Money School Podcast

The conventional information we've been given about money is a lie designed to keep us on a hamster wheel. What is wrong with the traditional "wisdom" about money and building wealth? When it comes to making money, who should we be mimicking and learning from? On this episode, I talk about the Big Lie in most financial education and all the things I learned from Wall Street, the wealthy, and from running my own businesses. Three Takeaways Everyone that is funneling you towards the conventional methods is making a lot of money from it. If we park our money and let it sit and let interest compound, you are buying into the Big Lie. Wealthy people (and even banks) don't park their money and just leave it. They keep it in motion. We've been taught that money only works one way, and that we have to use it and invest it through conventional channels. But when we buy into that lie, we end up on a hamster wheel of rising and falling fortunes, not true wealth. In order to shift this paradigm, we must completely overhaul our mindsets and opt for the wisdom of the wealthy. Everything they do with money is what we should be aiming to do with our own.

Most successful real estate investors and entrepreneurs will tell you that their journey included a lot of challenges and obstacles. What mindset can help you get through them? How can you raise money for your very first deal? Why is real estate just a tool to a greater purpose? On this episode, I'm joined by the "real estate dingo", and successful investor Engelo Rumora who shares his insights on what it took to build an investing and property empire from the ground up. Do deals with your own cash. Prove that you can do them, and before you know it you'll have people throwing money at you. -Engelo Rumora Three Things We Learned The keys to successful investing You don't have to be the smartest, most educated, or richest person to succeed. What truly sets people apart is work ethic and the ability to get up after failing. Every successful person has to fail before they succeed. How to get capital for your first deals Before you start investing, save between $50k to $100k of your own money. It gives you confidence and allows you to start ahead in the game. Why money isn't the ultimate purpose of entrepreneurship Real estate is the ultimate tool that gets us to our purpose. The money we make from it is not the purpose. The true journey is finding ways to use that money to make a difference. When it comes to unlocking our full potential and tapping into our purpose, real estate is the ultimate tool. While it begins and ends with money, the true process of discovery is how to use that money to do something meaningful. Once you are clear on that, you'll realize how easy money is to come by, and how easily you can access it so that you can fuel your biggest dreams.

While everyone knows networking is important, few people actually know how to do it. How can you approach networking effectively? Why is it so important to know what your unique value is? On this episode, real estate entrepreneur and author, Brian Trippe, shares how he started networking effectively and the difference it's made in his business. If you want more money, deals, and income, you need to learn how to network. -Chris Naugle Three Things We Learned Stick with old-school principles We've all heard sayings about giving something to get something. The reason these phrases have stood the test of time is because they're still true to this day. When networking, lead with value. Go into interactions with the intention to give value of some kind. Your actions will be rewarded if you use this approach without expecting anything in return. Change your mindset Negativity is the main thing holding most of us back. Change your mindset and make yourself believe you have what it takes to be successful. Until you change your mindset, you won't be able to progress. Get the "old guard" on board When you're starting out in a new industry, it's a good idea to approach those who have been successful in the business for a while. Study them, and find out what they're about and what they need. They have the power to influence others in the industry, so leave a good impression. Networking is vital. If done correctly, it has the power to help your business skyrocket. Lead with value, make connections, and enter with no expectation of reward. Know yourself and what you can bring to the table. Remember: you're capable of delivering. Tell yourself you can, and start taking action.

