Brian Boyd

So if you're on the other side of that, you're owning the business.

It's a great play.

And that is also, going back to the tax conversation, you get the deductions, you get the cash flow.

It's a great way to grow wealth.

Yeah, so it really determines, are you a business owner and get a K1, or you have passed through treatment onto a Schedule C on your 1040, or are you a W-2?

All right, so if you're a business owner, I would say the low-hanging fruit that

is out there that their financial planners already told them is like, pay yourself first, fund your retirement account first, and then pay for things.

So everything, you know, a lot of people have 401ks, they have solo 401ks, SEPs, simplified employee pensions, defined benefit plans are a big deal for those making more money

you know, more than they actually need to utilize in one year, I would say, hey, get a defined benefit plan.

Yeah, so a defined benefit plan kind of has three components to it.

It's got a profit sharing component.

It's got the 401k component.

And then it's got another component that...

It's very difficult to explain, but there's basically three levels and an actuary comes in and they look at your income year over year.

So you have to pay that actuary every year to come in and analyze you to tell you how much you need to put into the plan.

Now plans can be five years.

They can be 10 years.

They can be 15 or 20 years.

You just have to figure out what is your plan?

When is your time to retire?