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Are you tired of feeling trapped in the rat race, constantly chasing more money without ever achieving true financial freedom?

In this episode of Wealthy Wellthy, Krisstina Wise sits down with Dave Wolcott, author of "The Holistic Wealth Strategy" and expert in creating legacy wealth. Dave shares his journey from corporate America to becoming a successful investor and entrepreneur, driven by the desire to provide financial security for his growing family.

The main focus of the conversation is on shifting from traditional financial advice to a more holistic approach to wealth creation. Dave and Krisstina discuss the importance of understanding how the top 1% build their wealth and why conventional financial planning often falls short.

Throughout the episode, they explore topics such as the power of mindset in wealth creation, the importance of financial IQ, and practical strategies for repositioning assets and building passive income. Dave also shares his five-phase framework for creating holistic wealth and offers insights into overcoming common financial obstacles.

If you're ready to break free from financial stress and learn how to build lasting wealth, this episode is a must-listen. Tune in to discover actionable steps you can take today to transform your financial future and create the life you truly desire.

Key Takeaways

5:33 Financial challenges of suddenly having triplets

13:18 Comparing traditional retirement to alternative investments

24:10 Creating infrastructure around wealth management

35:31 The three-dimensional return profile of investments

45:41 Breaking down wealth-building into manageable steps

51:52 Money is simpler than medicine and the human body

1:00:34 Taking a financial IQ quiz for self-assessment

Memorable Quotes

"I absolutely knew that the top 1% were not building their wealth as retail investors in the stock market. This launched me on this obsessive journey to figure out how the top 1% are actually building their wealth."

"According to almost 90% of advisors, you're better off just using conventional financial planning. But in reality, you're much better off using alternative investments."

"We want to create portfolio of tangible assets that are non-correlated to the stock market and have a three-dimensional return profile - sufficient passive income, forced appreciation, and tax benefits."

Resources Mentioned

Cash Flow Quadrant by Robert Kiyosaki - https://www.amazon.com/Rich-Dads-CASHFLOW-Quadrant-Financial/dp/1612680054

Rich Dad Poor Dad by Robert Kiyosaki - https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612680194

The Holistic Wealth Strategy by Dave Wolcott - https://www.amazon.com/Holistic-Wealth-Strategy-Roadmap-Financial/dp/B089CS58F1

Connect with Dave

Website - https://pantheoninvest.com/

LinkedIn - https://www.linkedin.com/in/dave-wolcott-863306/

Facebook - https://www.facebook.com/PantheonInvest/

Instagram - https://www.instagram.com/pantheoninvest/

X - Pantheon Investments (@Pantheon_Invest) / X

YouTube - https://www.youtube.com/@pantheoninvestments

Connect with Krisstina

Website - https://wealthywellthy.life/

Instagram - https://www.instagram.com/krisstinawise

YouTube - https://www.youtube.com/@krisstinawise

Krisstina's Book, Falling For Money - https://www.amazon.com/dp/0692560904/

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Podcast Production & Marketing by FullCast

When you grew up, money was. Answer the question right. It was very scarce and it took me a lot of work to transition into an abundance mindset. As I was able to do that, more and more opportunities appeared at my door. But it all starts with mindset, because I'm certain, Christina, you've been to Thanksgiving meals or holiday parties or neighborhood gatherings and you talk to them about what you're doing.

Foreign welcome back to the Wealthy Wealthy podcast, where we explore the intersection of wealth, health and entrepreneurship. I'm your host, Christina Weiss, and today I'm joined by Dave Wolcott, an expert in wealth creation and financial strategy. Dave brings a wealth of knowledge from his experience as a Marine Corps veteran, successful entrepreneur, and author of the Holistic Wealth Strategy. His journey from working in and leaving corporate America to creating financial independence offers a unique perspective on wealth creation that's outside the Tradition Financial Advisor box. In this episode, we talk about the crucial distinction between traditional financial advice and the secret strategies used by the top 1% to build their wealth. Dave shares his 5 phase framework for creating what he calls holistic wealth, which goes beyond just financial capital, but also includes intellectual, spiritual, physical and emotional capital into the life planning mix. We also discuss the importance of mindset shifts, increasing your financial IQ, and the power of asset repositioning. If you're looking for some fresh and simple financial advice, you're in the right place. Please enjoy my conversation with Dave Wolcott. David welcome to the Wealthy Wealthy podcast.

