Dr. Jeremy Weisz: 16:36
Well, and we’ll talk about some creativity that you’ve seen or done. It could be you’ve done them or you’ve seen it. Around the creativity.
Noah Rosenfarb: 16:44
I’ll zoom out. To start with, why is taxes interesting when I’m speaking? Because it’s such a dry topic and I’m a third-generation CPA. I’m someone that’s taken advantage of the tax code for my own family situation, and when I speak, I share the structures that I’ve used to help my family pay very little in tax and why it’s so important. But really, my message to entrepreneurs is that it’s our responsibility to determine our tax strategy.
And we can’t abdicate this responsibility to our tax preparer because our tax preparers job is generally not to develop your tax strategy. And unfortunately, so many entrepreneurs just don’t even recognize that that’s a problem, that there’s this gap between their tax preparer and maybe their investment advisor, which is what is the tax strategy that you’re going to utilize to pay as little as possible in taxes over time. So when it comes to that discussion, one of the things I think people don’t understand is what’s possible and what happens if you’re wrong. And really, it’s the fear that people have of audits that prevents them from often even engaging in a conversation around what might be possible for them.
Dr. Jeremy Weisz: 18:06
Yeah. And I want to point out, like you do talk about this, about, you know, the saving and taxes allows people to reinvest in their business, grow their business, create more jobs. You know, it’s not just about buying like a nice car, right? And I know that you talk about do you want the hands in the entrepreneur individual, or do you want the hands in the government who’s going to further that money and make more of a difference in the world?
Noah Rosenfarb: 18:34
And I believe, you know, I’ve always believed that entrepreneurs are heroes. And that was from a young age. I you know, partly, I guess, because I grew up with a dad who was an accountant. And so he instilled in us the value of entrepreneurs and how entrepreneurs are the ones that, you know, are creating jobs and innovating and creating value. And so my goal was always to find ways to support those entrepreneurs because I thought, you know, yes, it’s great for the first responders, you know, the men in blue and red that come and save us when there’s problems.
But really, the way the Earth moves is through the ingenuity and creativity of us as entrepreneurs. And what I’ve recognized kind of, again, through the evolution of business and really having the time and space to do whatever I want, kind of post retirement lifestyle, I found that the way that I could leverage my talent, my experience, my skills and support, the vision that I have and the people that I want is through this application of creative tax strategy. And it’s been really rewarding.
Dr. Jeremy Weisz: 19:34
So let’s talk about some of them. I mean, people, you know, maybe start with the Puerto Rico one. I don’t know if that’s always an interesting one. And also I just want to point out if you are we are if you are in the video part, there’s a wealthrive.com we’re here. If you scroll around, poke around.
There is a download our 23 overlooked tax strategy. So you can actually go to their site and actually get we’ll talk about a few here. We’re not going to be able to go through obviously all 23. But I encourage you to fill out the form. And they actually have a download here where you can get them.
Noah Rosenfarb: 20:04
So yeah. And that list, just so your audience knows, that list is you print it out and you go over it with your existing tax preparer. This is the low-hanging fruit that you may just not have ever had a conversation about.
Dr. Jeremy Weisz: 20:17
Yep. Love it.
Noah Rosenfarb: 20:19
And then what we tend to do. So those I would like to reference as like tier one strategies. Those are all the things that your accountant actually knows about. They just may not have told you that it might apply to you. And so yes, you know, I, I love accountants, I think they do an important job.
They are the most trusted profession for a reason. The average relationship with your tax preparers 19 years. So, you know, there’s a lot of relationship value that’s built with your accountant. But they may miss some things. And so these tier one strategies are just a way to bring up some ideas with them that they will be familiar with.
They may just not have recommended them to you yet. Yeah. The second area of planning is what I would call tier two strategies. And these are ideas that if you search in Google, you may find some information about them. Whereas the tier three strategies, they’re not even on Google.
They’re the things that we’re creating behind closed doors. And we’re innovating and inventing new tax structures. And so those sometimes we share the outcomes of what they are, but not necessarily the ingredients to the recipe. And on the tier two side, one of the stories as you referenced is I own a business in Puerto Rico inside of a Roth 401K plan. So there’s a couple of interesting parts to that story.
One is, why would I own a business in Puerto Rico? And that’s because the Commonwealth of Puerto Rico, which is a US territory, only charges a 4% corporate tax rate. So unlike I live in Florida. In Florida we have I have a C corporation in Florida as well that pays 21% to the federal government. It pays 5% to the state of Florida.
