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Download “How To Find Ultra High Net Worth Clients" from https://financialadvisorsworkshop.com/ Brett Nelson (https://prevailiws.com/) is a financial advisor at Prevail Innovative Wealth Strategies dedicated to helping his clients achieve long-term financial security through effective risk management strategies. He is a Chartered Life Underwriter, and he believes in empowering his clients through education and transparent communication, ensuring they have the tools and understanding to achieve their financial dreams. In this episode, Brian and Brett discuss: 1. Optimizing Investment Portfolios 2. Achieving Financial Harmony Through Comprehensive Planning 3. Adapting Investment Strategies to Market Volatility 4. The Role of Life Insurance in Estate Planning LinkedIn: https://www.linkedin.com/in/brett-nelson-clu%C2%AE-5219b322/ Website: https://prevailiws.com/ YouTube: https://www.youtube.com/@prevailinnovativewealthstr4181 Facebook: https://www.facebook.com/bretteugene To see short videos of all our best FA Business Growing tips follow us on: Instagram: https://www.instagram.com/FinancialAdvisorsWorkshop TikTok: https://www.tiktok.com/@faworkshop YouTube: https://www.youtube.com/@financialadvisorsworkshop Facebook: https://www.facebook.com/FinancialAdvisorsWorkshop Twitter: https://twitter.com/FAsWorkshop iTunes: https://podcasts.apple.com/us/podcast/financial-advisors-workshop-with-brian-kasal/id1614768408 Spotify: https://open.spotify.com/show/4OB78889GRx2FHjvWtsyeE Website: https://www.financialadvisorsworkshop.com/ Work with FourStar: https://financialadvisorsworkshop.com/Advisors DISCLAIMER: This content is provided by FourStar Wealth Advisors for the general public and general information purposes only. This content is not considered to be an offer to buy or sell any securities or investments. Investing involves the risk of loss and an investor should be prepared to bear potential losses. Investment should only be made after thorough review with your investment advisor considering all factors including personal goals, needs and risk tolerance. FourStar is an SEC registered investment advisor that maintains a principal business in the state of Illinois. The firm may only transact business in states in which it has filed or qualifies for a corresponding exemption from such requirements. For information about FourStar's registration status and business operations please consult the firm's form ADV disclosure documents, the most recent versions of which are available on the SEC investment advisory public disclosure website at www.adviserinfo.sec.gov
Bruce Whitfield chats to one of the co-founders of Belong, Samantha Rosenberg about their platform that plans to revolutionise wealth-building for millennials. Belong has recently secured £2.95m in pre-seed funding - the largest by female founders in Europe.See omnystudio.com/listener for privacy information.
On this episode of Passive Income Pilots, Tait and Ryan interview Christian Allen and Rod Zabriskie.Christian Allen and Rod Zabriskie from Money Insights Group join Tait in a riveting discussion about stepping off the beaten path of traditional investing and venturing into the world of max-funded cash value life insurance and real estate. They illustrate how the 'invest with benefits' philosophy caters to individual financial needs and integrates core wealth accumulation areas. Christian Allen, CEO of Money Insights, established the firm in 2014 to empower high-income earners to expedite wealth growth, refine investment strategies, and transition from high-income to high net worth. An advocate for entrepreneurship, he thrives on aiding others. Beyond finance, he finds joy in pickleball, sports spectating, and cherishing moments with his family.Rod Zabriskie is the Managing Partner and COO at a financial services firm. He has worked in the financial services industry since 2009, after spending a decade working in small businesses for others. Rod holds an MBA with an emphasis in entrepreneurship and an undergraduate degree in Marketing Communications.Enjoy the show!Show notes:(0:00) Intro(4:40) Transitioning from traditional to alternative investment(7:28) How they started their business and the six core benefits(12:50) Whole life or universal life insurance(15:16) Borrowing against insurance policy vs. stock account(18:32) Utilizing cash value life insurance(20:43) IUL vs whole life insurance(31:45) How much cash flow do you need(36:08) Asset protection(41:50) Tax benefits(42:47) Finding the amount of passive income you need(48:52) How to connect with Christian and Rod(49:44) OutroConnect with Christian and Rod:Website: https://moneyinsightsgroup.com Youtube: https://www.youtube.com/channel/UCW0fBokwg09-2H2kXWK5Zfw --Reach out to the hosts:Email: passiveincomepilots@gmail.comTait DuryeaCEO Turbine Capitalhttps://www.turbinecap.com/ Ryan GibsonCIO Spartan Investment Grouphttps://spartan-investors.com/ Legal DisclaimerThe content of this podcast is provided solely for educational and informational purposes. The views and opinions expressed are those of the hosts, Tait Duryea and Ryan Gibson, and do not reflect those of any organization they are associated with, including Turbine Capital or Spartan Investment Group.The opinions of our guests are their own and should not be construed as financial advice. This podcast does not offer tax, legal, or investment advice. Listeners are advised to consult with their own legal or financial counsel and to conduct their own due diligence before making any financial decisions.The hosts, Tait Duryea and Ryan Gibson, do not necessarily endorse the views of the guests featured on the podcast, nor have the guests been comprehensively vetted by the hosts.Under no circumstances should any material presented in this podcast be used or considered as an offer to sell, or a solicitation of any offer to buy, an interest in any investment. Any potential offer or solicitation will be made exclusively through a Confidential Private Offering Memorandum related to the specific investment. Access to detailed information about the investments discussed is restricted to individuals who qualify as accredited investors under the Securities Act of 1933, as amended.Listeners are responsible for their own investment decisions and are encouraged to seek professional advice before investing....
Wealth creation includes real estate more often than not. Knowing how to navigate taxes and understanding the asset classes available to you is an important component of wealth-building. On this episode of Zen and the Art of Real Estate Investing, Jonathan welcomes Frank Hanna, Jr., founder of Revolution Exchange. Revolution Exchange provides comprehensive analysis, tailored programs, and turnkey solutions for tax-free exchanges. The team is focused on real estate investors as a wealth management company, and Frank also has a history in real estate. Jonathan and Frank dive into his early exposure to real estate through his parents, why Frank favors multifamily properties for investment, and what a triple net lease is. They cover the benefits of triple net leases, the reason COVID acted as a litmus test for them, and Frank's thoughts on diversifying your investment portfolio. Jonathan also explores Delaware Statutory Trusts (DST) and 1031 exchanges as tax breaks with Frank. Leveling up your investment portfolio doesn't have to be complicated, and Frank Hanna, Jr.'s expertise offers some ideas you may not have previously considered. In this episode, you will hear: The first thing Frank Hanna, Jr. remembers about being involved in real estate When he knew he wanted to pursue real estate as a career and why he veered toward multifamily properties Triple net leases and what makes them attractive to investors The potential losses with triple net leases Diversifying as a component of investing, whether in real estate or other asset classes Favorable tax breaks in the tax codes for investors and real estate The asset classes Frank's company invests in and how he helps his clients choose what they want to be in How e-commerce is impacting demand for particular types of real estate The asset class he's recommending the most in this real estate market Self-storage's appeal and why it performs well even in a bad economic climate When Frank Hanna, Jr. uses 1031 exchanges and what makes them beneficial to investors The Delaware Statutory Trust (DST) and what makes it appealing to investors The asset classes Frank finds interesting right now His lessons in wealth management from the 2008 real estate crash Who the most successful investors are, and what they do that other people are failing at Frank's advice for someone who wants to get into the investing game Follow and Review: We'd love for you to follow us if you haven't yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast. If you enjoyed this episode, we've created a PDF that has all of the key information for you from the episode. Just go to the episode page at http://www.trustgreene.com/podcast/zen/091 to download it. Supporting Resources: Revolution Exchange website: www.revxwealth.com Find Revolution Exchange on Facebook: www.facebook.com/RevXWealth Connect with Revolution Exchange on Instagram: www.instagram.com/revxwealth Revolution Exchange on LinkedIn: www.linkedin.com/company/revolutionx-asset-management Website - www.streamlined.properties YouTube - www.youtube.com/c/JonathanGreeneRE/videos Instagram - www.instagram.com/trustgreene Instagram - www.instagram.com/streamlinedproperties TikTok - www.tiktok.com/@trustgreene Zillow - www.zillow.com/profile/Streamlined%20Prop%20eXp Bigger Pockets - www.biggerpockets.com/users/TrustGreene Facebook - www.facebook.com/streamlinedproperties Email - info@streamlined.properties Episode Credits: If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.
In this episode of the Legacy Podcast, Paul will speak to Craig Goodliffe CEO of Cyberbacker. Craig has a unique and inspiring story that highlights the significance of prioritizing relationships and maintaining a healthy work-life balance in entrepreneurship. His journey began in 2012 when he posted an ad on Craigslist, seeking someone to help with online postings. Little did he know that this would lead him to a long-lasting partnership with Daphne, who has been by his side for almost eleven years. Recognizing the positive impact he could make in both their lives, Craig founded Cyberbacker in 2018, offering good-paying jobs to individuals and supporting entrepreneurs. He understands the importance of finding the right fit for his clients, going through thousands of applications to select only the best candidates who can deliver a world-class job. Through Cyberbacker, he has not only found personal fulfillment but also created opportunities for others to thrive. Craig's commitment to nurturing strong relationships and empowering his team is a testament to his leadership and the legacy he is building. Topics covered in this Episode: The key to finding the perfect fit between business owners and outsourced staff for optimal productivity and growth. Discover the secret behind Cyberbacker's origin and how it became the go-to outsourcing solution for entrepreneurs. The potential of outsourcing and learn how it can catapult your business to new heights of success. Connect with Craig here: Website: https://cyberbacker.com/ LinkedIn: https://www.linkedin.com/in/craiggoodliffe/ Instagram: https://www.instagram.com/craiggoodliffe/ Connect with Paul here: Website: https://innovativewealth.com/ Instagram: https://businesslegacypodcast.com/
In this podcast episode, Keith Weinhold and Kirk Chisholm discuss the differences between real estate and stock investing. Kirk Chisholm is the Principal of Innovative Advisory Group. He provides his perspective as a wealth manager, emphasizing the control and lower risk offered by alternative assets like real estate. Learn the difference between risk and volatility. We discuss risk-adjusted returns, liquidity, and the importance of understanding and managing risk. The conversation also covers cash flow, dividends, big tech stocks, and private mortgages. Interest rates and inflation—we discuss their future. Kirk believes rates will stay at this higher rate for a long time. Timestamps: The Paradigm Shift in Interest Rates and Inflation [00:00:01] Discussion on the new paradigm of interest rates and inflation and how it affects real estate and stock investors. The Impact of Front Porches on Society [00:01:35] Exploration of the impact of the disappearance of front porches on neighborhoods and communities. The Definition and Management of Risk in Investments [00:05:50] Explanation of how risk is defined and managed in different types of investments, including stocks, real estate, and alternative assets. The difference between volatility and risk [00:10:21] Explanation of the temporary price movements (volatility) and permanent impairment of capital (risk) in different investment assets. The illiquidity of real estate and non-traded REITs [00:13:11] Discussion on the illiquidity of real estate compared to publicly traded markets and the example of non-traded REITs during the 2008 financial crisis. Importance of cash flow and dividends in stock investments [00:15:26] Exploration of the two camps in stock investing: cash flow-driven investors and appreciation-driven investors, and the significance of dividends and cash flow in stock investments. Dividend Stocks and Value Stocks [00:20:17] Explanation of the difference between growth stocks and value stocks, with a focus on dividend-paying stocks. Private Mortgages and Cash Flow [00:21:12] Discussion on the benefits of investing in private mortgages and how it provides a passive income stream. Default Rates on Hard Money Loans [00:25:48] Exploration of the default rates on hard money loans and the industry's approach to mitigating risks for both borrowers and lenders. The new paradigm of interest rates and inflation [00:31:32] Kirk Chisholm discusses the shift in the economic paradigm from low interest rates and inflation to higher rates and a shrinking economy. The impact of higher rates on mortgages and real estate [00:35:39] Kirk explains how higher interest rates affect mortgage payments and housing affordability, leading to a decline in house prices. The consequences of higher rates on corporate America [00:37:48] Kirk discusses how higher rates can impact corporations, particularly those with short-term debt, potentially leading to bankruptcies and market clean-up. Higher rates and recession correlation [00:39:55] Discussion on the correlation between recessions and lowering of interest rates, and why it may not happen in the future due to high inflation. Fed's focus on stable prices [00:42:48] The Federal Reserve's prioritization of stable prices over high employment, within their dual mandate. Interest rates and the economy [00:44:10] The potential impact of higher interest rates on the economy, with a discussion on when the next recession may occur. Resources mentioned: Show Notes: www.GetRichEducation.com/460 Innovative Advisory Group: www.InnovativeWealth.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE or e-mail: info@RidgeLendingGroup.com Find cash-flowing Jacksonville property at: www.JWBrealestate.com/GRE Invest with Freedom Family Investments. You get paid first: Text ‘FAMILY' to 66866 Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review” Top Properties & Providers: GREmarketplace.com GRE Free Investment Coaching: GREmarketplace.com/Coach Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold Complete episode transcript: Keith Weinhold (00:00:01) - Welcome to. I'm your host, Keith White. As a real estate investor, you are highly cognizant of your cash flows to stock investors. Even think about that and how we've now entered a completely new paradigm of interest rates and inflation and how to respond today on Get Rich Education with real estate capital Jacksonville. Real estate has outperformed the stock market by 44% over the last 20 years. It's proven to be a more stable asset, especially during recessions. Their vertically integrated strategy has led to 79% more home price appreciation compared to the average Jacksonville investor since 2013. GPB is ready to help your money make money and to make it easy for everyday investors. Get started at GWB Real estate. Agree that's GWB Real estate. Agree. Speaker 2 (00:00:59) - You're listening to the show that has created more financial freedom than nearly any show in the world. This is Get rich education. Keith Weinhold (00:01:22) - What category? From Bogota, Colombia, to Wichita, Kansas, and across 188 nations worldwide. You are back in that abundantly minded place where financially free beats debt free. Keith Weinhold (00:01:35) - And by now you might have already won the inflation Triple Crown. I'm your host, Keith Wild. Hey, Noah, is this a real estate problem? Philip Gulley, the author of Porch Talk. He said, I believe all that is wrong with the world can be attributed to the shortage of front porches and the talks we had on them. Somewhere around 1950, builders left off the front porch to save money, and we've had nothing but problems ever since. That's just the sort of thing that I think about now as you and I are enjoying the dog days of summer, as I trust that you are, you know, neighborhoods, property, it all used to be more wide open. The Pennsylvania house that I grew up in and that my parents still live in, it has a real front porch. And no one I mean, nobody has fences around their yard either. It is a real lemonade sipping chat with the neighbors vibe there that, well, seems to be more and more of a remnant of yesteryear. Keith Weinhold (00:02:44) - I mean, gosh, from what I can see, there are more and more gated communities. Uh, people tend to get more concerned about security and that often means that they trade away freedom. Hey, well, our guest on the show today, he hits differently. And you're going to feel that because he's the principal of a firm that helps investors with stocks, bonds and mutual funds, as well as real estate investing. And it's not just REITs, real estate investment trusts, but more than that. And, you know, whenever he and I talk, we tend to get each other thinking in different ways, in shape, each other's opinions somewhat, as you'll probably see again today. He and I disagree on some things and we agree on others. I'm going to ask him about whether or not stock investors even care about cash flow. We'll be sure to get his insights on the direction of interest rates and inflation and more. Well, I'd like to welcome in our guest today he runs innovative wealth.com he's the principle and a wealth manager there at innovative advisory group. Keith Weinhold (00:03:54) - They're based in Massachusetts but they advise well beyond any state borders. Hey it's been a few years. It's great to have you back. Kirk Chisholm Thanks for inviting me back. Keith. I was a little worried there didn't appear well in your show, but thanks for having me back. Yeah, well, it's been absolutely too long, and I really appreciate your perspective because they're with what you do. You're principal of a company that helps people invest in a big, wide palette of things, from stocks to private mortgages and some things with real estate and elsewhere. So you have this really broad view. So tell us what percentage of your business is is stocks, bonds and their derivative products like ETFs and mutual funds versus everything else? It's interesting because my industry is primarily focused on stocks, bonds and mutual funds. It always has been, probably always will be, in large part because they're easy to sell, They're publicly available information and everyone is can simply just click a button and get it done. So my industry tends to work towards lazy solutions or simple solutions. Keith Weinhold (00:05:00) - Nothing wrong with that. You just have to know with what you're getting. It's funny, when we started our firm in 2008, we were doing a lot of private mortgages and we talked to the regulators at the time and they said, Oh, well, what percentage of your accounts in alternatives? Because we told them we did alternatives like what percentage of your accounts? And we said, Yeah, somewhere like 40 to 50%. You know, it probably ranges between 40 and 60. You could hear a pin drop in that room. I did pick the lady's mouth off the floor like she couldn't believe that. How quote unquote, risky that is. And she said the first question, she's like, are you serious? Isn't that really risky? And I started laughing and I said, risky? You mean like Worldcom, Enron, AIG, Tyco, You know, like Lehman Brothers, Bear Stearns? They just kept going on and on. She's like, all right, I get the point. And we had to define the concept of risk. Keith Weinhold (00:05:50) - This is the part that your audience will appreciate, right? If you're investing in a company, it's been screened by the SEC. It's passed certain muster. It's