How I Built a $500K Credit Empire in 14 Months | Jack McColl DSH #1239

Summary

Digital Social Hour: How I Built a $500K Credit Empire in 14 Months | Jack McColl DSH #1239

Release Date: March 15, 2025

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Introduction

In this episode of Digital Social Hour, host Sean Kelly sits down with Jack McColl, a master of credit strategy and entrepreneurship. Jack shares his remarkable journey of building a $500,000 credit empire in just 14 months, offering listeners valuable insights into leveraging both personal and business credit to fuel business growth. Throughout the conversation, Jack delves into effective credit management techniques, strategic funding methods, and lessons learned from past entrepreneurial ventures.

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1. Building a Robust Credit Profile

Jack McColl begins by emphasizing the importance of balancing personal and business credit applications to avoid denials. He advises limiting personal credit card applications to no more than two within a six-month period to maintain a strong credit profile.

[01:04] Jack McColl: "So no more than two. Opening two personal cards in a six-month period."

Sean remarks on the strictness of this approach, highlighting its effectiveness in preventing credit denials.

[01:05] Sean: "Oh wow, that's pretty low."

Jack explains that being intentional with credit applications, both personal and business, is crucial for maintaining a healthy credit score and maximizing approval chances.

[01:08] Jack McColl: "For sure. And that's why another good tip is people should really be intentional about the credit applications they're putting in."

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2. Personal vs. Business Credit Cards

Sean introduces Jack, highlighting his impressive collection of credit cards, primarily business ones. Jack elaborates on the advantages of business credit cards, which do not impact personal credit scores and allow for higher and quicker approvals.

[02:01] Sean: "I think that's the better way to spend between business and personal, Right?"

[02:03] Jack McColl: "Exactly. There's really two main benefits that I see. One, the accounts of the business cards don't report to your personal credit. And then two, you can get approved for way more, way quicker."

Jack stresses that optimizing one's personal credit profile can enable brand-new businesses to secure substantial funding quickly.

[02:28] Jack McColl: "The only thing you need is have a strong personal credit profile... you can get approved for 100 to 200k."

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3. Strategic Credit Utilization for Business Growth

Jack discusses his systematic approach to securing high-limit business credit cards from top banks like Chase and American Express. He shares a strategy where he transfers available credit limits from existing cards to new ones, effectively increasing the total credit available at 0% interest.

[04:29] Jack McColl: "It's more expensive for a business owner who accepts credit card payments to take Amex because the fee is... it is expensive."

[05:34] Jack McColl: "So let me just give you an example... you can get 70,000 at 0% for 12 months and you can do that a third year and a fourth year."

Sean is visibly impressed by this "hack," recognizing its potential to exponentially increase available funding.

[05:34] Sean: "Wow."

Jack also touches on balance transfers between different banks to maintain zero-interest periods, highlighting minimal fees in exchange for extended interest-free financing.

[08:46] Jack McColl: "3 to 5%."

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4. Utilizing Credit for Investments and Scaling

The conversation shifts to using credit for strategic investments, such as real estate and innovative ventures like bitcoin mining. Jack emphasizes the importance of ensuring that investments have clear ROI timelines to repay borrowed funds.

[12:08] Sean: "Yeah."

[12:09] Jack McColl: "A lot of times where people will strategically plan out 2 years so they get 50 to 100k on a few cards and then they keep a couple banks open..."

Jack shares a personal example of purchasing bitcoin mining machines using 0% credit cards, leveraging tax deductions and future income to repay the debt.

[12:45] Jack McColl: "I bought the Bitcoin miners on those two cards and I got a great tax deduction... and I'll just pay the cards off with other income and just not sell the bitcoin."

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5. Maximizing Rewards and Building Bank Relationships

Sean highlights another layer of Jack's strategy: accruing and utilizing credit card points for personal and business benefits. Jack explains how transferring points between banks and airlines can significantly amplify their value.

[14:25] Jack McColl: "I transferred points from American Express to Hilton... I booked a five-night stay in Bora Bora... for free instead of spending $10,000 cash."

The duo discusses the importance of building strong relationships with banks through consistent credit card usage and maintaining robust personal credit profiles.

[19:56] Jack McColl: "There's two main ways to build a relationship with banks. That's through bank accounts and through credit cards."

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6. Lessons Learned from Failures

Jack candidly shares past entrepreneurial setbacks, emphasizing the critical role of reliable partnerships and robust contracts. He recounts a failed partnership involving inflatable loungers, where insufficient contractual agreements led to operational failures.

