The Chris Voss Show - The Chris Voss Show Podcast – B.L.U.E. Print To Your Best Retirement: How to Access Your Retirement Account Penalty and Tax-Free by Daniel Blue

Episode Date: October 31, 2021

B.L.U.E. Print To Your Best Retirement: How to Access Your Retirement Account Penalty and Tax-Free by Daniel Blue Danielblue.me We have been conditioned to think a certain way for a long time. Work a 9-5 job. Set up a 401k. Work for 40 years and hope things work out. Does not sound like there is a whole lot of control and freedom living your life that way right? Unfortunately, society has rigged the game against you and made it harder for you to win with your finances. This is because the way our school system is set up and the way Wall Street is structured. What if there were some money based strategies that are not being explained to you that could really provide a ton of financial benefits to you so you could have a peace of mind when it comes to your money? Inside this book you will find: How to grow your money tax free inside AND outside the stock market How to pay off your high interest debt How to get funding for your business without a credit check or income verification How to know EXACTLY how much money you are paying in fees for your retirement account This book will provide you an alternative way to view your finances and give you the knowledge and insight on what a very small percentage of Americans are currently doing with their money. Most of what is talked about inside this book you won't ever hear your financial adviser or CPA mention to you. If you want to learn how to build your money, learn about your money, utilize your money and enjoy your money so you can live a life in having your best retirement, this book is for you!

You wanted the best. You've got the best podcast, the hottest podcast in the world. The Chris Voss Show, the preeminent podcast with guests so smart you may experience serious brain bleed. Get ready, get ready, strap yourself in. Keep your hands, arms and legs inside the vehicle at all times. Because you're about to go on a monster education roller coaster with your brain now here's your host chris voss hi folks voss here from the chris voss show.com the chris voss show.com hey we're coming here with an energy podcast we're glad to have you tuning in. As always, another tune-in. Tuning in again, what's Chris Voss going to talk about today?

Brilliant people, brilliant minds, and all the great stuff, and great authors too as well. Go to youtube.com forward slash Chris Voss to see the video version of this. Go to goodreads.com forward slash Chris Voss to see everything we're reading and reviewing over there. Also, go see all our groups on Facebook, LinkedIn, Twitter, Instagram, TikTok. You can see all the different video cuts and different things that we do there as well. Today we have an amazing gentleman on the show. His name is Daniel Blue. He is an entrepreneur, podcast host, speaker, and best-selling author as well. He's all four packed into one. Daniel is a regular contributor to Forbes.com and the owner of Quest Education, a company that helps entrepreneurs obtain capital for their companies,

pay off high-interest debt, and use self-directed retirement accounts to invest in alternative assets. With over 10 years of educating small business owners, Daniel is a knack for helping individuals get creative with their finances that lead to life-changing results. Under Daniel's leadership, Quest Education has reached the seven-figure mark two years in a row with 1,000 customers through the United States. His new book, or his book, Blueprint to Your Best Retirement, is an Amazon bestseller. And what do you know? He's here with us today. Thank you, Daniel, for coming by the show. How are you?

Chris, I appreciate you having me on your show. I'm listening to a really nice radio station. You've got quite the DJ radio voice, man. I love it. I have radio face, as they call it in the industry, but I also have print voice, so I don't know what that means. Anyway, the radio face and print face, probably. I don't know. At least that's what they tell me on Tinder. So anyway, give us your plugs so people can find you on the interwebs. Yeah, best place is danielblue.me. It's blue just like the color, and that is my real name. It's not a fake name by any stretch of imagination, but I want to be clear.

