Episodes
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Today I am bringing you the challenge of finding a mentor, getting coaching, or any other way of learning from others that gives you a leg up in building wealth.
What’s going on Y’All? Back with another Wealth Hack Wednesday!
I love giving you information, but if you notice at the end of my Wealth Hack Wednesday’s I like to drop a challenge. Today I am going to start with a challenge. 😀
If there is something that you want to learn? Maybe it is investing, tracking your net worth, real estate investing; whatever it is. Is there someone that you know that can give you some information to start this process? 👨🏫 Then reach out to that person.
It’s not really a challenge if I haven’t done it myself. Let me give you an example. When it comes to whole life insurance, I know that most advisors that sell whole life insurance do it more for the commission that they will make rather than if it is the right investment for you. Because of that, I have a very bad taste with whole life insurance. That’s not to say that there aren’t cases where whole life insurance does make sense.
There was a guy that I met at a conference a year ago and we were supposed to have a call to discuss whole life insurance. We finally had the call yesterday. This is an agent that focuses mostly on whole life insurance. But, he does it differently in that he knows it is one of the most misused, missold, and misrepresented products out there. But he does subscribe to the infinite banking concept (more info on this in future videos).
I set up the call because I wanted to learn more about whole life insurance. I was blown away by the information he shared with me. He has structured his policies in a way that benefits the client. His commission is a fraction of what most insurance agents would make. That way it is structured to put more money in the clients pocket than his.
The whole point is that I want to learn more about investment strategies and wealth building strategies. I am not going to just settle for what I know. There are people out there that are experts in different spaces and I can learn from them. 👨🏫
Chances are there is information that you want to know, so I am challenging you to reach out to these people. 😀
Some of you have commented that you want to learn more about real estate investing or online business. You can reach out to me with questions. Leave a comment or send an email, you may not reach me, but chances are that I have or will be doing a video on that topic.
It is all about taking a chance. I could have reached out to this guy and he could have said I don’t have time, go somewhere else and I would have.
If it is information you truly want, you have to reach out to someone. Then keep reaching out until you find someone that is able to help you hack your wealth. 🏁
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Investing in your 20s is the best...I repeat...BEST thing you can do to set yourself up for success.
When I was 20 years old, I was broke.
I didn't know anything about investing, I didn’t know what a mutual fund was, I didn’t know how to invest in the stock market, I barely had $100 to my name.
By the end of my 20’s I had paid off all of my debt, I was investing in a 401K, I had maxed out my Roth IRA, I was on top of the investment world. I had it all figured out.
How did I do this? I found the 7 rules to investing in your 20s.
Most people assumed that since I was a finance major I should know about investing. The truth is they didn’t teach you that in college. When I started my career, I didn’t know how to invest. But I got real world experience and knowledge when I started my career as a financial advisor.
I started investing with as little as $25/month. I should have started with more, but I felt good with what I was doing. Those first mutual fund investments taught me how to get started in my 20s.
So let’s take a look at those 7 Rules:
➡️ 1. Just freaking start [2:40] - It doesn’t matter where you start investing - just START somewhere.
➡️ 2. Respect compounding interest [5:28] - Many people do not understand or appreciate the power of compounding interest. Let’s look at an example at 20 yrs. old investing $300/month with 8% return - you will have a one million dollars by the time you are 60. 💰 At 30 yrs. Old with the same investment you will have $440,445.
➡️ 3. Uncover those golden eggs [7:03] - When it comes to investing you only know what you know. Until you actually start investing you are not going to know what is out there.
➡️ 4. Choose tax-free status [8:38] - This contradicts what Dave Ramsey will tell you. I suggest that you start with the Roth IRA vs. the 401K. With a Roth IRA, you have to open your account and choose your investments (you will learn more).
➡️ 5. Invest in your number 1 Asset [10:20] - That number one asset is YOU. Invest in yourself. You can start this by reading books, attending conferences, etc.
➡️ 6. Understand the power of the side hustle [12:35] - Do you want to be in control of your future? That is what the side hustle can give you. It doesn’t happen overnight, but with work it will happen.
➡️ 7. Do what the wealthy do [13:58] - When you start in your 20s this might be tough but one way I started was opening a self-directed retirement account. The wealthy invest in real estate. 🏠🏠 You can do this with real estate notes or a platform like Fundrise.
It doesn’t matter where you are in your investment journey. If you are a rookie or if you have experience and want to learn more - if you are in your 20’s these are 7 rules that you can 10x where you are right now.
It is all about getting started!
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Missing episodes?
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Rich Dad Poor Dad has impacted thousands of people with me included. When my buddy Travis read the book he was impacted in a much deeper way.
After reading the book he was determined to become a real estate investor. Even though he had ZERO money, ZERO experience, and ZERO mentorship, he didn't let that stopped him and didn't quit until he acquired his first rental property.
Since then he has acquired several more properties and with each one becomes more confident in the process. His latest property should net him over $200k in profits.
Learn more about Travis' story and enjoy this behind the scenes look at some of his best real estate investments.
Travis: There are always deals, whether the market is up or down - you can still find good deals. You will run out of cash doing real estate but you can start partnering and working with other people.
You goal is a quick turn around to cash flow - whether you are rehabbing and selling or doing repairs and renting. I try to complete remodels within 30 days.
Once you start a remodel, you can run into issues you were not expecting. This can make staying on budget difficult, so it is always best to allow your self a margin to cover these surprises.Owning assets is definitely a major component in building wealth. With real estate I am able to rent some properties for ongoing monthly income and also rehab and sell houses to create cash flow for my company.
