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Understand Your Personality Understand Your Path to Financial Freedom with Joey Mure and Russ Morgan
Episode 33924th April 2022 • Real Estate Investing with the REI Mastermind Network • REI Mastermind Network | Real Estate Investing
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The wall street mind set separates families, entrepreneurs, and business owners from their money while others use it for their advantage. The secret to freedom is having your money work for you, not someone else, when wealth building. Both Russ and Joey work tirelessly to be the hub for financial insight and education for individuals, business owners and investors nationwide. We believe that taking control over your finances will lead to greater prosperity and a more stress free way of life. We invite you to join our community as you take control of your path to financial freedom. Joining the community will allow you to make better decisions regarding your financial future through coaching, access to legal and tax experts, and networking with like minded individuals who are exploring multiple ways to create passive income.

Wealth Without Wall Street’s Founder and Partner, Russ Morgan, is known as “The Idea Guy.” Russ began his professional career as an investment advisor in 2004 after graduating from Auburn University — a slight foray from 10-year-old Russ’ dream of becoming a professional baseball pitcher. After obtaining his CFP in 2008, Russ started IBC the following year, and eventually went on to found Wealth Without Wall Street in 2015. Russ' mother was an enormous inspiration for him growing up. As a single mother with two young children, she took a rigorous, accelerated track through college while working multiple jobs, all with the goal of bettering her children’s lives. When he’s not working, you can wave to Russ on a boat at the lake pulling his kids around on a tube. And on Sunday mornings, he’s probably rushing to church with his family ... only 10 minutes late.

Russ’ creativity, fresh ideas, and knack for problem solving are indispensable assets to his role at Wealth Without Wall Street. Russ would describe himself as competitive, creative, and passionate; his colleagues would likely add that he is helpful and abundant. Russ hopes to be remembered as an innovator who loved to teach others, and he has a goal to one day serve in the mission field. Finishing the book is another more near-term goal. Aside from Wealth Without Wall Street, Russ learns from the Business School podcast with Sharran Srivatsaa and Donald Miller’s Building A StoryBrand book and podcast. Aspire Movement, Campus Outreach, and Young Business Leaders are three causes near to Russ’ heart. Russ in one motto? “Just try!”

Joey Mure, Founder and Partner at Wealth Without Wall Street, brings impact, integrity, and generosity to the company every day. He hopes to be remembered as a lover of Jesus, devoted husband, and faithful father. Despite dreaming, around age 10, of becoming an orthopedic surgeon, Joey was in the mortgage business for 11 year before moving to finance in 2014. His personal mentor, Nelson Nash — another man of integrity and impact — is someone Joey deeply admires. Joey’s strengths in building relationships, asking great questions, and influencing and empowering people with the Wealth Without Wall Street message make him invaluable to the company’s mission. He is relational, impactful, and a true leader. His colleagues would add that he’s thoughtful, funny, and a family man. Many people don’t know that Joey ate a 72-ounce steak dinner once. If he could be anywhere other than work, you’d find him at the beach with his family. And every Sunday morning, they’re worshipping the Lord. A lifetime goal of Joey’s is to impact the world for Christ; and a more near-term goal is to purchase a beach house for my family. Aside from Wealth Without Wall Street, Joey listens to Sharran Srivatsaa’s Business School podcast and Donald Miller’s Building A StoryBrand podcast. He’s happiest when he’s traveling with his wife or golfing with his girls. He cares deeply about Campus Outreach, Cru, Navigators, Sav a Life, Lifeline Adoption, and Young Business Leaders. His aims to live by the words “Trust in the Lord with all your heart and lean not on your own understanding. In all your ways acknowledge Him and He shall direct your path (Prov 3:5-6).”

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"You can invest 10,000 hours and become an expert or learn from those who have already made that investment." - Jack

Transcripts

::

Welcome to the REI Mastermind network where host Jack Haas gathers amazing stories from leaders in real estate investing.

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In each episode, our guests will tell you what they're doing that works what they've tried that failed, and best of all, you'll learn actionable steps to take your real estate investing.

