The Wealth Without Wall Street Podcast

#166: You’re in for a treat as Joey and Russ bring in their daughters to share insights about Robert Kiyosaki’s book, Rich Dad Poor Dad for Teens. Today’s episode covers part 1 of the book, which is about The Language of Money. The girls, aged 15, 14, 13, and 12, kick off the discussion with their main thought about money. Words like “necessity, worry, not thinking about it, and work” come to mind. They dig deeper into details of how to overcome fear, the positive impact of journaling what you want, the power of positive affirmations, and exploring what options are available instead of just closing the doors. Top 3 Things You'll Learn:Discovering the genius within you Understanding your learning styleBelieve that you can obtain wealth Disclaimer: The opinions expressed on this podcast are solely those of the hosts and guests and do not constitute financial advice. Always consult a licensed professional for financial decisions.This episode is sponsored by a podcast show partner. We may receive compensation if you use links or services mentioned in this episode.The hosts may have a financial interest in the programs or services mentioned in this episode. This book teaches teens financial habits not usually taught in school and opens the door for parents to have financial conversations with their children. The next episodes will cover the rest of the book, touching on exploring possibilities, being excited, getting better, and becoming more confident.

It’s another round table discussion where we break down the topics within the Infinite Banking Concept (IBC). Today, we’ll talk about how long you should pay your paid-up additions (PUA) rider. Last time, we talked about what we can do with dividends, one of which is reinvesting it. In essence, you purchase paid-up additions (PUA) using the policy’s dividends instead of premiums. Paid-up additions enable more cash value in your insurance policy and faster growth from dividends. It’s like rocket fuel that helps make your money more efficient. An intriguing discussion is how long you should be paying your PUA. Why do you think that question comes up? Below are some considerations when people decide how much money they are willing to invest and how long they should pay: People want to have cash right away.People want to create a highly efficient contract as quickly as possible. People want to create a tailwind of growth, making it as efficient as possible to propel their policy with sustainable growth and sustainable cash values for an extended time.There’s not a one-size-fits-all answer, nor a hard and fast rule to how long you should pay your PUA. It all depends on what your ultimate goal is. The Inner Circle discusses topics like this in more detail, along with the numbers. Disclaimer: The opinions expressed on this podcast are solely those of the hosts and guests and do not constitute financial advice. Always consult a licensed professional for financial decisions.This episode is sponsored by a podcast show partner. We may receive compensation if you use links or services mentioned in this episode.The hosts may have a financial interest in the programs or services mentioned in this episode.--Want to go even deeper into the conversation? Join our IBC Inner Circle Group membership and gain access to our live podcast recordings, interactive Hot Seat guests on the topics, and exclusive Q&A sessions with other members and our coaches. Join here: https://wwws.link/inner-circle-sign-up

#165: If you’ve been working for 40 years and have put money towards your retirement, are you sure it will last? While spending your money over the remaining years of your life, you wonder: Is this all there is to it? The accumulation method is a villain. It taught you to scrimp and save until you have a mountain of money, yet in the end, you still worry that it’s going to run out, creating a scarcity mindset. Is there a better way? Let’s hear from a former stockbroker - The Real Estate Preacher, Randy Lawrence. Today, he teaches us how to transition from accumulating wealth to getting more returns on real estate, finding a way to earn every month while growing your asset, and establishing a cash flow model. Learn the impact of having the financial disciplines like operating within a budget and starting a systematic approach to transforming your current economic model. “Discipline is what provides freedom.” ~ Randy LawrenceTop 3 Things You'll Learn:How to be reasonably responsible with your income and expensesUnderstanding what’s the right asset class for youBeginning a systematic approach to transition at a time table that you’re comfortable with About Randy:Randy Lawrence is a veteran real estate investor having decades of experience with single and multi-family properties and a transformational community leader and church founder.Having started his career as a traditional wealth manager, Randy understands finance and investing strategies in the broadest sense. Ultimately Randy determined that real estate was the ideal investment vehicle for his portfolio. Over sixteen years ago, he began partnering with other investors, to their mutual benefit. Today, Randy oversees a real estate portfolio of close to $105M in multi-family assets and is on track to double these holdings in the next three years.Disclaimer: The opinions expressed on this podcast are solely those of the hosts and guests and do not constitute financial advice. Always consult a licensed professional for financial decisions.This episode is sponsored by a podcast show partner. We may receive compensation if you use links or services mentioned in this episode.The hosts may have a financial interest in the programs or services mentioned in this episode. Resources:- Prosperity Capital Partners: https://pcpre.net/- The Real Estate Preacher Podcast: https://therealestatepreacher.com/podcast/ Connect with Randy:- Facebook: https://web.facebook.com/TheRealEstatePreacher/- Linkedin: https://www.linkedin.com/in/randylawrence1/

