you but it's on the paper on both don't look at your bank records where did this hundred and twenty thousand dollars come what if it's all
14:23 in cash and it's just in your house that's it's up to the auditor it might be like I don't know for sure but my guess is up to the auditor but don't but they at like basically they she wanted my bank records for all the years that she would she included the audience yeah so she's like where's this where did this come from where did where like where did this go where did blah blah blah so basically like if you did the G wagon thing and you spent 150 000 and then you sold it three years later for 120 it's like it's like where did the 120 come from there's a paper trail for everything yeah oh you know from the sale of my G wagon oh so you sold it but you didn't pay taxes on it or you know because that's capital gains now yeah dude ████ hate taxes this is my first job ever I remember when I first started working my minimum wage I think was like maybe 625 or seven bucks and I remember getting like your first check and I'm
15:13 like cool I'm gonna have seven dollars but it already has the deductions or whatever and they're like ████ only get ████ like 450. you're like who's Social Security am I paying yeah yeah I'm like God damn it I worked four hours I get 16 isn't it funny when you were when you were a kid like when you were younger and you heard like on TV and in movies there's always an old guy that goes I paid my taxes yeah and you you it doesn't resonate as a kid you're like why is he always saying that that guy's grumpy and then you get older and you're like that is the first place your mind goes when like some ████ happens to you you're like this ████ up or you see someone else that doesn't and they're doing all this ████ ████ around you're like oh my God like tax is the first place your mind goes I don't like I usually don't I usually don't talk about taxes with people like because people will do that like they'll be like oh you got to write this off you gotta do that it's like yeah but that's not legal that's true yeah because if you've been audited then your your perspective
16:04 is totally different yeah it's kind of legal like those things are put in place for like small business owners and stuff like that to be able to get certain braces oh no that yeah that stuff's legal I'm talking about like people like uh oh yeah you can you can include your dogs in your deduction you can include and they'll just say all these things and the people eat it up and think oh yeah I could do that yeah you can do all that until you get audited and that's true yeah audited I'm sure you're in a pool of other people who've been audited and you guys are all red flagged where they're probably gonna check on those people more because like a quick dial or something yeah for real because this is like well they're more successful yeah exactly that's true yeah yeah your perspective is way different yeah because I hear people all the time oh you just got to do this it's like no it's yeah you can do that people love to give blind advice yeah like Tick Tock is my CPA does say like half of the tick
16:54 tock Finance information is like wrong yeah because we're not giving the whole context if you did this and yes it's true if it's specifically this case or whatever and it's applied to nothing at all yeah they're just like here's some stuff like you know about the insurance thing like so if you if you get an insurance policy let's say for a million dollars you can they're like The Tick Tock things you can borrow against the million dollars so it's like that sounds good that's what the wealthy do they take out these large insurance policies and then they borrow against it which is factual that part's factual but so I called my insurance broker and I asked him about it he goes okay so the here's the issue for you to get to have a substantial amount of insurance policy let's say a five milligo insurance policy you probably won't qualify for most people won't qualify for it there's a guy who makes I think he's like 20 30 million dollars he was having problems getting a five million insurance policy
17:45 so the thing you can get is a one million dollar one but let's see I forgot what the rates were but let's just say it's like 1500 a year for a one million dollar insurance policy you're you can only borrow against the fifteen hundred dollar you put in so after 10 years you'll have 100 yeah they have a 15 000 you borrow against the fifteen thousand it's like they're not gonna let you borrow against them the million dollars yeah so he's like no he's like what they're saying yeah wealthy people do do that but they have hundreds of millions of dollars in cash so their insurance policies let's say 5 10 million they can borrow against that but they also have different collateral so like he's like no they're not telling you the whole picture of what that makes sense because that's the sexier part yeah if I'm a viewer I'm like yeah that's ████ cool I'm gonna do that this week yeah and and most of those guys they're selling
18:35 insurance people borrow a million dollars no they told their friends that yo and then most of those guys on checkout are selling insurance policies yeah so of course they want people to the incentive I see those like tick tocks where like it's like hood ass dudes and they're talking about basically like very blatantly not illegal but like super unethical hacks to like get loans where like their credit's gonna get ████ but like it doesn't matter and it's just crazy that people literally follow that yeah yeah like it's like waste to like keep borrowing from different banks like or Max your credit card out in this way but it's for your future it's like so ████ but then for them it's like it doesn't matter because they never had the intention of having like a what is it like an upstanding Citizen's reputation because those people ask them
19:27 like are you planning on buying a home no are you planning getting a car in the next seven years no then just do this because you know your credit will be ruined for seven years and after that you start over like oh okay that sounds great yeah until something happens in their life or like wait I do need a car I do need this that's one of the things that we first me and Joe first started we were trying to deduct like crazy because like the minute you start a business it's like okay how do we pay as little taxes as possible yeah so we're deducting deducting deducting and then I remember uh it it crossed our mind even just like one percent like oh we should probably buy a house or whatever and then um it was like hard to qualify for a house because it showed that we haven't made money yeah on paper you know and then so we're like and that's what we talked to our CPA and he's like well then you want you need to start showing like revenue and I'm like oh so that's how the deductions work that's that's the time you have to find the right balance where yeah where you're not
