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All right. Hello, everyone. So welcome to the space. We have OKBats here with us, also
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known as XYZ. I'm sorry for blowing your cover.
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Oh, no.
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OK. Well, you've kindly agreed to share some of your time and your knowledge on the topic
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of post-MOAS asset management. This is about becoming ungovernable, although how ungovernable
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you can become is questionable.
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Pretty ungovernable. You're going to be OK.
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All right. Good. I like the sound of that. So you're very well versed in this area. I
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believe you unravel these kinds of financial structures for criminals. Is that right?
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Yeah. Yeah, absolutely. So my background is mostly in criminal investigations pertaining
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to money laundering, as well as drug trafficking, human trafficking, RICO, so on and so forth.
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And prior to that, I was in health care fraud. And so there were a lot of trusts involved
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with that as well, because we all know how honest health care can be. So, yeah, I'm excited
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to present. I'll just be walking you through several sections. Most of it will be rather
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quick. And then I will expound on trust in estates, mainly because that's going to be
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your bread and butter. There will be some talk about banking as well as alternative
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citizenship as well as residency. And that'll be it. I mean, it'll be fairly self-explanatory.
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So then, yeah, I can start whenever.
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Awesome. So, well, shall we go step by step and just imagine, although it is the future,
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so we know it's going to happen, you just landed with a fuck lot of money from after
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Mars from selling, hopefully at the top or as close to the top as you can get it. What
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would you advise people to do sort of immediately after that money hits their bank accounts?
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Let's talk about something that needs to happen before all of this commences. This is actually
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kind of why I want to get the presentation going. Because many of the things that you
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could do are proactive and free. And so you might as well just get started now. The first
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thing that I want you guys to do, and this is again, before I received my windfalls,
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like earlier through Ethereum, through several large options trades and so on, is I made
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a list of all of my bad debt and all of my good debt. So an example of bad debt is high
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interest credit card debt. That's not good. Good debt includes things like mortgage, right?
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If you're paying everything on time monthly, you're going to be good to go. And I would
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make a list, people you owe money to, so on and so forth, and take care of all of it immediately
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the moment you sell. You want to start with a completely clean slate. Now, I don't necessarily
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recommend you get rid of all of your good debt. There is one exception, and we'll talk
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about that. But I don't recommend you get rid of your good debt. Excuse me. And give
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me one second. Okay, sorry about that. I don't recommend you get rid of all of your good
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debt. And mainly because in the United States, the Fair Isaac credit scoring system, so FICO,
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basically they incentivize you to stay in this perpetual state of debt. And I know that
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seems dystopian in nature, but it's good. It's okay. You just play the game and you'll
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be good to go. So I would recommend you make a list. You pay off all your bad and good
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debt. The one exception is if you have any prior issues with money management, okay,
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you're bad at financial management, you're bad at spending money, you have gambling debt,
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you have gambling issues. I pay everything off clean slate. This includes auto loans,
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student loans, whatever you may have. Just get rid of it. You got to start fresh. You
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have to start new. It's very likely, depending on the balance of good versus bad debt, that
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your credit score might go down. So I'll give you an example. When I paid off my student
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loans, my credit score dropped by 40 points for about six months. And so although I had
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less debt, they didn't really like that. So just making you aware. Then I would make
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a list of all of your vices. All vices lie with sex, drugs, money, and occasionally rock
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and roll. So it's going to be a combination of these kinds of things. Get rid of it. You
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need to work on yourself and get rid of these things. Money is a poison. I know I've said
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this repeatedly, but this will allow you, the money will essentially allow you to do
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one of two things. Either spiral out of control or enhance yourself, enhance your family's
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life, enhance your life to a new level, to a new echelon, right? You will reach a new
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class of wealth. Many of you will be in the 0.1%. So not many other people, of course,
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statistically, will be around you. Therefore, not many other companies will be around you
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to service your needs. And so the recommendations that I give, there are only so many firms
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that can take care of your needs. I, of course, don't have any relationship with these firms
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other than me being a client. I will never solicit you for any of that. So with that
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said, let's get started as to the initial resources that you want to use. There's a
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resource called privacyguides.org. Okay? You should go on that, peruse that website and
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see what you can do to proactively make sure that you remain as secure as possible. A lot
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of this stuff is overkill. You have to understand the moment you guys have a cell phone and
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a credit card, the government can track you. So don't worry so much about, oh, should I
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only use Tor browser and should I only use a rooted Android phone, so on and so forth.
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It's not really going to matter all that much. Unless if you decide to partake in a career
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of drug trafficking or human trafficking, so on and so forth, I hope none of you do.
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One of the-
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Could you, for example, say you have two phones and you have one for your finances?
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So, yeah, so let me elaborate on that. And so I'll get to that soon. The first thing that you
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need is a password manager and you need to generate secure passwords. This is going to
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be your rate determining step for security. If you have this combined with a time-based
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one-time password 2FA app, so this is also known as a TOTP 2FA application, you will
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be better off than about 90% of the people out there. So I would use those first. I separate
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my life into two different rungs, essentially, two different tranches. One is my personal
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life where I have an iPhone and I just text random people and send memes and so on. And
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then I have a second phone in which I only give this phone number out to attorneys, physicians,
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banking, any sort of finance and anything to do with legality. You're going to realize
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you're not actually going to deal with that many people. I don't advise hiring a bunch
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of managers or engaging in having these layers and layers of hierarchy. There's no need for
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that. I can manage my entire financial life using three or four apps and I have maybe
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two guys that I need to call to complete anything. And so you need to keep your financial
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life as simple as possible. I promise you, you cannot go wrong if you keep it simple.
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The moment that – what tends to happen is people tend to complicate things a lot and
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it will end in your demise. The one cardinal piece of advice I can give is never, ever
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let anybody else sign your checks or manage your personal accounts. The money has to stop
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with you. The buck stops with you. Some of the people I remember had been a little bit
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upset that I recommended Gmail. The only reason I recommend Gmail is because most of these
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banks use very old legacy code. They use something called COBOL. Their emails are often a mess.
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It's very difficult for them to send you emails into things like ProtonMail. I would know
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because I used ProtonMail for two years. I had many problems. There were banks that couldn't
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communicate with me effectively. It's extremely annoying to have to contact the bank to then
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change your email, especially once you reach a certain level of wealth. It's not as easy
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as, oh, well, I'll just log into my Chase account and then I'll just change the email
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app. You got a call. Sometimes they'll give you something called an RSA key. It's very
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annoying. So again, I would recommend just use a mainstream email that's available.
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Out of Hotmail, Yahoo, and Gmail, Gmail is by far the most secure. There is a separate
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program called the Advanced Protection Program, and I would highly recommend you use that.
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With two-factor authentication, some people have suggested YubiKeys. The only keys I recommend
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are by the company YubiKey. Don't ever use anything else. There's a lot of cheaper options
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available online. Don't use them. I used to use YubiKeys. I kept losing them. Now I just
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use the 2FA app. You have to remain as organized as possible, but there's a limit. I tend to
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be pretty unorganized, and so I have lost, I don't know, three or four YubiKeys in my
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short career.
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Just to add, when it comes to, say, I imagine you hold some cryptocurrency assets, how do
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you manage those?
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We'll get to that soon when I talk about banking. I do want to mention VPNs because people often
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ask me about this. The only two VPNs that I would recommend are iVPN and Malvad. The
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rest of them are terrible, but let me tell you, VPNs do not do what you think that they
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do. They can keep you briefly anonymous, but really, if anybody wants you, they can come
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and get you. VPNs really don't help all that much. Now we can move on to banking and brokerages.
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And then specifically-
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Sorry, what was the VPN company?
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Yeah, it's called iVPN is one.
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Oh, that's the name of the company?
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Yes, yes. iVPN. The other one is called Malvad, M-U-L-L-V-A-D.
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Okay. So I, like the letter I.
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Yes, yes.
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Yeah. Okay. Got you.
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There are, when it comes to brokerages and banks, okay, this is really going to correlate
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with how you set up your trust. Okay. But if you are based in the United States, you
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want to use the largest broker available with the highest AUM. You also want to use the
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largest bank available with the highest AUM. In general, the bank that you're paired with
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for your private wealth, essentially, once you reach an ultra high net worth individual
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value of $30 million in liquidity or above, you will get paired with a private bank.
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There are rules and there are exceptions. I think there are exceptions to this rule,
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but in general, it's anywhere from 15 to 30, and they're going to take you on board.
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Here's the issue. US courts have full jurisdiction over your bank accounts. Okay. So that's why
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I would recommend you also have a bank account outside of US jurisdiction. We'll talk about
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that soon when I dig into trust. The bread and butter of this presentation really is
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going to be on trust creation. Once you do that, like 95% of your work is done. So congratulations.
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It takes about six weeks to make a trust. It's not going to be that big of a deal. I
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understand that all of this might sound overwhelming, but you can take proactive steps today. The
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brokers that I use really depend on the kind of loans that I want to take out. If you want
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to take out things like pledged asset lines, securities, back lending, you really are going
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to be paired with the brokerage that your bank pairs you with. So JP Morgan will use
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their own. UBS also uses their own and so on. These rates that they give you use what
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is called the secured overnight financing rate or funding rate. It's also known as SOFR.
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They used to use LIBOR, but now they've changed. Does it make any difference to you? Not really.
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They will use SOFR plus a basis point value to give you these loans. You take out these
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pledged asset line loans against the securities that you've purchased, your long-term holdings,
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and they will give you a loan to value ratio. These guys are really aggressive. I've seen
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rates of upward of 80% loan to value. I would never recommend you take out all your money
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like that. Why do I recommend these loans? Because loans aren't taxed. Everybody wants
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to save on tax. This is really one of the only big ways to save a bunch of money on
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tax is by using and living off your interest. The name of the game here is to live off your
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interest, don't touch your principal. Whatever profits that you end up making from MOAS,
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after you paid off all your debts and if you want to buy a house and you want to buy some
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real estate, which we'll talk about soon, you really just want to live strictly off
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the interest. The maximum I tend to take out is 3.5% of the loan to value. 3.5% of my net
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assets on a given closing date is the maximum I will ever take out. Now, you might ask,
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why 3.5%? Because 3.5% is half of 7% and 7% is the normal average return for the mutual
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funds that I'm in. The mutual funds that I'm in, for example, are just different flavors
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of VTSAX, which is the Vanguard Admiral Shares Fund. It's fairly low risk, although Vanguard
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categorizes it, I believe, on the category of 4 out of 5 in terms of risk. The definition
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of risk is rather nebulous and it's often debated by quant finance. I don't really find
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it risky. I think it is an incredibly broad market platform. They have 3,200 or 3,500
0:15:19,340 --> 0:15:25,260
holdings. The last I checked, you have adequate risk exposure to real estate investment trusts,
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adequate exposure to commodities. It's a one-stop shop for me and I'm very lazy. So it's good.
0:15:31,140 --> 0:15:36,500
I don't need to manage it whatsoever. And so 3.5% is half of 7%. I'll take out a max
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of 3.5%. That's good enough. You can just live off that for the rest of the year.
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The first thing that you want to do in terms of finding good people is you want to make
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a decision with yourself that you will not pick up nickels in front of a steamroller.
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This is essential. A lot of wealthy people that I know, they like to take risks by hiring
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stupid people. You, unfortunately, will lose all your money if you hire the wrong person.
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Excuse me, that's my cat. You will, unfortunately, lose all your money if you hire the wrong
0:16:09,820 --> 0:16:19,180
person. Like my cat, for example. She can't do anything. Chambers.com is the only resource
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that I would use in terms of hiring these kinds of attorneys. Talk to your attorney
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friends. Every single person should know about Chambers.com. Normally, in law, the way that
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people try to enter law school is they'll use US News and World Report to get the law
0:16:34,180 --> 0:16:42,020
rankings. They will generally go to something called a T14 or Top 14 Law Program. Why is
0:16:42,020 --> 0:16:46,420
it called the Top 14 and not the Top 10 or Top 20? Because lawyers are weird. I don't
0:16:46,420 --> 0:16:53,780
know. They will then use a website called vault.com to try to figure out the most prestigious
0:16:53,780 --> 0:17:00,340
firms to get into. Vault is too general for us. We need something more domain specific.
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Therefore, Chambers.com, there's a special tab that states private wealth or wealth management.
0:17:06,820 --> 0:17:11,040
You click that, you click your region, and you click what kind of law that you want.
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It should be called private client law or private wealth law. You will see a bunch of
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firms in place. There are three different bands that are given for these firms. There's
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a gold band, a silver band, and a bronze band. Generally, this is just from personal
0:17:27,140 --> 0:17:33,340
experience, I like to use silver banded firms because they work a lot harder. Within those
0:17:33,340 --> 0:17:38,020
bands, I only like to hire associates instead of partners. I know a lot of people will advise
0:17:38,020 --> 0:17:45,940
partners but partners tend to be honestly a little lazier. Sometimes, they're just overworked
0:17:45,940 --> 0:17:49,780
and they have too many clients. Associates are more willing to work. They're a little
0:17:49,780 --> 0:17:56,660
bit younger, they're a little bit hungrier. I tend to work with those. Your fees will
0:17:56,660 --> 0:18:04,180
range anywhere from $750 to $2,000 depending on whom you hire. To me, it has always been
0:18:04,180 --> 0:18:11,860
worth the money. It's totally okay. These guys actually have well-studied results. They're
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insured, licensed, bonded, held to a very high standard, unlike a lot of financial advisors.
0:18:20,180 --> 0:18:24,820
We'll talk about that a little bit later. Anyway, once you find your private client
0:18:24,820 --> 0:18:30,540
attorney, they will advise you on your future plans. You basically go to them. It'll likely
0:18:30,540 --> 0:18:34,980
be an in-person meeting. You will tell them exactly what you want to do. Hey, I have a
0:18:34,980 --> 0:18:40,260
bunch of money and I want to save on taxes. I would also like to set up a trust and estate
0:18:40,260 --> 0:18:45,140
plan and they will get started with that. The tax plan will generally be handled by
0:18:45,140 --> 0:18:53,460
them in conjunction with a CPA or a tax attorney. In the industry, tax attorneys are generally
0:18:53,460 --> 0:18:59,980
used for people that are already in trouble with the IRS. They can and they have made
0:18:59,980 --> 0:19:05,940
plans before. In general, a CPA can do an equal if not better job. They're generally
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more prone to doing these kinds of things. They have a domain expertise to assist you
0:19:14,700 --> 0:19:19,060
with an adequate tax plan. Your bread and butter for your tax plan is really going to
0:19:19,060 --> 0:19:23,820
be in two tranches. It's either going to be retirement savings, so basically post-tax
0:19:23,820 --> 0:19:28,980
retirement savings, pre-tax retirement savings, as well as things like DAFs, donor advised
0:19:28,980 --> 0:19:34,740
funds, and family foundations. This will always depend on your liquidity profile. This is
0:19:34,740 --> 0:19:39,980
a completely individual and tailored approach. I highly recommend you have good communication
0:19:39,980 --> 0:19:44,780
with your lawyer. You build good relationships. Everything in wealth management is about relationships.
0:19:44,780 --> 0:19:50,300
The reason why is because remember, there aren't that many people out there. The trustee
0:19:50,300 --> 0:19:55,420
company that I work with, I've met the CEO. I've met several of the members that assist
0:19:55,420 --> 0:20:02,780
with the trustee company. They're good. They have to pass the sniff test. My attorney also
0:20:02,780 --> 0:20:10,740
visits the Cook Islands every two or so years. She does a fantastic job.
0:20:10,740 --> 0:20:16,460
Banking will also be recommended. There are also banking recommendations through chancos.com.
0:20:16,460 --> 0:20:23,180
In the US, I've used a lot of these banks. The only one that I tend to like is JP Morgan,
0:20:23,180 --> 0:20:27,580
but you do you. You can choose whatever you'd like. I have found JP Morgan to be the easiest
0:20:27,580 --> 0:20:34,420
to work with. That's all. You tend to use banks for a lot of things. They offer a broad
0:20:34,420 --> 0:20:42,540
range of services. I tend to only use them for lending. I use them for lending and things
0:20:42,540 --> 0:20:46,860
that we'll talk about soon, which include placing liens on real estate if you want to
0:20:46,860 --> 0:20:53,660
transfer it to a foreign LLC and so on. I tend to only use banks for very basic things.
