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The Entrepreneurial Web

Friday, July 2, 2021
2
Jul
Facebook Live Video from 2021/07/02 - Who’s Interested In Passive Income?  One That Pays In Cash?!

 
Facebook Live Video from 2021/07/02 - Who’s Interested In Passive Income?  One That Pays In Cash?!

 

2021/07/02 - Who’s Interested In Passive Income?  One That Pays In Cash?!

[NEW EPISODE] Who’s Interested In Passive Income?  One That Pays In Cash?!

This Friday at noon I’m excited to talk with Amit Gaglani about the myriad of ways he’s created multiple streams of extractable income over the years.  He’ll be Zooming in from his annual retreat in Hawaii

Tune in for this energetic conversation at TalkRadio.nyc or watch the Facebook Livestream by clicking here.


Show Notes

Segment 1

Jeremiah introduces his message of the week, “it’s better to own 20% of five things than 100% of one”, and then welcomes his guest for today’s episode, Amit Gaglani. Amit is currently spending time vacationing in Hawaii with his family, which he was able to do through his multiple avenues of income. Amit explains how he originally came from a physical therapy background, in which he realized there are only so many patients he would be able to treat, so he decided to put some business in the business. As he quotes, working on the business rather than in the business. The two discuss how while it is important as a business owner to reinvest back into your business, but putting all of your eggs in one basket is not a wise financial decision. The two continue to discuss how by diversifying your investments lessens the risk of the investments, and Amit brings up the benefits of investing in a passive income. He explains that while investing in the stock market can be beneficial in the long term, he finds other investments in passive income doesn’t only benefit him financially in the long term, but also gives him cash flow in the now. He continues to explain how these types of investments are not ones that are typically discussed with a financial advisor as they are not in the set types of investments that financial advisors work with. Amit explains how he decides which investments to make.

Segment 2

Jeremiah and Amit discuss Amit’s vetting process through his investment process, and how because of his business experience he knows the red flags from a business and business owners that warn him not to invest. Amit continues to explain how he is not an investment professional, and only knows what he does through his own experience running a business. Amit explains why he calls his investments “off market deals” and also explains how he came across these investments, and how others can also find these investments. He explains that he listens to a lot of podcasts, specifically one about an incredibly wealthy family office about what they are investing in. Amit explains how his friends also jump in on his investments as they trust his vetting process, as many of them are business professionals and health care professionals who do not have the time to go through a time consuming vetting process. The two discuss the culture behind a business and how that is not something that you can see on paper, but only really experience it by being present while the business is operating. And, that the culture of a business is incredibly important when you are investing in a business.

Segment 3

Jeremiah and Amit discuss tax efficiency and paying taxes on the investments, and how these taxes are structured. Amit explains how every year you have to think of how to decrease your taxes as much as you can, and that through investments you can decrease the amount that you have to pay on taxes for your business. Amit poses the question that if you were given two million dollars, but no future source of income, what would they do with that? Amit continues to discuss: would you continue chipping away at the two million until you don’t have anymore, or would you invest it in something that can get you money now and continue to make you money in the future? The two continue to discuss multi-family homes and real estate, and Amit explains how that has been one of the most solid investments he has made.

Segment 4

Jeremiah and Amit discuss some of the pitfalls to avoid when someone is embarking on that kind of investment journey. Amit explains to not make the decision to invest only based on what you see on paper, but also dig under the surface, and do your own research before making the decision to invest. The two discuss the stock market, and Amit explains that he only invests in the stock market a little, and only for long term, nothing short term, as he doesn’t believe the stock market is beneficial in the short term. Amit gives his opinion on cryptocurrency, and he says that he does invest in crypto, and he does it to educate his children on investments. He explains that crypto is more engaging for the kids to learn with rather than investing in the stock market. Amit explains how it irritates him when outside factors like a tweet from a celebrity influences how well a business works, specifically bringing up the example of a tweet from Elon Musk recently made Bitcoin skyrocket.


Transcript

00:00:37.980 --> 00:00:44.460 Jeremiah Fox: bucks if I was muted I don't know what happened there let's try that again happy Friday everybody welcome welcome.

00:00:45.180 --> 00:00:53.370 Jeremiah Fox: you're listening to the entrepreneurial web i'm your host Jeremiah fox happy July, we made it it's summertime finally if you're a parent.

00:00:53.670 --> 00:01:04.080 Jeremiah Fox: of a child that was in school or you're a student yourself time to relax i'm married to a teacher and I got school aged kids and it's so nice to just let it all go.

00:01:04.500 --> 00:01:13.590 Jeremiah Fox: New York is back open almost 100% open, you can run around freely it feels really great, and if you made it this far, you deserve to pat yourself on the back.

00:01:13.980 --> 00:01:21.990 Jeremiah Fox: Before I bring my guest on the message of the week i've said this many times it's a it's a message I will share till my last days, because it's so effective.

00:01:22.290 --> 00:01:28.170 Jeremiah Fox: it's a piece of advice I got from one of my mentors Anthony de silvestro, also known as Tony D.

00:01:28.410 --> 00:01:38.820 Jeremiah Fox: He said this to me a long time ago, he said a lot of really great things to me and I ignored, most of it, but this one stuck with be in a really laid a foundation for today's show, and he told me a long time ago, he said.

00:01:39.300 --> 00:01:49.290 Jeremiah Fox: it's better to own 20% of five things than 100% of one I think today's guest will agree with that and will expound upon that.

00:01:49.560 --> 00:02:01.800 Jeremiah Fox: That ideology, as it applies to business ownership investment entrepreneurship with that i'd like to welcome to the show on meet Gilani suman all the way from Hawaii it's bright and early there for you isn't it.

00:02:02.340 --> 00:02:09.570 Amit Gaglani: Yes, it is and it's great to be here thanks for allowing me to share my story, and my my wins with everybody appreciate it.

00:02:09.930 --> 00:02:16.110 Jeremiah Fox: yeah man pleasure to have you thanks for getting up so early you're six hours behind right.

00:02:16.740 --> 00:02:26.820 Amit Gaglani: yeah it's pretty early here yeah yeah yeah it's like 6am which usually isn't so bad, but when you're on vacation and you're you're enjoying yourselves in Hawaii, it seems, it seems a lot earlier.

00:02:27.270 --> 00:02:35.190 Jeremiah Fox: yeah so that's that's a great you know way to start the show he's he's vacationing in Hawaii largely based off of.

00:02:36.510 --> 00:02:40.410 Jeremiah Fox: income derived from from some wise investments Is that correct.

00:02:40.590 --> 00:02:44.430 Amit Gaglani: yeah some passive investments, I decided to take my family here for a month.

00:02:44.820 --> 00:02:56.670 Amit Gaglani: So we've been we've been enjoying ourselves for a month all over Hawaii yeah it's funny we run into people when people say Oh, how long you here, you know thinking we're here for another few days we're like now we're here for a month there, like a month.

00:02:56.940 --> 00:03:03.360 Amit Gaglani: or like yeah yeah we kind of made it happen, and like you said it was through all those passive investment deals that I was investing in.

00:03:04.080 --> 00:03:09.090 Jeremiah Fox: So this show is going to hurt a little bit for some of us, but we have to just push through the pain to get to the good stuff.

00:03:11.370 --> 00:03:14.490 Jeremiah Fox: that's great and it sucks to hear but that's great good.

00:03:16.020 --> 00:03:21.690 Jeremiah Fox: So, but you basically you know coming from the physical therapy background Is that correct.

00:03:22.020 --> 00:03:27.210 Amit Gaglani: yeah I am a physical therapy owner, I had four clinics in New Jersey.

00:03:28.740 --> 00:03:37.140 Amit Gaglani: a while back and then I partnered with a private equity company, and now we have basically about 100 so there's a business background there that.

00:03:37.710 --> 00:03:46.380 Amit Gaglani: You know wasn't just that you know I I was a physical therapist I made some moves, a while ago, you know determining that you know what what.

00:03:46.800 --> 00:03:55.530 Amit Gaglani: path, I wanted to chart for myself and my family and my life, you know I knew as a physical therapist there was only a certain number of patients, I could treat myself.

00:03:56.280 --> 00:04:11.100 Amit Gaglani: And then you get you know you're tapped out, you can only earn, so much so, I decided long ago that I was going to apply some you know business to the business and I wanted to get to the point of like you know I guess how he.

00:04:12.390 --> 00:04:17.160 Amit Gaglani: wrote it, you know, working on the business instead of in the business yeah.

00:04:17.220 --> 00:04:25.470 Jeremiah Fox: it's a good move it's funny I read that book several years ago, a friend shared that with me and it was very eye opening for me, where I was at.

00:04:26.040 --> 00:04:40.500 Jeremiah Fox: You know, in my own business and really you know, took to it, and then you know pandemic head and we had to scale, a lot of that back because we have staff, you know and and income dropped big time we did what we had on.

