Podcasts about robert kiyosaki's rich dad

Evan talks through the concepts of Robert Kiyosaki's "Rich Dad, Poor Dad".  Which one's apply to his own financial independence journey?   Which one's do not?  Join us today as Evan breaks it down and helps listeners understand that we really need to raise ourselves up to 40,000 feet and look down on anything we learn so we can decide for ourselves what is important to us.  “The single most powerful asset we all have is our mind.  If it's trained well, it can create enormous wealth".   Very well said, Mr. Kiyosaki! Want to be on the show"?  Email us:  EvanThomasBroke@yahoo.com --- Send in a voice message: https://anchor.fm/evan-thomas1/message

  On today’s episode, our guest Carlos Gutierrez is based out of South Carolina. He started flipping homes and eventually made his move to commercial real estate. He started with a 20 unit deal and since then has doubled his success with recent deals. He has an avid passion for motorcycles and he owned a shop Deltona, FL.    In today’s episode, Carlos discusses how he entered the real estate game, details on his first house flips, how he found his first 20 unit deal and his future plans. He also shares with us, his goal with multifamily properties and how he found his formula to success.    Episode Highlights: Details on His 1st Deal Recent Deals on Multifamily Properties What Book Motivated to Enter the Multifamily Sector His Future Plans   Connect with Carlos: Email: cg4properties@gmail.com  Facebook: @CG4propertiesllc Office #: 843-934-4250 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - TRANSCRIPTION Intro: Hey guys, and welcome back. Today I am interviewing Carlos Gutierrez. I think Carlos and I share a similar path as well as so many other real estate investors. We both started in flipping homes and ended up deciding we want to scale up and start doing something bigger, hence getting involved in commercial real estate. So, I think this is the standard evolutionary process and progress of the typical real estate investor. And I'm sure many of you guys are either in this position or have been in this position in the past, which is why I think this episode is super important. So have fun, and let's get started.   Lady: Welcome to the commercial real estate investing podcast with Don and Eden where we cover all aspects of real estate investing with special attention to off-market strategies.   Don: Hey, Carlos, it's nice to have you here. How are you doing today?   Carlos: Good. How are you guys doing?   Don: I'm doing just fine. I just got back from North Carolina looking at a property that is close to South Carolina, obviously, which is where you're based off. How are things in South Carolina? I can tell you that when I went to Charlotte right now when I was on the flight, there were a few tornadoes that just hit the city. So, when I landed in Charlotte, everything was like a mess.    Carlos: I've lived here in Charleston probably for almost five years. We've had experiences with some close tornadoes in the area. When I mean close, I mean, like two or three miles down the road.    Don: Wow.    Carlos: Yeah, so we had one real bad one, think that September of 18. Took the roof off of the DMV building, a place that sells trailers and cars, flip trailers upside down. It was destroyed like Main Street, which is Machs Corner, which is five to 10 minutes up the street from where I live. I've lived through a lot of hurricanes because I'm originally from Puerto Rico and then grew up in Florida, so hurricanes don't bother me as much and you have time to prepare. And I tell you what, man, those tornadoes are scary. I was telling my wife the other day I was going to build one of those doomsday bunkers underneath our house. You literally have no time. And by the time they said there's a tornado on top of that you got less than a couple of minutes.   Don: Yeah, to get in right? So, I know you flip a lot of homes in South Carolina. Did you ever have any situation where you had one of your homes get impacts from any type of bad weather whatsoever?   Carlos: I've been fortunate enough to have any disasters hit any of our houses or any of our commercial property. We've been through hurricanes, we've been through tornadoes, we've been through some flooding and I haven't had anything major other than maybe a couple of our units getting flooded.   Don: That's a good thing. I know you flipped a lot of homes. So, you've done like over 20 flips, right?   Carlos: Yeah, yeah.   Don: So how about you tell us a little bit about that and how it started. How did you get into real estate and what was your first deal and how did they go?   Carlos: I lived in Florida for about 20 years and before my real estate career, I had a big passion for motorcycles, and I own a small motorcycle shop in Florida in a place called Deltona, Florida. So, it was a really good solid mom and pop shop business. We did great for about three to four years. And then, of course, the '08 recession happened. '09, I started seeing the wave of revenue was split in half the landlord of that we were in a retail shop and the landlord was, there are people closing up left and right. So, going through that recession, I learned that I was in the 'want' business and not the 'need' business, which taught us a real valuable lesson. You might want the motorcycle, you might want a jet ski or a boat but when it comes time to a bad recession or anything like that, you usually have to let go of all of it. I wasn't in the real estate business then but I did see it. I saw people that were living in $75,000 houses, which is kind of normal in that area, and selling it and buying a $200,000 still having the same job. I was just like this doesn't make sense.    Sure enough, the recession hit '08 '09 and those same houses that were selling for $200,000 are now selling back to $75,000 and even less in some instances. So, I met my wife in Florida and we moved to Northern Virginia. She's from Northern Virginia. She wanted it to raise kids there. The economy was really bad in Florida so we moved up to the Northern Virginia/ DC area. I saw the real estate market being dilapidated in Florida. I was like when I get to Northern Virginia, I'm just going to start looking. I started looking with some realtors. They walked me away from a lot of houses, probably three or four houses that I could have made some good money, so I decided to get my real estate license. I said, if I'm going to do this, I'm going to do this myself, having that small mentality at that time, but I saw opportunity out there. I bought a HUD home for $68,000, put about 24 to 25 grand into it because I was doing a little bit of the work myself, which I don't recommend, but since it was my first I had more time than money, right?    Don: And you wanted to learn.    Carlos: And I wanted to learn. Yeah. And I knew a little bit about construction because I had done some construction before.   Don't: You invested $92,000 in the property, right?   Carlos: Correct. Yeah, I was able to actually talk to a broker that was like a hard money lender at the time. So, she did the loan and we worked everything out, was $92,000 into the property maybe a little bit more with some holding costs. And it took us about a month and a half to do all the renovations. Three days before Christmas, I put her on the market. And I had two or three offers within a couple of days. I ended up selling it for $142,000.   