Control Everything, Own Nothing with Rick Williams: An EOFire Classic from 2022

0:01Boom! Shake the room, Fire Nation. JLD here and welcome to Entrepreneurs on Fire, brought to you by High Level Level, the all-in-one sales and marketing platform. On today's classic episode, we'll be breaking down how to control everything, own nothing. And to drop these value bombs, I have brought to Rick Williams in the EU Fire Studios. Rick is the author of Control Everything, Own Nothing and creator of the Financial IQ Challenge. And today we talk about how you can avoid probate and estate taxes legally by knowing the process, how to do things and then believe them. Faith is developed through action and oh, so much more.

0:34And a big thank you for sponsoring today's episode goes to Rick and our sponsors. Are you ready for the ultimate all-in-one platform for entrepreneurs, marketers, coaches, and agencies? Build funnels, automate follow-ups, manage clients, and even white-label your own software. Say hello to our featured partner, High Level, and visit highlevelfire.com to start your free trial today. Fire Nation, success isn't a solo journey. It's about who you surround yourself with. That's why I built the Freedom Circle, a powerful community of entrepreneurs ready to support, inspire, and share the ideas that move you forward.

1:15Visit freedom-circle.com to learn more. Rick, say what's up to Fire Nation and share something that you believe about becoming successful that most people disagree with. Well, first of all, hello to you, John, and what a privilege it is to be here in front of your beloved audience. And my brother, it's a privilege to get to meet you and talk to you in person. And we're just going to have a great time. And I believe that the number one, in my belief, the number one thing that people who are successful, who have success, those of us who do it consistently, is that we really, really embrace that there's no such thing as failure.

1:57We really believe that. I've heard people say, you know, failure is like a sample size and like failure is necessary. But what I believe about success is that there is no such thing as failure and that you need to hurry up and get wrong. For example, when I was in school, taking classes, business courses, taking all these different math courses, like finite math and pre-calculus and college algebra, which I was crazy enough to take John online. I took it online thinking I was going to save me some time because I really believe in trying to save time and I had to be in a math lab so many days they thought I worked there because the only way I could pass this stuff was the people in the math lab had to teach me the answers so I got an A in a class that I would have failed miserably if I hadn't been in a math lab and been there for you know an inordinate amount of time I would have failed miserably so I went from being a I would have been what people would have called a failure because I would have failed the class to being somebody that got an A, but it was only because of my colleagues there and me just being there all day and all night because of the online class is definitely not the route to go for anybody thinking about taking college algebra.

3:04My point is this though, I would be in a room and the young kids would come in because I was 47 years old when I was in college. So the youngsters would come in and they'd be like, man, you're a genius. You know, I'd ask all of these calculus questions. I said, no, I'm not. I said, I just messed these questions up every way you can possibly mess them up. And you guys are popping in for two hours left trying to cram some stuff up there for days. And the guys think I work here. So my philosophy of my life is you're going to get wrong. So hurry up and get wrong. And the quicker you hurry up and get wrong, the faster you'll be able to do something right.

3:36And then naturally you have amazing value in the marketplace because you're really good at whatever it is you're doing. But you've got to be really bad before you get really good. Well, that was fantastic. Hurry up and get wrong, Fire Nation. And as I mentioned in the intro, we're talking about controlling everything, owning nothing, and the author of the book by the same name is here with us today, Mr. Rick Williams. And he's also the creator of the Financial IQ Challenge. Now, one thing that I want to talk about is buying and selling real estate. And a lot of people, when they do the math and they end up doing all the numbers with the realtor fees and the taxes and all this jazz, they really figure out that, man, I'm not making as much money as I thought I was.

4:21So is it really possible to both buy and sell real estate tax-free? Yes. To answer your question, John, it's absolutely possible. And the problem with people, John, is assent. Assent means silent consent. And what happens is that back in the medieval days, when people would take the prisoners, they took them as prisoners of war and they would put their eyes out and it was called a vaccination and they would vaccinate the prisoners. Now, John, instead of just killing the prisoners, they said, well, why should we kill our slave labor? Why don't we just put their eyes out? And then naturally they can't do anything because they're blind.

