The Lifestyle Investor - Investing, Passive Income, Wealth

170: The Benefits of Living In Puerto Rico with Daven Michaels

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Jan 25, 2024

Daven Michaels, founder of 123Employee and remote business solutions pioneer, shares his journey from working with rock icons to becoming an influential entrepreneur. He discusses the extensive tax advantages of living in Puerto Rico and how to utilize them, as well as leveraging 'opportunity zones' for real estate investments. Don't miss this episode's insights on wealth building and tax savings!

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ANECDOTE

Inspiration for the Comma Club Awards

Daven Michaels produced music and television for 15 years and was inspired by ClickFunnels founder, Russell Brunson.
Brunson's "Comma Club" awards were inspired by Michaels' wall of gold and platinum records, a fact unknown to Michaels until recently.

ANECDOTE

Strategic Exit from the Paging Business

Michaels sold his paging company strategically, anticipating the rise of cell phones.
He accepted cash, notes, stock, and two classic cars, benefiting from the subsequent acquisition of the purchasing company.

INSIGHT

Adapting to Napster's Disruption

Michaels transitioned from electronic music production to television production due to the disruption caused by Napster.
Napster's impact on music distribution prompted Michaels to adapt and explore new opportunities in the emerging reality TV industry.

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Daven Michaels is a serial entrepreneur, bestselling author, and founder of 123Employee, known for pioneering remote business solutions and his influential role in the music and digital finance industries.

Today, we dive deep into Daven’s incredible journey, starting from his early days working with rock music icons at only 15. His story only escalates from there. He has not only launched and exited multiple businesses, but he also established 123Employee as a leading name in outsourcing.

In this episode, Daven pulls back the curtain and shares what it’s like to live in Puerto Rico, including the opportunities he’s creating and the incredible wealth building advantages to living there.

In today’s episode, you’ll learn:

✅ Daven's extraordinary journey, from his early days in the music industry to founding and exiting several lucrative businesses and shaping 123Employee into a top outsourcing powerhouse.

✅ Insights into the extensive advantages available in Puerto Rico for U.S. citizens and how to effectively leverage them.

✅ How to leverage “opportunity zones” to maximize tax savings when investing in Puerto Rican real estate as a non-resident.

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Show Notes: LifestyleInvestor.com/170

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