Don: $142,000. So, you cleared about $30,000 closing costs. Yeah, so that's a decent return. You can't get that done easily today.   Carlos: No. Back then, if I would have known what I had in my hand, I could throw a dart and hit a good deal back then. They were throwing houses. I didn't have enough money to buy them all.   Don: Yeah, didn't we all I mean, we're talking about a time where you could pick up a house for literally cents on the dollar. And I was thinking that if I lived this era all over again, I would have never sold anything. My biggest regret is selling real estate. Everything that I ever did in real estate that's one thing that I'm truly sorry about, the one mistake is I sold real estate. I should have never done that, I should always keep it. I don't believe in selling it. I started as a wholesaler. And so, at these times, we were making good money.    And now in 2017 and 2016 people started hearing there's a lot of money in wholesale. And, and so they got into it. And there's also podcasts and audible and so people can get information. Very easy way. So, then it got saturated. I know what a flip is. So, you're averaging between $40 and, and $50,000 if you're doing well. So, you're making $200,000 a year, but that's the point where you realize that essentially you have a job and that's not going to get you anywhere. So then move up the ladder and start investing in some bigger things. That's when things change and you move up to commercial real estate, right?   Carlos: Correct. Yeah. So, my whole mentality from the beginning is kind of the same thing that you were just talking about is holding for the long term. But I wanted to flip houses to get a big nest egg to start putting it down on bigger properties and holding them for longer. I didn't want to hold single families for a long time, but I wanted to buy and hold multifamily. So that was the goal from the beginning. I read a book, a real good book back in probably '09. Dave Lindell's 'Multifamily Million.'    Don: I went to a seminar.    Carlos: Yeah, me too. He's from the New Jersey, Philadelphia kind of area. So, I went to one of his three-day boot camps up in Maryland.   Don: I went to his three-day boot camp in Tampa. Yeah, well, let's get back to the topic. So, you read Dave Lindell's book 2009, multi-family millions and then that makes an impact and you decide to start investing in multifamily right?   Carlos: Correct. Like I said, I've always wanted to invest in multifamily. I was never one of raising money from other investors. Obviously, I learned later that that's probably the best and easiest way to do it. But starting from the beginning, that's kind of how I was. So, there was a transition around our lives back then in '15, where we wanted to move out of DC. Because my wife was from DC as from Florida, I was tired of the snow, she didn’t want to be in Florida. So, I said, Let's pick somewhere in the middle.  So, we ended up in a little town called Summerville, South Carolina, which is a market of Charles place that's growing leaps and bounds. While we were here visiting, I came across a building that was empty. So, I wrote it down on my phone, and I said, when I get back home, send the owner a letter, and he called me back like two or three weeks later, so I said, that's kind of where I made the transition from single-family to multifamily.   Don: So, did you buy that?   Carlos: Yeah, so I sent the guy a letter. He called me back about two weeks later. So, he's like, "You sent me a letter, you were interested in the 8-plex?" And I said, "Yes." He actually owns 20 units on the street. "Are you interested in buying the eight, or do you want to buy 20?" I said, "Hey, we can come to an agreement on all 20." So, this is a very slow process. So, it took about six months, but we ended up buying the 20 units.   Don: I want to get the numbers from you because I think that that helps the audience here that listen to this show to basically feel like they're inside your shoes when making the decision of pulling the trigger. And that's what I want to get.   Carlos: And what I like about these podcasts is it opens people's minds and it gives them hope to be like, Hey, listen, this guy did it.    Don: I can do it. Yeah, exactly. That's what happened to me. That's how I started.    Carlos: Yeah, that's what happened to me. I was reading books and looking at podcasts and going to seminars, and finally, I was like, there's not that much of a difference between that guy doing 200 units and me, all I've got to do is just go after it.   Don: Exactly, exactly because sometimes we feel like real estate investors are superhuman and they have natural powers, but we don't, we just try.    Carlos: I agree.    Don: It happens to be that the potential of success in this industry is humongous. If you make money here in real estate, then you make a lot of money. The fact of the matter is that some people work harder than us, make less money than us and they're smarter than us.    Carlos: That is correct. And I still put on my old dirty jeans and still go to work. I'm no different than anybody else. I remember reading Robert Kiyosaki's ‘Rich Dad, Poor Dad,' he knows the difference between successful people and not successful people is action. Some take action and some don't take any action.   Don: Some just talk. It's not enough to talk. You also need to do something about it, right?   Carlos: You gotta do it. Right. The 20 units were all on one street. It was a six-plex and eight plex and two triplexes, that 20 units. So, we were able to purchase that for $750,000.    Don: Okay, so question. these units, they're all adjacent to each other?   Carlos: No, they're all right next to each other.   Don: But they have different addresses.    Carlos: Correct. They all have different addresses. This building has a TMS number.    Don: Wow, that's cheap. For my audience, if you guys want to know if looking at something that's cheap, so it's very easy to understand that. So, what you need to do is with this number you go to any website like BetterPlaces or like City.com and you can just find out about the median house value. So, try to understand how much your house is worth, right? And then despite the fact this is not a house, this is somewhat of an apartment, but it still gives you a ballpark. So, you could see that a house in Charleston is going to be worth about $150,000-$140,000 right?   Carlos: Yeah, 150 the median household income and some of them are like 186.   Don: Yeah. You can see that if you're getting anything or you're getting a door, right condo or an apartment for $37,500. Doesn't matter what the situation is, even if it's completely distressed right and you got to put $10,000 at CapX to each one of them. You have a lot of equity, you're just getting something that's worth a lot more money, right?   Carlos: I was modest at my value and I thought they were worth about 50 grand a door. I get called literally every week to sell these things for $1.3, $1.4 million. But I wanted to stay conservative. So even if they were worth $50 grand a door, I got 13 five of equity built into our door, got two $300,000 worth of equity. When we estimated the rehab obviously the eight plex was going to take everything of $80-100 grand to get it renovated because it needed about $10 grand a door and needed a roof and they needed some brickwork and they needed some asphalt work. So that right there took most of the, if not all the renovation because the other 14 units just needed some carpet paint and just TLC.   