Whatsupp Cashflow Hackers,

What are you doing for the rest of 2024?

I’ve been dedicating my time to attending events, deep work and brainstorming. Now I’m spending the last part of 2024 with 5 days back to Colombia with my husband for another life changing retreat with my mentor Paul Hutchinson. 🥳 And then Vietnam for 25 days with the whole family! I haven’t been to Vietnam for 6 years so I’m so excited to be back for a little bit!

For the health part, I ended up deciding to use cryotherapy to resolve my issue with HPV and abnormal cells on the cervix. It was easier than I thought and I’m going back for pap smear on December. 🫰🏼

I also celebrated my best birthday so far in life in September. So thanks for your patience!

1. Build in Public

Real Estate

I was attending “AIMNATCON 2024” - an event by my mentor Brad Sumrok, met old and new friends in the group and the speakers were amazing! I got to learn about Bill Wash and when he was on stage even for a short period of time, he was dropping lots of golden nuggets about business.

I still have 10 rentals in which one is an Airbnb that Sasha - my husband is getting way better at managing. Huge shout out to my best friends Son and Nick since they’re giving us so much useful tips for dealing withe Airbnb guests!

For commercial real estate / apartment investing, I run a Meet Up every Tuesday morning that you can register and join! Through this Meet up, I was able to connect and mastermind with a group of people where we collaborate on the underwriting and send LOI out. Hopefully we will get a deal together soon!

Tax

I’m opening a tax practice franchise with my friend Tiffany.

She just found out that I could do a cost segregation study for the houses that I bought in 2021 and get $45,000 back from the IRS. So in addition to 2023 tax return, we’ll get $95,000 back in tax money.

Now you know why I decided to partner with her to do tax practice.

While my previous CPA in 2021 and 2022 told me not to take depreciation on my rentals even though I insisted on it, his reason was later on I would have to pay it back anyway. Tiffany was focusing on getting me some money back now. Money Now is always worth more than the same Money Later.

Filing tax is a positive experience now, I’m not doing it just because I have to and do it for the IRS anymore. I mean Donald Trump pays $0 in income tax and so does Elon Musk. It’s crazy to think that everyone else approaches tax as compliance.

At our practice, Tiffany and I will create a game plan for everyone to access to many under the radar legal tax strategies. Even for W2 people, if they’re making more than $400,000 in taxable income, we have a strategy that can save them 20~25% on their tax. Bringing value to people feels good.

We’re also having a lot of fun working together brainstorming to scale up to a 10M and then 100M revenue.

Financial Services

I’m learning about financial services and getting a health and life insurance license this year. Financial service is one of the three types of businesses that will give out passive income or recurring residual income. The other two are entertainment industry (think famous music, film) and real estate (needs a lot of capital to get in and not totally passive income)

I found out that in insurance business, people continue get paid for customers they helped once. That’s very rare unless you can something like Apple or Google.

If we don’t have the continuity of the income stream from the business, we really don’t have a business. Everything stops when we stop grinding.

Investments / Insurance are going hands in hands with Tax and the people that I love to serve are small business owners and real estate investors, so I love that I don’t really need to go out of my way to do something new and serve someone new.

The Scaling Game 👩🏻‍💻

I’m all about scaling this year after attending “Business Mastery” with Tony Robbins.

I usually go back to inspect the basics of what it means to scale.

This is a part of a summary of the book “Rich Dad, Poor Dad” that I’m reading and thinking about again.

I’m trying to get my family from being Employee (my husband) and Self-employed (myself) to Business and Investor.

“Rich Dad, Poor Dad” says:

As a Business, your goal is to own a system and have people work that system for you.

Three recommended business systems:

1. Traditional C Corporations - develop your own system

2. Franchises - buy an existing system. NO shame in buying franchises or selling the rights to your own system as a franchise.

3. Network Marketing - Where you buy into and become part of an existing system.

I’m learning and doing all of those 3 right now and it’s been 🤯 fun!

The game is to build a business system where I can leverage the work of at least 200 people in the system.

2. Books 📚

Since I’m learning about scaling, I was listening to a book called “Traction” but then it’s hard to really remember so I bought the physical book. I was a fan of Audible until I really needed to study these books. Also some books I just love them so much that I want to have their presence, like those of Derek Sivers.

Anyway, “Traction” is a great introduction book on the EOS - Entrepreneur Operating System.

There’s another gem of a book about scaling called “Building An Elite Organization” by Don Wenner. It was sooo good I had to binge read it many mornings when I woke up at 3-4am and read for like 3 hours. So maybe I’m ordering that book so that I can have a physical copy as well.

My new favorite author to consume books and content right now is Russell Brunson. If you’re an entrepreneur and haven’t heard of him, you should take a dive into his content. I was listening to his book “Expert Secrets” and then decided that I need a physical copy. Now I got almost all the books that he wrote.

Oh no, I’m going back to hoarding books again!! 😂 

3. Experimenting 🤓

I was having a sinus infection and tried to clear it out just using my immune system. There’s just something going around in our area, many people are sick. I went in for an IV drip for immune and defense boost hoping it will also help with clearing out HPV as well and it was more effective than I think.

It helped me recover way faster than my sister who was having the same thing.

IV drip might become something I’m going to experiment with now, they have NAD+ focus which is great for anti-aging.

Great thing about that is my healthcare coverage gives out $100 per month for my family to use for wellness care like this, and it counts toward our deductible. If you’re an entrepreneur needing an affordable no brainer healthcare coverage for yourself and your staff, I can get a quote in 2 mins or you can do it yourself HERE.

With love,

Sophie

Disclaimer: I am not a CPA, attorney, or insurance advisor. Nothing contained within my website, emails, videos, or other content from me constitutes financial, investment, tax, legal, insurance, or other advice, nor should anything contained within this website, emails, videos, or other content from me be relied upon for making an investment or other decision. You should consider obtaining relevant and specific professional advice before making any investment or other decision. If you need such advice, please contact a qualified CPA, attorney, insurance agent, or financial advisor. Linked items may create a financial benefit for Sophie Nguyen.