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We’re going to talk about taxes. This is something you want to hear about because nobody likes to pay taxes especially more than you have to. When it comes to the sale of real estate or businesses, if you’re a real estate investor or business owner, at some point in time you’re going to want to sell or trade your business or your real estate. At that point, it becomes a struggle because you’re going to be forced to pay capital gains tax on those assets that you sell. Most of us are familiar with the 1031 exchange and that’s not what this episode is about, but whether you’re familiar with it or not, this is something that you should learn more about. There are other options out there as you’re going to learn.
The problem with a 1031 exchange is, first and foremost, you’re tied to a timeline. You have 45 days to identify the properties that you want to trade or purchase. The second thing is you have only 180 days to close on them. It’s sometimes a bit of a struggle for investors, feeling pressured, rushed or trapped and forced to make quick decisions because of those rules and regulations around that tax-deferred exchange. It’s only one option that has limited flexibility. What if you can do a tax-deferred sale and have complete control over those funds to do almost anything you want and stretch out the payment cycle for those funds?
If you missed our last episode, be sure to listen to Heads I Win, Tails You Lose with Patrick Donohoe.
Enjoy the show!
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Another Way to Defer Your Capital Gains Taxes
It’s my pleasure to welcome Brett Swarts to the show. Brett is the president of Capital Gains Tax Solutions LLC located in Sacramento, California. Brett provides trustee services to help real estate and business owners win over their capital gains tax and achieve liquidity and diversification with their funds so they can create and preserve more wealth. Brett, welcome to the show.
Thank you, Marco, for having me. It’s my pleasure.
It’s great having you on. Brett, you have an interesting past and you have an interesting fit in this space which most people don’t know about. Can you tell us a little bit more about yourself, what you do, and what the company does?
I’m the President of Capital Gains Tax Solutions. I’m one of thirteen exclusive trustees across the US who provide capital gains tax deferral education, in particular, on the deferred sales trust. The larger parent company I’m underneath is called the Estate Planning Team. That’s a team of about 1,100 plus professionals. It’s a mix of CPAs, tax attorneys, trustees, real estate brokers, financial advisors, escrow officers and QI companies. The sole focus is working as a team to help each individual client or business professional grow their business to help their clients defer capital gains tax and have options versus just maybe 1031. Or a business owner who doesn’t have any options or for a primary homeowner who runs out of that $250,000 or $500,000 exclusion.
You mentioned deferring capital gains. People really like to hear that because if they have real estate and they plan to sell now or at any time in the future, they want to defer capital gains. The ideal is to completely eliminate that if you can if it’s legally possible, but certainly defer capital gains taxes for as long as possible. For some people, that may be indefinitely and that’s why so many people are attracted to a 1031 exchange. Let’s start off with the most basic of questions here. You talk about deferred sales tax as a product, an item or a thing. What is a DST or deferred sales trust?
Most investors, real estate or business owners, they struggle with capital gains tax when they go to sell their assets. We use the deferred sales trust to help them gain freedom, liquidity, and diversification with their funds so they can preserve more wealth. We truly feel that having freedom and flexibility to sell when they want to and buy when they want to, all tax-deferred creates a significant competitive advantage for each client. A deferred sales trust is an installment sale. We use the tax law IRC 453 to perform this deal and it’s a tax deferral strategy, as opposed to a 1031 exchange that only works for the commercial real estate.
It’s just an installment sale. I’ll give you an example. If Marco was looking to sell a deal for $5 million and let’s say you had a $1 million basis, you had a $4 million gain, you have about $1.5 million capital gains tax. I can come to Marco and say, “Marco, I want to buy your deal. Can I give you a million dollars now? Would you carry a note for $4 million?” You say, “Sure.” How much tax does Marco owe? It depends on how much constructive receipt he’s received. In that scenario, he’s received a million dollars as a constructive receipt. The tax on that amount is typically about 30% to 40% depending on how much depreciation recapture is built on that as well. Instead, if I came to Marco and said, “Marco, I’ll buy your deal. Can I give you a zero down and you carry a note for $5 million?” Hypothetically, you say yes because they don’t want to pay any tax. You have zero constructive receipts because you received zero down. That’s what we do. We buy a property from a client and close of escrow through deferred sales trust and immediately sell it to the cash buyer who’s lined up, who deposits the funds into the trust, therefore maintaining non-constructive receipt.