SEC doesn't endorse it, but it's passed certain muster. You say, all right, I feel comfortable that this company's met the minimum criteria. That's not always the case. Right. Companies go bankrupt all the time. And we actually have a spike in bankruptcies most recently because of the economy. But if you look at piece of real estate, I can go walk up and touch it. I can go to the Registry of Deeds and see that I own it. I can talk to the maintenance guy or the property manager and see what's going on and have influence on it. I would say if you know what you're doing, there's a lot less risk. And I would say if you own a piece of gold, what's your risk? I could lose it. Somebody could steal it. The government confiscates it. That's pretty much it, right? It's not going to zero. Keith Weinhold (00:06:37) - It's not going to the moon. It's just a rock. The way you define risk is really something that a lot of people don't spend time with is managing that risk. So a lot of what we've done is we've looked at it from a different perspective. What is the best investment given the criteria that we have, the markets we're in and the risk available? You know, what is going to do the best considering the risk as an example, Bitcoin or Ethereum or any sort of cryptocurrency, the risk is it could go to zero, right? It's not going to go below zero risk as you lose all your money or you might make 10 or 20 times your money, right? That is also possible. Both scenarios are probably on the extreme ends of probable, but either way, like you have to account for both scenarios and say is it worth it going to zero for me to make X amount of return? If the answer is yes, then it makes sense. If the answer is no, then don't invest in it or invest in a lot less of it. Keith Weinhold (00:07:31) - So that's kind of how we look at risk and that's why we look across the board for alternative assets. We're very agnostic about the assets because it really just comes down to, is it a good investment or not? That's really the criteria we look at. Risk is what goes beyond the edge of your understanding. Think that's what applies to that conversation that you had that you brought up there earlier. Right. It's largely about one's risk adjusted return. You talk about with real estate how you have more control over an investment because you can get in there and understand it and change the operations of it in order to drive a return. And then stocks have this very efficient market where it's quick and easy to get in and out and things are more liquid. This very efficient market with real estate, there really isn't any app you can go on and be like, Oh, okay, well my duplex was up 3/10 of 1% this past week. That doesn't happen. That's part of the inherent inefficiencies with direct ownership of real estate, of course. Keith Weinhold (00:08:32) - I would argue the point of efficient markets, the stock market is is not efficient, despite what the academics will tell you. It is more liquid. I would argue that real estate is illiquid, which is good and bad, right? If you need to sell, it's bad. If you're looking to buy and you don't need to buy, it could be really good. Stock market is very different in that it's claimed to be efficiently priced with all the known information at the given time. And the price is the price. And what I would argue is that's an interesting philosophical standpoint, but it's inaccurate, right? Because if all the information was known, then we wouldn't have volatility. But we do have volatility and the stock market is a forward pricing discount mechanism, right? So you look out six months and say, what's the market going to do? That's where the stock prices are six months from now, not today, six months from now. So whatever the market thinks is happening, they think it's going to happen then. Keith Weinhold (00:09:26) - So if you look at interest rates, which I'm sure we'll get to, they're looking out six months and for the last two years I've noticed on the expectation of the yield curve, it's that, oh, rates are going to drop in the next 3 to 6 months and in 3 to 6 months it's going to drop in 3 to 6 months. Over and over, it keeps pricing out well, another 3 or 6 months. And I think that the market doesn't really look beyond that because it's really hard to predict. First of all, you can't predict the future anyway, but if you're probabilistically, going to try beyond six months is really hard because there's so many things that got to happen that changed the dynamics significantly. Talk about efficiency with stocks. I'm talking about how stocks are efficient and easy to liquidate. It's pretty easy to sell. And then over here in real estate investing, there is no panic selling because it takes quite a while to buy into sell. Therefore, that's some of the inefficiency of real estate compared to stocks. Keith Weinhold (00:10:21) - We look at that through a liquidity perspective, right? So liquidity can be a good thing or a bad thing because when there's panic, selling, liquidity can lead to greater volatility like we see in stock. Yeah. And I want to point out two things here. So first is there's a difference between volatility and risk. And I think it's really important for people to understand the difference. So volatility is temporary price movements. It's how much the price fluctuates in any given day. Real estate investors don't see this right, But stock investors, Microsoft is up 5% yesterday. Nvidia's up like whatever, 70% of the day or whatever it was, 30 some odd percent in a day. That's volatility, right? You look at stock prices drop 30 plus percent in a short period of time. Technically, that should have been risk because the whole global economy shut down. But it turned into volatility because it went down and it came back up, actually exceeded the price of the start of Covid by the end of the year, which is insane to think about. Keith Weinhold (00:11:20) - The whole world shut down. People are locked in their houses and yet the stock market is up. That is what I would consider volatility. Now, risk is what I would call a permanent impairment of capital. Now what that means is you buy a Beanie Baby at $100 because you think it's going to be worth a lot more. And then all of a sudden the Beanie Baby bubble crashes and never recovers and it turns into a $100 Beanie Baby into like a dollar. That's a permanent impairment of capital. That is a risk that you're not going to ever get your money back. You buy a I hate to swear on your show, but a beep coin that make up most of the cryptocurrency coins out there. They could all go to zero. I mean, you look at drawing a blank on the one with that. Elon Musk supports the dog dogecoin. Yeah, they claim this zero. It's a socially supported currency, but it doesn't have any value and they all admit it doesn't have any value. It's virtually worthless except for what people are willing to pay for it. Keith Weinhold (00:12:15) - That has the potential to have risk in it because it could go to zero. But if I'm investing in GE, Microsoft, Apple, Johnson, Johnson, whatever, these companies that produce cash flow, they're solid companies with a long, long track record, they could certainly go to zero, no question. But typically the movements in price are volatility. Risk is when the chairman goes off, steals all the money and moves off to some island and people are left holding the bag saying, what's going on? You know, you look at AIG, Lehman Brothers, Bear Stearns, all those companies that basically made bad decisions, that is risk. That is not volatility. So it's important to understand the differences between the two, because if you don't, most people think of I am managing risk, I'm diversifying. No, you're managing volatility. Managing risk is completely different and you have to use different tools for that. Most people don't manage risk, they manage volatility. The other point I want to make is you mentioned the illiquidity of real estate. Keith Weinhold (00:13:11) - And I want to point out an example which is kind of bordering the owning your own real estate versus, let's say, a REIT. I remember back in 2008, nine and ten when people were jumping out of the windows because they couldn't get rid of their illiquid non traded REITs. And I'm not a supporter of that of non-trade REITs or people jumping out of Windows. But in general, the non traded REITs market was interesting because technically they said you'd have quarterly liquidity, you could get a quarterly and normal times. That was true. They would just cash you out if you need money. However, when everyone's running for the door at the same time, they can't cash everybody out because they can't sell the property. So what do they do? They lock the doors, locked everybody in to burn alive. Well, the price went from, let's say, hypothetically, $100 down to $10 and people wanted out at any price. It didn't matter. They needed out. They need liquidity. Whatever it was, there were actually markets around. Keith Weinhold (00:14:03) - You could buy people's shares of these non traded reach for like $0.10 in the dollar and people were willing to pay to discount 90% of the investment where you could have just walked in and purchased it and waited another five, seven years and you could have made 100 cents in the dollar. It's crazy. But that's one of the nice parts about real estate. And I'm using a security as an example because you can do that in real estate. But when you have the publicly traded markets, that doesn't necessarily happen, but it can happen in certain periods of time when the markets are completely irrational and everybody thinks the world is ending. Sure, that's a be greedy when other people are fearful, sort of seeing their I know their IT innovative advisory group. Since you do have this wide palette of offerings, you kind of have this broader view of things. I'm wondering, Kirk, a lot of people in that stock world, many of them concerned with cash flow or it might be dividend there, or are they even as interested in cash flow there with the kind of stock and mutual fund investments as they are over here in the real estate world where we're quite interested in cash flow? And then do they even take the dividends or do they just reinvest them, which is called a drip program dividend reinvestment program? How important is that to investors on the stock side? It's a good question. Keith Weinhold (00:15:26) - So what tends to happen is people kind of fall into two camps, much like the real estate camp. Some people fall into the. Cash flow camp. Which is your camp? Which is my opinion. I think that's the best way to invest is cash flow appreciation. You're just taking a guess. But there are good amount of people that are appreciation driven. They don't look at cash, so they're happy to make zero cash flow for the expectation They're going to make lots of money and appreciation and look at them like, What are you thinking? Like, what if the cash flow declines? You're going to support the negative cash. Why do you own it? It's silly, but some people think that way. They think, Let's go for the appreciation. Let's roll the dice. Let's go. No whammies, you know? And what ends up happening is these people make mistakes because the real estate market, this usually happens at closer to the tops and people make bad decisions and they realize, oh, crap, I can't make this work. Keith Weinhold (00:16:16) - I was trying to Airbnb this with a two cap, this not working. So now I need to sell this thing or I'm going to lose my shirt. I had these conversations all the time. So using that as an example, because that's where your audience will understand dividend investors the same. So a lot of people, when they're investing in stocks, they're looking at stocks as a way to make money. Most people want total growth, which really means in their mind, appreciation. What are the stock market do this week? What did it do this quarter? That's all people want to know. Well, what about the dividends? Well, actually, there was a time 40, 50 years ago when dividends mattered, you could get six, seven, eight, 9% dividends. Now, that's absurd to think about that. The only stocks that pay dividends of that nature are stocks that are highly speculative or the dividend is highly speculative. Market typically looks at dividends and if they don't trust the dividend will continue to get paid. Keith Weinhold (00:17:08) - They'll actually discount the stock, which will make the dividend look real attractive. It'll suck people in to buy it and then they'll slash the dividend back to a rate that's normal. So people looking at dividend stocks, be careful because we're not in that environment where dividend stocks are all that attractive. If I can get a 5% close to zero risk US Treasury bond and I can compare that to a 2% dividend stock, I'll take the Treasury all day because it's close to guaranteed dividend stock. Maybe it goes up, maybe it goes down, who knows? But, you know, ultimately you're trying to solve a problem. The big challenge we have now, is any of this sustainable? Are the cash flows sustainable? Good value? Investors should be looking at cash flows. They should be looking at metrics and trying to find stocks that are at a good price that will pay them a handsome return over time. And the problem is, is we don't live in that environment much like the real estate market. It gets overheated because too many people are chasing too few properties and virtually everyone was putting all their money into 5 to 7 stocks on the Fantastic Seven or the Faang stocks or whatever you want to call it These days. Keith Weinhold (00:18:18) - That name changes all the time. But the point is, you've got big tech that's driving most of the return this year. Think big tech made up 2,530% of the S&P 500 500 stocks. You have five stocks making up 25 to 30% of the index by size. And by return, it made up think the S&P was up 15%. And these 5 or 7 stocks made up 13% of that 15. Really crazy, crazy to think about. Right. But that's what people look at is the index. And the index is not necessarily accurate, but that's what people look at. So you have to gauge it by that. Most of the marketplace is chasing these appreciation returns. And like you have with real estate, you get the good with the bad, you chase appreciation. You can win or lose. I don't know where the future is going to be, but I know that if I'm chasing cash flow, I'm pretty certain I know where that's going. But if I'm investing in a tech stock that has negative cash flow, I have no idea where that's going. Keith Weinhold (00:19:19) - Right. Could go up, could go down, who knows? But I look for stocks with good cash flow. I think if you're going to invest well, you want to find a legacy stock that you feel comfortable owning forever. Now, when it comes back to the Fang acronym, I tend to think Nvidia should be replacing Netflix in the Fang acronym about this time. But dropping back earlier when we were talking about dividends, I don't track this very closely, but last I checked, probably last year it seemed like the average dividend paying stock in the S&P 500 was something like 2%. Is that still about right? I think it's actually a little bit lower. I haven't looked at it in the last few weeks because it's gotten so low, it's almost not even worth looking at. I think last year was 1.77. As of right now, it's 1.47 on the S&P 500, 1.5%, which is insanely low for real estate investors. I think of the dividend yield in stocks as being synonymous with the cash on cash return in real estate. Keith Weinhold (00:20:17) - But you said something earlier about dividends, Kirk, that I actually thought was the opposite way. I thought that dividend paying stocks tended to be kind of those older, stodgy or staid, like a utility company rather than a younger tech. Company. Yes, that is accurate. Yes, Most of the dividend stocks are what we would consider value stocks. So the terms growth, stock and value stock are actually don't mean anything. They're what everyone wants it to mean. What they tend to mean is growth Stocks tend to be stocks that are focused on appreciation. Value stocks are typically focused on cash flows or their stocks that are discounted, and you can buy them for good cash flow. But if you look at a stock like Microsoft, I mean, you got the dividend yield is about 75 basis points, 76 basis points as of today. So you're getting less than 1%. But Microsoft's one of the the Fang stocks, right, or Fang, whatever they're calling it now, they come up with a new acronym. Keith Weinhold (00:21:12) - But some of these big tech Apple's fang of dividend so some of the big tech actually are paying dividends. Now what we're talking about, the production of cash flow or income from both stocks and real estate here. And one thing that I know you do in there and that you help investors with is private mortgages in producing an income stream that way. Can you tell us more about that? Is that where you have clients where you connect them with ways to make hard money, loans to real estate investors, for example? As we talk about here, I'm a big fan of cash flows and I have a few favorite asset classes and they're not the stock market, right? I love real estate. I love tax liens. Tax lien is by far my favorite. If you can get them the right way and the right price, which you can't, but if you could, that's one of my favorites for many reasons, but one of the ones that we do a lot of are hard money loans or private mortgages. Keith Weinhold (00:22:05) - The reason I love it is because they're simple. If you're investing in real estate, it's not passive income. It's a business. You have to manage the business. You have a property manager, you've got tenants, you've got expenses, you've got taxes. All this stuff you have to deal with, which is fine. There's nothing wrong with that. But when people invest passively, it's not passive, right? It's active. It just happens to be a different business than one that you're selling widgets out of the corner store. If you're investing in private mortgages, you have to do your due diligence up front. But once you invest in it, you're done until you get paid back. It's like any sort of fixed income. It's a bond. It's fixed income is how I look at it now. For the past ten plus years, you couldn't get any rates on bonds, your fixed income, part of your portfolio, your treasuries, your corporate bonds, whatever you're buying, you're getting close to zero. Keith Weinhold (00:22:54) - And there was a lot of risk. So we substituted these for our fixed income and you're getting 10 to 15% over the last ten years where the common rates and I like them because you're getting access to real estate. So real estate is backing the note. So it's a mortgage, right? So you're lending somebody else money at, let's say, 12% and they're going to pay you that 12% and give your money back at the end. And if they don't, you get their property. Now, personally, I don't want their property is too much headache because when I got to do foreclosure and go through all that, that's not the point. Some people do. Some people invest in hard money with the assumption they're going to own that property. And it's a great acquisition strategy. If you're so inclined. It's not you know, I have clients. I can't have that kind of business model. It's just too much of a headache for everybody. So we want people that are going to pay and pay on time and people are going to continually come back and I can work with versus having the lender investor that actually helps the borrower default so that they can get the property correct, which like I said, is a great investment strategy. Keith Weinhold (00:23:55) - It's just not our investment strategy. And I think just like real estate, you can buy foreclosures, you can buy off MLS, you can build. There's so many different things you can do. Same thing with notes with paper. Paper is a great asset class if you know what you're doing. The challenge with private mortgages, hard money now is because everything is so expensive that these investors, these fixed and flippers investors would have. You can't make money. And I know there are people out there that are doing it. So it's not that it's not happening, but anybody I know that's really good at fixing flip or rehabs or things like that in my area, not speaking for every part of the country in Miami, in the Boston area, they're not doing deals because they can't make money. There's no margin of error. If they were to compete and win the deal and they make a mistake, they're going to lose money. They don't want to lose money. So they need to have a big enough margin cushion so that they make a mistake. Keith Weinhold (00:24:49) - They're still making money. So these people we work with, they're not doing deals because there are no deals to find. So that means there are fewer mortgages times like 2008, nine and ten, we didn't have enough client cash to put to work. Like we had so many notes coming at us we