Cost of Acquisition and Can I Get a Higher Rate of Return? | BYOB Book Review 14

The Cost of Acquisition can dictate a lot of our decisions in business. The liquidity of having cash on hand can often make or break an opportunity for us. So how do you find the optimal vehicle for wealth that creates returns that offset the cost of acquisition? Joey and Russ talk about the importance of control in investing. They explain that most people’s money doesn’t reside in a place that they can easily access. As a result, they end up making decisions because they HAVE to not because they WANT to. The guys then explain why retraining our mindset to investing in life insurance policies allows us to see the freedom that we can attain that would be impossible with a traditional 401k or IRA fund. This episode helps highlight why we have to look at liquidity in our investments and that the cost of acquisition is often more about the limitations of our money than the amount.

What the three buckets of the cost of acquisition are and how to properly recognize it in investing decisions

How you can recognize both the seen and unseen costs of business and retraining your mindset beyond the initial seen costs of an action.

Why Infinite Banking Concept is an AND asset that gives you access to both returns from the insurance company AND the freedom to invest in areas that yield a higher rate of return.

How I Achieved 7 Figures Through Flipping Homes With Bill Allen

We’ve said many times on this show that our environment dictates what level we will rise to or stay at, especially when it comes to investing in yourself. So how can you go from being part of a mastermind to OWNING a mastermind? By expanding your horizons and surrounding yourself with people who are experts in their field. That’s exactly what our guest on today’s show, Bill Allen, did when he joined and subsequently became the owner for 7 Figure Flipping. Bill talks about how he got into real estate investing during his tenure as a Navy pilot and applied strategies he had learned from the military to real estate. He also discusses how he went from flipping 1 to 2 houses annually to quitting his job to work full time with 7 Figure Flipping and his company, Blackjack Real Estate. Bill also explains how, rather than focusing on profits as the end goal, he uses his financial resources to give back to others, create resources for them to expand their horizons, and allow them to grow their real estate investments far beyond 1 deal a year. Bill offers incredible insight into real estate investing, so if you’ve been on the fence about diving into it, this is the perfect episode to expand your horizons.

Why the first step of building an effective system requires looking inward, discovering what you want and self-expansion.

How to market and define your personality for a role so that you can attract the right people.

How investing in others can create a community that greatly increases revenue for everyone.

Bill Allen

Bill Allen is a real estate investor based out of Nashville, TN. He and his team currently flip and wholesale 200+ deals per year in Tennessee and northern Florida. Just a few years ago, he was stuck flipping 1 or 2 houses per year and doing all the work himself, but since then, he’s built a systematized business that runs without him and has begun showing other investors how to do the same. Bill is the CEO and owner of 7 Figure Flipping, where he helps lead the top house flipping and wholesaling mentoring groups in the nation.

How to buy owner financed houses with 0% interest! W/ Chris Prefontaine

Real Estate, as we have talked about many times on the show, is one of the pillars to creating passive income at your own pace. However, there are still external factors that can either generate risk or diminish your ability to maximize your income. So is there a niche in the market that can allow you to do something like purchase owner-financed houses with ZERO percent interest? Our guest on today’s show, telling you how you can do real estate on your own terms without being at the mercy of the ever-changing market, is the founder and CEO of Smart Real Estate Coach, Chris Prefontaine. Chris explains that doing real estate on your own terms involves buying and selling real estate that is either lease purchased or owner financing. He then goes on to show how these two types of properties can generate massive returns with a part time investment and mitigate a great deal of risk when purchasing these properties. This is an incredible episode from one of the best in the business and if you’ve ever wanted to learn a great, part-time method to investing in real estate, you need to listen to this episode!

Why the niche of purchasing on terms can provide greater returns than other areas of real estate investing.

Which of the two types of properties beginners should invest in and which generate more income.

How to structure win-win deals for yourself and every homeowner you talk to.

Chris Prefontaine

Chris Prefontaine is the Founder and CEO of SmartRealEstateCoach.com and has been in real estate for almost 30 years. His experience ranges from constructing new homes in the ’90s and owning a Realty Executive Franchise to running his own investments (commercial & residential) and coaching clients throughout North America. Today, Chris runs his own buying and selling businesses with his family team, which purchases 2-5 properties monthly, so they’re in the trenches every single week. Having been through several real estate cycles, Chris understands the challenges of this business and helps students navigate the constantly changing real estate waters.