When you are investing in real estate one of the hardest things can be actually finding properties that will allow you to make a profit. When I first started I was approved for a small mortgage, but I have grown that amount through the years. The biggest thing with real estate is to not give in too soon. You have to stick with it to find the right properties, find the cash flow to make it happen, and then keep building on that.
It takes time to build up a real estate investment business. You have to be prepared for the ups and downs.
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Today I want to talk about how to become an expert in your field. How to use your knowledge to build wealth and potentially create passive income.
At 24 I was fresh out of college and ready to take on the world. I had just completed a two-week intensive training on learning how to become a financial advisor.
I was preparing for my first client meeting and I was scared but confident. I can remember thinking that I was really going to mess things up. And I did. I bombed. I started to question whether I should have become a financial advisor, if I had made the right decision.
Those people did not become clients, but I learned so much from that first meeting. It taught me how to teach what I knew. I had the knowledge, I just didn’t know how to deliver that knowledge to others.
I know many of you have an interest in becoming an expert in your field, but you feel like you don’t have the knowledge or the experience to do so.
I want to challenge that belief. 😀
Today, I am going to show you how you can become an expert in 4 easy steps - and become an expert 10 times faster than what you would expect.
In Malcolm Gladwell’s book Outliers he talks about the 10,000 hour rule. Basically he says to become an expert in your space, it takes 10,000 hours to become world class in whatever it is you are trying to do. I disagree with that rule.
In reality, you may be an expert and not even know it yet.
When was the last time you have been to a restaurant that a friend or family members has not been to. They come to you and ask ‘how was the food’ how was the service’? You can share your experience with them because you are one step ahead of them. You are the expert. You have been there. They look to you to be that expert. 😀 Now granted they are not going to pay you for that knowledge, I just wanted to share that example with you.
My buddy Travis, who is a real estate investor here in Nashville was thinking about doing some sort of course to teach others about real estate investing. But he didn’t feel like an expert.
Even though he had 5 properties that he was consistently making money from and he could potentially make six figures on one property he didn’t look at himself as an expert.
I told him what I will tell you: If you have done something that someone else hasn’t - you are an expert. All you have to be is one step ahead of that person and continue to stay ahead of that person through that journey.
Now I want to share with you the four steps you can take to become that expert.
➡️ 1. Study and do research [5:02] - You can learn from other experts in your field, by buying and reading books related to your topic, and by attending conferences or trainings in your field. 📚
➡️ 2. Test it out and apply what you have learned [7:33]- You have to take all that research and all that information that you have learned and test it out. Make an outline of the topics you want to discuss.
➡️ 3. Document what works and what doesn’t [9:15] - This allows you to build on what went well and gain more knowledge around what went wrong. As a bonus if you document your learning process you can use that document to create a product that you can sell.
➡️ 4. Just teach it [12:05] - Teach everything that you have learned in steps 1-3. Teach one person what you know, show them the steps, then you can teach others. 👨🏫
If you want to become an expert you have to be willing to share both your successes and your failures.
Now for the time hack to become an expert 10x’s faster. It is the OC method. OC stands for Oh Crap! 💩
You find a way to teach on the topic you want to become an expert in. This could be at your local community college, a library, or an organization. You put that date on your calendar and if it is 4 weeks or 6 weeks out - that is how long you have to learn and prepare to speak on that topic.
You don’t want to show up unprepared so you are going to go Oh Crap! 💩 This will push you to learn and prepare to teach in a limited time.
When is the last time someone sought you out for information? Information that you were an expert in? Information that you were happy to share and felt like an expert?
What was the topic, what was the space or niche that you were in? I want to hear about it!
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What’s up everybody? Back with another Wealth Hack Wednesday!
I don’t know if this is hacking your wealth, but it is all about building relationships, which can grow your wealth if you do it right. 💰
Just the other day I got a chance to meet up with a buddy of mine Chris Greenwood. I shared his story about being a musician and getting tired of being on the road all the time. He started teaching other musicians how to market their business and how they can make money.🎵
The point I wanted to share was that we have known each other for roughly 3 years and we communicate on Voxer. During that time we have only met in person twice. He came to town to meet me when we were in our rental house. He was just in town again and I made sure that I was able to meet up with him while he was here. 😀
The moral of the story is we both went out of our way when we had the opportunity to get together. Just to have the opportunity to connect and see if we could help each other.
There are so many examples where I have went out of my way, either making a trip to meet someone, or to attend a conference. I’ve driven over 2 hours to meet up with people before. 👋
Those connections that you make over time are invaluable. That is how you build your network.
They say your network is your net worth. I don’t really care for that quote because it makes it seem as if you are using people for money. 🤔
But you don’t get those connections if you don’t go out of your way to meet those people. You have to build a network of people that you can help or they can help you. They may connect you with someone else that they know.
A lot of you ask me how to find a mentor, this is one of the ways you do that. This is how you are going to grow your wealth.
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There was a time in my life where I had over $30k in student loan and credit card debt. I used to use my ATM receipts to balance my checking account. I would get in stupid arguments about money with my girlfriend, now my wife.
I can remember one argument where I wanted to buy a new TV using a zero percent credit card. She lost it. That was a pivotal moment and I had to make some tough decisions.
Was I going to continue down this path of financial destruction? This path where I didn’t understand personal finance. Was I going to change and be better? Start learning the principles of how interest works, how to invest, how financial tools work?
I am thankful that I made the right decision. I committed to understanding the basics. The basics are what you need to build wealth.
I came across a study done by CNBC on basic money skills. Only 3% of Americans could answer the 6 basic money questions. I want you to take this quiz with me. Many of you may feel that you don’t need to know this stuff or that it is too hard to understand. ❌ The truth is, it’s not hard and you need to understand it if you want to change where you are right now.