20:17 paying too much taxes yeah but you're paying enough to where the loan people yeah yeah a crazy concept that I've realized um lately is like you know um for a long time now there's like young dancers and stuff that come to LA or like that you know they're they're seeking advice they're like you know what should I do and I remember when I was doing my like later 20s my advice was always like hustle hard work harder than everybody in the room blah blah blah you know motivational speech that has nothing to do with actual real world application now anybody who's like come in and asking me for advice first thing I'm sitting them down with is ████ Financial strategy planning taxes and understanding because if there was the biggest one thing that I could have done better I wish I did better in my 20s it was being more financially illiterate so that I could take advantage of certain things dude if I was a dancer and I asked you for like like advice and you hit me with that I'd be so ████ bummed out yeah I know because you
21:08 brought over here the hustle nobody wants to hear it like me when I was like 22 like anytime somebody hit me with like Financial advice I'd be like yeah whatever Grill like you don't want to hear that ████ it's like such a bummer but it's like it's so important recently recently so I was talking my CPA because um we're trying to figure out like other like because I'm trying to like get more like houses and stuff and I was like okay so I've been hearing this thing called ████ cost segregation whatever like on Tick Tock you guys know what that is no you can technically like portion out different expenses to deduct against rental income oh yeah yeah so um what usually it is like whatever the purchase value you can deduct almost 75 percent of it over the next 27 like years or whatever so like let's say if you buy a home that's like 500 G's uh
21:58 they're gonna account like 150k to the land value but then your house is technically falling apart the after the day you buy it so you can deduct 350k over like let's say approximately 30 years so that's almost like 10 to 12 G's yeah a year you can deduct so if you make rental income that's even a grand a month which is 12 G's a year on paper it shows like you made zero money so you pay zero taxes but in your bank account you're stacking 12 G's every year so I was like interesting I was like how come they don't ████ teach this ████ I want you to know right yeah and I'm like and then I was like damn like taxes should be like the first thing you learn either in college or or maybe they did teach me if I wasn't paying attention but they don't want people to be good at taxes well the way to do it too is also if you sit down with that 22 year old
22:48 Nick and you're like dude you got to get your financial literacy out that's boring as ████ but if you're like hey actually uh because I saved on taxes and I did is I bought this car you know what I mean and it's like oh wow that's cool that's the biggest difference is like I have had people talk to me that way when I was younger but they didn't have proof in their own life that's the big difference it's like they're they're just saying it yeah but it's like the people that are practicing it and can show the results they're just I don't know them they didn't have enough Rolexes to like yeah and then they take it off and give it back to the person who gave it to them yeah like it's just for the video I told a young comic um because I talk about money all the time I go like hey like I understand this thing about being hungry and it makes you work harder that's cool but you also gotta eat and you have to have a roof over your so I told one coming I go you're white you can move anywhere in the country you don't have to stay in L.A because it's hard for comics in La
23:39 you can move in your one thing for use like I asked him what his degree was in school he's not one of those he could he wanted to go to a trade school go join the elevators Union because you can get work all over the country it's guaranteed work there's elevator workers have a union you work during the day which means in night time you can go perform stand-up and wherever you work wherever you move to there's a club and you be you be the host of the club that the resident hosts but meanwhile in the daytime you're making money because you need money like if you don't have if you that stress of money is gone it allows you to write up and I know there's a flip side of like oh you're more hungry okay cool but if you if you enjoy not eating you enjoy Couchsurfing cool go for it but if you also enjoy eating and like having to move over your head figure a way out to work during the day yeah and then work
24:29 at night people love to romanticize like the rags to riches yeah success type of story yeah yeah people love that ████ but if you look at overrated though isn't it yeah artists be starving though yeah for sure if you look at sex stack has 100 with 30 000 union members less than one percent make all the money what practical person is gonna like be go into that going gonna make it no chances are you're not less than one percent it's crazy you still gotta pay your 3 000 Initiation fee oh yeah when you start out yeah because like if you one percent 125 is 1250 people less than that make all like pretty much all the money that comes out yeah like Tom Cruise that makes sense even with dance agents like dance agents are like I always ask them like Hey how do you guys make enough money like uh because I had friends that would work for them and they're like you just need like five
25:19 Heavies and everybody else is just they already know that they're not gonna bring money in that's why they signed so many dancers you know they're just like they don't get numbers ████ they're just like you just need like a Tabitha and a Napoleon and you're good like you just need some heavies Heavies you just need to fix some elevators I thought you were talking about tits at the beginning
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