Don: You'd say that we closing costs nothing you got in for $900,000 including renovations?   Carlos: Give or take. Yeah.    Don: So how much time did it take you to stabilize it and get tenants in?   Carlos: Take the eight plex out of its 12 units that were available on day one. Out of those 12 units, six of them were rented. Those other six units, we got up and running within the first three months. So, what we did was a combination of some equity and some cash flow to get the rest of the renovations done.   Don: Nice. And so how much did you raise?   Carlos: We actually got a local bank to give us a loan of 80%. So, we had to just come up with 20%. $150,000 and when we raised $50 more for the renovation.   Don: Okay, okay. So as far as the loan, what kind of bank did you go to?   Carlos: So, we went with a local credit union actually, and we've actually developed a great relationship with them now. So, all I've got to do is call them, "Hey, I got this deal. I got this." "Okay, how much do you need?" type of thing.    Don: That's exactly why the rich are getting richer.    Carlos: Correct.    Don: You really duplicate that success into two other deals, right? So, you bought another 41 units, right?   Carlos: Yes, we had the major three on this deal, so, we were able to pay the investors back, I was able to keep a property for the long term. Property cash flows about a hundred to $110, a door. 2-$3,000 comes in a month. I get a ton of depreciation on taxes, and I get mortgage-paying down.    Don: And you get appreciation.   Carlos: And I get appreciation. Yeah, because I get calls all the time for $1.4-$1.5 million.   Don: Yeah, real estate appreciates all the time. You can go through a crisis, you can go through any ordeal really in the market, as long as it's not Doomsday, real estate is going to appreciate because at the end of the day, there are more people that are inhabiting the planet every year, so they'll need somewhere to live. And that's what I will say is always appreciating. And people always ask me, "You're heavily invested in real estate, what if there the market crashes? Do my properties cash flow?" They cash flow. So that's it, I'm protected. I don't realize the loss unless I sold it. And if I'm not selling it, then I already know that there's a crisis.    What I wanted to say before was that It took you six months to get that deal from being in the works to being finalized. And now, you have managed to duplicate that success into two other deals of 41 units and 64 units. And so, what I want to ask you is how easy was it to duplicate the success in relation to the first deal?   Carlos: Very easy. So, once you get a deal under your belt, getting the experience and the deal under your belt and getting it done, is what gives you that momentum and gives you that confidence to know that you can do it. Once we got this deal done, and we refinanced everyone out and the investors were just waiting for us to find another deal, it was so easy. There were no hiccups. I was almost like afraid. I'm like, "why is this going so easy? I'm waiting for the hiccups. I'm waiting for the phone call. I'm waiting for the deal to fall through" and then never did. I remember one investor telling me one time it's like I invest in multifamily because it takes the same amount of effort to flip a house and it is to buy 100 units.   Don: It's exactly that. You have knowledge. Knowledge is really what is worth money here. The actual knowledge is acquired when you do a deal. People ask you how come it's so easy for you to make money? It's not so easy. It's just that knowledge is critical. The knowledge is a goldmine.   Carlos: Right. It's like anything, once you've gone through it, you know what to expect and you have the confidence to know that you can do it. Before you do it, you're like, oh, maybe I can do it, maybe I'll fail. Once you do it once and if you fail again, it doesn't matter. Because you know, eventually you're winning. So, it gives you the confidence to go through the bad times as well.   Don: Exactly. I love that. So, what's your plans for the future now that you've done a few deals and you already have a decent portfolio?   Carlos: I keep rinsing and repeating. I keep doing the same thing until the market tells me otherwise. Now it's just a little bit harder to get these types of deals. They're out there, don't get me wrong, but there's a lot more competition. But there's still deals out there to be made.   Don: There's always is. I agree.   Carlos: So, we went from that 20 unit and we bought 41 units. We purchased that one for 1.3 million. They were selling it for, it'd been on the market for a while. We're just back and forth with the broker and we ended up at 1.3 million.   Don: Nice sounds like a good deal too.   Carlos: I'm still in a, what I like to call a small town. The other deal that we bought was in Hampton, South Carolina, which is even a smaller town, but they're all growing. So, we bought that deal for 1.3 million about $31,000 a door and deals around it were $45-55 grand. So, I was very surprised that the investor was selling it because he bought it at a good deal because he bought it and the foreclosure. He bought the note as a foreclosure.   Don: Okay, so I mean, I think you're doing obviously awesome and so I'm sure there are a lot of investors trying to get in touch with you. So, what would be the best way for anybody to do that in case they want to learn from you, or invest with you?   Carlos: So, the best way to get in touch with us is probably by email or by phone, cg4properties@gmail.com or you can call our office at 843 934 4250. And we have Facebook or things like that.   Don: Awesome. Okay, Carlos. So, thank you very much for being on the show today. I appreciate you coming and sharing all your insights and knowledge with us. And I hope you have great success and whatever it is that you're going to do in your real estate career. And good luck in the future. Stay in touch.    I appreciate it. Thank you very much for the opportunity. Have a good day.   Don: You too. Thank you. Bye-bye.   Carlos: All right. Bye. Bye.   Lady: Thanks for listening to the real estate investing podcast with Don and Ed. Stay tuned for more episodes. Till next time.

5:23 On Professionalism7:00 How Sarah came to Calgary via Vancouver and Canada's North11:35 The cyclical nature of real estate14:28 Sarah's early start in real estate ... coming from Robert Kiyosaki's Rich Dad, Poor Dad.18:04 On Work ... and Calgary bust cycles.21:39 Being of ServiceHow can people reach out how can they contact you?https://www.instagram.com/adventuresintealestatehttps://sarahjohnston.ca///If you have questions, or if you know somebody that needs to be on this podcast, please reach out to me, Bryon Howard.Bryon@TheHoward team.net. Or you can simply pick up the phone give me a call or shoot me a text on my cell phone at 403-589-0004. I look forward to hearing your questions or suggestions on who needs to be on Calgary Living: Real Estate and Lifestyle.Thanks again for tuning in.

Robert Kiyosaki's Rich Dad, Poor Dad book has sold over 32 million copies in more than 51 languages across more than 109 countries. And now he is back with ‘Fake’, a book that delivers insights and answers that help ordinary people. Robert Kiyosaki, businessman and author tells us more about what is in his portfolio and insights behind his friendship with US President Donald Trump.

