1 00:00:00,000 --> 00:00:03,840 Robert Plank: Marketer of the Day episode 723, achieve your 2 00:00:03,840 --> 00:00:07,680 financial goals, plan for the future and develop healthy money 3 00:00:07,680 --> 00:00:10,020 habits with CPA. Larry Pon, 4 00:00:16,320 --> 00:00:18,780 Hey everyone, and welcome back to the marketer of the day 5 00:00:18,780 --> 00:00:23,120 podcast. We are joined by Larry Pon, CPA, and you can find him 6 00:00:23,120 --> 00:00:29,420 at L, A, R, R, y, p, o, n, c p, a.com, Now Larry Pon has a tax 7 00:00:29,420 --> 00:00:32,900 and financial planning practice in Redwood Shores, California. 8 00:00:33,080 --> 00:00:36,980 This is his 34th tax season, and he has helped hundreds of people 9 00:00:36,980 --> 00:00:40,160 reach their financial goals through smart tax and financial 10 00:00:40,160 --> 00:00:43,780 planning. And Larry regularly speaks to groups about tax and 11 00:00:43,780 --> 00:00:46,900 financial planning topics, and today he is going to help us to 12 00:00:47,020 --> 00:00:50,260 get our money right, get our mindset right. Make it fun, keep 13 00:00:50,260 --> 00:00:52,300 it interesting. So Larry, glad to be talking to 14 00:00:52,360 --> 00:00:53,860 Larry Pon: you. Well, good to talk to you. Robert, 15 00:00:55,060 --> 00:00:58,360 Robert Plank: so as we kind of get started here, you know, I 16 00:00:58,360 --> 00:01:01,980 feel like maybe 1015, years ago, whenever this topic of money 17 00:01:01,980 --> 00:01:06,180 came up, I felt like a person that was dreading going to the 18 00:01:06,180 --> 00:01:11,220 doctor. I always I really resented what the like, how bad 19 00:01:11,220 --> 00:01:14,820 the money situation might be, or what problems I might be missing 20 00:01:14,820 --> 00:01:19,020 out on. And then, whenever I visited my CPA to deal with 21 00:01:19,020 --> 00:01:23,780 issues with my business, or could I be using these, these 22 00:01:23,780 --> 00:01:28,160 loopholes or reducing taxes here and there? I always felt stupid, 23 00:01:28,280 --> 00:01:32,300 and I felt afraid to ask some questions, and at the same time, 24 00:01:32,300 --> 00:01:35,840 my eyes kind of glazed over whenever we dug too deep into 25 00:01:35,900 --> 00:01:40,780 the tax money stuff. So is this a problem that you see coming 26 00:01:40,780 --> 00:01:44,140 across your desk when you're helping people with their tax 27 00:01:44,140 --> 00:01:47,620 and financial situation, just this whole, just resistance, 28 00:01:47,680 --> 00:01:49,900 this problem, even thinking about money, 29 00:01:50,140 --> 00:01:52,300 Larry Pon: well, I think it depends on who you're talking 30 00:01:52,300 --> 00:01:55,540 about. So there are some clients I don't know why they do it. 31 00:01:55,660 --> 00:01:58,720 They schedule their dental appointment before they see me, 32 00:01:59,080 --> 00:02:02,880 and then, you know, their faces fold up. They're they're 33 00:02:02,880 --> 00:02:05,580 drooling and all that. So why do you have to get your teeth 34 00:02:05,580 --> 00:02:07,740 drilled before you see me? He goes well, Larry, that 35 00:02:07,740 --> 00:02:11,400 experience is actually easier than yours. Oh, come on, come 36 00:02:11,400 --> 00:02:16,740 on. That's, that's, I'm not that bad. I smile. I have candy. I 37 00:02:16,740 --> 00:02:20,960 have snacks here for people. But I think it's fear. I think fear 38 00:02:20,960 --> 00:02:25,340 is, what is? What people are afraid of? A lot of times, I get 39 00:02:25,340 --> 00:02:28,040 a stack of unopened envelopes. People don't open their 40 00:02:28,040 --> 00:02:30,560 envelopes. They don't want to read their statements, they 41 00:02:30,560 --> 00:02:34,280 don't want to see their tax documents, or worst of all, I 42 00:02:34,280 --> 00:02:38,240 see a stack of letters from the IRS or from the state. And I 43 00:02:38,300 --> 00:02:42,040 then, and I tell them that, you know, I should, I should? I 44 00:02:42,040 --> 00:02:44,920 should see that during the course of the year, so I can 45 00:02:44,920 --> 00:02:49,180 help you, and it's a lot less stressful if I know things ahead 46 00:02:49,180 --> 00:02:52,360 of time and I can, we can forestall any negative things 47 00:02:52,360 --> 00:02:56,200 for happening. It's like anything else in life, you know, 48 00:02:56,200 --> 00:02:59,140 if you for your like, for example, your car, if you take 49 00:02:59,140 --> 00:03:02,100 good care of your car, you change the oil, get it tuned up. 50 00:03:02,100 --> 00:03:06,360 It's generally not gonna give me any trouble, but I knew someone 51 00:03:06,360 --> 00:03:09,780 for 10 years she never changed her oil, and she couldn't figure 52 00:03:09,780 --> 00:03:12,900 out why her engine blew up. And that was a lot more expensive 53 00:03:12,900 --> 00:03:16,200 than changing the oil every few 1000 miles. So same thing with 54 00:03:16,200 --> 00:03:20,160 my job. I am like a financial doctor. Actually, I am a Money 55 00:03:20,160 --> 00:03:24,500 Doctor. It's one of my job titles. I'm a Money Doctor, and 56 00:03:24,620 --> 00:03:27,380 very similar to a medical doctor's job, it's a team 57 00:03:27,380 --> 00:03:31,640 effort. We work together on it. I can't help you if you keep 58 00:03:31,640 --> 00:03:34,700 smoking. I can't help you if you're not eating right or 59 00:03:34,700 --> 00:03:37,940 exercising. Same thing with financial habits. If you have 60 00:03:37,940 --> 00:03:41,080 good financial habits, I can be very helpful. But if you can't 61 00:03:41,080 --> 00:03:45,100 break those financial habits, I will refer them to someone else, 62 00:03:45,100 --> 00:03:49,000 like a I have financial psychologists help me with 63 00:03:49,000 --> 00:03:51,700 people with their money relationship problems, 64 00:03:52,960 --> 00:03:55,180 Robert Plank: and I find that really interesting that well, so 65 00:03:55,180 --> 00:03:58,840 first of all, you're saying that it's important for us to maybe 66 00:03:58,840 --> 00:04:01,740 get ahead of these problems that are coming our way, and 67 00:04:01,860 --> 00:04:04,920 throughout the year, make sure that everything's working as it 68 00:04:04,920 --> 00:04:08,220 should. So that way, we can maybe take preventative measures 69 00:04:08,220 --> 00:04:12,360 before we're on death's door, so to speak, in a financial sense. 