Cryptocurrency & Precious Metals in Your Retirement Account

Transcript:
(00:00) you can invest your IRA and own precious metals gold platinum silver Palladium or crypto you have to be really cautious of hearing someone say oh you want to invest in crypto we have a fund you can’t put it under your mattress or in your closet at your house can expanded this we could expand we could like get a storage unit you know really you know lock it down put cameras in hey welcome to the directed Ira podcast this is Matt saon joined by The Fabulous Mark J koher we are excited today CU we’re talking about alternative assets and two
(00:40) popular ones yeah yeah they’re they’re been around forever now it seems like but they they fluctuate they go up and down one’s been around forever one’s been around forever it’s been in the ground gold we’re talk about gold and the other ones you know what been about 10 plus years now since May 2012 uh what’s the uh guy that created bitcoin oh my gosh I forg get just I’m blinking on his name right now Al gor that’s the internet he created the internet yeah well same thing yeah oh Satoshi Satoshi Nakamoto okay all right
(01:14) so um but anyway we’re going to be talking about these These are popular alternative assets and guess what you can own them in your IRA you can invest your IRA and own precious metals gold platinum silver Palladium or crypto Bitcoin ethereum salana whatever Dogecoin whatever crypto you’re into these are actually investment assets your IRA could own we’re going to talk about them they’re popular now because both those assets precious medals gold in particular has been on a run also um Bitcoin of late has been on a run so is
(01:42) ethereum other cryptocurrencies I’m sure have but those are the big ones in the news so I want to give everyone an update because we talked about Bitcoin and crypto quite a bit in the last couple years a lot of accounts invested in those thousands of people have invested their IAS into owning actual crypto um as well as precious metals we just want to break down where’s everything at right now make sure every understands the rules of the game how you do it what you can’t do and just have a heck of a good time yeah and I
(02:05) I’ll throw out maybe a little distinction is I don’t know if we can tell you where things are at right now there’s we’ve had gold experts on the show we’ve had crypto experts on the show what we want to say if I may clarify is that we want to explain where we’re at on the process of investing in them we are experts on that many people that want to take their retirement account and buy into these types of assets end up at our doorstep and so that’s what we are good at and so we want to keep it simple keep it easy and
(02:34) for those of you that want to move a little money do a little shifting we we’ll give you the path yeah and that’s going to be the meat of what we talk about that’s our expertise we’re not investment advisers we invest in whatever you want whatever you like but a lot of people have just been told no your IRA can’t own crypto no your IRA can’t own real estate no your IRA can’t own precious metals and that’s because wall Street’s telling you that because they want you to think that because they want you to buy stocks sponds and mutual
(02:54) funds what they sell we’re here to tell you these are assets your IRA 401K Health Savings Account Roth account they can all own we do it here every day at directed Ira but gold I just want to say this on gold it’s uh 2,000 plus an ounce right now approximately um you know it’s been on a little bit of a run up almost 20% over the last year Bitcoin um approximately a year ago was at a low of 16,000 and I say a low of you know over the last couple years because I bought Bitcoin at 2500 bucks of Bitcoin I have a video on
(03:25) it in 2017 when I bought it in my retirement account on YouTube but um but right now bitcoin’s at 42 Grand MH um ethereum was at a low last year of 1,200 bucks and is now at 2200 bucks wow so both of those crypto the two most popular out there have really seen significant growth this last year I don’t know if crypto’s back or where it’s going we don’t freaking know but if you believe in it yes we’ve got a we’ve got a road map for you you want to get on the freeway or get off the freeway or whatever you’re doing and reallocate
(03:54) your assets um let’s go there so should we talk which one do you want to talk about first bit cryptocurrency or precious metals let’s talk about crypto first okay I like crypto first all right so can I take a stat at this point I would like to say you have to be really cautious of hearing someone say oh you want to invest in crypto we have a fund see the having a fund that invests in cryptocurrency is very different than you owning cryptocurrency I just heard the other other day ADP they’re like oh we have a fund for crypto we have a fund