0:20:53,660 --> 0:20:57,560
That's why they don't like me much. I don't pay them very much in fees. There are no management
0:20:57,560 --> 0:21:04,760
fees associated with it. I don't use a fiduciary. There have been a multitude of studies on
0:21:04,760 --> 0:21:10,800
CFA performance versus RIA performance, so on and so forth. None of these guys, over
0:21:10,800 --> 0:21:16,080
the course of 25 years, can beat the S&P 500. You may have people that will market to you
0:21:16,080 --> 0:21:20,320
and will try to basically grift you to a point where they'll say, well, we beat the S&P 500
0:21:20,320 --> 0:21:26,360
for 10 years in a row. Let me tell you a phrase that you should memorize. Everybody is a genius
0:21:26,360 --> 0:21:32,520
in a bull market. I want to know what they're making in the bear market. It's almost always
0:21:32,520 --> 0:21:39,600
a complete wash. The one tip that I have with investments is when it comes to mutual funds,
0:21:39,600 --> 0:21:45,360
you have to hold. Do not sell once it's at a 60% loss. That would be one of the dumbest
0:21:45,360 --> 0:21:50,200
things that you could possibly do. The people that tend to make it in life are the ones
0:21:50,200 --> 0:21:54,520
that just hold. We're all used to diamond handing, so I don't think that should really
0:21:54,560 --> 0:22:01,560
be a problem. But do remember that although it's like tracking the S&P 500 in a way, from
0:22:03,160 --> 0:22:10,160
peak to trough, or basically the zenith to the nadir, it's often a loss of 60%. You can
0:22 --> 0:22:15,440
stomach the loss. That's okay. You don't need to sell. Just dollar cost average. It's really
0:22:15,440 --> 0:22:20,360
never been a problem because our markets are intentionally designed to eventually melt
0:22:20,400 --> 0:22:27,400
up. When you have a private client firm, they will advise you on multiple things. One of
0:22:30,040 --> 0:22:34,120
the things that I've noticed with private client firms is they're not really good with
0:22:34,120 --> 0:22:40,040
dealing with criminal defense. Let's say you accidentally, oops, you murder somebody. What
0:22:40,040 --> 0:22:46,600
I would do is I would go to, if you're in the United States especially, there is a board
0:22:46,640 --> 0:22:51,720
called the National Board of Trial Advocacy. Their website sucks, but you should be used
0:22:51,720 --> 0:22:58,720
to that because a lot of you like to DRS. That was a joke. What you should do is go
0:23:00,360 --> 0:23:06,080
to the MBTA website and get yourself a board certified attorney. Almost every state I believe
0:23:06,080 --> 0:23:10,760
has its own board certification. I would also look up those attorneys and make sure that
0:23:10,800 --> 0:23:17,800
they're actually in court. Many of these attorneys, they like to pretend. They're like,
0:23:18,240 --> 0:23:22,240
I've handled all these cases. I do divorce. I do taxes. I do this. I do that. That's not
0:23:22,240 --> 0:23:28,560
accurate. They tend to specialize in one thing. If they're one of those jack of all trades
0:23:28,560 --> 0:23:34,720
lawyers, I would avoid them like the plague. Only go to the domain specific experts. That's
0:23:34,720 --> 0:23:38,680
it. This is all they should do. If you want family law planning, for example, if you have
0:23:38,840 --> 0:23:42,560
pre-nups, post-nups, custody hearings, things of that nature, you've got to go to a family
0:23:42,560 --> 0:23:49,320
law firm. There are also family law firms geared towards private wealth. The same goes
0:23:49,320 --> 0:23:54,200
with criminal defense. You want to hire an attorney that's actively doing trials and
0:23:54,200 --> 0:23:59,680
that's actively board certified and that's actively taking something called CLE, which
0:23:59,680 --> 0:24:06,180
is basically continuing law education credits. Civil defense is a little bit different. Civil
0:24:06,220 --> 0:24:11,860
defense includes torts. I won't get too much into the weeds. Essentially, if you are accused
0:24:11,860 --> 0:24:16,700
of a civil misdoing or civil misconduct, your private client attorney will easily help you
0:24:16,700 --> 0:24:22,060
with that. Always ask them for a referral. My attorney is my point person for all of
0:24:22,060 --> 0:24:27,740
this in case I ever murder somebody. Oops. I'm going to head to my private client attorney.
0:24:27,740 --> 0:24:34,340
I will also look at NBTA as well as the state that I'm in. Then I will hire from that point
0:24:34,340 --> 0:24:39,660
forward. Again, get ready to pay up. There is one exception. If any of you are ever in
0:24:39,660 --> 0:24:47,220
trouble with any sort of board, medical board, the SEC, any sort of organization, what I
0:24:47,220 --> 0:24:54,700
would do is I would hire an attorney that used to work for one of these organizations.
0:24:54,700 --> 0:24:59,920
This is how the whole feedback loop works. These people will work in a position of authority
0:24:59,920 --> 0:25:03,900
for five to 10 years. They will leave. They'll end up working in a hedge fund or a large
0:25:03,900 --> 0:25:10,180
law firm like one of those white shoe law firms. You hire them. You pay them a bunch
0:25:10,180 --> 0:25:16,420
of money. They will keep you out of jail. Your main goal here is to get favorable results.
0:25:16,420 --> 0:25:20,900
Everybody wants one thing in life, which is the greatest irony, which is preferential
0:25:20,900 --> 0:25:26,700
treatment. You really want to achieve that. The only way to do it in terms of the legal
0:25:26,700 --> 0:25:36,260
world is by hiring the best. The finance world, not quite. It's not as transparent,
0:25:36,260 --> 0:25:45,440
believe it or not, as the legal world. Based on what I've seen, the finance world tends
0:25:45,440 --> 0:25:52,120
to be a little bit more opaque in terms of reporting, SEC filings, so on and so forth.
0:25:52,120 --> 0:25:59,360
I urge you to be careful with things like private equity investments, alternative investments.
0:25:59,360 --> 0:26:07,720
These often are illiquid and almost impossible to manage if you don't know what you're doing.
0:26:07,720 --> 0:26:11,280
Most people, I would say, they don't know what they're doing. That's totally okay. I'm
0:26:11,280 --> 0:26:17,160
not discrediting you guys in any way. I, for example, don't do private equity dealings
0:26:17,160 --> 0:26:21,800
whatsoever. I don't really know about it. I don't really care about it. The returns that
0:26:21,800 --> 0:26:26,680
I make are perfectly fine. I'm going to stick with it.
0:26:26,680 --> 0:26:31,560
With that said, now, let me pause right here. Does anybody have any questions? Then I'll
0:26:31,560 --> 0:26:36,200
move on to trust. The reason why is because the trust structure is the bread and butter
0:26:36,200 --> 0:26:39,400
of all of this, is the bread and butter of this whole presentation.
0:26:39,400 --> 0:26:48,200
All right. If anyone has any questions, just request the mic and we'll add you up here.
0:26:48,200 --> 0:26:55,200
We'll get some Q&A going and then we'll move on with the trusts. I believe LLC, is it?
0:26:55,200 --> 0:26:56,200
St. Kitts and Nevis?
0:26:56,200 --> 0:27:02,640
Yes, it is a Nevesian LLC that we'll talk about. But again, we'll talk about several
0:27:02,640 --> 0:27:03,640
things.
0:27:03,640 --> 0:27:10,680
All right. Please request the mic and we'll get some questions going.
0:27:10,680 --> 0:27:17,720
All right. Cosmin up here.
0:27:18,240 --> 0:27:24,640
I'm sorry. Can you go again with the apps for the password management thing? I didn't
0:27:24,640 --> 0:27:26,520
write that down.
0:27:26,520 --> 0:27:33,240
No problem. It's 1Password and Bitwarden. I absolutely do not, under any circumstances,
0:27:33,240 --> 0:27:42,640
recommend LastPass. Okay. I mean, whatever else, you could use anything else but LastPass.
0:27:42,640 --> 0:27:44,160
Which one do you use?
0:27:44,160 --> 0:27:51,720
Yes. So I use 1Password, but that's because I'm primarily on iOS. If you are using Android
0:27:51,720 --> 0:27:56,920
as well as PC, so Windows, I would just stick with Bitwarden.
0:27:56,920 --> 0:28:00,120
So if I'm using iOS, 1Password should do?
0:28:00,120 --> 0:28:02,920
1Password would be perfectly fine. I've never had an issue with it.
0:28:02,920 --> 0:28:07,520
And you said something about 2TOPFA, something like that?
0:28:07,520 --> 0:28:13,120
Yeah. TOTP2FA. So that stands for Time-Based One-Time Password Two-Factor Authentication
0:28:13,120 --> 0:28:19,680
Apps. The only one that I would recommend for now is Authy. There are others available.
0:28:19,680 --> 0:28:27,360
Authy is not perfect to any extent. However, this is the one that I've used almost for
0:28:27,360 --> 0:28:30,360
the past four years.
0:28:30,360 --> 0:28:31,360
Would you recommend KeePass?
0:28:31,360 --> 0:28:35,960
Oh, KeePass is wonderful. Yes, yes, absolutely. Sorry. I completely forgot about them.
0:28:35,960 --> 0:28:41,120
No, I just didn't know whether or not they'd sort of integrated any sort of cloud functionality,
0:28:41,120 --> 0:28:43,960
you know, syncing in the cloud, but they're pretty good.
0:28:43,960 --> 0:28:49,280
They're pretty good. I don't recommend Google Authenticator by any means. Okay, so although
0:28:49,280 --> 0:28:54,320
I recommend Gmail, Gmail is fine. Don't worry about encrypted email, guys. If the court
0:28:54,320 --> 0:28:58,880
wants you, they're going to get you. They don't need your email. Have your phone.
0:28:58,880 --> 0:29:07,120
Email is like so transparent. It's like sending a letter, but everyone's reading it. So who
0:29:07,120 --> 0:29:11,280
do we have first? I think we had Squeezes first and then Rascal.
0:29:11,280 --> 0:29:13,480
What's up, guys?
0:29:13,480 --> 0:29:16,120
Hey, how are you?
0:29:16,120 --> 0:29:21,880
Hey, good. Hey, so at what wealth level, like what would someone's net worth be that makes
0:29:21,880 --> 0:29:26,520
it kind of like worth the juice worth the squeeze to start setting up these trusts?
0:29:26,520 --> 0:29:29,480
Five to 10 zillion is good to start.
0:29:29,480 --> 0:29:31,320
Okay, perfect. Thanks.
0:29:31,320 --> 0:29:35,360
So you're going to be well in that area.
0:29:35,360 --> 0:29:37,680
You'll be well above.
0:29:37,680 --> 0:29:43,880
So I was going to ask, just branching off the VPN. So like I have an iPhone, but I don't
0:29:43,880 --> 0:29:50,520
have a Mac computer. So do I need to do one that's better for iOS for my phone and one
0:29:50,520 --> 0:29:51,520
that's better for-
0:29:51,520 --> 0:29:56,040
No, no, I would just use one. Keep it simple. In your case, I would just probably use Bitwarden.
0:29:56,040 --> 0:29:57,040
It's going to be fine.
0:29:57,040 --> 0:30:01,360
Okay. It's going to be fine. I love how you say that all the time.
0:30:01,360 --> 0:30:02,760
Sorry, I know it's a tick, I guess.
0:30:02,760 --> 0:30:07,160
It's going to be fine. It's going to be fine. No, it's super reassuring. It really is. It's
0:30:07,160 --> 0:30:08,160
so funny.
0:30:08,160 --> 0:30:15,680
Absolutely. If there's anyone else as well, any questions, please request the mic. If
0:30:15,680 --> 0:30:16,680
not, we'll move on.
0:30:16,680 --> 0:30:25,480
I have one more question. XYZ, from my experience, it's quite, I don't know, take it however
0:30:25,480 --> 0:30:30,640
you want to, but from your experience, have you ever been to Europe, like with work and
0:30:30,640 --> 0:30:31,640
stuff?
0:30:31,720 --> 0:30:34,320
Yeah, my grad school is in Europe, and my medical school.
0:30:34,320 --> 0:30:41,920
Great. So from your experience in Western Europe, I believe you were, from your experience,
0:30:41,920 --> 0:30:49,200
how do you stay the best off the grid? Do you want me to get more specific?
0:30:49,200 --> 0:30:54,760
Yeah, could you get more specific? It's actually very tough in the EU.
0:30:54,760 --> 0:30:58,640
So by off the grid, I mean-
0:30:58,640 --> 0:31:03,240
I can legally protect you. That I can do. Off the grid is going to be tough, but legal
0:31:03,240 --> 0:31:05,240
protection, absolutely, is possible.
0:31:05,240 --> 0:31:10,720
Off the grid, what I mean by off the grid is everything you have, right? Like assets,
0:31:10,720 --> 0:31:16,200
everything. Not being under your name, but not your name as well, because they can be
0:31:16,200 --> 0:31:17,200
traced.
0:31:17,200 --> 0:31:21,880
This is certainly possible. And that's the next section, which is the fun section.
0:31:21,880 --> 0:31:25,680
Oh, that's great. All right, I'm going to shut up. Thank you.
0:31:25,680 --> 0:31:28,320
No, no, no, don't worry about it.
0:31:28,320 --> 0:31:31,360
Great questions, so take it away.
0:31:31,360 --> 0:31:35,920
So when you go to your private client attorney, you're going to ask them for a trust and estate
0:31:35,920 --> 0:31:49,040
plan. Trusts supersede wills. 45% of Americans don't have a will. It's insane. 33% of professionals
0:31:49,040 --> 0:31:55,680
don't have a will. That's even worse. So by the time you get to this net worth, you will
0:31:55,680 --> 0:32:00,320
really require a trust instead of a will. Wills do not protect assets. There are no
0:32:00,320 --> 0:32:06,320
asset protection laws with wills. Some lawyers will argue that there are. I'm telling you,
0:32:06,320 --> 0:32:10,440
as somebody who runs these investigations, there's nothing. You could tear these apart
0:32:10,440 --> 0:32:15,880
like a piece of paper.
0:32:15,880 --> 0:32:24,440
So you really want to talk about trust instead. The trust language is very simple. So let's
0:32:24,440 --> 0:32
talk about the lexicon first, and then we'll move on to the different types of structures
0:32 --> 0:32:34,040
that you need to know about. The trust definition is essentially a management device for owning
0:32:34,040 --> 0:32:38,880
property created by a bifurcated transfer of legal and equitable interests. What the
0:32:38,880 --> 0:32:44,560
heck does that mean? It essentially means you as a settler, grantor, or truster. These
0:32:44,560 --> 0:32:49,120
are the three words you need to know. They will all be used interchangeably. The certification
0:32:49,120 --> 0:32:52,840
coursework that I had to take uses the word settler, so I'm just going to continue using
0:32:52,840 --> 0:32:58,200
the word settler because that's how I was trained. What that means is all of your assets
0:32:58,200 --> 0:33:04,800
get held within a trust where the trustee is now part owner, essentially the assets.
0:33:04,800 --> 0:33:12,360
They will act as though they're the owner. You as a settler are Mr. Moneybags. You as
0:33:12,360 --> 0:33:18,400
a settler can also be the beneficiary. Your children can be the beneficiary. Housekeeping
0:33:18,440 --> 0:33:22,960
staff can be some of the beneficiaries. It doesn't matter. There's a lot of freedom with
0:33:22,960 --> 0:33:33,360
trust. Now, within this whole field of trust, there's a really specific category that we
0:33:33,360 --> 0:33:39,440
need to talk about called asset protection trust. There are domestic asset protection
0:33:39,440 --> 0:33:44,560
trusts. These are called DAPTs, and then there's something called overseas asset protection
0:33:44,560 --> 0:33:53,720
trusts called OAPTs. For Americans in general, I would recommend you speak to your lawyer
0:33:53,720 --> 0:33:58,560
about overseas asset protection trusts. I think almost every attorney can agree that
0:33:58,560 --> 0:34:06,360
overseas trusts far supersede the asset protection ability of domestic trusts. Here's why. Depending
0:34:06,360 --> 0:34:11,040
on the state that you're domiciled in, what I mean by that is depending on the state of
0:34:11,040 --> 0:34:17,480
which you have established residency in, your local court that's assigned to any case,
0:34:17,480 --> 0:34:22,840
let's say a creditor or whatever comes after you, somebody sues you for something, the
0:34:22,840 --> 0:34:29,640
local court holds jurisdiction over your bank accounts, your home, and your domestic trust,
0:34:29,640 --> 0:34:34,680
no matter what state it's located in. I'll briefly touch on domestic trusts, and we'll
0:34:34,680 --> 0:34:39,560
move on to overseas. Domestic asset protection trusts have been around for a long time. The
0:34:39,560 --> 0:34:45,440
first one I believe was done in Alaska. However, the two most common states in which these trusts
0:34:45,440 --> 0:34:51,720
exist are Nevada and South Dakota. The majority of lawyers are actually kind of split between the two.
0:34:51,720 --> 0:34:58,840
They either will recommend Nevada or South Dakota. South Dakota is friendlier for insurance purposes
0:34:58,840 --> 0:35:05,120
and so on, but Nevada also has some friendly rules. But again, the main issue is if you're
0:35:05,120 --> 0:35:10,560
located in a state that has poor asset protection rules, and I have to say out of all 50 states,
0:35:10,560 --> 0:35:17,800
only 17 have decent rules. I would consider them as decent. The rest of them, they're okay. You
0:35:17,800 --> 0:35:24,840
might get screwed. What I would recommend is if you are domiciled, remember that that local court
0:35:24,840 --> 0:35:31,760
that will preside over your case, and I hope none of you will ever catch a case, but if in case you
0:35:31,760 --> 0:35:36,880
do, they can easily tell the trust, listen, I don't care about your rules. I don't care about South
0:35:36,880 --> 0:35:42,160
Dakota's rules. This person resides in Florida. We're going to seize all their assets.
0:35:42,160 --> 0:35:49,680
These are domestic asset protection trusts. Asset protection trusts are almost always, I mean, I want
0:35:49,680 --> 0:35:57,680
to say 99% of the time, considered irrevocable trusts. What does irrevocable trust mean? I want
0:35:57,680 --> 0:36:02,160
you to make kind of a chart in your mind, and I want you to put these categories. Do the assets
0:36:02,160 --> 0:36:09,120
remain in the settler's estate? Okay. In irrevocable trusts, technically no. There are ways of getting
0:36:09,120 --> 0:36:16,920
around this, which again, your attorney will handle. Can the settler amend or terminate the
0:36:16,920 --> 0:36:24,160
trust? Generally no. However, there are ways around this. There are loopholes around this. You have to
0:36:24,160 --> 0:36
understand this entire game of financial management is just this giant game of chess.
0:36 --> 0:36:36,320
Okay. So anything that I say, there tends to be a way around it, right? But these are just generalities.
0:36:36,320 --> 0:36:43,080
The reason why you really want an irrevocable trust is because you get protection from creditors. With
0:36:43,080 --> 0:36:48,040
the revocable trust, you get really no protection from creditors. They can come in and take over
0:36:48,400 --> 0:36:55,520
whatever they want. Now, there are exceptions. A lot of people will try to form these irrevocable
0:36:55,520 --> 0:37:01,080
trusts because they want to avoid paying child support or something called necessaries. So
0:37:01,080 --> 0:37:07,120
necessaries include things like food, water, shelter, transportation, clothing, or alimony.
0:37:07,120 --> 0:37:13,280
So if you're trying to avoid all this, the trust is not going to work. It's not going to go in your
0:37:13,280 --> 0:37:16,960
favor. You're going to end up in a world of problems. You're going to probably have to settle.
