Good Financial Cents TV

Today I am bringing you the challenge of finding a mentor, getting coaching, or any other way of learning from others that gives you a leg up in building wealth.

What’s going on Y’All? Back with another Wealth Hack Wednesday!

I love giving you information, but if you notice at the end of my Wealth Hack Wednesday’s I like to drop a challenge. Today I am going to start with a challenge.

Investing in your 20s is the best...I repeat...BEST thing you can do to set yourself up for success.

When I was 20 years old, I was broke.

I didn't know anything about investing, I didn’t know what a mutual fund was, I didn’t know how to invest in the stock market, I barely had $100 to my name.

By the end of my 20’s I had paid off all of my debt, I was investing in a 401K, I had maxed out my Roth IRA, I was on top of the investment world. I had it all figured out.

How did I do this? I found the 7 rules to investing in your 20s.

Most people assumed that since I was a finance major I should know about investing. The truth is they didn’t teach you that in college. When I started my career, I didn’t know how to invest. But I got real world experience and knowledge when I started my career as a financial advisor.

I started investing with as little as $25/month. I should have started with more, but I felt good with what I was doing. Those first mutual fund investments taught me how to get started in my 20s.

So let’s take a look at those 7 Rules:

➡️ 1. Just freaking start [2:40] - It doesn’t matter where you start investing - just START somewhere.

➡️ 2. Respect compounding interest [5:28] - Many people do not understand or appreciate the power of compounding interest. Let’s look at an example at 20 yrs. old investing $300/month with 8% return - you will have a one million dollars by the time you are 60.

Rich Dad Poor Dad has impacted thousands of people with me included. When my buddy Travis read the book he was impacted in a much deeper way.

After reading the book he was determined to become a real estate investor. Even though he had ZERO money, ZERO experience, and ZERO mentorship, he didn't let that stopped him and didn't quit until he acquired his first rental property.

Since then he has acquired several more properties and with each one becomes more confident in the process. His latest property should net him over $200k in profits.

Learn more about Travis' story and enjoy this behind the scenes look at some of his best real estate investments.

Travis: There are always deals, whether the market is up or down - you can still find good deals. You will run out of cash doing real estate but you can start partnering and working with other people.

You goal is a quick turn around to cash flow - whether you are rehabbing and selling or doing repairs and renting. I try to complete remodels within 30 days.

Once you start a remodel, you can run into issues you were not expecting. This can make staying on budget difficult, so it is always best to allow your self a margin to cover these surprises.

When you are investing in real estate one of the hardest things can be actually finding properties that will allow you to make a profit. When I first started I was approved for a small mortgage, but I have grown that amount through the years. The biggest thing with real estate is to not give in too soon. You have to stick with it to find the right properties, find the cash flow to make it happen, and then keep building on that.

It takes time to build up a real estate investment business. You have to be prepared for the ups and downs.

Today I want to talk about how to become an expert in your field. How to use your knowledge to build wealth and potentially create passive income.

At 24 I was fresh out of college and ready to take on the world. I had just completed a two-week intensive training on learning how to become a financial advisor.

I was preparing for my first client meeting and I was scared but confident. I can remember thinking that I was really going to mess things up. And I did. I bombed. I started to question whether I should have become a financial advisor, if I had made the right decision.

Those people did not become clients, but I learned so much from that first meeting. It taught me how to teach what I knew. I had the knowledge, I just didn’t know how to deliver that knowledge to others.

I know many of you have an interest in becoming an expert in your field, but you feel like you don’t have the knowledge or the experience to do so.

I want to challenge that belief.

What’s up everybody? Back with another Wealth Hack Wednesday!

I don’t know if this is hacking your wealth, but it is all about building relationships, which can grow your wealth if you do it right.

There was a time in my life where I had over $30k in student loan and credit card debt. I used to use my ATM receipts to balance my checking account. I would get in stupid arguments about money with my girlfriend, now my wife.

I can remember one argument where I wanted to buy a new TV using a zero percent credit card. She lost it. That was a pivotal moment and I had to make some tough decisions.

