Living a Life on Fire and Purpose with Joshua Kalinowski

Are you someone who just experienced a major life change? Maybe you lost your job, had a considerable business failure, or even a failed marriage. Whatever it was for you, know that there’s life after what you’ve just been through. Today we have Joshua Kalinowski, host of The JK Experience and a very successful businessman who lives a purposeful life. His story will bring clarity and some practical steps you can take to manage the transitions in your life. Listen to Josh’s journey so you too can find your vision, discover your greater purpose in life, become the best version of yourself, and create a legacy.

Josh’s process in transforming his life and how you can do the same

How to get out of your comfort zone, invest in yourself, and learn from others

How to build successful businesses and raise leaders so you can do what you do best

Joshua

Josh Kalinowski is a former professional baseball player turned real estate agent then CEO who now runs six successful businesses. He helps leaders live a life of extraordinary impact, influence, and faith. Through his podcast, The JK Experience, Josh shares what he learns about finding inner greatness to keep moving forward towards the finish line. To learn more from Josh, watch out for his book, Strike Three: What Do You Do When the Game’s Over But Life’s Not, coming out in 2021.

Round Table | What if I Can’t Pay My Premiums

Today’s conversation is: “What if I can’t pay my premiums?” We’re going to bring out all the scary things that one can think of and hear what the coaches have to say. Let’s look at some of the thought processes that trigger the question: - Scarcity mindset vs. being prudent - Options and flexibility - Fear of commitment It depends on what ultimately you are trying to achieve and how you view your premiums. Do you consider your premiums as an expense or an investment? Are you building your insurance policy for the death benefit or for creating growth? Once you get this clear, that’s when you can carve out a path and create passive income streams. When you depend solely on your active income, the worst possible situation is losing that income or having zero income while needing to pay premiums. If you focus on building your passive income sources, you will overcome the fear and see what options are available to you. -- Want to go even deeper into the conversation? Join our IBC Inner Circle Group membership and gain access to our live podcast recordings, interactive Hot Seat guests on the topics, and exclusive Q&A sessions with other members and our coaches. Join here: https://wwws.link/inner-circle-sign-up

Bonus Episode: Why Do We Celebrate Christmas

This is an extraordinary Christmas episode as Russ and Joey bring their kids once more to the show. The younger kids, aged 6 through 10, share some fascinating history around Christmas, why we celebrate it and what is special about it. Get ready to hear awe-inspiring thoughts, some of which you may already know, but still refreshing to reminisce. Hear about The Upside-down Kingdom, where God came to serve, not to be served. Understand that “Emmanuel, God with us” - means the ultimate bad thing will never happen to you because of God’s amazing gift - Jesus. And that Saint Nicholas helps people because he believes in Jesus. Sit back and listen to the bright kids as they walk us through the following: - The Story of Saint Nicholas/Santa Claus and the three girls who needed his help - Why do we have Christmas trees and the significance of the tree -The ultimate reason why we celebrate Jesus on Christmas Thank you for sharing this incredible experience with us. We hope that you will be able to share the true meaning of Christmas with your families.

Embracing The Profit First Concept with Susanne Mariga

Most people calculate profit the wrong way. We’re so used to this formula: Income - Expenses = Profit. What if we look at it the other way around? Join us as we talk about profit with Susanne Mariga, CPA, host of The Profit Talk Podcast, and co-author of the book Profit First For Minority Business Enterprises (2021). In today’s episode, Susanne will guide us through flipping the equation, avoiding the entrepreneur poverty situation, and taking the profit first concept. We will cover some tips on putting a rein on your expenses, understanding the target allocation percentages, defining what winning looks like for you, and knowing what changes to make so you can scale your business and get your life back.

Assessing your entrepreneurial journey

Drill down on your Profit and Loss Statement

Why you should embrace the Profit First Concept

Susanne

Susanne Mariga is a Certified Public Accountant (CPA), Certified Tax Coach (CTC), and Chartered Global Management Accountant (CGMA) with over two decades of experience helping clients achieve their financial goals through business and personal tax planning. Before founding her firm, Susanne worked at Arthur Andersen LLP and one of the Big 4 firms, KPMG. Combining her industry knowledge with her own experience of growing a small business has allowed Susanne to help her clients design unique, profit-first based business plans that ensure success and long-term financial stability. As a Certified Profit First Professional (PFP) at the Mastery Level, she is passionate about helping small business owners and entrepreneurs maximize their revenue and grow their business.