But my Puerto Rico C Corporation only pays 4%. Wow, that’s pretty cool. The second piece to it is that it’s owned by my retirement plan, my Roth 401K. Well, that’s interesting because when I issue a dividend from my C corporation. So C corporations, unlike what most people have is a S corporation.
And that taxation is coming through to them personally. So a C corporation pays its own tax and then issues a dividend to its shareholders. Well when you own stock in your 401K and you receive a dividend. You don’t have to pay any tax. So whether that stock is the company that you founded or it’s Procter and Gamble or, you know, Berkshire Hathaway or whatever company you own that might issue a dividend.
You would pay no tax. And the really cool thing for me is as my company makes profits and I pay 4% to Puerto Rico, they issue a dividend and pay no tax on it. Now I take that capital, and it’s in this tax-free container where I predominantly invest for yield. So I invest in debt and generate, you know, let’s say 1 to 2% per month in interest. And all of that interest is tax-free because it’s in my 401K plan.
And eventually when I take that money out, it’ll be tax-free because it’s a Roth 401K plan. And so there was a creative structuring. I was the first person in the world to create this structure. It’s a combination of Puerto Rico’s then act 20, now act 60 with something called the Robs plan. Robs, which stands for Roll Over Business startup along with a Roth conversion.
So it was kind of lining up these different areas of the tax code, weaving them together in a way that satisfied my personal needs to create an incredibly efficient tax structure.
Dr. Jeremy Weisz: 23:52
Well, thanks for sharing that. No. It’s fascinating stuff. So that’s to be kind of the tier two category.
Noah Rosenfarb: 23:59
What would because again I published information about that. I invented that with a another tax strategist who had been working out of the US Virgin Islands. He had moved over to Puerto Rico. It took us two years to come up with this structure. And then we’ve since promoted the structure publicly, and he implements that as a standalone without necessarily people needing to work with my company.
If somebody knows precisely that, that’s the structure and strategy they want to use, they could go right to him.
Dr. Jeremy Weisz: 24:27
Nice. So I’d love to hear an example in the tier one and three category. Obviously the report is kind of tier one. What would be an example in the tier one category?
Noah Rosenfarb: 24:38
It could be as simple as using the right retirement plan. So I mentioned I have this quite sophisticated retirement plan structure that owns a business that I control. That’s unusual, but for a lot of entrepreneurs it may be setting up an IRA or a Roth IRA, maybe a retirement account. It may be a 401K, it may be a defined benefit plan. There’s all these different types of retirement plan options that provide different types of tax benefits.
And so what you want to make sure is you’re just evaluating them. And if you’re not using them you’re not using it because you know the benefits and the consequences. And you’ve decided that the consequences outweigh the benefit.
Dr. Jeremy Weisz: 25:21
Yep. What about in the tier three?
Noah Rosenfarb: 25:24
So a pretty creative tier three strategy. I’ll give you an example of a kind of a use case. So a client came to me, actually an EU member, and they were thinking about selling their business. They were a founder, one of four founders. They owned a significant minority stake, and they wanted to back away from the company.
They still liked the company. They believed in the company. They like their partners. They believed in their partners. They just wanted to, you know, take their foot off the gas.
And they felt like now is the right time in their life. And so we through our help, it created a structure that they participated in, where the outcome of this structure was that they sold half of their interest in the business and they paid no capital gains tax. They retained half their interest in the business. And that income that they received through their K-1 is not subject to tax. So now they’re getting all their income tax rate, all of the investments that they made with the sale proceeds are not subject to income tax, not subject to capital gains tax.
And when we did this planning, we also incorporated their estate tax planning. So had they died last weekend or when they die in 50 years, none of the assets that they currently own, no matter how much they grow into, would be subject to estate tax. So pretty amazing structure. We refer to that one as our wealth preservation Trust that was developed internally by our chief tax strategist, implemented exclusively on behalf of our clients and our co-inventors’ clients.
Dr. Jeremy Weisz: 26:59
Yeah, it’s obviously you need a trained professional for these things because it’s a lot of moving pieces. What would be another tier two. And maybe we could talk about your book a little bit, Exit Rich Beyond Money. And because you talk about some of the stuff in there.
Noah Rosenfarb: 27:15
Well, I’ll share another tier two strategy which I find that we created also. And this came out of another EU member, actually out of California. He was acquiring his father’s interest in the company that they were in together, and originally they were going to pay a significant amount of tax. And so we showed them how to restructure the transaction and pay no tax. They were very happy in that interaction.
