Our Passive Income Report - August 2022

When you invest in different businesses, there will always be times when you'll experience hiccups, get distracted, and slow down on your marketing efforts. Other times, some things happen beyond your control. For August, Russ and Joey had some challenges which negatively impacted their passive income. Pay attention as they discuss the events of the past month, the lessons they learned, and what they could have done differently. They also share some exciting updates, like the sale of Chelsea Manor and the rebirth of 100 Unicorns. August 2022 Income At-A-Glance: Gross Income for August: $458,825.43 Total Expenses for August: $423,043.27 Total Net Profit for August: $35,782.16 Difference b/t July & August: ($19,600.13) % of net profit to overall gross revenue: 8%

Round Table | Paying the Penalty with My IRA

IRAs and other traditional retirement plans are designed to be left untouched until you retire. But what if you need cash flow for significant expenses? Should you make an early withdrawal? Your IRA has a hidden penalty you probably didn't even know existed—think about that for a second. Are you willing to pay the penalty? Tune in to today's discussion that covers 3 key aspects of your IRA so you can fully understand how much you pay in penalties when you put your money where it should not be.

Education - What are the facts?

Mindset - Are you terrified of your ability more than the penalty?

The Financial Aspect - What is the math behind this thing?

The ABCs of Land Flipping with Mark Podolsky

Did you know that investing in raw land has more potential than investing in other forms of property? In fact, land flipping has been a steady source of passive income for Russ and Joey for the last couple of years. In today's episode, they interview The Land Geek, Mark Podolsky. Mark has been buying and selling land full-time since 2001 and has completed around 6,000 land deals with an average ROI of over 300% on cash flips. Isn't that a great path to financial freedom? So if you want to know how to start your own land flipping business, tune in to this episode where Russ, Joey, and Mark talk about the ABCs of land flipping

You don't need a lot of money to start investing in raw land

Steps to starting your land flipping business

Why land flipping is a great way to build passive income

Mark Podolsky

Mark Podolsky, also known as The Land Geek, is the author of Dirt Rich, the ultimate guide to helping you build a passive income. He has been buying and selling land full-time since 2001 and has completed around 6,000 land deals with an average ROI of over 300% on cash flips and over 1,000% on the deals he sells with financing terms. Before his land investing success, Mark had a high-stress, soulless corporate job and felt trapped in a state of solo-economic dependency (i.e., his income stopped as soon as he stopped working). Connect with Mark Podolsky: Website - https://www.thelandgeek.com/

Round Table | What's Investor DNA?

When thinking about investing, are you the type of person who wants to try different things and see what works out the best, or are you someone who knows exactly what you want to do? Science has proven that genetics plays a role in determining your natural tendencies. In the same way, knowing your Investor DNA will help you determine which investment opportunities are more suited to your personality. So, if you want to eliminate the frustration of doing trial and error, it's best if you find out more about your Investor DNA.

When is the Investor DNA the right thing to do?

What are the lessons we learned along the way?

How do we connect investments to our Investor DNA?

Compress Time by Investing With Others with Travis Smith

How often have you seen a deal but hesitated because you didn't have enough capital or felt you didn't have enough support? Of course, doing things all by yourself can be challenging, especially when investing. But what if you have a tribe of people rooting for you and ready to support you? In this episode, Joey and Russ interview Travis Smith, Founder & CEO of Tribevest, a collaborative group investment platform that enables friends and family to organize as an investor group, pool money, and manage joint investments. To understand more about how you can start engaging in joint investments without the stress of worrying about the legal documentation and processes, tune in to this episode where Travis explains all these and more!

The benefits of being in a tribe

The real meaning of being an investor

How failure can lead to success

Travis Smith

Tribevest CEO, Travis Smith, dreamed out loud about building generational wealth and forever altering his family’s financial trajectory. However, he’d never been introduced to ways of private investing, and wealth-building seemed out of reach. Travis and his brothers realized they could overcome their lack of experience and know-how if they worked together. But they had to confront the more obvious and immediate barrier—they lacked the capital required to break into wealth-building, freedom investments. By forming and funding an Investor Tribe, they unlocked a new future and the secrets of the wealthy. Connect with Travis Smith: Website - https://www.tribevest.com/

Round Table | Lessons From Failure

Do you consider failure as a sign of defeat? Maybe if you give up after a few tries, but not if you choose to move forward. Nobody wants to fail, but you need it for your growth. Failure allows you to build wisdom, character, and resilience. There is no single path to success; as long as you learn from your failures and keep trying, you will eventually achieve your goal. So don't let failure paralyze you. Instead, let it teach you how to face your fears.

How do you define failure?

How does being in the company of failure help us?

How do we become resistant to failure?

The Time I Bought a CPA Firm and Robert Kiyosaki was a Client with Tom Wheelwright

Taxes take away a big chunk of our income. No wonder most people look at it negatively but did you know there are legitimate ways to reduce your tax payments? Today's guest believes that taxation is actually one of the most powerful tools for wealth creation. In this episode, Joey and Russ interview Tom Wheelwright, an entrepreneur, bestselling author, Rich Dad Advisor® & International Authority on Tax. He is the CEO of WealthAbility, a company that offers a clear and simple guide for reducing taxes to start building your massive passive cash flow. Tom's goal in life is “to make taxes fun, easy and understandable.“ Tune in as Tom shares what he learned from his CPA practice and from Robert Kiyosaki himself.

