Wealth Tactic Rebels

Avoid These 5 Common Business Mistakes

Kevin M Dumont — Fri, 06 Nov 2020 03:30:00 -0500

Did you know that businesses, no matter how big or small, experience similar obstacles as they move from idea to goals to finishing a project? In over 25 years of training, teaching and executive experience, Jen McFarland has discovered these common obstacles. Join WTR host Kevin Dumont and guest expert Jen McFarland in rooting out 5 common mistakes many business owners make and unearth how to solve them.

Jen McFarland

Website

https://www.womenconquerbiz.com

LinkedIn URL

https://www.linkedin.com/in/jensmcfarland/

Facebook URL

https://www.facebook.com/womenconquerbiz

Twitter URL

https://twitter.com/jensmcfarland

YouTube URL

https://www.youtube.com/channel/UC4gqaZ96ns7jJzMMYQP-r7Q/

Instagram

Notes:

Kevin_Dumont: [00:00:00] Welcome to another discussion with Wealth Tactic Rebels, the podcast for people who see things differently. I'm your host, Kevin Dumont. I've been thinking differently in the wealth field for nearly 15 years today. I'm joined by a host. Jen McFarland. Jen, how are you today? Well, I appreciate you being here today and sharing your time and your knowledge with our wealth at the rebels.

So Jen is an entrepreneur in business consultant and, she has a particular expertise in business and, kind of like the Wealth Tactic Rebel philosophy, where we believe that you have a lot more to be had by first avoiding losses, before you go chasing a rate of return, like it's the same thing in business, Someone like Jen who's had a lot of experience has seen a lot of mistakes that people commonly make when they're trying to run their business. And if you can first learn those ahead of time, but through someone like Jen and look out to avoid those, you know, you have a lot better shot at having a more successful business.

So today's discussion is avoid these five common business mistakes. we're going to discuss those. It has to do with it mindset, willingness to poke holes in what you think is a success. and assessing risk and, time. And we also talked a little bit about, uh, with different ways that, that you can accomplish things.

Before we get into that though, Wealth Tactic Rebls, if you would do as a favor after this episode on whatever your preferred listening platform is, please just go there, give us a rating review and a, you can drop us a line. You can do it there. You can do it on a Wealth Tactic Rebles Facebook page. let us know what you found inspiring about today's episode, what you think may have helped you or someone, you know, Jen let's, let's get into a little bit, but before we get too far, would you mind sharing a little bit with our listeners about a little bit about where you came from and what inspired you to do what you do today?

Jen_McFarland: [00:01:48] Sure. Thank you, Kevin. And thanks again for having me on. so my name is, my name is Jen McFarland. Um, I have 25 years of teaching training and executive experience in leadership projects and marketing, and the way that I got really into. All of this was after college. I got really interested in the peace Corps.

One of my best friends went to Bolivia. This was back when we were pen pals, cause they didn't have internet in Bolivia. And I just became really fascinated with it. Now the whole time that I was. Her pen pal. I was also working as a graphic designer and I was like, I want to do this. And I got married and my husband and I ultimately what to Kazakhstan and lived overseas for two years.

And it just kind of took away like all of the creature comforts. and I realized how much I love projects and it also kind of changed my own mindset. So I came back, I had, you know, Went back and got a master's degree in leadership and management. I led a bunch of really large scale projects and that I realized that my true love is really boots on the ground, helping people and that a lot of what I have learned even, getting my masters degree really wasn't as applicable as they like to make it sound.

Kevin_Dumont: [00:03:01] You did, this is a common experience for a lot of people. You go to school, you get your degree and then you get out in the world and you're like, huh? It's not quite what I remember studying.

Jen_McFarland: [00:03:11] You know, and even as I was going through getting my master's degree, you know, I was a mid career peace Corps volunteer as a mid career grad students. So I was kind of like, this doesn't sound right. But you know, I hadn't been in some of the higher levels of organizations, . So I thought, well, maybe it's a different, you know, and no, it's not, it's, it's not, not different.

so it really, all of these experiences, including working on really large scale projects that, like I said, Higher levels of organizations. it really uncovers that a lot of the mistakes that we're making in business, it doesn't matter how big you are, how small you are. a lot of things happen over and over and over again.

And a lot of the work that I do now is about helping people, you know, just think about things a lot differently.

Kevin_Dumont: [00:03:51] Excellent. What we're all about thinking about things differently, so perfect for today's conversation. So, as I mentioned in the beginning, we're going to talk about avoiding the five common business mistakes that you've experienced in your career. This has to do with examining where you are today versus where you want to be in the future. Jen, would you mind talk a little bit more about why is, why is this a mistake? Why do our listeners care about this? And, how's it gonna help them?

Jen_McFarland: [00:04:15] Sure. I mean, I think as, as leaders, we all need to really consider where our mind is and, and how that is really, changing. Maybe the way that we are seeing the things around us. One of the things that I talk about with my clients. and then on my own podcast a lot is, you know, we have to look for the good and then we begin to see it everywhere.

So if you're always saying that everything is going wrong, guess what, that's what you're going to see. That's the reality that you have created for yourself. And you're almost. Looking for the bad instead of the good. So these are the types of like mindset things, that can really affect how well you do in your business, or how will you lead your team or different things like that.

So, one of the key dimensions is if you look at how things are today, and you're not satisfied, You know, you want, you know, something big to change. You do have to look at where things are today and then compare that to where you want to be. And then look at where the gaps are, you know, and part of that is in how you are thinking about.

You know, the future, how you were thinking about where you're at today. Maybe you're not reflecting enough on what's going right. Or you're not really looking at the things that are really holding you back. And so it's important to take a look at all of that. And then again, really reflect not just on what's wrong, but also on, on what's right. And that will help you realize where you truly are on your path.

Kevin_Dumont: [00:05:44] Absolutely. that vision is important to be able to see where you're going. if you don't have a bit of an open mind, you're not okay with thinking about it differently and stepping outside of your comfort zone, your vision of that future could get skewed and you could be trying to force something that, is not really where it should or could be going.

Jen_McFarland: [00:06:01] Yeah. I mean, I think it's, I think it's that, I think it's also like when you are envisioning, where you want to be, you have to recognize, what your own strengths are as well as your weaknesses, and then surround yourself with people who can fill the gaps, on the things that you don't like to do, or you're not as good at doing.

so that, in that sense, you're actually, not poking holes in things you're actually filling the cracks and surrounding yourself with people who maybe have a different mindset or a different. Openness or a different outlook. and then what you're actually doing is reinforcing your business so that it is more resilient and able to weather things, like economic downturns and other risks.

Kevin_Dumont: [00:06:43] Hmm. Makes sense. It's almost like a, in a personal relationship where, you have people that kind of. Balance each other , relationships work well when, if you're, if you're dating someone, who's exactly like you, for instance, uh, maybe a bit of a conflict there, but when you, yeah.

But when you have someone who is a little bit different, and they balance you, you work well together? And in the same sense in a business relationship whether it's with your employees or partners or your business itself. that balance is important because it helps, helps bring out, as you say, fill in, fill in the cracks.

Jen_McFarland: [00:07:19] Yeah. Yeah. That's part of the openness of especially small business owners where, although I've seen it in leaders with big organization is as well is if you're unwilling to realize that you're not good at everything, which is hard. Cause you know, we're all

Kevin_Dumont: [00:07:33] Yeah. Yeah, yeah. Especially big ones because I, you know, sometimes big, big leaders of big companies and such tend to have big egos and egos tend to, can, can get into the way of thinking like that.

Jen_McFarland: [00:07:47] Exactly. But some of the most successful business people that we've ever had, you know, someone like Henry Ford he's, he's always said that the reason he was successful is because he surrounded himself with people who were smarter than him.

And that's one of the things that's really key is you have to realize your weaknesses and then find people who can help you.

Kevin_Dumont: [00:08:08] Right, right,

Jen_McFarland: [00:08:09] smartest person in the room, you got to find another room.

Kevin_Dumont: [00:08:12] right, right. You gotta find all the people. That's a good idea. Actually, a guy that I know his name is Don Blanton. He's really big with this whole philosophy of what we talk about. He jokes around too a lot. He says I never really had a brilliant idea. I just took someone else's,

you know, he's a lot like that. That's how he believes, just like yourself. so mindset to examine. Now let's talk a little bit about a willingness to poke holes, assuming success. What do we mean by that?

Jen_McFarland: [00:08:44] You know, when we talked about this beforehand, I've no idea what I meant when I said that, but here's, here's my take on that today. So I'm just going to admit that because I have this like shifting and evolving philosophy around success. I think a lot of times we equate success with money and only with money when success can mean a lot of different things.

And I think that we make these assumptions about. What it means to be successful. And sometimes we have to look at the different dimensions of success and we will get more money if we take care of some of these other dimensions along the way. Right? So if, if you, you are, for example, getting feedback from your customers on a regular basis, and you're hearing the same thing over and over again, and you may not like it.

That's something that you can adjust that will lend itself to your success. Right. And you'll find that you're making more money as a result of handling the feedback better, instead of just assuming that the customers are happy, it's better to get feedback

Kevin_Dumont: [00:09:45] Right, right,

Jen_McFarland: [00:09:47] and in fact, in the marketing world, there's a tremendous gap between, how businesses think that they're performing when they're.

Trying to attract new customers and how the customers actually received the information. lot of times we assume, that we're being successful at things. And so one of the things, instead of just focusing on revenue and bottom line as a business owner, there are a lot of different dimensions that contribute to your success.

And so you can't just look at one, you have to look at many. And then, like I said, poke holes in it. So what that means is ask a lot of questions, get a real sense of the landscape of what's going on, and you will find problems along the way that as you resolve them, you will find that if money is the main driver for success, entrepreneurial success, you will find that you are making more money because you taking care of your customers better.

Your processes are no longer. All over the place, you know, you have solid processes, for example, maybe you have a gold standard for what customers can expect that wasn't there before and now all of those things are happening. So then the revenue is being addressed in other ways.

Kevin_Dumont: [00:10:58] Excellent. You know, when you talk about like, this makes me think a little bit about, something I've kind of seen through studying what's going on with other companies, is that I think that, you know, if you've got a business, that's Looks good in people's eyes or, is relating to their, to their customers out there, people out there, and they've got to build a good brand for themselves that people know and trust and, it makes it desirable.

And then sometimes you'll get someone that comes in that's kind of bottom line focused if you know what I mean? They're, they're really looking at, Hey, look, here's our revenue. What can we do to increase that? But they're looking at it through safe spreadsheet, eyes. You know what I mean and say, Oh, well, this doesn't really make us money.

And this does, so we're gonna cut back on that. That's not really making us money, but maybe that was the thing that was helping you get in front of people and help you build that brand that they know, and they trust and they want. So you're looking at it as, Oh, success is more revenue.

And we can get revenue by increasing sales and by making cutbacks. And they're not looking at it as success is getting people to love your company.

Jen_McFarland: [00:12:01] Yeah. I mean, so when I look at problems with businesses, I'm always looking at them holistically. People want to just take the shortcut and that's oftentimes the spreadsheet solution, but there are a lot of different dimensions, like you just said to what it means to be successful. And, you know, There are also a lot of people who think that our brand is a logo and a website, and there's a lot more to a brand than that. In fact, can either, you can run a business without a website. You can run a business with a crummy website, how you treat your customers always matters more,

Kevin_Dumont: [00:12:35] Sure, sure.

Jen_McFarland: [00:12:37] people say that word of mouth and online reviews, they mean the same meaning if they hear from a friend that your business is awesome, it carries the same weight as if they're reading about it on like Google my business or Facebook.

So what that tells me is. Treat your customers well, and everything else will follow, you know,

Kevin_Dumont: [00:12:56] Right, right,

Jen_McFarland: [00:12:57] that is there's, there's like so many dimensions to how we treat our customers as well. That really at the end of it, when it comes to revenue, that's, that's really the number one place to start.

Kevin_Dumont: [00:13:07] You, you mentioned a Ford, right? Henry Ford. So my observation here, and by the way, I'll, I'll admit right now I'm a car person. I love cars. I love tinkering with my car, I go racetracks, everything, but so Henry Ford, had that motto of race on Sunday, sell on Monday.

Granted he was a car guy, but the point of it was that he knew that racing wasn't something that was going to bring him a bottom line. He was just spending a lot of money on it, and that doesn't actually make him any money, but it was getting him in front of people. and it was showing the brand, the kind of brand that he was and the vehicles, and people would see that spirit and want some of that spear and want to own some of that spirit of that company.

Right. And that helped build a great brand. and then growing up, car company in Japan that I liked growing up because they were, they seem to have that same kind of racing spirit. And that caught my attention growing up and, you know, playing the video games, growing up the Gran Tourismo. So The company has Mitsubishi. Some of you may not have even heard of it at this point because you have, well, you know, I've actually said Mitsubishi before it's people, uh, what they make a what, air conditioners or something, because they do make other things too. There's a larger company that makes a lot of other appliances and things, but the, but the car company, they used to be big into racing like that.

And because of that, everyone knew that brand, they had one car that was kind of like their halo car that was out there and racing and It made them desired, made them fairly successful. And then they started cutting back on those types of cars. Because as a company, they decided that the sporty cars weren't making them enough money.

Like the bottom line was too small. They were putting a lot of money into developing them and promoting them and not making much profit off of them. So they kept cutting it back and cutting it back. And as a company, they kept going down, they almost completely went out of business. I know they're still in business right now with a few cars.

But they're not very well known anymore. They completely stopped. They cut their entire racing budget. They stopped all the sporty cars that they were used for, that the people liked for that. So they lost their image and people stopped buying them.

Jen_McFarland: [00:15:15] Yeah, well, so I drive a Mustang, so

Kevin_Dumont: [00:15:18] There you go. There you go.

Jen_McFarland: [00:15:22] you know, but like even just, you know, Mitsubishi, but even going back to the Ford example, that movie Ford versus Ferrari, you know, a lot of that was about not only, looking fast and like having people at the track, it was also helping them develop better cars.

Kevin_Dumont: [00:15:38] Sure sure. There's

Jen_McFarland: [00:15:39] was a lot more to it, right? Like, so, so here's

Empower Your Retirement

Kevin M Dumont — Wed, 19 Aug 2020 03:30:00 -0500

Today we are discussing Empowering your Retirement. But before we get into that, let's talk, for a moment, about the position of our economy during the time of this recording, early June of 2020, specifically in regards to jobs. We are starting to see flattened curves from the COVID-19 pandemic and partial reopening's of parts of our economy in the US. There's even some good news jobs as according the Department of Labor Bureau of Labor Statistics, there were 2.5 million new jobs in May. However, the unemployment rate is still at 14.7%. Some sources, such as an article in Forbes on June 8th say there was an error in the calculations for the unemployment rate and therefore the true rate is closer to 20%. Regardless, there's been over roughly 42 million how have lost their jobs to date, and counting. There's also talk that many people whose jobs were retained because of the forgivable loans for small businesses, will be let go once those businesses are out of the specified period they are required to keep their employees.

What does this all mean to you, our Rebels? Well, many of you may find yourself, or someone you know, as one of the unfortunate unemployed, or fortunate, depending on your point of view, or those facing a forced, early retirement because of the pandemic. You may have left or will be leaving completely unprepared with this sudden and life altering situation and shrugging your shoulders asking, "now what?" While we can't answer that question for you, we discuss tactics today to help you better understand your financial position, what steps to take next and a some advice to help you through this difficult time.

Forbes Article: There’s A Glaring, Misleading Error In The May Jobs Report: U.S. May Be At 20% Unemployment

Side Hustle in the Brave New World

Kevin M Dumont — Fri, 19 Jun 2020 03:30:00 -0500

Nick Loper

Website

https://www.sidehustlenation.com

Website #2

https://www.VirtualAssistantAssistant.com

LinkedIn URL

https://www.linkedin.com/in/nickloper/

Facebook URL

https://www.facebook.com/SideHustleNation/

Twitter URL

https://twitter.com/nloper

YouTube URL

https://www.youtube.com/nickloper

Financial Freedom: Making Your Money Work for You, Not Someone Else

Kevin M Dumont — Sat, 30 May 2020 01:30:00 -0500

Does a 20-hour work week sound appealing to you? Have you wanted to become an entrepreneur but thought it was too risky? When you have a business, you can create streams of income that can build you wealth. WTR welcomes Yasmin Vorajee, an entrepreneur. In this week’s episode, we will discuss how to build assets that could bring you income over time.

Ingenious tactics to accumulate wealth, for people who see things differently.

Website

https://www.yasminvorajee.com/

LinkedIn URL

https://www.linkedin.com/in/yasminvorajee/

Yasmin Vorajee

Facebook URL

https://www.facebook.com/tinytimebigresultswithYasminVorajee/

Twitter URL

https://twitter.com/tinytimewithyas

YouTube URL

https://www.youtube.com/user/yasminvorajee

[00:55] Kevin: Today we’re joined by guest Yasmin Vorajee. Today we’re going to talk about making your money work for you, not someone else. Yasmin is an entrepreneur and an expert in making your money work for yourself

[02:40] Would you mind sharing a little bit with our listeners where you came from and what inspired you to do what you do today?

[02:50] Yasmin: I’m the creator of Tiny Time, Big Results, which is all about how to have a profitable 20 hour week business

[04:25] If I only have a few hours a day, how can I make the most of the time that I have so that I can still have a profitable business so that I can still be with my kids and still feel like I have balance?

[05:05] Kevin: It’s not just work all day, everyday. Then you’re missing out on a lot of things. To me, I think wealth is important to bring a quality of life

[05:15] Yasmin: Wealth for me is not just about the amount of money that you make or the amount of money that you have. It’s about the time you’re spending with your loved ones, the time you get to have some fun. You can enjoy what you’re doing

[05:40] What is it that I’m here to do? How can I add more value to this world and do what I love and get well paid for it?

[05:50] Kevin: Building wealth is creating assets. If you can build an asset that, when the world turns upside down, you are avoiding that loss since you still have income and that puts you in a better position

[07:05] Yasmin: I think being self employed was considered to be the really risky option that you were being super brave if you created your own business. But over the years I’ve really come to realize that actually being employed is incredibly risky. You’re a number in that system. And when they don’t need you anymore, you’re gone. When you have a business and you create streams of income in that business, if one starts to slow down, you can make the other ones be a little more fruitful for you. Whereas if you lose your job, you have one stream of income and that’s gone

[08:43] I think for a lot of people they’re probably thinking the time is going to be an issue and that they don’t have the time

[11:15] The way that I look at leverage is if I have an asset, how can I create a greater return from that? My book is a leveraged product because I’ve poured all my knowledge and expertise into a book that now sells for me. I’ve created it once, now it sells over and over again for me

[12:45] When you’re selling your time, you always have a cap on how much you can sell

[13:33] A common complaint that I get from a lot of business owners is “I’m so busy I don’t have time to do marketing.” But when that pipeline dries up, there’s no new leads coming through

[14:08] We all have knowledge and expertise that other people will value, and it’s about tapping into that

[14:52] I think the biggest mistake that people make is assuming that everyone knows what we know (common knowledge is not that important)

[15:05] Kevin: With all this new technology that we have and social media, it’s really easy for people to take something they’re good at and build a career

[16:25] Yasmin: There’s a huge range where you could put your value out there

[18:10] You don’t have to be physically there to be able to till make money

[18:30] When you value what you know, then you can see there are so many opportunities out there. One of the biggest challenges that I see is that people don’t value what they know

[19:23] Kevin: So let’s go on to the next part of the conversation here. Let’s assume our listeners decide that this is a good idea. How do they do this 20 hour work week?

[19:35] Yasmin: I look at it in two phases. The first phase is to get fully booked with clients so that you’re attracting clients and cash consistently.

[20:00] First of all you get really clear on what your marketing message is. What is it that you do and who do you do it for?

[20:20] The next piece is how do I help this person?

[20:40] The third step is focused around client attraction. How do you tell people what you do and how you can help them?

[20:53] The fourth step is getting good at sales and selling

[21:15] When you focus on your message, your offer, how you attract clients, and how you convert those prospects into paying clients, you now have a flow of consistent income

[21:45] Phase two is going beyond being fully booked. It’s about creating multiple streams of income

[22:45] If you can show your customer that your product/service issuing to create this incredible transformation for them and is something that they really want, they will be willing to pay for it

[23:23] Kevin: People are going to want to have a rough idea of how long this will take. I know this isn’t a get rich quick scheme. What kind of time frames are people looking at for this?

[23:47] Yasmin: I normally say 6-12 months to be able to establish a solid business. It’s about being consistent with what you’re doing because so many people get paralyzed with indecision or doubt

[27:48] There will always be people who want that premium version. I always say you’re leaving money on the table if you don’t have some kind of a premium version of what it is that you do

[28:40] Kevin: Anyone can be successful. You don’t have to be a genius, you don’t have to reinvent the wheel. There’s a blueprint out there. All you have to do is follow their blueprint and you’ll be a lot more likely to be successful

[29:12] Yasmin: What I’ve learned in my journey is that you can have the strategy and the strategy is so powerful. They show you that these are the steps

[32:22] Kevin: Niche down and now instead of being so broad, you’re an expert at a specific thing

[32:55] Before we close for today I’m going to ask you for the WTR value bomb, which is in your experience, what should our listeners look to avoid doing and what can they do about it?

[33:03] Yasmin: I think that if you are serious about wanting to start your own business or have a business that creates those assets, then be very mindful of that mindset that “I can’t do this/ this isn’t for me/ no one is going to buy what I know” because when you do that, you’re putting a brick wall in front of you and you’re not going to be able to get past that

[33:40] Unless you believe in the value, no one else is going to believe in it (the first sale is always to yourself)

Increase Productivity, Hire Virtually

Kevin M Dumont — Fri, 22 May 2020 02:30:00 -0500

Due to this crisis, there’s a shift in how business is happening. Lately, more and more people are hiring virtual assistants to increase their business’ productivity rate, and this means that you could find a virtual assistant who has strong skill sets and work ethic. Today, WTR welcomes Danielle Cuomo, entrepreneur, and owner of Virtual Assist USA. In this week’s episode, join us as we discuss the benefits to hire virtually and working from home, in these unprecedented times.

Ingenious tactics to accumulate wealth, for people who see things differently.

Danielle Cuomo

Website

http://www.VirtualAssistUSA.com

LinkedIn URL

https://www.linkedin.com/in/djc287

Facebook URL

https://www.facebook.com/findvirtualassistant/

Twitter URL

http://www.twitter.com/assist_usa

Notes

[00:55] Kevin: Today, we’re joined by guest Danielle Cuomo. Today we're going to be talking about increasing productivity, hire virtually. Danielle is an expert in that field, an entrepreneur, and owner of Virtual Assist USA
[01:33] These days it is more prominent to hire virtually for businesses. If you're an entrepreneur, you will be able to hire out virtually to help you with tasks (smaller or part-time or full-time)
[02:14] Would you mind sharing a little bit with our listeners about where you came from and what inspired you to do what you do today?
[02:23] Danielle: One thing that I think that is really timely with what we're facing now with the Covid-19 virus is that I started this business in 2008 and it was a
[03:25] I really wanted to center my business around the idea that services can be really nimble, they can be flexible, they can be on-demand, and it would be an alternative to hiring employees
[03:52] I was working in IT consulting at the time and because it was the start of the recession I had just been laid off, so that was disheartening. So it was important for me to turn that into a positive and I felt like I had nothing to lose
[04:22] Now with the technology, there’s such a low barrier to entry and it’s possible for anyone (a really easy way to start a business and a really great time to do so)
[05:45] I think people are seeing how do-able and easy it is to work remotely, that technology makes it possible to still build business relationships
[07:10] We’ve always been 100% remote so for the past 12 years we’ve operated virtually. When something like this happens, we don’t have to pivot or scramble, we can do business as usual
[07:25] Our clients really benefited from that because they didn’t have any interruptions in their service (in any uncertain time I think that’s really important)
[08:05] Another benefit has really been that there’s also a really broad range of skillsets to choose from. When you’re working with someone locally in your office, you’re only able to choose from the skillsets that are available to you in your specific geographical area. But when you’re working virtually with a virtual assistant company, we can pool from a nation-wide pool of talent which can get you people who have stronger skillsets
[09:22] Kevin: Have you sen this whole idea of being able to hire virtually open doors for entrepreneurs?
[09:28] Danielle: I definitely have because they have all the tools accessible and available to them. I typically will say that everyone should be working in things that are in their genius zone and if as an entrepreneur you’re really good at making widgets for example, it doesn’t mean that you can’t do things like digital marketing and bookkeeping and social media, but that maybe you shouldn’t be doing those things
[10:15] I always advise entrepreneurs to focus on what they’re really good at (their core offering) and leaving the rest of it up to someone else (worth it financially, worth it time wise, worth it in terms of productivity)
[11:50] Kevin: If you can have a dollar do more than one thing at the same time, that’s the most efficient use of a dollar
[12:05] Danielle: If you spend 5 hours trying to make a change on your webpage, that’s 5 hours you lost that you could be talking to prospects, doing podcast interviews, and other ways to generate revenue
[12:18] It doesn’t make sense to spend your time on that (opportunity cost)
[12:24] Kevin: Opportunity cost is when you have a dollar and you lose that dollar (in something like doing work in something you don’t need to be doing or paying a tax you didn’t need to pay), you’re not losing just that dollar, you’re losing that dollar and everything it could’ve earned for you
[12:45] So what have you seen is something that holds people back from going down the road of hiring virtual assistants?
[12:52] Danielle: I think two things really hold people back
[12:54] The fear of the unknown
[13:15] How will this work behind the scenes? How will I know if someone is working?
[13:28] You have the output of work (ex: if someone is creating social media posts)
[14:30] Kevin: How do you help people overcome any limiting beliefs they might have that are holding them back?
[14:44] Danielle: With our company specifically, we can work with someone for an hour. You can certainly do video chats to establish that relationship and get to know the person face-to-face and get more comfortable, but I don’t think it’s something you need to dive into headfirst and handover all of your things to someone on day 1
[15:18] I advise people to start small and do what you’re comfortable with (if that’s having someone do some social media posts for you for an hour a week, that’s a great way to get your feet wet)
[16:02] Kevin: I’m assuming that you have a process that you can walk people through on how to hire virtually
[16:16] Danielle: One thing that we do that’s a little bit different is that we have an on-point questionnaire where we ask some practical questions (ex: communication preferences, skillsets, time zone), but we also ask some working style and working personality style of questions
[17:00] Kevin: If our listeners are thinking about hiring virtually, how should they go about finding a virtual assistant?
[17:07] Danielle: One great way is to ask for recommendations. We do a lot of our business through referrals. I would also say that you should look at at least 2-3 different companies and compare them (pros and cons)
[17:28] Kevin: Are there any resources that they can go to online to help them?
[17:36] Danielle: If you’re looking for a virtual assistant in the US, there is virtualassistantassistant.com they create a number of different independent reviews and they collect them together. You can also go to the international virtual assistant association which provides a directory of all international companies
[17:56] Kevin: Before we close for today, I’m going to ask you for the WTR value bomb, which is in your experience, what should our listeners look to avoid and what can they do about it?
[18:07] Danielle: Having done this for 12 years, I’ve seen one major mistake that people will make. That is knowing the difference between they’re ready to hire a virtual assistant or they need to hire a virtual assistant. Lots of people need to hire a virtual assistant (they have lots of work, they have areas that aren’t in their genius zone, they have marketing plans they need to execute)
[18:36] There’s a distinction when you’re ready to hire a virtual assistant and you’re ready to make that leap
[18:40] First you want to make sure your business is generating enough revenue (you want to have enough cash flow that you can spend a couple of hundred dollars on a virtual assistant a month that’s not interrupting your cash flow so much)
[18:57] Second, you need to be ready to let go, even just a little bit. It doesn’t mean that you have to let go of control of your entire business right away, but you do have to be willing to trust a virtual assistant and trust that they have the business’ best interest in mind
[19:18] Third, you want to have processes in place or be willing to have a virtual assistant create those for you. If you don’t have standard operating systems in place that’s okay and a good virtual assistant will help you create those (will help your business run a lot smoother and increase your productivity)

Crisis Management During Pandemic or Anytime

Kevin M Dumont — Fri, 15 May 2020 01:30:00 -0500

It is a mistake to think that post-crisis, everything will be the way it was before. This can be a hard fact to grasp, and companies have been suffering because of this panic and fear driving the population. Today, WTR welcomes Greg Shepard, serial entrepreneur, investor, Forbes author, and Ted X speaker. In this week’s episode, we discuss the steps that occur in the crisis journey, and how to get your business to return to deliberate operations.

Ingenious tactics to accumulate wealth, for people who see things differently.

Greg Shepard

Website

http://www.gregoryshepard.com

LinkedIn URL

https://www.linkedin.com/in/gregshepard/

Facebook URL

https://www.facebook.com/GregoryJShepard/

Twitter URL

https://twitter.com/gregshepard_

YouTube URL

https://www.youtube.com/channel/UC7GeCLaOiWzNfiu9gTpfehg?view_as=subscriber

NOTES:

[00:56] Kevin: Today, we're joined by guest Greg Shepard. Today we're going to talk about crisis management during the pandemic. Our guest is a serial entrepreneur, investor, Forbes author, and Ted X speaker

[01:28] He made it a mission for himself with his company BOSS (Business Operating Support System) and they are trying to help companies right now weather this storm of crisis

[01:45] Would you mind sharing with our WTR listeners about where you came from and what inspired you to do what you do today?

[01:55] Greg: When I was young I was pretty poor and we had next to nothing. When I started to build businesses I got to the other side of that and started to really want to give back

[05:05] BOSS has 5 major steps

[05:08] The north star: identifying where you want to go and what success looks like

[05:10] Strategy: the plan itself

[05:13] Execution: actually the process of executing the plan

[05:17] Standardization: puts in place processes and procedures and standards

[05:29] The continuous improvement loop

[05:32] When this crisis happened, we said we need to have a module that you could slide in to get your business from crisis back to business as usual and then move forward with BOSS again

[06:00] The crisis journey steps

[06:02] The call to action (the virus)

[06:07] Meeting your mentor (meeting somebody or something that's going to help you through this process... seeking advice from somebody who's already been there)

[07:02] Crossing the threshold (acting on the advice given by the mentor)

[07:07] The reward (where you emerge from the crisis as a better company back to normalization

[07:14] Back to ordinary business

[07:20] Crisis management phases

[07:25] Initial assessment and damage control (looking at the immediate and potential long-impacts on this crisis to your business and to the market in general)

[07:40] Do what you can to limit the damage to you

[07:50] What do you need on your team and what do you have available on your team that you can use to help you get that information?

[08:07] Stabilization and a crisis pivot (where you're trying to get more stable and get to a point where you can pivot)

[09:14] How can you use existing assets and talents differently to generate revenue or enter new markets?

[09:52] How can you adapt to that decision that I just went through?

[09:58] Seizing an opportunity (what aspect of your business sector is likely to see permanent change?)

[10:30] Returned deliberate operations (what conditions must be met in order for you to exit the crisis and go back to deliberate operations?)

[11:09] Circles of concern

[11:16] Circle of concern (factors you have no control over)

[11:26] Circle of influence (factors you can control)

[14:00] You act on the things you can control

[15:00] Initiative Development Process - BOSS

Isolate the initiative

Complete SWOT analysis (strengths, weaknesses, opportunities, threats)

Determine missions and objectives

Prioritize using urgent vs important, impact vs effort

Execute

[25:10] Kevin: Before we end for today, I'm going to ask you for our WTR value bomb, which is what in your experience is something our listeners can look to avoid doing and then something they can do about that?

[25:24] Greg: I think the two driving motivators right now are panic and fear and each one drives the other one (fear of loss and fear of losing out on an opportunity)

[25:53] Panic is usually caused because you don't know what to do. The unknowns cause you anxiety

What To Do With Your Cash During A Financial Crisis

Kevin M Dumont — Sat, 09 May 2020 00:30:00 -0500

Right now people have a high amount of money is sitting in cash in the US. In fact, according to a report from the Bureau of Economic Analysis released April 30th, 2020, in March personal savings as a percentage of disposable income was 13.1%, the highest rate since November of 1981 A sign people are uneasy about the volatility in the economy right now and no one knows how this will all play out. The good part of having moved your money to cash is you won't lose any. The bad part is now your money is no longer working for you. Rebels, you're probably asking yourselves, "what can I do to start making your money work for you again." Well we have 3 tactics to help you answer this question. First we'll discuss opportunities right now, then how you can start making your money value increase, third will be tax considerations.

NOTES:

[00:54] Kevin: Today we're joined by our other co-host Brian Dumont. We're going to have an important discussion about what's going on in the world right now because there's a lot of turmoil out there. Today we're talking about what to do with your cash during a financial crisis

[02:10] First we're going to talk about the opportunities right now, then how you can start making your money value increase, and then we're going to talk about tax considerations

[02:38] What kind of opportunities are there?

[02:44] Brian: I have always believed that in fact there are always opportunities and that when change occurs, we have to look for those opportunities. Even though you may have given up much of your earnings over the last full market, if you are one of those people that have a portfolio that has suffered, what that means is that this is a time where you can actually harvest some of those losses and use this as an opportunity to transition to a different position

[03:52] For example, you could move from a taxable position to a tax free position. You could move from a high risk position to a lower risk position

[04:06] When you move after you have taken losses, there's no tax penalties for moving (a great opportunity to move in the direction of safety)

[05:00] Kevin: That's the problem right now. There's so many "could's" (this could happen) which creates this uneasiness which is why so many people are sitting in cash. So it's great to take advantage of opportunities, but what about the people who are thinking about that safety? They want to do something a little more safe but their money is below inflation. What can our rebels do to start earning money on their cash being safe and the value increasing again?

[05:42] Brian: During the last recession in 2008, a lot of people did eventually move to cash usually too late, and then they sat in cash for too long (they missed the upswing back). As a WTR, we don't want to be normal. We want to go where the opportunities are and move in our own direction

[06:20] That means in this time, you don't have to let your money sit around waiting until you're comfortable to move back into equities to make money or looking for some other investment. You can start making money right away

[07:15] Suppose you have $100,000 sitting in cash right now because you don't know what to do. If you could get 5% tax free on that, over the course of 12 months that's $5,000. Over the next 3 years, that's over $15,000, which is something

[08:28] Strategic opportunistic approach to making your money work for you starting immediately (a good position to be in)

[09:22] Kevin: Along with the opportunity and getting your money to start increasing in value again, another thing I wanted to mention is taxes. So, why is taxes such an important part of this? People don't always consider the big picture of this, but if you're going to be a rebel and you're not going to listen to what everyone else is doing, why is it important?

[09:42] Brian: Well let me give you a quick example with some numbers to start and then I'm going to give you another example that has to do with tax direction

[09:48] With the numbers example that I started earlier with the $100,000. And I said $5,000 in one year while you're sitting on the sidelines, which would you rather have: nothing or that $5,000? If we take that example and compound it out overtime to look at the time value of money, that's 5% tax free (you have doubled your money in just 15 years)

[10:40] Your decision today to move from cash to earning even a solid predictable 5% tax free can have a huge impact on your financial life going forward

[10:55] The second part is where are taxes going to go? Think about this for a moment. The government right now is doing everything it can to try to revive the economy, to stimulate things, to keep us out of recession and depression. We're looking at over $8 trillion already put into the system by borrowing money essentially. How are we going to pay for that? No one is asking that question right now

[12:34] There's only 2 ways money can come from: growth in the future (which we hope will happen) and from future taxes

[12:53] If you look at the history of income taxes overtime, what you find is that the US government after the great depression didn't cut taxes. They raised taxes

[14:42] I have this cash, let's take that portion of my portfolio and move it into a protected position (tax free account) so the government won't be able to tax the heck out of me down the road to pay for this pandemic (that's a WTR move)

[15:06] There's no need to sit in cash, you can begin transitioning and use this as an opportunity to move into a safe tax free position immediately starting today

5 Tracks to Business on Amazon, A WTR Discussion With Carlos Alvarez

Kevin M Dumont — Fri, 01 May 2020 01:30:00 -0500

Thought about selling on Amazon? Based on your capital (hint, you don't need any money to start) and the time that’s available to you, there are 5 paths to successfully selling on Amazon that is discussed in today’s episode. Join WTR and podcast guest Carlos Alvarez, an Amazon expert and the owner/founder of Bluebird Marketing Solutions, as we break down these 5 steps for our listeners.

Ingenious tactics to accumulate wealth, for people who see things differently.

Carlos Alvarez

Website: https://wizardsofamazon.com/

Website 2: https://www.bluebirdmarketingsolutions.com/

LinkedIn: https://www.linkedin.com/in/wizardsofamazon/

Facebook: https://www.facebook.com/WizardsofAmazonPodcast/

NOTES:

[00:55] Kevin: Today we're joined by guest Carlos Alvarez. Our topic today is 5 Ways to Make Money on Amazon. Carlos is an Amazon expert and is the owner and founder of Bluebird Marketing Solutions

[01:30] This is something that's going to be applicable for anyone out there that can do this on the side. Let us know in the comments what did you find in our discussion that helped you

[01:52] Can you share with our listeners a little bit about where you came from and what inspired you to do what you do today?

[03:10] Carlos: I started piling on more jobs to keep up financially with everyone else

[05:35] The only thing that's really been validated in my life is selling online. I'm not having to work these insane hours that everyone else is doing. Why don't I just create a lot of different brands and figure out all the different ways that I can sell on Amazon? And here we are today

[06:05] Kevin: Now that you have all of this experience behind you, you've developed ways that people can make money on Amazon

[07:26] Carlos: There are really 5 paths to successfully selling on Amazon. Based on a combination of the capital you have that you wish to start one of these paths on, and the time you have available after work and other obligations will allow you to pick which one or combination of 2-3 works best for you

[08:40] Private label (creating your own brand)

[08:43] The riskiest of the brands, but my favorite

[09:32] You're creating a brand from scratch

[09:58] The one that's going to have the biggest investment to start ($12,000-$20,000 to start)

[10:23] Need very little time to do it (2.5 hours per day until you get it rolling then it could be a maintenance of 1 hour-2 hours a day)

[11:05] Has the most growth potential (you can exit from it, you can sell it, it's your asset)

[15:48] Wholesale (buying from a wholesaler and reselling on Amazon platform)

[15:47] You don't need to go to the store, you don't need to scrape websites

[16:50] Reselling someone else's products but you have relationships (more consistent, a cleaner model)

[18:43] A bare minimum to start with is $1,000 on a credit card

[12:20] Arbitrage (retail and online arbitrage)

[12:30] Retail arbitrage means going into a store to find products, whereas online arbitrage is using tools online to find products and scrape websites

[13:40] Extremely time consuming

[15:40] The replenishment is difficult, you're always looking for that next thing/item

[18:35] You can start with a few hundred dollars

[21:18] Merch

[21:22] I don't believe in get rich quick and super easy money like that, but this is pretty darn close

[12:45] You can drag and drop your designs on any item

[25:03] There's no limit; the limit is the limit of your creativity

[25:28] Self-publishing

[25:55] A lot of people hire ghost writers

[28:23] The main three that people talk about are Arbitrage, Wholesale, and Private label whereas Arbitrage has the easiest barrier of entry to get it and then as you gain experience, you almost advance into Wholesale and Private label

[29:55] Kevin: I'm going to ask you for a WTR value bomb, which is what in your experience should our listeners look to avoid doing and what can they do about it?

[30:06] Carlos: Comparing your chapter 1 to somebody else's chapter 20, otherwise you're always going to feel like a failure and you're limiting yourself

The Wealthy Gardener, A WTR Discussion With John Soforic

Kevin M Dumont — Fri, 24 Apr 2020 02:30:00 -0500

Success takes time. We all have 24-hours in a day, and it is up to us to decide to be productive with those hours. WTR welcomes John Soforic, self-made millionaire and author of The Wealthy Gardener. The Wealthy Gardener: Lessons on Prosperity between Father and Son is about timeless principles to empower everyday people to get more impact from their days. In today’s episode, we discuss how having a goal for financial freedom will create peace of mind and a worry-free space for achieving an unparalleled quality of life, which will in turn create more success and prosperity in your life.

Ingenious tactics to accumulate wealth, for people who see things differently.

John talks about the episode:

http://wealthygardener.com/wealth-tactic-rebels-podcast/

John Soforic

Website

http://www.wealthygardener.com

LinkedIn URL

https://www.linkedin.com/in/john-soforic-727b94140/

Facebook URL

https://www.facebook.com/wealthygardener/

Twitter URL

https://twitter.com/wealthygardener

YouTube URL

https://www.youtube.com/channel/UC6RFjgSllX0wW6nNUlzz44g

NOTES:

[00:28] Kevin: Today, we're joined by guest John Soforic. We are going to be discussing The Wealthy Gardener, John's philosophy and way of living for prosperity
[01:55] Why don't you share more with our listeners about where you came from and what inspired you to do what you do today?
[02:02] John: I really am a self-made millionaire that have lived an honorable life and won the life of finances
[03:56] There were times when my family slept all night but I wasn't sure how I was going to buy groceries, and when you go through those times it really does change you. When you stop asking yourself if money makes you happy and you start saying if you had money you could do a lot of things with it (rather than chasing a dollar)
[04:53] I traded a lot of hours for dollars and I didn't have a whole lot to show for it
[06:30] I set a really large goal that I didn't have to think or worry about money. You can give your thoughts to more important things than money (passive income)
[07:10] We all have this financial condition of life and life is so much better
[07:50] I really believe you can learn your way up in life and you learn through learning curves
[08:15] Kevin: I think sometimes that thought of "who am I?" Is a limiting thought to people (who am I to do this? This person is better to do this)[08:30] That can hold you out from learning, seeking, and achieving
[09:00] John: When you're asking yourself that question "who am I", that's when you're in a good place in your life (living on the edge of your capacity, trying to strive for your fullest potential, doing things you don't really know you can do[09:08] You have to turn that around because those are the invisible things that hold you back (if you expand that idea, it opens up possibilities in many ways)
[09:45] Kevin: So many times people believe that money is the root of all evil and wealthy people are jerks and that's a particular mindset about money that may or may not be true (money is a thing)[10:05] Money is not evil, it just kind of is, it's what people do with it
[10:10] The problem that people have when they do bad things for money is not to get money, it's because they don't have it (the lack of money)
[10:36] John: "Money isn't the root of all evil, the lack of money is the root of all evil"
[11:25] There are more important things in this world than money, but you can't focus on those important things if you don't have the money to worry about
[12:03] I do believe that if your eyes are wide open and you can see the future, you will see that you can protect your family with more money and your life gets better when you compile money[12:28] You need excess money (enough that it continues to grow that it exceeds your needs)
[12:38] The wealthy gardener says that just enough is not nearly enough (at times we need more than normal)
[14:00] Money provides opportunities and peace of mind and a worry-free space
[14:25] Kevin: People have those limiting thoughts about what their abilities are and what they can achieve. Anyone can have some level of success
[15:08] John: Sometimes we need goals so large that we can't do it on our own at our present condition. So we can expand our life a little bit at a time and you grow into it
[15:20] Kevin: Let's talk a little bit about your belief that wealth is impossible without an entrepreneurial spirit
[15:43] John: For me, wealth would be that amount of money which you could live off of in retirement and you don't have to work for money
[17:33] Wealth is absolutely 100% impossible if you live like the average people. And it's all about your hours (impact hours)
[19:35] Kevin: Each person can find their own path, but there has to be this entrepreneurial spirit (doing something different and thinking for yourself)
[19:58] John: We all have the same 24-hour clock but some people get more impact out of that 24-hours than others every day[20:11] Balanced life
[20:16] Sacrifice
[20:48] Kevin: Let's talk a little bit about how right now is a time where there's so much going on in the world. Times of fear can be extremely valuable to clarify future goals
[22:13] John: In times of fear, my option is not to react (do nothing... don't make any decision until you get your legs back under you)
[27:40] You can change everything in your life within 5 years if you put your pedal down[30:33] People have died for freedom, and we won't sacrifice our free hours for 5 years for freedom (sometimes not sacrificing is sacrificing more)
[33:05] Add value to the world such that they'll actually pay you for it and give you that applause in the form of money
[34:34] Kevin: Before we close today, I'm going to ask you for our WTR value bomb. In your experience, what should they look to avoid in their path to prosperity and something they can do about it?
[34:54] John: Our lifetime is made up of time. So to me it's essential that I give my time to things that matter and that has purpose. I want to avoid the average hour (hours when we're doing stuff but nothing important is getting done)

Survive Financial Turmoil with a Safe Tank

Kevin M Dumont — Fri, 17 Apr 2020 02:30:00 -0500

Imagine how different you’d be financially during the economic hardship if you had a Safe Tank. What’s a Safe Tank? Basically, it’s a place you can put your money that is protected, has guaranteed growth, even when you need to use funds for it, and you can use those funds anytime, guaranteed, for any purpose, without incurring taxes or penalties.

In this episode of a WTR Discussion, we talk about the current economic turmoil (characteristics of which are similar to other times of economic hardships). We also talk about what a Safe Tank is and why and how to use it. Also, we take you through 5 different, economic scenario stories, any of which could be you during these, or any, uncertain times.

