The Mentee Podcast

Investor, author, and advisor, James Harold Webb was already selling potholders and newspapers, and offering lawn mowing services at 8 years old. Many years later, James left his job as a radiology technologist to start his own business that he even got his former boss as the first to invest. He was able to grow his company so massively that he has left a mark in the medical imaging space. James attributes a huge part of his success to the relationships he has built throughout his career. 

In today’s discussion, James talks about the concept of allowing people in your company to have equity while still having control over it. James lays out the idea of giving financial independence to people within your company. It gives you the ability to create an organization where people are committed to helping you become successful because what they’re getting is beyond their W-2 paycheck.

Here are some power takeaways from today’s conversation:

• The value of relationships
• Understanding employee equity
• James’ definition of resilience
• The power of being decisive
• Overcoming self-doubt
• What contingency management looks like
• How James hires people
• Turning expenses into revenue streams

Episode Highlights:

[07:05] The Value of Relationships

Relationships are the single biggest key to entrepreneurial success. Relationships will define your ultimate objective and success. It's not just relationships with your mentors, but also with your employees, your colleagues, and even your competitors. There's nothing wrong with being competitive but you can also do that as a leader and still maintain all internal and external relationships. 

[19:22] Understanding Employee Equity

The great thing about an LLC is you get control as a shareholder. James has set up a structure where he is the Class A shareholder and employees are able to get some equity – not equity fund, but equity. It means they get a stock certificate controlled by him. It’s different from a profit share. As an equity holder, they get the money that James gets. And when the company loses money, they also get the tax write off that James gets. And the way James set things up after 43 years of learning is having a vesting period as a B shareholder and an exit strategy as a C shareholder. 

[22:43] What Resilience Means

There's a lot of people that get knocked down and get back up, and then they get knocked down again and get back up. But resilience is not just about getting knocked down and getting back up. It's about stopping, assessing, and finding another path. 

[24:04] The Power of Being Decisive

Many people worry about being qualified to do something. Obviously, you need some knowledge and direction. But if you wait until you're qualified, sometimes it's too late. And so, if there’s something you want to do, then do it. You might get knocked down and you might have to get back up. But in that process, you're going to learn a lot more. So don't wait till you're qualified, just jump!

[37:25] Turning Expenses into Revenue Streams

One of the business hacks you can do as an entrepreneur is to turn your expenses into revenue streams. For instance, James started their own service company and instead of paying people to service their equipment, they’re now servicing their own equipment as well as other people’s equipment. And so, it became a revenue stream for them instead of an expense. 

Resources Mentioned:

www.jamesharoldwebb.com 

Do you really want to work the next 30 years of your career trying to build up a $100-million net worth because it’s what you really want – or just to say you have a $100-million net worth?

An extremely driven entrepreneur, Cody Caswell found himself trying to stick with the entrepreneurial status quo, living a life others expected him to live and seeing himself from the lens of other people who have their own vision of what an entrepreneur should look like. Eventually, he chose to forge his own path and live life through his own lens. 

Cody Caswell is an example of what having clarity of your future self looks like. He shed his ego to live the life he wanted. Today, Cody has a flipping company and does general contract work for some other people. He also has a short-term hold company in the heavy rehab space as well as portfolio rentals with a total of 70 doors. His goal is to never have to sell anything, and the only reason he has the flipping company is to make money to fund the rental.

Here are some power takeaways from today’s conversation:

• How he determines their flips vs. holds
• How a deal using private money works
• Building a solid relationship with your team and contractors
• Challenging the entrepreneurial status quo
• Approaching business an inch-wide and a mile-deep

Episode Highlights:

[08:13] How a Deal Using Private Money Works

The way Cody uses private money to invest is he gets a set interest rate from lenders, usually 8%, to cover the purchase price and all of their rehab costs upfront. Once this is done, they list the property quickly and as soon as it's closed, they take out all the money for the private lender and pay off the loan and interest.

