The Money Advantage® Podcast | Infinite Banking Concept & Family Banking

In today's podcast, we interview Lane Kawaoka, the "engineer passively investing in real estate". He controls over 2600 units across ten states, and is the host of Simple Passive Cashflow. He recorded the show from Belize, where he was doing due diligence on some coffee and chocolate farms.

We're discussing his journey to financial freedom and passive investing secrets for the working professional.

Where Cashflow Investing Fits Into the Cash Flow System

Building income from assets is a big part of creating financial freedom. Because when you have enough income from your investments to cover your monthly expenses, you're financially free. However, cash flow investing is just one step in the bigger journey to time and money freedom. You have to have good money habits to produce wealth systematically.

That's why we have created the 3-step Business Owner's Cash Roadmap. It's your roadmap to take you from just surviving, to a life of significance, purpose, and financial freedom.

The first step is keeping more of the money you make by fixing money leaks, becoming more efficient and profitable. Then, you protect your money with insurance and legal protection and Privatized Banking. Finally, you put your money to work, increasing your income with cash-flowing assets.

Who Is Lane Kawaoka

Lane Kawaoka is a Licensed Professional (PE) with a Masters degree in Civil Engineering with an emphasis in Construction Management. He also holds a Bachelors in Industrial Engineering, both from the University of Washington. As an engineer, Lane has managed over $230 million of capital construction projects in both the public and private sector. Aside from his day job, he controls two manufactured home parks and 15 apartment buildings, and one Assisted-Living Facility, totaling 2,600+ units in 10 US Markets.

Lane's passion project, SimplePassiveCashflow.com, is a free podcast and online learning resource in passive real estate investing. Working as a high-paid professional in corporate America, and frustrated by the traditional wealth-building dogma, Lane was compelled to inspire and mentor other working professionals on how to do real estate investing and build their portfolios. Lane urges other working professionals to get started by utilizing their highest and best use (their day job) to save for the 20% down payment for a conventional loan to acquire a single-family home rental. The Simple Passive Cashflow method is to only buy investments with a healthy cashflow buffer that can withstand a market downturn.

In addition to mentoring, Lane Kawaoka also partners with beginning investors who want to build their portfolio, but are too busy to handle direct investments. He uses his engineering mind, investing knowledge, and network to crowdsource due-diligence through the 2600+ members of the Hui Deal Pipeline Club. Together they have placed over $15 Million worth of capital.

Conversation Highlights

Lane Kawaoka's path to passive cashflow, starting with his first A-Class property, to building a portfolio with turnkey properties, to syndication and private placements.

Ideal rent-to-value ratios should be at least 1% to invest for cash flow. (Rent to Value = Monthly rent/purchase price of the property)

Typical conventional financing with Fannie Mae and Freddie Mac loans caps at ten properties per person.

How working professionals can get started with investing, based on their financial situation.

Building a portfolio quickly is about who you know. Build your network because that determines your net worth.

Residential real estate is based on comps, while commercial real estate is about net operating income (NOI = income - expenses).

If you raise rents by $100/property in a 100-unit apartment complex, that's $10,000 extra income/month = $120K extra NOI. Value increase = NOI/Cap rate, so $120K / 10% cap rate = $1.2 Million increase in value.

The downside of using a Self-Directed IRA to in...

https://www.youtube.com/watch?v=M-GOcfA-HmI

Before you cancel your whole life insurance policy, read this first. No matter your reasons, you need to know what canceling means and why it's not usually your ideal move.

At some point, you saw the value in owning whole life. You could have sought out the protection for your family, the cash storage, the tax-advantaged growth, or the Privatized Banking element.

But now, you might be standing at a crossroads with a different perspective. If it's begun to feel like a burden and you're second-guessing your commitment to whole life insurance, you might be wondering how to break free.

Or you might be reading this before you purchase to guarantee that you'll never wind up with those regrets.

