Marketing Secrets with Russell Brunson - From my Dad: Protect Yourself from Creditors and Predators

Episode Date: May 12, 2021

A late night conversation with my dad about how entrepreneurs can protect their personal assets. Hit me up on IG! @russellbrunson Text Me! 208-231-3797 Join my newsletter at marketingsecrets.com Also, don’t forget to check out bookease.com Learn more about your ad choices. Visit megaphone.fm/adchoices

When it comes to Smart Water Alkaline 9.5 plus pH with antioxidant, there's nothing to overthink. So, while you may be performing mental gymnastics over whether the post-work gym crowd is worth it, if you'll be able to find a spot for your yoga mat, or if that spin instructor will make you late for dinner again, don't overthink how you hydrate. Life's full of choices. Smart Water Alkaline is a simple one. Hey, what's up, everybody? This is Russell Brunson.

Welcome back to the Marketing Secrets Podcast. This is actually a really cool late night edition. I'm at my house right now. It is getting close to midnight. I'm hanging out with my dad, who's in town, and we're talking about business and some stuff. And for those who know my dad, he does a lot of business structuring and accounting and stuff for a lot of the funnel hackers. In fact, almost everybody who joins the Two Common Club X program eventually ends up

getting my dad to set up their books and their company and everything. So he's a lot of experience with a lot of our entrepreneurs and we're talking about protection and how to protect yourself from creditors and predators and not only from a business standpoint, but from a personal standpoint. And so we thought, hey, while we're sitting here talking about this, we might as well record a podcast. I don't do a lot of podcasts that are interviews, which is kind of fun having my dad here. And I also want to state that I'm not a lawyer or I'm not giving you legal advice, something you should definitely look into yourself. But if you do want help structuring these kinds of things that we're talking about, my dad and his company is available to help with that. And we'll talk about that kind of at the end of this podcast.

So with that said, we're going to keep the theme song. When we come back, I'll have a chance to introduce you to my dad. So the big question is this, how are entrepreneurs like us who didn't cheat and take on venture capital, we're spending money from our own pockets. How do we market in a way that lets us get our products and our services and the things that we believe in out to the world and yet still remain profitable? That is the question and this podcast will give you the answer. My name is Russell Brunson and welcome to Marketing Secrets. All right, everybody, welcome back. Like I said, I'm excited I'm here tonight at the kitchen table.

All the kids are finally in bed. My dad and I are talking about business. And excited to have him here and kind of share some really cool things with you guys. Things that a lot of times us entrepreneurs don't think about. We think about creating things and selling things. And a lot of times we don't think about protecting ourselves. And so that's what people like my dad do, is help us with those kind of things so we can keep selling stuff and keep creating stuff.

And I'd end up losing a lot of the things that we've earned, anything from houses to your money to all sorts of stuff. And so that's what we're going to be talking about tonight. So, Dad, how are you feeling tonight? I'm feeling really good, Russell. I appreciate you giving me the opportunity to chat with you and with your audience tonight. I think it should be fun. Yeah. So what we're going to start with is, I know in the past we've talked about protecting your business, right? And how you structure

entities. I know you do that for a ton of people in the ClickFunnels community, a lot of funnel hackers and things like that. I don't even know how many of our people we've sent your way. I know there's been a lot. But I'm curious, just with all the people that you're working with, you're setting up business. Are people thinking past just their business structure? Do they think about their personal stuff or is it just kind of the business stuff typically right now? Well, most people, when they contact me, they're interested in protecting their business. And that's understandable because they're just going into business and there's a lot of roadblocks out there, a lot of pitfalls that

they can step into. And so, you know, they come to me and they talk to me about, you know, what type of business should I have? You know, should it be a corporation? Should it be an LLC? Should it be some other type of entity? And we go through and we discuss that. And we like to discuss things with our clients. We point out three major points that we like to address as we are talking to them about their businesses. One, we like to make sure that the business that we help them set up around their, or the structure we set up around their business, we want to make sure that it gives the best liability protection to the individual. The second thing is we want to make sure that it's easy to operate in. You don't spend all your time working on the business

and not have any time to sell your products to people or develop customers and things. And the third thing we like to look at is to see if there's some sort of inherent tax savings ability within the entity that you might be able to take advantage of if you find that you are starting to make a lot of money in your business and you're spending a lot of money in the taxes. So those are the things we've kind of discussed over time

with a lot of your clients, and it's been very well received, and we've helped hundreds of your internet marketing... Entrepreneurs, super nerds, whatever you want to call ourselves, set up, set up their businesses. What's funny is that, um, and we've told this in other times, we've talked publicly, but like when I first started my business, I think I'm like a lot of entrepreneurs where we get excited, we start selling things. And then, um, for me, I've been selling things for like a year and a half or two years. And we were at a family reunion and I was telling my dad, I'm like, I'm making money selling things on the internet.

