Earn Your Leisure

Latest Episodes:

Triple Tax Benefits of Hiring Your Children Explained Oct 20, 2024

Show notes

Welcome back to another insightful clip of Earn Your Leisure (EYL)! In this clip, we're diving deep into a strategic yet often overlooked tax-saving method: hiring your children. Our special guest, Ms. Business, and host Rashad Bilal walk you through how you can benefit from hiring your children, while also investing in their future.

*Key Takeaways:*

1. *Hire Your Children for Tax Benefits:*

In 2024, you can pay your child up to $14,600 without it being taxable.
The money cannot be used for essentials like food and shelter, but can be used for extracurricular activities.

2. *Triple Tax Deduction Strategy:*

*Business Tax Deduction:* Paying your child is a deductible business expense.
*Non-Taxable Income for Child:* The income is non-taxable for your child as it's under the standard deduction limit.
*Roth IRA Contributions:* Investing this money into a Roth IRA leverages compound interest, providing a tax-free growth and withdrawal in the future.

3. *Eligible Ages and Roles:*

While there's no strict age limit, roles must be reasonable and age-appropriate.
Ms. Business recommends hiring children typically between ages 7 to 17.
Younger children can be employed in tasks like modeling or handling easy tech-related jobs.

4. *Legal and Practical Considerations:*

This method should be implemented through an LLC to avoid payroll complications.
Children must perform actual and reasonable tasks for the business.

Hiring your children is more than just a tax deduction; it's a holistic approach to saving for their future while giving them invaluable work experience. Join Ms. Business and Rashad Bilal as they break down these strategies and much more!

*Timestamps:*

00:00 - Introduction: Importance of Hiring Your Children

00:40 - Limits and Conditions on Child Payment

01:14 - Triple Tax Deduction Explained

01:53 - Practical Examples and Benefits

02:27 - Age Requirements and Eligible Tasks

03:01 - Legal Structures and Practical Implementation

Don't forget to like, comment, and subscribe for more content on maximizing your financial strategies!

*Hashtags:*

#EYL #TaxBenefits #HireYourChildren #TaxDeduction #FinancialEducation #RothIRA #TaxFreeIncome #TaxStrategy #BusinessTips

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Earn Your Leisure (EYL) - Bridging the gap between business and cultural relevance.

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How to Teach Kids About Money, Business, & Investing: Make The Next Generation of Millionaires Oct 18, 2024

Show notes

In this impactful conversation with Principal Travis Brown, we explore innovative ways to teach financial literacy to parents so they can empower their children with the tools for financial success. The traditional message of “go to college and get a good job” no longer guarantees financial freedom in today's economy. We discuss the need to shift the narrative, especially in communities affected by consumerism and luxury rap culture, and emphasize that financial freedom—not a good job—is the ultimate goal.

One critical element of this conversation is the idea of a “hidden curriculum.” Financial literacy skills and money mindsets are often inherited from parents, but many students, particularly in communities of color, don’t encounter real financial challenges until they are applying for college. This can be too late to develop the habits and knowledge needed for long-term financial success. By engaging parents, we can equip them to have these important conversations early, ensuring their kids are better prepared.

To make learning about money more engaging, we suggest gamifying education. Imagine creating interactive group activities where kids and their parents can work together to solve financial challenges, incorporating friendly competition through games. Movie nights could be another way to engage families, featuring films that spark discussions about money, saving, and investing. These types of hands-on, communal experiences make learning about financial literacy fun and relevant for all ages.

The conversation also highlighted the power of social learning and how students can lead financial discussions at home. Financial organizations won’t solve these problems for us—it’s up to the community to educate itself.

#FinancialLiteracy #GamifiedEducation #TeachKidsAboutMoney #FinancialFreedom #EYL #GenerationalWealth #MoneyMindset #EducationMatters #MovieNight #EarnersAcademy #GroupLearning #InteractiveEducation #EachOneTeachOne

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Tax Strategies for Entrepreneurs: LLCs vs. S Corps vs. C Corps (What's the Best) Oct 17, 2024

Show notes

Welcome back to another clip of EYL, where we break down the complex world of taxes with our esteemed guest, Ms. Business. In this enlightening episode, Rashad Bilal and Troy Millings of Earn Your Leisure dive deep into the nuances of LLCs, S Corps, and C Corps and how each entity impacts your taxes and business strategy.