There you go, danielblue.me. No, it's danielblue is his name. So there you go. But you can see him on danielblue.me. And Daniel, let's talk a little bit about, you do so many things. What do you want to touch on first? Yeah, it's crazy with where we are in today's economic situation. The big problem that we saw in the marketplace is helping people access money in their retirement accounts, penalty and tax rate. And no matter what side of the fence

you're on, whether Democrat, Republican, in the middle, I think we all can agree. We have inflation. We've got taxes going up. Stock market's crazy. I mean, a lot of people want to liberate their retirement accounts. A lot of people want to have freedom, control, more choices when it's their IRAs and 401ks. And that's the big problem that we solve in the marketplace is helping people access money in their retirement accounts, penalty and tax-free. And once people understand that they can do that, it opens up the doors. One of my favorite customers actually lives here in Las Vegas. She was able to access money in her retirement account, penalty and tax-free. And she used that money to start her online

business, her Amazon business. She bought a bunch of products and was able to turn a profit, made enough money with her online business, and she quit her nine-to-five job. And what was helpful in her doing that was her using her retirement account to fund her business. So a lot of things that we teach financial advisors and CPAs, they're not helping people understand these strategies. Most definitely. You do that through your company, correct? Correct. Quest Education. We're based out of Las Vegas Vegas and that's what we do. We're not here to sell investment. We're here to sell solutions and help people understand, okay, what's your problem?

Is it you've got money tied up in stocks and you want to invest in real estate with your retirement account? Or maybe you want to use your retirement account to fund a business? Or I can't tell you how many people, Chris, we talked to that are paying 20% interest rate on their credit card debt. Meanwhile, their retirement account is making them seven or 8% a year. And it's okay. You're making seven or 8% a year on your money, but you're losing 20% of your debt. You're losing money faster than you're making money. So there's some different ways to pay off your credit card debt once and for all, and essentially be your own bank. And your website is yourquest.com. That's yourquest.com that does that. And my mom is taking withdrawals from her retirement account

from time to time for extraordinary expenses. And I always hear her complain about the fees that she takes. Do you want to give us some more insight into how you guys are able to get around those penalties? Yeah. So the main way that we attack this is there's what are called self-directed retirement accounts. And self-directed is just accounts. You can invest your money pretty much wherever you'd like. There are what are called prohibited transactions, but there are certain things you have to stay away from. But we had a lady that came to us, she was in California, realtor, making good money, good income. And she needed about $100,000 to invest into some real

estate syndication deal, like a Grant Cardone kind of deal. She needed $100,000. She went to her financial advisor and she asked her financial advisor, hey, can you help me take $100,000 out of my IRA and invest it into the department complex? And her financial advisor was like, not really. We don't have that ability. What you can do is you can take a withdrawal of $100,000 and invest it into real estate. However, you're going to pay a 10% early withdrawal penalty and you're going to pay taxes. And she's out in California. Exactly. She took out $100,000, but she was only left with $60,000, $70,000 after the penalties and taxes. Maybe a similar story to your mom having to pay all those fees. So when she got to us, we're like, hey, did you know that you could have taken $100,000 out

of your IRA with Edward Jones or Fidelity, wherever it was, and you could have converted into a self-directed account with us. And then from there, invested into that multifamily deal, that syndication deal. And there would have been zero penalties and taxes. And your money could have grown tax-free or tax deferred. And she's like, why didn't my financial advisor tell me that? And I'm like, well, follow the money. They don't make, Wall Street doesn't make money out of this. So why would they teach you this? Yeah. If you take your money out of their accounts, then you're not paying them the service fees, right? Yeah. They make money anywhere from 1%, 2% a year assets

under management, right? So they're managing trillions of dollars. So it's not in their best interest to teach people, teach you how to use your retirement account the way that you want to use that money. That's crazy, man. That's crazy. So you do a lot of different things. And you guys have been in business for a long time. You've got quite the staff there. Yeah, I've owned Quest Education for three years.

And we've got staff here all in Las Vegas. We have about 12 employees. And we've had to adapt with the whole coronavirus. It was tough, Chris. Last year, we had to adapt in terms of wild. I used to see my staff every single day, go in the office, give them a fist bump, and just have that camaraderie. And then all of a sudden, that was ripped for months. I remember like it was yesterday, Governor Sisolak, Governor of Nevada came out. It was on a Wednesday in March. Yep, we're shut down.