So awesome to be here and connect with you and your audience. Christina, who introduced us? I think it was Charles Bird actually.

Probably leave it to Charles. Another shout out to Charles Bird. He gets like a shout out like every other podcast these days. That's great. All right, well, today we're to talk about probably one of both of our favorite subjects and that's wealth. Wealth different than money. So there's all types of money conversations we can have, but this one falls into a very specific category of money called wealth. So I'm looking forward to picking your brain on this subject before we do that. You have a really interesting background before you wound up into this world of finance. Share some backstory.

Dave yeah, sure. So I was raised in a middle class family in Connecticut and I was taught that the recipe for success was go to school, get good grades, you're going to get a job, and life would just work out right. So I kind of followed down that traditional path and went to school and then had the opportunity actually to do the ROTC program in the Marine Corps and serve my country after college, which was an amazing experience, I learned things they just don't teach you anywhere else, I think, as well in the world, such as teamwork, leadership and integrity. And after the Marine Corps, I transitioned into corporate America. And it didn't take long until I was quickly frustrated with losing that sense of purpose and that sense of mission. And at the same time, Christina, my wife, and I started raising a family. We had an 18 month old ruling the roost. We were just trying to figure that out. And on October 24, 2000, we actually had triplets and quadrupled the size of our family like overnight. And I can tell you the first day I was literally holding three babies in my arms with a toddler, thinking that I have just got to provide for financial security for my family. And it just really, you know, put it front and center for me. So I went to talk to my financial planner, right? And I said, what am I going to do? And he told me the same thing that they all say, which is, max out your 401k, you've got kids. Well, they have these great programs called 529 plans you can do. And it was right then that I absolutely knew that, you know, the top 1% were not building their wealth as retail investors in the stock market. So this launched me on this obsessive journey to figure out how the top 1% are actually building their wealth. And I started investing in all kinds of different asset classes. Everything on the real estate side from single family, multifamily, office, retail, raw land. I invested in oil and gas. Fast forward 20 years later. Did really well investing, learned a ton, created, you know, some great relationships out there. And I wanted to really write my book and create Pantheon to help other people figure out what, what is the blueprint for really creating legacy wealth and really helping people understand, you know, how it actually works.

Well, how much money were you making when you all of a sudden have these three infants in your hand and looking down at your toddler? You were working for corporate, but like, what was this? I mean, there was an income level there too, but there's a big jump from like, hey, I'm making so much amount of money and I need a sense of purpose and I need to be a provider. And this isn't cutting it to, hey, I'm going to radically study this top 1%, figure out what they're doing and kind of the rest is history. What's kind of the bridge in between those two points?

Yeah. So, I mean, at the time I had actually transitioned into the tech industry. So I had a variable compensation program, but it was up to 200k for the comp. But again, when you throw out all the expenses, $1 million to raise a child, plus, you know, I mean, a minimum of 5 million for retirement. Right. Just to, you know, hit that level. And I wanted to live a big life. I had a big ambition. So I knew that saving 20% a month and making seven and a half percent in the market was just not going to do it.

Yeah, that's. I just say that's just still such a big leap because it takes a, what I call it uncommon sense versus common sense to make that jump of like, wait a second, I don't know what, I don't know, but this path doesn't seem like it's one that's going to work out for me. Was there like a catalyst or a moment?

Yeah, yeah, for sure. I mean, the light bulb moment for me was reading Cash Flow Quadrant. I took the purple pill, you know, with Robert Kiyosaki. In fact, remember this timeline? And it literally had. The book had actually just come out in 1999. So there weren't podcasts back then, there wasn't YouTube, there weren't all these resources. And you know, the light bulb moment went off when I read Rich Dad, Poor dad. And then further when I read, you know, Cash Flow Quadrant. And I really understood, okay, this is the first time I got insight into this is how the way the world works. Right. And I need to be on the right hand side of the quadrant and become a professional investor and I need to become a business owner. So that really, you know, put me on the path to becoming an entrepreneur. Really. I didn't know at the time what business I was going to create, but I knew I had to be an entrepreneur. I knew that would be the best situation in terms of tax savings, also upside potential. As an entrepreneur, you have absolutely no cap to how much money you can actually make and then really structuring yourself that way.