(04:27) for Real Estate we have a fund for this and so there’s a fund for everything now but that’s not investing in the actual coin itself uh now some people may want to invest in funds that’s fine uh ETFs or mutual funds that sort of thing but if you want to buy into specific cryptocurrency the first thing I would say is that’s a different ball game because if you call your advisor right now and go I want to buy some crypto they’re going to steer you to a fund and they’re going to try and tell you oh but then it’s Diversified and you got all
(04:55) sorts of coins in there and you’re going to do better and all that but when it really runs you’re not going to feel that run CU it’s it’s watered down yeah and even right now there’s all these ETFs getting proposed right now and that a lot of people say that’s one of the reasons bitcoin’s been on a run is there’s all of Wall Streets now wants to plan this party why because they want to make money and so they’re selling an ETF that’s hopefully going to get approved here in April approximately where you can own Bitcoin actually in an ETF in
(05:19) just a brokerage account but here’s the caveat and why I don’t think that’s a great idea even if you trust Wall Street with your money there’s a 1% fee on that at least that that the fund is charging at least on not to mention your own account fees for doing this if you put $100,000 in to buy Bitcoin in a fund that’s $1,000 every year that you’re going to get charged that’s a lot less than what you’re going to pay here at directed Ira to invest 100,000 in in Bitcoin so there’s just a service cost to use Wall Street to access this which
(05:46) isn’t even around now maybe you want to W Street knows better do they yeah they they tell us that all the time all those cute commercials they’re so good that’s what they think cuz they you know what they’re trying to make it easy and let’s be honest when those ETFs come around and there’s ETFs out there right now but they don’t actually own Bitcoin like they own like a Futures Contract on bitcoin they don’t actually own Bitcoin but there are like Black Rock and Arc there’s some big fund providers they’re going to have an ETF out next year they
(06:11) beat the SEC on a Case already so they’re going to this process of getting it and you they that fund will actually own Bitcoin in the fund but again there’s High fees to get access to that assuming you did that with an IRA I like the words you just Ed there and that’s what they’re selling easy yes and that’s okay so if you want to with your eyes wide open and also a great Tom Cruz Nicole Kidman movie yes very or is that eyes wide shut oh that is that what that is yeah yeah but if you want to go your eyes wide open and say um Wall Street
(06:42) prefers you coming in Eyes Wide Shut that’s actually what they’re hoping for I think you’re right I think you’re right but if you’re like I don’t mind the fees but I want easy go that route okay so that’s Point number one I just want to say that there’s a big difference between owning cryptocurrency or a bundle of types of C cryptocurrency in a fund versus owning yourself okay point one now you get to well guys what is a little harder maybe or takes a couple more steps I got to get a little more educated but I can actually own
(07:09) that currency with very low fees and use wallets and um a little bit of anamin and protection and cold storage and all these little things you might want to implement or learn about that’s fine but I just want to buy some cryptocurrency directly in my retirement account because I don’t like my retirement account being one all Wall Street I’d like to have diversify it a little bit so there’s two ways to go at it there’s having your a crypto IRA account which we have and then they’re setting up more of a standard uh retirement account structure
(07:44) where you have an LLC that’s owned by your retirement account now both could be Roth IRAs both could be traditional they could be 401ks whatever so but the point is we have kind of a a simple platform for buying cryptocurrency directly you will own it directly but you might be limited on all the variety of coins you could get but there’s a big variety or I I just want an LLC and I can have my own wallet and go out it hard and get more creative and have more agility to move money around inside that uh LLC would that be fair to say those
(08:15) two methods yeah and the interesting thing about this is we’ve seen clients just open five grand they just do a Roth IRA and throw in 5,000 bucks or 6,500 bucks for the annual contribution maybe they do two years of contributions they got 10 grand or so because it’s not like buying real estate or a private investment you need 50 grand for a lot of that stuff let’s say but this is kind of a smaller dollar thing we’ve seen a lot of accounts just attach I mean we have clients over a million bucks with crypto IAS that are doing this at a much