Have Questions about what a Safe Tank is? How to use it? How to set one up for yourself?

kevin@wealthtacticrebels.com

NOTES:

[00:25] Kevin: Today, we have our co-host Brian Dumont. Today, we're going to be talking about how to survive financial turmoil with a safe tank.
[01:22] We're going to touch on the market volatility and how it affects your accounts, define what a safe tank is and why you'd want one, and you'll learn about how 5 different common financial tools and situations affect you during financial hardships and how you can begin to start building your safe tank today, which will put you in better financial control the next time there's turmoil
[01:46] Let's start with talking a little about the market volatility and what's going on with our listeners today
[02:20] Brian: There have been tremendous swings on a daily basis and we just don't know what's coming next and uncertainty is the worst thing for the market[03:13] If you're getting close to retirement or are already in it, you know that you can't rely on what your projections were just a few weeks ago. Things have changed dramatically
[04:10] Kevin: Wealth Tactic Rebels, we're trying to help you out today with our talk about the volatility in the world and how you can financially survive it. Reach out to us on whatever the platform is that you listen to this on, give us a rate and review and let us know what you found inspirational. What resonated with you about today's discussion?
[04:32] So we have what we call a personal economic model that we use as the model for how money flows. In there, we have what we call a two tank system, and the part of that that's today's discussion is the safe tank. Brian, can we expand talking about those tanks?
[04:50] Brian: So the easy one to talk about first of all is the investment tank. Most people have investments[04:57] We put money somewhere with the expectation that it will grow overtime (that's why we're willing to take risk and put the money in there because we want some kind of reward)
[05:13] There are two types of primary risk: market risk (the ability for your balance to decrease due to the market) and tax risk (government is in control of this)
[06:02] By contrast, and this is where the safe tank comes in, is that we have done our best to position your money in a place where we have eliminated market risk to as little as possible if not any, so that we know that your account can only grow linearly (has to grow better than the inflation rate)
[07:40] The main point of having a safe tank is it can only grow, and it must be liquid

[07:50] Kevin: Great, so now we have defined what an investment tank is and what a safe tank is. Now comes the fun part. We're going to have a "Zoom dinner meeting with 5 friends". The subject of how they're dealing with this financial storm comes up in our talk with our 5 friends[08:18] Jim: I am one of those guys who likes to put his money in the market, I'm a stocks and bond kind of guy. I follow it every day and it's been painful to see how much I've lost in the last few weeks. I'm mostly sitting in cash waiting for things to change because I just don't feel safe right now to get into more equities
[09:57] Mary: I didn't really like the market, and I think that property is a more secure place to be. A few years ago, I paid off my home and I bought an investment property and now I have 10 properties. All of my cash is in my properties, but now, half of my rentals aren't able to pay their rent. So my income is dried up since this is my only source of income. Because my income is down, the bank won't give me loans
[11:45] Charlie: I retired a couple of years ago and I'm a conservative guy. I've been working part time doing some things that I like to do so I don't hold too much out of those annuities. I got laid off recently, and it's only part of my income. I called my broker asking if I can get a little more out of my annuities and he said no that I'm at the maximum right now
[13:15] Jane: I didn't want to lose any money so I've been putting all my money into a money market account, and some in savings. They don't really pay me much in interest. With everything going on right now, I lost my job and so I had to go into what I had for savings and it's running out pretty quickly
[15:00] Sam: I have an advisor that uses the two tank system and so I have money in both my investment tank and my safe tank, and I have enough in my safe tank that I can weather any storm (I could live off of the safe tank). The investment tank is just extra, so I know that's down, but I have not been losing sleep over it because I know my safe tank is well funded

[19:15] Kevin: There are a lot of different financial tools out there that people use to help set them up in their own tactics but safe tank we find is a great way to build a foundation for your finances
[19:30] Let's sum up what we've been talking about here
[19:35] Brian: The great thing about a safe tank is that when there's an emergency, if you've been diligent, you can rely on it when things get rough[19:45] When it is an emergency like now and you have cash available, you can still move in that direction and start your safe tank now (don't have to wait until the financial crisis is over)

Mindset for Wealth Preservation and Generation, A Quiet Mind WTR Discussion With Matthew Ferry

Kevin M Dumont — Fri, 10 Apr 2020 02:30:00 -0500

Have you found it difficult to quiet your mind in busy and stressful times? Maybe, you are so fixated on the outcome of something that you let your emotions take over. What if we told you that you could quiet your mind in order to make peace with your life decisions? WTR joins Matthew Ferry, a best-selling author, life coach, and spiritual teacher. Today, we discuss how it is important to recognize a worst-case scenario for everything in order to make peace with your life.

Ingenious tactics to accumulate wealth, for people who see things differently.

Matthew Ferry

best-selling author, life coach and spiritual teacher

Website

http://matthewferry.com

Website #2

http://blog.matthewferry.com

Website #3

https://matthewferry.com/app

LinkedIn URL

https://www.linkedin.com/in/matthewferrypublicspeaker/

Facebook URL

https://www.facebook.com/matthewferry

Twitter URL

https://twitter.com/matthew_ferry

YouTube URL

https://www.youtube.com/matthewferry

NOTES:

[00:28] Kevin: Today, I'm joined by a definite outside the box thinker Matthew Ferry. Today's topic is mindset for preservation and generation. We will be talking about the impact of not taking care of your mindset and the impact of taking care of it
[01:12] Would you mind sharing with our listeners a little bit about where you came from and what inspired you to do what you do today?
[01:20] Matthew: The main thing that I do today is assist people to be at peace while creating the kind of life they want to create (quiet mind, epic life)
[03:53] When you have a quiet mind, you adopt that skillset. You find yourself in the present moment and that means you're free from stress and worry which is a big deal
[04:27] When you're stressed, you make bad decisions and you don't see things clearly and your energy is diminished
[04:52] Kevin: So you have basically a series of techniques that you can help train people with that help with all of this. So let's talk about that and what our listeners can do
[05:05] Matthew: We want to start with this idea of the rapid enlightenment process. Proven 4 step process to try to get the mind to quiet down and to stop being so stressed out in order to take action (be at peace in the process)

[05:40] See that your mind is not your friend

[05:58] You don't listen to your mind like it's a trusted advisor; you listen to your mind like a survival system (what it is... thriving vs. surviving)

[07:08] Recognize that there are 10 hidden motives to survive. If you don't understand what these motives are, they actually run the show (greed, grudge, hatred, victim, illogical rules, humble, traitor, pride, resistance, and lazy)
[07:43] To use enlightened perspectives that assume that all is well
[07:50] Use something called re-contextualization (a skill of re-languaging that all is well)

[08:35] What do we do to make the mind go quiet?
[08:45] You have to embrace the worst case scenario (then make a plan from there)
[12:50] Embrace and celebrate breakdown/failure
[12:56] A quiet mind isn't possible when you are resisting the way that life is
[13:38] 70% of the real big negatives in your life overtime optimize for something good
[14:28] Breakdown is the beginning of breakthrough
[15:43] Kevin: How about practicing being at peace amidst the chaos?
[16:07] Matthew: Being at peace is the ultimate expression of quiet mind and it takes practice. To achieve it, you have to be able to catch the "drunk monkey" in reaction (for all the negative self-talk)
[16:43] Your mind is absolutely convinced that it's psychic and that it can predict the future. So questioning everything your mind says puts you in control
[17:14] You can be at peace if you choose. You feel overwhelmed by chaos when you're unconsciously resisting the outcome (when you're attached)
[18:02] You deal with your attachments. What is it that I'm afraid of losing? You make peace with losing it (just like accepting the worst case scenario)
[19:20] If you choose to focus on quieting your mind and becoming at peace with the world, what you can count on is a massive increase in your productivity (sometimes sitting on the couch is the best option)
[22:15] Kevin: Before we go today, I'm going to ask you for the WTR value bomb, which is what should our listeners look to avoid doing and something they can do about that?
[22:26] Matthew: I would say the most important thing to avoid right now is being overly-optimistic about the way that the world is going. Even though you might have an optimistic view, to express it out loud and minimize the negatives will put you as the outcast
[22:58] Make sure you're in report with the world, have compassion with the negatives that people are going through, and don't resist

Organic Marketing Content to Get More Customers, with Kris Reid

Kevin M Dumont — Thu, 02 Apr 2020 23:30:00 -0500

For Kris' special offer, please leave a review for this episode on your choice platform, then follow this link:

https://ardorseo.com/kevin/

Kris Reid

Website: https://ardorseo.com/

LinkedIn: https://www.linkedin.com/in/coolestguyinseo/

Today we’re sitting down with Kris of Ardor SEO, one of the largest search engine optimization firms. Kris is an expert in getting content to rank in Google and in converting website visitors into lifelong customers.

How do you write the perfect online content?

Crafting the perfect online content starts with search engine optimization or SEO. SEO is relatively new in the grand scheme of things, so it’s not yet done by all businesses. This is good news for you because it means that you’ll have an easier time creating the perfect content that readers are looking for.

SEO is most effective when someone is searching for your goods and services, rather than traditional marketing where you’re going out and advertising in someone’s face. This is because the customer is already seeking help. So the job of your website is not to convince the reader that they need the product, but that they need your product or service specifically.

Most people already have a website, but they don’t necessarily know how to use it. As much as your website might be beautifully designed, if the web copy isn’t doing the majority of the work, you’re still not going to make that sale. Kris tells us that to create the perfect online content the website “needs to convey your message and that you’re an expert” followed by an action that your visitor can take so that they become a lead. Remember, you’re not actually providing value to them until you close the sale! You could have thousands of visitors a day but if none are turning into customers and helping to scale your business, your website is a flop.

So how does search engine optimization help with this?

SEO is organic and the longer you spend working on building it, the more value you’ll get in the long run. SEO helps your website appear at the top, so that when someone searches for “baker in LA”, your website comes up, as opposed to your competition.

Google makes 90% of its revenue through Adwords (paid keyword ranking) and this is a great way to generate traffic and earn money quickly, but unless you’ve got a huge SEO budget it’s not always the best way to move forward. Adwords will get more and more expensive as more and more content is created for each keyword, but SEO snowballs and helps you grow.

In the next section, you’ll learn about using keywords to develop content that your audience finds. Read on!

How do you develop organic content that gets in front of your customers?

To develop organic content that successfully gets in front of your audience, you need to conduct keyword research, a major part of SEO.

Use tools like Ahrefs (the seven-day trial and downloading of keywords for future use is enough if you have one blog) to do your keyword research, being sure to target long-tail keywords. You’re going to have a lot more success ranking for “how to get a credit card when you have a terrible credit rate” rather than just “credit cards” because the industry giants like Discover, Bank of America, etc. will rank or will have paid to rank for those words.

You also want to create a hierarchy within your site so that Google knows which pages are more important and to avoid keyword cannibalization.

Think like Amazon. If you go on Amazon’s website and want to look at women’s sandals, you’ll first navigate to fashion, then women, then shoes, then sandals. Amazon’s URLs follow that scheme so it would be something like amazon.com/fashion/women/shoes/sandals. This way, Google knows which pages are higher up in the hierarchy and it helps Google categorize them appropriately. Google likes to be helped out, so the more work that you do on your end the more successful you’ll be in ranking your content.

Additionally, using a hierarchy system like this will help your website avoid keyword cannibalization. That means that Google knows that your domain.com/podcast ranks higher than domain.com/podcast/howtostart and so when it comes to choosing which page to rank if someone Googles “how to start a podcast” the rankings of the pages won’t bounce back and forth.

Kris talks more in-depth about this in the podcast so be sure to give it a listen!

Who is your potential customer? What are they searching for?

The best way to create successful content that ranks in Google and converts website visitors into customers is to understand who your customer is and what they’re looking for. If you sell construction tools, know that someone isn’t looking to buy a drill just for the drill, it’s because they want a hole! So your title, meta descriptions, and H1 should express that you have what the customer is looking for. It’s not about you, it’s all about the customer.

Wealth Tactic Rebel Value Bomb

We ended the podcast by asking Kris this question: What should people look to avoid regarding SEO and what can they do about it?

The answer:

Spend less money than you make! You should be thinking of profit first when it comes to your business and SEO is no different. Investing in SEO practices is a sure way to generate lasting and predictable traffic.

Get SEO Help

Kris has generously offered a special deal for all Wealth Tactic Rebels listeners. Visit ardorseo.com/kevin Kris will personally take a look at your website, help you understand how you can improve your title and meta tags, will conduct keyword research to help you rank within your niche, and give you ideas of things that you can fix yourself to start growing your audience, all for only $7! And, if you leave a review for Wealth Tactic Rebels, there’s a special bonus surprise from Ardor waiting for you with your consultation.

FAQ (Frequently Asked Questions)

What are the main differences between paid marketing and organic marketing?

SEO, search engine optimization, is an organic method of ranking in Google’s search results. It’s not easy and it takes elbow grease and months if not years to really succeed, but the lasting results that are created are well worth the investment of both time and money.

Paid marketing on the other hand is Google Adwords, in which companies pay to rank for a certain word. They have to pay per click, so every time someone Googles “truck accident lawyer in NYC” if John Doe Firm has paid to rank first for that, they’ll pay for each click they receive. For lawyers especially, it’s often upwards of $200 per click because the income that could be made by getting that client is so large.

What does organic content mean?

Organic content means that the content is original and created without keyword stuffing. Google wants to know that the content was actually created with the reader in mind and not for a robot. Google is smart, so if you write “credit card” 50 times in a post, that doesn’t mean that you’re going to rank for that word.

Instead, do your keyword research to really target specific keywords that are both achievable and have a decent number of searches every month.

What is organic and inorganic in digital marketing?

In digital marketing, if someone refers to organic vs inorganic, they’re referring to the use of SEO (keywords, backlinks, etc) to generate traffic. This takes a lot more time to build up and to be successful when compared to inorganic digital marketing, but the results are more lasting.

Inorganic digital marketing refers to the use of paid keyword ranking. Companies will bid to rank for a certain keyword and for each click on their link, they will pay that amount. This is a great way to quickly drive traffic but the results will disappear as soon as you stop paying. It can also be very expensive and you may not make enough profits for it to be worthwhile.

What is organic Facebook marketing?

Organic Facebook marketing refers to the reach of a Facebook post or video without the use of paid advertising. Just like on Google, you can pay to have your Facebook post be seen by more people, but this is an inorganic method and again, the results won’t last as much as they would if you build up your following.

Develop a marketing plan and include your socials as part of it for maximum digital marketing success.

About Kris Reid of Ardor SEO

Kris began his SEO journey as a software developer working in the finance sector. After losing his high-paying job during the financial crash he built an online game and soon wondered how to grow the traffic for it. That’s when Kris became involved in SEO and since then has used his software skills to build Ardor SEO, where he and his team work to create websites and content that ranks in Google, builds leads and converts visitors into clients.

Thinking of Your Side-Hustle/Business as an Asset

Kevin M Dumont — Fri, 27 Mar 2020 03:30:00 -0500

When deciding to turn your side-hustle into a legitimate business, there are so many unknown variables that can sometimes drive you away from accomplishing it. Today, WTR welcomes Luke Peters, an expert in building wealth and a successful entrepreneur. In this podcast, we will discuss how side-hustling brings about a large amount of freedom and how to transform your side-hustle into a legitimate business with value.

Luke Peters

Website

https://www.instagram.com/newairusa/

Website #2

https://podcasts.apple.com/us/podcast/the-page-1-podcast/id1478811133

Website #3

https://www.newair.com/

LinkedIn URL

https://www.linkedin.com/in/luke--peters/

Facebook URL

https://www.facebook.com/newairusa

Instagram

https://www.instagram.com/newairusa/

NOTES:

[00:28] Kevin: Today, we're joined by Luke Peters. What we're going to be talking about today is thinking of your side hustle/business as an asset
[02:22] For some people that side hustle becomes, like Luke here, legitimate business in their way of life
[02:32] Can you talk a little bit more about where you came from and what inspired you to get to where you are today?
[02:40] Luke: My parents had always worked hard and always taught us to work hard (I got a good work ethic from my parents)
[03:10] An inspiration is that once you have a business, you kind of realize that you have more stability in a sense (you're in charge of the risk versus being an employee)
[03:22] And I enjoy the freedom, I'm not someone who likes to follow a lot of rules
[03:48] Everyone can be in business, you don't have to be just one type of individual
[04:14] Hiring good people is the best thing now. The sooner your business is making enough money to hire good people, good people are going to drive your business
[04:27] Kevin: Do you find that in today's world it's a little easier to outsource tasks (ex: Fiverr)
[04:55] Luke: For sure, in today's day and age you can do that, but you have to weigh both sides of it. You don't want to outsource things that are not making us money in the beginning
[05:15] You hire locally for the high-level talent (where experience makes a difference) and you outsource the tedious things you don't need to do locally
[05:30] Kevin: There's also the flipside to this and that is when you're starting out your side hustle, you're doing all those tasks and a lot of people say it's good that you do them in the beginning in order to learn it first. When you understand it better, you can outsource it better
[06:27] Let's talk a little bit more about why would our listeners want to change their mindset of thinking about what they're doing as a side hustle into a legitimate business?
[06:40] Luke: Let's first back up and look at employment. The days of people staying with the company their whole working lives is past us now and it is a very competitive world
[08:01] When you work for someone else, first of all you need to be motivated (flexibility to make their own decisions)
[09:23] Is there free time and are we spending it wisely? And if not, that's the time people can spend on their side hustle
[09:36] Kevin: You mentioned spending time with your family. Once you change your mindset of taking your side hustle into a legitimate business, can this (entrepreneurship) benefit your family?
[09:46] Luke: I think so because when you think about it, yes, it does take you away from family time, but you can still be very active in your family's lives all while doing this side hustle
[10:18] Really disciplined time spent (a couple hours a day) is enough time to start a side hustle
[11:46] I think it's really positive for the family to be talking about business. It opens up their eyes to opportunities
[12:57] Kevin: I think a lot of people have this pervasive idea in their heads that in order to try to do a side hustle as a business they need to be going at It working late every day and maybe that's intimidating
[13:25] Luke: I think the biggest thing is that people don't know where to start. My only answer to that is you just have to start. You have to sit down and start doing work while asking yourself "what can I build or offer that's valuable that a customer will buy?"
[13:42] And then you literally have to just go and sell and if you have a certain service that you want to sell, you have to create email offers (cold-emailing) and get your customer and figure it out
[15:10] Kevin: Let's talk a little bit about the transition going from a side hustle to the next step of a legitimate business?
[15:20] Luke: I don't necessarily know if there's a firm line there, once you have clients you'll need to establish some sort of entity. But you could start out as a sole proprietorship and then eventually convert to an LLC or a partnership
[15:45] Once you're collecting money, you're a business and you're going to have to pay taxes and keep books, but at the same time when you're small, I guess the key things is to keep track of your expenses that are associated with that business
[16:38] What people really want to think about with the business is it is an asset and it's something that holds value for you. Most businesses when you stop working, they don't stop
[17:22] You're building something that's only going to increase in value
[18:24] Kevin: Before we close, I'm going to ask you for our WTR value bomb, which is something in your experience our listeners should look to avoid and what they can do about it?
[18:37] Luke: Things to look to avoid specifically in business is to not feel like you have to sign contracts and if you do sign them, understand that everything is editable and variable
[19:30] I would advise against hiring in family but there's so much work you can find on other sites

Hedging Your Future With Real-Estate

Kevin M Dumont — Thu, 19 Mar 2020 03:30:00 -0500

What happens when you do not take the steps to adequately research what you want to invest your money in? Making a plan and really becoming aware of the deal you might invest in could lead you to avoid future problems with investment. Today, WTR welcomes Rodney Miller, co-founder of Trident Multi Family, a real estate investor, and an entrepreneur. In this podcast, we will be discussing what to look for in a good deal and how to increase your wealth by hedging your future with real-estate investments.

Investing is a great way to build wealth, especially when it's something you are passionate about.

Ingenious tactics to accumulate wealth, for people who see things differently.

Rodney Miller

Co-founder of Trident Multi-Family, real estate investor and entrepreneur.

Website

https://www.hallmarkhomebuyers.com/

Website #2

http://mwcapitalgroup.com/

Website #3

http://www.thebrooksclinic.com/

LinkedIn URL

https://www.linkedin.com/in/rodneymiller/

Facebook URL

https://www.facebook.com/rodney.miller.5201?ref=bookmarks

Twitter URL

https://twitter.com/rodney1924

YouTube URL

https://www.youtube.com/user/HallmarkHomebuyers

NOTES:

[00:26] Kevin: Today, I'm joined by an expert guest Rodney Miller. Today we're going to talk about hedging your future with real estate
[01:02] Rodney is the co-founder of Trident Multi Family and he's a real estate investor and entrepreneur. Would you mind sharing with us a little bit about where you came from and what inspired you to do what you do today?
[01:23] Rodney: I got a degree in business and worked as a claims adjuster for a few years. I purchased into a business in Oklahoma. I wanted to think about my legacy and my kinds so I started buying real estate
[02:20] Real estate is a fun business and you can do it on your own time out of your house and can do very well at it with a very minimal amount of time (something you don't necessarily need to retire from)
[03:29] Kevin: If you keep a purpose going, it keeps your mind and body active and it keeps you healthy and happy and you have a longer quality of life (whether it's real estate or you have a great hobby that you enjoy)
[03:42] Rodney: You should always be learning and always be challenged. I think when you stopped being challenged, you start cognitively slowing down (you have to do something that ignites your passions)
[04:06] Kevin: We're going to talk about your passion, which is the real estate, so our listeners can get a little more information on how to hedge their future, help them (should there be a downfall in the market). As a disclaimer, we're just giving information so our listeners are better informed and so they can do research and decide what is best for them on their own. So the Multi Family Syndication, why that?
[04:42] Rodney: Well I started off with single-family homes and then around 2008 when the markets crashed, I had about 70 single family homes that were bread and butter C class houses
[07:08] What that boils down to is a solid investment. If you have to put your money somewhere you want to avoid a huge hit (C class real estate has a level of stability)
[08:02] Kevin: How is it regarding the tax situation?
[08:07] Rodney: Well I'm not a tax expert, we'll start there. It's not what you make, it's what you keep. If you invest in stocks and bonds and make a lot of money and you're in the 30% tax bracket, you have to really factor in your tax stuff. With Multi Family, the government really likes it
[08:27] We get really good terms, not only in lending, we get 30 year mortgages and then non-recourse debt because the government loves these stable assets
[08:50] Banks like to lend off and spur growth. There's a shortage of Multi Family or the C class folks so the government really incentivizes operators like me to buy it and fix it up and put people in there, and they do this by giving us tax credits (ex: 1031)
[10:00] Kevin: I'm curious, is there a point where you say now it's time to sell and roll it over into another property? Is there a general timeframe? What's your strategy with that?
[10:10} Rodney: So when we underride a deal, we locate a deal that makes sense to us and we're looking between 100-300 unit apartment complexes class C and we're pretty much in the mid-south
[10:32] When we find a deal, we underride it from a 3-5 year plan
[13:26] Every deal is deal by deal basis, we don't pull people's money. We find a deal, we tell you the story about it, and you decide if you're going to put your money in it or not
[13:54] Kevin: We've been talking about the Multi Family indications, so what is and how does this indication work?
[13:58] Rodney: So we operate in compliance with the SCC, so when we do a deal, we form an LLC and then we put together an offer (70, 30 split with our investors)
[14:56] We file and accept the offer and we take all the risk involved in the deal, and we tell you the merits of the deal and then you decide if you want to invest in the deal. If you do, there's certain paperwork you have to fill out (you'll either need to be accredited or sophisticated)
[16:32] The rich are getting rich by going and buying stocks, bonds, and mutual funds and waiting long term (they're building their assets)
[17:36] Kevin: People should make a plan, not necessarily have all of their eggs in one basket, maybe have a favorite basket/club. People need to do research because a lot of people invest without doing research and that's when you can run into problems
[18:44] If our listeners are thinking that they might want to head in this direction, what should they look for in a deal?
[18:58] Rodney: Every deal is different. You need to be just as concerned about the operator of the deal as you do the deal. Because a great deal with a bad operator is not a great deal. It really comes down to who you invest your money in
[20:42] Kevin: When you're looking for a deal, what are the characteristics you're looking for typically?
[20:45] Rodney: 100-300 units, we want to be in the mid-south (growth of these states), class C housing, and it has to have value (something we can to do improve the property)
[22:17] Kevin: Before we close for today, I am going to ask you for a WTR value bomb, which is what in your experience should our listeners look to avoid doing and what could they do about it?
[22:30] Rodney: Just what we discussed earlier. Avoid making an investment before you have researched in depth what you're going to invest your money in (you need to know the business model, industry, markets, and the operators)

Scaling Your Business, A WTR Discussion With Frank Bria

Kevin M Dumont — Fri, 13 Mar 2020 03:30:00 -0500

Often times, many people are hesitant to scale their business either because they think they can’t do it, or because they believe that the way to scale is to become a software company or a digital course company, for example. But the change starts with a change in mindset, and if the founder isn’t willing to grow, then how can the company grow? Frank Bria, book author and founder of High-Ticket Programs, joins WTR today. In this episode, we will be discussing three major roles that you need to “fire yourself” from, and how you could benefit from hiring team members to take over in order to drive a bigger version of your company.

Ingenious tactics to accumulate wealth, for people who see things differently.

Frank Bria

Book author and founder of High-Ticket Programs, a consulting firm that helps business scale.

Website

https://frankbria.com

LinkedIn URL

https://linkedin.com/in/frankbria

Facebook URL

https://facebook.com/7figuresexpert

NOTES:

[00:27] Kevin: Today I'm joined by our expert guest Frank Bria. You will learn how you can scale your business even if you think you can't and especially if you have a service business. You will also learn how you can turn your business into an asset, the steps it'll take to be able to operate your business without you there, and the personal transformation journey you'll have
[01:28] If you wouldn't mind sharing with our listeners about where you came from and what inspired you to do what you do today
[01:47] Frank: I started out my businesses in tech and in finance and developed a bit of expertise, so it was just natural to have a consulting practice and it took me all over the globe
[03:07] I knew I had to begin transforming what I built
[04:06] Kevin: Why don't we start talking about the scaling of your business and transforming it through that to an asset
[04:13] Frank: So the theoretical definition of scale is that when you get a new customer that you don't have to spend any more time (that's perfect scale)[04:31] Not everyone reaches perfect scale, but that's what we're going for
[04:37] The thing you have to do is to remove yourself from the process ("fire yourself")[05:00] If you think about where you are involved in your business, there's probably 3 major areas that right now you're taking the roll and you have a hard time seeing someone else doing it[05:11] Sales and marketing[05:30] How do I generate leads and how do I close them without me?
[05:34] Customer delivery[07:02] You have to find a problem and solve it (narrowing it down)
[08:53] You want to hire an intrapreneur (same desire to build but they're willing to do it in your vision and structure and not for themselves)

[10:50] Intellectual property (the hardest thing to move off)

[11:42] These three things are so important because if I'm going to come in and buy your business, those are the three systems I'm going to be looking for
[15:10] In terms of the e-myth, the core message is that there's a difference between someone who runs a business and someone who is a practitioner and a lot of times service businesses start with practitioners who want to start businesses[15:22] The overall flow of the e-myth start with you have to decide which of those two things you want to be (if you want to run a business, you have to transform yourself from practitioner to CEO)
[16:10] We tend to work with service business owners that tend to deliver high value services (those are the ones that have the hardest time scaling because there's this siren song in internet land that the way to scale is to either become a software company or to become an information product company or a digital course company)[16:34] What ends up happening is that you have these high value service providers that charge $50,000 for a consulting arrangement and in order to scale they think what they need to do is to start selling $2,000 courses online[17:05] It feels wrong because it is wrong
[19:19] Scaling fundamentally requires creating order out of chaos
[19:39] Kevin: So let's touch on the next subject here before we close. During this process, a lot of time is put into transforming the owner, so this is something that I'm sure you've experienced that the people you're working with are going through (their transformation journey during this process)
[20:07] Frank: I say every business growth exercise is a personal transformation journey. There is a curve for founders where, as the company grows bigger and bigger, they change what they do and it makes logical sense
[20:32] At some point we grow because we hire people to manage those tasks for us and now we're managing project managers
[21:10] We look at a lot of examples with CEOs out there (ex: Mark Zuckerberg is the exception, not the rule)[21:28] Most founders don't grow up to be CEOs; most founders flunk out[21:33] As the company grows, one of two things happens: either the company stops growing because the founder stops growing, or external investors or other people are involved and they kick the founder out
[22:36] Kevin: So basically, if you're an entrepreneur and you start a business and you're scaling it and you want to be able to stay with it as it continues to grow, you have to understand that you need to change with the business (your mentality, your mindset of what you're doing has to change, and if it doesn't, then you're going to hold your business back)
[22:57] Frank: If I had to think about the most common conversation I have with a client, it's where they come to me about ready to fire us and they go "this isn't feeling good; my personality isn't really in the business anymore"[23:22] We say "okay you have a choice to make; first of all, I never told you this was going to be easy or fun (it's hard to grow and scale), and you're not going to be the same person or organization at the end of this process that you were in the beginning"
[24:19] There is an element of control whether it's a personality based control or if it's a real concern about quality (people have to start trusting and realizing that they can actually control but they do it through strategy and direction rather than micromanagement)
[25:28] Research shows us that the best way to lead is actually to change your style overtime based on the person and where they are in the growth process (we don't have a style we stick with... you have to adapt)
[25:51] Kevin: Do you have any tips that can help people with their mindset shift as they develop?
[26:00] Frank: It comes down to fundamentally the same problem over and over again. Let's use an analogous problem that people really are comfortable with. Let's say that you're a founder of a company and you need some capital to grow. So you go to Ventra Capital and they say they have $5 million for you to inject into your company and I just want 40% of your company. You're not sure you want to give up 40% of your company. So then you come down to the fundamental question:[26:34] Do you want 100% of a $100,000 company, or do you want 60% of a $10 million company (which is more valuable)
[26:48] You start to trade off. Fundamentally we have to go through the exact same mindset shift when it comes to the control of the business itself. You need to bring in really good team members that are going to take over some of the things you don't want to let go of (drives a bigger vision)
[27:45] There's a saying that's useful for this: If you want to go fast, go alone. If you want to go far, go in a group
[27:57] Kevin: Before we close for the day, I am going to ask for the WTR value bomb, which is in your experience, what should our listeners look to avoid doing when it comes to scaling their business and what can they do about it?
[28:12] Frank: The biggest mistake I see people make when they try to scale is to lower their prices (don't do that)[28:32] If you find that you're having to lower the price, that tells the entire marketplace that you're lowering the value proposition
[28:44] Really focus in on a core value proposition that people really want solved
[28:52] Interestingly enough, sometimes scaling is actually the thing that saves a lot of businesses from the cash flow crisis

Story Telling; A WTR Discussion With Paul Smith

Kevin M Dumont — Thu, 05 Mar 2020 03:30:00 -0500

Before today, you might have not realized the importance of storytelling. How can storytelling relate to building wealth and leadership skills? Today, WTR discusses the importance of storytelling with Paul Smith, an author and speaker who has an expertise in storytelling. This podcast will uncover the steps that are necessary to help engage your audience while you are communicating your story, along with the most important stories that any leader needs to be able to tell.

Ingenious tactics to accumulate wealth, for people who see things differently.

Paul Smith

Website: http://www.leadwithastory.com

Website 2: http://www.kennytedford.com

LinkedIn: https://www.linkedin.com/in/smithpa9/

Facebook: https://www.facebook.com/LeadWithAStory/

Twitter: https://twitter.com/LeadWithAStory

YouTube: https://www.youtube.com/user/LeadwithaStory

NOTES:

[00:25] Kevin: Today, we're joined by guest Paul Smith, whose expertise is storytelling. Specifically, storytelling that has to do with you in your life and your profession and relationships. Stories are great ways to convey ideas and get messages across clearly to people in ways that people can relate to you and understand you
[01:38] If you wouldn't mind, could you tell our listeners a little bit about where you came from and what inspired you to do what you do today?
[01:57] Paul: I studied economics in undergrad, got an MBA, and spend a couple of years as a consultant. But along the way, I just got fascinated with this concept of storytelling and I just recognized that the leaders that I admired the most were really good at it[2:36] I set out to learn about it myself by interviewing a bunch of leaders (about 300) and this has allowed me to reverse engineer my way into what works and what doesn't with storytelling (this lead to books I've written)
[02:57] I research and write about storytelling at home and at work and I spend my time teaching people how to do that
[03:20] Kevin: Let's go into the storytelling part of this and why storytelling? What's really in it? What is it do for our listeners and why should they care about this?
[03:30] Paul: There are a lot of reasons, but the most important to me are:[03:34] Human being don't make the rational, logical decisions that we'd like to think that we do[03:43] Human beings often times make subconscious, emotional decisions in one place in their brain, and they rationalize those decisions a few nanoseconds later in a more conscious, rational thinking part of the brain

[04:18] Storytelling allows you to talk to both parts of the brain and you need both. So if you want to influence what people think, feel, and do (leadership), you need to speak to both parts of the brain
[04:38] Stories are a lot more memorable and people tend to remember what you say more

[05:13] Kevin: I remember some expert said that the brain thinks in pictures, and when you tell a story, a person gets a picture of what's happening in their mind and maybe that's one of the reasons why it sticks with people
[05:39] Paul: When you're just telling people what to do or what to think or just bossing them around, there's no movie to watch in their mind's eye
[05:52] Kevin: How do you use storytelling? (at home vs. at work?)
[06:05] Paul: Storytelling is useful at home and at work. The main difference is simply what type of stories you're telling and what your objective is[06:30] At work, you're trying to get people to see and understand your vision or you're trying to lead change or you're trying to get people to collaborate more (accomplishing some leadership objective)
[06:44] At home, you might be trying to parent your kids and teach them what kind of character traits you think they should have growing up (teach life lessons)
[07:23] There's something called a story spine that I use to teach people about the structure of a story and it's kind of like "here are the sentences that if you fill in the blanks, a story will emerge in the right order"
[08:27] Kevin: Could you talk more about the structure/the steps of a well told story?
[08:34] Paul: There are 8 questions that your story needs to answer in this order[08:43] Why should I bother listening to the story? (the hook)[08:47] Need to answer this in the first 10-15 seconds or your audience might not listen to your story

[09:04] Where and when did it take place?
[09:07] Who's the main character and what did they want?
[09:10] What was the point problem or opportunity they ran into?
[09:12] What did they do about it?
[09:13] How did it turn out in the end?
[09:24] What did you learn from that story?
[09:26] What do you think I should go do now? (time for a recommendation)

[10:11] The order does matter (will help the audience in determining if it's a true story upfront)
[11:29] In storytelling, the end comes at the end, if you give away the ending at the beginning it ruins the story
[11:54] Kevin: So you recently wrote the book "The 10 Stories Great Leaders Tell" and I know you've written several other books, but this particular book has a good meaning to it in terms of storytelling. So why did you write this book "The 10 Stories Great Leaders Tell"?
[12:45] Paul: I finally had an opportunity with a publisher to write a very short book that you can literally read in 1 hour that focuses on the 10 most important stories that I think any leader needs to be able to tell at a moment's notice

[13:08] I'm going to tell you all 10 right now[13:14] Where we came from (founding story)
[13:17] Why we can't stay there (a case for change story?
[13:20] Where we're going (vision story)
[13:23] How we're going to get there (strategy story)
[13:37] What we believe (corporate value story)
[13:40] Who we serve (customer story)
[13:49] What we do for our customers (sales story)
[13:57] How we're different from our competitors (marketing story)
[14:18] Why I lead the way I do (personal leadership philosophy story)
[14:23] Why you should want to work here (recruiting story)

[16:19] Kevin: So we've been talking about the structure of some stories and the books and why, but I think it's time to tell one or two stories, don't you think?
[16:34] Sure so let me pick a couple from that list of 10. Number 8 is a good one, which is how we're different from our competitors. The example I use here comes from a guy named Sharad Madison (the CEO) of United Banking Maintenance, a commercial cleaning company. When he's talking to a perspective client, at some point he tells them an opportunity to tell them what he does when he gets a new client. He says "there's always a 30 day transition period between when we sign the contract and when my company takes over. So what I always do in those 30 days is I sneak into the building in the middle of the night to watch how they're cleaning it now (gets permission to do this). Most of those employees are contract employees and he wants to know if they're well-trained and well-equipped to do their job. At 2 in the morning, I went into the Verizon building and I found a guy vacuuming the carpets, and he was using the type of vacuum people use at home. The problem is first of all, that thing isn't going to do a very good job and it would take forever to vacuum. So when we took over, we put him into a triple wide, industrial-grade vacuum that would do a much better job in the fraction of the time"[19:15] So he's telling this story and the person he's talking to can see in their mind's eye what's happening in the story. The story allows the person to understand why they're better than their competitors
[21:02] Another story that I want to tell is number 9, which is the leadership philosophy story (why I lead the way I do). The example I use here is a guy named Mike Figliolo and his first leadership opportunity was in the army, and his first leadership challenge was during a training exercise where he's assigned to lead a platoon of tanks. They're going to go into training battle with each other. He happened to be in charge of the first tank on his side of the field that's going into "battle" in wedge formation to 400 tanks behind him. It's important that he goes in the right direction because everyone is following him. He gets to the first place where he has to make a decision whether he wants to turn left or right and he just doesn't know what to do. He has a decision to make, so he can either stop the tank and get the map out and figure the right thing to do, or he can just guess. Mike chose option 2, he yells out "driver turn left" even though he has no idea if that's the right direction. 2 minutes later, the light inside their tank turns on which meant you "you're dead/you lose" (so he made a bad decision). All the tanks behind him turn the same way he did and also lose. Tank 4 realized that decision was a mistake, so they turn right and then the tanks behind tank 4 also turned right and won the exercise[23:50] What he learned from that experience was that sometimes in life, in work, in war, it's better to make the wrong decision quickly than the make the right decision slowly
[24:10] In life, when you make a mistake, life will let you know pretty quickly that you made a mistake
[25:20] Kevin: Do you have any tips that you could share with our WTR listeners that would help them craft a well-told story?
[25:40] Paul: So we've already talked about structure of a story. We also talked about what stories to tell, which is the most important thing. Once you've chosen a story to tell, then having the right structure is definitely important

[26:00] A couple of other things you want stories to have in order for them to be really effective is two things[26:04] Some emotional engagement
[26:09] A surprise ending (make the stories more memorable)

[26:57] Storytelling is just like any other aspect of business. If you want to be better at marketing, you study marketing. If you want to be better at finance and accounting, you study those things. When you're crafting a speech, you probably should write your words down in an outline and think through them ahead of time
[27:40] Kevin: The WTR value bomb I have for you is in your experience, what is something our listeners could look to avoid and what could they do about it?
[27:53] Paul: One of the biggest mistakes I see in storytelling at work is people announcing that they're going to tell a story. Unless you're dealing with kindergarteners, nobody wants to be told to gather around for story time
[28:45} Leaders don't ask permission to lead, they just lead. Never ask permission or apologize for telling a leadership story, just tell it

Demystifying Medicare; A WTR Discussion With Danielle Roberts

Kevin M Dumont — Tue, 25 Feb 2020 03:30:00 -0500

A lot of people don’t know what Medicare really is. You might know that it’s a form of health insurance provided by the federal government, but do you know the specifics? If you start doing your research early, it could benefit you in terms of you knowing what your options are and how much you really should be saving in retirement that would go toward health care. Today, WTR welcomes Danielle Roberts, Medicare expert and co-founder of Boomer Benefits. In this episode, we will be discussing the difference between Medicare, Medicaid, and long-term care, and why starting to think about this process sooner, rather than at the last moment, could be a significant weight off of your shoulders when it comes time to applying for Medicare.

Ingenious tactics to accumulate wealth, for people who see things differently.

Danielle Roberts

Medicare expert and co-founder of Boomer Benefits

Website: https://boomerbenefits.com

Website 2: https://daniellekroberts.com

LinkedIn: http://www.linkedin.com/in/daniellekunkle/

Facebook: http://www.facebook.com/BoomerBenefits

Twitter: https://twitter.com/BoomerBenefits

YouTube: https://www.youtube.com/boomerbenefits

NOTES:

[00:27] Kevin: Today I'm joined by Danielle Roberts, and we will be talking about demystifying Medicare. Would you mind sharing with us a little bit about where you came from and what inspired you to do what you do today?
[01:20] Danielle: I was a person that went straight into a business job out of college and worked in the staffing field for about 10 years, and then I was looking for the next thing to do
[01:35] I stumbled across an insurance interview and I went and learned all about health insurance and really enjoyed that concept for a business model because you get to help people and can earn a nice living from
[02:07] I originally worked with people on doing group health insurance and helping small business owners set up for coverage
[02:49] Eventually I came to the idea that people must really need information on Medicare because people keep asking about it[02:58] It's a huge national beast of a health insurance program so no wonder people are confused
[03:20] I went into learning about Medicare and went out and got a couple of designations and studied it for a few months until I really understood what it was and then we started offering those services
[03:45] We now solely help people who are trying to transition into Medicare and make that big life change from employer coverage over to government coverage
[04:30] Over the years, my brother and I have sold those policies ourselves in the beginning and then we ended up needing help and now we have 57 employees who work full time explaining Medicare to people all around the nation (making it into something you can understand)
[05:09] Kevin: Let's talk about what Medicare is and a little bit about what it isn't
[05:14] Danielle: Medicare is the federal government national health insurance program for people age 65 or older. When you turn 65, you are eligible to sign up for health insurances provided by the federal government instead of, or along with, your employer health coverage[05:43] Because it's an entitlement program, it's something most Americans pay into
[06:01] People tend to think Medicare is free (we're paying for it in our taxes during our working years)[06:23] When you enroll, there are some portions that you pay for and then there's also cost sharing as you go along
[06:35] Medicare is different from Medicaid because Medicaid is for people who are low income and you can be any age to get Medicaid (you can have both together), but Medicare is for people ages 65 and older (some people with a disability can qualify for Medicare when they're younger than 65)
[07:24] Kevin: I heard you mention that you get questions from people who are 30 and ask why they should care about Medicare. So how does that apply to people?
[07:41] Danielle: I love talking about it with younger people because it's so important for you to know about because the thing that I see, day after day, is people give us a call a couple days before they're eligible for Medicare and they've never done any research[07:59] A lot of times, they have not set aside enough money in retirement to account for what they're going to need for health care. So it's really important for younger generations to know that this is a program that costs a lot of money to run and so you really need to know it won't be free (premiums that you pay)[08:25] The average American spends about $145 a month on their part b premiums
[09:38] We have a number of great ways to save for our retirement and we need to be thinking about those and setting some money aside that's specifically to pay for our health care when we get to retirement age
[10:00] In our industry there's long-term care insurance, which is not something that's covered by Medicare (it's only covering your health needs not your needs for assisted living)
[10:55] Kevin: Can you clarify exactly what long-term care is?
[11:12] Danielle: So Medicare is going to take care of your in-patient and out-patient needs (hospital stays, acute care, surgeries, preventive care, doctor visits, lab work... anything that's medically necessary)[11:30] However, when you reach a certain stage where you can't live alone due to a health condition, the treatment of the health condition is necessary, but the living is not the government's program[11:56] If you exhaust all of your assets and have very little income left over, then you might be able to get Medicaid to pay for a state bed somewhere in your state (might not be close to home)
[13:57] Kevin: So let's talk a little bit about where you see Medicare going in the future. I know you mentioned there's a bill called Medicare 50, correct?
[14:07] Danielle: Yeah, so we all probably have heard about Medicare For All, but the reality is that the current Medicare system is nothing like Medicare For All[14:25] The Medicare For All bill would not be expanding this current Medicare as it is, it would just be creating a single payer system like Canada has
[15:09] One of the bills that has been proposed is Medicare 50 and what this bill would do would be extend the entry age of Medicare voluntarily to anyone age 50 and older[15:34] The reason why I think this is one to watch or that might have some legs is that it would be an extension of the current program, which is already working[16:53] People are often more comfortable with a little change rather than a lot of change
[18:47] Kevin: What other types of things do you see when people come into your office that they are unaware of when it comes time to Medicare?
[18:54] Danielle: The one thing they need to know is that it's not free. The other thing is that it doesn't cover 100% of costs[19:04] Medicare only covers 80% of out-patient needs and the difference between Medicare and what you and I have now is for plans that are under age 65, we have a deductible and we also have a stop loss[20:11] You actually need to buy some supplemental coverage which are the products that we sell, and to help you with paying that 20% and also for paying deductibles, there are different plans (consumer-driven options that are less expensive)
[20:34] Another thing about Medicare is that it doesn't come with drug coverage
[21:19] The best thing that I can say is to start your research as early as possible
[21:40] Kevin: Before we close for today, I'm going to ask you for our WTR value bomb. In your experience, what should our WTR listeners look to avoid and what can they do about it?
[21:55]: Danielle: The main thing you want to avoid is procrastinating this until the last minute. Don't go into it unprepared, do your research early, understand what it is you're facing, and then work with your financial planner to come up with a plan for that
[22:30] What you can do about it is a health savings accounts. You can get a high deductible health plan at work (it lowers your premium) and you can open this account and put money in it (save it for a rainy day)[22:51] The money that goes in is tax free, it accumulates tax free, and when you pull it out for medical, you don't pay any taxes on it either

Business Strategy for Building Wealth: A WTR Discussion With Alison Vidotto

Kevin M Dumont — Thu, 13 Feb 2020 03:30:00 -0500

Statistics show that a lot of small businesses fail within the first few years of operation. The reason for this can be due to several factors, but for the majority of people, a system with certain goals for the business is not set in place yet. For the amount of effort entrepreneurs put into their business, they should be creating wealth, and this podcast episode is tailored to help people be more successful in their business. This week, WTR welcomes Alison Vidotto, expert strategist and CEO of Vidotto group and Push business training and mentoring. We discuss the six key areas of business that once strong, will achieve the perfect small business formula for success.

Ingenious tactics to accumulate wealth, for people who see things differently.