[12:53] Building a Solid Relationship With Your Team And Contractors

In the construction world, working for homeowners can be quite challenging, especially when working for custom homes because clients can be picky and meticulous. They have the tendency to micromanage and breathe over their shoulders. And subcontractors don’t like that. The subcontractors been there for 10-15 years and they don't need somebody watching over them. Cody believes it’s important to let them do their job and let them make their own mistakes. Then over the course of building that relationship with them, they’re already able to manage expectations. 

[24:26] Challenging the Entrepreneurial Status Quo

A lot of people who have the entrepreneurial drive think they have to be working 20 hours a day to build their net worth. But at some point, you’ve got to be able to shed your entrepreneurial ego, and start to look within and ask yourself, what do you really want out of your life? If you’re working just for the sake of working, or because you want to build your net worth, then that all becomes futile when you realize you’ve only been living the life the way other people wanted, and not what you really wanted. Rather than trying to push yourself in the direction you think you should be going, recognize what’s pulling you instead.

Resources Mentioned:

Instagram: @codycaswellrealestate

Facebook: @codycaswell

Part and parcel of every person’s growth, whether in business or life, is that constant yearning for learning. And when you take the time to really get to know what you want, seeking clarity through curiosity, and you do that with consistency – relentless growth happens. However, a big part of success is to grow, not to the point of burning out from all the grinding, but rather finding that alignment. 

In this conversation Chris Goodman, CEO of Goodman Coaching and host of Relentless Growth Podcast, talks about growth, alignment, and creating life by design. 

Chris currently offers three different coaching platforms. The first is one-on-one coaching, which is the most intimate, deep form of coaching. The second is a group coaching platform where they coach eight to ten CEOs for three to four months at a time. The third is breakthrough coaching, which is one-on-one coaching with the two coaches Chris hired, perfect for business owners who are just getting started.

Here are some power takeaways from today’s conversation:

• Leveraging for time
• Working on what you need to work on
• How your goals evolve
• Relentless growth
• Being in alignment to propel you to the next level
• Currencies in the relationship capital world

Episode Highlights:

[25:04] How Goals Evolve

Evolution is always part of growth, and part of that evolution is a sense of self-awareness. When you are more aware of yourself, you find clarity in what you want and what you don’t want. 

The faster this occurs, the faster your goals change as well. And the goals which you thought were the most important no longer are because you’ve found different sets of new possibilities. 

[33:45] Strive for Relentless Growth

Growing relentlessly means striving to tap into your full potential each time. You seek to explore other things you never thought you were capable of, and you motivate other people around you to do the same.

Relentless growth doesn't mean you have to hustle and grind day in and day out. It means having a growth mindset that naturally becomes an integral part of your being. 

Part of growing is the blossoming of your confidence and awareness. It also takes less action if what you’re doing aligns with your values. And the more you’re aligned, there’s less room for burnout.

[38:43] The Relationship Capital

A relationship capital world has different currencies. For instance, you can invest your time in exchange for building strong connections with people in your network. The more clear you are on what you want out of life and what you want out of your time in your business, the more you attract the right kind of people.

Resources Mentioned:

Goodman Coaching

Relentless Growth Podcast

In today’s conversation, Blake Walker shares his journey from working as a W-2 physical therapist to becoming a full-time real estate investor. Blake discusses how he used his W-2 as a backing and leveraged the power of mentorship to upgrade his life, ultimately achieving financial freedom, which is really about the freedom to do what you want, when you want – with the people you love. 

Investing the $30,000-gift he got from his mom before she died, Blake eventually figured things out and built his wealth in real estate, going from one property in 2016 to now 42 doors and having a franchise in the same company as his mentor.

Here are some power takeaways from today’s conversation:

• Getting into Gobundance’s Emerge
• Overcoming the fear of asking
• Going from “I should” to “I must”
• Putting yourself around the right people
• The goal-getter vs. the goal- setter
• Getting his first deal
• Holding a property vs. flipping it
• The true meaning of financial freedom

Episode Highlights:

[09:13] Finding a  Mentor

Find people who have done things you want to do and have done them well. Ask about where they messed up and learn from their mistakes. It's all about alignment. You have to have those conversations to help you grow, evolve, transform, and be ready for the next season of your life.

