Passive Wealth Strategies for Busy Professionals
How to Allocate Your Wealth with the Bucket Strategy, with Kyle Rudduck

How to Allocate Your Wealth with the Bucket Strategy, with Kyle Rudduck

September 17, 2020

Kyle Rudduck is a managing director at the Constellation Wealth Advisors and a fiduciary advisor with particular areas of expertise in constructing tax optimized investment strategies, asset protection, estate organization, and retirement planning.

In this episode, we will be talking about the portfolio optimization strategy. How high paid professionals should be thinking about the way they organize their wealth, and the "Bucket Strategy" of wealth distribution optimization and why you would want to allocate your wealth on the right buckets.

[00:01 – 03:37] Opening Segment

  • I talk briefly about the great value that awaits you in this episode
  • I introduce and welcome guest, Kyle Rudduck
  • Kyle gives a bit of background about himself
    • Started his career in the business evaluation field
    • Transitioned to wealth management and financial planning field

[03:38 – 13:45] How to Allocate Your Wealth with the Bucket Strategy

  • Kyle talks about what money could do for people and how to go about organizing your portfolio.
  • The 3 primary things that money could do for people
    • Provides security
    • Provides for life experiences
    • Allows us to build and perpetuate a legacy
  • Structuring a framework around needs, wants, and aspirations
    • The "needs" bucket – capital that's going to be needed in the next 1 to 2 years
    • The "wants" bucket – for most clients, this is the retirement bucket
    • The "aspirations" bucket – designed for building a legacy

[13:46 – 22:37] What is a Fiduciary?

  • Kyle explains what a is fiduciary and why it's advantageous
  • Kyle talks about his book, Perfect Approach
    • A 9 hole course for financial success beyond the 9 to 5

[22:38 – 28:13] Closing Segment

  • Quick word from our sponsors
  • What is the best investment you've ever made other than your education?
    • "I think the best investment I ever made would also be the worst investment I ever made."
    • Investing in stocks of a Chinese company to buy an engagement ring
  • What is the most important lesson that you've learned in business and investing?
    • "I think it's the importance of having a process."
  • Connect with Kyle online. See the links below.

Tweetable Quotes:

"You never want to put yourself in a position of having to make the decision of do I sell my investment at a loss right now to fund this event? Or do I defer my event? You know you want to make sure that you're never put in that position." – Kyle Rudduck

"Golf is a very mental sport. You know, no two days are the same, and it requires a lot of mental toughness, and I think the same thing can be said about investing. There's so many things that happen when you're investing that are just out of your control. So how are we going to respond?" – Kyle Rudduck

 

You can connect with Kyle on LinkedIn. Visit their website https://constellation-wealth.com/ for more information.

 

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Retiring Early: The Mindset and Process for High Paid Pros with Doc G

Retiring Early: The Mindset and Process for High Paid Pros with Doc G

September 15, 2020

Doc G was an internal medicine physician when he discovered the personal finance community through a book called The White Coat Investor. Since then, he has left clinical practice to pursue his passion for deep conversations about money and life.

In today's episode, we discuss the process and psychology required to become financially independent and retire early high-paid professionals. The steps Doc G took to put himself in a financial position where he could retire when he wanted.

[00:01 – 09:28] Opening Segment

  • I talk briefly about the great value that awaits you in this episode
  • I introduce and welcome guest, Doc G
  • Doc G gives a bit of background about himself
    • Followed in his father's footsteps and became a physician
  • Doc G shares the paradigm-shifting book that he read that help him decide it's time for him to move away from being a physician

[09:29 – 16:40] The Mindset and Process

  • Doc G talks about the process of slowly stepping back from his physician career
    • Struggled with walking away from the identity he built
    • Started pulling back from the things he didn't like as a physician
    • Became intentional about how he generated income and where his money came from
  • Throughout his career, he kept getting involved in businesses to fill out the things that being a physician could not fulfill.
  • Quick Ad Break [16:41 – 16:42]

[16:43 – 24:24] The Landlord DNA

  • Doc G talks about his real estate investments
    • Shares a story about the first property he owned
    • His criteria in finding deals
    • The role that real estate played in his journey
  • Doc shares his secret to financial independence

[24:25 – 31:46] Closing Segment

  • Quick word from our sponsors
  • What is the best investment you've ever made other than your education?
    • "The more satisfying answer is the house we bought in Wisconsin."
    • "The cheesy answer is my marriage."
  • What is the worst investment you ever made?
    • "My brother decided to work for an insurance company for a while, and he sold me a horrible whole life policy."
  • What is the most important lesson that you've learned in business and investing?
    • "So, what I really learned is that you can't pay other people to think for you. You pay them to advise you."
  • Connect with Doc G online. See the links below.