In this episode, we discuss: The importance of a Wealth Coordination Account Understanding long-term planning for your long-term future Resources and tips related to understanding your knowledge gap   Rhonda: All right. Well, thank you so much for joining us for another episode. And I am so excited to be able to introduce to you my friend, Paul Adams. And he and I met via LinkedIn. All good things start there. And there was something about your profile that just captured my attention and I actually didn't even really know what you did when I said, "Hey, let's connect." And so, you are the Founder and CEO of an organization called Sound Financial Group. And you're also a fellow podcaster and entrepreneur. Paul: Indeed. Rhonda: And so, I just want to thank you for taking time to join us today. Paul: I got to tell you, I'm so happy to be here. Just our phone conversations we've had leading up to this, and you mentioned about creating a friendship. And I even was talking to my wife this morning and saying, "Yeah, I'm going to be on a friend's podcast this morning." And it was just like, "Oh, yeah, that's kind of nice." Versus somebody has a show somewhere that asked me to be on it. It just felt wonderful and warm and just getting a chance to reconnect this morning. Rhonda: Yeah, absolutely. Well, and I have certainly been in the financial industry and you are with an organization that happens to be in their headquarters in Milwaukee. Paul: Yeah, at the very beginning of my career. Rhonda: Right. Right, at the very beginning of your career. So, I just want to take some time and share, what are some of the trends that you're seeing? Obviously, our focus is women. Paul: And I think that if, for any of us, it's where is my knowledge gap? And when I say knowledge, I mean the capacity to act, not just understand it. If we were thinking of it like parachuting, understanding would be like, "I know the plane goes up to 13,000 feet, somebody jumps, they count to 10, they pull this thing here, and then they steer themselves with two cables they hold in their right and left hand, and it pulled them both down near the ground and they land." That's understanding. Paul: Knowledge is hurling yourself into the abyss and landing and not dying. That is the difference. And I think people tend to collapse the understanding and knowledge. And especially when we're divorced, prior to that, it may have been, at least we see this often, I don't know about you, but we'll see oftentimes that the wife will handle a ton of the bills, and then the husband tends to handle a lot of the long-term strategy and investments. And they both have an understanding of the other one. Paul: Now, it's a lot easier for the divorced husband to get a handle on the bills because it's a fast iteration cycle. They got to deal with the bills every 30 days. So, I don't know, after doing it for four or five months, you're back on plane and you know what you're doing. But when there is this... And it really is one of the longest feedback loops we deal with in our entire life. It's a 40-year feedback loop from 22 to 65. You have one time that you get feedback, and filling a glass of water, we're all used to it. We've all gotten our hands wet as kids when we overfill the glass, that we're listening and feeling the weight of the glass, and we turn off the spigot at the right time. Paul: If you perform really badly at work, somebody's going to let you know in a few weeks. You eat too much, over 7 to 10 days, you'll actually start gaining weight, and the feedback is in the scale. Bad behavior in all those areas equals bad short-term outcome. Paul: Here's the problem. With money, the feedback loop is like a negative feedback loop in that you can make bad decisions with money. And know how they feel in the short run? Awesome. It feels so good. You can get the brightness on your kids' eyes because you got them a cool new toy. Or all the Instagram likes because of the killer vacation you went on. All those things feel wonderful. The new car smell. Nice, so wonderful. And those are all things that, in the long run, the one-time feedback loop is you spend the rest of your life in some version of poverty below what you would have chosen. Paul: And so, one of the things we have to do is get those shorter iterations occurring through these coaching conversations around money so that everyone, and I think divorced women are particularly susceptible to having somebody that looks trustworthy, somebody who's super friendly, who's a friend of a friend, who may just be selling product. And one of the things we encourage people to think about is, is the advisor's revenue model only you acquiring product from them? Paul: And if that is their primary revenue model and they're not charging you a fee upfront so that they can support their business and themselves without needing to sell you a product, then that should give you at least a moment of pause, to stop and reflect and say, "Is there a chance that products could be recommended to me because of the advisor's revenue model, not because of what's right for me?" And not that the advisors are unethical or making bad decisions, any of that. It's just that, clearly, they can't work with 100 clients and not have any of them acquire product. Paul: But we and some other advisors out there, will do something similar to that, where we charge a fee upfront. It retains us for that first year, which is that timeline of a divorce. It never occurred to me how those line up that way. And then we coach them throughout the year, and we may meet them as many as 15 times over the first year, but that primary coaching to get spooled up and get all the things corrected in their financial life, et cetera, not counting ushering them through the divorce is about 6 to 10 meetings over about 10 to 14 weeks. Rhonda: Yeah. And I think that's spot on. Prudential did a longitudinal study. And what they found was that it was the knowledge plus experience that really helps the women build the confidence. Because if you have the knowledge without the experience, that's theory. If you have the experience without the knowledge, then you're just going through things hoping that you're not making too many mistakes. Paul: I was going that was a terrible idea, I shouldn't do that again. Rhonda: But it's those two things when they can work in tandem that really helps women build the confidence. And when I think that is one thing that, as we look at some of these studies, women have a great opportunity to step into power as it relates to their financial lives. It's just that they may not have had the experience because, statistically speaking, and you alluded to this, women are doing the day to day stuff, but they aren't necessarily as involved in the big picture things. And so, when they're thrust into that environment, it's uncomfortable and overwhelming and intimidating and all of those kinds of things all at once. Right? Paul: And I think there's probably a lot of domains that are that way. The trouble about the long-term planning for your long-term future is that's the one thing out of all the things that are coming at women going through divorce, it's the one thing that they really can, in the short run, put their head in the sand and avoid all the negative consequences. They are coming, but they're not here yet. And so, they can deal with all the things that are urgent and forget the things that are necessary. Rhonda: Yeah. Well, and I think too, it's history. Like you said, the feedback loop is so long, and even from the time that they got married until potentially the time that they're getting divorced, there's all of those habits and behaviors that they're now dealing with. Plus, let's face it, everything's always goes back to our childhood. There's always some connection between, "Hey, this is my attitude and belief about money as a kid. Here was how it was modeled. I brought that into the marriage. Now somebody always has to take the lead, and now I'm thrust into having to take the lead myself." You know? Paul: Yes. Yeah. And, you're right, it's so tough for them to make that gear shift. And we recommend people do something that's super subtle, easy, anybody can start it. Anyone of your listeners can do this right after the call. And we talk about the importance of somebody really understanding their own freedom and agency and choice. And we need to take that back immediately in people's lives around their