Clay shares the importance of always paying the taxes you owe and then answers a question from a Thriver about how to minimize your tax liability
Question: “Right now we’re sitting on about $160K in cash with about $300K in receivables. What is the best way to get the end of year money but not have to give it all away to the government in taxes?” – A Builder
Rule #1 – Don’t get too clever. Pay the taxes you owe.
Rule #2 – Don’t buy things you don’t need just to write them off
Rule #3 – Invest in expenses that you can write off and that will help you to increase the size of the business:
FUN FACT – We spend $450 / Week on groceries at Whole Foods ($23,400 / Year)
FUN FACT – When we switched, we now spend $300 / Week using Walmart PickUp
Do you have questions? America’s number one business coach has answers. It’s your brought up from Minnesota. Here’s another edition of ask clay. Anything on the thrive time business coach radio show?
Welcome back to another exciting edition of the thrive time show on your radio and podcast download. And on today’s show we’re answering the question that was emailed into us from a thriver who is a builder. That is right. We have a thriver who emailed us this question to [email protected]. And the question reads right now, we’re sitting on about $160,000 in cash with about 300,000 additional dollars coming in in the form of receivables. What is the best way to get the end of the year money but not have to give it all away to the government in Texas again, right now we’re sitting on about $160,000 in cash and we’re about ready to receive $300,000 in receivables once the best way to get the end of the year money, but not have to give it all away to the government in Texas. Well, that my friend is a great question and hopefully I can provide you here with a great answer. So rule number one, if you’re taking notes at home here, do not get too clever with your tax writeoffs. I’ll get I repeat. Do not get too clever about the taxes you owe.
Can you repeat that again? I see so many people that are getting very clever with their taxes. You know, they, they go to one a CPA and he tells them, Hey, look, based upon your tax bracket that you’re in, you now are going to, oh, about half of what you just made in a, in taxes, about half of your income needs to be paid out in taxes because you’re now into the highest tax bracket. And just to provide some detail there as an example, if you lived in the great state of California, you would pay 13 point three percent taxes on a state level, on your income, 13 point three percent. And then you’d also pay the federal maximum of 24 percent if you’re an individual and you make between 82,150 7,000. So in California, I mean you would pay 37 point three percent taxes if you are in the top bracket.
So, uh, and if you’re married and filing, filing jointly, you could earn up to 165,000 to 315,000 to fall into that bracket of 24 percent. But the point is, don’t overwhelm you with numbers and you just want to make sure that you, after you find out, um, how much you owe in taxes after you go through and you implement all the deductions I’m going to give you here. You want to make sure you pay your fair share and I can’t tell you how many people that I’ve met over the years that a lie, cheat, steal, do whatever they feel like they have to do to not pay taxes and you want to pay what you owe. You just do. Because if you get behind a, that’s not a good situation. You want to be honest about your taxes. You do not want to get into a problem with the Internal Revenue Service.
Those people are trying to do their job and their job is to bring in tax dollars to pay for a lot of things. And I know that you as a listener might not agree on some of the things that the government spends their money on. But the point is we have to pay it. And so don’t get too clever. Business cat, why can’t I write it off? I bought the cat foot business, it’s, it’s about my marketing and I ride it around to and from my office and I work out of my home business cat and that’s the kind of stuff you hear people saying, you know, they’re trying to uh, write off things that have nothing to do with the business and they’re trying to act as though it is a business expense and that my friend is Jack Ass free. So if you want to know what tips a one through 10 for, uh, getting in trouble financially, step one, don’t pay what you owe in taxes if you want to get in trouble with the irs and uh, there’s a lot of other steps along the way.
And here is step number eight, tip number eight for not getting ahead financially. Probably my best tip is tip number eight. Always keep bags of your own poop collected throughout your stay and just have it ready. That’s another tip that’s not going to help you become successful financially. Alright? Now rule number two, don’t buy things you don’t need just to write them off. I see so many people buying things they don’t need at the end of the year so they can save money on taxes, but at the end of the day, let’s just say you bought up. Um, okay, let’s, let’s, let’s say that you bought billboards. Billboards are a form of advertising and you can ride off. I mean you can do massive write offs for advertising. The irs allows you to write off a biscuit what you’re spending on advertising or marketing or promotions. You can write it all off, which is awesome.
