Mindset, Grit & Failure
What is a family board and family office and how do they create write-offs?
Answered independently in 1 episodes. Every line below is verbatim from the transcript, timestamped to the moment it was said.
The short answer
What the archive says
01A 1099 or side hustle is a "golden ticket" that unlocks write-offs a W-2 job can't touch: home office, auto, dining, computers, cell phone, family members, plus a Roth IRA and a solo 401k. source →
02Set up a family board and a family office (even a spare bedroom) to legitimize your LLC or corporation with annual board meetings and deduct an annual family retreat and business dinners. source →
In their words
What was actually said
They're not. They're not. And so you've got this incredible tax deduction right now while your kids are under age 18, the board meeting for better asset protection, more tax write-offs, you're building wealth in their IRAs for them in college, and you're teaching them about your business.
The episodes