[13:50] The Goal Getter vs. The Goal Setter

The goal setter is your conscious mind and the goal-getter is your subconscious mind. When your subconscious is not in alignment with the conscious, then there's conflict. Therefore, bring awareness to that goal-getter part of you that’s coming from your subconscious mind. Go deeper into your thoughts and identify any conditioning around you that keeps you from getting from “I should” to “I must.”

[32:43] The True Meaning of Financial Freedom

Financial freedom does not mean you’re living on the beach or driving a Lambo. It's about the freedom to do what you want, when you want with people you love. The fastest way to achieve that is to cut your expenses. A lot of people miss the opportunity thinking they have to have a big house but you just have to cut back. The more you cut back, the faster you are on your way to financial independence. Ultimately, financial freedom refers to a passive income that exceeds or at least meets your ordinary living expenses. So if you can cut back on your living expenses and increase your passive income, then you're financially free, and you no longer have to show up to work. 

Resources Mentioned:

Email: [email protected] 

Phone: 3375269973

Facebook: www.facebook.com/blake.walker.18

BiggerPockets 

The ONE Thing: Couples’ Goal Setting Retreat

How do you create boundless opportunities? Sometimes, all you need to do is surround yourself with people who are already where you want to be. Get into a relationship with them, and the best way to do that is to offer them value. Ask them what you can do to serve them. That is the premise of The Mentee Podcast.

In today’s conversation, Brian Luebben shares his story of how he got into the room with a group of millionaires and how he tripled his net worth after meeting them in just 12 months. There weren’t any direct business relationships or direct partnerships that occurred. He simply grew into the conversations around him.

Here are some power takeaways from today’s conversation:

• Overcoming the fear of getting in the room with big people
• Generating passive income through house hacking
• How it’s like house hacking your actual house
• Brian’s hunger to maximize opportunities
• The power of putting yourself in a room full of successful people
• Joining Emerge by GoBundance

Episode Highlights:

[08:25] Overcoming the Fear

It's easy for a lot of people to put others on pedestals. They think these people have it all figured out and that they are better than everybody else. Putting yourself in a room full of successful people can be a bit intimidating but everyone is “just ” human and everyone is “just” a person. Instead, learn from them. Aspire to be always green at something, otherwise, you’re not growing. Be glad about your mistakes and the faults or missteps that you've had in the journey because that builds you to who you are today.

[18:37] Mastering the Art of House Hacking

When Brian bought his first house at 24, people were telling him it was a stupid idea. He moved in anyway and had another person rent the top floor. The moment he got the first rent payment, he realized it worked. Three years later, he’s renting out multiple units, with his passive income knocking out his expenses.

[39:55] The Power of Surrounding Yourself with the Right People

Recognize that sometimes your family and your closest friends are some of your harshest critics. That's not necessarily their fault. It's just where they're at. It’s their perspective. Meet them wherever they’re at, but it doesn’t mean they’re going to be riding that car of life with you in the front seat. 

Be very intentional with every relationship. Meet every person where they're at to make them feel seen, known, heard, and valued. Just being in the room meeting the right people and having the right frame of mind will triple your net worth because we all grow into the conversations around us.

Resources Mentioned:

The Action Academy Podcast

BiggerPockets

GoBundance

GoBundance - Emerge

In 2014, with only a $10,000-investment out of pocket, DJ Savoy partnered up with his former colleagues to buy a HomeVestors Franchise. They grew the real estate business tremendously, hitting their 10-year goal of buying 10 houses in just five months. Eight years later, they have now amassed a rental portfolio of around 225 doors!

In today’s conversation, DJ shares some great insights into building long-term wealth as well as some nuggets of universal truths to inspire you to become more of who you already are.