The good news is this: you never need to feel like you're stuck! Whole life insurance inherently has the flexibility to stick with you while accommodating your life changes. Rather than canceling your whole lie insurance policy if the going gets tough, you have several options to reduce payments or stop paying altogether, and still keep everything you love.

We'll walk you through the many other options outside of canceling your whole life insurance policy.

We'll answer:

What if my whole life policy isn't ideal for Privatized Banking?What if it's too much for me to keep paying?Do I have options besides canceling my whole life insurance policy?How can I stop paying so much, but still keep the policy in force?What are the pros, cons, and impacts of each option?Under what circumstances might I want to consider these changes in funding my policy?

This conversation will show you your options. Then you can stop feeling stuck and decide what's best for you to do. With the clarity, you'll be able to accomplish your immediate and long-term financial goals without sacrificing either.

Table of contentsWhere Whole Life Insurance Fits into the Cash Flow SystemWhy You Might Be Considering Canceling Your Whole Life Insurance PolicyWhat's So Great About Whole Life Insurance Anyway?ProtectionCash StoragePrivatized BankingDisability BenefitsPeace of MindCanceling a Whole Life Insurance PolicyYour Policy Is a ContractWhat Does It Mean to Cancel a Whole Life Insurance Policy?What Are the Downsides of Canceling Your Whole Life Insurance Policy?What Do You Get When You Cancel a Whole Life Insurance Policy?How Do You Cancel Your Whole Life Insurance Policy?Options Besides Canceling Your Whole Life PolicyPay from Policy ValuesUse a Policy LoanReduce to the Minimum PaymentReduced Paid-UpAvoid Losing Your Tax Advantages1035 ExchangeLife SettlementDiscover Your Life Insurance Policy Options

Where Whole Life Insurance Fits into the Cash Flow System

Whole life insurance is just one part of a bigger journey to building time and money freedom.

That's why we have created the 3-step Business Owner's Cash Flow System. It's your roadmap to take you from just surviving, to a life of significance, purpose, and financial freedom.

The first step is keeping more of the money you make by fixing money leaks. Then, you'll protect your wealth with insurance, legal protection, and Privatized Banking. Finally, you'll put your money to work, increasing your income with cash-flowing assets.

Whole life insurance is part of Stage 2: Protection.

Why You Might Be Considering Canceling Your Whole Life Insurance Policy

If you're considering canceling your whole life insurance policy, we know you've given it some thought. You didn't buy it on a whim, and chances are, you're not attempting to cancel it on a whim either.

We talk with lots of people about their financial goals. Here are some of the reasons we've heard for canceling a whole life insurance policy.

Perhaps your policy has slow cash value accumulation and isn't ideal for Privatized Banking.

Maybe you bought it before you knew about the power of Specially Designed Whole Life Insurance.

Today’s interview is about turnkey investing with Done For You Real Estate (DFY).  We’ll also discuss the tips, tricks, and secrets of turnkey investing, and reveal how every investor can replace their income with rental real estate. 

Where Investing Fits into the Cash Flow System

As important as it is to invest in the right opportunities, it’s just one step in the bigger journey to time and money freedom.

That’s why we have created the 3-step Business Owner’s Cash Flow System.  It’s your roadmap to take you from just surviving, to a life of significance, purpose, and financial freedom.

The first step is keeping more of the money you make by fixing money leaks, becoming more efficient and profitable.  Then, you’ll protect your money with insurance and legal protection, and Privatized Banking.  Finally, you’ll put your money to work, increasing your income with cash-flowing assets.

Who Is Kevin Clayson?

You may remember Kevin from March 2018 when we talked about his life-changing book, FLIP the Gratitude Switch.  Go back and check it out here! 

We like him so much that we’ve brought him back to talk about turnkey real estate, one of his other life missions. 

