Making Bank®️

Welcome back to Making Bank. On today's episode, we have Pace Morby,  an entrepreneur who has spent over a hundred thousand dollars on bad advice. But it all started with a $1 million bankruptcy letter that essentially derailed his construction business. But what looked like an omen was actually a turning point. This path led him to creative finance, the most effective and affordable way to get started in real estate. Now it's Pace's job to spread this message, teach others to build generational wealth and show people how you can reach the finish line from any starting point.   He's inspiring entrepreneurs and investors to make a massive impact. Don’t miss out on this episode of Pace Morby in Making Bank!   (3:18) Background Pace Morby grew up in an entrepreneurial household that consisted of a family of 12 children. So right from a young age, Pace Morby was already in the habit of working hard and living a life of hustle. So he began life as a contractor and then later in his life went all in in Real Estate Business.    (6:32) Key Business Tips Don't partner with anybody remotely close to your own personality style. Don't exchange time for money, rather exchange your money for time.    (9:46) Real Estate Secret There's a company called ALE Solutions that actually will place people who have been displaced from their rooms and they need a place to live. The insurance company can pay you to house them. If the insurance company pays you 70 grand for a three month booking, so over $20,000 a month on a property that you took over a $2,500 monthly payment on then your net profit on that deal every month is like 15 Grand. And none of it was from your own money.   (12:45) Changing Your Mindset It's never how you did anything. It's always who showed you it was possible.  Find mentors. Find ways to learn from their ways and to be better than them. Adapt their strategies, hang around them. Think like them and what you can do to be better than what they did.    (20:03) Creative Financing Don’t go to someone who does not even make money for financial advice. There's free Facebook groups. Every single city that you live in, whoever's listening to this type in Facebook group, your city name, wholesale real estate, and you'll get 15 opportunities to go and network with people that are out there finding off market deals. Use these platforms to find the best methods of creative financing.   (33:21) Owner Financing Pace explains in detail how you can buy a property, fix it up and then get it to earn for you without having to spend your own money using creative financing. You just need to really have the mindset to want to do this and just change everything you already do and keep working hard.   (42:31) Building A Team Go and learn skills and you'll dominate, and you'll look forward to and pray that the market trends downward, because it's only more opportunity for you. It's all about what skills you have in your pocket. That makes you feel confident or fearful in an upcoming market crash.    Links: Twitter: @PaceJordanMorby  Instagram: @pacemorby  Facebook: @pacejmorby

Welcome back to Making Bank. On today's episode, we have Pace Morby,  an entrepreneur who has spent over a hundred thousand dollars on bad advice. But it all started with a $1 million bankruptcy letter that essentially derailed his construction business.But what looked like an omen was actually a turning point. This path led him to creative finance, the most effective and affordable way to get started in real estate. Now it's Pace's job to spread this message, teach others to build generational wealth and show people how you can reach the finish line from any starting point.   He's inspiring entrepreneurs and investors to make a massive impact. Don’t miss out on this episode of Pace Morby in Making Bank! (4:07) Background Pace Morby grew up in an entrepreneurial household that consisted of a family of 12 children. So right from a young age, Pace Morby was already in the habit of working hard and living a life of hustle. So he began life as a contractor and then later in his life went all in in Real Estate Business.    (7:21) Key Business Tips Don't partner with anybody remotely close to your own personality style. Don't exchange time for money, rather exchange your money for time.    (10:35) Real Estate Secret There's a company called ALE Solutions that actually will place people who have been displaced from their rooms and they need a place to live.The insurance company can pay you to house them. If the insurance company pays you 70 grand for a three month booking, so over $20,000 a month on a property that you took over a $2,500 monthly payment on then your net profit on that deal every month is like 15 Grand. And none of it was from your own money.   (13:35) Changing Your Mindset It's never how you did anything. It's always who showed you it was possible.  Find mentors. Find ways to learn from their ways and to be better than them. Adapt their strategies, hang around them. Think like them and what you can do to be better than what they did.    (20:52) Creative Financing Don’t go to someone who does not even make money for financial advice. There's free Facebook groups. Every single city that you live in, whoever's listening to this type in Facebook group, your city name, wholesale real estate, and you'll get 15 opportunities to go and network with people that are out there finding off market deals. Use these platforms to find the best methods of creative financing.   (34:20) Owner Financing Pace explains in detail how you can buy a property, fix it up and then get it to earn for you without having to spend your own money using creative financing. You just need to really have the mindset to want to do this and just change everything you already do and keep working hard.   (43:21) Building A Team Go and learn skills and you'll dominate, and you'll look forward to and pray that the market trends downward, because it's only more opportunity for you. It's all about what skills you have in your pocket. That makes you feel confident or fearful in an upcoming market crash.    Links: Twitter: @PaceJordanMorby  Instagram: @pacemorby  Facebook: @pacejmorby