Yeah, it's actually pretty fascinating, this kind of a sidebar conversation. But anybody that's probably listened this followed me for a long time would fact check this, But I'd say a healthy majority of all those that I interview in the financial space are given some type of financial advice, financial coaching, fill in the blank, you and me included. We all had that light bulb moment and that light bulb moment. So many of us started by reading Rich Dad, Poor dad and going to Cash Flow Quadrant. Kind of like you said, the rest is history. And so since you said that. Let's break that down a little bit. Like those books changed my life. I would not be here where I am today. And it wasn't about what I like to say about that. And even the way what you're doing now, what I think I'm doing now, it's not telling people what to do, which is so much of the financial stuff out there. Save 15%, max out your 401k, get out of debt, stay out of debt. So it's like this, telling people what to do as this gospel and versus teaching people how to think. And that's what Kiyosaki, I think did for us. We were a lot younger back then, kind of we're starting our careers as opposed to where we are now. But I just think that what those books did for me and what it sounds like it did for you and countless others I've now had the opportunity to interview, it was creating that light bulb moment of like, oh, let me think about this. Everything that's preached out there that can't be true, this is over here. And if I think this way, if I learn how to think this way and play this out and practice this, let's see what can happen. But it's a radical, it's a really radically different way to think and then operate that Kiyosaki helped us with. Would you agree?

Completely. It's a really contrarian view and I think, you know, it really hit home in terms of my entrepreneurial mindset, right? Because it's all about as an entrepreneur, right? We need to challenge status quo. We need to ask a lot of questions and keep asking questions, always asking why. I started to ask myself questions like, well, you know, even the CPA or the financial planner says keep deferring your taxes. Like is that really such a good idea? That helps me right now, but actually if I run the numbers, I'd rather pay taxes on the seed rather than the harvest, right. And move into tax efficient things and I never have to pay taxes again, right. So I started just, you know, really, really questioning these things. And then, you know, they have this other principle, you know, the Monte Carlo simulation, right, which says that it's all based upon accumul accumulation theory. And Garrett Gunderson loves to talk about this as well, is that financial planning gets you to this accumulation theory. So let's say, you know, you have $4 million at the time of retirement, you then take 4% of that, which would be 160k, and then you're going to live on that. You're going to live on 4% a year and you know, that's your retirement. But you know, does that really make sense? Because what if you actually outlive your money? Right. Which is totally possible these days. You know, my number is 146 that I want to hit. Right. So but you have to actually completely challenge that type of thinking. And if you compare that same scenario, this is always such a great analogy for me. Let's just say you had 4 million in a series of, you know, syndications, real estate investments, alternative investments, and all they're making for you is an 8% return. You've literally doubled the amount of income that you have in that same scenario. So it's 65 now you have 320,000. And again if it's in properly structured in oil and gas and real estate, you're not paying taxes on that income. So now it's 320 in income. And they also, by the way, never talk to you about taxes, fees and inflation over time, which is the real destroyer. So now I've actually just over doubled the amount of income. And by the way, my asset base continues to grow over time, at least at 10%. And this is how you can create a legacy. So now your income keeps going up every subsequent year and you actually have a legacy. And this is. I spend most of my time with family offices and ultra high net worth communities and this is what they've mastered so well.

Yeah. So thank you. That just, you just kind of played it out really clearly to make it easy to follow. Why do you think? I mean it's funny, I have a, a course where I teach a lot of this to my student side the course and last night it was our final coaching call for this cohort and I was really just seeing a lot of what you just said to. They've kind of finished this piece and now they're working into okay, how do I acquired this investor mindset and I was sharing with them like everything out there is, I mean it just, it works if you have 40 years, but it's not the most powerful method and same thing, kind of sharing some of the things you're sharing here. When I was teaching or coaching this group, you know, I saying like I'm baffled as to why this shit is still being taught the way it's taught, why the status quo is still preaching the same thing from 20 years ago and why the way you and I have been taught to think isn't the status quo. In other words, it's kind of Flip flopped. So what's your answer to that? So few people know what you and I have put to work over the last couple decades.