0:37:17,080 --> 0:37:22,440
It's not going to be very good. You might even incur something called punitive damages. And this
0:37:22,440 --> 0:37:26,960
will be a problem. You may also get cited for something called, you should write this down,
0:37:26,960 --> 0:37:33,800
called fraudulent transfers or fraudulent conveyance. And again, I want you to avoid all these
0:37:33,800 --> 0:37:40,680
pitfalls. And when I was creating all this stuff, I ended up making many mistakes. And I don't want
0:37:41,080 --> 0:37:48,840
you to go through what I had to go through. So really the key words here are irrevocable,
0:37:48,840 --> 0:37:57,120
comma, with a spendthrift clause. Here's the funny story about spendthrift clauses or spendthrift
0:37:57,120 --> 0:38:01,760
provisions is also what they're called. Spendthrift trusts were originally created because there were
0:38:01,760 --> 0:38:07,640
a lot of spoiled rich kids who would spend too much money. So the settler of the estate or the
0:38:08,040 --> 0:38:12,320
trust, I should say, would say, you know what, I'm going to give this kid like an allowance and
0:38:12,320 --> 0:38
that's about it. And then I'm going to let the trustee, which is basically the company that's
0:38 --> 0:38
handling all of this, handle the distribution. Here's the deal. In most courts, it's pretty well
0:38 --> 0:38:31,040
known that most spendthrift trusts are no longer for these spoiled rich kids. It's actually for
0:38:31,040 --> 0:38:37,120
the settler to receive protection from creditors. So it's rather interesting because the trustee
0:38:37,160 --> 0:38:42,520
can step in and they can say, listen, we only make time distributions. We can't really pay any
0:38:42,520 --> 0:38:50,400
creditors right now. Too bad, so sad. That's it. And so spendthrift provisions are kind of a two-edged
0:38:50,400 --> 0:38:54,960
sword because you have to trust the trustee. But they're generally heavily licensed and bonded.
0:38:54,960 --> 0:39:02,360
The countries that I'm recommending, 30%, I mean, imagine 30% of their GDP are these trust companies.
0:39:02,680 --> 0:39:11,640
So they can't afford to mess it up. And so you really want to talk to your lawyer about an
0:39:11,640 --> 0:39:17,320
irrevocable trust with a spendthrift clause. There is one country that does not recognize spendthrift
0:39:17,320 --> 0:39:24,920
clauses. This is called the Bahamas. I would never form a trust in the Bahamas. The banking laws are
0:39 --> 0:39:36,520
okay. They're really not set up for what you want to do. I'll just put it at that. There are three
0:39:36,520 --> 0:39:42,280
countries that attorneys will often recommend for a foreign trust. And everybody across the globe
0:39:42,280 --> 0:39:50,520
can use these three. So it's regardless of wherever you're from. There are the Cook Islands,
0:39:50,520 --> 0:39:56,120
which in my opinion is number one. The Cook Islands asset protection laws are so good that
0:39:56,120 --> 0:40:02,360
in fact, several US states have just copy pasted their laws. They're that good. So they've set
0:40:02,360 --> 0:40:06,840
precedents for a lot of the global asset protection laws as well. So the Cook Islands will be number
0:40:06,840 --> 0:40:12,520
one. The second one would probably be Nevis. So St. Kitts and Nevis is divided into two islands.
0:40:12,520 --> 0:40:17,320
They actually have separate governance. So Nevesian governance is different from St. Kitts.
0:40:18,280 --> 0:40:23,640
And so this would be pertaining to Nevisian governance only, not St. Kitts. And the third
0:40:23,640 --> 0:40:28,520
country would be Belize. However, I would never recommend Belize. So if any attorney recommends
0:40:28,520 --> 0:40:35,960
that, I might want you to get a second opinion. The country of Belize, unfortunately, the banking
0:40:35,960 --> 0:40:41,480
laws, their security laws, and their trust and asset protection laws are just not there.
0:40:42,520 --> 0:40:47,160
They're just not well formed. Some of you have asked me about Cayman Trust. Believe it or not,
0:40:47,560 --> 0:40:53,320
Cayman Trust don't have solid asset protection laws. They have very good tax evasion laws,
0:40:53,320 --> 0:40:58,440
but I would never recommend you evade taxes because there are plenty of very intelligent
0:40:58,440 --> 0:41
ways to avoid taxes instead. And so I would much rather have you avoid than evade.
0:41 --> 0:41:10,760
Only stupid people evade. The Cook Islands trust laws are such that you will not have any issues
0:41:10,760 --> 0:41:16,280
with something called perpetual trust, meaning the trust can continue basically beyond many
0:41:16,280 --> 0:41:20,200
lifetimes. In the US, unfortunately, there's something called rules against perpetuities.
0:41:20,200 --> 0:41:26,520
They're called rap rules. These do not pertain with Cook Islands trust. The only people that I
0:41:26,520 --> 0:41:31,400
would recommend domestic asset protection trusts that are located in the US are people who are
0:41:31,400 --> 0:41:37,400
foreign to the US, who want to purchase US real estate and want to do business dealings in the US.
0:41:37,400 --> 0:41:45,480
South Dakota tends to be like a haven for people that are foreign. So this is kind of generally
0:41:45,480 --> 0:41:55,560
well known amongst the industry. Now, I'm asked often that, wait a minute, you said that your
0:41:55,560 --> 0:42:00,600
local US jurisdiction has complete control over the banks via something called OFAC, Office of
0:42:00,600 --> 0:42:06,920
Foreign Assets Control. They do. They can freeze your bank accounts. They can seize your bank
0:42:06,920 --> 0:42:11,400
accounts. They can do basically whatever. So the way that you want to do it is you need a bank
0:42:11,400 --> 0:42:19,560
account outside of US jurisdiction. There are three countries that are very good. These are
0:42:19,560 --> 0:42:24,520
Switzerland, Liechtenstein, although Liechtenstein actually recently has been rather difficult to
0:42:24,520 --> 0:42:28,920
form a bank account just based on personal experience, and Luxembourg. So these are the
0:42:28,920 --> 0:42:35,240
three that I would recommend. Now, remember, I have to keep saying this, your attorney's advice
0:42:35,240 --> 0:42:42,200
supersedes mine. Just use this as a basic guide. But I promise you, I'm trying to steer you in the
0:42:42,200 --> 0:42:49,320
right direction. They will take it from there. My bank account, for example, is in Switzerland.
0:42:49,320 --> 0:42:52,120
The majority of my assets are purchased from the Swiss bank account.
0:42:55,080 --> 0:43:01,480
These bank accounts are not within the jurisdiction of the United States. Any court order that is
0:43:01,480 --> 0:43:08,760
submitted to the Cook Islands from the US or from wherever you're domiciled or to Switzerland
0:43:08,760 --> 0:43:13,400
are immediately torn up. Now, the advice that every attorney is going to give you is every
0:43:13,400 --> 0:43:17,480
single court order you receive, you need to listen to. Do not try to throw it away or be like, oh,
0:43:17,480 --> 0:43:22,440
I lost it. No, no. You tell your attorney, your attorney will handle all of it. That's fine. They
0:43:22,440 --> 0:43:28,200
will comply completely with the court order. But the trustee that you have and the bank account that
0:43:28,200 --> 0:43:32,920
you have, they don't have to comply with any of this. They can tell you, they can tell the court
0:43:32,920 --> 0:43
that, well, you know, we don't really recognize your jurisdiction. So too bad. Okay. There is a
0:43 --> 0:43:48,360
second layer to all of this for the people that want to have movable assets and, you know, things
0:43:48,360 --> 0:43:55,640
like real estate placed in. So, you know, for stocks and cash and cryptocurrency, trusts are
0:43:55,640 --> 0:44:00,440
perfectly great. I mean, they're great. You don't really need a second layer. But unfortunately,
0:44:00,440 --> 0:44:04,040
many of you are going to be purchasing real estate, right? You'll have vehicles, you'll have
0:44:04,040 --> 0:44:09,080
real estate, you'll have, you know, shares in private companies, perhaps you'll have these
0:44:09,080 --> 0:44:14,200
kinds of interests. Well, how do you move all that properly? So what tends to happen is your
0:44:14,200 --> 0:44:21,160
attorney will place a lien on your home, okay? That whatever you're purchasing, and it will be
0:44:21,160 --> 0:44:28,040
placed within a foreign LLC. The only LLC that's worth its weight nowadays is from St. Kitts and
0:44:28,040 --> 0:44:35,400
Nevis, specifically Nevis. This is known as a Nivision LLC. They will place a lien on your
0:44:35,400 --> 0:44:42,120
properties, okay? And they will attach it to the Nivision LLC. This is also known as equity
0:44:42,120 --> 0:44:46,920
stripping. So if you just want to write keywords down, hopefully this helps. If you have other
0:44:46,920 --> 0:44:52,360
assets, vehicles, business interests, things like that, they will place something called a UCC1
0:44:52,360 --> 0:44:59,480
lien on your assets. UCC stands for the Uniform Commercial Code. And then one is just the,
0:44:59,480 --> 0:45:05,240
you know, the section of the UCC. So they'll place this kind of lien, and they will attach it with
0:45:05,240 --> 0:45:12,520
the Nivision LLC. 99% of the time, nobody will ever look into this. So meaning you'll never be
0:45:12,600 --> 0:45:16,440
questioned by a court that, oh, well, like, how come you have this weird structure? It's legally
0:45:16,440 --> 0:45:23,480
recognized. You will report it yearly to the IRS using your CPA. Of course, don't do any of this
0:45:23,480 --> 0:45:27,640
yourself. I'm telling you, you're going to run into a world of hurt if you try to attempt this yourself.
0:45:28,360 --> 0:45:32,680
These things are awfully sophisticated. And, you know, I don't want you to complicate your life
0:45:32,680 --> 0:45:38,440
too much. This all may sound complicated, but I promise you once it's done, it's extremely easy.
0:45:38,440 --> 0:45
I only interface with, you know, two bank accounts, right? I have a US bank account for
0:45 --> 0:45:47,880
just, you know, easy, quick cash, things of that nature. And then the bulk of my purchases and
0:45:47,880 --> 0:45:53,480
things occur from the Swiss account. So it's, again, it's quite easy. It's quite simple.
0:45:53,480 --> 0:45:59,160
You'll have basically two point people that you'll call. You can call them 24-5 because they work on
0:45:59,160 --> 0:46:04,120
different time zones. So you can basically call any time. And they can do anything, you know,
0:46:04,120 --> 0:46:09,320
anything that you want they can do. You know, again, I mostly use lending products. So any
0:46:09,320 --> 0:46:13,880
sort of auto loan, any sort of home loan, whatever that I want, you just call them up. It's pretty
0:46:13,880 --> 0:46:20,120
easy. It takes them, you know, maybe a day in underwriting. It's really quite easy once you
0:46:20,120 --> 0:46:25,880
have the wealth. But this would be the general structure of how things go in terms of trust and
0:46:25,880 --> 0:46:32,680
estates. I would highly recommend that you keep your estate plan incredibly simple. But I also
0:46:32,680 --> 0:46:39,080
recommend that you hire the experts, okay? Because very few word changes in estate plans can
0:46:39,080 --> 0:46:44,200
completely change your estate plan. And some of the cases that I've had to be a part of or that
0:46:44,200 --> 0:46:50,680
I've read about involve stupid things. Like there will be an estate plan such that, oh, well, I'll
0:46:50,680 --> 0:46:55,880
give my daughter this home, but only if she marries within, you know, this particular family that I
0:46:55,880 --> 0:47:00,440
like, and only if they remain religious and so on and so forth. I mean, it's insane, the kind of
0:47:00,440 --> 0:47:07,240
provisions that are available. Remember, the more complicated your contracts, the more, the higher
0:47:07,240 --> 0:47:14,120
proclivity, you know, the higher correlation with something called contests. So when somebody
0:47:14,120 --> 0:47:18,680
contests your will or trust or estate, that's going to get locked up in the court for years.
0:47:18,680 --> 0:47:24,120
You don't want to do that. It's very expensive. It's very difficult. As a corollary, I do have to
0:47:24,120 --> 0:47:28,360
recommend for any sort of business contract or any sort of contract that you're dealing with,
0:47:29,240 --> 0:47:36,520
you want to make them write something called, sorry, something called alternative dispute
0:47:36,520 --> 0:47:42,600
resolution. Okay, it's called an ADR. Write this down. An ADR will basically avoid court.
0:47:42,600 --> 0:47:46,920
This is what most companies do, by the way, whenever you read these ULAs and terms and
0:47:46,920 --> 0:47:53,240
services agreements, they will always try to settle outside of court. And I would really
0:47:53,240 --> 0:47:57,560
recommend you do that. You never want to end up in court. I'm telling you, it's super expensive.
0:47:57,560 --> 0:48:02,040
It's very annoying. These things are constantly delayed. Yeah, go ahead.
0:48:02,680 --> 0:48:04,920
Can you repeat that one more time? What was it?
0:48:04,920 --> 0:48:06,520
Alternative dispute resolution.
0:48:07,880 --> 0:48:08,840
Alternative, thanks.
0:48:08,840 --> 0:48:17,720
Yeah, no problem. Okay. So generally with a basic trust structure, remember you have a settler,
0:48:17,720 --> 0:48:22,920
a trustee, the trustee can almost never be yourself. There are like very few exceptions.
0:48:23,880 --> 0:48:29,960
Okay. But it's generally a trustee is generally a licensed and bonded company. You can appoint
0:48:29,960 --> 0:48:36,760
your attorney as a trustee. I wouldn't, I would really just want to appoint a specific company
0:48:36,760 --> 0:48:41,240
that's licensed and bonded and kind of time tested with it. All of these things are built
0:48:41,240 --> 0:48:45,320
through word of mouth and through relationships. Okay. So be kind to your lawyers. They're going
0:48:45,320 --> 0:48:50,520
to recommend you to the best places, especially if you use the best firms. Once you find one person
0:48:51,160 --> 0:48:55,880
that can kind of guide you, you know, toward the right direction, you're going to meet plenty of
0:48:55,880 --> 0:49:00,920
phenomenal people that are, you know, the, like the craftsmen of their job, right? They're the
0:49:00,920 --> 0:49:08,680
best at what they do. And so those are the people that you want to hire. So with regards to trust,
0:49:08,680 --> 0:49:13,560
I believe that's it. Does anybody have any questions? I know, I know that was a big
0:49:13,560 --> 0:49:19,400
section, but this is kind of the bread and butter of it. I have a question, but it's not related to
0:49:19,400 --> 0:49:25,960
that. Just a little bit earlier. That's fine. No, don't worry about it. What's up? So, you know,
0:49:25,960 --> 0:49:29,880
by the way, you should definitely teach courses. I mean, the amount of information you're sharing is
0:49:30,520 --> 0:49:35,720
you know, incredible. So I got to, you know, say, I have, but there, there, there were,
0:49:35,720 --> 0:49:39,560
there were medically related. So I taught physiology as well as pharmacology, but
0:49:40,360 --> 0:49:47,320
nothing with regards to law or finance. I don't know. Well, yeah. Well, what's interesting one,
0:49:47,320 --> 0:49:52,840
just one thing before I ask the question is, I guess you said you worked investigating in
0:49:52,840 --> 0:49:57,960
healthcare, right? Fraud, I suppose. Yes. Yes. Medicare fraud, as well as clinical trial fraud.
0:49:57,960 --> 0:50:02,200
Sure. Pharmaceutical fraud as well. Now that's interesting because I do have a background in
0:50:02,200 --> 0:50:08,200
the medical field and have family. One's kind of a whistleblower. So it's, it's pretty interesting.
0:50:08,200 --> 0:50:15,960
So anyways, one of the two, yeah. So the question I have is, and, you know, I've been listening to
0:50:15,960 --> 0:50:21,320
the PB show and all that and what everyone has to say. Sure. If there is an idea of say,
0:50:21,960 --> 0:50:27,320
a blockchain, you know, during some, some type of squeeze, do we have to set up some type of
0:50:27,320 --> 0:50:32,760
cripple crypto wallet beforehand? Or is there a timeframe for that? Yeah. So I actually forgot
0:50:32,760 --> 0:50
about, I forgot to mention that the way the onboarding is going to work likely with this,
0:50 --> 0:50:44,600
this blockchain exchange that I've been kind of ranting about essentially the onboarding will be
0:50:44,600 --> 0:50:51,640
taken care of. It's going to be very easy to do. There are several tools that they now have
0:50:51,640 --> 0:50:58,600
that will basically allow you to do basically a username and password and email access. And then
0:50:58,600 --> 0:51:02,760
once you want to transfer out those assets, you can use an alternative crypto wallet if you'd like.
0:51:03,320 --> 0:51:07,160
Here's the deal. This is going to be a very unpopular opinion. I hate hardware wallets.
0:51:07,160 --> 0:51:14,840
I've never used one. Okay. I have never had an issue. I've never had a hack. Nothing's ever
0:51:14,840 --> 0:51:22,680
happened. I use a combination of MetaMask, M-E-T-A, mask, as well as my Ether wallet.
0:51:24,200 --> 0:51
There's one wallet that I have that's only for storage. So I do not interact with any DeFi
0:51 --> 0:51:33,720
protocols whatsoever. This is just like my set it and forget it wallet. And I just kind of keep it
0:51:33,720 --> 0:51:38,920
on the side. The seed phrases that you'll get, if you lose them, you're going to lose your life.
0:51:38,920 --> 0:51:44,600
Do you understand? You can't, you know, there's no forgot password feature. I absolutely do not
0:51:44,600 --> 0:51:48,680
recommend smart contract wallets right now. Smart contracts are inherently flawed on the Ethereum
0:51:48,680 --> 0:51:52,920
blockchain because they're not really formally verified. They're just a bunch of issues with
0:51:52,920 --> 0:51:57,480
them. I wouldn't trust them for now. I would just wait. Some crypto advocates will say, oh,
0:51:57,480 --> 0:52:01,400
but they were audited. Well, listen, let me tell you something. Everything's audited. Okay. And
0:52:01,400 --> 0:52
they still come up with errors. And so, you know, that one I would keep on the side. And then look,
0:52 --> 0:52:11,720
if you want to play with decentralized finance protocols, you make a second wallet and you never
0:52:11,720 --> 0:52:15,640
have the two wallets communicate with one another. Because remember, all of these transactions are
0:52:15,640 --> 0:52:23,800
public, right? Somebody can look these addresses up. So I like MetaMask as well as my Ether wallet
0:52:23,800 --> 0:52:28,920
for Bitcoin. I really only like Blockstream Green. There is another one called Electrum that a lot of
0:52:28,920 --> 0:52:36,120
people use. I haven't used it. I'm sure it's okay. It's been time tested. So does that kind of help?