00:04:40.500 --> 00:04:45.900 Jeremiah Fox: Your first survival, but it's funny because now it's coming full circle and i'm getting to do it again.

00:04:46.140 --> 00:04:46.350 Amit Gaglani: yeah.

00:04:46.380 --> 00:04:54.690 Jeremiah Fox: And I have like a renewed vision for this time so hopefully it would be a little bit more successful it's a great book Michael gerber right is all.

00:04:55.260 --> 00:04:56.190 Amit Gaglani: That Michael gerber.

00:04:56.310 --> 00:05:09.600 Jeremiah Fox: And if you haven't and our mutual friend got to give a shout out to land snob always absolutely he's he's always talking about that book and he might be may have written other stuff as well, but yeah lance's always quoting him.

00:05:09.870 --> 00:05:12.810 Amit Gaglani: which, incidentally, I know lance from physical therapy school.

00:05:12.810 --> 00:05:13.020 Jeremiah Fox: Right.

00:05:13.080 --> 00:05:21.810 Amit Gaglani: Of course, we share the same flat together yeah so we went to PT school together and we've kept in touch this whole time and you know he's doing phenomenal with his business coaching things and.

00:05:22.170 --> 00:05:27.360 Amit Gaglani: We stay in touch and now he's helping me on some business moves that i'm trying to make as well, so.

00:05:27.750 --> 00:05:29.400 Amit Gaglani: Likewise, yes.

00:05:29.430 --> 00:05:30.330 Amit Gaglani: Yes, yes, yes.

00:05:30.390 --> 00:05:41.460 Jeremiah Fox: And it's interesting the way we get into it right, like you start your own business and that's like one aspect of business it's just like you were saying you know that there's a there's a pretty low ceiling in terms of how much.

00:05:41.910 --> 00:05:58.680 Jeremiah Fox: You can really make if it's just like you like you know you have a family run business or something of that nature, it only goes so far, but then you get into like the business like like the real business in the more esoteric stuff and then you really get to open that ceiling up.

00:05:58.980 --> 00:05:59.550 Amit Gaglani: Right so.

00:05:59.580 --> 00:06:11.670 Jeremiah Fox: You know back to today's kind of topic is you, at a certain point realized, there were some some wise investment choices and we kind of you know scratched the surface, this yesterday, when we were talking that.

00:06:12.900 --> 00:06:20.850 Jeremiah Fox: You know, it is important as a business owner to reinvest in your business to some degree, but when you put all your eggs in one basket yet.

00:06:21.090 --> 00:06:32.130 Jeremiah Fox: Again, that ceiling kind of drops a little bit lower again and, and you know you really like struck a nerve with me when you were saying that yesterday is like you've got to kind of sparse it out it doesn't have to be you know.

00:06:32.550 --> 00:06:42.210 Jeremiah Fox: Like the the quote for today that my my mentor gave me it wasn't like hard math like if you have $100,000 put 20,000 here here here here here, and you know five more things.

00:06:42.510 --> 00:06:47.040 Jeremiah Fox: That you were saying yesterday, it has to kind of float in fluctuate where you're investing.

00:06:47.400 --> 00:06:53.370 Jeremiah Fox: Maybe the majority of your money in your business, but you have some discretionary income to put in whatever you want to you know.

00:06:53.640 --> 00:07:02.820 Jeremiah Fox: put it into and then those tides might recede and Evan flow a little bit were like maybe you're putting less than to your business at this point and you're getting to put a little bit.

00:07:02.850 --> 00:07:03.450 Jeremiah Fox: More yeah.

00:07:04.050 --> 00:07:15.570 Jeremiah Fox: So I really love to like here personally for my own nervous man, you know desires, but really for like you know listeners out there who maybe.

00:07:16.140 --> 00:07:22.950 Jeremiah Fox: have their own business already and they're they're trying to figure this out there, trying to like really understand what to do with the.

00:07:23.400 --> 00:07:30.480 Jeremiah Fox: money that they have coming in and and even more so for potentially somebody that's just starting on the journey, who has no idea.

00:07:30.750 --> 00:07:40.530 Jeremiah Fox: And they think I, like me, when I first started like I gotta put all my money into this thing, like every like exhaust my savings just to get it up and running and that that can be a hard path to walk.

00:07:41.160 --> 00:07:42.150 Amit Gaglani: yeah yeah you know.

00:07:43.290 --> 00:07:46.200 Amit Gaglani: And I was down that same road because I didn't know any better, you know, I was.

00:07:46.200 --> 00:07:53.310 Amit Gaglani: Just building my business building my business and, as we all know, as business owners and you're starting off you're pouring everything you have into that business.

00:07:53.610 --> 00:07:58.680 Amit Gaglani: which at the time, makes a lot of sense, you know it makes a lot of sense, who are you going to bet on other than yourself, you know.

00:07:58.920 --> 00:08:04.260 Amit Gaglani: that's where you're gonna get the biggest return, and it does make sense, but if you step back and you say wait a second.

00:08:04.650 --> 00:08:12.900 Amit Gaglani: You know there's these things, called mutual funds and what do they do, they put money in different places, so they can get a blended return and they so they can kind of even out the risk.

00:08:13.230 --> 00:08:17.280 Amit Gaglani: By do the same thing with my business, and I say you know what obviously i'm going to pour a lot.

00:08:18.000 --> 00:08:25.440 Amit Gaglani: of money in savings into my business, but maybe I should put money in over here, maybe I should put a little bit of money over here just to diversify.

00:08:25.980 --> 00:08:36.690 Amit Gaglani: And the things that i've been enjoying doing is putting it into passive investments, where you're also earning cash flow, you know, the main key there is if you're earning you know it's great for people.

00:08:37.620 --> 00:08:41.490 Amit Gaglani: You know who believe in the stock market and they're putting in the stock market they're saying yeah when i'm.

00:08:41.700 --> 00:08:51.510 Amit Gaglani: You know, seven years old i'm going to cash out, you know and that's what that's gonna be my retirement egg but that's not helping you right now, unless you're selling those but then you got a tax consequence every time that you sell those.

00:08:51.870 --> 00:08:59.850 Amit Gaglani: You know, so if you're looking for the long term yeah but you know how do you know for a fact that when long term comes that the stock market's going to be up and it's not going to be down when you need it.

00:09:00.240 --> 00:09:06.180 Amit Gaglani: You know, so I started taking a different approach, you know years and years ago I started investing in these.

00:09:06.600 --> 00:09:12.330 Amit Gaglani: off market deals that really you don't hear too much about in their passive investments and they give appreciation later.

00:09:12.660 --> 00:09:26.760 Amit Gaglani: But they're also giving you cash flow right now and that cash flow right now is what allowed me to do what i'm doing right now, because it's helping me to also pay my bills, but it's it's supplementing in in the the big point is.

00:09:27.840 --> 00:09:35.250 Amit Gaglani: You want to get to a point where your passive income significantly overtakes your active income at that point.

00:09:36.210 --> 00:09:43.740 Amit Gaglani: Job options do I feel like working two days a week, do I feel like working three days a week, do you know do what you want to do, but it's an option for you.

00:09:44.070 --> 00:09:59.400 Amit Gaglani: And, as we all know, the best thing in life is having options, you know when you don't have options that kind of sucks so you know, having that kind of freedom is what I decided that you know something I wanted to do so i've been investing those type of deals, and you know.

00:10:00.180 --> 00:10:02.280 Jeremiah Fox: That should be a T shirt you should brand that.

00:10:02.340 --> 00:10:03.360 Jeremiah Fox: job or no.

00:10:03.690 --> 00:10:04.740 Amit Gaglani: Job option.

00:10:04.770 --> 00:10:05.040 Jeremiah Fox: that's a.

00:10:05.490 --> 00:10:05.820 Amit Gaglani: that's a.

00:10:06.090 --> 00:10:07.650 Jeremiah Fox: that's a it should be a book title.

00:10:08.220 --> 00:10:11.070 Amit Gaglani: yeah well when you approach everything from that point of view that you.

00:10:11.070 --> 00:10:21.480 Amit Gaglani: know what I want passive income, so its job optional so yeah you know, in the end, a lot of these investments that i'm doing aren't something like your financial advisor is going to discuss to you about because.

00:10:22.140 --> 00:10:28.350 Amit Gaglani: there's a couple reasons for that one of them is they may not be able to make any money from it, and they have to earn a living to.

00:10:29.070 --> 00:10:39.150 Amit Gaglani: Secondly, they may not know how to evaluate these type of people, you know these are not your typical stock market deal these aren't mentioned in there, you know.

00:10:39.630 --> 00:10:42.450 Amit Gaglani: they're taking an exam to become a financial advisor.

00:10:43.170 --> 00:10:54.270 Amit Gaglani: There are certain names for the security exams that they take, but none of these type of investments or even mentioned in there, the structure, you know, after all these type of investments you're backing an individual business.