Today’s topic is about dividends: how they are created and how they can be used. In the book, Building Your Warehouse of Wealth by R. Nelson Nash, the whole life policy is compared to a tree that grows; it can never shrink. You can find evidence of growth in the rings within the tree. And as the tree grows, it bears fruit. Dividends are the fruit of the policy -- the surplus or the return on premium. Now, what can we do with the fruit of the tree or the dividends from your whole life policy?4 Things We Can Do With Dividends:1. Sell it2. Allow it to accumulate interests3. Use your dividends to reduce your premiums4. Reinvest your dividends and buy paid-up additionsYou dictate what happens to your dividends. You should always think about having options, control, and flexibility of your money. Essentially, you should keep the dividends inside the policy so it’s not affected by taxes. Disclaimer: The opinions expressed on this podcast are solely those of the hosts and guests and do not constitute financial advice. Always consult a licensed professional for financial decisions.This episode is sponsored by a podcast show partner. We may receive compensation if you use links or services mentioned in this episode.The hosts may have a financial interest in the programs or services mentioned in this episode.--Want to go even deeper into the conversation? Join our IBC Inner Circle Group membership and gain access to our live podcast recordings, interactive Hot Seat guests on the topics, and exclusive Q&A sessions with other members and our coaches. Join here: https://wwws.link/inner-circle-sign-up

#164: There’s an emotional component to money. Volatility is not just about returns but what it does to you personally. There’s always this question of “Is your money ever enough?” One of our favorite topics is sharing our monthly passive income report and what we’ve been doing. As we always talk about in Wealth Without Wall Street, none of it is about timing. It’s all about cash flow. Here are some lessons we’ve learned from engaging in different business ventures: It’s a good thing to leverage someone else’s expertise to tap into a system. Just like how we’ve tapped Mark Podolsky’s team to run Everland which is one aspect of our land business. It’s a learning process. There will be challenges. It’s not all roses.You have to learn the skill of marketing. You need to have an extroverted personality with a sales profile, resilience, and willingness to push through some challenges. Disclaimer: The opinions expressed on this podcast are solely those of the hosts and guests and do not constitute financial advice. Always consult a licensed professional for financial decisions.This episode is sponsored by a podcast show partner. We may receive compensation if you use links or services mentioned in this episode.The hosts may have a financial interest in the programs or services mentioned in this episode.Financial freedom is not linear. It’s always moving and changing, and you’ve got to be willing to pivot. You can’t just stay in one place. You have to make constant adjustments, step out of your comfort zone, and continue to grow.We hope you learned something today. That’s what our brand is all about - empowering you to take control, so that you can pick your own path to financial freedom. ~~~October 2020 Passive Income Summary: Gross Income:  $32,800Total Expenses:  $ 27,000 Net Profit:  $ 5,344 (a little over 10% increase from the previous months)~~~Breakdown of Passive Income Sources:Land Business:TriStar - $723 Income | $31,000 Expenses | Down $2500Everland - $4,250 Profit Short term Rental Property:$18,248 Income | $13,605 Expenses; $922 Profit per bedroomMastermind format run by our operator STR Mastermind weekly live coaching how to create cash flow Ethereum Miners:$2.630 Income | $1,013 ProfitMulti Family:Undergoing a merger, so no income to report for October Long term Condo Rental:$124 Profit - typical profit from condo rentals is from $125 to 200Community - Inner Circle Membership for IBC:$40/person/month membership fee | $30,000 Expenses/year | $1,000 Profit E-commerce:$634 Income | $861 LossFreedom Seekers Masterclass Live (Brand New Coaching Program)Starting at $847/month with 10 members; this will be turned into a course in the future so it becomes a source of passive incomeAffiliate Marketing:$500 Income