 

Tweetable Quotes:

"I've done all the hard work of building what I needed, but I had no idea how to then take all that power, all that fuel, all that energy I had created and allow it to propel me to that next level of life where maybe I could start letting go of the things I didn't like." – Doc G

"Ultimately, what I really want is time, and if I want to have as much time as possible, I'd stop doing the things I don't like and do more of the things I do like, and some of those do take money." – Doc G

"When you decide that you have enough, the most important pivot is to go from returns to risk mitigation. Because you really don't need high returns anymore when you have enough. You need enough returns to maintain." – Doc G

 

You can connect with Doc G on http://earnandinvest.com/ and listen to his podcast Earn & Invest. Join the Earn & Invest Facebook Group. Follow Earn & Invest on Twitter and Instagram.

 

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Raising a Financially-Savvy Family with Doug Nordman and Carol Pittner

Raising a Financially-Savvy Family with Doug Nordman and Carol Pittner

September 10, 2020

Today we are talking about teaching your children financial independence, teaching them how to manage their money, and teaching them about what money means. 

Our guests today are Doug Nordman and Carol Pittner. A father-daughter team who wrote a book on this topic. Doug Nordman served for 20 years of active duty in the U.S. Navy's submarine force and retired in 2002 at the age of 41. He and his spouse, a retired Navy Reservist, reached financial independence in 1999 on a high savings rate. Carol Pittner joined the Navy on an ROTC scholarship. She and her active-duty spouse are rapidly approaching financial independence on a high savings rate, and they've just started their own family!

[00:01 – 04:52] Opening Segment

  • I talk briefly about great values that await you in this episode
  • Let's welcome our guests, Doug Nordman and Carol Pittner
  • Doug and Carol talk about their background

[04:53 – 16:22] Raising a Financially-Savvy Family

  • Start teaching your kids how to manage money. The earlier you introduce the concept, the better the results.
  • Teach them about taxes when the moment that they need to know about it emerges.

[16:23 – 28:53] Raising the Younger Generation

  • Carol talks about the things she would do differently in raising a child compared to her generation
  • The younger generation is getting better at writing books about money
  • Giving your kids the responsibility of being grown-ups is one way to motivate them to learn about money
  • Carol reflects on all the lessons she picked up since she was younger

[28:54 – 37:26] Educational System

  • Set expectations to your kids that they will be paying for their college (if not all, some of it) to raise awareness and learn how they will manage that.

    • Doug and Carol share some tips and strategies to teach your children

[37:27 – 52:52] Closing Segment

  • Quick word from our sponsors
  • What is the best investment you've ever made other than in your education?
    • Doug: "Marrying my spouse."
    • Carol: "Having that good investment in my spouse and having that good investment in our marriage."
  • What is the worst investment you ever made?

    • Carol: "Trying to figure out what kind of insurance I need."
    • Doug: "My worst investment is that I'm an angel investor."
  • What is the most important lesson that you've learned in business and investing?

    • Doug: "Business is all about cash flow." The most important lesson to financial independence is a high savings rate
    • Carol: "Just get started." Stop sitting there and thinking about the what-ifs and to actually go and make the what-ifs.
  • Connect with Doug and Carol. See the links below.

 

Tweetable Quotes:

"The earlier you start talking about this [managing money]. The more prime do they are to catch on and start doing something with it." – Doug Nordman

"The best way to make money is to have a long-time horizon." – Carol Pittner

"It's a two-way street when you're talking about money with your kids. It's not only what the parents want to teach the kids, but it's also about the reception of the kids themselves." – Carol Pittner

 

Resources Mentioned:

 

You can connect with Doug on his website https://the-military-guide.com/. Grab a copy of their book on Amazon.