Everyone worked from home. And it's like, wait, what? And so we've had to adapt working from home and that hasn't been easy. There's been some challenges with communication and synergy and culture and things like that. But just you, the listener, you've had to work through it. We're alive. We're still making it happen. And that's just a matter of. Nice. And now you've got your book. It's called blueprint to your best retirement. Blue is in B dot L period, U period, E period. I forget what we call that, but basically it's a, is that a euphemism? No, it's not a euphemism. I'm a college dropout, so I might be the worst person to ask. I believe that's an acronym, right? I never went to college. So there's an acronym right i never went to college so there's an acronym there we go an acronym okay yeah so you you did better than i did i didn't even bother to

go so you clearly got a five minutes more learning i mean that's that's three months of college education chris there you go right there at least it paid off you probably got a better return for your money than most people i had a friend who's like 50, I think older than 50, probably my age. She was like, yeah, I just paid off my college loans. I'm like, holy, you're 50? And I was like, wow, okay. But so let's talk a little bit about what you have in the book and what's inside of it. Yeah, Blueprint to Your Best Retirement. I wanted to go with, obviously, my last name is Blue.

And what the blue stands for in the book is build your money, learn about your money, utilize your money, and more importantly, enjoy your money, right? What's the point of making all this money and not enjoying it? And the book we wanted to, our staff teaches people how to access money in their retirement accounts, penalty and tax-free, how to invest outside the stock market with a self-directed account, how to make money tax-free. So I wanted to put together a book that could teach people in a short timeframe. So by design, the book is pretty short and I did my best to just dumb it down. I think the, it's tough when we go to an event, I think we all can relate to this. We go to an event and we hear the speaker talk about legacy wealth and insurance and investments and retirement accounts and they're dropping bombs, right?

Like they're dropping knowledge, but it's shit, man. I'm tired. Is it lunch yet? You know what I'm saying? You're just getting bored. So I just know I'm in a space that isn't very sexy. I'm in the financial space. So I just wanted to find a way to come up with analogies and stories and just tactical information where people can learn how to access money in their 401ks and IRAs, penalty and tax free and have more freedom. So the book did my best to keep it nice, short, sweet, simple to the point and where the reader can get done reading that book and immediately take action and see the results. There you go. And it just came out August 22nd of 2021. So that's pretty awesome. It's just fresh right off the press as people can go grab that thing.

And you talk about how to grow your money tax-free inside and outside the stock market. I have a lot of friends. In fact, a lot of people that probably listen to the show are into the Bitcoin and the cryptocurrency and all this crazy play. Probably a lot of them are in the NFT space now. What's your take on that? And can any of that be, I don't know, a portion of retirement planning or some of the activities or vehicles you do? Yeah. So I'm a big proponent of what's called a solo 401k. If you're listening to this right now and you're a solopreneur, freelancer, consultant, real estate agent that gets 1099 income, if you have some kind of side hustle or business where there's no W-2 employees other than you or a spouse, you probably qualify for a solo 401k. And it's a self-directed retirement account and you

can invest. You can use a loan feature to invest in your own business and pay off high interest rate credit card debt, but you actually can use your solo 401k to own crypto. And crypto is great because there's a lot of gains and opportunities and risks like everything else, but there's a lot of tax consequences, right? You probably know someone that's made money in crypto and they're like, shit, man, I'm about to pay a lot of money in taxes. Imagine having crypto inside of a solo 401k, for example, and seeing a gain of $20,000, let's just say, and not having to claim that as income and it grow tax-free. And then you can just keep re-rolling it and purchasing more assets like crypto, precious metals, real estate, things of that nature.

Yeah. In fact, I have one of the friends I have who was running the Bitcoin Foundation or whatever that oversees it. And a whole lot of them were millionaires, multimillionaires, and they ended up moving to Puerto Rico after the tornadoes. They could try and save money on taxes because it was so crazy where they're living in California. You live in Vegas. Vegas is a nice little place to live because you don't have the personal taxes there, is it? Is Vegas still a great place to live for taxes?

