Can Your Wealth Survive Without You? | Building Lasting Wealth

would hope day one you know honestly i think day one because there's so many things that can go wrong and it's funny man there's a there's a i guess he's a business coach if you will and his advice is hey you don't need any of that stuff you don't need an llc you don't need a company name you just need a client like you don't have a business until you get a client and philosophically understands what he's getting at.

He's saying to people, stop trying to procrastinate to line up paperwork and these things when that's not what's going to make you a business, right? You've got to get a client.

You don't have a business until you get paid to do something.

So I understand what he's trying to push people.

However, if you were to do a a job or anything like that without the proper protections, you expose yourself to so much liability.

And if you have nothing, maybe it doesn't matter, right? If they sue you and there's nothing to get, sure, like ignore what I'm saying.

Just go out there, try some stuff.

It doesn't work.

Okay, well, we'll try again.

When you have stuff, when you have assets, if you have a 401k and money in your bank account and properties and businesses and children and 529s, whatever, When you have assets, you cannot be that flippant with just going out there and saying, oh, let me just try this and see what happens.

Particularly when you know the business is working with other folks.

If you're going into customers' homes, if you're working on their properties, if they're coming to your property, like even slip and falls.

I mean, this is something that could absolutely wipe you out if you're not protecting yourself.

If you have any assets, you have anything to protect day one, absolutely day one.

And it needs to be, again, with professionals having at a minimum an umbrella policy to look at your business, make sure you're properly insured for the various incidents that can happen.

I talked about employees.

We have trucks.

We have vans.

I got a call yesterday.

The guys were stuck somewhere.

Hey, the van won't start.

Right.

So I'm sitting here like, OK, I've got to figure out the van.

But think about it.

If they were to get into an accident, which hopefully they don't.

would hope day one you know honestly i think day one because there's so many things that can go wrong and it's funny man there's a there's a i guess he's a business coach if you will and his advice is hey you don't need any of that stuff you don't need an llc you don't need a company name you just need a client like you don't have a business until you get a client and philosophically understands what he's getting at.

He's saying to people, stop trying to procrastinate to line up paperwork and these things when that's not what's going to make you a business, right? You've got to get a client.

You don't have a business until you get paid to do something.

So I understand what he's trying to push people.

However, if you were to do a a job or anything like that without the proper protections, you expose yourself to so much liability.

And if you have nothing, maybe it doesn't matter, right? If they sue you and there's nothing to get, sure, like ignore what I'm saying.

Just go out there, try some stuff.

It doesn't work.

Okay, well, we'll try again.

When you have stuff, when you have assets, if you have a 401k and money in your bank account and properties and businesses and children and 529s, whatever, When you have assets, you cannot be that flippant with just going out there and saying, oh, let me just try this and see what happens.

Particularly when you know the business is working with other folks.

If you're going into customers' homes, if you're working on their properties, if they're coming to your property, like even slip and falls.

I mean, this is something that could absolutely wipe you out if you're not protecting yourself.

If you have any assets, you have anything to protect day one, absolutely day one.

And it needs to be, again, with professionals having at a minimum an umbrella policy to look at your business, make sure you're properly insured for the various incidents that can happen.

I talked about employees.

We have trucks.

We have vans.

I got a call yesterday.

The guys were stuck somewhere.

Hey, the van won't start.

Right.

So I'm sitting here like, OK, I've got to figure out the van.

But think about it.

If they were to get into an accident, which hopefully they don't.