You can connect with Carol on Facebook. Visit her website https://childfire.com/

 

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Teaching People to Think About Money Differently with Jesse Mecham

Teaching People to Think About Money Differently with Jesse Mecham

September 8, 2020

Jesse Mecham is the founder and CEO of You Need a Budget, a financial education+software company. He also wrote the WSJ Bestselling book by the same name.

In today's episode, we dive into his business and the reason behind it. Understanding the importance of your budget, why you need it, and what a budget really means. It doesn't matter whether you are a high-income professional or somebody from the lower end of the income spectrum. We all need a budget.

[00:01 – 03:49] Opening Segment

  • I talk briefly about the great values that await you in this episode
  • I introduce and welcome guest, Jesse Mecham
  • Jesse gives a bit of background about himself and his company
    • Started You Need a Budget while he was still in college

[03:50 – 13:49] Teaching People to Think About Money Differently

  • Jesse explains what he means by "teaching people to think about money differently."
  • Give every dollar a job – this is where a "tradeoff" comes in
  • Embrace your true expenses
  • Here's advice from Jesse that will help you in your financial decisions
  • Make sure that your spending lines up with what you love
  • Be comfortable with saying, "that's not within my budget."

[13:50 – 19:33] You Need A Budget

  • Jesse talks about his business; You Need A Budget
    • Join their online workshops
    • Grab a free 34-day trial of their App
  • What makes YNAB different from the other similar apps.
  • Quick Ad break
  • Think bigger, more structural, and scarier

[19:34 – 28:00] The Scarcity Mindset

  • Jesse weighs in on the scarcity mindset
    • Managing your finances correctly
    • Don't be afraid of making a decision based solely on how much is in your bank account
    • Squeeze out your priorities
  • Jesse talks about his real estate investments

[28:01 – 36:24] Closing Segment

  • Quick word from our sponsors
  • What is the best investment you've ever made?
    • "The best investment I've ever made is in my relationship with my wife."
  • What is the worst investment you ever made?
    • "I hired the wrong guy to build our project."
  • What is the most important lesson that you've learned in business and investing?
    • "Risks are not as big as we sometimes make them appear."
    • "I think a really good pace for growth is the pace with which profits come in."
  • Final words from Jesse and me

 

Tweetable Quotes:

"It's not about spending less; it's about spending guiltlessly." – Jesse Mecham

"The scarcity mindset is not about saying you can't do this. It's saying, here are the things you want to do, what is most important for your business? And flushing out the strategy that that money should be following." – Jesse Mecham

 

You can connect with Jesse on their website, https://www.youneedabudget.com/.

LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes.

Preparing for Retirement and Staying Fulfilled with Fritz Gilbert

Preparing for Retirement and Staying Fulfilled with Fritz Gilbert

September 3, 2020

Fritz Gilbert retired in June 2018 after more than three decades in Corporate America, where he progressed through various levels in a multinational corporation serving the global aluminum industry. His award-winning blog, The Retirement Manifesto, is focused on “Helping People Achieve a Great Retirement.”

In this episode, we are talking about retirement but not just about the numbers and financial aspects. We are talking about how to stay fulfilled in retirement, how to retire, how to get ready to retire, how to know you’re ready to retire, or maybe you shouldn’t retire at all—and being mentally prepared with your lifestyle to retire.

[00:01 – 04:36] Opening Segment

  • I talk briefly about great value that awaits you in this episode
  • Let’s welcome our guest, Fritz Gilbert
  • Quick plug to Fritz’s book, Keys to a Successful Retirement
  • Fritz gives a bit of background about himself
    • Fritz shares about his book

[04:37 – 08:53] Staying Fulfilled in Retirement

  • Fritz shares about obsessing over what retirement would be like
  • Frits gives powerful advice on how you can stay fulfilled in your retirement
    • Retirement is going to be different for everyone
    • It’s not something that you know what it feels like until you experience it
    • Experiment on things that you are interested in

[08:54 – 16:45] Preparing for Retirement

  • Fritz talks about how you can know you are ready to retire

    • If you haven’t taken the time to think about the non-financial aspect of retirement, you are not yet ready to retire
    • It’s an instinctual thing. You’ll know when you are ready to retire
  • Fritz gives us a glimpse of his preparation for his retirement

    • Simulating what retirement would look like over and over again
  • Quick Ad Break

[16:48 – 21:17] Digging Yourself Out of the Hole

  • Fritz talks about people retiring at an old age with very little savings

    • It’s never too late to start
  • Fritz talks about the FIRE movement (Financial Independence, Retire Early)
  • Find a way to increase your income without increasing your expenses

[21:18 – 28:56] Side Hustling

  • What keeps you motivated, and what does it feel like having a “side hustle” in your retirement?