I can tell you exactly why, Christina. It's this multi trillion dollar financial services industry. They want you to think the only way to invest is in stocks, bonds and mutual funds. And when you start to unpack how 98% of them are actually paid, it's on assets under management. Right. So they're making money if you have your portfolio with them. So if you go and talk to them about a real estate opportunity or the next syndication you have, they're going to tell you it's too risky. Right. Meanwhile, that advisor may not even be an accredited investor, so they haven't even actually been able to build wealth. Right. But yet they're teaching and giving you guidance on that. And it's all based upon the industry. Now, the second thing I will point out, Christina, is that I don't think everyone actually has an investor mindset. Right. And I don't think this is for everyone. There are a lot of people that would rather this, you know, the complexity, the entrepreneurial spirit. It's not for everyone. Some people just want to say, like, this is too difficult for me. I don't want to challenge the norm. I want to just outsource this to someone and I'll put it in the market and that's okay. And that, frankly, is the majority of the country. Right. And I think that's okay. You know, I think there is a place for that. But for those who are looking to create a big life for themselves and really take wealth to the next level, and what we talk about in our book called the Holistic Wealth Strategy, which really aligns with your philosophy. Well, is too is, you know, it's not only financial capital in your life that you're looking for, it's trying to create, you know, intellectual capital, spiritual capital, physical capital, emotional capital, and all of these important things that at the end of the day when we pass, you know, these are the things that we're going to leave right to future generations and the type of impact that we can actually have.

now, what I love about the work that you're doing with your podcast and your book and your clients is really just exposing kind of the industry as it is, this multi trillion dollar asset under management payout. You know, how people get paid and that there's a very selfish desire to keep that the same. So to keep people under a different illusion of, we can take care of you and it'll all work out. So there's that that I think people just don't know any better. Like, they think they're actually doing the right thing by outsourcing because they've been taught, like, you're not smart enough. We give it to us, the planners, we do this every single day. And, you know, whatever their script is. But that's one thing. It's like, just not like being naive to the fact that there's not something else. But with you, like, the work that you're doing and the way that you're teaching it to make it just very understandable by the layman is, hey, here's a different way to think about it. And as long as people then can understand, like, hey, there's these kind of two different paths or options that I can choose, that's better. Even if you say, like, you know what, this one, options, just, it's too much work. I don't have enough time. I don't want to invest what I need to learn or know to do that. I'd rather just kind of keep outsource and do that. But at least people have a choice at that point. That's different than thinking you're doing everything the best that is possible without knowing that there's a totally different way to do it.

Yeah, exactly. And, you know, as I said, it's not for everyone. And, you know, as much as Kiyosaki was really illuminating, right, and provided those insights, I think part of my biggest frustration was like, okay, and now what? Right? How do you actually put that into action? His concepts, because he was making a big paradigm shift in the way we think. But, you know, what do you do? And so, of course, there was a big boom, you know, into people investing as active real estate investors in, you know, real estate. But what I've tried to do in my book, the Holistic Wealth Strategy, is outline five simple steps and create a framework for people that's flexible enough wherever you are in the journey, right. Whether you're centimillionaire or whether you have 2 million and you're trying to grow and creating that, you know, framework so you just actually have a clear path that can get you closer to your vision. Because that's what it's really all about, right? If you don't have a vision, if you don't have a target, you're going to miss every time.

So share your framework.

So the framework. Yeah, the framework really it's interesting, right? This is a perfect segue into phase one of this framework. It all starts with you and your mindset. And think about maybe someone you went to high school with who is in the same town, the same set of friends and in the same job, versus an Elon Musk who every week he's taking on a new massive transformational purpose, it seems. Right? So you have to have a growth mindset. You have to start to create goals and habits that support those goals. You have to start thinking differently. You have to start asking why and really understanding why. And that was really the process that I went through in that transformation to shift. And, you know, you also think about all of the things around, you know, mindset and money. I mean, I grew up and money was scarce. You know, people should ask that question. When you grew up, money was. Answer the question. Right. It was very scarce. And it took me a lot of work to transition into an abundance mindset. As I was able to do that, more and more opportunities appeared at my door. But it all starts with mindset. Because I'm certain, Christina, you've been to Thanksgiving meals or holiday parties or neighborhood gatherings and you talk to them about what you're doing. And what do they say? My financial planner says that's risky. Right. I've never heard of that. Whoa. You know you're on the fringe. Right. And it's because they don't have the open mindset to be able to adopt a new idea and just kind of test it out for themselves.