(08:37) larger level but the nice thing about crypto is you can buy a piece of a coin you don’t have to buy the whole damn thing and so it gets you a little easier entry point but I’d say the easiest and most common is the crypto IRA and we use Gemini so what you’ll do is let’s say you have you do a Roth IRA if you believe in crypto you should be doing a Roth IRA anyways because you think it’s going to go to the Moon why not do it a tax-free vehicle like the amazing Roth IRA you you could transfer money over from an existing Roth IRA maybe you’ve
(09:02) got a Roth IRA at Fidelity or whatever want to send some over or the whole thing to a Roth IRA at directed Ira now this will be the crypto Roth IRA app make sure you do the crypto app because we have a specialty trading account that we’re going to open in the name of your Roth IRA and we do it for you you don’t got to figure this out on your own with some crypto provider trust me you don’t want to do this it’s a headache we do it for you and we put the money in it and now you’re trading through a Gemini wallet where you’re buying 50 plus
(09:27) different crypto options you can trade it as much as you want our fee for that’s 295 bucks annual fee 50 bucks to set it up and then a half a percent trade fee when you trade so if you did a $110,000 trade half perc trade fee what is that 50 bucks yeah you know so um so that’s every time you trade so if you’re going to trade a lot make sure you’re taking that into account on the trading so that’s the way that the crypto Ira Works um option one and that’s that’s option one but I like option one that’s actually what I’ve been doing okay this
(09:57) is what I do with my crypto you’ve done it and so um it’s just nice because Gemini and I want to say the reason we picked Gemini is they’re a regulated audited Trust Company they’re audited by deoe they have a trust Charter with the state of New York and I remember when we were picking our provider to use this guess through the two other companies we were talking to FTX and Voyager okay we all know what the hell happened to them yes I asked the FTX people and we’re doing the senior vice president there I’m like how are you guys licensed again
(10:26) and by the way FX was like the cool company back then you know they were like the cool company and we wanted to work with FTX Gemini was kind of like the dorky company you know I was Gemini they’re kind of the boring one cuz they’re regula and well I asked FDX I’m like what is your license what license do you have well we have a money transmitter license a money service transmitter license I’m like so does the check cash store over there in the 7-Eleven that’s all you have a money transmitter license you’re holding
(10:52) billions of dollars of people’s crypto you’re not regulated or AIT at all well we got the money I’m oh my gosh so that’s why we away from yeah that’s why we chose Gemini guys all right they’re regulated they’re audited and through all the and all the uh Carnage that you saw the last couple years Gemini came through strong exactly they were veryan and I think they they’re playing for the long run that’s why we picked them um our Regulators like them too anyway so um so that’s so that’s where your trading accounts going to be and I just
(11:19) say that because there’s a little bit of trust you need to put in that provider you know of course and you’re doing with anything with your money whether it’s a bank or a crypto provider or real estate professionals other people you’re working with you have a certain level of trust but that’s where the cryp crypto will be custody okay now that’s option one now I know there’s some I I family members that are hardcore crypto investors and work in the metaverse and in uh in uh nfts space they don’t like that you any of you that are like really
(11:49) in the industry you don’t want to ever work with a trust company or custodian or uh an exchange you you just are anti- exchange and we get that that’s why I’m going to show tell you about option two we have option two option two is great but option one is is is the second easiest way to do it you want to go buy a fund inside your retirement account at Fidelity it’s coming yeah good luck enjoy the fees but enjoy the Simplicity as well uh this uh Gemini fund Matt already gave you or not Gemini fund Gemini exchange yeah and Trust Company
(12:23) uh you he already gave you the fee so you know what to expect but you are owning the cryptocurrency of your choice with lots of tokens to choose from it directly yeah this second option which I uh already generally described is where you’re going to set up a Roth IRA or a traditional IRA or a 401k a Coverdale an HSA whatever you want any type of retirement account and then we’re going to help you create an LLC and this is where our Law Firm has been working in conjunction with directed Ira for years setting up llc’s of which you can be the
(12:54) manager you get a checkbook and this LLC is managed by you so there’s it’s a quick process your IRA comes in then once you do the direction letter and your LLC is set up the money goes to the LLC and then you you crypto efficient Autos now take that LLC and you can move that money quickly into a metamask wallet any wallet you want and you might go through crypto.