70 00:04:12,360 --> 00:04:15,240 But then I'm hearing you say a lot of how, like habits are 71 00:04:15,240 --> 00:04:18,540 really important, and thinking about things in a Certain Way is 72 00:04:18,540 --> 00:04:21,620 important. And so to help us to get an idea of this. Can you 73 00:04:21,620 --> 00:04:25,460 tell us what's the the typical person, or like, the like, the 74 00:04:25,460 --> 00:04:28,640 type of person that you enjoy helping most? Are we talking 75 00:04:28,640 --> 00:04:32,480 about, like, individual tax returns or businesses or like, 76 00:04:32,480 --> 00:04:36,020 what's what kind of person are we talking about, as far as you 77 00:04:36,020 --> 00:04:38,000 helping this person, solving the problems 78 00:04:38,060 --> 00:04:42,040 Larry Pon: my favorite client, just like any other client, for 79 00:04:42,040 --> 00:04:45,520 any other professional, is someone who follows your advice. 80 00:04:45,520 --> 00:04:50,500 Those are my favorite clients, because I can't help them if, if 81 00:04:50,500 --> 00:04:52,840 they keep doing the wrong things, like running up debt, 82 00:04:53,080 --> 00:04:56,500 spending more than they make, not contributing to their 83 00:04:56,500 --> 00:05:02,520 foreign K plan. You. Know, overpaying for a car, overpaying 84 00:05:02,520 --> 00:05:06,420 for a house. So my favorite clients are the ones who who 85 00:05:06,420 --> 00:05:09,600 call me and we talk before, do they do something big, like 86 00:05:09,600 --> 00:05:12,300 they're about to buy a house, or they're about to make an 87 00:05:12,300 --> 00:05:16,740 investment, and we talk talk about the choice A, B and C, or 88 00:05:16,800 --> 00:05:19,980 they're want to select a new investment advisor, I will check 89 00:05:19,980 --> 00:05:24,800 them out, or if a client already has a investment advisor, I 90 00:05:24,800 --> 00:05:27,740 always say, let them. Let me talk to that person, because in 91 00:05:27,740 --> 00:05:32,000 five minutes, I'll know if that person's a keeper or not. And 92 00:05:32,000 --> 00:05:35,120 I'm always looking for fellow team members that are looking 93 00:05:35,120 --> 00:05:38,300 for a client's best interest to help them reach their goals. 94 00:05:39,740 --> 00:05:42,220 Robert Plank: Well, great. So, so, and this is interesting, and 95 00:05:42,280 --> 00:05:44,500 this is like this. We are some of these things that you're 96 00:05:44,500 --> 00:05:47,860 describing. Here are things that it seems like we all need to 97 00:05:47,860 --> 00:05:52,900 know about our CPAs, because I feel like I feel like I'm 98 00:05:52,900 --> 00:05:55,840 bothering the person, if I am calling them throughout the 99 00:05:55,840 --> 00:05:59,440 year, and I feel like I should keep it all in a document and 100 00:05:59,440 --> 00:06:02,580 wait until a couple of weeks before tax time, we just give it 101 00:06:02,580 --> 00:06:05,280 to them all at once. But you're saying that it's actually better 102 00:06:05,280 --> 00:06:09,240 to touch base and say, I'm thinking about hiring this 103 00:06:09,240 --> 00:06:12,240 financial planner. Can you have a conversation with them? I'm 104 00:06:12,240 --> 00:06:15,360 thinking about making this large purchase or making this big life 105 00:06:15,360 --> 00:06:19,980 decision, and you would prefer it if people run that by you 106 00:06:19,980 --> 00:06:23,960 ahead of time, even though it might be touching base with you 107 00:06:23,960 --> 00:06:25,220 again and again throughout the year, 108 00:06:25,340 --> 00:06:28,700 Larry Pon: and that is preferred, because we're not as 109 00:06:28,700 --> 00:06:31,640 busy during the off season. We might be on vacation or 110 00:06:31,640 --> 00:06:35,900 something like that, but we can always schedule a time. But by 111 00:06:35,900 --> 00:06:39,740 my my long time, clients and my staff tell, tell my clients that 112 00:06:39,740 --> 00:06:43,960 if you want to make Larry grumpy, surprise him. So I don't 113 00:06:43,960 --> 00:06:47,560 like surprises. I don't like stress. So my my long time 114 00:06:47,560 --> 00:06:50,980 clients, always know to consult me if they're about to make a 115 00:06:50,980 --> 00:06:53,800 big decision or do they want my advice on something. And that's 116 00:06:53,800 --> 00:06:56,440 what I do. And for my clients, they're calling me with a 117 00:06:56,440 --> 00:06:58,780 question. They don't have to worry about me saying my little 118 00:06:58,780 --> 00:07:02,160 bill. If it's a little question, I will send them a bill if I 119 00:07:02,160 --> 00:07:06,060 need to do some analysis or or some really complex 120 00:07:06,060 --> 00:07:08,880 calculations. So and they expect that, but they don't need to 121 00:07:08,880 --> 00:07:12,420 worry about, oh, he's gonna ding me for for a for a five minute 122 00:07:12,420 --> 00:07:15,480 question, or something like that. So that should never, ever 123 00:07:15,480 --> 00:07:16,380 be a concern. 124 00:07:17,520 --> 00:07:20,900 Robert Plank: That good to know. So you're not using lawyer 125 00:07:20,900 --> 00:07:24,020 rules. If there's a quick 32nd conversation, you don't build 126 00:07:24,380 --> 00:07:28,460 the half hour of the whole hour, little things are okay. But then 127 00:07:28,460 --> 00:07:31,400 if you go and do that, that deep dive analysis, then that costs a 128 00:07:31,400 --> 00:07:34,880 little bit of money. And you've mentioned a few times here about 129 00:07:34,880 --> 00:07:39,260 how some of your clients come to you and they have unopened 130 00:07:39,260 --> 00:07:42,280 bills. They don't even want to look at the problem. The problem 131 00:07:42,280 --> 00:07:45,940 was there, but they're afraid to even know what's happening. And 132 00:07:45,940 --> 00:07:49,600 then you look at people who seem to have the money thing figured 133 00:07:49,600 --> 00:07:52,840 out. They really seem to enjoy it. It's almost like, and I 134 00:07:52,840 --> 00:07:55,300 don't know if you've if you've seen this, or if you can help me 