00:10:55.020 --> 00:11:07.050 Amit Gaglani: That has a track history, you know that's the one I do i'm backing a horse that has you know one other races in the past, you know and i'm backing them for a preferred return, you know as well as.

00:11:07.590 --> 00:11:15.060 Amit Gaglani: You know, some skin in the game, and in some options each one's is structured really differently, some of them give you cash flow now, some of them are appreciation.

00:11:15.330 --> 00:11:21.270 Amit Gaglani: You know, four or five years from now, and they give you all your money back, and you own a piece of the company.

00:11:21.630 --> 00:11:28.020 Amit Gaglani: which really intrigued me because, when I got started in lance can tell you, when he got started anybody who's a business owner you put.

00:11:28.290 --> 00:11:34.440 Amit Gaglani: A lot of your effort into that company right you're doing from early morning to late night two weekends you're working on it.

00:11:34.860 --> 00:11:43.740 Amit Gaglani: You know, in my case, if somebody were to have kind of back to me at that time they'd be making millions, right now, because they backed a horse that was not willing to give up.

00:11:44.100 --> 00:11:47.940 Amit Gaglani: You know that was really pushing pushing pushing so what i'm doing with these deals.

00:11:48.630 --> 00:11:55.080 Amit Gaglani: You know, and these are syndicated deals, there are known to some people who are in this kind of world of syndication and that, looking at these deals.

00:11:55.350 --> 00:12:02.970 Amit Gaglani: You know i'm looking at who's the operator, you know what track history, do they have I look at their financials so i'm really vetting out the deals and then I say you know what.

00:12:03.360 --> 00:12:09.030 Amit Gaglani: This guy's a really good operator he knows his space they've been doing this for a while i'm going to put my money in with them.

00:12:09.480 --> 00:12:18.690 Amit Gaglani: And lately what i've been able to do is because i've done it for so long, and my friends have seen the results that i've been getting they started jumping in with me.

00:12:19.080 --> 00:12:28.320 Amit Gaglani: So, now that small group has turned into 50 plus people who are investors that jump in with me and now, when I show up for an investment i'm showing up with.

00:12:28.710 --> 00:12:38.460 Amit Gaglani: A lot of money and i'm able to help dictate you know I would want to say dictate on the help i'm able to help negotiate better terms for all of us terms with better.

00:12:39.180 --> 00:12:55.980 Amit Gaglani: Roi so better reimbursement for us tax mitigation so they're more tax efficient to and risk mitigation so we're not taking so much risk we're at the highest level of if anything goes wrong, we get our money first or something to that degree so it's those three pillars high Roi.

00:12:57.150 --> 00:12:59.640 Amit Gaglani: risk mitigation and tax efficiency that i'm.

00:13:00.900 --> 00:13:05.580 Jeremiah Fox: You said the three pillars you've been hanging with my boy Tony D he talks about the three pillars all the time.

00:13:06.990 --> 00:13:08.880 Amit Gaglani: I was, I thought I made them up, I didn't even realize.

00:13:09.180 --> 00:13:11.070 Jeremiah Fox: Man I gotta connect you guys, he was.

00:13:11.250 --> 00:13:16.080 Jeremiah Fox: He was hot on clubhouse you know at the beginning of the year is hosting these massive rooms.

00:13:16.350 --> 00:13:24.570 Jeremiah Fox: And it was all about the three pillars he's been talking about it for decades, I worked for him, I started working for him in the early 90s and we've stayed really close this whole time and.

00:13:24.840 --> 00:13:34.200 Jeremiah Fox: He just hammers that he's always like what are the three pillars, what are your three pillars, like every new idea I come up with that's, the first question, he asked me is like what are your three pillars get that in alignment.

00:13:34.260 --> 00:13:35.820 Amit Gaglani: So it's great to make sense right, you know.

00:13:36.720 --> 00:13:46.620 Amit Gaglani: To have a foundation, you know you have to have foundation, so you know if if i'm approaching every single investment with those things in mind thinking you know what it has to make sense in these three things for you.

00:13:47.040 --> 00:13:55.320 Amit Gaglani: And then only, and only then, will I invest and usually if i'm investing them I let my friends now and then they're jumping into whoever wants to so.

00:13:55.620 --> 00:14:09.630 Jeremiah Fox: yeah and what you were saying about you know now that you've got this this D group of people you just really have a lot more leveraging power when you go into these when you go into these situations and meetings and everything and.

00:14:10.320 --> 00:14:15.720 Amit Gaglani: yeah and i'm looking for different types of those investments they're not all the same, either, some of them are multi family, some of them are.

00:14:16.080 --> 00:14:26.190 Amit Gaglani: Self storage or ATMs or you know multi family families around the country or this you know, a recent one was a wedding venue that has a golf course and a winery.

00:14:26.550 --> 00:14:34.380 Amit Gaglani: And they're buying multiple properties and they're doing phenomenal, believe it or not, even during coven they did phenomenal they went from two and a half million to 12 million.

00:14:34.890 --> 00:14:45.240 Amit Gaglani: It during covert because they were able to figure out a different source, because they couldn't do weddings they were doing all these outdoor events which everybody wanted to attend because guess what nobody can do anything else.

00:14:46.770 --> 00:14:54.750 Jeremiah Fox: And, and now they probably have that folded in things and then it's about the lids about to just like New York city's about pop up.

00:14:55.200 --> 00:14:58.560 Amit Gaglani: Exactly at now that they figured that out there, like well we're not going to get rid of that.

00:14:58.950 --> 00:14:59.220 Amit Gaglani: Just.

00:14:59.340 --> 00:15:11.520 Amit Gaglani: add that in and to what we're already doing, and so they're they're really you know doing great in there, look we're already looking at purchasing other properties and things like that so yeah but those it's it's an exciting stuff it's yeah.

00:15:11.880 --> 00:15:19.920 Jeremiah Fox: it's exciting times for sure we're gonna take our first break hang tight everybody will be back in just a few with more excitement stay on the edge of your seat.

00:17:54.270 --> 00:18:03.660 Jeremiah Fox: Welcome back everybody if you're just tuning in again you're listening to the entrepreneurial web i'm your host Jeremiah fox we're zoom and all the way to Hawaii today talking with.

00:18:04.200 --> 00:18:12.450 Jeremiah Fox: Investment specialist amit goswami and in the first segment we're just kind of laying the foundation for.

00:18:13.290 --> 00:18:23.640 Jeremiah Fox: wise ways to to spread your wealth around and you give me definitely the title for the show for the YouTube version it's going to be job optional.

00:18:24.390 --> 00:18:28.260 Jeremiah Fox: So he was talking about getting to the point where your side investments.

00:18:29.010 --> 00:18:40.080 Jeremiah Fox: surpass your income from from say your brick and mortar, whatever your your own personal businesses to really give you the option to go into work or spend a month in Hawaii as he is doing right now.

00:18:40.980 --> 00:18:49.830 Jeremiah Fox: One of the things you said in the last segment, you know talking about these are these are investments and your financial advisor is likely not privy to.

00:18:50.160 --> 00:19:06.330 Jeremiah Fox: And that you yourself are the one who's really like vetting the process and you get personal with the owner, you want to speak to the owner, you want to look at the financials and, and the reason I feel like you didn't say it, but I wanted to just see if you agree.

00:19:07.440 --> 00:19:19.560 Jeremiah Fox: The reason you're able to do that is because you've been through that fire yourself with your own business, and you know what to look for because you've probably faced you know potential catastrophe or.

00:19:20.880 --> 00:19:25.500 Jeremiah Fox: Like all those things you've you've had your back against the wall, so you know what the red flags look like.

00:19:25.710 --> 00:19:34.290 Jeremiah Fox: So when you're talking to the owner and you're getting you're getting you know their feedback your their mannerisms everything about the way they talk about their business like you said.

00:19:34.530 --> 00:19:47.880 Jeremiah Fox: You know, someone would invested in you would have been a big Roi because you were like the horse that just would never quit would like see i'm trying to get that sense from them personally on a personal level just through their body language and everything.

00:19:48.510 --> 00:19:55.770 Amit Gaglani: So the whole bunch you know i'm usually they're kicking the tires around their business and trying to see this, but you know what not to interrupt you, I gotta say.

00:19:55.770 --> 00:19:56.070 Jeremiah Fox: Oh no.

00:19:56.280 --> 00:19:59.820 Amit Gaglani: i'm not a financial professional like i'm not anybody.

00:20:00.150 --> 00:20:10.620 Amit Gaglani: You know i'm literally somebody who started a business and had to learn, step by step, everything I had to learn quickbooks I had to learn how to read a financial spreadsheet I had to understand what a balance cheated.

00:20:10.920 --> 00:20:15.990 Amit Gaglani: And these things did not just I didn't go to school for that I didn't I have no idea i'm just a business owner.

