Q&A: Selling a Business for $2.8M, $2K of Side Hustles in 3 Weeks, & How to Structure Your LLCs

Nov 7, 2024

Listeners dive into intriguing topics like selling a business for $2.8 million, uncovering the secrets to wealth building through small business ownership. They explore how to maximize asset protection by structuring individual LLCs while offering practical investment strategies, including Roth IRAs and ETFs. The significance of early investing is discussed, especially with Bitcoin, alongside the importance of disciplined financial planning. Plus, valuable tips on budgeting and engaging families in financial responsibility round out the conversation!

Ask episode

AI Snips

Chapters

Transcript

Episode notes

ADVICE

Asset Protection Structure

Create separate LLCs for each property and business for maximum protection.
House these LLCs under a holding company, which is then owned by a revocable trust.

ADVICE

Proper LLC Operation

Operate LLCs correctly with separate agreements, EIN numbers, and bank accounts.
Avoid commingling funds to prevent piercing the corporate veil.

ADVICE

Umbrella Policy Importance

Secure an umbrella policy for additional liability protection as your net worth grows.
Umbrella policies can cover legal fees and other liabilities beyond basic insurance.

Get the Snipd Podcast app to discover more snips from this episode

Get the app