Episode
#125 - What is the Buy, Borrow, Die Process?
53:06
Published: Wed Nov 04 2020
Description
Shaan Puri (@ShaanVP) and Sam Parr (@TheSamParr) host the podcast today with a special guest Aaron, Shaan’s brother-in-law. Shaan’s brother-in-law Aaron joins the podcast and gives some hot takes on “tech-bros” (1:13), Aaron breaks down the “Buy, Borrow, Die” method to avoid paying taxes (3:20), Sam breaks down how he lived in San Francisco when he had no money (17:45), Shaan and Sam talk about the “buy nothing” lifestyle and Buy Nothing Project, a big player in that space (29:32), Sam and Shaan go deep on recycling and how little is actually put back to use (34:35), Shaan explains an AI product that replaces mundane medical care tasks and how boring businesses can make a ton of cash (37:20), the guys kick around important people and how to create a vision for your own life (43:30). Thank you to our partners this episode: Podium! Podium is an all-in-one SaaS tool that helps your business get reviews. Go to podium.com/mfm for 20% off and a $150 Amazon gift card. Have you joined our private FB group yet? It's a page where people share each others million dollar ideas or what they're already working on: https://www.facebook.com/groups/ourfirstmillion. See acast.com/privacy for privacy and opt-out information.
Chapters
The podcast introduces the guest speaker Brother Aaron, while a promotional ad for HubSpot, a CRM platform for growing businesses, is highlighted at the beginning.
00:00 - 01:10 (01:10)
Summary
The podcast introduces the guest speaker Brother Aaron, while a promotional ad for HubSpot, a CRM platform for growing businesses, is highlighted at the beginning.
Episode#125 - What is the Buy, Borrow, Die Process?
PodcastMy First Million
The speaker talks about his friend who goes down YouTube and Reddit rabbit holes and comes out with interesting, albeit often inaccurate knowledge.
01:10 - 04:09 (02:59)
Summary
The speaker talks about his friend who goes down YouTube and Reddit rabbit holes and comes out with interesting, albeit often inaccurate knowledge.
Episode#125 - What is the Buy, Borrow, Die Process?
PodcastMy First Million
Real estate investors can depreciate an asset over 27.5 years, pay no federal or state income tax, and allow the value of the asset to increase with inflation.
04:09 - 11:44 (07:34)
Summary
Real estate investors can depreciate an asset over 27.5 years, pay no federal or state income tax, and allow the value of the asset to increase with inflation. Wealthy investors get around paying taxes by considering the increase in value as debt instead of income.
Episode#125 - What is the Buy, Borrow, Die Process?
PodcastMy First Million
The speaker discusses the high income tax rates in San Francisco and the process of borrowing against a Scott Trade account, with a brief mention of JFK.
11:44 - 17:33 (05:48)
Summary
The speaker discusses the high income tax rates in San Francisco and the process of borrowing against a Scott Trade account, with a brief mention of JFK.
Episode#125 - What is the Buy, Borrow, Die Process?
PodcastMy First Million
The speaker discusses their home, which is in an okay neighborhood, but has a functioning toilet and is well-furnished.
17:33 - 20:29 (02:56)
Summary
The speaker discusses their home, which is in an okay neighborhood, but has a functioning toilet and is well-furnished. They have lived there for seven to eight years.
Episode#125 - What is the Buy, Borrow, Die Process?
PodcastMy First Million
This podcast episode discusses the basics of investing in startup companies including negotiation tactics and return ratios.
20:30 - 23:41 (03:11)
Summary
This podcast episode discusses the basics of investing in startup companies including negotiation tactics and return ratios.
Episode#125 - What is the Buy, Borrow, Die Process?
PodcastMy First Million
The speaker discusses the strategy of finding wealthy investors to contribute to a startup, citing examples of partnering with investment bankers and securing funding from rich individuals or groups.
23:41 - 26:45 (03:03)
Summary
The speaker discusses the strategy of finding wealthy investors to contribute to a startup, citing examples of partnering with investment bankers and securing funding from rich individuals or groups.
Episode#125 - What is the Buy, Borrow, Die Process?
PodcastMy First Million
The speaker questions the need for constantly buying new things and creating waste, encouraging listeners to think for themselves and have the courage to make changes.
26:45 - 32:08 (05:23)
Summary
The speaker questions the need for constantly buying new things and creating waste, encouraging listeners to think for themselves and have the courage to make changes. Additionally, the speaker notes the potential to make life-changing amounts of money by joining the right company.
Episode#125 - What is the Buy, Borrow, Die Process?
PodcastMy First Million
The rise of online marketplaces has led to concerns around trust and safety.
32:08 - 34:50 (02:41)
Summary
The rise of online marketplaces has led to concerns around trust and safety. However, it is predicted that eventually, the real world class product builders, designers and capitalists will come into this space and create the best possible products for trusted online marketplaces.
Episode#125 - What is the Buy, Borrow, Die Process?
PodcastMy First Million
A young man with a French accent wants to launch an alternative to plastic and uses a unique approach for his launch video.
34:51 - 39:15 (04:23)
Summary
A young man with a French accent wants to launch an alternative to plastic and uses a unique approach for his launch video.
Episode#125 - What is the Buy, Borrow, Die Process?
PodcastMy First Million
The host talks about the color blue and how it plays a role in different aspects of life, including a promotional car from Ford and a conversation with a wealthy man in India.
39:15 - 42:21 (03:06)
Summary
The host talks about the color blue and how it plays a role in different aspects of life, including a promotional car from Ford and a conversation with a wealthy man in India.
Episode#125 - What is the Buy, Borrow, Die Process?
PodcastMy First Million
The speaker shares different viewpoints on the appeal of business growth and the role of employees in building wealth, while also discussing the idea of personal vision and what it means for individuals.
42:21 - 46:05 (03:43)
Summary
The speaker shares different viewpoints on the appeal of business growth and the role of employees in building wealth, while also discussing the idea of personal vision and what it means for individuals.
Episode#125 - What is the Buy, Borrow, Die Process?
PodcastMy First Million
The host discusses the importance of having a question about one's life and acting on it.
46:05 - 49:13 (03:07)
Summary
The host discusses the importance of having a question about one's life and acting on it. He shares an example of a question his trainer had and explains why he believes many people lack vision for their own lives.
Episode#125 - What is the Buy, Borrow, Die Process?
PodcastMy First Million
The only way to continue to affect people's lives is to have ideas that stick around or stories that are remembered.
49:13 - 51:14 (02:01)
Summary
The only way to continue to affect people's lives is to have ideas that stick around or stories that are remembered. It is important to constantly improve and refine these ideas, and make adjustments in life to support their impact.
Episode#125 - What is the Buy, Borrow, Die Process?
PodcastMy First Million
There are concerns that President Trump will declare victory early and accuse mail-in voting of being a hoax in order to dispute the election results.
51:15 - 53:48 (02:33)
Summary
There are concerns that President Trump will declare victory early and accuse mail-in voting of being a hoax in order to dispute the election results.