Alison Vidotto

Business strategist, CEO of Vidotto group and Push business training and mentoring

Website

https://pushbusinesstraining.com/

Website #2

https://alisonvidotto.com/

LinkedIn URL

https://www.linkedin.com/in/alisonvidotto/

Facebook URL

https://business.facebook.com/Push.Small.Business.Training

Twitter URL

https://twitter.com/alisonvidotto

YouTube URL

https://www.youtube.com/channel/UCVckXjp6DVFc6XT0zs9513w

NOTES:

[00:26] Kevin: Today I'm joined by Alison Vidotto. We are going to be talking about business strategy for building wealth. Alison is a business strategist, CEO of Vidotto group and Push business training and mentoring, so she has a lot of background in business strategy
[01:23] Alison: The purpose behind my business is to help small business owners to not fail because the failure statistics of small businesses are quite staggering. An enormous number fail within the first few years (50% within the first 3-5 years, 70% within 10 years)
[03:31] Kevin: Would you mind sharing with us a little bit where you came from and what inspired you to do what you do today?
[03:41] Alison: My husband and I set up our business 25 years ago, but we both worked as consultants
[04:13] In 2010, I actually quit my teaching career and I took over the business full time (explosive growth)
[04:28] I actually studied for an MBA to make sure I had the skills that I needed in order to run the business properly[04:35] When I was doing a project for my MBA, I came across these statistics
[05:17] Kevin: If you put your heart and soul into a business and then you lose it, it's like your world is gone
[05:29] Alison: I studied the MBA and from there I established Push because I wanted to work with small business owners to change those statistics
[06:05] We were having a business near death experience, and we used strategies
[06:28] I want to change statistics for small business owners and strategically, I really believe that they can do that and they can build wealth
[07:00] In Australia, over 60% of small business own less than $200,000 in revenue (before rent, wages, stocks, insurances)… That's not wealth
[07:21] Kevin: You're right. And it's also hard because those people are relying on their business and most likely it's their only income source
[07:50] Alison: It's really interesting because most entrepreneurs leave their job and establish a business for freedom [08:05] For the amount of effort that most business owners put in, they should be creating wealth
[08:25] Kevin: Can we talk a little bit about your small business formula for success?
[09:11] I knew there was a way to turn it around and I knew that I had to find it. I put Push on hold and I took Vidotto group and I pulled it apart[09:41] I would work with the team so that we were all in the right mindset and that we weren't feeling defeated and all on the same page
[10:03] I identified 6 areas and I knew that if I could get my business strong in those 6 areas that we would be okay[11:29] Self[11:45] Self-leadership, employees needed to be in the same mental space and proactive
[11:56] Growth mindset
[12:17] Strategy[12:22] We looked at the overall strategic plan
[12:38] Business plan and model, knowing where you want to go and how you're going to get there
[12:47] Marketing[13:17] Strong online and social media presence
[13:26] Systems or Processes[13:35] If it's worth doing a couple of times, then it's worth having a system in place for it
[13:39] Reduces the risk of error, increases productivity
[16:15] Finances[16:17] Often times people don't know their numbers (the numbers they should be aware of)
[18:51] If you understand your own cash conversion cycle, and what it takes to maintain that cashflow, you can address issues before they become big issues
[19:48] Once you know your cash conversion cycle, it's easier to talk to banks and other financial bodies
[20:15] People[20:20} Business is all about people (we're relying on people and we're serving people)[20:33] The more value you can bring to people, the more valuable your business is
[20:43] Communicate with those people (we buy from people that we like and trust)[22:16] DISC profiling: a behavioral profiling system[22:26] D: Driver (very driven, hard-hitting, want the results, bossy, leader)
[22:44] I: Influencer (natural born sales people, intuitive, know how you like to communicate, likeable)
[23:31] S: Steady (great team players, supporters, don't want to be the leader, great for building cohesive teams)
[23:50] C: Conscientiousness (driven, loves details, like all the numbers and figures)
[24:30] Can be different levels (most people are at least two)
Kevin: [24:38] Let's talk a little bit about the key fundamentals that many businesses may not have in place
[25:44] Alison: Often strategy is an area that gets left behind and particularly when it comes time to strategic planning[25:58] If you've got strong plans in place, it's very easy to stay on track and stop getting distracted[26:10] If you know where you're going, it's very easy to look and think is this going to take me a step closer to this goal
[27:00] Marketing is also an issue for many small business owners (trying to be heard in a very noisy world out there)
[27:32] I studied advanced leadership and my goal was that I would be 80% leading my business and 20% managing my business[27:55] I learn something, and I teach someone, and I delegate
[28:15] It's not possible to be sitting doing those little day-to-day things and at the same time expanding and working on growing your business
[29:01] If someone can do it 80% as well as I can, I shouldn't be doing it (should be developing the next product and growing)
[29:48] Kevin: Before we close for today, I'm going to ask you for our WTR value bomb. In your experience, what is something our listeners could look to avoid and then something they can do about it?
[30:01] Alison: Avoid going under. What you're doing is so valuable[30:10] Entrepreneurs are going to change the world
[30:16] It's vital that you stay viable and that you build the wealth that you deserve
[30:28] The way you stay in business is that you have a plan (can be simple)

[30:39] Everything you're doing in your business should be a part of those 6 key areas and if it's not contributing to the goal of your business, stop doing i

5 Key Points For You To Think Differently About Managing Your Money

Kevin M Dumont — Fri, 07 Feb 2020 03:30:00 -0500

Have you ever wanted to become better at managing your day-to-day money in order to help prepare you for success? Maybe you have a large amount of debt and don’t know how to figure out a better way to manage your money. It all starts with a mindset shift. Today, WTR welcomes Linda Hannon, the founder of Real Family Finance, which provides online classes to teach women how to manage their money. In today’s podcast, we will be discussing 5 key points to thinking differently about managing your money. This episode will ultimately help you with making a plan to manage your money and build more wealth.

Ingenious tactics to accumulate wealth, for people who see things differently.

Linda Hannon

Linda is the founder of Real Family Finance, online classes to teach women how to manage money.

Website

https://realfamilyfinance.com/

LinkedIn URL

https://www.linkedin.com/in/lindahannon/

Facebook URL

https://www.facebook.com/RealFamilyFinance

YouTube URL

https://www.youtube.com/channel/UCK-aKdi0Jn-5EKDyfKmI7Mw

NOTES:

[00:27] Kevin: Today we're joined by Linda Hannon, the founder of Real Family Finance which is online classes to teach women how to manage money. If you wouldn't mind sharing a little bit about where you came from and what inspired you to get to where you are today.
[01:02] Linda: I was in the corporate world for over 30 years[01:10] I used to specialize in companies that were in distress (crisis management)
[01:36] Like a lot of people, in my early 20s I felt like I had not been taught how money works, and even though I did it for a living, I did not get my personal finances under control
[04:30] I went on a mission on how my personal finances worked, and I had an advantage due to the accounting background, but it was hard[04:44] Took classes but the classes only covered a piece of something, not the whole thing
[05:02] In accounting, they didn't teach how to manage your personal finances or how to budget. They would teach you how to count money that came in, but they wouldn't teach you how to proactively plan
[05:42] It took me years and a lot of mistakes along the way before I figured it out, but I eventually came up with something that worked for me[05:56] I was at a networking event and a woman asked me: Do you do for people what you do for businesses?
[06:28] I started teaching live classes and took off from there
[06:32] I was amazed to realize that no one knows how money works, there are no resources
[06:38] Kevin: There really isn't. It's one of the reasons for this WTR podcast and that there needs to be more coaches out there[06:44] To help you understand what the tactics are on how you manage your money
[07:14] Linda: I think we both talk about the same thing and that is that you can't think in pieces, you need to have a fundamental base to work from and then there's a place to drop the pieces into[07:25] If you don't have that fundamental base and a fundamental plan, then nothing is going to work or it's going to be very painful
[07:36] Kevin: Hope is a great thing to have, but it's not a plan
[07:42] Linda: As we both know, one of the big factors for money is time
[08:08] Kevin: So, today we're talking about thinking about managing your money and the 5 key points to thinking differently so that you can help prepare for that success
[08:35] Linda: The 5 pieces that I talk about as my baseline are:[08:54] Budgeting (people need this all the time)[09:09] Understanding how much money is coming into your life and figuring out where it's going, and then having both happen with purpose
[09:21] You have some control over how much money comes into our lives
[09:35] People have more control over their spending than they think (lifestyle choices) [10:59] Making sure that the lifestyle that you're choosing is something that fits with all the rest of your math
[11:40] Debt management[12:13] There's good and bad debt, has to be in balance
[12:21] It's so important for people to have an actual plan for their debt
[15:10] If you make yourself miserable and you can't function, how are you going to be able to get out of the situation you're in?[16:07] People's lives can change so quickly when they change that thought process
[16:17] Savings[16:22] About looking into the future and starting to think about what you want and how to get there
[17:18] No matter how small it is, you need to introduce savings into your thought process
[18:14] Opportunity cost: if you have a dollar that you lose, you're not losing just that dollar, you're losing that dollar and everything it would've earned for you overtime
[19:08] If people have goals, you somehow make it happen
[20:58] You don't have to stay on one path, we can all shift paths as we get new information
[21:06] Investing[22:09] I have met some good financial advisors, and the truth is that investing can be complicated and you definitely shouldn't hesitate to find someone to help you with that (you can start simple)[22:58] You have to have your own expectations of what you want that person to do
[23:01] You need to talk to them and make sure they're talking on the same level as you and make sure you understand what it is they're going to do for you
[23:43] A financial advisor isn't necessarily a money manager
[25:18] Retirement planning[25:57] When you're in retirement, you're doing something, not just sitting around (will need more money to do those things)
[26:54] There's no more money coming in, so what's guiding your spending limits?[27:07] Find out what your resources are and how long they will last
[27:40] Even if you stay at the same lifestyle, you'll still need more money due to inflation
[27:58] Still will need to pay taxes
[28:53] Kevin: Before we close for today, I'm going to ask you for our WTR value bomb which is in your experience something our listeners could look to avoid and what they can do about it
[29:05] Linda: We talked about the thing that I found the scariest and that's investing. My advice is as you're getting started, invest in things that you understand[30:02] Don't be afraid to ask questions about how things work especially when talking to a financial advisor as a resource
[30:11] Start simple, and then build, and don’t be intimidated by it
[30:30] I have a quiz that people can take that's actually fun (What's your money personality quiz) by going to realfamilyfinance.com/quiz

Less Stress, More Profit: A WTR Discussion With David Richter

Kevin M Dumont — Tue, 28 Jan 2020 03:30:00 -0500

A lot of people are not aware of the financial side of their business, which can lead to mismanagement of money and a lack of factoring in essential costs that are linked to your business. Do you know where everything is going in your business and your current numbers? WTR welcomes David Richter, the simple CFO. In today’s episode, we will discuss how you can recession-proof your business and make more profit along the way.

Ingenious tactics to accumulate wealth, for people who see things differently.

David Richter

Website

https://simplecfosolutions.com/

Website #2

https://simplecfosolutions.com/recession-proof-business/

Website #3

https://simplecfosolutions.com/apply/

Facebook URL

https://www.facebook.com/thesimplecfo/

NOTES

[00:27] Kevin: Today, we're joined by guest David Richter, who is the simple CFO. What we're going to talk about today is something we call Less Stress and More Profit, and how we can recession-proof your business for all the entrepreneurs out there and anyone who's a manager
[01:08] Would you mind giving our listeners a little bit of background about where you came from and what inspired you to get to where you are today?
[01:16] David: Sure. When I was in college, I read "Rich Dad, Poor Dad" and that unlocked a big portion in my mind (my mindset completely shifted)
[02:07] Even though I was working a 9-5 job, I was learning a lot of entrepreneurial skills and I got to see a different side of things which was really neat. It wasn't just coming in and putting your head to the grindstone and there's all these rules and regulations, it was more like coming in and how can we create profit today and what can we do to push the company forward?
[03:02] I came to Richmond and worked with another investor and that's when I took the lead into entrepreneurship because I saw a lot of people I was working with who didn't really know their numbers, where their profit was going to, what their profit even was, etc.[03:25] I saw the biggest need there and I wanted to fulfill that need
[03:46] Kevin: You touch upon one thing, there's a need out there for what you're doing. At WTR, one of our core beliefs is that there's more to be had by first plugging holes before you go chasing rate of returns in regards to your money and how you manage it. There's places people lose money and they don't know that they're losing it and it's the same thing with business
[04:19] Let's start talking a little bit more about profit
[04:26] David: A lot of people have read "The Richest Man in Babylon" and it has a lot of good financial principles in there, and one of them is pay yourself first
[04:59] Entrepreneurship gives you that opportunity to say "hey, I can set up different accounts and I can make sure that every single dollar that comes into my company is a portion to different accounts, whether that be income or saving for your taxes at the end of the year."
[08:48] Kevin: Let's try to make a list here for our followers to follow. If they want to have less stress and more profit, what do they do next?

David:[09:00] Knowing where everything is going and opening up those different accounts (income account, tax account, owner distribution account, operating expenses, profit account)
[10:11] Once you actually make income and it goes into that income account, then you're allocating to those other accounts based on certain percentages (either once a week or twice a month)

[11:24] Profit First (profitfirstprofessionals.com) has professionals for different industries and get the guidance of someone[12:02] Very eye opening
[14:06] Looking at those numbers as they settle down and come in and say "ok, now I need to go out and make x more or I need to decrease these expenses"[14:18] Quarterly review on these numbers
[14:58] Kevin: Let's talk a little bit about the recession-proofing because I think that's a major potential loss for people
David:[15:57] Knowing where you stand currently[16:00] Knowing those numbers

[16:06] Having that system (ex: Profit First) in place to make sure you're managing the cash flow

[16:11] Looking at every aspect of your business and saying "am I able to actually be recession-proof?"[16:16] People
[16:34] System (write it down/ recording it so that you can hand it to someone and they could take over that specific duty)
[16:35] Processes
[21:04] Kevin: What have you been finding that people aren't thinking about when they're thinking about whether or not they're being profitable?
[21:09] David: As far as when people look at their income (especially for people who don't have a system for their money), they're not seeing what the true cost of that income is[21:41] A lot of people don't factor the cost of what goes into that income (you still have other things you need to factor in)[21:59] Time cost
[22:44] Kevin: Are there any tips that you could give our listeners on what kind of questions they can ask themselves about their business to figure out if they're becoming recession-proof or not?

David:[22:56] Can you pivot?
[23:05] Do you know your numbers and where you stand currently?
[23:18] How much are you bringing in per month? How much is going out per month? How much are you getting on an annual basis? (as yourself on a monthly basis)
[24:01] Am I providing the people within the business the training and the systems they need in order to do their job efficiently?

[25:33] Kevin: What would you say to someone who says the systems are expensive and that they don't have the money/time for that right now?
[25:45] David: I would say do you want to be a real business? And will that return more than what you're actually paying? [25:53] Have to look at it like an investment
[26:36] What are you truly trying to get out of the business? Are you trying to just get money or are you trying to get time and money and make it an actual business that can sustain itself?
[27:03] If you're looking at a system that's "too expensive," it might be too expensive for you now if you’re not going to actually use it[27:16] Is this investment going to return something to me business?
[29:08] Kevin: Before we close, I have a WTR value bomb, which is what in your experience should our listeners look to avoid doing and what can they do about it?
[29:39] David: Know your numbers and care about your numbers[29:47] Avoid that mindset of not having a good set of books and being able to get the reports you really need to see (the financial side of your business)

Optimally Money Motivated or Not? A WTR Discussion With Susan Fowler

Kevin M Dumont — Sat, 18 Jan 2020 03:30:00 -0500

Have you ever wondered why resolutions people make, in order to improve their lives, often fizzles into nothingness? The main reason boils down to the type of motivation for achieving the specific goal in mind. WTR welcomes guest Susan Fowler, a researcher, author, and co-founder of Out of the Box Learning, to our discussion. In today’s podcast episode, we will discuss why it matters to break a bad habits and instill new daily practices that will help you hone your ability of being optimally motivated.

Ingenious tactics to accumulate wealth, for people who see things differently.

Susan Fowler

Website: https://susanfowler.com/

LinkedIn: https://www.linkedin.com/in/susan-fowler-955a174

Facebook: https://www.facebook.com/SusanNFowler

Twitter: https://twitter.com/fowlersusann

NOTES:

[00:53] Kevin: Susan Fowler is a researcher, author, and co-founder of Out of the Box Learning. Today, we're talking about Optimally Money Motivated or Not
[01:07] If you wouldn't mind could you share with us today a little bit about where you came from and what inspired you to get to where you are today?
[01:30] Susan: I have a motto and that is I teach what I most need to learn. My quest is understanding the motivation behind what we do and what we don't do
[03:35] People say that I'm a motivational speaker, but I have to correct them because I'm not a motivational speaker, I'm a researcher and a writer and a speaker who talks on the subject of motivation for science and how to use it
[04:45] Kevin: So let's talk about the scientific meaning of this because you're saying that some motivational speakers have a model but it's just something they came up with due to their experience, not necessarily scientific (it might be factual but not scientific). So what are we talking about scientifically?
[05:01] Susan: When I say scientific what I mean is empirically proven. So an example would be Maslow's Hierarchy of Needs
[06:00] People latch on to theories or concepts without doing investigative work to say is there anything in this that's actually real/provable?
[06:12] Kevin: In today's talk about Optimally Money Motivated or Not, is there a scientific way of looking at this?
[06:18] Susan: Absolutely. If people texted 66866 with the word ARTICLES, I would be glad to send them these academic articles on money and motivation
[06:45] The question I would ask is does money motivate people? And it's true. But there's two things we need to think about[06:53] Are there alternatives to being motivated by money that are more productive, that are healthier, that enable you to be more creative and innovative?[07:02] The answer to this is yes
[07:04] If we can rather than being money motivated we shift our motivation away from the money and toward something else, then the money becomes the byproduct (it's what we end up with but not what we were seeking)
[07:36] It's not just being motivated by something other than money, but you have to understand the reason that you're motivated by money if that's your motivation (the reason is what matters)[07:49] Where you can scientifically map it out
[07:54] Kevin: I've noticed during the course of my life people have tried to quit smoking or get into better shape (things that are important that they know they should be doing)[08:15] Same thing is true for saving money for retirement. They try and they know they should do it and want to do it and they're so focused on that goal that they don't know the reason[08:40] When people understand the deeper meaning behind it, there's no longer the will power (having to 'will' yourself to do it), a switch goes off and they just do it and it's the easiest thing in the world
[09:11] Susan: I write in my book about a friend named Raymon and he'd grown up in the tobacco business (felt guilty if he didn't smoke). The doctor told him he needed to stop because it was injuring his health, and so he had what we call "imposed motivation" (feeling like you have to)[09:52] One day he was driving and smoking and his 3 year old daughter yelled at him asking him to stop smoking and the switch flipped and he never smoked again
[10:13] He found something he loved more than the cigarettes (being a good role model)
[10:25] The skill of motivation is finding what you truly love, what you value, what your sense of purpose is, what you find joy and peace in and that's the end result you're looking for, not the means to that, which people think are money or instant gratification
[10:52] Kevin: How can we look at this scientifically to see what our motivation is?
[11:49] Susan: What the science shows is if we don't satisfy or create in our lives 3 psychological needs, then not only will we not thrive, we will not be healthy (mentally or physically) and we won't be able to sustain the energy necessary to continue pursuing whatever the goal is[12:21] Need for choice (we need to have a sense of choice)[12:24] As soon as you feel like you need to do something, you erode your psychological need for choice
[12:36] You don't have to do whatever it is you're talking about (quitting smoking, saving money, losing weight), but you're choosing to do it
[12:51] Need for connection (to ourselves, to people who are important to us, or to the greater good)[12:55] You have to be doing something for a meaningful reason (ex: I'm choosing to save money because I really feel better when I'm a responsible parent making a future for my children)
[13:44] Need for competence[13:50] We feel like we're growing and learning and we're seeing progress
[13:54] Ex: even though you might save a portion of your paycheck, you'll see it grow every month and you now are noticing that progress
[14:51] These three psychological needs are at the core of our ability to be optimally motivated[15:31] Optimal motivation: we are creating choice, connection, and competence in our lives (in general and goal-specific)
[15:45] Kevin: So what would be some tips about identifying the types of motivation people may have?
[15:57] Susan: Identify the type of motivation you currently have[16:01] Being aware and mindful about what your motivation is
[17:13] Where people really need to start in order to be optimally money motivated is with the awareness of the type of motivation they currently have (emotions can be indicators of the type of motivation that you might have)

[17:40] The 6 different types of motivation[17:45] Disinterested: you're so overwhelmed by the whole idea of your lifestyle change or you don't find any value in your goal that you become disinterested
[17:54] External: the only reason you're doing it is because you want more money (doing it for the tangible or intangible reward that money gives you)
[18:17] Imposed: feeling like you have to do it (guilt, shame, pressure, stress)

[18:48] Integrated: by doing the lifestyle change, you're getting more in line with the person you want to be or should be (sense of deep purpose)[20:37] The only time we feel true joy is when there's a deep seated connection to everything

[21:06] Inherent: in your nature
[21:16] Integrated: something that's even deeper than the pure enjoyment of it

[22:26] Kevin: What are some tips about how to become more optimally motivated once they acknowledge their current motivation?
[22:31] Susan: The key to optimal motivation is creating choice, connection, and competence in your life or around the goal
[23:27] I think people need to be aware of their fatal distractions[23:32] Fatal distractions: the "shiny objects" that take us away from our choice, connection, and competence
[25:22] Kevin: I like to have an abundance mindset toward wealth. For me, I want wealth because I love my family and I want them to have a good life and I want to be able to help other people
[28:30] What is something in your experience that our listeners should look to avoid doing and what they can do about it?
[28:36] Susan: I think what they can look to avoid are those fatal distractions, they can make sure they are not enticed by "junk food motivation" (things that take us away from our basic nature)

[28:55] We can instead consistently ask ourselves 3 questions[29:11] What choices do I have/ have I made/ do I have in the future?
[29:20] What meaning did I derive from what I've done? How are my values aligned with what I'm doing? How do I make a connection with others through what I'm doing?
[29:33] What did I learn/ what am I learning/ what could I learn? How could I grow through this process?

How to Build Wealth by Doing What You Love: A WTR Discussion With Cathleen Merkel

Kevin M Dumont — Sat, 11 Jan 2020 02:30:00 -0500

In today’s world, we’re always looking for things that will bring us an abundance of wealth. Often times though, some of us go into a field of work that we don’t really enjoy doing. Today, WTR welcomes Cathleen Merkel, who helps her clients find their purpose and live the life they really love. In this episode, join us as we discuss why it’s important to fix your mindset and respect your values in order to attract wealth and satisfaction with what it is you do for a living.

Ingenious tactics to accumulate wealth, for people who see things differently.

Cathleen Merkel

Website

http://www.cathleenmerkel.com

LinkedIn URL

https://www.linkedin.com/in/cathleen-merkel/

Facebook URL

https://www.facebook.com/CathleenMerkelCoaching/

Twitter URL

https://twitter.com/CathleenMerkel7

NOTES

[00:28] Kevin: Today, we're joined by Cathleen Merkel. We will be talking about how to build wealth by doing what you love, which is usually understated today.[01:04] A lot of people get into a career for various reasons, but it's not really what they want to do
[01:22] Would you mind sharing a little bit about where you came from and what inspired you to get to where you are today?
[01:41] Cathleen: I am supporting my clients with helping them live the life they really love.
[01:50] A lot of coaches, facilitators, and trainers that I've met came to build their career based on their own story (in terms of childhood, how they've been raised, their career choices, etc.)
[02:51] Kevin: My parents were raised after the Great Depression, and they were taught to save everything (it was just about survival and not about living)
[03:19] Cathleen: I never realized what it actually meant to be living and I never thought about it because when you're being raised with a mindset of scarcity, money doesn't grow on trees so you're encouraged to get a safe job and earn money
[03:39] I always had an inner urge (intuition) that made me think that I wanted to do something different than my corporate job[04:52] I made the decision when I was 26 to move to the U.K. (gave up my job and home)
[05:21] I think the biggest changes I've made is to dive into roles and jobs that I really love doing, explore myself and how I operate with people, etc.
[06:01] I really didn’t want to get to the stage where I say I have worked really hard with long hours and then one day wake up in my 70s and think that I've really missed out on my life with experiences that's created memories (losing touch with living)
[06:53] Kevin: You were thinking about the opportunity costs of life basically. Opportunity cost is if you have a dollar, when you lose that dollar, you lose everything that dollar could have earned for you
[07:25] Cathleen: For me, one of the biggest losses would be my freedom (to choose what work I do, where I live, who I want to spend my time with, etc.)[07:40] Living a wealthy life for me means living a life of freedom (financial freedom)
[07:59] Kevin: Can we talk a little bit about what you see that has been going on with purpose versus wealth? I mentioned earlier that people go and get a job to try and make money, but they're not happy doing it (not living, not fulfilling a purpose)
[08:23] Cathleen: You basically sell your time for money. However the ratio is very disproportional (there are limitations to your earnings per hour)[08:47] What a lot of people do is invest a lot of time in their work in a job that they don't actually know if it even gives them a purpose
[09:50] When you think about the money to come, how does that make you feel?
[10:00] What is the one thing that makes you believe you can’t wait for tomorrow?
[10:22] Having purpose creates wealth, because wealth is not only about making money. It is about a quality of life
[12:31] A lot of people apply the scarcity mindset instead of the abundance mindset[12:43] Scarcity mindset: there's not enough money out there, you won't attract clients or work
[12:56] Abundance mindset: there's enough money and work out there (you just have to change your mindset to attract it... be a positive person)
[13:31] A lot of people think it's incredible how much I say yes to opportunities and I always say if they sound interesting and intriguing the worst thing that could happen is they are a learning experience
[15:05] People who are positive and have an opportunity mindset create wealth 100%
[16:32] Kevin: It's so important to take care of yourself first because if you don't and you're not in a good place, you're no good to anyone[16:46] Find your purpose but make sure you're a part of it
[16:59] Cathleen: You should focus on yourself and understanding your needs 100%
[17:06] Kevin: In your experience, do you have some tips/ideas that you can share with our listeners that would help them to discover what their purpose is?
Cathleen:[17:21] To identify your strengths[17:27] Write down what you're good at (ask people in your work environment and outside of your work environment)

[17:52] To believe that these are your strengths (if other people give you the data, then trust it)

[18:05] If you have the luxury to do it, test a few things (ex: internships)[19:08] Talk to people at networking events (approach with abundance mindset)
[19:32] Understand your values (getting in check with yourself)[19:50] What kind of environment, job, etc. do you need that gives you what you most value?
[20:20] Intuition[20:24] If your job doesn't feel right, then check in with yourself and possibly check in with a career consultant, coaches, mentors, friends, etc. (talk to people about it)
[21:17] Kevin: Right now, what have you been doing that helped create the wealth in your life?
[21:26] Cathleen: Wealth has such a wide definition and meaning for me
[21:35] I did move into a classical coaching business (working online, working with different cultures)
[24:15] Choosing the clients I get to work with (mainly high-achieving women in corporate who somewhat share my story)
[24:41] Something that's really important is the creation of passive income[24:48] Enables me to really step more into the work I love doing
[25:39] Helps pay off debt quicker
[26:18] Kevin: So before we close for today, I'm going to ask you for a value bomb, which is what in your experience our listeners could look to avoid doing and what they can do about it?
[26:48] Cathleen: The most important one that has accompanied me throughout my life so far is think about what you spend your earnings on and think about how quickly you spent it[27:09] Just because you earn a lot of money and are happy with your income, doesn't mean you need to immediately spend everything
[27:54] Don't just spend time on things that don't make the biggest impact and that don't add the biggest value to your life just because you have this need to fill a void (some sort of recognition or reward)
[28:19] Make sure that when you spend money, spend it wisely on the things that make memories and that have a long-term impact

WTR Discussion With Scott Holmen, Importance Of Relationships

Kevin M Dumont — Thu, 12 Dec 2019 03:30:00 -0500

Making authentic relationships is extremely important when meeting new people in all aspects of our lives. How do you make these connections to start expanding your network? Well, it’s as simple as doing something that you enjoy doing. Today, WTR welcomes Scott Holmen, founder and CEO of Agency73 and long-time successful entrepreneur. In today’s episode, we discuss how if you put a strong investment into relationships, it could be the key to growing your business.

WTR Discussion With Scott Holmen, Importance Of Relationships

Scott Holmen

Website: http://scottholmen.com

Website 2: https://www.agency73.com/

LinkedIn: https://www.linkedin.com/in/scott-holmen-63aa6410/

Facebook: https://www.facebook.com/scottholmen

Twitter: https://twitter.com/Agency73

NOTES

[00:27] Kevin: Today, we’re joined by guest Scott Holmen. He is the founder and CEO of Agency73 and long-time successful entrepreneur. One of the things that we've both found in business is that overtime, business can benefit from the relationships that we have
[01:11] People and business revolve around relationships
[01:19] Would you mind sharing a little bit about where you came from and what inspired you to get to where you are today?
[01:33] Scott: I've started a lot of businesses that have been across a lot of different industries. I didn't go on the traditional path and become an expert in any one thing, I just got addicted to learning and trying things and starting businesses
[02:09] I've gone into it not knowing much about that industry and I just loved learning and meeting people and trying new things (has worked out)
[03:58] Kevin: I've always had a saying that goes when you realize how much you don't know about a subject, that's when you're an expert
[04:10] Scott: The more I learn the more I realize how much there is to learn which makes it super enjoyable
[04:26] Kevin: Why do you think it's so important to focus on relationships in business?
[04:33] Scott: For me, it's fun. All of my clients have become friends, a lot of my clients were friends first
[04:57] It's a very natural thing when you put yourself out there, at least for me
[05:30] I'm always making introductions, which end up coming back to me which has grown our business without the need for marketing
[06:22] Kevin: It doesn't feel good when you don't have a connection to people (ex: cold calling)
[06:47] Scott: Cold calling makes you appreciate the authentic relationships that drive business (get to see the contrast)
[07:43] Kevin: So you build your business primarily with relationships. Can you talk a little bit more about how it's built up your business?
[07:58] Scott: On the client side

[08:17] After years of meeting new people, you start building up a great network of clients
[08:22] Because these people know and trust me, I do great work
[08:48] Politely asking if they can bring other people into your world

[08:53] On the team side

[09:12] We haven't had to really post job descriptions (network)

[09:30] You really have to get out there to make a good use of your time (can be doing fun things to network too)
[10:17] Kevin: Do you have any suggestions for our WTR listeners about how they can go about meeting new people?
[10:25] Scott: I would say go do something you love (ex: surfing, golf, etc.)
[10:32] Find a group of people who are doing something that you really enjoy doing
[10:44] When you build relationships with people with a common interest at the core, there's more depth there already in the relationship
[11:15] It's not just number of hours you spend with them, it's about getting to know them and the people who are important to them (be authentic and care about their life too, not just business matters)
[12:41] You don't want to be the guy where you're superficially trying to build friendships (understand the person first before you try doing business with them)
[13:52] Always invest deeply into relationships, not just broadcasting and spam emails
[14:17] Kevin: What would you say is a good way to turn the corner from when you first meet someone and being an acquaintance to being in a stronger relationship?
[14:45] Scott: Don't be the guy who asks what a person does for work as your first question. As you get to know someone, then you should ask that
[14:53] You'll quickly realize that there's frequently an opportunity to support them in what they're doing (sell them what you have or people you know in your network that could help them)
[15:59] Have to have authentic conversations in order to build trust and a companionship (come across as you trying to help them)
[16:59] Kevin: How would you introduce them to your business opportunity?
[17:05] Scott: If what I do is a potential remedy to one of the problems they're currently experiencing, I can offer the help
[17:18] Be clear that you're not trying to sell them anything, but instead inform them that's what you do and the option is there if they so choose
[18:01] Kevin: Do you have a couple of tips that you could give our WTR listeners that they could start doing today to make a change in their relationships?
[18:32] Scott: I would say go out and find those meetup groups or whatever you're into and just keep going and hanging out with those people
[18:40] Don't go with the intention of pitching your business
[19:55] Kevin: Before we close today, I have a value bomb for you, and that is what is something in your experience that our WTR listeners could look to avoid doing and then something they can do about it?
[20:13] Scott: We've all known that person who's coming to you because he wants something from you. Don't be the taker
[20:47] Be authentic and empathetic (listen with the intention of replying and listen with the intention of understanding what someone is saying to you)

WTR Discussion with Kimberly Spencer: Morality of Money

Kevin M Dumont — Thu, 05 Dec 2019 03:30:00 -0500

Relationships matter to people. Arguably, the single most influential relationship in your life is with money. Is the health of your money relationship good or bad? Chances are whichever direction it is, that’s how it effects your work and personal relationships, as well as how wealthy you’re able to become. Today, WTR welcomes Kimberly Spencer, an award-winning coach and founder of crownyourself.com as we discuss the Morality of Money in your life. Join us as we discuss the importance of gratitude and why blaming yourself and/or others could be a reason why your relationship with money might not be on the best terms.

Ingenious tactics to accumulate wealth, for people who see things differently.

Kimberly Spencer

Website: https://crownyourself.com

Facebook: https://www.facebook.com/CrownYourselfNow/

YouTube: https://www.youtube.com/c/CrownYourself

LinkedIn: https://www.linkedin.com/in/kimberlyspencer-crownyourself/

NOTES

[00:50] Kevin: Kimberly is an award-winning, high performance coach and founder of crownyourself.com. Today, what we're going to talk about is morality of money. We all have relationships with money and it directly affects what kind of assets and success that we achieve in our life
[01:10] Would you mind telling us a little about where you came from and what inspired you to get to where you are today?
[01:36] Kimberly: My dad was an addict and has been for the past 30 years of my life, and yet he was able to successfully grow a multi-million dollar company with my mom
[01:47] I grew up on the money struggle bus
[02:03] People see what my parents have now and they assume that that's what I've always grown up with
[02:57] I always saw that giving and generosity does come back (law of karma)
[03:05] When you bless other people with your money, it comes back tenfold
[04:22] Thinking in those creative ways as an entrepreneur really is necessary for the future
[05:34] It's all about tapping into those tools and resources and just learning and allowing yourself to have a toddling period
[05:44] Money is not taught in schools, which is doing a massive disservice education wise to kids when they're coming out into the world with this old-world mentality (if I go to school and get a job then I'll be set)
[06:11] There's a reason why college enrollment has gone down (~20%) because people are seeing that you can make money online
[07:13] I've noticed a direct correlation especially with my coaching clients that with the amount of time they spend in their genius zone and their relationship with money that directly impacts the income they're making in their business
[07:30] The base of your business and your career is you
[07:38] The way you relate to money, the way you experience money is the foundation on what you're bringing (especially to a business)
[08:38] Kevin: If you don't have a healthy relationship with money, you're not going to have any of it
[08:43] Kimberly: I wrote an article about what the relationship status is of your business
[09:20] It's okay if you don't understand money if you haven't been taught (not your fault)
[09:41] There's a couple different relationships with money that I've seen with my clients

[09:46] The relationship with earning and receiving money
[09:49] The relationship with having money (the concept of having)

[10:36] If you have money and you're so guilty about having it, then what's going to inspire you to go out and make more money?
[11:24] Many of us have an abusive relationship with money (debt)
[12:09] The way that our society is structured now, we cannot divorce ourselves from money (a form of energy, a natural resource)
[12:57] A couple of beliefs that counteract our beliefs around money and our desire to earn and have more

[13:07] The belief that we don't deserve it
[13:09] The belief that you have to work really hard at the sacrifice of your family and yourself in order to have it
[13:20] The belief that you are not enough and thus that you'll never have enough and it'll never be enough no matter how much you have

[13:50] Kevin: I see almost this anger for people who have money and who are considered wealthy (society views this person as not a good person because they have money)
[14:22] Kimberly: Then people start to believe why would you want to have more money if money is the root of all evil? (they don't want to "become evil")
[14:29] Kevin: I've worked with a lot of people who have a fair amount of money and most of them are some of the nicest people I've known (generous)
[14:59] Kimberly: The results that you have in your life, whether you like them or not, were consciously or unconsciously created by you
[15:08] In order to heal the relationship you have with money, having awareness to say this is where you are and then having ownership
[15:16] Placing blame on anyone else (the economy, the President, the government, your parents, etc.) immediately puts you at the effects side of the equation (you can't change anything)
[15:42] The only way you can change is by taking ownership
[16:19] Whether you're blaming yourself or blaming others, blame will never give you the results (keeps you stuck in the past from old habits)
[16:35] If you want to change your money status, it's about adopting new beliefs (eliminate blame)
[16:38] Your beliefs translate into your thoughts and feelings which turn into habits and actions
[18:17] So, if you want to have a better relationship with money we need to

Acknowledge it (awareness)
Take ownership of it
Choose to change
Forgive (yourself and others)

[24:51] Money enhances who you are
[27:06] Study the process of people who are successful and people who are doing what you want to do
[28:07] When you have a full body willingness to do something, you're committed to putting in the practice every single day
[28:53] Kevin: Like we said earlier, relationships need continued work and maintenance
[29:14] Kimberly: Good and bad describe morality
[29:45] The choice to make more money and to have more money isn't a good or bad choice, it's just a choice
[29:53] Kevin: What are some mindset choices that people can make to help them now think about money in a way that they covered the 4 steps and view money in a positive mindset?
{30:10] Kimberly: Watch your language and watch who you are around
[30:15] Your language is a command to consciousness itself
[30:51] Being aware and remove judgement (different perspective)
[31:00] When you notice that you and people around you are using this common language of "I don’t have enough money" (or other negative connotations), be hyper aware of the language of the people around you because then you will have an idea of what has shaped your beliefs about money and what beliefs you probably need to change
[32:10] I stopped using the word expensive because it has a connotation of having a cap
[32:16] Money is like air though (you can have more and you won't be taking it away from a particular person... enough to go around)
[35:43] Combining gratitude with the belief that whatever you desire is already there (in the unconscious awareness)
[35:55] If you can believe it, it is possible (expanding your mind)
[37:36] Kevin: Before we close for today, we're going to ask you for a value bomb, which is what in your experience should our listeners look to avoid doing and what should they do about it?
[38:00] Kimberly: Look to avoid waiting to be ready (will keep you waiting)
[38:25] Confidence only comes through practicing and trying
[38:51] Celebrate your resiliency
[39:30] Whatever money struggles you're dealing with right now, own the fact and celebrate the fact every day that you're still making an effort and trying everyday

WTR Discussion with Laura Pennington Briggs: Financial Impact of Working for Self

Kevin M Dumont — Wed, 27 Nov 2019 03:30:00 -0500

Working for yourself is very rewarding, but it’s also quite challenging. Like every job, there are pro’s and con’s, but as you put more time into building your business that you have created, you could see a significant increase in your revenue. Today, WTR welcomes Laura Pennington Briggs of The Freelance Coach, author, freelancer, and speaker. In this podcast, join us as we discuss how to evolve as a business owner and why it’s important to diversify your income.

Ingenious tactics to accumulate wealth, for people who see things differently.

Laura Pennington Briggs

Website: http://www.betterbizacademy.com/

Website 2: http://sixfigurewritingsecrets.com/

Website 3: http://www.legalseowriter.com

LinkedIn: http://www.linkedin.com/in/laurapenningtonwrites

Facebook: https://www.facebook.com/laurapenningtoninternational/

Twitter: https://twitter.com/sixfigurewriter

YouTube: https://www.youtube.com/channel/UCGhKNcbq3QWhpgHZV4Y-xPQ

NOTES

[00:37] Kevin: Laura Briggs is an author, freelancer, and speaker. What we're going to talk about today is the financial impact of working for yourself
[01:07] Would you mind sharing a little bit about your background and what inspired you to get to where you are today?
[01:24] Laura: I turned to a side hustle (working as a digital freelance writer)
[01:30] My business ultimately grew to the point where it was too hard for me to hold down my day job and side hustle. So I moved that side hustle into my full time and that's what I've been doing for the last 6 years
[02:10] Kevin: What are the pro's and con's about working for yourself other than being hard on yourself since you are your own boss?
Laura:

[02:17] Pro's

[02:19] Freedom and flexibility
[02:24] Deciding how you'd like to spend your work hours per week
[02:33] The potential to make more money
[02:42] You set your rates and your fees and can add or remove things as it makes sense
[02:48] More income flexibility
[02:55] You get to decide who you work with

[03:08] Con's

[03:09] You are your own boss
[03:12] You have to work many hours especially in the start-up phase
[03:21] Paying your own taxes
[03:23] You don't necessarily get that money dropped into your bank account every 2 weeks
[3:30] Have to account for self-employment tax, Medicare, social security, and income tax
[03:45] Your business bleeds into every aspect of your life
[04:02] Because so much of it is in your mind, it's always around (not as easy as a corporate job)
[04:11] Kevin: What I have found with running WTR is there's a lot of prep work before you actually start the podcast (research and new ideas that you're always thinking about)
[05:38] Laura: I always feel like the pro's always count so much more than the con's
[05:44] Any job and career is going to have some negative aspects
[06:00] Kevin: Financially speaking, working for yourself can be more flexible. How has it impacted you financially speaking?
[06:08] Laura: I grew my business pretty quickly after leaving my full time job. Once I was able to dedicate more time to it, I saw my revenue increase significantly
[06:18] I've been able to scale my business to the 6 figure point for the last several years
[06:28] I look for ways that I can diversify my income (evolving as a business owner)
[07:13] I'm always raising my rates and ways that I cannot just get paid once for something
[07:42] Other avenues like books, courses, coaching (additional revenue streams)
[08:29] Kevin: So you have multiple income streams basically for the reason of you wanting to increase your income efficiently
[08:36] Laura: I wanted to bulletproof my business (if things go wrong)
[08:45] I never wanted my income or my business to be so reliant on one particular thing
[09:33] Kevin: Anything can happen on any given day. You have to have something else you can count on
[09:48] Laura: I was doing some research for a client one day on disability insurance and I found a statistic for people age 20 and older, there's a 25% chance where you'll have at least one year of your life where you sustain some type of disability or get in an accident (or not able to work)
[10:19] Kevin: We believe that you have a lot more to be had by first avoiding a loss before you go chasing rates of return, and that's what you're doing. You're hedging against that potential loss to make sure you have a base to cover you
[10:32] Laura: Even if you can't fully protect yourself against the unknown, you can minimize how much it hurts you
[12:24] It's a good idea to not live in a fear mentality, but instead be a realist and acknowledge that a loss could potentially happen and if it does, you should have plans to cover yourself
[12:39] Kevin: Do you have any tips of what our listeners could look for to help create more income streams?
[12:53] Laura: Look for things that a lot of other people have questions about
[12:58] When I was just doing freelance writing, I had a lot of people ask me how they could get started
[13:10] Built these into books and courses
[13:21] From day one, you start building your platform (your followers)
[13:31] Start building that platform so you have an audience of people that are interested in listening to you
[13:38] Much easier to sell to them than a cold customer
[14:36] Look for things that interest you and things that you're naturally good at
[14:55] Kevin: Before we close for today, I'm going to ask you for a value bomb, which is something that in your experience our listeners could look to avoid doing and something they could do to help about that?
[15:11] Laura: When you start your business, get yourself an accountant and CPA who knows how to do taxes and planning for an at home business planner
[15:24] Not all CPAs are created equal and the one who did my taxes the first time didn't claim all the deductions I could've claimed
[15:51] Look for someone who has experience
[15:55] You want to be protected when you file, after you file, if you get audited
[16:06] Could save you money and a lot of anxiety and concern
[16:40] Kevin: Is there anything else you'd like to share with our listeners?
[16:48] Laura: I have a podcast called Advanced Freelancing if you want to check that out where I talk about what's going on in the online work world

WTR Discussion With Gabriella Ribeiro, Art of Art of Overcoming Overthinking

Kevin M Dumont — Fri, 15 Nov 2019 03:30:00 -0500

Sometimes, when starting a business, people often times get caught up in so much overthinking that it can lead them to give up on their idea. Instead of being driven by their passions, they are driven by their fears. In today’s episode, WTR welcomes Gabriella Ribeiro, founder of Mogul Mom and a serial entrepreneur. Join us for a WTR discussion on tips that could lead to reducing our ability to overthink situations, and how starting small is often times to road to success.

Ingenious tactics to accumulate wealth, for people who see things differently.

Gabriella Ribeiro

Website: http://www.themogulmom.com

Website: http://www.explorateurjourneys.com

LinkedIn: https://www.linkedin.com/in/gabriella-ribeiro-0b97022/

Facebook: http://www.facebook.com/themogulmom

Twitter: http://www.twitter.com/theexplorateur

NOTES

[00:36] Kevin: Today, we’re going to be talking about the art of overcoming overthinking
[01:00] If you wouldn’t mind telling our listeners a little bit about where you came from and what inspired you to get to where you are today?
[01:10] Gabriella: I grew up with my dad being an entrepreneur, so I had the best role model
[01:31] I had a lot of different ideas on what I wanted to do, but I always knew that I wanted to do my own thing[01:42] Now I run a few businesses all centered around travel (passion)
[01:50] Mogul Mom- amazing dynamic women who are trying to raise a family, trying to run a business, and trying to hold it all together[02:16] Allowed me to get up close with a lot of women who have been struggling with things that I’ve been struggling with and hopefully give them a network to help them improve
[03:10] Kevin: Going along with our topic of the day which is the art of overcoming overthinking, can you explain a little bit about what we’re talking about in regards to overthinking (specifically with entrepreneurs in businesses or corporate)?
[03:46] Gabriella: In terms of what people aspire to be, a lot of times why they don’t ever do it is because of fear and overthinking leads to more fear (overthinking possible scenarios)[04:36] Nothing can go right or wrong if you never actually execute it
[05:38] Kevin: If you get an idea, you’re the only one who can make something happen with that idea
[05:43] Gabriella: Yes and we spoke before about measured risks and I think that plays a lot into this because I think what a lot of people also don’t realize is that launching your vision or even getting started doesn’t have to mean you gambled away significant parts of your life[06:03] There’s always a way to do it if you believe you can start small
[06:12] Some ideas fail because a lot of people believe they have to make a large amount of money in a short amount of time or else it wouldn’t be worth it[06:18] That’s probably not going to happen (unrealistic)
[06:28] Aim low when it comes to numbers because those are going to be the metrics that you’ll probably achieve and you’ll feel better
[07:15] Goals will take hard work, rearranging things, sacrifices, loans, etc. (not instant)
[08:26] In business, expectations are good if it’s only you involved in the equation[08:37] You’re the only one who can do it
[08:40] If it succeeds, it’s you, if it fails, it’s you (can’t blame anyone else for it)
[09:01] Have honest deep conversations with yourself and be happy with what gets achieved little by little
[09:09] It’s okay to dream about the bigger picture, but don’t hang everything on it because it’s going to take time to get there
[09:32] Kevin: What in your experience is kind of a good measure to slow down and take things at a better pace for new entrepreneurs who are trying to do everything?
[09:39] Gabriella: I think it’s important to be clear about different levels. Write them all down and know exactly what needs to get done[09:47] Inaction is a big problem, and there’s a lot to get done, but I think why a lot of people don’t continue is because people forget, they get bored, etc.[10:03] Never losing momentum is really critical when you run a business[10:08] That could be someone to keep you on track (maybe a friend)
[10:20] If you train yourself that there’s got to be at least one thing minimum that you do each day to make your goal happen (better chance at success) (starting small)
[11:16] As long as you’re making some progress, that’s better than never doing it
[12:46] Have to ask yourself: what can you do own your own so you don’t have to spend a fortune? What can I outsource to someone else? [13:23] There are so many amazing virtual assistants out there
[13:59] Can do different things to achieve the goal and not spend so much money and have it look pretty good
[14:23] I think people obsess over websites (logos and things that have dragged their feet for a while)[14:33] It’s much better to first have your website up before being a perfectionist
[15:51] What has helped me and what I tell moms to do is to make your family a part of what you’re doing and make them understand why it is you’re doing what you’re doing[16:49] As long as the people in your life understand what you’re doing, it goes down a little bit easier for those times that you can’t always be present (maintaining communication)
[17:37] Kevin: You have to take care of yourself too, because if you’re not healthy, it affects your family, friends, personal side, and greatly affects your work too
[18:02] Gabriella: Most people say they don’t have time to do self-care, but self-care can be simple (watching your favorite tv show, read some pages of a book, etc.)
[19:37] Kevin: Before we close for the day, I’m going to ask you for a value bomb which is something in your experience that our listeners can look to avoid and something they can do about it
[19:52] Gabriella: The self-doubt and the fear comes up a lot in most people[20:03] There is nothing that makes anyone else better or more capable than you to do what you feel passionate about
[20:57] Kevin: Is there anything you’d like to share with our WTR listeners?
[21:03] Gabriella: I wrote a book called “Just F***ing Do It” and it is how I approach everything in life and it speaks to what I say[21:12] Dragging your feet never gets you anywhere
[21:14] It’s better to have taken that chance

The post WTR Discussion With Gabriella Ribeiro, Art of Art of Overcoming Overthinking appeared first on WTR Podcast Website.