Round Table | How Long Do I Have to Pay My Premiums

We're back to talk through the intricate details of the Infinite Banking Concept. One question that usually comes up from people who have whole life insurance policies is: “How long do I have to pay my premiums?” Like most other questions we previously discussed, there isn’t a one-size-fits-all answer to how long you have to pay your premiums. Consider what’s more important to you: Return ON your money or return OF your money? Let’s reframe the question as follows: How long DO I HAVE to pay for my premiums? How long CAN I pay my premiums? How long SHOULD I pay my premiums? It all depends on how you view your premiums. If you treat it as an expense, then you’d want to stop paying it as soon as you can. But if you begin to look at premiums as a savings instrument where you’re putting it in a system that will work for you, giving you options and flexibility, then you will know the answer to that question. -- Want to go even deeper into the conversation? Join our IBC Inner Circle Group membership and gain access to our live podcast recordings, interactive Hot Seat guests on the topics, and exclusive Q&A sessions with other members and our coaches. Join here: https://wwws.link/inner-circle-sign-up

Rich Dad Poor Dad for Teens

You’re in for a treat as Joey and Russ bring in their daughters to share insights about Robert Kiyosaki’s book, Rich Dad Poor Dad for Teens. Today’s episode covers part 1 of the book, which is about The Language of Money. The girls, aged 15, 14, 13, and 12, kick off the discussion with their main thought about money. Words like “necessity, worry, not thinking about it, and work” come to mind. They dig deeper into details of how to overcome fear, the positive impact of journaling what you want, the power of positive affirmations, and exploring what options are available instead of just closing the doors.

Discovering the genius within you

Understanding your learning style

Believe that you can obtain wealth

This book teaches teens financial habits not usually taught in school and opens the door for parents to have financial conversations with their children. The next episodes will cover the rest of the book, touching on exploring possibilities, being excited, getting better, and becoming more confident.

Round Table | How Long Should I Pay my PUA?

It’s another round table discussion where we break down the topics within the Infinite Banking Concept (IBC). Today, we’ll talk about how long you should pay your paid-up additions (PUA) rider. Last time, we talked about what we can do with dividends, one of which is reinvesting it. In essence, you purchase paid-up additions (PUA) using the policy’s dividends instead of premiums. Paid-up additions rider enable more cash value in your insurance policy and faster growth from dividends. It’s like rocket fuel that helps make your money more efficient. An intriguing discussion is how long you should be paying your PUA. Why do you think that question comes up? Below are some considerations when people decide how much money they are willing to invest and how long they should pay: - People want to have cash right away. - People want to create a highly efficient contract as quickly as possible. - People want to create a tailwind of growth, making it as efficient as possible to propel their policy with sustainable growth and sustainable cash values for an extended time.

The Accumulation Model vs. The Cash Flow Model with Randy Lawrence

The accumulation method is a villain. It taught you to scrimp and save until you have a mountain of money, yet in the end, you still worry that it’s going to run out, creating a scarcity mindset. Is there a better way? Let’s hear from a former stockbroker - The Real Estate Preacher, Randy Lawrence. Today, he teaches us how to transition from accumulating wealth to getting more returns on real estate, finding a way to earn every month while growing your asset, and establishing a cash flow model. Learn the impact of having the financial disciplines like operating within a budget and starting a systematic approach to transforming your current economic model. “Discipline is what provides freedom.” ~ Randy Lawrence

How to be reasonably responsible with your income and expenses

Understanding what’s the right asset class for you

Beginning a systematic approach to transition at a time table that you’re comfortable with

Randy

Randy Lawrence is a veteran real estate investor having decades of experience with single and multi-family properties and a transformational community leader and church founder. Having started his career as a traditional wealth manager, Randy understands finance and investing strategies in the broadest sense. Ultimately Randy determined that real estate was the ideal investment vehicle for his portfolio. Over sixteen years ago, he began partnering with other investors, to their mutual benefit. Today, Randy oversees a real estate portfolio of close to $105M in multi-family assets and is on track to double these holdings in the next three years. - Resources: Prosperity Capital Partners: https://pcpre.net/ The Real Estate Preacher Podcast: https://therealestatepreacher.com/podcast/ - Connect with Randy: Facebook: https://web.facebook.com/TheRealEstatePreacher/ Linkedin: https://www.linkedin.com/in/randylawrence1/

Round Table | What Else Can I Do With My Dividends?