didn't have enough cash to find. Now it's the reverse. There's plenty of cash chasing them and there's not enough notes out there. And a lot of the notes are poor quality because the risk is too high. We want easy. We want somebody paying on time, we want our money back and then go on and do it again. So I love them for cash flow. It's simple and easy and it solves a lot of problems. So this is interesting. If you as a real estate investor have ever taken a hard money loan, you might wonder who the lender is on the other side of that. And that might be someone like Kirk's clients in there where he is. Kirk. Can you tell us more about the default rates on the hard money loans lately? How often do they not get paid back and do they go into default? Yeah, that's a good question. Keith Weinhold (00:25:48) - So I don't know the industry rates. So we work with a handful of people and that's all we work with, so we know the rates for them. I'll tell you about ours and I'll tell you about the industry a little bit more. So for us, we've done hundreds and hundreds of these things and I would say less than 1% of them have had issue. So we are truly not looking for rates of default. A tornado tore through the neighborhood and tore off the roof. That's an issue. That's not something I can deal with. Right. Guy you're working with dies. It's an issue you got to deal with, right? Like this isn't somebody making a bad deal or run away with the money. This is stuff that you can't predict and is inevitably going to happen in one way, shape or form. So we mitigate the risk as much as possible, but our rates of default or I would say not even default, but just having issue with the loan because most of the stuff it's, you know, maybe discount if you have a something like that, maybe it's your discounting the interest instead of getting the full interest, maybe get partial interest or even no interest, get your money back. Keith Weinhold (00:26:44) - Like for us, it's like, how do you handle a default is really important because the borrower, there's some risk there, but then there's the lender, there's some risk there. So you have to find a balance that makes everybody happy so that, you know, the borrower is not taking it on the chin because then they're not going to come back. But it's not all in the lender either. So you have to find a balance and work with people. Much like with real estate, you know, you get a bad tenant, so you try to work with them so you still get paid. It's the same kind of thing. But if you look at the industry, the industry is interesting. So I interview a lot of hard money lenders on my show over the years and fascinated to hear what they say and some of the people who do the most or they're in charge of marketplaces of these notes. What they've been telling me for the last few years is think about this way. A lot of these things come from developers or fixing flippers. Keith Weinhold (00:27:31) - They get their properties out of foreclosure, they get it out of sheriff's sale, they get out of fire or estate sales like these things where they're highly discounted. So during Covid, the courts were shut down for a year and a half. You couldn't get these properties if you were foreclosed on, you couldn't get foreclosed on for two years because the courts weren't open. And when they did open, there was such a backlog of other stuff that was more important than that. They were dealing with like murderers and whatever, rapists, people that actually need to go to jail. And they're not dealing with foreclosures to the same extent. So the courts are backed up for a long period of time. And so when they finally opened up, you start to see a trickle through. You're starting to see more now. But that was a big challenge to the market. So what I've been hearing for the people who are really deep in this market and they see everybody across the board, across the country is they've all said that there's a tidal wave coming. Keith Weinhold (00:28:24) - And a lot of the problem is, is there are a lot of bad notes out there. So there are people who basically created these notes, right? So they underwrote the notes. They they lent money to somebody with bad terms or is a bad loan like the person should have borrowed or whatever it is, they're still paying. But you see, the quality of the paper is really bad. And what's going to happen is if you see a hiccup in the real estate market, then you're going to see this paper flush through the system because all of a sudden this deal that was marginal is now a bad deal and it flushes through either people default or they sell or whatever. And that stuff has to flush through the system until it does, the market's not going to be efficient. Everyone is waiting around saying, I know there's bad paper out there. I'm trying to find good stuff and it's harder to find, but it's not from a lack of paper, it's from a lack of quality paper. And this happens every real estate cycle. Keith Weinhold (00:29:19) - Having 2008, nine, ten flushes out the bad people, buy the paper at a discount. You're listening to Get Rejection. We're talking with innovative welcomes Principal Kirk Chisholm when we come back, including his take on where we're going with interest rates and inflation. I'm your host, Keith Lindholm. 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They've provided our tribe with more loans than anyone. They're truly a top lender for beginners and veterans. It's where I go to get my own loans for single family rental property up to four Plex's So start your prequalification and you can chat with President Charlie Ridge personally, though, even deliver your custom plan for growing your real estate portfolio. Start at Ridge Lending Group. Speaker 3 (00:31:16) - This is author Jim Rickards. Listen to Get Rich Education with Keith Reinhold and Don't Quit Your Day Dream. Keith Weinhold (00:31:32) - Welcome back to Get Rich. We're talking with Kirk Chisholm. He is the principal and a wealth manager at Innovative Advisory Group. And I like to chat with Kirk and some of these people that have this bigger picture view where they offer clients stock options, real estate options and more. In Kirk, I know you like to say that we're sort of living in a new paradigm and that people are only just now starting to realize this new paradigm, which has to do with interest rates and inflation. Keith Weinhold (00:32:01) - So tell us about this new paradigm. Let's take us back a few years. So if you think about what's happened in history, I'm a student of history, much like you are, Keith, You look back in history, it's instructive as to how the future may act, right? It's never going to mirror that because it doesn't happen that way, as I think it was. Mark Twain has said that history never repeats, but it rhymes. I'm not sure if that's actually attributed to him, even though people say it is. But point being is if you look back in history for the pretty much starting in like the 70s, we had a period of time and I'm going to come back to the 70s, but we had a period of time where things were volatile, we had high interest rates and we peaked at 20% rates depending on which rate we're talking about. The 30 year treasuries, I think it hit 15%. Fed funds rate hit 20%. So we had some pretty high numbers. And so the subsequent 40 years, interest rates declined for 40 years. Keith Weinhold (00:32:56) - If you had bought a 15%, 30 year Treasury in 1980, 1981 and held on for the whole 30 years, you would have made 15% for that whole time. And it bottomed out a few years ago. So think about the 70s. Like, here's the economy, right? I got my hands together. Here's the economy. This is what it looks like, right? It's this size Now. If you start injecting leverage, you get a mortgage on your real estate. That's leverage. The company borrows money. That's leverage. Right? So you're borrowing money. So your borrowing future cash flows to use today. So let's say I own a home outright and I decide, hey, I want to borrow money to go buy a motorcycle, whatever. Okay. Well, I just increased the economy size because I borrowed money, right? So I've increased the amount of money in circulation from 1983 81 until pretty much a few years ago, the interest rates went from a high amount of 20% down to close to zero. Keith Weinhold (00:33:51) - Now, the lower the interest rates, the more you can borrow. So if you think about the economy, it kept increasing as rates drop because you can borrow more and more money. Now, how much money can you borrow? A 0%. Keith An infinite amount, in theory, yes. As much as they'll give you. And how much? If it's negative, I don't know. I'm going to borrow a bunch of people and borrow their money like and we get into this crazy period we had a few years ago where there actually negative rates in Japan still does. But the point is, is the lower the rate, the bigger the economy can be because you're allowed to leverage more and it means you can borrow more money and use that money for other things. And now that's a problem because you're borrowing future cash flows to use today. So at some point you got to pay that back one way, shape or form or another. The thing is, is that is increased the size of the economy over this time. Keith Weinhold (00:34:37) - So the paradigm from the early 80s until a few years ago was one of leverage and growth. And there's a lot of things went into that globalization, outsourcing to China and Asia, technology, all these things influence this growth of the economy. But then in 2021, we hit the lowest rates. We hit mortgage rates at 2.5%. Fed funds rates were low, Treasuries were low, and they started raising rates in 2022. So the economy now started to shrink because you can borrow less. Now, it didn't actually shrink, but I'm using this for illustrative purposes. So if I'm looking at this big, huge balloon and think of it as a balloon, right? You start as there's no air in it, you blow it up with air, you get this huge balloon. Well, as rates go up, you start to let air out of the balloon because you can't sustain high interest rates because it comes down to cash flow. So what ends up happening is as rates go up, the economy effectively starts to shrink over time because if low rates help it expand, higher rates will contract it. Keith Weinhold (00:35:39) - But it doesn't happen today or tomorrow. It happens over years, as the economy did in the last 40 years. So the paradigm we had changed two years ago and now we have high interest rates and the economy is shrinking to acclimate to this new higher rate environment. So you could have bought mortgage for 2.5% for 30 years on the house. You bought a $500,000 house, 2.5%. You probably would have paid, I think, $3,700 a month rate. You're paying $3,700 a month. That's where you can afford. And most people were doing that, so they bought as much as they could afford. However, now mortgage rates are seven and a quarter at seven and a half. That $3,700 a month mortgage is now doubled. So now you're looking at about a $7,400 a month mortgage. I can't afford $7,400 a month, so I can't buy that same price house. Now, the house price to accommodate that has to decline. And I'm using real Estate Illustrated because it also I'll tell you in a minute so the house price has declined to accommodate that higher payments because people can only buy what they can afford. Keith Weinhold (00:36:43) - Now take that illustration and overlay that into corporate America, because companies do the same thing. They borrow as much as they can get away with. As you say, with mortgages, it's fixed. It doesn't affect me because it's fixed. And same thing with corporations doesn't affect me. It's fixed. That's correct. Which is why it doesn't impact the economy immediately. But it does impact it over time because with the 30 year mortgage, you never have to move. But if you do have to move, you're in trouble. If you own commercial property, you don't have 30 years, you might have a five or a ten year mortgage, which is going to roll at some point in time and hopefully rates are lower. But if they're not now, you've got some explaining to do, right? In corporate America, there's a lot of companies that get, you know, short term debt that's going to roll over at a higher rate. How are they going to afford it? Johnson, Johnson, Apple, Microsoft, they can afford it, but can borderline junk bonds, companies that are low quality, that are just making it, barely making it buy in cash flow because they can borrow money? What about them? Well, they're going to be forced to make hard decisions or go into bankruptcy. Keith Weinhold (00:37:48) - So what higher rates do? It basically cleans up the economy by taking out the inefficient players and forcing some into bankruptcy, foreclosures, whatever it may be, it effectively will clean up the market, but it also caused the economy to shrink. So it destroys capital. And if we have rates that are higher for longer than, let's say a few more months, if they're higher for 5 or 10 years, it's going to be a problem. And I think we're going to have higher rates a lot longer than most people think. The market is predicting another six months they're going to drop rates. They've been saying that for the last year. So I don't think they're accurate. I think it's going to be at least a year, maybe two, and then we'll see what happens. Hard to see that far out, but people need to be become acclimated to these higher rates for a while because if you look at historically, these aren't that high. Their average rates. Yeah, they're right in the mean like we're not high historically. Keith Weinhold (00:38:43) - If you look at bond yields I mean you look at late 90s, you've got up to 6%. I think you've got to 6 or 7% and depending on what you're investing in. So we are not high and default rates are not high. Default rates for high yield bonds historically are 7%. I think we're like 1% like last 15 years. So the numbers that we saw were extreme examples of the economy. And we're going to find a happy balance somewhere. And I don't know where that is, but this new paradigm is about reassessing the assumptions you're making about your investments, about the economy and any assumption what are interest rates going to be? What's inflation going to be? These are things that people never even thought of. They just assumed, Oh, inflation is going to be 3%, I'll just use that. Or interest rates, they're going to be similar. You can't make those assumptions anymore. You have to have broader. Lateral testing of whether this is going to work or not. You've done a great job of breaking down that new paradigm where basically that 40 year period from 1981 to 2021, we had gradually declining interest rates and something in 2021, that's where things changed and we entered into a new paradigm of increasing interest rates. Keith Weinhold (00:39:55) - So as we're winding down here, you stated you think that we will have persistently higher rates for quite a while. So many people have been saying a recession is just around the corner for so long. It's sort of annoying to really think about it. But as we know, with the recession, that generally correlates with a lowering of interest rates. But you don't see that happening by next year, say, with a lowering of interest rates that corresponds with a recession. What you said is recessions typically correlate with lower rates. You're correct. But what if they don't? I'll give you some examples here of why things are different and why it matters. So if the last 20 plus years, if we had a recession or even a sniff of a recession, the Fed would drop rates, print money, they would boost the markets back up. Everything would be fine. Right. Problems solved. Right? The world's going to end. Don't worry. Here comes the Fed to the rescue. They did that for 20 years. Keith Weinhold (00:40:49) - But now we have high inflation. So with high inflation, they can't do that because if they do that, it causes inflation to spike, much like the 70s. Now they're not oblivious to the 70s. They know full well what happened and they don't want to repeat it. What they're saying has been pretty clear. We're going to make sure we kill inflation. We don't want it coming back. It is very probable that we have inflation dipped down into two even 0% this year. There's the probability is low, but it's probability we could hit 0% inflation by the end of the year. However, I don't think it's going to stay there because we tend to get a bullwhip effect, which we've seen in many commodity prices, lumber in particular, where the prices go up and then too many people, they make too much lumber to sell and then there's a glut and then it goes lower and then it goes higher because, you know, so you get this bullwhip effect, which is a problem which caused and it's the same thing with inflation, right? You get this bullwhip effect because the changes have been too drastic that people can't adjust, so they over adjust, are under adjust, and that causes this big change. Keith Weinhold (00:41:50) - So I think we're going to have a dip back to inflation, probably not 8%. But when that happens, they're going to have to come back and raise rates. So what they're trying to do is they're trying to keep rates higher, longer to make sure inflation doesn't come back. We're really in this back and forth of where are we going to go, where's the Fed going to take us? And if it tends to be five years of high rates, that's going to really impact the economy and eventually we will hit a recession. But I think the probability is showing very low probability of recession anytime soon because it's not playing out in the data. Some data is showing yes, some data is showing no. But when I start to see that, it means it just doesn't matter. It's not going to show up. Well, that's some good perspective, Kirk. CPI inflation peaked at. Speaker 3 (00:42:36) - 9.1%. Keith Weinhold (00:42:37) - A little over a year ago. It's at 3% now. But yeah, one place where I agree with you, Kirk, is, yeah, the Fed sure does not want to see that pop back up again. Keith Weinhold (00:42:48) - And within the Fed's dual mandate of high employment and stable prices, it seems like they're prioritizing stable prices over keeping employment high, that's for sure. Well, yeah, there's been a great wide ranging chat. Speaker 3 (00:43:01) - With interest. Keith Weinhold (00:43:02) - Rates. Speaker 3 (00:43:03) - Inflation stocks, real estate and producing income from both of them. Kirk If our audience wants to reach out to you or learn more about what you do, they're at Innovative Advisory Group. How can they do that? Keith Weinhold (00:43:15) - Thanks, Keith. So yeah, the best way people can find me, I'm really easy to find. They can go to my podcast, Money Tree. Podcast. Com. We have two shows a week. One show we interview really intelligent investors like Keith, for example. We have the second episode is really more of a timely what's going on the markets this week, what's new, what's changed? Just so we can kind of keep people up to date with what's going on and if people are really looking to find out more about me and my services, you can go to Innovative Wealth and I've written all the blog posts there, but our company provides wealth management services for people, whether it's financial planning or portfolio management. Keith Weinhold (00:43:52) - That's a lot of what we do. So like I said, I'm easy to find and I'm pretty easygoing guys. So if you're interested, you can find me there. Speaker 3 (00:43:58) - Kirk Chisholm, Innovative Wealth. It's been great having you here. Thanks so much for coming on to the show. Keith Weinhold (00:44:04) - Thanks for having me, Keith. Speaker 3 (00:44:10) - Yeah. Well, Kirk Chisholm, he thinks that higher interest rates will linger longer. And he told us why. Now, Historically, it takes 3 to 5 quarters for interest rate hikes to hit the economy. Rate increases begin in March of 2022, but Americans are sitting on lots of cash. So many think that this recession that's perpetually just around the corner won't begin until at least next year. One benefit of a recession coming is that people will stop spreading undue concern. Keith Weinhold (00:44:45) - About. Speaker 3 (00:44:45) - A recession Coming Coming up here on the show, lots of great real estate investing strategy sessions forthcoming, not just big picture impacts like the direction of rents, home prices and interest rates, but also how to improve your operational efficiencies, like how to tamp down on higher property insurance premiums and more including what today's market for new build for plex's like investing in America's intermountain West and more. Speaker 3 (00:45:14) - Until next week. I'm your host, Keith White. Don't quit your daydream. Speaker 4 (00:45:21) - Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of Get Rich Education LLC exclusively. Speaker 3 (00:45:50) - The preceding program was brought to you by your home for wealth building. Get rich education.