0:52:36,920 --> 0:52:40,600
Yeah, that's it. The other. Oh, right. Right. I forgot to mention this. Okay.
0:52:41,640 --> 0:52:48,680
Cryptocurrency rules are really strange in terms of trust and asset protection. So right now,
0:52:49,880 --> 0:52:54,600
right now, what at least my trustee advised was essentially you write your address down,
0:52:54,600 --> 0:52:58,440
you send it to your lawyer, and they will add a provision within your trust saying,
0:52:58,440 --> 0:53:03,400
okay, this following address is owned by this trust. And they were like, well, it should be
0:53:03,400 --> 0:53:08,600
good enough. It's kind of all nascent right now. But again, your attorney will keep up with the
0:53:08,600 --> 0:53:14,840
compliance. It's not your job to you're paying the guy to do it, right. And so all these things can be
0:53:14,840 --> 0:53:20,360
held by the trust. It's just real estate and other sort of these kinds of movable assets that are
0:53:20,360 --> 0:53
within US jurisdiction. They're tough. They're like a little bit tougher. They require something
0:53 --> 0:53:31,960
called equity stripping that I talked about. Hopefully that helps. Yeah. Yeah, absolutely.
0:53:31,960 --> 0:53:33,320
Thank you. Yeah.
0:53:34,520 --> 0:53:36,440
Yeah, go ahead, Cosmin. And then we got.
0:53 --> 0:53:40,360
Yeah, I want to make a thing very clear for everyone who's listening.
0:53:42,520 --> 0:53:48,600
XYZ is talking from a perspective of common law, there's a really big difference between
0:53:48,600 --> 0:53:54,600
common law and civil law. So whoever is like from Eastern Europe, for example, you might have
0:53:54,600 --> 0:54:01,640
civil law, 75% of the countries on the globe have civil law. And common law would be found in the
0:54:01,640 --> 0:54:13,640
USA and the United Kingdom. And there's like the Quran in the UAE. So when he so to not get confused
0:54:13,640 --> 0:54:19,080
in the future when you're maybe setting up a trust fund in the country that you're activating
0:54:19,080 --> 0:54:24,920
or moving your assets or all this and that. Most of the all the laws that he's talking about are
0:54:24,920 --> 0:54:30,760
from the from common law, which is totally different from civil law. There are similar
0:54:30,760 --> 0:54:36,360
similar laws in your country, but you need to do your own research or talk with a lawyer
0:54:36,360 --> 0:54:41,880
or whoever is from Eastern Europe. Just be in touch with me. I can help with no worries.
0:54:42,360 --> 0:54:49,320
Yeah, there are differences, but I assure you there are still ways of protecting your assets.
0:54:49,320 --> 0:54:54,120
So they will help. By the way, if anybody's located in Louisiana, in the state of Louisiana,
0:54:54,120 --> 0:55:02,120
they do not use common law. They use a version of like Spanish slash French law. And so,
0:55:02,760 --> 0:55:06,680
you know, they have a couple of different things, but you can still get pretty well protected.
0:55:06,680 --> 0:55:11,320
I believe they use the constitution from 1866, the Belgian one.
0:55:12,440 --> 0:55:17,080
That's I don't think so, but OK, that's fine.
0:55:19,880 --> 0:55:20,600
Go ahead, Roscoe.
0:55:22,760 --> 0:55:30,840
So for like, I know nothing about cryptocurrency, really. So would you recommend to like diversify
0:55:31,560 --> 0:55:38,200
in crypto, like a little bit of, you know, Bitcoin and some Ethereum or do you prefer one
0:55:38,200 --> 0:55:44,200
over another? I feel uncomfortable giving any specific cryptocurrency advice. I'm sorry.
0:55:45,160 --> 0:55:49,720
No problem. I don't want to. You know, the problem is this industry is ripe with scam.
0:55:51,160 --> 0:55:55,240
What I will tell you is the two largest market caps right now are Bitcoin and Ethereum.
0:55:55,320 --> 0:55:59,880
Likely what's going to happen is based on just the way the developer movement is going,
0:56:00,920 --> 0:56:06,120
Ethereum will be the mainstay global settlement, a settlement layer in terms of finance.
0:56:07,240 --> 0:56:12,120
Bitcoin doesn't really do anything. It can be used as collateral in a way.
0:56:13,640 --> 0:56:20,200
But it's kind of I don't mean to call it a pet rock, but it can't really build anything off of
0:56:20,200 --> 0:56:24,680
Bitcoin. And, you know, if anybody has arguments against that, fight me. I mean, this is like,
0:56:25,480 --> 0:56:31,080
this is an endless battle that people have in Discord and things like that. It's very annoying.
0:56:31,080 --> 0:56:37,160
I'll take that answer. That's a good answer for me. That's, you know, more than I need.
0:56:38,280 --> 0:56:41,800
Thank you. Prettyelle, do you have anything to say?
0:56:41,800 --> 0:56:49,080
Yeah, I have a quick question. XYZ, if a trust is going to be able to do a lot of
0:56:49,400 --> 0:56:56,840
if a trust or a will is being contested, does that mean it freezes the assets under the trust?
0:56:56,840 --> 0:57:04,280
And so does the trustee does does it prevent dispersion of the assets at any point if it's
0:57:04,280 --> 0:57:08,360
being contested? It could. It will depend on the trustee. There is something called the
0:57:08,360 --> 0:57
Clayton doctrine that you want to look into and then your attorney can assist with that.
0:57 --> 0:57:16,680
So it really depends on the jurisdiction that you're in. It also depends on the trust that
0:57:16,680 --> 0:57:21,080
it's in. So I apologize to give you such a nebulous answer. But, you know, I want to be
0:57:21,080 --> 0:57:25,800
as accurate as possible. But look into something called the Clayton doctrine. CLAFLIN.
0:57:27,080 --> 0:57:28,280
Okay, appreciate it. Thanks.
0:57:28,280 --> 0:57:28,780
Of course.
0:57:30,440 --> 0:57:39,160
Yo, Bats, could you just clarify again the link between the Nevis LLC and the Cooke's trust?
0:57:39,160 --> 0:57:45,320
Absolutely. Okay. So in your let's take a blank sheet of paper, okay, and on top,
0:57:45,320 --> 0:57:49,720
you want to put a box and you want to and you want to write in Cooke for Cooke Islands Trust.
0:57:49,720 --> 0:57:57,880
Okay. And you want to draw an arrow connecting this box to another box called Nevis LLC in this
0:57:57,880 --> 0:58:05,160
case. Okay. The trustee is the Cooke Islands Trust, right? Because the trustee will be located
0:58:05,160 --> 0:58:12,280
in the Cooke Islands. All right. The trustee is a co-manager of the LLC.
0:58:13,720 --> 0:58:21,160
Okay. The settler, which is you, is also the co-manager of the LLC. The coolest part about
0:58:21,160 --> 0:58:25,880
all of this, and this is what I just love this law, okay, because it's fun and I like corruption.
0:58:27,640 --> 0:58:32,920
Okay. The coolest part about all this, about this law is let's say you're in trouble and
0:58:32,920 --> 0:58:37,720
somebody sues you and tries to unwrap the LLC's assets, which by the way, let me tell you something
0:58:37,720 --> 0:58:43,160
it's very, very, very tough to do. Okay. It's like basically impossible unless if you're committing
0:58:43,160 --> 0:58:48,440
acts of terrorism, drug trafficking up to a certain limit, or sorry, beyond a certain limit
0:58:49,320 --> 0:58:54,040
or human trafficking, it's basically impossible to open up the LLC and the assets within that.
0:58 --> 0:59:02,200
So if you're ever in trouble, the trustee takes over as the manager.
0:59:03,800 --> 0:59:10,120
Now you might say, but wait a minute, it's as if the trustee has full control over my assets.
0:59:10,120 --> 0:59:16,200
That's not true. The reason why is because you have the LLC, you have much more control of your
0:59:16,200 --> 0:59:21,080
assets now that there's an LLC in place. There's like kind of an additional layer of security.
0:59:21,080 --> 0:59:25,320
Do you remember when we were talking about the spend thrift clause? So the spend thrift clause
0:59:25,320 --> 0:59:31,400
basically allows the trustee to have even more jurisdiction over the funds that are distributed
0:59:31,400 --> 0:59:38,200
and it kind of allows them to act as an owner. I have never seen a case of a trustee committing
0:59:38,200 --> 0:59:44,920
fraud. Okay. The only two cases that I've ever seen were domestic trusts. So they were located
0:59:44,920 --> 0:59:51,480
in the United States. One was in Chicago and I believe one was in Nevada. So I've never seen
0:59:51,480 --> 0:59:56,200
any Cook Islands trust companies that manage hundreds of billions of dollars of assets
0:59:56,200 --> 1:00:02,920
mismanage this. So the two largest companies I believe are Aura, that's O-R-A, this is a trustee
1:00:02,920 --> 1:00:08,520
company. The owner's a little bit eccentric, but like, I don't know, if you like that, go for it.
1:00:09,240 --> 1:00:12,760
And then the other one is called Southpac. So South P-A-C.
1:00:14,840 --> 1:00:19,800
So the needless LLC will provide you additional protection and additional control over your own
1:00:19,800 --> 1:00:26,360
assets. And remember, if you tie it with a bank account that's outside of your jurisdiction,
1:00 --> 1:00:32,920
you will be untouchable, I assure you. It's basically your fate is sealed at that point.
1:00:33,400 --> 1:00:39,160
Only the highest crimes will get attention. And even that, it's actually, it's kind of
1:00:39,160 --> 1:00:43,160
difficult to do. It takes a long time. These corridors take forever.
1:00:45,400 --> 1:00:47,320
Wow, that's awesome. I appreciate your answer.
1:00:47,800 --> 1:00:52,360
Oh, wait, I need to comment on something called the lookback period. I actually forgot about this.
1:00:52,360 --> 1:00:57,400
This is, I kind of commented on it briefly, but then I forgot. So remember when we were talking
1:00:57,400 --> 1:01:01,880
about fraudulent transfers and fraudulent conveyance? Well, let's assume a creditor
1:01:01,880 --> 1:01:05,240
sues you today, right? You've received something in the mail and they're like, you owe us $10
1:01:05,240 --> 1:01
million, right? And you'd say, you know what, I'm going to form a trust today. So you contact a
1:01 --> 1:01:16,120
lawyer, they form a trust. It takes about 30 days to six weeks to form. And the creditor comes in
1:01:16,120 --> 1:01:20,680
and says, hey, that's fraudulent conveyance. That's a fraudulent transaction. Generally,
1:01:20,680 --> 1:01:26,280
Cook Island's trusts have a lookback period of two years. So basically, you don't want a creditor
1:01:26,280 --> 1:01:31,720
suing you within that period of two years. Here's the problem, though. Is that really practical?
1:01:31,720 --> 1:01:39,640
No. They're going to have to serve you in a Cook Island's court using the Cook Island's court laws.
1:01:40,360 --> 1:01:44,920
So it's very difficult for them to do. They will more than likely, I mean, I don't know, 98% of
1:01:44,920 --> 1:01:49,880
the cases that I've seen, they just settle out of court, right? They'll just get it settled.
1:01:52,360 --> 1:01:57,800
The domestic asset trusts, the domestic asset protection trust, the DAPTs,
1:01:58,600 --> 1:02:03,080
tend to have a lookback period of four years and they're super friendly with creditors. Okay,
1:02:03,080 --> 1:02:09,160
let me tell you. Anytime we see a US trust, it's kind of like, okay, great, we got them dead to
1:02:09,160 --> 1:02:20,280
rights. So hope that helps. Nice one. You know, just about the ownership of the trust, you said
1:02 --> 1:02:30,920
once something kicks off, the ownership pretty much transfers technically to the trustee.
1:02:32,600 --> 1:02:37,320
I was just wondering, how is that kind of managed? Is there sort of like a share thing where it's
1:02:37,320 --> 1:02:41,480
like... So there's a relationship with the trustee and the trustee is almost always going to listen,
1:02:41,480 --> 1:02:49,400
not almost always, they generally always listen to the settler. So the settler gets full rights
1:02:49,400 --> 1:02:55,240
to the assets, but you have to understand the name of the game here is to separate yourself
1:02:55,240 --> 1:03:00,920
from your assets. That way, when somebody sues you as the individual, they can't tie you as the
1:03:00,920 --> 1:03:06,840
person to the assets, right? They'll make the argument that, well, no, but the trustee actually
1:03:06,840 --> 1:03:11,080
owns these assets. These aren't even mine. I'm just kind of borrowing them and having fun with
1:03:11,080 --> 1:03:17,960
the house, with the boat, with the car, with the whatever. Yeah, it's interesting how that works,
1:03:17,960 --> 1:03:25,880
because technically your assets aren't owned by you. You are trusting the trustee very much.
1:03:25,880 --> 1:03:35,640
Yeah, yeah. It is kind of a... You know, this is why I always recommend you get a reputed trustee
1:03:35,640 --> 1:03:41,320
instead of just like a person or a lawyer, like an individual lawyer. I wouldn't trust that at all.
1:03:42,600 --> 1:03:46,040
These trustee companies are time tested. These have been around...
1:03:46,040 --> 1:03:50,760
This space was downloaded via Spacesdown.com. Visit to download your spaces today.
1:03:50,760 --> 1:03:55,720
For anywhere from 30 to 100 years. Yeah, they're good to go.
1:03:56,920 --> 1:04:03,720
So what you recommended was ORA or Southpac or ORA.
1:04:03,720 --> 1:04:08,680
Yeah, ORA or Southpac. But again, your attorney's advice supersedes mine.
1:04:08,680 --> 1:04:13,400
Yep. Sure. Sure. Right. I'm going to play this for my attorney.
1:04:13,400 --> 1:04:17,960
Oh my God. Who is this Milwaukee guy?
1:04:19,320 --> 1:04:26,440
Yeah, yeah. Don't trust his taste in tools, but the rest of it, solid. If anyone has any more
1:04:26,440 --> 1:04:32,680
questions, please feel free. We'll consider this the Q&A section.
1:04:32,680 --> 1:04:37,160
There is one more very quick section on alternative residency and citizenship.
1:04:38,360 --> 1:04:42,360
Oh, awesome. Yeah. So again, go to your private client attorney,
1:04:42,360 --> 1:04:47,080
get a referral. Some of them do it. Some of them don't. This is actually a very nuanced field.
1:04:47,080 --> 1:04:54,280
Please do not go on YouTube. Okay. This industry is ripe with scam. Now you might say,
1:04:54,280 --> 1:04:59,320
but you've been saying that about every industry. Yeah. And what? Like, so what?
1:05:01,960 --> 1:05:07,080
So what I would do is there is one gold standard company that most of the wealthy people around me
1:05:07,080 --> 1:05:12,920
have used. And I am also currently using, and it's called Henley and Partners, H-E-N-L-E-Y
1:05:12,920 --> 1:05:18,920
and Partners. They're also called Henley Global. It's the same thing. And so give them a call and
1:05:18,920 --> 1:05:25,400
just ask them, tell them what your needs are. And they will recommend either residency or citizenship
1:05:25,400 --> 1:05:30,440
based on the strength of your current extant passport. So whatever passport you're tied with,
1:05:31,080 --> 1:05:37,800
they're going to recommend something else for you. So, you know, US passports tend to be very strong.
1:05:38,360 --> 1:05:46,360
And so they, because we're number one, and they'll tend to advise, you know, alternative residency
1:05:46,360 --> 1:05:51,400
instead of citizenship. But again, speak with the experts. There are requirements. There are some
1:05:51,400 --> 1:05:56,840
weird requirements. Like for example, with my Swiss residency, I believe the taxes, the minimum
1:05:56,840 --> 1:06:02,440
taxes I have to pay per year for the Swiss residency is 250,000 shift. So shift means Swiss
1:06:02,440 --> 1:06:10,200
franc. And so you have to kind of, you know, do a risk benefit analysis and say, should I actually
1:06:10,200 --> 1:06:14,680
be doing this? The reason why I recommend you ask about this is because yes, although I do find
1:06:14,680 --> 1:06:20,600
America to be number one, I'm also very scared of the way the government is working. They're
1:06:20,600 --> 1:06:28,040
over encroaching upon our own sovereignty, right? They're splitting every single topic into red and
1:06:28,040 --> 1:06:33,800
blue, and it's dividing all of us. And so I'm not here for it. That's nonsense. You know, the title
1:06:33,800 --> 1:06:38,440
of this talk is called become ungovernable. Well, this is how you do it. You got to hedge your bet.
1:06:41,480 --> 1:06:48,120
And that's it. That's it for that section. In terms of EU citizenship, the easiest way to know
1:06:48,120 --> 1:06:54,360
that I just want you to know that this is recorded. And I'm just glad that you shadowed America at
1:06:54,360 --> 1:07:00,040
least once during this time. I didn't I mean, I didn't I don't recall. I plead the fifth.
1:07:02,680 --> 1:07:10,920
So the easiest EU citizenship to get right now is Malta. Okay. The wait time I've heard it varies,
1:07:10,920 --> 1:07:15,400
but I've had a couple of friends do it. It took one of them, it took them 36 months to get.
1:07:15,960 --> 1:07:20,040
It has certain real estate requirements. It has certain asset requirements,
1:07:20,040 --> 1:07:23,960
but it always depends. It really just depends on the year that you're applying in.