One of the things I noticed was that they donated a lot of their product when it was, you know, essentially stale inventory for them. And when you donate your own inventory, you get to deduct the cost of the inventory. But interestingly, if I were to buy your inventory and I held it for a year and I donated it to a nonprofit, I would get to deduct the fair market value. And many people know if you donate cash to an organization, you deduct the value of the cash receipt. Hopefully at your listeners know if instead of writing a check, if you give the charity of your choice stock, let’s say you’ve got some Apple stock or some Tesla stock, you give them $10,000 worth of stock that you paid $1,000 for.
Well, now you don’t have to pay the capital gains tax on the difference between the $1,000 you paid and the 10,000 it’s worth. So you save that money and you still get the $10,000 write off for the value of the stock. Well, in our case, what we do is we buy seeds at 25% of their fair market value. So let’s just say you make $1 million a year, and the government will allow you to deduct $300,000 of this type of asset, 30% of your adjusted gross income. Well, I can sell you $300,000 worth of tomato seeds or melon seeds for 75 grand.
And the reason you’d want to buy them for 75 grand to later donate them at 300,000 is that if you’re in a no income tax state, you’ll generate a 48% return on your investment. If you’re in a high tax state like New York or California, you might generate like an 85% return on your investment. And not to mention, besides making money on this transaction, these seeds are actually going to get planted in the ground, grown into food and feed hungry people. So we refer to that strategy as dual harvest our websites dual harvest org because we see that you could do well while you’re doing good.
Dr. Jeremy Weisz: 29:39
So do can people go to that site or do they.
Noah Rosenfarb: 29:42
People can go to that site dualharvest.org. We could share information minimum income there for that transaction to make sense is around 6 or $700,000 for a single in a high income tax state, around $1 million for a couple in any state.
Dr. Jeremy Weisz: 30:00
No, thanks for sharing that. People can check that out. What else do people find compelling with the book Exit Rich Beyond Money? What else is in there that people should know about?
Noah Rosenfarb: 30:11
Yeah, I think the book’s really the framework for the book is around the concept of not regretting your transaction, and the data is horrific. So 75% of 85% of people self-report regretting some component of their transaction, and typically the regret does not come from the actual amount they sold the business. It’s all the qualitative aspects of being prepared for the cocktail party where people start saying, what are you doing? And not having an answer. It’s, you know, the annual trade show is going on and people are posting the pictures and you’re not there anymore.
And, you know, most entrepreneurs, you know, if you look at the people you interact with most frequently and you have to categorize them, are they a deal friend or are they a real friend? Do I make money with them in some way, or do I just socialize with them? A lot of our relationships fall into this deal bucket, where we’ve got something going on in our friendship beyond pure social dynamics. And when we sell our business, that goes away to our status may change — our way of being changes. Our time spent with our spouse changes, our free time changes.
And so really the framework that we help entrepreneurs implement is one where they can let go of the branch that they’re swinging on now and be like Tarzan to grab on to that next branch before they let go of their business and prepare themselves and test themselves while they still own their company with what life’s going to look like when it’s when you no longer own it. And that’s true as it comes to investing and how they’re going to generate passive income and getting that experience before they sell it comes to developing their calendar and asking, going back to those four questions of spending the time with and with the people you want, and doing the things with the people you want and where you want, and giving yourself that time freedom while you own the business, which, by the way, is going to make the business more valuable. And the third piece is where are you going to derive your meaning and purpose if it’s not coming from your business? So many of us are really tied to the value we get from employing people, from dealing with our customers, from solving problems. And interestingly, I was with the creator of Modern Elder Academy, and he was talking about, you know, that we need to in our life.
And, you know, when we’re sitting around with nothing to do, we’ve got no agenda. And that by itself is agitating.
Dr. Jeremy Weisz: 32:44
You know, I know, know for you, you’ve sold companies or sold real estate, you know, real estate transactions. I’m curious. And a lot of entrepreneurs, their wealth could be tied up in the business. Right. And so I’m wondering some of the mistakes you see people make when they are selling maybe from a tax perspective.
Noah Rosenfarb: 33:05
Sure. Well, there’s lots of mistakes I see in making if we just look at the tax side of it, the biggest mistake they make is not addressing what it is they want to do from a tax standpoint before they hire their investment banker. Once they hire that investment banker. It’s all systems go. Race to the finish line.