How to find a great CPA and Tax Advisor

Examples of legal tax incentives

The importance of keeping good accounting records and proper documentation of all relevant transactions

Tom Wheelwright

Tom Wheelwright is an entrepreneur, bestselling author, Rich Dad Advisor® & International Authority on Tax. He is the CEO of WealthAbility, a company that offers a clear and simple guide for reducing taxes to start building your massive passive cash flow. Tom's goal in life is “to make taxes fun, easy and understandable.“ Resources: Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes (Rich Dad Advisors) by Tom Wheelwright, CPA (Chapter 23 is all about How to Find a Great Tax Advisor) - https://www.amazon.com/Tax-Free-Wealth-Permanently-Lowering-Advisors/dp/1937832058 The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make by Tom Wheelwright, CPA - https://winwinwealthstrategy.com/ Connect with Tom Wheelwright: Website - https://wealthability.com/ The WealthAbility® Podcast - https://wealthability.com/show/

Round Table | Coaches Corner: 3rd Quarter 2022 Update

Someone said that accountability breeds trust among individuals and their groups and increases the likelihood of success. It helps you strive to be better than the last time. It gives you the confidence to move forward, even during challenging times.

What have you been up to since the last quarterly update?

What other opportunities are you looking to invest in?

What are the things you're working on that will get you to financial freedom this quarter?

Wall Street is the Modern Version of Organized Crime with Jason Hartman

What do Wall Street and organized crime have in common? That's what we're going to find out from today's guest. But, if that's not enough to get you listening, there are other reasons you should, especially if you're interested in learning more about real estate investing and becoming an empowered investor. In this episode, Joey and Russ interview Jason Hartman, CEO of Empowered Investor and Real Estate Tools. Jason is the host of Creating Wealth Podcast and a successful entrepreneur, public speaker, author, and media personality. Resources: War on the Middle Class by Lou Dobbs - https://www.amazon.com/War-Middle-Class-Government-Business/dp/014311252X Robert Allen Real Estate Books - https://www.robertallen.com/main Get a Free Account - https://propertytracker.com/

Three basic problems you will have when you relinquish control to somebody else

Why you should invest in single-family homes over other asset types

The benefits of being an empowered investor

Jason Hartman

Jason Hartman® is the CEO of Empowered Investor and Real Estate Tools. Starting with very little, Jason, while still in college at the age of 19, embarked on a career in real estate while brokering properties for clients. He was investing in his own portfolio along the way. Through creativity, persistence, and hard work, he soon joined the ranks of the top one percent of Realtors in the U.S., earned many prestigious industry awards, and became a young multi-millionaire. Connect with Jason Hartman: Website - https://www.jasonhartman.com/ Podcast - https://www.jasonhartman.com/podcast/ YouTube - https://www.youtube.com/c/JasonHartmanRealEstate

Round Table | How Can I Supercharge My IBC System?

If you’ve spent some time listening to this podcast, you’ve probably heard a lot about the Infinite Banking Concept or what Nelson Nash called “Becoming Your Own Banker.” You've probably also heard about how you can create passive income streams and build wealth using your life insurance as a source of cash flow. So what else can you do with IBC? How can you supercharge your Infinite Banking System? Get ready for another supercharged conversation in today's Round Table.

Things you can stop or start doing to help you find cash flow

Partnerships and how you can win with others

Thinking out of the box and expanding your horizon with some crazy ideas that you can do with IBC

Our Passive Income Report - July 2022

What is that one dream you're not willing to give up on? Russ and Joey's vision is to have a 200% passive income greater than their monthly expenses. Everything they've been doing is aligned with that dream. What about you? What are you doing to achieve your goal? If you're not sure what the next steps are to pursue your dream, tune in to this episode. You might discover an idea that will inspire you to take action. July 2022 Income At-A-Glance: Gross Income for July: $129.820.05 Total Expenses for July: $71,463.61 Total Net Profit for July: $58,356.45 Difference b/t June & July: $2,974.16 % of net profit to overall gross revenue: 45%

Round Table | The Benefits of Being the Bank

Many people rely on banks for several reasons, like saving a portion of their income for future use, obtaining loans to finance huge purchases such as cars or houses, or taking out business loans. However, do you realize that banks then take control of your cash flow? They also make sure that some form of collateral protects their interest. So why don't you just BE THE BANK? What are the benefits of becoming your own banker?

Cash Flow

Collateral

Control

Buying Land NOT Beer in College with Michaela C.

Do you remember what your main focus was in your college days? And how many college students do you know think about investing in real estate or buying land even when they don't have a lot of cash? In this episode, Russ and Joey interview Michaela, a senior college student who got interested in land flipping while listening to a podcast. She then decided to take action and jumped on a free call offered by The Land Geek, and that was the beginning of her journey to financial freedom. Tune in to hear this inspiring story.