And he's like, so who are you paying tax? Like, who's doing your books? I'm like, I don't know what you're talking about. He's like, who's paying taxes? I'm like, that's the cool thing on the internet. There's no taxes. You get to keep all the money. And he was like,

you have to pay taxes, Russell. So my dad came up and started helping me structure things way back. Man, this is almost 18 years ago now, which is crazy. But I think a lot of entrepreneurs come into our coaching programs or come to ClickFunnels and all they're thinking about is the same thing I was, which is crazy. But I think a lot of entrepreneurs come into our coaching programs or come to ClickFunnels

and all they're thinking about, same thing I was, which is how do I sell something? And so it's been nice as so many people who are selling things, you're coming back and like, okay, it's restructuring, getting your business in place, actually having the right kind of business where you're not getting taxed nearly as much

and all those things that typically we don't think about when we're getting started. We're just excited to try to sell stuff. And so that's cool that you're doing the business structure. And I think the second side of it, and this is something I didn't realize until my business started growing, right. Is, um, just the legal liability, not only to your business, but also to yourself personally. Um, you know, I don't think I would ever believe that, that people sued other people until like my business started growing. And, you know, I, I literally have full-time legal counsel now because, you know, people sue ClickFunnels,

people are suing ClickFunnels clients. It comes to me, like, there's just all sorts of stuff. And so, uh, I'm more and more aware of it all the time. And I think that's, what's fascinating. We're talking about tonight is I think people are, a lot of people have structured their business to protect themselves, but a lot of them haven't thought about from the personal standpoint yet, protecting their personal assets as well. And personal assets can be a lot of things. Do you want to talk about some of the things that those can be? Because it can be anything, like all sorts of stuff. Yeah.

As you're saying, people spend a lot of time and effort protecting their business assets, but they don't think about their personal assets. When I say personal assets, I mean things like, you know, you have a, most people have a savings account. Some people invest in money market accounts or they'll purchase CDs from banks, or maybe they'll set up a brokerage account and purchase stocks and bonds and mutual funds and things. Maybe they're into, you know, Bitcoin. Yeah, Bitcoin.

You know, and they have... We're buying cryptocurrency, we're buying Russell coin, and all sorts of stuff. Right, and so people buy those things. And they also purchase homes and cars and boats, and then they create businesses, and a lot of people like to purchase rental real estate. And, you know, they do this this and this is great because it's this

is how they grow their family wealth but the the problem is is that they title everything in their own name when they do this personally in their own name it's interesting because i set my bitcoin account and tell my personal name and then we recently set up um company ones and it's way harder to get a company one step so my guess is most of you guys have your bitcoin especially using that coinbase or um gemini or one of the one of the big you know crypto things you're probably at least if you're like me you just set it up on your personal name because you didn't think about it you're like oh this is way easier um anyway so yeah i'm guessing that that most of us including me um have done this incorrectly out of the get-go. Yeah.

So the question that I'd add is, okay, so we've talked about protecting your business, but let's say I have this stuff. I have my cryptocurrency. I've got my house. I've got my car. I've got my things, all my personal name. Why is that a problem? Why should I be concerned about that?

That's a very good question. If you think about it, if you have everything titled in your own name, it belongs to you personally. And they call those personal assets. And unfortunately, personal assets can be taken from you. For example, let's just say one day you're driving down the freeway at freeway speeds. Maybe you're at 65, 70 miles an hour, and something distracts you for a mere second. And you look away, and you're dealing with this,

and you look up, and you find that all the traffic in front of you has stopped. And you don't have enough time to put on your brakes, and bam, you hit into the back end of this car at 65 or 75 miles an hour. At that type of an impact, it's going to probably hurt the guy's back, break his back, or snap his neck. 13-car pileup. 13-car pileups, yeah. And so at that point in time, let's say it was a serious accident.

