The Wealth Without Wall Street Podcast

#110: What This Episode is AboutWe all have habits that dictate how we approach different scenarios in life. Financial biases are no exception.Our guest today, Garrick McCarty tells about how he struggled to understand why others were using cash value life insurance to store their cash until he was turned down for a home equity line of credit. His plan had been to pay off his house as quickly as possible, but he learned that when he needed his cash back, he no longer was in control.This is when he began to research the merits of the Infinite Banking Concept. He explains his journey of educating himself on IBC and how he had to retrain his way of thinking so he could enjoy having his money working for him. As a long time listener and friend of the Wealth Without Wall Street family, he discusses his experiences becoming familiar with our Community and IBC. This is an episode you definitely don’t want to miss!Mentioned in this episode:Why Educating Yourself in Infinite Banking can be a Game Changer for your Finances.How We can Become Stuck in our Biases of What We Know.How to Reteach Ourselves New Ways of Financial Thinking.And So Much More!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.Join Our Community:If you want to engage with others like yourself who are breaking free from corporate America and Wall Street, this is the place. As a part of the community you will receive exclusive access to our podcast guests for live Q & A as well as weekly coaching on our 5 Pillars of Wealth Without Wall Street.Join us on the journey to financial freedom at community.wealthwithoutwallstreet.com Resources:Follow Garrick on Twitter to stay up to date on his experiences with IBC, https://twitter.com/garrickmccarty.Watch the backwards bicycle video that Garrick, Joey and Russ discussed here https://www.youtube.com/watch?v=MFzDaBzBlL0 Schedule a Call with Us

#109: What This Episode is AboutInvesting in Real Estate and Financial Freedom seem to go hand in hand with one another. We often talk about just how important Real Estate is to creating passive income and many guests on our show reiterate that point.However, what steps can we be taking to create an automated business that will allow us to generate that income?How do we mitigate the risk of taking that first step into the market?Is this something anyone can really do, even without a background in Real Estate?Dustin Heiner discovered his passion for investing in rental properties after he was fired from his job. He explains that passive income does not happen quickly, nor is it a get rich quick scheme. It takes time and knowledge to build a profitable passive income business. Dustin is the author of several best selling books including Successfully Unemployed: 16 Real Life Lessons You Must Learn Before You Quit Your Job and Live the Life of Your Dreams. Mentioned in this episode:Why You Should Learn How to Invest in Real EstateHow You Can Build a Real Estate Business that Operates AutonomouslyWhere to Find Investment Property Deals Through WebsitesAnd So Much More!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.Join Our Community:If you want to engage with others like yourself who are breaking free from corporate America and Wall Street, this is the place. As a part of the community you will receive exclusive access to our podcast guests for live Q & A as well as weekly coaching on our 5 Pillars of Wealth Without Wall Street.Join us on the journey to financial freedom at community.wealthwithoutwallstreet.com Resources:Go to www.masterpassiveincome.com to learn more about Dustin’s strategies in Real Estate and to listen to his own podcast, The Master Passive Income Podcast.Schedule a Call with Us

#108: What This Episode Is AboutHow do individuals like you and me get ahead financially? How do we build passive income that works for us in more ways than a traditional 401k or W2? Should we even care about a “Plan B” if we love our current job?On this week’s episode of The Wealth Without Wall Street Podcast, Nichole Stohler explains how she and her husband built a real estate investment business as a “Plan B” for their income. Nichole has been in technology sales for 22 years and loves how fast-paced, dynamic, and diverse the industry can be. However, despite the love for her job, she believes we all need a way to create more financial security.Her “Plan B” included building an 8-figure real estate portfolio of rental properties and commercial property investments including multi-family, single-family, and hotel properties. She shows that her properties currently generate four times the annual return of her company’s 401K during the same time-frame. She has dubbed herself a W2 entrepreneur and discusses how anyone can find financial security. Mentioned in this episode:How to create your financial “Plan B” and earn income that works for you.Where to begin researching different forms of passive income, particularly real estate investments.Why we need a “Plan B” for our finances, even if our current job is enjoyable and pays well. 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.Join Our Community:If you want to engage with others like yourself who are breaking free from corporate America and Wall Street, this is the place. As a part of the community you will receive exclusive access to our podcast guests for live Q & A as well as weekly coaching on our 5 Pillars of Wealth Without Wall Street.Join us on the journey to financial freedom at community.wealthwithoutwallstreet.com Resources:Go to https://www.therichergeek.com/ to learn more about Nichole and her husband’s journey as W2 entrepreneurs and to hear their podcast, The Richer Geek.Schedule a Call with Us