The best tools to teach your children what they're not learning in school W/ Connor Boyack

A lot of schools today leave out economic and civic lessons that are vital to a child’s understanding of the world. Parents know that children need to be taught these ideals as they grow up, but the questions remain: How do I describe economics to a 7-year-old? Should my children and preteens care about the government? What resources are available to me so I can provide these topics to my children in an interesting and easy to understand way? Our guest on today’s episode is Connor Boyack, author of the best selling series The Tuttle Twins. Each book focuses on a different aspect of the principles of a free society: free markets, competition, individual rights, all condensed into core concepts that children can easily understand. Connor explains that a lot of parents and even those thinking about starting families want to provide this type of education to their children, but feel they either lack the time or knowledge to ensure these messages resonate with their kids. Through his stories, activity books, and even workshops, Connor shows that not only can parents teach their kids about these seemingly complex ideas, but actually create a foundation for their family and learn together.

Why it is so important for parents to invest in their child’s understanding of principles like economics, the free market, and individual rights.

How any parent can utilize resources like The Tuttle Twins to create a foundation of learning and understanding for these principles.

How creating this foundation of discussion with your children enables them to learn critical thinking from an early age and engage in conversation about the things your child has read.

Connor Boyack

Connor Boyack is president of Libertas Institute, a free market think tank in Utah. In that capacity, he has spearheaded a number of successful policy reforms in areas such as education reform, civil liberties, government transparency, business deregulation, personal freedom, and more. Connor is also president of The Association for Teaching Kids Economics, a nationally focused nonprofit training teachers on basic economic principles so they are empowered and motivated to help their students learn more about the free market. A public speaker and author of over a dozen books, Connor is best known for The Tuttle Twins books, a children’s series introducing young readers to economic, political, and civic principles. Connor lives near Salt Lake City, Utah, with his wife and two homeschooled children.

The Retirement Trap! | BYOB Book Review 13

This is our 13th podcast episode dedicated to reviewing R. Nelson Nash's book - Becoming Your Own Banker. Russ and Joey take the on the discussion of the retirement trap (page 66-67). What does that mean? There are trillions of dollars that the government sets out there as a trap for us. So, how can we avoid this trap and prosper? It's simple - understand that the motives of others are not the motives of ours.

That you can't understand economics without history.

How to avoid the retirement trap and create self value through your passions and skills.

Why it's impossible for the Government to be charitable.

How to build a brand and turn it into a following W/ Natalie Barbu

Natalie Barbu brings us on the journey about how she quit corporate America and was able to create a business that equals her goals of working from home and financial independence. Starting out as a content creator, Natalie built her own profitable brand through social media and grew a highly-engaged following along the way. She then expanded her personal brand into a fully built-out branding agency that helps individuals and businesses build their own brand that connects with their following. Russ and Joey learn from Natalie about how a brand can leverage social media and Youtube and be able convert it into better SEO, better inbound marketing, and a better brand following.

Leveraging social media and Youtube's reach are a must when building up your brand's presence.

How to center your personal brand about what actually interests you.

If you're the face of the brand, how diversifying your income is key.

Natalie Barbu

Natalie has been a content creator for 9+ years and has worked with countless brands on influencer marketing campaigns, creative content, and brand strategy in her career. In 2019, Natalie decided to leave her corporate job and start Barbu Agency and started with one-on-one consultations with individuals who wanted to start or grow their personal brand/businesses through social media. Natalie recently expand her agency to work with brands on a more personal level- helping with PR, marketing strategy, and influencer marketing campaigns.

Stewardship - Russ and Joey

Do you feel like you struggle with managing your money? Do you have a desire to grow your money? Maybe you feel frustrated that you’re only able to share for the short term and not the long term. On this week’s episode, Joey and Russ talk about how we can maximize our stewardship of money. They also discuss how to move through periods of our life where we can be fearful of either earning or spending too much and how stewardship ties back into a Christian mindset. Joey explains that when we begin to utilize resources to maximize our income, it not only allows us to increase our ability to spend and save, but to GIVE as well. Joey and Russ conclude by stating that the goals we set in our stewardship are able to overcome the fear we may experience in finances. This is a wonderful episode to help everyone reflect on stewardship in all areas, financially, emotionally and spiritually.