Turnkey Real Estate Tips, Tricks, and Secrets

Stop swinging for the fences, and hit consistent singles in real estate.Don’t focus on hitting the home run so much that you’re not focused on serving the people right in front of you.It’s possible to cut your down payment in half when you are looking at investment real estate.Use a transparent turnkey provider who is upfront with their fees.Find a turnkey provider who is willing to introduce you to their contacts, including other clients.Work with someone who helps with more than the transaction, but is part of a comprehensive strategy.A real estate company has to be more than education.Real estate can make you wealthy, but use a conservative strategy to replace your income first.Always have a “sleep well at night” account of reserves.

Done For You Real Estate Conversation Highlights

The complexities of investing in real estate on your own vs. working with a turnkey team. A turnkey provider does the research and handles the rehab, marketing, placing tenants, ensuring profitability, and successfully managing the property.  You still take title, ownership, and get tax benefits.  It’s an opportunity to have a team of experts do the hard stuff while staying in control.Real estate is a long-term strategy. It’s not just buying for the benefits today, but for a whole bunch of tomorrows.Done For You Real Estate uses a short-term buy-and-hold approach. They don’t just help you purchase one property.  They help you put together a game plan to know when that property will buy your next two, and when those two will buy your next four.  Then, you'll get an annual review to analyze the property and market performance and consider the options of continuing to hold, refinancing, or selling to help clients make the right decisions.The focus of DFY Real Estate is not to get a transaction, but to help a client replace their income.Real estate, like Privatized Banking, allows you to velocitize your dollars. You can invest one batch of capital in a tangible asset with multiple profit centers: generating cash flow, tax benefits, and appreciation.Real estate and Privatized Banking put you back in control, in the driver’s seat.The power of leverage.Done For You Real Estate has access to multiple markets of Phoenix, Las Vegas, Indianapolis, Memphis, Orlando, and Charlotte, based on analysis of appreciation, cash flow, and purchase price. They place clients based on how much you have to work with, your time table, and how much income you need to replace. DFY Real Estate buys properties on-demand. They don’t warehouse homes, so they’re able to customize their inventory.

Find Out More About Kevin Clayson, or Invest with Done For You Real Estate

Go to ReplacingYourIncome.

https://www.youtube.com/watch?v=PzRUPmixpVQ

The Executive Bonus Plan can be the ideal “golden handcuffs” for the top talent you can’t afford to lose.  In truth, associating long-term dedicated employment with slavery seems a bit archaic and melodramatic.  We all know you can’t keep good people by holding them hostage.  Instead, you’ve got to set the table that attracts them and makes them want to stay. That’s where the 162 Executive Bonus Plan rises to the occasion.  It can help you serve up a scrumptious benefits package to find and keep the best people so your business can fulfill its mission.

In today’s show, we’ll discuss options for a deferred compensation package and fringe benefits that create a win-win for the employer and the employee.  And we’ll show how the Executive Bonus Plan is a recipe made with cash value life insurance policies.  That makes it the perfect way to offer something of future value that they’ll have to – and want to – maintain employment to get.

Table of contentsThe Competition Today’s Employers FacesFringe Benefits Help Employers Spend Less to CompeteWhere the Executive Bonus Plan Fits into the Cash Flow SystemDeferred CompensationThe Problems with Deferred Compensation for ExecsExecutive Bonus Plans solve the Problems of Deferred CompensationWhat Is an Executive Bonus Plan?What is a 162 Executive Bonus Plan?You Both WinTax TreatmentLower RiskCash Value Benefits for Your ExecutiveThe Downside of Executive Bonus PlansHow Executive Bonus Plans Can Be the Ideal Golden HandcuffsCustodial Executive BonusThe Flexibility of Executive Bonus PlansSolving the Most Problems with One PolicyExecutive Bonus Plans and Infinite BankingGetting Started with an Executive Bonus Plan

The Competition Today’s Employers Faces

In a growing economy with declining unemployment rates, everyone’s hiring, but few people are looking for work. So, employees, who have their pick of employers, are in the position of leverage.  Because the pool of available labor is smaller, it costs more. 