Today’s topic is about dividends: how they are created and how they can be used. In the book, Building Your Warehouse of Wealth by R. Nelson Nash, the whole life policy is compared to a tree that grows; it can never shrink. You can find evidence of growth in the rings within the tree. And as the tree grows, it bears fruit. Dividends are the fruit of the policy -- the surplus or the return on premium. Now, what can we do with the fruit of the tree or the dividends from your whole life policy? 4 Things We Can Do With Dividends: 1. Sell it 2. Allow it to accumulate interests 3. Use your dividends to reduce your premiums 4. Reinvest your dividends and buy paid-up additions You dictate what happens to your dividends. You should always think about having options, control, and flexibility of your money. Essentially, you should keep the dividends inside the policy so it’s not affected by taxes. -- Want to go even deeper into the conversation? Join our IBC Inner Circle Group membership and gain access to our live podcast recordings, interactive Hot Seat guests on the topics, and exclusive Q&A sessions with other members and our coaches.

Our Passive Income Report - October 2020

There’s an emotional component to money. Volatility is not just about returns but what it does to you personally. There’s always this question of “Is your money ever enough?” One of our favorite topics is sharing our monthly passive income report and what we’ve been doing. As we always talk about in Wealth Without Wall Street, none of it is about timing. It’s all about cash flow. Here are some lessons we’ve learned from engaging in different business ventures: It’s a good thing to leverage someone else’s expertise to tap into a system. Just like how we’ve tapped Mark Podolsky’s team to run Everland which is one aspect of our land business. It’s a learning process. There will be challenges. It’s not all roses. You have to learn the skill of marketing. You need to have an extroverted personality with a sales profile, resilience, and willingness to push through some challenges. Financial freedom is not linear. It’s always moving and changing, and you’ve got to be willing to pivot. You can’t just stay in one place. You have to make constant adjustments, step out of your comfort zone, and continue to grow. We hope you learned something today. That’s what our brand is all about - empowering you to take control, so that you can pick your own path to financial freedom. ~~~ October 2020 Passive Income Summary: Gross Income: $32,800 Total Expenses: $ 27,000 Net Profit: $ 5,344 (a little over 10% increase from the previous months) ~~~ Breakdown of Passive Income Sources: Land Business: TriStar - $723 Income | $31,000 Expenses | Down $2500 Everland - $4,250 Profit Short term Rental Property: $18,248 Income | $13,605 Expenses; $922 Profit per bedroom Mastermind format run by our operator STR Mastermind weekly live coaching how to create cash flow Ethereum Miners: $2.630 Income | $1,013 Profit Multi Family: Undergoing a merger, so no income to report for October Long term Condo Rental: $124 Profit - typical profit from condo rentals is from $125 to 200 Community - Inner Circle Membership for IBC: $40/person/month membership fee | $30,000 Expenses/year | $1,000 Profit E-commerce: $634 Income | $861 Loss Freedom Seekers Masterclass Live (Brand New Coaching Program): Starting at $847/month with 10 members; this will be turned into a course in the future so it becomes a source of passive income Affiliate Marketing: $500 Income

Generating Passion Income by Doing What You Love with Brian Ellwood

Is there a way to stop trading your time for money and spend time doing the things you love? If time is our most valuable asset, how do we track it? How much time do you spend working? How can you take back control of your time? Today, we learn more about this idea with Brian Ellwood, host of 12 Houses To Freedom, the podcast that shows you how to create passive income so you can pursue your passion. Brian shares that having passive income is excellent, but passion income is something different. Passion income is money generated by doing what you love. It combines what you're good at and what truly matters to you. In Brian’s case, his passive income comes from real estate investing, while his passion for coaching has been bringing in a considerable income for him.

How to have the clarity to picture a lifestyle you love and take steps to get there

Creating passive income streams to pursue something you’re interested in

Why you should track your time

Brian

Brian used to have a soul-crushing job, which he eventually quit. Inspired by the book Rich Dad Poor Dad, he got into real estate wholesaling, which he also had to stop. Brian now focuses on a few dozen rentals and uses his passive income to pay for his bills to control his time. Today, Brian coaches others on creating passive income streams to have control over their time, too. He only works part-time and spends the rest of his time with his wife, Carleigh, and his daughter, Everley, exploring Colorado, snowboarding, doing parkour, skateboarding, playing music and video games, and drinking beer with friends. Brian believes that "The purpose of real estate investing is not to become your career, but to FREE YOU UP so you can pursue your larger mission in life.” Resources: 12 Houses To Freedom Podcast: https://www.brianellwood.net/podcast