WTR Discussion: Colin Gray, Podcasting to Grow Your Business

Kevin M Dumont — Thu, 14 Nov 2019 16:17:00 -0500

In order to grow a business, a lot of people take interest in creating a podcast where they get to talk about their niche and promote their services. But what does it actually take to get started in developing a successful podcast channel? A common roadblock that people run into when starting their podcasts is a lack of specificity in what they are trying to get across. Today, WTR welcomes Colin Gray, founder of The Podcast Host. In this episode, we will discuss the tools that you can use to further your success in terms of podcasting.

Ingenious tactics to accumulate wealth, for people who see things differently.

Colin Gray

Website: https://www.thePodcastHost.com

Website: http://hostileworlds.net

LinkedIn: http://Uk.linkedin.com/in/colinmcgray

Facebook: https://www.facebook.com/thepodcasthost

Twitter: http://twitter.com/thepodcasthost

YouTube: https://www.youtube.com/user/colinmcgray

NOTES

[00:26] Kevin: Today's we're joined by Colin Gray, founder of The Podcast Host
[00:58] Today, we're going to be talking about podcasting to grow your business
[01:03] Would you give our listeners a little background about where you came from and what inspired you to get to where you are today?
[01:22] Colin: I was a teacher back in the day. I taught lectures how to use technology in their teachings
[01:38] I was asked to learn how podcasting works so that I could teach it to the lectures
[01:57] It's so personal; the attention is great (people can listen for a while)
[02:48] Today, we teach people how to run a podcast
[03:04] The whole aim is to make podcasting easy and to help anyone run their own podcast if they want
[03:53] Kevin: Why do you think podcasting is so important for any business owner today?
[03:58] Colin: The complaint I hear most often from people who want to start a podcast: how do I differentiate? How do I get more customers to find us?
[04:26] In terms of blogs, it's hard for you to get your personality across (you have to be a really good writer to convey who you are as a person)
[04:45] In terms of videos, you can start to get your personality across more so people can find out about you, but it's hard to make (a lot of technology needed and intimidation)
[04:57] In terms of podcasts, it is a way that you can create some content that shows people your personality, why you're different from your competition, and it's really easy to make
[05:15] Very personal (connect with people... trust building)
[06:04] Attention (people listen for a long time)
[08:24] Kevin: What would our listeners need to get started if they want to start a podcast channel?
[08:31] Colin: You actually don't need a lot, you can start really simply
[08:37] People procrastinate on starting their podcast (worrying about insignificant things)
[08:48] You need really simple gear to get started so there's nothing stopping you from recording
[09:02] USB microphone
[11:00] The most important thing for your first 10-20 episodes is consistency
[11:30] The easiest possible way is to literally press record on your smartphone and speaking into your phone if you have a decent smartphone
[11:57] If you're using cheaper gear, make sure you're in a good environment for recording
[13:24] There's something tangibly different about recording a practice episode you know will never be published and recording something that you know will be published
[13:50] Don't worry about the quality of your episodes when you start, you'll eventually get better
[14:06] Kevin: What kind of software do they need to get going?
Colin:

[14:12] Audacity is a free audio editor (easy to learn)

[14:38] If you want to learn how to use Audacity, we have a course of 5 videos or so on my YouTube channel

[14:57] Adobe Audition is a more professional audio editor

[15:06] Paying nearly $30/month

[15:13] Alitu

[15:31] It all depends on what your priority is (whether you're willing to pay a little extra, spend a bit of extra time on it, etc.)
[17:19] Kevin: In terms of hosting, what do you suggest people do when they're doing research and trying to look for hosts?
[17:28] Colin: The host is important because that is what delivers your episode to the world
[17:42] You do need a separate podcast hosting platform

[18:18] Buzz Sprout
[18:30] Captivate
[18:50] Transistor

[20:43] Kevin: When you're developing your show, what metrics can you use to figure out how well your show is doing?
[20:48] Colin: Any good podcast host will give you download metrics so you can see solid numbers of how many people are downloading your show (not that useful though)
[22:13] Small numbers can transfer just fine with podcasting though (particularly because podcasting is such a high conversion rate)
[22:45] Downloads don't actually tell you if people are listening and for how long their listening
[23:01] Engagement with your listeners
[23:03] Measures the quality of your show a lot better
[23:08] Asking people to get in touch (with hashtags)
[23:33] Get specific (sparks a thought in people's minds and makes it easier for them to respond)
[24:06] Mention your listeners names (gains loyalty and they're more likely to continue to listen to your content)
[25:15] Kevin: Before we close for today, I'm going to ask you for a value bomb, which is in your experience, what is something our listeners can look to avoid doing and what they can do about it?
Colin: They should be focusing on

[25:39] The simplicity (people usually make it far too complicated)
[26:16] Don't compare yourself to others, don't use downloads as a success metric
[26:29] Differentiation/ Uniqueness (start specific, then branch out if you'd like)

[29:19] It's okay to rebrand your podcast
[29:42] Kevin: Anything else you would like to say to our listeners before we close for the day?
[29:46] Colin: If anyone is interested in making podcasting a bit easier, it would be cool of you to try out our Alitu app (alitu.com)

WTR Discussion With Jeff Pulvino; So You Think You Have a Marketing Plan?

Kevin M Dumont — Mon, 04 Nov 2019 15:38:00 -0500

When looking to expand your business, having smart marketing strategies can help lead you and your business to an increase in your overall customer pool and ultimately your revenue. WTR welcomes Jeff Pulvino, co-founder and CEO of Boost Media Group, a full-service digital marketing agency. In today’s episode, we will discuss the steps you could make in order to further advertise your company and how you can maintain growth in your company with advertisements and upkeep of what it is that you’re trying to specifically accomplish with your company.

Ingenious tactics to accumulate wealth, for people who see things differently.

Jeff Pulvino

Website: https://boostmediagroup.com

Facebook: https://www.facebook.com/boostmediagroup/

LinkedIn: https://www.linkedin.com/company/boost-media-group/

Instagram: https://www.instagram.com/boostmediagroup/

Twitter: https://twitter.com/boostmediagrp

NOTES

[00:27] Kevin: Today, we’re joined by guest Jeff Pulvino. We’re going to talk about an important topic for all entrepreneurs and that has to do with marketing and digital media and how those tie together
[00:51] Jeff’s been an entrepreneur for over 15 years and he’s the co-founder and CEO of Boost Media Group, which is a full service digital marketing agency
[01:04] Why don’t you tell our listeners a little bit about where you came from and what inspired you to get to where you are today?
[01:34] Jeff: I ended up getting hired on at a BC funded company and had hundreds and thousands of stock options, but it never really amounted to anything (the company never went public), but I learned a lot
[01:49] That venture gave me the entrepreneurial taste because we were truly building a business from scratch
[02:43] We decided to start a marketing company and that’s how we got started with Boost Media Group
[03:19] Kevin: There’s a lot of people out there starting new businesses. The facts are about 20% of them fail in the first year. Then you have about 50% of those who fail in the first 5 years
[03:46] Jeff: Being an entrepreneur is being embraced by the US and the world and it’s a growing trend
[04:04] In America, we have something like 28 million small businesses and 22 million are solo entrepreneurs who are running the business all on their own
[04:18] There’s this huge learning curve and stress to be successful and I think that’s where a lot of new small business owners run into pitfalls
[04:54] In marketing today, there’s so much to know, learn, absorb, and execute on and it literally changes daily
[05:02] As an agency owner, it’s a struggle for me to keep up on my own expertise much less than a business owner trying to do everything (nearly impossible)
[05:21] Kevin: Marketing plays a major role in pretty much every entrepreneur’s business, but you were saying earlier that most of the businesses out there don’t have a solid marketing plan in writing
[06:07] Jeff: A lot of people have something in their head that they thought about (an idea)
[06:14] It’s so different when you put it in writing and you commit to it
[06:19] Putting your plan in writing so that it makes financial sense for your business
[06:25] Almost 10 out of 10 of the businesses that I talk to don’t have any type of marketing plan in writing
[06:33] Kevin: But, as we stated, a lot of those entrepreneurs are trying to wear a lot of hats and they might not be marketers per say (dabbling in it)
[06:54] Jeff: With the learning curve and staying on top of everything, you have to constantly be studying and reading. What I find is that most business owners at some point have tried some sort of digital marketing (whether it be on their own or with another agency) and have had a less than desirable experience
[07:19] We’re trying to change that by the way in which we do things by introducing the idea that before you work on anything having to do with marketing, we sit down and work on your marketing plan and we include your digital marketing strategy
[07:43] In order for any marketing company to execute properly on a marketing plan with a digital marketing strategy, we need to understand a lot about the business and what’s considered a financial win for the business
[08:21] Other digital marketing companies will spend 10 minutes to 2 hours talking to the client and then they’ll propose this package of services that has no correlation to tie in what the company’s financial goals are, and they wonder why it doesn’t work most of the time
[11:57] You have to really think of it as a lifestyle change for the business and working with someone who’s committed to helping you succeed over the next 2 years, not just the next 2 months
[12:33] It’s about doing a lot of little things every day in terms of the marketing that build up to the momentum success that a business owner is working for
[12:41] Kevin: In your experience, there must be a few things you come across that the entrepreneur can start looking at to analyze their business and put together a plan, correct?
Jeff:

[13:02] Having you write down your objectives, goals, vision and purpose

[13:09] Purpose: how you’re servicing your customers today
[13:11] Vision: where you see yourself going and what type of customer service you will provide in the future
[13:26] It’s important that you understand how you’re different from your competition

[13:32] We recommend that the business owner really understands their products and services, understanding what their costs are (in order to engineer some sort of engineering budget)
[13:12] Competitive analysis

[14:16] There are so many tools out there (many of which are free) to start
[14:23] With marketing, there shouldn’t be a lot of guess work because you can always find the scientific data looking at your competitors
[14:44] Tools will tell me whether they’re getting it from paid advertising, social media, etc.
[15:12] Ex: ESM Rush (probably one of the best tool services that can help you with all of that)

[15:51] You need to understand your target audience or buyer persona (“avatars”)

[16:23] We should identify 5-10 different buyer personas for that customer
[16:34] Able to message them differently via social media
[16:41] For instance, we recently did a marketing strategy for a massage therapist (different buyer persona examples)

Someone who got injured in a car accident
Someone who is into sports and fitness and got injured
Someone who is pregnant for the first time
Someone who is going through cancer treatment

[17:25] If you’re going to create content and then advertise, you need to make sure the content is speaking to each of the different buyer personas
[17:47] Today, so many people are trying to play catch up and know that they should be doing some level of content marketing, and they’re just trying to put out this blanket content, but it’s not specific enough to attract each of their buyer personas
[18:11] Kevin: What I hear a lot is if you want to have successful marketing, you need to niche down as much as possible. But what you’re saying is you need to have 4-5 different buying personas. Do those fit all in one niche or are those different niches?
[18:31] Jeff: They all can fit under one niche, the importance level is the content that you put out speaks to each buyer persona
[18:42] For example, if I have killer content (e-book or longer blog article) that talks about all of the benefits of massage therapy, that’s going to be the umbrella content that covers my entire audience (all of those different segments) (covers entire audience)
[19:02] They might want to niche down for some smaller micro content (maybe it’s a smaller blog article or social media post) that’s geared toward each one of those buyer personas
[19:21] In terms of covering an entire audience, engages them based on where they’re at, but brings them up to the overarching strategy
[20:44] Most business owners don’t have a defined marketing budget because they don’t have a defined marketing plan
[20:51] Part of that workshop that we take people through is not trying to extract the most out of them, it’s trying to define a healthy marketing budget (whether they spend it with us or not)
[21:12] 81% of businesses who invested 5-10% of annual revenue said they experienced continual revenue growth based on those marketing expenditures
[21:25] Less than 50% who invested less than 5% of annual revenue barely had any growth
[21:33] There’s a large portion of business owners who really don’t spend money on marketing (don’t know how to get started on it)
[21:57] Then, you understand where you can spend money on advertising that should yield more immediate revenue
[22:23] Understanding the difference between advertising in brand and taking a percentage of your revenue and devoting it toward advertising if you need immediate results (so you’re getting your revenues up which could increase your marketing budget) and having a smaller amount devoted to branding so that if your budget increases, you can devote more to branding which overtime allows you to spend less on ads
[23:57] Kevin: How can our listeners work on the digital marketing to fit in the plan they’ve now worked up?
[24:10] Jeff: Now that they have it in writing and have something that they can execute on

[24:16] To make sure you’re re-visiting it on a quarterly basis

[25:01] Making sure it’s in line with what they’re trying to accomplish

[25:08] Your best resource for information is to ask you customers or perspective customers

[25:17] For perspective customers: what could I have done better? Was there something that didn’t appeal to you in my marketing strategy? Were you not impressed with something we didn’t do in the sales process?
[25:35] If you’re sincere, you might turn it into a customer (but don’t have that be your goal)
[26:24] Customer surveys and sales surveys

[26:47] Constantly keeping your eye out on the competitive groups

[26:58] Can see what they’re doing and how they gained so much traffic (we can reverse engineer their strategy and try to implement something similar)
[28:17] Taking whatever ideas you have and constantly improving them (whether it was someone else’s idea or your original idea)
[28:22] There’s always room for improvement
[28:45] Kevin: Before we close today, in your experience, what’s something our WTR listeners could look to avoid doing and something they can do about that?
[29:06] Jeff: Don’t throw good money after bad
[29:16] If something’s not working, then I would pull back and analyze (make those corrections quickly)
[29:30] You don’t want to stop and give up on something based on your bad experience
[30:42] Reduce your spending until you see better results
[30:47] Kevin: Anything else you’d like to say to our WTR listeners before we close today’s episode?
[30:51] Jeff: Don’t go it alone. You can reach out to me on my personal website and I give anyone a free 30 minute session to discuss where they are at with their marketing strategy and give them free advice

The post WTR Discussion With Jeff Pulvino; So You Think You Have a Marketing Plan? appeared first on WTR Podcast Website.

WTR Discussion With Alexandra Agresta, Allign Purpose With Profit

Kevin M Dumont — Fri, 25 Oct 2019 03:30:06 -0500

When deciding on what career path to take, many people tend to base their job off of how much money they would be making in a specific field, with a specific company. Often what they would actually take pleasure in doing is not given any thought. Maybe, if you were to have a slight shift in your mindset, you could discover your true purpose and find fulfillment and meaning in your work by incorporating what brings you joy into the workplace. Today, WTR welcomes Alexandria Agresta, founder of Purpose Pioneers. In this episode, Alexandria and I discuss how you could accumulate more wealth by taking advantage of the multitude of opportunities available to all of us in the market, all while doing what you are truly passionate about.

Ingenious tactics to accumulate wealth, for people who see things differently.

Alexandria Agresta

Website: http://www.alexandriaagresta.com

LinkedIn: https://www.linkedin.com/in/alexandriaagresta/

Facebook: https://www.facebook.com/alexagrestapurpose

Twitter: https://twitter.com/alexrayagresta

YouTube: https://www.youtube.com/channel/UCkXBi0qKe6u8QTzPwTYsuuQ

NOTES:

[00:27] Kevin: Today we’re joined by Alexandria Agresta. We’re going to be talking about aligning purpose with profit
[00:50] If you don’t mind, could you talk a little bit about where you came from and what inspired you to get to where you are today?
[01:00] Alexandria: I started a company called Purpose Pioneers, which was built on the belief that we really believe in creating a world where people fully align what they do to make money with what they do to experience meaning and fulfillment (purpose and profit)
[01:20] I really believe that we live in this beautiful time in the market place where we have so many options and opportunities, and now we have to take that opportunity to our advantage and do what it is that we want to do
- [01:34] We can make anything profitable
  - [01:54] That inspired me to start my business and empower other leaders and entrepreneurs to put their purpose first and really live in that beautiful sweet spot
[02:05] Kevin: It is definitely a world where if you have an idea, you can get it out there for people to hear and see it (Instagram, podcasts, YouTube, Facebook, Twitter, etc.)
[02:23] Alexandria: We have social media to take advantage of having our voice heard, getting it out to people, and then we have the opportunity to really understand entrepreneurship and business with purpose and make that a reality
- [02:38] Our ideas don’t just have to stay in our heads and they don’t have to just stay dreams. If it’s solving a real need, that will be the most profitable idea you’ve ever had and even better, it will mean something to you
[02:52] Kevin: Growing up, you go to school to get a career and people always seem to have the attitude that their career is strictly work (don’t feel excited about it because purpose isn’t driving their work)
[03:22] Alexandria: When you flip it on its head (which I think is what we need to do as a society, especially with education), and first go with what’s really meaningful to us, then we actually develop skills
- [03:38] I don’t think it’s learning skills first because we’re so smart and resourceful that we can pretty much learn any skill if we have/want to
- [03:48] Find things that are meaningful: How do you want to serve, how do you want to help people (will be surprised at the skills that you learn and what you become good at)
[05:05] We only have these opportunities now because of the internet and because of this hyper-connected world
[05:40] It’s about reverse engineering the beliefs we’ve been taught for a long time (as long as we do it with love and understanding and empathy, we can build on whatever is already built)
[05:52] Kevin: I agree. So, let’s backtrack for a second here. When you talk about aligning what you do with what brings you meaning and fulfillment, can you explain more about what that means and how that can benefit our listeners?
[06:07] Alexandria: It might feel like it’s a bit complex, but it’s very simple
- [06:14] Purpose is your gift. I believe we’re all born with natural gifts that we love and are really good at
  - [06:33] The beauty of a natural gift is that 9.5 times out of 10 that’s how you want to help people
    - [06:50] You have to make it clear to yourself what your gifts are (own them, don’t let anyone sway you from pursuing them)
- [07:22] Profit is what are the needs in the marketplace that people want solved (that goes for if you’re an entrepreneur or if you want to work for a company)
  - [07:37] For entrepreneurship: people buy when they’re in pain and the beauty of purposing your business is you’re solving a pain but in a beautiful and trans-formative way
  - [08:02] For working for a company: think about why you’re so valuable (why does that company need you not just for your skills, but for your gifts)
    - [08:20] What’s the pain that you’re solving as an employee for that company?
    - [08:45] If you’re working for a company, you have to go beyond skill sets (people are looking for determination, passion, and purpose
- [08:29] Beautiful balancing between connecting your gift with a real transformative need in the marketplace
[09:15] Kevin: I know your specialty is more with the entrepreneur side, but once they figure out what their purpose and passion is, and they’re trying to apply it to whatever they’re currently doing but don’t find it fitting, maybe they’re doing the wrong thing?
[09:37] Alexandria: That purpose and passion is right (higher self)
- [09:41] If you’re trying to fit your purpose into a box, it’s never going to work
  - [09:46] You’ll feel unfulfilled
- [10:02] Once you uncover what makes you tick, and you try to fit it into your current job you’re working at and you’re finding that it’s not working, don’t try and fix it. Rise above and find something else that’s aligned with you
  - [10:15] You’ll be surprised at the fulfillment, joy, and productivity that you’ll find in that
[10:24] Kevin: There’s got to be a way for them to get there, so what steps can our listeners take to help them have more meaning in what they’re doing?
[11:12] Alexandria: I love the dichotomy of decisions and what it takes to make one, and that’s what I think is the starting point
- [11:19] To uncover what makes you tick and figure out what brings you job and meaning and fulfillment in your business and your job
- [11:26] It’s about making the decision to do that deep work first (stepping out of your comfort zone)
  - [1[12:00] First, you have to go internal to communicate the words that match your feelings
    - [12:10] Then, make alignment decisions to match your external reality with your internal world (might have to make a change)
      - [13:05] This can be true for every aspect of your life (relationships, friendships, your health, your physical environment, etc.)
[14:03] Everything needs to be aligned in our lives
[14:13] Kevin: Do you have a couple of tips for our listeners for when they make that decision to take that action, are there typically resources that they could go to that would help guide them in the right direction?
Alexandria:

[14:36] Immerse yourself in an environment
- [14:40] You become the average of the 5 people that you surround yourself with (think about who you want to be around)
  - [14:52] This environment will dictate your beliefs, decisions, and our reality
- [15:19] Once I started building my levels of self-awareness, I realized I had a group of very unhealthy friends (I recognized that it was dictating my behavior)
  - [15:38] So, I changed my environment (I moved the flower to better soil)
- [16:12] Surround yourself around the people that have the qualities that you want for yourself (you will start to absorb that)
[16:25] Journaling
- [16:28] Helped me get my thoughts out and make sense of everything
[16:32] You have to find your person (whether it’s your business partner, your spouse, a best friend) that wants to grow at the same rate as you do
- [16:41] You will feel like you don’t need to do this alone (no one really wants to be alone)

Mads Singers

Website: https://madssingers.com/

LinkedIn: https://www.linkedin.com/in/madssingers/

Facebook: https://www.facebook.com/madssingersdotcom/

Twitter: https://twitter.com/madssingers

Notes:
- Kevin: Today, our guest is Mads Singer, who is the founder of what we call The Mads Singers Management Academy. We’re going to talk about tips of how you can become a management master.
- Could you let our listeners know a little bit about where you came from and what inspired you to get to where you are?
- Mads: My background initially was corporate. When I left the corporate world (IBM), I started working as a management coach, and that is what I enjoyed doing more than anything.
- I love building teams and companies. I love seeing things grow.
- Kevin: I imagine that in your experience there’s a lot of similarities you see from one person to another. What is a common thing you see your clients get wrong?
- Mads: Instead of calling it wrong, I’d say that they don’t know better. The steps that usually occur when people tend to get the idea that they want to start a business
  - They tend to get distracted, the majority of which is unproductive
  - The next step is most people go way too broad when they start a business because they’re afraid of closing people out (not having enough market)
    - You always want to do the exact opposite
    - The problem is if you’re not specialized (what you’re good at), you don’t have a place where you can add additional value based on past experience
- Goal is to build up an expertise and then you can start optimizing and figuring out what works best, which makes it more likely for you to start selling your services (getting your niche right, specific)
- What people need to do in order to avoid problems when starting a business
  1. Developing a niche (specializing)
    - When you have mastered your expertise, then you can start adding to the value chain, which will increase the customer lifetime value resulting in more money
    - In the beginning, people are so desperate to get clients, but you need to get some initial clients for your niche
      
      Most of the time, the problem is that they do lead generation for a long time, all their energy going from marketing to customer fulfillment, but if that client leaves, the lead generation dries up
      
      Be consistent all around (establishing those habits)
    - If you’ve done projects for someone in a specific niche, and you feel as though that’s a niche you know, then that’s often a great place to start
    - It’s a lot easier to connect with people
    - It’s much easier to actually find a market and conquer it when you go small (specialized)
  2. Learn to delegate (letting go of the least valuable things)
    - People often don’t do this because they feel as though everything needs to be perfect
    - If you want to grow a business, you have to be doing the most valuable thing you can do in your business to grow it
    - Three areas to look at when dealing with delegation
      
      What’s the least valuable thing you do?
      
      What do you hate doing?/ What are you not good at?
      
      Getting other people to do this is often a huge relief
      
      What do you spend the most of your time on?
      
      Particularly if it’s a small business, if you spend 50-60% of your time doing one specific area/ task, it’s easier to hire someone to do this (becomes 100% of the employee’s time)
  3. Recruitment of employees
    - If you want to build an actual business that can grow in scale
    - When you are able to delegate a certain task to someone else, now becoming their job, you can keep it consistent
    - Good lead generation systems by working with people who can help you build that system
    - As a business owner, one of the two most valuable skills you can develop is ability to recruit and finding the right people
      
      If you’ve ever worked with great people, you know the difference that that makes
      
      The first 5-8 hires you make are going to be critical because if you’re going a larger scale company, ideally they will grow with you and the company
      
      Able to step up and take on more responsibility as things grow
      
      If you don’t have great people in the beginning, that really hinders your growth
    - The behavioral system, DISK, helps you identify people’s natural tendencies and behaviors, which helps you understand what their strengths are (can learn to read people based on their behavior)
    - Recruitment is sales, not fulfillment
      
      If you want the best people, you need to sell your company and you need to sell the job to them (sharing your values and being honest on what you’re looking for)
      
      Certain qualifications when conducting the interview process
      
      Asking potential employees to send a short video of themselves is a good way to filter people when looking to hire
    - When you hire the wrong people and realize this, you have to let them go as soon as possible
- Kevin: Before we close for today, I’m going to ask you for a value bomb. In your experience, what is something that our WTR listeners in their management mastery could look to avoid doing and then something they could do about that?
- Mads: One of the key things that I see particularly with remote staff is people forgetting to treat them as human beings
  - You want to talk to them on a regular basis (ideally weekly)
  - It’s all about building good relationships (taking interest on who people are and treating them with respect)
  - You want your staff to help you as much as possible particularly when it’s needed and you do this by building good relationships with them (they’d be more likely to offer their help)
The post WTR Discussion with Mads Singers, Tips To Become A Management Master appeared first on WTR Podcast Website.

WTR Discussion With Mark Green, What Activates You

Kevin M Dumont — Wed, 09 Oct 2019 03:30:30 -0500

Whether you are a CEO, entrepreneur of a small business, a 9-5 career person or anything in-between, getting things done and achievement of your best ability is often a daily struggle. Join in our discussion with Mark Green, a strategic advisor and coach, at Performance Dynamics Group, and author of Activators: A CEO’s Guide to Clearer Thinking and Getting Things Done. You will hear us discuss what is holding you back, better understanding motivators and what activators are and how to use them to your advantage. We close the discussion with an important value bomb about living in your comfort zone.

This episode will positively influence the direction of your life starting today.

Ingenious tactics to accumulate wealth, for people who see things differently.

Mark Green

http://www.mark-green.com/

http://performance-dynamics.net/

Book: Activators: A CEO’s Guide to Clearer Thinking and Getting Things Done

https://activators.biz/

Linked in: https://www.linkedin.com/in/coachmarkgreen/

Facebook: https://www.facebook.com/MarkGreenPDG

Twitter: https://twitter.com/MarkEGreen

NOTES:

Kevin: Today we’re going to talk about what’s holding you back and to help you better understand what we call motivators are and what activators are and how to use them for your advantage
Mark Green is a strategic advisor, a coach at Gravitas Impact Premium Coaches, an author of Activators: A CEO’s Guide to Clearer Thinking and Getting Things Done. He’s driven by a relentless passion to liberate human potential
Where did you come from and what inspired you to get to where you are today?
Mark: In middle school and high school, I was always the guy that people talked to; everyone was comfortable talking to me
- I was able to be there for people and listen to them, helping them think a little differently about what it was they were struggling with
- This ultimately planted the seed that sprouted into where I am today (it’s never a straight path to get there)
I coach CEOs and their executive teams, helping develop them as leaders by helping them figure out how to get out of their own way
Kevin: This sounds a little bit like the WTR belief of avoiding losses, because if you first fix the problem, things will be better down the road
What exactly is a motivator?
Mark: In my book Activators, I’ve identified 3 hidden growth killers (the things that operate below our conscious level that have a profound impact on how we think and therefore the kinds of results that we get)
1. Motivators: something that is an impetuous to act (explains every animal behavior)
  1. Fear: a motivator to move away from/get less of something
    - 5 indicators that fear is dominating your thoughts
      1. A tendency to move away from loss rather than toward gain (“I’m afraid of what’s not going to happen more than I’m willing to go after what I want to have happen”)
      2. Procrastination
      3. “The flip flop” (a fear behind reconsidering doing something that you initially wanted to do)
      4. Unreasonable continued sacrifice (tolerating something that you really shouldn’t be tolerating)
      5. Gut feeling that you’re doing the wrong thing
    - Activators to reducing fear
      1. Slow down so you can disengage a little bit of the emotional content and engage more logic content
      2. Not “being the most expensive house in your professional neighborhood” (change your neighborhood and engage with people who are at a higher level than you who have already walked the journey that you’re afraid of… will help you move forward and grow)
        
        You become whatever/whoever you’re interacting with
        
        You know you’re in the right place when your ego is at risk (humbling)
  2. Inspiration: a motivator to move toward/get more of something
    - We usually weigh a loss twice as heavily as we weigh a gain
    - Get level of inspiration to be twice the level as your fear
    - Purpose: the why behind what it is we’re trying to do (increases inspiration)
    - To increase inspiration, we decrease the logic and increase the emotion (opposite to what we need to do to decrease fear)
2. Habits
3. Beliefs
  - If you have a past negative orientation (bad experience), and you’re presented with a decision today that causes you to remember it, it could cause you to not make an optimal decision today (“I got bitten before so I’ll get bitten again”)
    - Activator #7: leverage your past
      - You have to reframe your past and essentially re-remember that event and find the positive things that happened in that event (a change in perspective)
If we’re taking time to fixing our motivators, habits, and beliefs, ultimately nothing happens until we behave/do something/act
Behavior change tactic examples
- “If, when, then statement”: when this happens, then I will do that (intention)
- 2 ways to change your behavior
  1. Think your way into being (“If I think about something enough, then overtime I will come to embody those thoughts”)
    - It works, but can take a long time and a lot of energy to make it happen overtime
  2. Be your way into thinking (“Just do it”)
    - It might be a little uncomfortable, but if you just do the behavior, then it’ll be a much quicker path to learn it, master it, and become it
    - Get the result faster than thinking your way into being
    - Being willing to acknowledge that you must be uncomfortable in order to master this
Kevin: I’m going to ask you for a value bomb. In your experience, what’s something that our WTR listeners could look to avoid and something to do about that?
Mark: Something that you could avoid is living in your comfort zone (of your financial world, of your peers, of the readings that you do, of your country, etc.)
If you are interested in connecting with me, you can find me on LinkedIn at Coach Mark Green
My book can be found at activators.biz

The post WTR Discussion With Mark Green, What Activates You appeared first on WTR Podcast Website.

WTR Discussion With Daniel Ameduri, Stop “Saving” for Retirement

Kevin M Dumont — Wed, 02 Oct 2019 20:24:23 -0500

We often feel an urgency to start saving for retirement at a young age. “Start saving in your qualified plan (401k) now or you won’t have enough money for retirement!” Maybe we should change our thinking and accept that the economy is changing, and what worked for our parents and grandparents might not necessarily work in this developing economy. Join Daniel Ameduri, of Future Money Trends, and WTR as we discuss why having a passive income could be what you need for building wealth and living the life you thought was merely an illusion, and what you can achieve if you adapt to living in the present.

Ingenious tactics to accumulate wealth, for people who see things differently.

Daniel Ameduri

Website:https://www.futuremoneytrends.com/

Facebook:https://www.facebook.com/FutureMoneyTrends/

Twitter:https://twitter.com/FutureMoneyTren

YouTube:https://www.youtube.com/user/FutureMoneyTrends

Notes:

Kevin: Daniel is the author of the new book “Don’t Save for Retirement” and the founder of Future Money Trends
Clearly, you tend to think outside of the box. What inspired you to get to where you are today?
Daniel: I’ve always had a fascination with money
Unfortunately, when you make a lot of money in a bubble when you’re young, you’re destined for a blowup which happened to me
Kevin: Robert Kiyosaki says “The poor way of thinking is ‘I can’t afford that’, whereas the wealthy way of thinking is ‘How can I afford that?'”
Daniel: The biggest thing that you can to cut spending is moving (either out of state, out of the country, or to another part of the state you reside it)
- Can reduce the expenses by about 50%
- Buying for cash flow instead of buying for appreciation

Most retirement savers are just speculating and hoping things go up, but my book focuses on how you can rethink that
- If it doesn’t bring you a check don’t buy it
Kevin: I find it interesting in you saying not saving for retirement because typically, when people are talking about money in terms of retirement, people say they’re going to save for retirement and put money into their retirement savings account, which usually is a 401K or another IRA
We make a distinction when we talk about money where you have two tanks for money
- Investment tank that has risk (you could lose money)
- Savings tank that is relatively safe
- If you put your money in a 401K or an IRA, it’s in a mutual fund and in the market, meaning it has risk (not a savings account)
Daniel: So many people don’t know what they’re invested in and they continue to hope that it pays off
It’s time to start asking ‘Is this even working?’
According to VanGuard, the median account holder who is 65+ with a 401K is only $58,000
Kevin: How could you survive with $58,000? For most people, that would get them by living a minimal life for approximately 2 years or so
Daniel: It is very minimal. Perhaps they’re dependent on social security now
You wonder what the lost opportunity was that they had just bought something that would pay them a dividend or pay them a yield, let’s say whether they’re investing in real estate or maybe they want to buy a single family home
Kevin: I’m assuming that you would invest those dividends back in maybe to another property or expanding into other investments?
Daniel: It depends what stage of the game you’re at
- If you’re young and you have great active income then go for it
- Later in life you may decide you want to use half of the passive income to pay for your vacation, your bills, your house, a change in career, etc.
Kevin: So in terms of passive income, investing in two things that deliver a check to your mailbox or into your account, are there other options that are useful other than passive income from real estate?
Daniel: The easiest ones are private RIETs; private equities tend to do better than public
- There’s a 30% markup on public traded stocks because you have that market pricing where you can sell it anytime, but those RIETs might only pay 7%
  - With public RIETs, do you want to own some house or rental property that’s a C+/B+ property? The advantage is that you have the leverage, but if you’re not leveraged, owning private RIETs mean you’re upgrading your assets when you get involved with these types of investments
- You can get a private equity RIET, where most of the institutional money is, along with wealthy investors and insurance company banks, which you could get a 10-12% rate, but if you want to sell it, it would take 30-90 days (considered to be only for the rich and happy)
  - Thanks to crowd funding, there are plenty of non-accreditive investor options (ex: FundRise, RealtyMogul)
In the end, you want to be like Warren Buffett: The number one rule is don’t lose money, rule number two is to not forget about rule number one
- If you look at how the middle class and the poor invest, they speculate and hope things go up
- The rich are already rich (focused on preservation and cash flow, not worried about how to get rich overnight)
People accept the financial world and conventionalism for what it is, but keep in mind all of this is new (retirement savings, 401K plans, stock markets, a currency not backed by commodities except for the last 50 years of the world)
Focus on simplifying your life – focus on things that bring checks to your mailbox, and you can either take that check and compound it back into that investment or another one, or you can take that check and spend it
Kevin: Right, you have options
People don’t always plan for major expenses. You’ll need access to money right away, and if you don’t, that’s a problem
Daniel: And for those of you who are younger out there, don’t speculate what the income tax is going to be in the future (today, the federal income tax is as low as it was since 1931), because taxes will just continue to rise due to the significant debt we are in
Kevin: The average tax bracket since 1913 has been about an average of 58%. For years, it was well above 70%, and we have a lot more debt now than we did back then
Every single person my brother and I have had come to our office, we ask them where they think taxes will go in the future, and every single person says that they will go up
If you’re younger, your tax bracket is probably low (less than 20%), and you’re putting your money into your 401K. Then, what happens when you get out to retirement, tax rates went back up to let’s say 58%,and now you’re paying 58% of what you could’ve when you were at 20%, which sounds like a loss to me
Daniel: It totally is. There also is the huge opportunity cost there. You could’ve put money toward something else/another investment
Why would you put money into something where you call it your money, but if you make a withdrawal, you pay a 10% penalty? That’s ridiculous.
Kevin: Right, it’s a government controlled entity. It’s not your retirement savings account, it’s the government’s
- They decide all of the rules and regulations (what you can do, how much you can take out, when you can take it out, and if you’re not taking it out that you need to so they can start collecting their taxes)
Daniel: Right now is a great opportunity for Millennials or Gen X’s, because the economy is changing and there’s so much change coming in the freelance economy, and this is a great opportunity to sell your skills online
- The good times are coming and they’re here, but people need to embrace them
- Some people are failing because they’re so focused on what worked in the past into the present economy and it’s not working
Kevin: We all want to learn from the past, but times change, everything has changed (ex: technology)
Daniel: Most college graduates aren’t even working in a job that meet the college degree
- 46% of college graduates are not even in a job that requires a college degree
- 50-60% of college graduates got a degree in something they don’t currently work in
  - People need to embrace adapting
  - If you want to start a great business, start giving your services for free to the clients that you most desire to have (could be your referrals one day)
Kevin: Instead of looking to rely on someone else to maybe someday do something for you, the people who become wealthy are self-made
Daniel: They are self-made in the sense that they chose to become rich, but all wealthy people need advisors and mentors
No matter where you are in life or what country you reside in, you have to make this decision that you’re going to attract these types of things into your life to achieve success
Kevin: Instead of just saying ‘This is what I have to do’ and sticking to that, think ‘I want something else, how can I get there?’
Daniel: The fact that people who are listening to a show like this already means they’re open minded to actually stepping outside of the rat-race
Most people will just live, passing time until death (scared to go out of the norm because we somehow tend to think we’ll be hurt by it)
- The norm is actually the thing that will hurt you
You only get one shot at life, don’t be scared to move and be mobile
- Many opportunities exist in different countries and regions of the U.S. (be willing to explore)
Kevin: The ability to be mobile due to technology (as long as they’re producing well, doesn’t matter where they are located)
Daniel: We’re so hardwired in to an immobile society that we don’t embrace all of the opportunities (mimicking the 1950s lifestyle)
You don’t have to be a millionaire to be happy
Kevin: As people start to learn, they start to give back and open other people’s eyes
- One of the reasons for developing this podcast
Daniel: I don’t have a college degree, I was broke 11 years ago (being successful is very do-able)
Kevin: Can you give a couple other examples of what has worked for you?
Daniel: To this day, I’ve only done owner-seller financing deals
You have to go out there and look
- When I bought houses, I bought houses that no one else wanted to buy
- Find things that you’re passionate about and invest in things you’re interested in
- If you have a job and like it, then stay with your job and still build a passive income (become a great investor)
A lot of these things we’re scared of (ex: health care insurance) is very easy to get (private nonprofit institutions rather than government
If you’re going to re-allocate capital into investments, start thinking about bringing that income in, and stop thinking about doing everything that your neighbor is doing
Kevin: That is good advice: To get out of the box and start thinking differently about what you want to accomplish and finding a way to get there
Daniel: For you listeners, we have a page set up at futuremoneytrends.com/save where you can read an intro to my book and the first chapter, and you can receive my weekly digest that states everything my wife and I did and what we’re doing right now
Kevin: What should our listeners look to avoid doing and something they can do about that?
Daniel: Never be in a hurry to buy anything
- If you feel rushed to buy an investment, you are going to lose money with certainty
- Often times doing nothing is better than doing something

The post WTR Discussion With Daniel Ameduri, Stop “Saving” for Retirement appeared first on WTR Podcast Website.

WTR Discussion With Dr. Lindsey Elmore, Losing Money In Your Business

Kevin M Dumont — Wed, 25 Sep 2019 03:30:01 -0500

When you’re running a business, there’s a lot of focus on making a profit. However, you’ll have a lot more of it if you first avoid potential losses. During our recording of our recent episode (Overcoming The Fear Of Wealth) with Dr. Lindsey Elmore we talked about ways to lose money in business and some practical tips you can apply today to avoid unnecessary loses in business.

Ingenious tactics to accumulate wealth, for people who see things differently.

Dr. Lindsey Elmore

lindsey@lindseyelmore.com

Website

https://lindseyelmore.com/

Facebook

https://www.facebook.com/lindseyelmore

Instagram

https://www.instagram.com/lindseyelmore/

https://www.linkedin.com/in/lindseyelmore/

YouTube

https://www.youtube.com/channel/UCdKYK_Z1kv1pFoaA02tdZRw?view_as=subscriber

The post WTR Discussion With Dr. Lindsey Elmore, Losing Money In Your Business appeared first on WTR Podcast Website.

WTR Discussion With Dr. Lindsey Elmore, Overcoming the Fear of Wealth

Kevin M Dumont — Mon, 16 Sep 2019 23:59:48 -0500

Time to think differently about money. Ever heard, “Money is the root of all evil?” That’s fear talking. Wait. What? Money is simply a tool we use in our lives. If instead you think about having an abundant mindset, suddenly success, wealth and relationships chance in your life. Join WTR and Dr. Lindsey Elmore as we define what the Fear of Wealth is and how to overcome that Fear, the effects of wasting money in your business and life, as well as some tips of techniques you can do today to make a change in the road to no longer living in fear and live in abundance instead.

Bringing you CLARITY and helping you take CONTROL of YOUR MONEY back and away from the major financial institutions.

Dr. Lindsey Elmore

lindsey@lindseyelmore.com

Website

https://lindseyelmore.com/

Facebook

https://www.facebook.com/lindseyelmore

Instagram

https://www.instagram.com/lindseyelmore/

https://www.linkedin.com/in/lindseyelmore/

YouTube

https://www.youtube.com/channel/UCdKYK_Z1kv1pFoaA02tdZRw?view_as=subscriber

The post WTR Discussion With Dr. Lindsey Elmore, Overcoming the Fear of Wealth appeared first on WTR Podcast Website.

WTR Discussion With Guest Robert Farrington: Negotiating Financial Aid For Parents And Students

Kevin M Dumont — Thu, 05 Sep 2019 03:30:19 -0500

Navigating your way through how to pay for your financial aid can be stressful and confusing. But before you even get there, there’s who is going to pay for it and how much. Listen in as WTR and Robert Farrington, of The College Investor, as we discuss how to negotiate financial aid. You will hear us talk about whether the parent or student should pay for college, how to figure out your options after school ends, what’s holding graduates back from accumulating wealth and strategies to build wealth while paying off student loans.

Bringing you CLARITY and helping you take CONTROL of YOUR MONEY back and away from the major financial institutions.

Robert Farrington

robert@thecollegeinvestor.com

Website

https://thecollegeinvestor.com

LinkedIn URL

https://www.linkedin.com/company/the-college-investor/about/

Facebook URL

https://www.facebook.com/thecollegeinvestor

Twitter URL

https://twitter.com/CollegeInvestin

YouTube URL

https://www.youtube.com/channel/UC7eyMsOBdk6iLaYyXmmzdBg

Notes:

Kevin: Paying for college tends to be a big problem in today’s world
Robert: The two main issues are paying for college and paying back student loans
Kevin: The increasing costs of college seems to be increasing more rapidly than the jobs that we’re producing from them
Robert: Yes, the cost of college is increasing, but on the flip side community colleges are becoming more affordable
Question of should you go to college? – currently the biggest shortage of trade workers in the U.S.
Implications of your choices that will affect you for the rest of your life (whether or not you go to college)
Went to college and received Masters’ Degree, but doesn’t use any of that today
Kevin: I went to college and got a Masters’ Degree in exercise science, but today I’m in the wealth field
Robert: Your college degree can be your ticket in the door to the work force, but it has a very short lifespan
About 3 years after you’re done with school, nobody cares about the degree
All about your experience and if you’re going to bring value to that company
Kevin: What got you into helping families pay for college?
Robert: Started writing about money and personal finance because I had an interest in it
Passionate about investing money (had a blog where I shared investing tips)
I had my own student loans that I was paying off, but my student loan servicer screwed up my monthly payments
Wrote about this experience and the article was one of the first that became popular
Found that many people had student loan servicers that screwed up their loans too (found that this was an issue and then started writing more about student loan debt)
My end goal is having people invest and build wealth earlier, rather than waiting until later to pay off student loans
Kevin: Makes sense, the power of money overtime
You founded thecollegeinvestor.com, where you are the host of the podcast The College Investor Audio Show
This is an issue for a lot of our clients
Robert: The podcast combines all of the things we hate about everything (the government, family dynamics, money conversations, and other psychological burdens) and gets intertwined with the college debate
Kevin: Millennials have a problem right now when it comes to building wealth. What’s the biggest problem they’re trying to overcome?
Robert: The student loan debt is the problem
Student loan debt bubble
Paying your student loans is a drag on your monthly income
You can’t deploy that money into buying a home or investing for retirement or maybe starting a business
Puts a delay on what past generations were able to start earlier
Kevin: Even if they earn more than past generations, it’s like their income is significantly less because they have to make that payment every month
Is it really worth it? How long would it take to pay these loans off?
Robert: What level is worth it?
Statistics say that going to college earns you about double over your life than not going to college
So, theoretically, it’s worth it
Have to know what the cost is (an average – half of the people it’s worth it and the other half of people it’s not worth it)
Varies by location, where you go to school, how much you pay, career, how you’re going to repay these loans after college
The average loan repayment in the U.S. takes about 17 years
Plan types that range from 10 years to 25 years, plans that come with loan forgiveness, plans that are based on your income, and so on
The problem with the student loan repayment issue is that there’s over 150 different ways to repay your student loans (very complex)
Kevin: Before picking a payment plan to pay back student loans, students first have to decide what college they’re going to
Look at college like a business with an ROI
Robert: Going to college has a lot of soft benefits, but at the end of the day you’re paying money for these benefits (buying these things to have a return on this investment – your return being your future earnings)
Helps you learn to be independent
Helps you communicate better
Helps you build new friends
Translating skills learned in college to make money
Have tool platforms on the internet that will let you know how much you’ll earn in any given field
Do a little research before going into a field to figure out what you’re going to make and then decide what’s reasonable to spend
Kevin: That can be trouble too. I went to college and I chose a college based on what I thought I wanted to do, but then I wanted to do something else and changed colleges (half of my credits didn’t transfer over and I had to go to college 5 years because I was struggling to get caught up)
Robert: I think college isn’t the time to find yourself (it’s too expensive)
If you don’t know what you want to do, maybe start with community college
Get your general education credits
Can balance a job/internship along with that (part-time student) to see what you’d be interested in
We have options, we just don’t necessarily know these options exist (not exposed to them)
Kevin: The system now is you go to grade school and then high school, and when you’re a junior you pick your college based on what you want to study when you’re 16/17 years old
I had no idea what I wanted to do at 16, and the things I thought I wanted to do were dreams (ex: an astronaut)
Maybe don’t go straight into college
Maybe take a couple of classes, get a job, and take some time to figure yourself out
Robert: Society scares kids into believing if you don’t go to college right after high school you’re never going to get to go (a big myth)
Colleges will always take your money, so they will not tell you no
Community college transfer students that graduate from a 4-year college have the highest graduation rate from college
Have time to figure themselves out and have a purpose for going
High school students who go directly into college have the lowest graduation rate from college (67%)
People don’t know what they want to do
We don’t have enough high school students out working getting exposure to careers and choices
In about half of the states in our country, community college is free
We’re asking kids to make $100,000 decisions with incomplete information
Student loans are the last choice when paying for college (many other options that we default with)
Can make sense though if you’re borrowing responsibly, not overleveraging yourself
The first message to parents is that you don’t have to pay for your children’s college education (pressure is usually put on the parents to pay)
Parents shouldn’t pay unless they’re 100% set on life (debt free, retirement fully funded, etc.)
Walk your child through the multiple choices of paying for college
Kevin: How do you pay for some of the options for college?
Robert: Things that can help pay for school

Take advantage of the free money (scholarships and grants)

Merit-based scholarships that many students don’t even apply for (don’t put in the work)
If you apply to 100 scholarships (which you can start applying for when you’re a sophomore in high school), you will pay for college (higher probability of getting said scholarship than applying to only 4 – follow the directions and there won’t be as much competition)

Work and save in high school
Parents could contribute money out of their current earnings toward their child (that wouldn’t negatively impact your life)
Loans (federal and private loans)
Work studies

The number one thing that employers look for in college graduates is business communication skills
Communication skills during interview
Problem solving skills
The degree is more of a can you do it rather than what did you learn
Kevin: A lot of what you’re going to learn in college is not just material, but also the ability to do the work (researching and applying information)
I like the idea of having my son pay for college because he will be much more serious about it when he gets there
Robert: I believe that parents shouldn’t borrow money to pay for their child’s college education (that’s where they get into real trouble)
Education is a good thing, but college is expensive
43 million Americans have student loans right now
Kevin: What kinds of strategies for people who have college loans have to start building some wealth?
Robert: The average graduate has 5 loans
Strategies for building wealth

Get organized (have to know what you have and what you’re paying)
Get on a repayment plan that you can afford

Income driven repayment plans based on your income (solid plans if you’re struggling to make your monthly payment)

Take advantage of employer matches (free money)
Be knowledgeable about the student loan forgiveness programs

50% of borrowers today qualify for something (maybe not total loan forgiveness)
Most people are getting rejected because they’re not filling out the application properly
Personal accountability (can be accountable to your own money and life)
It is easier than ever to earn money today
$100-$200 a month can be game-changing for a budget, for saving, for paying off debt, etc.
Kevin: Today’s technological development makes the information more readily available to be able to make more money
Robert: Rules of a set schedule and job requirements are gone with internet jobs
Earnings aren’t as glamorous with internet jobs
Time freedom and flexibility freedom to put some extra money where it’s needed
I paid off my $43,000 student loans in two years by working my day job and side hustling to about $2500 per month
If you want to put your time into something valuable (ex: earning more), put the time in
Kevin: People are monetizing their hobbies (ex: fitness) and making extra income off of it
What can our listeners avoid doing?
Robert: Stop buying things (some people have so much junk and they continue to buy unnecessary things)
Re-direct your money into building your assets
Kevin: By not buying stuff, you’re buying your future

The post WTR Discussion With Guest Robert Farrington: Negotiating Financial Aid For Parents And Students appeared first on WTR Podcast Website.