1:07:26,040 --> 1:07:30,200
And so, you know, I wish you best of luck with that. And I really would consider hedging your,
1:07:31,240 --> 1:07:35,880
you know, hedging your residency, hedging your citizenship. Oh, by the way, if you any of you
1:07:35,880 --> 1:07:41,800
renounce US citizenship, just understand that you lose a lot of your rights, including the right to
1:07:41,800 --> 1:07:46,120
own firearms. So just just be careful with that. There are a lot of these little rules,
1:07:46,120 --> 1:07:49,960
but it's OK. Your attorneys will let you know that like what you're signing up for.
1:07:52,120 --> 1:07:59,080
Go ahead, Roscoe. All right. So I just wanted to ask. So so my wife is from Morocco. That's
1:07:59,080 --> 1:08:05,960
why I talk about Morocco once in a while. And, you know, she's we're going to probably get property
1:08:05,960 --> 1:08:12,600
in Morocco just to have it so she can we can go there and visit her family and stuff. But I think
1:08:12,600 --> 1:08:18,040
I kind of answered this in my head. But, you know, I'm thinking, you know, any assets because I think
1:08:18,040 --> 1:08:23,560
you have to have residency to have like any assets in Morocco, but I can just put it in her name.
1:08:23,560 --> 1:08:28,600
I'm thinking in that way, any assets we have there will just be in her name. And I don't
1:08:28,600 --> 1:08:35,560
know your residency there. Your lender, your bank and possibly even Henley and partners,
1:08:35,560 --> 1:08:39,720
if you're using them, will assist you with all of this. This is like this is their job to answer
1:08:39,720 --> 1:08:46,680
these. Oh, OK. Right. It'll be easy. OK. Yeah, it'll be easy. What do you say? What do you say?
1:08:47,560 --> 1:08
Don't don't. What do you say? Don't worry about everything. It's going to be fine. Yeah,
1:08 --> 1:08:59,560
it's all good. Everything's going to be. Your cosmic. Yes, sir. I have one question.
1:08:59,880 --> 1:09:06,120
Yeah. Is it true that the USA is heavily investing in Poland and we might see in the future a shift
1:09:06,120 --> 1:09:13,960
of power in Europe, like from the West to East, from the I. You know, I have no idea about foreign
1:09:13,960 --> 1:09:20,280
policy trade, trade routes and trade policy is one of the most difficult subjects. And I think
1:09:20,280 --> 1:09:24,200
it requires at least 30 years of extensive experience to even comment on this, because
1:09:24,760 --> 1:09:29,800
it is so fragmented and so difficult and half the time the public has no idea what's happening.
1:09:29,800 --> 1:09
So I just I feel uncomfortable commenting about that. OK, thank you. Yeah.
1:09:36,680 --> 1:09:41,320
And I just wanted to note that. Oh, sorry. You want to go? Yeah, I have I have one more small
1:09:41,320 --> 1:09:47,400
topic. And the reason why I forgot about it is because it's it's very easy. OK, this is regarding
1:09:47,400 --> 1:09:55,400
insurance. All right. You need to be overinsured as opposed to underinsured. OK, the the two for
1:09:55,400 --> 1:10:01,320
Americans, at least the two best insurance companies are anything through a Swiss company,
1:10:01,320 --> 1:10:07,960
ironically, called Chubb, C-H-U-B-B, or a spin off of Chubb called Pure P-U-R-E.
1:10:09,400 --> 1:10:14,520
There are independent brokers that you can contact and they will prepare you quotes and they will
1:10:14,520 --> 1:10:19,880
actually get you multiple quotes and you will you will need a barrage of insurance products. And so,
1:10:19,880 --> 1:10
you know, get ready to pay up. But it's definitely worth it after you reach about I think it's
1:10 --> 1:10:30,200
after 30 million. They will advise you get something called kidnapping and ransom insurance
1:10:30,200 --> 1:10:36,840
as well. And they can provide all this for those that are in Europe. For those that are in Europe,
1:10:36,840 --> 1:10:43,080
it's actually it's a little bit more difficult. Lloyd's of London does service the U.S. as well
1:10:43,080 --> 1:10:49,080
as Europe. The problem is they're extremely expensive, like they're prohibitively expensive.
1:10:49,640 --> 1:10:54,360
So, again, your attorneys and things will help you out with that. Your private client attorneys do
1:10:54,360 --> 1:11:01,320
have relationships with insurance companies. This is for insurance overall or? Every form of
1:11:01,320 --> 1:11:08,200
insurance. So anything, any asset that you have, you know, from from home to yourself, to umbrella
1:11:08,200 --> 1:11:14,920
policies to everything. You need to be overinsured compared to under. And because all of this stuff
1:11:14,920 --> 1:11:19,880
will be within the trust, it'll be fairly easy to handle. If anybody sues you, it's kind of like,
1:11:19,880 --> 1:11:25,160
yeah, you have this great insurance policy, but, you know, they might not even be able to tap into it.
1:11:27,080 --> 1:11:33,640
All right. Thanks for that. Just to note before we go ahead with Resolve there, you did mention
1:11:33,640 --> 1:11:40,200
that JP Morgan, you're with JP Morgan, the largest AOM bank in the U.S. and possibly if
1:11:40,200 --> 1:11:47,720
you're with Credit Suisse or UBS now, I believe. Yeah, yeah. Wait for the crash. And the largest
1:11:47,720 --> 1:11:53,880
AOM in Europe, I believe, as well. Or is that true or would it be Debit Suisse? I'm not really sure.
1:11:53,880 --> 1:11:59,400
No, no, no. It's UBS at this point. Or Deutsche Bank. Yes. So it is. No, Deutsche Bank. No, no,
1:11:59,400 --> 1:12:04,920
it'll be UBS at this point. By the way, there's this guy that I've had previous experience with.
1:12:04,920 --> 1:12:17,160
His name is Chris R. I think this guy is like... I don't know. How do I say it? Yeah.
1:12:18,840 --> 1:12:23,080
He's a shill, right? So we won't... Who cares? All right. Who's next? Resolve.
1:12:23,400 --> 1:12:28,520
Yo, thanks for bringing me up. I just want to say, man, I'm blown away. This is awesome. Thank you
1:12:28,520 --> 1:12:35,160
so much. I appreciate it. I came on to something a few days ago and I've been trying to validate it
1:12:35,160 --> 1:12:40,280
and get some more information about it. And I was hoping maybe you could tell me what your thoughts
1:12:40,280 --> 1:12:48,040
are, if you can. Basically, it's a series of videos that discusses land jurisdiction records
1:12 --> 1:12:56,600
and the claim that we were all forced out into a quote unquote foreign site of trust operating
1:12:56,600 --> 1:13:01,160
in the international jurisdiction of the sea and that we all need to come back as non-citizen
1:13:01,960 --> 1:13:10,840
nationals. And what... Is this all nonsense? It's bullshit. Don't... Okay, listen. No, no, no. It's
1:13:10,840 --> 1:13:15,400
okay. It's okay to ask these questions. I don't mean to disparage anybody. These are all valid
1:13:15,400 --> 1:13:22,360
questions. Here's the issue. Anything that touches, even touches sovereign citizenship,
1:13:22,920 --> 1:13:27,320
get rid of that shit. It doesn't work. It's a very weird interpretation of the law.
1:13:29,640 --> 1:13:31,960
And honestly, it's not going to... Okay. Yeah.
1:13:33,720 --> 1:13:37,800
Right. So yeah, that's why I was trying... I mean, I do have a little bit of a self...
1:13:39,480 --> 1:13:43,560
I pushed myself into the law a little bit so that I have some understanding of
1:13:44,520 --> 1:13:51,160
legalities of things and how the wordage varies. But this was just something that,
1:13:51,160 --> 1:13:54,840
with jurisdiction and what I understand about jurisdiction as well, it was like, oh my God,
1:13:55,560 --> 1:14:02,040
is this legit or what? So it was really intriguing to me, but it's good to hear your voice on that.
1:14:02,040 --> 1:14:06,280
And then one final thing, just quickly, you had mentioned yesterday something about
1:14:07,400 --> 1:14:11,960
making these statements of like, I'm not a financial advisor or whatever in your sense.
1:14:11,960 --> 1:14:15,800
It's pretty much nonsense because you're not getting compensation. Well, I was thinking about
1:14:15,800 --> 1:14:22,360
that and I'm like, all of a sudden now we're getting compensation from X for our contributions.
1:14:22,360 --> 1:14:28,280
Does that essentially turn us into a provider? No, because there's no explicit contract that
1:14:28,280 --> 1:14:31,800
states that you are... The reason why you're clicking follow on this person
1:14:31,800 --> 1:14:34,760
is to accept financial advice. So no, no, absolutely not.
1:14:35,480 --> 1:14:41,880
So as somebody who's just posting and then getting money, I didn't necessarily acknowledge
1:14:41,880 --> 1:14:45,480
myself as a provider that is getting money, therefore I'm not on the other side of the contract.
1:14:45,480 --> 1:14:48,920
No, I mean, I think there's a lot of qualifications. Technically, I am an RA,
1:14:48,920 --> 1:14:56,200
but I'm not giving any fee for service advice. So there's no consideration. So that's legally,
1:14:56,200 --> 1:14:59,960
that's called consideration, where there's basically a fee for service and there's an
1:14:59,960 --> 1:15:06,120
exchange of goods and services. And we're not doing any of that. So we're good to go.
1:15:07,080 --> 1:15:17,080
Oh, that's the phrase. Yeah, these things are just popping up. And so for a person that sets
1:15:17,080 --> 1:15:24,520
themselves up to be a provider as a subscriber, like I want to let people subscribe to me,
1:15:24,520 --> 1:15:27,720
therefore am I providing a service? No, you're fine.
1:15:29,320 --> 1:15:33,320
Right on. Cool, man. Thanks. I appreciate it. And again, thanks for letting me come out, man.
1:15:33,320 --> 1:15:33,800
No worries.
1:15:38,120 --> 1:15:40,600
Yeah, I have a question if that's all right. Of course.
1:15:42,040 --> 1:15:46,120
So it's a little more bigger macro, but if we're talking about trust and banks and all that kind
1:15:46,120 --> 1:15:53,240
of stuff and say there is a tremendous squeeze, would these banks... How would that affect
1:15:54,200 --> 1:15
in a way where there'd be bankruptcies of these banks?
1:15 --> 1:16:01,240
Yeah, many will go under. Many will go under and then you're going to have to have a bunch
1:16:01,240 --> 1:16:04,600
of the federal governments, depending on which country that they're in, to bail them out.
1:16:06,360 --> 1:16:09,960
Inevitably, a lot of these people will be bailed out. And it's going to be kind of a thing where,
1:16:09,960 --> 1:16:13,800
you know, all these regional banks were collapsing recently in America. They will all get...
1:16:16,440 --> 1:16:18,280
They'll all become a part of JPM essentially.
1:16:19,080 --> 1:16:22,760
That's what it seems like. Would that pretty much be the Moas money? Would it just be the
1:16:22,840 --> 1:16:23,480
Fed printing?
1:16:25,160 --> 1:16:26,040
A bunch of it. Yeah.
1:16:27,720 --> 1:16:28,120
All right.
1:16:28,120 --> 1:16:36,280
I mean, yes and no. I mean, there is... Indirectly, yes, is how I'll answer it.
1:16:37,480 --> 1:16:45,240
Because remember, they say that we have $4 quadrillion of derivative value. I think it's
1:16:45,240 --> 1:16:52,600
more like $10 to $15 at least. I mean, you guys, they're hiding the swaps. Like the CFTC is
1:16:52,600 --> 1:16
actively just... I mean, you can't possibly estimate the amount of value that has been
1:16:59,720 --> 1:17:05,240
imbued into the markets. So it's going to be a large play.
1:17:06,840 --> 1:17:07,560
Awesome. Thank you.
1:17:09,960 --> 1:17:13,560
Yo, go ahead, Chad or Rascal. I can't remember which one of you guys were first.
1:17:13,560 --> 1:17:14,280
Chad was first.
1:17:15,880 --> 1:17:18,360
Oh, what a Canadian thing to do.
1:17:19,560 --> 1:17:21,880
I am French Canadian. I haven't admitted that yet.
1:17:21,880 --> 1:17:23,400
Oh, bonjour. Comment ça va?
1:17:23,400 --> 1:17:25,480
Oh, no.
1:17:25,480 --> 1:17:27,560
Oh, you don't speak it? Okay.
1:17:27,560 --> 1:17:34,040
Yeah, I'm surrounded by...
1:17:34,120 --> 1:17:48,760
Okay. Hey, Chad here. I have a question for XYZ. So I want to give some of my money to
1:17:48,760 --> 1:17:54,200
some family members and stuff like that. What is the best way to do... Because I mean,
1:17:54,200 --> 1:17:59,720
obviously, I'm going to get taxed shit on all this. But what do you think is the best way?
1:18:00,600 --> 1:18:03,880
I'm sure there's lots of people in this situation that would want to give some...
1:18:03,880 --> 1:18:05,400
There are many ways you can go about it.
1:18:05,400 --> 1:18:07,400
What is the best way? Legally?
1:18:10,360 --> 1:18:13,560
There is a maximum gift limit that you can give that's tax free. But again,
1:18:15,080 --> 1:18:22,200
the one recommendation I would do, I would really follow is get these attorneys and a CPA first,
1:18:22,200 --> 1:18:26,280
and then just tell them what you want to do. And there are a number of ways they can go about it.
1:18:26,280 --> 1:18:31,720
They can even do it where there will be monthly distributions to them if that's how you want to
1:18:31,720 --> 1:18:36,520
do it. Just yeah, it's quite customizable. A lot of stuff you can do.
1:18:40,760 --> 1:18:46,200
Yo, Andar, I believe you're planning to set up your own animal sanctuary and
1:18:47,720 --> 1:18:49,720
some other thing I remember that was very...
1:18:49,720 --> 1:18:51,320
Pediatric hospice. Yeah.
1:18:52,120 --> 1:18:57,480
Nice. Do you plan to go about the same way?
1:18:58,040 --> 1:19:03,400
It will be through a 501c3 corporation. So that will require filing, I believe it's called a 1023.
1:19:04,120 --> 1:19:09,320
And then again, this is all US code, by the way. I apologize. I know we're a global group, but...
1:19:11,720 --> 1:19:14,120
Oh, yeah. When are we going to do the Canadian version of this?
1:19:16,840 --> 1:19:18,520
I have no comments on Canada.
1:19:19,400 --> 1:19:23,960
I guess it's the same kind of idea, I guess.
1:19:24,920 --> 1:19:31,800
With nonprofits that are 501c3s, you can donate a maximum, I believe, of 50% of your AGI,
1:19:31,800 --> 1:19:37,640
your adjusted gross income. Again, this is all US based. For family foundations, I think the limit
1:19:37,640 --> 1:19:44,600
is 30. There may be some exceptions. So again, your CPA will assist you with all this. There
1:19:44,600 --> 1:19:50,520
are plenty of ways to save money on tax. Don't sweat this. You're going to be fine.
1:19:51,560 --> 1:19:58,040
Yeah. I guess it was just the best way to set up any kind of foundation or charitable organization.
1:19:58,040 --> 1:20:03,960
Your attorney can easily set you up. Nonprofit law is a burgeoning industry,
1:20:05,080 --> 1:20:08,200
mainly because there's a lot of money laundering in it. But let's not comment on that.
1:20:10,040 --> 1:20:12,360
All right. Well, we'll ask about that part next time.
1:20 --> 1:20:18,520
All right. Any more questions? I saw somebody requested there and then
1:20:19,080 --> 1:20:23,560
dropped down. But please feel free to ask any questions.
1:20:23,560 --> 1:20:25,240
Betts, how are you doing for time? Are you all right?
1:20:25,240 --> 1:20:28,280
I'm okay. I can stick around for a little bit. Sure. Of course.
1:20:28,280 --> 1:20:30,120
Cool. Thank you so much, by the way, for sharing all this knowledge.
1:20:30,120 --> 1:20:34,280
No problem. Hopefully, some of this stuff helps. If it just guides you in the right direction,
1:20:34,280 --> 1:20:37,720
that's fine. Some of these attorneys are uncomfortable with dealing with foreign trusts.
1:20:38,520 --> 1:20:43,640
Just get a second opinion. I mean, I'm dealing from this from a criminal perspective.
1:20:44,600 --> 1:20:50,040
And remember, most of these trust attorneys, they deal with, well, generally honest clients.
1:20:53,240 --> 1:20:59,960
So sometimes it's difficult for them to see that foreign trusts do tend to supersede the protection
1:20:59,960 --> 1:21:03,560
that domestic ones do. By the way, I don't remember if I mentioned this,
1:21:04,760 --> 1:21:10,760
but again, if you're a foreign jurisdiction from the US, this is generally why many people from
1:21:10,760 --> 1:21:16,440
foreign jurisdictions will end up signing up for what is called a domestic asset protection trust.
1:21:17,400 --> 1:21:20,760
So basically, it's kind of ironic, but if you're outside of the US,
1:21:20,760 --> 1:21:24,040
you'll actually get more protections in the US than if you were in.
1:21 --> 1:21:28,280
All right. Go ahead, Rizal.
1:21:30,040 --> 1:21:35,800
I took my hand down, but let's see. Just really quick. I don't know if you want to touch this or
1:21:35,800 --> 1:21:45,320
not. I mean, I am an honest and law-abiding person, but I had some things from when I was
1:21:45,320 --> 1:21:51,960
younger that have impacted me financially. So like, I'm carrying this around with me.
1:21:53,880 --> 1:22:00,040
In all senses of the term, it's not fair to my family. So I've commingled assets and money
1:22:00,920 --> 1:22:06,600
in my account from other family members. But as far as the world is concerned, those are my assets.
1:22:06,600 --> 1:22:16,200
So when those assets balloon, for whatever reason, I want to be able to establish
1:22:17,640 --> 1:22:23,320
that those assets would come from different entities essentially into my account,
1:22:24,360 --> 1:22:28,600
which would essentially mean that I didn't designate myself as a manager or whatever.
1:22:30,040 --> 1:22:38,840
I don't know if there's any hope in establishing that distinction between the origin of the assets.
1:22:38,840 --> 1:22:42,360
No, there's really not. You'll probably end up going to jail, and I wish you well.