#107: What This Episode Is AboutWe’ve all heard self proclaimed gurus talk about how making big money in real estate through flipping properties or wholesale. Yet, how do we begin that journey without getting in way over our heads and suffering a big loss?Jamil Damji started in real estate shortly after moving from Los Angeles. He fell into wholesaling almost by accident, but went forward with deals due to his knowledge in construction.In 2009 he lost everything, but decided to reconnect with his family and make the best of what he had left. He dusted himself off and got back into wholesaling, eventually meeting a group of individuals that would allow him to create a company with over 40 employees that averages over 70 wholesale deals a month.Jamil’s daily passion now is to inspire others to follow their skills and abilities to the best of their ability.You don’t want to miss this important episode!Mentioned in this episode:Why wholesaling is an optimal strategy for creating income.Where to begin researching wholesale real estate and how we can take our first steps into the market.How we can recover from a dramatic loss and learn from the mistakes of others.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.Join Our Community:If you want to engage with others like yourself who are breaking free from corporate America and Wall Street, this is the place. As a part of the community you will receive exclusive access to our podcast guests for live Q & A as well as weekly coaching on our 5 Pillars of Wealth Without Wall Street.Join us on the journey to financial freedom at community.wealthwithoutwallstreet.comResources:Go to www.keyglee.com to learn more about Jamil and his company that now averages over 70 properties a month.Schedule a Call with Us

#106: What This Episode Is AboutWe’ve all had a time in our lives where we haven’t enjoyed working at our job. For some, it may be behind us, and we now find ourselves in a career we enjoy. For others, it might be a daily struggle just to get out bed in the morning.So should we consider quitting our job to pursue passive income? If we wanted to look into that, where should we start? Most importantly, WHEN should we look to quit our job?On this week’s episode of Wealth Without Wall Street, Noah Boren discusses his experience quitting his job as a postal worker to replace his income and find financial independence.Mentioned in this episode:When the optimal time is to leave a job we hate and how we can replace that income with different strategies.Where to begin when considering investments that allow us to quit our jobs.How land-flipping and IBC can form a perfect dual investment option that compliment each other automatically.Why we should live by the philosophy of Ready, Fire, Aim. 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.Join Our Community:If you want to engage with others like yourself who are breaking free from corporate America and Wall Street, this is the place. As a part of the community you will receive exclusive access to our podcast guests for live Q & A as well as weekly coaching on our 5 Pillars of Wealth Without Wall Street.Join us on the journey to financial freedom at community.wealthwithoutwallstreet.com Resources:Go to https://whencaniquitmyjobshow.com to hear more from Noah about his experiences replacing his income from his job.Schedule a Call with Us

#105: What This Episode Is AboutWe don’t like to think about unexpected health issues in our family. We often say that “we are too young or physically fit to be thinking about those things” and just push them to the back of our minds. Our health can be something we take too much for granted. So what do you do when an unexpected illness or accident occurs and your insurance says they will no longer be covering you or your loved one? What is the best way to leverage our capital to minimize the risk of being stuck with high bills for long-term care?How do we approach a topic like living wills when we often feel like we don’t need them?Where should we start looking and researching to find the best plans for us and our families?John King, Founder and Managing Partner of LTCi Plans, sits down with Joey and Russ to explain all this and more in this week’s episode of The Wealth Without Wall Street Podcast. Mentioned in this episode:Why individuals should start thinking about Long Term Care Insurance even if they are “young and healthy”What the best methods are to approach creating living wills and other forms of long term care.How to discuss this topic with elderly parents or relatives to ensure they have the best plan in place. 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.Join Our Community:If you want to engage with others like yourself who are breaking free from corporate America and Wall Street, this is the place. As a part of the community you will receive exclusive access to our podcast guests for live Q & A as well as weekly coaching on our 5 Pillars of Wealth Without Wall Street.Join us on the journey to financial freedom at community.wealthwithoutwallstreet.com Resources:Go to https://ltciplans.com/long-term-care-insurance/ to learn more about Long Term Care Insurance plans and to connect with John King.Schedule a Call with Us

#104: What This Episode Is AboutAchieving success involves so many aspects that go beyond money.It’s also about relationships, mental health and identity.If we don’t get this right, it can submarine our finances and create total havoc in our lives.Many people today are struggling with these other aspects, dealing with addictions, hidden shame and inadequacy.Why are so many men and women struggling with pornography addiction?How do we address our emotions and deal with them at the root?On this special Podcast Movement episode, we talk to the Executive Director of Undone Redone, Traylor Lovvorn, who shares on his life journey of overcoming addiction, learning, growing and healing through a lot of pain. Mentioned In This Episode:How pornography is a big challenge for many people The importance of focusing on the present Why pain isn’t something we should avoid 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.Join Our Community:If you want to engage with others like yourself who are breaking free from corporate America and Wall Street, this is the place. As a part of the community you will receive exclusive access to our podcast guests for live Q & A as well as weekly coaching on our 5 Pillars of Wealth Without Wall Street.Join us on the journey to financial freedom at community.wealthwithoutwallstreet.com Resources:Go to https://undoneredone.com/ for more information and to listen to the podcast.Schedule a Call with UsDon’t run out of money webinar coming soon! *We use affiliate links and if you choose to buy things we might receive compensation from those companies 