00:20:16.320 --> 00:20:25.710 Amit Gaglani: That has over 15 years of business experience just kind of leveled up every single every couple years I just kept pushing the envelope to cap on a level up.

00:20:26.250 --> 00:20:35.400 Amit Gaglani: And I was able to get my company in a position where somebody wanted to acquire it, and so a lot of value for it, so they were able to pay me, but then I also retained ownership of.

00:20:36.360 --> 00:20:42.030 Amit Gaglani: You know, smaller ownership of the big you know company so i'm still working day to day in that, but.

00:20:42.300 --> 00:20:48.180 Amit Gaglani: As you can tell, I don't do it at the same pace that I was doing before, because I do still love what I was doing so.

00:20:48.480 --> 00:20:59.490 Amit Gaglani: i'm not off the grid, by any means, I still work and I enjoy what I do, but I take some of the money that i've earned over time and i've been investing in these deals and like you said these deals.

00:21:00.480 --> 00:21:05.100 Amit Gaglani: You know I call them off market deals because they're not like highly publicized you know.

00:21:05.700 --> 00:21:11.490 Amit Gaglani: Things like that you won't see them in advertisements all over the place, you know, some of them do not intend to advertise now.

00:21:11.790 --> 00:21:17.820 Amit Gaglani: Some of them are for what they call accredited investors, which is a whole different definition all to itself, which.

00:21:18.120 --> 00:21:21.690 Amit Gaglani: Some people have heard of him some people haven't heard of but you know it's.

00:21:22.020 --> 00:21:30.240 Amit Gaglani: For an investor some of these deals are structured that way and it's the SEC rules, by the way, it's not like the investment wants to do it it's the SEC says.

00:21:30.540 --> 00:21:39.600 Amit Gaglani: You know what we don't want people who've literally saved all their money all their life and don't have enough money coming in to invest on something because God forbid that goes.

00:21:39.990 --> 00:21:49.620 Amit Gaglani: belly up then you're out on the street, so they say that these accredited investors and your listeners whoever are interested should look up the term because honestly.

00:21:50.370 --> 00:21:57.450 Amit Gaglani: It should be every business person school to become an accredited investor, because an accredited investor, by definition, means that they're earning.

00:21:58.410 --> 00:22:07.980 Amit Gaglani: As an individual they're earning $200,000 a year, but as a joint family member they're earning $300,000 a year, these are two different qualifications, a third qualification, you know it's.

00:22:08.340 --> 00:22:17.550 Amit Gaglani: Any one of these, by the way, it's not all of these you know, or that they have saved enough money to consider their network to be a million dollars okay.

00:22:17.880 --> 00:22:32.220 Amit Gaglani: And that's outside your personal home so obviously i'm not an accountant so somebody should look up these terms for themselves so, then the SEC says that these people are allowed to invest in these types of investments and the main reason is.

00:22:33.240 --> 00:22:40.200 Amit Gaglani: If they lose some money they're not going to be out on the street in asking for you know handouts So yes.

00:22:41.460 --> 00:22:53.730 Jeremiah Fox: Where where would one learn more, you said you know these are not highly advertised like we're really is a place where someone could besides, you know just speaking with you directly.

00:22:53.730 --> 00:22:59.670 Jeremiah Fox: yeah like how did, how did you learn about these deals and get involved yourself.

00:22:59.760 --> 00:23:08.700 Amit Gaglani: That that's a really good question you know it's so funny, though, when you've done something for so long and kind of figure kind of it's hard to realize where did it all start like.

00:23:08.940 --> 00:23:09.900 Amit Gaglani: Connected you.

00:23:10.140 --> 00:23:14.550 Amit Gaglani: I know lance connected me to one of the the wedding venue ones and.

00:23:15.990 --> 00:23:25.950 Amit Gaglani: And I was listening to certain podcasts that were talking about it, and then you meet some people there that led me to other podcasts that led me to other people so honestly it's a whole.

00:23:26.400 --> 00:23:33.390 Amit Gaglani: connection of different people and once you're in that circle it's like you're exposed to it, but a lot of different podcasts that i've listened to.

00:23:33.960 --> 00:23:42.180 Amit Gaglani: There was a podcast that I started off listening to which was meant for Center millionaires which was like family offices and I think lance actually told me about that one actually he did.

00:23:42.540 --> 00:23:50.790 Amit Gaglani: And I started listening to it so Center millionaires or families with you know hundreds of millions of dollars, they had a podcast on what they're investing in.

00:23:51.180 --> 00:23:56.250 Amit Gaglani: So it's not their podcast it's a it's a person who started a company that.

00:23:57.030 --> 00:24:10.410 Amit Gaglani: pitches investments to these type of family offices, so I said all right, well, let me find out what these guys are investing in these guys are hundred million dollar plus you know families that are investing in it and they do their due diligence i'm.

00:24:10.740 --> 00:24:20.340 Amit Gaglani: not going to create another we'll, let me just find out, so I started listening to those and I started writing down the investments and I started researching those investments and that's kind of how it started for me.

00:24:20.730 --> 00:24:28.890 Amit Gaglani: That connected me to a whole bunch of other things, and now I just you know i'm in those circles, so I guess, I guess, I get to see those things.

00:24:29.400 --> 00:24:35.280 Jeremiah Fox: So really you built it the same way, one would build a business like you just got in it was nobody there was like here's what you do.

00:24:35.310 --> 00:24:40.020 Jeremiah Fox: You just had to like do your own research, you really had to get scrappy and I think that's a great lesson like.

00:24:40.440 --> 00:24:56.820 Jeremiah Fox: For the business owner aspiring business owner like you got to just get scrappy to get the business off the ground, but then when you're trying to level up that that I that ambition is is still what is still the driving force, like nobody's gonna do it for you.

00:24:57.030 --> 00:25:02.850 Jeremiah Fox: I mean, at this point there you're saying you've created this almost like a conglomerate where like.

00:25:03.420 --> 00:25:17.490 Jeremiah Fox: People can come to you, and you, you have your your building this service now will you will you will advise and take investment money and help people strategically place it but for you, that wasn't really there right you had to build this.

00:25:18.300 --> 00:25:22.920 Amit Gaglani: yeah, to be honest with you this is, this is not even a business where i'm doing i'm investing my own money.

00:25:23.130 --> 00:25:30.480 Amit Gaglani: And I friends just jump in those 50 plus people it's not like i'm taking a fee of anything like i'm investing my own money, so my friends just kind of jump in.

00:25:30.780 --> 00:25:39.330 Amit Gaglani: With me and invest their own money and they're also very busy professionals, some of them are healthcare professionals and they don't have the time to look at this stuff or their business owners and honestly.

00:25:39.600 --> 00:25:43.650 Amit Gaglani: They don't have time to go through that vetting process because they're so busy in their own business right.

00:25:43.980 --> 00:25:53.010 Amit Gaglani: You know they're they're spending all their time and energy there, but once they steam the returns and they're like Okay, well, we know um it's doing it, so you know he ends up doing all the vetting.

00:25:53.220 --> 00:26:02.550 Amit Gaglani: Will jump in you know, of course, they do their own process but they already known there's a certain level it's already been done so, but yeah that that's that's exactly what i've been doing.

00:26:03.090 --> 00:26:15.450 Jeremiah Fox: And that's really like the ideal person for this right is like that hustler that's just go and it's just like trying to make it happen, they got some money put aside their super busy as it is otherwise they would take this one.

00:26:15.480 --> 00:26:16.350 Amit Gaglani: themselves.

00:26:16.440 --> 00:26:17.190 Jeremiah Fox: It just do it.

00:26:17.520 --> 00:26:23.010 Jeremiah Fox: But they they you know they're there in the trenches and and they're just trying to make that move.

00:26:23.400 --> 00:26:34.860 Amit Gaglani: And I don't want your listeners to feel like there's a this is rocket science, I mean at the end of the day, it's really not, this is a business owner that ran his own business that would talk to his accountant accountant would teach them different things and.

00:26:35.190 --> 00:26:38.310 Amit Gaglani: You would learn over time and then you knew how your business will work.

00:26:38.670 --> 00:26:48.840 Amit Gaglani: So you're just applying that same business acumen to somebody else's business saying okay well if the business, if your business is all based on one person, what happens if something happens to you that may not be.

00:26:49.530 --> 00:26:59.760 Amit Gaglani: See that's the risk profile that I may not want to do, because I don't want to base it off of one person, so I also look at their team say how big is your team something happens to you how do I know that your team is going to take over.

00:26:59.790 --> 00:27:03.810 Amit Gaglani: Right it's all those things that you look at individually, for your own business.

00:27:04.320 --> 00:27:12.660 Amit Gaglani: You know that you are looking at for somebody else's business like who's going to handle all this stuff you know what you know what are the things that I don't know and I visited some of these.

