MI335: A Winning Combination: Cashflow, Car Washes, & Zero Taxes w/ Kriss Berg
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The chapter explores the speaker's experiences with various mastermind groups and a transformative psilocybin therapy group. It also delves into a personal journey from loneliness to building meaningful connections and close friendships through engagement and social activities.
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.
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- Browse through all our episodes (complete with transcripts) here.
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- Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
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Connect with Patrick: Twitter
Connect with Kriss: Website | Twitter
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