#103: What This Episode Is AboutThere’s a reason why the wealthiest people in the world own real estate: it pays exceptionally well. What are some of the ways real estate can help us create wealth? What are profit centers and how do we lock into them? On this episode, real estate investor, Tal Simpson shares some of the surprising places we can earn a profit in real estate.  Here’s what we covered in the full episode: Profit centers that real estate provides, will be good for people just starting out in real estate.Once Tal realized the money that could be made in real estate, he understands why the wealthiest people invest in real estate.Debt, taxes, inflation are the three main reasons Tal believes real estate is a great investment.5 ways real estate can pay you – he does real estate long term buy and hold.5 ways – Cash flow, appreciation, depreciation, amortization, inflation Cash Flow – what you have left over after expenses from rental income.Typical $100K home, operating exp (taxes, insurance, property management, vacancy, repairs) which is usually around 40%He usually puts down around 20%, 40% goes to debt repayment.40/40/20 Rule – making $200/month cash flow9.6% cash on cash return if you put down 25K. Asset Appreciation – Annual appreciation around 3.4% average3% appreciation on 100K investment, 3000 appreciation on top of the $25K downpayment an additional 12% returnYear one already at 21% return Depreciation – You can depreciate real estate, standard 3.6% of improvements$2909/year you can write off – paper loss at 35% tax rate, $1018 deduction (extra 4% ROI)New tax plan, you can now add bonus depreciation to rental homes with cost segregation study. This allows you to accelerate the depreciation of a rental home. Larger commercial buildings make a lot more sense to use this deduction. It is a little more difficult for single family residental homes. https://www.kbkg.com/costsegregation Great reference to learn about cost segregation.20% of the $80K – $5600 write off for year one Amortization – Pay down on the loan, only @ $98/month goes toward principle initially but grows over time. With the paydown you will get another 4.7% return on your money.1031 exchange – capital gains roll into another investment Inflation – 30 year fixed loan, monthly payment is the same over the course of the loan. 40% cost goes to the debt payment, 3% inflation each year.Year 1 – $4800/year ($400/month payment)Year 30 – with inflation the payment should be roughly $11,600/year for the same assetRent also rises with the inflation – payment for the loan stays the same.  Inflation will help…..A lot of investors don’t care about the cash flow portion because of the inflation and tax benefits.Tal invests for cash flow reasons. Going into a recession, still buying property, the appreciation could work against you but you can ride this out over time. 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.Join Our Community:If you want to engage with others like yourself who are breaking free from corporate America and Wall Street, this is the place. As a part of the community you will receive exclusive access to our podcast guests for live Q & A as well as weekly coaching on our 5 Pillars of Wealth Without Wall Street.Join us on the journey to financial freedom at community.wealthwithoutwallstreet.com Resources:To connect with Tal, head to https://connectedinvestors.com/member/tal-simpsonCheck out https://wealthability.com/show and www.kbkg.comSchedule a Call with UsDon’t run out of money webinar coming soon! *We use affiliate links and if you choose to buy things we might receive compensation from those companies 

#102: What This Episode Is AboutReal wealth is generated through passive income. While we all know the benefits of life insurance in attaining a passive income, are there any equally effective alternatives? What is land flipping, and what makes it such a great option for generating passive income? On this episode, managing member at the Land Geek and author of Dirt Rich Mark Podolsky, shares how we can reap the benefits of land flipping and how to identify the best markets.  Mentioned In This Episode:How big money can be found in the least appealing nichesWhy land flipping is better when you follow the competitionHow to reduce the risk when making land flipping offers 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.Join Our Community:If you want to engage with others like yourself who are breaking free from corporate America and Wall Street, this is the place. As a part of the community you will receive exclusive access to our podcast guests for live Q & A as well as weekly coaching on our 5 Pillars of Wealth Without Wall Street.Join us on the journey to financial freedom at community.wealthwithoutwallstreet.com Resources:To find out more about Mark and Land Geek, head to https://www.thelandgeek.com/To get a copy of Dirt Rich: How One Ambitiously Lazy Geek Created Passive Income Without Renters, Renovations, and Rehabs, head to https://www.amazon.com/Dirt-Rich-Ambitiously-Created-Renovations/dp/1544510772Schedule a Call with UsDon’t run out of money webinar coming soon! *We use affiliate links and if you choose to buy things we might receive compensation from those companies

#101: What This Episode Is About In the game of real estate investing and turnkey real estate, knowledge is power. Why is it so important to educate ourselves before diving into investing? Where can we find the relevant information we need to invest wisely? On this episode, investor, author, podcaster and Founder of Norada Real Estate…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.