Welcome back to Making Bank. On today's episode, we have Pace Morby,  an entrepreneur who has spent over a hundred thousand dollars on bad advice. But it all started with a $1 million bankruptcy letter that essentially derailed his construction business.But what looked like an omen was actually a turning point. This path led him to creative finance, the most effective and affordable way to get started in real estate. Now it's Pace's job to spread this message, teach others to build generational wealth and show people how you can reach the finish line from any starting point.   He's inspiring entrepreneurs and investors to make a massive impact. Don’t miss out on this episode of Pace Morby in Making Bank! (4:07) Background Pace Morby grew up in an entrepreneurial household that consisted of a family of 12 children. So right from a young age, Pace Morby was already in the habit of working hard and living a life of hustle. So he began life as a contractor and then later in his life went all in in Real Estate Business.    (7:21) Key Business Tips Don't partner with anybody remotely close to your own personality style. Don't exchange time for money, rather exchange your money for time.    (10:35) Real Estate Secret There's a company called ALE Solutions that actually will place people who have been displaced from their rooms and they need a place to live.The insurance company can pay you to house them. If the insurance company pays you 70 grand for a three month booking, so over $20,000 a month on a property that you took over a $2,500 monthly payment on then your net profit on that deal every month is like 15 Grand. And none of it was from your own money.   (13:35) Changing Your Mindset It's never how you did anything. It's always who showed you it was possible.  Find mentors. Find ways to learn from their ways and to be better than them. Adapt their strategies, hang around them. Think like them and what you can do to be better than what they did.    (20:52) Creative Financing Don’t go to someone who does not even make money for financial advice. There's free Facebook groups. Every single city that you live in, whoever's listening to this type in Facebook group, your city name, wholesale real estate, and you'll get 15 opportunities to go and network with people that are out there finding off market deals. Use these platforms to find the best methods of creative financing.   (34:20) Owner Financing Pace explains in detail how you can buy a property, fix it up and then get it to earn for you without having to spend your own money using creative financing. You just need to really have the mindset to want to do this and just change everything you already do and keep working hard.   (43:21) Building A Team Go and learn skills and you'll dominate, and you'll look forward to and pray that the market trends downward, because it's only more opportunity for you. It's all about what skills you have in your pocket. That makes you feel confident or fearful in an upcoming market crash.    Links: Twitter: @PaceJordanMorby  Instagram: @pacemorby  Facebook: @pacejmorby

Welcome back to Making Bank. On today's episode, we have Alex Sonkin who is the founder of the Due Diligence Project and the virtual family office hub. It's a revolutionary platform of vetted resources that supports hundreds of leading tax focused CPA firms and the family offices around the country.   This episode talks about exactly what that is and how that's going to benefit you being an entrepreneur and owning your own company.  Make sure to listen to this Episode of Making Bank with Alex Sonkin.   (2:58) Background Alex Sonkin came from the Soviet Union at the age of seven with his parents and graduated from University of Michigan. He started as an options trader in Chicago. He then took what he learned from that and went on to work with CPA firms and building family offices. From there on he worked with many other clients, started what was called the Due Diligence’s Project and has been helping different clients ever since.   (7:48) Family Offices Real benefit of a family office is it's truly one point of contact for the affluent business owner and traditionally, family offices were for very wealthy families. What you're doing is you're building an office. You have your CPA firm, your law firm, you have advisory all in one spot and when you have a problem you just need to contact one source and you are done.   (12:04) Income Taxes The one specialty that seems most complicated of everything in the world of finance seems to be income tax. Because we're dealing with a document, no one knows how many pages there are. It takes special licenses to understand it and it takes a certain number of hours. It takes at least 10,000 hours of experience in audit and tax court to really understand the risk and to really understand income taxes.    (14:47) Tax Strategies The key to this is not the strategies themselves. The key to this is having your CPA, your most trusted tax advisor, plug into the network, the Due Diligence Project where they get exposed to the community and certain strategies are going to work well for certain people and certain types of fact patterns.   (17:44) Who’s It For?  The target is the tax advisor. It's the CPA. After the business owners are introduced, meeting their CPA is advised and encouraged so they can get plugged into the network and really work accordingly to help the business and be really diligent at their work.    (19:52) Zero Taxes It is done by taking reviews every year. Focus on what can be improved based on feedback or questions from many of the CPA firms that are within the program. If there is a problem with the strategy it will be fixed and cleaned up, or the strategy might get revisited altogether.    (23:03) Common Mistakes Very common mistake is that most business owners have a difficult time differentiating. Many business owners aren't aware of that fact and so they're asking the wrong people the wrong questions, failing to remember that the financial world is very complex and there are specialists for every aspect.    Link: Alex Sonkin @grouplombardi  www.linkedin.com/in/alexsonkin  www.duediligenceproduct.com  www.vfohub.com