135 00:07:55,360 --> 00:07:58,300 put this into words a little better, but it seems like when 136 00:07:58,360 --> 00:08:00,840 people are doing really well with their money when it's 137 00:08:00,840 --> 00:08:04,200 working for them, when they're growing it, they almost treat it 138 00:08:04,200 --> 00:08:07,980 like a like a magical beast, right? They respect it. It's 139 00:08:07,980 --> 00:08:11,280 like something that kind of works on its own. And have you 140 00:08:11,280 --> 00:08:14,340 seen any of this? Or can you kind of unpack this? Or is this 141 00:08:14,340 --> 00:08:19,080 making any sense here? As far as kind of like treating money as a 142 00:08:19,080 --> 00:08:22,340 living thing, as a thing that you need to kind of cultivate 143 00:08:22,340 --> 00:08:24,740 and care for. Is that making any sense at all? Well, 144 00:08:24,740 --> 00:08:28,340 Larry Pon: I treat money like a garden. It's like a garden, and 145 00:08:28,340 --> 00:08:30,500 if you don't, if you don't take care of it, because, really, I'm 146 00:08:30,500 --> 00:08:33,920 Kent, and I love using the garden analogy, because people 147 00:08:33,920 --> 00:08:38,720 have a lot of weeds, people have a lot of pests and and, but like 148 00:08:38,720 --> 00:08:42,940 a garden, you know, you don't trim it every day, but But you 149 00:08:42,940 --> 00:08:45,460 look at it every so often, but you gotta take care of it. You 150 00:08:45,460 --> 00:08:48,580 gotta manage it. And I've done this long enough for I learn. I 151 00:08:48,580 --> 00:08:50,980 keep learning. I'm still learning. I'm constantly 152 00:08:50,980 --> 00:08:55,000 learning. But one thing I've learned is when I work with 153 00:08:55,000 --> 00:08:58,240 clients, that there's a long list of things they gotta do. I 154 00:08:58,240 --> 00:09:00,840 learned that if I give them this long list of things, nothing 155 00:09:00,840 --> 00:09:05,940 happens. So we take a look at two things, three things, tiny 156 00:09:05,940 --> 00:09:09,120 habits, we take a look at small things. So small things make the 157 00:09:09,120 --> 00:09:13,080 biggest impact and and it causes satisfaction. When you have 158 00:09:13,080 --> 00:09:17,220 satisfaction, it makes it easier to move on to the next task. And 159 00:09:17,400 --> 00:09:19,680 so, you know, we have clients, if they're younger clients, 160 00:09:19,680 --> 00:09:22,100 they've got student loans to deal with? Well, we'll take a 161 00:09:22,100 --> 00:09:26,060 look at that situation. We've got clients who are parents with 162 00:09:26,060 --> 00:09:28,940 kids going to college. Let's figure out how to avoid those 163 00:09:28,940 --> 00:09:32,420 student loans, or how the best way to buy a house. A lot of 164 00:09:32,420 --> 00:09:37,220 people got in trouble during the financial crisis because they 165 00:09:37,760 --> 00:09:41,020 but they didn't talk to me, but they they got they bought houses 166 00:09:41,020 --> 00:09:43,480 they couldn't afford, and that's what got them into trouble. 167 00:09:44,800 --> 00:09:48,880 Robert Plank: Okay, so, so there are, there are these habits that 168 00:09:48,880 --> 00:09:54,280 we need to maybe start applying. And you're making me think back 169 00:09:54,280 --> 00:09:58,000 to maybe the when I was in my early 20s, and I had to go to 170 00:09:58,000 --> 00:10:02,400 that CPA every year. It. Was really rough. I was afraid to 171 00:10:02,400 --> 00:10:05,580 tell him things. He would get really frustrated with me. But 172 00:10:05,580 --> 00:10:08,880 it seemed like every year it got a little better, and I began 173 00:10:08,880 --> 00:10:12,000 having a little bit of a checklist for myself. I began 174 00:10:12,360 --> 00:10:15,000 looking at last year's tax return and saying, Okay, here's 175 00:10:15,060 --> 00:10:17,880 here's the documents I need, or here's the thing that didn't go 176 00:10:17,880 --> 00:10:20,900 so So, right? And every year I felt like the but template 177 00:10:20,900 --> 00:10:24,680 became a little more refined. And then every time I visited 178 00:10:24,680 --> 00:10:28,400 him, he would maybe educate me a little bit more about, well, 179 00:10:28,400 --> 00:10:31,220 here's this with your business entities, and here's this with 180 00:10:31,220 --> 00:10:34,220 these tax forms. And it felt like he was doing a little bit 181 00:10:34,220 --> 00:10:37,760 of what you're saying. There was where, instead of dumping a big 182 00:10:37,760 --> 00:10:40,840 to do list on me, or instead of giving me, like saying, you 183 00:10:40,840 --> 00:10:44,320 know, read these 10 books. He just kind of slowly, every year, 184 00:10:44,500 --> 00:10:47,860 ease me more into these things that I need to know, realizing 185 00:10:47,860 --> 00:10:51,220 that every year there will be new tax laws, new things that 186 00:10:51,220 --> 00:10:54,340 that will change. And then also, you know, he's the guy that 187 00:10:54,340 --> 00:10:57,040 really has the expertise. But again, going back to maybe that, 188 00:10:57,040 --> 00:11:00,480 that doctor analogy, where you started, is like, the doctor is 189 00:11:00,480 --> 00:11:04,380 that expert? But it does help if you know a few of these medical 190 00:11:04,380 --> 00:11:07,980 terms or a few things about yourself, or maybe if you have, 191 00:11:07,980 --> 00:11:12,480 say, diabetes or high blood pressure, know enough, so that 192 00:11:12,480 --> 00:11:15,480 way you can have that conversation with with that, 193 00:11:15,480 --> 00:11:20,600 that expert and so as far as these tiny habits you're talking 194 00:11:20,600 --> 00:11:24,800 about, as far as tending to the garden. Is there anything that 195 00:11:24,800 --> 00:11:27,680 you think that we should be aware of, as far as the low 196 00:11:27,680 --> 00:11:32,360 hanging fruit pun intended, as far as the things that we maybe 197 00:11:32,360 --> 00:11:35,000 should keep an eye on, or the things that maybe a lot of 198 00:11:35,000 --> 00:11:37,700 people seem to get wrong when it comes to their money and their 199 00:11:37,700 --> 00:11:40,120 taxes and dealing with their CPA? Anything of that come to 200 00:11:40,120 --> 00:11:43,060 