So, companies have steeper competition to get the best employees.  They have to be willing to pay more, and often will have to do quite the song and dance to win them over.  That means paying more or offering more benefits and perks.

The competition businesses face is compounded by the current mindset towards employment in general.  

Company loyalty is a lower priority than personal advancement.  Long gone are the days when people worked for one company their whole life.  A good person needs to feel engaged, appreciated, rewarded, and fulfilled.  If not, there’s little stopping them from leaving in search of another place of employment where they’ll thrive.

Fringe Benefits Help Employers Spend Less to Compete

That also means that businesses are the ones with the most at stake if good people leave. They could lose contracts, revenue, and momentum when their intellectual capital walks out the front door.  And it could be difficult, time-consuming, and expensive to find a replacement.

Therefore, the onus is on business owners to create an employment dynamic that great people want to be a part of.  Offering high-quality fringe benefits is one way that employers can extend the handshake that turns into the ideal kind of loyalty.

Employers have to exert more effort upfront – and more dollars – to reach ideal candidates to fill their most important roles.  And to keep them as long as possible.

In “HR speak,” this is attracting and retaining top talent. 

Where the Executive Bonus Plan Fits into the Cash Flow System

Executive compensation and benefits are just one part of a bigger journey to building time and money freedom. 

That’s why we have created the 3-step Business Owner’s Cash Flow System.  It's your roadmap to take you from just surviving financially, to living a life of significance, purpose, and financial freedom.

The first step is keeping more of the money you make by fixing money ...

We will be back next week with more great content!

Wellings Capital provides access to value-add recession-resistant assets. They've accomplished this by partnering with expert operators in the storage facility, manufactured housing community, and multifamily apartment spaces.  Wellings Capital funds offer accredited investors 15%+ returns without having to work so hard to find great individual deals. 

Today’s conversation unpacks the current trends in these commercial real estate sectors.  We’ll discuss their two accredited investment opportunities to help you achieve your objectives, whether your priority is income or growth.

Where Investing Fits into the Cash Flow System

As important as investing is, it’s just one step in the bigger journey to time and money freedom.

That’s why we have created the 3-step Business Owner’s Cash Flow System. It's your roadmap to get from just surviving, to a life of significance, purpose, and financial freedom.

The first step is keeping more of the money you make by fixing money leaks.  Then, you’ll protect your money with insurance and legal protection, and Privatized Banking.  Finally, you’ll put your money to work, increasing your income with cash-flowing assets.

Who Is Paul Moore?

Paul Moore is a second-time guest on The Money Advantage.  In his July 2018 interview, Lessons from a Commercial Multifamily Investor, with Paul Moore, we talked about his background as a commercial multifamily investor. He shared his most important lessons: high risk does not equal high returns, the importance of giving, and knowing when to quit.  You can grab more of his background and accomplishments there.

After entering the real estate sector, Paul completed 85 real estate investments and exits, appeared on an HGTV Special, rehabbed and managed dozens of rental properties, developed a waterfront subdivision, and started two successful online real estate marketing firms. Three successful developments, including assisting with the development of a Hyatt hotel and a multifamily housing project, led him into the multifamily investment arena. 

Paul is now the Managing Director of two commercial real estate funds at Wellings Capital.  He also co-hosts a wealth-building podcast called How to Lose Money and is a frequent contributor to BiggerPockets.  Paul is the author of The Perfect Investment – Create Enduring Wealth from the Historic Shift to Multifamily Housing (2016), and has a forthcoming book on self-storage investing. 

Wellings Capital Conversation Highlights

How hitting singles is more important than looking for a grand slam in your investing strategy.

Why a multifamily investor left multifamily syndication behind to establish two commercial real estate investment funds.

Why many multifamily investors are turning to self-storage and mobile home parks for double-digit returns.

How the value creation formula maximizes income and grows the asset value in the self-storage and mobile home park sectors.

Wellings Capital's funds that give accredited investors access to forced appreciation and income growth in real, non-correlated assets.