How to maximize our ability not only to earn and save, but to give to others as well.

Why setting a goal for yourself can be so impactful to overcoming fear and keeping yourself on a path to achieve that goal.

How our thoughts reflect who we are and what we do, and how we can change those thoughts to live a more impactful life.

How do I get started with the Infinite Banking Concept - Book Review Part 12

This episode is all about answering the question: How do I get started with the Infinite Banking Concept (IBC)? Russ and Joey discuss how this is a process, all while pairing it with the "Capitalizing Your System and Implementation" chapter in R. Nelson Nash's book: Becoming Your Own Banker. While this answering this question, you'll need to find the right coach. This coach must possess all of the right criteria Russ and Joey lay out. This isn't just someone who can write an insurance policy. A coach needs to be someone who is also actively doing what they're preaching to you, while sharing their own success and failures. You also shouldn't have to settle for a coach who only checks on you once a year. IBC is a process, not a product.

How Desire is the most important attribute at this stage of the game.

How this whole concept is a Process, not a Product.

The criteria you should look for when finding your coach.

Creative Financing Options for Real Estate Investors W/ Pace Morby

Very rarely do Russ and Joey come across something new in real estate strategy after interviewing over 150 podcast guests, but this episode with Pace Morby is packed to the brim of unique and creative financing options for real estate investors. This action-packed interview with Pace Morby offers brilliant educational insights on being able to place yourself inside previously unheard of real estate financing positions. Imagine being able to put $0 down and having a mortgage in your name, all while having a rental property generating over $1,000 a month. This scenario is out there and Pace is here to spread the word. This episode may very well change your entire way of thinking about how to get into the real estate investing market.

What financing position in real estate is and how you can make it work for your investments.

What to do when your transaction involves a party declaring bankruptcy or a property that has a lean on it.

How practices like door knocking can greatly increase your revenue and Pace’s best techniques for getting started.

Pace Morby

Pace Morby was a General Contractor for 10 years, building hundreds of homes and renovating/remodeling thousands of projects. His biggest clients were OpenDoor, Colony, Invitation Homes. After years of watching other people invest in real estate, Pace decided to transition into wholesaling properties, assisted living, seller finance, and their own property flipping operation. Today, Pace has a team of 15 people, generates over 150K per month in wholesale fees, operates 7 Assisted Living facilities, and owns 15 Subject-To properties.

How to create the value that you want to be paid for through short term rental W/ Avery Carl

Is there a difference between short-term or vacation rental investing and traditional real estate investing? What are the advantages of short-term rentals and how can you get started? On this week’s episode, Joey and Russ talk with Avery Carl, CEO and Founder of The Short Term Shop, about the short-term rental (or STR) investing market. Avery shares that her motivation to begin researching and utilizing STR came from her realization that she was dependent on others to tell her when/ if she would get a raise at her job. She also tells our listeners how they can get started in STR and the advantages it has over traditional real estate investing or land flipping. Avery then discusses the state of STR markets during the coronavirus pandemic and how people can still actively generate income through them. She explains the various platforms that she and others utilize for managing these properties, including apps like AirBNB, how they have streamlined her management of properties, and how they have changed during COVID-19. This episode offers incredible insights not only into creating and managing a STR business, but also how to understand the markets you are in and ways you can mitigate risk in investing.

How to get started in STR and vacation rental properties and which applications and software to use to automate the STR business.

Why STR is a powerful tool for passive income and how to effectively market your properties when getting started.

How to minimize risk in your investments by diversifying in both long-term and short-term rentals.

Avery Carl

Avery Carl is the CEO of The Short Term Shop brokered by eXp Realty. She’s become a top 1% agent and short-term rental expert. She purchased her first property at the age of 26 and became a millionaire at 31. She has since connected investors with over $125 million in cash-flowing STR's and vacation rentals since 2017. Avery now teaches and consults with people all over the country how to get started in STR investing.