mind is, as far as like, easy wins today, 201 00:11:43,180 --> 00:11:46,660 Larry Pon: I think what's important is the government just 202 00:11:46,660 --> 00:11:51,460 recently issued new W fours to compete your withholding. So 203 00:11:51,460 --> 00:11:55,000 this time of the year, we're doing our taxes. Oh dear we owe 204 00:11:55,000 --> 00:11:58,360 or we have a large refund, or whatever we need to review our 205 00:11:58,360 --> 00:12:02,820 withholding so that we can put ourselves on track this year so 206 00:12:02,820 --> 00:12:05,400 that we're not going to owe a large amount next year 207 00:12:05,400 --> 00:12:09,300 unexpectedly, or have a too large of a refund to try to get 208 00:12:09,300 --> 00:12:13,260 your your taxes under control. So if you're a a salaried 209 00:12:13,260 --> 00:12:16,380 worker, reviewer withholding, I think that's most important 210 00:12:16,380 --> 00:12:19,860 thing to do. The second thing if you're a salaried worker is to 211 00:12:19,860 --> 00:12:23,600 take full advantage of your employee benefits, the 401 k 212 00:12:23,600 --> 00:12:28,400 plan for 3b plan, the flexible spending accounts and medical 213 00:12:28,400 --> 00:12:33,620 reimbursements, daycare reimbursements, those sorts of 214 00:12:33,620 --> 00:12:36,200 expenses. So we got to make sure we have those in place. Those 215 00:12:36,200 --> 00:12:40,960 are low hanging fruit. A lot of our employers have matching on 216 00:12:40,960 --> 00:12:44,140 the 401, K plans. There's no matching if you're not putting 217 00:12:44,140 --> 00:12:46,840 any money into it. So you got to take advantage of that. That's 218 00:12:46,840 --> 00:12:49,540 quote, unquote free money. We have to take advantage of that. 219 00:12:50,920 --> 00:12:53,260 Robert Plank: And that's and you're listing a lot of things 220 00:12:53,260 --> 00:12:57,280 that I wish I paid more attention to. Again, like in my 221 00:12:57,340 --> 00:13:00,840 early 20s, when I figured things would work out eventually. I 222 00:13:00,840 --> 00:13:03,180 figured out I would live forever. I figured that there 223 00:13:03,180 --> 00:13:06,960 was always time later to make more money. And now that I'm a 224 00:13:06,960 --> 00:13:10,680 little more mature, now that I'm in mid 30s, now, the things that 225 00:13:10,680 --> 00:13:13,500 you're listing there excite me quite a bit more than they used 226 00:13:13,500 --> 00:13:16,320 to. Or as far as, like, oh well, like, I should have been maxing 227 00:13:16,320 --> 00:13:19,740 out that 401, k, that way you can take advantage of all that 228 00:13:19,740 --> 00:13:24,380 free money, or doing some of these extreme things and seeing, 229 00:13:24,440 --> 00:13:26,960 like, you know, what? What little things could I take 230 00:13:26,960 --> 00:13:30,980 advantage of that might add up to a lot? Right? Reimburse this, 231 00:13:30,980 --> 00:13:35,180 reimburse that, for the daycare that all might, you know, add up 232 00:13:35,180 --> 00:13:38,840 to paying off the house early, or paying off the vacation 233 00:13:38,840 --> 00:13:43,780 early. And so, you know, it's one thing to list some ideas for 234 00:13:43,780 --> 00:13:46,840 people, which is great, but what also might motivate people quite 235 00:13:46,840 --> 00:13:51,400 a bit more is be to unpack maybe a client story, or some kind of 236 00:13:51,460 --> 00:13:54,280 like success story, where someone came to you and things 237 00:13:54,280 --> 00:13:57,340 were a real mess, and you worked your magic and you really 238 00:13:57,340 --> 00:14:00,720 changed things in someone's life. So does anything like that 239 00:14:00,720 --> 00:14:05,160 come to mind, as far as someone that you helped by working your 240 00:14:05,160 --> 00:14:06,060 money magic here? 241 00:14:06,660 --> 00:14:08,580 Larry Pon: Well, there's, there's a we always take a look 242 00:14:08,580 --> 00:14:11,760 at the full picture. I don't look just at the taxes. I look 243 00:14:11,760 --> 00:14:15,000 at the entire financial picture. It depends what's going on with 244 00:14:15,000 --> 00:14:18,600 their life. Now, there's, there's someone who's having a 245 00:14:18,600 --> 00:14:21,620 baby, well, I'm telling them, well, guess what? There's a new 246 00:14:21,620 --> 00:14:24,980 tax law change for for people having a baby this year, 247 00:14:24,980 --> 00:14:29,240 starting in 2020 Oh, man, we're we need to get the nursery set 248 00:14:29,240 --> 00:14:33,140 up. We need to figure out the daycare. We need to figure out 249 00:14:33,140 --> 00:14:36,680 preschool and college and all those sorts of things. Well, 250 00:14:36,680 --> 00:14:41,200 there's one new change in a tax law that allows you to take up 251 00:14:41,200 --> 00:14:44,980 to $5,000 out of your retirement account, even though you're not 252 00:14:44,980 --> 00:14:49,780 59 and a half yet without any penalty. And that's per per 253 00:14:49,780 --> 00:14:53,440 parent, so that's five plus five, that's $10,000 so there's 254 00:14:53,440 --> 00:14:56,740 a source of money you can draw on. Normally, you would have to 255 00:14:56,740 --> 00:15:00,720 pay a penalty on that. So that's that's one possibility. Okay. 256 00:15:00,720 --> 00:15:04,740 Now, in terms of a client, win success story. It's a bit 257 00:15:04,740 --> 00:15:09,300 complicated but, but I recently did a case study for a financial 258 00:15:09,300 --> 00:15:12,720 planning group on a real estate case study. This client had a 259 00:15:12,720 --> 00:15:15,180 rental property in San Francisco. They were gonna sell 260 00:15:15,180 --> 00:15:18,300 it. They're gonna own a boatload of taxes, but I figured how they 261 00:15:18,300 --> 00:15:23,300 can save almost $800,000 in taxes and increase the cash flow 262 00:15:23,300 --> 00:15:27,380 by $80,000 so with planning, that's possible. Now, if I 263 00:15:27,380 --> 00:15:30,740 didn't catch them, if I didn't catch them before the sale, they 264 00:15:30,740 --> 00:15:33,320 would have been stuck with that situation where they would have 265 00:15:33,320 --> 00:15:36,860 to give the IRS and the state $800,000 and there's nothing I 266 00:15:36,860 --> 00:15:41,920 