Let's say there was a neck broken or a back broken, and the person became paralyzed and could no longer work for the rest of his life. And in that situation, he's going to have a lot of medical bills right up front, and then he's going to have to have round-the-clock care the rest of his life. And the amount of money you have for your insurance policy on your cars is not going to be enough, no matter how much you have to take care of that. And so if one of those things were to occur, the courts would want to find out if you own any assets that they can take from you and give to this injured party to compensate them

for that injury. And so let's say this person files this lawsuit against you and it looks like he's going to be able to win. The courts are going to then give you a list and say, we need you to list out all your assets for us. Do you have a savings account? Well, yeah, I guess I do. Do you have bank CDs?

Yeah, I got some of those. What about money market accounts? Yeah, I got some of those. Do you have a brokerage account with stocks, bonds, mutual funds? Yeah, I got some of that. Bitcoin? Yeah, I got some of that. Do you a brokerage account with stocks, bonds, mutual funds. Yeah, I got some of that. Bitcoin. Yeah, I got some of that.

You have a boat, you have a car. What do you got? Yeah, boats, cars, all these things. And you're telling him and the judge is going, good, good, good, good. Now we know what we've got. Now we know what we've got. And so he says, this guy is going to need round-the-clock care the rest of his life. It's going to be extremely expensive. And you injured him. It was your fault. So we're going to take all these personal assets that you own that are titled in your name. And we're going

to change the title out of your name into the name of this person that was injured. And so you could lose every single thing you've been building all your life for many years, possibly, just because you were distracted for a mere second while traveling down the freeway. This is the reason why everyone should drive Teslas, because Teslas have auto drive, which would solve that problem. But I'm not selling Teslas tonight. But it's not just that. It could be all sorts of things. It could be a car accident. It could be somebody sues you for a million things you they took one of your supplements that you sell

and it got them sick it could be uh i mean there's a million different things i mean the the law the number of lawsuits that happen in nowadays is insane and people try to sue you over everything so it could be as ridiculous as like i didn't like your tweet you posted the other day like as dumb as that is people can sue you for that stuff or they didn't like the way you respond or whatever it is. I'm curious, you know, like, how many lawyers do we have nowadays? How many lawsuits are happening on average? Yeah, I have some statistics, actually.

It makes me want to cry, actually. The U.S. Financial Education Foundation, and they have done a study and they say that it is estimated that there's over 40 million lawsuits filed every year in the United States. And that you asked about the number of lawyers, they say that the average number of lawyers exceeds over 1 million lawyers in our country at this point in time. But if you take that 40 million lawsuits, let's say you just divided it by 365 days a year.

I mean, that's Saturdays, Sundays, holidays. It would still come out to 109,589 lawsuits filed each day in the United States. You're looking at per state, you're looking at that divided by 50. I don't know the math, but that's a lot. they're coming after you so my question is and it's fun back the very first time my dad taught me this stuff and the very first event i ever did um was that probably 17 18 years ago first time i ever did like an internet marketing event um my dad came and gave a presentation and he titled his presentation credit Creditors and Predators. And so the question is, how do we protect ourselves and our assets from both creditors and predators, people who are coming after us? And I want you to understand too, it is insane, the amount of frivolous lawsuits.

The bigger you get, the more you're going to get. I get frivolous lawsuits that come to us that are just insane, where you're like, just people literally trying to find money. I'll give you a good example one. Somebody signed up for ClickFunnels, and when you sign up, it says, hey, you put your credit card, and then it says, if my billing doesn't go through, my credit card fails, please text me so that my service doesn't get interrupted.