Here are some power takeaways from today’s conversation:

• Finding gratitude from growing up in an abusive household
• DJ’s spiritual awakening in 2010
• The power of forgiveness
• Hitting a 10-year goal in just 5 months
• Building long-term wealth
• A message of faith and hope
• How to facilitate courage within you
• Having the hunger and a vision for better, bigger, and more
• Being intentional about your goals

Episode Highlights:

[11:26] The Power of Forgiveness

Resentment is the poison that we drink hoping that the other person will die. We all have pain in life. If we're holding on to that pain and if it's not transformed into positive energy and positive light, that pain will be transmitted in negative energy. And those we love the most get affected the worst. 

[21:46] Building Long Term Wealth

Along with his partners, DJ went into real estate with a mindset of building long-term wealth. They didn’t want to just flip properties and make a lot of money. And so, they bought one house to sell to cover the expenses, and then bought another house to hold. Since then, they’ve been doing 50% hold and 50% sale. Today, they have accumulated a rental portfolio of 225 doors.

[26:32] A Message of Faith and Hope

God is calling us to something greater. There's always something greater that's pulling us and guiding us. Have faith and know that it is happening because everything you need is already within you. You just have to have the courage to be even more of who you already are. Take courage to become all that God has called you to be.

[28:41] How to Facilitate Courage Within You 

Courage is acting towards a goal without knowing the consequences without knowing the results of your actions. Inevitably, you're going to fail or be embarrassed by the results of your decisions. But when you're surrounded by people who support you to get back up and keep going, this fuels you to become more courageous.

[35:47] Having the Hunger and a Vision for Better, Bigger, and More

Have the clarity that there could be more and there could be better. Then you begin to see your current circumstances from a different perspective. It allows you to say yes to opportunities, that you might ordinarily have said no to if you weren’t hungry or if you lacked the awareness. Give yourself permission to be who God created you to be. Become more of who you already are, and by becoming more, you’re going to attract more. 

Resources Mentioned:

www.homevestorsfranchise.com/reisummitdjsavoy 

Facebook: @DJSavoy

What would happen if we were able to teach teenagers financial independence? High school teacher, real estate investor, and net worth millionaire, Dan Sheeks, joins me today as we discuss his newest book, First to a Million: A Teenager’s Guide to Achieving Early Financial Independence. Although written for teenagers, Dan wrote the book for anyone who is getting into the idea of early financial independence and seeking to carve out their path to a good life.

Not every young person is interested in learning and focusing on their financial future – and not every adult is either. But you also don’t have to wait to achieve financial freedom till you’re 65 because you can always start now. Options, options, options!

Here are some power takeaways from today’s conversation:

• What is financial freedom?
• Why many people don’t reach financial independence
• The 4 mechanisms of early financial independence
• The premise behind First to a Million
• About BiggerPockets
• What Dan’s investment portfolio looks like

Episode Highlights:

Achieving Early Financial Independence

Financial freedom is the ability to pay your living expenses with passive income or sustainable asset withdrawal which is a concept where, for instance, if you have a million dollars in an index fund, you can take money out. In other words, financial freedom is the ability to live your life without having to work. 

You don't have to do the "9-5 till you're 65" grind for the next three or four decades because there are other options of doing things differently with your money that allows you to reach early financial independence. If you don't like that option, then don't do it. You can work till you're 65 and there's nothing wrong with that. But there are other options that you should know about so you can at least decide what's best for you.

You could be making a good income but it's about what you do with that money and what's your savings rate. Are you spending 100% of your salary or are you saving 50%? If you can get higher up on that savings rate, and you reinvest that money into index funds, real estate, or some other passive income stream then becoming a millionaire is not difficult. It's simple, but it's not easy because it takes sacrifice, some extra work, planning, and persistence. 

The 4 Mechanisms of Early Financial Independence

1. Spend less. Don't spend as much money as everybody else. Have a nice savings rate.

2. Earn more. Create a side hustle. Get an extra job or start a small little business in your community. Find a way to earn more money. 

3. Save the difference.

4. Invest your savings wisely. Know what you are investing in and understand it. Put your money to work for you as early as possible and let it do its compound effect where it grows over time. 