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To the next level now, here's Jack with another value packed episode.

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While we have Russ Morgan and Joey Murray on the call, and we chat because chuckled there because we were just joking around a little bit before the.

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Joe, but I want to point everybody to a special offer that these fellows have for everybody. Head over to wealth without wall-street.com/passport.

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As Joey and Russ have kind of a technique here that I think is everybody going to find very beneficial because they help.

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People find their path to financial freedom, but they try to understand the person and your personality and a few other things about you first.

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And this is kind.

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Of a shockingly unique way of handling this, and I I say, shockingly, because frankly, I think I don't.

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I don't know if I've seen anybody do this up until now, and I think this is a great way to start.

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So, thanks to both of you for being.

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On the show here today.

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It's our pleasure.

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Jack and I think what you're saying is, is that most people and maybe you're not saying this.

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I'm just assuming this.

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But most people

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Have a product or a course that they're trying to sell so that your path to financial freedom is their investment vehicle.

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Right, it's always.

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That's absolutely it.

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It's always these short-term rentals or it's always through turnkey real estate?

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Because that's really their specific angle and and quite frankly, that may be the way that they got there so they don't.

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Trying to like to be self-serving.

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They're just trying to share their path, but as you listen to their path.

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It may kind of resonate, or it may not, and you just feel like, well, this must be the only way, because this is what they're telling me and what we know is the truth is is that God has created us each individually.

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With certain strengths and certain experiences that aid us in this journey, and can either get us there faster or slower, just like in a GPS.

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I mean, if you type in a destination and it gives you three different ways to get there, right?

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You've done this on your phone, right?

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It says the fastest.

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Then there's one that goes around traffic, fewer turns, and there's one that says, you know, good luck.

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You'll never get there, but you know you can get there.

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It just might take a lot longer.

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We want to find the fastest way to get to financial freedom and that really depends on you as the investor.

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Yeah, so you know it.

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It's really interesting to say.

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I think I think you're absolutely right in the fact.

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That a lot of people that come on the show, I mean.

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Their tool is the hammer, and every solution is the nail.

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I mean it, it's the.

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They see that is the only solution to get somewhere, anything from wholesaling to two turnkeys to anything.

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When I think and and we're sold on that concept, you know.

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Wholesaling is a great example everybody sees.

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Wholesaling is the intro low hanging fruit.

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Get into real estate investing with no money down.

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That's the bill of goods sold.

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But if you don't have the personality trait.

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To put yourself out there, making the number of phone calls that you need to to track that type of deals down and those potential sellers down that may not be the.

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Best approach for you.

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Well, imagine finding yourself where you're really motivated.

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For something that can scale quickly and that you can impact people through.

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Maybe your nature of being able to be in cells and then you get deep into this and you realize that you have very little impact into the overall outcome.

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Of the result.

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Both, then you get burned out really quickly and you jump from it.

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It's like a, you know, college sophomore who's already changed majors three times.

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No, that that makes a lot of sense, so get can I ask both of you like how did?

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How did you come to this realization that this was a better approach?

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Or is that something you did right from the beginning?

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No, no, in fact it's a lot of years of trying to figure it out and it started to be honest like Russ and I were friends first.

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First met at church and at one point I was in the.

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Mortgage business he.

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Was a a traditional financial planner like the Wall Street kind of guys, which we don't.

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You know, we don't try to cuss on you on your show Jack.

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We won't say that word again, but he started to refer me business on the mortgage side.

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And he said, but first you have to read this book.

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And by the way, it's gonna be 20 bucks.

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I'm gonna charge you 20 bucks which I'm like dude, you're I'm helping you out taking your referrals you're going to charge me 20 bucks like how bad of an advisor are you if you don't have 20 bucks to give me anyway beside the.

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Point I started reading that book and I got hooked.

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I was like this is the path to helping people get to financial freedom.

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I need this more than ever and so I started on the path with him, implementing all the things that we worked together on and four years later I was like this is too good I can't.

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Keep this to myself.

