Episodes

  • 5 Spider Bite Truths | Hard Truths about Growing Right

    5 Spider Bite Truths | Hard Truths about Growing Right
    Mar 12 2025
    In this episode of the Second Life Method Podcast, host Kelly Maxwell delves into the metaphorical 'spider bites'—the uncomfortable truths and challenges—that entrepreneurs often face on their journey to growth. Drawing parallels between the unexpected pain of a spider bite and the unforeseen hurdles in business, Kelly offers insights into navigating these challenges effectively.
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    1 hr
  • Trapped Down Near the Wire | Poverty’s Grip On The Working & Middle Classes Part 1

    Trapped Down Near the Wire | Poverty’s Grip On The Working & Middle Classes Part 1
    Feb 12 2025
    In today’s episode, Kelly discusses poverty and how it affects the financial mindset of people all around the world. While you don’t have control over where you start in life, you do have control over where you go and this episode will break down some of the fundamental components that make escaping poverty possible. Ultimately, achieving financial freedom is possible for anyone!

    04:32 Why you should care about different perspectives
    15:33 The pitfalls of poverty
    26:38 A glimmer of hope
    34:58 How to break free
    43:13 Takeaways

    “There are a lot of poor and middle class people who our school system and a lack of financial education have left undisciplined and uninformed on the topic of money. The poor and middle class consumers tend to part with their money much more easily than the wealthy consumers do.” 17:06
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    55 mins
  • Speak Without Ego, Listen Without Defense | Nourishing Relationships Through Conversation

    Speak Without Ego, Listen Without Defense | Nourishing Relationships Through Conversation
    Jan 23 2025
    In this episode Kelly talks about the importance of communication and putting your ego aside in order to nourish relationships. Speaking without ego is so you don’t make enemies everywhere you go and call attention to yourself, and then listening without defense means you can listen to someone who maybe you have offended in a way that will cause your relationship to be better and improve as you get into new territory with these people by being open minded and learning to listen without taking offense, or launching a campaign to defend why you were right and they were wrong. As you put these principles into practice that Kelly discusses here, you’ll find that your relationships and even success in business and networking begin to improve.
    • A difficult scenario to imagine with Kelly 1:30
    • Imagine the time has come to apologize 6:00
    • Here is what most average leaders with some authority do 7:25
    • Productive conversation can resolve issues and help develop mutual respect 15:20
    • Story from Kelly’s dentist 20:00
    • Kelly supports small business and premium service 29:00
    • Ego is the enemy to your success 34:00
    • Focus on what people want to hear 46:25
    “There are two main things to keep in mind when it comes time to talk to this person. Like I said, remember to speak without ego, and listen without defense. When you talk, you’re going to listen without defense and not arm your argument against them, preparing a campaign against them about why you’re right and they’re wrong, and that you’re the leader. You’re actually taking in the data and listening without defense. You’re trying not to be offended.” 15:20
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    55 mins
  • 1031 Tax Deferred Exchange | Pay No Taxes When You Sell a Property

    1031 Tax Deferred Exchange | Pay No Taxes When You Sell a Property
    Jan 17 2025
    Kelly is doing a follow-up on the Depreciation episode from yesterday and talking about 1031 tax exchange, which means essentially you pay no taxes when you sell a property and technically you postpone the tax, including any of the taxes associated with depreciation. This is not like a tax free situation, but rather you’re postponing the taxes you will need to pay and “kicking the can” down the road for that payment to a later date. You’ve gotta do everything right and there’s a whole etiquette, so listen to Kelly discuss this topic to understand what you need to know about this concept.

    • The definition of a 1031 or like-kind exchange 1:50
    • An example 2:50
    • QI and high cost 4:50

    “So why the high cost and what is QI? Well legally, you need what’s known as a qualified intermediary who holds the proceeds from the sale of your property and will assist you in acquiring the replacement property and following all these timeline requirements. This is not the time to give your brother’s friend’s attorney a chance, OK?”
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    11 mins
  • Depreciation | The Government Will Pay You To Invest

    Depreciation | The Government Will Pay You To Invest
    Jan 16 2025
    You’re probably wondering how on Earth the government is supposed to pay you to invest. Depreciation is one of investors’ and accountants’ best kept secrets for saving money at tax time, as well as helping people keep their wealth. The government provides a financial incentive for you to invest in housing and real estate, so if you wanna know how that works and how you can be paid to invest in real estate too, stay tuned for this episode. Kelly is reaching kind of a long stream of technical episodes he’s been putting out about calculating investments, learning to see value, and calculate income streams, and do things that other investors cannot, or choose not to do. This gives you an edge and raises your level of awareness, letting him cover the territory, and then you can operate within the input that he gives you.
    • Depreciation 3:25
    • Definition 6:40
    • Depreciation rate 12:00
    • As a form of income 18:40
    • The contents degrade more than the land itself 25:30
    • Depreciation recapture 27:45

    “Depreciation is one of investors and accountants’ best kept secrets for saving money at tax time, OK? Not to mention helping folks keep more of their wealth. It’s a big way to earn and for the government to pay you, or give you a financial incentive to invest in housing.” 3:25
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    31 mins
  • Gain on Sale | How Much Profit Goes In Your Pocket

    Gain on Sale | How Much Profit Goes In Your Pocket
    Jan 14 2025
    In this episode Kelly talks about how much profit goes into your pocket when you sell an investment property. It’s starting to be tax time again, so gain on sale is something you will want to understand. It is the taxable profit that is realized during the sale of a real estate asset or property. Because gain on sale is a pre tax measure, the actual amount of money that an investor takes home beyond the gain of sale depends upon his or her own personal tax rate and will require further calculation. If your tax rate is low, you’ll put more money in your pocket when you sell, and if it’s high you’ll put less money in your pocket in the end.
    • What gain on sale actually is 1:15
    • Why you should care 2:10
    • The formula 3:20

    “Selling price minus the adjusted basis equals your gain on sale. You gotta look at depreciation, so how much you can take, how much you’ve taken so far on the property, if any. After tax, gain on sale, or simply gain, is expressed like this. You must take the depreciation credits and the IRS recognizes that it wears out over time and they acknowledge that financially by allowing you to depreciate deductions on your taxes.” 3:27
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    9 mins
  • Adjusted Basis | Harnessing Financial Value Beyond The Numbers

    Adjusted Basis | Harnessing Financial Value Beyond The Numbers
    Jan 10 2025
    Today Kelly talks about the adjusted basis. This is a simple calculation that’ll help you understand more clearly what your position is in a given deal. What your REAL position is, both in a financial sense for the purpose of calculating profits and taxes, but also to learn to identify value and gain an advantage in a deal where other investors can’t identify that value, or you’re seeing things that they don’t see. It’s these little details and subtleties, especially in the tax code, that make investors so rich and help them avoid paying taxes and keep more of their money.
    • Keep this at the back of your mind 1:50
    • Current formula and calculating 2:55
    • Finding that unfair advantage 6:20
    • This will pay off for you 8:20

    “You may have heard that investors on a higher level seek leverage and this is true because it gives them an unfair advantage from the very beginning. That’s what we’re talking about today is finding that unfair advantage.” 6:20
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    11 mins