Yeah. I'll tell you a quick little story. It was last April, a month after the shutdown, and it was our wedding anniversary. My wife was like, okay, what should we do? And everything and everything was shut down right no one was getting on airplanes in april last year like all right what should we do we're like let's go to the strip and we just knew the strip was all shut down and can i tell you like what a surreal moment that was we parked and there's probably like 24 people on the entire strip and they were all doing the same thing that we were doing just walking up and down the strip looking at the Bellagio fountains turned off.

Casinos, hotels boarded up. It was just like a zombie apocalypse. And just wild to just be in that moment and be like, man, they shut down the strip. When's the last time that happened? We've gone past that. We're open. Business is going in a better direction. And I love living out here.

Yeah, it's freaking awesome. That's really important because I know a lot of people are solo entrepreneurs there. And a lot of them have entered this market. The one thing that was interesting, because I thought we were going to go through another 2008 experience. We're going to go through a huge decline. It was going to be very ugly. I lived in Vegas during the 2008 crisis and every up where I lived in Centennial Hills, like every third or fourth home was occupied and you would live in neighborhoods and you just hear this chirping of the fire alarms being no batteries. And it was like a ghost town. You live on your block. And I thought we were going to go through that, but it appears we've done something different. And if you look

at 2008, there was a huge fall off of people starting new businesses. And of course, no one, I started a few new businesses. I wrote about this in my book and just trying to find something to work and nothing would work because the economy was completely at a standstill. But this time it's really interesting. If you look at the people who filed to be for new businesses and new business licensing, it's gone completely the other way. And I don't know if I have an exact pulse on it, but it seems like a lot of the people that aren't going back to work are starting their own home

businesses and are trying to figure out how to make money without having to go back to the nine to five slog. And so I think this is a really good time with data that you have and teaching people how to manage this because they're going to need retirement funds. But I think this is going to be a spur of probably one of the biggest self-employment, entrepreneurial sort of spirit time ever, probably in our whole lifetimes, especially making some people work from home. Yeah, we're talking to a lot of people that have been in corporate for 5, 10, 15, 20 years, and they've saved up money in a 401k or an IRA, and they want to access this money now. They don't want to wait until they're 65 to do something with the money.

And they'd like to have that money do something besides some boring mutual fund. If you've got a 401k from an old job or an IRA, and the idea of accessing the money penalty and tax-free intrigues you, there is a legitimate legal IRS approved way to essentially take money out of your right pocket and put in your left pocket, have access to it and not have to pay the penalties and taxes. It's just something that's not talked about on mainstream media and Wall Street and things of that nature for the obvious reasons, because it does not make Wall Street money. Wow. Yeah. The Bitcoin people love this because I have so many friends, they basically turn into traders and really they're doing pretty good. I never really know

whether to trust them or not because I used to live in Vegas. When you live in Vegas, people always tell you when they're gambling addicts, they always tell you how they're winning all the time for some reason, but they always need to borrow money. They don't bring up the losers. They're betting on sports, but they don't talk about the losers. They tell you the winners. Right, Chris? They're always like, hey, I won $4,000 at the bar in Casino Royale or whatever the hell. And you're like, yeah, but you've been borrowing money from me for the past three weeks, and I see your stack of losses receipts that you keep for your taxes. And no, I am. I'm ahead. No, no, the math doesn't work.