1:22:43,320 --> 1:22:44,920
No, I'm kidding. I'm kidding. Relax.
1:22:47,640 --> 1:22:48,360
That's already happened.
1:22:49,480 --> 1:22:56,760
Okay. Anyway, that's okay. No problem. What I would do is if you're going through this right now,
1:22:57,320 --> 1:23:02,920
I would try to get a local CPA right now and tell them exactly what you're doing.
1:23:02,920 --> 1:23:07,320
Because you need to take care of this ASAP. Because this is not legal, right?
1:23:09,320 --> 1:23:15,320
Yeah, it was essentially a car accident. And I was a teenager. They bent me over.
1:23:15,320 --> 1:23:20,360
Hey, hey, hey. Stop talking. I'm telling you. This can all be admissible. Okay?
1:23:21,160 --> 1:23:26,520
Shh. Quiet. You know what? Actually, this reminds me. Stop talking to cops. Okay?
1:23:27,400 --> 1:23:32,280
You know, every time we get depots, which are called depositions, right? Everybody squeals.
1:23:32,280 --> 1:23:38,040
I don't understand this. Okay? If any of you have wives or girlfriends or things of that nature,
1:23:38,040 --> 1:23:44,360
talk to them about how to concoct a story. I'm telling you. Okay? In the court of law,
1:23 --> 1:23:50,840
they will spin a story that is so unbelievable. I'll question my own data. But for some reason,
1:23:50,840 --> 1:23:56,040
men will just openly admit it. They're like, yeah, I killed him. Like, dude, hold on. They haven't
1:23:56,040 --> 1:24
even asked you if you killed the guy. Right? So you want to be incredibly careful with what you
1:24 --> 1:24:08,920
say. Right? And especially if this is recorded. Just please. You know, like, my advice basically,
1:24:08,920 --> 1:24:15,160
just to, you know, summarize, all this is like, shut up. Okay? Not specifically to you. I'm not
1:24:15,160 --> 1:24:19,080
trying to disparage you in any kind of way. No judgment. That's okay. Everybody goes through
1:24:19,080 --> 1:24:27,800
things. Oh. Oh, sorry. I was just adding someone there. Okay. Yeah. No, I'm not disparaged. I
1:24:27,800 --> 1:24:35,080
appreciate that. No, no, no, nothing. You need to, you need to have extended attorney-client
1:24:35,080 --> 1:24:38,840
privileges before you speak with your attorney. Your attorney will tell you everything.
1:24:38,840 --> 1:24:43,080
Don't make any media appearances. Don't make, don't do, you don't, you just shut up. I'm telling you,
1:24:43,640 --> 1:24:45,240
you're going to get away with it if you shut up.
1:24:48,200 --> 1:24:56,840
Yeah. Don't, don't. Okay. No, really. It's, this is like, I see this all the time. Okay. Stop
1:24:56,840 --> 1:25:01,640
self-snitching. I'm telling you. Why did you tell us that if you have an accomplice,
1:25:02,200 --> 1:25:05,480
if it's a woman, you're going to get, I don't know what you're talking about.
1:25:06,600 --> 1:25:09,400
I didn't say any of that. That's why I didn't record that.
1:25:12,680 --> 1:25:16,040
That was some statistic about getting, they will generally throw you under the bus.
1:25:16,040 --> 1:25:19,240
Like it's like 80%. It's some ridiculous statistic.
1:25:20,280 --> 1:25:24,120
Wow. All right. Yeah. Well, you know, the bras before, I guess so.
1:25:24,760 --> 1:25:30,840
Who had a question there? Rafink, how's it going?
1:25:30,840 --> 1:25:35,800
It's going good. First off, I just want to thank Mr. Z for taking the time to do this.
1:25:35,800 --> 1:25:42,200
Sure. I joined a little late, so I have two questions or two part questions.
1:25:43,640 --> 1:25:52,280
Over time, you'd been talking about Chambers.com being a good source to find legal help, etc.
1:25:52,760 --> 1:26:00,840
Can you give it like the first couple of steps? I guess my main question is you find a lawyer,
1:26:01,480 --> 1:26:04,440
what does that conversation sound like when you're talking to them?
1:26:05,240 --> 1:26:08,920
When you find the individual. Okay. Yeah. Sorry. Go ahead. No, no. That's your second part. Sorry.
1:26:08,920 --> 1:26:12,680
Yeah. And the second part was all of this information that you're giving us,
1:26:13,960 --> 1:26:21,560
what dollar amount of accumulation are we talking at? I mean, is it a million dollars?
1:26:22,280 --> 1:26:25,720
I would suggest after five to 10 million, you can start doing this.
1:26:25,720 --> 1:26:32,040
Okay. People have done it with less money, by the way. But this is just like a general,
1:26:32,600 --> 1:26:36,360
you're honest to God, once you sign up for banking, they're going to tell you to do this,
1:26:36,360 --> 1:26:41,080
like depending on your net asset value and your liquidity profile. To answer your first part,
1:26:42,120 --> 1:26:46,360
the conversation is really easy. You're going to tell them, you always be honest with your
1:26:46,360 --> 1:26:50,040
attorneys, okay? With your CPAs, with your attorneys, you can be honest with them. There
1:26:50,040 --> 1:26:55,320
are extended privileges between you two. Okay. Everything's okay. They have to act in your best
1:26:55,320 --> 1:27:01,320
interest. Okay. So you tell them, look, I want to set up a trust and estate plan.
1:27:02,040 --> 1:27:07,320
And I have this amount of liquidity available in these accounts. And could you help me out?
1:27:07,320 --> 1:27:13,240
And they will get to work. A lot of this stuff is templated. And then what they tend to do is
1:27:13,240 --> 1:27:18,120
they attach things for individuals because everybody's also unique, right? And so some
1:27:18,120 --> 1:27:22,280
people want to start a certain foundation. Some people might want to start XYZ, whatever it might
1:27:22,280 --> 1:27:28,280
be. But it's all kind of, you're really paying them a lot of money for a bunch of templates that
1:27:28,280 --> 1:27:39,480
they have. So hope that helps. Yeah. I appreciate the answer. Thanks. Of course.
1:27:40,360 --> 1:27:50,120
I got a dumb IRA question. I mean, most of it isn't in an IRA. Most of my shares are in a
1:27:50,120 --> 1:27:57,640
basic brokerage. Just like individual accounts? Yeah. Just an individual account. But I have some
1:27:57,640 --> 1:28:03,160
in an IRA account that I'm using some money that I'm going to roll over from an old 401k.
1:28:04,120 --> 1:28:10,280
So I got to cut. Should I put it in an IRA or should I just put it in and pay the
1:28:11,960 --> 1:28:18,920
fees and put it in an individual? Is it going to be more difficult if it's in an IRA account,
1:28:18,920 --> 1:28:21,560
put it in like a trust or anything like that? No, not at all. No.
1:28:22,600 --> 1:28:27,240
Okay. So I mean, it's like, that's fine. I can set that a little bit aside.
1:28:27,240 --> 1:28:32,760
So wait, wait, wait. I need to ask you a question. Hold on. So you're rolling over your 401k into an
1:28:33,080 --> 1:28:39,480
IRA, right? Yeah. It's from an old company. It's only like, you know, $1,400.
1:28:39,480 --> 1:28
No problem. Just make sure it's documented. Your brokerage is going to send you some documentation.
1:28 --> 1:28:51,240
Just give it to your CPA. They'll handle all of it. Yeah. Okay. Cool. Dr. Kass.
1:28:53,480 --> 1:28:57,880
Yeah. First of all, thanks, XYZ, for doing this. I really appreciate a lot of information.
1:28:58,520 --> 1:29:03,640
Second, what do you recommend about healthcare when it comes to getting private insurance versus
1:29:03,640 --> 1:29:08,200
insurance through a trust? For us, US-based people that have to pay for our own health insurance.
1:29:08,200 --> 1:29:12,760
No. So it'll be through private insurance. You'll have to basically sign up for whatever your state
1:29:12,760 --> 1:29:18,600
will allow you to sign up for. In general, what the wealthy tend to do is they'll have a concierge
1:29:18,600 --> 1:29:22,760
service instead. So it's called boutique medicine or concierge medicine. And they'll just come to
1:29:22,760 --> 1:29:26,920
your house or they'll do telemedicine. So you'll have an individual doctor. There are certain
1:29:26,920 --> 1:29:32,840
states that actually have programs with hospitals. So you pay them a flat monthly fee and you get VIP
1:29:32,840 --> 1:29:43,880
service. He currently has this. Yeah. Yes, I do. Yeah. Yeah. That's crazy. So hope that helps.
1:29:46,600 --> 1:29:51,880
Oh, can we talk about... Actually, I do have one section that I kind of left off, but I might as
1:29:51,880 --> 1:29:56,920
well talk about it because it'll take like two minutes. Let me pull up my... Give me a second.
1:29:57,720 --> 1:30:01,240
The more the merrier. Yeah. Give me one second.
1:30:01,240 --> 1:30:05,080
What are we going to do when you go dark? I mean, you'll have this recording. It'll be fine.
1:30:06,200 --> 1:30:11,560
Yes. This is all the information I have. So by the way, this is all accumulated over five years
1:30:11,560 --> 1:30:21,160
of constant mistakes. Right? And so that's why I'm like, listen, this is just... It's better to
1:30:21,160 --> 1:30:25,320
just tell you guys and you guys can just run with the information. Right. Okay. I want to talk to
1:30:25,320 --> 1:30:31,880
you guys about strategic... No, no, no. I don't offer any services. Okay. Strategic donations.
1:30:31,880 --> 1:30:36,120
Okay. I want to talk about this. It's called reciprocal altruism. Some of you might hate
1:30:36,120 --> 1:30:43,800
this concept. I don't care. You want to make recurring donations to your community. Okay.
1:30:43,800 --> 1:30:48,200
So what I like to do is I like to make it to my local police precinct, my local fire department,
1:30:48,200 --> 1:30:53,320
my local tier one hospital that isn't academically related because I don't want residents touching me,
1:30:55,320 --> 1:31:00,920
my local top university oncology facility that's closest to me, my local top cardiac facility
1:31:00,920 --> 1:31:05,640
that's closest to me, as well as if you have children, you want to donate to a top pediatric
1:31:05,640 --> 1:31:09,880
facility that's closest to you, as well as a highly ranked private school in your area. Okay.
1:31:12,040 --> 1:31:16,920
And then the last... The funniest thing is in this list that I wrote quickly,
1:31:17,160 --> 1:31:21,640
the last item is organizations that you actually care about. Okay. So these are the kinds of
1:31:21,640 --> 1:31:28,280
donations that you want to make. If you want to try to, I don't know, not escape the law or kind
1:31:28,280 --> 1:31:34,200
of evade the law, but you want very kind politicians, you want to start making political donations.
1:31:34,200 --> 1:31:38,600
Right. And then there are actually consulting companies that will help you out with this on
1:31:38,600 --> 1:31:43,560
which kind of strategic donations to make, so on and so forth. If you want to build a brand,
1:31:43,640 --> 1:31:50,760
you should hire one of the top four PR firms. There's a whole world out there, go and find it.
1:31:52,040 --> 1:31:55,160
I just want to get out a really high speeding tickets.
1:31:55,960 --> 1:32:02,680
So for example, in certain states, I will tell you just through what I know, in certain states,
1:32:02,680 --> 1:32:06,280
if you donate to your local police precinct, they'll actually give you a sticker or a card.
1:32:07,960 --> 1:32:10,920
Yeah. It tends to work. I don't know.
1:32:10,920 --> 1:32:12,600
It helps. It does help.
1:32:13,560 --> 1:32:13,880
Sometimes.
1:32:13,880 --> 1:32:18,760
But I would never put decals on your car because people are psycho.
1:32:18,760 --> 1:32:20,600
Yeah, I mean, I can't do that.
1:32:20,600 --> 1:32:25,640
And they will... My favorite decals on cars that I see are the ones with like,
1:32:25,640 --> 1:32:29,160
you know, Zig Zawa or like Glock or something. I'm like, dude.
1:32:30,440 --> 1:32:32,040
Yeah. You're just advertising.
1:32:32,040 --> 1:32:34,680
You're like, hey, come take my gun. What's wrong with you?
1:32:34,680 --> 1:32:35,960
Seriously. Oh my God.
1:32:35,960 --> 1:32:36,520
You loser.
1:32:38,280 --> 1:32:41,800
Which you think a lot alike in some ways. It's funny.
1:32:41,800 --> 1:32:42,360
Absolutely.
1:32:43,400 --> 1:32:47,080
So these are the kinds of donations I would make. I would set this up through,
1:32:47,080 --> 1:32:50,840
you know, there's a lot more freedom if you set this up through a family foundation than a DAF.
1:32:51,480 --> 1:32:54,840
But there are many ways of going about this. So I wish you well.
1:32:54,840 --> 1:33:01,160
Okay. Can you run through some of the, I guess, speculated benefits of those donations?
1:33:01,160 --> 1:33:01,480
Sure.
1:33:01,480 --> 1:33:03,400
Your local precinct, your local...
1:33:03,400 --> 1:33:07,320
So your local precinct, the way that it works is once you make a donation there,
1:33:07,960 --> 1:33:13,080
I have some friends who've done this and the county that I'm in, they don't give a shit.
1:33:13,080 --> 1:33:18,520
So I stopped donating to them. But certain counties, what they'll do is they'll give
1:33:18,520 --> 1:33:23,400
you a private number where you can just call, you know, an individual number and they'll come
1:33:23,400 --> 1:33:27,640
to your house. Like in the state that I am, the police will just never come to your place.
1:33:28,440 --> 1:33:32,520
So it's gotten rather impossible. But in, you know, in other places,
1:33:32,520 --> 1:33:35,080
they'll give you a special number and you'll call them.
1:33:35,960 --> 1:33:40,760
An off-duty cop will come up to your, you know, your dwelling and be like,
1:33:40,760 --> 1:33:46,360
Hey, what's going on? You may also get special treatment with the law.
1:33:46,360 --> 1:33:50,280
So in case if you get caught with, you know, self-defense charge or whatever it may be,
1:33:50,280 --> 1:33:55,080
they'll let you go. You know, I've heard various stories of them,
1:33:56,280 --> 1:34:02,440
of them intentionally dropping the ball. So they're not following proper procedures on purpose.
1:34:03,240 --> 1:34:05,960
So that they'll let you go on, you know, they can let you go.
1:34:06,600 --> 1:34:10,840
Your fire department, if you donate to them, they may show up to your house first.
1:34:12,120 --> 1:34:14,840
You know, if you have any problems, they'll give you a private line.
1:34:14,840 --> 1:34:18,520
Your insurance company will also help you out with this, by the way. So like Chubb and Pure
1:34:18,520 --> 1:34:22,520
will have private firefighters that will arrive to your place.
1:34:22,520 --> 1:34:27,400
So you're just kind of covered all over. Your hospital, they'll treat you like a VIP.
1:34:28,680 --> 1:34:31,960
Oncology and cardiac, the reason why I recommend those is because we're all either
1:34:32,040 --> 1:34:37,880
dying of cancer or a heart attack. Okay. So, you know, donate to those units.
1:34:40,440 --> 1:34:44,760
And make sure that they know who you are, right. So make sure that they know that you're affiliated
1:34:44,760 --> 1:34:49,880
with XYZ foundation or, you know, whatever it's named. And then for children,
1:34:49,880 --> 1:34:52,600
You'd be donating from a foundation?
1:34:52,600 --> 1:34:56,520
Absolutely. You need to donate from a foundation. Absolutely. So the way that it works is you,
1:34:57,400 --> 1:35:03,560
as you know, the individual will allocate part of your cash flow that you've made throughout the
1:35:03,560 --> 1:35:08,520
year. You're basically your AGI. You'll donate a part of it to your family foundation. Okay.
1:35:08,520 --> 1:35:14,360
And this will all be again, managed via your CPA. And then from there, you can donate it into
1:35:15,240 --> 1:35:20,200
basically whatever you want. I mean, family foundations are extremely unregulated. Okay.
1:35:20,200 --> 1:35:29,160
Which I like. So, and then for children, of course, pediatric facilities help as well as a,
1:35:29,800 --> 1:35:34,600
you know, I mean, I advocate for private schooling because the public schooling
1:35:34,600 --> 1:35:41,720
system sucks. No, it's turning into a free for all. It's kind of a zoo at this point. And so,
1:35:43,160 --> 1:35:48,200
you know, but, you know, to each his own. And then organizations and causes you care about,
1:35:48,200 --> 1:35:52,520
that's fine too. Local colleges that you want your kid to get into. You can also
1:35:52,520 --> 1:35:57,480
donate to them as well. Once they're, you know, 16, maybe you can start, you can make them a call.
1:35:58,280 --> 1:36:02,760
You can always talk to every one of these facilities, by the way, they all have a donor
1:36:02,760 --> 1:36:07,720
relations team. So you can write that down donor relations. You call them up and you tell them,
1:36:07,720 --> 1:36:13,400
listen, I want to establish a recurring donation with you guys. One time donations are cool
1:36:14,040 --> 1:36:17,480
and they like it, but they tend to prefer recurring from just my experience.
1:36:18,600 --> 1:36:24,680
That's so interesting. I really appreciate your answer on that. We got Cosmin and then Maz.
1:36:25,560 --> 1:36:33,240
Yes, sir. I would like to thank you for everything. And I'm certain that after this is over,
1:36:33,240 --> 1:36:38,200
I'll probably never hear from you. So again, I would like to thank you for everything. You,
1:36:38,920 --> 1:36:44,280
at least me, you helped me a lot with all this information and now I have to head out. So
1:36:44,840 --> 1:36:49,080
everyone. Hey, no problem, man. Thank you. Thank you so much. You asked great questions. So,
1:36:49,080 --> 1:36:53,480
so I appreciate it. Thank you. I'm still quite young and I'm still learning and I'm still
1:36:53,480 --> 1:36:57,400
trying to be. Don't worry about it. We're all, we're all trying to make it. I understand. Yeah.
