Hello, Mr. Joonchang. It's nice to meet you. Mr. Joonchang is a first-generation immigrant to the United States and has over 20 years of experience as the representative lawyer and accountant of JCN Company. JCN Company provides specialized tax and legal services in both Korea and the United States, with offices in Irvine, Gangnam, and Georgia. I have learned a lot from the American lawyer John Chung's YouTube channel, and I am really happy to have a conversation with you today. Welcome to the Richness channel. It's an honor to have the opportunity to greet the viewers of Richness, and I hope we can create an enjoyable time together. Thank you. I would like to start this conversation by talking about your life and thoughts. You mentioned that after completing your bachelor's degree in economics at Seoul National University, you nurtured your dream of moving to the United States while serving in the KATUSA. When you first went to study abroad,

When I decided to transition from being an accountant to attending law school, I had to momentarily set aside what I was doing in my life and consider a different direction for my career. Can you share what helped you during that process? There was also the journey of moving from living well in Korea to coming to the United States, and the process of leaving a good job to pursue my own path. In hindsight, I don’t think it was a monumental decision, but I often receive questions from others about how I could make such a leap, which suggests it was indeed a significant choice. Each time I made such a decision, I would ask myself whether this was something I truly wanted to do. I considered whether I would regret not taking that step. For instance, when I thought about going to the U.S., I had to be sure that it was something I genuinely desired. If I didn't go, I would be building my career in Korea, and I needed to reflect on whether that life would lead to regrets for me. And then, with the company...

When I was going through it, I was living a very meaningful life. However, I still questioned whether I should step out and do something. I asked myself if I would regret not making this choice in a few years while continuing with what I was currently doing. The answer, of course, was that I had to go for it. Living in Korea and living in the United States are both options that cannot coexist. Running a company also means I have to choose between continuing to build my career in a large company or taking on full responsibility myself; I can't do both. I think that’s how I made my decision. Fortunately, it turned out to be a choice I do not regret, but I believe I could have regretted it. However, I don’t regret the path not taken, so I think that’s better. It seems you concluded that it's better to take action and possibly regret it later.

Looking back, you attended law school in the evening while also working a full-time job and managing childcare. It must have been very difficult for you, living in those moments, even if you can describe it now. I'm curious about how you overcame those challenges. Honestly, I don't think I'm the type of person who easily allows myself to relax. I assume that many of the main viewers of this are also characters who have taken on new challenges, stepping away from a stable life in Korea. We are all in the same field, throwing ourselves into it and surviving as best as we can. I don't think I did very well; I certainly don't consider myself successful, but it felt like I was gasping for breath while living that life. Balancing school and raising kids was quite a struggle for me.

I tried not to show my emotions, but it was really tough back then. After moving to the U.S., two years later, I started law school while working full-time. Both law school and working full-time were incredibly challenging, especially since I had a newborn. I often thought it would be great if I could postpone some of this. However, looking back now, those times have ended well, and I can talk about them as memories. For those who are facing similar decisions, there’s a saying, This too shall pass. I know it's not easy to believe that, but it is also true that this will pass, so I hope you can overcome it. I was really nervous coming here today, thinking that one day, when I’m a grandmother, I’ll be able to reminisce about this moment. I can relate to that feeling. Yes, when I talk about it, it really...

It may sound hardcore, but since you mentioned it, people do get older. I hope I won't have regrets like, I should have done that back then. Just thinking about it sometimes makes me dizzy. I want to earn a lot of money ten years from now, and I do have those desires, but that's not my main goal. When I think about my future self, I'm afraid of the situation where I would say, I should have done this back then. I try to live while considering my future self. Listening to what you just said, it seems like that's a point I have been considering a lot lately. You mentioned that you don't want to think, I should have done that in the future. I feel like there must be many fields you want to challenge yourself in. I would love to hear what you want to challenge yourself with in the future and why you are working on this now. I also introduced a book about Y in one of my videos, but it seems like there wasn't much response.