But I trust my Bitcoin friends a little bit. I usually cry online when they're like, gal, talking about how I can never tell if Powell is the Fed chairman or the gal is the Fed. I can never tell. I can't keep track of who's running the Fed. But the one guy was talking about how they wanted to tax capital gains that are still in the account that haven't been liquefied. And I was like, what? The stock goes up and you're going to tax me, but then it goes down. What happens then? So I don't know. There's lots of crazy taxing thing they're talking about these days. say there are some bills that are trying to get passed right now, nerfing self-directed IRAs. And I don't know if that's essentially what the article that you read or what you heard is alluding to. What's interesting is I haven't read anything mentioning that they're trying to nerf the solo 401k. I just read self-directed IRA. Solo 401k is for entrepreneurs. You have to have

either an LLC, sole proprietorship, some kind of entrepreneur active, an IRA or, you know, anyone with earned income and a social security number. Whereas solo 401k, you have to be an entrepreneur. And if you look back at the way that our country is set up, it benefits, it favors entrepreneurs, right? Like that's just the way it's set up. Yeah, she was talking about just taxing the, you get taxed when you sell an investment vehicle or you buy a stock you sell it then you get taxed on whatever your returns were she was talking about taxing them well they're before you sell them and you're like wait that doesn't sound healthy at all because i've invested in the stock market you make 50 000 one day and lose 20 grand the next year just

you don't want to you don't want to pay the taxes on the high and and then get screwed on the low and technically it's not over until it's over i think what they're trying to pay the taxes on the high and then get screwed on the low. And technically, it's not over until it's over. I think what they're trying to do is hit like the billionaires in the pocketbook that camp their money there forever and never withdraw it. I don't know what the hell they're up to. It seems like there's a lot of stuff going on. They'll eventually work it out, I'm sure. Because if anything, it's the old constant in life, death and taxes.

There's no guarantee except death and taxes. That's true. That's true. What else do you want to touch on, Daniel? What else do we want to share with people about you and what you do? You have the podcast that you have. Yeah, it's called How Winners Win. And I've got a co-host.

His name is Keetah. And Keetah and I have a lot of fun on that podcast. We have conversations with high-level guests. And then we'll have episodes where I just keep telling myself. And we just talk about helping people win in their personal life, their financial life, entrepreneurial life. And I kind of share what's worked, what hasn't worked in running a company. And I've had a ton of failure in dealing with employees and culture and operations and finances.

And then we all struggle with limiting beliefs and imposter syndrome and just trying to add value in any way, shape, that any way that we can. And of course, you want to sprinkle in some financial strategies and helping people with some of the concepts that we've touched on as far as self-directed retirement accounts and things of that nature. And then on your website at DanielBlue.me, you've got a course system, too, with online courses. Yeah, it's called the Questway, how to grow money, how to make money tax-free. And the course has a bunch of different modules where there's some videos of me whiteboarding some information, some PowerPoint presentations, really getting in the nitty gritty with a solo 401k, a Roth self-directed IRA, a Roth solo 401k. And really,

I'd like to say there's two types of people may be listening to this right now. One, if you have a 401k from an old job or an IRA, and again, accessing that money, penalty and tax free appeals to you, there might be some ways that we can help you. And number two, if you're making some good income with your business, we all know the old saying, it's not what you make, it's what you keep. And some people aren't familiar with what's called a Roth solo 401k. And the Roth solo 401k, depending on how much your business makes, you can contribute up to $58,000 a year into that account. And you can put that money in as a Roth contribution. And what that does is let's just say you stuck $20,000 in your

Roth solo 401k and that 20,000 was Roth and it grew to $100,000 over a period of time. Now you've got $100,000 in 100% tax-free money, tax-free wealth. So you're paying taxes on the seed, but not the harvest. That's another reason why I love the Roths to low 401k. So anyone that has a pretty good income coming in with their business, you want to think about diversifying and putting money aside for your future and tax free money. Yeah, that's always important because the more you can maximize your money, but I owned a mortgage company for 20 years and I would, it was insane to me. I would see people

what they were doing because they would be with like $30,000 in credit card bills. And they'd be like, and at that time we had values really soaring. And so they would come to me every year, every other year and say, Hey, can you pay off $30,000 of credit card debt? And you look at the debt they were paying, and they were paying sometimes $500, $800, $1,000, $1,500. Sometimes I think we saw like $3,000 one time a month in these bills. And we'd sit down with them, and we'd explain to them that I think if I remember the dynamic correctly, if you have a $5,000 credit card debt and you pay on that, the minimum payment, it will take you 25 years to pay it off. And you'll pay five times the amount of that $5,000. So you basically pay $25,000 for that $5,000.

