I think on Sundays I’m gonna just keep doing this style of email – basically showing you the 3 random things that are on my mind this morning…
I like writing it. And you seem to enjoy it…
So with that said, here’s 3 random things on my mind…
1. I think the recession is still heading our way
About a month ago, I predicted that we’ll see some recession issues in our industry in the next 12-18 months.
I think this is inevitable.
Why?
Mostly because our economy right now is being propped up by extra unemployment pay.
That can’t go on forever.
I’m sure they’ll try to keep it going until the election so they don’t lose votes.
But at some point it has to stop.
And when it does, people that were buying things online before, will no longer be buying stuff.
This has an obvious ripple effect.
Cause the businesses that aren’t making as many sales as usual, start laying people off…
Then those people don’t have the money to buy stuff.
It’s a delicate relationship.
And COVID has thrown a real wrench into it.
My gut says we’re in for a recession sometime over the next 6-18 months.
How bad it will be, I don’t know.
But there’s no denying the economy is smaller now than it was 6 months ago.
And I think that will continue.
2. I’m embracing the carnivore diet full-on
Last Sunday I decided to go full carnivore again.
That means I’m eating nothing but meat.
3 ribeyes a day to be specific.
This is my second time trying carnivore.
I did it back in 2015 (this was before carnivore was popular and there wasn’t much information about it)
But my battle with Crohn’s disease is bringing me back to it again.
Why?
Well the reality is that my stomach just feels better when I’m on it.
My diet over the years has gone from paleo to autoimmune paleo to SCD diet to meat and potatoes to now just meat.
I’m about 7 days in and feeling good.
My only worry is that my workouts are gonna struggle with no carbs.
That’s still to be determined though.
But so far, so good.
3. If you took a beating on taxes this week, then this is for you…
Over the last 3 weeks I’ve gotten more emails from people asking me to introduce them to my tax strategist than ever before.
Why?
Cause most people are in the final days of finishing up their 2019 tax forms.
And they’re now realizing how much of a beating they’re taking.
And I can relate to this 100%.
I was the same way back in 2015 or so.
I think I made like $700,000 that year.
And I had no idea what I was doing tax wise.
I basically had an LLC and that was it.
So I got crushed on taxes.
I’d simply hand my expenses and my income to my CPA at the end of the year and he’d come back to me with a big ole’ check I needed to write.
I still remember writing the check that year to the Treasury Department…
It was for something like $211,000.
God, was that painful.
And a real wake-up call for me.
It took me about another year to realize this is NOT what successful entrepreneurs do.
Succesful entrepreneurs don’t just have an LLC and pay out-the-ass on taxes.
They usually have multiple s-corps and c-corps (and even a charitable foundation) to help lower their taxes.
They take deductions that naive entrepreneurs aren’t even aware of (the R&D tax credit is a good example of this if you have physical products).
But most importantly, successful entreprenuers don’t just rely on their local CPA.
They have an actual tax strategist advising them.
That was the big one for me.
Cause I was always under the impression that a CPA was a CPA.
Not true.
Most CPA’s don’t actually understand how to lower your tax bill.
They simply do your taxes and tell you what to pay.
You think Amazon does this?
Or GE?
Or Apple?
Nope. They have entire teams dedicated to tax strategy. And it’s why they pay so little in taxes.
This is why you need a tax strategist in your corner.
I’m happy to introduce you to mine…
But before I do that, I’m gonna do a little series of emails this week all about tax strategy for entrepreneurs.
I did this back in September last year and people really liked it.
So gonna do it again this week (with all new emails).
Listen, I’m by no means an expert on taxes…
But over the last 5 years, I’ve gone from the naive entrepreneur who used to get slaughtered at tax time…
To now paying a LOT less on my taxes (even though I’m making more money).
So if that sounds useful to you…
Make sure you tune into my emails this week.
Enjoy your Sunday.
– Justin
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