Yeah. So everything always starts with mindset. Absolutely. And you know what I like to say to that, just to add on to a little bit that it really is, I'd say it's more like you said, the mindset of being open minded and curious and tell me more. And is there, are there other ways? And what are people doing that have the life that I'd like to emulate and what kind of questions should I be asking? So it's almost this mindset, like you said, of open mindedness is the mindset that, especially when it comes to money, it's being open minded to a different way of thinking and behaving with your money versus being really rigid and stuck and ultimately ignoring or delegating outsourcing anything to do with money because of whatever those underlying fears or fears. Fears or feelings of scarcity are.

Yeah, exactly.

So what's step two?

So in phase two, we really move into actually building upon that and increasing your iq, your financial iq, your mindset iq, your health iq. I actually have an equation that says your net worth is equal to your financial iq, plus your mindset iq, plus your physical capital, and plus your relationship capital. Right. So it's looking at all of these different dimensions in this holistic way. Right. Because I could potentially teach you a new strategy tomorrow that could lower your taxes by 15%. Right. Which is massive. Most people don't even know that you can invest in oil and gas and offset your income by 100% of your investment. Right. That all starts with financial IQ. And again, we're speaking holistically here. So you could have all the money in the world, but if you don't have your health, right, you're only going to have one dream, right? So we always want to be focusing on really our physical health as well, relationships. I mean, what a great example of how you and I connected and the amount of time and money. I mean, I spend over six figures a year investing in myself and masterminds my health, all of these different things. To be able to meet amazing people like you and then to be constantly challenged with, you know, how can we move to the next level or change your thinking or grow that, you know, new relationship capital that could be the next best opportunity of your life.

Yeah, I agree with you. I think there's not. I'm just get off a little sidebar tangent here, but I actually did a little just rant, which I'm not a ranter. Like, I'm pretty calm, steady, always the same, really optimistic and positive. Try to look at, kind of find, you know, the best in anything. But I don't know, it's just a few weeks ago, I finally got, you know, people, you know, I have a decent amount of calls on my calendar, and a lot of those are just introduction calls or like what you're talking about. Like Charles said, hey, Christina, you need to meet Dave Walcott. You guys will hit it off and, you know, things like that. We meet and you and I are talking about potential business opportunities that came out of that introduction other than just being on each other's podcasts, for example. So that's one thing that is really building relationships, like how you and I met, like you said, as an example, what we're talking about, how can I help you? How can you help me? Is there opportunity to do stuff together since we have a lot of collaboration opportunity, blah, blah, blah. So. But what had been happening on my calendar versus more of those, it was more like people just trying to pitch me and sell me their thing one after another after another after another. And so my rant was like, I just kind of hit a point. Like, is there a memo out there that says, treat everybody like a transaction? Like, I'm a dollar sign? 1 I'm in the stage of my life and business. I'm pretty clear on the help that I need, and I will pay for it, and I'll pay a premium for great help. But I don't need to be pitched anymore. Like, you don't need to try to sell me on things. I'm here to build relationships, not get pitched by your product. Because then somebody introduced us. So it's just kind of going back. Like, have times changed? Am I just getting crankier with age or something? But I know you've built your life and business through relationship capital, and I have too, and we're still doing that. But have you noticed some change? Like, it's just like it's more of this transactional environment versus a relational one.

It's because of your growth, Christina. You have a lot more clarity on what it is that you're looking for. And, you know, and that's what makes it frustrating. And you've moved up to a certain level of where you are in the, you know, stratosphere that you want to operate in. And a lot of other people don't have enough emotional intelligence to actually have a conversation and be valuable and useful to you before they start pitching their product. And so that happens to us all the time. So we create, you know, barriers around us to not let that happen. And that's why I pay to be in exclusive communities where, you know, that's not happening. You know, and we always have a philosophy as well, where we're trying to serve others first and give and, you know, be meaningful.