WTR Discussion With Phyllis Ginsberg, Your Happiness First, Then Success

Kevin M Dumont — Thu, 22 Aug 2019 03:30:44 -0500

Work Harder. We hear this common phrase almost everywhere. However, we live in a 24/7 world now. There’s almost no time to unplug from life, work and everything else being thrown at us daily. After a while, this can take a toll on us and we don’t even realize how much because we just don’t stop long enough to recognize it. This puts strains on our relationships, our performance at work or success of our business and even shows up in our wealth. You need to take care of you. But that can be a challenge itself. The good news is, you can be happy no matter what is going on in your life. Phyllis Ginsberg and WTR discuss why and how you can be happy and healthy and skills you can learn today to help you the rest of your marvelous life.

Ingenious tactics to accumulate wealth, for people who see things differently.

Phyllis Ginsberg

phyllis@phyllisginsberg.com

https://www.phyllisginsberg.com/

Brain Makeover: A Weekly Guide to a Happier, Healthier and More Abundant Life

Tired and Hungry No More: Not Your Ordinary Guide to Reclaiming Your Health and Happiness

Notes:

Kevin : our guest Phyllis Ginsberg is a Health and Happiness expert
And also the Author of 2 books – The Brain Makeover and Tried and Hungry No more – fantastic titles

Phyllis : A bit about myself, I was not come from the health and happier family, growing up with mom who has arthritis and migrant headache and I become the responsible child and overly fully responsible. In 2005 – I had 8 months waiting list – divorce dealing with stressful, child custody evaluation, co-parenting. Really did not realize about all of it until finally I took a break.

Kevin- Agreed, we should take a break, the longer we wait the longer you can’t take it, how worn you are.

Phyllis : Until we stop, we have no idea, I just knew that I had a total burn out if I did not do something.
Time off, I totally lost,
Getting to the basic line was ok,
Discovered that can be so was so much happier that I never was.
Brain – training child custody work

Kevin :no doubt, children

Phyllis: children leaving in fear that parents will scary them , when I saw that there’s a thing

Healthier – good feeling

During time off, I put things together

Kevin : thinking differently, kind of kicking in

Phyllis : exactly that I wrote a book brain Makeover

Kevin : release the book, succeed

Phyllis : good things, the result lots of emails , small things make huge diff things
It doesn’t take very much
My 2nd patience, which is health. My mom when she is 37, she had a breast cancer , did not survive in a year. I was visiting my dad who had a stroke and make me write the 2nd book tried and hungry no more.

Kevin : background in health. I had a bachelor in exercise and science.
In college, studied about Japanese. Different of visiting hospitality,
Japanese expecting the family in the hospital with them, taking care of them- they have less people

Phyllis : totally believe, having support , people caring about you ..make a huge different.

Kevin : I’m sure, it’s important this little things, mind is powerful

Phyllis : for example someone said I just can’t image being happy, health , I’m stuck, that’s all survival mode thinking. Wanting different.
Lots people do not how to do possibility thinking because no one teaching it.

Kevin : how do u manage mental health, health is not taught in school, u don’t learn everything.

Phyllis : most taught in school is foundation only not the reality

Kevin : up to us .. People listening
How they make

Phyllis : so many different way. Finding one things that you like, interest in, focus in that area ie: Eating better, getting sleeping ,getting exercise.

Kevin : pick the area , sleeping. .most of people having difficult. I have a problem sleeping, where should I go from there?

Phyllis : sleep is most of vital things that we need, I did research and I had a chapter about that in my 2nd book .. If you did not have enough sleep it will affect your ability to focus, not function. Bed long enough 7 hours sleeping in minimum, recommended. 7,5-8 hours will be great, start to make yourself whining down 30-60 minutes before going to sleep , do be engaged to something that exciting, news.

Kevin : that’s true. I need 30 minutes or one hour to relax myself without watching tv show who excited me.

Phyllis : write down 4-5 happiest moments of the day, it makes you happy and when you’re going to sleep on happy thoughts it will make a huge different.
One happiness of the day, feeling the sunshine on my face, really simple things that make me happy, so I think you can think that something make you happy.
Rewire your brain to be focus on happiness

Kevin : music can make you feel happiness or sad
tips

Phyllis : so much info out there, people can google it .. Finding ways to
Move forward and having sustainable.

Kevin : good point, work in wealth management as well
Every year, gym beginning in year gym got packed – making their New Year resolution ..
They started but they don’t stick with it, is in their mind.

Phyllis : do or won’t
Becoming healthier, happier
You might choose to not accumulate wealth, because there’s something will disappoint you.
Rich people
Lose weight
Something that if you did not achieve . U
Will disappointed

Kevin : what people should do before they get there

Phyllis : identified area you want to improve, write your goal, ie what can I do in the next 3 days .. Doable function goal.

Kevin : I had a long days, I want to relax but I can’t sleep what should I do?

Phyllis : by acknowledging your thought and feeling .. My book , tapping section allow you to do the next step. Resistant to tie to something, figure it out.

Kevin : stress is something that effect everyone. Performance not well
Deal with stress? Big problem

Phyllis : o for sure people is getting more stress and stress every day! Lower that stress, at least temporary, you could Stop and do mindful stress. ie; put
Your Focus feet on the floor 10-15 seconds, Sound outside. It bring you to the moment and anything you can do to interrupt it will give you calm.

Kevin : mindful – focus at the moment – focus breathing, on feet

Phyllis : so many diff technic to do that

Kevin : it worked in ways, felt good.

Phyllis : there’s many thing, but do not complicated things .. Try it before you judged it

Kevin : any other tips?

Phyllis : for once if you eat, no caffeine or sugar that would help to relief stress because you know you don’t have caffeine or sugar, for the healthier reason.

Kevin : before we go today, your experience to look avoid doing

Phyllis : hm .. Avoid thing , we put everything and everyone first. Do not do that, Always put yourself first. Put yourself on to do list

Kevin : u re right, life guard
The most shocking things,

No, you are not going to save them. The coach said you have to help yourself first.

Phyllis : put yourself on your to do list, know what and when you are going to sleep, make yourself ready.

Kevin : Sounds fantastic

Phyllis : Please have a look at my website, there is also links for my books

The post WTR Discussion With Phyllis Ginsberg, Your Happiness First, Then Success appeared first on WTR Podcast Website.

WTR Discussion: Kim Ades, How You Can Have a Healthy And Wealthy Mindset

Kevin M Dumont — Mon, 12 Aug 2019 19:28:13 -0500

What’s stopping you? What’s getting in your way of achieving happiness and wealth success? Maybe you blame your luck. Maybe you blame your boss. Maybe you think you don’t deserve it. Maybe you think it’s 1 of hundreds of things outside of your control. The truth is, it’s your mindset. The good news, you can improve your emotional resilience and improve your relationships, happiness, business success and wealth. Join WTR and Kim Ades, President and Founder of Frame of Mind Coaching, as we discuss the importance of your frame of mind and how you can use proven tactics to have a healthy and wealthy mindset.

Ingenious tactics to accumulate wealth, for people who see things differently.

Kim Ades

kim@frameofmindcoaching.com

Frame of Mind Coaching

Facebook

Twitter

YouTube

Notes:

Kevin: Our guest, Kim, founder of Frame of Mind Coaching and super mom
Kim: Always interested in leaders and what separates leaders and top performers for the rest of the world
Years ago was a serial entrepreneur, owned software company that build assessments that helped companies make better hiring decisions
- This was before assessments were popular
When looking to hire people, what should you be looking at to predict their performance
- Tested thousands of people
- Key characteristic that was most effective: emotional resilience
Emotional resilience is a person’s ability to bounce back from adversity with speed and agility, and even turn that adversity into an advantage
Sold that company and got hired as VP of marketing for coaching company
- Their mandate was to help people live extraordinary lives
  - That’s for me!
How they coached:
- Helped business leaders create business plans with several manageable components
- On weekly or bi-weekly basis their coach would hold them accountable
Something bothered me about that
- People know how to create plans, but what is stopping them from executing the plan? What’s stopping them? What’s getting in their way?
- Why do people struggle with weight loss?
- Why do people struggle to become wealthy?
- What’s really going on? What’s at play
It’s not that people don’t know what they need to do. It’s something is interfering with their ability to get it done
It has to do with:
- Their upbringing
- Their perspective
- What they think they are capable of
- What they think they deserve
- It really has to do with their emotional resilience
If I can create a coaching company that helps people build up their emotional resilience, handle difficulties when difficulties happen, now I’m setting people up for success. Rather than managing their actions, I’m helping them handle life. I decided I can do this a little bit better. So I created Frame of Mind Coaching 15 years ago
Some of the best ideas are born from that, “I think I can do something better.”
Kevin: Speaking of mindset, my Son has ADHD. Because today we understand mindset of kids with ADHD schools can gear curriculum, teachers can be geared towards child’s learning. I struggled in school because no one know about this. But now my son does not struggle.
Kim; While we’ve made some strides in education, we are eons away from where we could be.
Truth is, a lot of the way school is structured is not aligned with the way people learn best. It’s not engaging students
When you look at what’s wrong with school:
- We’re not
  - Engaging students
  - Relevant
  - Hands on
  - “sticky”
  - Teaching them things that they will use so readily
But I could talk for hours about this. It’s a whole ‘nother subject
Kevin: talk more about how mindset of people can keep them stuck in a position and not achieve their true success
Kim: Whatever your life situation is, that’s a function of your thinking.
some listening may be thinking “well that’s not true.”
- It’s not my fault I’m in this situation. I just grew up in this situation.
Yes. But it’s your thinking that kept you there.
Your life as you see it is a reflection of your thinking, what you believe to be possible
If you think it’s impossible to be wealthy, you’re right
If you think wealthy people are self-absorbed, selfish and greedy, who wants to be that. So that ideology is keeping you away from wealth.
So the way you think about money is reflected in the money you have
Where does that come from?
Growing up, your parents gave you some ideologies of how they felt about money.
You may have accepted or rejected it, but your philosophy of money started there
Then you were exposed to other people. You looked at what they had and how they had it. You came up with your perspective on wealth that is reflected in what you have today.
So how you think will effect what you achieve. Doesn’t matter if it’s in the area of money, work relationships etc, the way you think is directly responsible for what you achieve
Kevin: the mind is a powerful tool
When I was younger, teacher said whatever you think, what you project, that’s what will happen. That’s what will become
Kim: That’s right
We say it like this, “what you focus on, grows.”
What we tend to do is collect evidence to support that belief
- If you think life is hard and wealth is hard to come by
  - You see, here’s another bill
  - You see, this guy is making it but not me
  - You see, This guy got a promotion and I didn’t
  - You see, here’s another sale I didn’t get
  - You see, here’s a bunch of expenses I didn’t expect
  - You see, life is hard for me
It’s not placing blame.
- It’s like if I said most cars are white. Now you start noticing white cars when you weren’t thinking of it before. There aren’t more white cars than other cars. But because you’re looking for them, you believe it to be true.
Kevin: Mind sees in pictures
Kim: the mind sees in pictures and plays tricks on you
We talked about risk. A lot of people miss asses risk because it plays tricks on you
A lot of people way they would rather die than speak publicly.
Truth is there’s no risk at all
Yet we perceive it that way
Do you want to give that example of risk from earlier about buying a car?
Kevin: There’s 2 ways to pay for a car, use your money or use someone else’s money (a loan)
Something could happen and you could lose the car.
If you used your money, now you’re out the money and the car
WTR Interview: Shawn Walchef, Digital Media Will Save and Improve Your Business

Kevin M Dumont — Thu, 01 Aug 2019 03:30:14 -0500

Perhaps digital media is mysterious to you. Maybe you know how important it is, but just haven’t gotten around to it much. Or maybe you’re a digital media rock star. Any way you look at it, digital media is here to stay and is an integral part of all our lives. However, if you’re an entrepreneur or in business for yourself, it will be the most important part of any of your marketing. Often, it can be your savior. Meet Shawn Walchef of Cali Comfort BBQ and Behind The Smoke podcast. He took it upon himself to learn digital media to save his business. Join WTR as he shares his experience. You will learn why digital marketing and branding is so important, insights into the psychology of digital marketing, practical tips for making your business more visible online and more likely to get results from searches, why podcasting can help you to connect with your listeners in ways never before possible, how technology has changed the way we interact with restaurants and businesses, and ending with a value bomb about communication.

Ingenious tactics to accumulate wealth, for people who see things differently

Shawn P. Walchef

shawn@calicomfortbbq.com

Cali Comfort BBQ

Behind The Smoke: BBQ War Stories Podcast

Cali BBQ Instagram

Linked in

Cali Comfort BBQ Facebook

Shawn’s Facebook

Shawn’s Twitter

Cali Comfort BBW Twitter

Cali Comfort BBQ YouTube

Notes:
- Fortunate to have Shawn today because without digital marketing, we wouldn’t have him here today
- Impressed with anyone who starts their own podcast
- Derek Marso, co-host and I have published 100 episodes
  - Weekly “Behind the Smoke”
    
    Focus on business, digital marketing, digital media, interviewing people we admire, specifically in San Diego area
    
    People who are moving the needle as far as getting their branding online, getting their business online and really making an impact in the world
- Podcasting is on-demand radio, on-demand information
  - Way for people to learn passively
  - During my short commute, for 15 minutes can listen to some of the top minds in the world with whatever field I care about
- Its 2019 and if people don’t think the internet isn’t impacting their business or industry, I feel sorry for them
  - We’re always going to have to continue to learn
- People listening to this podcast, Kudos to them because they probably love to learn
- I don’t have a background in internet, IT, not for cooking BBQ, not for running a restaurant
  - I went to school for sociology
- Whatever your passionate about, you can find people on the internet, on YouTube, through podcasts, Twitter, blogs, Instagram that are publishing content that influence you
  - That make you change your habits
  - Changing your habits to do things that you would want to do increases opportunities in your field and for your family that you would have never had the chance for
- We at WTR talk about setting yourself up for opportunities
  - Set yourself up financially, habits, skills, abilities
  - Set yourself up for success and better things in your life, such as improvements in business, self, family
- We live in the information age and people are going to the internet to find information they care about
- Wife and I ask people where to find daycare, but we go to Google and Yelp to find info on daycares and find them
- We go to Yelp and there’s some daycares to don’t have;
  - photos of what the place looks like
  - Don’t have updated website
  - Don’t have contact form
  - Don’t tell us what services they offer
- They are losing the potential for business
- Company that is internet forward and putting their brand online as a priority
  - Have great photos
  - Have easy way to contact them
    
    When I message them they message right back
  - They make the process easy for my family and I to go tour their facility
  - Chances they get my money are much more than anyone else
- The most exciting part, the more I conversations through podcasting, through interviewing guests, the more I realize how much opportunity there is out there
- In San Diego CA, in just 2 years of podcasting, people all over the globe know about our restaurant in an off the beaten path
- Podcasting is a personal medium, a “connection”
  - Connection in the same way that we are drawn to a type of music
  - We are drawn to things that inspire us, that move us, whether they make us happy, sad or inspire us to make a change
- Where Shawn’s business started, and where and how it changed and implanted digital marketing
- 2008 took over sports bar in area where it’s not expected to be found
- But in order to survive they needed to find ways of marketing and branding
- We know if we didn’t know how to do it ourselves, we couldn’t hire the right marketing company, and couldn’t learn all the opportunities that existed
- Made fun of partner for having a Facebook account
- Through research and Googling, learned business could have a Facebook page, so implemented one
- In 2008 paid money to be in the Yellow Pages
  - 11 years later its crazy to think about
- To think what I can do with my iPhone to create 4k video to upload to YouTube and Instagram
  - Not necessary to have Call To Action to buy BBQ
  - They see what we are doing as a BBQ restaurant
    
    Example, putting tri-tip ribs on our smoker, they see that
    
    Then this weekend when they ask where do you want to go for dinner, they say I want tri-tips because I saw CaliComfort put it on their smoker this week
- Its and on demand world, I don’t even watch live sports anymore, I DVD and cut it down so I can have an extra 40 minutes with my son or daughter
- Internet gives ability to get information in a more efficient manor
- People may not be using internet in an efficient manor were they could have more time with friends and family, they’re doing the opposite
- I’m huge fan of Gary Vaynerchuk
  - He talks about social media just exposes who we are as humans
- As humans, it’s easy to say that when a husband and wife go to dinner they just look at their phones and don’t talk to each other
  - Maybe before the phone they just didn’t talk to each other, they weren’t having an engaging conversation
- I don’t think the internet is the problem with the world
- I won’t be so naive that my kids won’t find bad things on the internet
  - Hopefully my wife and I can find a way to teach them wright from wrong
  - Hopefully they can find positive people that are making an impact on the world, that are going to inspire them
- Just like my grandfather from Bulgaria in small village
  - Born in 1919, should have been farmer
  - American man came to village to teach how to read
  - My grandfather read every book in village and went to others to read more
  - That education/information enabled him to become a medical doctor
- That’s what education does, that’s positive education
- His lifelong pursuit of always learning is something I hope I can pass on to my kids
- People look for an authority figure, they look for someone/ business they can trust
  - A lot of good content it helps solidify you/your business as authority, it helps people to trust you
- Local sports radio station lost their signal and show because the company didn’t understand digital. they were focused on radio signal. They figured if people aren’t listening to this signal, then they won’t listen.
- Instead they should have been focusing on creating content for YouTube, creating Podcasts, utilizing the internet in all way possible to help their sponsors grow their impact and brand
- Stations that did do that, survived
- We would never use Alexa
- Got Echo as gift from party, we decided not to use it
- Used it once at bath time to play kids songs, not use it for many more things.
- As a business owner, I need to know how to enable Alexa so that when someone searches for a BBQ podcast or digital marketing I come up as one of those searches
- Why? Because if you don’t, you become irrelevant
- If someone new is thinking about getting into podcasting, why should Podcast Movement be important?
- That is just one example of a conference that could impact the way you think about your business
- You don’t have to attend a conference, Podcasting is valuable to any business
- Because the act of podcasting requires you to Think Differently
- Example: Real Estate agent produces show called East County Eats. Creates production that he puts on Facebook and YouTube and doesn’t ask anything of me. To me, that’s somebody who is thinking differently. It’s promotion for us. He became our agent because he was willing to think differently
- If you start podcasting, you will have to take a look at YouTube and Twitter, etc, and learn them
  - How am I going to get people to listen to my show?
- None of this happens over night
- WordPress was empowering because I could manage my own content
  - I could set up SEO
- Set up Google alerts for your name, your business, etc
  - Now anytime your content is searched, Google will let you know
- Every time the Google Alert comes up with good content or that you’ve been quoted in something important (Forbes) then you’re on the right path
- Tips to help you learn on your own.
- It’s more self-awareness
- You have to be curious and want to know
- “I don’t have time to do it.” “you cannot have time to do it, or you can just figure out a way to do it.
- You should have the best smart phone. If investing in something, it should be the best smart phone. Get over the fact that you might not understand it
- Everyone is playing in a new world.
  - In jeopardy; TV, Newspaper magazines
  - All these business are closing
  - I can’t take my son to Toys ‘R Us. “It’s absolutely insane to me…”
  - Sears is bankrupt “Are you serious?”
  - Blockbuster, they made fun of Netflix and now look at Netflix
- When we move into our new home we’re not going to have Direct TV. It replaced cable and now we’re just going to stream, cut the cord. We watch stuff on demand.
- Something for our WTR listeners to avoid or not do
- On personal level, communication is the most important thing that anyone can do
- Example: my co-host and I were going to open a butcher shop together. It was his idea, but it made things more complicated. Instead of communicating more, we communicated less. That was tough and we’re still working through it. Now I’m not going to be helping him with the shop as a business partner, just a friend.
- Be as clear as you can
- Closing
- Set up Google Alert on anything you care about, anything you’re passionate about. It will help create the curiosity wheel on how to start hacking the internet on your own terms
- Anyone in San Diego please reach out an let us know you heard us on the podcast and we would love to show you around and treat you like royalty.
The post WTR Interview: Shawn Walchef, Digital Media Will Save and Improve Your Business appeared first on WTR Podcast Website.
WTR Interview: Kerry Lutz; Your Success, His Business Wisdom

Kevin M Dumont — Wed, 24 Jul 2019 02:30:00 -0500

The trouble with entrepreneurship is staying in business. And it’s a great career path. There are many opportunities in life you will have that you would of never had otherwise. But you do have to have success. With experience, will come the wisdom to run your business well, but that takes time. Or, you can learn from someone else’s acquired wisdom. Enter Kerry Lutz, author of “Viral Podcasting: How To Earn A 6 Figure Income From Your Podcast” and founder of Financial Survival Network, who is a 4^th generation, serial entrepreneur with lots of business wisdom. In this episode you will hear how Kerry acquired his wisdom, why being an entrepreneur may be a good career fit, what’s great about podcasting, how to make a business succeed where so many fail, a great way to start a new business, the 5 common problem areas in businesses, how to keep your business going long term, and a fantastic Value Bomb at the end with a Bonus Bomb.
Why wait for wisdom when you can acquire so much here with WTR and Kerry Lutz.

Ingenious tactics to accumulate wealth, for people who see things differently.

Kerry Lutz
kerry@viralpodcasting.com
kl@kerrylutz.com
Twitter
LinkedIn
Facebook
Viral Podcasting
Financial Survival Network
Resources:
Viral Podcasting: How To Earn A 6 Figure Income From Your Podcast
The Power of Broke: How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage
Fiverr

Notes:
- Kerry Lutz, “I’ve always been a square peg in a round hole.”
- Serial, 4th gen entrepreneurIt’s about building know knowledge
- Learning from mistakesStill failure because most likely lost money, but the gained knowledge is most likely more valuable than the money lost
- “Any time you get into a business that you don’t know anything about, you pay for lessons.”
- Luckily had more successes than failures
- Family business started by father and uncle in 1963 – messenger serviceFamily business “around the dinner table”
- Successful for many years
- At one point business was bad because they had made some mistakes and had 1.5 months to go before having to close
- Cut $250k in expenses, made several good hires, moved to new officebusiness turned around in less than 1 month
- In 1997 sold business to largest competitor
- Had several business ventures, some not too successful
- Went to law school in the meantime as a fall backStarted to practice law after a few years, but disliked it
- Good at locating assets, so ended up buying off charged off assets and credit card debt and did well with thatAt financial crisis, felt like what he was doing was part of the problem, so sold business to get out of it
- Did a few other businesses, eventually wound up doing podcasting. “It’s the best career I’ve ever had.”
- What’s great is you and I would have never met had we not been in podcasting. I have friends all over the world; dozen friends in Vancouver; also in Australia, South Africa, Europe
- I can now go to just about any county in the world and meet people I would have never had a chance to meet before
- I didn’t make anything in first 4 years
- Wrote book “Viral Podcasting: How To Earn A 6 Figure Income From Your Podcast”
- Not “cut out” for 9-5 office work
- Go along on life and try to find our path, entrepreneurship enables you to do that
- Has Financial Survival NetworkHas consulted with companies on how to fix them
- A lot people don’t want to hear what’s wrong
- To make it now, you have to be a “brand”You have to do everything you can to forward your brand
- Must have clearly defined brand
- Current President (Donald Trump) is “master brander”Obama, Bill Clinton are “brands”
- Marketing is the most important part of any company, more than sales
- The best investment on the planet is investing on yourselfWithout first substantially investing on self, it’s hard to make other investments pay off.
- In order to make business succeed where so many are failing:First must know/admit the problem, take responsibility, own your failureStart with self-honesty
- Don’t blame, market, Trump, Obama, etc., it all doesn’t mean anything
- It’s not a failure, it’s a lack of success
- Entrepreneurs tend to be very optimistic about any new businessYou must temper optimism with realism
- Not having enough money when you start, makes you a smarter, more clever business person; makes you look for opportunity and makes you much more likely to act rather than have paralysis from analysisResource: The Power of Broke: How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage, but Daymond John
- I’m all for fake it until you make it, but fake it cheaplyFor instance, lawyers that spend lots of money renovating an office but still have old, slow computers. Invest in the computers because that will make you the money
- Good way to start a new businessThe companies that have succeeded the most for me, didn’t have a real business planYou need a plan to an extent, know how much break-even will be, costs will be and how money you need to put into the business.
- Business plan will not make you money
- Marketing plans make you money.
- Staying up with technology made me money, it’s crucialWas doing a primitive CRM in 1992 before it existed, helped make me a fortune
- Used to update every 6 months, today technology is incremental so as frequent of an invest is not as necessary
- Killer apps that are game changers come by about every 10 years
- Invest smartly in technology
- “solo-trepreneur” should definitely have QuickBooks
1. Problems with businesses tend to fall in 1 of 5 areasMarketing
2. Accounting/Book keeping
3. Management, lack of leadership
4. Employee productivity
5. Failure of vision
- I would rather take an existing business, rather than starting from ground upIf no business exists, than start up
- If I was going to start a business, let’s say an online dating site, I wouldn’t start my own, I’d find a failing one and buy it.There’s nothing worse than being in a money losing business. You’ll do anything to get out.
- Find a loser, but find a marginal loser
- Do top to bottom review and find the category the failure is in and fix it
- Refine systems and replace the ones that are deficient
- How do you keep business going long termIn the course of time your business will have ups and downs, sometimes it’s out of your control
- It’s a roller coaster and you have to try to anticipate this
- Diversification, broaden your product lineGrowth is the cure
- Revenue maximizationSuch as easier to business with customer you’ve done business with in the past rather than a new one
- Keeping up with what works for marketing as times change, such as social media
- Keep honest with how good your product really is
- If your sales are going down, but the market is increasing or static, then you are doing something wrong. You are doing something wrong. It might be that you are not marketing properly.
- If you are succeeding, you can’t rest on your laurels, you have to ask how can I succeed better than I am doing now
- Sometimes you need a fresh set of eyes to take a look at everything, you can bring in outside consultantReason, example is when asked “why are we doing it this way.” “Well, that’s the way we’ve always done it.” That’s a mindset because people love predictability.
1. There are 2 types of people in businessAdministrators; people that work “9-5” and make sure everything gets done
2. Visionaries; people who tell administrators what to do
- Many businesses start with a visionary, but end up with an administratorVisionary needs administrator, administrator needs a visionary
- You can’t do everything, creating a team is essential
- We have resources out there better than ever beforeSuch as Fivr for graphics
- Value bomb: something to look to avoidSimple matter, don’t spend anticipating the success of a product or service until you’ve proven itYou will be sitting on inventory that will become worthless
- You will have invested money in service
- Do intros and test them out, don’t do broad scale introductions
- Always look for the downside first. If the downside is acceptable, then I know the upside will take care of itself
The post WTR Interview: Kerry Lutz; Your Success, His Business Wisdom appeared first on WTR Podcast Website.
WTR Interview: Lane Kawaoka, The Secrets of Passive Cashflow

Kevin M Dumont — Wed, 17 Jul 2019 03:30:34 -0500

Want the most income for the least amount of work? Want to have lower effective taxes? Join WTR as we discuss The Wealth Secrets of Passive Cashflow with Lane Kawaoka from Simple Passive Cashflow. You will learn how to quickly determine if a property will cashflow, best assets for passive income, how to manage them as well as secrets the wealthy use to prepare for and invest in new opportunities. As always, there’s a Value Bomb of something to watch out for.

Ingenious tactics to accumulate wealth, for people who see things differently.

Lane Kawaoka

lane@simplepassivecashflow.com

Simple Passive Cashflow

Instagram

YouTube

Facebook

LinkedIn

Twitter
- - Bought rental in 2009, made good cashflow
    
    Focused on saving more $ to buy more rentals
    
    7 years to get 11 rentals
    
    Now 1100 rentals and was able to quit day job
    
    First couple rentals in Primary market of Seattle
    
    Found primary markets costs are too high so profit is low
    
    Found secondary markets have higher rent to value ratios
    
    Figure out rent to value ratio
    
    Monthly rent divided by purchase price
    
    Tries to look for 1% or higher for figuring out if property will cashflow
    
    Appreciation is gambling, cashflow is the sure thing
    
    Recommend people under $500k net worth, start by building low risk, single family rentals
    
    Focus on passive investment
    
    It’s not “active” investments
    
    No tricks or games like no money down payments
    
    Find quality investments
    
    Use property managers
    
    property inspectors to make sure good quality asset
    
    1-2 hours per week
    
    Look for other people doing passive investments
    
    Local REIAs/real estate clubs usually have active investors of lower net worth
    
    Use what they are using,
    
    Markets
    
    Providers
    
    Property managers
    
    Since most passive investments need $20k+ to get started, there’s less people competing for those assets
    
    Single family homes are good to sell to retail buyers, they are an easier exit strategy
    
    Duplex, quads etc. are more difficult to sell
    
    Passive investor needs to focus on being an investor, not a landlord
    
    Hire 3rd party property manager for that
    
    Need rent to value ratio over 1.0 in order to afford paying for the property manager
    
    This strategy may cost a little more, but enables scaling to acquire more assets rather than spending time managing properties
    
    Use time for best use for making more money
    
    Refer to Lane’s article of 25 questions to ask when interviewing a new property management
    
    Use as guideline
    
    Real estate investing is “end game” financial wealth building
    
    There will always be a need for a roof over people’s head, so always need for real estate
    
    Especially B & C class housing
    
    Make money with regular business, then put into real estate
    
    Once it gets big, buy more assets
    
    Beauty of real estate, passive losses offset active income
    
    Average W2 employee is missing out on the real estate tax benefits
    
    Can wright off all things that are used for “business”
    
    Can depreciate cost of building 1/27th every year as a paper loss on taxes
    
    Primary home mortgage interest is now capped (first $750k)
    
    Pretty sure real estate investment will most likely always be a business expense
    
    These are “Wealth Secrets the wealthy do that the average people out there never do.”
    
    When you buy a major capital purchase, you either pay interest to someone or give up earning interest on your money
    
    Non mainstream tactic is Infinite Banking concept
    
    Using life insurance
    
    Normally for death benefit
    
    But using as loophole because insurance isn’t taxed
    
    Can access money through loan so no tax
    
    Sheltered from creditors and litigation
    
    Wealth use it to store liquidity/money for opportunities, not rainy day find
    
    Last year had had couple opportunities for private placements
    
    Used life insurance for funding
    
    Now has been replenishing to be ready for next opportunity
    
    Have seen people use it for saving for college
    
    “blows the 529 out of the water”
    
    Money in life insurance does not count towards expected family contribution, allowing getting more financial aid
    
    With 401k and 529 “you’re stuck with garbage investments.”
    
    Limited investments with little choice in 401k and 529’s
    
    Once money in there, it’s hard to get out because you’re playing in those companies pond
    
    Lane’s mission is to create a website and podcast to show people it’s possible to buy single family home and scale from there because if you keep doing mainstream investing you’re not going to get anywhere
    
    3 rules of investing for simple passive cashflow
    
    1. Only invest in hard assets like real estate
    
    Mutual funds and stock are paper assets
    
    Anyone can say something and value goes down
    
    2. It needs to produce income
    
    Single family homes and investment properties create “mini pensions”
    
    401k doesn’t produce income today, gold is hard asset, but produces not income
    
    3. Leverage
    
    To be able to “retire” in 5 years instead of 40-50, you need to leverage
    
    Real estate has government backed loans to be able to leverage the assets
    
    Leverage is using someone else’s money to let your money work for you
    
    Traditional money mindset is to not use leverage and don’t take on more debt
    
    Not what business do
    
    Business takes on more debt to finance what brings them more income
    
    Value Bomb:
    
    Don’t work with anyone you don’t know, like or trust
    
    If you’re interested in purchasing single families homes, listen to first 20 podcasts at SimplePassiveCashflow.com
The post WTR Interview: Lane Kawaoka, The Secrets of Passive Cashflow appeared first on WTR Podcast Website.
WTR Guest: Mark Willis, Change Your Financial Life Without Unnecessary Risk

Kevin M Dumont — Fri, 12 Jul 2019 18:49:49 -0500

Wealth Tactic Rebels is a unique podcast because there are few people out there looking to help people think differently about their money. Mark Willis, of Not Your Average Podcast and Lake Growth Financial Services, is one of those people. In this episode we talk about market performance the “Roaring 20’s,” why hope is not a good plan, what’s more important than rate of return, why liquidity and control is so important, what is safe money, about how to use debt (leverage) to your advantage, a great value bomb and the most important decision you will make.

Ingenious tactics to accumulate wealth, for people who see things differently.

Mark Willis

markwillis@lakegrowth.com

Not Your Average Financial Podcast

Lake Growth Financial Services

LinkedIn

Facebook

Twitter

YouTube

Resource: Debt: The First 5,000 Years

Read Full Transcript

Transcript
[0:12] Welcome to another interview with Wealth Tactic Rebels, the podcast for people who see things differently. I'm your host, Kevin Dumont, I've been thinking differently in the wealth field for well over 10 years now.
Today I am joined by a guest, Mark Willis. Hey Mark, how are you today? Doing fine, thanks.

[0:33] Fantastic. Thanks for being on our show today. Mark,
is, well I'd say he's a kindred spirit in the thinking differently field of finances and non-mainstream thinking. Right Mark?
Oh man, yeah. It's like a breath of fresh air. Right? So Mark is, like us, on a mission to try to help
people think differently about their finances over how banks in Wall Street typically makes people think about their money in their financial,
what does it do? Creates a of financial insecurity, or uncertainty, right? So after graduating with six figures of student loan debt, like many people today due, and discovering a way to turn his debt into real well,
he's watched a lot of other people lose their retirement Investments and a home equity, you know 2018 2009 when the market crashed,
and he decided to find a way, find a sane way to help his

[1:32] clients and other people meet some of those financial objectives, including his own. Mark has become a certified financial planner.
And is a number one best-selling author and the owner of Lake Growth Financial Services, a financial firm in Chicago Illinois,
But over the years he's helped hundreds of his clients Take Back Control, key word there, "control,"
of their financial future and build businesses with sophisticated tax-efficient Financial Solutions. Now he specializes in building Custom Tailor Financial strategies that are unknown to the typical stock
brokers and typical financial planners attorneys and other financial gurus that we typically see in mainstream media.
He's also co-host of Not Your Average Financial Podcast, where he shares a lot of these strategies for thinking differently about wealth and finances
That's just a little background on, on Mark's but Mark is the expert on Mark so I'll let him talk a little bit more about where he came from and how he got to where he is with those philosophies today.

[2:33] That may be more than what folks any anyone want to hear so that's thank you for that Kevin I appreciate a folks are still listening after that then great welcome to the Matrix you know you've taken the red pill if you've found this Podcast helpful, man,
it's only going to get more interesting. Your episodes of an awesome so far I've really enjoyed a lot of the content and the interviews you guys have shared.

[2:53] Thanks. The one on the qualified plans was just dead on so well done. Right. and you know again it's the rear thing to find any other Financial firm that,
willing to push back the frontiers of ignorance, Nelson Nash would maybe say. To help folks understand the realities of what's going on in the financial world no others are quote that says "when you understand,
what's happening you'll know what to do. When you understand what's happening you'll know what to do." Most Americans don't know what's happening,
For example you know in the last 100 years
there is an interesting trend line against the stock market if you were to look at the, the return of the Dow Jones over there from December 1913 when they started tracking the data.
all the way up through today, you'd see a fairly interesting sort of just level horizontal line ups and downs another Great Depression of course
looks like a blip in on the radar and then we have an increase and build up, up through the late 60s and then it comes down as we have our stagflation and recession in the 1970s when the oil crisis and everything hit.

[4:04] And then what's interesting is when the Boomers came of age.
Really came to start you know having families and building up real estate and there, you know, when the 401K came on the scene in 1981.
It's amazing that just vertical Cliff face that the stock market takes over that you know very interesting.
20 year period, from 1985 to 1995. We call that the Roaring 20. Because it's the 20-year period, really from 1981 to 2001.
It goes all the way up from '81 to 2001 when we had the tech bubble.

[4:38] That's an incredibly unique part of our history is a country where the stock market actually did an average of 14% over that 20 year period. But what's interesting is ever see
that one little blip on the radar we have never achieved anything close to that,
ever before or anytime sense and yet most financial planners including CFP's that I got my training with in classical financial planning.
All seem to have been taught, or raised, or came of age, during that season in that special magical 20 year period. And
we can talk about it certainly but there's a lot of people out there who think that they can just fall off a log and get 14% 12% on their mutual funds. And
I think we're both trying to get the word out that that may or may not be as efficient strategy to hope
for, for your own financial future. And I think you just kind of hit on it there a little bit, "hope for." you know. You can't plan on, hope, it's just hope.
that's not something you can count on, it's not something you can control, its not a plan. Yeah, it's true, hope is not a strategy. Exactly right.

[5:51] And unfortunately when most Financial investment advisors or mutual fund sales people, and I'm using those words intentionally, when they sit down with somebody
some hoodwinked member of the public sits down and here's that they're going to get an average return of 12% they're going to think that they're going to be wealthy and no time slap
but unfortunately you know we can talk about this but your listeners probably already know that average returns mean nothing.
Right and we have an episode on that where we talked about that. Your average return has nothing to do with your actual return. You can get an average return of 25% and still get nothing, zero.
That's right. Well why is that? You know. How is that possible? You know. Well one helpful metaphor is imagine you know you're leaving work at the end of the day.
And you need to drive home. So you have a fixed

[6:41] Line, a straight line from your work your office to your home. And that will cost the precise amount of gas in fuel and expense and you know exactly how long it's going to take.
Soon as you head out on your path way back home suddenly you get a text from your spouse and says hey you need to pick up.
Groceries, you need to drop by the dry cleaners, you need to pick up the kids, oh whoops, you know you, got pulled over cuz you were racing home so now you get a ticket
the trouble is the volatility,
on the way to your destination. So we can have an average return of and in fact we did from 2000 to the end of 2016 we had an average return of,
I call it a "change in value," of 5% but the compound annual growth rate in the S&P 500 was only 3.35%.
Which is a big difference you know that's the difference of a lot of money. You know you'd need a lot more cash to get 5%. So it's the beta, is the technical term hear, it's the volatility of your
Returns the sequence of your returns that matters more than what the average sticker price is, the average rate of return on the mutual funds you might get.

[7:51] Yes absolutely. Because no one ever gets the act, the average. They have all those indices, of Dow Jones and everything, no one gets that. Right. They get something else completely.
That's right.
So that's why we call our podcast and not your average Financial podcast. Because we, for one, don't believe in averages, but also, we don't want to be average. You know if the average American life is built around 30 year mortgage,
and hoping and praying in our 401K, having no accessible cash. You know the Federal Reserve study says that the average American,
this is done in 2015, the average American, up to 47% of us, would have to sell something or going to debt, if we had an emergency of just $400.
That's an unfortunate situation. And this is the wealthiest country in the world apparently, so we have been lured into thinking that Wall Street is where all of our answers lie. But you know, Kevin, I know you know, that
Wall Street is a tremendous marketing
project. It's not necessarily a foregone conclusion that we have to put our money into that system just to reach your financial objectives which I know you guys are.
Really focused exclusively in the end, end expert focused on helping folks or take the red pill sort of speak and see if there's a whole 'nother World waiting for them.

[9:08] That's true it is because rather than starting with what you talk about with typical financial planners what are they doing
they're asking people where their money is, they're trying to get whatever risk assessment profiles, and say oh well, according to this, let's put your money here and you can make a higher rate of return. But this is the problem is you know I'm not saying you can't put your money in the market,
people certainly can and they do and people certainly do make money but the problem is,
it's a predictable. And you don't have control over that, and it creates other issues that we talked about like if it's actually in the stocks you crate tax issues. So people don't have,
a base of money, as safe
place to put it, where they can count on it it's always going to grow where they can access it and they can control it. Liquidity stopped really when we became a nation of speculators. When we stopped
saving in insurance contracts, in savings strategies like savings accounts, and we started speculating.
Which has a lot to, we talk about why and so forth but you know we could look into it in general yeah we we all saw the.

[10:14] The increase in cost of living go up dramatically and we had to put both spouses to work and we couldn't save as much she had the average American back in the 40s
according to the US Census Bureau saving 30% of our income on average 30%. These days it's like 5% or less,
The results in my opinion, Kevin, is that people can't save as much so they have to put more at risk to overcome that loss of savings
They've lowered their savings volume and what little they can sock away, they put into riskier and riskier assets, like stocks, crypto, whatever, just to try to make up for it.

[10:49] Here's the interesting fact and let me do just a quick hopefully very simple math year folks if you're driving don't pull out your calculator so let's say that you make $100,000 a year.

[11:00] And you can save back in the day let's say you could save 10% of that money,
well that's 10 grand. Okay. Easy enough, right. Now let's say that we fast forward a few Generations, so our grandparents might have save 30%, let's say we saved,
10% of our money, so on $100,000 of income that's ten thousand bucks. Let's say that we got zero rate of return on that $10,000.

[11:24] Zero. Put it in a shoe box. All right now let's say that we can only save 5% of our money.
Okay so we're now we're in a more tight time, are cell phone bills have risen, are Netflix bills and everything else have risen, our kids are needing 5 extracurricular activities and we need a bigger McMansion.
And we can't save as much. All right, so now we can only save $5,000 let's say that we can get a 50% rate of return on our money 50.
5-0 so what kind of speculative instruments are we talking about here you know crypto, swampland in Florida. I mean what's it going to take? Right?
If we can get 50% on our money that's 2500 bucks added to the original five grand that we saved, okay. That's a total of $7,500.
Now that is still less far less than just saving 10% of your money.

[12:17] So what's the moral of that story? well, it's not about the rate of return it's about the volume of saving.

[12:27] The more you can find ways to save even if it's 0% rate of return, work with experts like Kevin to figure out what's the right and most way I can pack away,
without sacrificing your lifestyle and so forth. But what are some ways you can pack away, where you don't have to hope and pray you're going to get your 50% rate of return.

[12:48] And do it in a way that's keeping you sane in the process? You know we don't have to live this insane life. You know, you're talking about saving money and we make a distinction too,
there's just really two things you can do with your money you can order invest it which inherently has what we call risk and that could be an investment risk or tax risk or other risk, but.
safe means.
It's protected, right, it has some sort of guarantees, something you can count on. What's your thought about safe money as part of people's portfolio, what that is and how that fits in? Well that's a good question I mean you might.
meet somebody, the average person is going to have most of their net worth tied up in their home or their 401K. Neither of which has any kind of accessibility or liquidity.
We all see what happens when someone loses a job they're having to take loans from there 401k's and they're having to get a,

[13:44] unfortunately they oftentimes can't get a mortgage or refinance on the house or HELOC. Right, if you don't have a job.
If you don't have a job yeah it's not exactly a great time to be trying to get a mortgage a new mortgage there. So. I mean liquidity, safety
it's not sexy it's not what you know we hear about on CNBC everyday all day long or read about in the Wall Street Journal but who actually hits their target.
You know. I think we have something called survivor-ship bias, in the media, where the rare unicorn of some investor
or some IPO, that makes it to a billion dollars, or a Warren Buffett type person who does tremendously well over a very long. Of time,
we think that if it happened to one person that can happen to everybody and that's just unfortunately not the case. You know I wouldn't.
certainly wouldn't pin my financial future to that. And that's what it is right there, it's pinning everything on one bucket.
You know, it's not that you can't have one or the other or both it's just that putting all your hopes into something that has no guarantees with it, well that's what it is, it's a hope.
Right. It' back to what we talked about earlier, a hope, which is not really much of a plan. Correct. And it's not about either or it's about properly aligning your objectives with your money you know one of the best questions your audience can ask is,
"what do I want my money to do for me?"

[15:07] Where you put your money makes it do different things. You know of a hedge fund is different than a savings account or different than a whole life insurance contract or different than you know a stock portfolio so
you know I can't answer that question for each person on this on this podcast of course each person could
sit down and think through it themselves of course, or with a competent professional. But the key is what is it you want your money to do for you. And then we have a series of questions we ask you know do you want that money to grow tax-deferred or do you want to have access to it without taxes do you want any kind of predictable
path of growth, do you want a decent rate of return,
do you want that money to be safe from being sued upon or taken in terms of creditor risk, do you want that money to be multiplied
with collateral, so you can use it to take advantage of opportunities when there's a a medical emergency or a real estate opportunity?
In other words do you want to be able to leverage that asset so you can make the most amount of wealth off the least amount of money? I mean these are all questions that most people never think about,
most people, Kevin unfortunately, are just handed a portfolio when they get their job and sign here for the 401K.
Right, Oh just pick this one or this one what are they I don't know what they are. Pretty much. Right. I don't know what I'm picking I'm picking something. Yah. Let's more on we've got lunch to go get, we're bringing in subs problem is just,
The problem is just thinking is is a rare commodity in our culture today. And I'm so encouraged by the podcast movement because.