00:27:13.020 --> 00:27:21.990 Amit Gaglani: Actually, most of these businesses myself and i'm kicking the tires around like in the case of the wedding venue one you know, and they have restaurants and things I was talking to the staff.

00:27:22.860 --> 00:27:28.170 Amit Gaglani: The people they had no idea who I was they didn't know, I was in potential investor I was just talking to see what I can dig up and.

00:27:29.250 --> 00:27:36.930 Amit Gaglani: couldn't really find anything you know negative they everybody was just so happy working there, the environment, the culture that they built up and that's really important to.

00:27:37.230 --> 00:27:42.240 Amit Gaglani: A lot of businesses, especially when they come to mom and pop As you may know, it's all dependent on that one person.

00:27:42.600 --> 00:27:50.970 Amit Gaglani: You know the culture is themselves, you know, but if somebody is able to take that personal culture and imbue that on their their.

00:27:51.270 --> 00:28:01.350 Amit Gaglani: You know their staff and their staff have you know bought into this, you know and they're drinking the Kool aid and they believe in this now you got you got some powerful force there you know.

00:28:01.650 --> 00:28:08.400 Amit Gaglani: That that's going to be able to generate a lot of money and a lot of goodwill to which will you know generate money as well and.

00:28:08.460 --> 00:28:24.360 Jeremiah Fox: And it's a good point you bring up because a lot of a lot of business owners trying to build um you know this like profile on paper for how valuable their businesses and in in you know the hopes of either selling or getting.

00:28:24.420 --> 00:28:24.660 Jeremiah Fox: Some.

00:28:24.720 --> 00:28:32.670 Jeremiah Fox: sort of investment, but if you go around and talk to the to the staff everybody's pissed everybody hates everything communication is terrible.

00:28:33.030 --> 00:28:42.450 Jeremiah Fox: And that's you know that can cause some some red flags, you know, maybe you get a guy that really just doesn't know what to look for and it looks good on paper and they fire their best but.

00:28:43.260 --> 00:28:52.740 Jeremiah Fox: i've been in this conversation, the number of times and I advise somebody who was looking to open a restaurant, with the goal of selling down the road at some point, and I said then.

00:28:53.160 --> 00:29:00.000 Jeremiah Fox: trick yourself and and tell yourself you're not going to sell it start your business and build as if you're going to pass it on to your kid.

00:29:00.510 --> 00:29:09.630 Jeremiah Fox: Because that is going to raise the value of it to a degree that you could you could surpass what you would get on paper you're just like oh here's our.

00:29:09.960 --> 00:29:20.490 Jeremiah Fox: You know our PA nails and everything lines up, and you know that's that's nice, but like if it's something that this this potential buyer investor wants to keep going in the Culture stocks.

00:29:21.000 --> 00:29:33.450 Jeremiah Fox: From that's right that's a big red flag as not a good look so For those of you listening that are considering that I think that's a good a good way you know, maybe you do want to sell it, but just pick yourself, you know.

00:29:33.630 --> 00:29:39.270 Jeremiah Fox: yeah you know it's like getting in shape it's the same thing you gotta treat yourself to not eat those donuts you know you want to.

00:29:39.450 --> 00:29:40.050 Amit Gaglani: yeah right.

00:29:40.320 --> 00:29:41.550 Amit Gaglani: You can't see you can't see.

00:29:41.550 --> 00:29:49.290 Amit Gaglani: That on paper you can't even on paper, the Culture right, you can only really feel that when you're in that environment, so I can tell you that I have gone into those.

00:29:49.650 --> 00:29:54.000 Amit Gaglani: places and i'm trying to feel that environment i'm trying to feel like, how is that culture setup.

00:29:54.300 --> 00:29:58.710 Amit Gaglani: And I knew in that in that same case for that wedding venue place you could feel the culture.

00:29:58.950 --> 00:30:04.830 Amit Gaglani: And then I came to find out that twice a week, they actually have meetings regarding building their culture.

00:30:05.010 --> 00:30:13.530 Amit Gaglani: And so they're having meetings and they're really driving that home that you know we are hospitality, we are taking care of our guests and you could really feel that you can feel that level of.

00:30:13.920 --> 00:30:20.190 Amit Gaglani: Like it's like a warm blanket around you whenever you walk into their new words like they're taking care of you, so you feel that.

00:30:20.640 --> 00:30:25.470 Amit Gaglani: If i'm putting my money with a company that cares so much about their staff and their employee that they're having.

00:30:25.890 --> 00:30:35.610 Amit Gaglani: You know, two meetings, a week on just you know, giving that hospitality feel that they're doing pretty good it's not just based on one guy running around telling people hey do this do this do this.

00:30:36.450 --> 00:30:38.550 Amit Gaglani: And they're really building something to last.

00:30:38.850 --> 00:30:41.400 Jeremiah Fox: And they will probably treat your investment, the same one.

00:30:41.820 --> 00:30:50.130 Amit Gaglani: Oh yes, that's that's exactly right, and they are very communicative there you know every quarter every month, you know you're seeing communication you're seeing videos from them saying.

00:30:50.370 --> 00:30:57.270 Amit Gaglani: You know, fellow partners, this is what what what's going on now, this is the next thing that we're doing to see that these are the events and they invite you over to their events.

00:30:57.540 --> 00:31:11.310 Amit Gaglani: I went to an event, a month ago, it was a golf outing there, and you really feel like wow these people are really taking care of your property, you know it's they call it your property, you know you're just you're an investor there but they say hey this is your property so.

00:31:11.580 --> 00:31:16.410 Jeremiah Fox: that's amazing, and this is just like a privately owned business, this is not like a corporation.

00:31:16.470 --> 00:31:18.210 Amit Gaglani: major corporation Leon business.

00:31:18.210 --> 00:31:20.430 Amit Gaglani: Renault winery in New Jersey yeah yeah.

00:31:20.850 --> 00:31:29.670 Jeremiah Fox: that's that's a lesson for all of you out there that's the way to do it, you just your your percentages for extreme success just go way up if you do it that way.

00:31:30.300 --> 00:31:39.480 Amit Gaglani: yeah and the guy that's running it his name is josh macallan and he's a he's a great guy you know he's very personable and he you know he wants you to have a great experience there but he's.

00:31:39.720 --> 00:31:48.060 Amit Gaglani: he's also on the business side of it and he's kind of figured out like you know what I can only do so much as a one person individual, but when I have this team.

00:31:48.600 --> 00:31:56.640 Amit Gaglani: we're just you know unstoppable and he's developed and put together a pretty big team to take down some pretty big deals too.

00:31:56.850 --> 00:31:58.050 Amit Gaglani: And that's going after him.

00:31:58.470 --> 00:32:03.720 Jeremiah Fox: that's great it's so great to hear all right let's take another break we'll be back in just a few everybody hang tight.

00:34:55.980 --> 00:35:08.640 Jeremiah Fox: Alright folks happened right back into it again today we're talking with amit goswami about wise investment choices, you said something in you send it to me yesterday, but you also said it earlier just brushed on it on I wanted to.

00:35:10.230 --> 00:35:12.300 Jeremiah Fox: digress on that a little bit or get you to.

00:35:13.500 --> 00:35:20.400 Jeremiah Fox: pretending to the tax situation versus like other sorts of investments can you just elaborate on that a little bit how.

00:35:21.450 --> 00:35:32.580 Jeremiah Fox: You know, working with with some of the investments you're working with give me just a little bit a little bit more elbow room, as far as that goes, and leave a little least a little more money in your pocket.

00:35:33.330 --> 00:35:38.790 Amit Gaglani: yeah so what I would do is some of these investments have some tax efficiencies that are built in.

00:35:39.420 --> 00:35:53.340 Amit Gaglani: Not every single one, because every single one has its own unique purpose and it's think of an investment as its own vehicle they have certain attributes to it, so you may choose to do it for that attribute other investments have other attributes to it for those purposes.

00:35:54.720 --> 00:35:55.530 Amit Gaglani: For example.

00:35:56.850 --> 00:36:03.360 Amit Gaglani: Some of the multifamily some of the real estate ones they pass on something called depreciation, which basically means it's a tax write off.

00:36:04.320 --> 00:36:15.180 Amit Gaglani: And, in some cases they give you a K one is a partnership return that you've received at the end of the year, and when you receive all that money that you've received in payments at the end of the year, you get a K, one that will say.

00:36:16.200 --> 00:36:22.890 Amit Gaglani: Return of capital when it when it says return of capital, that means you're not paying taxes on it it's almost like they're giving you your own money back now.

00:36:23.100 --> 00:36:28.890 Amit Gaglani: they're structured that way, specifically for tax efficiency is fully legal nothing is illegal about it it's.

00:36:29.100 --> 00:36:37.080 Amit Gaglani: it's structured that way so you're not paying taxes on that money now when you start making more money than you put in which takes a little bit of time that's when you have to stay.

