Scott Royal Smith is a real estate investor and asset protection attorney in Austin, TX. He became an entrepreneur while still in law school, purchasing and running an auto mechanic shop to pay his way through school. After graduating, he begin his law career as a high-stakes corporate litigator.
He has spent the last 8 years of his career analyzing real estate investment and asset protection. Today, he is the Founder and CEO of Royal Legal Solutions, a firm he built to offer tax, business and legal strategies to clients all over the U.S and Canada. He continues to educate the public on asset protecting strategies to help circumvent debilitating lawsuits for his clients.
Royal Legal Solutions – Sign up for your $149 Roadmap Consultation with Scott and after the consultation you’ll receive an Anonymous LLC for free!
3 Value Bombs
1) An LLC creates a barrier between you and your money, and anybody who tries to come after you.
2) Before you start the day, write down the one thing that you have to do today – that if you only do that one thing, you can say that the day was a success.
3) As an entrepreneur, you can’t allow cash to stand in the way of you being able to create value for your customers.
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**Click the time stamp to jump directly to that point in the episode.
- Today’s Audio MASTERCLASS: Top 10 ‘Must Do’ list for a startup with Scott Royal Smith
- [01:36] – Scott shares something interesting about himself that most people don’t know.
- He is still active in kickboxing and Jiu Jitsu.
- [02:54] – Scott’s professional advice for setting up a business – from an attorney’s perspective.
- Know the right lever to pull at the right time as an entrepreneur.
- You have to know what the minimum thing is that you need to do to get to your goal.
- Focus on that one thing that makes you powerful and drives you where you need to.
- Before you start the day, write down the one thing that you have to do today – that if you only do that one thing, you can say that the day was a success.
- [04:39] – What are the things that you need to focus on as an entrepreneur from a legal perspective?
- First, start with having an LLC. This is so important that Scott is giving it away to you, Fire Nation! He is on a mission to get everybody in the United States protected.
- Royal Legal Solutions – Sign up for your $149 Roadmap Consultation with Scott and after the consultation you’ll receive an Anonymous LLC for free!
- [06:49] – How does an LLC protect you?
- It creates a barrier between you and your money, and anybody who tries to come after you.
- Maximize your tax write-offs by using your free LLC to run your business through.
- As an entrepreneur, establish your own 401K. It allows you to shelter $55,000 every year from the government.
- An LLC can give you an extra sense of insurance – it gives you the ability to know that even if the worst-case scenario happens, you’re totally covered.
- [12:29] – Scott shares a story that will wake you up if you’re not prepared…
- He had a client without an estate plan, which means that all of the assets go through the court system.
- They had to go through a process called probate, where the whole world gets to see everything about your finances. Because of that, people started filing cases against his client’s estate.
- [16:26] – Scott shares some tax break secrets.
- Write off your vacation – you can do it by sandwiching your vacation between two meetings.
- [17:56] – What should entrepreneurs be thinking about when it comes to estate planning.
- Have something like a Living Will in place.
- What you need for estate planning is a Living Trust, which will own your LLC, which in turn, will own your assets.
- Without the Estate Plan in place, the government decides what happens with your money and who gets to take care of your kids.
- [20:16] – A timeout to thank our sponsors, ClickFunnels and Pitney Bowes!
- [20:18] – Scott talks about solid banking and bookkeeping essentials.
- Keep it simple and up to date.
- Go through things at the same time every single month.
- It can be pretty difficult to figure out what your banking relationships need to look like… tune in to hear Scott talk more about this topic
- As an entrepreneur, you can’t allow cash to stand in the way of you being able to create value for your customers.
- [26:15] – Scott’s parting piece of guidance
- Being an entrepreneur is hard enough – let alone the legal aspects. Scott’s team can handle that for you so you can focus on the making money part!
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