money. Rhonda: Yep. Paul: Financial institutions ideally would like you to take your regular household checking and start choosing a financial product that you can automatically deposit via bank draft to. And we teach our clients to set up a separate checking account whose only purpose is to purchase assets. That's it. It shouldn't be buying anything else. It only buys assets. And we define an asset. An asset is anything that puts money in your pocket now or has the ability to put money in your pocket later. Paul: And it doesn't matter if it's just $25 a month. To shorten that feedback loop, we're simply saying we're going to put in $25 here and that is for my long-term wealth building. And then I'm going to put in $25 next month here. Now, for some people in some amounts of wealth, it might be 1000, it might be 2000, we have clients it's $30,000 a month they're doing. The key, and for the women that we've helped journey through getting their financial knowledge up to where they are financially during the divorce, is simply having a wealth coordination account means that when those payments start coming in, they realize, "Well, my bills are only 10,000 but I just got a $20,000 support payment during the trial period." Great. Let's just put that 10,000 aside. Paul: If the divorce attorneys are not saying that you need to keep your monthly spending up for a period of time while we finish the divorce. And then when they're complete and the divorce element goes in, where do most people put that first check? It's like there is a million dollars of liquidation. I guess I just go put it in my checking account if they haven't been working with a coach. Rhonda: Right. Paul: And whenever money goes in the household checking account, whether it's for a couple or a single individual, some of it is bound to get lost in the sauce of life. And by just putting it in the wealth coordination account, now you're sitting there and you're like, "Well heck, I don't know what assets I'm going to buy." But if you're resolved it's going to buy assets. At least it's not buying liabilities. Little steps here. We're not talking about big complicated things. Let's just make sure we don't buy stuff that costs us more in the future. Rhonda: And I love that. And you have a podcast episode that you focus specifically on that concept. As I was listening to some of your podcasts, that was one that really resonated with me because it's simple and it's not requiring women to make a big decision right now. Paul: Yes, that's right. Yes. The cognitive load of somebody saying, "Let's budget for this financial tool, and this is the financial tool you should use," being collapsed. The cognitive load is so high in making that decision versus simply being able to say, "Oh, all I need to do is set the money aside. I'll figure out what it purchases later." You make a good point. I was going to see if I could quickly find the name of that episode. So give me just a second, because I'm sure your audience right now is thinking to themselves, "Don't say that's a great episode of Paul's, not tell us." Rhonda: That's right. Yes. Paul: So, my podcast is Your Business Your Wealth. That's episode 131, Wealth Coordination Account. Rhonda: Perfect. And that reminded me too, this was a woman that I had met with a couple of years ago, and I was actually still in the financial industry at that point. And I remember, she had lost her husband. It was actually she was a widow, not a divorcee. But the concept is still similar. And I was so frustrated because there were two companies, two advisors from two separate companies, that were literally swarming her like vultures. And there was the one guy who called her probably every single day, literally called her every day. And I was like, "Okay, timeout. I'm going to encourage you to do nothing." And anybody who knows our personalities, would we ever tell somebody to do nothing? Paul: Nope. Rhonda: But in this case it made sense, just hang tight. Okay? You do not have to make a decision today, and you don't even have to make a decision tomorrow. Give yourself some space and permission, space and permission to just be. Paul: We are raised as kids with that, don't just stand there, do something. But sometimes we need to be, don't just do something, stand there. And that one's a lot harder. It's always easy to make a move. It's real tough to just sit with it and go, "Okay, I'm going to think about it for a while. I'm going to plan." And I think that example of those two advisors, I'm going to go out on a crazy limb here and say probably neither of those advisers had gotten an upfront annual engagement, some kind of retainer, to then be able to coach her throughout the year. They were calling, they had pitched a product, and they were calling to say, "Are you ready to execute on the product yet? Are you ready to execute on the product yet? How are things going? Do you want to meet for lunch? Because at some point during lunch I'll just bring up the product again." Paul: That is how that normally goes. And I know because that's how I was trained originally. That's exactly the process I went through as an advisor. And it took a lot to escape the gravitational pull of all those practices to have a different way to be able to serve and engage clients. Rhonda: Yeah, absolutely. And so that's why I think, yeah, that wealth coordination account, it's simple, it's easy. Again, they can go to whatever bank or credit union they're currently using and say, "Hey, I just need to set up." And finding, to that point, finding a bank that gives you the opportunity to go into one dashboard, see what you have going on, and set up those really simple automatic contributions to their wealth accumulation account. Paul: And the one thing that we do say a little different, if people want to put some amount that's regular and automatic going into the wealth coordination account, we're a fan of that. We also say, by the way, this is going to sound a little bit heretical to people who are more steeped in finance. We say it ought to be a checking account, we don't care what the interest is, because when you buy an asset you've got to write a check, so you better have a checking account you're writing it from, otherwise it has a chance to flow through another account that could be a consumption account. Once it's in there, you want it to be sacrosanct, it's an asset purchasing tool. And then, ultimately, we'll have enough assets to have enough passive income to not reach retirement. Paul: We don't talk with our clients about retirement, in fact our first conversation with clients that we currently call our philosophy conversation. We're thinking about changing it to the unretirement talk, and why we should not be pursuing a retirement, because most people who have done something with their lives and added value to the marketplace don't plan on doing that for 40 years so they can just stop doing any of it. In fact, you wanted just maybe change the mode of doing it. You might want to do it for a charitable cause, you might want to just do it differently. But people want to continue to add value to their world and their overall community. So why would we say retire? Because that word means something's put up on the shelf and is no longer of use. I don't want to feel that way one day. And nor do most of our clients. And when they relate to it that way, no wonder they don't want to plan for it. Paul: So, we just talk about planning for what we call DFI or definite financial independence. When we can get passive income to exceed existing bills, then if you choose to work, you just keep working. We're just going to save 100% of your income. You don't have to be dependent on it anymore because you're living off your passive income. Total paradigm shift. And the financial institutions would rather you just build up a huge pool of money and be really insecure that it's not enough so that they can get all the asset management fees on it, all that. And they're not like black helicopter conspiracy about it, they're just being normal players in the free market. And we just need to equip our clients with knowledge and hopefully some of your listeners with this knowledge to say just set up a wealth coordination account, add money every month, and the last thing I was going to mention, do some of it every month that is you moving it intentionally. Because if you move it intentionally, then every month you have to