They type in their phone number. Somebody did that. They signed up for ClickFunnels, put their credit card in, put in their cell phone number, click the little checkbox, said yes, text me if my credit card fails. It turns out they put in a credit card that was like one of those throwaway ones. And so the first bill went through, but then 30 days later, the bill didn't go through. So our system fired off text message like they asked us to. They got this text message and then they file a TCBA law case against us. And we got sued and it cost me $20,000 to fight this one lawsuit. And we won

because the person had checked the box, but it cost me $20,000 to fight it. Okay. And that was like one text message was sent. And the, anyway, so it's insane. Like people can sue you for anything, even if it's complete fake. That person that we found, Larry, find the person who did that. And they, they file like a thousand TCPA cases a week or something like that. Just because they're signed for everything, putting their cell phone number in they're suing everybody it's like there's people like that these are the predators are out there they're trying to do these things and it happens to me more often the bigger we get and it's insane to me um which is why we have legal counsel and we have these things but like it doesn't i just

want to put that out there because for most guys you might oh that's not never gonna happen to me but as you start growing your business it's going to happen and so you got to start thinking about these things now and protecting yourself now because um the bigger you get the bigger target you become so right and so we want to be able to protect our assets and you might ask well okay how do we do that you know i understand protecting my business assets. I can go ahead and set up a, you know, an LLC or corporation to protect my business assets, but how do I protect my personal assets? What am I going to do? And how can I, you know, how is it even possible that I can protect those type of things? Well, there was a very famous statement by Nelson Rockefeller. I don't know if you know

the Rockefeller family. They're the ones that started Standard Oil. They're some of the major families in the world. Rockefeller Habits is an amazing book if you haven't read it. Yeah. And so they've made lots and lots of money. And of course, as they, just like Russell said, as Russell started making money, people started suing him. Well, same thing happened with the Rockefellers. They started making a lot of money and people wanted it and they started getting sued and they were losing and they were losing their assets because people were suing them. And so they finally, it came, it dawned on them and they made this really interesting statement that I think everybody should know and understand and they said basically the secret to success is to own nothing but control everything I like that so that's awesome

the secret to success is to own everything or to know nothing but to control everything so how does somebody like me, how do we do something like that? Okay, great. Well, we do that by using a, another type of an entity. You know, we talked about corporations and limited liability companies for your business assets, but there are really nice entity types for your personal assets. And one of them would be called the limited family partnership or limited partnerships. And so, uh, they call them nickname them kind of limited family partnerships because families set these things up all the time. Uh,

they're used in a state work. You know, if you're trying to set up a way to pass on your estate to your children and your grandchildren, the attorneys will use a limited partnership to do that. That's one of the main functions of it, but it can come into play and help us out here, you know, when we're trying to protect our personal assets. And so how can it do that?

What characteristics does it have that allows it to do that? Well, the first characteristic comes from the way our laws define the term person. Now, Russell Bias asks you, who's a person? What's a person? What would you say? I'd say a human being with a brain and a heart. At least a heart, I don't know. Some of them don't have brains, I'm not going to lie, just kidding. And they're still currently alive, right? Because if they were dead, they'd be a corpse. Says my person.

What's up, everybody? This is Russell Brunson. I've got something really cool for you today from my friend Taylor Wells. Taylor spoke at our last Funnel Hacking Live because I wanted him to share a really cool concept about what he calls the revolving pricing method. And today he decided to sponsor the podcast to give you guys more access to this super cool strategy that you are going to love. It's something we've been implementing into our high-end coaching program as well, and it is amazing. But to kind of give you some context about this offer he's making for you guys, as you may or may not know, a few years ago,

JPMorgan Chase did a study, and guess what they found? They found that the average small business only has about 28 days of operating expenses in reserve. That's right. Less than a month of cash on hands. Now, if you're like me, the idea of your business being one bad month away from disaster is enough to make your stomach drop. Am I right? Especially with how the economy has been lately. It's not the time to be gambling with your finances. So Taylor put together this book called The Revolving Pricing Method, and it's awesome. It helps you turn every client you close into a long-term profit machine. We're not talking about one-time paydays. We're talking about creating sustainable and real predictable income for the long haul.

Now, here's where it gets even better. Taylor put together an awesome exclusive deal just for you guys, my Marketing Secrets listeners. And if you go over to wealthyconsultants.com slash secrets, you can grab The Revolving Pricing Method book and over $150 worth of bonuses and get this all. It's at 70% off. And I promise you guys as a customer of this, you are going to love it. So if you're serious about growing your business with real stability, this is the model you need to add into your funnels.