Resources Mentioned:

www.sheeksfreaks.com 

Bigger Pockets

First to a Million: A Teenager’s Guide to Achieving Early Financial Independence

Defining Decade by Meg Jay

Rich Dad, Poor Dad by Robert Kiyosaki

Calvin Chin is the co-founder and CEO of Zen Coast University, an online coaching mastermind that builds people’s knowledge in real estate investing.  

Calvin grew up thinking he should get a corporate job and get his head down until he retired at 65 with the white picket fence and two and a half kids. He was doing what society thought was successful. Eventually, he started investing in real estate, now having options other than just the W-2. He then scaled up to apartment complexes with 88 units across the United States. 

Having climbed the first mountain of achieving personal success, Calvin now climbs his second mountain – the legacy piece. He co-founded Zen Coast University, along with his fiance, Jennie, so they can teach people how to create passive income and thereby create a passive impact on the community and the world.

Here are some power takeaways from today’s conversation:

• The second mountain
• How he made his first deal
• Being comfortable with being uncomfortable
• Tapping into the power of affirmations
• Getting clear on your purpose so you can prioritize things
• Habits are what builds the outcome
• The power of mentorship and coaching

Episode Highlights:

The Second Mountain

A Second Mountain is a book written by David Brooks who shares this idea of how human beings embark on a journey from the first mountain to a second mountain. The first mountain is all about how you can be fulfilled in life – finances, family life, friends, faith, philanthropy, etc. The second mountain is the legacy piece – what you want to be remembered for. What's the impact you can make not only in your life, but in your family's life and your community's life, and the world? What can you do to give back to other people?

Coming in with Abundance

When people increase income, their expenses go up too. Figure out how you can lower your expenses. If you can get financially abundant yourself, that shows because you're not hungry and you're not thirsty for the commission and you can talk authentically. 

Being Comfortable with Being Uncomfortable

The times  you're uncomfortable is when you have the most growth. If you're comfortable, you're being complacent, and complacency is a dangerous word because you can't be comfortable and complacent. 

Fear is a big component of it. But fear is an emotion that your body gives out as a defense mechanism. When you do the thing you’re fearful of, you realize it wasn’t hard after all. And so, there’s that self-worth aspect as well.

Priority and Productivity

People that are productive are productive because they're fueled by priority. And they're prioritized based on their purpose. When you get really clear on your purpose, then you can begin to prioritize the things in your life. When you begin to prioritize the things in your life, you become productive.

Resources Mentioned:

Zen Coast University

A Second Mountain by David Brooks

If you've been to several retreats, you're probably familiar with the emotional high that you get from attending them. You leave the event feeling on fire. Then that fire fades over time as the mundane schedules of life set in. But just because the intensity of your fire is fading doesn't mean you're failing. It doesn't mean that you're not succeeding or you're off course. And so, my goal for this episode is to help you hold on to that mindset.

Today, I’m sharing some reflections on my first ever Tony Robbins event called Unleash the Power Within. It’s amazing how those people who attended the event were surrounded by empathetic witnesses – all in alignment with the same goal of getting in a peak state and unleashing the power within. 

Here are some power takeaways from today’s conversation:

• Goal setting and strengthening your relationship with your goals
• Creating a compelling vision of your future
• Creating the right habits
• Changing your environment
• The shape of success
• Celebrating the gains
• Revisiting and re-evaluating your goals
• Building courage by embracing problems and taking a leap of faith

Episode Highlights:

Setting Goals

The purpose of a goal is to inform you in the present and give you direction with what you should do today. Goal setting strengthens the relationship with your goals. When you want to grow a relationship with a person, you have to spend time with them, listen to them, and build time and experiences with them. But how many times do we set goals and never visit them? When we don't write them down and review them from time to time, we end up falling back into our daily routines and habits. Then as time passes, we haven't made any advancement, or if there was any, only minimal. Without a goal, you're just a drifter reacting to what life throws at you. Therefore, you need to create a compelling vision of your future.