00:36:37.140 --> 00:36:38.370 Jeremiah Fox: paying taxes, but when.

00:36:38.430 --> 00:36:45.810 Amit Gaglani: You pay taxes guess what you're paying long term capital gains which, as of now, is still way much lower than ordinary income tax.

00:36:46.530 --> 00:36:53.100 Amit Gaglani: You know in some other investments like let's say certain ATM investments or some other ones who were something called bonus depreciation.

00:36:53.820 --> 00:37:02.280 Amit Gaglani: So let's say you've made money through long term capital gains now you got this money that you have to pay the government, because you, you made that money and legitimately, you have to pay.

00:37:02.700 --> 00:37:06.390 Amit Gaglani: But you could take that money now because it's in long term capital gains.

00:37:06.690 --> 00:37:15.690 Amit Gaglani: and invest it in let's say a certain amount of ATM so let's say you put in and i'm just using round numbers $100,000 you've made and you're like okay well I don't want to have to pay.

00:37:15.990 --> 00:37:25.890 Amit Gaglani: You know the government this money, but what else can I do with it, you know if you put it into a structure of let's say ATM you can put in a whole hundred thousand dollars and.

00:37:26.370 --> 00:37:32.100 Amit Gaglani: You know you get 100% depreciation on it so hundred percent of that hundred thousand dollars gets written off.

00:37:32.910 --> 00:37:46.590 Amit Gaglani: Okay, and now you put it into ATMs and those ATMs will spin off a couple thousand dollars in cash a month for you, for the next seven years, so that hundred thousand now has is going to be making you 170 $8,000.

00:37:46.980 --> 00:37:55.560 Amit Gaglani: You know, and you didn't pay any taxes on it so it's basically kicking the tax code tax burden down the road it's not eliminating full.

00:37:55.590 --> 00:37:56.250 Amit Gaglani: Full right.

00:37:56.310 --> 00:38:07.590 Amit Gaglani: But every year has its own strategy and how do I decrease taxes, this year, so that's what i'm usually looking at to how to mitigate some of those taxes right so each one of the investments has some active.

00:38:08.040 --> 00:38:10.710 Jeremiah Fox: And this is something you learn to just tapping in.

00:38:11.100 --> 00:38:12.900 Jeremiah Fox: and get my times.

00:38:13.470 --> 00:38:16.530 Amit Gaglani: Well, as a business owner and when you start making a decent amount of.

00:38:16.530 --> 00:38:23.280 Amit Gaglani: India as a business owner you're you realize wow how much you're actually paying out in taxes and it's funny because you know.

00:38:24.240 --> 00:38:36.030 Amit Gaglani: When you first get started you're using that money right you're using that money to to reinvest in the business so when it comes tax time that your accounts as well now you owe this much money and you're like wait a second.

00:38:36.510 --> 00:38:41.520 Amit Gaglani: How can I owe this much money I got nothing to my bank account yeah I have nothing there right now they're like yeah but.

00:38:41.760 --> 00:38:52.110 Amit Gaglani: You earn that money so now, you have to go pick you're like yeah, but I just went in reinvested in my own business, so I don't have it anymore and they're like yeah but you owe this much the tax man you like man.

00:38:52.590 --> 00:38:57.810 Amit Gaglani: You know where's this going to come from, so you kind of figure it out at a certain point, I was taking.

00:38:58.110 --> 00:39:03.720 Amit Gaglani: The money that I was earning and putting it into a separate bank account, so I don't touch it, and that was for tax savings.

00:39:04.050 --> 00:39:08.460 Amit Gaglani: And then you really get to see you're like holy God i'm spending this much on taxes every quarter.

00:39:08.970 --> 00:39:19.800 Amit Gaglani: every quarter is going away so now when i'm looking at it i'm like yeah, not only do I want a good investment that's paying me a bunch of interest, I want to figure out legal ways, not to pay that taxes legal base.

00:39:20.040 --> 00:39:28.770 Jeremiah Fox: yeah that's that's the point I really wanted you to get to and you did a great job of that Thank you so yeah for everybody listening it's like you're just like.

00:39:29.340 --> 00:39:34.740 Jeremiah Fox: All in on your own business, and then you get that slap in the face and you're just like.

00:39:35.580 --> 00:39:47.160 Jeremiah Fox: How can I, how can I be at least like the gate is at least like give me some wiggle room because it when it comes their stuff there's nothing you can do about it, and when you only invested in your own business there's no, you have no options.

00:39:47.220 --> 00:39:47.820 Amit Gaglani: Now, and I can.

00:39:47.850 --> 00:39:50.610 Amit Gaglani: tell you for a fact I made I made mistakes when I first got.

00:39:50.610 --> 00:39:53.880 Amit Gaglani: started was 17 years ago in business, because I.

00:39:54.480 --> 00:40:02.940 Amit Gaglani: wasn't trained in business at all, I was trying to be a physical therapist I put all my energy into that and then I started my own business and i'm like oh I gotta put money into marketing oh I got to put money into that.

00:40:03.150 --> 00:40:11.280 Amit Gaglani: i'm putting money into my own business, and then the tax burden came and i'm like oh crap where's this money going to come from because I just spent all that money i'm like oh.

00:40:11.550 --> 00:40:23.640 Amit Gaglani: My God How does that work How does that work, and so I had to learn the hard way i'm like wait a second, I have to go get a loan, so I could pay the taxes, but then I have a loan that I gotta pay wait a second as this working.

00:40:24.060 --> 00:40:32.280 Jeremiah Fox: And you're barely making money yourself right because you have anything that the business is bringing in you have to pay staff, you have to like still gotta pay your rent landlord hasn't gone away.

00:40:33.000 --> 00:40:40.860 Amit Gaglani: Probably making less than what somebody were to make if they were working at like a fast food chain, on an hourly basis, because the amount of hours you're putting in if you.

00:40:41.280 --> 00:40:43.890 Amit Gaglani: boil that down hourly basis you're like wait a second.

00:40:44.460 --> 00:40:48.210 Jeremiah Fox: Like so i'm getting $6 an hour right now I own my own business well.

00:40:49.530 --> 00:40:49.770 Amit Gaglani: My.

00:40:50.280 --> 00:40:59.820 Amit Gaglani: My employees are dictating what they want and i'm like who's working for who am I right are they working for me so early on yeah you had to figure it out and yeah.

00:41:00.360 --> 00:41:08.340 Amit Gaglani: I went through all that type of stuff trying to figure it out, but you know 111 thing I would ask your listeners it's more of a rhetorical question.

00:41:09.030 --> 00:41:22.260 Amit Gaglani: And I did this after a certain amount of years because I realized like hey you know what if I keep doing what i'm doing I don't know when I would kind of end that kind of rat race so here's a rhetorical question to ask um.

00:41:23.580 --> 00:41:31.950 Amit Gaglani: let's say they had a million dollars or $2 million Okay, with no future income, what would they do with that $2 million.

00:41:32.580 --> 00:41:36.180 Amit Gaglani: You know, you and I know living in New Jersey New York in the tri state area.

00:41:36.750 --> 00:41:43.650 Amit Gaglani: hundred million dollar $2 million probably not going to last you for the rest of your life right, so what would they do with that money.

00:41:44.010 --> 00:41:50.970 Amit Gaglani: That they know that they have to live on some of it now, but they also have to look out for their future remember the question is, they have $2 million.

00:41:51.300 --> 00:41:54.960 Amit Gaglani: But they have no future source of income, what would they do with it.

00:41:55.470 --> 00:42:05.820 Amit Gaglani: You know, would they keep eating away at that $2 million until they have nothing left or would they want to invest in something that's going to give them money now and also give them money in the future.

00:42:06.780 --> 00:42:09.510 Amit Gaglani: Right and what would that look like, because if you do it in the stock market.

00:42:10.320 --> 00:42:19.680 Amit Gaglani: You know you don't know it's a roller coaster it could go up, it could go down, you have no idea when you need the money it may not be there, and how are you going to keep pulling money out and you're paying those taxes on it so.

00:42:19.980 --> 00:42:30.960 Amit Gaglani: it's a good exercise to kind of think of like what our investments out there that are going to pay me now but also going to paint later, and how can that work that that $2 million doesn't just get burned away.

00:42:32.370 --> 00:42:34.920 Jeremiah Fox: And, and when I first, I think we first.

00:42:37.080 --> 00:42:47.760 Jeremiah Fox: First became aware of you and lance's clubhouse room, you were largely talking about multifamily real estate investments so that's that's one area where you you do a lot of work in and.

00:42:48.780 --> 00:42:57.420 Jeremiah Fox: In real estate in general is solid because everybody needs somewhere to live it's kind of food everybody needs to eat, you know.

00:42:57.720 --> 00:42:58.410 Amit Gaglani: housing is good.

00:42:58.440 --> 00:43:01.140 Amit Gaglani: yeah housing is good, having a roof with helps yeah.