So go over to wealthyconsultant.com slash secrets, grab your 70% off deal, and let's start turning your clients into long-term revenue. Again, that's wealthyconsultant.com slash secrets. Do not miss out. Hey, this is Russell Brunson. And I want to jump in really quick to share with you a new assessment. I found out that is insanely cool. You guys know, I'm obsessed with personality profiles and assessments, but this one is different because not only does it help you to understand yourself, but more importantly, especially for us who are entrepreneurs, it helps us understand our employees, our teams, and get people sitting on the right seats in the bus. So they can get more stuff done. I just had a chance to interview

Patrick Lanchoni talking specifically about this new assessment they created called Working Genius. And the Working Genius is awesome. Like this test, I had actually blocked out an hour to take it because I was so excited for the new assessment. And it only took me like 10 minutes or less to get it done. Yet, even though it takes only 10 minutes, like you can actually apply this immediately. I took it for myself. I had my team take it. And what's cool about it is from there, we figured out exactly what people's working geniuses are. And that's important because if you're building a team or a company, you got to figure out, make sure that you have first off the right people, but make sure the right people are sitting in the right seats on

the bus. And this is what this assessment will teach you how to do. Um, now normally this assessment, you can go to working genius.com and there's two G's in the middle, workinggenius.com, but I got you a 20% discount on the assessment, which is only $25. So don't stress. It's not an expensive test at all, but you get a 20% discount off when you put in the keyword secrets at checkout. So go to workinggenius.com. Again, two G's, workinggenius, two G's in the middle, workinggenius.com, and then use promo code secrets, S-E-C-R-E-T-S at checkout, get 25% off. But then we'll take the test. Again, it takes you 10 minutes, but even in a 10 minute session, you will get something that is so insanely valuable to help

you understand yourself, to make sure you're working in a spot that's going to give you the most joy, number one. But then number two, it's going to make sure that you are with your teams, getting them in the right seats as well. So anyway, I love this assessment. Go check it out at WorkingGenius.com and enter the promo code SECRETS for 20% discount. Take this test for yourself and for your team. And I promise you it will change the working dynamics amongst everybody and help your company to grow. So that would be a person. And yeah, that is actually a good definition of a person.

But our laws say, well, that's not quite right in our opinion. They say, we feel a person is a corporation. We feel a person is a limited liability company. We feel a person is a limited partnership. We feel a person is a trust. And we feel a person is a living, breathing individual, you know, that's alive here on this earth. So they greatly expand the definition of a person. Now, the interesting thing, when they do that, they expand that definition, they have a little twist in there that's really beneficial to us. That twist is they say, even though you created this person, and even though you control this person a hundred percent, and even if this person owned any assets, and those assets generated income, and that income you take and use for yourself, even though all those things are true and happens, that person is not you. It's someone separate and

distinct from you. And this person can, you know, our laws give these artificial people the same rights and privileges that you and I have as individuals. You know, they can have their own name. It's like we have our own name. They can have their own EIN number, which is similar to our social security number. They can hold title to any type of property that you can think of. They can open up savings accounts, money market accounts,

you know, Bitcoin accounts. You know, they can do all these things. They can, if someone's bothering them, they can sue that person under their own name. So they can do all these things in their own name. And so because of that fact, we are able to utilize these characteristics of a separate person from us to be able to provide liability protection for our personal assets. You're saying the characteristics of these people sound like my own kids, except for you said that you can control them and they'll have to listen to you. So it's kind of like a teenager, except

for they don't, you have no control over your teenagers. They don't listen to you. So very similar. Yeah. So how can we use these characteristics to own nothing but control everything? Well, first off, as we mentioned, we'd like to create a limited family partnership that we can control. Remember, we control it. We create it. We control it. We reap the benefits of any income it earns. So we do that. And then what we would want to do is transfer the title to your savings account out of your name and into the name of the limited partnership. Remember, we said it can open up its own bank account, savings account, money market accounts and things.

If you have any money market accounts, you'd want to immediately change the title into the limited partnership, the name of the limited partnership. If you had, you know, stocks and bonds and mutual funds in a brokerage account, you'd want to shift those over into the name of the limited partnership. If you have a Bitcoin account, what do they call those wallets with the Bitcoins in? You'd want to change the name into the name of the limited partnership and not your personal name. And by doing that, now this person owns those assets and you don't, you no longer own them. But as I mentioned, you control them.

