Digital Social Hour
Protect Your Wealth: Tax Secrets Every Entrepreneur Must Know | Edward Collins DSH #1254
Fri, 21 Mar 2025
Protect your wealth and gain financial freedom! 💼💸 In this episode of the Digital Social Hour, Sean Kelly sits down with Edward Collins, an expert in financial strategies for entrepreneurs, to uncover the tax secrets every entrepreneur must know. 🚀 Packed with valuable insights, this conversation dives into legally minimizing your tax burden, the power of value creation, and the importance of mentorship in achieving success. Edward shares actionable tips on navigating the complex tax code, protecting your assets, and avoiding common financial pitfalls. From breaking down misconceptions about taxes to discussing the IRS, inflation, and even charitable giving strategies, this episode is a goldmine for entrepreneurs ready to level up their financial game. 💡✨ Don't miss out on this eye-opening conversation! Watch now and subscribe for more insider secrets. 📺 Hit that subscribe button and stay tuned for more engaging stories on the Digital Social Hour with Sean Kelly! 🚀 Join the conversation and take control of your wealth today! 💬🔥 CHAPTERS: 00:00 - Intro 00:36 - Financial Freedom Strategies 02:02 - Importance of Financial Literacy 06:01 - Government Corruption Insights 13:15 - Making a Billion Dollars: Timeframe 14:25 - Trump's IRS Elimination Plan 16:58 - School's Missing Financial Education 18:19 - Legal Structure vs. Tax Regime Explained 20:17 - Achieving Financial Literacy Effectively 22:54 - Social Media Misinformation Issues 26:41 - Analyzing Trump's Tax Returns 28:15 - Getting Desired Outcomes 29:49 - IRS: The Legal Mafia Concept 33:25 - Wealth Strategies of the Ultra Wealthy 40:54 - Actively Seeking Opportunities 42:16 - Understanding Flat Tax 44:31 - Simplifying the Tax Code Debate 46:55 - Becoming a Client of Edward APPLY TO BE ON THE PODCAST: https://www.digitalsocialhour.com/application BUSINESS INQUIRIES/SPONSORS: [email protected] GUEST: Edward Collins https://www.instagram.com/edwardcollins_upleveled/ https://winatthegameofbusiness.com/ SPONSORS: SPECIALIZED RECRUITING GROUP: https://www.srgpros.com/ LISTEN ON: Apple Podcasts: https://podcasts.apple.com/us/podcast/digital-social-hour/id1676846015 Spotify: https://open.spotify.com/show/5Jn7LXarRlI8Hc0GtTn759 Sean Kelly Instagram: https://www.instagram.com/seanmikekelly/ #financialeducation #financialcoaching #financialliteracymastery #yearendtaxplanning #financialempowerment
Chapter 1: What are the financial freedom strategies discussed?
Russell has asked me to essentially host a roundtable because Russell spends a lot of his time teaching business owners how to make money. I teach them how to protect it. And that's important.
I feel like a lot of people are going to make money, but not protecting it. Most people don't know how to make money.
We don't learn a lot of things from a financial literacy standpoint in school. So you sort of like wing your way at making the dollars, but you have to hope and pray that you get to keep it. That's the challenge.
Yeah, you learn pretty much nothing when it comes to protecting it. And I went to business school too for a little bit and I don't remember a single topic or class about it. So very valuable thing to know, right?
I try. It's important. When you look at life, right, it's I talk about the things that are like really important to fight for. Like financial freedom is the most important freedom to fight for in life because it leads to all of the freedoms, leads to freedom of education, freedom of healthcare, freedom of mobility, freedom of security, and the freedom of choice.
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Chapter 2: Why is financial literacy crucial for entrepreneurs?
So if you're going to fight for anything, you want to become financially free.
Yeah.
But the problem is we're not set up to get that outcome, right? Like, In school, they spend all their time, effort, and energy just trying to teach you to memorize certain things to make you productive and manipulate it within society. Like you follow the rules so that you essentially can do the things that the society needs you to get done.
But that's not necessarily what you would want to do if you had the choice. The choice is about having actual freedom. And the only thing that makes that possible is financial freedom. And you had to do a lot of school as a lawyer. Well, yeah. I mean, don't get me wrong. There are certain things about education that are important and critical. But it's what you do
in the confrontation of education that actually gets you to fine tune your knowledge base. It's like, how do you cut a diamond? You need another diamond, right? So typically you want to go out and get experience through other people, like mentorship, individuals who've been through it. There's only so much you can learn from the book.
It's the application of that knowledge in the real world that makes the difference.
Absolutely. Did you know what type of lawyer you wanted to be prior to law school?
No, I mean, I had always had an interest in finance, like even from a young age, but I didn't come from money. So pretty much everything I learned about money happened after the fact. My family, like we had to struggle really hard just to get up to the poverty line. So pretty much everything I learned was wrong about money. Money is simply a tool.
But once I learned how money actually works, I could put it to work in the real world. But it definitely wasn't easy. I made a lot of mistakes year after year as I was getting started.
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Chapter 3: How does government corruption affect business owners?
mismanagement, fraud, abuse, you name it, just general corruption. I mean, you're seeing it now with the USAID. Oh my goodness. Like everything that's being now brought to the light is, like I sit back, I was having a conversation with a bunch of business owners just recently. We were talking about just the nuance of the stuff that's coming out with what Doge is reporting.