The Shape of Success 

The shape of success is like a hockey stick. People will succeed so slowly that they feel like they're failing. There is incremental change little by little over time. Then those efforts compound, and all of a sudden, you're successful. However, since most of us don't like that feeling like we’re failing, we switch gears and chase another shiny object. 

Changing Your Habits

What's the one habit that if you would eliminate would cause your momentum to shift and exponentially move you towards your goal? And what's the one power habit, such that by creating that habit, everything else would become easier, or unnecessary? F.M. Alexander says people don't decide their futures. They decide their habits, and their habits decide their futures. 

BJ Fogg also talks about habit stacking in his book, Tiny Habits, wherein creating small habits will compound over time that allows you to make a gigantic leap. Willpower doesn't work. Therefore, how do you make sure you do the behaviors long enough so that they become habits? Habit is nothing more than a repetitive behavior that becomes automatic. 

Changing Your Environment 

The number one influencer of your behaviors is your environment. Design the environment that supports the behavior that needs to create habits necessary to become your future self and for you to live to your full potential.

Celebrating Progress

Everybody wants to get rich quickly, but life is long. And so, you want to build endurance by finding joy along the way. Make a small amount of progress every day then celebrate it. Happiness is not the destination, it's actually the start and the foundation of the journey. 

Resources Mentioned:

According to statistics, around 70% of first-generation wealth is lost by the second generation over 90% of the time and they're “back to shirtsleeves” by the third generation. This is where the adage "shirtsleeves to shirtsleeves in three generations" actually came from, which puts the family legacy at risk. So how do you reverse this cycle and not become another statistic?

In this episode, Don Wenner reveals the real secret to success, happiness, and fulfillment – the power of intentionality. You have to make sure you’re bringing it into all eight F’s of your life – faith, family, friends, freedom, fun, film, fitness, and finance. 

An expert in scaling high-growth high-profit businesses, Don is the founder and CEO of DLP Real Estate Capital, a multi-faceted private real estate investment company that specifically invests in workforce housing in the hope to impact the workforce housing affordability crisis, the jobs crisis, the “shirtsleeves to shirtsleeves in three generations” crisis, the legacy crisis, and ultimately, the happiness crisis.

Don is also the host of the IMPACT podcast, and the author of Building an Elite Organization: The Blueprint to Scaling a High-Growth, High-Profit Business. Over the years, he has grown his company by over 60% every year for 15 years; today, they’re worth over $2 billion – and still growing, thanks to the Entrepreneurial Operating System (EOS).

Here are some power takeaways from today’s conversation:

• How Don stumbled into the real estate world
• The concept of "shirtsleeves to shirtsleeves in three generations"
• How to show up as an intentional father and mentor to your kids
• Instilling a growth mindset in your kids
• Doing a life assessment to keep yourself on track in the 8 F’s of your life

Episode Highlights:

The Concept of "Shirtsleeves to Shirtsleeves in Three Generations"

Most first-generation wealth creators work really hard. They come from "nothing" to creating and building wealth. But they're so focused on wealth creation that they fail to appropriately raise their children in a way they understand how to use wealth wisely. Instead of encouraging them to accomplish anything, they enable them to do nothing. In other words, they don’t invest in their kids and put them in a position where they could use their wealth to do great things. 

Wealth then becomes something that holds them back from ever doing anything. They're lazy, entitled, and they lack motivation. They basically blow through the money that it's either all gone by the second generation or by the third. 

Aiming to reverse this cycle, Don has set up a prosperity, family wealth, and legacy membership group to help first-generation wealth creators figure out how they can reverse this cycle and not be another statistic. Having the ability to teach your kids how to develop grit and a growth mindset is also crucial.

Resources:

www.dlpelite.com 

Website: DLP Real Estate Capital

Podcast: IMPACT with Don Wenner

Book: Building an Elite Organization: The Blueprint to Scaling a High-Growth, High-Profit Business

Entrepreneurial Operating System (EOS)

First to a Million by Dan...