Was I going to continue down this path of financial destruction? This path where I didn’t understand personal finance. Was I going to change and be better? Start learning the principles of how interest works, how to invest, how financial tools work?

I am thankful that I made the right decision. I committed to understanding the basics. The basics are what you need to build wealth.

I came across a study done by CNBC on basic money skills. Only 3% of Americans could answer the 6 basic money questions. I want you to take this quiz with me. Many of you may feel that you don’t need to know this stuff or that it is too hard to understand. ❌ The truth is, it’s not hard and you need to understand it if you want to change where you are right now.

If you are ready, get pencil and paper and let’s take this quiz:

➡️ 1. Is a 401K a Tax Credit for retirement? True or False

➡️ 2. Which of the following best describes APY?

A. Adjusted prices for inflation

➡️ 3. Your income does not impact your credit score? True or False?

➡️ 4. What does a CD offered by a bank stand for?

A. Capital deferment

➡️ 5. What is the difference between a checking account and a savings account? (Select all that apply)

A. Only savings accounts earn interest

➡️ 6. What are the three major credit bureaus (this applies to U.S. only)

A. Capital One; Bank of America; JP Morgan

Those are the six money questions that only 3% of Americans got all questions right.

This will help to show you what you need to work on. Where to invest your time. Do you need to read more, open investment accounts, or going into your bank and asking questions?

Let me know in the comments how you did. How many did you get correct? ✔️

Take this quiz, share it with your friends and see how they do and help to empower them.

Let’s see how many of these questions you got correct.

Chris Greenwood has had an amazing career as a musician with his band Manafest.

But jamming out on stage as a Christian rock star isn't enough for this high achieving entrepreneur.

In addition to selling a ton of records he has built an amazing online business.

So amazing he currently makes $50k+ PER MONTH from all of his digital products.

Here's his story.

We have to start with the fact that Chris was a musician first, then became an online entrepreneur.

Chris: I actually started as a network engineer before I even started my music career. Doing the 9-5 and driving an hour each way to work.

I am still doing music full time, but I kind of got tired of constantly traveling. My streams had gotten big enough where I didn’t have to tour. Then I learned how to market my music online. This led to me creating courses to teach other musicians how to do the same.

I started using Facebook ads and YouTube ads to sell my music with upsells on posters, T Shirts and other merchandise. When I would travel I would check out local thrift stores and look at books. I found a book called The Millionaire Messenger by Brendon Burchard for $0.50. This book taught me that I could teach what I know and get paid for it.

This led to many more books that taught me all about marketing and selling my products.

Jeff: Once I get ideas and start implementing I am looking for immediate success. But what usually happens is crickets. It takes time. But when you do get that first check no matter how small it is still exciting. So at what point did you feel like ‘oh wow, this is real?”

Chris: I learned a lot from a lot of different sources, books, podcasts, etc. It did take some time to start implementing things. I remember creating my course and putting it up on Udemy. I didn’t make a lot of money in the beginning, but I was selling my course and making money. It took off from there.

My wife is an artist and she teaches others artists how to sell and market their art. She also started with courses on Udemy and Skillshare. Her name is Melanie Greenwood and you can find here here: https://visioncity.biz/home18695682

Jeff: What was the evolution of the things you offered and the ways that you were able to monetize the online business.

Chris: When I took my course off of Udemy and started hosting on on my own platform, then I increased my prices and my value. Then I started getting around people that were doing similar things. I hired them to help me get to where they were. Get into that coaching program or mastermind. Shorten your learning journey. You will get there faster and avoid some of the mistakes.

You can find Chris here:

Today we are going to talk about the best investment to build wealth and get you on your way to earning a six figure income.

One of the most common questions I get is “Jeff what is the best investment for me, what is going to make me the largest return on my investment?”

Most people are expecting me to give them a hot stock tip!

When I tell them the best investment, in my opinion, I get a really strange look. Because this investment takes work. It takes some hustle, grit, and some personal investment. It puts you in a position where you may fail.