And if they make money, the money belongs to you, but that person is not you. So that fact that that person is not you, how is that going to help you? Well, let's go back to that accident we talked about traveling down the freeway and you're distracted and boom, you hit into this person. And now the courts are asking you to list your assets. And you know that you've wisely beforehand titled all these assets into the name of your limited partnership. So now you look at their list that they want you to fill out for assets and they're saying, do you have a savings account? No, I don't.

Do you have a brokerage account? No. Any money market accounts? No. Any bank CDs? No. Bitcoin accounts? No.

And you're answering truthfully because they're under our laws, those assets do not belong to you. They belong to this other person that's not you. You control that person though. You control it. Therefore, you can ride in the boat whenever you want to. That's right. Exactly. And so the nice thing is, is if you think about it, you know, in that accident we talked about, it was you driving the car that caused that accident to occur. Well, was your limited partnership in the car with you?

No. Did the limited partnership distract you in any way while you were driving? No. Did the limited partnership teach you how to drive a car? No. Did the limited partnership manufacture the car? No. Did a limited partnership manufacture the car? No. That limited partnership didn't do anything to be involved in that accident, to cause that accident to have occurred. It

has done nothing because, you know, to cause that to happen. And because of the fact that that's the case, that person is innocent in the eyes of our laws and so a court cannot go through you the person that caused the accident to this other person who's not you and was not involved in the accident and take that person's assets from them they can't do that so all of a sudden now you have a very safe place to title and hold title to your personal assets that a creditor or a predator cannot get to, no matter what you do in your personal life. But it's even better than that. It's also protected from anything you do in your business life.

Because as an LLC or as a corporation, they have that veil of liability protection that keeps this creditor or predator that's doing your business from going through the business itself to the owners and taking their assets. So it's protected from anything you do in your business life, anything you do in your personal life. And so as a result, you have probably the only place that you can have to have this type of protection for your personal assets. So can limited family partnerships be sued? That's a very good question. Can they be sued?

Because if they could be sued, all those assets you're titling they could be sued, all those assets you're titling there could be taken, right? Just like if, you know, if they're in your name and you injure somebody, they can be taken. So can they be sued? Well, if you think about it, you know, when it comes to a person or a business being sued, there's only about four reasons why a lawsuit can occur. One, if a person creates a product and sells that product and a person buys that product and it injures them, then that person could sue the business. Or let's say that the business was a service business and was providing services for people

and they paid for those services and then down the road felt that they were injured somehow or another, they could sue the business. Or let's say if the business gave out advice and people took that advice and something happened and they felt they were injured. Well, if they did that, they could sue that person or that business who gave out that advice. And the only other way that a business could be sued is if that business or that entity partners up with someone else, either another living, breathing individual, or even another artificial person. And the two partners got mad at each other and wanted to sue each other,

then a lawsuit can occur. But the way these limited partnerships that we create are set up, it will never provide a product ever. It will never provide a service to anybody. It never gives out any advice. And the only person it could ever partner up with would be you and no one else. You can't sue yourself. You can't sue yourself. At least you shouldn't. So as a result, there's no way it can be sued.

It's just a kind of a silent partner that holds title to all your possessions that you can control and reap the benefits from that cannot be sued. And so those assets cannot be taken from you out of that limited partnership. Okay. So except limited family partnership, we put our assets, we put our things into that. Then what's the next step? What do we do with the assets and stuff after that? Okay. You would do like you would do if you had them titled into your own name. Let's say you had a savings account. Well, as your businesses are doing well, you're receiving excess money out of your business

over and above your normal monthly expenses, you most likely would want to create a savings account. So you'd create a savings account in the name of your limited partnership, and you start funding money into it. Maybe down the road, that's growing growing you're feeling good about it and then maybe you'd say well a money market account might give me a little better interest so i'm going to open up a money market account as well so i'm going to start pumping some money there then maybe one day you're in the bank and the bank's manager says look at these great cd rates we've got you ought to you know you ought to purchase a cd a bank cd and, look at these great CD rates we've got. You ought to, you know, you ought to purchase a CD, a bank CD. And you look at him and you say, well, yeah, that's pretty nice.

