#125 - What is the Buy, Borrow, Die Process?

Podcast: Podcast Notes Playlist: Latest Episodes (LS 42 · TOP 2% what is this?)
Episode: #125 - What is the Buy, Borrow, Die Process?
Pub date: 2020-11-04


Podcast Notes Key Takeaways How do people get away with paying no taxes?They buy real estate and use depreciation to offset their taxesIf you buy a residential property, you can depreciate that asset for 27.5 years If you buy a commercial property, you can depreciate it for 39 years Another way to avoid paying taxes is the buy, borrow, die strategy:Buy an assetBorrow money against it (it’s considered debt so you pay no taxes)Put that money in a trust and when you die, you can pass it down to your kids without paying an inheritance tax  Most of recyclables are actually thrown away9% of plastics actually get recycled91% of plastics gets sent to a landfill If anyone could invent a superior or more recyclable material for plastic bottles, it would likely make you a fortune

Read the full notes @ podcastnotes.org

Shaan Puri (@ShaanVP) and Sam Parr (@TheSamParr) host the podcast today with a special guest Aaron, Shaan’s brother-in-law. Shaan’s brother-in-law Aaron joins the podcast and gives some hot takes on “tech-bros” (1:13), Aaron breaks down the “Buy, Borrow, Die” method to avoid paying taxes (3:20), Sam breaks down how he lived in San Francisco when he had no money (17:45), Shaan and Sam talk about the “buy nothing” lifestyle and Buy Nothing Project, a big player in that space (29:32), Sam and Shaan go deep on recycling and how little is actually put back to use (34:35), Shaan explains an AI product that replaces mundane medical care tasks and how boring businesses can make a ton of cash (37:20), the guys kick around important people and how to create a vision for your own life (43:30).

Thank you to our partners this episode: Podium! Podium is an all-in-one SaaS tool that helps your business get reviews. Go to podium.com/mfm for 20% off and a $150 Amazon gift card.

Have you joined our private FB group yet? It's a page where people share each others million dollar ideas or what they're already working on: https://www.facebook.com/groups/ourfirstmillion.

 

See acast.com/privacy for privacy and opt-out information.

The podcast and artwork embedded on this page are from Podcast Notes, which is the property of its owner and not affiliated with or endorsed by Listen Notes, Inc.