You know, typical owner spending 1,500 hours in the process of getting their business ready to be sold and selling it. And so that becomes a second full time job on top of the job they have as founder, visionary CEO of their company. And so they don’t have the space to learn something new, like tax strategy, to deal with the advisors they trust, like their accountants and their lawyers. While there’s not this pressure of closing a deal. And what often happens as a result is if they don’t develop their tax strategy before they hire their banker, they’re only looking at tax strategy after they close, when the options available to them are much more limited.
Dr. Jeremy Weisz: 34:03
What are some of those things that people should consider? Let’s say like, okay, in a year from now, I’m planning out what are some things they should be thinking about.
Noah Rosenfarb: 34:12
I think it’s all around whether or not you want to pay the tax and take absolutely no risk that the government’s going to disagree with anything you’ve done, or if you’re open minded enough to look at the math and say, wait a minute, maybe I would do something, even thinking that the government might disagree with. And the reason I would open my mind to that possibility is only because I understand what the consequences are of a disagreement with the IRS, and those consequences are generally three things. One is you’ve got to pay them the tax that you would have paid them if you done it the way they wanted you to do it in the first place. Well, that doesn’t really cost you anything. The second thing is they’re going to charge you interest from the date that you should have paid them until the date that you actually paid them.
And the IRS is a reasonable lender. They charge reasonable interest rates. Hopefully it’s an interest rate that you’re out earning with the money that you’re keeping and you’re doing smart things with it. Generally for our clients, we ask them to dedicate those tax savings to a special investment account. And that way we could see that money grow independently.
And in the event the IRS comes back and asks for their money. We’ve got it sitting right there. The third thing, which is really the way that people get in the most trouble, is the penalty and the penalties. The IRS charge can be significant, but taxpayers don’t know often that there is an insurance policy you could get, or a way to prevent the IRS from charging you a penalty. And that’s by getting a tax opinion letter from a qualified third party.
So if you have this tax opinion letter, then your worst case scenario is you got to give them the money you would have given them to begin with, plus the interest for the amount of time you had that extra money. And more often than not, people aren’t even asked to defend their position on their tax return. When you report $10 million or more of income on your tax return, you’re audited 10% of the time. So that means 90% of the time you’re not being asked to defend your position.
Dr. Jeremy Weisz: 36:12
Is there suggestions? I know for you really? It sounds like, took to real estate after you sold your. Maybe it was before you sold the company. I’m curious what made you go into real estate and at what point in your journey?
Noah Rosenfarb: 36:26
So I started investing in real estate at the turn of the century. So 25 years in started with a two family house that my wife and I lived in half and rented half. Cute little story back then there was a 3% down loan that you could get and you were able to generate a seller’s credit. So I bought a new home, new construction home from the developer, and I had him give me a $7,500 credit on my $225,000 house, and that credit reimbursed me for my down payment so I didn’t have to pay anything to get started in real estate. I used that equity in that house after a couple of years to go buy another two family house and another one and another one, and eventually, you know, we’ve done a significant number of large transactions.
And I’ve always liked real estate as an asset class because growing up in the accounting world again, my father, my grandfather were accountants. My dad’s wealthiest clients were real estate entrepreneurs. And in 86, when I was ten years old, a bunch of them had a hard time. And I remember because I was always interested in money and business. So even at a young age, I was talking to my dad about what his clients were doing and how they were making money, and he enjoyed sharing those stories with me.
And he always said, you know, as long as you could survive the downturn and still pay your mortgage, as long as you could wait, you’re going to be okay. And it was only the people that couldn’t cover and service their debt that got hurt. And so I kind of took that lesson with me and decided originally my plan with my wife, who I had the good fortune of meeting when we were in college. The plan was we’re going to acquire one multifamily property every year. We’ll get ten of them and we’ll retire on, you know, ten rental payments, you know, from multifamily houses.
That was the original plan. The plan obviously evolved over time and became more sophisticated, but I thought it was a great plan and it is a wonderful plan for many people. And so I would encourage anyone who’s again, before they sell their business, figure out what you like to invest in. Are you going to be a real estate investor? Well, there’s a whole tax strategy associated with real estate investing.
But if you’re going to be an early stage venture investor, there’s a different tax strategy for that. If you’re going to go out and be an acquisition entrepreneur, well there’s a different tax strategy for that. So you really want to know how you want to invest your capital, because the structure in which you’re going to invest your capital might design the tax strategy you’re going to use before you sell your company.