1:36:57,400 --> 1:37:01,960
I'm trying to be around people like you, you know, so thank you. I'll have to head out.
1:37:01,960 --> 1:37:08,280
Have a nice one. Okay. All right. Thanks. Take care. Bye. All right. What's up Maz?
1:37:09,240 --> 1:37:14,200
Hey, what up, professor XYZ? I just want to say thanks for everything and all the intel.
1:37:15,400 --> 1:37:19,960
No. What would you suggest for like relocation services for someone who's like slightly,
1:37:19,960 --> 1:37:24,600
you know, who can't really like manage to get a lot of stuff? Say I do relocate and get land
1:37:24,600 --> 1:37:28,040
somewhere like in the States or whatever. What would you suggest for a lot rather than like,
1:37:28,040 --> 1:37:32,440
you know, some ordinary like U-Haul, do you know like professional like services that can like put
1:37:32,440 --> 1:37:37,240
everything in like a truck or like get stuff like delivered in like a more of a practical manner?
1:37:38,920 --> 1:37:44,200
That's a, that's a fantastic question. I have no idea. I'm sorry.
1:37:46,520 --> 1:37:48,280
You stumped me. I'm telling you, I have no clue.
1:37:50,040 --> 1:37:54,680
If this happens, like, you know, and like, like everybody like moves out and gets like relocates,
1:37:54,680 --> 1:37:58,520
like, do you know of any like things that can like, you know, movers or something like that,
1:37:58,520 --> 1:38:02,920
that like, you know, professionals or someone like, you know, in that, like in our tax brackets,
1:38:02,920 --> 1:38:05,160
that can like, you know, get stuff professionally done and moved.
1:38:05,960 --> 1:38:12,760
You can try this company called the Nines. Okay. It's called the space Nines. N-I-N-E-S.
1:38:13,320 --> 1:38:18,680
They may be able to help you out there. They mostly do domestic staffing. And, you know,
1:38:18,680 --> 1:38:24,280
I intentionally didn't talk about like all the vanity stuff that you can do because, you know,
1:38:25,160 --> 1:38:30,680
you might end up spending too much, but there's a company called the Nines that that's pretty good.
1:38:30,680 --> 1:38
There's another concierge service called quintessentially. It's just spelled like the word.
1:38 --> 1:38:41,240
They're like, okay, I don't know. I have problems with the way that they email me sometimes.
1:38:42,040 --> 1:38:45,480
They'll like email me random persons. They'll like respond to somebody's email
1:38:46,520 --> 1:38:50,920
that I'm not even a part of. And they'll basically dock their own clients.
1:38:52,200 --> 1:38:57,400
I mean, I know that sounds horrendous, but yeah, I mean, I don't know. The problem is there's not
1:38:57,960 --> 1:39:02,680
these kinds of services like suck nowadays. They used to be really good 20 years ago. And they're
1:39:02,680 --> 1:39:06,520
just like, they're really shit at this point. So like, I don't have a personal assistant. I don't
1:39:06,520 --> 1:39:09,160
have any executive assistants. I just handle everything from a couple apps.
1:39:11,960 --> 1:39:14,920
Gotcha. No, I appreciate it. No, that was just something that crossed my mind. Like when it
1:39:14,920 --> 1:39:17,240
came to like, you know, free, I'll do get somewhere and go somewhere.
1:39:17,240 --> 1:39:21,240
No, that's a great question. Hey, man, you've stumped me.
1:39:21,320 --> 1:39:27,320
You've stumped me. No, no, I didn't mean to something more than helpful. But no, that's
1:39:27,320 --> 1:39:31,160
all I have. And I just really like really appreciate everything. You seem real genuine.
1:39:31,160 --> 1:39:33,400
I just want to thank you, man. No worries, man. I appreciate it.
1:39:33,400 --> 1:39:36,600
No worries, man. I appreciate it. All right, cool. Floor can be forever.
1:39:38,120 --> 1:39:40,680
All right, DaBaby, let's go. What's up?
1:39:41,560 --> 1:39:49,080
So I also wanted to give my two cents on PostMoAs asset management. So
1:39:49,320 --> 1:39:54,040
my my full fledged portfolio will look like Ligma,
1:39:55,880 --> 1:40:03,240
loop ring, immutable X, GameStop, Microsoft, Apple, Bitcoin and ETH. That's it. Seven,
1:40:03,240 --> 1:40:11,240
seven assets and then also land. But the big curious thing is you're aware of donor advised
1:40:12,200 --> 1:40:22,120
funds, right? XYZ. So is there anybody that's qualified to. So like if I'm able to you say I
1:40:22,120 --> 1:40:32,040
make a bill off GameStop. Which could be a pretty big possibility if we all hold for a long, long
1:40:32,040 --> 1:40:40,280
time. So 200 million would go to taxes. 300 million would go to taxes. How do I guarantee that?
1:40:41,240 --> 1:40:47,640
Government does not get a fucking cent and we can form a Dow's through self-directed
1:40:48,440 --> 1:40:55,880
donor advised funds because I want to deploy smart contracts, say for food banks.
1:40:57,080 --> 1:41:05,400
And want to pay everybody in loops or say, you know, a big project of mine would be let's bring
1:41:06,360 --> 1:41:13,400
manufacturing back to America. Yet, you know, we can use Mexico as a huge training partner.
1:41:15,240 --> 1:41:19,800
You know, pay them all in loops, you know, like pay them all a thriving wage.
1:41:21,960 --> 1:41:28,920
That'll be a great way to onboard tens of millions of people. We I think we can do it.
1:41:29,240 --> 1:41:36,840
We have 500,000 subject matter experts in their own field all over the world. But how would you
1:41:36,840 --> 1:41:44,360
go about setting up a donor advised funds for a Dow and not letting the government have a fucking
1:41:44,360 --> 1:41:51,560
cent of it? So I likely wouldn't do it via a debt. But the first thing, again, I would do is I would
1:41:51,560 --> 1:41:55,160
hire one of those private client attorneys and tell them what you exactly want to do.
1:41:55,800 --> 1:41:59,800
Because the things that you want to do are immensely complex and it's going to likely
1:41:59,800 --> 1:42:08,120
require you to form a corporation. So like an LLC? An LLC possibly taxed as a C corp. Yeah.
1:42:08,680 --> 1:42:13,880
Gotcha. And I was thinking like if, you know, someone not qualified are able to do that,
1:42:14,600 --> 1:42:24,600
not that incense, but if I wanted to like, you know, put 5% of my capital gains taxes that
1:42:24,600 --> 1:42:29,880
would, you know, instead of going to the government, it can go into like maybe one to 5%.
1:42:29,880 --> 1:42:36,360
But Fidelity, they have their own crypto donor advised fund. So I, you know, I hate to say it
1:42:36,360 --> 1:42:43,480
like if I really have to, I can put some of it like one to 5% of what I originally was going to
1:42:43,480 --> 1:42:49,320
pay the taxes in a Fidelity donor advised fund in Bitcoin or Ethereum. You know, when Bitcoin's
1:42:49,320 --> 1:42:53,720
out, like, you know, I think it's going to go to 4,000 a coin. So it's, I'm going to be able to
1:42:53,720 --> 1:43:00,280
ride that wave up and we'll be able to give so much to charity. So like that could be a custodian,
1:43:00,280 --> 1:43:06,280
like a, like a faster or a fast track way of getting, yeah, they'll be able to do that too.
1:43:06,920 --> 1:43:12,120
You can call Fidelity brokerages, Fidelity brokerage, tell them what you want to do.
1:43:12,120 --> 1:43:17,400
And then they can set something up. So instead of paying your taxes, you can,
1:43:17,400 --> 1:43:27,480
you know, really gift all of it. Is that what? No. Well, it's complicated. Guys, just you should
1:43:27,480 --> 1:43:32,600
really use a CPA. I'm just going to word it at that. There's really only a max AGI that you can
1:43:32,600 --> 1:43:41,320
donate. Yeah. I'm sure there's caps. Yeah. It basically ranges from 30 to 50%. There have been
1:43:41,320 --> 1:43:47,800
some exceptions recently, but it's again, that's why you have a CPA. Yeah. But if you can get it
1:43:47,800 --> 1:43:53,720
down to, I mean, if you get down to 15%, you know, and just gift away, that'd be nice.
1:43:54,360 --> 1:43:58,120
And then of course, from your future assets, you use the buy, borrow, die principles. So you
1:43:58,120 --> 1:44:01,880
basically, you buy broad market mutual funds or whatever portfolio that you want to arrange.
1:44:02,520 --> 1:44:08,280
And then you borrow from that using pledged asset lines or secured back security back loans. That's
1:44:08,280 --> 1:44:12,760
through your bank. They will charge you a nominal interest rate. And then subsequently,
1:44:14,360 --> 1:44:20,760
you do what is known as a step up in cost basis when you do the estate transfer. So essentially,
1:44:20,760 --> 1:44:24,520
you'll never pay your loan back, which is the best. I mean, that's, it's like the best thing
1:44:24,520 --> 1:44:32,040
in the world. I mean, X, Y, Z, like for me, like I was just thinking like doing that same thing,
1:44:32,040 --> 1:44:38,680
but like never use my computer share as any collateral. Like I'll just have 10 million
1:44:38,680 --> 1:44:45,320
infidelity in like Apple and Microsoft, buy it at the low and just ride that. I will not, you know,
1:44:48,040 --> 1:44
it will likely be, I wouldn't use fidelity for, for secure back loans. I would use your bank's
1:44 --> 1:44:58,760
brokerage. They will give you way better rate than fidelity. Fidelity, you'll have like 10
1:44:58,920 --> 1:45:02,840
million infidelity. They'll be like, Oh, it's still 9%. You wouldn't catch me paying 9% on that.
1:45:03,400 --> 1:45:08,440
Anyway. Oh, hell no. I just want to add as well, in terms of exchange rates,
1:45:08,440 --> 1:45:14,120
using your broker to exchange your, your cash, like, can we, okay. Yeah. Sorry. I just think
1:45:14,120 --> 1:45:19,720
that's a great, you get a much better, well, if you're using IBK or particularly you're getting
1:45:19,720 --> 1:45:25,800
a much better exchange rate. So before you guys just dump it out into your local bank account,
1:45:26,520 --> 1:45:29,560
you know, speaking of where somebody was talking about real estate and land, I just want to talk
1:45:29,560 --> 1:45:32,840
about that really quickly. It'll take, you know, 30 seconds. Yeah. I was going to suggest
1:45:32,840 --> 1:45:40,920
a tech. If anybody is interested in real estate and land. Okay. Let's talk about corporate real
1:45:40,920 --> 1:45:44,600
estate first because, you know, residential real estate is different. Everybody has their own
1:45:44,600 --> 1:45
preferences. They can do whatever they want. That's okay. I've already talked to you about
1:45 --> 1:45:52,520
different trust structures that you can implement to protect your assets and so on. So, you know,
1:45:52,520 --> 1:45:59,960
you guys are good to go. I want to know what's up. I want a mountain. You want a mountain or a
1:45:59,960 --> 1:46:06,200
valley? Let's say a valley. Yeah. So, so, so, you know, I'll talk about, I'll start with land first
1:46:06,200 --> 1:46
because it's easy land, unless if you're doing rezoning or development upon this land, there's
1:46 --> 1:46:18,120
no cashflow. You cannot collateralize it for cash. Try to go to a private lender or bank. They're not
1:46:18,120 --> 1:46:24,200
going to give you anything. I assure you, most ranch hands and farmland owners that are generational
1:46:24,200 --> 1:46:29,160
owners of this land, they want to sell the land because they have no liquidity. Unfortunately,
1:46:29,160 --> 1:46:37,960
with a lot of these investments, there's a gigantic issue with this notion of, you know,
1:46:37,960 --> 1:46:43,160
being house rich versus cash poor. And most of these people, I'm telling you, once you do these
1:46:43,160 --> 1:46:50,280
asset polls, you're going to see they're cash poor. So, you know, and in terms of corporate
1:46:50,280 --> 1:46:55,400
real estate investing, I would hire an excellent corporate broker. Don't hire your friend that like
1:46:56,200 --> 1:47:00,280
sells track homes once every month or, you know, whatever it may be. Just hire some,
1:47:00,280 --> 1:47:06,440
you need to hire demand experts. I promise you, if they charge more, you also probably likely need to
1:47:06,440 --> 1:47:11,400
hire a real estate attorney. Your private client attorney will advise you on this. It's not a
1:47:11,400 --> 1:47:17,400
problem. Again, it's easily doable. And they will help you navigate these contracts. These
1:47:17,400 --> 1:47:22,520
corporate contracts are very difficult to read. Real estate law in and of itself, I mean, we've
1:47:22,520 --> 1:47:26,360
been dealing with it with Bed Bath & Beyond, remember, with all the leases? It's immensely
1:47:26,360 --> 1:47:33,080
complex. And so I urge you to hire the experts. They will guide you through it. I would refrain
1:47:33,080 --> 1:47
from corporate office space and from anything retail related. This market is basically going
1:47 --> 1:47:46,440
to be dead for the next, I don't know, five to 10 years. Most of the investors, remember,
1:47:46,440 --> 1:47:51,160
the majority of the investors that are investing in real estate right now are doing what is called
1:47:51,160 --> 1:47:57,800
a 1031 or a reverse 1031 exchange. What that means is they've already been investing in real estate
1:47:57,800 --> 1:48:02,280
and they want to avoid capital gains tax. Therefore, they transfer the profits that they
1:48:02,280 --> 1:48:08,520
make from the units that they've just sold and they transfer it onto their next property. Okay.
1:48:08,920 --> 1:48
So, these are not like novel real estate investors. This is all, you know, these people
1:48 --> 1:48:24,200
are well established. And so I would kind of hold up a little bit until the corporate mortgage-backed
1:48:24,200 --> 1:48:31,720
securities rate, the default rate goes above 8%. Right now, I think we looked it up like yesterday
1:48:31,720 --> 1:48:37,880
or the day before and it was at 3.5, maybe 4%. It's easily going to shoot up. Remember, in cities,
1:48:38,600 --> 1:48:46,680
these kind of mixed use office spaces, there's anywhere from 30% to 60% vacancy. Right? This is
1:48:46,680 --> 1:48:54,840
not good. So, I urge you to be careful. The time-tested ones tend to be warehouses as well
1:48:54,840 --> 1:48:59,560
as things like Lowe's, Home Depot, grocery stores are good. As long as there's no gym connected,
1:48:59,560 --> 1:49:04,360
there tend to be a lot of homeless people running around in the gym. But these things,
1:49:04,360 --> 1:49:07,800
you'll just build through experience and you're going to make a lot of mistakes. It's okay.
1:49:08,520 --> 1:49:14,120
Everybody goes through it. And then there was something else that I wanted to talk about.
1:49:14,120 --> 1:49:17,720
I completely forgot. It's actually quite important. Uh-oh.
1:49:19,320 --> 1:49:21,080
It may be real estate.
1:49:21,080 --> 1:49:28,280
It'll come to you. Land and real estate. And you were talking about buying sort of-
1:49:28,280 --> 1:49:30,120
It's probably not a big deal. It'll be fine.
1:49:30,120 --> 1:49:32,600
Yeah. You were talking about the triple X or-
1:49:32,600 --> 1:49:36,760
Oh, sorry. So, there are triple net properties. Oh, that's right. I wanted to talk about cap rates.
1:49:36,760 --> 1:49:41,640
There's something called capitalization rate. You want to make sure your cap rate is above
1:49:42,440 --> 1:49:47,640
your mortgage interest. Okay? So, look up the cap rate equation.
1:49:51,240 --> 1:49:55,560
You can look for properties on a website that I recommend that everybody uses called LoopNet.
1:49:55,560 --> 1:50
It has nothing to do with loop ring. It's called LoopNet. This is the gold standard for looking up
1:50 --> 1:50:06,840
corporate real estate. And the cap rates, generally for triple net properties- Triple
1:50:06,840 --> 1:50:10,120
net properties, by the way, are properties that you basically don't take care of. You're just
1:50:10,120 --> 1:50:14,680
the landlord. The tenant will take care of everything. Sometimes there are roof covenants
1:50:14,680 --> 1:50
and things. But again, that's what you have attorneys and your broker for and so on. They'll
1:50 --> 1:50:25,560
warn you about all the pitfalls. So, you can engage with this as long as you get a good
1:50:25,560 --> 1:50:31,720
corporate loan rate, which by the way, right now, the rates are insane. It's very difficult to try
1:50:31,720 --> 1:50:38,440
to buy these types of assets. Actually, yeah, that was the most important part. Thank you. Thank you,
1:50:38,440 --> 1:50:44,200
Sirius. I appreciate it. Cool. Just before we get to the baby and office estate, I just wanted to
1:50:44,200 --> 1:50:50,040
ask about when we finally come around to buying our real estate, do you recommend buying with
1:50:50,920 --> 1:50:57,720
a mortgage or on loan or buying straight out, depending on the economic scenario? It'll be
1:50:57,720 --> 1:51:02,120
depending on your bank setup, the way that your trust is set up. Your attorney will advise you
1:51:02,120 --> 1:51:08,920
on how to purchase it. Loans for people with liquidity are readily available. So, this isn't
1:51:08,920 --> 1:51:13,960
the standard. So, in the US, they look at two years of your W-2. They come up with the debt
1:51:13,960 --> 1:51:24,760
to income ratio. They'll give you basically one third of your gross income per year as the maximum
1:51:26,360 --> 1:51:31,880
monthly payment that you can make and they will extrapolate it from that. Lenders have become
1:51:31,880 --> 1:51:39,400
very salty recently because they've kind of been over lending at this point. But these problems
1:51:39,400 --> 1:51:46,760
will not apply to you guys. All right. Cheers for that. So, we got the baby and then the office
1:51:46,760 --> 1:51:52,840
estate. Great. Let me just chew my food real quick. Just took a bite of my pizza. One second.
1:51:54,680 --> 1:52:02,600
Do you advise on pizza? What's your favorite pizza is? XYZ? Yeah. Hawaiian. Oh, stop. Really?