    • Get to the point where you don’t need a side hustle before pulling the plug
    • Find a side hustle that brings you value beyond the monetary aspect
  • I share a story about my grandfather

    • Retired in his 60’s and continued living and working at his farm
  • Fritz talks about his 10-day retirement trial

[28:57 – 37:01] Closing Segment

  • Quick word from our sponsors
  • What is the best investment you’ve ever made other than your education?
    • Becoming a passionate personal finance “hobbyist.”
  • What is the worst investment you ever made?

    • Fritz shares a story of why you shouldn’t invest in individual stocks.
  • What is the most important lesson that you’ve learned in business and investing?

    • “Enjoy the moment while being responsible for the future.”
    • “Be intentional in striving to have balance in your life.”
  • Final words from Fritz and me

 

Tweetable Quotes:

“Don’t spend your whole time thinking about tomorrow. Enjoy your today but be responsible in saving for your tomorrow.” – Fritz Gilbert

“Retirement is kind of one of those big milestone changes in your life that you can’t anticipate what it’s gonna be like until you actually go through it. And I would say finding fulfillment in retirement is kind of the same thing.” – Fritz Gilbert

“Don’t get so obsessed with work. Don’t get so obsessed with saving money. Don’t get so obsessed on anything. Really seek balance, life’s a lot better that way.” – Fritz Gilbert

 

You can connect with Fritz on Facebook, Twitter, and Instagram. Visit his website https://www.theretirementmanifesto.com/

 

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How Normal People Can Reach Financial Independence with Chris Mamula

How Normal People Can Reach Financial Independence with Chris Mamula

September 1, 2020

Chris Mamula used traditional retirement planning principles, combined with creative lifestyle design, to retire from a career as a physical therapist at age 41. He is also the primary author of the book Choose FI: Your Blueprint to Financial Independence.

Today we are talking about his story of attaining financial independence. We also get into the lessons he taught in his book and things you can do to prepare for early retirement.

[00:01 – 03:52] Opening Segment

  • I talk briefly about great value that awaits you in this episode
  • Let’s welcome our guest, Chris Mamula
  • Chris talks about his background and how his journey began

[03:53 – 14:41] How Normal People Can Reach Financial Independence

  • Chris walks us through the strategies he used to be able to retire early
    • Spend Less. Earn more. Invest better
  • Chris weighs in on people’s mindset about spending less money
  • Chris talks about the drawbacks of pushing to be debt-free as soon as possible
  • Chris talks about how he was able to increase his income
    • Gives powerful advice about focusing on things where you can get a return on investment
  • Chris shares what “Invest Better” means for him
  • Quick Ad Break

[14:44 – 19:19] Avoiding Exiting Too Early

  • Chris shares some tips to overcome your fear and not push the “sell button” too early on your investments
  • Chris talks about diversifying their portfolio

[19:20 – 31:55] Early Retirement

  • How do you know you are ready to retire?
  • Chris gives his opinion about whether people can really handle early retirement
  • Chris talks about his first time finding out about the FIRE movement (Financial Independence, Retire Early)
  • Chris shares some of the things he learned from FIRE blogs
  • Chris talks about the story behind their book

[31:56 – 38:18] Closing Segment

  • Quick word from our sponsors
  • What is the best investment you’ve ever made other than your education?
    • Going out more and spend time with my family
  • What is the worst investment you ever made?
    • Investing in a variable annuity
  • What is the most important lesson that you’ve learned in business and investing?
    • Ask more questions
  • Final words from Chris and me

 Tweetable Quotes:

“I think a lot of people are so focused on income and focused on how they are gonna go and get a college degree and they don’t look at what they’re spending on it. So, I would really focus a lot on acquiring skills but doing it in a way that makes sense. That you’re gonna get a return on your investment.” – Chris Mamula

“Ask more questions and continue to ask until you find the answer that makes sense.” – Chris Mamula

 

You can connect with Chris on https://www.caniretireyet.com/. Grab a copy of his book Choose FI: Your Blueprint to Financial Independence on Amazon.

