The #1 Trait That Creates Billionaires

[Music] brought to you by the every dooll app start budgeting for free today today's question comes from Chad in South Carolina he says I work full-time and I have a lawn care business on the side part of my business income was paid in cash and partly by payment apps like venmo Etc I've been paying taxes on everything except the cash and I was wondering morally and legally how I should handle that income obviously I already pay a lot of taxes and I'm trying to save money where I can should feel should I feel bad about about this and if so should I clear everything up with the IRS and pay back what's due to them you can decide if you want to go back or not and deal with it and how far back you want to go but income in America regardless of how it's received is taxed that's the law and so it is a moral and ethical thing to pay taxes on money receive is Cash period um and I pay taxes I mean if we get paid in cash for something here it all goes into the revenue and it all goes into the calculation and we pay taxes on it just like we do everything else so mechanically how you can do it is when you get paid in cash just deposit it into the business bank account and then it'll be reflected there as income and that'll help you do the totals and figure out what you're supposed to do with your quarterly estimates on your business that's the mechanics of it so Chad one of the things I I read several years ago that really lean into this George as far as I'm concerned is um Tom Stanley the great Tom Stanley who did the original book The Millionaire Next Door he and I became friends before he passed away his daughter Sarah we interact with her now she still does research on on Millionaires and billionaires and so forth he did another book called the millionaire mindset later um there's two books by that name but he did one by that name and um or he studied billion that wasn't millionaires right billionaires and he studied people who had accumulated a billion dollars from nothing and so these were very very billion is a thousand million and he did he went out this this research a little bit different he tried to find the correlating things in their life you know marriage were they married one time had they been married six times uh what was their education you what were the things in their life that led them to be in a position to do this and he found 37 different items or things that he correlated and the then he forced ranked them in how often they appeared oh so number 37 appeared the least often among the billionaires and number one appeared in every one of them and number one that appeared in these people who became billionaires from nothing was that they had fanatical levels of Integrity character every time he interviewed a competitor a friend an employee a former employee his kids his wife when they spoke of this man they always spoke of impeccable Integrity not just honesty but Integrity is a wholeness to it it's a he's the same on Sunday as he is on Monday if he says he if he says this guy is falling duck I mean this guy is impeccable fanatical about his integrity and and that reinforced to me that when I don't pay my taxes it has nothing to do with whether the taxes are just or not it has to do with I'm not doing the right thing it's my Integrity it doesn't reflect on them anybody who has walking around pretty much agrees that the federal government and the IRS and the income tax system is a complete moronic train wreck it's absolutely unfair and horrible but that doesn't say anything about my Integrity my Integrity is I'm going to follow the law exactly it's what they said to do I'm not looking for a shortcut and so we report every stinking dime that we take in at the Ramsay's because it makes a statement about me not about them and then I'm going to also make another statement about me I'm going to spend a lot of money with attorneys and CPA firms to try to figure out what I legally don't have to pay and I'm not paying a stinking dime more than I got two on the other side of that because I hate them but still my dislike of the tax system is not going to be reflected not going to change me as an as a person of Integrity because I want to be on that list that Tom Stanley did you know I want to be in that I want to be in that lineup with that Hall of Fame right there if you want to build sustainable wealth and have your integrity intact pay your taxes chat so that that's it it's that simple and you know I I'll go so far as this let me just let's just carry that on out a little bit fanatical integrity means like when you work for someone and they pay you to work there when you're not working you're stealing when you're sitting on your Facebook account for 3 hours while you're being paid to do work that you're not doing that's not integrity that's stealing it's not cute everybody does it but everybody's broke and everybody doesn't have a good life and everybody struggles in their Rel relationships and everybody can't deal with anything except their anxiety and their heart attacks and their obesity and everything else so everybody you don't want to be like so here's what's weird even if it's not popular with your co-workers while you're at work work all day every day because that makes a statement about you not about them it's not about well my boss is toxic oh kiss my butt because they wanted you to work now you you have a toxic boss it's a toxic work environment they expect me to work and I can't live on Facebook you're killing me here Dad come snowflakes work while you're at work it's an Integrity issue you know and so it carries every get there five minutes early get there five minutes late leave five minutes late don't be the first one screeching the tires out of the dad gum parking lot every afternoon you know it's not that hard that's a sign of Integrity it's a sign of integrity and I figured out being on time is integrity I hate that one once I figured it out though I trains run on time around here we put a little clock up on things staff meetings got a little countdown clock and we start at 8:30 we don't start at 8:32 we start at 8:30 and you come wandering your little butt in 6 minutes late it's you know well there's traffic well there's traffic every day there's nothing new about that it's traffic of course there's traffic you know I had to get the kids ready for school every day you know it's not a surprise you know we do you know if I tell Sharon I'm GNA be home for dinner at 5:30 I come walking in at 5:37 she's like it's getting C food's cold getting cold you said 5:30 and you know and she's not a butt about it I'm not a butt to our team about this stuff but these are things I had to start talking to myself about and that type of character is the type of character that grows billionaires Chad and so pay you taxes honey every dime of them hope that was clear create your free every dooll budget today the simplest way to budget for your life