[25:04] Jack McColl: "We had to buy them out. So that was the biggest mistake. Just not, you know, properly bringing on the right partners."

Another significant lesson involves navigating patent infringements while launching a hoverboard business. Jack explains the tough decision to halt sales to potentially collaborate with Mark Cuban, which ultimately did not materialize, resulting in missed revenue during peak seasons.

[27:11] Jack McColl: "We skipped out on Q4. It was the most viral year for hoverboards."

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7. Future Prospects and Industry Insights

Looking ahead, Jack discusses potential legislative changes that could benefit the credit landscape, such as proposed caps on credit card interest rates. He also touches on the evolving financial tools available to entrepreneurs, including business lines of credit and strategic depreciation benefits for aviation assets.

[13:40] Jack McColl: "Well, he's proposing to put a cap at credit card interest, which I think is ultra favorable."

Sean and Jack also briefly mention elite financial products like the American Express Black Card, underscoring the perks and exclusivity associated with high-tier credit offerings.

[21:20] Jack McColl: "Yeah, I don't have it, but two of my friends do."

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8. Conclusion and Call to Action

As the episode wraps up, Jack promotes his mentorship and funding services, inviting listeners to leverage his expertise in building their own credit empires.

[28:51] Jack McColl: "Scale with Funding is our website. It's my done-for-you funding service... scalewithfunding.com"

Sean expresses enthusiasm for implementing these strategies in his ventures, encouraging listeners to seek Jack's guidance for successful credit management and business growth.

[29:10] Sean: "Thanks for coming, man. I'm going to open up a new LLC and use you guys and I'll, I'll post on my Instagram the results."

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Notable Quotes

• Jack McColl [01:04]: "So no more than two. Opening two personal cards in a six-month period."

• Jack McColl [02:03]: "Exactly. There's really two main benefits that I see. One, the accounts of the business cards don't report to your personal credit. And then two, you can get approved for way more, way quicker."

• Jack McColl [05:34]: "So I will say you can't have the first card maxed out and then get a second one. You want to bring that balance down."

• Jack McColl [12:08]: "Yeah. And I think when it comes to like borrowing the money and putting it into a specific investment, like real estate, you just need to make sure there's a clear line where you'll make the money back and pay off the card."

• Jack McColl [14:25]: "I transferred points from American Express to Hilton... I booked a five-night stay in Bora Bora... for free instead of spending $10,000 cash."

• Jack McColl [25:04]: "We had to buy them out. So that was the biggest mistake. Just not, you know, properly bringing on the right partners."

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Key Takeaways

1. Strategic Credit Management: Balancing personal and business credit applications is essential to avoid denials and maximize available credit.

2. Leveraging Business Credit: Business credit cards offer significant advantages, including higher credit limits and zero impact on personal credit scores.

3. Funding Growth: Utilizing 0% interest credit cards strategically can provide substantial funding for business investments and scaling operations.

4. Maximizing Rewards: Effective use of credit card points can yield substantial personal and business benefits, including free travel and reduced costs.

5. Building Bank Relationships: Establishing strong relationships with banks through consistent credit usage and maintaining robust credit profiles can unlock higher credit limits and better financial products.

6. Learning from Failures: Reliable partnerships and solid contractual agreements are critical to sustaining and growing a business. Past setbacks can offer invaluable lessons for future success.

7. Future Financial Tools: Staying informed about legislative changes and evolving financial products can provide new opportunities for business funding and growth.

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For entrepreneurs looking to scale their businesses through smart credit strategies, Jack McColl's insights offer a blueprint for building a substantial credit foundation quickly and effectively. By balancing personal and business credit, strategically leveraging available funds, and learning from past experiences, business owners can navigate the complexities of credit management to fuel sustained growth and success.

Transcript

[Jack McCall]

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[T-Mobile Representative]

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[Jack McCall]

Want to do is apply for too many personal credit cards too quickly. So no more than two. Opening two personal cards in a six month period.

[Sean]

Oh wow, that's pretty low.

[Jack McCall]

If you do that, you will see denials.

[Sean]

Damn.

[Jack McCall]

For sure. And that's why another good tip is people should really be intentional about the credit applications they're putting in. Not only business credit applications, but the personal credit applications.

[Sean]

All right, guys, we got Jack here today. Someone I've been trying to get on for a while man, been killing the credit game. Brought, brought a stack of cards for you guys to see. So he's not capping. Wait, what's in that book?