Dr. Jeremy Weisz: 38:52
Yeah. No, I want to talk about the evolution of your real estate investing a little bit. So like it started with the homes. But I know at one point you’re like, I don’t want to get calls about fixing stuff and I don’t want to deal with this stuff. So what was the next phase of your real estate investing journey?
Noah Rosenfarb: 39:13
Yeah. And I’ll share with you how I came to that conclusion through math, because I think it’s a good entrepreneurial hack, which is to measure your return on time in addition to your return on investment. So anytime you’re investing capital alongside effort, you want to measure both the return on investment and the return on your time. So you’re advising that startup in exchange for 5% equity. Well, how much time are you investing and what’s the return you’re generating in as a result?
And see what’s my hourly rate and compare that to your hourly rate in your existing business. You’re making $200,000 a year working 2,000 hours in your company. That’s 100 bucks an hour. You’re making $2 million a year working 2,000 hours in a company that’s $1,000 an hour, right? So figure out your current hourly rate in your business.
And as you’re investing your capital outside of your business, make sure that your return on time is the same or greater. Don’t sell your time for less for things that are outside of your core business. Because hopefully if you’re putting your time somewhere, it’s your best time. It’s all your zone of genius time. It’s all the relationship capital that you built.
It’s all the experiences that you’ve accumulated over dozens of years. It’s absent of all the administrative, you know, drama that you have to deal with as the CEO and visionary. So you should be generating a higher return on your time. Well, for me and my rental real estate business, I realized that if I paid myself what I was getting paid as an accountant for the time I was spending managing my properties, my return was negligible. I really wasn’t making any money on my money, so I really was just trading my job.
And the reality was my job as an accountant had a better future than my job as a landlord. So I repositioned and changed the way I was investing from being a direct operator of assets to investing in other operators. And so I would aggregate capital from friends and family. I’d say, hey, I’m going to put 50 grand in this deal, I’m going to put 100 grand, or I’m going to put 200 grand and, you know, come along with me and we’ll pool our money together and we’ll put it together in this deal. And when we had success, I’d make money on everybody’s money.
And that became a fruitful business kind of side hustle, if you will. And something I enjoyed a lot. It was fun to make money with friends and something that I look forward to enjoying in the future as well.
Dr. Jeremy Weisz: 41:35
So it’s more kind of like a real estate syndicate. Correct? Yeah. And do you prefer — I’m curious. Is it more still more residential or commercial type of things that you’re looking at?
Noah Rosenfarb: 41:48
My, the vast majority of my portfolio, I owned about $900 million worth of assets. The vast majority was multifamily housing. But still, you know, $100 million worth of office space, $100 million of retail space. So not not insignificant.
Dr. Jeremy Weisz: 42:05
It’s an interesting concept. because I was talking to someone who’s in professional services. Okay. Doctor. And we went to a baseball card show.
All right. And they were saying. And we’re spending you know, they’re spending like, whatever, 45 minutes. Looking through this person’s cards to save like $20. And afterwards we were discussing this return on time.
And the person will be busy. At the end of the day, they’ll be tired. And they may not see a couple patients because they just want to go home to the family. And maybe they’re foregoing $1,000 or something, but I’m like, you’re that would have taken you like 20 minutes, and then you spent 45 minutes looking through this stash of cards to save $20. Isn’t that interesting?
And it’s there’s like a perception there of, you know, similar to what you’re saying. Well, I’ll save money, but are you actually saving money when you calculate your return on time, you know, so.
Noah Rosenfarb: 43:04
Sometimes you have to distinguish from what’s fun from what’s.
Dr. Jeremy Weisz: 43:10
Yeah, totally. Yeah.
Noah Rosenfarb: 43:11
Right. And so there’s often things that people do for fun, like, you know, I remember my mother in law complaining that I had someone hang up pictures in my house. Can’t you hang up the pictures? Yeah, I can hang up the pictures. I’d rather hang out with the kids.
Right? You know, I don’t let somebody else hang up the pictures. And I’ll play with the kids.
Dr. Jeremy Weisz: 43:30
And some people Geek out on that, and they love doing fixing stuff around the house.
Noah Rosenfarb: 43:34
Exactly. Yeah. So, you know, to each their own. I think if it’s fun for you, then the measurement on money is irrelevant.
Dr. Jeremy Weisz: 43:41
Yeah. Yeah. It was, I guess I was, yeah, it wasn’t fun for me to do that, but I was watching them. Maybe it was fun for them. I love to talk about niche for a second.