Are you unsure about which business entity to choose or when to make the switch? Ms. Business offers invaluable insights to help guide you through these crucial decisions. She starts by giving a clear rule of thumb: if your business profits are $40,000 or less, stick with an LLC. For profits between $40,000 to $450,000, an S Corp is more beneficial. If you're making over $450,000, it might be time to consider a C Corp.

Ms. Business explains the tax implications for each type of entity:

1. *LLCs:* Owners are subject to self-employment tax, including Social Security and Medicare taxes.

2. *S Corps:* Allows for tax savings by having owners pay themselves a salary, reducing the amount of money subject to self-employment tax.

3. *C Corps:* Suitable for big businesses with strategies like issuing stock options and drawing up plans for reinvesting profits, thus reducing taxable income.

Throughout this episode, you'll learn about typical misconceptions like needing to start with a complex business structure. Ms. Business and the hosts make it clear that you can start as an LLC and then transition to an S Corp or C Corp as your business grows.

Also highlighted are common pitfalls and misconceptions in tax strategizing, such as the importance of correctly expensing business costs. Incoming TED Talk anecdote! Troy Millings recalls a time when he misunderstood tax write-offs, comically proving the importance of proper tax education.

Moreover, Ms. Business emphasizes that the journey of your business structure doesn't end once you start; it evolves as your business prospers. She calls the LLC the "flexible entity" because of its ability to adapt to your business's growth.

If you want to make informed decisions for your business based on its unique financial situation, this video is a must-watch. Whether you're a budding entrepreneur or a seasoned business owner, the insights provided will help you navigate the tricky waters of business taxes.

Don't forget to like, comment, and subscribe for more expert advice and valuable discussions!

*Key Points Covered:*

Understanding the differences between LLCs, S Corps, and C Corps
Tax implications for each business structure
When to switch from an LLC to an S Corp or C Corp
Common tax misconceptions and pitfalls

*Hashtags:*

#EYL #EarnYourLeisure #Taxes #BusinessStrategy #LLC #SCorp #CCorp #TaxTips #Entrepreneurship #BusinessGrowth #TaxPlanning #Finance #BusinessAdvice #MsBusiness #RashadBilal #TroyMillings #TaxEducation

*Stay tuned for more insightful episodes that simplify complex financial topics!*

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Is College Worth It? Analyzing the Economic Impact of Higher Education Oct 16, 2024

Show notes

Welcome back to another clip of Market Mondays! In this thought-provoking discussion, hosts Ian Dunlap and Rashad Bilal are joined by Troy Millings to delve into the pressing issues facing today's American workforce and economy.

*Key Topics Discussed:*

1. **Education and Economic Success**:

Rashad opens the discussion with a startling statistic: 62% of U.S. adults do not hold a four-year college degree. This revelation leads to an in-depth conversation about the implications of this educational reality on the workforce. Rashad and the hosts argue that while a college degree doesn't guarantee success, it remains a significant factor in improving one’s economic prospects. The average American with a bachelor’s degree earns significantly more than those without one, indicating a direct link between education and economic stability.

2. **Political Responsibility and Economic Promises**:

The hosts tackle the issue of politicians pandering to low-skilled, uneducated workers by making unrealistic promises about affordable housing and job creation. Rashad stresses that these promises are often impractical and unattainable, leading to disillusionment and economic strain. The discussion highlights the need for honest political dialogue and practical solutions to address the economic challenges faced by the workforce.

3. **The Housing Market Crisis**:

Housing affordability remains a significant concern, with Rashad pointing out that despite efforts to create more affordable housing, prices continue to rise. This crisis is exacerbated by increasing homelessness, with a 10% rise reported from the previous year. The hosts emphasize that the housing market, similar to the stock market, is subject to continuous price increases, making it challenging for the average American to secure affordable housing.

4. **The Skills Gap and Economic Opportunities**:

The conversation also extends to the skills gap in the American workforce. Rashad argues that many Americans lack the necessary skills to thrive in today’s economy, a situation worsened by the decline of traditional blue-collar jobs due to technological advancements and globalization. The hosts underline the importance of acquiring relevant skills, particularly in technology and entrepreneurship, to stay competitive in the current job market.