However, if you bought a billboard, let’s say you agreed to pay $2,500 a month for a billboard, let’s take a 2,500 times 12. That’s a $30,000 a year expense. Well, yeah, you can write off the $30,000, but you’d still be a head if you had just paid taxes because then you had the 30,000 in that you would have paid even if you’re in the highest bracket. And we do 30,000. And then let’s look at the math here on this. So you’d have a times. So you’re going to subtract out 37 percent, so we’ll just call it 40 percent so you know, you basically would have paid $12,000 in taxes, but you still would had 18 left. So just buying things you don’t need at the end of the year to, to, to write them off really doesn’t make any sense. All right? Rule number three, you want to invest in expenses that you can write off that will actually help you to increase your businesses size.
You want to invest in, write off expenses you want, invest in expenses that you can write off that will actually help you to increase the size of your business. So I would recommend if you’re sitting here at the end of the year and you’ve got a hundred and $60,000 in the bank and you get $300,000 more coming to you here before the end of the year, um, that’s a great situation to be in. But I would say if you, if you really, really did want to write off as much as you possibly could, I would encourage you to invest heavily in advertising because advertising is awesome because it’s going to create more customers for you. And so that really is the engine of the businesses. Advertising’s. I would definitely recommend that you would steer money towards advertising. And I would, I guess give some examples here for you. Um, online ads like the facebook, the social media ads, those are great social media advertisements.
Um, I would also say Google adwords is great. These are all things that would definitely work for you. Google adwords, the retargeting ads, those are the ads that follow people around the Internet. I would highly recommend that you would invest in search engine content and search engine optimization. Um, that’s a powerful thing. Um, but again, if it’s going to get you actually new customers, that is a powerful, a powerful thing to invest in. I would, I would not invest in. I’m attending a trade show that’s not going to generate you any money because now you’ve lost time because you have to go to the trade show and you’ve lost money because you’re spending your money on something that doesn’t work. So again, I would definitely recommend that you would invest heavily in advertising if you can invest heavily in advertising. Now the next I’m making a list here of 10 areas that you can write off if you’re really trying to minimize your tax liability, but also invest in things that make sense.
So advertising is category number one, that’s a one. Make a point category number one, and I move on to category number two, bookkeeping, accounting, and tax related expenses. You can off bookkeeping, accounting, and tax related expenses. So if your numbers are all screwed up, I would highly recommend you invest in a quality accountant to make sure that you correct the numbers, get your, get on top of your bookkeeping, become proactive with the financial aspects of your company. And one way to do that is to invest in bookkeeping, accounting, and tax related services. Now Andrew, I want to ask you this here. We have a thriver who emailed us here. Okay. He’s a builder and the question is he says right now he’s sitting on $160,000 in the bank of cash. Got It. Uh, I don’t know if it’s all in the bank and cash. It’s probably just numbers in a machine that’s bigger issue, but then he said that he’s got about $300,000 owed to him that’s going to be paid.
Uh, so he says, Hey, what’s the best way to get to the end of the year and be able to realize the fruits of my efforts, but to also not give all of it away to the government. Got It. So I, I want to ask you this as we’re, as we’re, as we’re working through answering this question, how do you process, what do you know about write offs? Like from your perspective, you’re a 20 year old guy. Yeah. What do you know about write offs? What do you, what do you think about write offs? What is your understanding of how write offs work? I don’t know a ton about write offs when I used to work for the wedding photography company though, I was able to write off a few things, you know, miles and whatnot. Um, and so I did more than now, not so much. Now that we have a rental though, we are going to be doing a little bit of write offs on any sort of expenses that go to that.
Towards that. I don’t know a ton about write offs, but I’d love to know a little bit more. Okay. Let’s just talk about this for a second. Okay. Let’s say that you, um, are in the United States and you make over $500,000 a year. Okay. Got It. What percentage of your income do you think last year? No googling. Do you think last year you would’ve paid in taxes again? You make over 500 grand in the United States. What percentage would you pay in federal taxes now? Now before you answer, now this year there’s a different amount. Oh really? So again, just. Yeah. Okay. So think about it for a second. What would you have paid back in the day? What do you think? I hate to be negative, but like 50 percent, 45 percent. Okay. So you had 37 percent. That’s not was the, the high, the high watermark. Okay. That’s what, that’s what you used to have to pay in taxes, high watermark.