5:00If you slap a blind man, what is it going to do? He can't hit your back. He can't see you, right? So they slapped us with the laws, the tax laws, and it's blinded people. So most people don't have never even investigated the tax laws, particularly tax law 6033A, which says that you can operate out of an unincorporated trust when you buy and sell properties and that that property is 100 % tax-free. So when you sell it, it's not like a self-directed IRA when you sell it where the taxes are deferred and eventually going to have to pay them or 1031 exchange where the taxes are deferred and eventually going to have to pay them.

5:36It's tax-free and that's IRC code 6033A, but you never read that code if you've never investigated the tax laws. And most people don't investigate the tax laws because they're intimidated by the IRS, but they don't realize about the IRS. The IRS is simply a third-party collection agency, and it's just a company just like any other LLC, C Corp, S Corp, and they haven't done it, and Bradstreet Report just like everybody else, and the EIN just like everybody else, and they have a shortage in employees just like most people do now because of the great resignation that's taking place. And so all of those things are true about them just like it is about any other company, any other corporation.

6:11And if you understand that and you investigate the laws, then you won't be afraid because fear is the number one reason why people pay taxes that they ought not be paying and why people incur penalties that they ought not be incurring. It's because they've been assassinated and then they assent or they have a silent agreement with things that they don't really agree with because of a lack of knowledge and a lack of even investigating that knowledge, Brother John. I mean, that's why when you hear the phrase, knowledge is power, Fire Nation, it should bowl you over with excitement because it is so true.

6:42Knowledge is power. And Rick is bringing us this knowledge right here, right now. So we talked a little bit about real estate tax. Let's also move on to probate and estate taxes because they are brutal and people are getting destroyed by these every single day when things are happening. They're losing people in their family. They're sad. And they just feel like, okay, I just need to pay it out of the estate or out of the probate or whatever that might be. How can we avoid these taxes legally? Okay. So, probate is just what it really means. You take on James Brown, for example. James Brown, you know, traveling around the world.

7:20And he said, I got sold and I'm super bad. He had a super bad accountant. That's what he had. A super bad accountant. a super bad financial planner and a super bad. And I'm not talking about super bad as in good. I mean, super bad as in atrocious money managers. And, you know, the king of soul, he passed away and his account is 17 years later with just completing his probate process. Well, you know what that means? That means the money goes to the judge and he goes to the probate attorneys. And we had a client recently who had a million dollar estate. By the time probate got the rhythm, it's worth$400 ,000.

7:55And the book of Ecclesiastics says this, John, it says, the richest man in the world, Solomon, and I follow the richest people in the world. I wrote my book because of John, because Rockefeller said control everything and don't own anything, which is why I operate like the one percentiles. Solomon was certainly one of the one percentiles the richest ever walked the face of the earth. And Solomon said in Ecclesiastes 6 and 1, he said, there's a evil outside and obscene, John. He said, and it's common among men. He said, in a man, God would bless a man with riches and fame and power, and he would leave it to a stranger.

8:29He said it's a he said it's an evil disease. It's an evil disease to work all these hard years and the money go to the IRS and go to probate court. And that's the way ninety nine percent of the population is set up as we speak, because they are set up through trust. So the way that they're set up is that your money, everything that happens to you is just public knowledge. It's an obituary section of the newspaper. And then the judges decide what's going to go on with your money. It happened to to to James Brown is happening to the lion's share of the population, too. simply because they just don't operate out of trust.

9:01And even if you have a will, that means your money will definitely be in probate court because that's the law. And so people don't understand that. And again, it's because of the vaccination process and not even investigating what's going on. And, you know, condemnation without investigation is a very height of ignorance. So what I train people on, and the reason I have a financial IQ challenge is so that they can take a five-day journey with me and I can teach them the difference between these laws and then they can have an educated way of deciding what they want to do after that. So that's what's going on with probate, and that's the difference between your money going to your family after all that hard-earned work and going to the state and going to the IRS and going to the probate court.