That’s a good commercial real estate example. Can that be used for smaller investors that are working with one to four-unit properties or have a smaller portfolio? Maybe someone is liquidating some properties and they’re thinking about doing a 1031 exchange. Can you give us an example of how that would work for more of the smaller investor?
The beauty of the deferred sales trust is it works for primary homeowners. It works for business owners who are selling. In fact, those are probably two number one candidates that we feel the structure fits the best for because those folks have no option. If it’s just a primary home or a business owner, of course, a one to four-unit investor can do a 1031 exchange as well. It works the same way. We can do them with any of those deals. I’ll give you a couple of examples. We’re helping some folks right now at the Bay Area who are selling their primary homes.
One particular person, we will call her Carol. She’s owned the property for 30 years. She bought it in the Fremont area for about $250,000 and she’s selling it for $1.3 million now. She’s single and she’s on a fixed income. She’s retired from a company and she feels a bit trapped. She’s trapped because it’s hard to even afford the rent down the street, but she has a lot of her equity tied into her property. If she sells right now, her basis is somewhere around $500,000, $250,000 exclusion. In this scenario, if she sells at $1.3 million, she’s in over $300,000 tax. At the close of escrow, we have all the funds into the deferred sales trust, therefore deferring the tax and helping her to earn interest on that amount property. The answer is yes, we can do it for all of those types of deals. Anything that has capital gains tax, we can defer it.
Many people, if not most, understands what a 1031 exchange is. We’ve talked about it multiple times on the show here. Compare and contrast a 1031 to a deferred sales trust. How do these things compare? What are the similarities and differences?
Let’s start with the 1031 exchange. My background too is in the commercial real estate, helping my clients buy and sell apartment buildings. I started at Marcus & Millichap. I’ve done lots of 1031 exchanges over the years and I still do them. I like the 1031 for a lot of reasons. If you can find a deal that makes sense in a marketplace that’s more of a buyer’s market, then a 1031 is great. It has low fees, it’s very well known, it’s tried and true, but there are some challenges with the 1031 exchange. Part of what inspired me to start Capital Gains Tax Solutions because it just wasn’t a good option for everybody at all time. The Baby Boomer generation is getting older and a lot of our clients and investors, they want to retire and be out of real estate or at least have another option.
The challenge with the 1031 exchange, first of all, must be equal or greater value and also must be the light kind. In comparison to the deferred sales trust, you can put it into stocks, bonds, and mutual funds and create more liquidity in diversification versus maybe being in one or two properties, especially for a lot of clients who are the mom and pops. They may own one or two properties, have owned the property for twenty or 30 years, maybe fully depreciated and they don’t necessarily want to do a 1031. A lot of them know the 1031 exchange, but they’re not necessarily comfortable with it because they haven’t transacted in years and they don’t like feeling pressured by the 45-day deadlines to identify and the 180-day deadline to close.
A lot of our clients who choose to defer sales trust are tired of feeling pressured, rushed, and forced to make 45 and 180-day decisions and also having to overpay for properties. Oftentimes, they’ll buy properties when otherwise they would not if it wasn’t for the tax liability that’s chasing them. For those who don’t want to overpay for a property, especially in this environment. We have very low inventory and the interest rates are going up, you have what we call the candle burning at both ends. The candle represents the return for the investor, but as interest rates go up, the candle burns on one end and as values go up on the other end, and inventory is even lower, some of the candles are going to burn. You’re seeing returns being smaller and smaller. The 45 and 180 is the first challenge.
The second one is the depreciation schedule travels with the Upleg. One of the number one reasons to own real estate is the depreciation which offset the income. The challenge with the 1031 is if you own real estate for long enough, if you’ve done multiple 1031 exchanges over the years, that appreciation schedule travels with the Upleg. It travels every time you move. Eventually, unless you buy bigger and bigger properties and potentially take on more and more debt, you’re going to become fully depreciated, which then you lose one of the top benefits of owning a real estate. In comparison, the deferred sales trust and what’s unique about it, once the funds are there in the trust, you can direct it to an LLC which can purchase property in partnership with you and therefore you’re purchasing a brand-new property in a brand-new basis. You get a brand-new depreciation schedule, which is very powerful.