[16:33] now there are people who are willing to turn their cars in the library's, or turn the gym into a learning institution, and now they're on their treadmills or whatever, and they're learning and they're thinking different
about their own economy, what they can do to Take Back Control. Cuz it's so easy to just give up our control to Wall Street or the government or whatever.
Right. I agree. You know you mentioned something too you said "leverage," which I think is important term. Because leverage really is what, it's debt and
I don't know about you but what I grew up one thing that was hammered into me is debt is bad
you don't want that you need to stay away from it avoid it like the plague, pay as little interest as possible to the banks or whoever else, it's a bad thing right. But,
It can be a good thing right.

[17:20] Yeah if you're collecting it yeah. Well if you're collecting it. Is it possible to leverage to benefit you.

[17:28] Yeah. Well this is...

Wealth Tactic Rebels Trailer

Kevin M Dumont — Tue, 25 Jun 2019 23:14:16 -0500

Listen to the podcast trailer to learn exactly what you’re going to hear, and when!

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Transcript
[0:00] Wealth Tactic Rebels. Ingenious tactics to accumulate wealth. For people who see things differently.

[0:18] Welcome to Wealth Tactic Rebels the podcast for people who see things differently. I'm your host, Kevin Dumont, and I've been thinking differently in the wealth field for about 15 years by taking the path Less Traveled.
Perhaps you've been searching for answers to your major wealth questions, but keep finding the same answers from the supposed professionals, the major financial institutions, and mainstream media. You know there must be something more out there, just have to find it yet.
Well, Wealth Tactic Rebels is anything but your typical financial and business informational show.
We're here to bring you Clarity and help you take back control.

[0:57] We're doing this by bring you the knowledge of how money and business really works. We start with our simple belief that there's more to be had by first avoiding losses, rather than just chasing a rate of return.
We bring you a weekly episode where we will discuss how money really works, have industry professional guests, who understand our Rebellion, as well as entrepreneurs who share their valuable knowledge of what to do, and what not to do, for business success.
To better understand Wealth Tactic Rebels basic tactics, you can listen to the 5 Core Episodes found on the "Start Here" page wealthtacticrebles.com, where you will learn about why we think the way we do, about your personal economic model,
about tax history and more. You can also go to wealthtacticrebels.com to hear our latest episode or any of our valuable past episodes, learn more and subscribe.

[1:50] I wish you well and have a fantastic day.

[1:53] Music.

The post Wealth Tactic Rebels Trailer appeared first on WTR Podcast Website.

WTR Interview: Josh Elledge, Becoming An Influencer In Your Niche

Kevin M Dumont — Thu, 20 Jun 2019 07:30:00 -0500

When you are in business for yourself, success is connected to how much your potential clients trust you. One of the best ways to earn trust, is to be an influencer. Listen in with WTR as we interview Josh Elledge of Up My Influence. You will learn the 5 markers of being an influencer. Also, we discuss online the importance of online branding and how to go about it. Josh also shares a value bomb of something he did, that you should avoid doing in your business.

Ingenious tactics to accumulate wealth, for people who see things differently.

The post WTR Interview: Josh Elledge, Becoming An Influencer In Your Niche appeared first on WTR Podcast Website.

WTR Interview: Thor Conklin, Success Meets Profitability

Kevin M Dumont — Thu, 13 Jun 2019 07:30:00 -0500

Going into business for yourself can be a rewarding endeavor, both financially and for your soul. Unfortunately, the reality is roughly 96% of businesses don’t make it past 10 years. Why is this? Profitability. They just aren’t profitable enough. Join WTR as we interview Thor Conklin, a profitability coach and host of Peak Performers Podcast. We discuss how to make your business more profitable, with great tactics. Sometimes the tactics can even apply to your personal life. If you want success in business and life, you must become profitable. This conversation could open the door to saving your business before it’s too late.

Ingenious tactics to accumulate wealth, for people who see things differently.

Thor Conklin

thor@thorconklin.com

Peak Performer Podcast

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Transcript
[0:01] Wealth Tactic Rebels, the podcast for people who see things differently.
[0:12] Welcome to another entrepreneurial interview with wealth tactic Rebels the podcast for people who see things differently.
Post Kevin Dumont I've been seeing things differently the well fill for well over 10 years today I'm joined by a guest Thor Conklin Heath or how are you today.
I'm doing well man thanks for having me on. Fantastic! Glad to have you here looks like the season is warming up finally, for us. I'm sure it's warmer Where You Are. It is. Atlanta, Georgia.
Excellent! So Thor Conklin is an entrepreneur, maybe a serial entrepreneur. I don't know, should I say?
Yeah, recovering serial. excellent profitability consultant host of his daily podcast Peak Performers Podcast.
Thor would you mind sharing a little bit of your backstory for our listeners you know where you got started I kind of got to where you are what things,
play shake your philosophies along the way.
[1:15] Yeah absolutely you know I've been an entrepreneur for the last 20 years either started or purchased businesses this is my sixth and seventh business,
and the first one I just got a filling and it was interesting because
play came to me and said hey would you set up your own company and manager portfolio is a private Equity Firm on a worldwide basis so is a great opportunity not many entrepreneurs got to get their start that way so I was very fortunate.
I'm one of the things that I was focused on from the very beginning is the notion that profitability is really what drives an organization without profit she don't have the excess Capital needed to grow the business the higher the team that you need to,
she's so often that I was going to get wrapped up in this ego of okay.
I've got this one revenue and I'm buying a bunch of do dads and at the end of the month the end of the year there's really nothing left over so,
really on a mission to help individuals North really understand finances,
and that what it really means to drive a profit and then take that profit invest that and grow it.
Right right so profitability that's where you're probably Consulting comes in right direct from what I know from talking with you 96% of businesses will fail within the first 10 years right and then.
Really the big reason all that failure is lack of prophets so I'll before that do survive.
[2:44] Made them are producing a prophets even break even.
Maybe pay a little bit of a wage to the owner right shareholders below-market Valley returns so this sounds like this is the problem here right.
[2:58] You know it is highly profitable organizations that are an issue with that organization,
but if you're in the right Market in you're producing the right profits that's really what it's all about you. Sometimes I get a lot of flack on social media it's like all you know there's more to life than just Prophets
yes there is absolutely but when you have the profits you can do a lot more look at philanthropy.
That doesn't happen unless somebody made a profit and had the cash then donate and do something great with it,
this notion of you no profits are evil will I contend that no profits are evil you know and I really.
Got wrapped up in this NN really what how this last business was born
WhatsApp of a disaster I had a manufacturing company was multimillion-dollar company dead industry to be in low margins
was just always a cash flow disaster and it finally got to the point where I was reaching $1000000
cash loss in the business and I just said this is just insane it just got to get my ego out of this and sometimes you're just not in the right business,
and the right segment so you can do everything right but you don't like today who out there wants to buy a taxi cab company.
[4:13] Not a good investment right not since Uber came around right,
right but go back 15 years in New York City you know the medallions that you had to buy that little license at you stuck on your tab actually even rivet it on to cancel.
We're going for Millions.
Times change markets change and you've got to be flexible and change with the same thing with investing you know some of the top names today.
In 10 years are they still going to be around maybe yes maybe no but there are things Kodak right Investments.
[4:49] 30 40 50 60 70s 80s 90s,
Toys R Us Toys R Us there you go used to love going to that store you know my son was a little younger I'd bring him there and they just stats.
You can't do that anymore get out of your head.
The only reason of business is closed so profitability whether it's in a business or,
personal is very very important what are the things that I do with my clients is I had them treat their home life and their family life or family budget,
spending you know I don't like to talk about budgets I like to talk about spending plans you know nobody wants to be budgeted
so what I prayed for my client has a spending plan I how much money is coming in to drop it until these buckets the mortgage the rent the credit card the kids snow food and clothing Etc.
And then just spend whatever in that pocket in each week as you get paid $50 goes into the kids budget.
[5:51] $25 goes into the electric bill and at the end of the month before we got $100 in the electric will the electric bill comes out to be 118 got to go steal $18 from one of the other buckets
and it might be the kids keto food money order,
when we track and we measure we keep track of what we're spending.
You start to do something it's like last month we spent $400 going out to eat,
I really want to go to Disney World this year next month instead of going out to eat we just take that money and put that into her vacation bucket and when it's all laid out there.
It becomes a family project if you're married and you got older kids it's like come on,
come on in let's sit down on a Sunday once a month and look at where we're spending money and where we actually want that money to move into
it's a great way to figure out what's coming in what's going on and where it's going out and you can direct and I encourage everything that comes in should be spent
because there is a bucket there for investing as well.
That investment pocket then gets spent or invest it into some sort of asset.
Right right. So I agree we talked about that to hear a lot I will have troubles both having buckets to put your money in and it helps to separate.
[7:10] Yeah you know whether it's your overall we talk about we have a call we call purse looking out the mall so we have a very simplified what you do with your money right and it's clear definition Investments,
hopefully we'll bring a return but there's a risk.
And investigating on the side you have some guarantees there so you can't lose your money or the value of your money and then you can get into things separately to like attacks buckets. buckets. It helps to strategize a little bit like that too.
When you're trying to think it's proved how you going to manage your money right we're all my clients the first thing that we do we take out the pot money.
All right and what is not a reference to marijuana that is I want you to take out the prophets first compensation and take out the taxes.
Once you remove those three things out of your business every single week what's leftovers the money to run the business but what are those businesses do.
[8:11] They take it a dollar.
Many think that the dollar is actually profit right it's not pretty sure that's a profit you've got it then pay all the expenses to run the business and then at the end of the month
if there's anything left it's like that goes to the owner
we don't have any tax money we don't have a prophet money take those things out first run the business on what's left just reverse it flip it upside down
there you go so that's one strategy to help
manage the profits of the business raining at home rename those profits taxes if you are an employee or having the taxes taken out of your paycheck but dropped into the shepherd the buckets
the quick story when I was my daughter's now 24 when she was in high school
I'm at that's great you know what job are you going to get just like no no I want you to buy it for me I said I think
I may have confused you or your confused.
Yes we're going to go to school you know this is not fair I'm like well I guess you were born into the wrong family
I said what I will do though I said you are student and that's really your number one priority what I will do though is I will.
[9:29] Loan you the money and I will loan you the money at 10% interest and she's like 10% interest I'm going to give you a life lesson that when you don't have the money and you borrow it you have to pay interest and that interest really starts to,
they suck this is real world she said what what am I going to do I don't have a job.
Pictures of babysitting and swim lessons and all that sort of thing in the car payment was $200 a month I said I'm going to give you a $200 a month job,
and the job is at the end of the month you have to prepare a balance sheet and a profit and liability statement for me.
And it's due on the 5th of the following month if I don't get it by V you don't get paid.
[10:13] Guess I don't know what a p&l and a balance sheet is I said that's okay I'm going to teach you how to do that I don't want to do that I said I don't care if you want to do it or don't want to do it these are basic lessons that you need to learn in order to be what we call an adult,
rice pot Bulldog price so she hated it cheapest about it
and she didn't get paid or 200m like I need the $200 car payment or I repossess it real world again
fast forward she hated the process but you know what,
she started to understand where she was spending her money because she had line items every time she took his money and every time you spend money.
[10:59] I would have liked that $65 to do something else.
It was a great lesson to understand where the money's coming in from where you're spending the money and couple years later she turned around she said you know Dad that was one of the best lessons that you ever,
as a young there you go excellent learn where it's coming from and she's going to be ready for.
Yeah whatever face is her if she goes into business herself she's already understand it you being a profitability Consulting you already understand that you know a lot of business struggle with that so.
[11:34] That's a good step up naturally with the audience which I call my 1% Savings Plan yeah shirt,
we all know that at the earlier we start doing this with compounding interest in everything in our investments the better off we are but you know sometimes to start to get that money that savings account or that savings percentage shop Hilltop in Michael with
all my clients is to get them to 50% of what they're taking home
as savings and Investments and of course you just can't come right out of a block and save 50% so my clients that is unusual
if you don't have any savings or Investments at this point is a credit when I called a 1% savings club and that is a month one,
take 1% of what you take home put that into your investment of your savings bucket whichever you guys recommend.
Next month make it 2% 3rd month 3% just increase it 1% every single month it is so easy to go from nothing,
and to get that up to 15% 20% 25% bright harder after that right right.
[12:43] The point is you've gone from nothing or a low percentage,
and it's just 1% a month 1% one and then you look back and it's like you know what this really wasn't that difficult it's when we try to make these,
significant changes that's what it could be that's a great value bomb right there yeah very nice extremely helpful is that 1% of the time.
You're not going to really seal it that way it's it's it's like you know when you're cooking
you know you just turned up you know things in your budget.
The bleeding right right exactly what you talked about that too I thought you going to stop the police first I'm so lit right now
help them with probability and wealth building.
[13:45] Yes I remember a mentor to asked this question of myself and there were a few other people in the room at the time.
[13:53] He said I want you to close your eyes for just a moment and I want you to think about the three biggest.
Investment or business mistakes that had Financial consequences to you in your lifetime.
[14:08] And I want you to think of what those amounts were.
[14:12] And then I want you to replay the movie had you not made those mistakes what would your net worth be today.
[14:21] And it was like damn that is powerful all trying to figure out how to hit the bases you know that doubles and singles of triples a home runs and all the winds.
[14:34] But it's our losses that Define us. Hopefully for my identity stamp Bryan right but if you have $100 investment.
And you lose half of it and down to 50.
You've got to make 100% return yes you're right you're right so powerful you can limit the downside
you'll win on the upside exactly it's not the homeruns it's the strikeouts that kill us
in exactly two and we talked about that a lot here will have troubles to avoiding the losses you have a lot more long run than you could just chasing razor return it's just like you.
If you're golfing what's the club that more than likely is give me the one that's going to win it for you.
[15:21] The Potter right not the everyone wants to get the best driver in the world but more often. That's what's going to lose it for you.
Yeah yeah those are the ones that put it out of bounds I don't think I've ever put a ball out of bounds on my putter
I might have once when I was learning one or two in the lake but but.
You swing for the fence is it goes out of bounds and now you just incurred a penalty stroke so what do you do.
Did you take the safe shot out and just take your medicine.
Or maybe a bogey or whatever.
It just starts the compound itself.
[16:14] That's what ends up happening a big loss and then you double down,
how do you start taking a risk your approach cuz you want to make up for it cuz you said you were gaining whatever you're getting before now you got to double it.
[16:30] Just to get back to even careful of those losses experienced performers out there right now.
[16:40] So
Do you have any lessons that you learned from interviewing them that you could share with our well that the rebels that might be useful for them it's interesting
practice is profitability salting I do business coaching in my Lane that I service are entrepreneurs that own their own business,
they're making a half a million dollars a year or more in personal income so they're running a business between two starting at two or three million dollars.
And then that I work with the large you know hundred-million-dollar organizations.
The most successful clients over the years that I've worked with.
Is there currently out there hitting those singles right there trying to figure out how to improve.
They're always looking tracking measuring and adjusting their looking at their numbers weekly daily,
they're on top of the numbers they know what's driving the processing know what's changing and the other thing is is that many.
[17:43] Or in or have investments in real estate and there's a reason.
If you go back centuries that real estate has always been a very popular wealth-building model price.
If you're listening to this podcast in the United States and I'm not a real estate investment Guru by any chance I'm just I'm just telling you what I see.
[18:05] The tax code the way it's written the United States with the 1031 exchanges in the ability to take a property grow it and then take that and put it into the next investment without getting the hit,
for the capital gains is a game-changer yeah absolutely every time you exit a stock,
right what are you doing you think Applegates the powder of a dry powder the investment opportunity assets that you have to reinvest.
In real estate it doesn't work that way,
digital Advantage is also from a depreciation,
I stand here before you not as a failure in taking my own advice on this because I really didn't understand the power of real estate when I was younger.
Over estate really diving into it and understanding it and how you can build wealth over decades.
Don't avoid it look at it understand it study it become an expert in it for men to slim yeah it is a lot of
is a wealth of information I but I've done some I'm always do you know you tell if my people formers are always learning always I'm always learning am always expanding you know.
I've always believed in that I've always done that my entire life and I.
[19:23] Real estate too and there's a lot of information out there now so easy to research now.
Sir I know I'm an old guy you know how to go to the library to get information books that I read and now it's.
He's going to phone logs everywhere these experts everywhere this forums there's podcast videos.
[19:53] That's my advice on on wealth-building continue to feed that monster every month...

WTR Entrepreneur Interview: Carey Green, Podcasting & Balancing Work with Life

Kevin M Dumont — Sun, 09 Jun 2019 07:30:00 -0500

When you have a calling, or a mission to get your message out there, social media has many great platform options. Podcasting is quickly becoming one of the best social medians to share your message, teach people about your passion or just help grow your business. However, it does take a large commitment. Perhaps as much, or more, as starting a business. We all want success, but at what price? Listen in as WTR interviews Carey Green, of Podcast Fast Track, about podcasting and balancing work with your life so you can reach success and happiness.

Carey Green

carey@podcastfasttrack.com

Podcastification Podcast

Podcast Fast Track

Live Build Change

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Twitter

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Transcript
[0:00] Wealth tactic Rebels. Ingenious tactics to accumulate wealth, for people who see things differently.
[0:14] Welcome to another entrepreneur interview with well static Rebels the podcast for people see things differently,
I'm your host Kevin Dumont and I've been seeing things differently in the 10 years now.
Today I'm joined by a guess Carrie green hi Carrie how are you today it's a wonderful day it is fantastic we've been having some.
[0:41] Pretty crazy weather and it looks like it's finally turning around,
yeah that's Springtime anywhere it seems like I was beginning to wonder if we were going to have that Springtime but so Carey is an avid entrepreneur was a pastor for 20 years,
geology with the the church and,
eventually he decided he want to go into business for himself as an entrepreneur but really I can't give you the details on that but carry certainly can so,
would you mind sharing with our listeners today a little bit about where we started and how you got to where you did.
Yeah absolutely well I grew up in the Panhandle area of Texas.
Very much a rural kind of setting small-town hard-working Blue Collar family.
I just didn't really know going into high school and college what I was going to do was offer to,
a music scholarship so I I just took it and started a bit a degree in what was called music business at the time and my best guess at the time was that I was going to,
do some studio recording an audio production in that kind of thing a little did I know a different a different version of that would be on my Horizon Way Down the Road.
[1:56] Huge huge portion of my life after getting out of college,
was in the Ministries mentioned I was a pastor small churches for 20 plus years everything for me youth pastor to an associate pastor to lead teaching pastor and really really enjoyed that work.
Oh absolutely very rewarding also very challenging and a lot of things that you get into with with people that you know life's messy and it's it's not something that that we can always cancel order on it's always good to have
pasta roller or clergy type help to come alongside it turned out turned out after that that 20 year. That.
Weirdest feeling weaving election weirdest feeling that that calling was kind of departing you it just wasn't the same passion for we used to it,
it's definitely a realm where I filled your heart has to be in it in order to serve people will and so,
I kind of arranged things so that the elders in the church there could could come to pick up where I left off after about six months we would transition out.
And I really had no idea what I was going to do but I definitely felt just from a sense of conscience I couldn't just stay there and.
Bring in a paycheck just because I needed a paycheck I needed to to let the church move on and and I would do the same.
[3:16] And so in the meantime I've begun a podcast of my own about marriage and family issues from a Christian perspective and so I know a little bit about the audio editing side of things and all of that.
[3:28] It is in making that transition away.
[3:32] I was Country Lansing helping a few people do some editing on their podcast one of those guys said to me.
You should make a business out of this and it was a real light bulb moment for me right it just took on a life of its own in the sense of.
A shing a way that I can add value to people in a real area of need.
Because I knew I knew how painful it could be to edit your own podcast and put everything together and all the behind-the-scenes work it really is a and effort
Texas early history most most content creators are podcast love getting the content created,
what are the administrative stuff a pretty good together and getting it out of the world is it's kind of a hassle so we we found a little niche there and started building a business.
You a few clients turned into 10 and 10 turned into 20 and now we're.
[4:25] Somewhere between 40 and 50 clients per month that we're dealing with on a regular basis have a small team that that helps me serve those clients and have a great esteem I love everybody who's on my my staff,
yeah that's really where I am now along that path I've done some other things on the internet online courses things like that to bring in trouble as well so there's all kinds of things that I could speak about in that realm but I'll leave it there for now.
So how long have you been doing the eat the podcasting business now.
We started in 2013 so at this point you know we're looking at right around five years,
Taco you really committed mention about starting a business with with little to no resources could you talk to her while talk to grab a little bit about the reality of a building a business with little or no resources.
[5:25] Yeah absolutely I first of all would say it mean it sounds almost like an impossibility that you can build something from nothing and,
I guess it's not it's not really true to say that you have nothing you have your creativity you have hustle you have a scrappiness about you that you can apply to getting something off the ground and that's really what I had to do,
Bright Day win the education that's available out there on the internet especially is so valuable, I learned.
Business tactics I learned even improve my audio editing skills and learn writing skills and learn graphic arts degree.
Call from free resources that are on YouTube or are different channels that you can find and so it can be done building a business from scratch but it's not an easy Road lot of hard work you have to make trade-offs,
I remember early on.
[6:22] There were many evenings where I would say goodnight to the family at nine 9:30 and I would go into my office and,
just crank away for two or three hours at various things that I knew were going to build the business and it was it was a hard time with lots of low sleep nights in.
Yes or sacrifices had to be made but in my mind it's part of paying the price of building something that you know in the future is going to bring back a reward.
[6:50] It's not it's not at all the microwave mentality that we we all seem to have that we want to do a little bit of work and get a lot of reward or I'm it's not that it just doesn't work that way,
you just have to have confidence though that if you found a niche that is one you could truly serve well that your Works going to pay off and there's a lot of nuances how you go about doing that I learned along the way,
and have share any details about any of that that that intrigues you sure yeah yeah.
Yeah well one of the things is I remembered back in the early days reading and learning a lot from podcast and different things that you needed to have a very clear offering for your business in my case of service business.
You need to be able to position it in a unique way with a new market and I understood the logic behind those things but I didn't really know how to go about doing it,
bright really for me turned into just a trial and error sort of the thing.
We put things out there in the way the seems smart but then you know the lack of response or or even sometimes I push back from clients or others,
would bring something to light that all that's not the best way to say that or you just make changes that you go.
[8:14] I guess I would encourage anybody who's considering starting a business don't feel like you got to have everything nailed down at the beginning before you can pull the trigger.
Did you get to change internet.
Can be very forgiving in that way you know so so that's one of those nuances that I discovered in that right down to your branding and your logo and your.
You're messaging and all of that can modify and change over time you just you just keep getting better as you go on.
[8:46] And then you know the whole team building aspect that Dad is still a challenge it's always a challenge to find,
the right people who see the division for the company the same way you do who have the same commitment to clients or customers the way that you do who are,
willing to work alongside you as you build a business sometimes not for as much pain as they could be sitting elsewhere but but because they believe in what you're doing they're ready to invest and come along for the Long Haul,
that's hard is all hard work and it takes constant tweaking.
Because you never really nail it down in a way that works 100% of the time you've always got to go to be on the move in and changing things to change.
Whatever the trends are going on in Imagine with podcasting that include socially to piss podcasting is very socially based yeah definitely.
[9:38] Yeah definitely and there's there's ways for podcasters in particular to expand their reach by.
Kind of counter-intuitively reaching out to others who podcast about the same things they do and building relationships because the way I've come to look at it and see is really true is that no matter what Niche you're in.
The pie is big enough for everybody to have an adequate source of listeners clients whatever it is you're trying to gain from your podcast that's so,
helping each other build your Audience by sharing your audiences with each other usually is a very good gameplay,
goodbye goodbye so.
I just kind of long those lines could you maybe expand on why you feel at this time the podcasting is perhaps the greatest social media.
I love podcasting for a number of reasons I think first of all it's is truly a unique medium in the sense that there's no gatekeeper to tell you you can't,
speak about whatever you want to speak about right that also can be a curse because there are definitely believe their messages going on in the world that are worth being put out into the world because there,
double headed there filled with that discrimination or whatever they're supposed to say all kinds of things that could fall into that category.
[11:00] And so those who are doing it for the right reasons and doing it well I've got to be really good at it and get better as they go in,
cream podcast is is unique as well in the sense that it's a very intimate sort of a medium where you get to spend and it just say your average listener listens for 30 minutes per week,
can you publish podcast every week when you get to spend 30 minutes of,
very private time with that individual me cuz if you think about it very few people listen to a podcast with others Private Practice they're doing alone with an earbud
in your ear and in you as a podcaster getting to speak directly to them and it is not just a random person it's a person who has self-selected you.
As one of the resources that they want to speak into their life about the subject so that's a very privileged place and that's a very powerful place as well especially as your number lister's begins grow.
[12:01] I want client for example who.
I am Insurance to another client who is coming on board with us that this particular client has about 10,000 listeners per episode.
He publishes three three episodes a week.
/ 30,000 download this client who is coming on but making a really good point he said,
does not influence,
do become very devoted and very much advocates for the way that you see the world not everybody has that level of success it depends on your niche in the audience,
his podcast honestly landed at a time in history when the subject he was talking about were very popular right now so that helps him get the ball rolling as well.
[12:58] It's a it's an incredible medium that's that's what I think is only going to grow.
It was interesting to I I talk to someone recently who has a restaurant and they felt that.
If it wasn't for social media and podcasting they're not sure they could have survived.
[13:18] That just loud speaks to the power of what social media does today in the part that plays in people's businesses.
Absolutely anything you think about the way the average consumer goes about making purchasing decisions,
they will usually do that online maybe they don't do the final purchase online but they definitely are researching and finding out the details about the various options.
[13:43] They are from the last time I saw your doing 75 to 85% of their product information gathering.
Without ever talking to a person at a company who sells that product,
that is a huge chain from what used to happen used to have to go to the company and talk to a Salesman to get all the details,
it's a social media plays into that in a huge way,
because people will go and get reviews from friends or ask for for people's opinion about a company and things like that and some of the stats show that those things factor in war,
as to whether someone buys a particular product or service then even if the features of the product itself,
it's really amazing to recognize the power that social media can have if it's done right and,
I think podcasting goes along with that you don't want to be the guy who's on social media saying hey I have a podcast list of Joyce listening to that person,
right right you got to go and you got to add value and you got to show interest in the people that are that are around in the community,
and then offer you podcast as a resource when it's appropriate.
[14:57] What in chocolate is your experiences in building businesses that is the social media presence so would you say that,
someone who is looking to start business for themselves should leverage social media and or podcasting.
I get exposure for your business it's not always the the just blasted out their thing and get more people to see it approach that works.
You want to make sure that you're you're finding the people who would be interested in your particular product or service you know you go to the go to the communities online where they hang out you find out.
What they talk about what they're interested in how your product relates to those things and you bring things up in subtle ways after you've built relationships and you you start,
building that the foundation of of likability and trustworthiness so that when people come to the point they're ready to make a decision about purchasing something along the lines of what you provide.
They've actually got someone a relationship with you and they feel like they can trust you.
[16:11] Are the quick question for you you made mention.
Earlier when you talk about you getting going with podcasting how you would say goodnight to your family in and then go do some more.
[16:22] So I'm assuming you have some she could experience with trying to balance a family life while trying to start a business could you talk a little bit more about that you know what your experiences with that.
Is that it's I think it's a question that might be in a lot of people's minds and how am I going to have life my family whatever else it is why I'm trying to do business think that's one of the most important questions that you can ask.
Because,
the thing that's going to last is not the money it's not the success it's your relationships that's what's going to last and that's what's most important is she going to make sure you're not sacrificing those on the altar of success,
I heard too many Stellar business successful people who have expressed regret about that issue.
It's so you know I wouldn't win any of your listeners to be enough out so some of the things I've found helpful is number one.
[17:17] Make sure that you're on the same page with your spouse about the business you don't have conversations about the level of commitment required to make it happen.
Are the degree of sacrifice that's going to take from both of you or what it means for family time things like that and then having said that.
At the same time carving out the necessary time needed to ensure that you're doing what you can to keep those relationships healthy,
show my wife name for example after having all those conversations decided Well in light of the sacrifice that I'm going to have to make to build this business for example.
[17:53] We need to have this amount of time every day to sit down and talk,
to get on a heart level to understand where each other's at 2 to know what's going on not only in business but in life so that everybody is feeling cared for and loved and nurtured.
And if you get too far into your business without having those conversations.
Somebody's going to start feeling neglected some is going to start feeling like they're not as high a priority as the business is and that only adds,
stress and its effects of having another business is the only motivation for doing that we should want to do that just because it's the right thing to do is care for the people in your life.
But that the foundation of family is just so powerful so you got to work that out with your spouse what does that look like for us and what do the kids need and what is it was a spouse need and how can you fit that in.
It often will cause you to kind of extend your time frame on reaching certain business goals because you just don't have as much time to dedicate to it as you might like.
[19:04] But...

WTR Entrepreneur Interview: Rob Braiman; Transform, Save & Empower Your Business

Kevin M Dumont — Wed, 29 May 2019 07:30:00 -0500

Entrepreneurship can take a special kind of crazy. However, every entrepreneur must run their business, not just work in it. There are many obstacles along the path, whether just starting out or a more seasoned business. Sometime, if these obstacles are not handled well, they can be a factor in going out of business. Enter Rob Braiman of Cogent Analytics. He has made it his life’s mission to save every business he can; one at a time. Listen in as he shares his knowledge about what to look out for and how to more effectively manage your business. We talk about profitability strategies, steps and what to be aware of to start a business, 4 landmines to avoid, going into business for profit vs. value, resistance to change as well as 2 Value Bombs and more. Rob will also share a special offer just for listeners of this podcast. Don’t miss this opportunity to Transform, Save and Empower Your Business.

Rob Braiman

rbraiman@cogentanalytics.com

Cogent Analytics

LinkedIn

Facebook

Twitter

Read Full Transcript

Transcript
[0:00] Wealth Tactic Rebels,
ingenious tactics to accumulate wealth for people who see things differently.
[0:14] Welcome to another episode of Wealth Tactic Rebels, the podcast for people who see things differently.
I'm your host Kevin Dumont and I've been thinking differently in the wealth field for well over 10 years. Today I joined by a guest Rob Braiman.
[0:35] Rob how are you today.
I'm great, Kevin, thanks for having me on the show today. Awesome. Well thank you for being here. Really appreciate it. I'm sure we have a great podcasts in store today with some great value or a listeners.
Now Rob is what we call a Serial entrepreneur,
and he's a senior partner at Cogent Analytics, is a father of 2, and a husband for 24 + years.
been representing clients for almost Seventeen, and is what you'd call a very passionate person about helping privately-held businesses achieve
new levels of success through improved operational improbability strategies.
I would love to give you more details on Rob but, really Rob I think you're the expert on you so I'll let you take it away.
Thanks Kevin and your intro makes me sound way more impressive than I than I think I am but thank you for that. You're welcome.
So, so if I were to do the history of Rob Raymond, I started,
I lost my father young so I went through kind of a trial tribulation period, from the age of 15. Made it through high school, going to college and ended up joining the military and I had the privilege of serving,
I wish Special Operations Command, I was specifically with 1st Battalion 5th Special Forces Group,
which really created a foundation for much about the way I look at life.
[1:59] When I got out of the military did what most normal people do when they get out I have my first j.o.b.,
and by the time I was I think 26, 27 years old I had my first position of equity that.
[2:12] If somebody offered me to help them come run their company after that I ended up with a A partnership that my partner and I built three different organizations together over a. Of about a decade.
[2:25] We had the the joy of selling one and then I liquidated to him about a year after that.
[2:32] I was about to jump in and do it a 4th time and I woke up at 3 in the morning told my wife I think I'm going to I got the funding from the bank
and told her I had never had never going to happen had a an actual work for somebody else position for a very long time and.
[2:49] Don't ask me why but I interviewed for some jobs and I ended up becoming a business analyst working for another firm.
[2:56] And was quickly one of the top four, five people in that firm for for the next 11 years of my life representing small business owners all over the country.
[3:06] I've actually running to run a discovery what we refer to as a discovery and the 48 contiguous states in America.
So do not. I got to see this beautiful country in all shapes forms and and Fashions and got to meet some amazing.
Entrepreneurs across the country that have shared values and shared Spirit about you know building companies taking care of employees going to market the right way trying to build.
And I always refer to a company as a wealth creation vehicle for the entrepreneur just so long as it's not about greed and sacrificing value most entrepreneurs don't do not look at their business that way but we'll get into that I'm sure later in the show.
Separated with that company in 2013 I had I had a private entity that.
It really was just a vehicle for me to help clients separately since 2005 and and I turn brown and Associates for all intents and purposes into cogent analytics in 2014.
And I just didn't I could not share the value of the firm I was working for in my mind it was more about the build our than it was about.
Taking care of the client taking care of the entrepreneur and making a difference.
Right at about a 140 in that five-year. We have made the ink 501 once.
[4:31] In our third year our fourth year we were in the 5,000 and last year.
[4:38] If I want to be very careful about how I say this I can do math and it is a gross metric.
I'm fairly confident that we will have the privilege of being awarded that Inc 5000 standard 3 years in a row.
And that we're off to a famous start this year. We do we do business in 22 States and are just very carefully growing to plan
across the country. we expect it will be in all 50 states by the end of 2022. Excellent. That's good to hear. Easy mission when you're passionate about it.
It is. Right. Right and it gives you you've got some great experiences and doing this to. You know I had an opportunity once, we work out of Manhattan,
and I had an opportunity with a job,
that afforded me the ability to go around all of Manhattan see all the sights. I didn't grow up in Manhattan so to me this with a treat. When it's when you get an opportunity with a career that
[5:37] You can go around had so many great experiences it's a really a blessing.
Definitely rounded me out as a human being you know. Sure. This country in all of its in all of its joy and I mean just from the Landscapes at the Landscaping people American.
You know that's the thing that makes us as a country fantastic is a shared value from border to border. Yah. And for me it's always been about the entrepreneur you know that.
That unique,
[6:09] frame of mind. That, that person that is willing to put it at risk. To build something that in their mind is there future their families something special.
[6:20] There's a special kind of crazy that goes along with being an entrepreneur. Haha. I agree with that! It's a special kind of crazy. Special kind of crazy.
[6:30] So Rob, let's move along here, can you share with our listeners,
[6:37] what steps would they need to take to start a business and become an entrepreneur.
[6:43] So I apologize for the long struggle little bit about where to start this but let me see if I can Jump Right In,
one of the one of the most important things in starting a business and I will tell you from the 4 occasions that I have done this exercise.
That the more I did it the better I got at the planning stage, both from a fiscal responsibility basis, and keep in mind Kevin, that
8 out of 10 businesses fail in the first 5 years,
is that by year 10 only one of the remaining two are still standing.
Right. So I'll give you an even crazier statistic, of the one that is left standing at the 10-year mark,
[7:29] less than 30% of those companies ever make it Beyond $5,000,000. Right. That's a shame when you think about that.
You know that somebody's life there's a lot of families attached that's what I what I like to do is give really straightforward Good Counsel which is really good planning.
[7:46] Fiscal planning not just operations, not "hey I can go get work." But how much is it really going to cost me not to buy the equipment or open the doors,
how much sustainable Capital my going to need to the point in which I'm actually breaking even which is where I think most people go wrong,
they, they open the door and they've got enough to cover the cost of opening door and they think, kind of like the Field of Dreams, Kevin, you know you, build it and they will come. Right. Short of a couple of great victories that you can,
you can point to on the map usually that's not true true takes time to develop a probability,
no question will you be profitable from day one.
[8:32] Depending on your markets going to be very careful on how I respond to this by in a large you should have a 1 year 3 year 5 year.
And most people go into business not because they're great business owners they go into business cuz they're great technicians they have fear that part they have honorable value structured their great people.
Business background near learning the business of the business those behaviors are not.
Are not usually part of the entrepreneurial store in don't get me wrong there are some that are but on the main for a guy's been representing clients in a 16 and a half almost 17 years when I normally see.
Are family-owned businesses where it's a Tradesman or a technician or somebody in a in a skill set that said I think I can and that I think I can is the spirit that is that special kind of crazy,
learning the business for the business and we break it down into the profit platform.
[9:30] Show the problem platform really is Outline by Business Development.
Organizational Engineering, Process engineering and kpi or financial measurement so,
pic of operational measurements are key indicators in your business that tell you how the Health and Welfare of your business is financial statement or balance sheet and then operational measurements and those are really key.
To drive Behavior with the people you hire and the processes you put in place so loosely termed we sell it.
We hire the people to be able to either sell it or manage it we are,
process driven or proceduraly driven in a company and then we have to manage that behavior to clearly defined measurement to ensure that our people are producing a profitable project and I always say,
if you bet it in a dollar and it cost you a dollar 2 to do the work when you sell $10.
[10:26] You can imagine your $0.20 light you how you send that you sell $100,000 worth at night or two thousand light that's how businesses go broke because I don't manage,
either side of that stick either the performance of the people process or procedure put in place and how do they measure during the game and always equated to a football game you know if you get to the end of the game,
and in a football season you got 16 dance with the third game of the season,
you get this guy running down the sideline with a little envelope in his hand that tells you whether you made or lost money two games ago.
Likelihood is you're not going to win a whole lot of games during the year unless you're lucky just to later that point,
Define a little bit in a in a metaphoric sent.
[11:17] You speak of starting how about what should our listeners one businessman sells what should they be aware of in their first year what what should I be looking for.
So let's get back to strategic planning and the profit platform really the vision for kind of I took very complex business principles and I just filled them down into.
[11:38] Clearly defined pillars of business that people could embrace. Now each pillar,
when we think about business development or in a business development isn't just sales business development is both sales and marketing so if you think about fails.
[11:55] Cells has 15 or 20 different bullet points in it that would require a business owners attention so what kind of CRM am I going to use,
who am I going to hire how many touches per day what is my market segmentation have I done a competitive analysis have I done a market analysis.
So when you say what should an entrepreneur concentrate on when they first get started,
you have to think about getting the doors open first. Right. So you have facilities and asset expense,
you may be opening the door with yourself and a partner or yourself and a couple of employees the most business owners don't start out with an employee so usually start out with themselves in one,
themselves into seeing your strategic plan know your Market know that you have a marketable product know that your competitors,
cuz you don't always want to be the cheapest guy in the marketplace you want to be a fairly marketing your product,
compared to your competition so if you're $10 cheaper than everybody else you're leaving profit on the table if you're $10 more expensive than everybody else then you probably won't get as much work as the other guy,
so knowing what your true costs are knowing that your bidding and covering your overhead,
and knowing that you're capturing work that you can perform is based on cost management.
[13:17] So not just Revenue management but cost management I was told business owners what's it down.
Use a pencil not a pain and less defined what are true costs of opening the doors are going to be first that's going to be our first capital,
and the next exercise is sustainability. How am I going to go to market, how am I going to sell that product how, am I going to price that product,
and how do I know that I will turn a profit which is when I said to you can turn up profit in month 1,
it takes a finite exercise of ensuring it's going to happen. That's an engineered profit. Right. It is most likely that you can make a profit on goods sold but the overall business may not yet be profitable,
or 3 months 6 months 9 months 12, so you have to prepare for that shortfall in cash-flow. Right, right, that makes sense.
I didn't mean to geek out on you by the way I can quickly jump up on my soapbox and go through a geek out session.
Nah a little geeking out is, I think, a good thing. Yah, I like it. Yah. Yah. Nothing wrong with that.
Can you talk about, when anyone's starting a business, obviously there's going to be issues that are going to come up, can you talk about some land mines that come up?
So I always like to start with the people pillar, when I think about somebody going into business.
[14:39] I've seen so many cases over the course of my career we're two good friends go into business,
and at the end of the year they're not friends anymore right so when you are going into business landmines outside of the monetary issues that we talked about is really having clearly defined communication.
[14:58] Define roles and responsibilities, and I am talking about something more than a job description. You not its funny, everybody says, "Oh, well I need my employees have job descriptions." Of which of course
as an analyst I'm going to agree with but my view of a comprehensive performance-based job description
means that there's a clear communication, there's a clear measurement process,
the employee that you're hiding knows how they're compensated and that compensation is tied to a measurable,
that the employee can take ownership of a lot of times we put unrealistic measurements in place
which de-motivates as opposed to motivates. So there has to be clearly defined responsibilities and measurement
and I'm a I'm a big proponent of performance-based compensation you know the more you can get your employees vested,
and what you're doing why it's important, whether you're talkin' about tool cost or manufacturing cost for transportation costs,
the morning employee believes that they're participating in the benefit of the company.
As opposed to the company being the only one that benefits the more likely you are to be able to get better performance out of that salad that individual that is engendered into,
your vision and their own personal gain now.
[16:17] Keep in mind when I say employees are motivated by four fundamental things and comp is the last one number one is esteem value
so being recognized knowing especially in people use the word Millennial is like a four-letter word nowadays so I don't believe that I beg Millennials are great I think they should have shared values and it's a generational difference,
but people talk about Millennials having the propensity to job hop and I would say,
it's the environment you're creating more than it's their fault so in leadership.
When you hire somebody and you bring them in the organization clearly defined communication expectations,
brings people in an organic environment to want to and embrace the mission revision of the company people want to be successful just as a human nature
that makes sense absolutely for failures that I just pointed out in that very long answer to a short question.
[17:14] But hopefully your listeners are scribbling fevers Lees Summit to.
I love you thanks.
I don't want to sound pretentious I'm just wanted it'll I've spent my life saving businesses I feel like don't the last 16-17 years of my life has been all about.
People back from the brink my favorite clients were up and running but they're just under-performing you know they're making for 5% net profit which is just enough by the way,
to cover their obligations to the bank cover their obligations to tax and if they're growing a little bit that the company is going to eat up that cash flow typically what a business owners making is their paycheck,
instead of instead of the business being able to create.
[18:10] Not just their paycheck but be able to contribute to long-term life-strategy. Yah. I see that a lot I see businesses under-perform. You know, one of the key questions I ask clients is,
what is your plan for distributions and we're talking about an S corp or LLC.
And it's amazingly 90% of clients,
do not attribute distributions as part of their own learning portfolio especially when they're in business five years unless.
[18:39] You know the ideas I'm going to open a business I'm going to make profit when I get to keep that profit rarely is that true,
you open a business and then you reinvest back in your business should buying equipment or hire...

WTR Entrepreneur Interview: Tony Salloum, VAC Motorsports, Success Blueprint

Kevin M Dumont — Sun, 19 May 2019 07:00:00 -0500

WTR knows a great way to rebel against the what’s expected with a regular 9-5 job, is to become your own boss. Enter, the entrepreneur. Tony Salloum, President and founder of VAC Motorsports in Philadelphia, has done just that for 35 years. Follow Tony’s story as he talks about his passions and gives his blueprint for success.