[Jack McCall]

This is my main stack. This is my small stack, my priority cards. And then I just haven't got another book.

[Sean]

Holy crap.

[Jack McCall]

And then I have another probably 30 on the table right there.

[Sean]

Dude, that's insane.

[Jack McCall]

I need to get a bigger book.

[Sean]

Dude. So you got over like 200 cars at this point.

[Jack McCall]

Probably getting close.

[Sean]

And they are mainly business ones, right?

[Jack McCall]

Yep, primarily business cards.

[Sean]

I think that's the better way to spend between business and personal, Right?

[Jack McCall]

For sure. Big time business credit has major, major.

[Sean]

Benefits because it doesn't impact your personal credit score.

[Jack McCall]

Exactly. There's really two main benefits that I see. One, the accounts of the business cards don't report to your personal credit. And then two, you can get approved for way more, way quicker.

[Sean]

Yeah, credit's been a game changer. I actually started this podcast thanks to 0% credit.

[Jack McCall]

Nice.

[Sean]

Because that gave me 812 to 18 months to kind of figure stuff out.

[Jack McCall]

Yeah.

[Sean]

And yeah, I was able to pay the cards off within a year and got 100K, you know, perfect.

[Jack McCall]

I think for anyone not making a million dollars or more, this is the easiest way to borrow money. By far the easiest way to borrow money. The only thing you need is have a strong personal credit profile. You can literally have a brand new business entity if you build relationships with the right banks. Very easy to do optimize your personal profile. It is quite easy for a brand new entrepreneur to get approved for 100 to 200k.

[Sean]

Wow. Even still to this day.

[Jack McCall]

For sure.

[Sean]

For sure. So it hasn't slowed down.

[Jack McCall]

Has not slowed down for sure.

[Sean]

Because I did mine about a year ago. I didn't know if it still worked.

[Jack McCall]

Yeah. Honestly like we're getting better results than ever before.

[Sean]

Wow.

[Jack McCall]

And I think that's kind of a combination of probably just having the amount of data that I have. I have the largest coaching group in, in the business funding space, about 3,000 people. Then I have a done for you funding program called Scale with funding where we have a done for you approach of getting people approved for this type of CR credit. And so we just have so much data on exactly what, what works really, really well and we just find really specific correlations and you know, continue to help people get 100 to 200k.

[Sean]

I love it. So if someone has no income, does that matter?

[Jack McCall]

So with these business credit applications it's just stated income, stated income and projected business revenue.

[Sean]

Got it.

[Jack McCall]

So none of the in the income is verified. Sometimes if you project income that's too high, you, you'll trigger a financial review and then they'll ask for tax returns or ask for you to connect your bank account. But if you stay below certain thresholds, it's not verified income.

[Sean]

That's a good trick to know right. To know those numbers.

[Jack McCall]

And that's part of the correlation of just having all this data is each bank differs with that certain threshold. So Chase, you can project a lot higher without getting this request. American Express, they're a little bit more strict. And so we have projections at American Express that are a lot lower than other banks. And we've just really dialed in what are the best projections per per bank. And those are the ones you want to use on the applications.

[Sean]

That makes sense why Amex would be strict because they get the most chargebacks.

[Jack McCall]

Amex does get a lot of chargebacks.

[Sean]

And that's why the even the rate is increased when you use Amex. Right.

[Jack McCall]

For sure. It is more expensive For a business owner who accepts credit card payments to, to take Amex because the fee is.

[Sean]

Yeah. And it's like a big percent jump. I think, I think it's like 1% more.

[Jack McCall]

It is, it is expensive.

[Sean]

Pretty crazy.

[Jack McCall]

But Amex and also Chase I think is the two best banks to build relationships with because they have the best business credit products. So the best 0% cards, these cards come with big sign up bonuses. The 0% is for 12 months. And then another huge reason why I really love Amex and Chase is because when you get a new 0% card, you can transfer that limit to another 0% card in the future. So let me just give you an example. And I've done this at those two banks and also bank of America will allow this. Not all banks. So if you get a $50,000 0% interest business credit card, you spend on it, you invest that money, you pay it down, then you apply for another 0% card. At the end of that 0%, say for example, you only get another $20,000 approved. Well, you can move that previous 50,000 limit over to that new 20,000 limit card.

[Sean]

Wow.

[Jack McCall]

So now you have 70,000 at 0% for 12 months and you can do that a third year and a fourth year.