Better than I can get some other places. So yeah, I'll invest in some bank CDs. You're on Facebook and you're like, everyone's talking about crypto. That's got to be the greatest thing in the world. Right, right. You know, so you would set up your crypto account in the name of your limited partnership and you start funding these things, all these things, you know, that you're going to grow your wealth in. They're all going to be titled in the name of this limited partnership. So in essence, what happens is that limited partnership becomes your family bank. This is where you hold your wealth. This is where you grow your wealth in your family bank, in this safe environment where people,

they can't sue you if you injured them personally, and they can't sue you and take those assets if you injured them in the course of your business. So that's what we would want to do is start funding these things, creating our own family bank where we can then grow those funds. Now, as you're growing those funds, there's another benefit to it. Not only do you have a place to store your money and grow it, but you know, most entrepreneurs that I've found, you know, they find something that they like and they set up a new business.

And then down the road, they say, well, I see 10 other businesses I'd like to get involved in. Shiny object syndrome. Yeah. There's a, you know, I'd like to get into e-commerce or, oh man, I'd like to get into rental real estate or man, you know, there's all these great things I can invest my money into. And I'd like to do some of that. And so let's say that you want to get into rental real estate and you start looking at properties and you then say, OK, here's a house I'd like to buy. But then you look at your personal assets. Well, do you have a savings account?

No, because it's titled in the name of your limited partnership. Do you have money market accounts, brokerage accounts, anything in your name? Well, no, you don't, because you don't own those things anymore. So they're all owned and controlled by your limited partnership, and it's controlled by you. So you have that money growing in there. And let's say that, you know, you're sitting there thinking to yourself, I don't have the money to buy this rental real estate, but I would sure like to do it if I had the money.

Then you could look to your family bank, which now becomes the investment arm of your business. Because it's going to say, well, I have the money. I've saved all this money. I have the money available to purchase this rental real estate with. And so, you know, the limited partnership says, let's partner up together and I'll put the money in and you use the money and buy the rental property and we'll share the profits 50 50 and so now you have another stream of income flowing towards your limited partnership besides you know what you personally contribute to it and so now you have a bigger chance of uh you know a chance of growing your wealth at a faster pace

than what you would have done normally. So not only becomes your family bank, but it becomes the investment arm of your overall business structure. Very cool. And Dickies invest in all sorts of stuff. Like you said, from real estate, they could do it in Bitcoin.

They could do it in a new business opportunity. They could do it in Funnel Hacking Live. They could do it in some secrets books., they could do it in Funnel Hacking Live, they could do it in some Secrets books, they could buy one Funnel Away challenge, they could buy all my products, my services, I'm sure that'd be the best. Well, yeah, you've got a good track record there.

The Inner Circle, if I ever open it up again, Two Comic Club coaching program, anyway. I don't know if that's legal advice, or I don't know if that's investment advice, you have to ask your legal authorities, but anyway, there's a lot of things, obviously, you can use to start investing money in to start growing your wealth portfolio over time. Right, your family wealth. So it's a wonderful, it's a very wonderful entity type that can protect you and give you that confidence and that feeling of safety, knowing that your personal assets are also protected, not just your business assets through your LLC or your S-Corp or whatever. Not only are those

protected, but also your personal assets are protected. And that's a great position to be in. And knowing that, you know, even if I slip up accidentally, people can't get to those assets. So anyway, it's a great, great way to take care of your personal assets. It makes you sleep better night. I think that's one of the biggest things I've found over the last five or six years is just the more ways we protect ourselves, the easier to sleep at night, knowing you can keep moving forward and keep, um, keep fulfilling your mission and, and, uh, you know, doing what you're called to do. So, all right. So my question for you keep, um, keep fulfilling your mission and, and, uh, you know, doing what you're called to do. So, all right. So my question for you next, um, and then we'll kind of wrap after

this is, um, for those who are listening to this, you're like, that's awesome. I need that. Or maybe they even like a step for back and they're like, I don't even have my business structure. So, so kind of both sides. If you, if you're like, I'm a new entrepreneur, I don't have a business yet. Or if you're like, I got my business stuff structured, I think that's correct, but I'd like someone to look at it. Or number three is like, I want to do this piece of it. I need to get my personal assets protected as well, which I think a lot of people haven't done that step yet.

