Brainstorming $10M+ business ideas with Jess Mah

**Shaan Puri** (0:00)
So, you're not afraid to share ideas?

**Jess Mah** (0:01)
No, I'm super afraid to share ideas. But that's one of my ideas that I'm actively exploring, and here I am sharing it with everyone here.

**Shaan Puri** (0:19)
We should address the elephant in the room. Why are we on a plane? So, we're just flexing on everybody now. This is my Tai Lopez. Hey guys, I'm just on my jet. It's not that.

**Jess Mah** (0:31)
Yeah. So, this plane, it's a Cetacean CJ3 Plus and I fly planes for fun. So, it's been my passion and my hobby. I think since even elementary school, I was obsessed with airplanes and it was always my goal to be able to afford a fly one. Then I interviewed a bunch of very wealthy people and I said, how do you afford an airplane? How successful do you have to be? The secret was you don't have to be that successful. You just have to have a big tax bill and good cash flow.

**Shaan Puri** (1:05)
Which takes success to get to that point.

**Jess Mah** (1:07)
It takes some success but-

**Shaan Puri** (1:09)
Less than you think.

**Jess Mah** (1:09)
A lot less than you think actually because it's like a house. You could finance it, put 20 percent down and then the rest is- We'll walk through that in a second.

**Shaan Puri** (1:18)
So, the funny thing was we did an episode, a normal episode where we're on Zoom and it was great. You can go see it, it's called like Jess Mah, like high school dropout, blah, blah.
We YouTubeed it to make the title good. But I don't know, 300, 400,000 people have listened to that interview across all the platforms. I wanted to do a second one and you were like, hey, I'm in town, if you can meet me here. I was like, all right, let's go. I'll meet you there. The second thing is, you're actually great with tax hacks. You're better than my accountant who I pay. I pay this guy to be like, hey, come up with ideas that I can lower my tax bill legally, but how can I do it? What are the ideas? And he's idea poor, you're very idea rich. And so I thought, okay, it's kind of fitting. Because one of the things we'll talk about at the end is you've talked to a lot of rich people and tried to learn what are the options, what are the possibilities as far as taxes goes. And I want to learn that from you.

**Jess Mah** (2:08)
Yeah, I mean, we'll talk about that as it relates to business ideas. But as it relates to tax ideas, it's actually a pretty similar process. I'll just talk to as many people as possible. And I think the mistake people make with taxes is they have their one tax person. And that person worked with their parents, and they've been loyal. But actually, this is a very bad place to have loyalty. It's really good to talk to... Like, I've talked to dozens of... You want to be very promiscuous here. I've talked to dozens of tax attorneys and tax accountants about their ideas, and I just keep track of all their ideas. And then I talk to all my friends, ask them for their tax ideas and consolidate it.

**Shaan Puri** (2:45)
That's so true. There's like this weird loyalty. It's like, yeah, he's been doing my taxes for four years. It's like, yeah, but nothing has changed, and you want to get ideas from everybody. So let's do this plane real quick. So a plane like this, what does it cost roughly? What do you have to put down? And what is the tax savings or something? This is the mini tax lesson for this plane.

**Jess Mah** (3:01)
Yeah, mini tax lesson. And then we go into more detail on this on the last episode I did with you guys, but this is a $12 million plus airplane, and you could put 20% down on the airplane. I got this pre-owned, so saved a few million bucks, and it's just as good as new.

**Shaan Puri** (3:17)
So you put down roughly 2 million bucks.

**Jess Mah** (3:19)
Yeah, you put down about a few million bucks, and then you just pay monthly financing on it. But then you get to write off up to the whole thing. Last year it was 60% upfront, but now with the new administration, it looks like accelerated depreciation is back. So if you bought a $12 million airplane, financed it, you can write off the whole $12 million off your tax bill, even though you only put in 3 million bucks. So you're going to pay the government or you could buy an airplane. So it looks ridiculous.