And you all the listeners just to google all this you can verify, but now, um, you know, you’re, you’re talking about your taxes are coming down for most brackets. And so if you had to pay 37 percent of $100,000, what would that be? How much would you be? How many thousands would it be painted? 100,000. Yeah. Thirty 7,000. Right? So this was the solicitor saying is, Hey, I gotta pay, you know, let’s say roughly a whatever percentage to the federal government. And on a state level, like if you have a California. Yep. Your tax rate is 13 point three percent. So that means you literally are paying 50 percent. Yeah. Yeah. Um, so again in America, um, where we are not a socialist country on paper thinking, a lot of times people do pay the same tax rate as they pay in communist countries, which is half.
So there’s a lot of taxes going out. So this guy is saying, how do I minimize my taxes? So I’m going to review the rules real quick. Okay? Rule number one, don’t get too clever, don’t get too clever and pay the taxes you owe. The worst thing you could possibly do is try to write off everything and get to the end of the year and not have to pay any taxes in. Andrew. Why do you think, from my perspective as a business owner, why getting a tax refund is the absolute worst thing for me every year? Why? I would never want that to happen. Why is it an owner? Would I not want to get a refund? I’m not 100 percent. Is it because it has to do with your budget and being able to schedule out where your money is allocated. So when you put too much, then you have unexpected money and you paid too much and it’s, it means that government had my money all year, end of the year, they pay me back, but they don’t get me interest, they just get a refund.
Hey, you overpaid. Why would it also be a bad idea to not pay taxes as I go and get to the end of the year and find out that I owe a ton of money and I don’t have the money to pay it because won’t have any money to pay the ton of money that you owe to the government. So what you want to do is make sure you’re paying as you take income from the business, pay taxes, then that’s what you should be doing. Alright? Now rule number two, don’t buy things. You don’t need to write them off. So have you ever. I know you’re a younger guy. Yup. Have you ever heard of a business owner or seen somebody talk about how they’re buying such and such? Because it’s a write off. I have heard of this. Okay. So, uh, an example would be I know a lot of people from the photography industry and they would buy a camera that they don’t need.
Yup. Because you can quote unquote write it off, right? Um, and, but why is that a bad idea? That’s a bad idea because for one, it would be better to just pay your taxes instead of spending an amount of money that you don’t need to speed spending in the first place. That’s a, that’s a big reason. If you don’t need to be spending the money, you should be, you know, first paying your taxes, but then you should save them money or invest the money. So think about that for a second, Mr. Listener, if you had $100,000 hypothetically that you owed in taxes, would it make sense to pay the hundred thousand that you owe in taxes or would it makes sense to go out there and buy a $150,000 of crap that you don’t need a, you know, people just have some say they had this idea, they just want to owe nothing to the government.
If you do that though, you’re acquiring things you don’t need, and a lot of those things you can’t write off. So are you familiar with the concept of depreciation? Andrew? Uh, I am. In fact. Okay. Can you kind of explain what you believe depreciation means? A depreciation with, let’s say photography gear. Um, if you were to decide, you know, I need to spend $6,000 before the year’s up so I can write that off. You’re going to buy a camera body and that camera body within a year is going to be worth half the amount because of depreciation, because there’s new technology and it is now old technology therefore is, it has depreciated, but you can’t write off just so we’re clear. You can’t write off all of the camera at one time. Right? So you bought a camera for $2,000. You can’t write off all 2000 right now.
Does that make sense to you? You can write off like a thousand of it against this year’s taxes and then maybe a thousand next year, whatever the category is, you get to everybody here listening to today’s show. You’ve got to talk to your accountant about this, but I’m going to get in now. These are areas. Rule number three, invest in expenses that you can write off that will help you to increase the size of your company will help you increase Andrew. That’s good. These are the things you should be writing off. Alright? Advertise it. So whether you decide to call it marketing or promotion or whatever, you can write off advertising. And why are you allowed to write off advertising? Do you think? Andrew? Um, I’m not sure because it’s something that would help your company grow and that’s something that the government would want. Yes. Yeah, yes.
They want the economy to grow. And if you advertise, your company grows. So if you’re a super profitable, and let’s say you’re a home builder out there and you’re going, gosh, I’m super profitable, I got 300,000 coming and I want to grow the company. You might want to buy $300,000 of ads. There you go right now. Yeah, just crank it up baby. And why would that be? Why would the government want you to advertise your business? The government will want you to advertise it because that would mean they have a growing business which grows the economy, which helps them out. Then creates more jobs, more tax revenues. So that’s a great move, right? Yup. So I would recommend social media advertising, Google adwords, retargeting ads, search engine optimization. Now area number two, Andrew, I’m not sure. I don’t know if you’re aware of this. You might. You might not find this to be as sexy as I do.