You are never too young to think about becoming an investor.

Do not be afraid to take action. Hop into that free call and see where it takes you.

You don't need a lot of cash to start. You just need a goal, a path, and support.

Michaela C.

At a young age and while studying to become an engineer, Michaela thought about real estate investing, specifically land flipping. But, instead of dismissing that thought, she decided to take action and pursued her entrepreneurial journey, learning everything she could about land flipping. With the education and support from The Land Geek, Michaela's land flipping business continues to grow.

Round Table | What is the Benefit of Coaching?

Do you need to hire a coach? Many of the world's most successful people, like famous athletes and business owners, have coaches to help accelerate their success. Coaches can indeed point you in the right direction. But some people believe they'd be fine on their own. If you're one of those who are unsure of the benefits and value of having a coach, this conversation is exactly what you need to hear.

Accountability

Raising your lid or being challenged to do something beyond your comfort zone

Fast Pass or benefitting from other people's experience

Could my Rental House be an Assisted Living Residence? with Chuck Bongiovanni

What other things can you do with your property aside from turning it into a short-term rental property? For example, did you know that it's possible to turn it into an assisted living residence? Let's hear the details from someone who has developed the system to do this kind of thing. In this episode, Joey and Russ interview Chuck Bongiovanni, CEO and Co-Founder of Majestic Residences Franchise System, a senior residential care home franchise. Chuck was the founder of CarePatrol Franchise Systems in 2009, the largest franchised senior placement company. Today's conversation will give you a different perspective on real estate investing.

Why assisted living is a profitable business

The benefits of being a franchisee of Majestic Residences

Understand the pros and cons of engaging in this type of business

Chuck Bongiovanni

Chuck Bongiovanni is currently CEO and Co-Founder of Majestic Residences Franchise System, a senior residential care home franchise. Chuck was the founder of CarePatrol Franchise Systems in 2009, the largest franchised senior placement company. He has an Administrative Social Work background, making him a pioneer in the senior placement and referral industry for the last 29 years.

Round Table | When is the Right Time to Pay Off My House?

Choosing between paying off your debts and investing the money is a difficult decision, mainly because people are led to believe that debt freedom is the same as financial freedom. So they strive to pay off their home mortgage–the biggest debt they probably have–as soon as possible. But is this the best way to get to financial freedom? When is the right time to pay off your house? What is the alternative?

What are the top reasons people choose to pay off their houses?

What is the alternative to putting your money towards mortgage payments?

Why would you consider the alternative?

From Unemployment to Financial Freedom with Jeff Wagner

Unemployment with no other source of income is a dreadful thought, especially for someone raising a family. That's why it is wise to have alternative income streams during these uncertain times. But how do you do that? In this episode, Joey and Russ bring in Jeff Wagner, a member of the Passive Income Mastermind. Jeff experienced losing his job and had to think quickly about his next steps. He now owns 58 properties that allow him to earn more than he was making annually at his job. Jeff's story is one that many can relate to. If you want to know how Jeff went from being unemployed to becoming financially free, this episode is for you.

Why it's essential to identify your Investor DNA before getting involved in any investment opportunities

How to benefit from other people's money

Overcoming mind trash and reframing your thoughts

Jeff Wagner

Jeff Wagner experienced what most people dread–losing his only source of income. With quick thinking and help from mentors, he was able to bounce back from unemployment to becoming financially free. Jeff is a member of the Passive Income Mastermind, an IBC practitioner, and an accredited investor who earns from multiple income streams. Connect with Jeff Wagner: Website - https://www.goldenvalleyinvestments.com/ Email - jeff@gvi-invest.com

Round Table | IBC, Experts Only

What comes to your mind when you hear the word EXPERT? What do you expect from someone who calls themselves an expert in a particular field? In today's episode, the coaches delve into this topic as many people claim to be experts in financial planning and using IBC to create generational wealth. But, who can you trust if you want to learn more about IBC? Today, the Financial Freedom Coaches gather once more to exchange ideas on IBC 301 or the expert-level utilization of Infinite Banking, and how the following topics come into play

Business ventures

Windfalls

Long term thinking

Our Passive Income Report - June 2022

It's another good month for Russ and Joey as they present their June 2022 Passive Income Report. After working with several mentors and engaging in different business ventures, they have come a long way in their passive income journey. But there are still many lessons to be learned. If you're wondering how you can start your own journey to financial freedom, tune in to this episode. You might find an opportunity that will inspire you to take action. Let's dive in! June 2022 Income At-A-Glance: Gross Income for June: $164,320.25 Total Expenses for June: $108,937.96 Total Net Profit for June: $55,382.29 Difference b/t May & June: $8,694.76 % of net profit to overall gross revenue: 34%

Round Table | How Can I Increase My Rate of Return?

When investing your money, you naturally want a higher return. But what exactly is a good rate of return, and how can you improve your chances of getting back more than your initial investment? There are three specific ways to do it.

A good tax strategy

Leveraging other people's money

The Infinite Banking System