The market is in a euphoric place right now, but it will turn soon. If investors don't control the deal flow, they will find themselves locked out of the business. What are some of the mistakes investors make when it comes to leverage? What are some of the opportunities investors are missing out on? Where is the real money in real estate investment? On this episode, I'm joined by real estate investor and founder of REIVault, Gary Boomershine, who shares why off-market deals are key to success as an investor in this market. 80% of the profits in off-market deals from sellers are going to be between the 5th and 12th interaction. -Gary Boomershine Three Things We Learned How to crush it in an "off-market" market We're in an "off-market" market, so whoever controls the deal flow makes the money. If we really want to crush it and make a lot of money, we have to become efficient at locating and closing the deals. Don't underestimate the value of your time as an investor As investors we should always be thinking about the value of our time at a minimum of $1,000/hr. You need to be doing $1,000/hr work like raising money, masterminding, finding bigger deals and building relationships. Why follow-up is critical The real money in off-market deals is in the follow-up. We will often have to call sellers a few times for them to become actionable leads. If we can be consistent and persistent, we can successfully build up off-market deals. As real estate investors, the three key things we should be doing are controlling the deal flow, always be raising money and finding good people to work for us so we can leverage their time and experience. One of the most important things is our marketing strategy, and our ability to find lucrative off-market deals. This leans heavily on direct mail and follow-up done right. The real money is in having an effective phone team who can be consistent talking with sellers. We don't have to do all this all by ourselves, and we can hire experts who can systematize everything so that it produces results consistently.

The prevailing culture in business is not focused on relationships, community and connection and that's making us a lot less productive. What are the different levels of leadership and the kinds of company environments they create? What is Tribal Leadership, and why is it the key to unlocking more opportunity? How can we bring it into our own leadership? On this episode, I'm joined by renowned keynote speaker, and author of one of the best leadership books of all time, John King. He shares why we are more effective when we work as community. Virtue forms character, character unfolds destiny. -John King Three Things We Learned There are 3 types of relationship based on different things producing different results Relationships of pleasure (shared interest), and relationships of utility (what's in it for me) are the most common, but they are not sufficient to get you where you need to go. The highest is a relationship of character, which about ethics, contribution and connection. Many successful, productive and fulfilling businesses have Tribal Leadership in common The lower level of leadership is where someone feels ineffective because they aren't connected to other people. The next level is where people feel useful but aren't thinking about the community and are more focused on themselves. Most businesses are in this stage of leadership. The final stage is where people understand the common vision. Management and leadership are two ends of the spectrum Management is about efficiency but leadership is about effectiveness. In order to lead someone, you have to have their permission and that comes from actually having a relationship with them. The truth about building businesses with strong cultures is that it's all about relationship. Until we partner effectively on an equal basis by blending skills and communicating, it's impossible to become a true team. If we can build a culture of stable and effective partnership, we will lift the productivity of the group by up to 300 to 500%. Ultimately, it's about thinking as leaders, not as managers, which means providing a space where people can think and flourish. Without this, not only will you fail as a leader, the group fails too.

Going to networking and educational events is one of the most powerful things you can do to advance yourself as an entrepreneur. On this episode, I'm joined by the founder of one of the top social media firms in LA, Ben Precious. We talk about the Impact Players Tour conference, the speakers, what to look forward to and why we're so excited about it. You have to make a mental decision to succeed and stick with it until it becomes a reality. -Ben Precious The Impact Players Tour is going to be held on July 24 at the Renaissance Hotel & Spa, in Glendale, Arizona. It will feature guests like Grant and Elena Cardone, Jordan Knecht, Chris Rood, Ben Precious, Brent Kessler and myself. Go to https://impactplayerstour.com/ for more information and to buy tickets. Don't miss out on this one!

The journey to success is not an easy one, but if we equip ourselves with the right tools, we can shorten the learning curve. When it comes to how we use our money, how do we set ourselves up to build wealth? How can we get some of the valuable time of the people who are where we want to be? Why is it so important to put our money in motion? On this episode, investor and broker/owner of Princeton Pacific Properties, Michael Young shares on his journey and how we can set ourselves up to succeed in the investing game. When you're in your 20s, 30s, and 40s, everything should be around building your asset base. -Michael Young Three Things We Learned Your earned income isn't just money to spend— it's money to invest The number 1 mistake people make is taking their earned income and spending it instead of getting an asset that can pay for their lives. Keep your money in motion Don't park your money in the bank, it will just gather dust. Do what the banks do. They put their money in motion by investing and lending. If you want to create wealth, you have to pay attention to what the most successful institutions are doing, not what they tell you. Find wisdom wherever you are. There's always someone you can learn from Every city, town, locale or community has someone who is doing well. They might not be the richest in the country, but they are certainly doing something right, something you can learn. If we want to achieve everything we want in our lives, we have to have clarity about it put desire behind it. It won't always go our way, and sometimes we will stumble, but having those two things helps us get back up and push forward. We have to be willing to reject what we're told and what we're taught and aim to learn from what the most successful people are actually doing. When it comes to our money, our goal should always be to buy assets because those are what will take care of us in the long-term. If we do this, we will turn our goals into reality.