[Sean]

Holy crap.

[Jack McCall]

It is crazy. So I will say you can't have the first card maxed out and then get a second one. You want to bring that balance down.

[Sean]

Got it.

[Jack McCall]

And then any of the available credit you can then move to that new card.

[Sean]

Dude, that's such a good hack.

[T-Mobile Representative]

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[Jack McCall]

You are no dummy, but you're kind of acting like one. You used to crush it in school, outsmarting opponents on the field, and now.

[T-Mobile Representative]

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[Jack McCall]

You could be advancing nuclear engineering in.

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[Sean]

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[Jack McCall]

That certainly helps. And so like if, if someone has a maxed out card and they need more funding, you can always go to different banks to get a different limit and then balance transfer to a different bank.

[Sean]

Wow.

[Jack McCall]

The first strategy I just mentioned really is beneficial where if you can pay that balance down, then you can get a new card at that same bank and then move the available limit to that second card. But when you need a balance transfer, that's when you want to take advantage of different banks. So say you had a $50,000 card maxed out at Chase. Well, if you go to bank of America or American Express, they usually can't see what Chase has lent you because it's a business credit card.

[Sean]

Oh, wow.

[Jack McCall]

So you can still get good limits from those banks.

[Sean]

That's good to know. Is there a fee for the balance transfer?

[Jack McCall]

3 to 5%.

[Sean]

Okay. So you got to factor that in. But that's not too bad actually.

[Jack McCall]

Yeah, Small fee, but then it allows you to have zero interest for 12 another year, sometimes 18.

[Sean]

Yeah, that's, that's huge, man. Because building business ain't easy. You're not likely to be profitable in a year, you know.

[Jack McCall]

Yeah. So a lot of times where people will strategically plan out 2 years so they get 50 to 100k on a few cards and then they keep a couple banks open and so they can still get those cards in one year to then balance transfer over to those other cards.

[Sean]

That's smart. So technically could you just keep making LLCs and do this?

[Jack McCall]

You can do that. Ideally it's best to do it with two entities. If you have more, if you have four entities, I would recommend to pick the two strongest LLCs. Strongest in terms of age and the entity type nature of business. I should say so the lower risk that nature of businesses, the easier it is to get more funding.

[Sean]

That makes sense. And do you know which businesses are lower risk?

[Jack McCall]

Anything, the businesses with lower risk or anything with lower overhead. So generally E commerce, drop shipping, consulting type businesses, anything that doesn't have a ton of overhead, like restaurants, construction, those are higher risk businesses. So anything with less overhead. But one thing that's actually really important is when you go into the bank to open up your business bank account, they're going to ask you what is your nature of business? So they can give you this Naics code. This classifies your the risk of your business. And so I always recommend business owners when they go open the bank account to do a little research on this Naics code and think about what you can kind of tailor it to be to kind of lean into a lower risk category. Not to be misleading but you know, you don't want to lean on the higher risk side. And usually there's a few codes you can choose. Whereas someone has a brick and mortar gym and part of their business is online fitness coaching. Well that's kind of a consulting, that's an online service. So I would lean towards the low risk fitness training online instead of the brick and mortar gym. That's one way to just lean on the favorable side.

[Sean]

Yeah, that's super smart. So you said age matters, so what about buying aged LLCs?

[Jack McCall]

Buying age. Corporations can help because when you have an entity that's over two years it is easier to get funding but it's not the most important thing. The most important thing is having a strong thick optimized profile on the, on the, on the personal side. And so the age is when it comes to credit, there's many different levers you can pull. There's business credit scores, there's the NACS code, there's the relationships with the bank, there's the age of the entity and then there's the personal credit profile. The personal credit profile is the most important thing. If that is strong, you can get high limits on a brand new business that's two weeks old. One benefit of a two year old Business or more is, is you can then start to get business lines of credit. So business lines of credit work almost like a bank account where you can just transfer money from the business line of credit into your checking account and then you're paying interest when you're borrowing the money. But it's so easy to just transfer money back and forth. The interest rate usually comes at between 10 and 15% in 2025. But it can be very beneficial depending on the opportunity, if you got the.

[Sean]

Right investment or the right play. You know, I've seen people use credit cards and buy houses.

[Jack McCall]

Nice.

[Sean]

Isn't that nuts?

[Jack McCall]

It's awesome.