In this episode Paul had the pleasure of speaking with Jamie Bangerter and Danielle LeCourt cohosts of The Are of Mountain biking podcast. They dove into the philosophical aspects of the Mountain biking sport and how it presents an opportunity to learn valuable life lessons. Danielle shared how the idea for the podcast came about during a conversation with Jamie and emphasized the importance of having a structured platform to discuss the sport and deepen their understanding of its teachings. One of the standout concepts that we explored is the idea of "one extra thought." It involves intentionally adding a positive thought to counteract negative thinking patterns, particularly useful in split- second decisions during mountain biking. This technique helps regain control during moments of fear or anxiety. Topics covered in this Episode: 1. The concept of the “one extra thought” positive thought to counteract negative thinking patterns 2. Journey of self-actualization, personal growth and self-improvement throughout the mountain biking experience. The focus is on the process and the lessons learned along the way, rather than solely on achieving specific goals. 3. The fulfillment found in coaching others and helping them improve themselves. Giving back to society and leaving a positive impact. Thank you for listening Connect with Jamie Bangerter here: Website: https://simplymtb.com/Instagram: https://www.instagram.com/Simply_MTB/ Connect with Danielle LeCour here: Website: https://www.youneedathing.com/ Instagram: https://www.instagram.com/youneedathing/ Connect with Paul https://innovativewealth.com/ https://businesslegacypodcast.com/
Meet Pete Neubig, an accomplished entrepreneur and passionate real estate investor. Having co-founded Empire Industries Realty, Pete's career has been focused on helping small businesses grow and thrive. Now, as the CEO of VPM Solutions, Pete pairs real estate industry professionals with virtual team members to achieve even greater success. As a licensed broker in Texas and a property management expert, Pete has become a go-to resource for entrepreneurs seeking to optimize their hiring and management processes. Outside of his professional life, Pete is an avid marathon runner and enjoys hitting the pavement with his wife. Topics covered in this Episode: Learn the benefits of incorporating remote team members into your business strategy. Harness the significance of self-confidence and ego to push your business venture beyond its limits. Understand the role of core values in shaping successful business operations. Explore techniques for hiring and managing employees to stimulate business growth. Recognize the power of personalization in fostering positive connections with others. Connect with Pete Neubig here: Website: https://www.vpmsolutions.com/ LinkedIn: https://www.linkedin.com/in/pete-neubig/?trk=public_profile_browsemap Connect with Paul Website: https://innovativewealth.com/ Instagram: https://businesslegacypodcast.com/
In this podcast, host Paul Dio interviews Dylan Vanas founder of Mindful Agency and Agency Box. Growing up in Vancouver, he discovered his passion for entrepreneurship at a young age and has since helped countless clients build their online presence and personal brands. With his extensive experience in the marketing world, Dylan has developed a knack for staying on top of industry trends and adapting his strategies to help clients thrive in the ever-changing digital landscape. His impressive track record includes working with over 4000 marketing agencies and high net worth individuals, helping them scale and exit their businesses successfully. You will Learn 1. Build a formidable brand by embracing personal branding and impactful social media usage. 2. Lay the foundation for a productive workforce by nurturing a positive organizational culture and valuing loyalty. 3. Adapt to the future of marketing by incorporating AI technologies into your methodologies. 4. Overcome setbacks and distractions to ensure you remain on the path to long-term achievement. Thank you for listening Connect with Dylan Vanas here: Website: https://agencybox.com/ https://mindfulagency.com/ Instagram: https://www.instagram.com/dylanvanas/ Connect with Paul https://innovativewealth.com/ https://businesslegacypodcast.com/
Craig, a distinguished CPA with over 30 years of experience in the financial services industry, has made a name for himself as the founder of groundbreaking real estate ventures. Apart from his successes in real estate, Craig is also known for his innovative wealth-creation strategies. He was featured in a TED Talk for his creation of the Wealth Factor, a platform that enables individuals to discuss their financial position openly and transparently. His passion for helping people grow their wealth has led him to start several startups that empower the common investor to access high-return investments that were previously out of their reach.Craig has had an impressive career in finance and real estate. As a CPA, he was the head of reporting in corporate finance for a large insurance company, where he was responsible for all financial reporting and analysis. Over the past 10 years, Craig has also been investing in real estate, spending his free time acquiring properties and expanding his knowledge of the industry. Last year, he finally reached a point where he was able to leave his corporate job and focus solely on his real estate ventures. Craig's accomplishments in both finance and real estate are truly noteworthy.His journey of leaving his corporate job and pursuing his passion for real estate was a nerve-wracking decision, Craig felt excited about his new business and the opportunity to lead it. However, he soon realized that running a business is a 24/7 commitment that requires constant attention and dedication. He then made a strategic decision to leave corporate America and start investing in real estate. Over a 10-year period, he acquired properties and built up an impressive real estate investment portfolio worth over 260 million dollars. This eventually led him to start his own real estate business and leave his corporate job behind. Today, he is focused on helping others to invest in large real estate transactions, such as 100-unit apartment buildings. By allowing investors to buy a share in the partnership, they can participate in the returns and tax benefits of real estate without having to manage the property themselves. He is passionate about empowering others to grow their wealth through real estate investing.Craig now teaches his wealth-creation strategies to others. His real estate investment model enables common investors to access high-return investments that were previously out of their reach. Through his startups, Craig empowers individuals to develop their personalized wealth growth strategies and make sound investments in the real estate industry.He found a way to simplify the process by focusing on three core areas: time, money, and knowledge. By drawing a triangle with each side representing the strength of their resources in each area, he was able to identify their strengths and weaknesses and work on improving them. In building a successful business or real estate investment portfolio, it's crucial to have a balance of time, money, and knowledge. By assessing your strengths and weaknesses in each area, you can create a triangle that represents the size and strength of each side. With this framework, you can identify areas for improvement and work to build a well-rounded foundation for your endeavors. It's important to note that having a lot of money isn't enough if you don't have the knowledge to use it effectively. With dedication and effort, anyone can build a strong triangle and achieve their goals.Craig works with corporate American individuals who lack time to study real estate investing due to their busy schedules. Many of these individuals also lack the knowledge required to invest in real estate. Craig's purpose is to provide them with the knowledge and help them become more efficient with their time to fast-track their real estate investment journey. His investors have seen significant wins after going through his program, with...
From a basketball player to a YouTuber to a CEO, Augie Johnston's journey takes a surprising twist, revealing the importance of discipline and passion in the world of video editing. But what challenges did he face along the way, and what's next for Vidchops? Find out more below. In this episode Paul speaks with Augie Johnston CEO of Vidchops. Augie Johnston is a former professional basketball player turned online entrepreneur who has a knack for balancing priorities and understanding the importance of discipline in business. Having played basketball in Europe for several years, Augie decided to channel his passion for the sport into a successful YouTube channel, Baller Boot Camp, which amassed over 200,000 subscribers and 20 million views. In addition to his YouTube success, Augie founded Vidchops, a video editing service tailored for content creators, which has been flourishing for over five years. As a dedicated and focused individual, Augie is the perfect guest to share insights on finding the right balance and maintaining discipline in business. You will Learn 1. Understand the crucial impact of video editing in shaping content creation for leading YouTubers 2. Investigate the intriguing shift from long-form to short-form video content in today's digital landscape 3. Gain insights into pioneering content marketing approaches, focusing on vertical videos and podcast contributions Thank you for listening Connect with Augie here: Website: https://vidchops.com/Instagram: https://www.instagram.com/augie.johnston/ Connect with Paul https://innovativewealth.com/ https://businesslegacypodcast.com/
On this episode of the Shed Geek Podcast Shannon speaks Kirk Chisholm at Innovative Advisory Group. Kirk Chisholm is a Wealth Manager and Principal at Innovative Advisory Group. His roles at IAG are co-chair of the Investment Committee and Head of the Traditional Investment Risk Management Group. His background and areas of focus are portfolio management and investment analysis in both the traditional and alternative investment markets.Kirk has been providing wealth management services to individuals, executives, entrepreneurs, and their families, as well as businesses and organizations since 1999. Kirk is dedicated to developing lasting relationships with all of his clients. One of the benefits of working with Kirk is his patience and his ability to provide clear, easy to understand explanations of all financial options.Prior to integrating with Innovative Advisory Group in 2008, Kirk founded Stirling Global Advisors, LLC in 2005, a full-service private wealth management firm. Kirk has also held wealth management roles at both UBS PaineWebber and Smith Barney. Also, find out how the podcast can be heard throughout the plain communities by dialing the number 330-997-3055. If the number is busy, just dial again! For more information or to know more about the Shed Geek Podcast visit us at our website.Follow us on Twitter, Instagram, Facebook, or YouTube at the handle @shedgeekpodcast.To be a guest on the Shed Geek Podcast visit our website and fill out the "Contact Us" form.To suggest show topics or ask questions you want answered email us at info@shedgeek.com.This episodes Sponsors:Studio Sponsor: Union Grove LumberMini Barn Audio: Joey PivotliftHigh Barn Audio: My ShedHigh Barn Audio: Backyard FinanceMini Barn Audio: RTO NationalMini Barn Video: Troyers Websites of TexasHigh Barn Video: Backyard FinanceHigh Barn Video: RTO National
“If anybody could turn the Titanic around, it was me. I was always up for a good challenge.” - Lori Raymond This week on Legacy podcast, Paul talk with Lori Rayomd. Introducing Lori Raymond, CEO of Termline Enterprises and a shining example of perseverance in the face of adversity. With a background in sales and manufacturing, Lori took the reins of her late husband's business and turned it around with her strategic marketing and business growth mindset. Her efforts led to a 350% increase in the company since 2016. Lori attributes her success to learning from and following the advice of successful entrepreneurs like Grant Cardone and Tillman Fertitta. You will discover: 1. The power of mentorship and how learning from successful entrepreneurs can propel your own journey. 2. Recognize your strengths and weaknesses to strategically hire experts that complement your abilities. 3. Develop approaches for prioritizing customer relations, ensuring long-term success and satisfaction. Thank you for listening Connect with Lori here: Website: https://www.tourmalineenterprises.com/ LinkedIn: https://www.linkedin.com/in/loriyaphe1/ Connect with Paul https://innovativewealth.com/ https://businesslegacypodcast.com/
“If you don't know how to hire, it's going to hold you back at everything that you do.” - Nathan Hirsch My special guest on this week's Episode is Nathan Hirsch Nathan Hirsch, an accomplished entrepreneur with a knack for Amazon selling, stepped into the world of business during college, where he explored buying and selling textbooks. Over time, he discovered the potential in baby products and built a successful dropshipping Amazon business. Along with his business partner, Connor, Nathan faced challenges and learned valuable lessons while growing their enterprise. Today, Nathan is the founder of Outsource School Accounts Balance and Ecom Balance, sharing his expertise in hiring virtual assistants to help entrepreneurs thrive. In this episode, you will find out: 1. The critical role of virtual assistants with the right mix of talents in your business success. 2. Understand how fostering a positive company culture can minimize VA turnover and enhance productivity. 3. Learn to optimize the sales and onboarding processes through strategic outsourcing for sleek customer experience. Thank you for listening Connect with Nathan here: Website: https://www.outsourceschool.com/ LinkedIn: https://www.linkedin.com/in/nathanhirsch/ Connect with Paul https://innovativewealth.com/ https://businesslegacypodcast.com/
“Lean into it even if you're uncomfortable; that's usually a sign that is the thing that you need to do.” - Derek Vickers This week on the Business Legacy Podcast, my special guest is Derek Vickers. Derek is the founder of Viktory Real Estate Group, has built a successful career by adopting a relentless commitment to his goals and overcoming adversity through perseverance. Derek's journey began in Virginia, where he realized the importance of building a legacy for himself and his family. After moving to Florida in 2012, he pivoted from a difficult start in insurance sales to becoming a regional manager with 100 salespeople under his leadership. Derek's dedication to success led him to the world of real estate, specifically mobile home park investments, where he has since excelled by navigating the challenges of managing and acquiring properties. In this episode, you will be able to: Impact lower-income communities by cultivating a legacy of financial education. When investing in mobile home parks, grasp the significance of underwriting and due diligence. Tackle infrastructure hurdles and adapt to the changing landscape of interest rates. Books Referenced: Cash flow- Quadrant- Financial Rich Dad Poor Dad How to Create Wealth Investing in Real Estate Thank you for listening Connect with Derek here: Website: https://vicktoryrealestategroup.com/derek-vickers/ LinkedIn: https://www.linkedin.com/in/derek-vickers-0774b146/ Connect with Paul https://innovativewealth.com/ https://businesslegacypodcast.com/
“Answer questions directly and honestly from the heart instead of by rote, really answer them the way that you would answer a family member.” - John Gleason My special guest on this week's episode is John Gleason. John Gleason, is the founder of Genuine Business Advisors and a seasoned entrepreneur with decades of experience in business and finance. With a background in cost accounting, mergers and acquisitions, and management accounting from prestigious institutions like Columbia Business School and Cornell, John has a wealth of knowledge to share. He has successfully helped numerous business owners with their transactions, providing guidance on the importance of transparency and honesty throughout the selling process. As a guest on the Business Legacy Podcast with Paul Dio, John offers valuable insights into the complexities of business transactions and the significance of building trust between buyers and sellers. Thank you for listening Connect with John here: Website: https://genuinebusinessadvisors.com/ LinkedIn: https://www.linkedin.com/in/johnmgleason/ Connect with Paul https://innovativewealth.com/ https://businesslegacypodcast.com/