And people put stupid stuff on their credit card. I don't know, groceries, the candy bar, the Starbucks and stuff. And I always love when people are like, I got a great deal. I got 30% off or 20% off. And you're like, you're paying 20%. Yeah. Instead of giving it to Nordstrom's, you're just giving it to Visa. Yeah, and those guys need money, right?

Visa and American Express. They're really hurting. In fact, I was just reading. They're probably one of the next ones up. Tesla just hit the trillion value mark, and Visa's probably the next one to hit that mark. Yeah, I mean, especially with e-commerce shopping and all that kind of fun stuff. Oh, yeah, sure. I can think of it. So, you know, you definitely want to take a look at it.

People don't realize how this stuff bleeds you out. It's the little things. It's the slicing and dicing. Anything else you want to touch on about what you do before we go out? Yeah. If people are interested in learning a little bit more, whether it's some free articles on my website, danielblue.me, or checking out my book, or if you want to learn more in terms of, hey, you've got this retirement account and you want to learn how to access it, penalty and tax rate, a payoff from high interest rate credit card debt or fund your business, you can feel free to click the link on the danielblue.me website, the Quest Education link. And then from there,

it takes you to my company's website and you can fill out a quick form and someone from my team would reach out to you and see if we're a good fit to help you out. There you go. There you go. Thanks, Daniel, for coming on the show. We really appreciate it. Give us your plugs. I think you gave us some of your plugs. Did we get all the plugs in there? Is there any more plugs we need to cover as we go out? Yeah. Danielblue.me is the hub. It gives you info for my social media. I'm very active on Instagram and Facebook. So if you just type in Daniel Blue on Instagram or Facebook, you will see a gentleman with dark hair, dark eyes, dark eyebrows. And I'm in Vegas.

I think I'm the only one by the name of Daniel Blue in Las Vegas. Feel free to follow me on social media. I do my best to entertain and educate and add value there. And yeah, I would love to help out in any way I can if people feel the need to message me. There you guys go. Reach out to him. Check it out. Learn how to retire.

I think that's the one thing most people need to do is they need to save their money for retirement better. Order up the book. It's on Amazon. Blue print to your best retirement. How to access your retirement account penalty and tax-free. Thanks for tuning in. Go to youtube.com.

Force us, Chris Voss, to see the video version of this. Go to Goodreads.com, 4SXChrisVoss to see everything we're reading over and reviewing over there. We're actually doing a Goodreads giveaway, I think, for another 30 days. Thousands of people have signed up to get a free copy of the book. You can also go to all of our groups on Facebook, LinkedIn, Twitter, Instagram, and all that good stuff. Thanks for tuning in. Be good to each other, and we'll see you guys next time. So we're excited to announce my new book is coming out. It's called Beacons of Leadership, Inspiring Lessons of Success in Business and Innovation. It's going to be coming

out on October 5th, 2021. And I'm really excited for you to get a chance to read this book. It's filled with a multitude of my insightful stories, lessons, my life, and experiences in leadership and character. I give you some of the secrets from my CEO Entrepreneur Toolbox that I use to scale my business success, innovate, and build a multitude of companies. I've been a CEO for, what is it, like 33, 35 years now. We talk about leadership, the importance of leadership, how to become a great leader, and how anyone can become a great leader as well. So you can pre-order the book right now wherever fine books are sold. But the best thing to do on getting a pre-order deal is to go to beaconsofleadership.com. That's beaconsofleadership.com. On there, you can find several packages you can take advantage of in ordering the book. And for the same price of what you can

get it from someplace else like Amazon, you can get all sorts of extra goodies that we've taken and given away. Different collectors, limited edition, custom made numbered book plates that are going to be autographed by me. There's all sorts of other goodies that you can get when you buy the book from beaconsofleadership.com. So be sure to go there, check it out or order the book wherever fine books are sold.