Tony Salloum

tony@vacmotorsports.com

VAC Motorsports

1-(215) 462-4666

2501 Snyder Ave. Philadelphia, PA 19145

VAC Facebook

VAC Instagram

Read Full Transcript

Transcript
[0:00] Wealth tactic Rebels. Ingenious tactics to accumulate wealth. For people who see things differently.
[0:18] Welcome to another discussion Wealth Tactic Rebels. The podcast for people who see things differently. I'm your host, Kevin Dumont, and I've been thinking differently in the wealth field for well over 10 years now.
Today I'm joined by a guest, Tony. Hi Tony. How are you? Good, Good. How are you Kev? Doing wonderful, having, having you
you. Wonderful having you too. Wonderful being with you, on this podcast.
Fantastic Tony, we love having you here, it's good times. This is not commonplace I would I would believe for my industry.
At least not in the wealth building industry. Perhaps not, but
Tony is an entrepreneur, and the wealth building industry, well, entrepreneurs love to build wealth. I think that's a rather fitting tale.
a lot of people start their lives with a job and a career, and they think that's the path they're going to go down. They might find out later that they want something more out of life.
They want to make their own job, career, path; become an entrepreneur, have their own business,
Tony is with VAC Motorsports. The founder of that. VAC has been around for 35 years this year. He's done quite well with that.
[1:37] And like many people he started, well as a regular job, and eventually found out that he wanted something more. There was some other bug that was biting him that he had to, he had to scratch that itch. Yah, yah.
It's true you know from when I was a little kid, my dad had a repair shop and he would take me to the repair shop at the age of eight really I started going. Started tinkering with cars.
[2:03] We're talking in the early 70s,
everything used to be repaired not like today's industry where you know it's just a lot of parts swapping so,
engines used to be rebuilt alternators used to be rebuilt,
shortly after my dad hurt his back and then decided that they didn't want to be in the automotive industry and then he had a thing for you know the kitchen as well so Middle Eastern cuisine called saloons Middle Eastern cuisine.
[2:38] In South Philadelphia. Well that took me out of my element.
I did continue to work on cars because cars were my passion even at the age of 13 14 I would crawl under the cars on the streets of South Philadelphia,
Oldsmobiles in Fords and Chevys and so forth and you know they used to have a lot of well pump failures back in the day
it was commonplace for me to drop in oil pan on one of those big American beats in the Streets 2 pump replacement,
distributor repairs and so forth so that's kind of you know how far back it goes,
interesting story that will lead the way into the BMW Marketplace for me,
when I was in 6th grade I went to school called Masterman, Julia R Masterman, which is actually probably the number one rated School currently in the city of Philadelphia.
[3:35] And we used to learn everything in that school, from home economics to printing class and so forth. So back then we used to do typesetting,
And typesetting, for those that don't know, it's actually when you know magazines and newspapers were printed you just have to do typesetting used to take the,
the different fonts and have to set them you know as mechanical characters basically the whole magazine,
add or whatever was done that way in the printing presses were so it was something that we learn so in that class,
the teacher the time says I want you guys to look through these magazines and find out and let me know what magazine captures,
your attention and when I started flipping through the pages I found the most attractive act to me.
[4:29] Which turned out to be a BMW 2002 advertisement which was back in the day you got it was probably in the early seventies that car.
Their ad was the ultimate driving machine.
[4:48] To the best of my knowledge I don't know of any other automotive manufacturer that still use the same as BMW because.
[4:59] BMW commercials these days and it's still the ultimate driving machine so that's when people ask me what really got you into it that was.
What kind of got me into the mark.
Then my uncle's overseas had BMW service shops and I learn how to drive on a BMW 2002 I was 13.
On the other side visiting my uncle.
They would let me drive in the foothills of taught me how to drive a manual in the mountains so it was all BMW and then you know that's really when the bug was planted.
Couple other uncles had the old BMW 3.0 and 2500 slightly smaller than 2.5.
Here in the states, some of those were brought in his 3.0's, or, you know, Bavaria is another name that it was given
to those chassis. But yeah, that's, that's how far back that BMW bug goes nuts in it that's the evolution that's basically what you started it also in high school I went to Central High School.
Which also put out a lot of successful people, here in the city of Philidelphia.
[6:16] You have Mayors and politicians and lawyers and so forth in all types of doctors.
That has come out of the school start up a long history for me,
so you know when I would drive up back then it was a muscle car era, and I had a 69 Olds 442 convertible that I would drive up the central,
and some story stuff to share.
All boys school that time okay girls girls I was right across the street from us anyway,
yeah I managed to stick with the although we had the restaurant I was working and putting in restaurant hours I managed to to stay in the automotive field and.
When I graduated Central I went to Temple could have gone anywhere I chose Temple so well.
But my dad you know during during the years one one thing that my dad,
really pushed us to do is to always be alright.
[7:30] So although I worked for my dad and I worked for a family I worked really really hard because.
[7:38] I knew that to be successful in life you have to always give not 100% used to give 110% 200% whatever whatever percentage you want to put above 100.
The hundreds not enough hundreds not enough so we continued the education.
When I was in Temple I started to work that was probably the only time I was employed for someone else.
I worked for a a little repair shop called Tom's Auto Repair and I was super nice guys shop still there in South Philadelphia.
General service for him law was a friend of mine at the time really knock out a lot of work and I did that for about three months and then.
Just words of wisdom that my dad used to shed shed upon us that,
I always want you to Be Your Own Boss so that never left me shortly after you know I was when I was in Temple when I started I took business classes but I also wanted to do engineering.
Did engineering business administration.
Did that for a couple years but during that same. I had to run to have my own business so bought a place that time from an old man.
[9:06] And the business was called Vern as Auto Body.
Friend of mine works for Lu Verne was about to retire to sell the business so we thought this could be an opportunity,
I asked Dad to borrow some money for me the business eventually but back then it was not a not a property just a business.
[9:33] $50,000 off $55,000 purchase which was not a lot of money if you know by today's standards. It was actually pretty handsome some.
For 1984 and the interesting part is that,
promise to stay with us and Cochin train me because a body man I was not was actually mccant,
so that was good but Loose on the paperwork got his money next day never.
[10:07] So you want to talk about a sink or swim no you know I had good training and good work ethics so I knew I had a tattoo,
learn really really fast my dad lent a hand.
[10:25] Tom the time is also pretty good but I have to learn and earn really quick so,
you're learning business but you're also have to learn how to repair people's cars properly from a mechanical standpoint it was not a problem from the body and paint side.
Started learning that stuff and within six months Tommy said to me.
Tell you I'm really impressed I never imagined that in six months you would learn so much that you would surpass me and be better at this in this industry that I was,
The Laughing that's again,
used to be driven you want to be successful you have to be driven right I guess I guess that's the thought process of any entrepreneur now for me never really looked at it from the money side o is.
[11:23] From the personal satisfaction side down obviously the more you grow as a person in the better you make your business than the financial Rewards,
I'm not that was kind of always my Pro so that's the early days now.
It started to have to push it forward so I was using my engineering Knowledge from Temple and my business administration skills for bookkeeper,
I'm making sure that I stayed on track with the business making sure that when money rolled in.
You don't just start spending it frivolously because it's it's easy to reach into your pockets when it when it's when they're full and spend that when you really need it yet and so,
that's that's where the discipline had to come so I always believe in putting back in the business.
There are many business owners regardless of the business type they start.
Turn it really business-minded people but they know they're either good craftsman, or whatever it is that they do, they start to make money and they just miss manage their money. So ultimately.
[12:35] That became the challenge. But every time there was some money I always vested it back and better equipment more modern equipment we were probably the first shop in that neighborhood,
the proper frame machine to learn frame straightening class get certified with that because we bought a frame Basketball Kansas jacket,
that was the first four and then I took my painting classes and got certifications painting and so forth reinvested,
instead of being like the other shops were when I needed a pint of paint I would have to call the local business to local inspired by I had the mixing system in my shop so I would mix it as I needed it,
Dennis always thinking ahead always investing so whatever business you don't have to have for an entrepreneur you always have to try to think ahead.
[13:29] The automotive industry in the racing industry we teach,
instruct my instructor teach people that you look ahead and you join you driving you don't drive it all look at the corner you look ahead of the corner and and I believe that business is the same way I think that's the general principle.
[13:47] As as you're moving along in life the faster you're moving a life to farther ahead Jazz to look for a business,
if your business is really starting to take off you really have to look even further ahead so I think,
I've done a reasonably good job growing the business when we started it was a basically one man show. Two people,
2000 square foot body shop where now occupying over 18 thousand square feet 5000 square feet of that is machine shop that includes engine building equipment but you know as,
some people know,
C&C publisher manufacturing we have the internet bass ale that's a good portion of our business end and then the earlier years I'd focused,
the international side of it because I realized that I'm business you're going to sell the same product that everybody else has,
you're off to return on investments going to be minimal so I focused on keep products that we created it on solutions for these automobiles,
and we constantly look to create solutions and.
[14:59] Have a product that's not a commodity, becomes a commodity then the bottom falls out on the profit side.
so that's really been you know the approach from then to now other than a lot more square footage into you know we were up to about 30 employees at one point which is a handful to manage,
so I did have to dial it back and fortunately for, not because we were necessarily doing bad, but because I
[15:28] kinda started to view it as the analogy as a freight train that was out of control. You're moving so fast you're now becoming inefficient. That, again if you look if you're looking at the return on investment,
the investment was huge but the return was not any better. And that wasn't enjoyable for me.
[15:48] I like to still be Hands-On I like to be creating by I'd like to make sure that it's a nice work environment. So few years back I decided we dialed it back down to about 18 people.
[16:00] And basically it's a reset button. You know, another one of my beliefs in business I've been around so long I've seen the Cycles it seems like.
in our our industry, probably many Industries, they're cyclical. So, you start to have that.
That slope that steep slope and there's a lot of growth and all the sudden you know that market trends change and people's desires change or whatever you know.
Stuff beyond our control and then you start to see that is trending down again a little bit.
You going to have to hit the reset and then start focusing and redirecting.
[16:34] And that's kind of the way with you know that's my Approach on this business since the start and I find for me.
I think if you have a good stretch you have eight years I think five to eight years probably and I'm not might be a normal never I've never researched it but maybe somebody out there that does it for a living light so you know your your spot yours is a good cycle.
And so you know I feel that were probably going through our.
Not force reset at this point and we feel that in Ivy and another year to as the economy turns continues to turn.
And try to take this business to yet another level I think then we should be trying to go cruise control for another 5 years,
analysis on business.
[17:29] So another interesting fact to Tony,
you been erasing wreck yourself so why did you get into the racing and how is that influence your business.
Well the the racing was always a passion you know driving fast you know car control and all that that seems.
Innate behavior for me make skill.
[17:57] And really officially kind of started in the early nineties has started to do some,
driving classes with driving schools are as they call Auntie he's driving in Mass with BMW Club of Porsche Club and the first time,
I want was the song and I remember it like it was yesterday.
[18:22] Sign of a hot shoe go onto the track and it's completely different Driving Experience you know the.
[18:31] Erasing that I done before that was not really on track it was on a cross.
[18:36] And it was with the SCCA. So a few of us would go on weekends and do water crosses in.
We did well we used to have fun in Salt Lake.
My card that song I would drive it felt like I was on my door handles I was there was only so much that corner so when I went to this my instructor.
Was not very impressed and I kind of remember the conversation with him at the end he said.
You know you may have some skill but if you don't see you don't learn to listen you're not going to learn.
So it wasn't a very good review from that particular instructor. That must be your, driven-ness. Yah. Yah. You know you want to drive so hard that you're not driving
proper. You know, using proper technique. So it didn't take me long to fix that and.
Probably in under season of DE's
the Porsche Club sign me off as an instructor and a couple of the instructors that have instructors with Porsche Club at that time, for probably.
every bit of 30 Years, that had a lot of experience, said what are you doing on on that side you know you can easily be an instructor.
[19:52] And recommended that I become an instructor. And then I continued on with the racing started racing with SCCA.
in 1996. At that time I was I was also building my own tube frame car.
BMW, as one would have it, you know. A 320i, old body, and that was for SCCA.
[20:14] When is first race in 1997 and 1998 we went to the SCCA runoffs in Mid Ohio. We had some mechanical issues. By the time we sorted through.
we had to start of the back of the pack but luckily we had a decent race and ended up finishing mid-pac. but that was the national championship. After that we ah, we went pro racing. We built a 1999
BMW 325 right off of the showroom floor. Wow. Went up to ah, I think that was purchased in Rochester New York.
Sent a tow truck up, he brought it back down. It was a non-sunroof car. Drove it around the block once. Parked it.
And under 60 days it was on the race track racing it was the first E46 BMW in racing anywhere on the planet actually. Nice. Straight into the scalpel. Yah. Yah. Right to the surgery room. And that's and that's basically,
were the Deep, call it the Deep racing roots. But before that I was actually, I built a rally car,
VW rally car for ah, Lebanon.
[21:27] Couple friends of mine drove the first guy drove it the first year that have as much then have a whole lot of success but.
[21:35] It wasn't really that far at that time it was more the driver was over aggressive.
[21:41] Put a different driver in the car for the next two seasons they won the championship in 1994 with that was sponsored Valvoline middle that was.
Yah, you can look back into the early nineties for the racing Heritage you know, at VAC. So the VAC name,
If you're curious, like I said it started as far as Vernas Auto Body cuz I bought it from Lu Verno. And then a couple years later when I,
built enough show winners and that kinda, I get bored. Right. I'm always looking for a challenge that't probably most entrepreneurs are...

WTR Entrepreneur Interview: Paul Moore, Creating Enduring Wealth

Kevin M Dumont — Thu, 25 Apr 2019 07:00:00 -0500

Don’t miss this captivating and informative WTR interview of Paul Moore as he shares how he has learned to create enduring wealth through commercial real estate. And you don’t have to be as wealthy as you might think to take advantage of his wealth strategies.

At WTR, we have a core belief that there’s more to be had by avoiding losses rather than just chasing a rate of return. You also know we believe there’s wisdom to be learned from entrepreneurs who have achieved success in their lives. Join us as WTR talks with Paul Moore of Wellings Capital and How To Lose Money podcast. Paul has a great story to share, from his early days of working a regular career at Ford, to discovering he had a passion for being an entrepreneur. We talk about the importance of speculating versus investing. Paul shares his progression into real estate and why his experience, and wanting sustainable wealth for him and his family, led him to commercial real estate. We talk about the reality of real estate investing versus reality TV real estate investing. Paul also shares some great tips on how to pay less taxes. And so much more.

Ingenious tactics to accumulate wealth, for people who see things differently.

Paul Moore

paul@wellingscapital.com

Wellings Capital

How To Lose Money Podcast

Paul’s LinkedIn URL

Paul’s Twitter URL

Read Full Transcript

Transcript
[0:00] Wealth Tactic Rebels, ingenious tactics to accumulate wealth, for people who see things differently.
[0:16] Welcome to another discussion with wealth tactic Rebels. The podcast for people see things differently.
I'm your host Kevin Dumont and I've been thinking differently in the wealth field for well over 10 years.
[0:28] And today I am joined by a guest, Paul Moore. Hi Paul, how are you?
Hey Kevin great to be here. Fantastic! I love having you here Paul today. It's a nice sunny day, I'm feeling the energy today. Yah, me to it's going to be a great day.
The day after April 15th right, so we got past that, that mound. You know a lot of people are smiling on April 15th, though. And sum are
not smiling as much hopefully your audience is among those who are smiling, on tax day. Yah, I hope so! I hope so!
[1:01] That's always a mixed bag there I think. Yeah right. So Paul is an entrepreneur, and he started, as a lot of people have, working a regular job, he was in a management track, over at Ford Motor Company.
And he eventually found out that he wanted to do something else, that wasn't his
[1:21] I don't know, cup of tea I guess you could say. right. He's now into real estate, commercial real estate investing specifically, but I would love to give you the details but I think, Paul, I think you're probably better tell your own story that I am.
All right. Well yeah I got an engineering degree actually and then and that was my first mistake and I got an MBA, which was,
hopefully, hopefully a better move from me and I went to Ford Motor Company I really like Ford, Kevin.
But I found that I was always doing something on the side, I was trying to start a property tax Consulting business or an oil change shop for goodness sakes,
in, ah, Farmington Hills Michigan. So I eventually started a P.E.O. which is a professional employer organization which is an HR Outsourcing company with a couple friends we do that for about five years end,
I was finalists for entrepreneur of the year a couple times in Michigan and I.
Got an offer from a publicly traded company to buy our company and so I thought, well this is a great opportunity to retire, or semi-retired in my mid-30s and so I sold the company.
Add more money than I had since didn't have any idea how to invest thought I did,
and I actually became a fairly miserable version of myself I thought I was going to be super dad.
[2:39] I have two kids to the time we have for now and I had and I thought I'd be super husband and do all this
charity volunteer work and all the stuff and she wasn't very good at any other because I was a high-energy entrepreneur and if people think that you know if you're a high-energy entrepreneur and you think you might want to retire early you might
want to make plans to do something really valuable and meaningful with your time because I wasn't very good
person you know in 7th so-called semi-retirement my thirties
yeah so I actually started flipping houses in the year 2002. So what got me into real estate,
you got into real estate so where did that lead you into speculating correct.
[3:23] Well you know I thought I was in best thing and I actually didn't know the difference between investing and speculating Kevin I know you know this but,
you know investing is when your principal is generally safe and you've got a chance to make a return speculating as when your principal is not at all safe,
and you've got a chance to make a return am I stuck with real estate I did pretty well it did real well a lot of things,
but when I got involved in a wireless internet company
or some other things I did buying gold and silver trying to time the market investing in an oil well I lost a lot of money Kevin
and that's one of the reasons we start a podcast called how to lose money we talked to successful entrepreneurs and investors and Executives about their
past failures and mistakes that they made along the way on the road to success but.
Anyway I think you can learn more from people's failures and their successes so before my choice one is good.
Add heard it but the wisest Samurai of all time was the one who lost a thousand battles while it's it's so true what you know we talk to 160 people now I thinking.
Almost all of them said they learn more from their failures and mistakes and they ever did for their successes I think it's easier to replicate.
[4:52] I mean it's easier to avoid someone else's failures than it is to replicate their success I mean if I look at Jeff Bezos you know I'm sure I could pick up some things from his good habits.
I bet you if I could learn about all his mistakes I would learn more yeah I hear you. That's very important we all want success but success doesn't come.
Unless you were going to say maybe have a couple on the way but not everyone can afford to have a failure is not everyone wants that the failures don't think anyone really I know we don't want it
we really don't think you're how to lose money is valuable tool for people to
avoid those losses to begin with. Yah. Which, I think works along with our Wealth Tactic Rebels mantra as well, where we really believe there's,
a lot more to be had by avoiding losses, then chasing rates of return, which is what you're exactly what you're talking about. I agree.
You got into the real estate investing.
Let me ask you a lot of people out there probably listening to this episode of been thinking about this before you know they watch HGTV, whatever other channel and they see people doing these flipping shows, seems to be the
thing now. Right? Right. Is it different, when you get into it, than what people are seeing?
[6:05] Kevin it is usually so different I'm telling you I I talk to people I'm a writer blogger video guy on biggerpockets.com which is the world's largest real estate investor site.
[6:16] I talked to dozens of people a month and I've talked to hundreds of people and.
[6:21] What I find is typically there they're trying to spend their evenings or weekends every free moment.
Trying to find a house to flip and they usually find things you know that you know what is said it's it's it's, now I should things cost twice as much they take twice as long and they're usually have is profitable as you expect.
That does you know everybody watches he's HGTV shows thinks I mean not everybody but a lot of people think they can do this it is possible.
The problem is right now real estate is highly overpriced.
And it's very hard to get a deal that makes sense so she's got an inside track on a house to flip go for it but unless if you're trying to buy it and compete on the courthouse steps or find it on the MLS you might find.
It's pretty hard and another track people get on as they try to build a portfolio single-family rentals or small multifamily like duplexes for plexus.
[7:18] I'll tell you Kevin most of the people I talked to when they get to about 10 they feel like they're at a Breaking Point they can't stand life anymore either get call toilet being clogged or they have an eviction or these tenants make up ridiculous.
[7:33] The in California there are websites telling tenants how to get almost a year free rent by playing the system against landlords I mean it's tough and I've talked to maybe two people who got up over a hundred rentals.
That one guy was in Fargo with 325 you know what he told me he said I'm not Lovin life even though I've got a whole staff and team and property manager,
I'm not loving this I want to Pure down from the 325 to my top hundred rentals
and then I'm going to put that money in a vest it past the volume Channel a lot of people I thought would be better off staying with their day jobs making as much money as they can,
and then investing passively and a lot of people go on this path,
flips then single-family portfolio and then back to passive rentals it's like contractors you everybody knows almost everybody knows construction people
who did really well with one or two employees so they expanded to 50 or a hundred employees they were miserable and they went back to one or two or even just a cell.
Very similar with this and I think a lot of people will be happier
investing passively my mantra for this is why work harder than you need to to make less than you could.
[8:52] Do you have these experiences of not having to work in commercial real estate correct,
yeah we've been investing in commercial real estate for about 9 years now
I actually had tweet we built a aground up multifamily quasi Hotel quasi main camp in the Bakken oil rush in North Dakota.
And we operate that for a number of years and that went really well.
Now then we took a lot of that money and a lot of effort and we built a very classy Hyatt House hotel.
Everything went wrong we overspend on at the general contractor went belly-up oil prices it was an oil location,
oil prices went from $110 at their Peak down to below 30 at their death.
[9:44] Honestly everything went against us and my partner who was 100% guarantor and had his name on that unfortunately was not able to keep that hotel.
And so I looked at that I looked at different things I've done over the years I said you know I'm in my fifties now for heaven sakes, I want to,
get something, I want to really invest I don't want to keep speculating. So I wanted to get into something that was predictable.
A demographic trends that were looking out over many years or decades.
And I want to get something it was stable not a silly liquid I mean I know it one end of the Lakota at the Spectrum you've got liquidity,
potential instability in the stock market at the other end of the spectrum you've got predictability and stability but not look what it is in commercial real estate why I chose that.
And so I start investing in multifamily I wrote a book called The Perfect investment which is about multifamily investing and then eventually I.
Actually we are company welling's Capital actually also spread out into Self Storage & mobile home parts as well and we opened up to funds,
and we actually are working with investors to invest in these large projects.
[11:00] So now you come around in your full circle and in your experience with real estate right right
Investments working with investors I can get into a correct right so it looks like to me you try to build stable wealth right something that's lasting something multi-generational
yeah we're looking to build how people build multi-generational wealth with as little taxes as possible
can you talk a little bit about this path to multi-generational wealth to reason that most of the Forbes 400
either make or perpetuate their wealth in commercial real estate the problem I had with it as I would look at these malls you know that were built 20 or 30 years ago and now they're.
They've got flea markets at the malls or whatever and that and I really that made me nervous I look at these old Office Buildings that were half empty n.
[11:56] So I got really nervous about commercial real estate but I wasn't aware.
If there is a very powerful driver in commercial real estate that's not available in residential real estate,
and I think that's why a lot of the wealthiest people in the world want to be in commercial,
the problem is and I'll get back to that driver in a minute the problem is there some very high barriers-to-entry nicely generally were not invited to their party.
And the barriers to entry are you need a whole lot of net worth a whole lot of liquidity and a whole lot of experience to get a bank loan or even some cases to get a seller's even take you seriously if you want to buy
so there's reasons for that though there's something called the value formula in commercial real estate.
Kevin you and I know if we sold if we bought a house for half a million and we.
[12:49] Expanded you know we build out the attic build out the basement Adam rooms on,
you know make it really beautiful has been a million dollars doing all that but all the other houses in the neighborhood were still at five or six hundred thousand we're probably not going to get.
Are million dollars out of that because residential real estate is based on comps or comparable values commercial real estate entirely different.
The value formula is this its value equals net operating income divided by the rate of return or the cap rate.
And still the net operating income is a numerator the cap rate is the denominator the cap rate is typically been a to 10% over many many decades but now,
in the trunk boom it is really dropped into the mortar the four to 7% range for the capitalization rate,
what's a value formula again income / rate of return if you and if that's the expected rate of return for that type of asset in that market.
[13:53] If you can increase the numerator which is very doable and if you can somehow compress the denominator which is harder but sometimes possible.
You can drive appreciation you can force appreciation and when you add leverage in
it's super powerful example you can increase our investors are operators that we work with are fun they say they go around looking to pick up dollar bills done like what what do you mean by that.
I still listen to this formula if you can increase income by $1 at a property let's say you increase revenue or decrease costs by $1 a month.
That $1 out I'm really good at math that's $12 a year okay that's the value the value formula is again income by chapped right so the $12 in income,
divided by a chap right which is an average cap rate these days of 6% 0.06,
12 / 0.06 it's $200 you can increase the value of that property $200 by driving $1 in increase monthly income.
[15:01] But it's better than that because if you use leverage let's it 60% Leverage,
you divide that $200 by 1-6 or point for and basically you multiply as a two and a half,
X
impact on the value of the equity two and a half times that $200 into the value of the asset so I mean if you want I can go to a real example not just using a dollar but this is why commercial real estate,
investors are happy,
another reason they're happiest on tax day they usually pay very little if any in taxes so those are two reasons people love to get in commercial real estate.
You have some stability for the future right yeah those are powerful.
What are the couple of tax advantages that you're talking about so so depreciation is a powerful thing and there's.
But we commercial real estate can actually Implement something called a cost segregation study which is an engineering session or a CPA a team that comes out in a analyze
how much is property is land which is not depreciable how much of it is a building which is real property and it is depreciable
how much of it is personal property can be depreciated in an accelerated Manner and so what they can determine is well for example.
[16:30] An apartment you have a building.
But you also have roofs that actually can be depreciated in not 27 1/2 years like the apartment building but roof might be able to be depreciated in 15 years
and the Landscaping parking lot Stripes Paving that could be 15 years,
but interior you know you've got carpets paint lighting.
You've got other electrical outlets you've got cabinets and countertops and sinks all that can be depreciated much more quickly like in 5 years.
It's all costs a cost segregation study will allow you to put these different cost in buckets and appreciate some more quickly what this does is it often means,
that the investor while getting cash in their pocket every quarter,
is getting a negative number or a zero let's say on their tax return on their K1.
And by Jenny Matt it's a powerful way to save taxes and it's a
powerful driver for them to again buildup multi-generational well now another text Advantage for commercial real estate.
[17:41] They've actually the you know love him or hate him we've got a commercial real estate investor in the White House and the new tax reform law.
The wind affecting effecting late 17 actually says that.
You can actually do bonus depreciation and a lot of things that can be depreciated over say 15 years can it be now depreciate in the same year.
So if you had up to a let's say a million dollars and roofs.
HVAC Etc you can depreciate those in one year that's a huge loss they're going to be able to carry for it on your tax returns for a long time and that's one of the reasons Commercial Real Estate Investors.
Don't.
[18:20] A lot of taxes and income taxes and or in capital gains you know the 1031 exchange that were most of us are familiar with allows you to swap one real estate property for another.
That used to be in fact for cars and boats and airplanes and art even a patent now that is not true it's only good for Real

WTR Discussion: War Between Current And Future Lifestyle

Kevin M Dumont — Fri, 19 Apr 2019 07:00:00 -0500

Did you know you’re waging a war every day of your life? It’s a powerful, often devastating war. It’s the WAR of YOUR CURRENT AND FUTURE LIFESTYLE.

The good news is, you’re not alone. There’s help. Listen in as WTR discusses the war between your current and future lifestyle. We help you understand, and put into perspective, what is really going on. We will help you take possession of your biggest, little-known asset, so you can better determine if your current lifestyle is in balance with your future lifestyle.

Read Full Transcript

Transcript
[0:00] Wealth Tactic Rebels.
Ingenious Tactics to accumulate wealth, for people who see things different.
[0:19] Welcome to another discussion with wealth tactic Rebels the podcast for people who see things differently,
I'm your host Kevin Dumont and I've been thinking differently in the well field for well over 10 years.
Today we're joined by our co-host Brian. Hi there everybody Brian Dumont here, owner and manager of Dumont Wealth.
Happy to be here Kevin. Happy as always to have you Bri. Looking forward to our discussion today. And today we're going to talk about lifestyle.
[0:48] There's always a tension between our current lifestyle Desires and our future lifestyle reality,
we're very good at sending our own lifestyle ever upwards, no one wants to move back down the lifestyle staircase, so to speak, to a lower lifestyle.
So the Paramount question that arises today is a my spending my desired future lifestyle today.
[1:13] Today we will look at this concept of Lifestyle in the context of how much we make how much we save and where that might leave us in the future will explore the tension between current and future lifestyle,
and look at some honest ways to help evaluate where we're at because ultimately lifestyle is what we all dream of and dreams can sometimes become reality,
We work to make that happen.
[1:37] When we're trying to evaluate today's lifestyle versus our future lifestyle it's important to understand well potential.
So let's discuss with Brian a little bit about well potential what that means.
So what potential is a concept really that we can kind of used to hang our hat on when it comes to looking at our well rather looking at it on a monthly basis or an annual basis.
And I were often used to thinking about how much money we make or how much we have based on the current balance in our accounts.
[2:14] If you even pay attention to that and some people don't of course you know who you are.
Or how much we have of a regular flow of income on a monthly basis.
Or how much we have on an annual basis for instance when we file our taxes that's one way to look at it but the truth of the matter is well potential is a much larger concert it really looks at.
Over our lifetime what can we learn and what can we save like that is because,
once you do you can ask yourself is very important question and I didn't question is this if you knew your total life wealth potential.
Songs for example would you treat it differently than thinking about it in small pieces that's the question.
I don't know I don't know you know but when you look at something and you realize that really is an awful lot more than I thought you know if you think it well.
I only make X dollars.
[3:19] And you know it's not a big deal I can stand here and there it's just never going to head out to what I want anyway and I exercise with them.
And it looks for the first time perhaps at what they're doing.
Wealth and income potential leaders over their lifestyle it becomes a much different kind of thing so let's run a quick calculation together,
maybe one or two just as an example so people can kind of think about that's okay.
You're going to retire in 10 years at 65.
Currently your income is 250,000 that income is growing over time of let's say a little bit above the inflation so that 5% a year.
[4:10] And you currently have a net worth of us a million and a half dollars.
[4:15] And you're hoping to get 6% on your Investments okay so those are in place for the calculation.
[4:24] And when I calculate it what it tells me is that from now until my retirement age that is over the next 10 years.
[4:33] My lifetime my income potential is 3.1 million dollars that's my income potential.
Just stop and think for the fish I can make some 50s very normal right every all of your friends make 250 give or take.
[4:50] But when you finally think wait a minute I'm going to make 3.1 million dollars,
now that's a different thing isn't that so much larger number it sounds like a lot of money,
3.1 million is a lot of money really is you can do something with that right so that's where it starts impact how we think about our money.
[5:13] The next part of it is what about our wealth potential.
[5:17] Well I well potential believe it or not is just shy of seven million dollars now,
South $7000000 wait a minute are we getting to that number.
[5:29] 3.1 was a big number 7 million I guess more than double well if we take what we're making and we accumulate.
Wealth by 3.1 million.
Ever going to grow that buy our income as well as by our rate of return we put all that together assets and income and interest of course.
We end up in 7 million dollars that's just over a 10-year. No think about it wait a minute.
I'm thinking about two things normally I'm thinking okay I'm making $10,000 a month or $250,000 a year.
I've got a little over $1000000 shaves right and doesn't feel like it's worth that much but when you calculate it out over sometime.
And you look at your wealth and income potential that were talking some sizable numbers.
[6:31] Go back to the question if you think about your wealth and income potential and if you run this calculation I challenge you,
does not change how you look at it while I mean I would think so if people are thinking like you're saying I know I only make this amount of money it's a it's a different mindset that we were thinking G I made
$150,000 no $200,000 a year,
I really am going to have 10 chalem / 7 g i really millionaire you know when you're a millionaire you're going to treat you treat your my little differently.
You know you might realize that in fact hey,
this is really important I can do something with this conclusion and I'm hoping people come to and they'd make us calculation for themselves,
because it can have an impact on the way you think about it and might even go so far as to help you want to shave a little more now.
[7:30] Let's continue the exercise here so.
The truth is the All-Star three-point 1 million you're going to earn in our example or the seven million you could have in your hands.
[7:43] We all know that you can't keep all of it if anybody can save 100% income from somewhere else.
So how much do we have to deduct from that so to speak,
to come up with what we really could end up with by the end of the 10-year. By the time we're ready to retire right.
[8:11] Everybody has a different tax situation,
business owners W-2 employees Etc I'm just going to take out a flat 30% for the sake of the argument here okay to make an impact then,
most people most Americans most of us have some type of debt service right whether that's mortgages were,
personal loans or leverage on a business Excedrin right in fact.
33 cents on the Dollar on average is what we spend in debt service believe it or not.
I'm going to put a slightly more conservative lights 20%,
and again you need to do this or your own numbers yours could be a lot less or a lot more people are up in the 50% tile on your debt service right next to the next one of course is.
[9:14] Lifestyle how much of go what's going through my fingers is going directly to my lifestyle okay.
The only other thing on my list is savings so if you're not shaving that means the rest of their 50% is going to Lifestyle okay.
[9:31] If that's you and you don't already have it mean if you're not already financially independent and financially wealthy so to speak.
Can you eat of the shading something right now what's the average savings rate in the US by 5% right,
meaning let's let's say if it was 5%,
that would mean that 45% of the money going through your fingers is lifestyle and your only shaving 5%.
[10:03] And yet in just 10 short years.
We're expecting that 5% savings to somehow magically support a lifestyle that was eating up 45% of your cash flow right now so,
let's be a little more generous let's say that you're doing what is considered really good which is 10% savings,
and you're living on 40% right so just to review your income allocation is going like this.
[10:35] Taxes 30% Debt Service 20%.
Lifestyle 40 savings 10.
When I cut calculate on that what it does is it subtracts all of the expenses and it just takes our savings and adds them by our interest rate which was 6% we were using.
And where do we end up we started at a million and a half today,
end up in 10 years at having saved 3.1 million dollars that something right but guess how much we spent.
We spent over that same. 3.8 million dollars.
[11:22] We spent 3.8 million in 10 years.
Emulated 3.1 million and now we expect to retire for the next 30 years on the 3.1 million you see the problem,
you don't even have to run the calculation there you just run that by your head real slow and you see the potential problem okay
and I haven't even mentioned information which is going to even eat at those shavings any more overtime going forward,
so what are we going to do well.
There's only a couple things we can do with only got what was done right and that's another part of this point when you look at your entire well potential,
now you can start giving it up in a way that might get you to where you need to be a little bit more closely.
Which is that discussion we're going to have in a couple minutes about current income vs future income.
You cannot generate the income you're going to need in the future if you're only shaving 10% in our scenario it with me,
so where's the money going to come from how can we reallocate some of where our money is going to the future rather than to turn.
[12:38] Follow me well first of all taxes can I change that well if you have a good accountant FL to squeeze a little more out but you surely can't eliminate it.
Okay let's just leave it at 30%.
Well possibly right,
if you did not anymore maybe it would go down and maybe a few you know this is a question and I can't answer this for you cuz there's a lot of variables here for instance,
if you have a mortgage that you're paying three and a half percent interest deductible and your net cost of that mortgage is two and a half but in your investment accounts earning 6.
Does it make any sense to take money out of your investment account to pay off a mortgage that is now essentially putting your savings into a bucket learning two and a half.
You've lost if you calling me there.
You lost three and a half on your opportunity cost that's not a good deal okay on the other hand is going towards credit cards,
and you're only earning 6% in your investment account will now maybe we need to look at that right,
and you know my taking some out of that.
[14:05] And hang down those credit cards you could eliminate that transfer on that higher interest,
you follow me the number of juggling factors here but in series if we could find a way to bring down our debt service let's say bring it down from 20 to 10%.
Well,
I'm sure my wife would find a few good places to put that 10% in our lifestyle bucket
we could direct it to our savings bucket couldn't we that make sense,
because that way we would not have to adjust our lifestyle down where he knows you said at the beginning I haven't met anybody
ever in my many years of working in the financial services that said to me Brian can you help me reduce my lifestyle funny question that person yet so.
[15:09] Okay tell if we do that we have essentially doubled our savings rate Heavenly from 10 to 20 what's the result is that.
Well here's the results we know I would have over a 10-year. Savings of 3.5 or million dollars.
And we would have spent only 3.4 livre first the situation we now have shaved more over the next 10 years then we have spent message that's quite interesting isn't it.
[15:41] There's only one of the discussion we could have here you can say look I know I need to change my lifestyle in order to make this work right if you're that person that's okay you could do that,
make sure you reduce it by 10% which is a lot okay if you found a way to do that now.
[16:01] Your savings on your lifestyle are equal I'm saving 30% and I'm living on 30%.
[16:07] The results of that would be even more savings would be about 4 million dollars in savings and you'd only spend 3 million quite interesting,
now that's on something else because what that does is by reducing your future lifestyle need along with your current lifestyle need.
[16:27] You also have saved more which makes it more likely that you'll be able to stay in the lifestyle that you're accustomed is to in the future,
sing a balance you can as you say stay where you are if you do come on down this one way or another things change its inevitable,
right exactly cuz where we started with this scenario was really an out-of-balance situation,
it was that I thought we were spending today to maintain our current lifestyle we were spending part of our future lifestyle rent.
Meanings that once we get to the teacher we're not to be able to 6:15 or lifestyle because we haven't saved enough okay,
you know and I think the long would that sometimes what you talking about is it necessary that we have to.
[17:17] Would you stop doing where do we stop living where we living but maybe evaluating deficiency of it and evaluating our Tendencies to want to increase that lifestyle,
absolutely I tendency is definitely to try to increase and that's how we kind of Lorelei,
here's an example for you to travel right now I'm back for a moment that first trip I took after I got out of college to Europe.
You know I flew the most basic coach seat I could find ice I stayed in a youth hostel cuz I thought it was cool
you know and I lived on French bread and peanut butter and then I eventually graduated to Nutella cuz it taste better,
I still save a little money for some wine you know but it was not expensive
what happened was a spiny thing as years went by suddenly I found myself staying in a hotel.
[18:21] And then I wanted to not sit in the coach seat anymore wanted a little upgrade and then I wanted to stay in that nice and actually in the sweet because I was able to get an upgraded blah blah blah.
Everything Has Changed not happens over time it's not like.
[18:38] This is an unusual situation maybe some people out there can relate to this,
I can relate to it you know my wife and I took a recent trip to the Caribbean,
trying to kind of limit our expenses somewhat by going to an all-inclusive resort
but the problem is you get to an all-inclusive resort which first of all is obviously nicer this thing as a youth hostel just a few dollars more,
you can have closure the beach and have more service and then,
you get that and I so we can have this other upgrade and then you might want to get that because it's tempting to make it valuable and then they show you the real sweet that you could actually have you can become a member and you know it,
let me tell you it's an endless pit to go down you just want to keep upgrading upgrading cuz they keep giving you more and more for it.
And it's that Temptation that is difficult because,
you know if you upgrade too far then it's like you saying you start to throw things out of balance your current vs your future lifestyle tension again.
Exactly that's the point it's so easy to do that in our.
[20:06] Okay now this is quite interesting but you know this is my first apartment out of college.
[20:11] And is living in a rural area till is a little literally it was little A-frame Shack,
on the side of a hill you're laughing cuz you remember this place and I and this is going to this is going to date me but that rent was three hundred bucks for the month
okay. It was three hundred bucks for a reason,
I was happy as a clam you know cuz I had my first apartment anyway what happened after that well then some sometime later on
good night condo in the Sheep neighborhood and in Boston and then another one in New York and then there was a second home and,
you know that there's a bigger condo and Lifestyles a funny thing you know as soon as the income,
and that's why every once in awhile I always encourage people to step back and look at where they are now and where they want to be and see if,
Darin Downs like we just did with our example earlier you know.
[21:32] Lifestyle creep if I call it as I see it with my car's you know a secret that I love cars,
and my first car was a I think it was 12 year old Towne Honda then I got a little bit newer one is in use only like 5 or 6 years old,
it all cop cars later I'm up into a brand new car,
brand new Honda then a couple cars later I'm into a BMW then you know well I like are so I'm going to round up that I have friends that like cars I'm going to dance,
next thing you know I'm not just going to an event I'm trying to participate in them.
[22:20] It just keeps growing exactly
exactly it but in the other sense it can easily get out of balance when we don't down periodically and look at the numbers you know to help us get some,
and again that whole a concept wealth potential overall you know.
Cannot just that one thing and he doesn't like to ask people you know what are the ways that you're tempted to possibly,
lifestyle a little bit too far ahead right now and I'll strip your future lifestyle.
[23:00] The other thing I said I do is you know one of the things we have talked about you in several episodes of love tattoo Rebels is.
Our personal economic model are 10 and I think we has Kevin we have the shop somewhere I can people see it in the show notes which is a corset,
passionate speech you'll find this episode current future lifestyle episode on the show notes and we'll make sure we have a big,
they are going to do there okay great see is you will see a big tank on the left that's called.
Lifetime Capital potential that's what we've been talking about okay and at the bottom of that tank the money flows out of it and directly to our lifestyle that is our current lifestyle,
okay it's very easy it just slows right down straight across and out.
It's okay by contrast though there is a pipe on this cash flow that goes in the direction up word meaning.
[24:09] What is for our future lifestyle and it's connected to two

WTR Entrepreneur Interview: Mike Watts of lovehandle.com

Kevin M Dumont — Thu, 11 Apr 2019 07:00:00 -0500

WTR understands that successful entrepreneurs often have great stories to tell. Not to mention, there’s great wisdom and knowledge to be gained by listening to their stories. The model to success has already been achieved by successful entrepreneurs like Mike Watts. And now he’s made it his mission to give back to people in the hopes he can make a difference in their lives by helping them to get out of the rat race and into being a successful entrepreneur as well.

Mike Watts is an experienced entrepreneur who has 6 startup companies under his belt, including founding three consecutive multi-million dollar companies in the last 10 years. Mike has successful exits from three companies, including one for over $6 million. He’s even struck a deal with Daymond John from Shark Tank. Mike currently serves as CEO of LoveHandle, a fast-growing, American manufacturer of patented custom smartphone grips and accessories, where he leads a team of 30 full-time employees. Mike is currently launching his own business podcast – The Mike Watts Show – focused on sharing the detailed stories of failures and successes throughout his start-up journeys, culminating in actionable and practical advice for aspiring entrepreneurs.

Mike Watts

mike@lovehandle.com

The Mike Watts Show

LoveHandle

LoveHandle Facebook

Mike’s Facebook

Mike’s Instagram

Mike’s Twitter

Read Full Transcript

Transcript
[0:00] Wealth Tactic Rebels,
ingenious tactics to accumulate wealth, for people who see things different.
[0:19] Welcome to another the discussion with wealth tactic Rebels the wealth podcast for people who see things differently.
I'm your host Kevin Dumont and I've been thinking differently over 10 years and today I am joined by Mike Watts.
[0:34] Hi Mike how are you today?
I'm doing fantastic Kevin how are you?
I'm doing awesome. I'm glad to have you here today thanks so much for joining us.
[0:42] Yeah glad glad to be here and I hope I can offer some value to your listener. Well I definitely think you can Mike. Mike, for our listeners here, of our interview today,
he's a very successful entrepreneur has done over six different Ventures and seems to be going up with each one.
[1:00] Yeah I'd like to give you the background of his whole story but I really think that the person is going to give you the most value in the best detail on that background is Mike himself so Mike why don't you listen in on,
where you started how you got to where you are today yeah great Kevin well yeah I've always been the type of guy that that has some sort of side hustle going
early days in middle school I was the guy with the candy in the backpack and no working punch rooms and and the hallway between classes try to put a little extra
jingle in my pocket I need some people like you right,
you know I started cutting grass and started washing cars anything I can do to make money all the way through High School,
At 15 I went and got my first,
real job getting a paycheck as I worked in a baseball card shop in that house because I love baseball cards super in the baseball cards
the stock market in the next week it would go up in value or go down and you can buy them in a whole sale and trade it was a dream job for me and plus it was so then I can trade baseball cards and
[2:17] Check out the passers-by if you know what I mean. I do know what you mean. I was always being high school in,
we worked out great from there you know how to load a variety of different jobs and the traditional path,
you know I was told the story right you do good in school so that you can go to college and that you going to do go to college and get a good job,
your job so you can make me have a good paycheck and eventually retire when you're 65 and then you can do what you want exactly.
8 years into my professional career as.
[3:00] As an engineer and then I like to talk too much they push me over to public relations back to work for the electric and gas utility here in Houston
that was their solution volunteering for speakers Bureau and I just like doing that kind of stuff
ultimately if you do the were looking for really great job with fun with low expectations and high energy rap
probably would have been at 7 for some people that's great.
Just waiting for me you're part for me was that you know you get that typical corporate compensation schedule and it's very little based on performance and a whole lot based on how long you been there right right
and so I decided that I was going to start a side hustle my wife and I together had made a goal only had her first child that we would,
we go from a two-income both working to a one-income family and that way we can invest more heavily into the.
I'm raising an education of our children and so we started doing craft fairs and things on the side trying to make a.
[4:06] Make an extra dollar if I started with a product I found my parents are also season entrepreneurs and have their own party rental business down,
just south of Houston and driving business now yeah.
As well and worked his way up in the chemical plants down there and became an engineer on the ground floor but after 25 years decided to leave and except one of their ATM.
Play packages out and then took that risk and took that money and invest it into tables chairs Linens and those sorts of things and then has built a thriving Party Rental business out of that over 20 years now,
as far as for me and I went and met with them and said look I need to come up with some side hustle you guys are obviously being successful maybe you'll have some ideas for me.
[5:00] And as it turned out that a person had walked into their shop with this,
amazing product and was trying to sell it to them or their centerpieces to be used in wedding hit a lot of wedding decoration,
and so we it was a polyacrylamide which is just a crystal and you can mix it with water and it would soak up gallons of water,
and you could grow plants out of it or you get out of church oil or you can make centerpieces out of it and it's still sold today at Home Depot.
Almost there math looking at next time I'm there for myself,
my mother to shouldn't she was have a degree to stop by think I inherited hers,
victims and survivors which one you have more out of the question,
back to the story we started telling you I'm selling this little bags of crystals a lot like you know,
Jack In the Beanstalk selling little bags of magic beans and was working pretty well the problem was it and I was traveling no do the Houston Home and Garden Show and then go to the travel to Austin to Austin or Dallas San Antonio.
[6:26] And the problem with that business was that I was only able to make money if I was there,
I'm catching it yeah I couldn't teach anybody else to sell this stuff the way I was there with the elevated table in the microphone,
yeah Billy Mays Anthony Sullivan asking on TV because all I mean I was pitching hard and I would do this to my wife and Take the Money and Run,
you know one or two year old would be under the table watching that VeggieTales and that was our life,
we travelled around and tried to make extra money on the side on every,
no but vacation day I had never took vacation we invested all that time and sick days even.
Holiday weekend into the shows I'm trying to supplement that second piece of income.
That's where I started my journey as an entrepreneur on the side and I started learning more and more about the types of products that I wanted to sell and what the challenges were with E O then I went through.
[7:29] A season of trying new types of products and starting new little micro companies along the way to Market each one of these products.
I think that's a line of products we called Yardworks yard art and they were there's a little metal and plastic.
Decorations for your yard and they're on a stick you stick them in the yard and the wind blows and the wings flap in the air before they might have Center,
Wings on them and we were buying those by the container load out of China.
And we would turn around and sell them at the shows and I was buying for about $0.67 a piece and I would sell him for three for $10 or 7 for $20.
And you can easily shows with go bananas or the stuff really really excited and you know pushing and grabbing and throwing money and so it was.
[8:21] That was a cool business because of a scalable I could teach other people to do it so I started cooking shows and other state
and then I would advertise in that in that City like you know like the Philadelphia Flower Show we would have advertised in Philadelphia
a couple to take on an entrepreneur gave him the side bottom with the product and the booth and then they would just buy wholesale from us.
Univision Intelius back in or send back anything they didn't sell,
until that point I was finally able to learn how to scale where I could be making money cities all over the country because spring is when it happens and that's when the Home and Garden shows are going on the same weekend limited by geography that way.
That's important if you're limited by geography and in any way then you're just limited you can't do any more than what's right there and also like you were mentioning before now you have something that,
you can teach other people to do so now you don't have to be there for that to be bringing you,
money principal did you learn from Rich Dad Poor Dad Robert Kiyosaki and talked about you need to be an employee.
Self-employed but either way in either of those scenarios you're trading your time for money and there's no way to scale.
So this next step allow me to move back and over into the business on it would be.
[9:45] Category now I can be a business owner and therefore I can be making money with other people and that's important.
And so all of a sudden we saw a revenues are profits,
the brand even I wasn't even really after trying to build a brand but I build the brand and website back when in a website for new and and we really built up a solid solid little company they're on the side.
Yard decoration and it also though have one big flaw,
that law was that I did not control the supply the product and what happened is that.
[10:27] Cuz every little one that we sold metal tagging not but people notice when you got a crowd of people around your boot and there's money flying there going to.
Take notice right on Sprinter see that kind of stuff and try to copy what's being successful and so I just kept the next weekend Dallas and Air,
lights on the same stuff right across to me an hour and price for and very frustrating me,
I have the same problem with additional products that are brought on I brought on these wooden carved airplanes and cars and motorcycles from Vietnam,
really cool pieces, butt
Jane and I didn't control the supply next thing you know they'll start showing up because I'm doing other shows and also do them at the mall kiosk,
at one point I had a full-time job I done 40 trade shows that year and not just me personally right but my company
and then I had six different retail locations around the city of Houston but I was managing with employees all I had a full-time job,
that was sort of it that the Crux of it all and it was a fateful day I was at a trade show in Houston.
[11:43] And that was an amazing day because I just met the inventor of.
A product that we would later call the pivotrim which was my first big startup and name is Orlando and he it invented an aftermarket trimmer head for gasoline powered trimmers.
And problem that he was solving if you ever cut your grass on your own,
doesn't like a beat out well and often breaks off when you're cutting especially around concrete and chain link fence
so he developed his trimmer head that performed amazingly well by the design of it and he is and so.
[12:26] That day when I was at the trade show he was in the booth next to me I'd give him a boost for free so we can talk about negotiating a deal
I had two different other boots with yard art and I'm outstanding in the ranks or Booth which is those crystals are still selling me and I have another Booth with these wooden airplanes in it,
guy was very exposed to showed my local shell here in Houston and it's on a Friday I'm tapped out on vacation day.
And tell until I have my work in from the field today.
I'm very my boot it right when the show up and down under the table I stand up I'll look over and there's my boss walking in with a camera I've seen everything I need to see.
I turned around and you walked out I guess I was one of your deciding moment's right and it's like I think I think I just got fired.
He looked back at me and he goes well I guess we better make a deal.
That day in Earnest we really started working out in a licensed exercise.
I figure I'll learn as I go.
[13:44] And so we did that and it was you know the lawyers got a ton of money out of it but fortunately I was in a position where I could.
More comfortably leave my security my job this point I just we just had our third child.
Go ahead an infant I had a two-year-old and I had a four year old.
[14:03] And was about to leave potentially the security or be fired from the security of a nine-to-five job.
Right here making around the house making around 55,000 a year but health insurance at for 1K matching at all that.
Golden Coast Security there but they were giving me 3% raise it no matter the fact I was blowing it out of the water,
I was still out out performing at work I really was so that Monday comes around I just don't go to work.
And my vice-president called me around noon.
[14:41] And she's like why aren't you here like wall have you talked to my boss and he talked to Lynn and she said,
yeah why don't you hear who told you that you didn't hear right now in there and waiting her big corner office for their big couches and sat down in there with her,
he said lunch now you're doing a great job here and you haven't been recognized for it and I understand you're trying to make some extra money on the side how much money do you make from your shopping.
[15:09] Dynamic about $30,000 a year extra she said okay well I'm going to give you a $30,000 raise and a promotion.
[15:18] And I want but you're going to need to quit your side businesses and focus on working here at the company.
[15:24] And that was a tough call that just proves how valuable you were.
And so I listen to make real decisions decisions make that point and we stick with the security of the nine.
Even though we kind of got a taste for this doing our own thing and doing our way and feel like we got a pretty decent passwords a product that nobody else can copy something that we can control and then we can take the market and be all alright.
[15:59] Picture of a log back into my vice-president office after talking to my wife and I said I really appreciate that offer that's very generous I really appreciate you recognizing my work.
[16:09] I don't think this Richie Rich now I might never do it and I'll always wonder what would have happened and so I walked out.
And yeah I was the open door behind me they come back come back anytime I want it but I left that day and luckily security there and had to go out and buy health insurance on the open market.
Mounting we took that little idea and actually license it from the inventor and we grew that product into the number one selling,
aftermarket trimmer head in the category we were an infomercial sensation we were killing it on TV late night TV.
Had a really cool demo I wrote the script and shot the commercial and it was doing well.
And we did that for years and we grew the company to about 7 million dollars in Revenue our final year.
[17:04] And I'm about half of that on TV and the rest of that from Home Depot Lowe's and Walmart and all through a distribution partner that we had.
And,
distribution partner and with our largest customer one single customer that point and we're in a strategic strategic position to acquire companies and they met us an offer we couldn't refuse.
[17:26] They are they offered us over $69 for the purchase of the company.
And based on our profitability and the fact that I felt like we had sort of Tapped Out popped out categories and.
We accepted the offer it changed lives we brought on investors that were family like my grandparents and uncles and Friends.
Anti everybody loses really amazing moment in life when I was able to add benefit back all these people that have believed in me.
And it was my grandma got a quarter million dollars and she was able to have a nest egg on my grandfather just passed away so she had a.
Resources there take care of herself for the rest of her life and so that was big my brother's able to build a big portion of his home that he was building a minivan.
L&M real tangible things like that that were awesome Jimmy and course I went in and took mine,
Ambassador all in real estate time on all the rent houses or the property that crashed back in the early to 2000-2011,
what's happening so it was still depressed and I bought a bunch of rent houses remodeling putting off for rent.
[18:40] That which is a good thing because then I lived on that cash flow for the next five years with no paycheck,
so that I can bend but while still working on my neck startups after that some people love real estate investing for the passive stable income at 10 bring them.
Janet mailbox money is beautiful beautiful thing,
in addition to that the appreciation has been great as I've gone through and and needed cash which has been more regular than I hope but that's the way startups go,
I would tell a property here in cash and I felt like I was playing Monopoly Uno cards over you know having a cash and cash and cash in but the money to invest in a...