[Sean]

Yeah. They literally do 0% credit cards. Buy a house, put it on Airbnb for a year, they make enough to pay off the interest and more. Yeah, it's super mind blowing.

[Jack McCall]

A lot of people I've helped have done exactly that.

[Sean]

Yeah. Because to make 100k, like, would take the ordinary person a full year. You could just get it in funding and like probably a month if you have to build your profile out. Right.

[Jack McCall]

Yeah. And I think when it comes to like borrowing the money and putting it into a specific investment, like real estate, you just need to make sure there's a clear line where you'll make the money back and pay off the card.

[Sean]

Right.

[Jack McCall]

And think about what, what kind of timeline is that? One thing I did at the very end of 2024 is I bought bitcoin mining machines at the end of 2024 on two 0% cards that totaled 40,000. So I bought the Bitcoin miners on those two cards and I got a great tax deduction. It came out to like 85% deduction of that purchase price. Just how it works on bitcoin miners. And I won't make enough money in the year. Well, hopefully Bitcoin 5X's. But even if it does, I wouldn't even sell the bitcoin to pay off the cards. I'm just budgeting some of my income to pay off the cards in the meantime. But I still was so confident in bitcoin going up over time that it made sense for me to take that risk to use the 40 grand on 0% to buy those miners, get the tax deduction, and then I'll just pay the cards off with other income and just not sell the bitcoin.

[Sean]

That's interesting. Is there any upcoming changes to the credit space, Anything that Trump's proposing?

[Jack McCall]

Well, he's proposing to put a cap at credit card interest, which I think is ultra favorable. It makes It a lower risk credit product in general. So we'll see if that goes through. That's pretty much the biggest and most significant one that I've seen. But that would be a good thing in general. I think the banks are going to lend a lot more. I think a lot of people are quite bullish on the economy and usually when that happens, the banks are lending more because they want to fuel that expansion.

[Sean]

Absolutely. So that'll be good for you.

[Jack McCall]

Hopefully.

[Sean]

And there's a whole other side of this business which is the points.

[Jack McCall]

Mm.

[Sean]

So not only are you like getting funding, but you're spending that money and getting a crap ton of points. Right. You probably millions of points, I'd imagine.

[Jack McCall]

Yeah, I do.

[Sean]

So nuts. I've gone on vacations, flights, hotels, just points.

[Jack McCall]

Nice.

[Sean]

Yeah. That's one of the benefits people don't really know for sure.

[Jack McCall]

There is just so many benefits of these 0% cards are really credit in general. Like not only do you get the money to put in your business to make more money, but then you're getting all these points by having the top cards. So you'll get 100, 150. I just got a sign up bonus for 250,000AmEx points.

[Sean]

Yeah.

[Jack McCall]

On my Amex business Platinum. It was a targeted offer, but I literally just got approved for it a couple days ago.

[Sean]

Wow.

[Jack McCall]

And if you cashed that out. If you just cashed it out, which is the worst way to do it, it's worth just under $2,000. But there's certain strategies in the points game where you can then transfer the points from the bank to the airline to find much better deals. So you can get a 10 times better valuation on those points than if you used them in the bank portal.

[Sean]

Yeah. You just got to keep your eye out for those transfer bonuses. Right.

[Jack McCall]

Transfer bonuses is another strategy to tack on top. So when you transfer the points out, you get a bonus. Here's an example. I transferred points from American Express to Hilton. I think I transferred 185,000AmEx points. And because there was a. I think it was a 260% transfer bonus, it turned into about 480,000 Hilton points.

[T-Mobile Representative]

Wow.

[Jack McCall]

So I transferred 180,000, it turned into like 480,000. That was the math. And then I booked a five night stay in Bora Bora at the Conrad with those now 480,000 Hilton points. And I got that for free instead of spending $10,000 cash.

[Sean]

Damn. That's nuts. And you could do that once a year probably.

[Jack McCall]

You can do that a lot more than once depending how many points you have.

[Sean]

Yeah, I guess you got to spend to get it. But that's so cool, dude. Yeah, I did that in Mexico and Cancun. It feels wild that that's even the thing.

