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Weston Smith

๐Ÿ‘ค Speaker
See mentions of this person in podcasts
944 total appearances

Appearances Over Time

Podcast Appearances

Digital Social Hour
Westin Smith: Investing Secrets That Could Make You $18 Million From $100k | DSH #1626

Because their income is personal, right?

Digital Social Hour
Westin Smith: Investing Secrets That Could Make You $18 Million From $100k | DSH #1626

I think it's still considered personal while they're playing, yeah, but I don't think sponsorships is taxed the same.

Digital Social Hour
Westin Smith: Investing Secrets That Could Make You $18 Million From $100k | DSH #1626

Yeah, I'm pretty sure that's the way it works.

Digital Social Hour
Westin Smith: Investing Secrets That Could Make You $18 Million From $100k | DSH #1626

Yeah.

Digital Social Hour
Westin Smith: Investing Secrets That Could Make You $18 Million From $100k | DSH #1626

Yeah.

Digital Social Hour
Westin Smith: Investing Secrets That Could Make You $18 Million From $100k | DSH #1626

But yeah, anybody, I don't care if you're making a billion dollars a year, you can pay zero in taxes.

Digital Social Hour
Westin Smith: Investing Secrets That Could Make You $18 Million From $100k | DSH #1626

There's certain, again, if you study trust law, there is a trust in the United States where you can defer taxes indefinitely.

Digital Social Hour
Westin Smith: Investing Secrets That Could Make You $18 Million From $100k | DSH #1626

You will never pay taxes again.

Digital Social Hour
Westin Smith: Investing Secrets That Could Make You $18 Million From $100k | DSH #1626

Yeah, they do things a little more difficult.

Digital Social Hour
Westin Smith: Investing Secrets That Could Make You $18 Million From $100k | DSH #1626

You know, they set up like the I think Amazon, especially they set up like a shell corp that owns a company that owns a company that owns a company.

Digital Social Hour
Westin Smith: Investing Secrets That Could Make You $18 Million From $100k | DSH #1626

And you can do that.

Digital Social Hour
Westin Smith: Investing Secrets That Could Make You $18 Million From $100k | DSH #1626

There's a million ways to do something.

Digital Social Hour
Westin Smith: Investing Secrets That Could Make You $18 Million From $100k | DSH #1626

Right.

Digital Social Hour
Westin Smith: Investing Secrets That Could Make You $18 Million From $100k | DSH #1626

Yeah.

Digital Social Hour
Westin Smith: Investing Secrets That Could Make You $18 Million From $100k | DSH #1626

For the simplest way, just open up one of these trusts and you will pay zero dollars in tax for the rest of your life.

Digital Social Hour
Westin Smith: Investing Secrets That Could Make You $18 Million From $100k | DSH #1626

Yeah, exactly right.

Digital Social Hour
Westin Smith: Investing Secrets That Could Make You $18 Million From $100k | DSH #1626

So all my businesses are registered in Wyoming for privacy, low tax, and very low filing fees.

Digital Social Hour
Westin Smith: Investing Secrets That Could Make You $18 Million From $100k | DSH #1626

South Dakota and Montana.

Digital Social Hour
Westin Smith: Investing Secrets That Could Make You $18 Million From $100k | DSH #1626

Montana, yeah.

Digital Social Hour
Westin Smith: Investing Secrets That Could Make You $18 Million From $100k | DSH #1626

They do a lot of that too.