SNM281 Love Your Assets with Scott Royal Smith

Artificial Intelligence Podcast: ChatGPT, Claude, Midjourney and all other AI Tools

Welcome to the Serve No Master Podcast! This podcast is aimed at helping you find ways to create new revenue streams or make money online without dealing with an underpaid or underappreciated job. Our host is best-selling author, Jonathan Green.

Today's guest is Scott Royal Smith is a real estate investor and entrepreneur who learned the importance of asset protection through personal experience. After a friend lost over $5,000,000 in a lawsuit due to owning assets in his personal name, Scott realized the limitations of insurance coverage. Drawing from his background in litigation, Scott understands that lawsuits can arise from various situations, such as car accidents or breach of contract actions. To safeguard his own assets, Scott utilizes anonymous asset holding companies to ensure he doesn't personally own anything. His goal is to help others become "bulletproof" by educating them on the importance of proper asset protection.

In this episode Scott Royal Smith shares his expertise on creating separate LLCs for business operations and asset holding, as well as the benefits of using a Series LLC. He emphasizes the importance of compartmentalizing assets, managing books and banking, and hiring professionals as your wealth grows. The discussion also touches on the power of anonymous trusts, tax optimization, and the need for proper risk management.

Notable Quotes

- "I think that's where I see people get messed up as they think that, like, they can cut the corners of the ways that people have always done it." - [Scott Royal Smith]

-"The taxes actually end up becoming the best asset people have that gives them a 50 to a 100 percent annual return for what it costs to do good tax planning if you're making over $152,100 a year typically where we see that."- [Scott Royal Smith]

- "If you do all of your business operations and through operating companies, make it where you operate like rich people do where you don't own anything, but you have companies and those companies own those things and you control them, then that's how you set yourself up to win the game." - [Jonathan Green]
- "You really do have to do the stuff from the beginning, like separate your personal and business bank account." - [Jonathan Green]

Connect with Scott Royal Smith

Website: https://royallegalsolutions.com/
LinkedIn: https://www.linkedin.com/in/scott-royal-smith/
Twitter: https://twitter.com/royal_legal_law
Facebook: https://www.facebook.com/ScottRoyalSmithRLS
Instagram: https://www.instagram.com/royal.legal.solutions/
YouTube:

Connect with Jonathan Green

• The Bestseller: ChatGPT Profits
• Free Gift: The Master Prompt for ChatGPT
• Free Book on Amazon: Fire Your Boss
• Podcast Website: https://artificialintelligencepod.com/
• Subscribe, Rate, and Review: https://artificialintelligencepod.com/itunes
• Video Episodes: https://www.youtube.com/@ArtificialIntelligencePodcast

Kapitler

1. Introduction (00:00:00)

2. Lawsuits happen for various reasons, protect yourself. (00:01:17)

3. Consider setting up LLC and S Corporation for tax savings if making over $50,000 a year. Asset holding company may be needed for legal protection. Tax planning can lead to significant savings, especially for higher earners. Keep it simple with LLC and S C (00:04:23)

4. Form separate LLCs to protect assets. (00:06:48)

5. Same levels of protection, separate personal/business accounts. (00:11:06)

6. Biggest mistakes made in first few business years: cutting corners, not setting up LLC, overpaying taxes, lack of financial planning, not following best practices. (00:15:58)

7. Manage risk profile, limit risky behavior. Tips for transition phase (00:18:24)

8. Following best practices is key for success. (00:21:38)

9. Qualify professionals through education and client references. (00:27:08)

10. Beware of coaches and hidden information. (00:31:06)

11. Risk management in business is crucial. Many overlook it while focusing on growth. (00:37:54)

12. Content has prompts, video, testimonials, and community. (00:39:36)