The BetterLife Podcast: Wealth | Real Estate Investing | Life
#19: Jay & Wendy Papasan
Episode guests
Podcast summary created with Snipd AI
Quick takeaways
- Start tracking your net worth to kickstart your financial journey.
- Build a time billionaire mindset for prioritizing what truly matters.
- Set crystal clear goals and work backward to achieve them effectively.
- Implement a reverse funnel approach in marketing for targeted campaigns.
- Focus on creating a legacy of impact and empowering others to live authentically.
Deep dives
Focusing on Business Growth Through Others
The podcast delves into the concept of achieving success through others, highlighting the shift from being a successful salesperson to becoming a successful business person. It emphasizes the importance of learning to succeed through others as the ultimate strategy for growth and achievement in business.
Implementing a Profit Goal-Driven Approach
The discussion centers on the significance of setting profit goals and working backward to determine the necessary steps to achieve them. By reverse-engineering profit targets, individuals can establish specific actions and strategies to reach their financial objectives effectively.
Leveraging Database Potential for Business Success
The episode underlines the idea of viewing one's business database as a pivotal asset for success. By quantifying the potential income generated from fostering relationships within the database, individuals can unlock substantial opportunities for business growth and financial prosperity.
The Power of Working Backwards in Marketing
A key takeaway from the episode is the importance of working backwards in marketing strategies. By defining a clear reverse funnel approach and setting achievable goals for each stage of the funnel, individuals can develop targeted and effective marketing campaigns to drive desired outcomes and maximize results.
Importance of Goal Setting for Wealth Building
Setting clear goals, such as specific conversion rates on a website leading to targeted email list sign-ups and product sales, can pave the way to financial success. By consistently working towards achieving these goals and assessing ways to improve them, one can significantly increase their chances of reaching millionaire status.
Initiating a Net Worth Journey through Financial Education
Learning the basics of financial literacy, like reading a balance sheet, can kickstart an individual's net worth journey. By tracking assets and liabilities to determine net worth, individuals can set ambitious financial goals, such as becoming net worth millionaires, generating passive income, and owning rental properties.
Self-Driven Learning and Financial Accountability in Education
Acton Academy emphasizes self-driven learning where students take responsibility for their education by setting their own work goals. The school creates an environment where children develop critical skills such as public speaking, self-discipline, and accountability through projects, group work, and student-centric rule-making, fostering creativity and personal growth.
Prioritizing Impactful Legacy Through Making a Difference
Focusing on leaving a legacy of making an impact and changing lives by empowering and inspiring leaders to live abundantly and authentically.
Empowering Women Leaders Through Connection and Support
Creating an organization that offers a supportive community for women leaders to connect, be seen, and share struggles in balancing multiple roles like being parents and business owners, aiming to combat loneliness and provide mutual support.
Jay and Wendy Papasan are a real estate, business, and leadership power couple from Austin, Texas.
Jay co-authored the #1 best-seller ‘The One Thing’ and serves as Vice President at Keller Williams International. Wendy runs the Papasan Properties Group, a top 1% real estate agency, and hosts the ‘Empire Building Podcast.'
In this episode, Jay and Wendy share how they dove head first into investing after realizing at age 30 that their net worth was just $2,000; how they've developed as leaders, spouses, and parents; how they set goals; and what they've learned from working 1:1 with top performers like Gary Keller.
Jay and Wendy also talk about:
-Their backpacking adventures after getting married
-Investing aggressively, even on a modest income
-What “financial freedom” means to them
-The benefits of being a “time billionaire”
-Their definition of happiness
-"Work-life balancing" and the seasonality of life
-How Gary Keller entered their lives
-Brandon’s best marketing advice
-How to start tracking your net worth
-The sweat equity they put into their properties in the beginning
-Avoiding lifestyle creep
-Giving away money (to your kids and charity) while you're still alive
-Their best parenting and marriage advice
-Why they enrolled their son in Acton Academy, a non-traditional school
-Setting crystal clear expectations for team members
-What they want their legacy to be
Jay and Wendy’s charitable cause:
Red Oak Hope, a non-profit that works to “stop trafficking and exploitation on a large scale, while simultaneously providing holistic care to individuals and communities already affected"
Books mentioned in this episode:
-The One Thing by Gary Keller and Jay Papasan
-The Millionaire Real Estate Agent by Gary Keller, Dave Jenks, and Jay Papasan
-Think Like A CEO by Mr Byron Morrison
-FedEx Delivers by Madan Birla
-Man's Search for Meaning by Viktor E. Frankl
-The Road Less Stupid by Keith Cunningham
-Good to Great by Jim Collins
-Body for Life by Bill Phillips
-Go for the Goal by Mia Hamm and Aaron Heifetz
-The Millionaire Next Door by Thomas J. Stanley
-The Simple Path to Wealth by JL Collins
-Die with Zero by Bill Perkins
-Simplicity Parenting by Kim John Payne and Lisa M. Ross
-Lord of the Flies by William Golding
-Give and Take by Adam Grant
-The Twenty Percenter newsletter by Jay Papasan
Connect with Jay & Wendy on social:
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