Breakaway Wealth Podcast

In this episode of Breakaway Wealth, host Jim Oliver engages in a captivating conversation with real estate expert Pace Morby. The episode delves into Pace's journey from a blue-collar background to building an impressive real estate portfolio of 2000 doors, valued in the hundreds of millions.

Pace shares pivotal moments, like his transition from a contractor to a real estate entrepreneur, crediting his success to the mentorship of Bethany.

3 Key Takeaways:

• Learning from Mentors: Pace emphasizes the importance of seeking mentorship to accelerate one's learning curve. He shares experiences of learning framing from a skilled individual, later applying the same principle when venturing into real estate, guided by Bethany's expertise.

• Collaboration Over Competition: They emphasize the importance of collaboration and sharing knowledge rather than hoarding information. The idea of the "helper's high" suggests that the emotional rewards of assisting others can be just as fulfilling as financial gains.

• Subject To Strategy: Pace explains Subject To Strategy, a method of acquiring properties without using cash, credit, or credentials. It involves taking over payments on properties from motivated sellers, creating opportunities for profit without traditional financing methods.

Remember, the key to success in wealth generation, success, and investment often lies in a combination of strategic thinking, collaboration, and innovative approaches to financing. By adopting such strategies, listeners can gain valuable insights for their wealth-building journey.

In this episode, Jim Oliver and co-host Nick Kosko build off of episode 271 where they identified the problems of the current banking system, and now explore traditional solutions that fall short and introduce a reverse funnel approach.

Three Key Takeaways:

• The Reverse Funnel Concept: Jim and Nick introduce the concept of a reverse funnel, emphasizing the need to start building assets early on. Unlike the traditional approach of accumulating wealth and then drawing it down in retirement, the reverse funnel involves continuously building assets that generate cash flow

• Choosing Assets Over Instruments: The discussion shifts to the importance of choosing assets over financial instruments, with an emphasis on real estate, businesses, and other income-generating opportunities.

• The Role of Dividend-Paying Mutual Life Insurance Companies: They discuss the unique privileges dividend-paying mutual life insurance companies offer.

Listen to the full episode as Jim and Nick provide a roadmap for the audience to shift from a fear-based, scarcity mindset to a proactive approach focused on building assets and achieving financial independence.

Question: What unconventional financial strategies or mindset shifts have you embraced on your journey to financial freedom, and how have they transformed your approach to wealth building?

In this episode, Kyle Bourne discusses his journey from Orlando to Louisville, the challenges of moving during COVID, and his unique approach to the senior housing industry. He shares insights into his company, Unbridled Living, which targets the active adult sector for a distinct and innovative investment strategy.

Three Key Takeaways:

• An Innovative Approach to Senior Housing: Kyle's company, Unbridled Living, specializes in the active adult sector, providing a hybrid of multifamily living and independent living for individuals. The approach combines affordability and independence for those not ready for full care services.

• Solving Affordability: Bourne elaborates on the lucrative investment potential in transforming distressed senior housing into vibrant active adult communities. This approach highlights a unique strategy that benefits both investors and the senior population

• The Pillars of Success: The discussion emphasizes the importance of foundational values such as integrity, perseverance, and servant leadership in the realm of business and investments.

"As Nelson Nash said, 'You have to build long-term. Everything in my life that people have chased short term has never worked out well for them.'" - Kyle Bourne

Question: What aspect of the active adult sector in senior housing resonates with you the most? Is it the affordability, the focus on independence, or the long-term investment strategy?

Connect with Kyle Bourne:
Linkedin: www.linkedin.com/in/rkylebourne

Website: www.unbridledliv.com

In this episode, Jim talks with financial advisor and wealth manager Eric Brotman. With almost 30 years of experience, Eric shares insights on financial literacy, empowering families, and the unique approach he takes.

Three Key Takeaways:

• Purposeful Financial Planning: It’s critical to utilize financial planning that goes beyond managing assets and instead using a more holistic approach.