 

LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes.

From Single-Family to Passive Syndications with Arn Cenedella

From Single-Family to Passive Syndications with Arn Cenedella

August 27, 2020

I had the pleasure of speaking with the real estate investor, Arn Cenedella. Arn has an extensive real estate background focused on single-family properties. He has been involved in the real estate world for 40 years. Arn has recently transitioned from single-family properties to passive syndicated investments and is now enjoying a more relaxing investor’s life.

Let’s dive into Arn’s story of how you can succeed in real estate by doing it at your own pace and doing things step by step.

[00:01 – 07:01] Opening Segment

  • I talk briefly about great values that await you in this episode
  • Let’s welcome our guest, Arn Cenedella
  • Arn talks about his background and how his journey began
  • Manages his properties himself combined with hiring property managers
  • Remote and local rental properties

[07:02 – 18:03] Transitioning from Single-Family to Passive Syndications

  • Arn shares what it looks like to be in his shoes managing his real estate portfolio
    • Gives some tips for managing your remote and local properties
  • Arn talks about his switch from single-family to passive syndications
    • What triggered the transition
    • Why you should do the switch
  • Quick Ad Break
  • Arn talks about his approach to investing

[18:04 – 28:03] Passive Syndication Investments

  • Arn talks about his passive investments
  • What do you look for in the syndications you are looking at?
    • Arn shares his criteria when looking for investments and how he evaluates them
  • It’s a business, but we also have a duty to the tenants

[28:04 – 38:42] Closing Segment

  • A quick word from our sponsors
  • What is the best investment you’ve ever made other than your education?
    • “I had a wholesaler send me a fix and flip property.”
  • What is the worst investment you ever made?
    • An old rundown duplex in Greenville in an area near downtown
  • What is the most important lesson that you’ve learned in business and investing?
    • “There is karma, and so I try to conduct myself with enlightened self-interest. Meaning I try to do the best I can for myself and my family, but I don’t take advantage of people, and I don’t treat people unfairly.”
    • “Go for the line drive base hit. Do things in sequence. Build a foundation and step up. Don’t skip the steps. Like anything else in life, it’s kind of a slow process, and you got to go step by step.”
  • Final words from Arn and me

 

Tweetable Quotes: 

“I’m 65. I’m financially secure. So, I don’t need to hit a home run.” – Arn Cenedella

“My investing approach was to just hit line drive base hit after base hit after base hit. And if you do that for 15-20 years, you’re going to be in pretty good shape, but there’s a lot to like about multifamily.” – Arn Cenedella

“For me, I would say, strong number 1 is I have to have an innate sense of trust with the sponsor. I like to hear him talk. I like to get in meetings with them. Review some of their past projects. For me, it’s kind of a gut instinctual feeling that I just try to rely on by getting to know the people.” – Arn Cenedella

“Yes, it’s a business, and we want to make a return, but we also have some kind of larger duty. And in fact, doing the right thing is most often good business anyway.” – Arn Cenedella

 

 

You can connect with Arn on LinkedIn. Send him an email at arn.cenedella@gmail.com. Give him a call, 650 575 6114. Visit their website http://www.investwithspark.com/

LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes.

Passive Income Through Private Lending Strategies with Enrique Jevons

Passive Income Through Private Lending Strategies with Enrique Jevons

August 25, 2020

I had the pleasure of speaking with entrepreneur, real estate investor, and owner of Jevons Properties, Enrique Jevons. Jevons Properties buy, sell, and manage a range of large and small apartment complexes, single-family homes, duplexes and provide high-quality housing solutions for tenants and drive higher profit margins for owners.

Let's dive into Enrique's story on how you can passively earn money through private lending strategies.