If you are ready, get pencil and paper and let’s take this quiz:
➡️ 1. Is a 401K a Tax Credit for retirement? True or False
➡️ 2. Which of the following best describes APY?
A. Adjusted prices for inflationB. Annual rate charge for borrowing or earned by an investmentC. Annual rate of return accounting for compounding interestD. Annualized principle payment amountsE. Annuity payout per yearF. Automated payment
➡️ 3. Your income does not impact your credit score? True or False?
➡️ 4. What does a CD offered by a bank stand for?
A. Capital defermentB. Certificate of depositC. Collateral defaultD. Collateralized discountE. Commodity dividendF. Credit dividend
➡️ 5. What is the difference between a checking account and a savings account? (Select all that apply)
A. Only savings accounts earn interestB. A savings account can’t be used for automatic bill payC. Only checking accounts have overdraft feesD. You can only transfer money from checking accounts to savingsE. Checking accounts are designed for regular useF. Savings accounts are designed for investing long term
➡️ 6. What are the three major credit bureaus (this applies to U.S. only)
A. Capital One; Bank of America; JP MorganB. Deloitte; KPMG; Ernst & YoungC. Fannie Mae; Freddie Mac; Sallie MaeD. FICO; Moody’s; FitchE. Transunion; Equifax; and ExperianF. Visa; Mastercard; and American Express
Those are the six money questions that only 3% of Americans got all questions right.
This will help to show you what you need to work on. Where to invest your time. Do you need to read more, open investment accounts, or going into your bank and asking questions?
Let me know in the comments how you did. How many did you get correct? ✔️
Take this quiz, share it with your friends and see how they do and help to empower them.
Let’s see how many of these questions you got correct.
💰💸💰Answers💰💸💰
1. False2. C3. True4. B5. E & F6. E
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Chris Greenwood has had an amazing career as a musician with his band Manafest.
But jamming out on stage as a Christian rock star isn't enough for this high achieving entrepreneur.
In addition to selling a ton of records he has built an amazing online business.
So amazing he currently makes $50k+ PER MONTH from all of his digital products.
Here's his story.
We have to start with the fact that Chris was a musician first, then became an online entrepreneur.
Chris: I actually started as a network engineer before I even started my music career. Doing the 9-5 and driving an hour each way to work.
I am still doing music full time, but I kind of got tired of constantly traveling. My streams had gotten big enough where I didn’t have to tour. Then I learned how to market my music online. This led to me creating courses to teach other musicians how to do the same.
I started using Facebook ads and YouTube ads to sell my music with upsells on posters, T Shirts and other merchandise. When I would travel I would check out local thrift stores and look at books. I found a book called The Millionaire Messenger by Brendon Burchard for $0.50. This book taught me that I could teach what I know and get paid for it.
This led to many more books that taught me all about marketing and selling my products.
Jeff: Once I get ideas and start implementing I am looking for immediate success. But what usually happens is crickets. It takes time. But when you do get that first check no matter how small it is still exciting. So at what point did you feel like ‘oh wow, this is real?”
Chris: I learned a lot from a lot of different sources, books, podcasts, etc. It did take some time to start implementing things. I remember creating my course and putting it up on Udemy. I didn’t make a lot of money in the beginning, but I was selling my course and making money. It took off from there.
My wife is an artist and she teaches others artists how to sell and market their art. She also started with courses on Udemy and Skillshare. Her name is Melanie Greenwood and you can find here here: https://visioncity.biz/home18695682
We have so much more freedom now which allows us to spend time with our daughter. It’s not always easy, you have to work for it, but it is so worth it to push through.
Jeff: What was the evolution of the things you offered and the ways that you were able to monetize the online business.
Chris: When I took my course off of Udemy and started hosting on on my own platform, then I increased my prices and my value. Then I started getting around people that were doing similar things. I hired them to help me get to where they were. Get into that coaching program or mastermind. Shorten your learning journey. You will get there faster and avoid some of the mistakes.
You can find Chris here: https://www.manafest.com/gohttps://smartmusicbusiness.teachable.com/
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Today we are going to talk about the best investment to build wealth and get you on your way to earning a six figure income.
One of the most common questions I get is “Jeff what is the best investment for me, what is going to make me the largest return on my investment?”
Most people are expecting me to give them a hot stock tip!
When I tell them the best investment, in my opinion, I get a really strange look. Because this investment takes work. It takes some hustle, grit, and some personal investment. It puts you in a position where you may fail.
So let’s find out what this invest is right now…….
One of my favorite authors, Chris Guillebeau wrote this book Side Hustle - From Idea to Income in 27 Days. The side hustle is the best investment you can make.
Why? It’s no surprise that less than 40% of Americans have $1,000 in their savings. We all know how much minimum wage is right now, we are just not making a lot of money. So how do we increase our income?
We do that by starting a side hustle. That is how you get that income insurance or protection.
In the book Chris refers to the side hustle as ‘it is more than just another stream of income, it’s the new job security.” Of all the things you can invest your money into, why would you chose a side hustle over stocks or mutual funds?
It’s the benefits.
Some of the benefits of starting a side hustle: low cost, minimum experience, you don’t need an MBA, no employees, no advanced skills.
So what DO you need?
You need an idea, time, and determination (grit).
Starting a side hustle doesn’t bring in money overnight. You have to stick with it. You have to have the determination to push through the obstacles to get where you want to be.
When I talk about a side hustle, I am not talking about UBER or a part time job. I am not talking about trading TIME for MONEY.
Instead, we are building an asset that will potentially deliver passive income in the future.
This is something where YOU are in charge. You are controlling how you want to do it, how hard you want to work at it, and when you want to do it.