The last one would be what we call the sell high, buy higher 180 days later. You tie this in the first point, but I just want to reiterate that. Right now, we truly feel that it’s not a good time to be a buyer. You can always find a deal in every marketplace but especially in California, it’s very challenging to make sense of cap rates and returns on properties. If you sell now, the challenge is 180 days from now, where’s the market going to be? The interest rates might be higher, coupled with values going up. We call this the sell high now and buy higher 180 days later. The 1031 solved the tax deferral, which again is key here, but not the buy low, sell high problem. Our parents always taught us to sell high and buy low, the 1031 is not friendly to our parent’s advice here.
That was a great comparison between the two. That begs the question, when should one really use a 1031 over the deferred sales trust?
The beautiful part about the deferred sales trust structure is there’s flexibility, meaning a client can go for a 1031. We can close the deferred sales trust at the close of escrow or day 46 or day 181 of a failed 1031 exchange. We encourage our clients to go look for deals and try to find deals. If we can find you one, great. Buy that deal if that makes sense. If the seller starts to dig their heels in on repairs and deferred maintenance that you may or may not have known until you get into the deal and they want to not give any credit, at least you have a backup plan. If you can’t find a deal big enough, let’s say you’re selling a $1 million deal and you find a perfect $700,000 property and you have some extra boot leftover, we can take that boot and move it to the deferred sales trust.
The ones we think that are probably the most likely for the deferred sales trust candidates are those that are tired of the toilets, trash and liability. They want to trade that for time, travel and relaxation. Back to the Baby Boomers, some stats that are pretty eye-opening are according to the American Bankers Association, about $17 trillion of assets were passed from one generation to the next in the twenty years. This is the largest generation in the history of the planet, known as the Baby Boomers. About 77 million are starting to retire in the US alone. About 10,000 Baby Boomers will turn 65 every day. A lot of them have made their wealth. A lot of them are looking for ways to be done with either their business that they’re managing, whether it be their real estate that they’re managing. They want to pass it onto their kids, but they don’t want to get hammered with the 30% to 40%of capital gains tax on their gain.
For those who want liquidity, for those who want retirement, those who want diversification, these are some of the best reasons to use a deferred sales trust. The last one, which is to be able to time the market may be for the more entrepreneurial investor who’s looking just to buy low and sell high. We can sell and move the funds to the deferred sales trust and immediately direct them to that LLC to buy a deal the next day, day 181, or five years from now. We actually have had clients do that in the past where they sold their property at the peak in 2007 and felt the market was highly appreciated and move the funds into the deferred sales trust. Five years later, that particular client, he was able to buy the property he sold at $0.60 on the dollar when it was foreclosed on from the person who bought it. All tax-deferred is through this deferred sales trust partnership. That’s the power of the deferred sales trust.
If there’s an installment sale as part of the DST, the deferred sales trust, how often does that installment payment have to happen and who are the parties involved in that? I’m just trying to understand the components. Maybe you can break down the parts of the deferred sales trust so people can better understand what that looks like at a 30,000-foot level.
Who are the parties involved? How is the structure going to set up and how are the funds directed? There’s the original client who’s selling the property, the seller. There’s the third party trustee, which is my company, and the client forms a deferred sales trust. What happens is we’re going to buy it from them for the price that they’re planning on selling it to the buyer, to begin with.
Is this a paper transaction?
Yes. We do it at close of escrow. This is all going to happen like a simultaneous close. Imagine you had a buyer lined up for a deal, we will use a $1 million example. It’s a buyer who has all cash or he can have a loan too. He’s going to buy the property and the seller’s going to sell. Instead of sending the funds directly to the seller, in that way constructive receipt would be triggered, we’re going to have the fund sent to the trust. It’s all one escrow, but it’s simultaneously closed. We’re going to buy it from the seller for $1 million, the trust. We’re going to immediately sell it to the cash buyer. There are five parties. There’s the buyer, there’s the tax attorney, there’s the financial advisor, there’s the seller and there’s the trustee.
Once the buyer buys the deal, he buys it the same way he would have before. He takes the title the same way he would. He’s gone. After the dust settles, the funds are sitting in the trust. The trustee, my company, we’re overseeing it and we’re making sure that the funds are invested based upon the client intent for risk tolerance. They fill out a risk tolerance questionnaire and based upon that, that’s how the funds are invested by the financial advisor. The trustee oversees that. The note typically is structured in a ten-year term, although they can cash out if they want to earlier and pay the tax or they can just set the note term for a shorter period of time.