(13:19) com to get there you know how it works you’re going to go boom boom and once you get that money in that LLC you can use whatever wallet you want and there’s going to be reporting you know we need to know what the value of that account is every year but we love the Roth IRA because you’ll never pay tax again so you can trade your little heart out with all the little wallets you want all the unique coins that don’t exist at Gemini that’s fine knock yourself out yeah I think that’s for a lot of people are like hey you know not my if I don’t have the keys
(13:46) it’s not my crypto you know so like I need the keys and I want to have those keys my private keys to the crypto and if it’s a Gemini with a custodian I don’t get those and I and I get that I get that that that mentality that’s not me but I mean I but I get that mentality and that idea and concept and so this is where you’re going to need the irlc so you can control that have the wallet um that you have control of you’re going to have the keys and access to it now we want to go over some rules on this because when you have that irlc this is
(14:15) not your little personal bank account all right this is your retirement account that owns this LLC and in a fact owns this crypto even though you might have some control over it an ability to move assets around or trade or buy or cut deals with the crypto whatever you’re doing that’s Investments that’s totally fine you can do that you could even do crypto mining by the way too we got other podcasts and and webinars on just doing crypto mining which requires the LLC structure too so um but that’s for those of you that really want to have control
(14:44) of your private keys I think that’s the best model for I have had some clients use the irlc because they want to trade a lot and they don’t want to have the half a percent fee and so they they’ve just used the LLC just because they want to trade a lot more and reduce their fees and so if you have a larger account where the trade and the volume of trading is going to add up more than a th000 bucks a year the LLC might make more sense to go that route too now um please know there is a lot more to talk about here we’re going to move to
(15:12) Precious Metals now but I I have one last comment on crypto if I could then maybe mat you taking it last stab is that if you’re going to be doing staking and Matt alluded to mining or you might be doing nfts or something in the metaverse there could be some operational activities you’re doing with your crypto that even in a Roth IRA would trigger what we call ubit tax where your Roth IRA can invest in real estate and notes and crypto all day long but if your Roth IRA opens up a 7-Eleven it’s going to have to pay tax like all
(15:43) the other 7-Eleven initially and we have a way to help minimize that and that could still be a great investment for your Roth IRA to do mining or some sort of advanced staking which is fine but you got to know the rules so we have prior podcasts on this I’ve got training on this and my certified Tax Advisor program you can talk to any of our lawyers we have two lawyers in our office that are specialized in cryptocurrency Darren or Max Darren cherington Max Merit so any of you that want to make an appointment with them
(16:09) and say my lawyer tax accountant has no idea what’s going on these lawyers are very affordable they can help you structure the deal you want to do so I would that’s my last caveat buying crypto is one thing and then operating some crypto strategies that are more advanced you got to up your game too on the knowledge yeah love that um all right now remember get over directed .
(16:29) c that’s where you can open the account you can get started doing this crypto trading um or any other crypto investing you want to do you can do it with an IRA you own the actual crypto in your account I just want to make the distinction we’re not talking about buying an ETF or anything like that you are going to own this freaking crypto yourself and if you believe in it consider the Roth account even if you have traditional dollars you may want to consider converting to Roth because if you believe this could go 10x of what
(16:51) it’s at right now and I don’t know we have no freaking idea I’m not saying it’s going to I just I know there’s a lot of people that believe in that as an asset they’ve been buying it personally personally guys doing it in a Roth account and paying zero tax on it you’re Investing For the Long Haul pull it out at 59 half that’s a huge consideration and benefit to using a Roth IRA to do the crypto all right talk about precious metals yeah yeah now it’s it’s kind of similar and it that it’s a unique asset you can go out again with funds yeah
(17:20) that have precious metals in exact but you know you can own it directly yeah yeah and these funds out there own mines as well it’s kind of funny to go there again they might own a diamond mine in in Africa or a gold mine in in Australia or whatever so you can go out talk to your traditional financial adviser and say I want to have a fund that owns precious metals I love gold I love silver I love this or that that’s cool but if you want to own it directly we would encourage you to consider that in your retirement account again which
(17:52) you can do and ignore the cases out there that say you can’t do it what you can’t do is buy it and store the gold in your backyard that we’re going to talk about that so don’t some of you go you can’t do that there’s a case out there where an idiot did it wrong it doesn’t mean you can’t do it we’ll come to that so you can own gold silver or any of these precious metals in your Roth IRA or 401k or solo um and it’s exciting yeah so these are just the self-directed IRA accounts we have at directed Ira where you can do this and you can own