5. **Outsourcing and International Implications**:

The outsourcing of jobs to countries with cheaper labor is another critical issue discussed. Rashad recalls Tim Cook’s testimony before Congress, explaining why companies like Apple can't bring manufacturing jobs back to the U.S.A. due to cost and regulatory constraints. This global outsourcing trend has contributed to the loss of high-paying jobs in America, further complicating the economic landscape.

6. **The Future of Higher Education**:

The debate on the value of higher education continues as the hosts explore the future trajectory of college enrollment and student debt. With the rising cost of college tuition and the debatable return on investment, more people are questioning the traditional path of obtaining a four-year degree. The hosts provide insights into alternative education pathways and the potential for skill acquisition through non-traditional means such as online learning platforms.

In conclusion, this clip of Market Mondays provides a comprehensive analysis of the various factors impacting the American workforce and economy. The hosts offer a sobering yet realistic perspective on the challenges and opportunities that lie ahead. Whether you're a seasoned professional or just starting your career, this episode is packed with valuable insights to help you navigate the ever-changing economic landscape.

Don't forget to like, share, and subscribe for more episodes of Market Mondays!

*Hashtags:*

#MarketMondays #Economy #Workforce #Education #HousingCrisis #PoliticalEconomy #TechJobs #StudentDebt #Outsourcing

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Unlock AI's Full Potential: How To Guide to Master Business Success Using Artificial Intelligence Oct 15, 2024

Show notes

Welcome to another clip of EYL! In this clip, our guest, X. Eyee, dives deep into the world of artificial intelligence and how you can harness its power to supercharge your business ideas.

Ever wondered how to get the most out of AI tools like Chat GPT, Gemini, and Claw? X. Eyee shares her unique framework called "Chat in the Hat," designed to turn generic AI responses into tailored, insightful guidance that leverages your own genius. Whether you're an entrepreneur looking to develop a winning business plan or a content creator aiming to crack the viral code on social media, this episode has invaluable insights for you.

What You'll Learn:

*1. Understanding AI Interactions:*

Discover why knowing the technical workings of AI is crucial.
Learn how AI's vast data pool can be shifted to provide more relevant and precise answers.

*2. Introduction to "Chat in the Hat" Framework:*

Dive into the three-part framework: History, Attitude, Task.
Understand how to frame your prompts to transform AI from a random data spewer to a personalized expert advisor.

*3. Practical Applications:*

See a step-by-step approach to creating a business plan for a babysitting app by defining AI's history, attitude, and task.
Learn how to direct AI to give structured, actionable feedback rather than overwhelming generic responses.

Detailed Breakdown:

*History:*

Define the specific expertise and background the AI should 'have' to offer the best guidance.
Example: Define the AI as a Harvard business professor or an award-winning business plan developer.

*Attitude:*

Set the tone and style for AI's responses.
Example: Specify whether the AI should be curious, helpful, or critical, and whether its tone should be professional or casual.

*Task:*

Give precise instructions on what you're asking the AI to do and how it should format its responses.
Example: Instruct AI to ask one to two brief questions at a time and provide feedback in a structured table format.

Live Demonstration:

In this episode, X. Eyee demonstrates how to use the "Chat in the Hat" framework in real-time. Follow along as she constructs a personalized, interactive conversation with Chat GPT to build a business plan that could attract VC investments.

*This episode is a must-watch for anyone who wants to elevate their AI interactions, making every query count and turning every response into a stepping stone for success.*

#EYL #ArtificialIntelligence #AI #BusinessPlan #ChatGPT #TechTips #Entrepreneurship #ViralMarketing #BusinessGrowth #StartupSuccess #TechForGood #EYLMotorcade #AIFramework #ChatInTheHat #Productivity #Innovation #TechSavvy

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AI 101: A Beginner's Guide to Understanding Artificial Intelligence Oct 12, 2024

Show notes

Welcome to the first clip in our "EYL" series, where we dive deep into the world of Artificial Intelligence. Our guest X. Eyee meticulously breaks down what AI is and how it functions. If you've ever found the concept of AI overwhelming or confusing, this clip is tailor-made for you!

*What is Artificial Intelligence?*

Artificial Intelligence (AI) is a term that covers a wide range of technologies aiming to make machines think and act like humans. Just like cars can vary—be it two-door, four-door, electric, or gas—AI encompasses diverse tools and technologies touching different disciplines such as computer science, mathematics, electrical engineering, and mechanical engineering. Despite their varied nature, all AI technologies aim to achieve one goal: to emulate human thinking and actions.