9:42I mean, Fire Nation, I hope you're understanding that it's all going back to this knowledge is power. I mean, Rick has acquired the knowledge. He's trying to pass this knowledge along to us because this is the things we work so hard for. I mean, man, you work your whole life and then boom, you've got a million dollars to pass down to your family, to your loved ones. And then before you know it, it's not cut in half. It's cut in 60%. It's down to$400 ,000. I mean, that is so brutal. That's so painful just because you're lacking knowledge. And we have so much more to talk about when we get back from thanking our sponsors.

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11:22So visit highlevelfire.com to start your free trial and see why thousands of businesses are switching. That's highlevelfire.com, where marketing, sales, and automation finally come together. High Level, join the revolution. Rick, we're back, and I want to talk posterity. I want to talk prosperity. What is the difference between these two, and what should we be trying to build ourselves? Okay, so prosperity is temporary gain, John. Everybody, that's what people aim at. And the problem with people in life is that not that we aim high and miss, it's that we aim low and hit. That's the average person's problem.

12:01And most people have never even investigated prosperity, but they have investigated prosperity. And you know when we were little, John, they had this thing, this Multiplication Rock used to come on And they used to have this song that said We the people in order to form a more perfect union Establish justice and ensure domestic tranquility Provide for the common defense Promote the general welfare and secure the blessings of liberty To ourselves and our what posterity or do ordain and establish this Constitution of the United States of America. So posterity is way more important than prosperity.

12:42Prosperity means that you can have a little money, maybe, but it's not necessarily going to pass on to anybody else. And it's like what Jesus said. He said the kingdom of heaven is like a field that a man went out to buy. And he said he had some treasure in the field, but he didn't want to make an estate and lose out on a treasure because some more bidders might come out. So he bought the whole field, which ensured him the fact that he would have the treasure. Well, posterity is the entire field. And then prosperity is just a treasure inside of that field because if posterity means that your money is going from generation to generation to generation to generation, unimpeded by taxes, unimpeded by state taxes and unimpeded by probate, unimpeded, which means that your seventh, eighth, ninth, tenth generation of people that come after you will have money, will already be set up when they're born.

13:25In other words, posterity means that your children are rich when they're born. Prosperity means that you have some temporary gains, which could very well end at the next generation because we all know the fool and his money is soon to part. That's the difference between posterity, John, and prosperity. Fire Nation, which one are you going to choose? Now, Rick, I want to talk about tax credits. I want to talk about return on multiples of what we spend. Can you share with Fire Nation how we can qualify to get tax credits that actually return multiples on the dollars we spend? Well, I think the best thing to investigate to find out how tax credit is go is to watch one of my commercial on YouTube with, if you go to my YouTube channel, Rick the Wealth Coach, you can see the interview that we have with President Trump, former President Trump, when he was arguing with President Biden and in a commentator said, listen, Trump, we're looking at your tax return.

14:20You only pay$750 in taxes in 2016. And Trump, he started trying to skate around the issue initially, you know, but then finally just came on out and said, listen, I'm from the private sector. He said, and, you know, I don't want to pay taxes. This is the president of the United States. He said, I don't want to pay taxes. He said, in fact, you got to be stupid to pay taxes. All right. He said, we come from the private sector and I get tax credits, you know, like that hotel I bought back in 1987. Donald Trump bought a hotel,$120 million and he got tax credits for$885 million. million dollars. Amazon in 2018 earned a billion dollars in profits and they got a tax return back for$129 million because the good old boys, they get tax credits from the government.

15:05Now, how does that pertain to us? Well, a tax credit is generated every single time some money is spent. However, if you don't operate out of unincorporated trust, you don't qualify for one or you have to be a big corporation, a major corporation like the top 50 corporations who didn't pay taxes over the last three or four years based on getting tax credits from the government. So if you're not one of those large corporations, you have to operate out of unincorporated trust to get a tax credit. So a tax credit is like you in a park and you leave your coat and you leave and you forgot about your coat.