It seems like the question revolves around the book Start with Why, which is related to the concept of the Golden Circle. Many people tend to focus on what they will do first, without even considering how they will do it, which results in not building a strong foundation. If you start by asking yourself why you are doing what you are doing, it can lead to a solid foundation that continues to grow. The question is, Why are you doing what you are doing now? My current self has been shaped by the flow of my thoughts in the past. I've always wanted to live a happy life; I've been thinking about this for a while now. It might not be an extravagant desire, but rather a humble one. My happiness lies in being happy myself, and I believe that if I can bring even a little happiness to myself and the people around me, that is what truly makes me happy. So, when I think about how I can be happy...

My identity is shaped by my past life. While there are aspects of my life that I chose, there are also those that were given to me. The environment I was born into and the circumstances surrounding my upbringing have contributed to the development of my character and existence. The sum of those experiences has made me who I am today. When I reflect on myself, I realize that I am a first-generation individual who once desired to live abroad, and I pursued that aspiration. Fortunately, I ended up doing something I love. Ultimately, the value I created came from helping others with my expertise, bridging both Korean and American cultures. I have come to appreciate these experiences and how they reflect my character. By continuing to engage in such endeavors, I believe I can keep finding happiness. This has led me to the work I am currently doing, providing knowledge and experience as a professional in the systems of both Korea and the United States, and creating value for those I serve.

I am grateful for the opportunity to create something valuable and for the appreciation I receive in return. Ultimately, this is what I am currently engaged in. Our company's motto is Help your success, and I feel that we have been following this path for quite some time. When asked what field I want to challenge myself in, I believe it will continue to be in the area of providing professional services that can help across borders. I hope our company will scale up, allowing me to further refine the vision I have in mind and to make it a reality. In the tax and financial planning industry, I think it would be great to create an identity similar to that of a grocery market or supermarket. I view a supermarket as a leading player in the American industry, and if we could reach a similar position in consulting services, that would be an achievement.

Wouldn't it be satisfying? And for that path, I will try to work steadily without being impatient. I will continuously support J& Company to become HM. When I say that, they also seem to agree. I would like to ask about retirement investment, particularly regarding the video where you mentioned that if you could go back to your 30s, you would make such investments. I found it meaningful. For those in their 30s who are just starting to take an interest in investments after getting a job in the U.S., what are some tax-efficient assets and retirement plans they should consider starting today? The concept of tax efficiency might not resonate with everyone. When we engage in economic activities, we have to deal with income tax, and there is also an interest in how to manage the assets we have and pass them on to the next generation, which involves considerations of gift or inheritance tax. Generally, those are the two types of taxes involved.

There are different types, but what we're talking about here is for those in their 30s and 40s, so we can set aside discussions about gifts and inheritance for later. Instead, we can focus on tax-saving strategies related to income tax. The question we can ask is, how can we reduce income tax? Income tax is calculated by multiplying the income I earn by the tax rate. Since we can't change the tax rate, the effort to reduce income tax ultimately lies in reducing my net income. The effort to lower income tax is essentially an effort to lower income. Net income is the amount I earn minus the expenses I incur to earn that income. Therefore, reducing net income means either decreasing my total income or increasing the amount I spend to earn that income. That's the only way to lower taxes.

The money I earn is different for everyone. It would be a fisherman’s tale, right? To reduce income tax, I unnecessarily increase my expenses to lower the portion that goes to taxes. That doesn’t make sense, does it? Reducing income means trying to change the nature of my income from high-taxed income to low-taxed income or even to tax-free income. That’s the first point. The second point is that instead of increasing unnecessary expenses, I aim to keep my total expenses the same while increasing deductible expense items. Or if I can increase recognized expenses simply by moving money from my left pocket to my right pocket, isn’t that what we want? Changing income to tax-free income or low-taxed income, and increasing deductions for expenses that I don’t actually spend.

In one sentence, especially for those in their 30s and 40s who are working, it is essential to utilize options like IRA and 401(k), which allow you to transfer funds from a regular investment account to a retirement account without incurring immediate expenses, as this ultimately remains your asset. Additionally, an important aspect is tax-saving strategies, which involve not only reducing taxes on current income but also minimizing taxes on future earnings. While people tend to focus on lowering taxes on their current income, it is equally important to plan for future income to be at a lower tax rate or tax-free, whether through a 401(k) or IRA, maximizing the use of retirement accounts as much as possible.