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In fact, I need to be the one out there with you sharing the message.

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And so, in:

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We're going to build this business together and well through that Wall Street was born shortly thereafter, but it this process that we've built now is from us.

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Looking back over the last 12 years of helping he and I to grow as investors and to building last month, we just reported over $70,000 in passive income that we've built together in a very short amount of time.

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Sure, so if you don't mind me asking what was the book, they were asking you to read?

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Was it something that was self-published or?

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No, Russ is not smart enough to come up with a book like that. It was Nelson Nash's book becoming your own banker and the premise of it is you have to take control of your own finances.

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Right, don't abdicate that responsibility to Wall Street or big banks.

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This is something you can do with them with them through the gifts that you.

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Have and making sure that you have access to cash.

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That is literally the number one most foundational thing about financial freedom.

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It's standing in your way is not having access to cash.

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So you mentioned advocate abdicating your investments, but frankly, that's what majority of the population does, right? Right through 401K and I array. We just kind of.

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Blindly throw money into these buckets and hope for the best.

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Why do you think that that is Jack?

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It makes somebody a lot of money.

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It is a.

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It's definitely a billion dollar.

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Business for the financial world and for those receiving it right?

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I mean you think about a company.

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Their job is to grow their business and they have outside investors and capital coming in.

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At what point in time are they ever going to tell you to quit giving it to him?

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Never, ever, and they're going to try to make it as easy as possible for you to do it, like whenever you sign up for.

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Yeah, right?

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A company these days and.

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Most of the time you're auto enrolled.

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Into said 4.

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01 K and typically in our process where people come in and they start finding and clarifying to themselves what they want to do.

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What would they want to be and what they would want to have?

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If they were.

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Financially free, the first thing that they normally see that they need to stop doing is contributing to that company 401K.

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Yeah no.

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And and and uh, you know.

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I think one of this is too that.

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I mean, we're trained with this concept right from the beginning.

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I mean, I remember even some school classes bringing this up so we're kind of indoctrinated into this concept from the from the get-go.

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Well, and actually the bigger thing that we're indoctrinated into is the idea of retirement and and that is being quite honestly one of the biggest myths and the biggest lies that we buy is that to be free.

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From a nine to five we have to wait until we're 65. That actually kind of rhymes for us on.

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You know Doctor Seuss over here, but it's not the truth like the truth is, and we see it over and over within our Community School teachers that implement our process in an 18 to 24 months go ahead and turn in their notice and say I don't have to come back.

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In the fall or a guy that we worked with, he's an excavator.

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And he starts implementing this whole strategy and creating a land flipping business on the side that now is allowed his wife to stay home less than 24 months in from being a nurse, so she could raise their kids like those are real results that people are doing.

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And they're getting there so much faster than waiting till they're 65.

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So just as a reminder, everybody heads over to wealth without wall-street.com/passport, so you can see exactly and maybe even follow along here a little bit so.

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I was let's chat a.

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Little bit about, you know, as you've been doing this now and and assessing people personality and trying to match it up with their financial freedom plan.

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What has surprised you the most or tell me a?

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Story of what?

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You might have had a client.

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That took went through this and then realized that they were on the wrong path.

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Yeah, one comes in mine.

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Her name was Tracy.

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She had heard about a process called land flipping.

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I don't know if you've ever interviewed Mark Podolsky on your podcast.

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We've become close friends.

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Just yesterday, actually.

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Is that right?

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Absolutely it was just yesterday.

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He is amazing.

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I love his concept.

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We've actually built our own land flipping business.

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It's been amazingly successful, mostly because we've hired people to operate it that are great at it and not us.

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But here's an example.

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We had car.

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Her name was Tracy.

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She started in the land flipping business because initially.

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On the surface, it seemed like it was more process oriented, more behind the scenes, something that you could be very calculated in your approach, and she thought that would fit her profile because she was very analytical in nature.

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But as she started going through it, it revealed itself over time that it no, it was more extroverted, it required her ability to communicate with sellers to communicate with potential buyers, which was not a strong suit of hers and she was down this pathway halfway through it.