can do about it. So it's important to to work proactively 267 00:15:41,920 --> 00:15:44,200 and to work in partnership with the client and the other 268 00:15:44,200 --> 00:15:47,980 professionals, the real estate people, the lawyers and and the 269 00:15:48,040 --> 00:15:51,700 financial advisors. And it's a team approach, and it's a lot 270 00:15:51,700 --> 00:15:52,480 more fun that way. 271 00:15:53,740 --> 00:15:57,100 Robert Plank: It sounds like it, and especially if, like you have 272 00:15:57,100 --> 00:16:00,180 this lifetime worth of expertise, like we said, You're 273 00:16:00,180 --> 00:16:04,800 in your 34th tax season. So it's easy for people to let the your 274 00:16:04,800 --> 00:16:07,800 ego get in the way, right? It's easy to say, Oh, I'll do this 275 00:16:07,800 --> 00:16:10,740 myself. I'll look up all the things I need to know about this 276 00:16:10,740 --> 00:16:14,400 real estate deal. But I mean, there you look for or you notice 277 00:16:14,400 --> 00:16:18,060 the things that some of us might not notice, and it's easy to 278 00:16:18,060 --> 00:16:20,840 fall into that trap of saying, well, I'll save a little bit of 279 00:16:20,840 --> 00:16:23,720 money by not going through the CPA to look at this. And it's 280 00:16:23,720 --> 00:16:26,720 like, yeah, but would you have saved yourself $800,000 or would 281 00:16:26,720 --> 00:16:30,080 you have saved yourself the $80,000 in cash flow? Probably 282 00:16:30,080 --> 00:16:33,260 not. So sometimes that little bit of money to talk to the 283 00:16:33,260 --> 00:16:38,840 expert can really pay off quite a bit and and also from, from 284 00:16:38,840 --> 00:16:44,080 your advice here, it seems like there's the value in maybe 285 00:16:44,080 --> 00:16:49,420 staying on top of these latest changes and then maybe using the 286 00:16:49,420 --> 00:16:52,300 that wonderful tool called Google, so that way we kind of 287 00:16:52,300 --> 00:16:55,720 know what information to bring our own CPA. Because I don't 288 00:16:55,720 --> 00:16:58,420 know if you've come across this, but it gets frustrating 289 00:16:58,420 --> 00:17:03,660 sometimes when me, as a layperson, I ask things of a CPA 290 00:17:03,660 --> 00:17:06,360 or financial person, and they're really afraid to go too much 291 00:17:06,360 --> 00:17:09,720 into detail, right? Because things change, or things might 292 00:17:09,720 --> 00:17:13,080 be different state to state, but it helps in especially what the 293 00:17:13,080 --> 00:17:16,920 things that you're saying here, to maybe look into this, right? 294 00:17:16,920 --> 00:17:23,060 To look into this, this pulling out the 5k per parent out of the 295 00:17:23,060 --> 00:17:28,040 retirement account, or to look into, you know, this specific 296 00:17:28,100 --> 00:17:30,980 change in the tax code or this specific form, that way we can 297 00:17:30,980 --> 00:17:34,220 maybe do a little bit of Google research and then bring that 298 00:17:34,820 --> 00:17:38,480 information to our CPA, and then maybe we can point them in the 299 00:17:38,480 --> 00:17:41,920 right direction. I kind of, I like some of these, this mindset 300 00:17:41,920 --> 00:17:44,320 you have, as far as these tiny habits. Well, also, 301 00:17:44,320 --> 00:17:46,840 Larry Pon: when you're talking about Google search, be very, 302 00:17:46,840 --> 00:17:50,860 very, very careful, because I have clients who bring up these 303 00:17:50,860 --> 00:17:54,460 articles, and a lot of them for blogs, and a lot of blogs are 304 00:17:54,460 --> 00:17:58,420 conjecture. So if you're bringing up art, bring it from 305 00:17:58,420 --> 00:18:03,420 legitimate sources, such as Wall Street Journal Forbes market. 306 00:18:03,420 --> 00:18:05,760 Watch, you know, where do you have New York Times where you 307 00:18:05,760 --> 00:18:10,140 have, have have articles that, in fact checked? So you have to 308 00:18:10,200 --> 00:18:12,540 be careful. You got to be fair what you and sometimes you have 309 00:18:12,540 --> 00:18:16,740 to distinguish between an opinion piece versus a news 310 00:18:16,740 --> 00:18:21,020 article. So I read a lot of opinion pieces and, and and like 311 00:18:21,020 --> 00:18:23,900 conjecture and, and that's the funding about what we do. We 312 00:18:23,900 --> 00:18:27,380 don't have to agree with each other. So various professionals 313 00:18:27,380 --> 00:18:29,960 have varying opinions on on different strategies and 314 00:18:29,960 --> 00:18:33,080 techniques, and some are biased in certain ways. You have to, 315 00:18:33,380 --> 00:18:35,900 you have to consider the source of where it's coming from. If 316 00:18:35,900 --> 00:18:39,260 it's coming from an insurance salesperson, what's this answer? 317 00:18:39,320 --> 00:18:43,240 Oh, you got to buy insurance if it's from an investment manager, 318 00:18:43,420 --> 00:18:46,600 what's his advice? Well, you got to give me your money to manage. 319 00:18:46,840 --> 00:18:49,240 So it depends on where the source is coming from. So if 320 00:18:49,240 --> 00:18:53,080 you're getting an unbiased source, someone like me who I'm 321 00:18:53,080 --> 00:18:55,780 not compensated. If you buy a product or not or make a 322 00:18:55,780 --> 00:18:59,140 financial move. Doesn't matter to me. If you follow my advice, 323 00:18:59,140 --> 00:19:02,280 that's great. If you don't follow it. I still get paid so 324 00:19:02,520 --> 00:19:06,420 that consider where the source of information is coming from, 325 00:19:06,420 --> 00:19:09,660 Robert Plank: right? And now you were completely that to some 326 00:19:09,720 --> 00:19:13,140 people, everything looks like a nail, if you're a hammer, right, 327 00:19:13,140 --> 00:19:16,020 if they're trying to sell this, if that, if the end goal is, you 328 00:19:16,020 --> 00:19:19,500 buy this insurance, you buy the service. Then some of some of 329 00:19:19,500 --> 00:19:22,940 the blogs are written in that way, where their logical 330 00:19:22,940 --> 00:19:26,240 argument ends, where the only possible course of action is to 331 00:19:26,360 --> 00:19:29,360 buy this thing from me, and that's great. But in this day 332 00:19:29,360 --> 00:19:33,080 and age, especially with the overload of information we have 333 00:19:33,080 --> 00:19:36,320 from blogs and social media and everything else, we need to 334 00:19:36,320 --> 00:19:41,980 maybe, maybe see the research received that new information, 335 00:19:41,980 --> 00:19:46,060 we get as a lead to then go and compare other sources of 336 00:19:46,060 --> 00:19:49,060 information and make sure that, well, that maybe was the 337 00:19:49,060 --> 00:19:51,760 starting point for me to look this up. But then let me make 338 00:19:51,760 --> 00:19:55,180 sure that multiple legitimate sources, like you said, like a 339 00:19:55,180 --> 00:19:58,840 Forbes or Wall Street Journal backs that up, and it's not just 340 00:19:58,840 --> 00:20:02,520 some fringe brand. New person in their basement writing some 341 00:20:02,520 --> 00:20:07,500 silly blog article. It's backed up by multiple people and so 342 00:20:07,560 --> 00:20:11,100 yeah, and I think that's that kind of being good at research 343 00:20:11,100 --> 00:20:14,640 is probably a good skill in general, in this day and age, 344 00:20:14,640 --> 00:20:17,580 moving forward, just because we have to maybe solve some of our 345 00:20:17,580 --> 00:20:21,140 own problems, or at least get a starting point and then know 346 00:20:21,260 --> 00:20:25,280 what specific questions we're taking to that expert. And I 347 00:20:25,280 --> 00:20:29,900 want to make sure that we cover maybe even some of the simple 348 00:20:29,900 --> 00:20:33,020 questions that people might have. And I see that in some of 349 00:20:33,020 --> 00:20:36,380 the things that you help people out with is helping people or 350 00:20:36,380 --> 00:20:39,680 giving advice about forming a new business entity. And I know 351 00:20:39,680 --> 00:20:42,100 that this is the kind of thing where there are a couple 352 00:20:42,100 --> 00:20:46,120 different answers, and then also some people want to avoid this 353 00:20:46,120 --> 00:20:48,760 question as late as possible, right? They say, Well, I want to 354 00:20:48,760 --> 00:20:51,400 make the money first, or I want to do this, this or that, before 355 00:20:51,400 --> 00:20:54,280 setting up my business entity. So what's your advice there? If 356 00:20:54,280 --> 00:20:56,980 someone says, you know, I'm starting a new business, and 357 00:20:56,980 --> 00:21:00,600 I've done a little bit of that research, but I get conflicting 358 00:21:00,600 --> 00:21:04,380 information as far as forming a business entity, what do people 359 00:21:04,380 --> 00:21:06,720 need to know starting out? And 360 00:21:06,780 --> 00:21:09,480 Larry Pon: that's a very good question, and there's a lot 361 00:21:09,480 --> 00:21:12,660 analysis we need to do to figure out what's the right business 362 00:21:12,660 --> 00:21:17,100 entity for you. There's legal reasons, business reasons, tax 363 00:21:17,100 --> 00:21:20,720 reasons, and just business operations reasons of choosing 364 00:21:20,720 --> 00:21:23,000 the appropriate entity. So there's no real answer there. 365 00:21:23,600 --> 00:21:26,420 But again, if you're talking to a lawyer, a lawyer is going to 366 00:21:26,420 --> 00:21:29,120 give you an answer that's going to give them the best revenue 367 00:21:29,120 --> 00:21:33,620 source. If you're talking to even another accountant, and 368 00:21:33,620 --> 00:21:36,200 their accountants, this accounting firm makes money 369 00:21:36,200 --> 00:21:39,380 administering these entities, naturally, they're going to 370 00:21:39,380 --> 00:21:42,340 steer you towards an entity that may or may not be appropriate 371 00:21:42,340 --> 00:21:46,540 for you. So I think what's important is to understand. I 372 00:21:46,540 --> 00:21:49,060 always ask the client, what do you need? What do you plan 373 00:21:49,060 --> 00:21:52,420 doing? Do you plan hiring people? And also, what are the 374 00:21:52,420 --> 00:21:55,600 state laws? Every state has a different set of rules, and 375 00:21:55,600 --> 00:21:58,900 what's going to cost you to have this entity? And so those 376 00:21:58,900 --> 00:22:02,340 considerations all come to play. So it's not an easy answer where 377 00:22:02,520 --> 00:22:03,960 everybody gets the same answer, 378 00:22:05,220 --> 00:22:07,740 Robert Plank: okay, fair enough, but, but in the answer that you 379 00:22:07,740 --> 00:22:11,640 gave, it seems like it's helpful for us to maybe figure out a 380 00:22:11,640 --> 00:22:14,820 strategy or a plan going in, and then maybe they can bring that 381 00:22:14,820 --> 00:22:19,140 plan to you. And then also, it seems like it's important to at 382 00:22:19,140 --> 00:22:22,280 least know some of the questions, right? Because if 383 00:22:22,280 --> 00:22:24,680 someone comes to you and just says, I'm starting a business 384 00:22:24,680 --> 00:22:28,820 now, what you're saying maybe figure out what, what are the 385 00:22:28,820 --> 00:22:31,880 specific questions, or what are the specific like, bullet 386 00:22:31,880 --> 00:22:35,540 points, details to bring to you, and that way things can go a lot 387 00:22:35,540 --> 00:22:38,960 more smoothly. That way the logic isn't flowing in all these 388 00:22:38,960 --> 00:22:41,920 different directions. Someone says, Well, here are the five 389 00:22:41,920 --> 00:22:45,880 things to tell you about what state it is in, or what 390 00:22:45,880 --> 00:22:49,900 industry, or what laws or what employees I'm hiring, and then 391 00:22:49,900 --> 00:22:53,200 from there, it can be a more focused answer, as opposed to 392 00:22:53,200 --> 00:22:55,360 just guessing. It seems like that's 393 00:22:55,360 --> 00:22:58,000 Larry Pon: right. And the mistake a lot of people make is 394 00:22:58,000 --> 00:23:00,540 the first step they go to as a lawyer, and sometimes they pick 395 00:23:00,540 --> 00:23:04,380 the wrong kind of lawyer. I've seen clients that went to a very 396 00:23:04,380 --> 00:23:08,220 famous National, high priced law firm and spent 1000s of dollars 397 00:23:08,220 --> 00:23:13,020 for a complex stock agreement incorporating in Delaware. And, 398 00:23:13,140 --> 00:23:15,720 you know, they spent 1000s of dollars. You have maybe money 399 00:23:15,720 --> 00:23:20,540 yet and and you just got this Cadillac corporate plan, but I'm 400 00:23:20,540 --> 00:23:23,060 not sure that's what you need. You probably didn't need that 401 00:23:23,060 --> 00:23:27,980 so, so we have to, we have to balance that out. So I have an 402 00:23:27,980 --> 00:23:31,460 example. I have a story. One of my clients decided to be a 403 00:23:31,460 --> 00:23:34,520 commercial fisherman. It was just him in a boat catching fish 404 00:23:34,940 --> 00:23:39,380 and and for him, he's only gonna make a few $1,000 a year to keep 405 00:23:39,380 --> 00:23:41,680 this cost down. We said, you don't need to be an entity. 