Again, a lot alleged at the moment, but even in the alleged state, it's now coming to light that there's been significant opportunities for mismanagement of resources. I can't understand why more business owners are not absolutely livid, right? Like if you think about the average business owner,
forks over 20 to 30 percent of every dollar that they make to the government yeah with this belief at least in the beginning that those dollars are going to go for good works but they're not in any way contemplating that's going to go for some of the ridiculousness that's come to light as to where those dollars have been spent and spent without necessarily any oversight i mean there's supposed to be oversight in the government right but where is it like and where's the accountability
And that's what I think that once this starts to really flush out, I think that's where a lot of business owners specifically are going to sit back and say, well, why am I sending a single dollar to the IRS? Right. And that's where I come in.
I teach business owners how to essentially learn how to legally and ethically keep more of every dollar that's being made because I genuinely believe that the entrepreneur is the one who actually changes the world. Not the government. Not the government. Think about it. If you had to rely on the government to fix a pothole- or an entrepreneur to do it, who would you trust? Entrepreneur all day.
100%, right? Why? Because the entrepreneur is going to use their dollars the best they possibly can, the most efficiently and effectively to get the outcome, which is a paved road so they can sell their goods and services. Now, don't get me wrong. There are certain things the government does really well. Like, well, should do really well. Should do really well. Like protecting our sovereignty.
I think that that is something the government should be responsible for. Protecting you and I as citizens, right? Protecting our lives, right? The government should be set up to do that. Protecting our property. But beyond that, now we get into a challenge, right? Because think about it. Like, imagine for a moment that you love chocolate and that I hate it, right? Don't get me wrong.
I love chocolate. So I'm actually playing devil's advocate here. But you love chocolate. I hate chocolate. Why is it just in any sense of the word for you to take my money to give to someone else so they can have chocolate? Not just someone else, someone who's not even in our country so they can have chocolate. How's that just?
Now, reality is if you love chocolate that much and you want that to happen, there are mechanisms where you personally can make it happen. The government doesn't have to step in to take my money to make it happen. You as an individual can say, let's go to a charity that provides chocolate to other individuals. Or you could set up your own charity, right?
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Chapter 4: What are Edward Collins' views on the IRS and tax reform?
Like I don't I never want a business owner to spend a dollar to get 30 cents in savings unless that dollar would have been spent otherwise. Like you would have spent it either way. Well, then, yes, let's obviously capture as much deductions as we possibly can. Let's make it the most productive utilization of the dollar. You don't just spend money to get a deduction.
That seems to me very, very silly. Then you have a lot of social media influencers talking about how to essentially get credit and use credit as a business. That's not a business. Borrowing money through credit cards to go out and buy the car of your dreams, that's not actually prudent at all. In fact, that's probably fraud.
There's a variety of things that happen on social media that you should definitely not listen to. In fact, you shouldn't necessarily listen to my stuff too. Everything I share, you should question. Everything anyone shares is your question. Ask lots of questions. Ask, well, how would I apply it in my situation?
How do I actually get the outcomes that you're espousing by actually putting into practice X, Y, or Z? That should be. the process of actually getting the outcome.
Yeah. I love that framework. Whenever I'm making an important decision, I get multiple opinions. I don't get one opinion.
Yeah. Well, getting one opinion is a way to essentially lock into an opportunity for a mistake. Right. Right. Because if you only have one path to follow... If that path is littered with potholes, after a rain, you're going to have a lot of wet shoes, right? So at the end of the day, having multiple paths to go down and having someone to guide you through it, that's the best course, right?
Find a mentor who's actually achieved the outcome that you wish to have, then reverse engineer the steps to get there. Because again, the fastest path to that shortcut is someone who has been there and can point out the things to avoid along that journey. 100%.
Have you ever reacted to a video that went viral and then the guy hit you up asking to debate or something?
Yeah, we've had a couple of that. Not debate. Usually it's like protest in the form of, that's not what I meant, right? Well, again, my reactions are always authentic. I don't see the stuff in advance. We don't source the videos. All of our community sends videos in and whatever has the most videos is what we'll react to. Most submissions, I should say.
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Chapter 5: How can entrepreneurs legally minimize their tax burden?
Yeah, credit cards, loans, you could get all that here.
The United States is by far the leader. That's why everyone wants to come here, with obviously some exceptions. But the reality is a lot of people fight to get in here. Not a lot of people fight to go other places. Not a lot of people would go through the effort and energy to get to other countries that people go through to get to here, both legally and illegally.
But either way, it's a struggle to come in the United States if you were not born here. But people still do it, right? People still go through that struggle to get here. Why? Because America is the land of opportunity. But again, your ability to accomplish those objectives, those outcomes, those are really a component of a variety of variables. One, you have to have dedication.
You have to have commitment. You have to have grit. You have to be resilient in your focus with regard to getting to the outcomes you desire. but it's also important to have the right information, right? And that's why mentorship is so important. Finding someone who actually has achieved what you wish to achieve and then simply just reverse engineer the steps to get there, that's the cheat code.
And that should be taught in school.
It should be.
You should be able to go to an eighth grader and say, hey, listen, whatever you want to accomplish, if it is possible, then you can accomplish it if it's possible. Because all you need to do is find someone who's done it. Because that's the measure of whether or not something is possible. Someone who has done it. Once you find that person, then it's just about creativity.
Can I reverse engineer the steps that they took to get there and figure out whether or not I could take similar steps? Now, it is possible to become an MBA star. It's possible. A lot of people do it. But there's also a lot of things that required for me physically to be able to have that happen. I'm not going to be an NBA star. You could be. You're like 19 feet tall.
But at the end of the day, it's both aptitude and opportunity, right? But here's the funny thing about opportunity. It's always around you. It's just, most people aren't looking for it. Like, like think about it. Like, um, I was talking with, I can't remember who this was. I was with another group of people and we were talking about like seeing opportunities as they arrive.
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