1:52:02,600 --> 1:52:09,560
Hawaiian pizza? I love Hawaiian pizza. I mean, I like pineapple. I love the pineapple. I love
1:52:09,560 --> 1:52:12,120
pineapple on pizza. What are you going to do about it? I do like pineapple. Yeah,
1:52:12,120 --> 1:52:18,280
with bacon, it's pretty good. Oh, it's awesome. But from where though? From what state?
1:52:19,480 --> 1:52:22,840
Little Caesars. Hands down. I'm kidding. I'm kidding.
1:52:25,160 --> 1:52:29,080
From what state? I don't know. I mean, I go to Chicago a lot.
1:52:29,160 --> 1:52:34,360
You used to live in New York, didn't you? Do you like pizza in California or?
1:52 --> 1:52:40,600
No, no, no. New York pizza. The problem is New York pizza is honestly very hit or miss.
1:52:42,040 --> 1:52:48,600
Yeah, it can be. You got to know the goods fast. California pizza, there's rarely any good pizza
1:52:48,600 --> 1:52:55,720
around, but the ones are well known. I find it easier to get to those compared to New York pizza.
1:52:55,720 --> 1:52:59,800
Every single pizza place is named the same thing. Yeah, I know. And they all look the same. They're
1:52:59,800 --> 1:53:05,320
all next to a subway. I don't want to go there. It's all just Dunkin' Donuts and pizza places.
1:53:05,320 --> 1:53:14,520
Okay, yeah, go ahead. Yeah, on a more serious note. So I was thinking about different events
1:53:14,520 --> 1:53:22,440
that would like, I want to kind of identify like failures and their effects on wider market
1:53:22,440 --> 1:53:29,480
liquidity. Like, let's say like when Fedwire went down, right? So I saw this. I think I may
1:53:29,480 --> 1:53:40,040
have spoke to this a few months ago about when HSBC and Wells Fargo were issued money market
1:53:40,040 --> 1:53:48,120
failure reports with the DTCC. So I thought like, you know, multiple things failed to deliver.
1:53:48,440 --> 1:53:52,920
If it's happened, like that, maybe they just didn't get it submitted to SWIFT for the next day cut off.
1:53:52,920 --> 1:54:01,160
But we know that the DTCC did 100% haircut with all these dogshit securities like, you know,
1:54:01,160 --> 1:54:09,960
CNBS, MBS, whatever, you know, everything is like nothing is accepted as collateral except for
1:54:09,960 --> 1:54:18,200
pristine US securities, or bond, treasury bonds. But you spoke of municipal bonds or
1:54:18,200 --> 1:54:21,560
something of that sort. So I was saying, I was thinking in my head, like,
1:54:22,760 --> 1:54:28,440
there are tri-party custodial agreements, say with I was I like to focus on BNY Mellon and
1:54:28,440 --> 1:54:36,360
State Street. So the one of the black holes is the cashing in a BNY Mellon and State Street collateral
1:54:36,360 --> 1:54:42,200
if I'm talking Wells Fargo if they collapse, because they have billions of these municipal
1:54:42,200 --> 1:54:50,520
deposits in excess of FDIC coverage. So if BNY Mellon and State Street have to dump their
1:54:51,080 --> 1:54:58,520
MBS, CNBS and their municipal shit to satisfy their tri-party agreements, with the Wells,
1:54:58,520 --> 1:55:04,520
I mean, Wells Fargo depositees, the debt market implodes. But then they'll have to sell those
1:55:04,520 --> 1:55:10,200
specific bonds pledged as collateral for the deposits with tri-party agreements in place.
1:55:10,200 --> 1:55:18,040
So that's kind of like the fire aspect of all this supply, you know, supply coming in the market with
1:55:18,600 --> 1:55:24,520
no absolute no demand. So it just keep going to keep getting bidded lower and lower. But I think
1:55:25,640 --> 1:55:30,600
they're about to State Street BNY are about to cash in their collateral. But Wells Fargo has a
1:55:30,600 --> 1:55:38,520
shit ton of municipal bonds that don't qualify as collateral. But what like I know this does not
1:55:38,520 --> 1:55:46,040
this this this this these market events or not market events, but these cascading failures are
1:55:46,040 --> 1:55:49,720
different in the euro dollar system because everyone takes whatever collateral in the euro
1:55:49,720 --> 1:55:57,240
dollar system. But in the US markets, why why aren't we seeing massive failures in these big
1:55:57,240 --> 1:56:03,880
banks if they're all holding since, man, I was convinced after the DTC haircut that we would see
1:56:05,080 --> 1:56:10,760
firms getting denied collateral in repo markets? Is it just a fucking Fed? Just it's just the
1:56:11,480 --> 1:56:17,240
literally propping up all these banks, because in a normal system, everyone would get fucking
1:56:17,240 --> 1:56:23,880
Thanos slap snapped. And like I'm thinking like BNY Mellon's like positioning themselves to take out.
1:56:24,840 --> 1:56:28,920
You know, to two people in their triparty agreements, because if State Street's holding
1:56:29,640 --> 1:56:35,640
custodial custodian of XRT XRT, it could be bring down the whole fucking market if, you know,
1:56:36,440 --> 1:56:44,200
if, you know, the whole market's using that XRT ETF as synthetic share creation, and that presents
1:56:44,200 --> 1:56:50,600
counterparty risk for every single ETF that it's just going to daisy chain from State Street to
1:56:50,680 --> 1:56:57,160
Schwab to Vanguard ETFs and just take everyone down with them. So I'm kind of confused, like,
1:56:57,720 --> 1:57:03,240
why? I don't know. I guess I guess everyone's at the Fed's mercy. But these institutions are
1:57:03,240 --> 1:57:08,920
trying to position themselves like, oh, you're not holding the bag. It's been it's been passed
1:57:08,920 --> 1:57:13,480
around. And it's a massive game of hot potato. And the Fed's stopping all of it. And then
1:57:13,480 --> 1:57:18,760
eventually will come to crash. So that's that's exactly what I put something in the nest,
1:57:18,760 --> 1:57:24,920
a few things from finance Lance a lot, which I'm like, you know, doom and gloom porn, let's fucking
1:57:24,920 --> 1:57:38,040
go. Sure. Rascal, I love your bio, dude. Love it. All right, go ahead. Alpha state. And then we got
1:57:39,320 --> 1:57:41,880
rascal. Yeah, I think it was Jowell, right?
1:57:42,440 --> 1:57:44,600
Oh, somebody else? Did I miss somebody?
1:57:45,160 --> 1:57:47,960
Jowell had their name of hand up for a while.
1:57:47,960 --> 1:57:52,600
Oh, I think that was that might have been mine. I had a name change. Just so yeah, for consistency.
1:57:52,600 --> 1:57:57,720
Oh, oh, gotcha. So this might be kind of an obtuse question. And you might, you know,
1:57:57,720 --> 1:58:02,840
might be dedicated to something else. But how do you see the CBDCs playing in during like CMOS
1:58:02,840 --> 1:58:10,200
events? So likely what's going to happen is, is this will give them the perfect excuse to
1:58:10,200 --> 1:58:15,640
this will give them the perfect excuse. Once there's a macro crash happening, after kind of
1:58:15,640 --> 1:58:20,760
the dust settles, they can say, Hey, wait a minute. I have an idea. We're going to introduce central
1:58:20,760 --> 1:58:26,680
bank digital currencies. So that's probably what's going to happen. There are already pilot
1:58:26,680 --> 1:58:32,360
programs taking place. Several countries have already started them. Just again, they're in
1:58:32,360 --> 1:58:36,200
the pilot phase right now. But I can tell you for a fact that the US is actively developing them.
1:58:36,920 --> 1:58:41,960
I want to pose this question on top of jowls. Sorry, sorry, interrupt. But do you guys think
1:58:41,960 --> 1:58:47,400
there will be a way that they'll peg like they'll give other countries favorable pegs to the US
1:58:47,400 --> 1:58:53,320
CBDC. And also, instead of forcing us to use cash, not to use cash, they're gonna be like,
1:58:53,320 --> 1:59:00,360
is one CB. One CBDC is going to be worth 90 cents on the dollar than 80 cents or whatever. Or do
1:59:00,360 --> 1:59:06,120
you guys think it would just be like, a multiple insolvencies that we're like, I think we're like
1:59:06,120 --> 1:59:14,200
12 months behind the UK is in their systematic, systematic implosion of their small business
1:59:14,200 --> 1:59:19,960
sector in terms of bankruptcies, but to introduce their CBDC or manufacturer consent for it, but
1:59:22,360 --> 1:59:27,160
yeah, no, that was actually a good question. I think the follow up, you know, I guess the
1:59:27,160 --> 1:59:30,520
biggest gray area that haven't you might be able to piece together by the questions
1:59:30,520 --> 1:59:36,600
I'm asking, and it's probably just, you know, too much of the unknown. But I have a hard time
1:59:36,600 --> 1:59:41,400
visualizing how even the regulatory agencies are going to respond to all this and say the market
1:59:41,400 --> 1:59:46,520
becomes completely illiquid, and we get bankruptcies. Like, you know, I guess it can go
1:59:46,520 --> 1:59:53,320
any which way. But I'm just curious. Yeah, it'll be it will be reactionary, and they'll be too late.
1:59:53,320 --> 1:59:57,960
This is what happens every single time. They'll react and they'll go, Oh, no, what happened?
1:59:58,040 --> 2:00:00,280
And then they'll deny and they'll say, we had no idea.
2:00:02,280 --> 2:00
And then they'll have a knee jerk reaction to it, of course. And so yeah, I mean, prepare for it's
2:00 --> 2:00:14,440
going to be like, several years of, you know, trying to edit the markets.
2:00:15,640 --> 2:00:16,920
Gotcha. Thank you very much, man.
2:00:18,040 --> 2:00:21,880
Yeah, of course. Okay, I got I got time for I don't know, maybe two more.
2:00:22,840 --> 2:00:28,600
I was just gonna say real quick, you know, I heard all right, you know, it's gonna topple these,
2:00:28,600 --> 2:00:34,200
these banks down. And I heard Schwab and I have a TD Ameritrade account. So should I be
2:00:34,200 --> 2:00:38,440
trying to get out of that TD Ameritrade? Because no, yes. Okay.
2:00:39,800 --> 2:00:48,280
Let me tell you why, in my opinion. So the same securities that took down SVB are the same ones
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that Schwab holds at. So Schwab in March 2023, they're down 171% on their whole to mature security
2:00:57,160 --> 2:01:03,240
position. And that was three or four rate hikes ago. So I actually have a list. These are the
2:01:03,240 --> 2:01:11,560
same securities that took down other other banks and brokerages. But the aspect with Schwab is 95%
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of all retail orders go to the dark pools. So these market makers are actually posing the
2:01:18,760 --> 2:01:24,200
biggest risk to every single broker on the market, because they never delivered anything. So when
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people go to the exits, Schwab will not have cash on hand to backstop all this deposit loss,
2:01:32,120 --> 2:01:41,400
because in banks, yeah, so I, I, I extreme, like I'm like 100% believe that there will be a few,
2:01:41,400 --> 2:01:46,680
a few brokerages that survive, which should be Fidelity, Vanguard.
2:01:46,680 --> 2:01:49,480
So I'll probably switch over to Fidelity.
2:01:49,480 --> 2:01:49,720
Yeah.
2:01:50,680 --> 2:01
I wanted to kind of, you know, have some in one brokerage and some in another, but you know,
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I might just put it all in Fidelity.
2:02:00,680 --> 2:02:04,840
What I will say is regardless of the percentage, most of these, most of the largest brokerages
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are going to get backstop regardless, as long as you don't have CFDs in your account,
2:02:09,080 --> 2:02:14,600
like with regards to the shares, we can't really tell which one is actually going to crash. These
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meetings are all going to be closed door and we'll have no idea what they're going to do.
2:02:19,640 --> 2:02:27,880
Yeah. But also like what I do, Rascal is I'm 100% DRS. So like there's no, there's no risk that
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computer shareholds. So that's why they don't have FDIC insurance because you know, and what I
2:02:34,120 --> 2:02:39,720
really think, okay. That's true too. So if I DRS the ones I have with that, it should be fine.
2:02:39,720 --> 2:02:45,480
Yeah. That's why I'm like not sweating at all. I'm like, like I'm always amped all the fucking
2:02:45,480 --> 2:02:51,400
time because like I hold no risk. Like I don't like, I just, all I have is a GameStop and you
2:02:51,400 --> 2:02:57,880
know, that's all I'll ever need. But I do think brokerages, if, if they survive, in my opinion,
2:02:57,880 --> 2:03:06,520
they'll just pay out like 300% like in a Moaz scenario. I don't, yeah. I personally don't,
2:03:06,520 --> 2:03:12,120
do not take any chances. That's why I hold nothing in brokers. Just maybe from time to time when I'm
2:03:12,120 --> 2:03:18,120
about to DRS it, but that's it. That's like the only extent I'll send you that picture about the
2:03:18,120 --> 2:03:22,920
top, top hundred institutions with their hold to mature securities.
2:03:23,480 --> 2:03:30,360
Right on. Yeah. Yeah. XYZ. I just got one question. We can, we can wrap it up. So
2:03:31,480 --> 2:03:35,320
we were talking earlier about like, you know, I was joking about getting a serious blue Lambo
2:03:36,040 --> 2:03:41,800
and speeding it all the way to the next series shareholder meeting. But you did mention
2:03:41,800 --> 2:03:45,480
something interesting and I actually do believe in. Well, you have to have a company to have a
2:03:45,480 --> 2:03:52,760
shareholder meeting, right? Hey, we're right out of the chapter 11, but I'll tell you. So yeah,
2:03:52,760 --> 2:03:57,080
I do agree with what you, what you said about it, which is that, you know, money talks and wealth
2:03:57,080 --> 2:04:03,480
whispers and you know, you've seen and dealt with a lot of wealthy people and maybe just if you get
2:04:03,480 --> 2:04:09,080
you to tie the bow there in terms of how to carry your wealth, you know, how to operate in the world
2:04:09,080 --> 2:04:14,280
in a way that doesn't make you, I guess, a target, you know, or, you know, flaunt, flaunting your
2:04:14,280 --> 2:04:21,240
wealth. I mean, you know, you know, don't dress in Gucci suits and all that. You get what I mean?
2:04:21,240 --> 2:04:27,400
I mean, it's relatively easy. It's, it's, you don't, like if I'm walking down the street and so
2:04:27,400 --> 2:04:36,680
on, nobody, nobody can tell. I'm in like a hoodie. I mean, it's, it's, it's very easy. Also most of my
2:04:36,680 --> 2:04:45,800
clothes look like I'm a fed, so it tends to help. So in my opinion, I will look, I think having a
2:04:45,800 --> 2:04:49,800
night, like we're in, in the worst depression, deflationary depression of our lifetime,
2:04:50,760 --> 2:04:56,360
having a nice car or whatever, like people are just going to assume, Oh, that's from GameStop or
2:04:56,360 --> 2:05:02,920
like, like they're your, your, your family or targets that I told my whole fucking family
2:05:03,480 --> 2:05:09,480
and my, my cousins who are apes, like, we're not fucking buying any nice cars, dude. Anybody can
2:05:09,480 --> 2:05:16,440
follow them home. Anybody can break into their home, kidnap them. 70% of all lottery winners
2:05:16,440 --> 2:05:22,200
are bankrupt in five years of countless of them have died. Like I'm not fucking playing.
2:05:23,400 --> 2:05
Like, I, it sounds aggressive. I, but like, that's, that's my, that's my strategy. Plus people are
2:05 --> 2:05:34,360
going to be really, really hurting, you know, and we don't want to give, we don't want to put any of
2:05:34,360 --> 2:05:40,360
our closest friends and family in danger. Plus it's going to be a game to me and my apes, like,
2:05:40,360 --> 2:05:46,120
Oh, how much can we hide from, you know, like we'll have, we'll be trans being transported in
2:05:46,120 --> 2:05:52,680
HVAC cars. You know, no, no, no one's going to fucking notice like nothing boring ass people.
2:05:53,400 --> 2:05:53,960
I do. I see.
2:05:55,320 --> 2:06:02,840
One thing I will tell you is when it comes to, um, the, what the wealthiest own in terms of
2:06:02,840 --> 2:06:10,200
vehicles, they're not G wagons. You understand they own Toyotas. So, you know, these kinds of
2:06:10,200 --> 2:06:14,920
things, you gotta, you gotta be subtle about it. Speaking as a poor guy, the last thing I want to
2:06:14,920 --> 2:06:19,560
is somebody like rubbing their wealth in your face. You just want to punch him in the face.
2:06:19,560 --> 2:06:24,360
You know what I mean? Like it's not cool. It's not cool. It's like, no, no, no, no,
2:06:24,360 --> 2:06:29,080
I'm poor. I know exactly how it feels when rich people rubbed there's wealth in your face. I was,
2:06:29,080 --> 2:06:34,200
yeah. Not cool. Started from zero. It sucked. Yeah. It's it's poverty is like an endless
2:06:34,200 --> 2:06:38,920
micro. And you're not kid. Just, I was like, I got to get the fuck out of here. Yeah. Well,
2:06:38,920 --> 2:06:43,960
Hey Donald, have you, uh, invested in Jimmy? All right. All right. I got to go. I got to get out
2:06:44,920 --> 2:06:49,880
I don't even remember anymore. It was, I was just trying to buy a lot of people at one point in time
2:06:49,880 --> 2:06:55,240
or another. A lot of three o'clock in the morning, heavy duty sales to somebody who's barely speaks
2:06:55,240 --> 2:07:01,160
English. I don't know what I bought. Tell the truth. All right. Very, very important.
2:07:05,640 --> 2:07:08,440
Where did you buy your coffee table? Where did you buy your coffee?
2:07:08,680 --> 2:07:16,360
Okay. So thanks. Thanks. Thanks everybody for listening. I appreciate it. Maybe we'll do
2:07:16,360 --> 2:07:36,280
something later. This space was downloaded via spaces down.com. Visit to download your spaces
2:07:36,280 --> 2:07:37,080
today.