Andrew, did you know that? As of right now, you can now write off, you will bookkeeping your accounting and your throughput throughput, ethically, tech related expenses. You are you aware you could do that? I was not aware. And why would the government want you to write off paying accountants, bookkeepers tax related? Because if you have an accountant, they’re more than likely going to get paid and continuing a and your business will more than likely grow because you won’t go bankrupt because he didn’t pay your taxes. Could you play any sports at any point in your life? I did not do know about sports. Is there a sport that you know about? Is there a sport you know, that you talked about? Is there a sport where you know about how the sport is played? Any sport, the rules to anymore the basics of most of them.
Let’s go. So let’s go with a basketball. Do you know the basics of basketball for the most part? Yeah. Okay. So you kind of understand the concept like a two point or three point or whatever. So if we’re scoring, we know we’re, we’re shooting the ball, we could be said we’re playing on offense. Okay. Now if I’m trying to keep you from scoring, that’s defense when it makes sense to have a team that only played off into never defense, uh, it would not. So in a business, think about this. There’s offense and defense offense is marketing and sales and accounting, a vision, marketing, sales, vision, marketing, sales, and you’re accounting for all that. But marketing, sales, vision. Oh, entrepreneurship. Ooh, my vision, my passion. That’s oftens. Everyone wants to talk about authentic. It’s true. But defense is like accounting, finance, legal, HR, compliance administration. Where are my passwords?
People hate that topic. Yeah, so again, there’s offense and defense in business and government recognizes that people will go out of business if they aren’t staying proactive about their taxes, their accounting, their performance, their administration, their legal costs. So you gotta make sure you’re on top of both and a lot of people only exclusively. I mean seriously, I know business owners that only ever think about marketing, sales, vision, entrepreneurship, dream the dream. Oh God, that’s a great word in it. The dream dreams, sales, marketing and see how these entrepreneurs that are running around going the treme, the sales, marketing, promotion, branding. But if you had a conference where you were teaching accounting, if there are bugs, here we are at the annual accounting summit. How’s everybody doing guys?
And you’d recognize you’re alone. No one would go to that conference. Yeah, so you’ve got up. You got to invest in. The government wants you to do it. Step number three, number three, you can write this off his computer and hardware, computer hardware and software and you don’t have to depreciate it anymore as long as that item does not cost more than 2,500 bucks, you feel me? Yeah. Why is that a move though? I don’t really. I would love to know. He tell me. Well, the thing is if you bought a Mac mini and how long has that computer going to last you now, Bro? Uh, probably three years. What do you think? Three to four years. Three or four years? Maybe a little longer. You look, it’s like a flat screen tv now if it quits working or going to take it to a repair shop near depends on it is.
Dude, you’re, you’re, you’re playing a game over there. Think about this Andrew. Let’s say that your computer doesn’t work and you take it to the apple store. Got It. In the court, the whole computer is $400. Yep. Okay. Yep. What are they going to charge you to fix that computer? Probably about three slash 50. Have you ever had a computer fixed? Um, I have not, you know, what you need to do, couldn’t do that. You can run it off. No, but seriously, have you ever, you’ve never done that before? No, I’ve, I usually when they break I tend to buy a new one, like every time I bought like an Imac or something, if I take it in to get repaired, they always know they’re always going to say, well it’s, you know, computer is $1,200 and if you don’t fix it, it’s like $500.
So again, it’s more of a throwaway society now with technology, it’s so cheap and so the government allows you to write that stuff off and so that is an exciting deal. Now the use of a car truck for business purposes, you can write off a percentage of what you spent on the car. I guess in terms of the expenses related to the maintenance or you can write off the mileage. Andrew, do you understand how running off works? Yeah. You keep track of it and where you go, how long? Uh, how long are you gone for? Whether it’s trips to the office or trips to wherever you go. That’s for the business. And then I believe it’s a percentage. Am I correct? Okay. So let’s, let’s pull the number real quick here. Right now you can write off 54 point five cents per mile this year. Alright. Now if you’re a contractor, a self employed person, and you work at different places of business, let’s just say you’re the average American contractor and you drive 10,000 miles a year on your truck.