The Future of Real Estate Investing W/ Propelio's Daniel Moore​

Daniel Moore of Propellio comes onto this week’s episode to discuss multiple valuable topics as he not only breaks down the future of real estate investing, the three fool-proof steps of investing in any cyclical financial market, but also his prioritization of mental, physical and spiritual health over financial success. With Covid-19, there’s a noticeable shift in the global market coming, Daniel’s anticipation is that the next 12-18 months will have a great housing market turn the other direction. The key to this uncertainty is the ability to perform in any market cycle. The largest shift of wealth comes in these uncertain times and those who know how to perform in a downward market have the most to gain in helping themselves and others. Daniel also preaches that real estate isn’t wealth. Through having his daughter, he realized there’s far more to life than what money can buy. Mental, physical, and spiritual health are extremely important and finances are just one piece of that.

The current housing market is about to shift and those who are educated and prepared have the most to gain.

How core business principles are the path to wealth.

How mental, physical, and spiritual health weigh more than financial gains.

Daniel Moore

Daniel Moore never made it out of high-school and worked in construction for $9 an hour. He suddenly found his passion was in real-estate investing. At 21, he bought his first house project, leaving him with only $50 in his banking account. By the time he sold it, he cashed in a $96,000 check. He caught the bug and earned other high gains, but also hit deep lows due to the cyclical market. Stuck with a decision to make, he turned to educating himself and invested every penny he had into fully immersing himself into learning business principles, the path to wealth. Now, He’s the mastermind behind Propelio, a real estate investing software and education platform.

The Entrepreneur Gets a Lesson in Finance by Nelson Nash | BYOB Book Review #11

On this week’s episode of The Wealth Without Wall Street Podcast, Joey and Russ continue their book review of Becoming Your Own Banker by R. Nelson Nash to dive into the equipment financing section to examine the numbers behind these policies. Joey and Russ show how Nash was able to help his nephew grow his income from $92,000 a year to almost $220,000 a year using cash that was already available to him. This section of the book begins to back up the ideas discussed earlier with concrete numbers so you can SEE the growth taking place. Joey and Russ then show you steps YOU can take to apply these same strategies and grow your passive income using sources of cash that you already have in your personal or business life. This is a pivotal episode to show the numbers behind the concepts discussed in previous episodes. You don’t want to miss it!

Why everyone should be in two businesses, the one you are currently working in and the business of banking that you use to finance yourself.

How you can take control of your finances and how you benefit from banking on yourself.

How to maximize your passive income using sources you already have in your home or business.

Can I put all of my income into an Infinite Banking Policy? Book Review Part 10

On this week’s episode of The Wealth Without Wall Street Podcast, Joey and Russ return to their book review of Becoming Your Own Banker by R. Nelson Nash to answer an important question: Can you put all of your income into an Infinite Banking Policy? Joey and Russ explain in order to answer that question and begin making tactile decisions that will propel you forward, you HAVE to identify what financial freedom looks like for you individually. They tell our listeners that we have to recognize that it’s not about how much or how little we make, but our decisions and abilities to utilize those resources to get out of the rat race. Once we begin to recognize that, we can dive headfirst into making those nuts and bolts decisions that will get us there faster. This is a must listen to episode for anyone that is wrestling with questions or doubts about achieving financial freedom.

Why taking the time to establish what financial freedom looks like to you and your family is crucial to building the foundation for Infinite Banking and passive income.

How to know the difference between when to invest more money into a policy or when it is time to expand that policy.

Why joining a community is vital to achieving financial freedom.

From Laid Off to $300,000 a Month using Online Business w/ Pat Flynn

We are all in the midst of having to make pretty significant change in our lives. Maybe your work has been completely cut out from you and you’re struggling to find an answer. That’s exactly where our guest on today’s show, Pat Flynn, was in 2008. After losing his dream job as an architect, Pat created a website to help others pass the LEED test, an exam many have to take in the architecture industry. People began leaving feedback on his site, with many saying his content was so good, they would pay for it. So Pat wrote a study guide that dove even deeper into techniques to pass the LEED and sold it for $19.99 on his website. During its first month on the website, Pat generated $7,008.55 and that’s when it began to click for him. Since then, he has created various businesses under the Flynndustries LLC umbrella and uses them as case studies in both his blog and podcast. To date, Flynn's businesses have generated over $3 million in revenue and now he works with people all over the world to teach them how to do the same. Our listeners can learn more about the resources Pat discusses in this episode exclusively at wealthwithoutwallstreet.com/patflynn

How to get started creating your own website and how to create passive income from it.