pause and at least consider your long-term financial wellbeing. And if you do that once a month, you are now doing that, I forget what the stats are, but it's something like for many people, they're only really looking at their planning sometimes once every two years to once every five years. Paul: There's the old saying, "People spend more time planning a family vacation than their long-term financial wellbeing." Well now you're having to at least consider, or have it hit your radar once a month, which right there we find changes people's financial lives if they do nothing else, just saying, "This is going to go into my assets." And then when somebody comes up and says, "Hey, we got some financial products you should buy," you just look to your wealth coordination account, it's like, "Well this is how much I have to put in that thing." You don't have that second part of cognitive load of how do I afford it, and should I do it or not? Now you can actually think much more clearly because your money's already set aside to do assets or not. And now you're just turning to say, "Is this right for me?" Rhonda: Right. And I remember back, this was in the early 2000s, that was when the book Cashflow Quadrant came out, by Robert Kiyosaki. Super classic book that I recommend to everybody because I think it's an easy read. And I think it's something that really helps people get their mind around, okay, well there are two different types of income. There's going to be the active income, job, self-employed, and there's going to be passive income as a business that's generating passive income, and investments. Rhonda: And so, if the listeners have not checked that out, we'll include that in the show notes as well. But it's just a great book to reprogram our mind about passive income. Paul: Yes. I remember reading it, it's kind of funny, I was actually temporarily disabled when I first got exposed to Robert Kiyosaki's stuff. I'd fallen off a horse and shattered an internal organ, and a lot of internal bleeding. So, you're in a massive amount of pain while organs heal, and bleeding is absorbed. So, I guess graphic warning for this podcast, I don't know. But I was on a pretty significant amount of painkillers for about a month after this accident. And I remember reading Robert Kiyosaki's Rich Dad, Poor Dad and Cashflow Quadrant during that window. And I would read, and I'd go, "I don't remember anything I just read the last five pages." And I have to read them again. And I think I read the books first time through, three times each. Paul: But instilled me this idea that there are things we buy that are assets and there are things that we buy that are liabilities. And by simply understanding the difference between the two, we end up, here's one, we teach our clients that their primary residence is not an asset, never is. Now, it can be if it goes up a lot in value and you decide to move. But we said something that puts money in your pocket now or in the future without changing your lifestyle. Paul: So, you can move from Seattle, say, to Gilbert, Arizona. If you have any listeners in Gilbert, Arizona, I mean no offense. But in Gilbert, Arizona you can buy the same size house for a lot less money than Seattle, San Francisco, Los Angeles, New York, but it's definitely a different lifestyle. So, your primary residence, if you think it's an asset, even if it's paid off, just stop paying your property taxes and the real owner of that asset will eventually knock on your door and politely demand you pay your taxes. That is an example of why we don't consider it an asset. Paul: Now, it probably is a good idea to have a paid off house at some point in the future, lowest possible cost of just providing shelter for yourself and your family. But I've watched women during a divorce hurt themselves financially significantly because they had this, they got a spouse, they've got this concern, that concern, and then what will sometimes happen is they really have a demand of, "I need to stay in this house." And it's like, between the two of you, you were making $800,000 a year, you're going to have some kind of settlement, but you're making 200 of the 800. You should not stay in a home that you afforded at $800,000 a year. You stay in the same neighborhood, we could do all kinds of stuff, but let's not trick ourselves into thinking it's an asset. That's something that, no offense to the realtors that are listeners, but the real estate overall complex has made us want to think it's our biggest investment, when in fact, for most people, their home is actually their biggest liability. Maybe one you should have. I'm not saying you shouldn't own a home ever, that would be crazy. But people just automatically slip into these habits that have been part of society. Paul: Have you heard the story of the little girl who asked her mom about the Christmas ham? Have I told you that before? Rhonda: No. Paul: I hope this is fun and interesting for your audience. Sometimes we have financial practices, things you grew up with. You talked earlier, Rhonda, about children and the way we picked up habits and how our parents talked about money, et cetera. Well, there's this little girl and her mom is baking the Christmas ham. And she's prepping it and putting all the rubs on it and all that, and then right before she puts it in the pan, she cuts off the ends, both ends of the ham. And then plops it in the pan and puts it in the oven. She says, "Mom, I understand why you did all the rest of the stuff. Why did you cut off the ends of the ham?" She says, "You know, I don't know. You should ask Grandma." Paul: So, Grandma comes over for dinner that night, and she says, "Grandma, why is it mom cuts off the ends of the ham right before she puts it? I understood everything else. Why does she cut off the ends of the ham?" She says, "You know, I don't remember why. I just know my mom always did it." So, a little bit later, Great-Grandma comes from the nursing home, comes over for dinner that night. And she goes, "Great-Grandma, I watched mom and she cut off the ends of the ham. Then I talked to Grandma and why she cuts off the end of the ham, and neither one of them remembered why they do it. Why did you do it?" She says, "Oh, honey, we were poor. I didn't have a pan big enough to hold a ham, so I had to cut off the ends to make it fit." Paul: And yet, how many people are still making financial relationship decisions or decisions about their own personal confidence about navigating the world by themselves because of an inherited mindset that is just as unimportant as cutting off the ends of that ham? And these mindsets go unexamined for people all the time. And that's what I love about what you do, frankly, is helping women engage and think through that mindset. That is something and the thing that attracted me to you is that idea of nobody else is teaching this that I could find. And I looked. Rhonda: Yeah, it's awesome. And just to wrap up the ham thing, I love the ends, don't cut off the ends. Paul: I'm the same way. I love the burnt ends of a brownie in a pan, the ends of a ham for sure. Rhonda: I mean, don't cut those off. Right? And yet, though, I think there's... Gosh, that story even goes deeper. Right? It's like, yeah, you know what? We do things because of perhaps the way that we have been taught to do them and we don't know why we do them. And, yeah, what are those things in our life where we are shortchanging ourselves or we're cutting off the best parts? Because we're not taking the time to really evaluate what it is that we bring to the table and why we do it. So, I love that analogy because I think it makes a really great point related to the financial aspect. Paul: Yeah. I think your point is good. That it almost wears on you a little more. What could have been in the ends, mindset-wise, for that entire family. Rhonda: Yeah. Yeah, absolutely. Paul: That does remind me of something that we put together for your audience, is we have a white paper that we give folks sometimes called The Three Money Mistakes No One Talks About and Six Things You Can Do About Them. And we actually have that set up on our website. Rhonda: Awesome. Paul: It'd be super easy for your audience to get to. You can get it at SFGWA, that's Sound Financial Group, WA, like Whiskey Alpha, dot com/rhonda. And right there, there's just going to be a page where you can drop in your email address and it will just shoot you this white