The first priority will be to understand what it means to achieve this. Secondly, in order to make future income non-taxable, we must keep in mind that investing in real estate with extra cash is essential. Additionally, efforts to make retirement income non-taxable through life insurance are also necessary. Real estate is relatively easy for us to understand. By working hard to earn money and investing in real estate, the rental income generated is taxed at a lower rate than my earned income. This not only helps secure retirement income but also, considering various depreciation aspects in real estate investment, we can turn this into non-taxable income. The downside is that real estate is heavily influenced by market conditions, and as we age, managing the property can become a burden, along with the complexities of large-scale economic decisions.

It's a decision, isn't it? What's really interesting about life insurance is that it serves its fundamental purpose: for families in their 30s and 40s, when an unexpected event occurs, it ensures that my loved ones can lead a stable life without panic. Additionally, one of the benefits it provides is the ability to utilize the value of this asset to secure tax-free retirement income. This option is much lighter in terms of decision-making compared to real estate, mainly because the size is smaller. For individuals in their 30s and 40s, I've explained the background of tax savings and action items like IRA, 401(k), and real estate life insurance. It would be advisable to combine these elements effectively to secure stable income.

You are saying that I should manage my income and assets for the present and future through real estate investment to minimize taxes, right? Many office workers are wondering what kind of portfolio they should invest in. We often talk about real estate and stocks, but there are also options like life insurance, cash, gold, and even cryptocurrencies these days. Can you share what ratio of these various assets would be good to invest in? 

Well, it really depends on the individual. For example, some people say that stocks are good, and among stocks, they might say that Korean stocks are better, or that emerging markets are favorable, or that the U.S. market is a good choice. There are definitely differing opinions on this. Personally, I invest the most in stocks, but just because I do that, I wouldn't want to suggest that everyone should follow my lead.

I believe this reflects everyone's improvement, preferences, and various factors. There is no definitive answer, but ending it this way might not answer the question. However, I think there is one essential thing: the securing of safe assets. This doesn't mean I am saying you must allocate a specific proportion to cash, physical assets, bonds, or insurance. I want to discuss this in a broader context. Everyone talks about financial freedom, and I believe that ultimately refers to retirement. Retirement is not just about doing nothing. The term retirement means having the freedom to do what I want, when I want, with whom I want, and to the extent I desire, without needing to earn from other things. That could also mean having safe assets that allow me to do those things.

A stable cash flow will be necessary, regardless of who it is. The effort to secure such cash flow seems essential. The cash flow needed to maintain my quality of life varies from person to person. Some may need an enormous amount, while others may not require as much. From my perspective, there will definitely be a specific amount that I need. Therefore, it is necessary to establish some mechanism to secure that amount. This could involve stable passive income through real estate, or it could be achieved through dividend stocks. Additionally, one might consider national pension plans or social security benefits in the United States. Furthermore, utilizing life insurance could help secure tax-free lifetime income.

It would be worth considering that through personal pensions, securing a stable cash flow is definitely necessary. For example, if you have ten thousand dollars a month, by securing that cash flow, you've fortunately secured a safe asset. If you have more than that, you can be much more aggressive in deciding how to invest those additional assets. I think it would be better to prioritize efforts to secure stable cash flow rather than focusing solely on how to structure your portfolio with the assets you currently have. You mentioned stable cash flow, so now, young people in their twenties should start taking actions to grow their money. Since you have helped many retirees, based on your experience, what is the most important thing to grow money? It requires seed money, right? Or...

To grow your wealth, you need to have money in the first place, whether it's through investment or other means. Jokingly, one might say that finding a good spouse or being born to wealthy parents who can provide gifts and inheritances could help, but that isn't something that can be generalized. If we talk about this rationally, we need to work hard to earn money. Ideally, it would be great if the work I do is something I love. First and foremost, I need to excel in what I do. There was a saying by Sam Altman that if you work hard or have talent in any field, you can be in the top 10%. I agree with that, and I believe that if you can enter the top 10% in any field, you can generate enough income to accumulate wealth. I hope that's true. I believe it is true. If the work I do is something I enjoy, and I have the talent for it, and I put in the effort, then it will lead to greater success.