How your earnings tie into how well you serve your audience and why that’s important to measure.

Why transparency with your audience works so well in your favor and actually grows your income.

Pat Flynn

Pat Flynn is a father, husband, and entrepreneur who lives and works in San Diego, CA. He owns several successful online businesses and is a professional blogger, keynote speaker, Wall Street Journal bestselling author, and host of the Smart Passive Income and AskPat podcasts, which have earned a combined total of over 60 million downloads, multiple awards, and features in publications such as The New York Times and Forbes. He is also an advisor to ConvertKit, LeadPages, Teachable, and other companies in the digital marketing arena.

From Bankruptcy to Printing Money W/ Neil Twa

Amazon seems like the lifeblood of our society, especially during the COVID-19 outbreak. So what if there was a way for you to use Amazon’s platform to generate passive income for YOU? Our guest on today’s show is Neil Twa, a master at selling items through Amazon’s FBA program. Neil explains how he learned about Amazon’s market and the potential that foundation had to create passive income streams for him. So after he was laid off from his position at IBM, he decided to dive head first into selling through Amazon and then began scaling his operations. Today he now works to help others, even those with NO experience selling on Amazon, how they can utilize the FBA program to make upwards of 6 and 7 figures annually. He’s also agreed to join our community and teach YOU how you can get started. For more info go to wealthwithoutwallstreet.com/amazon

How working with Fulfillment by Amazon brought Neil from bankruptcy to printing money and how it can do the same for you.

Why scaling operations with Amazon is vital to creating passive income and can generate over 6 figures annually

How anyone can learn to sell through Amazon and why it’s a great avenue for passive income.

Neil Twa

Neil is a 7 figure ECOM expert who has shared stage time with Kevin Harrington, Jay Abraham, been featured in Entrepreneur.com, Huffington Post and INC for his knowledge, training and business growth around SaaS and E-commerce focused companies in the Shopify and Amazon markets selling physical and digital products. He's successfully coached over 500+ entrepreneurs and made dozens of millionaires teaching them how to sell physical products online, just like he's going to show you today. The software he'll demonstrate is hands down, the best in the industry for managing order fulfillment, product sourcing, automation and product selling.

Redefining Leadership and Success W/ Shawn Lovejoy

Great leaders are often forged in times of crisis. COVID-19 continues to decimate the economy and millions of Americans have found themselves forced to work from home. However, it’s in moments like these that leaders rise up. On today’s episode Russ and Joey sit down with Shawn Lovejoy, Founder & CEO of Courage To Lead. Shawn tells our listeners how to become a leader even during overwhelming periods in our lives. He explains the most important resource in any leadership scenario is the people you are leading. This is an episode you MUST listen to if you are looking to improve your leadership skills through greatly improving the relationships at work and home.

Why during any period of business, the most important resource you have is your people.

How caring for the people inside your organization is just as valuable as creating a road map for them to follow.

The things people need to have right now during uncertainty and how to improve your ability to lead others.

Shawn Lovejoy

Shawn is the Founder & CEO of CourageToLead.com. Shawn has been a successful real estate developer, church planter, megachurch pastor, and successful entrepreneur and leadership coach. Shawn now leads a team of coaches through CourageToLead who coach leaders through what keep them up at night! Shawn is the author of three books including Be Mean About the Vision: Preserving and Protecting What Matters and The Measure of Our Success: Your Path To Significance, Satisfaction, & Leading Yourself To The Next Level. Shawn has been married (for a quarter of a century!) to his partner and best friend Tricia Lovejoy, and they have three children: Hannah, Madison, & Paul. They all call Birmingham, AL home.

Taking Action Through Passive Income Streams W/ Sid Christensen

How could creating passive income streams make a difference in you and your families lives right now? As Wall Street’s volatility continues to shift day after day during Coronavirus, what can you be doing not only to generate more income for yourself, but also add more time to spend with your family? Our guest on today’s episode, Sid Christensen, explains how using Infinite Banking Concept to fund land deals and rental properties allowed him to change his family’s life for the better. He talks about how he found out about Wealth Without Wall Street and his initial skepticism towards IBC and real estate. However after taking the chance and diving into rental properties, he is now working to show others what financial freedom can look like for them. Sid also gives advice for those who are just getting started or thinking about getting started and the most important things they need to learn to minimize mistakes and maximize their success. If you’re wondering how transformative passive income, IBC, and financial freedom can be in your life, this is an episode that shows first hand how much it means to a listener. You don’t want to miss this episode!