[Jack McCall]

It is crazy. It feels like an absolute cheat code. Like the two things again, it's being able to borrow this much money as a newer business owner with no tax returns. It is, it is an absolute cheat code. Like for someone that's trying to get out of the what they feel like they're stuck in, get out of the matrix, get out of nine to five, you know, it's, it's not easy to make money, but it's a lot easier to make money when you have access to money facts. It becomes I believe, easier to make money if you have the access. And the easiest access to money that I have found is through these 0% interest cards. And I, I was, I struggled in business for so many years having the biggest constraint of capital because I didn't know about this for seven years as an entrepreneur I self funded two businesses. The third one I brought on an equity partner had to buy them out as a nightmare. And then I learned about this amazing credit product and got approved for just over a half a million dollars in credit in a 14 month period. I dumped a lot of it into e commerce stores and they absolutely ripped. And I'm like, wow, this had such a life changing effect on me. And if I didn't know this, being an entrepreneur for seven years, there's, there has to be so many other people that don't know about this. And I became so good at getting these high limits. I knew I had to help people. So I put together my mentorship program, credit stacking, which is about 3,000 people and then put together my done for you funding service scale with funding. And we help a lot of people get this type of capital.

[Sean]

Yeah, it's important people watching this to have someone like you because there's a certain application sequence. Right. So if you're watching this thinking you could get 50 to 100k, it probably is impossible.

[Jack McCall]

There's a lot of small things you have to do in a very specific order. And the first thing you need to do is make sure your profile is in a position that's attractive to the underwriters. And there's just so many different things that they're looking at. Things like the amount of accounts you have, the balance of your utilization, the amount of inquiries you have in the last six months, the Amount of limits if you add all of them up. And so if someone, for example, doesn't have more than 15,000 in collective limits, then you would want to apply for a high limit personal credit card. And so I have a very specific list of these high limit personal cards that I've seen to give great limits. So Chase Freedom Unlimited, Chase Sapphire Preferred, the built card, and I'll put City Strata on there as well. So increasing your personal limits really helps with business funding limits.

[Sean]

Yeah.

[Jack McCall]

Such as one of the things they look out for and one thing you do not want to do is apply for too many personal credit cards too quickly. So no more than two. Opening two personal cards in a six month period.

[Sean]

Oh, wow. That's pretty low.

[Jack McCall]

If you do that, you will see denials.

[Sean]

Damn.

[Jack McCall]

For sure. And that's why another good tip is people should really be intentional about the credit applications they're putting in. Not only business credit applications, but the personal credit applications. Because. Because more than two, it will start to create denials. So you want to make sure that you're applying for a personal card at a good bank that you want to build a relationship at and at on a card that you think is going to give a good high limit, like those four that I just listed. And there's two main ways to build a relationship with banks. That's through bank accounts and through credit cards. And so why would someone want to get a personal credit card at a bank that doesn't have 0% business credit cards? If that's your goal, if Your goal is 0% business cards, then you want to do everything you can to build a relationship with that bank.

[Sean]

Right.

[Jack McCall]

And one of the ways you do that is through their personal cards.

[Sean]

Got it. So it's like a, like a ladder almost. You got to take certain steps. Right.

[Jack McCall]

For sure.

[Sean]

What's the highest limit you've seen on a credit card?

[Jack McCall]

I've personally got 100,000 on one card. I help a lot of clients that work with me to get 150,000 over two cards at Chase, which is the biggest best you can do before they ask for tax returns.

[Sean]

Got it.

[Jack McCall]

150 is where they cap it. And generally they do 75k per card. And so if you do that twice, it's 150k. We do that frequently.

[Sean]

That's nuts, dude.

[Jack McCall]

It is nuts.

[Sean]

Black card, there's no limit, right.

[Jack McCall]

There's spending power. So with the charge cards on American Express, there's, there's no limit, but there's spending power. So it kind of Depending on your, your payment history, they can increase that spending power. But the black car, the black card, it's a hard card to get. You have to spend several millions of dollars on a, on a yearly basis. And that spending power starts off very high. Yeah, I don't have it, but two of my friends do.

[Sean]

I haven't been invited yet.

[Jack McCall]

Yeah, same. I'm patiently waiting.

[Sean]

Yeah, I need to spend more. I heard they give some favor to favorable terms to like influencers though. I bet sometimes you don't have to spend the millions. So if you're watching this, I'm ready.

[Jack McCall]

I'm waiting for my invite.

[Sean]

It's like 10k a year. I don't know if it's worth it.

[Jack McCall]

Yeah, I don't know.

[Sean]

It's more of like a flex.

[Jack McCall]

I feel like it's more of a flex. There's many benefits that come with the card like concert tickets and you get a private number you can call when you go to lax. They bring you on a car on the tarmac up to the plane. Oh, that's pretty badass. You almost got to deal with the, the lines.