WTR Bonus Behind The Scenes: Martin Smith, VP of SMLNY

Kevin M Dumont — Thu, 04 Apr 2019 05:35:02 -0500

Before the WTR interview with Martin Smith, VP of Security Mutual Life of New York, we had a very interesting conversation. Marty, as he often does, spoke with passion about why and what he’s learned, financially speaking, during his life and career. And I happened to hit record. Enjoy this Bonus Behind The Scenes episode with WTR.

Martin Smith, CLU, ChFC; VP of Security Mutual Life of New York

msmith@smlny.com

(212) 268-9440

https://smlny.com/

Read Full Transcript

Transcript
[0:00] Wealth Tactic Rebels ingenious tactics to accumulate wealth. for people who see things differently.
[0:17] Welcome to a bonus episode with Wealth Tactic Rebels. The podcast for people who see things differently.
I'm your host, Kevin Dumont and I've been thinking differently in the wealth field for well over 10 years and today's episode is a bonus.
During the interview we had with Martin Smith VP of security life Mutual of me or I had hit record and recorded part of the conversation that we were having prior to his interview.
Martin Smith is a very passionate person and it really comes through in just about any discussion he has with anyone,
I think you'll enjoy this bonus episode a bit of behind-the-scenes really with Martin Smith without further ado.
[1:00] You know the funny thing about you in the funny thing now.
[1:05] I do the things that I'm attracted to the infinite banking concept becoming your own Banker circle of wealth.
Wealth and wisdom all these.
I did really are based on people are fed up with what's really happening in the yard normal Financial Society.
Yeah we believe that we've been lied to misled misguided about about money so the interesting thing to me is.
I like,
Len renier of wealth in Houston who always says he introduces himself he says I teach people how money works I know that's a big I know that's a big topic,
think about for me,
just in my own personal life I think it's taken me years taken me decades to finally run into these ideas
circle of wealth in infinite banking that has led me to where I am financially today which makes me feel.
[2:22] Secure safe working with certainty working with guarantee.
Powerful difference in my own life personal and of course professional,
cuz I am a proselytizer I like to go around saying hey I feel like I work for Nelson Nash and of infinite Banking and Don Blanton actually gave me a sign $5 bill say thank you for working.
And promoting circle of wealth and also for Len renier because it's these ideas that I incorporate and I'm always trying to get.
Agents who I work with to look into these Concepts and two practices.
I always say just say the words just say the words and see how people are going to react.
When you talk about hey I teach people how money Works what do you know today will determine where you will be.
Financially 5 to 10 years from now I mean loser very loser powerful statements you know if I'm with if I'm thinking of Circle of wealth it's this idea.
[3:34] I'm in the financial services industry with a very unique approach in. I help people find money that there.
Losing unknowingly and unnecessarily when I say statements like that too,
clients for agents what do you mean what are you
they never heard of people and you know that's the funny thing because otherwise if you look at the television listen to people on the radio,
what you going to hear is well do this do that but you know again everybody is listening how many how many millionaires listen to Suze Orman,
you know how many millionaires listen to Dave Ramsey obviously you know nobody wants to be injected the great service to talk about ocean.
But again those aren't the real steps that need to be taken in your own personal financial life in order to grow.
[4:39] I think what's funny to me is that,
looking at this book and reading a little story and it showed a graph of the person with their net worth so her let's say the last,
you know 10 years and so depending on where you are in the market cycle,
yeah my wife always thought I was a genius when the market was up what it was down,
it's a different story. So the idea would be you have sort of this crazy sine wave of going up the down go back up and be down again obviously,
older you are the board cycles that you got through but then it was once I started.
[5:29] Actually owning policies using the banking concept that I noticed from that point on.
I've only got up.
My net worth has only increased and increased steadily because I because of what I've done and won't you know and the products that I purchased.
I mean should I should I talk about.
The best financial product has ever been created dividend-paying whole life insurance about that really is my favorite but yeah everyone has their favorite club right that's your your back.
[6:14] We're definitely Rebels we talked about.
Glasses so in what you're talking about is that as well let's seemed positive seconds had overtime on your personal.
Network beautiful well yeah it's true in that sense and the funny thing about this is that obviously.
Nelson Nash and Don Blanton there they are Southerners there and I I am a student of the Civil War so nice so I do enjoy here thinking about that but
sure enough again it's this it's this ability to look at what you're doing and to say hey.
You don't know what I've done is incorrect.
[7:05] I remember the first time that I came across this idea of becoming your own Banker,
I read through it and I remember distinctly getting home from a conference after,
being there being exposed to advantage of course reading the book even before I got home and speaking with my wife,
she can say it literally at what I came home I said honey.
[7:38] I think I finally found what.
The interesting thing for me on a personal note is that you know I had three choices at that time.
The First Choice was to use the greatest ability that God has given you the beatings which is to deny reality,
so I could have denied that I saw something that I knew was right and you know I can continue doing everything that I was doing which was wrong.
[8:09] Second choice was I just could have taken a gun and blow my brains out because oh my God I can't believe I've done everything wrong you know how to attend the third solution and.
It's the hardest solution I believe is to acknowledge reality.
[8:32] Knowledge reality and say Hey listen I haven't done things right and I haven't done things right for a long time what do I need to do now I need to change and fortunately.
[8:44] I was able to.
I am in a much better financial position because it's so is my family so from a personal point of view it's not only helped me personally in terms of.
[9:00] Understanding how money works and using money in a much more efficient powerful sanctioned I've ever been before.
[9:09] But also professional what I do is I speak to agents all the time about.
How do you get to how do you how do you talk to people,
what do you say that makes people want to do business with you how do you help them ultimately in their financial or luckily for me.
I have the opportunity to work with some of the great minds or the great rebels in the industry,
Nelson Nash and infinite banking God bless and Circle Wilson Len renier in Wilson Wilson those are,
I am just utterly thrilled that I've been able to continue to do what I do with a lot of passion excitement Suzy azzam.
[10:11] That's easy for you to is because you found that you had that moment your life is at 8, I found it.
And you knew it wasn't right for you said you didn't like that in like I wanted something that was,
different might not have known what it was then you found it got to sit,
that's what it is because you knew so strongly believe so strongly what it is it led you down this road.
Play right where you now have seen the positive results of your wealth and.
[10:50] Decided now that hey this is so great I need to get this out there I need to help other people get it out there and help other people with it.
And that's exactly and that's exactly what my profession is
it's up it's good to be able to get paid for that it is right talk about that paper what your I have to tell you you know the funny thing was I remember seeing,
Don Blanton many years ago and,
I remember I know I was sent to one of his General workshops and as I was sitting there and he's talking about.
[11:28] Oldies What do you like to talk about or will transfers how money Works in terms of your mortgage pay taxes saving for retirement,
putting money away from your kids education making major Capital purchases I remember literally.
You know paying attention but not paying attention when urinating but I see you speaking I can't feel,
I kept feeling that my head was spinning like the room was little room spinning and I luckily I had a chair with arms out of there that I I
I felt like I had a hold on because I was being forced to compel today
play differently and it's like I was I thought I was going to faint I was getting dizzy because,
I kept thinking like what's he saying what you say
no is that true no no no but I remember that. It was like that first time I heard it like.
Obviously because it was attacking the basic things that I had been doing financially and that again luckily you know few years later I was able to,
be able to listen and know that what I was listening to what school.
[12:56] What I was doing was financially in their own way.
Hey I'm in a much better position because I was able to do,
so you had certain career that you're going down a certain path just like everyone else do the same thing that everyone's doing because that's what you do right because that's what everyone says you hear that every news.
Boxing class rings everywhere when the same thing as a market like what do you mean.
Nobody ever says,
hey your risk is you can lose all your money
let's just fill out this little form here tell me if your moderator but again it's the idea when,
you have your money in the market next thing you know half of your money is disappeared and vanished.
It's like wow when I was younger I kept thinking though I haven't used to make this up but guess what.
Who would even want to do that I realize now that if I would have put my money in these dividend-paying whole life insurance policy.
With certainty and with guarantees I would be.
[14:22] I would have been in an even better Financial place than I am right now if I have started this early.
And the crazy thing is it was taken that much money in the beginning to put money in and just use that as,
life insurance was always seen as a sucker for saving people need to save money you need to put money away in the song do you want to buy something one acquire something went back into town,
what takes money where's that going to come from,
cash flow purchase take money from,
right so what's this idea of if you think of any time you have to make a major Capital purchase,
and you don't have the monthly cash flow for it has to come from somewhere else so you either have to sell something something in order to do that you have to sell a stock Bond mutual fund.
[15:26] You have to do if you think of your bank account dollars in your bank account as a product you have to sell those dollars,
in order to have access to buy the things you want to do and the problem is not always comes down to this opportunity,
you know what a few if he's right there.
You know you're either going to pay interest if somebody else are you going to give up earning interest the idea of giving up earning interest is,
something that public is just so totally unaware of that's because.
The financial institutions are in responsible for educating you about how money works.
That's why it's great to work now with individuals like you and Brian and all the other agent supervisor,
who has dated their life's mission.
Educate people how money works we take people through an educational process.
[16:40] I want them to create a lifelong cash flow money management savings acquisition protection and wealth creation system.
If we if we are in doing that to help people we're not doing our job people need money we just need to be able to put money what yeah.
I'd rather save it then invest.
Busting a big risk I don't like Risk I don't know if I've ever liked this right.
You know but I was made to believe years ago based on.
Different Financial products that were available that only in the late 70s 80s 90s and taking risk was crazy that was something to do.
[17:27] Unfortunately I didn't I didn't understand until much later that gets run,
I don't have to do that in order to create the cash flow money system that.
Would help me build my own wall or provide me with the money I would need to buy a choir become something or go somewhere or do whatever I want to do with my life,
I mean,
if if I didn't Discover it you and I wouldn't be sitting here talking about it this is cuz you know this is true I mean we're talking about and you have,
Kelly Street ring I always have.
Yes I would say that that rebellious streak was strong long time getting in my personal life growing up,
anybody went to school and wasn't rebellious going to be tough.
[18:37] Thank you for joining us today or for this bonus behind-the-scenes episode with Martin Smith.
And we'll have the courses always are show notes page you can go to a well static Rebels. Calm and while you're there you can download our free Guide to the three key areas you could be losing money on Noli and unnecessarily.
Thanks for joining us today for the Bones episode with Martin Smith VP of Security Mutual Life and a big thank you to Marty as well,
and hope you all have a fantastic day what are really see things differently,
takeout course genius tactics Duo what will we teach you all the wealth accumulating tactics with detailed real life examples.
Screenshots downloads and a step-by-step guide to help you see your progress with quizzes a final and a certificate of completion for course details visit wealth tactic.
[19:34] Sign up today and start seeing these two.
[19:36] Music.
[19:44] This presentation is intended as informational only,
the information presented does not consider your particular Financial objectives risk tolerance time horizon or other unique circumstances and does not constitute personalized recognition,
or replace the device of a financial tax or legal adviser or other qualified professionals to your own research and do not use the information of this presentation in place of a customized consultation with a licensed professional.
Best of our ability we provide content that is accurate as of the date of release however we give no Assurance or guarantee regarding his accuracy timeliness completeness or reliability,
resume the liability for the information of this and related presentations.

The post WTR Bonus Behind The Scenes: Martin Smith, VP of SMLNY appeared first on WTR Podcast Website.

WTR Entrepreneur Interview: Lance Jensen

Kevin M Dumont — Wed, 27 Mar 2019 07:00:00 -0500

Listen along with Wealth Tactic Rebels as we interview the story of entrepreneur Lance Jensen from Multi Air Freight. Lance started as most people, with a regular job, but wanted something more out of life. He eventually found his way to acquiring and successfully growing Multi Air Freight. This is an amazing success story and Lance shares his wisdom with for the benefit of our listeners.

The post WTR Entrepreneur Interview: Lance Jensen appeared first on WTR Podcast Website.

WTR Thinking Differently About College Planning

Kevin M Dumont — Wed, 20 Mar 2019 07:00:00 -0500

WTR understands that it’s hard for our rebels to plan for something they don’t know enough about.

Listen in as WTR discusses and thinks differently about COLLEGE PLANNING. In this episode you will learn about how to accurately calculate the TRUE COSTS of college and how much of it you can afford without sacrificing your retirement. Learn about resources and getting financial aid. Learn the A. B, C and D’s of college planing. Also what some ideas of what to think about when choosing a financial club for saving for college.

THINKING DIFFERENTLY about planning for college could make or break your retirement and your child, or children’s, college education.

The post WTR Thinking Differently About College Planning appeared first on WTR Podcast Website.

WTR Thomas Sciacca – Estate Planning

Kevin M Dumont — Wed, 13 Mar 2019 07:00:00 -0500

Estate planning is very important to make sure what you want to happen happens. Listen in as WTR interviews Thomas Sciacca, Esq and discuss the ins and outs of the basics, some less common information as well as common misconceptions.

Wealth Tactic Rebels interviews Thomas Sciacca, Esq of the LAW OFFICES OF THOMAS SCIACCA, PLLC with a focus on Estate Planning. Located in Manhattan, he founded the firm in 2007. His firm focuses their practice on estate planning, estate and trust administration, Surrogate’s Court proceedings, guardianship proceedings in the Supreme and Surrogate’s Courts as well as planning for parents with minor or adult disabled children.

Thomas Sciacca, Esq of the LAW OFFICES OF THOMAS SCIACCA, PLLC

tom@sciaccalaw.com

(212) 495-0317

https://www.sciaccalaw.com

Read Full Transcript

Transcript
[0:00] Wealth Tactic Rebels.
[0:23] I'm your host, Kevin Dumont. And I've been thinking differently in the wealth field for over 10 years.
We are joined today by Thomas Sciacca of Sciacca Law
Thomas is an expert in Estate Planning and wills and things of that nature.
[0:49] Talk about this firm specializes exclusively.
Very simple what someone is attempting to validate so well.
How to produce about this year's I am finally also.
That's why someone challenges,
lactic acid or undue influence exercise.
Somebody else also so we get involved in all this.
Probably less than three or four dozen.
[2:03] Really
New York
people's emotions are running errands to do something.
Question someone else's motives and especially when you're dealing with you guys and money to children and unequal shares
sometimes you're dealing with you sister this is just the latest Skirmish in in an ongoing War
yeah
used to refer to this is the Melrose Place of the law but it says that younger and I'm younger and I got older and older that that reference to come all this way and it depresses me significant,
show Estate Planning in proper.
[3:16] Well sometimes we like it.
Estate planning
first in some sort of document transfer stencils on. For some people or a trust of some sort is also.
Things such as advance directive
which are a series of documents all the power of attorney your health care proxy for a living will and very little,
Zara battery of documents song.
[4:12] So what's involved in doing something like that again what is the typical estate is sort of an interesting question,
my clients really range,
Charles Jennings case something happens to me.
[4:47] Batman Portuguese some bad medical trying to get there,
appliances red wagon wheel shaking as we talked about her well
is always glad at the end. Look forward to go.
When you come back you feel like you have a great sense of accomplishment
something I have to do.
Names that idea I was happy exactly like there's no typical estate planning.
[5:45] A lot of people usually do in these situations some very broad parameters,
just about anything that you would like.
[6:04] I should be clients and the Dirty Work and really reflects the client's personal wishes so just taking something off.
Yeah we're young married couple in this situation should you was also not the right answer
6 winged flying
I mean you know I was going to say that it's not something that someone doesn't want to talk to you about buying a literal also rock form online
or if you're talkin about coming in to sit with an attorney and say look I want to leave here in 45 minutes to sign the will.
You're probably doing yourself a disservice show me a girl.
State Farm prices of admission consultation,
take me to 1609 Mission constipation.
Why is choosing to revise.
[7:23] I will talk a little bit about their assets as Madison's World,
people who are investors a lot of times their assets that don't be beneficiaries at those that do like a retirement account life insurance policy.
Talk about this
sketch out from there I chased you up letter from you stating all the bells and whistles and calling your attention.
[8:12] Executive.
Please come and talk to me
several meeting for you might get to someone
there are a lot of attorneys who dabble in Missouri and will do a quickie will.
Sewer in this Shield.
Chiropractor Saturday things that when they,
estate should care for head of time
show me what I'm looking for is I'd like to know about their prior planning.
[9:32] Whether it's a whale or a trustor power of attorney and Health Care proxy it's helpful is a bring the source of operation today.
It's helpful if they have a mental list of the assets a lot of lawyers get out cuz I like to keep things.
[9:52] I don't want planes riding out launch out numbers because I want to make sure their privacy,
marriage counseling your joints with the Stars Partners dial
they should know who are the beneficiaries on their life insurance policy for their retirement accounts
I should know whether or not that shouldn't you include their next lyrics to Sabor you partially or not at all.
Knowing the nature and extent of their assets natural outfits,
which is a fancy $10.
[10:46] Super interesting
who are the beneficiaries on their retirement and a lot of times that question is maybe this person needs a person.
I'm free sample is not uncommon for a forty-year-old Mary client.
To say they don't know Bears score.
Now they were shooting stars with no children.
[11:25] Every now and then they will pull those that she doesn't even worse than x
write a testosterone ex-boyfriend new girlfriend and it's very difficult especially after someone dies every 2 or 3 years,
what is the beneficiary designation for their website request a letter from that corresponds to party.
Just make sure their beneficiary is thank you and of course if you have clients that have a lot of stuff to you later.
Ira from this employer Ira from this employer hiring for this employer is.
Something that makes their life easier next beneficiary designations a lot less likely to talk to the cops.
[12:29] I asked you a course of a safe reading interview that sometimes people aren't.
Things that I am doing to shopping list.
[12:45] First thing we often talked about is what happens to their debt.
SunTrust in the state's attorney more than other people just something that comes up right what sorts of things am I looking to
yeah we serve the very simple question why do you want to be buried or where do you want to meet.
Have you already purchased the blotter do you want to direct your executor to purchase,
do you have certain religious beliefs that are important to you.
[13:34] Thomas choo creation there are all the same sort of question who gets your ashes and you wish to divide them among certain people.
[13:46] It's also interesting to note that the time some people want an open casket sort of weight review and Memorial.
That would involve right once you're talking about a lot of information of your embalm body.
I'm trying to see if you were people want that Tuesday's more or less Nautica want was called the direct Creation with no involvement.
This is a personal decision that everyone is a little.
Or do you want to be an opportunity.
[14:40] Sidonie-gabrielle chewy medical school which is interesting is a lot of people feel like they don't want to spend a lot of money on them.
They would rather give the money to their beneficiaries regardless of whether you're a thousand dollars is $8.
Medical school,
allows students to work on the cadaver scientific services for up to two years after which the medical store.
Second grade will scatter them see you there on the sense and anyone at the door
swimming games at their own sense.
Regardless of which of the three outcomes the school has a ceremony invite all the donor's family and friends to in the middle.
[15:54] And they talked to talk about how do you spell donations I really impacted their education research shows very very powerful
it is most prepared for me to talk about them donating their mm.
Another another thing that comes up
is Sprite if I have a patch I'm a dog person a lot of my clients have.
[16:25] Dogs and cats are some more exotic or interesting animal I seem to have a lot of octogenarians you decide to adopt these three year old
what to do when the animal and in that situation we have to have a conversation going to take the animal
today by Milwaukee animal is there a charity this willing to take the animal like a real skill shelter or do you also want some Nation Zoo depending on the nature of the animal,
you know she's here here in the city of New York the most of the animals are
nothing we should be sleeping in our part of an interesting animal and skulking around Central Park like an alligator
so you never really know what's going to what's going to turn up there,
there is a fair amount of operation nor dog sitting on wall
I'm really become quite expensive.
[17:52] The other thing is that a Goodwill addresses a lot of contingencies what happens those closest to you.
We can trust and Estates community call this parade of horribles talking to a client and ask him get your money if you're if you're.
Teenage children conversations.
[18:34] Usually they're surprised.
Yes come in and pay your lawyer money go right to rewrite your well.
Sample I leave everything to my spouse. If I died at a time when I have mentioned I was passing the song.
I know I'm a problem.
Charities or something usually there are primary family members,
are really close friends or family.
Charlie's are always happy to receive charity.
[19:57] Sprite recipes very specific cherry,
classic example of versus the market.
[20:24] Guess what they were so successful. So now they are focusing on other types change the chart.
[20:32] Every now and then you'll see a disaster of a case for example money to a hospital that I was performing.
Directions to the hospital
Irvine Medical Center
7 year Well is leaving money to a for-profit corporation.
You're well out of the garage.
[21:11] Is there a way for people to disappoint.
You are intending to that these organizations.
And you authorize your executor to substitute.
Executor exercising that sort of description.
Name something you have any.
[22:16] Tactic Rebels here,
chips you can do on your own.
One of them is a care proxy directive.
Most Department of Health Website is a free health care decision-making form.
Shauctions as a fill in the blank I think this is for everyone,
because it's very important and it's not something.
Many states also make their powers available online.
Document does not necessarily a lawyer whenever they sign a document.
Make sure that they understand about it somewhere else other than where you're buying the horn so you understand
what is the issues in shortfalls of the.
[23:31] The other name that I tell people who want to save a few dollars.
Charms just are inviting litigation after they die.
I'm usually pretty good at my client's out of your butt every now and then I'll call you something you want focus camera Steel.
It's important to it's important to know that there's some things that may become stitches.
[24:12] Just be someone in your will is not such a good idea if you decide to ask to disinherit one of your family members.
Rite Aid Shooting Star Drive in your will about why because first it goes to your capacity of any portion of it is not true.
Sucking the will contest becomes about.
[24:38] Whether or not that's true it's funny for a will contest that I like but everyone is trying to get out of jury duty.
Jurors want to serve all these will contest everyone in Brooklyn last summer and when we were excusing jurors they just looked press ball to say really wants it here
why this woman is disinherited some of her family and it was a very unique experience.
Be realistic about who your executives are and whether or not we get along with the beneficiaries must are amount of most trust and Estates litigators business.
[25:22] About their adult children and she has kids who are in their late 50s early 60s.
They may be very accomplished professional mom writes a will executor saying that although finally learn to love each other and get.
[25:43] That is a recipe for disaster whether or not certain a conversation with your lawyer,
under the laws of your state.
And Sherlock is there anything that can be done to save off of sample if I know someone is going to challenge the well I may have a client sign the same price.
Why a person is challenging the well,
ass to overcome I overturn the one signed on November 30th
the one song on November 57.
[26:32] If you're anticipating the challenge make sure that your executor or your family as other money available to them.
Such as money to a life insurance policy.
The challenge.
[27:08] What you will.
Dimensions.
You're planning for yourself yes people who are going to fit in there are others she starts children.
Charities in order so you're not leaving a mess,
this is a wonderful thing. It's not something that everyone,
something
I need to talk to your financial advisors.
And sometimes it's worthwhile.
[28:12] Appreciate your time today thank you so much
informational speech for.
Rebels.com and you go to our, Sciacca interview.
And we shall be there also while you're on our website.
Thomas Road pre-shaped.
What are really see things differently.
[29:04] Takeout course genius tactics 201 Louis teach you all the wealth accumulating tax.
[29:10] The details.
[29:20] Sign up today and start seeing these different.
[29:24] Music.
[29:35] This presentation is intended as informational only
information presented does not consider your particular Financial objective risk tolerance time horizon or other unique circumstances and does not constitute personalized recognition
or replace the device of a financial tax or legal advisor or other qualified professionals,
do your own research and do not use the information of this presentation in place of a customized consultation with a licensed professional to the best of our ability.
We provide content that is accurate as of the date of release however we give no Assurance or guarantee regarding his accuracy timeliness completeness or applicability.
[30:15] Resume the liability for the information of this and related presentations.

The post WTR Thomas Sciacca – Estate Planning appeared first on WTR Podcast Website.

WTR Taxable Accounts

Kevin M Dumont — Sun, 10 Mar 2019 08:00:00 -0500

Can you explain everything about how a taxable accounts really works?

Listen to this episode and you’ll know more than most people, including professionals, know about them.

WTR discusses all the characteristics of how taxable accounts work, including compound interest and how taxes effect taxable accounts. You’ll also learn about the true costs and options of how to manage them. Armed with knowledge and the full truth, you can make better decisions that could save you tens of thousands of dollars over your lifetime.

The post WTR Taxable Accounts appeared first on WTR Podcast Website.

WTR Transfers and Opportunity Cost

Kevin M Dumont — Sat, 09 Mar 2019 08:00:00 -0500

Understanding these 2 concepts can potentially SAVE YOU tens of thousands of dollars over your lifetime.

Do you know what are the 2 most important concepts to understand in order to prevent yourself from loosing money unknowingly and unnecessarily?

The answer is; TRANSFERS and OPPORTUNITY COST. Listen in as WTR discusses what they are and why they are so important.

This could be the single most important lesson you ever have about how your money works.

The post WTR Transfers and Opportunity Cost appeared first on WTR Podcast Website.

WTR David Steinberg Mortgages Episode 2

Kevin M Dumont — Fri, 08 Mar 2019 08:00:00 -0500

Part 2, episode 2 of Mortgages. This episode WTR Interviews David Steinberg of Summit Funding, located in Queens, NY. We talk about debt with a focus on mortgages (hint, not all debt is the same), credit and credit scoring. Also David demystifies some of the common misconceptions around debt and credit. Since its establishment in 1987, Summit Funding has helped countless thousands of customers obtain mortgage financing in Connecticut, New York and New Jersey. Their licensed professionals make the mortgage financing process easier, and provide top-notch advice for first-time and seasoned home-buyers alike.

The post WTR David Steinberg Mortgages Episode 2 appeared first on WTR Podcast Website.

WTR David Steinberg Mortgages Episode 1

Kevin M Dumont — Thu, 07 Mar 2019 08:00:00 -0500

Part 2, episode 1 of Mortgages. This episode WTR Interviews David Steinberg of Summit Funding, located in Queens, NY. We talk about the current state of mortgages as well as some myths. Since its establishment in 1987, Summit Funding has helped countless thousands of customers obtain mortgage financing in Connecticut, New York and New Jersey. Their licensed professionals make the mortgage financing process easier, and provide top-notch advice for first-time and seasoned home-buyers alike.

The post WTR David Steinberg Mortgages Episode 1 appeared first on WTR Podcast Website.
WTR Mortgages Part 1

Kevin M Dumont — Wed, 06 Mar 2019 08:00:00 -0500

Can you answer this question: What is the most important factor in determining the cost of how you pay for your home? The truth may surprise you.
For many people their home is one of their most valuable assets. The tactics of how you pay for it could potentially save you thousands of dollars, or unnecessarily cost you thousands of dollars that may have been avoided. WTR discusses ALL the truths of how mortgages work, along with the costs, and possible tactics to avoid losses.
NOTES
- [00:30] Kevin: This is going to be a two part discussion. Today, in part one, we’re going to talk about the different kinds of mortgages and the many factors that go into the true costs and what it means to have you home actually paid off.
- [01:30] We’re going to start off with a quiz for our WTR listeners. Remember your answers because at the end of the episode, we will see if they are the same as your original answers
- [01:57] Brian: People don’t usually like taking quizzes, but this one could save you some money, so it’s worth taking. These answers are what clients would originally suspect (the correct answers are at the bottom of the show notes page)[02:05] True or False? A large down payment will save you more money over time than a small down payment.True- you have less loans and you pay less interest
- [02:33] True or False? A 15 year mortgage will save you more money over time than a 30 year mortgage.True- interest rates are lower for a 15 year mortgage
- [02:55] True or False? Making extra principle payments saves you money.True- if you make more principle payments, you’re paying it off sooner and hence paying the bank less
- [03:13] True or False? The interest rate is the main factor in determining the cost of the mortgage.True- the higher the interest rate, the more you pay
- [03:25] True or False? You are more secured having your home paid off than financed 100%.True- if it’s paid off then it’s good to go, because the inevitable may happen where you can’t pay off the mortgage payment
- [04:00] The first thing to consider is that there are a lot of types of mortgages out there[04:17] Can be quite confusing when you look at all of the options what is the best type
- [04:52] It’s up to us to try to figure out from a business perspective which ones we can do the best with (to save the most on or make the most on)
- [05:03] Everything that you know, you probably think is true (if you know it, it must be true). Every once in a while, however, we come up against an idea that we don’t really know the answer to (don’t know if it’s true or false). When we come up against that kind of information, we can either accept that idea (get a bigger box to accommodate it) or we can reject it because it doesn’t fall within our box of knowledge[05:54] When it comes to mortgages, many people find mortgages to be an emotional subject because it’s tied to their house. What we think is true about mortgages may or may not be true in reality[06:13] If we come up with a different conclusion, it’s not necessarily false just because it’s different
1. [06:33] Let’s talk about financing in general. There’s two types of financing[06:46] Self-financing: taking money out of your bank account to pay for a house, which results in a cost (not getting interest)
2. [07:21] Bank financing: using the bank’s money to pay for a house, which results in a cost (interest rate for the use of that money)
3. [08:25] Reasons/ factors why you may want a mortgage[08:38] The majority of people can’t write out a check to pay in full for your house
- [08:57] When you have a mortgage, you get to have a possibility of a tax deduction in some cases[09:53] By taking a mortgage, you can actually create a tax deduction for yourself, which isn’t a bad thing
- [10:02] There’s potentially a spread between the cost of borrowing and what you could earn (let’s call it in a side fund)[10:15] Let’s suppose that you have the option of either writing a check to pay for the house or you could keep that money invested in a side fund and you could borrow the money[10:29] In your side fun, you’d have to be earning more than what the mortgage is costing you to come out ahead [10:51] Let’s say the mortgage was going to cost you 4.5%, and in your side fund you could only earn 3%.[11:02] Not a good deal (might as well just write the check and pay for the house)
- [11:10] Let’s say the cost of the mortgage was 3% and in your side fund you could earn 6%[11:18] That’s a 3% spread on a large sum of money (I’d like to keep that 3% spread especially over a long period of time)
- [12:15] Inflation[12:51] Positive inflation: costing you more and more each year for everything you buy[12:58] We equate it to the economy growing (which is a good thing)
- [13:10] Negative inflation (deflation): in the middle of a significant recession (not a good thing)
- [13:33] Over the last 50 year period, rate of inflation is about 4.1%
- [14:30] Let’s suppose that your monthly payment on your house is $1000 per month for your house payment. When we look at that against the inflation rate (4.1%), inflation is eroding the value of that $1000 (over time, value of the dollar decreases)[15:14] If you’re writing out a check for $1000 15 years out from now, it would buy about $500 worth of things 15 years from now
- [15:33] If you’re writing out a check for $1000 30 years out from now, it would buy about $299 worth of things 30 years from now (would rather pay this)[16:30] Because of inflation, that fixed payment that you have to make on my mortgage isn’t as bad the further you go out in the future
- [17:14] Opportunity cost[17:26] When buying a house, you have to put down a down payment. Once you write that check for the down payment, you are not earning interest and you’re not going to get that down payment back (there’s a cost to this)[18:53] Opportunity cost: you’re not earning interest on that down payment anymore
- [19:07] Let’s suppose that your down payment was $200,000, and let’s suppose that if you had kept that invested somewhere, you could’ve earned 6% on it (rate of return) over a long period of time (30 years for instance)[19:25] Your opportunity cost on this would be $1 million (5x what you put into it over a 30 year period)
- [20:13] A lot of people ask me if their house is a good place to put their money because they don’t know where else to put it that’s safe[20:35] Let’s suppose that you have a house and the value today is $1 million. You originally paid $500,000 for this house, and you made some renovations that you spent $100,000 over time. You’ve had this house for 20 years. What do you think your equivalent compound interest would be over that time over your gain ($400,000)? Rate of return over a 20 year period would be 2.95%[22:43] If you had paid cash for that house, you didn’t get a good rate of return (not keeping pace with inflation)[23:11] If your rate of return is below inflation, the value of your house has shrunk
- [24:00] Suppose there are two condos (no major differences) that are both worth today $500,000. One person comes along to house #1 and they decide that they could either take a mortgage or they could pay cash. They decide that they don’t want to pay any interest so they pay cash for the house. Another person comes along to house #2 and they say that they could write a check for $500,000 or they could just keep that $500,000 and invest it in something else and I could use someone else’s money to buy this house (mortgage). They decide to take out a 30 year mortgage.[25:10] 30 years later, the same two houses, are both valued at $1 million. For house #1 that they paid cash for, they have the value of the house. For house #2 that they took out a mortgage, they have 100% equity since the mortgage is paid off and they have their side fund of $500,000[25:22] The person who bought house #1 has one asset (the value of the house), whereas the person who bought house #2 has two assets (have 100% equity and have that side fund of $500,000)[27:00] The house value wasn’t affected by the mortgage
- [27:28] Appreciation (the value of the house that might increase over time) is separate from the amount of equity you have in the property
- [28:18] Cost of the loan vs. what you could actually end up with in your side fund (issue of the spread)[28:40] I’m going to assume that on my $500,000 in my side fund, I could earn 6% over a 30 year period. This would mean that it would grow to a value of about $3 million
- [28:56] Meanwhile, the cost of borrowing $500,000 with about 4.75% interest over 30 years has a value of about $2.6 million
- [30:00] The true cost of the loan isn’t what the bank is charging you because the government is subsidizing your loan[30:31] The true cost of the loan is less than the bank is charging you
- [30:36] Let’s assume you’re in a 30% tax bracket making payments on your $500,000 mortgage, and you get to deduct the interest, the true cost of your loan is $3.3 million[31:42] You would have made an additional $800,000 by taking the loan instead of paying cash
- [32:31] How do you chose a 15 year or a 30 year note? [32:39] Rate of interest is going to be less on a 15 year note than a 30 year note
- [33:56] I want to compare directly the 15 year note vs. the 30 year note. Two mortgages, both at $500,000. The interest rate for the 30 year note is 4.75%, and on the 15 year note it’s 4%. Let’s suppose that in your side fund, you’re able to earn 6% and your tax bracket is 30%. What rate of return would you have to earn in your side fund to pay off the 30 year note by year 15?[35:17] 4.5% (you’d have enough money to pay off the 30 year note by year 15)
- [36:09] If you’re using a mortgage strategically and you have actually saved and grown money in your side fund and you have the ability to pay it off but haven’t, that’s a strategic use of your mortgage
- [36:36] What if you could earn 6% in your side fund? You could pay off the mortgage in under 15 years (approximately 14 years)
- [37:07] If your goal to get your house paid off was sooner rather than later, I’m saying that a 30 year mortgage you would have it paid off sooner than a 15 year mortgage[37:26] The power of the spread (could have paid it off sooner with the 30 year note by keeping the spread invested and then written the check at a sooner time than 30 years)
- [38:12] If you’re able to deduct mortgage interest (not everyone can), that’s a good thing. So, when considering the difference between the 15 and 30 year note, which one allows you to deduct more interest (which one has more tax savings)?[38:05] The 30 year note you will have more time for tax savings (would have more interest to deduct)[39:20] In the example of our $500,000 mortgage over a 30 year period, if you had a 15 year note, you would have only deducted about $49,000, whereas in the 30 year note, you would have been able to deduct about $131,000 (much larger tax savings)
- [40:21] As long as you have money saved in a side fund in a relatively safe way, at the end of the day, if you can find a way to keep that spread in your favor, you can come out way ahead
- [40:40] Kevin: Isn’t it true though that even if your home is paid off, it’s not secured and you could still lose it if you get into financial trouble?
- [40:52] Brian: If you have money in your side fund, and a financial emergency came up, could you access that money to help you get out of that emergency? Yes, if it’s accessible. But, if you had put all that money into the equity of a property, could you get it when a financial emergency came up? Depends on the bank’s willingness to lend to you[41:23] If you had lost your job and don’t have any income, the bank is not going to lend money to you[41:43] Why so many people lost their homes during the economic recession (couldn’t access the equity in their houses)
- [42:20] By having a side fund, you’re maintaining your assets
- [42:40] Security means having control of your assets and you can access those whenever necessary
- [42:50] Stigmatization of the quiz (correct answers)[43:01] True or False? A large down payment will save you money over time than a small down payment.False- opportunity cost
- [43:16] True or False? A 15 year mortgage will save you more money over time than a 30 year mortgage. False
- [43:34] True or False? Making extra principle payments saves you money.False- other factors (tax savings, destructibility, what you could earn on the opportunity cost and side fund, etc.), may cost you more money
- [44:02] True or False? The interest rate is the main factor in determining the cost of the mortgage.False- the interest rate is only one factor (even though the 30 year note may have a higher interest rate, over time, that doesn’t mean it’s going to be the most expensive situation when you look at all the other factors surrounding it)
- [44:34] True or False? You are more secured having your home paid off than financed 100%. False- house paid off means that you have no control over your money (as long as that side fund that you create to hold your extra payments is in a safe place that you can access at any point), security is control
WTR Major Capitol Purchases

Kevin M Dumont — Tue, 05 Mar 2019 08:00:00 -0500

Thinking differently about Major Capital Purchases (anything you can not purchase with monthly income) and how you pay for them could save you tens of thousands of dollars over your life time.
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WTR Qualified Plans

Kevin M Dumont — Mon, 04 Mar 2019 08:00:00 -0500

The truth about qualified plans and how they really work. WTR discusses, along with tactic ideas that could save you thousands of dollars, especially of taxes, over your lifetime.

WTR Martin Smith, VP and His Life Passion

Kevin M Dumont — Sun, 03 Mar 2019 08:00:00 -0500

WTR interviews Martin Smith, VP of Security Mutual Life of New York. Marty has a fruitful career and has sought to share his knowledge and passion for thinking differently about wealth management.
Marty Smith, VP of Security Mutual Life of New York
msmith@smlny.com
(212) 268-9440
https://smlny.com/
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WTR Compound Interest

Kevin M Dumont — Sat, 02 Mar 2019 08:00:00 -0500

The surprising truth of how compound interest really works and why it's so important to apply to your Wealth Tactics. Understanding this could save you thousands of dollars, or more, over your lifetime.
The post WTR Compound Interest appeared first on WTR Podcast Website.

WTR Are You Ready For Retirement

Kevin M Dumont — Fri, 01 Mar 2019 08:00:00 -0500

How do you know you’re ready for retirement? WTR discusses, along with some great tactics to help you get ready.
The post WTR Are You Ready For Retirement appeared first on WTR Podcast Website.

WTR Tax History

Kevin M Dumont — Thu, 21 Feb 2019 19:22:00 -0500

WTR brings clarity to the history of taxes. What we discuss may surprise you.
The post WTR Tax History appeared first on WTR Podcast Website.

WTR Personal Economic Model

Kevin M Dumont — Thu, 21 Feb 2019 15:41:00 -0500

WTR discusses the map of how your wealth works, we call it the Personal Economic Model.
The post WTR Personal Economic Model appeared first on WTR Podcast Website.

WTR Thinking Differently, Like Rebels

Kevin M Dumont — Thu, 21 Feb 2019 15:26:00 -0500

Why thinking differently matters in life and wealth.
The post WTR Thinking Differently, Like Rebels appeared first on WTR Podcast Website.

Wealth Tactic Rebels

Avoid These 5 Common Business Mistakes

Jen McFarland

Notes:

Empower Your Retirement

Side Hustle in the Brave New World

Financial Freedom: Making Your Money Work for You, Not Someone Else

Increase Productivity, Hire Virtually

Crisis Management During Pandemic or Anytime

What To Do With Your Cash During A Financial Crisis

5 Tracks to Business on Amazon, A WTR Discussion With Carlos Alvarez

The Wealthy Gardener, A WTR Discussion With John Soforic

Survive Financial Turmoil with a Safe Tank

Have Questions about what a Safe Tank is? How to use it? How to set one up for yourself?

kevin@wealthtacticrebels.com

Mindset for Wealth Preservation and Generation, A Quiet Mind WTR Discussion With Matthew Ferry

Matthew Ferry

best-selling author, life coach and spiritual teacher

Organic Marketing Content to Get More Customers, with Kris Reid

For Kris' special offer, please leave a review for this episode on your choice platform, then follow this link:

https://ardorseo.com/kevin/

Kris Reid

How do you write the perfect online content?

How do you develop organic content that gets in front of your customers?

Who is your potential customer? What are they searching for?

Wealth Tactic Rebel Value Bomb

Get SEO Help

FAQ (Frequently Asked Questions)

What are the main differences between paid marketing and organic marketing?

What does organic content mean?

What is organic and inorganic in digital marketing?

What is organic Facebook marketing?

About Kris Reid of Ardor SEO

Thinking of Your Side-Hustle/Business as an Asset

Hedging Your Future With Real-Estate

Rodney Miller

Scaling Your Business, A WTR Discussion With Frank Bria

Story Telling; A WTR Discussion With Paul Smith

Paul Smith

Demystifying Medicare; A WTR Discussion With Danielle Roberts

Business Strategy for Building Wealth: A WTR Discussion With Alison Vidotto

5 Key Points For You To Think Differently About Managing Your Money

Less Stress, More Profit: A WTR Discussion With David Richter

Optimally Money Motivated or Not? A WTR Discussion With Susan Fowler

How to Build Wealth by Doing What You Love: A WTR Discussion With Cathleen Merkel

WTR Discussion With Scott Holmen, Importance Of Relationships

WTR Discussion with Kimberly Spencer: Morality of Money

WTR Discussion with Laura Pennington Briggs: Financial Impact of Working for Self

WTR Discussion With Gabriella Ribeiro, Art of Art of Overcoming Overthinking

WTR Discussion: Colin Gray, Podcasting to Grow Your Business

WTR Discussion With Jeff Pulvino; So You Think You Have a Marketing Plan?

WTR Discussion With Alexandra Agresta, Allign Purpose With Profit

Notes:

WTR Discussion With Mark Green, What Activates You

WTR Discussion With Daniel Ameduri, Stop “Saving” for Retirement

WTR Discussion With Dr. Lindsey Elmore, Losing Money In Your Business

WTR Discussion With Dr. Lindsey Elmore, Overcoming the Fear of Wealth

WTR Discussion With Guest Robert Farrington: Negotiating Financial Aid For Parents And Students

WTR Discussion With Phyllis Ginsberg, Your Happiness First, Then Success

WTR Discussion: Kim Ades, How You Can Have a Healthy And Wealthy Mindset

Notes:

WTR Interview: Shawn Walchef, Digital Media Will Save and Improve Your Business

Notes:

WTR Interview: Kerry Lutz; Your Success, His Business Wisdom

Notes:

WTR Interview: Lane Kawaoka, The Secrets of Passive Cashflow

WTR Guest: Mark Willis, Change Your Financial Life Without Unnecessary Risk

Wealth Tactic Rebels Trailer

WTR Interview: Josh Elledge, Becoming An Influencer In Your Niche

WTR Interview: Thor Conklin, Success Meets Profitability

WTR Entrepreneur Interview: Carey Green, Podcasting & Balancing Work with Life

WTR Entrepreneur Interview: Rob Braiman; Transform, Save & Empower Your Business

WTR Entrepreneur Interview: Tony Salloum, VAC Motorsports, Success Blueprint

WTR Entrepreneur Interview: Paul Moore, Creating Enduring Wealth

WTR Discussion: War Between Current And Future Lifestyle

WTR Entrepreneur Interview: Mike Watts of lovehandle.com

WTR Bonus Behind The Scenes: Martin Smith, VP of SMLNY

WTR Entrepreneur Interview: Lance Jensen

WTR Thinking Differently About College Planning

WTR Thomas Sciacca – Estate Planning