Welcome back to Making Bank. On today's episode, we have Alex Sonkin who is the founder of the Due Diligence Project and the virtual family office hub. It's a revolutionary platform of vetted resources that supports hundreds of leading tax focused CPA firms and the family offices around the country.   This episode talks about exactly what that is and how that's going to benefit you being an entrepreneur and owning your own company.  Make sure to listen to this Episode of Making Bank with Alex Sonkin.   (2:58) Background Alex Sonkin came from the Soviet Union at the age of seven with his parents and graduated from University of Michigan. He started as an options trader in Chicago. He then took what he learned from that and went on to work with CPA firms and building family offices. From there on he worked with many other clients, started what was called the Due Diligence’s Project and has been helping different clients ever since.   (7:48) Family Offices Real benefit of a family office is it's truly one point of contact for the affluent business owner and traditionally, family offices were for very wealthy families. What you're doing is you're building an office. You have your CPA firm, your law firm, you have advisory all in one spot and when you have a problem you just need to contact one source and you are done.   (12:04) Income Taxes The one specialty that seems most complicated of everything in the world of finance seems to be income tax. Because we're dealing with a document, no one knows how many pages there are. It takes special licenses to understand it and it takes a certain number of hours. It takes at least 10,000 hours of experience in audit and tax court to really understand the risk and to really understand income taxes.    (14:47) Tax Strategies The key to this is not the strategies themselves. The key to this is having your CPA, your most trusted tax advisor, plug into the network, the Due Diligence Project where they get exposed to the community and certain strategies are going to work well for certain people and certain types of fact patterns.   (17:44) Who’s It For?  The target is the tax advisor. It's the CPA. After the business owners are introduced, meeting their CPA is advised and encouraged so they can get plugged into the network and really work accordingly to help the business and be really diligent at their work.    (19:52) Zero Taxes It is done by taking reviews every year. Focus on what can be improved based on feedback or questions from many of the CPA firms that are within the program. If there is a problem with the strategy it will be fixed and cleaned up, or the strategy might get revisited altogether.    (23:03) Common Mistakes Very common mistake is that most business owners have a difficult time differentiating. Many business owners aren't aware of that fact and so they're asking the wrong people the wrong questions, failing to remember that the financial world is very complex and there are specialists for every aspect.    Link: Alex Sonkin @grouplombardi  www.linkedin.com/in/alexsonkin  www.duediligenceproduct.com  www.vfohub.com

Welcome back to Making Bank. On today's episode, we have Alex Sonkin who is the founder of the Due Diligence Project and the virtual family office hub. It's a revolutionary platform of vetted resources that supports hundreds of leading tax focused CPA firms and the family offices around the country.   This episode talks about exactly what that is and how that's going to benefit you being an entrepreneur and owning your own company.  Make sure to listen to this Episode of Making Bank with Alex Sonkin.   (2:58) Background Alex Sonkin came from the Soviet Union at the age of seven with his parents and graduated from University of Michigan. He started as an options trader in Chicago. He then took what he learned from that and went on to work with CPA firms and building family offices. From there on he worked with many other clients, started what was called the Due Diligence’s Project and has been helping different clients ever since.   (7:48) Family Offices Real benefit of a family office is it's truly one point of contact for the affluent business owner and traditionally, family offices were for very wealthy families. What you're doing is you're building an office. You have your CPA firm, your law firm, you have advisory all in one spot and when you have a problem you just need to contact one source and you are done.   (12:04) Income Taxes The one specialty that seems most complicated of everything in the world of finance seems to be income tax. Because we're dealing with a document, no one knows how many pages there are. It takes special licenses to understand it and it takes a certain number of hours. It takes at least 10,000 hours of experience in audit and tax court to really understand the risk and to really understand income taxes.    (14:47) Tax Strategies The key to this is not the strategies themselves. The key to this is having your CPA, your most trusted tax advisor, plug into the network, the Due Diligence Project where they get exposed to the community and certain strategies are going to work well for certain people and certain types of fact patterns.   (17:44) Who’s It For?  The target is the tax advisor. It's the CPA. After the business owners are introduced, meeting their CPA is advised and encouraged so they can get plugged into the network and really work accordingly to help the business and be really diligent at their work.    (19:52) Zero Taxes It is done by taking reviews every year. Focus on what can be improved based on feedback or questions from many of the CPA firms that are within the program. If there is a problem with the strategy it will be fixed and cleaned up, or the strategy might get revisited altogether.    (23:03) Common Mistakes Very common mistake is that most business owners have a difficult time differentiating. Many business owners aren't aware of that fact and so they're asking the wrong people the wrong questions, failing to remember that the financial world is very complex and there are specialists for every aspect.    Link: Alex Sonkin @grouplombardi  www.linkedin.com/in/alexsonkin  www.duediligenceproduct.com  www.vfohub.com