So let’s find out what this invest is right now…….

One of my favorite authors, Chris Guillebeau wrote this book Side Hustle - From Idea to Income in 27 Days. The side hustle is the best investment you can make.

Why? It’s no surprise that less than 40% of Americans have $1,000 in their savings. We all know how much minimum wage is right now, we are just not making a lot of money. So how do we increase our income?

We do that by starting a side hustle. That is how you get that income insurance or protection.

In the book Chris refers to the side hustle as ‘it is more than just another stream of income, it’s the new job security.” Of all the things you can invest your money into, why would you chose a side hustle over stocks or mutual funds?

It’s the benefits.

Some of the benefits of starting a side hustle: low cost, minimum experience, you don’t need an MBA, no employees, no advanced skills.

So what DO you need?

You need an idea, time, and determination (grit).

Starting a side hustle doesn’t bring in money overnight. You have to stick with it. You have to have the determination to push through the obstacles to get where you want to be.

When I talk about a side hustle, I am not talking about UBER or a part time job. I am not talking about trading TIME for MONEY.

Instead, we are building an asset that will potentially deliver passive income in the future.

This is something where YOU are in charge. You are controlling how you want to do it, how hard you want to work at it, and when you want to do it.

So you may be thinking ‘I have no ideas, what can I do” You have to take some time to think about some of the things that you can do. Take the time to sit down and brainstorm.

If you are still having trouble check out Chris’s book or his Podcast - Side Hustle School. He interviews so many people that have started a side hustle and are making $500 to $1,000’s of dollars a month.

Just to show you that no idea is too crazy, I pulled some from the book:

One guy in the UK makes $700/month writing fish tank reviews, another is making a killing making saddles for pet chickens, another sold 75,000 unit of a homemade Gin kit.

These people are making bank on a passion that they are interested in.

These are just a few ideas to show you the possibilities.

But what if you want to make six figures? Well I have some examples for that too!

Jeff Jones was the drummer in a popular Christian band. He created a side hustle selling custom drumsticks. He started this side hustle with $600. He expanded to custom bats, coolbats.com.

Evan Burse has been a cartoonist for as long as he can remember. This led to him getting a job with Marvel. He started a YouTube channel - the cartoon block - teaching people how to draw. This led to a membership site - Cartoon Block Academy - that has grown to a full-time gig.

Chris Greenwood is a musician with a band Manifest. He learned how to use online marketing to sell his music. Now he teaches others, to the tune of a multiple six figure income.

Holly Johnson, Clubthrifty.com, is a fellow blogger that started a side hustle of freelance writing. Now she makes over 6 figures a year writing articles, blog posts, and her course Earn More Writing.

Michelle has a blog, Making Sense of Cents, and started writing on the side. Now it is her full time gig making $100-$150K/month.

So, how do you get started?

Take one of your ideas and make $100. Figure out a way to make $100 from this side hustle idea. I want you to know how it feels to implement it and make money from it (without scamming anyone). If you can push past that, you will be blown away.

So what is your side hustle idea? If you are brave enough, share how much you made and how long it took you to make that first $100.

What’s going on Y’All? Back with another Wealth Hack Wednesday! We are going to talk about your morning routine and how to implement some daily planning strategies to help you get a jump on building wealth.

You see my videos and you know I talk about my 5am routine and Rich Habits (one of those is waking up early). ⏰ This had a tremendous impact in my wealth building process.

One thing that gets overlooked when you talk about the 5am routine is the night before.

Let me ask you a question…..

If you lost your job today, how would you pay the bills?

How would you take care of your family? How would you generate income to take care of living the life that you need to live.

Having multiple streams of income is having income insurance or income protection. It allows you some flexibility if you lose your job, you still have some income coming in to relieve some of the stress.

When we talk about hacking your wealth and wealth building, what is the importance of having multiple streams of income?

On average millionaires will have 7 streams of income. If most millionaires and wealthy people have multiple sources of income. Why don’t you?