How much can you write off? 10,000. Oh, 10,000 miles. Here we go. Time somebody out there, somebody out there grab the Calico mometer. Grab up, got up the tractor is get yourself up a etch-a-sketch type in the information. I believe that’s 544,000. It’s A. Yeah, that would be wrong, but that’s a lot. Nothing’s worse than making a guide who public math? Ten thousand miles. I see. Yep. And so we’re going to do 53 point five. So when it comes down to is you can write a 5,000, $350 this year. It sounds more it against your taxes, but if you could read off 500,000, let me tell you what I’d be doing. I’d be driving to work trucks that the decimal in the wrong place. No per day. That happens to the best of us. We’re sorry to pop quiz you. Okay. So now. So now we know about the writing off the vehicle expenses.
Okay. Insurance. Andrew, why does the government want us to have health insurance, business, equipment, insurance, any type of insurance related to the business. Why does the government want us to have insurance? Because they, they want us to not have a bad life. They want us to have a bad day when bad things happen because if we, if we are stopped by an event or something that happens to our health or business or whatnot, that means our business is going to stop, which then hurts the economy, which then hurts the government. Have you ever heard of like loss of use insurance? You heard about this before? Um, I believe I heard you talk about it before. Well, okay. So our building with the riverwalk in jinx, right? We have about 20,000 square foot facility, let’s say a big snow storm hits Tulsa. Yeah. Right. So this is my snowstorm impersonation. Old Man Winter. No, it’s shut up old man winter. All of a sudden all the lights and Tulsa are flashing red. Oh Wow. Yeah, and there’s no longer. It’s called snow rules, so you don’t have to stop. You can just drive through stop signs. You can slide around that cancel school. Everybody’s just chaos. People are. There’s cats and dogs living together. All the schools are canceled. The news update, you know Travis, the guy, Travis Meyer, she’s on the news with the update. It’s like
Travis Myers, here I am the sky. It appears as though all of Tulsa will be closed for the entire day because we have one inch of snow
and people are like, they’re all going to the grocery store stocking up on milk, and she’s like, it’s the end of time, right? It’s like this armageddon mindset. Seltzer empty. They shut down in, but let’s say we had a DJ company, which I used to have with clients in Dallas to the clients in Dallas care. If the Tulsa business is offline, not working, the call centers down. Do they care? Not at all. Right. So we always had generators that I bought in advance, kind of my own insurance so that we were never down. Even the power went out. We were never down. Nice. But let’s say we couldn’t physically get to Dallas, which never happened, but let’s say we couldn’t write to the people do think that the people who had Christmas parties and weddings on the days where we couldn’t make it to them would be okay with them.
They would probably not, they’d probably be very upset. Probably. So. Yeah. Yeah. So there is insurance you can get. So let’s just say that you live in Oklahoma in a tornado, hits your town and knocks out your business. Um, you know, if you had like a $1,000,000 insurance policy, you get a million bucks and you can keep making payroll until you get a new facility or whatever. Here you go. So the government wants you to pro pair right off, move number six, interest on business related real estate loans. And drew, why would the government allow you to write off interest payments? Um, interest payments? It would be. I would assume that they would want you to get loans to start a business. You said get low, get low, get low. Is that as a reference? I have navy. Okay. All right. I wasn’t sure if you’re doing rap references over there. Are you? Are you familiar with the song? Get Low? No. Really? Yeah. Andrew, you know, this is what I’m doing here. I’m going to need to educate me. This is a. well, this song is a song. It’s good for you not heard the song because it shows that you were raised in a healthy home resident. Healthy home. In fact, I was. Okay. Let me cue up the song you should never have heard before. Okay. Let me just get it queued up for Ya.
Okay. What? Do weddings all the time. That’s, that’s the first time I heard this. Have you ever looked up the lyrics to that song? A know that song is about male ejaculation.
The song is about. I’m just trying to throw it up for you. Got It. So if you want to know more about that subject, go see your local doctor or listen to the lyrics. We listen to that song. Get Low. That song is a horrible, horrible song. Yeah, it’s really, really bad for the soul of everyone. Yeah. You had no idea that know. I mean I know I never looked up the lyrics so it is the most dirty song probably of all time. So this just in and do you know what? We’re getting low for it now. We’ll move on. We’ll move on. So now so you can write off the interest on a building. So again, Mr. Client, you’re saying, hey, what can I. What else can I ride off? Or you might recommend strategically instead of leasing next year, buy a building and you can write off all the interest. There you go. Same payment, maybe even less of a payment, but you can write off more and more money in your pocket. More money. Andrew, number seven, what is number seven was the area you can write off. Number seven, legal fees and professional fees. Can you repeat that one more time? I think I’m going to get excited. Oh, legal fees and professional fees.
