By: Temple ii

Temple emphasized the importance of operating privately, building trust, and understanding one's role as a creditor in the United States. He discussed the process of opening a PayPal account in the trust and sole proprietorship, the need for a business account with PayPal, and the importance of using technology to access money and build a business. Temple also highlighted the challenges lenders face when evaluating business credit, the process of using a PayPal account to activate a trust, and the importance of having a business bank account and a virtual address for privacy and financial independence.

Next steps

• Members to open a PayPal business account using their trust EIN and sole proprietor information.

• Members to aim for at least $20,000 in annual PayPal sales to qualify for PayPal Working Capital.

• Members to file tax returns, even if they have low or no income, to maintain compliance and eligibility for potential government benefits.

• Members to consider opening business accounts with banks like Chase, Bank of America, PNC Bank, Truist Bank, or US Bank to access business lines of credit.

• Members to obtain a business credit card and debit card in their name for their sole proprietor account.

• Members to register a fictitious name (DBA) for their trust EIN through their state's appropriate system (e.g., sunbiz.org in Florida).

• Members to liquidate personal assets and transfer funds to their sole proprietor business account.

• Members to consider using virtual address services for privacy and business registration purposes.

• Members to explore digital currency options like Uphold for managing assets and portfolios.

Summary

Building Trust and Credit Basics

Temple discussed the importance of operating privately and building trust. He emphasized the need to communicate regularly and understand how to operate as a bank, a banker, and a broker. Temple also highlighted the significance of building credit and introduced the concept of a revocable living trust, which he uses to activate his secure credit. He demonstrated how to access and manage his trust account, emphasizing the importance of logging into the IRS account. Temple also mentioned the need to move from an individual status to a sole proprietor status for credit purposes.

Understanding One's Role as a Creditor

Temple discussed the importance of understanding one's role as a creditor in the United States. He explained that the law states that those who hold shares or debt in public stocks for the United States are considered creditors. This means that every United States citizen is a creditor, not a debtor. Temple emphasized the significance of this distinction, as it affects one's credibility and financial stability. He also discussed the concept of credit, explaining that creditors can extend credit through loans or contracts and may charge interest. Temple encouraged the audience to understand their role as creditors to manage their cash flow and financial stability effectively.

Utilizing Trust EIN for Business Credit

Temple discussed the importance of understanding and utilizing a trust ein to access credit, emphasizing that it's not just about having a little money but a substantial amount. He explained the process of opening a PayPal account in the trust and sole proprietorship, which is crucial for business operations. Temple also highlighted the need for a business account with PayPal, which requires at least $20,000 in annual sales. He mentioned the possibility of getting a loan from PayPal, which can be used to pay off existing loans. Temple stressed the importance of having a business credit card with the name on it, which is linked to the sole proprietor account. He encouraged the team to ask questions and provided guidance on building credit step by step.

Using Technology for Business and Taxes

Temple emphasized the importance of using technology, such as laptops and smartphones, to access money and build a business. He stressed the need to use a revocable living trust as a business tool to protect assets from the government and courts. Temple also discussed the necessity of filing taxes, even if one doesn't have income, to access money from the treasury system. He encouraged everyone to learn how to use computers to file taxes and to start using their trust EIN for bills and contracts.

Business Management and Trust Importance

Temple discussed the importance of understanding business management and communication through trust. He emphasized that these topics are not typically taught in school and that they are crucial for managing a business. Temple also discussed the process of applying for a business line of credit using an Employer Identification Number (EIN) instead of a Social Security Number. He explained that this process may vary by lender and that some banks and financial institutions offer EIN-only credit lines. Temple stressed the importance of not personally guaranteeing a loan and not using a Social Security Number for a business line of credit. He concluded by stating that securing a $250,000 line of credit with just a trust EIN may be challenging.

Lenders Evaluate Business Credit Challenges

Temple discussed the challenges lenders face when evaluating business credit, revenue, and financial documentation. He suggested that business owners could use their EIN to access credit without proof of income. Temple listed several banks that offer business lines of credit without requiring proof of income, including Chase Bank, Bank of America, PNC Bank, Truist Bank, and US Bank. He emphasized the importance of having a strong personal credit score for larger loans. Temple also mentioned the possibility of using a UCC filing number to provide financial statements to lenders. He concluded by stating that the AI had provided a blueprint for accessing credit using a trust EIN.

PayPal Trust Activation and Working Capital

Temple discussed the process of using a PayPal account to activate a trust and create a business bank account. He explained that once the trust is activated, the PayPal system will recognize the trust's EIN and no longer require the social security number. This process is a step towards obtaining working capital, which Temple described as a harder process to achieve. He also encouraged the team to ask questions and practice their understanding of credit.

Understanding Creditors and Secured Credit

Temple discussed the importance of understanding who the creditors are, emphasizing that it's crucial to recognize the difference between being a borrower and a debtor. Temple also highlighted the significance of remaining unincorporated in the United States, explaining that this status can provide a strategic advantage. The discussion also touched on the need for secure credit, with Temple explaining how this can be achieved through secured checking accounts or secured credit cards. Temple also mentioned the importance of creating sales and emphasized the need to pay oneself first, either as a sole proprietor or through a trust. Lastly, Temple mentioned the potential benefits of having access to funds through a business bank account, using Chase Bank as an example.

Business Credit Line for Trust

Temple discussed the process of obtaining a business credit line for a trust, emphasizing the importance of using the trust's EIN exclusively and opening a sole proprietor account. He also clarified that PayPal should be informed of both business accounts. Temple further explained the use of financial documentation, such as the UCC, in building business credit history. He also mentioned the possibility of using online banks like BlueVine and American Express for business credit. Temple concluded by highlighting the importance of the creditor in Biblical principles and the potential for unsecured credit once secure credit is established.

PayPal for Trust and Working Capital

Temple discussed the importance of using PayPal for transactions and building trust worldwide. He emphasized the need for sales or transactions to access working capital and how this process takes 90 days for a new business. Temple also explained the concept of a sole proprietorship and the need to liquidate all assets to fund the business. He used Biblical principles to illustrate these points, including Jesus' teachings on selling all one has and giving the money to the poor. Temple concluded by encouraging the group to focus on their sole proprietorship and not just their corporation status.

Business Bank Account and Virtual Address

Temple discussed the importance of having a business bank account and a virtual address for privacy and financial independence. He emphasized the need for a business bank account for funding and registration purposes. Temple also introduced the concept of digital currency and the importance of understanding how to manage assets and portfolios. He ended the conversation by announcing that the next topic will focus on building a business, including obtaining a domain and ensuring the EIN is found.

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