Jul 6, 2020
In this episode of the Millionaire Mindcast, we have a brilliant guest, Garrett Sutton who shares insights about the insurance policy for asset protection, financial commitments of setting up an entity and keeping it up, the best and worst States for certain business reasons, why you should incorporate your business, the importance of following the corporate formalities, the common mistakes in structuring a business entity, and tips on how to create an effective generational wealth!
Garrett Sutton is a serial entrepreneur, an Attorney, owner and operator of Sutton Law Center, best-selling author, one of Robert Kiyosaki’s Rich Dad’s Advisors, and owner and founder at Corporate Direct, Inc., provides help and services to entrepreneurs and investors in protecting their personal assets and business, and maintaining their privacy for their financial goals.
There’s a lot we don’t learn in school like the life skills to succeed in business and in life. For Garrett, you just have to conquer the fear of asking questions to know what you don’t know. Start reading and start thinking about how you can win the race and do your own thing. Find the knowledgeable person or group that would assist and help you to figure out the things you’re interested in. If you’re into a business, make sure that your assets are truly protected. Be aware of red flags to avoid regrets. Seek helps professionals and experts like Corporate Direct.
Garrett suggested, whatever you do in life, do what you do best but you have to understand the value of the team. Never be a solo flyer. Have people on your team that will assist you and make your project successful. Build an All-Star team for your future big goals and continue to build wealth.
Some Questions I Ask:
- What did you do before you met Robert Kiyosaki? (00:19)
- What book that’s coming out in Fall? (01:07)
- Why do you think Robert Kiyosaki decided to build a brand and a group with you? (01:26)
- What have you seen as one of the most commonly misunderstood or overlooked or just not necessarily armed with the knowledge and resources that really everybody should know? (02:54)
- When is it the right time or recommended to set up an entity in a corporation as you operate in an entrepreneurial setting? (04:12)
- What should people be earmarking or thinking rationally when it comes to capital needed to set up an entity properly and the maintenance to it? (06:19)
- Talk about some of those things that people overlook that they should be doing in building into a routine or an annual upkeep plan to keep their corporation dallied in and in compliance. (08:02)
- What are those best States and worst States for certain business reasons? Why? (10:30)
- LLC, S Corp, and C Corp, how do you distinguish which one is the most beneficial to set up as? (14:32)
- What are some of the key members of setting, managing, and running a business up that people should be actively building relationships with over time to build out that all-star team? (16:52)
- What are some of the things that people can take advantage of incorporations or in structuring that you often see other attorneys or other advisors were helping people set up business missed and not taking advantage of? (20:08)
- What are some of the things that people should be asking the individual or the company before they decide if it’s the right person or group to help them accomplish their goals? (22:37)
- Let’s go back to families like Walton and the Carnegie, what have they’ve figured out when it comes to generational wealth that most others habit? (25:54)
- In real estate holdings, what are some of the higher-level strategies that people could reach out to you on or we leave for further discussion down the road? (27:09)
- If you could become a high school, college, or middle school professor, what would you like to see taught and shared with those individuals? (36:15)
In This Episode, You Will Learn:
- The value of a team (03:20)
- Why you should incorporate your business (04:42)
- Insurance policy for asset protection (06:45)
- Common mistakes in structuring a business entity (20:35)
- What is the role of Registered Agent (23:38)
- The importance of asking questions (29:12)
- Tips in creating an effective generational wealth (32:51)
Quotes:
- “There’s a lot we don’t learn in school.”
- “As an attorney, my job: I have a pecuniary duty to my client.”
- “You just have to build the team.”
- “The law is written for everyone, the rich use it, why shouldn’t you?”