At the end of the term, they can renew for another period of time. Typically, our notes are for ten years, but at the end of ten they can renew for another 10 and pass it onto their kids, all tax-deferred until they take constructive receipt of the principal balance. The interest rates are based on the risk tolerance. Most of our notes earn eight but pays six and a half after fees to the client. Does that answer the question?
Yes, for the most part. I’m just following this through and in the back of my mind, I’m comparing it to someone doing a 1031. It’s something I can use as a frame of reference. Let’s just say I’m a client, I have $1 million worth of property or $500,000, whatever the number is and I’m selling those and I want to do a 1031, but instead of the 1031, I’m looking at the deferred sales trust. We close escrow, the funds go to my trust and now I’m looking for replacement properties because I want to build up my portfolio. I’m looking to leverage up.
I don’t have any limitation on the time it takes for me to identify those properties or close on those properties, although I guess technically speaking, we have ten years because the note is written for ten years. What happens over the next unidentified period of time, whether it’s a month, six months or a year? What is happening while I’m out there looking for the next deal or the next set of properties to acquire with the funds that I just received in the trust from the sale of my previous properties?
The first thing to understand that this is not a 1031 exchange. This is a deferred sales trust. The 1031 is based upon section 1031 of the IRS tax code versus IRC 453. There’s a separate tax code here which is an installment note. We do not have to abide by any of the timing or the identification process. We can buy whenever we want. When the funds are sitting in the trust, they’re invested based upon where the client wants the funds and based upon the risk tolerance questionnaire and they’re invested in stocks, bonds, or mutual funds of their choosing. It can be a very conservative portfolio. It can be more aggressive but generally speaking, it’s a pretty conservative portfolio that’s giving them a return on the total amount.
The next day, they can find a deal and they can direct up to 80% of the funds to an LLC to go buy a piece of real estate, all tax deferred. They structure it at 90/10 split, generally speaking, or an 80/20 split as a partnership. They own the property, they add the value. They go to sell it. They send the original amount back to the trust that was partnered with them plus the upside return and the rest of it, the 90% or the 80% goes back to the original investor or he can do another deferred sales trust with that and defer his gain on that property. Does that answer the question? Hopefully, it does.
Yes. I have two questions based on that. The 10% or the 20%, that has to stay in the trust, why is that?
We have to maintain the integrity of the trust. In order to do that, we need to have a reserve in the trust to service the note. This isn’t an installment note. There is a contract that’s going to pay back the client over a period of time the amount they agreed to in the beginning. They can renew that at any point. As long as they don’t take the principal balance, they don’t owe the capital gains tax. In order to make sure we’re going to service a note properly, the tax attorney and the way we structure it, we maintain basically at least 20% liquidity or diversification of the fund versus it being tied into a business or real estate in order to make sure that we were able to service the note.
Me as the client, in other words, the beneficiary of that trust, I’m getting monthly or quarterly payments from the trust through that note?
Correct. You become the lender. You move from seller to lender. If you owned a piece of property and you have a bank who’s your partner or lender on the deal. You have to send them a return based upon what the notes state. That’s what they become. They become the lender and the deferred sales trust owes them a certain return based upon what was set up, what was agreed upon at the beginning.
Those payments from the note that I’m receiving from my trust are those interests only, or is that an amortized payment where it’s principal and interest?
It’s totally flexible. A lot of our clients will just take interest only. They’ll say, “Whatever it produces after the fees, just pay me. That’s fine.” Some say, “I don’t actually need the income or want the income. Let’s just let it compound on top of itself because if I take the income now, I’m going to owe ordinary income tax. It could increase my tax bracket.” DST 2.0 would be for those who would say, “I don’t need the income, let it just compound, let it just build up and maybe in another couple of years, I can start drawing on that.”
Some people might be thinking this might sound a little too good to be true and the reality is that most people haven’t heard about this. Some people have and they’re just not familiar with how it works or the inner workings of how to implement it. What would you say to someone who says or asks you if this is something that’s legal?
How do we know it’s legal and how do you know our funds are protected because it sounds too good to be true? Let’s talk about all three of those that are usually a common group that we get asked. How do we know it’s legal? First of all, it’s IRC 453. It’s just an installment sale. Many of your clients probably know what a seller carryback deal is or if they don’t, their CPAs definitely do. This goes back to the 1920s. This is tried and true tax law. In comparison to the 1031 exchange, it only goes back to the ‘80s when it starts to really become popular and people knew about it. You may have known the Trump Tax Plan that was passed. They threatened to take away the 1031 exchange and they did limit it on some things. Who is to say another administration doesn’t come in and take it away?