So you may be thinking ‘I have no ideas, what can I do” You have to take some time to think about some of the things that you can do. Take the time to sit down and brainstorm.
If you are still having trouble check out Chris’s book or his Podcast - Side Hustle School. He interviews so many people that have started a side hustle and are making $500 to $1,000’s of dollars a month.
Just to show you that no idea is too crazy, I pulled some from the book:
One guy in the UK makes $700/month writing fish tank reviews, another is making a killing making saddles for pet chickens, another sold 75,000 unit of a homemade Gin kit.
These people are making bank on a passion that they are interested in.
These are just a few ideas to show you the possibilities.
But what if you want to make six figures? Well I have some examples for that too!
Jeff Jones was the drummer in a popular Christian band. He created a side hustle selling custom drumsticks. He started this side hustle with $600. He expanded to custom bats, coolbats.com.
Evan Burse has been a cartoonist for as long as he can remember. This led to him getting a job with Marvel. He started a YouTube channel - the cartoon block - teaching people how to draw. This led to a membership site - Cartoon Block Academy - that has grown to a full-time gig.
Chris Greenwood is a musician with a band Manifest. He learned how to use online marketing to sell his music. Now he teaches others, to the tune of a multiple six figure income.
Holly Johnson, Clubthrifty.com, is a fellow blogger that started a side hustle of freelance writing. Now she makes over 6 figures a year writing articles, blog posts, and her course Earn More Writing.
Michelle has a blog, Making Sense of Cents, and started writing on the side. Now it is her full time gig making $100-$150K/month.
So, how do you get started?
Take one of your ideas and make $100. Figure out a way to make $100 from this side hustle idea. I want you to know how it feels to implement it and make money from it (without scamming anyone). If you can push past that, you will be blown away.
So what is your side hustle idea? If you are brave enough, share how much you made and how long it took you to make that first $100.
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What’s going on Y’All? Back with another Wealth Hack Wednesday! We are going to talk about your morning routine and how to implement some daily planning strategies to help you get a jump on building wealth.
You see my videos and you know I talk about my 5am routine and Rich Habits (one of those is waking up early). ⏰ This had a tremendous impact in my wealth building process.
One thing that gets overlooked when you talk about the 5am routine is the night before. 😀 There is power in getting up early and starting your day with intention but really it starts the night before.
Some of the things that you can do is to have your to do list or your task list written out and ready the night before. 📝
I even keep extra note cards beside my bed in case I have ideas that I want to jot down. I also use my 5 minute journal in the evening to reflect on my day and recognize big wins for the day.
This allows me to go to bed grateful and in a good mood. 🛏️Going to bed happy allows you to wake up happy. 😀
Having your to-do list prepared the night before allows you to wake up ready to conquer your day. 📝 That is my amazing wealth hack tip for today.
I think sometimes we under appreciate how much power this can give you for setting yourself up for success.
It begins the night before!
How are you going to set up your success - by getting it all ready the night before!
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Let me ask you a question…..
If you lost your job today, how would you pay the bills?
How would you take care of your family? How would you generate income to take care of living the life that you need to live.
Having multiple streams of income is having income insurance or income protection. It allows you some flexibility if you lose your job, you still have some income coming in to relieve some of the stress.
When we talk about hacking your wealth and wealth building, what is the importance of having multiple streams of income?
On average millionaires will have 7 streams of income. If most millionaires and wealthy people have multiple sources of income. Why don’t you?
💰 Today I want to share 5 different sources of income that you can start working on today! 💰
➡️ 1. Diversify Your Investments [2:53] - Having a 401K is great, but do you also have a Roth IRA? $1,000 in an emergency fund? Other investments? You can earn dividends and interest with some of these accounts.
➡️ 2. Offering A Service [4:47] - This is something that you are doing after work or on the weekends to earn additional income. This could be a side hustle that may eventually grow into a business.
➡️ 3. Create A Product [6:16] - I am thinking of digital products, products that can be sold online. This could include a book, a course, or other types of digital downloads.
➡️ 4. Start A Passion Project [9:06] - Some of the things you can do include fundraisers for a special cause or mission. Think of Bomba socks - for every pair of socks purchased, they donate a pair to homeless shelters.
➡️ 5. Invest Into Real Estate [12:20] - You can start this with a rental property or by investing into real estate investments like REITs, FundRise, Rich Uncles, etc.
Some of the items on this list you can start today! Some of the platforms I’ve talked about before like Betterment you can start with $25 a month. You have no excuse for not being able to diversify your income. You just need to do it. 😁
Wealth Hackers don’t make excuses. We just DO. We don’t learn by talking about it we learn by doing it!
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There is no question that the best investment you can make in yourself is reading books. There is nothing that compares with the ROI of reading and taking action on what that book provides.
You’ve heard me talk about how wealthy people read books. It's not just me saying this, I wanted to bring on a few people to share results they have achieved by reading. If you stay until the end I will share the book that has helped me make over a million dollars.
Gee Nontreah. [4:31] In the summer of 2017 I picked up a book called The Slight Edge by Jeff Olson. The author talks about taking little steps and actions. I did not have an emergency fund at that time, but by using tips in this book, within 4-5 months my emergency fund held $1,000. The tips in the book also allowed me to pay70% of my credit card debt.
https://www.youtube.com/channel/UC1iiWwey0mEF9X77M5qylPg
Eric Rosenberg. [7:19] My favorite book that has changed how I make money is The Art of Non-Conformity by Chris Guillebeau. I used to have a typical 8-6 job, this book taught me that you don’t have to run your career the way other people expect. Following points in this book, I rebuilt my career, side hustled hard and then took my side hustle full time. I am now making up to 10,000 every month. That is not my biggest month, by far.