15:36So you get home and you think about it and you say, oh man, I left my coat. So you go back to the park and you see a guy walking down the street with your coat on and you say, what the heck? He's got my coat. You say, hey buddy, that's my coat. You say, man, you got a receipt. You say, no, I don't have a receipt. You got any proof? I say, You know, I got an approval. So it's not like this is my code, not your code. That's what a tax credit is like. It's like we all have them coming, but we don't understand how to qualify for them. And that's part of what I do for my financial IQ challenge. I teach people how to qualify for your tax credits.

16:05The average working person, the average business person, you don't have to be a multimillionaire, even though we deal with high net worth people. You don't have to be a multimillionaire. You don't have to be part of a Fortune 500 company. company, all you have to do is operate out of an incorporated trust and it gives you the status to be able to qualify for the tax credit. So I'm here in Tampa right now, it's about$2 ,000 to stay here for 10 days. I'm doing some work, but my tax credits will give me back about$8 ,000. That'll be part of my check, part of my annual check that I get from the IRS.

16:35And when I get back, when it's come filing time. So everywhere I go around the country, and I'm currently on a nationwide tour with my clients called my journey, my trust journey. And it's going to be filmed on YouTube and all of that. But I don't spend money. I circulate money because when it goes out, it comes back in. And without circulation, there's no such thing as wealth. Because of the money you spend, you merely only get back the money you spent through a mere tax write-off or you don't get any money back at all. But that's a recipe for poverty, not a recipe for wealth. The money has to come back in multiples and tax credits and how you get those multiples.

17:10So you have mentioned the financial IQ challenge a few times. Can you go into a little more detail about that? What can Fire Nation expect around this challenge? Our financial IQ challenge is meant to educate people. It's a week-long challenge. We do it once a month. And the reason that we do it is because we live a very principled life. And our number one principle that we live on is Proverbs 21 and 5. And it says that the thoughts of the diligent tend only to plenteousness, but to everybody that is hasty only to want. so we don't do anything in a hurry because we teach people how to change their lifestyle and how to change their lineage and how to have a lasting legacy.

17:45So instead of having little short meetings and little 15-minute meetings and little hour-long presentations, we do a presentation for the whole week and it's two hours a day and you have to sign up for it and people sign up for it globally and we teach everybody at one time and then that way you can listen to the questions that other people have from around the globe or are already operating the way that we do and they have some questions that you may have because you really, really learn when you observe the questions of other people and then you're allowed to ask your own questions. So we take our time to slow walk you because I don't know about you, John, but I get real ticked off when somebody cuts me off in the traffic.

18:17They ain't going no doggone where, and then you get to the light and they just sit right there in front of you like, brother, that could have been my life and your life over one of those five second decisions. So I don't believe in hastiness. I believe in taking my time and I don't allow people to come into my life and change my behavior. And I know a lot of people's lives trying to change their culture, trying to get them to do something different from the way they were doing. I'm like, if that's the way you teach us, that's the way you train and you have something that's a value to me, then I just want to thank you that you're even accessible to teach me that.

18:47And I'd be glad to walk through your process, whatever that process may be. So it's a five-day slow walk through how you really get this money, how you live like one percentiles and how you come on this side of the tracks and be able to qualify for different things that we've been discussing today. and we take our time to treat you right. So many value bombs you've dropped today, Rick. Take a minute, take the stage, take this microphone and give Fire Nation the one big takeaway from all of the genius that you shared today that you really want to make sure our listeners walk away with and then we'll say goodbye.

19:20Well, I believe this, John. I believe that people, you've been taught all your life, if I can see it, then I can do it. If I believe it, then I can do it. But I believe this. I believe that you do things and then you believe them. That's what I believe. I do believe that faith is a substance of things, hope for that and the evidence of things not seen. I believe that. But I believe that faith is developed through action. I believe that faith just gets you up to the to the plate is the lead off hitter. And then action is what comes up and moves you around the basis. Faith is the lead off hitter.