The good news is we’re not a 1031, we’re IRC 453. The second thing is the deferred sales trust, which is just a made-up name and proprietary. It’s with the Estate Planning Team and that’s how we offer it. We’ve been doing it for 22 years collectively. Over fourteen IRS audits or thirteen random IRS DST audits have taken place, all no changed audits, not one single issue. There was a formal review in 2008. It was a big review by the IRS and they really dug into the structure and the clients and everything. It was the same thing, not one single issue. Also, it has been reviewed by FINRA and by national tax law firms as well. There’s audit defense built into every deal. For any reason, if you are audited with the deferred sales trust, our tax attorneys will defend at no additional charge for the life of the trust. Our tax attorney stays behind the structure.
How do you know your funds are protected? Let’s answer to that one. First of all, you have 24/7 access to view the funds. There also what’s called a DACA Account Protection. It’s a fancy way of saying you’re extra protected. The funds are held at some of the largest banks in the world, TD Ameritrade, Bank of New York Mellon, and Charles Schwab. The key thing is the funds only move with the client’s signature, the lender’s signature in this scenario. As the trustee, I cannot take funds and cannot move the funds. I can view the funds and my job is to oversee and ensure that the financial advisor is doing a great job managing the funds based upon the note and/or the piece of real estate or business that the client has chosen to direct the funds to is performing as well. Does it sound too good to be true? We always say, “Just get to know us. Consider our track record, we have over 2,000 cases closed in 22 years.”
If you’re interested to talk with clients in similar circumstances, we’ve helped veterinarians, we’ve helped dentists, we’ve helped people who were selling tech companies, of course, high-end primary homes, commercial real estate, CBS’ and apartment buildings. You name it, we’ve done it. High-end artwork, this also applies to as well. We say, “Talk to our clients. We connect you directly with them if you get far enough down the road with us.” A tax attorney also identifies each client case. More than all of that, we encourage you and we actually want each individual client’s legal counsel and CPA to sign a nondisclosure agreement, review the DST structure, and give their blessing before moving forward.
We really see our role as the guide or a better way to put it as we’re like the nurse who’s checking a UN to the brain surgeon. The brain surgeons are our tax attorneys and CPAs and you have your own brain surgeons who are very smart in tax law. We want them to get their blessing before you go under surgery. Before moving forward, we want to educate everybody. Our attorneys and us also, we don’t get paid unless the DST case closes. We will provide all the education. We actually do a lot of the legal work if the client is really interested in what we’re doing, but we will only get paid if and when the client chooses to do the deal. Hopefully, that answered the questions.
It sounds to me like it’s the marriage of a trust, which is a very common thing. It’s done thousands of times every day. It’s a combination of a trust and an installment sale, where the installment sale is inside the trust and that’s what allows you to move the capital on a tax-free basis because the installment sale falls under an IRS code that allows you to defer the capital gains on it. Is that a crude but simple summary of it?
Precisely. I think you hit it right on the head.
One last question here. At the end of the day, I think if someone is reading this and saying, “This is interesting. This might be something I could use now, tomorrow or in the near future. I need to learn more and research it.” Here’s one question that I have on my mind. A lot of people who were doing 1031 exchanges are often selling a property or some properties and they’re taking those capital gains and leveraging it up. In other words, they’re buying more real estate, so they’re putting more units under their belt and often, that involves financing. If they want to build their portfolio, they’re going to have to get financing to leverage up and buy more property. How are these funds dealt with from a lender’s perspective? Are they liquid? Is there going to be any problem with someone using the DST to get mortgage financing?
Banks consider them liquid funds and/or if they’re earning an interest. Some folks want to buy a primary home. One thing we cannot do is direct the funds to buy a primary home. The interest that’s earned off of the total funds can be seen as ordinary income, which can help if someone qualified for a home loan. They’re seen as an income. It’s 1099 interest-income is a more technical way to put it. That’s how it’s reported on the tax return for the lender. 1099 interest-income and banks look at it very favorably.