Joseph Hogue [9:08] In 2014 I had just started my own websites. I wasn’t making as much money as I had hoped. I was frustrated and would have given up if it weren’t for the book Write. Publish. Repeat. By Sean Platt and Johnny B. Truant. This book helped me see how to fit self-publishing into my blog. This created a new income stream through self-publishing.
https://www.youtube.com/channel/UCbKdotYtcY9SxoU8CYAXdvg
Roger Whitney [10:53] The book that led to significant growth in my business is Linchpin by Seth Godin. I was really challenged to ‘take it to the next level.’ I started a Podcast, grew my business over 50%, wrote a book, and made friends all over the world.
https://www.youtube.com/user/retirementanswerman
Nick True [13:24] The book I have chosen in Profit First by Mike Michalowicz. I implemented the system I learned from this book 5 months ago and have an additional $8,000 in my personal account and $2,000 in a business profit account. Building a profitable business is a slow process, this book has changed the game for me.
https://www.youtube.com/channel/UCfRqvJFJ6LLQ62lKmOUXATw
Chris Mamula [16:19] The book that gave me the biggest return was The Simple Part to Wealth by J. L. Collins. Prior to finding that book, I was intimidated by investing and was getting horrible advice from others. Within a year or reading I saved $8,000 in investment fees and $8,000 in taxes. That is 1,000 times return in just one year.
Bob Lotich [17:44] I am forever indebted to Tim Ferris and The 4 Hour Workweek. I didn’t apply everything from the book, but if you take one thing and apply that you can make a huge difference. I took this to heart and took a year off last year! It started with small steps like a week off, then a month off.
https://www.youtube.com/user/ChristianPFdotcom
Jordan Harbinger [18:48] One book that I really liked was Friend of a Friend by David Burkus. David talks about opportunistic network maintenance. He recommends using social channels to connect with friends when they have important life events like a new child, etc. When we see their posts, reach out to them through text, call, or in-person. This has created a ton of opportunities.
https://www.youtube.com/channel/UCGLcx_fFZ3GlLXO5anHSm9w
David Pere [20:06] For me Never Split The Difference by Chris Voss was life changing. This has changed the way I handle negotiations. Immediately after reading this book I saved over $3,000 negotiating the repair on an apartment complex I was buying.
I hope you enjoyed learning about these books and the amazing results these people have seen.
My book is Crush it by Gary Vaynerchuk. I read this book when I had just started my blog and social media. Watching Gary and reading this book has helped me use available tools to get my message out there. It pushed me to take it to the next level.
I know that I am not the only one and neither are the people you’ve seen on this video.
What was the one book you read that inspired you to take action?
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What’s going on Y’all? Back with another Wealth Hack Wednesday!
Today I just want to share a conversation I was having with a buddy of mine.
We were talking about creating courses and coaching/consulting. How do you go from having this knowledge, experience, and this desire to help people and turn it into a business.
I think a lot of people get stuck here. I was talking to Noah Kagan. If you don’t know him, he has a site called Ok Dork, also the CEO of AppSumo, and employee #30 at Facebook. Just a really crazy kooky guy.
I remember when I was wanting to create my course for financial advisors and I was kind of stuck. I had the information but didn’t know how to deliver it in a way that people would get results from it, let alone buy it. 🤔 Where they could take action and get results.
I was stuck. What was Step 1, Step 2 and so on. 🤔 I remember what Noah said, and it speaks volumes:
Whatever it is that you are doing, instead of trying to reach 1,000 people - first, show one person how to do it.
Take them through the entire process, each step. If you can show one person and they get results, then you can replicate that process and show a 2nd, 3rd, and 4th person.
When I think about that process, I think about my boys. The all love Legos. All of the Lego sets come with instructions that are so easy to follow that anyone can do it.
They had to show someone how to do that to create the instructions. 😁
It’s the same concept. Show one person how to do it, then create the Lego playbook on what the process is. That is how you are going to provide value and how you are going to offer your service.
That is exactly what I did. I took one person through the process of how I created my blog, my social media process, etc. Through that process I learned some of the things that I had forgotten that I did. Taking that person through that process, reminded me of those steps and I was able to include that in the program. 😁
Whatever it is that you are trying to create, a course, a program, etc. If you are struggling to package it in a way that you you think someone will purchase it from you, go through this process. This first person may or may not pay you. But they will ask you all the questions that everyone else is going to ask. Then you know what to put in your playbook.
Find that one person. Show them how to do it. The rest is history.
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You think you’ve got it all figured out.
You read the title of this video #1 Wealth Killer and you think you know exactly what this video will be about. Plus I’m at Starbucks ordering …..a Latte.
For those that don’t know New York Times best seller David Bach talked about the Latte Factor in his bestseller The Automatic Millionaire. What the Latte Factor is, he would look at people’s spending, and identify things we spent money on each day. The basic deal is that you could take that money that you spend on little things each day and invest it instead.
But, that is not the #1 Wealth Killer.
I’m not gonna argue with David Bach, there is no question that we waste money on so many stupid things. Things like lattes, eating out, Uber rides, the lists goes on and on. But there is one thing, one payment that trumps ALL of this.
This is not a little expense, it is a huge expense that so many of us are doing. I’m even going to go as far as to say - It is your fault. 🤦
So many of you have commented that you have to have this.
🚗🚗 It is your car payment. 🚗🚗
You all justify that with the ‘I need reliable transportation’ - do you really need a brand new car to get to your job? No. 🚘
It is reported that 107 million Americans have auto loan debt (about 43% of the adult population). Maybe you are one of those that think if you can afford the payment, is that really such a big deal?