[Sean]

I like the lounges at the, how they have their private section at the AMEX lounge. I feel like that's cool. I've actually never seen someone in that section really. So they must be super hard to get those black cards.

[Jack McCall]

They're really hard. I had a friend spending a ridiculous amount of money for several years and he's like, dude, they still haven't given me the invitation. And then finally he did and he was super happy. I was like a badass card.

[Sean]

You just got your pilot license. Are you going to buy a jet on a credit card?

[Jack McCall]

I will hopefully buy a jet on a credit card. I did just buy a plane, Cessna 206, it's a six seater. But hopefully I'll be able to buy a jet on a credit card.

[Sean]

Some good write offs with that, right?

[Jack McCall]

Big time.

[Sean]

Are they bringing back the 100% this year?

[Jack McCall]

I think they are. One really cool thing about aviation, the asset class on the bonus depreciation, it's been one year behind. So like in 2024 it was 60% bonus depreciation. You could take on real estate. It was 80% on the aviation asset class. And so now aviation, 60% where real estate's 40%.

[Sean]

Got it.

[Jack McCall]

So I still got the 80% benefit in 2024, but I do think it's coming back to 100%. You know, Trump's a real estate investor and he was a huge proponent of it.

[Sean]

That's why I got the G wagon too. Nice. You know, over £6,000. Yeah.

[Jack McCall]

I got the GLE 63s.

[Sean]

Yes, sir.

[Jack McCall]

Years ago. Back when it was 100%.

[Sean]

Let's go. Yeah. I've seen people use this credit method. Get cars and then rent them out too. There's all sorts of stuff you could do.

[Jack McCall]

There's a. There's so many ways you can make money.

[Sean]

Yeah. Once you have it, like you said, that's the tough part because me making my first 100k took two, three years of grinding.

[Jack McCall]

Same, same. I made that in revenue rather quickly. But to keep 100k and then to like have that to roll into something else. It took me several years because I was self funding my first couple of businesses.

[Sean]

Yeah.

[Jack McCall]

And it was very difficult. And when you're strapped for cash, like I had 5,000 bucks to my name when I started my first business and it was just a very slow turn. It's profitable, but it just takes so much longer and you know, life's pretty short and I like taking a little bit of risk and usually when you do the, the rewards better. And so that's what I see with this type of credit product.

[Sean]

Absolutely. Yeah. When you're young, I feel like that's the best time to take some risks.

[Jack McCall]

Totally. And the more you fail, the stronger you get.

[Sean]

Yeah.

[Jack McCall]

Like when I fail, it's not easy sometimes, of course, But I learned to be grateful for those hardships and falling on your face because, you know, you just know you're stronger after that.

[Sean]

What were your biggest failures or lessons along the way?

[Jack McCall]

Well, one I briefly mentioned is on one of my businesses, I brought on equity partners. I literally gave away 51% of the company. And we were selling these inflatable loungers that got super viral. And we were one of the first to market in the United States. It came out in Europe. We were first to market in the United States. We were selling tens of thousands. But we wanted to go really big. We wanted to go really big and we knew we needed a ton of capital to do that. And these specific two people had a bunch of money. They had all these different relationships and they were really going to ramp a lot of things up for us, allegedly. And gave them 51% of the company. And ultimately what we were trying to get done didn't get done. And our contracts were weak and so we had to buy them out. So that was the biggest mistake. Just not, you know, properly bringing on the right partners.

[Sean]

Yeah.

[Jack McCall]

Not having good enough contracts. I was my younger twenties. But what I did know at that time was I needed money to really take this to the next level. And so that was the risk that I made. Let's bring these people on. They have the money, but it's didn't work out.

[Sean]

Yeah, that 51% thing that's always on Shark Tank. That's always about right?

[Jack McCall]

Yeah, yeah.

[Sean]

That 1% is what controls the company.

[Jack McCall]

Totally. That's the decision maker.

[Sean]

Crazy. Yeah, that's one.