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An amazing process.

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Something that Joey and I have built well over ten. 10,000 a month in passive income from this process.

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It works, it works for a lot of people.

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It just wasn't a good fit for her, so it's kind of knowing that on the front ends those were example.

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Rules that really motivated us to say we're seeing a lot of people take different pathways, and we're also seeing a lot of people.

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As I mentioned before, like you know, a sophomore in college who are switching their major over and over and over again, which is delaying how long it's going to take them to get to.

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Financial freedom well.

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Could we help them on the front end?

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Could we help them?

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Narrow the pathway right to go in and say OK, we.

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Each of these ideas that exist are more aligned with who I am and how I am built so that not that that they will be perfect, but it will be more aligned and less likely for them to switch because there's a natural disconnect or not.

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You ask the question though, Jack about what has surprised.

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US the most or like kind of the most you know, intriguing stories and.

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And I, I definitely think what Russell mentioned about Tracy is.

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But here's the other thing.

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The people that have kind of woken up to the reality that all the things around them, that they may have been previously doing with cash.

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Was separating them from it when they finally clicked that, and they say wait a minute.

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I should have access to capital and me gotta quit doing these things and I'll give you one other guy named Garrick on her show.

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He came through and he was putting tons of money into equity in his house.

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He just thought you know what?

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This is the way to get free of this mortgage.

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He was putting money into these qualified plans and things like this and so he had really not a whole lot of access to cash, but he always thought he did through equity lines and other things.

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So, he went to the bank.

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I think, and he had just started a business.

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Two years prior.

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Went to the bank and said, hey I need an equity line to access this money and they denied him the equity line and that was the point.

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That really was the clicked for him.

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He said wait a minute if I don't.

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Have access to.

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This and the only option I have now is to sell my house.

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To get access to it.

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This is a bad idea like this is not helping me to become financially free.

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Once he did that, he actually did end up selling the house and he started on a process of putting that money into his control.

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He said man, now my education, my own investment in myself, became the most.

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Important thing I could possibly do with my time and so he started just consuming information about all the various passive income streams that we talked about.

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And it's led him down a path where now he has a business that's thriving because he's invested in himself 1st and he's.

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Then going to.

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Diversify into all these other asset types that will create more passive income.

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But that, to me is the thing that maybe you're stuck in right now and you've been putting money away and you know, like.

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How do people get started in this process when they don't have access to cash and most of the time it's just, we have to wake up to where we're voluntarily sending money?

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Into places that we can't touch and so we don't even see opportunities.

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Right, you know you early, you know to go back to something that Russ said.

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You said you started the land flipping business, and you hired some people to do that work for you.

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Is that something you help with as well that you when you do these personality traits, you understand that they could potentially be a good business.

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Later but.

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Actually, the day-to-day stuff that probably should be hired out is is that part of those one of those.

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Paths that you were talking about.

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Yeah, part of that.

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What helps in that assessment?

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It helps you understand how autonomous you really are, right?

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How much forward vision are you?

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Someone who sees in the future or you the one sees present and past tense, and I think part of that is is very beneficial to those who really.

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Would rather work in a supportive nature and so they find opportunities that maybe they can get involved in that that fits them.

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But for those who naturally are autonomous and tend to see things in the future and have those leadership skills, they've probably been developed in their entrepreneurial nature already.

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Then there's.

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There's where the opportunity exists.

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I mean, for Joey and I, we've created many businesses out of investments and.

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For somebody, listen to this.

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You may be somebody that you know you don't have the capital and influence to do that.

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You have to start out as more of a side hustle.

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You know, working on these projects or something.

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If you're one of those who have capital, you have these opportunities that exist.

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Maybe your nature is to be able to.

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Put people into the right spots.

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Create a business out of it and allow the business to scale so that it can pay for the people in it, and I think that's the gift that Joe and I personally have been able to do, but more.

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Reportedly it's helping others as they go through these processes, define their major characteristics, either determine whether or not they need to be doing it as side hustle that they need to be partnering with someone along the way.