*Five Domains of AI:*

X. Eyee elaborates on AI's five domains, comparing them to the human senses:

1. *Natural Language Processing (NLP):* This includes applications like Siri, where the machine learns to understand and generate human language. Functions such as text-to-speech and speech recognition fall under this domain.

2. *Computer Vision:* Used in facial recognition and other image analysis applications, this domain teaches machines to see.

3. *Haptics:* A field often explored in robotics, where machines learn to touch and feel, similar to human skin sensitivity.

4. *Machine Olfactory:* This newer field teaches machines how to smell, although it has its set of challenges.

5. *Machine Taste:* Still in its infancy, this realm aims to teach machines how to taste, facing similar hurdles as machine olfactory.

*Overcoming Fear of AI:*

The human brain is naturally inclined to fear the unknown. X. Eyee discusses how understanding AI can help overcome these fears. Becoming educated about AI—its domains, capabilities, and limitations—can help demystify it. There's also a call to action for communities to engage in shaping policies and regulations around AI, ensuring it's used for the greater good.

*Machine Learning and Generative AI:*

Machine Learning (ML) is the crux of teaching machines how to think like humans. It involves training algorithms with data so that they can learn and improve over time. Machine learning is categorized into:

1. *Supervised Machine Learning:* The algorithm is trained using labeled data, i.e., data with known outcomes.

2. *Unsupervised Machine Learning:* The algorithm uncovers patterns and outcomes from unlabeled data.

3. *Deep Learning:* A more complex subset of ML, which mimics the neural networks of the human brain for more intricate tasks.

Generative AI, a specialized form of AI, aims to replicate human creativity and imagination. When prompted, it can generate outputs like text, images, or even music, making it a fascinating area in AI research and application.

*TL;DR (Too Long; Didn’t Read):*

For those who want a quick recap, X. Eyee has provided a handy TL;DR slide summarizing the core points discussed in this clip. Feel free to pause, take a screenshot, and share it with your friends!

Don’t miss out on this enlightening discussion that simplifies the complex world of AI. Make sure to like, subscribe, and click the bell icon to get notified about our future clips. Together, let's demystify AI and understand how it can be harnessed to benefit us all.

*Hashtags:*

#EYLMedium #ArtificialIntelligence #MachineLearning #NaturalLanguageProcessing #ComputerVision #AIExplained #DeepLearning #GenerativeAI #TechTalk #AITechnology #Robotics #EYL tiy

Join us on this educational journey and stay tuned for our next clip on how to utilize AI in business.

Enjoy watching!

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EYL#310: How to Legally Avoid & Lower Taxes (Tax Secrets The Rich Don’t Want You to Know!) Oct 11, 2024

Show notes

In this YouTube Live episode with Ms Business, we break down essential tax strategies to help you legally avoid and lower your taxes. Learn the secrets that the wealthy use to reduce their tax liabilities and keep more money in their pockets. We’ll cover important topics like business taxes, corporate tax rates, and how to maximize your deductions to save thousands.

You’ll get valuable tips on leveraging deductions like Section 162 for business expenses, retirement contributions, health savings accounts (HSAs), and tax credits like the Earned Income Tax Credit and Child Tax Credit. We also explain how to reduce your taxable income through investments in municipal bonds, starting a business, and taking advantage of long-term capital gains.

Whether you're a business owner, investor, or individual taxpayer, you'll discover actionable steps to minimize your taxes. We also cover advanced strategies like cost segregation and bonus depreciation, showing how you can maximize your savings through real estate investments.

If you’re tired of overpaying in taxes and want to learn the secrets the rich don’t want you to know, this episode is for you!

#Taxes #TaxSecrets #BusinessTaxes #TaxDeductions #EarnYourLeisure #CostSegregation #RealEstateTax #FinancialFreedom #TaxStrategy

See omnystudio.com/listener for privacy information.

Jumbo Mortgages & DSCR Loans, Multi-Million Dollar Mortgages EXPLAINED Oct 09, 2024

Show notes

Welcome to another insightful clip of EYL Medium! In this clip, hosts Rashad Bilal and Troy Millings bring on mortgage expert Matt Garland to break down everything you need to know about jumbo mortgages and DSCR loans.