How having a positive attitude can actually increase your success and help you overcome roadblocks faster.

How to stay consistent with land deals, especially when you are first starting out.

Why IBC works so well with land deals, and how it can help you reach your financial freedom goals faster.

Sid Christensen

Sid’s career goal has always been simple… to make money. While working various full-time jobs, he started off on his financial freedom journey by learning from mistakes made in investing, experiencing the Dave Ramsey approach, and then finally in 2018, he tested the waters by creating his opportunity fund with whole life insurance. Soon after, the Financial Freedom Formula became clear to him and he chose a passive income path that worked best for his needs; land flipping. He quickly saw over $2,700 a month in passive income, all while working towards spending more time with his kids.

How to be Present W/ Chris Niemeyer

How do we approach the ‘balance’ of family, work and life demands, especially during this tumultuous period in our lives? How can we work to live in the present? Our guest on today’s episode is Chris Niemeyer, founder of Like Minded Travels. Chris is passionate about helping other entrepreneurs and small businesses work more in their sweet spot – to work less and make more. He tells our guests how they can find the balance between work and life so we can spend more time with family. Chris loves to travel and has been to over 40 countries, and he tells our listeners how he still has time for his wife and four children while running a company that books travel for clients like Michael Hyatt, Dan Miller, and Bob Goff. If you’re struggling to find time to live your life outside your business and really live in the present, this is an episode you MUST listen to.

How to know when you’re doing too much in your business and what you can do about it.

Why, no matter what business you work in, there is always time to live in the present.

Why Chris believes you can be an entrepreneur that loves their spouse and kids, but still wants to kill it in business.

Chris Niemeyer

Chris is an entrepreneur, speaker, coach, and podcaster. Chris founded and owns two online travel companies – MissionTravel.org & Like Minded Travels. His passion for missions and travel formed the idea of serving the travel needs of those serving the world. He also helps influencers and leaders create unforgettable travel experiences and live events to deeply connect with their online community.

Your Big Idea w/ John Lee Dumas

How do you get an idea to see explosive growth and find success as an entrepreneur? Our guest on today’s episode is the legendary John Lee Dumas, founder & host of the award winning podcast Entrepreneurs On Fire. JLD explains the three key factors that lead entrepreneurs to success. He talks about finding the RIGHT content for your business and why producing lots of content doesn’t necessarily mean it is the right fit for that person. John explains how our listeners can find their Zone of Fire to maximize their growth and go all in on their ideas. He shows us why so many budding entrepreneurs don’t see success and what they can do to fix that. This is a must have episode if you’ve tried or are trying to get into entrepreneurship and why it’s so important to be All In.

What are the three things every entrepreneur needs to be doing to achieve maximum success

How to focus on the biggest leverage points within your business

Why patience is vital to becoming a successful entrepreneur and how a lack of patience causes many new entrepreneurs to make mistakes.

John Lee Dumas

John Lee Dumas is the host of Entrepreneurs on Fire, an award winning podcast where he interviews inspiring Entrepreneurs who are truly ON FIRE. Dumas is widely regarded as one of the best viral entrepreneur podcasters in the United States, who started his entrepreneurial career in 2012 and has generated over $16 Million in revenue through his podcasts.

Current Events: Coronavirus and the Market Drop

The Dow Jones plunges more than 2,000 points, the largest decline since 2008, as coronavirus fuels market turmoil.” If you’re living in the Wall Street mindset, it might seem like the sky is falling. But on this week’s episode, Joey and Russ want to tell you why this is the perfect wake up call to begin your journey to financial freedom. In these moments of uncertainty and violent swings, they tell you what you can be doing to find passive income and eliminate the stress of seeing red on the NYSE. If you’re tired of riding a financial roller coaster, this episode will help show you what you can do to change that.

Why the Wall Street mindset is the wrong way to think when it comes to retirement.

How you can begin finding methods of passive income that provide real, tangible growth without locking your money into stocks or bonds.

Why now is the perfect time to start questioning what you’ve been taught about investing your whole life.