While it is okay to fail, it's a good idea to make sure the money side of your business is in order. How can you put your finances in order? How should you approach potential partners for your business? On this episode, real estate investor and host of the Flip Talk podcast, Don Costa shares his secrets to success. You have to have a mindset of control. -Don Costa Three Things We Learned Failure isn't the end Sometimes, the decisions we make in business are not the best ones. However, remember that most successful business owners have failed at some point. Sometimes things don't work out as planned, but end up propelling you in the right direction in the long run. Money is all around you There is no shortage of money available. To get it, you need to be telling people about what you're doing. Make sure people know you're open for business. However, steer clear of asking for money. Doing this will put you at an immediate disadvantage. Know when to say no Don't take any opportunity purely because someone is offering you money. Make sure all potential partners are a good fit for you. In most cases, when you're up front about your criteria, when everything is in alignment, those same partners will jump at the opportunity to work with you. Something that holds most business owners back is the belief that there is a shortage of money. Because of this belief, there are times when entrepreneurs will take on work they should not, or spend their time asking for money. Don't fall into this trap. Enter all opportunities with the knowledge that you bring value to the table, and will find the right partner or investor for you.

We're often led to believe that money is difficult to attain, and as a result we believe it's normal to not reach our goals. However, there are people who are overcoming a lack of funds. How can you create massive success for your business? Where do you begin to delegate and create a database? On this episode, founder of Multifamily Investor Nation, Dan Handford is here to share his secrets to success. You can dive into it and make mistakes, or you can go out and find someone who has already gone through it. -Dan Handford Three Things We Learned Find a mentor Find someone who can help you achieve the specific goals you set for yourself and your business. By approaching someone who has already experienced certain difficulties, you can avoid making the same mistakes they have. The importance of networking Your net worth is always equal to your network. Make sure you're building relationships in advance. By meeting with people in person before doing business with them, you're creating a database of potential clients. The right time to network is now. Delegate As a business owner, it's natural to want to lead. However, accept that there will be times that it's better to delegate tasks to others. This is a difficult decision to make, but it is the only way to scale your business. There are so many opportunities to build our businesses. To make the most of those, we need to be building contacts with potential clients from the start- before we are doing business with them. We also need to know when we should delegate to others, or trust the opinions of others. Think like the wealthy: if someone else has the ability to do something, or has experienced it before you, hire them to set you on the right path.

One of the greatest things about real estate investing is that there are different opportunities, methods, and circumstances to make money. What options do we have aside from flipping and wholesaling? Why is it so critical to keep track of market opportunities in different areas and cities? On this episode, coach, author and entrepreneur, Adam Kipnes, talks about how to navigate and leverage market shifts. The property and the circumstances tell you what to do with it. -Adam Kipnes Three Things We Learned How to balance markets We have to think about not only the cycle of your particular cities but cycles of other markets too. Some markets are pretty steady, and you can get good rentals out of them. Other markets have very little cash flow, and require us to buy low and sell high. Even if our main market is low, that doesn't mean it's low everywhere else— and we can take those opportunities. The best mindset to have about property investments Don't go into a property investment with a set idea of what kind of opportunity is going to come out of it. The property itself and the condition of our market and businesses determine the choice we should make. How to turn your internal and external challenges into opportunities One of the external challenges we might face in our investing journey is being jealous of people who seem ahead of us. Use this feeling as conviction to get coaching to improve. The greatest thing about real estate is that there are many routes we can take to find opportunities. The secret to success in the industry isn't to focus on the property, but rather the type of outcome it can bring. That applies to the type of investment, and even which areas to invest that should govern our decision making. Market cycles are very rhythmic, patterned and predictable, and that's something we can always leverage.