“I believe employees are brilliant. I believe they're accountable. And I think it's the culture of the organization and how leaders treat their employees that cause disengagement, talent, turnover, all of that stuff.” - Dianne Crampton In this podcast, host Paul Dio interviews Dianne Crampton, a passionate advocate for ethical and inclusive workplace cultures. She has dedicated over three decades of her career to empowering teams and fostering collaboration. As the CEO and Founder of TIGERS Success Series, Dianne has been instrumental in helping countless businesses build strong, engaged, and on-fire teams through her unique six principles. Her expertise in psychology, education, and business has made her an invaluable resource for organizations seeking to create work environments that allow each individual to thrive. Dianne's commitment to helping entrepreneurs and managers understand and value their team members' strengths has made her a sought-after guest on podcasts and panels alike. In this episode, you will learn how to: 1. Strengthen team dynamics through trust-building and effective feedback techniques. 2. Identify and harness the unique strengths of your team members for increased productivity. 3. Adapt and thrive in today's evolving workplace culture by embracing inclusivity and diversity. Thank you for listening Connect with Dianne here: Website: https://corevalues.com/Website: https://learn.corevalues.com/ LinkedIn: https://www.linkedin.com/in/diannecramptontigerssuccessseries/ Connect with Paul https://innovativewealth.com/ https://businesslegacypodcast.com/
"You can't improve what you don't measure. And finance is all about measuring business performance from every angle, not just a PNL." - Jay Jung In this episode of Business Legacy podcast Paul Dio has a Q&A session with Jay Jung is the founder of Embarc Advisors, a fractional CFO services firm. He has extensive experience helping businesses of all sizes with treasury management, exit strategy, and exit planning. You will Learn 1. How to effectively manage treasury and banking policies in a changing economic environment. 2. What strategies should businesses employ to prepare for sale, and how to maximize value? 3. What considerations should buyers and sellers take into account when negotiating a business sale? Thank you for listening Connect with Jay here: Website:https://embarcadvisors.com/ LinkedIn: https://www.linkedin.com/in/embarc/ Connect with Paul https://innovativewealth.com/ https://businesslegacypodcast.com/
In this week's episode, Paul will be the guest and talk about the book Beyond Reason and the lessons he has learned. After reading Beyond Reason written by Roger Fisher and Daniel Shapiro, I learned about the 5 Core Concerns of understanding emotion in negotiation. Appreciation, autonomy, affiliation, status, and role all play an important role in understanding and leading people. You will Learn 1. How can showing appreciation help build a positive relationship in negotiation 2. What roles do autonomy, affiliation and status play in decision-making 3. How can understanding the five core concerns of emotion in negotiation help improve communication Book Referenced: Beyond Reason written by Roger Fisher and Daniel Shapiro Thank you for listening Connect with Paul https://innovativewealth.com/ https://businesslegacypodcast.com/
"You just have to do what you say and say what you do. A lot of people overpromise, under deliver and unfortunately there's a really bad rap in our industry. So we take a lot of pride in looking different, acting different, doing everything in a very different approach to what our competitors and what the industry has traditionally done." -Miguel Taveras This week on the Business Legacy podcast Paul Dio speaks with Miguel Taveras is the founder of Blue Hammer Roofing, a company specializing in insurance-based reroofing projects. With an electrical engineering degree, Miguel has a background in tech consulting and the US Patent and Trademark Office, giving him the skills to succeed in business. You will Learn 1. How Miguel transitioned from a tech career to running a billion-dollar roofing company. 2. How the roofing industry is highly fragmented and Miguel has found a niche within a niche to dominate. 3. How Miguel utilizes technology, discipline, and an “all-in” mentality in his business strategy and how it has led to success. Thank you for listening Connect with Miguel here: Website: https://www.bluehammerroofing.com/ LinkedIn: https://www.linkedin.com/in/miguel-taveras-02265025/ Instagram: https://www.instagram.com/migtaveras/ Connect with Paul https://innovativewealth.com/ https://businesslegacypodcast.com/
"The source of wealth for this country and the whole world is not how much money do we spend, but how much value do we create?" Roy Bejaroano In this podcast, host Paul Dio interviews Roy Bejarano is the CEO and Co-founder of Scale Healthcare, a rapidly growing consulting firm focused exclusively on healthcare services. He has over 20 years of experience in the industry and has launched three entrepreneurial endeavors. You will Learn 1. How does the US healthcare system benefit from the government's response to COVID-19? 2. What innovations are being made in the healthcare industry? 3. What makes a successful legacy in healthcare? Thank you for listening Connect with Roy here: Website: https://www.scale-healthcare.com/ LinkedIn: https://www.linkedin.com/in/roy-bejarano-a5669ba8/ Instagram: https://www.instagram.com/scalehealthcareeducation/ Connect with Paul https://innovativewealth.com/ https://businesslegacypodcast.com/
" How do you reinvent yourself after leaving a business you dedicated your life to?" In today's episode, Paul speaks about the five stages of grief of selling a business. He explained the stages of denial, anger, bargaining, depression and acceptance. Denial can be seen when business owners are faced with the truth that they need to sell, anger is caused by the feeling of loss of control, bargaining can be a way to cope with intense feelings, depression is caused by the loss of identity and purpose, and acceptance is when an individual faces the truth and starts to think about their legacy. Enjoy this weeks discussion. In this episode, you will learn the following:1. Reinvent yourself after selling a business.2. What are the five stages of grief associated with selling a business?3. What are the key steps to transitioning through the five stages of grief when selling a business? Connect with PaulWebsite: https://innovativewealth.com/ Instagram: https://businesslegacypodcast.com/
"If you put love into anything, you're going to reap the rewards." JD Bates, a young entrepreneur and serial investor, strives to become his own boss and create a lasting legacy, despite his rocky past and conservative culture, by leveraging the power of technology to transform real estate investing. On this weeks episode of Buisness Legacy Podcast Paul speaks with JD Bates. JD is a successful entrepreneur and business leader with experience as a COO, CMO, and board member in the US, Costa Rica, and Panama. He is the founder of Five Sigma Technologies and Real Estate Dynamics, providing digital optimization and software solutions to clients around the world. You will Learn How did JD Bates make the transition from employee to entrepreneur? What strategies does JD Bates use to help real estate investors maximize their investments? What internal conversations does JD Bates have with himself to stay motivated? Thank you for listening Connect with JD here:Website: httphttps://fivesigma.io/https://redynamics.io/LinkedIn: https://www.linkedin.com/in/jdbates5/ Facebook: https://www.facebook.com/FiveSigma.io/ Connect with Paul https://innovativewealth.com/ https://businesslegacypodcast.com/
"When you go through setbacks or you're losing your business, it's hard. But I had to revert back to who I've always been." - Levi Lascsak This episode of the Business Legacy Podcast Paul speaks with Levi Lascsak founder and CEO of Living in Dallas Texas, and a YouTuber. Due to the pandemic Levi's financial services business was no longer sustainable. Struggling to restart a successful business after the pandemic hits, Levi takes on the challenge of becoming a successful real estate agent by leveraging the power of YouTube. In this episode, you will learn the following: What motivated Levi to pivot into real estate during a global pandemic? How did Levi leverage YouTube to become an expert on local neighborhoods in Dallas? How did Levi's military discipline help him to make the transition into real estate? Thank you for listening. Connect with us at:https://businesslegacypodcast.com/ https://innovativewealth.com/ More about Levi Lascsak Youtube: https://www.youtube.com/@LIVINGINDALLAS Website: https://livingindallastx.com/ Passive Prospect: https://www.passiveprospecting.com/
In this podcast, Paul Dio speaks with Isabelle Gaurino, CEO of Residential Assisted Living Academy. Isabelle's grandmother needed round-the-clock care after breaking her hip. The senior housing options were not particularly appealing to the family. Isabelle's dad, a real estate investor, understood he could buy the assisted living facility, make a profit, and provide his mother with a nice place to live. Isabelle eventually started working with her father and helped him run the Residential Assisted Living Academy. Stay tuned as they talk about: - The benefits and misconceptions of assisted living- The benefits and opportunities of senior housing investments- The importance of hiring the right people Thank you for listening. Connect with us athttps://businesslegacypodcast.com/ https://innovativewealth.com/ More about Isabelle Guarino LinkedIn: https://www.linkedin.com/in/isabelle-guarino/ Website: https://residentialassistedlivingacademy.com/ral101/
In this podcast, host Paul Dio interviews Jeremy Spillman of Toggle Inc. Spillman discusses how he came about building Toggle Inc., which was created in order to address the lack of transparency in the freight brokerage and trucking industries. He explains that Toggle Inc. aims to create a more efficient and transparent supply chain by providing real-time information to all parties involved in the movement of freight. Stay tuned as they talk about: - The benefits of transparency in the freight Industry- What improvements has toggle brought to the freight industry- How toggle improves the life of truck drivers Thank you for listening. Connect with us athttps://businesslegacypodcast.com/ https://innovativewealth.com/ More about Jeremy Spillman LinkedIn:https://www.linkedin.com/in/jeremy-spillman-639ab72a/ Website:https://www.drivetoggle.com/
Don't be scared to be bold and do something opposite from others; this is what makes you different from the rest of the crowd. Paul speaks with Ro Dahan of Dahan Enterprises this week. Ro arrived in this nation without knowing anyone. He would converse with his passengers while working as a cab driver, and as a result, he developed the notion to enter the real estate industry. He established his company via perseverance and hard effort. Listen as Ro speaks about achieving his American dream. Stay tuned as they talk about : - How Ro overcame the opticals of being an immigrant and starting his own business- How he got into the medical transportation business- What contributed to growth after a natural disaster Thank you for listening. Connect with us athttps://businesslegacypodcast.com/ https://innovativewealth.com/ More about Ro Dahan LinkedIn:https://www.rodahan.com/ Website:https://www.linkedin.com/in/rotem-dahan-1a333862/
In this week's episode, Jesse Tarr from City Permit is interviewed by Paul. City Permit is a consulting company that assists clients in obtaining permits for their projects more quickly.Anyone who has filed for a license or permission is aware that the procedure is time-consuming and that you are not always sure what you need. Listen to Jesse as he describes the steps he took to start his permit consulting business. Stay tuned as they talk about: - His background and motivation for entering the permits industry; - The work, his company does and how it benefits the neighborhood- How his business stacks up against the opposition in the market Thank you for listening. Connect with us athttps://businesslegacypodcast.com/ https://innovativewealth.com/ More about Jesse Tarr: LinkedIn:https://www.linkedin.com/in/citypermit/ Website: https://www.citypermit.us/
Mark is joined by Mark Pearson from Innovative Wealth Solutions in Melbourne. In this episode Mark Pearson shares his reflections from two clients who he's taken through a values-based advice experience. In this episode you'll hear: How clients can have different values but upon investigation, hold the same meaningHow the values experience can impact the perceptions of the clients on each otherHow he pre-positions the tension that may arise in order to normalise itHow using a values based experience can turn around the trust of a client who's had bad experiences with advice in the past and; How he explains the 8 dimensions of wellbeing and their interactivity and balanceTo learn more about how Lumiant can help you embed values based advice into your business click visit www.lumiant.ioMore of a visual person? You can watch the episode on our youtube channel here.
This week, we talk with Jack Wang of Innovative Wealth Management. He's a financial advisor who helps families do late-stage college planning, for those who have not planned in advance for college savings.Jack shares the questions that parents should be asking about where their kids might go to college, especially when it comes to paying for it.We also talk about money mistakes, whether you should pay cash for a car, some great low- and no-cost things to do with kids, and more.You can learn more about this episode at yourmoneymom.com/podcast
In 2021, The Marcus Garrett, LLC. made over $200,000 in Affiliate Sales! Our expert guest, Kirk Chisholm (Money Tree Podcast and InnovativeWealth.com), returns this week to help us talk about, you guessed it, making more money. On this episode, Kirk and The Marcus Garrett (Winner for Best New Personal Finance Podcast) discuss the good, bad, ugly, pros, and cons of how to make money podcasting through multiple revenue streams and high-dollar, high-converting funnels. For more in-depth details and Calls to Action, order the Reference Guide and Webinar mentioned in this podcast in our Office Hours replay (with this exclusive link, podcast listeners get 50-percent off)!
The Marcus Garrett Show is made possible thanks to our partners. Partners like Jeremy Schneider of @PersonalFinanceClub: How to Build Wealth with Index Funds. Hear our interview and learn more at themarcusgarrett.com/investwith/personalfinanceclub Kirk Chisholm, a Wealth Manager and Principal at Innovative Advisory Group (innovativewealth.com), joins me on the show to share why Your Home Is Not An Investment (it is a personal expense). “If you rent a home, it is an expense. When you buy a home, it is an expense. Only when you buy a home and rent it out to a third party does it become an investment.” “The Purpose of Wealth is to buy back your time.” Watch these interviews by topic at YouTube.com/TheMarcusGarrett Self-Directed IRAs: One of the Greatest Tools of Wealth Creation and Preservation That Exist (video available Nov 8th) Your Home Is Not An Investment (video available Nov 10th) The Purpose of Wealth (video available Nov 12th) The Marcus Garrett Show is for informational and entertainment purposes only. We do not offer investment advice and you should not constitute any conversations on the show as investment advice, legal, tax, or financial advice. You alone assume the sole responsibility for fully evaluating the merits and risks associated with the opinions we provide. When in doubt, consult with a certified financial planner, legal, or professional tax advisor who can provide expert advice on your unique situation. This description may contain affiliate links, which means that if you click on one of the product links, I'll receive a small affiliate commission at no cost to you. These affiliates help support The Marcus Garrett Show and allow guests and I to continue to make free content. Thank you for your support!