Yeah. And that again, like you said, it's the relationship piece is a big part of the net worth piece and building long term relationships. I'm writing a book right now on real estate investing, of all things. And one thing I put in there is that it's this exactly like, when it comes to net worth, it's a book about financial freedom. And I'm bringing kind of the same point in there is that that it's a big part of this success is your relationships and that I have 20 year relationships. And when I started, you know, this investing part 20 years ago, that I'm still doing deals with these same people 20 years later, and they're such a big part of my wealth story. So again that, like, I'm so glad that's part of your holistic approach. That it's not just about money, which is the traditional financial planner way of doing things.

Yeah, yeah, you just had Darren Davis on your show. He's one of the ones I first started doing deals with, like literally back in the 2000s and everything, you know, amazing guy. And so, yeah, we, you know, creating those relationships is key. And that's probably a good segue into phase three. Right. Which it's really about learning and team building. And in phase three, we actually want to create infrastructure around our wealth because most people are always thinking about yield. And again, coming from that kind of conventional thinking, it's like, okay, what type of yield can I get in the stock market and everything? But we actually run a virtual family office and we help people set up their own family offices. So it's really a way of kind of creating this 360 degree infrastructure of a dream team that consists of an actual tax planner, a strategic tax planner. Like you just had Mark Pearlberg on your show. Mark is great. He understands these concepts. We help people with life insurance and risk management and there's some very interesting, you know, products in there like infinite banking or premium life insurance that are solutions often used by family offices people just don't know about. That can really not only protect your money, grow it tax free, give it to your heirs tax free, provide liquidity as an entrepreneur, do cool things like that. Also estate planning, asset protection, and advanced planning, those are all really key components that you want to have in place. And again, creating this dream team. So sure, your brother in law might be an estate planner or your financial planner might be able to recommend it, but when you go and tell him that I have angel investments, real estate investments, oil and gas investments in businesses, and then you talk to them how they set that up, they have no idea because they all come from that conventional world. So we have a dream team set up that supports us and we all speak the same language.

Love it. Can't again, underscore, have to have a team around you. Wealth creation is not a solo sport and you can't lone Ranger it. And yeah, the better team around you. Absolutely. All right, phase four.

Okay. Phase four is where it starts to get fun, is a lot of people will say, wow, Dave, this sounds like really cool, but I don't have money to invest or like, where do I get started? So phase four is asset repositioning. And over 90% of Americans have their money tied up in two places. It's entrapped equity in their primary residence or it's in government sponsored qualified plans like 401ks and IRAs, right. So when you can look at things like. So as a perfect example, right, we like to do strategy stacking and look for optimizations. We have a private credit fund right now that's producing over 20% return. Well, you could take that trapped equity in your house or your second house that's earning zero in that property. You could take out a home equity line of credit. You could increase the amount of deductible interest that you have, lowering your taxes. You could then put it into this fund and start making over 20% on it. You could serve the debt and then create a very healthy arbitrage and another asset and significantly. Right. Improve your position. Another thing is like Again, on the 401k side, right. I'm sure your audience knows about self directed IRAs, but that's a good strategy if you don't feel like it in there. And then I can tell you, and again, I'm not a financial planner, this is not financial advice. But I got so tired of it and I got so confident in my own theories that I built a 401k exit calculator and exited my positions. And I can tell you that I3X my money since I got rid of it. But everyone thinks that oh, you can't pay that penalty of the 10 penalty. Well, you could actually offset it with some good tax strategies and not pay it is another thing. And by the way, if they keep you in those golden handcuffs like you're making that seven and a half percent again over the long haul and you have that taxes, fees and inflation at the end of that, how about maybe take the medicine now, you know, depending on your horizon and then you compound that out over 20 years and see where you'll be. It's massively different.

It's massively different. And you're not going to do those types of comparisons through your traditional planner. Oh, by the way, no, to do so I think the big takeaway there is is twofold but it's you think you don't have money to get in this game that you are sharing, but you probably do and you're not aware of it. And one is that trapped equity in your primary residence or maybe even another that that might be an opportunity to reposition that stored capital in a way that not only do we get a little tax boost, advantage boost by some depreciation, but we also interest depreciation, but we also get higher returns, possibly that we're paying 7% interest on the loan, making 20% that's a pretty good trade. So let's look for that trapped equity and then two. Like you said, I think where this, where I hear a lot of people getting stuck is they have a decent amount of money in their 401k. Without understanding they're trapped. They have no control over that money. They're paying three layers of hidden fees usually because with all the intermediaries that are managing those funds somewhere in that process. But I don't think people are aware that hey, you actually can take control of that money. It might cost you little fees, but if you're working with the right person, it can be offset with some tax strategy or other methods. So don't let that be the limiting belief there. But I think that's a really important message to, to really emphasize is if you have a 401k that has, you know, maybe several hundred thousand or more to it, we've got money we can play with.