406 00:23:41,740 --> 00:23:45,400 Let's just be a sole proprietor. Keep it simple. Tony's Tony 407 00:23:45,400 --> 00:23:50,260 seafood. Let's keep it simple. So because if we were to be a 408 00:23:50,260 --> 00:23:53,680 corporation, we'd do corporate paperwork, and in California, 409 00:23:53,680 --> 00:23:57,880 you got some California extra fees to pay, and I know Tony, 410 00:23:57,880 --> 00:24:01,140 Tony's not going to follow any of that paperwork, and he's not 411 00:24:01,140 --> 00:24:03,660 going to pay for all those extra costs of hiring a payroll 412 00:24:03,660 --> 00:24:07,860 service and and and keeping minutes and all those sorts of 413 00:24:07,860 --> 00:24:10,200 things. So, you know, whatever works for you. 414 00:24:11,460 --> 00:24:13,800 Robert Plank: Well, great. And that just drives the point home 415 00:24:13,800 --> 00:24:17,400 that it it helps to talk to that expert. And I see that all the 416 00:24:17,400 --> 00:24:21,440 time in in, you know, my own area, where someone says, Well, 417 00:24:21,440 --> 00:24:24,140 they want to have a website that does this, and they want it to 418 00:24:24,140 --> 00:24:27,380 be the most mac daddy Cadillac website you've ever seen. They 419 00:24:27,380 --> 00:24:30,740 want to have all the bells and whistles. And you look at that 420 00:24:30,740 --> 00:24:34,160 and you wonder, Well, why is that? Did someone tell you that 421 00:24:34,160 --> 00:24:36,680 you wanted to have that specific thing, and that's why you got so 422 00:24:36,680 --> 00:24:39,200 excited about it, that you had to have that feature, sort of 423 00:24:39,200 --> 00:24:43,360 like how you're saying that, maybe they have to have it, you 424 00:24:43,360 --> 00:24:46,420 know, stock certificates because someone told them to. They have 425 00:24:46,420 --> 00:24:49,120 to be incorporated in Delaware because someone told them to. 426 00:24:49,180 --> 00:24:54,160 Well, is that always necessary? Or are you just, you know, make? 427 00:24:54,160 --> 00:24:58,360 Are you? Are you just pursuing that arbitrary feature because 428 00:24:58,540 --> 00:25:02,280 you got that dead set? In your mind. So these are all maybe 429 00:25:02,280 --> 00:25:05,880 things that could be a little painful but beneficial to all of 430 00:25:05,880 --> 00:25:10,620 us in the end, as far as rethinking our tiny money habits 431 00:25:10,800 --> 00:25:15,180 and understanding that we should bring problems or bring 432 00:25:15,180 --> 00:25:19,680 decisions or questions to our CPAs early, especially when 433 00:25:19,680 --> 00:25:23,480 they're not on that busy season. That way they're they're not 434 00:25:23,480 --> 00:25:26,120 dealing with us when they have a million other things going on. 435 00:25:26,300 --> 00:25:30,380 And it helps us to do a little bit of research on our own. That 436 00:25:30,380 --> 00:25:34,400 way we know what the kind of more detailed, educated question 437 00:25:34,400 --> 00:25:37,580 is that we're bringing to the CPA, and we can explain the 438 00:25:37,580 --> 00:25:41,800 situation, but then also not completely trying to do it 439 00:25:41,800 --> 00:25:44,380 ourselves, and I want to make sure that we promote you, and 440 00:25:44,380 --> 00:25:48,040 want to make sure that everyone knows about your skills and the 441 00:25:48,040 --> 00:25:50,920 services that you provide. So can you tell us about if someone 442 00:25:50,920 --> 00:25:53,560 says, you know, listen to this podcast episode. And I want to 443 00:25:53,560 --> 00:25:56,920 take the next step. I want to contact Larry. What sorts of 444 00:25:56,980 --> 00:25:59,920 problems can you solve for people, and how would someone 445 00:25:59,920 --> 00:26:03,420 know if they're an ideal candidate to be speaking to you 446 00:26:03,480 --> 00:26:04,440 in the near future. 447 00:26:04,740 --> 00:26:07,620 Larry Pon: Well, what I normally do is I'd schedule a just a 448 00:26:07,920 --> 00:26:10,440 short phone call just to understand what their situation 449 00:26:10,440 --> 00:26:13,080 is. So if they want to consult with me, and we'll have a short 450 00:26:13,080 --> 00:26:15,660 phone call, and in that call, I want to understand what their 451 00:26:15,660 --> 00:26:18,540 problems are, what they need, and I'll tell them what I need 452 00:26:18,540 --> 00:26:21,500 to be able to help them. And then after that, we'll schedule 453 00:26:21,500 --> 00:26:24,320 another time to talk some more about their specific tax 454 00:26:24,320 --> 00:26:27,920 planning, do some number crunching, review some documents 455 00:26:27,980 --> 00:26:33,800 and and go from there. So I, I am looking to help people who 456 00:26:33,800 --> 00:26:36,620 want to improve their financial situation. That's that's where I 457 00:26:36,620 --> 00:26:42,160 can be helpful. And my specialty is the area tax. Lot of my 458 00:26:42,160 --> 00:26:46,180 clients work for these tech companies or get restricted 459 00:26:46,180 --> 00:26:48,940 stock. There's a lot of interesting things we can do 460 00:26:49,060 --> 00:26:51,760 with their with their job situation. From a tax and 461 00:26:51,760 --> 00:26:55,900 financial planning standpoint, I love small business owners. And 462 00:26:55,900 --> 00:26:58,600 my favorite clients are the charitable clients, clients who 463 00:26:58,600 --> 00:27:01,740 want to do charitable planning, charitable giving. There's a lot 464 00:27:01,740 --> 00:27:04,620 of fun things we