(18:21) precious mods you can own real estate other alternative assets but the annual fee there is $3.95 it’s $50 to buy or sell the the precious metals and there’s four there’s really two rules that you need to know what is a qualifying metal and how to store it properly so we’re going to talk about the two critical rules it’s a whole chapter in my book buying precious metals I’ve got a whole chapter in my book The self- directed di handbook on on crypto as well but on precious metals the first rule is what are the qualifying Metals so the four
(18:49) qualifying metals are gold silver platinum and Palladium can’t buy any other precious metal you can’t buy bronze I I can’t really no there’s no Olympic you know no copper the zeronian zi that’s that’s a no- goto that’s also for any of you you know guys out there buying a diamond for your ladies don’t go that route either double whammy yeah um okay so four qualifying medals for retirement account yeah and so those are the qualifi me but even within those they have to met meet certain requirements so for example gold has to
(19:21) have a certain Purity requirement as a silver or it has to be issued by a government Authority and there’s there’s rules on this is I hate to say it but this is the tax code so make sure you know what are the qualifyings I have a whole chart in my book on this of what are the qualifying medals specifically but one would be that’s common when people are like well I want to buy gold I want to buy some Krueger ANS those don’t qualify that’s a common gold coin out there you can’t put well I want to buy an American Gold Eagle well that
(19:45) does qualify I want to buy a gold bar that’s got this certain Purity well that qualifies and so there’s these little rules you got to make sure you’re you’re understanding which actual gold qualifies and what do what about the gold coin and Pirates of the cariban Caribbean oh that I don’t the if the Purity requirements were high enough it it it could have qualifi the pawn shop you know boiling down you know gold rings you know the to make a little bar that might qualify I don’t know how they’re cutting their gold they’re
(20:13) cutting yeah they’re throwing in all sorts of bad stuff it probably doesn’t but it could and so so but but in the platinum and Palladium we really see very little of the that it’s mostly gold and silver that people are buying um and as we talked about in the front end there’s been lot price change it’s been up of course recently seen a lot more interest in it from people um which really we should see interest when it goes down because those are the people buying at the bargain Price Right s in a little run that’s coming up but whatever
(20:40) all right so we have these we need to know the qualifying medals they work for your retirement account if you want to go out and buy copper in your own name go buy it what we’re just saying is if you want to buy it in your retirement account the IRS has said uh-uh only these four types of metals with the the meet these standards now do I need an LLC to do it is it don’t need an LLC to do it but you could use an LLC to do it so most people don’t use an LLC for precious metals CU an LLC is going to cost you another 1,200 bucks to set up I
(21:07) mean if you’re doing real estate or something like that we love the IR LLC sometimes called the checkbook Ira puts you in a control position you can cut deals but when you’re buying precious metals the second rule you got to follow is the storage requirement and the storage requirement says the precious metals must be cussed with a bank and the definition of a bank is a bank a credit union or a trust company now directed trust company is a trust company but we don’t store precious metals because I don’t want all the
(21:35) security and protocols say downstairs we have some gold yeah we have some gold yeah we probably get robbed okay that’s not our business same with like crypto we use Gemini we they specialize in this that’s all that they what they’re doing they have anti fraud people they have cyber security people they’re like it’s locked down over there same thing with precious metals that are stored in our accounts we use Delaware depository trust compy they’re in the business of just storing precious metals that’s all they freaking do it’s like Fort Knox
(21:59) over there essentially in terms of like the controls and everything and so that’s um so so that’s where we’re storing our Metals you can’t put it under your mattress or in your closet at your house we expanded this we could expand we could like get a storage unit you know it’s possible really you know lock it down put cameras in like go down to Costco get some good cameras you know yeah a little stronger lock somebody just waiting us for us to be dumb enough to go do that and then Rob us the wet Bandits are going to be coming
(22:30) in and Rain the pre yeah true we could set up a system like Kevin Kevin mallister we could use his model like have you know little Christmas ornaments on the door so when you open up the the bay door they step on them I think that would work that would work it’d be a fun I mean you know why not yeah so a little little Home Alone there for you if you didn’t catch up on that that’s the wet Bandits the home alone so um Harry and Marv yeah is that Harry and Marv the bandits Marv yeah uh okay so on storage I just want to say
(23:01) this because you mentioned earlier there was a case of a guy who used an IR L and bought precious metals and then he was storing the precious metals at his house and he got audited and he lost in the audit everybody’s like oh you can’t buy precious metals in IA no you can the guy just violated the storage Rule and if you violate the storage rule those precious metals are deemed distributed from your IRA so you b $100,000 worth of precious metals and you’re storing them at your house it’s deemed to distribution that’s what happened
