SWAV 255 : How to own nothing but Control Everything W/ Garrett Sutton
Special Guest: Garrett Sutton
Author of “Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them (Rich Dad Advisors)”.
- Well, as you start to amass your network and your fortune, you also at the very start need to think how you can protect it. We live in a very litigious society, people sue each other all the time. And of course, the more wealth you have, the bigger target your are; the more people want to sue you. It’s really interesting.. They did a survey in a state of Louisiana, and they ask the people “How are you going to get rich?” and the first way was of course, by winning the lottery. But, the second way to get rich for the people in the state of Louisiana which I think reflects the country, was to win the litigation. To sue someone!
- … provides a lot of asset protection because the business or the real estate get sued. Yeah! They can get what’s inside LLC of the corporation. But,they can’t get beyond it. They can’t get to your personal assets. Let me tell you that makes your spouse very happy.
- Yeah and with this strategy we described, its lit.You do not own the Georgia or Utah property in your individual name, it’s held in an LLC. It’s owned by the Wyoming LLC. You control that, but you do not own it directly. You control it to your benefit. You receive the benefits, but it’s not in your individual name. In which case, if it is in your individual name someone can easily get into that property.