Millionaire Mindcast The 10 Commandments Of Cash Flow Investing And Passive Income | Justin Donald
In this episode of the Millionaire Mindcast, we have an incredible guest, Justin Donald who imparts amazing insights on the importance of building relationships versus any material things, cash flow investing and passive income, few tips on investing places that people should be careful of, type of companies that Justin is investing in, and why investing in yourself is essential!
Justin is an entrepreneur, consultant, and adviser for entrepreneurs, executives, and successful media personalities on lifestyle investing, a member of Tiger 21, a board member of Front Row Foundation International, principal owner at MHP Equity Group, co-founder at IFM Restoration, and founder at Lifestyle Investor, a company that helps clients build a cashflow-driven lifestyle investor portfolio through a customized mentorship and advisory program.
He has negotiated deals with over 100 companies, multiplied his net worth to over eight figures, and maintained a family-centric lifestyle. His ethos is to “create wealth without creating a job.” Entrepreneur Magazine calls him the “Warren Buffett of Lifestyle Investing.” Host of The Lifestyle Investor podcast and author of the best-selling book, “The Lifestyle Investor: The 10 Commandments of Cash Flow Investing for Passive Income and Financial Freedom”. All proceeds from the book go to Love Justice International, a nonprofit fighting human trafficking in 17 countries.
It was in his late 20s when he first built his real estate company specializing in mobile home parks. Justin has invested heavily in real estate and owns several profitable real estate-related businesses, has a large portfolio of multifamily rentals, and several other successful operating companies.
Justin feels very blessed with having a fruitful season for the assets that he purchased over the years. Aside from that, he is a relationship guy by default. For him, wealth stands weigh beyond money. He curated an amazing network of friends. He is blessed by his community, friends, and family. Thus, he always wanted to pour back into the people again. Being a student of anything and everything, he constantly finds things to learn, and always wanted to share them to others.
On the other hand, Justin emphasizes that entrepreneurs should not be a slave of the business and should not be working more for your wanted lifestyle. Instead, letting the business work for you and provide it. Also, he believes that you don’t need to have a great net worth to have a really good cash flow. Your lifestyle should not be tied to the cash flow and your net worth because net worth is a deceiving number!
Some Questions I Ask:
- How the heck are you doing? (01:01)
- Have you always that approach in terms of adding value, and genuinely cultivate, nurture, and care about your relationships on creating wealth and freedom? (03:52)
- Where was that spark of desire coming from to be an entrepreneur, to be wealthier, have a bigger lifestyle, and big goals? (06:42)
- What was that first business that you started? (10:49)
- How did you settle on mobile home parks and that asset class? (13:54)
- In that first vertical of wealth building, do you have to be the expert or should you be the expert or want to become the expert or just build a team right away and delegate a lot of these things? (16:51)
- How long did you live below your means and did you really feel like maybe you can increase your lifestyle a little bit? (19:34)
- What do you say to that person who doesn’t know where to start to get that lifestyle and freedom piece? (25:15)
- What do those layers mean to you, and what do they look like for you? (27:58)
- If you were to say in terms of a healthy template around diversification in terms of all the different asset classes that are out there right now if you got to pick, what would you allocate accordingly? (32:36)
- What trends maybe are you paying attention to or are you seeing some promise in? (38:16)
- What is your daily routine in terms of research and analytics, and how do you educate yourself and spotlight things, and pursue them? (42:39)
- For those who don’t know about your book the Lifestyle Investor, what can they expect to pick that up? (48:34)
In This Episode, You Will Learn:
- Why Relationships Matters More Than Anything Else (05:37)
- Tips for Newbies in Real Estate Investing (17:11)
- How to Find Invisible Deals (41:55)
Quotes:
- “I’m a student of anything and everything.”
- “Relationships are everything.”
- “I don’t have to have a great net worth to have really good cash flow.”
Connect with Justin Donald on:
The Lifestyle Investor book by Justin Donald