Welcome back to Making Bank. On today's episode, we have Alex Sonkin who is the founder of the Due Diligence Project and the virtual family office hub. It's a revolutionary platform of vetted resources that supports hundreds of leading tax focused CPA firms and the family offices around the country.   This episode talks about exactly what that is and how that's going to benefit you being an entrepreneur and owning your own company.  Make sure to listen to this Episode of Making Bank with Alex Sonkin.   (2:58) Background Alex Sonkin came from the Soviet Union at the age of seven with his parents and graduated from University of Michigan. He started as an options trader in Chicago. He then took what he learned from that and went on to work with CPA firms and building family offices. From there on he worked with many other clients, started what was called the Due Diligence’s Project and has been helping different clients ever since.   (7:48) Family Offices Real benefit of a family office is it's truly one point of contact for the affluent business owner and traditionally, family offices were for very wealthy families. What you're doing is you're building an office. You have your CPA firm, your law firm, you have advisory all in one spot and when you have a problem you just need to contact one source and you are done.   (12:04) Income Taxes The one specialty that seems most complicated of everything in the world of finance seems to be income tax. Because we're dealing with a document, no one knows how many pages there are. It takes special licenses to understand it and it takes a certain number of hours. It takes at least 10,000 hours of experience in audit and tax court to really understand the risk and to really understand income taxes.    (14:47) Tax Strategies The key to this is not the strategies themselves. The key to this is having your CPA, your most trusted tax advisor, plug into the network, the Due Diligence Project where they get exposed to the community and certain strategies are going to work well for certain people and certain types of fact patterns.   (17:44) Who’s It For?  The target is the tax advisor. It's the CPA. After the business owners are introduced, meeting their CPA is advised and encouraged so they can get plugged into the network and really work accordingly to help the business and be really diligent at their work.    (19:52) Zero Taxes It is done by taking reviews every year. Focus on what can be improved based on feedback or questions from many of the CPA firms that are within the program. If there is a problem with the strategy it will be fixed and cleaned up, or the strategy might get revisited altogether.    (23:03) Common Mistakes Very common mistake is that most business owners have a difficult time differentiating. Many business owners aren't aware of that fact and so they're asking the wrong people the wrong questions, failing to remember that the financial world is very complex and there are specialists for every aspect.    Link: Alex Sonkin @grouplombardi  www.linkedin.com/in/alexsonkin  www.duediligenceproduct.com  www.vfohub.com

Money Mastery: The Art of Being Your Own Banker (Part 2) #MakingBank #S7E41 Welcome back to Making Bank. On today's episode, we continue on with Chris Naugle, on ‘Money Mastery: The Art of Being Your Own Banker (Part 2)’.   Make sure to listen to this Episode of Making Bank with Chris Naugle. (2:32) Being Your Own Bank Make your money work for you. It doesn’t have any restrictions. It doesn’t need any sleep. We have been taught our whole life to trade hours for dollars. But we won’t be wealthy because we only have so many hours. Make your money work for you. Do not give up control of it. Learn how to be your own bank by doing exactly what a bank does and take back control of your money.   (16:49) The Downside  If you put 10 grand, you won’t be able to use all 10 grand. It will be around 80%. Whereas in the Bank you can use all 10 grand but you won't have any interest. So, the biggest downside is that for the first few years, you will experience a negative drop and for most people this is a deal breaker. Whatever money you put in, you will not have immediate access or access to all of it.    (24:13) Don’t Use Your Money Immediately You don’t have to put your money to work immediately. If you have nowhere to put it, just leave it as it is. It is earning more than what the bank is already anyway. When the time is right, the money will be there ready to deploy. If there is a recession you will have more opportunities.  (26:30) The Best Part The interest rate you earned with your bank may be temporary but the interest rate earned with this policy is forever.   (29:00) Private, Protected & Liquid The policy is the most private policy and the most protected. That is why many of the rich use it and also it is one of the most liquid assets.    (47:22) Private Money Club Chris Naugle created a private money club which is the dating site for money making and it allows people from all over to meet up and discuss where their money will go. You swipe left and right to get the deals you need to get connected.   Links @thechrisnaugle www.chrisnaugle.comhttps://moneyschoolrei.com/tmm-j58526478