With the income part of it aside, just looking at the principal that you’re going to use to put towards the purchase of more property. In other words, let’s call that principal down payment money. Can I use that principal that’s now in my deferred sales trust? Can I put that towards the purchase of more property as the down payments and then go to a lender and borrow? If I have that money in my deferred sales trust, I theoretically can leverage that five to one if I borrow against it at 80% financing. I should be able to five times my portfolio size.
Let’s walk through this as a sample. Let’s say it’s Mr. Marco’s deferred sales trust. It’s $1 million sitting there. Marco, you as an individual, want to partner. You found a perfect $3 million deal. Let’s say you just want to put $800,000 down to buy this $3 million deal. What can you do? You can go find that $800,000 from a friend, from Brett, from Joe, Jill or whoever or you can just decide to partner with your trust. You partner with your trust. Typically, a lot of our clients will do a 90-10 split. 90% to Marco as an individual, who’s the managing member of this LLC, who is owning the property. Marco, you’re doing all the sweat equity. You are adding the value and you’re simply partnering with your trust. You direct trust and as a trustee, I overlook the investment.
I say, “This does look good. It looks like a decent return and a pretty solid investment.” The $800,000 will be sent to the LLC that you’re the managing member of and you buy that piece of property. You, Marco, as an individual, paid zero in. Even though you had a 90-10 split with the trust, you may put zero in and the down payment, it’s just coming from a partner. I guess the question would be to you. For the banks you go to now, how are you getting financing and how are you structuring the deals? In this scenario, the deferred sales trust just becomes another partner with you. For those investors who say, “Real estate, I can’t do it full-time. I actually want to partner with Marco or partner with other syndication groups.” We can direct the funds to their deals in the same way. It doesn’t have to be Marco, as an individual, doing this. It could be a professional partner that you like and trust and you want to direct the funds to them as well. Does that answer the question there?
At the end of the day, someone who’s reading this and saying, “This is a good option for me now or in the future,” they can certainly educate themselves on it and learn about it. This is not something new. It’s been around for a long time. You’ve got a company, you’ve been doing this for many years. You talk about this all over the country and educate people all the time. There’s a lot more information to be gathered. This is better than a primer. Is there anything else that you’d like to share about the deferred sales trust that I haven’t asked you about?
I would just say to your audience and to you, Marco, for years we felt frustrated, pressured and trapped by capital gains taxes where we either couldn’t afford to sell. We got tired of the 45-180 sprint. We truly feel that you don’t have to feel trapped anymore. We have a tax strategy called Deferred Sales Trust, which can help you through that and give you options. Option is really the best word for it and flexibility to pursue the case of liquidity. We have a webinar every Friday where folks can see this visually. I know a lot of what we talked about over our conversation is tough to see until you see the arrows and the numbers moving. Every Friday at 10 AM Pacific Standard Time, at no cost, everyone can join. We host a webinar to walk through and answer questions methodically. If you have a live deal right now, you just want to make sure you contact us sooner rather than later.
We must do this either before the close of escrow, especially if it’s a business sale. Ideally, we do it before any contingencies have been removed. We got language into the purchase and sale agreement. Of course for primary home, there is no option. Every single day, hundreds of thousands to millions of dollars of capital gains taxes get paid by owners of real estate and businesses that otherwise could be deferred, interest earned and the money invested into cash flow real estate. Just talk with us and get to know us. You can go to our website, CapitalGainsTaxSolutions.com. From there, you can enter your information and we can either schedule a call, you can join our webinar or you can also go to our DST calculator as well.
You can answer twelve questions and I’ll give you a side-by-side comparison of either pay the tax or defer the tax. If you like what you see there, we can schedule a call with myself and our tax attorney and financial advisor, walk through the scenario and see if it works for you. The next step would be just simply to close escrow and send the funds to the trust. As a reminder, all of that is no cost to you. We only get paid if and when you decide to close the deal with us. You can also send us an email to Info@CapitalGainsTaxSolutions.com if you wanted to just send us a direct email.
Brett, this has been very interesting. It’s not something that people hear about very often or certainly talk about. Obviously, it’s out there and I’m sure a lot of people who are well off or wealthy are aware of this and use it. You don’t know what you don’t know, but when you educate yourself and you learn about it, all of a sudden, a new world opens up to you.
I couldn’t say it better myself, Marco. Thank you so much for having me on.
Brett, thanks for coming on and I appreciate it. We’ll talk soon.
Thanks. Bye.
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