• Tax Diversification: Be wary of the potential pitfalls of traditional retirement planning, particularly the assumption that tax rates will be the same or lower in the future.

• Generational Shifts: With each new generation, we are seeing shifts in financial perspectives. Learn how Gen Xers differ from Gen Z, and what those of us who are older can learn from the newer generation.

The conversation also delves into the evolution of employer-sponsored plans, with Eric challenging the conventional 401(k) approach.

Remember, Breakaway Wealth is here to guide you towards financial empowerment and success.

Question: Have you ever reevaluated your approach to retirement planning in light of changing financial landscapes and tax considerations? Share your thoughts on embracing financial freedom and any strategies you've explored to navigate the evolving landscape of wealth generation.

Connect with Eric Brotman:
Website: www.brotmanmedia.com / www.brotmanconsultinggroup.com

Linkedin: https://www.linkedin.com/company/bfgfa/

In this Breakaway Wealth podcast episode, hosts Jim Oliver and Nick Kosko dive into the core principles of Infinite Banking Concept (IBC). They start by addressing common misconceptions about IBC, emphasizing the importance of simplicity in understanding financial concepts, and pepper the conversation with references to financial thought leaders and real-life examples.

Three Key Takeaways:

• Misconceptions about Infinite Banking and Wealth Strategies: Jim and Nick examine the pitfalls of widely accepted advice from financial experts like Dave Ramsey and Susie Orman, underscoring the importance of understanding the true cost of cash and the impact of financial decisions on wealth accumulation.

• Control and Simplicity: Jim and Nick stress the significance of control in financial matters. They argue that individuals need to simplify financial strategies, combat misinformation, and regain control over their wealth.

• Understanding the Mechanics of Financial Systems: Jim and Nick discuss how the financial system operates, particularly the roles of depositor, borrower, and bank owner.

Remember, you can't win the financial Monopoly with your money sitting on the side of the board. It's about putting your money in motion, and with Infinite Banking, you become the conductor of your financial symphony.

Until next time, keep building your wealth, one smart decision at a time.

Question: What financial strategies or insights have resonated with you the most, and how do you plan to incorporate them into your wealth-building journey?

In this episode, Jim Oliver talks with Troy Eckard, a seasoned expert in the investment world. He takes us on a journey through his 38-year career, sharing valuable insights into the oil and gas and mineral rights space, peppering us with great insights and advice from an insider point of view.

Three Key Takeaways:

• Mineral Rights as Passive Income Source: Troy breaks down the benefits of direct ownership in wells, pipelines, and mineral rights.

• The Who Factor: There are significant pitfalls of the oil and gas industry and Troy highlights the significance of carefully choosing investment partners and resources, particularly in this space.

• Mineral Rights and Wealth Generation: Troy provides insights into the world of mineral rights as a wealth generation strategy.

Remember, successful investing requires education, patience, and aligning with the right experts. As you navigate the complexities of wealth generation, keep the long-term vision in mind and consider the principles outlined in "Good to Great" to guide your journey.

Question: What's your go-to book or resource that has significantly influenced your investment philosophy, and how has it shaped your financial decisions?

Connect with Troy:

Website: www.EckardEnterprises.com

Facebook: www.facebook.com/eckardenterprises

Linkedin: www.linkedin.com/company/eckard-enterprises

Welcome to another episode of Breakaway wealth! Today, Jim has a special guest, DJ Van Keuren, who has significant experience working with ultra-wealthy individuals. In this episode, we explore how the ultra-wealthy think about money and what they do with their wealth.

Three Key Takeaways:

1. The Importance of Real Estate: DJ emphasizes the significance of real estate as a wealth-building asset. It's a timeless strategy that has created millionaires and billionaires for generations.

2. Education is Key: Families with substantial wealth often struggle to navigate the complex world of investments. Educating oneself and future generations is crucial to making good decisions and preserving wealth over time.

3. Bet on Yourself: DJ shares a valuable lesson learned from working with ultra-wealthy individuals. They surround themselves with smart advisors, but at the end of the day, they bet on themselves and take responsibility for financial decisions and outcomes.