It’s Thanksgiving Week, and we’d like to thank the man who introduced a completely different concept in the insurance industry -- the Infinite Banking Concept or IBC. We’ve been discussing IBC in this podcast, but today we’ll share an interview last May 2018 with this great man, our IBC mentor, R. Nelson Nash. A former forester, airline pilot, and life insurance advisor, Nelson discovered IBC in the early 1980s. He struggled with high interest rates (23%) on loans from commercial banks. While ruminating over his financial predicament, Nelson realized he could fund whole life insurance policies to create his own set of “banks” or storehouses for his savings and allow him access to finance large purchases. Introspection is really important. In his words, “IBC is about how you think.” Our need for financing is greater than the need for protection. Thus was born the idea for Becoming Your Own Banker (BYOB). Before writing the book, Nelson spent years sharing his vision by doing live seminars. At first, no one showed up, so he redesigned how he delivered the message and eventually found receptive listeners. It’s still a long way to get more people educated on IBC. But once you understand the potential of a properly designed dividend-paying whole life insurance policy and dig deeper into the Infinite Banking Concept, you will appreciate the vision of Nelson Nash and his tremendous impact on the world of financial literacy.Disclaimer: The opinions expressed on this podcast are solely those of the hosts and guests and do not constitute financial advice. Always consult a licensed professional for financial decisions.This episode is sponsored by a podcast show partner. We may receive compensation if you use links or services mentioned in this episode.The hosts may have a financial interest in the programs or services mentioned in this episode.--Want to go even deeper into the conversation? Join our IBC Inner Circle Group membership and gain access to our live podcast recordings, interactive Hot Seat guests on the topics, and exclusive Q&A sessions with other members and our coaches. Join here: https://wwws.link/inner-circle-sign-up

#163: Is there a way to stop trading your time for money and spend time doing the things you love? If time is our most valuable asset, how do we track it? How much time do you spend working? How can you take back control of your time? Today, we learn more about this idea with Brian Ellwood, host of 12 Houses To Freedom, the podcast that shows you how to create passive income so you can pursue your passion. Brian shares that having passive income is excellent, but passion income is something different. Passion income is money generated by doing what you love. It combines what you're good at and what truly matters to you. In Brian’s case, his passive income comes from real estate investing, while his passion for coaching has been bringing in a considerable income for him. Top 3 Things You'll Learn:How to have the clarity to picture a lifestyle you love and take steps to get thereCreating passive income streams to pursue something you’re interested inWhy you should track your time Resources:12 Houses To Freedom Podcast: https://www.brianellwood.net/podcast About Brian:Brian used to have a soul-crushing job, which he eventually quit. Inspired by the book Rich Dad Poor Dad, he got into real estate wholesaling, which he also had to stop. Brian now focuses on a few dozen rentals and uses his passive income to pay for his bills to control his time. Today, Brian coaches others on creating passive income streams to have control over their time, too. He only works part-time and spends the rest of his time with his wife, Carleigh, and his daughter, Everley, exploring Colorado, snowboarding, doing parkour, skateboarding, playing music and video games, and drinking beer with friends. Brian believes that "The purpose of real estate investing is not to become your career, but to FREE YOU UP so you can pursue your larger mission in life.”Disclaimer: The opinions expressed on this podcast are solely those of the hosts and guests and do not constitute financial advice. Always consult a licensed professional for financial decisions.This episode is sponsored by a podcast show partner. We may receive compensation if you use links or services mentioned in this episode.The hosts may have a financial interest in the programs or services mentioned in this episode. Connect with Brian:Website: https://www.brianellwood.net