00:43:01.440 --> 00:43:09.090 Jeremiah Fox: But, but you know as, as you pointed out a couple times in the show there's there's different ways to disperse that so it's it's the difference of you.

00:43:09.510 --> 00:43:18.780 Jeremiah Fox: And i've talked about this a lot around here like I asked people to same question because you know 12 foot wide you know wood frame homes go for over a million dollars in my neighborhood so that's like.

00:43:19.080 --> 00:43:25.740 Jeremiah Fox: The million dollars is get you far you know when you get a rent that out like a single family home how much do you expect to make on it, you know, like.

00:43:26.160 --> 00:43:39.600 Jeremiah Fox: it's just it's it's peanuts, but you're saying take that take that million that you would spend on one single family home, and you can disperse it amongst multiple multi family homes Is that correct.

00:43:39.690 --> 00:43:46.200 Amit Gaglani: i'm just posing the question like what would somebody do with that money you know you know, like what would they look at.

00:43:46.530 --> 00:43:54.090 Amit Gaglani: You know and honestly that question makes you look at things differently, you know because you're earning money and you're making money you're like yeah sure i'll invest at your at your accountant saying hey.

00:43:54.300 --> 00:44:04.560 Amit Gaglani: At the end of the year if you're a business owner, you know, did you put into a Sep IRA or a simple IRA, because you know, whatever you put in there, then you have to pay less in taxes.

00:44:04.860 --> 00:44:12.420 Amit Gaglani: You know which does make sense, but then you're looking after right now okay right because you're trying to reduce those taxes now.

00:44:13.950 --> 00:44:23.640 Amit Gaglani: But then, also the other side of the coin is what are you putting it into now, even the investments that I do you can use your retirement account money people don't realize it they're like Oh, I have to come up with all this money i'm like.

00:44:23.970 --> 00:44:29.220 Amit Gaglani: No, you have retirement account money you can just make it self directed and put it into this stuff.

00:44:29.610 --> 00:44:40.680 Amit Gaglani: The only thing is, you can't use that money because, once you start touching it then you have to pay taxes on it, but it will build in your IRA significantly, you know you know fast and to answer your question yeah i've done a lot of.

00:44:41.520 --> 00:44:44.940 Amit Gaglani: Investing in certain companies that have a good long track history.

00:44:45.720 --> 00:44:52.890 Amit Gaglani: With great Roi in multifamily they've been in the Philadelphia New York New Jersey area and also in the Florida area.

00:44:53.220 --> 00:45:03.780 Amit Gaglani: and more recently i've been also investing in some companies that are like in the Dallas area and in different parts of the country, but the but the Multi families have given you know quite a bit of return.

00:45:04.710 --> 00:45:09.780 Amit Gaglani: And it's, so much so that i've invested with them so many times in my group is invested with so many times.

00:45:10.020 --> 00:45:17.940 Amit Gaglani: That now they just give me like preferred rates so they give us the highest rates anybody joining our group which there's no fee to join our group literally you just.

00:45:18.240 --> 00:45:30.210 Amit Gaglani: You know just joining an investing what we're doing you know, this company might advertise 16% Roi annually, but for us, they automatically give us 21% so it's just the power of numbers right.

00:45:30.240 --> 00:45:30.720 Jeremiah Fox: yeah it's.

00:45:30.750 --> 00:45:39.300 Amit Gaglani: Like you said we're just able to leverage that and and, and these are solid beautiful buildings that they're putting up in great areas that are very, very populated.

00:45:40.530 --> 00:45:48.120 Jeremiah Fox: Very cool it's all exciting, it really is alright we're going to take one more quick break we'll come back and we'll wrap this one up hang tight everybody will talk to you in a minute.

00:48:09.330 --> 00:48:18.840 Jeremiah Fox: Alright, everybody last portion of the show here we're going to go out with a bang again we're talking to me ag lani all the way from Hawaii where he's enjoying his month.

00:48:19.800 --> 00:48:33.000 Jeremiah Fox: vacation due to his sound investments he's made over the years and as, as has been pointed out a few times in the show what he really does these days is brings friends and.

00:48:33.750 --> 00:48:41.100 Jeremiah Fox: Other trusted people in to give him more leveraging power in, you know as he was just saying in terms of multi family.

00:48:41.790 --> 00:48:57.630 Jeremiah Fox: residential just just better raise it puts more money in everybody's pocket and gives everybody, the option or builds the foundation for them to have the option to go to work or go to y which is great, so you know something I could get down with.

00:48:58.680 --> 00:49:08.400 Jeremiah Fox: I like that I like that company, as people, I want to surround myself with um so yeah we have just a few more minutes left i'm really just curious you know, like.

00:49:09.330 --> 00:49:20.040 Jeremiah Fox: What what you, you know you've given us so much great advice today for people that you know may be in this position where they you know they're making money from their own business, but.

00:49:20.370 --> 00:49:27.150 Jeremiah Fox: there's there's really great options for reinvestment that don't hit you with such a heavy tax burden if you're just investing in your own.

00:49:27.390 --> 00:49:36.510 Jeremiah Fox: And just diversifies the way you're getting income to really you know set the foundation for those kind of options is you know let's just another like what what are some of.

00:49:36.990 --> 00:49:45.750 Jeremiah Fox: What are some of the pitfalls, you would say to avoid for somebody just embarking on that you know kind of investment journey.

00:49:46.680 --> 00:50:00.960 Amit Gaglani: yeah I think you you actually mentioned it before but don't just read what don't just get you all your information from what you read on the paper you know, and what I mean by papers that are prospectus, you know, because you can write anything on the prospectus.

00:50:02.400 --> 00:50:10.170 Amit Gaglani: That makes it sound very tantalizing and also going to somebody's website, as we all know, websites can be created, and you know made pretty easy by.

00:50:10.890 --> 00:50:22.290 Amit Gaglani: By smart people to make it look fantastic you know, usually what i'm trying to do is dig under the surface, to see what you know I can't see i'm doing my own research i'm finding out from other people like i've contacted banks.

00:50:22.620 --> 00:50:30.870 Amit Gaglani: You know who deal with certain companies to find out certain information, you know just i'm just digging around a lot of times to find out what I don't know.

00:50:31.170 --> 00:50:35.370 Amit Gaglani: Sometimes I find out stuff that that's not so great, but then I realized in the scheme of it.

00:50:36.030 --> 00:50:45.780 Amit Gaglani: You know, you know it's really not that bad so there's going to be some things you know as people are going through their businesses that there's bumps in the road but it's not all a negative thing so.

00:50:46.110 --> 00:50:46.770 Amit Gaglani: I guess the.

00:50:46.830 --> 00:50:49.350 Amit Gaglani: The takeaways don't just believe what you see written.

00:50:50.610 --> 00:51:03.510 Jeremiah Fox: I would almost be afraid, if they didn't have any bumps right like you know it's coming and I don't want to be a part of it when it happens, you want to a friend of mine is very dear friend, the one who actually gave me the E the email.

00:51:04.590 --> 00:51:07.410 Jeremiah Fox: She said, we were just having this discussion, one day, and she said.

00:51:07.800 --> 00:51:18.300 Jeremiah Fox: What CEO like really successful CEO out there, do you think has like never failed like they don't get your job you, you want to find that guy that's like got a good, solid shane.

00:51:18.660 --> 00:51:31.950 Jeremiah Fox: That knows how to take a hit and and get you know wobbly and the legs and still come back and and pull up the win like that's where you want to put your money none and somebody with this beautiful track record like no failures like bro the banana peels are coming.

00:51:32.580 --> 00:51:36.630 Jeremiah Fox: Your way and I don't I don't want to be tied up with you, and it happens necessarily.

00:51:36.630 --> 00:51:44.460 Jeremiah Fox: Because we haven't seen you we haven't seen you rise to the occasion, yet I think that's another really important thing to look for like you said.

00:51:45.210 --> 00:51:54.270 Jeremiah Fox: there's there's mishaps here and there, you need to assess the degree like you know what were the mishaps, how did they how did they come back from it and yeah.

00:51:54.570 --> 00:51:56.760 Amit Gaglani: it's kind of like the stock market everybody thought that they.

00:51:56.760 --> 00:52:00.000 Amit Gaglani: were a genius when the stock market is going up there, like i'm doing really great.

00:52:00.780 --> 00:52:04.350 Amit Gaglani: Is it you or is it just the market that's doing really well so.

00:52:04.530 --> 00:52:05.220 Amit Gaglani: Right yeah.

00:52:05.640 --> 00:52:09.030 Jeremiah Fox: And do I mean do you invest in the stock market as well.

00:52:10.050 --> 00:52:18.450 Amit Gaglani: I do a little bit, but over time i've kind of gotten, to the point where i'm like you know if i'm doing last stock market it's all long term i'm not doing anything short term right.