Round Table | Nelson Nash - The History of the IBC Concept

It’s Thanksgiving Week, and we’d like to thank the man who introduced a completely different concept in the insurance industry -- the Infinite Banking Concept or IBC. We’ve been discussing IBC in this podcast, but today we’ll share an interview last May 2018 with this great man, our IBC mentor, R. Nelson Nash. A former forester, airline pilot, and life insurance advisor, Nelson discovered IBC in the early 1980s. He struggled with high interest rates (23%) on loans from commercial banks. While ruminating over his financial predicament, Nelson realized he could fund whole life insurance policies to create his own set of “banks” or storehouses for his savings and allow him access to finance large purchases. Introspection is really important. In his words, “IBC is about how you think.” Our need for financing is greater than the need for protection. Thus was born the idea for Becoming Your Own Banker (BYOB). Before writing the book, Nelson spent years sharing his vision by doing live seminars. At first, no one showed up, so he redesigned how he delivered the message and eventually found receptive listeners. It’s still a long way to get more people educated on IBC. But once you understand the potential of a properly designed dividend-paying whole life insurance policy and dig deeper into the Infinite Banking Concept, you will appreciate the vision of Nelson Nash and his tremendous impact on the world of financial literacy. -- Want to go even deeper into the conversation? Join our IBC Inner Circle Group membership and gain access to our live podcast recordings, interactive Hot Seat guests on the topics, and exclusive Q&A sessions with other members and our coaches.

Round Table | Is Index Universal Life Insurance Good for IBC

Is IUL or Index Universal Life Insurance good for IBC? We’ll answer this in today’s round table. First, let’s try to understand the context of IUL and IBC. IUL is essentially a risk mitigation tool providing “upside potential with downside protection.” It is built on universal life insurance and meant to offset or compete with what’s happening in the market. IUL provides a constant rate of return and the cost of insurance premiums. Now, IBC is about Becoming Your Own Banker, a concept introduced by Nelson Nash. Its process revolves around accumulation and distribution, taking control of your finances, and buying assets to have cash flow. Now that we fully understand both concepts, let’s go back to our question, is IUL a good fit for IBC? Our goal is to get back our time and have flexibility. Let’s take a look at the 3 Essential Guarantees with Whole Life Insurance that are not in IUL: 1. A guaranteed premium 2. A guaranteed cash value 3. Guaranteed death benefits We can also refer to these as the “certainty inside guarantees.” Now you decide what you want to do with your money. -- Want to go even deeper into the conversation? Join our IBC Inner Circle Group membership and gain access to our live podcast recordings, interactive Hot Seat guests on the topics, and exclusive Q&A sessions with other members and our coaches.

The Value of Going to College | BYOB Book Review part 16

Why do people go to college? Is it a must? To continue our review of R. Nelson Nash’s book, Becoming Your Own Banker, let’s talk about the value of college education. People spend a considerable amount of money to go to college, business school, or medical school to learn a skill or get a certification. Taking the cost of a college education into account, is it worth it? Today’s students get sent to the business school to be trained, not to learn. Instead of spending money outright on college education, why not start saving? To illustrate: 1. Consider the standard cost of US$20,000 per year on a 4-year college education = US$80,000 (excluding board, lodging, other expenses) 2. If you put the same amount to an insurance policy, you will have a value of US$2,457,303, which will allow you to withdraw US$145,000 annually for 16 years while maintaining US$3,200,000 in death benefits. A person should not wait until he’s 70 years old before enjoying his retirement. Going to college is good, but why not consider internships or learning from experts as an alternative? Education is not limited to institutions. Your financial education is your responsibility. An insurance policy is a better place to save money.

What is the alternative if you don’t go to college

The value of getting a mentor

The value of understanding infinite banking

Round Table | How to Make a Policy 3 Years Old in 18 Months

What’s one thing you wish you can do again if you can go back in time? Have you ever wished you’d known something sooner? Why would someone want to go back in time? We’ll answer these questions in relation to infinite banking. We can achieve three years of growth in just 18 months by backdating the policy, a common practice in the insurance industry. Compressing time and accelerating growth is something that many people are beginning to consider now. For someone with a lot of cash available, this is a good strategy. To illustrate: 1. Your birthday is June 1st, and today is December 1st, we’ll write a policy dated June 1st (6 months ago); you’ll pay the first annual premium 2. June 1st the following year; you’ll pay the 2nd annual premium. By this time, you would have paid 24 months worth of premium in just 6 months (December to June) 3. By year 3, June 1st, you would have 3 years or 36 months worth of premium (in 18 months) -- Want to go even deeper into the conversation? Join our IBC Inner Circle Group membership and gain access to our live podcast recordings, interactive Hot Seat guests on the topics, and exclusive Q&A sessions with other members and our coaches.