Is IUL or Index Universal Life Insurance good for IBC? We’ll answer this in today’s round table. First, let’s try to understand the context of IUL and IBC. IUL is essentially a risk mitigation tool providing “upside potential with downside protection.” It is built on universal life insurance and meant to offset or compete with what’s happening in the market. IUL provides a constant rate of return and the cost of insurance premiums. Now, IBC is about Becoming Your Own Banker, a concept introduced by Nelson Nash. Its process revolves around accumulation and distribution, taking control of your finances, and buying assets to have cash flow. Now that we fully understand both concepts, let’s go back to our question, is IUL a good fit for IBC? Our goal is to get back our time and have flexibility. Let’s take a look at the 3 Essential Guarantees with Whole Life Insurance that are not in IUL:1. A guaranteed premium 2. A guaranteed cash value3. Guaranteed death benefitsWe can also refer to these as the “certainty inside guarantees.” Now you decide what you want to do with your money. Disclaimer: The opinions expressed on this podcast are solely those of the hosts and guests and do not constitute financial advice. Always consult a licensed professional for financial decisions.This episode is sponsored by a podcast show partner. We may receive compensation if you use links or services mentioned in this episode.The hosts may have a financial interest in the programs or services mentioned in this episode.--Want to go even deeper into the conversation? Join our IBC Inner Circle Group membership and gain access to our live podcast recordings, interactive Hot Seat guests on the topics, and exclusive Q&A sessions with other members and our coaches. Join here: https://wwws.link/inner-circle-sign-up

#162: Why do people go to college? Is it a must? To continue our review of R. Nelson Nash’s book, Becoming Your Own Banker, let’s talk about the value of college education. People spend a considerable amount of money to go to college, business school, or medical school to learn a skill or get a certification. Taking the cost of a college education into account, is it worth it? Today’s students get sent to the business school to be trained, not to learn. Instead of spending money outright on college education, why not start saving? To illustrate:1. Consider the standard cost of US$20,000 per year on a 4-year college education = US$80,000 (excluding board, lodging, other expenses)2. If you put the same amount to an insurance policy, you will have a value of US$2,457,303, which will allow you to withdraw US$145,000 annually for 16 years while maintaining US$3,200,000 in death benefits. A person should not wait until he’s 70 years old before enjoying his retirement. Going to college is good, but why not consider internships or learning from experts as an alternative? Education is not limited to institutions. Your financial education is your responsibility. An insurance policy is a better place to save money. Top 3 Things You'll Learn:What is the alternative if you don’t go to collegeThe value of getting a mentor The value of understanding infinite banking Disclaimer: The opinions expressed on this podcast are solely those of the hosts and guests and do not constitute financial advice. Always consult a licensed professional for financial decisions.This episode is sponsored by a podcast show partner. We may receive compensation if you use links or services mentioned in this episode.The hosts may have a financial interest in the programs or services mentioned in this episode.Buy your copy of the BYOB book here:https://www.wealthwithoutwallstreet.com/infinite-banking

What’s one thing you wish you can do again if you can go back in time? Have you ever wished you’d known something sooner? Why would someone want to go back in time? We’ll answer these questions in relation to infinite banking. We can achieve three years of growth in just 18 months by backdating the policy, a common practice in the insurance industry. Compressing time and accelerating growth is something that many people are beginning to consider now. For someone with a lot of cash available, this is a good strategy. To illustrate:1. Your birthday is June 1st, and today is December 1st, we’ll write a policy dated June 1st (6 months ago); you’ll pay the first annual premium 2. June 1st the following year; you’ll pay the 2nd annual premium. By this time, you would have paid 24 months worth of premium in just 6  months (December to June)3. By year 3, June 1st, you would have 3 years or 36 months worth of premium (in 18 months)Disclaimer: The opinions expressed on this podcast are solely those of the hosts and guests and do not constitute financial advice. Always consult a licensed professional for financial decisions.This episode is sponsored by a podcast show partner. We may receive compensation if you use links or services mentioned in this episode.The hosts may have a financial interest in the programs or services mentioned in this episode.--Want to go even deeper into the conversation? Join our IBC Inner Circle Group membership and gain access to our live podcast recordings, interactive Hot Seat guests on the topics, and exclusive Q&A sessions with other members and our coaches. Join here: https://wwws.link/inner-circle-sign-up