Well about 6 million people are 90 days late on their car payment. 🤦
Do you see why I am getting wound up about this?
Ok, so let’s talk about the numbers...we are talking $1.1 Trillion in auto debt. The average monthly payment is $523/month with an average loan length of 67 months.
How about a crazy idea….for those of you that think you need a car payment, does it have to be $500/month? What if you invested that $500 instead, or even got a lower priced car for $300-$400 and invested the remainder of that $500? 😀
So is there a rule of thumb that you can follow to see if you are on the right track? Yes. I created the car payment wealth-killer formula. Just so you can’t tell me I didn’t make it simple enough to understand, I have used some of my children’s toys to explain this formula.
If your car payment is greater than your monthly savings, then you are destined to be broke for life. (Yes #brokeforlife)
Chances are if you are watching this, you are one of the 43% of the population that is spending more on a car than you are saving.
If you know someone, family, friend, or co-worker that is on pace to buy a new car - share this video with them so they don’t fall victim to this.
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Many people think that making a million dollars is impossible. That it can never be obtained.
There was a time when I couldn’t imagine making 1 million dollars. My mind couldn’t even go there. When I started making 6 figures and started talking to people that were making 7 figures PLUS. I started thinking, what does that look like? Can I actually make a million dollars?
I did some soul searching and realized I needed to make some changes in the way my business we set up.
I realized there were 7 stupid things I was doing that prevented me from becoming a millionaire.
You have to realize that the things that I was doing that was stupid, are the same things that were getting me results. The same things that got me to 6 figures. But to get to the next level, doing the same things was not going to work. 🧗
What are the seven things? That is what I am going to share with you today.
➡️ 1. Drop the Broke Mindset [2:40] - Don’t let your past trap you into a mindset where you can’t continue to grow. Don’t tell yourself you can’t do it - instead ask yourself ‘how can I do it?’
➡️ 2. Broke people habits [6:00] - Stop rolling out of bed at the last minute to start your day. Start your day early and with intention to conquer your day.
➡️ 3. Crap Tasks [7:40] - There are things that you have to do in your business that take up too much of your time. Once you begin to grow, focus on the things that you do that make you money. Build a team to take care of the other time consuming tasks (i.e., paperwork, scheduling appointments).
➡️4. Traditional marketing [11:35] - In order to grow I had to stop cold calling, sending direct mail, etc. I started a blog as a marketing tool. Then I started tackling social media.
➡️ 5. Let go of control [16:02] - If you are going to level up your business you are going to have to give up some control. You do not have time to do everything. You are going to have to hand over some of the tasks to trusted team members.
➡️ 6. Invest in myself and my business [19:30] - Be willing to hire freelancers, contractors, and team members to take on some of the work. Other investments that helped me more than anything were coaching programs, a mastermind group, and online courses.
➡️ 7. Stop saying yes to everything [26:43] - Don’t give in to FOMO (fear of missing out). I get so many ideas, and others coming to me with ideas. At a point you are pulled in so many directions that not one of those ideas are receiving enough attention and commitment to be successful.
When you start to implement some of these habits you will unlock your growth potential. You will find your true strengths. 😁
It worked for me. I learned, I grew, and I started really enjoying what I was doing. 🧗
What can you stop doing right now to reach your maximum growth potential?
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What’s up everybody? Back with another Wealth Hack Wednesday!
I just had lunch with a guy that I have known for a while, I will share who he is later on.
During this lunch meeting, he said something that really took me back to my beginning days as a business owner. As someone that wanted to start something, but didn’t know what I wanted to start or how I was going to do it. 🤔
What he shared was, he had a website that for 3 years he was investing about 10,000 a month. Thankfully he had another business that was profitable and allowed him to do that. He had a vision of what this was going to become. He was just trying to figure it out along the way.
I’m not saying that you need to invest $10,000 a month into your side hustle, not many of us can do that.
Fast forward to present day and he has a $100 million company. All because he was willing to invest in himself, his idea, and the vision that he had 5-6 years ago.
Now for me, with my blog, I had my financial planning practice and for the first 2-3 years I was investing into the site. I wasn’t investing that much but there was $500 here and $200 there. I was investing my time because I had to answer to a higher power (my wife 😊). She wasn’t necessarily all in with the vision that I had.
So when I was doing this, I was doing it in the most frugal way possible and avoiding splurging on a lot of things. I still had to invest something - whether that was time, money, resources, etc.
Most people fail to see this. 😕 They have a job and they want to just quit and jump into this side hustle.
This guy who has a $100 million company, he was still running his business. He was working 60 hours a week making sure that he could have the income to support his ongoing expenses and fund his new business.
The wealth hack I want you to take away from this is if you have an idea, it should be your side hustle. Something that you work on when you get home from work, or on the weekends. 🕗
Most people want to hang out after work and chill. They want to hang out with friends on the weekend.
But if you want to have something different, you have to DO something different.
I don’t have a million dollar company yet, but I do have a 7-figure business and working to be 8 figures. Maybe if I rub elbows with this guy I will learn some things that I need to do to get there.
At the end of the day, you have to do something different to have different results. One way to do that is to have something on the side, and be willing to invest the time to make something of it.
What is your primary goal? Is it to help others? To solve a problem?
If that is your motivation, I feel like the money will come.
It is all about serving others first.
You have to be willing to take some of your extra money from your current job, your time, and other resources and invest it into your dream.
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You’re going to laugh when I tell you this. As a financial advisor I have made some pretty fat checks but it does not compare to the day that I made my first $100 online. 🤣
I know it sounds weird, but it’s the truth. Getting my first Google Adsense check in the mail, for making money online, just blew me away.