Money Mastery: The Art of Being Your Own Banker (Part 2) #MakingBank #S7E41 Welcome back to Making Bank. On today's episode, we continue on with Chris Naugle, on ‘Money Mastery: The Art of Being Your Own Banker (Part 2)’.   Make sure to listen to this Episode of Making Bank with Chris Naugle. (2:32) Being Your Own Bank Make your money work for you. It doesn’t have any restrictions. It doesn’t need any sleep. We have been taught our whole life to trade hours for dollars. But we won’t be wealthy because we only have so many hours. Make your money work for you. Do not give up control of it. Learn how to be your own bank by doing exactly what a bank does and take back control of your money.   (16:49) The Downside  If you put 10 grand, you won’t be able to use all 10 grand. It will be around 80%. Whereas in the Bank you can use all 10 grand but you won't have any interest. So, the biggest downside is that for the first few years, you will experience a negative drop and for most people this is a deal breaker. Whatever money you put in, you will not have immediate access or access to all of it.    (24:13) Don’t Use Your Money Immediately You don’t have to put your money to work immediately. If you have nowhere to put it, just leave it as it is. It is earning more than what the bank is already anyway. When the time is right, the money will be there ready to deploy. If there is a recession you will have more opportunities.  (26:30) The Best Part The interest rate you earned with your bank may be temporary but the interest rate earned with this policy is forever.   (29:00) Private, Protected & Liquid The policy is the most private policy and the most protected. That is why many of the rich use it and also it is one of the most liquid assets.    (47:22) Private Money Club Chris Naugle created a private money club which is the dating site for money making and it allows people from all over to meet up and discuss where their money will go. You swipe left and right to get the deals you need to get connected.   Links @thechrisnaugle www.chrisnaugle.comhttps://moneyschoolrei.com/tmm-j58526478

Money Mastery: The Art of Being Your Own Banker (Part 2) #MakingBank #S7E41 Welcome back to Making Bank. On today's episode, we continue on with Chris Naugle, on ‘Money Mastery: The Art of Being Your Own Banker (Part 2)’.   Make sure to listen to this Episode of Making Bank with Chris Naugle. (2:32) Being Your Own Bank Make your money work for you. It doesn’t have any restrictions. It doesn’t need any sleep. We have been taught our whole life to trade hours for dollars. But we won’t be wealthy because we only have so many hours. Make your money work for you. Do not give up control of it. Learn how to be your own bank by doing exactly what a bank does and take back control of your money.   (16:49) The Downside  If you put 10 grand, you won’t be able to use all 10 grand. It will be around 80%. Whereas in the Bank you can use all 10 grand but you won't have any interest. So, the biggest downside is that for the first few years, you will experience a negative drop and for most people this is a deal breaker. Whatever money you put in, you will not have immediate access or access to all of it.    (24:13) Don’t Use Your Money Immediately You don’t have to put your money to work immediately. If you have nowhere to put it, just leave it as it is. It is earning more than what the bank is already anyway. When the time is right, the money will be there ready to deploy. If there is a recession you will have more opportunities.  (26:30) The Best Part The interest rate you earned with your bank may be temporary but the interest rate earned with this policy is forever.   (29:00) Private, Protected & Liquid The policy is the most private policy and the most protected. That is why many of the rich use it and also it is one of the most liquid assets.    (47:22) Private Money Club Chris Naugle created a private money club which is the dating site for money making and it allows people from all over to meet up and discuss where their money will go. You swipe left and right to get the deals you need to get connected.   Links @thechrisnaugle www.chrisnaugle.comhttps://moneyschoolrei.com/tmm-j58526478