On today's FreedomFest edition Heather discusses Self-Directed IRA Options with Kirk Chisholm from Innovative Wealth Strategies. The pair review things you can invest with outside of traditional stocks and bonds. Kirk reviews the parameters of real estate investment, private lending and other qualifying investments. He also addresses what criteria you need to maintain asset eligibility. DM Heather on IG/FB @UnlockYourWealth to claim your free Affordability checklist to assess your finances and create your plan for homeownership/real estate investment. Grab Heather's 9-page Financial Fire Escape Plan Checklist© for free by texting the word "CODE" to (602) 952-1113 now. Want this week's free strategy? Claim your free copy of Heather's Keys to Riches© Financial Fire Escape Plan by visiting CrackingYourMoneyCode.com now and join our exclusive VIP community for free! Remember to bookmark this show and share it in your stories, feed, or timeline on social media. The late Jim Rohn says you are an average of the top 5 people you hang around with so help them achieve financial freedom along with you! Welcome to our sponsor ReadItForMe and click on the link to claim your special offer for Unlock Your Wealth Fans and start reading best-selling books in less than 12 minutes with ReadItForMe UnlockYourWealth.com/readitforme Pay off your mortgage, become debt free and have cash to invest with this simple strategy. Click here for the complimentary eBook. UnlockMyWealth.com Learn More with Resource Links: Next Week's Key: Practicing the Three R's Check out our resources and past shows at our Facebook fan page at https://www.facebook.com/UnlockYourWealthTV/ You can DM the show and directly ask questions! For free tools and resources, give Heather an inbox message @unlockYourWealth after each show for the complimentary resource she offers. FREE is GOOD! Do it now! Kirk's Website: InnovativeWealth.com Jim Woods' Newsletter Advisory Services Websites:* JimWoodsInvesting.com is where you find all of Jim's publications, including: The Deep Woods Successful Investing Intelligence Report Bulls-eye Stock Trader Eagle Eye Opener WayOfTheRenaissanceMan.com Also Check Out: MoneyCreditAndYou.com UnlockYourWealth.com FreedomFest.com Special Offers: *** Get your FREE book from our sponsor Audible at AudibleTrial.com/UnlockYourWealth and click on the link to choose from over 150,000 titles for your iPhone, Android, Kindle or MP3 Player!
Many pundits and people from our community automatically think inflation is the biggest threat out there. Is that really the case? On this show we are joined by returning guest and Innovative Advisory Group LLC firm principal Kirk Chisholm. *Full disclosure -I work with Kirk at IAG. Some of the topics that were covered include: * You get asked about inflation a lot given the Fed is printing a lot of money to keep the economy afloat. What are your thoughts about inflation right now. * How do you measure inflation? * inflation vs deflation * inflation is uniform, deflation is not. * what is inflation mean to the average person? * Why is it important? * does money printing mean we will have inflation? * Why have we not seen inflation when a huge amount of money has been printed 12 years ago. now we have more will be have inflation or no? * what are good assets to invest in for inflation? * “” “” “” for deflation * Is gold a good hedge? * What factors do impact inflation/deflation * demographics * technology * reduced costs * Japanese deflation You can find out more about Kirk by visiting www.Innovativewealth.com and https://moneytreepodcast.com/ Join the conversation in Tim and John's Discord community: https://discord.gg/vkxUkqg Itunes: https://bit.ly/libertyadvisor Lbry.tv https://lbry.tv/$/invite/@thelibertya... Livestreams at https://flote.app/TheLibertyadvisor Benchute https://www.benchute.com/accounts/ref... Learn more about Tim's services: www.thelibertyadvisor.com Free 15 min Investing Consultation www.bit.ly/booktimp Subscribe to our emergency text list and receive a free ebook “How it's Rigged – The Economy” Text LibertyAdvisor (one word, no spaces) to 71441 Video will be released 1 day later to prioritize our podcast listeners
Date: August 9, 2019 Attendee and Guest: Kelly Coughlin, CEO, EveryDay CPA – Kirk Chisholm, President – Innovative Wealth & InnovativeAdvisory Group Good morning everybody, this is Kelly Coughlin, CEO and CPA of EveryDay CPA, providing star services of strategy, tax, accounting and risk management services to businesses and business owners. Today I am going to interview the CEO of a very interesting wealth management firm. He specializes in two primary areas, using alternative investments like real estate to complement a traditional portfolio of stocks, bonds, and cash, and the second is creating a traditional portfolio of stocks, bonds, and cash, but complementing that portfolio with what we call inverse correlated assets. An inverse correlation, also known as negative correlation, is a contrary relationship between two variables, so they move in opposite directions. Or, to put it simply, when one bucket of assets goes up in value the other doesn’t go up or doesn’t go down. And when taken in combination, they together produce a good and reasonable rate of return. The popularity of this type of strategy has been growing substantially in the past four or five years and used by institutional investors for many, many years. But on T.V. you could see ads like crash proof retirement, which at their core simply used insurance annuities to offload the risk to insurance companies. But then you will also see guys like Ken Fisher saying, Never ever hold an annuity. It’s no wonder the people are confused, but in steps, my guess today, Kirk Chisholm, President of Innovative Wealth and Innovative Advisory Group. Kirk, how are you today? Kirk: I am doing great Kelly. I am doing awesome on this wonderful Sunday morning. Kelly: Great. And we already discussed, your kids are going to the water park? Kirk: Yes, yeah. Kelly: I have been to Kirk’s swimming club in the Boston area and - he has to pay a membership for that, and now his kids want to go out and spend another 50 bucks today, right? Kirk: Fifty bucks, Kelly, you don’t live in the Boston area, do you? That would be nice if it was only 50. The cost of happy three kids. Kelly: Kirk has a lovely wife that I have met, and I am sure there is, “Can’t we just go to the club, and it is right around the street”, and you lose that argument, right? Kirk: Yeah, every single time. Kelly: Great. Well, I have known Kirk for many years, folks, and his firm. And in fact, we have liked each other so much we decided to start working together. You might ask, why would an accounting firm do work with a wealth management firm? Sometimes people pit the two as arch enemies. Well, Kirk and I certainly are not. But here is how it fits into my company, EveryDay CPA, we do four primary things here, we call it our Star services, S T A R, Strategy, namely business strategy, Tax, Accounting and Risk Management. And this work with Kirk and Innovate Wealth is the key element of the R component, the risk component of the STAR system. And the reason I am doing this podcast now, today, at this moment is because it is especially important. There are two things going on. Number one, we are at some point in the continuum of the Trump Rally and two, we have a presidential election coming up next year. First, the Trump Rally. The market is up about 37% since Trump’s election. Now, note that at this point in Obama’s presidency, that is, at this point in the number of days of his presidency the market was up 52%. And ultimately, by the time he was out of office the market was up 147%. Now, we all know the reason those numbers are so high for Obama. By the time Bush, number two left office the market had lost 26%. So, he was at the very bottom of the market trough that he was able to creep or wade out of. And of course, Bush suffered such poor performance because 911 occurred shortly after his election, we had wars in Afghanistan and Iraq. So, anytime you have significant increases in the market, you also have an increased perception of risk that the market would give back some of those increases. So, today, up 37%, some of the fears justified, some of it is manufactured by annuity and insurance salespeople trying to use fear as a motivator to sell insurance products. These are the ads you see on T.V. and Kirk and I, he doesn’t know this yet, but we are going to have another podcast in a couple of weeks where we are going to talk about these Crash Proof Retirement Solutions. Because I will go on record right now, that will be the next shoe to drop in the investment world. All of this nonsense that has been peddled on Crash Proof, using annuities etcetera, shoe is going to drop. And the second factor that’s occurring here is the presidential election. There is no doubt in my mind that business owners, across the board, are fearful and nervous that if the Trump culture of reduced regulation, reduced taxes, pro-business mission and vision for America came to a screeching halt, during election, that nervousness and perception of risk would increase dramatically by business owners. And nervousness means business slowdown in capital investments, slowdown in new hires, slowdown in new product innovation, and this means decline in markets. Because the market is always about three-quarters forward-looking. Now, would this perception of increased risk in the change in leadership at the White House be justified or not? It’s a whole lot of questions, I personally think it is because I don’t see any of Trump's competitors being pro-business. In fact, I see nothing but anti-business sentiment. So, Kirk, that’s the background into which I am going to launch our discussion today. Kirk Chisholm, President of Innovative Wealth Management and Innovative Advisory Group, I gave you a lot to think about in that intro, and here is where I would like to start out. You have been doing this risk-managed portfolio stuff for many, many years, why does your strategy work? Does it work, and what does the portfolio look like when it does work? What does it look like when it shines, that is, when the general markets are declining? Kirk: Yeah, I mean, those are some great questions, Kelly, and I want to start by putting a little background for my history because I think that will be helpful. So, when I started in the industry back in ’99, December of ‘99, which of course, was probably the worst time to start, right? When you get off two decades of a bull market and then just started going through recession right away, so I learned risk management really quickly. You know, when I everyone else was thinking the market was going to keep going up and I didn’t have that because I started with pretty much the market going down. So, I learned real quick on how to manage money and how to manage risk in that kind of condition. For me, that’s why risk management has always been the top priority. It is rule number one, don’t lose money, and I paraphrased Warren Buffet there. So, we sailed through 2008 pretty easily, unscathed, because we had some understanding of what was going on, and since then we have built additional strategies to manage it even better. One of the things that I think people in the industry get caught up on is, they come with a strategy and they feel like, this is it, I am going to do this and this is going to solve all my problems, it’s the best strategy I have ever seen, and it will never change. The problem is, the market changes all the time. Every day, every second of the day it changes, and the more computerization that comes into the market the more rapidly that’s going to change. So, if you don’t have the agility, if you don’t have the ability to change on a dime with your strategy then you are going to get run over. I think this is one of the biggest challenges that we see, because when I got into the industry, you talked about, earlier, Kelly, with inverse correlation or negative correlation, one of the things I found was, initially, you could diversify properly and it would work, and generally speaking, you know, when the markets go up the diversified portfolio works as intended, typically. The market goes up about 66% of the time, when the market is going up diversified strategies work. In 2008, in that period, it stopped working. It’s fascinating, because we did some research way back, to dig into this, and what we found was, if you look to 2008, almost every single asset class except for cash and gold, went down. When you study and say, how is that even possible? So we did some digging and what we found was the net result was effectively that the institutions were causing a correlation, because all the big money was flooding into the market and making the same changes at the same time so it caused, effectively, this correlation of assets. So it became really challenging to create a diversified portfolio to reduce risks. You used to be able to invest in things like timberland and manage futures and hedge funds. That used to allow you to diversify properly and get inverse correlations. The problem is because everyone was investing in the same thing it was no longer non-correlated, it became correlated. Many people thought that they were diversifying and reducing the risk when essentially they weren’t. And they didn’t realize it because they were just accepting this norm as given by just saying, oh, this is the way things always are, they will always be this way. And it’s not, things change all the time, and if you are not assessing your assumptions, at any given time, then you are going to get run over in this market because things change so rapidly. So, that’s kind of how I look at risk management. That’s my background on it, why I look at things the way I do, which is a really important context, I think, of this conversation. Kelly: I gave a talk in London about one year before the Madoff Hedge Fund nightmare. I think that was in 2007, I was CEO of a financial technology investment firm. And the title of my talk was Hedge Fund Needs TLC, Transparency, Liquidity, and Custody. And I’m not bragging here, but - I guess I kind of am - that talk foreshadowed. I predicted this, it foreshadowed the issue that was highlighted by Madoff, specifically, and Hedge Funds in general. I think you would agree that Transparency, Liquidity and the issue with Custody were core and critical to the problems Madoff scandal highlighted. Do you agree with that? Kirk: Yeah, I do. You weren’t alone in your kind of assessment, I mean, our very own Perry Mecarpolis who was kind of one to find Bernie Madoff. He wasn’t the only one, there were more, but no one listened because when times are going well no one wants to pay attention to that stuff. They are not worried about it, only when times get bad that people worry. Well it’s too late, right? You have to, like you did, like you talked about it before the problem, and that’s you need to have those kind of resources because when times go bad it’s too late, everyone else is running to the door and it’s a lot harder to get out. Kelly: Yeah, this was at a Hedge Fund conference and it was like nobody wanted to talk to me at the cocktail hour after I said this. It’s like, okay guys, I’m sorry, I didn’t want to ruin the punch bowl but transparency and liquidity and custody, it’s just I want to clarify so listeners know why those are critical, because it’s still true now, more than ever, investor on the transparency side. Investors need to see the underlying assets in the portfolio, and that’s why I don’t like annuities, you can’t see anything. And then number two, investors need to be able to convert those assets that they do see for whatever reason, if they don’t like what they see, they need to be able to convert them to cash or another asset. That’s the liquidity portion. That’s another reason why I don’t like annuities. And then the third is custody. Ultimately, if you see something and you don’t like it you want to be able to access it, and if you have got some custodian that is nonexistent like we had with Madoff where he was just fabricating third party custody, you are going to have a problem. The reason I put custody at the end is because I like the TLC thing but custody in my mind is kind of at the top of the list because you need to be able to see the assets at a qualified bank or broker, not in the file cabinet of some Hedge fund manager that’s acting as custody. I am assuming you are going to agree with all that stuff. I know you do because you operate your company with TLC. Tell me, how would you score you and your portfolio strategy in the TLC paradigm there? Kirk: Yeah, and you raise a great point, Kelly, because I think that each one of those components has an issue attributed to it, in the markets in general and some of that field that we can kind of touch on here. But, you know, with my portfolio that’s exactly what we designed it around, transparency, liquidity. Possessions we have, have to be liquid because if something happens and you need to get out, you need to get out right away. Actually, it should be on custody first because that actually will start us off. So, we don’t custody assets, we custody at one of the bigger custodians which is TD Ameritrade. A firm like ours, we don’t want custody. I don’t want that liability. I would rather find a top-notch firm that does it really, really well and use them, and for us, TD Ameritrade was that good fit. So, the transparency aspect goes along with that custody because we are not custody-ing it, the transparency is, our client can easily go to the custodian. Like they get statements from the custodian, it doesn’t come from us. You know, they can always go on their account and see their investments in any given time. It’s totally transparent, there is nothing hidden whatsoever about it. The liquidity of our possessions is very important too. You look at 2008, for example, and actually, 2015 was another example of this. So, in 2008 in certain markets there was a lack of liquidity. In the institutional markets, there were a lot of these vehicles that were created where there was a lack of liquidity at the time when people needed it most. So if I am managing a portfolio, for example, and let’s say I have 80% of my portfolio in the S&P 500, so a very liquid bunch of investments, let’s say 20% in some sort of an illiquid vehicle, some sort of an institutional vehicle, and I want to liquidate that but there is no liquidity all of a sudden I have to search down in my S & P shares because I need liquidity, I need to free up capital to either pay back investors or whatever it might be. So, instead of selling the thing that I want to sell, I’m selling things I don’t want to sell. But the problem is, it’s not just me, it’s the entire market doing the same thing. So, if you want to know why the assets correlate, it’s because all these institutions own the same things. So, look at 2015 as an example, we started to see this idea which I call contagion, which is, effectively, the oil prices started to plummet. Well, if you owned oil assets, you couldn’t sell them because, you know, no one wanted to buy them because they kept going down so in order to have liquidity in your portfolio you sold something that wasn’t oil. You know, maybe it was Apple stock, maybe it was real estate, maybe it was, in some cases, oil companies. The