can do with that, and I really enjoy that, 465 00:27:04,620 --> 00:27:07,860 because those people like to help the world, and I like those 466 00:27:07,860 --> 00:27:11,400 kind of people. So I like people who want to make the world a 467 00:27:11,400 --> 00:27:14,100 better place. So that's what I'm looking for. If I'm looking for 468 00:27:14,100 --> 00:27:19,080 someone that all I want you to do is cut my taxes and and and 469 00:27:19,080 --> 00:27:21,680 keep the government sorry you're not the right one for me. I 470 00:27:21,680 --> 00:27:22,340 can't help them. 471 00:27:23,780 --> 00:27:27,020 Robert Plank: Okay, fair enough. So, so it helps if we, and it 472 00:27:27,020 --> 00:27:31,340 helps if all of us kind of have that, that external cause, that 473 00:27:31,340 --> 00:27:33,980 thing that we want to do, to change the world, that way we 474 00:27:33,980 --> 00:27:37,100 can feel good. That way. We can have that driving force. And 475 00:27:37,100 --> 00:27:40,480 it's not just about raking in the big bucks and buying yacht 476 00:27:40,480 --> 00:27:44,260 number 12 or Ferrari number 15. You're you're looking for people 477 00:27:44,260 --> 00:27:49,420 that maybe need help figuring out the like that weird stock 478 00:27:49,420 --> 00:27:52,780 that came with the job, or need help just figuring out how to 479 00:27:52,960 --> 00:27:55,900 make a difference in life. And so this is all fantastic. And so 480 00:27:55,960 --> 00:27:59,680 if you out there in podcast land feel overwhelmed about your 481 00:27:59,680 --> 00:28:03,540 money situation, if, if Larry struck a little bit of a chord, 482 00:28:03,600 --> 00:28:09,060 as far as you having those, those letters from the Secretary 483 00:28:09,060 --> 00:28:12,240 of State or from the federal government, all those unopened 484 00:28:12,240 --> 00:28:15,600 letters that You're just afraid to look at, things don't have to 485 00:28:15,600 --> 00:28:20,660 be this bad. You can talk to a seasons expert. You can have a 486 00:28:20,660 --> 00:28:23,420 quick conversation and just figure out what your problems 487 00:28:23,420 --> 00:28:26,240 are. And this can be if you're looking to untangle your money 488 00:28:26,240 --> 00:28:29,780 situation, if you're unhappy with your current CPA or looking 489 00:28:29,780 --> 00:28:34,340 to make a change to improve your financial situation, then Larry 490 00:28:34,340 --> 00:28:39,080 Pon is your guy to talk to. And Larry Pon, cpa.com is the place 491 00:28:39,080 --> 00:28:42,040 to go. And once they go there Larry is when they go to Larry 492 00:28:42,040 --> 00:28:45,700 pond, cpa.com Is there an easy way for them to find that phone 493 00:28:45,700 --> 00:28:48,760 number to call you and schedule that that phone meeting or 494 00:28:48,760 --> 00:28:51,280 contact form? Is that all easily accessible? Yeah, there's 495 00:28:51,280 --> 00:28:53,980 Larry Pon: a there's a contact there's a contact link, there's 496 00:28:53,980 --> 00:28:56,020 click on that. It says, request appointment. 497 00:28:57,100 --> 00:29:00,540 Robert Plank: Fantastic. So Larry pond, cpa.com request 498 00:29:00,540 --> 00:29:03,480 appointment, it can't hurt to have that quick conversation, 499 00:29:03,540 --> 00:29:06,780 and you will probably feel better about yourself because 500 00:29:06,840 --> 00:29:10,500 you're working proactively. You're not just reacting to the 501 00:29:10,500 --> 00:29:13,740 things that are happening. You're getting ahead of whatever 502 00:29:13,740 --> 00:29:16,620 future situation might come. Because for all of us, there's 503 00:29:16,620 --> 00:29:19,500 always something on the horizon, right? There's always some kind 504 00:29:19,500 --> 00:29:23,300 of emergency disaster that might be coming in a year, two years, 505 00:29:23,300 --> 00:29:26,360 three years. So why not get ahead of it? Why not get your 506 00:29:26,360 --> 00:29:30,320 money right? Why not plan for the future, whether you have a 507 00:29:30,320 --> 00:29:32,780 baby coming, whether you're starting a business, making a 508 00:29:32,780 --> 00:29:36,200 life change, looking to save for retirement? We all have those 509 00:29:36,200 --> 00:29:39,500 things we need to do, and Larry can and will help you. The place 510 00:29:39,500 --> 00:29:43,240 to go is Larry Pon cpa.com, anything? Any final parting 511 00:29:43,240 --> 00:29:45,820 words to throw in here, Larry, before we wrap up wind down? 512 00:29:45,820 --> 00:29:46,300 Well, thank 513 00:29:46,300 --> 00:29:48,580 Larry Pon: you for your time. This has been a lot of fun, just 514 00:29:48,580 --> 00:29:54,460 just to point out that I'm a fee only advisor, which means I 515 00:29:54,460 --> 00:29:58,060 don't sell any products, so I'm not biased by any product sales 516 00:29:58,060 --> 00:30:01,140 or product recommendations. So. I'm not biased by that at all. 517 00:30:01,140 --> 00:30:03,480 All you're getting from me is what you see, is what you get. 518 00:30:03,480 --> 00:30:06,240 You're getting my advice. You're getting my opinions. And I can 519 00:30:06,240 --> 00:30:10,680 be opinionated sometimes, but at least I'm not biased by sale or 520 00:30:10,680 --> 00:30:12,060 an outcome of a transaction. 521 00:30:13,140 --> 00:30:15,000 Robert Plank: Well, fantastic. Well, that is good to know, and 522 00:30:15,000 --> 00:30:18,720 so we'll see everyone at Larry Pon cpa.com and thanks Larry for 523 00:30:18,720 --> 00:30:20,360 stopping by and helping us out today. Thank 524 00:30:20,360 --> 00:30:21,920 Larry Pon: you very much. Take care. 525 00:30:25,580 --> 00:30:27,740 Robert Plank: Have you had a chance to rate and review the 526 00:30:27,740 --> 00:30:31,280 show yet? If not, go right now to marketer of the 527 00:30:31,280 --> 00:30:36,500 day.com/itunes, click View in iTunes and click the ratings 528 00:30:36,500 --> 00:30:40,480 tab. We would really appreciate a five star rating or whatever 529 00:30:40,480 --> 00:30:44,380 you think is fair, plus a quick one sentence review to tell us 530 00:30:44,380 --> 00:30:47,800 how we're doing. Thank you very much. And have a wonderful day. 531 00:30:47,800 --> 00:30:47,920 You.