It began an amazing journey that I am so grateful for. Today, I want to share 21 ways that I’ve made $100 online. 💰
I want to show you that if you are interested in making money on the side, online, it is possible. These are not the only ways to make money online. I just want to share the things that I have tried.
So let’s take a look at these 21 ways you can make 100 dollars online:
➡️ 1. Google Adsense [3:51]- You can set up a free account, put it onto your website and Google does the rest.➡️ 2. Text links [5:16]- There are companies that will pay to get a link back to their site.➡️ 3. Sponsored Post [6:39]- Similar to a text link, but you are telling your readers and Google that ‘this is a sponsored post.’➡️ 4. Affiliate Marketing [8:06]- Become an affiliate for a company or product that you believe in and share your affiliate link in blog posts.➡️ 5. Display ads [9:06]- Similar to Google Ads, but your reader does not have to click, they just have to see the ad (more traffic = more money)➡️ 6. Freelance writing [9:56]- You can get paid for each article that you write.➡️ 7.Getting new clients [11:17]- I use my website and my blog as a marketing tool to get new clients.➡️ 8. Coaching [12:11]- After you have established your business and learned the ins and outs on how to grow that business, you can coach others to do the same.➡️ 9. Selling leads [13:37]- I started a new site to get leads for people that were interested in Life Insurance, I found that there were companies that were willing to pay for these leads.➡️ 10. Digital Products [14:39]- You can create a digital product, like an email course, PDF or video series and sell that online and make money passively.➡️ 11. Online course [16:01]- You can create a nice robust course (bring the value) to teach your readers a skill, again once set up this is mostly passive income.➡️ 12. Investment gains [16:48]- You can set up an online account and start investing.➡️ 13. Peer-to-Peer lending [18:04]- You can use online platforms, like lending club, for crowdfunding.➡️ 14. Crowd-funding real estate investing [18:34]- Fundrise is a great way to invest in real estate and make money.➡️ 15. Sponsored social shares [19:38]- Similar to sponsored posts, you can have sponsors pay you to promote their product on your social media channel.➡️ 16. Sell stuff online [21:13]- You can sell your things through online apps like Facebook, craigslist, etc. You get to make a little money from things you don’t use.➡️ 17. Physical Products [22:02]- You can create a subscription box service and have monthly subscribers, for an ongoing business model.➡️ 18. YouTube ads [23:50]- All you have to do is turn on your monetization and the more people you have watching, the more you get paid.➡️ 19. Niche site [24:58]- If you create a website that for a specific niche you can sell training materials for that specific market.➡️ 20. Brand partnerships [25:50] - Similar to sponsored posts, brands will come to you if you have a decent audience size. They will buy a package to promote their product through your social channels.➡️ 21. Publish a book [26:56] - Write a book, then promote it through your social platforms.
Those are the 21 ways that I have been able to make money online. I’m sure you already know there are other ways to do it. We didn’t talk about drop shipping, retail arbitrage, membership groups, or Facebook ads. There are so many ways out there.
Chances are one of these ways I’ve shared, you can implement yourself and start making some extra side income. Once you figure out a way to do that, your wealth building journey will begin.
Do it in a way that is fun, invigorating, and brings you life, and of course a way that adds to that checking account. 😀
#make100dollars #makemoneyonline #passiveincome
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Today we are talking about setting goals. I am a certified ‘goal getter’. 😀
I am all about setting goals, reviewing those goals, and most importantly achieving those goals. 🍾
I wasn’t always like this.
There was a time where I would do my New Year’s resolutions and set goals, but I usually didn’t review them until the next year.
It wasn’t until I joined a business coaching program that emphasized the importance of setting and reviewing goals more than once a year.
Now, it is no surprise that most rich people are reviewing their goals and making goals.
Author Thomas Corley, Rich Habits, found that 62% of all rich people not just set goals but they review them every single day.
When is the last time you reviewed your goals? 🤔
If it wasn’t today or yesterday then chances are you are not on that path to building financial freedom.
I know it can be hard to believe that you can become rich. We are conditioned to believe that we are stuck where we are now.
I want to challenge you that you are not Stuck! You don’t have to be poor the rest of your life. You can achieve wealth, you can achieve freedom. It all starts with setting goals and working towards achieving them. 😀
Today I am going to give you my top 10 financial goals that you can start working on today.
➡️ 1. Have plenty of cash on hand [2:23] - We want to work towards $1,000.
➡️ 2. Have a debt reality check and a debt payoff plan [4:10] - You may think it is impossible to become debt free. It’s not, but you have to have a reasonable payoff plan.
➡️ 3. Plan an early retirement [5:21] - You have to decide when you want to retire, and then determine how much you need to save. Then, you have to start investing.
➡️ 4. Seek out mentors to help with your wealth building goals [7:34] - Whatever lifestyle you want to achieve, who do you know that has the level of success that you would like to emulate.
➡️ 5. Get your insurance in check [8:25] - Make sure you have the right kind of insurance to save you from financial catastrophes. This could include life insurance, auto insurance, homeowners insurance, etc.
➡️6. Build Multiple Streams of Income [9:41] - This is not something that happens overnight. You have to put in the work and build a business that allows for these multiple streams of income.
➡️ 7. Finding Content with what you have [12:53] - You have to learn to live on less. Be happy with what you have and don’t feel like you need to constantly buy the newest biggest things out there.
➡️ 8. Give Back [14:39] - Giving back could include donating money, time, or knowledge. You can help others achieve success.
➡️ 9. Get your financial house in order [15:32] - Do you have a will? Do your loved ones have access to your accounts? Make sure all of this is in order.
➡️ 10. Do the work you love [16:18] - Have an understanding of what brings you joy. Then start working towards doing the work that you love.