[Jack McCall]

That's one of the bigger mistakes I've made. Another mistake I made was a business venture. Right before that, I was selling hoverboards and also super viral. We were like pretty first to market and we, we were selling the product. We didn't have the patent for it. Someone in China had the patent for it. But we were selling them in the States and there was a lot of companies selling them in the States, I think technically infringing the patent. But we were doing our thing and we started to get into conversation with Mark Cuban, my business partner reached out to Mark Cuban on his. I think it was called Whisper, his new app. We got in touch with Mark and Mark was actually going. He was in talks with the patent owner to try and buy the patent. And he wanted. He was giving us some interest about doing a deal with us because we had the best brand, we had the best content, the best brand for these hoverboards, had all these influencers promoting it. And we were great looking from a social media presence. So Mark was like, hey, I'm interested in doing a deal with you guys, but I'm not going to get into business with anyone who's infringing on a patent. And so we had the decision, do we keep selling this product and technically infringing on this patent and make probably a million dollars or more, or do we not sell through the holidays in the most viral season of this product in good faith to potentially work with Mark Cuban? And we have. We had a letter of intent from him about this possible deal. We decided to hold back in good faith to do a deal with Mark Cuban and he then did not buy the patent.

[Sean]

Wow. Yeah, that's rough. So you skipped out on Q4.

[Jack McCall]

We skipped out on Q4. It was the most viral year for hoverboards. I forgot the year. I remember 2015 maybe. Yeah, it was, it was the year. It was the Christmas. We would have made a killing. We had the best brand. So many YouTube influencers were promoting. My dad said my dad was leaning on the. On the side of hold hold back and hopefully do a deal with Mark Cuban. My business partner, Jared Goetz, he was like, dude, I think we should keep selling. And we ended up holding back. And, you know, that's just one of the things you, you learn. Shout out to Jared.

[Sean]

He's been on the show.

[Jack McCall]

Shout out to Jared. Yeah.

[Sean]

Awesome. He's revolutionizing the E Commerce drop sh space with his company, right?

[Jack McCall]

Totally.

[Sean]

Yeah.

[Jack McCall]

I'm a early investor.

[Sean]

I remember that. That was before they started catching on fire. Right?

[Jack McCall]

Before. Yeah.

[Sean]

And then they got banned. Right.

[Jack McCall]

That's pretty much what ruined that product. All the knockoffs were catching on fire. There were literally times where we would ride the hoverboards in the airport. I would, I would ride them onto the airplane and then pick it up. Yeah. Like down the jet bridge. They didn't care. And then they started. Our competitors started catching fire and started.

[Sean]

Cheapening out on the quality.

[Jack McCall]

Yeah.

[Sean]

Damn, that's wild.

[Jack McCall]

That took it down.

[Sean]

I will say enforcing that international patent would have been super expensive. If you only did like a million, they probably wouldn't have came after you.

[Jack McCall]

Exactly. Like, exactly.

[Sean]

It would have had to been like millions for it to be worth.

[Jack McCall]

And that's why we weren't worried about selling in general. It was just for this pot blowing, the possible deal with Mark Cuban and you know, we kind of got pushed around a little bit by him and.

[Sean]

He'S a multi billionaire again. Sold the Mavericks.

[Jack McCall]

Yeah.

[Sean]

Shout out to Mark. Well, dude, it's been awesome. Where can people get funding if they're interested in working with you?

[Jack McCall]

Yeah. Scale with Funding is our website. It's my done for you funding service. So I help people on a daily basis. Many people get approved for a hundred thousand dollars and zero percent interest credit for 12 months. That's scalewithfunding.com My Instagram is Jack McCall. Jack McCall McColl. I appreciate you guys. Thanks for tuning in. Sean.

[Sean]

Absolutely. Thanks for coming, man. I'm going to open up a new LLC and use you guys and I'll, I'll post on my Instagram the results.

[Jack McCall]

Cool.

[Sean]

Cool. Sounds good.

[Jack McCall]

Awesome, dude.

[Sean]

Stay tuned, guys.

[Jack McCall]

Peace.

[T-Mobile Representative]

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[Sean]

Months.

[Jack McCall]

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[T-Mobile Representative]

The numbers look good Brad.

[Jack McCall]

You're on mute. Switch from cable Internet to Ziply Fiber and get more of what you love for $65 less per month than cable@ziply.

[T-Mobile Representative]

Fiverr.Com the way we work is changing every day, thanks in large part to the Internet. So if you're an online creator, what can you do to create a sustainable future for yourself? On Attach your resume Creators share how their jobs work, especially during times like these where big changes are happening in the online world. Listen to interviews with Internet reporter Taylor Lorenz, CEO of Patreon, Jack Conti, representatives from Defector, Aftermath, and more. Whether you're an online creator yourself or curious about what's going on in the online Wild west search, Attach your resume. Wherever you listen to your podcasts.