[00:01 – 04:41] Opening Segment

  • I talk briefly about the value that awaits you in this episode
  • Let's welcome our guest, Enrique Jevons
  • Enrique gives a little bit of background about himself
    • Went to the hotel industry after getting his degree
    • Created business plans in 2006 and start going on his own

[04:42 – 11:52] Generating Wealth 

  • Enrique talks about how he discovered his wealth-generating strategies

    • Looking for various sources of income and wasn’t just dependent on his rental properties
    • Found out about self-directed IRA
    • Learned and leveraged the whole life insurance policies
    • Started his own handyman business

[11:53 – 20:21] Private Lending Strategies

  • Enrique talks about his private lending strategies
    • You can't touch the money on your self-directed IRA yourself, but you can in life insurance
    • Giving out loans to the people you know. The income is tax-advantaged
  • Enrique talks about how he takes advantage of his life insurance plan
    • Whole life insurance is an excellent way to earn tax-free money
  • Quick sponsor break
  • Enrique talks about how he operates his private lending
    • Always do a background check
    • Shares a story of a hiccup with a client

[20:22 – 29:49] Self-directed IRA vs. Whole Life Insurance

  • For your life insurance loans, are you more willing to get actively involved with the borrowers?
    • Enrique gives a comparison between a self-directed IRA and a whole life insurance plan
  • Enrique advises how you can mitigate the risks of lending the money using your self-directed IRA and life insurance loans
    • How to find the people you can lend money to
      • Start at meetups
  • The three important things you need to be successful in real estate
    • Time. Expertise. Money.
  • A quick word from our sponsors

[29:50 – 36:53] Closing Segment

  • What is the best investment you've ever made other than your education?
    • "The very first apartment building, 13-unit apartment building that I bought."
  • What is the worst investment you ever made?
    • "This most recent equity investment with a flipper."
  • What is the most important lesson that you've learned in business and investing?
    • "Diversify in every aspect of all your investments."
  • Final words from Enrique and me

 

Tweetable Quotes:

"What I realize is, ah damn, I'm on the top of the wrong mountain. I don't want to be here. I want to be the owner. I want to be the guy on the golf course who has this passive wealth who just makes the investments, and everybody else is doing all the work." – Enrique Jevons

"If you walk away, don't come back until they're 100% done. Chances are, it's not gonna be done exactly the way you wanted it. You still have to be checking up on it." – Enrique Jevons

"I think with real estate, there's three important things that you need to be very successful. You need time, expertise, and money, but it's okay if you're lacking in one of those three things." – Enrique Jevons

 

 

You can connect with Enrique on BiggerPockets and Facebook. Send him an email at enrique@jevonsproperties.com. Visit his website https://www.jevonsproperties.com/ to learn more.

 

LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes.

Early Retirement Now with Karsten Jeske

Early Retirement Now with Karsten Jeske

August 20, 2020

I had the pleasure of speaking with the real estate investor and founder of EarlyRetirementNow.com, Karsten Jeske. Karsten had a long career in Finance and Economics, and after accumulating assets through investing in index funds and private equity real estate, he is now enjoying his early retirement with his family since 2018.

 

Let's dive into Karsten's story of how you can accumulate your assets by investing in index funds and private equity real estate.

[00:01 – 04:15] Opening Segment

  • I talk briefly about great values that await you in this episode
  • Let's welcome guest, Karsten Jeske
  • Karsten gives a little bit of background about himself
    • Originally from Germany and moved to the USA as an exchange student
    • Retired since 2018 and lets his passive investments work for him

[04:16 – 07:10] The Process of Accumulating his Assets

  • Karsten talks about how he accumulated his assets

    • Invested in passive index funds
    • Started investing in other assets in 2014
      • 11-12% of his net worth invested in real estate
      • 35% in option trading
      • The rest in index funds

[07:11 – 15:15] Investing in Real Estate

  • Karsten talks about how he got into real estate investing

    • Diversifying his portfolio
    • Passive income for a busy professional
    • Tax incentives

[15:16 – 28:28] Finding and Evaluating Private Equity Funds

  • What did you look for when you started investing in private equity funds?

    • I am not an expert
    • I new people in investor relations of one of these funds.
  • Karsten talks about why he chose private equity funds over writs.

    • "You can pick up a lot of tax advantages through going the private equity route rather than the writ."
  • Karsten shares tips on how you can get started investing in real estate private equity funds
  • A quick word from our sponsors

[28:29 – 36:13] Closing Segment

  • What is the best investment you've ever made other than your education?