Remember, it's not just about making money; it's about preserving and growing it for future generations.

Start with educating yourself and consider real estate as a solid investment choice. And as always, the journey to wealth begins with the decision to take control of your financial future.

Question: Can you share a moment when you had to 'bet on yourself' and what you learned from that experience regarding wealth and risk management? Share your insights and experiences with us!

Today, Jim sits with Charles Carillo who’s born into a real estate investing family, learning the ropes from his father, who has been a multifamily investor since 1984. Charles started his own real estate journey in 2006 with a house hack, buying a three-family property that helped cover most of his mortgage.

He continued to invest in residential properties, gradually transitioning to commercial real estate in 2009 with a small five-unit property. Since 2012, Charles has been focusing on larger apartment buildings and has been involved with syndication since 2018.

Three Key Takeaways:

1. Diversification and Wealth Preservation: Charles emphasizes the importance of diversifying investments to protect your wealth from the erosive effects of inflation. Real estate is a tangible asset that can provide stability and long-term growth.

2. Long-Term Vision: Both Jim and Charles stress the significance of adopting a long-term perspective in real estate investing. Success in real estate often requires patience and the ability to weather market fluctuations.

3. The 80-20 Principle: Charles highlights the value of the 80-20 principle, where 20% of your efforts yield 80% of the results. Focusing on the most impactful aspects of your real estate investments can lead to greater success.

Remember, success in real estate and wealth generation often comes from a combination of education, strategic thinking, and a long-term perspective. Don't shy away from seizing opportunities, even in uncertain times, and focus on the fundamentals of your investments.

Question: Have you ever applied the 80-20 principle to your real estate investments, and if so, what were the most significant results you achieved?

In this episode of Breakaway Wealth, Jim Oliver sits down with Kristian Marquez, the founder and CEO of FinStrat Management. Kristian shares his journey and insights into wealth generation and success. They discuss the importance of starting a business, even at a young age, and the value of aligning your thoughts, actions, habits, and character with your desired destiny.

Three Key Takeaways:

1. Start with Services That Generate Cash Flow: Kristian highlights the value of beginning a business in an industry that generates cash quickly, such as professional services like accounting and finance, construction, or landscaping.

2. Value Active Listening: Active listening and understanding the perspectives of others are vital capabilities that build strong relationships.

3. Legacy Through Relationships: Kristian's life is organized around three core aspects: God, family, and relationships. He emphasizes that legacy is synonymous with the quality of relationships we nurture throughout our lives.

Remember, your thoughts determine your destiny, and by focusing on building meaningful relationships and continually learning, you can achieve your financial goals.

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To connect with Kristian:

www.finstratmgmt.com

Question: Now that we've heard Kristian Marquez's journey and insights on breaking away from the herd and achieving success, we'd like to know: What's the most valuable lesson you've learned from taking a risk or starting your own business?

In this episode, host Jim Oliver sits down with Whitney Elkins-Hutten, Director of Investor Education at PassiveInvesting.com, to discuss wealth generation through investments in various real estate assets. Whitney shares her insights on a unique investment niche - express car washes - as well as the importance of matching investments to one's goals and personality.

3 Key Takeaways:

1. Express Car Washes: These can generate substantial cash flow with minimal overhead costs. The subscription model, with customers washing their cars an average of 1.8 times monthly, presents a lucrative opportunity for investors.

2. Partnering for Success: It is critical to choose a qualified investment partner, especially for those utilizing infinite banking strategies, in order to safeguard your capital and get solid returns.

3. The Power of Monthly Memberships: Transitioning customers from single-pay transactions to monthly subscriptions is a game changer. This approach can substantially boost cash flow and enhance long-term profitability.

Tune in to learn about Jim and Whitney's insights and expertise in passive investing, how it makes a valuable resource for those looking to break away from traditional investment strategies, and explore new opportunities.

Question: What's your most unique or unconventional investment idea or strategy that you've considered trying after hearing about express car washes and infinite banking strategies in this episode?