Brief Summary:

Jimmy Franco is a tax attorney at a Big Four accounting firm. He holds a B.A. in Political Science from UCLA, and a J.D. and an LLM (Masters of Law) in Taxation from the University of San Diego. He currently resides in the Sacramento area with his wife and three children and volunteers his time on multiple boards of directors, including his fraternity’s national board and a local food bank. In this episode, Nick and Tony share an important yet hilarious conversation with Jimmy about his work as a tax lawyer, dropping out from high school, taking the bar exam, figuring out your own learning process, and how to Man Up for yourself and for your family, both at the same time.

The episode touches on the following key topics and ideas:

• Introducing Jimmy (00:23)
• Why Jimmy signed up for the vaccine trial (09:28)
• Jimmy’s favorite food spots in LA and his observations on LA’s food landscape (12:39)
• Why do people still live in LA despite upward living costs? (18:57)
• Dropping out of high school and applying for law school at age 32 (22:13)
• Why you should find a partner who not only motivates you but really pushes you to achieve your goals (28:02)
• What the experience of taking the bar is like (29:40)
• The importance of figuring out your own learning process (31:57)
• What Jimmy does for a living - and some of his clients! (36:38)
• Why you should not be afraid of taxes...and the first step when doing them (38:35)
• Small business necessities: LLC, a good insurance policy, and a lower taxable income goal (40:32)
• How to lower your taxable income as a small business (41:25)
• What is the pass-through entity tax? (43:23)
• Did Trump have good corporate tax policies? (46:03)
• Why corporations aren’t paying income taxes (49:16)
• Why it’s easier to go after individuals versus corporations when it comes to taxes (52:02)
• Jimmy shares why he chose corporate law over other different law practices (55:13)
• The reality behind studying law and practicing law (58:35)
• How tax law feeds Jimmy’s intellectual curiosity (01:02:28)
• What parenting model does Jimmy believe in and apply to his kids? (01:06:35)
• What Jimmy wishes he knew when he was younger and his advice to the next generation (01:08:15)
• Understanding your weaknesses and being honest with yourself (01:09:31)