challenge is when everyone trying to do the same thing at the same time everything correlates and liquidity dries up. Now, for us, when we manage money, I mean, we do a lot with alternatives but it’s a very separate part of what we do. The traditional portfolio, which is kind of really what we are talking about here today, the traditional portfolio is fully liquid. We have set this up specifically for the fact that if people need liquidity they can get it. Call me up tomorrow and say, hey, I need my money, I can just sell it and it’s done. Everything that we do is highly liquid. We only deal with the most liquid securities because of this very issue. When things go bad liquidity dries up. You don’t want to be on the other end of that. So that for us is extremely important. Kelly: Kirk, I know you like to work with CPAs and help them with their clients, just like you are helping me with my clients. Let’s say I have some tax and accounting clients that need what I think is a risk-managed portfolio, and the profile for that type of client is typically this, they have made their money; they have created their wealth; they don’t need to hit any home runs; they don’t even need to hit a triple, maybe a double, a single, they don’t need to strike out, and they sure as hell don’t need to be hit by the pitch,. That’s the typical client that many of us see. Kirk: I like the analogy, Kelly. Kelly: Thanks. Number one, preserve what they have, and number two, grow it. In that order, and what’s the best way for these clients to work with you, whether it be a CPA or one of my clients, how are we going to work together on this? They are located in say, Minneapolis and Kansas City, how do we work together? Kirk: First of all, a location I don’t find is all that important. I have been doing this for 20 years, most of my career I thought that I need to see somebody to work with them but in the last three years, I have kind of changed that kind of mindset around myself, because what I realize was, clients don’t want to see me. They don’t want to drive an hour or a half-hour to my office and then drive an hour or a half an hour back. Like, it is much more efficient use of their time to just get on a call and talk about these things. You and I are in different states and we work together just well. But the other part of what you were saying is very important, where you were talking about not hitting home run in triples. There are many types of clients. There are clients who are trying to build and grow their wealth and there are clients who are not, right? They just trying to maintain and to sustain their wealth. You know, it is funny, no one sends you a letter and says, hey, you are rich, right? There is no letter that the IRS sends you that says, hey you are rich, like, now you are going to start paying the rich person’s taxes. It doesn’t happen that way. There is kind of this grey area, depending on the amount of wealth that you have, you have enough but you feel like you don’t have enough. And it is weird, I have talked to people who are worth couple hundred thousand, tens of millions, I have talked to people who are worth billions, and they all have the same mindset, which is I need another 30% to feel comfortable. It’s a weird human psyche that people can’t be comfortable with the fact that the money they have is enough. So, whatever we do with our clients is deep conversations, what I call the emotional side of money, which is, you know, it’s really important. Because let me give you an example, there is a woman I worked with, my entire career, a wonderful woman and she worked really hard, saving and recently she got to a point where she wants to retire. So, she is going from this aspect of working hard and saving to no longer working and spending. That is a huge mental shift that people have to make, and it’s really hard, right? You have spent 40 years working and saving and now you just have to flip the switch and do the opposite. That is very uncomfortable for people. It’s not an easy transition to make. So, a lot of what we do is helping people with, I guess, what I would call retirement lifestyle planning, which is helping them make that transition. So, it’s not just that they’ll have enough money but it is that they are comfortable with the money that they have and they are comfortable spending it. Because I have worked with a lot of people who have way more than they need and they feel like they don’t have enough. This woman, for example, she was actually spending less than she was making in social security and she is worth seven figures easy. There is no way she would ever run out of money at that spend rate. And what I was helping her to do is to be comfortable with the fact that she had enough money and be comfortable with spending that money. You spend your whole life saving this money, like, you need to enjoy it. Like, retirement is about, we call it phase two of your life because you have got another 30 to 40 years when you retire, what are you going to do? Sit around and golf all day and drink beers? I mean, that’s fun but that’s not the purpose. And a lot of people need to rediscover that purpose when they retire because they make such big shifts. Getting back to the point, when I work with clients I’ll tell them upfront, our job is not to hit your home runs, our job is not to be BS and T every year, our job is to hit the singles and doubles to get performance but the real key to what we do is not lose when the markets hit a recession. That’s really the key because if you don’t lose when the big losses come then you are way ahead of the game. In 2008, from the pig to the trough, the markets went down over 50%. If you didn’t lose 50% in those years and you were in cash you effectively made 100% return on your money because not only did you not lose money but you could have bought everything 50% cheaper. So, effectively you just made 100% return on your money, and you didn’t have to do anything. You didn’t have to outperform the index, you just had to sit on the sidelines and not lose money whenever everyone else was losing money. It’s a different perspective than I think most people would make but if you consider where we are in the economy right now, we have had 10 plus years of a bull market plus 11 years of a bull market. We are getting to a point where a recession could come at some point in time soon. It could happen next week, it could happen five years from now, right? No one knows, no one can predict the future. But I don’t need to predict the future to know how to handle this situation. What I need to know is that there is a recession coming at some point, we all kind of feel that. It feels like everything is really expensive, and it is, and at some point we are going to have a recession, that’s inevitable. That’s just the way that market cycles work. My role is not to know when that’s going to happen. My role is to predict that the market could continue to go up, and also, the market could easily go down. So, we have built a strategy around that process that if the markets are going up you make money and if the markets melt down you are not losing money. That’s really effectively what we have done. We, with our approach to investment management we look at the situation that we are in, which is, the markets could go up or they could go down, and we build a strategy around that. Kelly: Kirk, here is how I see it, certainly, correct me if you find it flawed. Historically, you have the CPA that’s more or less pitted against the financial advisor. The advisor is always recommending more risk and the CPA is saying, less risk. And the CPA tends to say no to anything that is unpredictable or about which he or she is either not educated or experienced in, the advisor might say, I don’t know, for the last years, I think, many CPAs have decided that they are going to get into the advice business, they are going to open up an advisory practice and become financial advisors, become wealth managers. I kind of fundamentally disagree with that because the objective supervisory role, to stick with the baseball metaphor, the manager role of the team is now merged with the player or merged as a player. And I think the CPA is best sticking with the manager role but becoming a better manager so that he or she is a little more educated and experienced in it. So it’s not no to everything but the CPA should stick with the manager role, the supervisory role, but review the performance of the players. That could be a large cap player, it could be a wealth management player, it could be a small cap, it could be an alternative or it could be review the performance of a wealth management player, like yourself, who looks at all those underlying asset classes – small cap, large cap, alternatives. Do you agree with that analysis? Does that make sense to you? Kirk: It makes total sense Kelly, and you are 100% right. So, if you look at the traditional CPA role, it is accounting and tax, risk management strategy, tax planning, like, there is a lot of things that the accountants bring to the table. And you actually pointed out, it seems as though a number of them will try to become wealth managers or financial advisors and they are putting themselves in a very precarious place. Because I have been doing this for 20 years, I am always wanting new things. This is a profession in and of itself, for an accountant to all of a sudden start providing wealth management services or investment advice, all the things that we do, it would be like me going out and saying, I am going to be an attorney. It’s a totally different profession and requires a lot of time, effort, study. Like, it’s not just like, oh, I am just going to make money off mutual funds or provide them to clients. The CPAs are much more into risk management, which I think is a really good position to be because you are one of the most trusted people in the clients’ lives for anything that affects them financially. You need to have that oversight and guidance. You need to have that supervisory or managerial control to continue the analogy. You know, you need to have that oversight because the clients want that, the clients are asking for that, and you would be in a much better place providing that position than actually doing the investments yourself, because you are taking a step back and you are being an unbiased third party and saying, here is what I think we should do. As you mention, I do work with a number of CPAs, our strategy is more tactical and we have done this specifically because of the nature of what you are saying which is, as a CPA, this is your job to provide oversight and guidance, and you don’t want the clients to lose money. So, the strategy, in many ways, to develop around that philosophy which happens to coincide with my philosophy anyway which is, rule number one, don’t lose money; rule number two, pay attention to rule number one. Like, making money is the easy part, that’s going to happen, it’s the risk management that’s the hard part. And that’s the thing, if you don’t get it right you can really screw up your portfolio. So, it’s really important to get the risk management right, first. It’s your obligation as the supervisory role it is very important to take care of this for your clients because they look to you, as somebody in this role. And our society, we are lacking leadership, and our society and I really appreciate the fact that you have taken this role head-on and saying, I am going to do this for my clients because it’s really important to provide this service where all our people are not doing it. Kelly: Yeah, it is kind of like let’s say, CPAs, let’s say tax focus CPAs, we scratch and claw and fight to help clients get an extra $100 refund or minimize their tax by $200, that sort of thing. You know, maybe it is even in the thousands but it’s kind of like when we stay out of the wealth management area where we are not helping on the risk management part of their wealth, what are we doing, I mean, we are winning these tiny little, I wouldn’t even call them battles, I would call them skirmishes. We are winning those little skirmishes but the entire war is being won and lost and fought and we are not even participating in it. It’s almost like CPA’s are afraid to get into the arena, afraid to fight, afraid to get shot so they hide in their tent. I don’t know. I am mixing a whole bunch of metaphors. Kirk: But yeah, and I think you, I mean, your point is valid because I think, the CPAs we work with, we tend to work with them on a collaborative basis. And I think one of the challenges is, and this is not just CPAs and advisors this is all service professionals, when we work with our clients, we work with CPAs, we work with attorneys, we work with various different professionals and what I find is common in our industry is that, like, let’s just say, an advisor would say, hey, you should do some estate planning, and, you know, either the client has somebody they work with or the advisor finds them someone, and then they do the work and they put all this package together and they spend a few thousand dollars, and they have this package and their attorney is like, great, you are all set. And the client is thinking, hey, I am all set and what he really meant is, here is your package you figure out the rest of it. And the client thinks they are fine so they don’t say anything. And, you know, they set up a trust or whatever they are doing and they don’t get funded, you know, get set up properly. So all of a sudden you spend a lot of money for something that isn’t even implemented, and no one knows because it’s just like one hand doesn’t know what the other hand is doing. So, what I find is most effective is working with people on a collaborative basis. So, for instance, you and I, you and I would talk about each client and say, alright, we are going to sit down and work with this client. Like, we would figure out what kind of tax planning they need, you know, what kind of cash flow management they need. What about their investments? What about their estate? And we look through each of these quadrants of the puzzle and say, what needs to be done, how can we coordinate this? You know, because we do operate on different playing fields for that because we are doing different things. So, it’s important that, you know, this kind of collaborative method works well so that the balls don’t get drop, things don’t slip through the cracks, and that everything is getting taken care of. So, from a client perspective, you are getting a much more holistic perspective of oversight and guidance and you are really getting taken care of from different angles from people who have different expertise. So, what I find is if people are trying to do everything themselves, it is said the player versus the supervisor, it’s really hard to do everything yourself well. It’s a challenge for any good professional that is collaborative, that want to work together and are not territorial so I think you kind of hit the nail on the head there and that’s one of the reasons why we work together, it’s because, you know, we both see that element of collaboration as being very important for the client, and really doing what’s in the client’s best interest, which I think is the top priority in any relationship. Kelly: Yeah, I think this is a good model, I like it. Anyway, we can terminate it now so you can get back to the going to the pool or you are using this podcast as an excuse to not have to go to the water park, the urine-filled water park? Kirk: Lots of chlorine Kelly, lots of chlorine. Kelly: Alright Kirk, I enjoyed it. Take care of yourself. How should people get in touch with you if need be? Kirk: Yeah, I’m pretty easy to find, you can find me at InnovativeWealth.com. So, our website InnovativeWealth.com, you can come there, I have written pretty much everything on the website. I have written myself a lot of the blog post, if you want to get to know about me you can find me on all the social media channels. I am really pretty easy to find. And, obviously, you can find me through Kelly because Kelly and I are working together. So, you know, the path is, contact Kelly and, you know, I can coordinate working with you as well. Kelly: Okay kirk, enjoy the remainder of the weekend, take care of yourself. Kirk: Alright, thanks. Thanks a lot, Kelly, thanks for having me on.
Watch full video here:https://www.youtube.com/watch?v=FxQkSdgjlPY&t=6s > The Liberty Advisor and WAM's latest contributor Tim Picciott spent 3 days at the Security Token Summit and Crypto Invest Summit. In this video Tim goes over what a Security Token is and has a few clips from notable speakers such as: Tim Draper, Charlie Lee and David Chaum. He also has a few snippets from interviews he conducted with Jor Law of tZERO, Paul Puey of Edge Wallet and Jenny Shaver or SALT Lending. Even if you aren't into Crypto or Blockchain ... you will want to familiarize yourself with the next big thing in finance... Security Tokens. If you hate the word regulation or SEC then you will not like this video. However it is important to have people advocating freedom on the inside of these conferences and not just let politicians and crypto usurpers dictate the future of the space. Help us stay in touch for our inevitable purge: http://www.thelibertyadvisor.com/newsletter www.thelibertyadvisor.com/show to find the links for podcast subscriptions Listen to the mp3 on your favorite platform: itunes Google Play Stitcher Player FM Podbean Schedule a complimentary Investment consultation with Tim Inquire about Tim speaking on your show or conference: info@thelibertyadvisor.com Sign up for the free Crypto course here and lots of great retirement material: http://www.thelibertyadvisor.com/shadowban Interested in having Crypto in your IRA? www.thelibertyadvisor.com/lp Stay tuned for more from WAM! DON'T MISS AnarchoVegas 2019! Use promo code: WAM Save 10% on your tickets! Get your early bird tickets now at: www.AnarchoVegas.com CHECK OUT The Red Pill Expo 2019 here: https://redpillexpo.org/rpe/wam/ Please subscribe to the Liberty Advisor Show to have Tim's latest material sent straight to your favorite streaming device: https://libertarianadvisor.podbean.com/ Interested in having Crypto in your IRA? http://bit.ly/cryptoselfdirect Interested in a 15 minute portfolio consultation from Innovative Wealth? http://bit.ly/Timsservices Join Tim's newsletter: www.thelibertyadvisor.com/newsletter JOIN US on SubscribeStar here: https://www.subscribestar.com/world-a... We will soon be doing subscriber only content! Don't forget to check out Mike Maloney's GoldSilver at the following link: https://goldsilver.com/?aff=WAM Video edited by Tim Picciott Featuring: John Sneisen and Tim Picciott Visit us at www.WorldAlternativeMedia.com LIKE us on Facebook here: https://www.facebook.com/LibertyShall... Follow us on Twitter here: https://twitter.com/WorldAltMedia FIND US ON STEEMIT: https://steemit.com/@joshsigurdson BUY JOHN SNEISEN'S LATEST BOOK HERE: Paperback https://www.amazon.com/dp/1988497051/... Kindle https://www.amazon.ca/dp/B073V5R72H/r... DONATE HERE: https://www.gofundme.com/w3e2es Help keep independent media alive! Pledge here! Just a dollar a month can help us stay on our feet as we face intense YouTube censorship! https://www.patreon.com/user?u=265207... BITCOIN ADDRESS: 18d1WEnYYhBRgZVbeyLr6UfiJhrQygcgNU World Alternative Media 2019 "Find the truth, be the change!"