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Or maybe they should be building a business that could use those skills so that it can scale.

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To a much bigger level.

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I would guess that you're having interesting conversations with some of these people.

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Then this might be the.

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First time that.

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They've faced some of this information about them so.

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As real estate investors, when we when you jump into this, we're so we're so used to the grind we we feel like we have to save every penny and try to do it all ourselves.

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And to have that understanding that you're actually making, it's another piece of it.

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It's another piece of the investment that you're making.

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By you're not good at this.

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You need to.

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You need to find somebody who is in in a partnership or whatnot.

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It does pay off in the end.

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Oh, absolutely yeah, you're right on so.

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After you help them, you know you when we first started before, we hit record you mentioned you helped them in three ways.

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The goal you've helped them find the path and then you then there's support.

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Let's talk about that support.

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Once you've defined that path and the best Ave for them, how do you support them?

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But let me clarify one thing though, before you go and continue Russ, the path is not something that we do for you.

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I don't want to get the wrong idea like.

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As our coaching staff, what they do is they allow you to gather the information about your resources about your profile and what your vision of financial freedom is and bring it all together.

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And then from there you really do the work of.

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Of kind of getting your focus down on one, we usually have six things in our patterns of income matrix that people are comparing their profile to, and all the coach is doing is kind of being that third party objective person to.

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Say hey, you know what?

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This is actually.

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It seems like it's a good fit for you, and then they essentially help you take that next step through the support realm and and that's where the individual coaching comes in.

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They do individual meetings to build out an infrastructure together and to.

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Come up with the next right step so that you are on that path.

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And the other part is, you're surrounded by our inner circle.

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That's the people who are engaged in a process that are saying I am on this path, and we may be using different investment vehicles like one person may be doing short term rentals.

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One person may be doing land flipping, but we're all in the same.

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Path to getting to financial freedom, which is our passive income being greater than our monthly expenses.

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And if you're not currently surrounded by people doing that.

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But the chances of you getting there are a lot harder because you don't have that collective motivation.

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You don't have that collective kind of accountability to say, man.

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What are you doing this week to get yourself further along that path?

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Right, no I definitely have seen that personally the just having similar people helping you out and holding you accountable.

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I mean it, it speaks volume that.

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So, you, that inner circle you're talking about?

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That's a mastermind.

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Well, it it's a. It's a collective mastermind where we meet virtually every single week twice a week. There is, I don't know, probably 500 people in it right now. Those people are, you know, coming to those meetings, connecting with each other and then taking it offline.

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s community that serves about:

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And it was meant.

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To be able.

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To support right?

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'cause they're sometimes we get an idea, and we just go off and run.

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And then we realize there's something that's.

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Left, lacking that, that were not equipped in the in the most complete way, and I think one of the things that we want to do, and I think the reason Joey stopped you on that at that point, just to make sure to clarify.

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By that we're not trying to provide the easy button we're trying to do the hard.

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Thing right then.

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Work to become financially free is hard.

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The formula is.

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Easy passive income.

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Greater than monthly expenses are really simple.

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Everyone right now can sit down with a piece of paper.

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Write down exactly how much passive income I have.

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Figure out how much my monthly expenses are.

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And divide the first number to the second number and as a percentage it tells you how close you are.

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You 0% of there or you're 100% of the way there, right? So that's an easy formula.

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Now the work to accomplish that is really difficult, and so what we want to do is equip people, because the reality is that we want to teach the people to fish, right?

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Not just give them the fish and.

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From that, when market crashes happen, which they do, we go through market cycles, business cycles, real estate.

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When those things happen, if you're equipped with how?

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To build it.

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ere as a financial planner in:

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Working 'cause I was depending on the people, the fund advisors and the managers above me to help me understand what was going on.

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I wasn't equipped.

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I didn't know I.

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Couldn't see it right.

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So just one last time, just to remind everybody if you.

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If this sounds something that is appealing to you.

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I mean it and it should.