Yeah, absolutely. And another not well known fact is that according to Spiva, almost 90% of advisors can even meet the indices. So what are you actually paying for? Right, you're better off just using maybe one of these robo advisories and just trying to, you know, hit the indices.

Yeah, agreed. And that's what I recommend. If people want to be hands off like you said, that first path at least don't get most of it eaten up in, in fees. Yeah, it doesn't, you don't get any better returns and you Pay, you know, 3, 4x in fees. So.

Yeah.

All right, so number five, what's fun?

Okay, number five is the fun one. It's build massive passive income. So it's all about looking and trying to create a portfolio of buying tangible assets that are non correlated to the stock market that have a three dimensional return profile, which is they have tax efficiency, they have passive income and they have forced appreciation on the upside. And so we look at you know, assets like, you know, multifamily self storage. We actually have a deal we're launching next week that's in med tail, so it's dental, anchored medical office buildings, those little medical office parks that you do that have done phenomenally well. Triple net lease with 10 year leases, great tenants, you know, things like that. So assets like that, assets like oil and gas, right, where you can offset your active income and that's basically like free money, you know, reducing your taxes from that standpoint. And you basically basically rinse and repeat this model, right, with all of these investments until you hit your financial independence number and it's all about, you know, how fast can I get there? And I know, you know, you teach that, right. What's your, you know, your amount that you're living on, what's your lifestyle expenses, you know, what do you actually want to get to? Well, you can get there a lot quicker than you thought when you start to invest in some of these assets that are actually much more, you know, risk averse as well as having higher yield on the private side of things.

Yeah, I think again, just everything you're saying is just so spot on and you're saying some really important things that I want to keep underscoring and. How did you say it? Three dimensional profit. You said three dimensional.

Yeah. So it's really, I like to think of it as a trifecta. Okay. And let's compare this, Christina, to what everyone is used to. Right. Everyone is used to stock. So let's take $1,000 worth of Tesla stock. And in reality the only thing you're hoping for is it's going to do what it's going to go up in value and appreciate. So we're literally just saying, we're just hoping that it's going to go up. And you know, everyone thought a month ago that Nvidia was like, oh, I wish I invested in Nvidia. And then it tanked as quickly as it actually went up and all the fundamentals were the same. Like, like, who could have anticipated that? Right? Absolutely nobody could have anticipated that. Now let's compare this to a solid asset like real estate where you're getting actually tax benefits from the income because you're partnering with the government. People who understand these assets realize that the tax code is actually a roadmap of incentives for business owners and investors who understand how to, to use it. So we're investing in a tax efficient asset. That asset is giving you income today, not at 65, but today. And oh, by the way, just like any other business, you're able to force value through it. And it's not just appreciation where we hope it goes up in value. It's doing creative, innovative things like renovations so we can increase the rent. Maybe it's innovation where we can now add a pet park right to the multifamily building and now charge tenants another $50 a month and increase our net operating income. Right. So that's really the trifecta. Tax efficiency, passive income and forced appreciation. So you're winning three ways or you're actually protecting your downside in three ways.

Yeah, it's just so important that, that when you're saying that can we get there a lot quicker. And that's what I like to say is that there's the long way. Start at 25, retire at 65, save a certain amount, let the markets do what they're going to do, averaging out with the big highs and the big drops and you may or may not have enough. And then you pull out your 4 to 5% and you hope you don't run out of money. And that's not a bad strategy. Like it works for a lot of people and it's pretty much hands off for the most part. But what if we could end up at that same age with 2 to 3 times some money and or hit the same numbers 2 to 3 times faster? I think that's the question that's not being asked. And that's why looking at alternative investing and wealth creation, it's a different game and it gives different strategy. And that's the difference is because right there, like you said, this three dimensional profit or trifecta is that's the three X effect is you get tax benefits. That means more money in your pocket that you can use to reinvest other places if that's what you want to do. There's income today versus income tomorrow. You can reinvest that income today and amplify it and speed things up even more. And like you said, you can create money through renovations or different things, for example, in real estate that you can't go take a hammer to your Tesla stock. So you know, just really emphasizing that point is that's why you hear those that taught like and turn them into podcasts and books. Like what you've done that, hey, there's a way to create wealth that you're super excited about because you've done it for you and your four kids and your family and all these things that now you want to teach the world about it because it's worked so well for you versus I don't hear anybody really excited jumping on, you know, the rooftop, shouting about their 401k making them rich.