It would be nice, but even if that's not the case, I hope that this effort can be meaningful. I believe that there could be a 10% contribution, and from there, with such seeds or collections, we could create assets that could be invested in a virtuous cycle, as I mentioned earlier. I think this is a common process that people go through unless they are fortunate or inherit something. You mentioned the American Dream before, and I still believe it is valid. I think the United States is where such efforts can shine. I believe in the American Dream, and especially because it's America, it seems advantageous for Koreans to express themselves. There are certain expectations from society that we cannot escape, but in America, I can pursue whatever I want.

People around you don't really pay attention to what you're doing, and as long as what you're doing isn't illegal, everyone respects that. I think that's a really good environment. Most of the viewers watching this video are either in the U.S. or interested in coming here, so we can be a bit more honest with each other. It's about creating that environment where people are interested in coming here, and I hope you enjoy that environment while building your American dream. Recently, I saw a video about wealthy Koreans leaving Korea. The U.S. has advantages regarding inheritance tax and gift tax, which is quite significant. When considering how to move Korean assets to the U.S., what important factors should be taken into account? For instance, you might have your own assets in Korea or possibly receive assets from your parents. It's likely that both aspects need to be considered.

It seems that moving assets to the United States is a good choice. While it may sound obvious, there are two perspectives to consider. First, you will ultimately want to invest those assets somewhere, and as an investment target, the U.S. market is currently stable. Setting aside the fact that U.S. assets are considered secure, the U.S. stock market and real estate market are performing well, which in turn intensifies the dominance of a unipolar world. By holding dollar assets, you gain stability as a reserve currency, making it a valuable choice from an investment perspective. 

Second, my work involves tax and financial planning, particularly tax consulting, and there are various benefits provided by the U.S. system in terms of tax savings. Therefore, I would argue that it is also favorable from that aspect. Given this background, when moving assets from Korea, there are points to be cautious about.

There are two things to consider regarding assets in Korea. First, you need to prove that the asset in question is money that has been fully taxed in Korea. Second, you must be able to answer questions about where that money will be sent and what it will be used for; this is what we refer to as a tag. Both of these issues need to be resolved, but there are no exceptions for the first one. Regardless of who you are, this responsibility falls on the individual. If I receive a gift, I must show that the gift tax has been paid, or if my parents have accumulated the asset, I need to prove that they have paid the taxes on it. 

As for the second issue regarding the tag, it may vary from person to person. If you are obtaining permanent residency or leaving Korea as a non-resident, the tag may be lifted. However, if you are transferring assets while still being a Korean citizen, that tag will remain in place. So, these aspects need to be carefully considered.

Some people are considering whether to receive a plan housing or inherit property. Recently, there has been a government proposal in South Korea indicating that the inheritance tax law may change. While there is no guarantee that the proposal will pass as is, legal changes continue to occur in Korea. However, there are various benefits in the U.S. regarding gifting and inheritance, so it would be advisable to move assets to the U.S. and then contact the Dayce Company for the next steps regarding plan housing. By the way, is there anything you would like to say that I haven't asked? I feel like I might have been too serious. Everyone has different personalities, and I believe that the viewers of this video are all hustlers. I actually have many more questions to ask, especially since you have been building your career as a nurse in the U.S. for about ten years now, which is quite remarkable.

I think it will be an experience. Seeing someone like Lee Ji-won, there must be many people who are dreaming of walking a similar career path. I hope you all achieve that dream. There will be various difficulties along the way, but in many cases, looking back, those challenges can become good memories. So even if it's hard, I hope you can navigate through it well and find happiness within it. Thank you for your encouraging words, and thank you for taking the time today. Yes, thank you.

후회하고 싶지 않은 10년 후 당신을 위해 (미국 변호사, 회계사 존청 @attorneychung)

후회하고 싶지 않은 10년 후 당신을 위해 (미국 변호사, 회계사 존청 @attorneychung)