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I mean the concept that rust, and Joey are talking about understanding your personality and seeing how that investment strategy and that path, how that might work for you is.

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Is kind of a vital piece to this, so I'm going to direct you one.

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More time to head over to wall wealth without wall-street.com/passport. Take advantage of that and see if it's a good fit and and frankly, just kind of get a good idea of the assessment.

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Well, just to be just.

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And I I've.

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To be clear, Jack, I want to make this clear.

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The passport is our free course that helps you start to envision what financial freedom is.

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It's essentially walking yourself through dreaming again 'cause so many of us have shut off the dreaming component.

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They we get stuck in this nine to five.

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We get stuck in the hamster wheel of just get up go to work come home you know put the kids to bed and start over the next day like that we don't dream anymore so the passport helps you dream.

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The next step is our Pathfinder course that you have access to through that same link, but I.

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Just want to be clear.

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That's where the investor DNA profile lives is in the Pathfinder course, but it's all a part of our process.

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I just want to be clear.

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No, I appreciate that clarity and.

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I I I I.

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I think there's there.

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Like I said, there's a lot to be had here, and I'm sure that you cover.

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A lot of this information through your podcast, so look for that as well.

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Wealth without Wall Street because it just so happens that they've been running their show for almost as long as mine so.

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And definitely check that out, you know.

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Unfortunately, we are running out of time, but like I mentioned before, is there a question you wished I would have asked you here today?

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Anything else that we should have covered?

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I would ask.

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The question why is this important now?

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Because I think that that is the time, we're in a season where there's a lot of uncertainty, and I think a lot of people feel like we're living in a world of chaos.

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If you will, and the importance of this now, having clarity in a moment of all the noise, can help you fast track out.

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Out we had a mentor.

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He would always tell us we need noise cancelling headphones and it wasn't, you know.

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Like as I'm traveling on a plane, and I want him to sleep what he's what he's.

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Trying to get after is that.

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We've got all of.

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This financial political.

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Medical stuff flying at us all the time.

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That really is sensationalizing stuff and causing us.

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Anxiety which is not getting us any clue.

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Closer to financial freedom, we've got to have clarity to focus because to be honest, when you're financially free, a lot of this other stuff doesn't really matter.

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You can turn off the news and be OK that you don't know what's happening and that's the that's what.

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We've heard from the people who've gone through our process have become financially free in a really short period of time.

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Some of them, which is amazing.

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Not always the case, right?

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But those who say.

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I don't even.

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Listen to all that anymore and it's because I got really clear, so that would be the question I would have said you should have asked is why is this important right now?

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No, that's absolutely great.

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Now I wish I would have asked that question, but again, Russ, I mean Joey.

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Did you have any final thoughts?

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No, I I think yeah to me it's not necessarily a question for us.

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It's a question for you listening and that is if you if.

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If you're not the one that's going to take this step.

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Steps to get out of analysis paralysis.

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In fact, Jack, you and I were talking about this offline ahead of time.

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That this is the biggest problem right now facing you as a potential investor is analysis paralysis and access to the cash.

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Those are the two things.

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If you're not the person to take those steps, who will do them?

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For you, the answer is nobody.

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Like this is your call to action to say one.

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If I haven't dreamed in a long time, it's OK.

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It's time to start now and then it's time to start getting to follow a process to get you there as fast as possible, and that's what we're really passionate about.

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That's what we've built this community to do.

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And our coaches are there.

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They're equipped and and ready to help you down that path.

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So, we're excited to work with you.

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Well, I can't thank you and both of you enough.

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I mean, this has been a great conversation.

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And I your both or either of you and individually are welcome back anytime.

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So, I hope you'll take me up on that.

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Thank you, Jack.

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It's a.

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We pleasure being here.

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Yeah, it's our pleasure.

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That's plan.

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Have you learned at least one actionable step to incorporate into your real estate investing?

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If so, please consider returning some of that value by leaving a positive review subscribing to.

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Our YouTube channel.

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Or joining our growing network on Facebook and Twitter, you can find links to all of our social media accounts.

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In the show notes. See you next time.