10xTalk With Joe Polish And Dan Sullivan

Episode Summary

What if you could simply crowdsource the discovery of your Unique Ability? In the episode, Dan Sullivan describes the process of discovering your Unique Ability with a simple letter.

Here’s a glance at what you’ll learn from Dan in this episode:

Dan shares the origin of Unique Ability and why it’s one of the most important concepts in Strategic Coach
What the happiest, most successful, most fulfilled entrepreneurs do differently than everybody else
A secret to surrounding yourself with Unique Ability Teamwork so you experience more freedom
How to stay in your Unique Ability and avoid getting derailed and/or energetically drained
The Self-Managing Company: How to build a company that manages itself to growth
How to build your life around doing what you love to do and what you do best
The exact letter to send to people you trust so they help you identify your Unique Ability

Show Notes

Asset protection is about protecting your wealth from lawsuits, creditors, and other dangers. It’s essentially a plan so that your assets can’t be taken.
Are you using entities like corporations in a coordinated manner to get the best protection? An easy idea is having two entities that control your business’s operations and assets separately.
A family limited partnership is great for estate planning and wealth protection.
You should have liability coverage over and above your standard coverage. A simple rule of thumb is to go to the next million for additional coverage.
Read your exclusions page, you don’t want to see punitive or exemplary damages. These kinds of damages can add thousands or millions of dollars to a suit. Your policy should expressly exclude punitive or exemplary damages.
If you sit on the board of a charity or a bank, make sure you know the directors insurance that covers you and what’s in that policy.
Know what your state says about your IRA. A captive insurance company is another great tool for protecting your wealth as well as being a tremendous tax vehicle.
Private placement life insurance is great for people with a higher net worth.
Life insurance comes with a lot of benefits but can also come with a lot of disadvantages, PPLI comes with all the benefits but with none of the drawbacks. The downside is you need around 15 to 20 million of net worth.
A self settling asset protection trust allows you to have a co-trustee instead of using a simple family trust which leaves you vulnerable.
Another option is an offshore asset protection trust, just don’t try to avoid your taxes with it.
Score yourself on a scale of 1 to 10 on how well your are protected in each area. Total up your score, if you have a score of 40 or higher you’re in a good spot. If you have a score of 20 or lower you are at great risk. Take to a wealth advisor that cares about you and get your plan set up.

Quotes

“Maybe the whole point of life is to find the circle and stay in the circle.” -Dan Sullivan

“If you spend your life strengthening your weaknesses, at the end of your life you will have a lot of strong weaknesses.” -Dan Sullivan

“If it’s the right audience, the audience is always right.” -Dan Sullivan

“You accomplish more through movement than meditation.” -Gary Halbert

“A lot of entrepreneurs pride themselves on putting out fires, but they are actually arsonists.” -Dan Sullivan

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To go deeper with 10XTalk, access your FREE COPY of the “8 Transformations of a 10X Entrepreneur”, go here: http://tenxtalk.wpengine.com/8-transformations-of-a-10x-entrepreneur/.

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