Watch full video here:https://www.youtube.com/watch?v=KbBrs8RRCfw&t=305s WAM Contributor Tim Picciott "The Liberty Advisor" breaks down the ramifications of Donald Trumps latest twitter spat involving new tariffs on China. In addition to the Tariffs, Tim also discusses alternatives to the SWIFT and Petrodollar systems and an interesting correlation between the stock market and elections. https://libertarianadvisor.podbean.co... Please subscribe to the Liberty Advisor Show to have Tim's latest material sent straight to your favorite streaming device: https://libertarianadvisor.podbean.com/ Interested in having Crypto in your IRA? http://bit.ly/cryptoselfdirect Interested in a 15 minute portfolio consultation from Innovative Wealth? http://bit.ly/Timsservices Join Tim's newsletter: www.thelibertyadvisor.com/newsletter Stay tuned for more from WAM! DON'T MISS AnarchoVegas 2019! Use promo code: WAM Save 10% on your tickets! Get your early bird tickets now at: www.AnarchoVegas.com CHECK OUT The Red Pill Expo 2019 here: https://redpillexpo.org/rpe/wam/ JOIN US on SubscribeStar here: https://www.subscribestar.com/world-a... We will soon be doing subscriber only content! Don't forget to check out Mike Maloney's GoldSilver at the following link: https://goldsilver.com/?aff=WAM Video edited by Tim Picciott Featuring: John Sneisen and Tim Picciott Visit us at www.WorldAlternativeMedia.com LIKE us on Facebook here: https://www.facebook.com/LibertyShall... Follow us on Twitter here: https://twitter.com/WorldAltMedia FIND US ON STEEMIT: https://steemit.com/@joshsigurdson BUY JOHN SNEISEN'S LATEST BOOK HERE: Paperback https://www.amazon.com/dp/1988497051/... Kindle https://www.amazon.ca/dp/B073V5R72H/r... DONATE HERE: https://www.gofundme.com/w3e2es Help keep independent media alive! Pledge here! Just a dollar a month can help us stay on our feet as we face intense YouTube censorship! https://www.patreon.com/user?u=265207... BITCOIN ADDRESS: 18d1WEnYYhBRgZVbeyLr6UfiJhrQygcgNU World Alternative Media 2019 "Find the truth, be the change!"
Watch full video here: https://youtu.be/coJNtrt10Ro Wam Contributor Tim Picciott spent three days at the Security Token Summit and Crypto Invest Summit. In this video Tim sits down with Paul Puey of Edge Wallet. One of the biggest hurdles for mass adoption is making Crypto Easy. In this on location interview you will get to hear from one of the industries thought leaders on how the space will evolve and future innovations. Want to listen to the MP3 instead? Please subscribe to the Liberty Advisor Show to have Tim's latest material sent straight to your favorite streaming device: https://libertarianadvisor.podbean.com/ Interested in having Crypto in your IRA? http://bit.ly/cryptoselfdirect Interested in a 15 minute portfolio consultation from Innovative Wealth? http://bit.ly/Timsservices Join Tim's newsletter: www.thelibertyadvisor.com/newsletter Stay tuned for more from WAM! DON'T MISS AnarchoVegas 2019! Use promo code: WAM Save 10% on your tickets! Get your early bird tickets now at: www.AnarchoVegas.com CHECK OUT The Red Pill Expo 2019 here: https://redpillexpo.org/rpe/wam/ JOIN US on SubscribeStar here: https://www.subscribestar.com/world-a... We will soon be doing subscriber only content! Don't forget to check out Mike Maloney's GoldSilver at the following link: https://goldsilver.com/?aff=WAM Video edited by Tim Picciott Featuring: John Sneisen and Tim Picciott Visit us at www.WorldAlternativeMedia.com LIKE us on Facebook here: https://www.facebook.com/LibertyShall... Follow us on Twitter here: https://twitter.com/WorldAltMedia FIND US ON STEEMIT: https://steemit.com/@joshsigurdson BUY JOHN SNEISEN'S LATEST BOOK HERE: Paperback https://www.amazon.com/dp/1988497051/... Kindle https://www.amazon.ca/dp/B073V5R72H/r... DONATE HERE: https://www.gofundme.com/w3e2es Help keep independent media alive! Pledge here! Just a dollar a month can help us stay on our feet as we face intense YouTube censorship! https://www.patreon.com/user?u=265207... BITCOIN ADDRESS: 18d1WEnYYhBRgZVbeyLr6UfiJhrQygcgNU World Alternative Media 2019 "Find the truth, be the change!"
Watch full video here:https://www.youtube.com/watch?v=QaIOn1IlOmQ&t=17s Wam Contributor Tim Picciott spent three days at the Security Token Summit and Crypto Invest Summit. In this video Tim talks with Jenny Shaver who works with SALT Lending. SALT allows individuals and especially HODLER's to borrow against their crypto. This interview is for informational purposes only and is not a recommendation to borrow against your crypto as doing so can be incredibly risky. There are tax reasons why someone would want to consider doing so, but talk to your own advisor first. We also discuss the ability to use a Dash Masternode as collateral! Want to listen to the MP3 instead? Please subscribe to the Liberty Advisor Show to have Tim's latest material sent straight to your favorite streaming device: https://libertarianadvisor.podbean.com/ Interested in having Crypto in your IRA? http://bit.ly/cryptoselfdirect Interested in a 15 minute portfolio consultation from Innovative Wealth? http://bit.ly/Timsservices Join Tim's newsletter: www.thelibertyadvisor.com/newsletter Stay tuned for more from WAM! DON'T MISS AnarchoVegas 2019! Use promo code: WAM Save 10% on your tickets! Get your early bird tickets now at: www.AnarchoVegas.com CHECK OUT The Red Pill Expo 2019 here: https://redpillexpo.org/rpe/wam/ JOIN US on SubscribeStar here: https://www.subscribestar.com/world-a... We will soon be doing subscriber only content! Don't forget to check out Mike Maloney's GoldSilver at the following link: https://goldsilver.com/?aff=WAM Video edited by Tim Picciott Featuring: John Sneisen and Tim Picciott Visit us at www.WorldAlternativeMedia.com LIKE us on Facebook here: https://www.facebook.com/LibertyShall... Follow us on Twitter here: https://twitter.com/WorldAltMedia FIND US ON STEEMIT: https://steemit.com/@joshsigurdson BUY JOHN SNEISEN'S LATEST BOOK HERE: Paperback https://www.amazon.com/dp/1988497051/... Kindle https://www.amazon.ca/dp/B073V5R72H/r... DONATE HERE: https://www.gofundme.com/w3e2es Help keep independent media alive! Pledge here! Just a dollar a month can help us stay on our feet as we face intense YouTube censorship! https://www.patreon.com/user?u=265207... BITCOIN ADDRESS: 18d1WEnYYhBRgZVbeyLr6UfiJhrQygcgNU World Alternative Media 2019 "Find the truth, be the change!"
To watch full video please head over to World Alternative Media: https://youtu.be/jUbX51YqA6c Wam Contributor Tim Picciott spent three days at the Security Token Summit and Crypto Invest Summit. In this video Tim talks with Jor Law who is a consultant for T Zero. Jor Law is an attorney, entrepreneur and advisor to many projects including Polymath, verifyinvestor.com, prime trust, network optix and of course T Zero. If you are not familiar with T Zero or the term Security Token you will not want to miss this interview. Interested in having Crypto in your IRA? http://bit.ly/cryptoselfdirect Interested in a 15 minute portfolio consultation from Innovative Wealth? http://bit.ly/Timsservices Join Tim's newsletter: www.thelibertyadvisor.com/newsletter Stay tuned for more from WAM! DON'T MISS AnarchoVegas 2019! Use promo code: WAM Save 10% on your tickets! Get your early bird tickets now at: www.AnarchoVegas.com CHECK OUT The Red Pill Expo 2019 here: https://redpillexpo.org/rpe/wam/ JOIN US on SubscribeStar here: https://www.subscribestar.com/world-a... We will soon be doing subscriber only content! Don't forget to check out Mike Maloney's GoldSilver at the following link: https://goldsilver.com/?aff=WAM Video edited by Tim Picciott Featuring: John Sneisen and Tim Picciott Visit us at www.WorldAlternativeMedia.com LIKE us on Facebook here: https://www.facebook.com/LibertyShall... Follow us on Twitter here: https://twitter.com/WorldAltMedia FIND US ON STEEMIT: https://steemit.com/@joshsigurdson BUY JOHN SNEISEN'S LATEST BOOK HERE: Paperback https://www.amazon.com/dp/1988497051/... Kindle https://www.amazon.ca/dp/B073V5R72H/r... DONATE HERE: https://www.gofundme.com/w3e2es Help keep independent media alive! Pledge here! Just a dollar a month can help us stay on our feet as we face intense YouTube censorship! https://www.patreon.com/user?u=265207... BITCOIN ADDRESS: 18d1WEnYYhBRgZVbeyLr6UfiJhrQygcgNU World Alternative Media 2019 "Find the truth, be the change!"
On this episode we have Tim Picciott who is a wealth advisor and the founder of Crypto Self Direct. He joins us to discuss how as a financial planner, he helps people manage their crypto, pay the right amount of taxes and advises on how to invest into Crypto IRAs & so much more. Hope you learn as much as I did! About the Guests: Timothy Picciott CFP® CRPC® is the founder of Crypto Self Direct and Wealth Advisor with Innovative Advisory Group. He is also a trailblazer in the field of Crypto wealth management strategies. Tim understands the challenges Bitcoin early adopters faced, as they struggled to get their substantial cryptocurrency gains from the virtual world to the real world… without getting killed by taxes. Tim works with Bitcoin and Crypto early adopters to provide advanced financial planning solutions to help them pay as little taxes as legally possible on their highly appreciated asset(s). He also advises crypto-enthusiasts as to how they can invest into “Crypto IRAs”; using self-directed IRA’s and 401(K)’s. Tim’s contrarian viewpoints and handle of Austrian Economics makes him an incredible asset for those who aren’t looking for cookie-cutter financial advice. Tim has been helping his clients retire with the feeling of security for over a decade. If you like this content, please send a tip with BTC to: 1444meJi7YjgQGNg3U8Z6qYZFA5cgz4Gmj More Info: TatianaMoroz.com CryptoMediaHub.com Innovativewealth.com/about-iag/our-team TheLibertyAdvisor.com/crypto-self-direct Friends and Sponsors of the Show: SaltLending.com ProofofLovecast.com
What is the difference between a traditional IRA and a self-directed IRA? Kirk Chisholm of Innovative Wealth, and a regular panelist here on the Money Tree Investing Podcast, says “There’s no technical difference. It’s more of a marketing language that people use”. “The self-directed IRA came about years ago as a way to distinguish between an IRA that’s investing outside of the stock market versus an IRA that’s investing in more traditional investments.” Kirk should know. Self-directed IRAs is his specialty. Listen as Joseph Hogue learns more about these interesting and unique investment options and then joins our panel to discuss the “red lights” of what to look out for. For more information, visit the show notes at http://moneytreepodcast.com/237
Who is Kirk Chisholm? He's a Principal Adviser at Innovative Advisory Group. He's also been a wealth manager since 1999, successfully navigating 2 bull and bear markets. He has a strong focus on risk management and thinking outside the box in his assessment of markets and macro trends. One area that is unique to Kirk and his firm is that he is an expert with self-directed IRAs invested in alternative investments (crypto-currencies, gold, real estate, private mortgages, land, private company stock, tax liens and more). This area of investing is virtually unknown to most investors. And today on CEO Money, he's sitting down with Michael to talk about what that means for the private sector and how he and his team can help! To learn more about Innovative Advisory Group, visit their website at www.InnovativeWealth.com.
Pensacola Business Radio: Pod Guest Series Episode 5, Guest: Kirk Chisholm, Innovative Advisory Group Kirk Chisholm Wealth Manager & Self Directed IRA Advisor TITLES: Wealth Manager & Principal, Innovative Advisory Group LOCATION: Lexington, Massachusetts INDUSTRY EXPERIENCE: 19 years CONTACT: WWW.INNOVATIVEWEALTH.COM LinkedIn | Twitter | Facebook MEDIA CONTACT: […] The post Pensacola Business Radio: Pod Guest Series Episode 5, Guest: Kirk Chisholm, Innovative Advisory Group appeared first on Business RadioX ®.
Today on the Trading Justice podcast we invite Kirk Chisholm of Innovative Wealth. Kirk is a seasoned vet and has some incredible nuggets of gold for our listeners. Episode 294 has topics ranging from current market climate and thoughts on the direction of the market in the future. Then we have another great session of Coaches Mailbag and Clown of the Week. Here’s to a new guest and a great episode, enjoy! Intro: Tim Justice 1:47: Feature Presentation 42:52: Coaches Mailbag 1:08:32 Clown of the Week
On this show, we talked about self-directed IRA’s, Alternative Investments and why it’s important to perform due diligence before making investment decisions with Kirk Chisholm, Principal and CoFounder of Innovative Wealth, top Financial Advisor and frequent contributor to top media outlets. Listen to learn the common mistakes people make which can have dire financial consequences! For the Difference Making Tip, scan ahead to 18:25. You can learn more about Kirk at InnovativeWealth.com, Twitter, Facebook, and LinkedIn. Click HERE for the list of the top 75 Alternative Investments. Please subscribe to the show however you’re listening, leave a review and share it with someone who appreciates good ideas. You can learn more about the show at GeorgeGrombacher.com, or contact George by clicking here.
Episode 76: Tune into learn about retirement accounts and self-directed IRAs while pursuing your travel goals. Our Guest Kirk Chisholm from InnovativeWealth.com. Discussion Points The different types of retirement accounts available. When to consider a retirement account rollover into an IRA. When to convert a traditional account to a Roth [...]
#108: Should your rent or own your primary residence? Consider feelings, equity buildup, control, leverage, personal cash flow, mobility, inflation, taxes, liquidity, opportunity cost, sunk costs, and much more. Innovative Advisory Group’s Kirk Chisholm joins Keith for the chat. Keith tells you how much his home is worth. Want more wealth? Visit GetRichEducation.com and 1) Subscribe to our free newsletter, and 2) Find turnkey real estate investing opportunities. Listen to this week’s show and learn: 02:55 Your home is not an asset. 08:51 Why throw away money on rent? 12:15 Rental “stigma.” 16:10 Liquidity. 17:50 Sunk costs like furniture, maintenance, amenity obsolescence. 20:14 Inflation, leverage, appreciation. 23:57 Three methods to help you determine to rent or buy. 27:51 Wider selection of homes to buy than rent. 30:41 Rent-To-Value Ratio. 34:08 Today’s low homeownership rates. 35:19 “Touchy feely things.” 39:31 Rent vs. Buy Calculator. 40:30 Keith’s home valuation and whether he rents or buys. 42:21 Be the second owner of a home. Resources Mentioned: InnovativeWealth.com/GRE Kirk Chisholm’s Rent vs. Buy article CorporateDirect.com NoradaRealEstate.com RidgeLendingGroup.com GetRichEducation.com
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