Those are my top 10 wealth building goals. If you are 20-30 years old and you don’t know where to start...I’ve just given you 10 goals to start on right now. 😀
Maybe you already are working on some of these goals? If so, let me know where you are in your process. What have you achieved? What are you struggling with? 🤔
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What’s up everybody? I’m back with another Wealth Hack Wednesday! 😁Today I want to talk about something that is stopping you from seeing the results you want. Something that is stopping you from taking action and launching an idea, a product, a course, applying for a new job, whatever it is. It is this concept that has you stopped in your tracks.
It is this concept that has you paralyzed and you can’t move forward.
It is this concept of perfectionism. Believing that something has to be 100% perfect before you begin.
It wasn’t until I joined a coaching program, and the founder had this quote:
“Your 80% is everyone else's 100%”
So what did he mean? When we have this vision of whatever it is we are working on, we have a vision of what it should look like when we are finished.
The problem is you will never get it to that 100%
If you can get it to that 80%, then put it out there. Then you get the valuable feedback that you need and you can make changes and improvements. But you can’t make those improvements without that feedback.
I had a course idea that I wanted to launch. I wanted to show other financial advisors how I used marketing to grow my business. But it was just an idea, it wasn’t fully fleshed out. So I had fears about putting it out there.
Once I heard this quote, I was challenged to get it out there. So I did. I actually put it out there at like 60%. People loved it and they paid for it. After I got more customers, I went back in and made those necessary changes to get closer to that 100% vision that I had.
If I had not put it out there, I never would have made any money, I never would have moved forward with that idea. 😁
So what is that thing that you are working on that you haven’t shared publicly yet? 🤔
Whatever that is, chances are it’s ready. It is ready for you to put it out there to get some honest feedback. 💯
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Today I am going to share 6 ‘rich people’ habits that I’ve adopted in my life and how my life has changed. I have seen exponential growth in my life and my business by changing a few small but impactful habits.
Before I share these 6 habits I want to give you a little context as to where I was in my life and career. To give you an idea of why I needed to make some changes.
So, I have been a financial planner for over 16 years. When I hit 5-6 years in my career and had reached a 6 figure income things were good. But, I felt like something was missing. 🤔
I began a journey of researching and looking at highly successful entrepreneurs. 💰 In my research I noticed that these people had some common habits. Some habits that I was not following. I was a bit skeptical but I thought I would try some of these changes and see if they had an impact on my life and career.
Over time I did see an impact. My business and career saw an impact. That is where I was. Now let’s see what these six changes were that made such an impact.
➡️ 1. Go to bed early [3:11] - I changed my habit from going to bed at 12 or 1:00 am and started getting to bed earlier so that I could get up earlier. Then I started each day with intent and focus.
➡️ 2. Exercise 4-5 days per week [6:02] - Being consistent with my workouts gives me so much more focus and energy. My productivity is through the roof.
➡️ 3. Meditation and Prayer [8:33] - Spending dedicated time each day for meditation or prayer can help to reduce stress, anxiety, and has so many other health benefits.
➡️ 4. Review goals on a consistent basis [10:38] - I used to review my goals on an annual basis, and would lose focus by the first quarter. I now review my goals quarterly.
➡️ 5. Read more books [12:38] - 88% of all rich people read self-development books. I used to be ok at reading books regularly. Now I read 1-2 books every week. I also listen to books on audio when I am driving or working out.
➡️ 6. Valuing relationships [14:14] - I used to just network with business colleagues, now I participate in mastermind groups, coaching groups, and other small support groups. This gives you an outlet to share things that are going on in your life and your career.
Those are the 6 rich people habits that I have adopted into my life. I can’t even emphasize enough what an impact they have had on my life. 😀
I wanted to share some of the results and not just the habits themselves. I not only saw growth and development in my personal life, I have seen tremendous financial growth in my business.
Are you implementing any of these rich people habits? 🤔
I want to know which ones you do. If you haven’t, I want to know why. What is your excuse? 😀
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Do you know what I love?
I love when people tell me that they are TOO busy. They just have too much going on to care about their finances. There is just enough time in the day to get their finaces in order.
I don’t buy it.
We are all busy. We all have responsibilities and things we have to take care of.
One of those things is our financial life.
Only 39% of Americans have enough savings to cover a $1,000 emergency.
It doesn’t take a lot of time to get your finances back on track.
In fact today I am going to share with you four 15-minute fixes that you can do to get your finances in order today.
This probably doesn’t come as a shock that many of us struggle with credit card debt. But even worse, one of the things that is often overlooked is something that you can check in less than 15 minutes. This is item No. 1.
➡️ 1. Credit Report/Credit Score [1:36] - You are probably wondering why does that matter? 1 out of every 5 people have an error on their report.
➡️ 2. Start an Emergency Fund [4:07] - Life is going to happen. You are going to need some money tucked away in savings to be able to take care of things that may pop up. 💰
➡️ 3. Start a Roth IRA [6:26] - This is going to give you Tax Free money at retirement. 📈 But, you can still get to it before retirement if you need to.
➡️ 4. Simplify [11:12] - How can you simplify your finances? Unsubscribe from all the crazy emails that are constantly trying to sell you things. 📧 You also want to close all of your old accounts.
📍Sign up for a free account with Personal Capital here:
https://www.goodfinancialcents.com/resources/personalcapital-personal-capital-review.php
That is the list of four 15-minute financial fixes. I’m pretty sure you can knock all of those out in less than an hour. I probably even missed one.
What is your 15-minute financial fix? 🤔 What was one thing that you were able to implement in your financial life that took less than 15 minutes?
Let us know in the comments so we can all benefit!
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