Brian Boyd

The defined benefit plan can be hundreds of thousands of dollars a year.

Hundreds of thousands of dollars a year.

Imagine if you're making $500,000 a year, but you're grossing $1.2 million, right?

So you can actually take $200,000, put it into a defined benefit plan, bring your gross down so your taxability is also lower.

So it's really a game changer.

Yeah, you're taking it from a 37% tax bracket down to the next bracket, which is great.

Who wouldn't want to do that?

So, you know, it's something to think about for a business owner out there because it does really change your profile.

Now, if you have a lot of employees, you need to go through an analysis.

Are they going to be in the defined benefit plan?

You know, is there a way to segregate them out?

You know, you're going to have to talk to a pro about it.

I don't do the analysis for people on that, but there are companies out there.

Well, there's another component that I just grew up.

or is a financial planner.

And so I grew up knowing about insurance.

I understood the value of investing in mutual funds, compounding interest, and then life insurance, big proponent of life insurance, universal life.

And, you know, people out there think of life insurance, like, Oh, it's expensive.

Yeah.

If you think about it that way, I would just ask everybody to change your mindset, at least during this podcast, and think about it as an investment.