19:48It goes to first base. But then action, because the things that you do, they create your real faith, because now nobody can take away from you what you've done. because once you have an experience with something, you have a different moxie, a different swag, a different walk, a different kind of way of doing things, a different kind of confidence just because you got in and you did it. And most of the things that you're going to do in life that's going to be worth any kind of real substance, it's going to be because you did it and what you learned in the middle of it. I'll leave you with this story.

20:17I was at a middle real estate deal and I made like$11 ,000 off the deal. It was a small, relatively small deal, but it was a blessing. And my truck went out, the engine went out of my truck and my attitude was thank God the engine went out on the same day of the deal somebody John would have been saying man every time I make some money something happens but it's always two sides to a coin and a gratitude and the side of gratitude is what builds immense wealth being grateful and happy and appreciative of whatever's going on with you and being just being glad it ain't no worse so I was just happy the fact that I had the money so I sent the car to the to the mechanic and I mean I called him that Monday and said, I'm coming to pay you to put the engine in.

20:57He said, your car is not out here, Rick. I said, huh? He said, what? I got in an Uber and went over there. And when I got there, the car wasn't out there, sure enough, like he said. But the GPS and the Uber said, go to the corner and turn right. So I told the guy, follow the GPS. It said, make another right. It said, make another right and make another right. And finally, we found my car in a whole nother parking lot because the guy had followed the Uber. But I wouldn't have never followed my car if I hadn't went out and found out what was going on and got in the middle of it. So I want everybody to understand that wealth creation, wealth and maintenance and wealth and the consistency of life is based on beginning something quick and don't let the start stop you because you're not going to learn anything until you get to the middle of it.

21:38That's my story and I'm sticking to it, Brother John. Yeah, you are, Rick. Now tell Fire Nation, how can they connect with you? How can they learn more from you? Any call to action you have for us, share that now. The easiest way for us to be able to continue a conversation is to go to financialiqchallenge.com and get involved with our next challenge. There's once a month. Also, our book is at www.controlebook.com, and you can read our book, Control Everything on Nothing. I'm live every morning at 9 a.m. on Instagram, teaching wealth principles from the Bible. That's 9 a.m. most days, at least 9 a.m.

22:18Eastern. and finally I'm Rick the Wealth Coach on YouTube and I've got a plethora of videos that teach a lot of these ideas, absolutely free for people to be able to look into on all those different networks. Fire Nation, you're the average of the five people you spend the most time with and you've been hanging out with R-Dubs and JLD today, so keep up the heat. Head over to eofire.com, type Rick in the search bar. His show notes page will pop up with everything that we've been talking about here today. And Rick, I want to say thank you, my man, for sharing your truth, your knowledge, your value with Fire Nation today.

22:54For that, we salute you and we'll catch you on the flip side. I'm so glad to be with you, John. I'm so glad we had this time together. Have a wonderful evening, my friend. Hey, Fire Nation. Today's value bomb content was brought to you by Rick and Fire Nation. Over the last decade, I've interviewed more than 3 ,000 of the world's most successful entrepreneurs and I've created a revolutionary 17-step roadmap to your financial freedom and fulfillment. I put it all into my first traditionally published book, The Common Path to Uncommon Success, personally endorsed by Seth Godin and Gary Vaynerchuk.

23:29The Common Path to Uncommon Success is the step-by-step guidance that you need to achieve the lifestyle of your dreams. Visit uncommonsuccessbook.com and I'll catch you there or I'll catch you on the flip side. Are you ready for the ultimate all-in-one platform for entrepreneurs, marketers, coaches, and agencies? Build funnels, automate follow-ups, manage clients, and even white label your own software. Say hello to our featured partner, High Level, and visit highlevelfire.com to start your free trial today. Fire Nation, success isn't a solo journey. It's about who you surround yourself with. That's why I built the Freedom Circle, a powerful community of entrepreneurs ready to support, inspire, and share the ideas that move you forward.

24:19Visit freedom-circle.com to learn more.