You had a company out there that specializes in making video games and you have an a um, consultant who works with Lucas Arts. Okay. It’s the guys who make all the star wars movies, his films. Let’s see. You had a consultant come into your office to teach your team how to sound more like darth vader. Ah, I am. You can write that stuff off because they’re going, hey, consultants. You know those, those head, those have value in companies that hire consultants on average tend to do better than ones that don’t. There you go. That’s a powerful move. Now, Andrew, what is, what is right off area number eight that you can write off this year? My friend, number eight is business travel and Neil expenses. Keep reading please. Alright. So for business related travel, you can still write off a portion of the expense related to the trip.
So the ticket, the hotel continue plus, uh, in the meals that you ate while on the trip. Okay? So if I go eat a meal, I stayed in a hotel, I fly there, fly there, that’s very similar to my winter sound, but flying, they’re flying. I can write off some of that. Okay. But I can’t write off what, what can I not write off now? Uh, as of 2007, you cannot write off a portion of the entertainment related expense. This is a trump move. So 2017, trump says you can’t ride off the entertainment. So if you want to go to the little John Concert, Vegas used to write it off, but you can’t anymore, Andrew. And you know why? Uh, probably cause that typically does not help grow businesses. Well, one, it’s bad for the team morale. It’s good to a concert with her specifically about male ejaculation.
That’s not culture, right? Right. But also they found out that a lot of people were writing stuff off that really wasn’t related to the business. You know, they’re, they’re just going there, having a good time. My Andrew Moo. Number nine, what else can you write off here? Andrew? You can also write off office supplies to juicing office supplies. I didn’t say office supplies, I feel like you said office of lines. I think I did. Can you say it again? Uh, office place. So let’s think about office supplies. Staplers. Yup. Paper clips, pencils, staples, pins. You can kind of staples and staplers. Yes. They thought of everything. That’s great. Okay. So you can read some of that stuff off, right? Well you can’t like confuse that. You can’t like be buying copious amounts of furniture and misclassifying it and saying it’s office supplies. So you got to have an accountant who will go through this with you and help you figure out what you can write off and what you can. And the final thing that the generous folks at the government allow us to write off is what Andrew taxes. You can now write off taxes.
Yes. Folks, that means when you’re paying taxes, you can write off the previous taxes that you paid, which is fairly benevolent man. Yeah. So these are all things you can do. So they’re finally calling it attacks. But when you go buy a vehicle, you’re about a vehicle before. Uh, I have actually. You ever had to pay for tag? Yes. How much was the tag? You remember? Oh Jeez. Oh Jeez. You’re talking about gangster rap over there. I think it was like 400, 400, something like that. It’s a lot of money. It’s been a while. Yeah. After you just bought the vehicle, right? You own a house, right? I do. You ever notice that you pay taxes on the house? A little time? Yes. Every single month. How much are you paying out there and key for you? Paying a hundred 50 bucks a month plus taxes. Have you looked at it?
It’s just show you the math in my head. They’re like, you’re paying for the library and you’re paying for the sewer and you’re paying for. You ever looked at the tax bill? I get separate bills, but yes. Do you like that when you’re paying for the library to feel like a part of the community? I do not like that since I don’t even live there. Do you know anybody who does go to the library? A. No. I’m going on a decade now since I’ve met someone who goes to the library. It’s seriously do the library. I went to the library a few months ago to use their internet. I can’t use that line anymore than you went to the library to use the internet. Um, why would you do that? What was going on? Because I needed to research something or I think it was budgeting and I was waiting to pick up my wife and the library was right there over downtown.
Elephant in the room are broken Arrow or why? I think it was south south of the hallmark of you have been to the library. I have, but it was not to get a book. When was the last time you went before that? This is fascinating story. Ah, you should hit the crickets button because it’s not. We’ll think about this heaven. You’re paying on your, on your textbook. You’ll see. I don’t know, but I’ve never paid 150 bucks a month. You’re probably paying 40 bucks a month for the library. That’s crazy. So the thing is, dude, you paid. How many months have you lived in your house now? Now I’m eight. Eight. We’ve had it for eight now. Yeah, so you probably have to think about the data was awesome trip man, because you’re paying, you know, like let’s say you’re paying 50 bucks a month for the library and you just spent like $400 to go to the library one time.