Yep.

So anyway, let's wrap this up. And when I started this was the money. Is this called the. I said today's talk is about wealth. And what you've been talking about is wealth creation. And this difference between retirement mindset and a wealth creation mindset. That's really, I think what you've exposed here, that there's that one way that's all about retiring at 60, 65 and putting your money into institutional places where it's assets under Management, you hope that you have enough and you're relying on your advisors or planners or managers to take care of it for you. And again, you just hope you have enough someday to be able to retire. The other path is wealth creation. Like taking this into your own hands and having control over your money and looking at alternatives and changing your, your mindset and increasing your financial IQ and building your A team and looking at their places to reposition your assets and ultimately getting to this place of financial freedom. So any concluding thoughts? Like, what is wealth and how is it different than retirement? And if there's just one message that you want to leave the listeners with, what would it be?

Yeah, you know, it's really to invest in yourself, Christina. You are your biggest asset. Right? And that's why we begin with that, you know, the mindset and the IQ piece. So just keep investing in yourself. Like anytime I invest in, say, a mastermind, right? Like I grow 10x, there's so many different things that happen. And then my wealth comes along with that. Right? So don't always be thinking about, you know, the numbers in your account and be personal, you know, and take it that way. What you want to be trying to become is your future self. Right. And start working on visualization into what does. If I put $100 million in your account tomorrow, how is that going to materially change your life? Who are you going to be with? What are you going to be doing? And, you know, how are you spending your time? Right. And thinking through those things. And in reality, what's amazing is forget about all the numbers. So much of this is like, you know, what is really important to you in life, maybe, because maybe the answer might be a lot simpler than you think. It could be spending more time with your kids and you can actually do that today. It doesn't even require money. Right. It requires intention. So I think really getting crystal clear on your vision and your intention and where you want to do when it go, keep investing in yourself. Right. And then, you know, these other things will come along.

All right. Well, if people want to invest in themselves, I always say investing takes time plus money. It's those two forces working together that creates future wealth and future capital of different kinds. So those looking to increase their financial IQ and invest in themselves, what do you have for them?

Well, I wanted to make a special offer for your community and give everyone a free copy of the book. They could go to holisticwealthstrategy.com and download a free copy.

Awesome. Well, that makes it easy we'll make it easy and we'll put a link to the show, notes to your book and all other ways to connect with you. And what's your podcast, Dave?

It is called Wealth Strategy Secrets of the Ultra Wealthy.

Well, there we go.

I like that Christine has been a guest on and we had another fantastic conversation. You can look it up.

Yeah, I'd have to say this is one of my favorite things right now. In fact, saying this out loud, I need to see if I can pull this together because I think it'd be really cool. Or those where we've done, we've been on each other's podcast to highlight them next to one another because I think it'd be great for the listeners to hear kind of the dialogue back and forth and be able to extract probably even more really good, you know, juicy learning material. Anyway, Dave, thank you so much. I appreciate what you're doing. You've really simplified through this five phase framework and hopefully everybody listening knows that if they're kind of waiting on the sidelines, you don't have to. We can get started today.

Awesome. Thank you, Christina. Really grateful for the opportunity.

My pleasure. I hope you enjoyed that conversation as much as I did. If you wish to learn more from me about financial abundance, business and wealth creation, I invite you to check out my new YouTube channel, subscribe and receive weekly money education videos. You'll find me at YouTube.com hristinawise YouTube.com R I S S T I N a W I S E Otherwise, join me again next week for an episode of the Wealthy Wealthy podcast where I interview experts about the intersection of wealth, health and business. Until then, live your wealthy wealthy life.