    • "Might have been that I bought a condo in San Francisco."
    • "Invested in an SMP 500 index fund."
  • What is the worst investment you ever made?

    • "A corporate bond in South Korea."
  • What is the most important lesson that you've learned in business and investing?

    • "If the market is down, just keep investing."
    • "Do regular small amount [investments], and you do that for a long time."
  • Final words from Karsten and me

 

 

Tweetable Quotes:

"It pays to be different." – Karsten Jeske

"If the market is down, just keep investing, right. Think of this as stocks are on sale and keep doing the dollar-cost averaging, and you can do it with small amounts." - Karsten Jeske

"Use the dollar-cost averaging, and that gave me a lot of mileage in my path to early retirement." – Karsten Jeske

 

You can connect with Karsten on LinkedIn, Twitter, and Facebook. Send him an email at jeske100@gmail.com. Read his blog at https://earlyretirementnow.com/

 

LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes.

Good Success: Your Road To Financial Freedom with Tom Olson

Good Success: Your Road To Financial Freedom with Tom Olson

August 18, 2020

Tom Olson is the owner of the Olson Group Network and the founder and president of Good Success. Good Success works around their four core values: charity, stewardship, community, and growth. Tom is also a real estate investor and dreams of making the world a better place for everyone.

 

Let’s dive into Tom’s story of how you can succeed in real estate and get the financial freedom that you desire.

[00:01 – 04:09] Opening Segment

  • I talk briefly about great values that await you in this episode
  • Let’s welcome our guest, Tom Olson
  • Tom talks about his portfolio and the businesses he runs
    • Runs his businesses as a visionary

[04:10 – 15:08] Is Wholesale a Passive Wealth Strategy?

  • Tom explains why wholesaling is not a passive wealth strategy

    • Wholesale is as active as a contractor
  • Tom shares his two biggest dreams that he wants to make into reality

    • Flip the City of Gary, Indiana
    • Give away a billion dollars
  • Tom weighs in on how you should invest in real estate based on your personality and skills
  • Tom’s perspective on real estate education
    • “I learned the most when I was working for somebody else.”
  • Here are some tips from Tom on how you can expand your network and be able to add value
  • Build Your Network to Success
    • It is all about your network. Tom shares some networking strategies that you don’t want to miss!

[15:09 – 28:54] Good Success

  • Tom talks about his definition of “Good Success.”
  • If you help people get what they want, eventually you’ll get what you want
    • We talk about Tom’s book; The 30-Day Good Success JourneyWhat is your purpose? Why do you live? Why do you think God placed you on this earth?
    • Questions you should be asking yourself
  • Everyone should have a financial freedom date and goal
  • Why do you say reaching financial freedom is easy?

[28:55 – 35:02] Dreaming of A Better Place for Everyone

  • Tom digs deeper into the biggest dreams he mentioned
  • Tom talks about the story behind his goal of “flipping the city of Gary, Indiana”
    • Making the city a place people wanted to move to, not move from
  • Tom shares the story behind his “giving away a billion dollars” goal
  • A quick word from our sponsors

[35:03 – 44:55] Closing Segment

  • What is the best investment you’ve ever made other than your education?

    • “Sometimes the best deals you ever do are the deals you don’t do.”
  • What is the worst investment you ever made?

    • Flipped a house, lost 70 thousand dollars, and some relationships ruined.
  • What is the most important lesson that you’ve learned in business and investing?

    • “I think that your business needs to be done on a purpose, for a purpose.”
  • Final words from Tom and me

 

Tweetable Quotes:

“The education that you get from making somebody else money and the fact that you learn how to be a good steward of somebody else’s business or somebody else’s process or customers; That’s the real value.” – Tom Olson

“There’s many different ways to make money. Just figure out how you can make the most yourself, but also before you do that, figure out what and who is your customer? Who you wanna serve? And why do you think that you were placed on this earth?” – Tom Olson

“My definition of ‘good success’ is the right person doing the right thing for the right reason with the right people for the right amount of time.” – Tom Olson

 

Resources Mentioned:

 

You can connect with Tom on LinkedIn or visit their website https://goodsuccess.com/ and https://www.buyolsongroup.com/. Follow Good Success on LinkedIn, Twitter, and Instagram. Listen to their podcast, Good Success Podcast.

 

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