Have you ever wondered what a jumbo mortgage is and how it differs from conventional loans? Matt Garland dives deep into the specifics, explaining that jumbo mortgages are loans that exceed the limits set by Fannie Mae and Freddie Mac. If you're dreaming of owning a mega-mansion, a jumbo mortgage might be your ticket. However, these loans come with stricter qualification criteria, including a lower debt-to-income ratio and full documentation, such as W-2s, pay stubs, bank statements, and tax returns.

Matt also delves into options available for self-employed individuals who might not have traditional income documentation. He highlights popular choices like bank statement loans, where lenders assess income based on business bank deposits over a 12-month period. These loans come with higher interest rates but can be a viable solution for entrepreneurs looking to invest in their dream homes while minimizing tax liabilities.

We also explore the world of DSCR (Debt Service Coverage Ratio) loans, which are crucial for real estate investors. Unlike traditional loans focusing on personal income, DSCR loans evaluate the potential of the investment property to generate sufficient income to cover the debt. Matt walks us through the essential metrics and calculations needed to secure these loans for both residential and commercial properties.

Key takeaways from this episode include:

1. *Jumbo Mortgages:*

Jumbo loans are for amounts exceeding the limits set by Fannie Mae and Freddie Mac.
Stricter qualification criteria including a low debt-to-income ratio and full documentation.
Options exist for self-employed individuals through bank statement loans.
Understanding the trade-offs between higher interest rates and tax savings.

2. *DSCR Loans:*

DSCR loans focus on the property's income potential rather than personal income.
Key calculations include operating costs, property expenses, and cash flow metrics.
Easier approval process compared to first-home mortgages, with a minimum down payment of 20% if it meets the 1.2 DSCR requirement.

Whether you're looking to invest in luxury real estate or searching for financing solutions tailored for investors, this episode has something for you. Matt provides valuable insights and strategies to navigate the complexities of jumbo and DSCR loans effectively.

Don't miss out on this comprehensive guide to mastering jumbo mortgages and DSCR loans. Watch now and equip yourself with the knowledge to make informed investment decisions!

*Timestamps:*

00:00 - Introduction: Jumbo Mortgages

00:20 - What are Jumbo Mortgages?

01:50 - Full Documentation Loans

03:00 - Bank Statement Loans

05:15 - DSCR Loans Explained

06:30 - Key Metrics for DSCR Loans

08:50 - DSCR vs. Hard Money Loans

13:30 - Tips for Real Estate Investors

*Hashtags:*

#EYL #JumboMortgage #DSCRLoan #RealEstateInvesting #FinancialLiteracy #LuxuryHomes #MortgageTips #SelfEmployed #Investing #PropertyInvestment

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Get ready to unlock the doors to your real estate dreams with expert advice from EYL. Don't forget to like, subscribe, and hit the notification bell for more content that empowers you to achieve financial success!

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Different Types of Home Loans, House Hacking Explained, & Buying Real Estate for Couples Oct 06, 2024

Show notes

In this clip, we break down the various types of home loans available to homebuyers and explain the concept of “home hacking” to maximize your real estate investment. Whether you’re a couple looking to purchase your first property or planning for long-term financial growth, this video covers essential informat

ion to help you make smart decisions in the real estate market.

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EYL #309 Artificial Intelligence Explained: How to Make Money with AI & Use It to Improve Your Life ft X Eyeé Oct 04, 2024

Show notes

Join us for a special YouTube Live episode of Earn Your Leisure featuring AI expert X Eyeé. We’ll dive deep into the world of Artificial Intelligence and explore how it can revolutionize both your personal life and business operations.

X Eyeé has been working with AI for years, helping major companies harness its potential, and now he’s here to break it all down for you.

In this session, we’ll discuss X Eyeé’s extensive experience with AI and his background in the field, offering a simple, straightforward explanation of how AI works.

We’ll also explore practical ways viewers can integrate AI into their businesses, focusing on specific tools and frameworks that make it easier to navigate the world of AI.

Additionally, we’ll address the fears and concerns surrounding AI in our communities, including how we can ensure AI works for us, not against us.

Don’t miss this opportunity to get expert insights on how to use AI to stay ahead in both personal and business endeavors.

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#EarnYourLeisure #AI #ArtificialIntelligence #BusinessGrowth #Technology #AIBusiness #AIEducation #XEyeé #TechTalk #AIFramework #YouTubeLive #Entrepreneurship #FutureOfWork #AIForBusiness

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