paper. And, for anybody that just thinks they would also get benefit from it, you get a copy of my last book via PDF if they just check that box also, then we'll email them a copy of my last book, Sound Financial Advice. Rhonda: Awesome. Thank you so much. I'm part of an organization called eWomenNetwork and one of their principles, so their focus is helping one million women achieve one million dollars in annual reoccurring revenue. But one of their main principles is give first. And I have to be honest, when we first met, you embraced that principle. And I'm used to being the one who gives first. It was actually like, okay, I love that. Right? I don't think there are enough people who say, "I'm going to give first," not asking for anything in return. Paul: Yes. Rhonda: And I really appreciate that. Paul: Yeah, you're welcome. And maybe for folks in the audience, if any of you are thinking about making that shift in life about the give first piece, I'd never really thought about this before, Rhonda, but something you said there just hit me like a ton of bricks, is that for us to be able to give first we had to have created probably a lot of value for others beforehand because then we're just... For instance, great example is if I hadn't been writing books for years, I wouldn't have a book I could give away now. We sell it, people can find it on Amazon, it's called Sound Financial Advice. But we have another one releasing later this year. So, if I wasn't writing books or if I only wrote one book ever, we would never have the ability to do the giveaway. Paul: And so, we have to create value in the marketplace and in the world first before we can help people first. Because we've all had those people say, "I think I'd really like to help you here," but they have no skill set in that domain. And then you find yourself being offered help and then you're like, "Gosh, I got to look at this knucklehead and figure out what they're good at and what I could do with them. And now you've just created more costs for me in trying to help you." As opposed to somebody being able to listen well enough and say, "I think you might need help in one or two of these areas and I can specifically make a difference for you there." It's a totally different way to help people. And thank you for the acknowledgement around that. Rhonda: Yeah, absolutely. Well, this has been super fun. I always like to wrap up our time together with two things. One is favorite client success story, and then finally your favorite quote. Paul: Ooh, okay. Rhonda: I know, you only can pick one. Paul: I know. Is it okay if I use one for myself? Rhonda: Sure. Absolutely. Paul: I got to do one fun one and then I'll answer your question seriously. So, my fun one is actually a quote that our social media team put out, which is, "I really don't like complimenting myself, but I don't not like it so much that I won't do it in this space." And they put that out on Twitter and Instagram. I was like, "I believe I said it, but gosh, it looked weird in print." Paul: So favorite client success story is actually a woman that was introduced to me who was getting divorced, married to someone who is a very domineering relationship, from what I could take away. And I don't envy anybody on either side of a divorce at all. It's just hard. No way about it. This is somebody you thought you were going to spend the rest of your life with and now you're not going to. And all the hurt and shame or doubting yourself, "Did I make a terrible decision?" All this stuff that comes in. It's just terrible. Paul: And I watched her over the course of a year, as we engaged, go through one conversation after the next and coaching her, letting her know she's doing great. She's handling herself well. She let the husband say all the crazy things he wanted to say, which included things to the children that were not. And what people may not know who are listeners, is we work with clients all over the country. So, this woman is on the other side of the country from me. We're connecting via Zoom meeting, and we're just walking her through step by step this entire process. Paul: Okay, when's the next trigger date where something's going to happen? Great. Do you want to talk to me right before that or right after that? Emails coming through, et cetera. And I had a chance to see her the other day. She has now chosen to set up her own business. She was an employee before. Stepping into the world of entrepreneurship. Next introduction is actually to get engaged with the Women's Center for Financial Wellness, just to get some of that additional coaching and confidence around her business. And she has done such an amazing job to actually fully understand what she's doing, where the money is, from being so timid and scared, to now being confident and growing more confident every time I speak to her. And now the things she complains about are the busyness of life with family visiting in town. And no longer the, "Am I going to be okay or what's going to happen?" And that's my favorite story right now. Paul: And then my favorite quote actually is a quote from John Maxwell, if you're familiar with him, kind of general leadership guru. And my favorite quote from him is, "If you're curious what your future is going to look like, look at your habits and practices today. If you're going to change your future, change your habits." Rhonda: I love that. I love that, because that's exactly it. Right? Their future's going to look different and so, yeah, how can we be positioning our thoughts and attitudes and beliefs right now that are going to impact the future? And of course, anything by John Maxwell is always awesome. Paul: Yeah, that guy. And I know it to be right. I've had a chance to see him speak several times in person, and, gosh, he just such a great way about him. One of my favorite things about the way he speaks is he just looks like he's sort of making it up at the time. But when you've seen him multiple times, you realize he has laid everything out from dropping the note cards, to all of it. He has taken it on as a real performance he's doing. Not for his own sake to look good, but rather everything is crafted around impacting the people he gets a chance to interface with. I also think it's a lot of what you do, Rhonda, in that in our time together you've always taken super seriously, and you know it's kind of like life or death with the women that you work with that you have a chance to help them set themselves in a new direction and make a difference for them forever based upon just being coached by you and your organization for a year, and their whole lives could be different. Rhonda: Yeah, for sure. Paul: That doesn't exist out there the same way for these women that you deliver. And I love it. So, I'm so glad I could be here with you today. Rhonda: Yeah, thank you so much. Hey, this has been awesome. Certainly, if folks want to connect with you, they can reach out, grab that white paper. We'll include all your contact info in the show notes. But I just want to thank you for taking time out of your also busy, crazy schedule to chat with us today. Paul: You're so welcome, and it's a pleasure to be here.   QUOTE: "I really don't like complimenting myself, but I don't not like it so much that I won't do it in this space." – Paul Adams "If you're curious what your future is going to look like, look at your habits and practices today. If you're going to change your future, change your habits." – John Maxwell   RESOURCES: The Three Money Mistakes No One Talks About and Six Things You Can Do About Them Cashflow Quadrant by Robert T. Kiyosaki Rich Dad, Poor Dad by Robert T. Kiyosaki Sound Financial Advice by Paul Adams Podcast: Your Business Your Wealth Episode 131: Wealth Coordination Account: Big Wealth, Small Business with Paul Adams and Cory Sheperd   CONTACT INFORMATION: Paul Adams CEO & Founder Sound Financial Group info@sfgwa.com  (855) 578-8724 LinkedIn | Facebook | Instagram   Visit the Women’s Financial Wellness Center for a full directory listing of experts. Be sure to reach out if you would like to connect personally with the Women’s Financial Wellness Center. You can visit our website or grab a complimentary 30-minute consult. Leaving a positive podcast review is hugely important: they help the podcast get discovered by new people. Please spend 5 minutes of your time to leave a review on your preferred listening platform, we’d love to hear from you!