(23:29) exactly in that case it’s not a prohibited transaction it’s just considered a distribution because you didn’t meet the storage requirement so now home storage we’ve always crapped on that we’ve always said you can’t do it it’s in my book the IRS has sent out warnings on this because there’s people advertising Buy purchas modals in your IRA and store it at your house and we’ve got we you get around the home storage rule yada yada and so um but now there’s a case on it you can’t do it uh but you can still buy precious metals in your
(23:54) IRA you just can’t do the home storage or personal storage how much does it cost to storage it I don’t even know but it’s not that much um we have a pricing sheet on it I couldn’t quote it okay I just it’s not it’s pretty nominal but you do want to know that if you’re looking into it and um we have a a schedule from Delaware deposit we we don’t charge any add-on on it we’re just your account gets charged exactly what the storage cost is well what’s funny is this topic actually relates to crypto because um when that case came down that
(24:21) said you can’t store your own precious metals people that were anti- crypto the wall streeters of course said well you can’t hold crypto in your own wallet then well and so you can’t store your own crypto keys or all this no the case was related to Precious Metals it did not have anything to do with crypto so don’t take that case and expand on it in your head that you know I I can’t do that and so uh just stick to the precious metal rules use the the holding company or the trust company for your crypto and I wrote a whole article on
(24:54) that case and what the holding really meant it was very specific and we’ll drop that a link to that article maybe here in the in the notes for the show but that that article was specifically about the storage rule in the tax code for precious metals that are owned in on retirement I it’s very like narrow specific rule here that they violated so uh but it is an important one because because people do a lot of people that like Precious Metals want to have access to it and they’re like oh I’d rather have it at my house well you can’t now
(25:20) in the IRL there’s kind of a gray area I’ll say this where some people like well can I store it at a safety deposit box at a local Bank in my neighbor neighor Hood and the IR LLC owns the local deposit box so I so I have an IRA own an LLC the my IR LLC goes and buys the precious metals and then I go store the precious metals in a safety deposit box the at a bank at a bank which falls under the definition of proper storage and so that’s kind of a gray area we think it would work but it’s you’re pioneering that there’s no test cases on
(25:50) it the IRS hasn’t commented on that we know for a certain you’re not going to be able to do home storage but storage at a bank that’s owned by the LLC which inter turn is owned by the IRA would likely qualify I think that would work but um it’s not a tax pinion or anything there just keep in mind you’ll be a Pioneer if you do that strategy but some people still like that because they they want to go check on their precious metals every month you know and make sure it’s all you know I I love it my last piece of recommendation for both
(26:15) the cryptocurrency investors and the precious metal investors is if you’re going to go out and deploy some of your assets in these areas whether it’s 10 grand 20 grand 100 Grand or more take the time to also meet with the a lawyer at the office a tax lawyer and if you find a great tax lawyer that understands this and self- directing great knock yourself out but I know we have 14 of them here at KK lawyers helping clients around the country we get on a zoom call we can help you guide you through this because what’s four or 500 bucks to get
(26:50) a some direction on your investment strategy you can go look at Matt’s articles you can go read his book you can read my articles you can go to direct n but at the end of the day if you’re just doing self- research it’s on you if you screw this up so take a little time to book an hour with one of the tax flers and go I want to have a strategic plan for this investing and can you unpack what Matt and Mark said based on my situation that’s where the lawyer really helps is they’re like oh you’re married or single it’s 550 Grand
(27:19) it’s 500 Grand it’s this it’s that what do you want to do what do you want to and so we can really tailor it to you and just help guide you through it yeah all right so that’s it crypto precious metals these are assets you can buy it’s 5,000 50,000 500,000 whatever I mean the dollar amounts easy it’s not like you got to buy the whole enchilada like you’re buying a property or something um so these are great assets just get exposure to if you’re interested in it again we don’t freaking know where these assets are going I want to make sure
(27:43) everybody understands that but we’ve seen a lot more interest coming in these assets as the prices have been going up they’ve been rebounding so um wanted to make sure you knew you could do this in your IRA these are the rules we’re here as a resource for you of course at directed IRA and getting your account open getting new contributions in helping get funds rolled over or transferred from another old employer 401k or an existing Ira our team at directed can help and of course at kqs lawyers we’re there to give you that tax
(28:07) and legal consult to make sure you’re doing it right and uh get that LLC structure set up if that’s the route you’re going as well all right well good luck everyone and uh uh enjoy your holiday season and your investment strategy for 2024 see you next week see you then