00:52:19.170 --> 00:52:26.520 Jeremiah Fox: And Ray dalio talks a lot about this, like in terms of investment it's like similar to what you're saying you really have to play like some smart long term.

00:52:26.910 --> 00:52:40.980 Jeremiah Fox: Investments that you're not touching you're just not even thinking about that and then some mid risk things that may give you some decent Roi and time not as long as the long term, and then a portion of it and more risky you know.

00:52:42.210 --> 00:52:47.880 Jeremiah Fox: Potentially you know explosive things, but you have to be yeah so have to be able to walk away from that money.

00:52:48.270 --> 00:52:57.330 Amit Gaglani: And then I also dollar cost average it I don't just put it in one chunk at a time, so I kind of just average it over time, saying, these are, these are the ones that I think over time i'm okay with.

00:52:58.350 --> 00:53:09.000 Amit Gaglani: It I don't keep looking at it, because every month it's going to be invested in it so looking at the stock market and waiting for it to go up is going to drive you crazy you're going to end up spending way too much energy on that yeah.

00:53:09.330 --> 00:53:18.060 Jeremiah Fox: Nobody got time for that I didn't just because I had a crypto guy on a couple weeks ago curious what what are your your thoughts on crypto.

00:53:18.600 --> 00:53:31.260 Amit Gaglani: So i've been putting money into crypto, especially for my kids you know I said, you know, because you want to get them engaged right, you know kids are at that age where you tell them, to put it into let's say General Electric and they're like come on it's boring as anything.

00:53:31.590 --> 00:53:32.730 Amit Gaglani: But then you mentioned things like.

00:53:33.360 --> 00:53:43.830 Amit Gaglani: You put in such a small amount on a monthly basis that honestly if something were to go totally bad you'd be totally okay right but it gets them excited and all i'm doing is trying to just get them excited to say hey.

00:53:43.860 --> 00:53:44.430 Amit Gaglani: we're putting in.

00:53:44.640 --> 00:53:52.140 Amit Gaglani: $50 a month for you, for the next whatever amount of time and let's just kind of watch it so me personally, I put some stuff into bitcoin and.

00:53:52.590 --> 00:53:57.270 Amit Gaglani: ethereum and things like that I just kind of roll it every month every month, a little goes in so.

00:53:57.510 --> 00:54:07.920 Amit Gaglani: Nothing nothing much it's probably even if it went to the moon like they say it really wouldn't you know do too much for me that way but least we're just kind of you know, having some fun with it without it hurting.

00:54:08.400 --> 00:54:15.900 Jeremiah Fox: yeah I think you thinking futuristic Lee because I mean yeah What was it El Salvador just made bitcoin its national currency.

00:54:16.500 --> 00:54:18.450 Jeremiah Fox: wow is that did you know about that.

00:54:18.480 --> 00:54:19.710 Amit Gaglani: I heard something and I.

00:54:19.710 --> 00:54:21.390 Amit Gaglani: was reading something in The Wall Street Journal that.

00:54:21.420 --> 00:54:27.540 Amit Gaglani: You know, some some countries went big in it, but I didn't know what that meant so yeah just read the title but that's what they did.

00:54:27.780 --> 00:54:28.980 Amit Gaglani: yeah actual currency.

00:54:29.220 --> 00:54:29.730 yeah.

00:54:30.810 --> 00:54:33.450 Jeremiah Fox: Trying to level out to it's risky risky business.

00:54:34.320 --> 00:54:42.720 Amit Gaglani: I get it and that's that's The other thing bitcoin you know it ilan musk tweets tweet something and all sudden bitcoin is going up.

00:54:43.200 --> 00:54:44.760 Amit Gaglani: Because bitcoin did something no it's.

00:54:44.880 --> 00:54:50.640 Amit Gaglani: Because of outside factors Those are the things that kind of irritate me when the outside factors dictate how a business does.

00:54:50.910 --> 00:54:58.560 Amit Gaglani: So when i'm investing in a business of course there's outside factors like corona that's going to deal with it, but it's not because somebody tweets something like that right, you know.

00:54:58.800 --> 00:55:08.070 Jeremiah Fox: You got to look at what the source and that was like you know I again looking into into the you know, a business like see how they fare now we have a really good.

00:55:08.190 --> 00:55:08.850 Jeremiah Fox: assessment.

00:55:09.150 --> 00:55:18.240 Jeremiah Fox: Of where you know how much moxie people really have like how did they do during corona you know it obviously if they told it totally folded you're not investing with them, but.

00:55:18.540 --> 00:55:29.760 Jeremiah Fox: But really look at you know talking to them, seeing where their mental State is in response to it and also just their financials as well it's a we have a very good benchmark now for.

00:55:30.630 --> 00:55:42.480 Jeremiah Fox: What somebody responds to adversity, is going to be like yeah because it's coming I don't care, who you are what business you're in it's coming down the pipe and it's I really like your suggestion about.

00:55:43.230 --> 00:55:50.700 Jeremiah Fox: With the with crypto with the with you know doing it like, with your kids I literally right before we signed on I was talking to my 14 year old.

00:55:51.000 --> 00:55:59.370 Jeremiah Fox: About crypto and bitcoin and investment, and like she totally was like Oh, you know i'm not good yeah I would have been like we're going to invest in you know sears.

00:56:00.390 --> 00:56:02.250 Jeremiah Fox: Like what's that bad you know, like.

00:56:02.610 --> 00:56:12.900 Jeremiah Fox: But when I say crypto and like started talking about like a bitcoin wallet you know, like ears perked up you know, like okay we've got we have some attention because it's hard sometimes getting their attention.

00:56:13.290 --> 00:56:19.620 Jeremiah Fox: yeah so easy so easy speaking of attention got a couple minutes left, I want you to let people know she.

00:56:19.950 --> 00:56:32.580 Jeremiah Fox: You know just shared so much great information with us today, literally like excites me i'm sure there's other people out there that are excited and probably have questions where's the best place for somebody to learn more about you potentially contact you.

00:56:33.090 --> 00:56:42.720 Amit Gaglani: yeah so they can email me at my personal email somebody said to me hey don't give out your personal email you're going to get tons of people emailing I said yeah I don't mind.

00:56:44.730 --> 00:56:48.960 Amit Gaglani: This is not, this is not a business and i'm not earning money, I like making connections, because anybody.

00:56:49.260 --> 00:57:08.700 Amit Gaglani: adds on to my group size guess what we all benefit from it, so you know it's kind of mutual so my personal email is gaggle AMI which is G a G la and I underscore symbol am it, which is my first name@hotmail.com so it's gag lonnie underscore on it at Hotmail COM.

00:57:09.000 --> 00:57:10.710 Jeremiah Fox: And i'll drop that in the comments on the.

00:57:10.740 --> 00:57:13.320 Jeremiah Fox: Facebook live as well, so people have it there.

00:57:13.680 --> 00:57:13.920 Jeremiah Fox: yeah.

00:57:14.730 --> 00:57:20.310 Amit Gaglani: And we have linkedin to but I don't know how easy it is to connect with linkedin and things like that, but yeah, they can always you know.

00:57:20.700 --> 00:57:20.940 it's.

00:57:22.170 --> 00:57:23.400 Jeremiah Fox: Great you know and even.

00:57:25.080 --> 00:57:34.290 Jeremiah Fox: A friend of mine was telling me because he's pretty active on there if you create a Brit a business profile on your linkedin you like, through linkedin it.

00:57:34.800 --> 00:57:53.430 Jeremiah Fox: pops up in seo more so than like you'd like if you created a Facebook page that's not really going to pop up but for some reason, those linkedin business or group pages get get a nice bump in just a nice yeah that you know organic search engine so.

00:57:53.490 --> 00:58:03.390 Amit Gaglani: So either way you know, whichever is easier for them my preference would probably be email, you know I probably check that more often I checked my linkedin account, especially being over here so yeah.

00:58:03.480 --> 00:58:11.400 Jeremiah Fox: yeah keeping that social media on the DL right Dag I look forward to visiting you in Hawaii one day.

00:58:13.230 --> 00:58:18.480 Amit Gaglani: Well, we only decided a month over here because we said well where else would we want to go for a month, Europe was.

00:58:18.510 --> 00:58:25.080 Amit Gaglani: was not an option, because, yes, otherwise we would have taken a Villa in Italy and just hung out there for a month, but.

00:58:25.470 --> 00:58:27.900 Jeremiah Fox: yeah obviously either to both are good for me.

00:58:30.090 --> 00:58:31.410 Jeremiah Fox: Well, thank you so much, I mean man.

00:58:31.410 --> 00:58:43.320 Jeremiah Fox: Really really great stuff today, I really appreciate it, and look forward to talking to you in the near future, the rest of you, thank you for tuning in we'll check in with you next week have a good weekend everybody.

00:58:43.350 --> 00:58:45.390 Amit Gaglani: Peace out take care bye guys.

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