That is sweet internet. That’s you a t one there? No, not at all. You get a massage or anything? Nope. It was a pretty rough. Actually the furniture is pretty outdated. This is a bonus tip for all the listeners out there if they want to know how you can save, how I can save immediately right now, $10,000 a year. You don’t have. I can see how I learned to say just this past week. Oh, I came up with a move and I came up with my wife came up with it as is always the case because she plays defense, but I take the credit. I mean really? Who Inspires my guys? You’re married. Oh yeah. Right. So there we go. So anyway, that was super moved my wife came up with, right. Is we go to whole foods. Do you have any idea how much I spend per week at wholefoods per week?
A five kids. Five food monsters. Four hundred. Three slash 50. Here’s the deal. I want you to put this on the show notes. Okay. This is a fun factoid for $50 a week. And how many weeks typically do I want to feed my kids a year. And you think I’m probably 52, right? I spend $23,400 a year on my groceries. Wow. Now think about this for a second. Um, Walmart has over time been trying to introduce America to this new service. But I, I couldn’t, I couldn’t say yes to the new service until there was certain changes Walmart made. Yup. But now you know, when you go into Walmart’s website, Walmart.com and you can buy all your groceries right there. Okay. So you click every item and they now carry pretty much every brand that whole foods does really. And they bring it out to your car.
That’s. So previously I was like, I don’t want, you know, my wife eats organic, everything has to be non gmo grass fed. Each chicken has to be asked do you want to give this egg? And if it chicken says no, then they let the chicken keep its own egg. It’s that, that’s how organic it is. It’s impressive. Every cow is free range. Like they just don’t, they don’t put a fence. The cow just has given like a state this run around here. Cow. The point is she eats very healthy. Yep. Which is why she looks great. She eats healthy. That’s what she does. So my wife went onto Walmart and every item that we would get at whole foods is now available. That’s impressive. And you don’t even have to go into the store, which is. So we pulled up 101st and memorial. We pull up there cause there’s an assigned time to pick it up.
Yep. You know we did before we went to pick it up though. Uh, I don’t know. Took my wife to get a pedicure. Oh, I know. It’s pedicures cost 45 bucks. Yeah. So you paid 45 bucks? Yep. So I paid 45 bucks for her. I thought I did. I deserve it. It’s like a pedicure too. So we both got a pedicure. So I spent 90 bucks. Yep. Now I normally spend per week on groceries for 50. How much do you think I spent this week on groceries? Oh Man. A 300 bucks. He added. Really? Yeah. So I, ah, I just saved myself 150 a week on groceries and it took this to get a pedicure and to get my groceries. It took less time than it typically takes us to get our groceries. Really said I’ve saved yet. We normally would go to whole foods. That’s like an hour.
Yep. Then we aren’t got to go to wholefoods for an hour. Right. But now we made our shopping lists and we got to do is just every time we want to do renew and get more, that’s cool. So we say, and we’ve got a pedicure and our groceries and less time than it normally takes us to shop. And we’re going to say at least $7,800 a year. That’s crazy one super move. Yeah. And that is the value of plan defense. And that’s what my wife does. What she does. She’s always looking at the expense of saying how can we save money? And that’s a super move, Dude. Yeah. Have you tried this before? Have you ever done this? I have not. I didn’t even know that was a thing. You got to do it. Got To do it seriously? Yeah. Do like going into Walmart. I hate it.
Where do you shop at? I say usually we shop at Sam’s or target or sometimes occasionally Walmart. If you go to target or whole foods and get everything out. Walmart. Dude, that’s crazy. And it you just pull up. You don’t have to go in. You pull up and there’s like a loading bay and they come out to you. The shopping for you? Yes. Wow Dude. That dude. Yeah. You can take men at every week to get a pedicure. We can be saving money. You could save so much money. You can be saving a rab money
thrive nation that has all of the benevolent money saving tips that I have for you today. If you have any questions, as always, email us info at thrive time. Show.com. That’s info at thrive time. Show.com, and now then he further three, two, one. Boom.
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