Okay. So it’s interesting when you sold the family office business and how you came to that specific niche. And, you know, we always hear in a lot of the themes of the episodes, people at least start with a niche, even from the founder of Rxbar, who ended up selling to Kellogg for $600 million. Everyone knows Rxbar. They buy it, but really they started with like CrossFit people as a niche.
And talk about how you came to the divorced women as a niche for the family office.
Noah Rosenfarb: 44:23
Yeah. So when I joined my dad’s accounting firm, it was 60% forensic accounting revenue, 40% traditional accounting revenue, doing about 2.5 million, a million and a half forensic, a million traditional accounting. And at the time, we were one of probably the top five forensic accounting firms in new Jersey. I ultimately helped my father execute a strategy, a roll up strategy. We acquired other forensic accountants, a lot of sole practitioners.
We grew to become the largest forensic accounting firm in New Jersey. And I was part of our divorce practice. So I would testify in divorce court about how much money people made and how much their businesses were worth. And what I noticed was a few things. One is I didn’t like the business because the more acrimony I created, the more money I made.
And that was the wrong incentive structure, because I was well known for resolving cases effectively and as a whether I was a joint expert or an independent expert. My job, I felt, was to help this family find a resolution where they could both walk away equally unhappy. And I did that very successfully. Right. And, and, and that that was to the detriment of not only my accounting firm, but the lawyers that I worked with.
Because the lawyers bill by the hour also. So the faster I was resolving these cases, the unfortunate consequence was the people that had referred me the work would be able to build less in fees. So I didn’t really enjoy that aspect of it. But one of the things that I noticed was that the women predominantly, who were receiving large sums of money from their hedge fund manager husbands, their entrepreneurial husbands, you know, they were homemakers. They had left the financial responsibilities to their spouse.
Very traditional marriages in most cases. And now they were getting this large sum and they had no idea what to do. And they didn’t know who to trust. And so I saw an opportunity in the marketplace to leverage the relationships that I had with the divorce lawyers and say, listen, you know who I am as a person. High integrity, high trust, high competency.
Let me serve these women. And I will essentially be what was effectively their replacement husband for their finances. I’d file their tax returns. I’d pay their bills. I’d help them figure out, you know, how to lease the next car.
I would help them when their kids were getting married. You know, how much to give them or their graduating college and what’s the right thing and invest their capital and manage the whole thing. And so that was a business I enjoyed very much. It put me on the same side of the table as these people that I cared about helping. I grew up with a single mom who had very little financial acumen, and from a young age I was trying to teach her how to manage money effectively, unfortunately never successfully, but it really led me to have compassion for people that were in this situation.
And I’m an empathetic person by nature, so it really suited my characteristics and my strengths and the relationships that I had already built within the family law community as someone that could be trusted.
Dr. Jeremy Weisz: 47:25
Yeah, no, thanks for sharing that. I think it’s just an interesting winding path we take and that you took. Last question. Well, first of all, thanks for sharing your expertise. As you saw, you could check out wealthrive.com to check out the resources and everything they have on there.
Obviously we talked about their book as well, which is probably on Amazon or any other place that you want to find it. Exit Rich Beyond Money. Last question is about some of your favorite resources. Those resources could be some of your favorite books. Obviously yours are your favorite, but in addition to your books, podcasts, or just people that you follow that other people should check out.
Noah Rosenfarb: 48:05
So I’ve been part of EO for 13 years. I know you’re part of EO as well. Entrepreneurs organization I would say that is the single best resource for my career to date. I’ve since joined YPO. I’m a YPO member now five years.
And again, another incredible organization filled with lots of people. I think when we talk about resources, for me, it goes back to the ability to network into a relationship. And whether that’s an online virtual relationship or an in-person relationship or a relationship over the screen like we’ve created today. And what I’ve been able to learn over time is that that relationship capital, through the network of EO or now YPO for me has been incredibly valuable. I feel like if there’s a problem in my life, I’m really only one or 2 or 3 phone calls away from finding somebody who’s been there and solve the same problem.
And so that’s enabled me to really shortcut a solution to issues that I’m faced with. So if a listener is on this here and they do not feel like they’ve built out that network for them, I would encourage you to find it through a community that may be a community like EO or YPO. It may be a smaller community or one that’s better aligned with where you are in life, or where you are geographically, or where you are in your industry.
Dr. Jeremy Weisz: 49:29
No, I want to be the first one to thank you. Thanks for sharing your knowledge, your journey everyone check out wealthrive.com to learn more and we’ll see everyone next time. Noah, thanks so much.
Noah Rosenfarb: 49:39
Thanks for having me.