The Profitable Niche of Land Flipping with Adam Southey and Justin Sliva

Most people dream of having financial freedom, but get stuck working endless hours in a job until they’re 60! Ready to take control of your life and create a business that is not a job? Tune in to this episode. Today's guests, veteran real estate investors Adam Southey and Justin Sliva, share how they discovered the wildly profitable niche of land flipping as a way to create wealth and live life under their own terms.

How to make money in real estate.

The strategy and business model used by Adam and Justin.

Discover the process to create financial freedom .

Adam and Justin

Adam Southey used to work as a train conductor. Justin Sliva spent years working as a full-time real estate agent. They joined forces to try out land investing. Today, they’re both living the life of their dreams. They share their experiences to teach others how to build massive cash flow and huge profits from this highly lucrative niche of land flipping through their podcast, Casual Fridays REI.

From Self Storage to Self-Sustaining with Scott Krone

In these times of market uncertainty and job layoffs, no wonder so many people are escaping the 9-5 and seeking financial freedom. Making that decision may be half the battle, but where do you go from there? Today’s guest is Scott Krone, the owner and founder of Coda Management Group. Coda is an international award-winning design and build firm that manages self-storage and other real estate assets, whose values range in the hundreds of millions. In this new episode, they discuss why you should look for problems to solve during a recession, how to keep your investors committed and happy in every deal, and the ways to leverage a variety of deals to create a life truly worth living.

How to identify problems with a high ROI.

The concrete steps to tackling an old problem in a new way.

The key to creating sustainable passive income streams.

Scott

Scott Krone’s background lies in architecture and contracting, working on multiple million dollar deals in his early years. In 2012, Scott founded SSSK Capital Fund, a firm that managed real estate assets in the excess of $30 million. In 2018, Scott combined SSSK Capital Fund with his other company, Coda Design + Build, to create the current Coda Management Group. Coda is now a staple in self-storage asset management.

Our Passive Income Report - September 2020

Welcome to the continuation of the Wealth Without Wall Street Podcast's Monthly Passive Income Report. This episode we go over our September 2020 passive income streams and show you how we had a 30% percent increase from last month. We discuss why some strategies didn’t work for us, but could still work for you. From taking on more expenses to dealing with neighbors who want us out, we go over every aspect of the business and give you exact numbers to put into perspective. Money is just a tool that we trade for time, but time waits for no man. Short-term rentals have increased our income greatly from month to month, however land-flipping took us backwards this month. These episodes also show us where we can improve and learn from the mistakes we made month to month. Overall, September was a good month for us and we are excited to continue expanding in some areas. We hope this episode inspires you to use your money wisely and allows you to learn from our mistakes.

Round Table | What A Properly Structured Policy Looks Like

What would you have done differently after knowing what you know now? We all have this habit of doing things on our own. We only consult an expert after we’ve messed up. Take the question of what’s the best way to design a policy. Clarity is the key. If you understand the problem, the solution will be clear. You have to identify what’s important to you and why, where you’re headed, and how you’re going to get there. Focus on long-term results and be ready to infuse capital. When we talk about owning your journey to financial freedom, it’s best to work with a trusted practitioner to coach and guide you. -- Want to go even deeper into the conversation? Join our IBC Inner Circle Group membership and gain access to our live podcast recordings, interactive Hot Seat guests on the topics, and exclusive Q&A sessions with other members and our coaches. Join here: https://wwws.link/inner-circle-sign-up

Round Table | What is a Term Conversion?

When we talk about life insurance, people usually think of a whole life policy—your policy is active until you pass away. This has its benefits, but many people would benefit more from a term life policy. Simply put, a term life policy is active for a designated set of years, which allows it to have lower premiums and the ability to convert into a whole life or infinite banking policy. Most whole life insurance policies are calculated based on the number of working years someone has left, which can both be wrong and unsettling to think about. In contrast, a term life policy is great for someone building a family, whose needs will change over time. Before you settle on one or the other, know what your specific needs are and discuss them with an insurance company you trust. -- Want to go even deeper into the conversation? Join our IBC Inner Circle Group membership and gain access to our live podcast recordings, interactive Hot Seat guests on the topics, and exclusive Q&A sessions with other members and our coaches.