Jack Gibson knew early on that having a job and working for someone else just wasn't in his destiny, so he sought out alternative paths to creating wealth. By the age of 21 Jack was running a successful multi-million dollar business coaching clients on effective nutrition and fitness strategies.  Then he realized how profitable real estate investing could be.  Now he's the Co-Owner of High Return Real Estate, LLC out of St. Joseph, Michigan, and he's passionate about helping other investor find high-yield cash-flowing properties and investing in them passively. Today Jack and I discuss his early beginnings as an entrepreneur, Multi-Level Marketing businesses and the important lessons they thought him in sales and marketing, and the effects reading Robert Kiyosaki's "Rich Dad, Poor Dad" had on him. Jack also shares the types of returns he strives for in his turn-key properties, the importance of finding the right team, and the $60,000 mistake he made on one of his early investments. I know you'll enjoy this episode.  You can contact Jack through his website: https://highreturnrealestate.com/

For anyone with assets to protect, Garrett Sutton is your go-to person. Start your own corporation with his help. He is an attorney, a bestselling author, and one of Robert Kiyosaki's Rich Dad advisors. In a highly contentious and disruptive world, growing your wealth means constantly keeping your guard up. Garrett educates us on an […]

Today we're joined by Robert Kiyosaki's Rich Dad advisor, attorney Garrett Sutton. We discuss the importance of asset protection for your real estate business...and the importance of doing it right from the beginning. Mr. Sutton is a highly sought after advisor. You should not miss this show! Do you want to be a real estate investor but need step-by-step guidance to help get you started? The Investor Machine is a 90-day program with training, weekly tasks, bi-weekly group calls, and more! Schedule a free call to discuss your goals today!

Garret Sutton, 30 year experienced attorney who specializes in asset protetction and asset protection for real estate investors. He's a best selling author of 6 books and one of Robert Kiyosaki's Rich Dad advisors. He's traveled around the world with Robert Kiyosaki teaching thousands of people on how they can protect themselves and make it easy to understand the ways to do it and not to do it. He does a wonderful job of teaching and making a complex subject understandable.On today's show we will discuss:• Garret's book "Loopholes of Real Estate"• Land Trusts• Quit Claim Deeds• Protecting against a hazardous waste claim• Protecting your personal residence• LLC's holding title to real estateTune in every Wednesday at 2 pm PST on KDOW 1220 AM, The Wall Street Business Network. As always, if you can't make the live shows, subscribe to our podcasts on iTunes or YouTube, or watch the videos on www.tomwilsonproperties.com.Thanks for listening! Remember, "The only thing that matters is what you do next!""Loopholes of Real Estate" with Garret Sutton

Joining us today is Garret Sutton. He's a best selling author and one of Robert Kiyosaki's "Rich Dad" advisors. Has been an attorney for 30 years helping a lot of real estate clients, through his books and his practice.Today's topics:Asset Protection: One of our most asked about topics!Should you get insurance? Is insurance good enough?What are the pros and cons of different types of entities?Plus much more!Tune in every Wednesday at 2 pm PST on KDOW 1220 AM, The Wall Street Business Network. As always, if you can't make the live shows, subscribe to our podcasts on iTunes or YouTube, or watch the videos on www.tomwilsonproperties.com.Thanks for listening! Remember, "The only thing that matters is what you do next!"Asset Protection with Garret Sutton

James Adamitis left his career at Anheuser-Busch after reading Robert Kiyosaki's Rich Dad, Poor Dad and realized that he wanted to follow his dreams of becoming an entrepreneur. He formed Active Enterprises in 2011, leading to his first gym, which became a massive success. He eventually decided to start a clothing brand in 2014 called 70 And Sunny, which boasts unique and comfortable clothing that advertises an enjoyable and respectful lifestyle. Thanks to a great deal of dedication and hard work, the entrepreneurial life has treated him well. Passion Play: After relocating to Texas, James found his schedule to be hectic and couldn't make his way to the gym too often. He found a 24-hour gym, which inspired him to get in on their business after realizing that running his own gym was a fully attainable goal! Fail Forward: After starting 70 And Sunny, early sales were excellent. However, after changing up certain factors, he saw sales plummet, at which point he realized that an entrepreneur can't let people dictate the direction they take, especially when they're already successful. Lightbulb Moment: James' Lightbulb Moment came during the membership pre-sale period for his first gym. To his absolute surprise, after the initial 5 weeks, he had already made 15% of his first year goal! Success Hack: Creating a good workplace culture is key. Experience is great, but success is much easier to attain when you have a staff full of pleasant and friendly people who want to learn and build company culture. Randomness Round: James shares with our audience that if you love what you do, you'll never work a day in your life!

Get into the minds of our entire faculty, as each reflects on their Summit experience.  After one week of focused education, networking and outrageous fun, each faculty member (including Robert Kiyosaki's Rich Dad real estate Advisors Ken McElroy and Wayne Palmer) share their most important takeaways.  Over two thirds of the 2011 attendees, including the complete faculty and their families immediately signed up to come back in 2012 to celebrate our 10th annual Investor Summit at Sea.  It's hard to describe the Summit experience, as several surveys described the event as "life changing", "incredible", "awesome" and "over the top".  How can a simple real estate investment conference have such a powerful impact?  Tune in as our prestigious faculty tries to distrill their experience into a one hour radio show - and consider the power of just one great idea, relationship or commitment.  The Real Estate Guys™ Radio Show podcast provides education, information, training and resources to help investors make money with their real estate investing.  Learn more and subscribe to the free newsletter at www.realestateguysradio.com