Obviously, this podcast isn't about giving legal advice, but I know this is something that you do for a lot of people, a lot of people in our community. If someone wants to have your help getting any of these things kind of set up, what's the best way for them to get ahold of you? Well, a lot of people will find us by going to our website, which is www.bookese.com. So that's B-O-O-K-E-A-S-E, bookese.com. And on there, you'll see a picture of me you can click on that and it'll be able to take you to my calendar and you could then schedule a time on our calendar for you just for us to speak or you know my email address is very easy it's just ross at bookies.com so you can email me and

say hey i'd like to talk with you. I will then send you a link to my calendar and we will then set up a time to talk with each other. So either my email address or bookies.com, the website address. Again, that's B-O-O-K-E-A-S-E.com. And I want to say something, I want to say two things. Number one is I don't get anything for telling you about this other than my dad's awesome and he's helped so many people in our community. So I don't get paid for this. But number two is, um,

my dad always undercharged on everything. I keep trying to get into like triple his prices. So, um, just, you know, like there's not someone who's going to do a better job with this for you. And,

honestly at a cheaper price. So someday I'm going to convince him to charge what he's worth. And then none of you guys will be able to afford him, but just kidding. But like, in all honesty, like everyone always, um always um inside the two comic club coaching program everyone like in module one like go get their business set up for my dad they always come back like he explained all the stuff to me i never understood before and it was so inexpensive so

it's like yeah so it's it's amazing what he does and um it'll help you guys get again your limited family partnership set up if you're looking for that um or again if you're getting your business just started and you need that stuff set up as well. You also, if they don't have bookkeeping and there's a whole bunch of things you can help them kind of get set up in their business. So yes, it's all good. Yep.

We'd love to chat with you. And I'm the one you'd be talking to. I like to spend a good hour with each new customer. And we talk about the strengths and weaknesses of entity types, which one is best for them under their certain circumstances. And so we pretty much tailor-make

our programs for each individual. Yeah. So take advantage of that, you guys. It's an amazing service. And yeah, go to bookies.com and get started. So with that said, thanks for hanging out tonight with me. That was fun. But second off, thanks for hanging out tonight with me because that was fun.

But second off, thanks for sharing this piece of it. I think, as we were talking about before we started recording, there's just so many entrepreneurs who haven't even thought about this. And usually when you think about this is when it's too late.

And so it's good to kind of get this in the forefront of people's minds and help them to be aware of it and get it structured and set up because it's not that hard to get it structured and then you have it and it's protection makes you sleep better night and someday when you need it you've got it that's right you want it set up before the lawsuit hits if you get a wreck i don't call my dad off like help quick yeah now is the time

that's awesome thanks dad thanks everybody um if you guys got value from this episode please take a screenshot of it post it on instagram or Facebook or wherever you do your social stuff and tag me in it. And also all your other entrepreneur friends who are just like me and you who are chasing all the shiny objects, building businesses, not even thinking about how to protect ourselves. Let them know about this episode so they can know about limited family partnerships. They can know about my dad. He can help them out as well. And get your stuff set up and protected.

And that way you can just worry about really doing what's most important in your business, which is serving your audience. And getting things set up will make you sleep better at night and help protect you long term. So thank you, dad.

Thank you everyone for listening. And we'll see you guys on the next episode of the Marketing Secrets Podcast. Yes, thank you. Appreciate the chance to be with you today. Go to bookies.com. Let's go.

See you guys. Hey everybody, this is Russell again. And really quick, I just opened up a texting community, which means you can text me your questions. And right now I'm spending anywhere between 10 and 30 minutes every single day answering questions through text message to people who are on the podcast. And so I wanted you to stop everything you're doing, pull your phone out and actually text me a message. Okay. Now the phone number you need to text is 208-231-3797. Once again, it's 208-231-3797. When you text me, just say hello. And then what's going to happen is we'll add you to my phone and then they'll send you back a message where you can add me to your phone. And then we can start having

conversations. On top of that, through this texting community is where I'm going to be giving out free swag, giving away free copies of my book. I'll let you know about book signings, about times I'm coming to your local area and a whole bunch more. So I want to make sure you are on this list. On top of that, every single day I'm sending out my favorite quotes, my favorite frameworks and things you can get for free only through my texting platform. So what you need to do right now is pull out your phone and text me at area code 208-231-3797. One more time, that's 208-231-3797. I can't wait to hear from you right now.