Entrepreneurial Journey and Financial Advice

4min Snip

00:00

Play full episode

Summary

Transcript

Episode notes

Exploring the speaker's experience creating a dairy and gluten-free product, gaining FDA approval, and transitioning to new ventures. The chapter also delves into financial advice, sponsor messages, and the importance of simplifying entrepreneurial pursuits.

In this week’s episode, Patrick Donley (@JPatrickDonley) sits down with serial entrepreneur Kriss Berg to talk about how turns the cash flows from his online businesses to purchase car washes and utilizes a tax-savings strategy called bonus depreciation to pay almost zero taxes. You’ll also hear about the many entrepreneurial adventures Kriss has had, the books that had a big impact on the trajectory of his career, what it was like living off-the-grid for 13 years, and much more!

Kriss Berg has been an entrepreneur for over 21 years. He started out with a home service business and has since had start-ups in solar, ecom, real estate, and much more. Now he runs a portfolio of online businesses and takes the profits from those and invests in car washes.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro.

02:26 - What some of the “dirty jobs” were that Kriss had.

03:53 - How an early-life crisis led to his first entrepreneurial venture.

05:36 - Why he decided to move off the grid and what the experience was like.

11:35 - Why being a continual learner has been an important part of his success.

13:14 - How the 4-Hour Workweek influenced him.

16:28 - How he got involved in real estate investing and increased his cash flow and net worth.

20:30 - Why his own health issues led to a successful entrepreneurial venture.

25:53 - Why he decided to pare down and sell off some of his businesses.

26:36 - How he got turned on to the power of Twitter.

31:16 - Why he choose to invest in carwashes.

33:55 - How he finds carwash deals, finances them, and increases profitability.

43:02 - What the 3 M’s of increasing the value of a carwash are.

44:08 - What his end game is with his car wash investments.

46:15 - What is the biggest challenge to investing in car washes is.

48:26 - How bonus depreciation works and how he uses it with car washes to pay no taxes.

51:57 - How his carwashes create tax savings through bonus depreciation.

54:44 - How mastermind groups have played a big part in his career.

58:41 - How to become instantly likable.

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Recommended book: Walden by Henry David Thoreau.
Recommended book: 4 Hour Workweek by Tim Ferriss.
Recommended book: Ready, Fire, Aim by Michael Masterson.
Recommended book: Rich Dad Poor Dad by Robert Kiyosaki.
Recommended book: The E-Myth by Michael Gerber.
Recommended book: The Millionaire Next Door by Dr. Thomas Stanley.
Check out the books mentioned in the podcast here.

NEW TO THE SHOW?

Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Check out our Millennial Investing Starter Packs.
Browse through all our episodes (complete with transcripts) here.
Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with the best business podcasts.