Find Out More About Paul Moore or Investing with Wellings Capital

Find out more about the Income Fund and the Growth Fund at Wellings Capital.

To hear more from Paul Moore, get the webinar Why Is a Multi-Family Investor Investing in One of America’s Most Boring Real Estate Asset Classes?

Get Financial Clarity Today

To personally implement Privatized Banking or discover your hidden money leaks, book a Strategy Call. 

You’ll find out the one thing that you need to be doing right now to accelerate your path to financial freedom.

When it comes to paying off your mortgage, the 15 vs. 30-year mortgage question can stop you in your tracks.  Chances are, you’re probably trying to figure out how to get a better interest rate or get out of debt sooner.

But to make the decision that puts you in the most financial control, you have to fully understand what’s at stake.  And to do that, you have to peel back and peer under layers of pretty compelling myth and misinformation.

https://www.youtube.com/watch?v=TK94hJDMgW4

It sounds harder than it is. 

You just have to be willing to see things for what they are, ask questions, and challenge popular assumptions.  If that seems scary or hard or strange, when did taking the easy path of shortcut thinking ever create your finest moments? (Like never.) 

Unfortunately, mainstream financial thinking has millions of Americans making decisions that take away their control. 

There’s an unspoken rule that’s seeped into our psyche.  It’s that smart people pay off their mortgages quickly. 

But could our bondage to what we feel we ought to do be turning our American Dream into our American nightmare? 

In today’s conversation, we’ll uncover the biggest myths about paying your mortgage. We’ll show you why the focus on paying it off quickly will handicap your cash flow and control.  After we’ve unpacked the facts, you’ll know with confidence and clarity what’s best for you and be able to make mortgage financing decisions without second-guessing yourself.

Table of contentsWhere Paying Off Your Mortgage Fits into the Cash Flow SystemWhere We Got the Idea That You Should Pay Off Your Mortgage QuicklyMyths and Truths About Paying Off Your Mortgage LoanMyth 1: Having a Mortgage Means You Are in DebtTruth: Having a Mortgage Does Not Mean You are In DebtMyth 2: Your House is a Great InvestmentTruth: Your House Is Not an InvestmentTruth: Your House Is an ExpenseTruth: Appreciation on Your House Isn’t Great After AllTruth: The Opportunity Cost of Paying Off Your Mortgage is HighTruth: You Might Just Be Breaking EvenTruth: Home Equity Is Not an Investment or SavingsTruth: It’s Inconvenient to Use Your EquityMyth 3: You’re Safer When Your House is Paid OffTruth: Putting Your Cash into the Four Walls of Your House Means Less to Save and InvestTruth: The Slower You Pay Off Your Mortgage, the More Cash You KeepTruth: With a 30-Year Mortgage, You’re in a Safer Position During the Entire 30 YearsTruth: Wealthy People Don’t Always Pay Everything They’re Capable OfTruth: Today’s Dollars Are Worth More than Tomorrow’s DollarsTruth: When You Pay Off Your Mortgage Quickly, You Give Up Your Most Valuable DollarsTruth: The Closer You Are To Paying Off Your Home Loan, The Greater the Risk of Foreclosure If You Stop Making PaymentsTruth: Your Home Value Has Nothing to Do with Your EquityMyth 4: A Lower Interest Rate Costs You LessTruth: Banks Set Interest Rates Based on What’s Best for ThemTruth: To Be in Control, Model the BankIn ConclusionMath vs. EmotionWhat to Do Next Oh One More Thing...

Where Paying Off Your Mortgage Fits into the Cash Flow System

Owning a home requires paying for it.  And paying for anything, no matter how you do so, affects how much of your money you keep. Making the best financing decisions gives you more to keep and put to work.  But no matter how much money you keep, it’s just one small part in the bigger picture of building time and money freedom.

That’s why we have created the 3-step Business Owner’s Cash Flow System, your roadmap to take you from just surviving, to a life of significance, purpose, and financial freedom.

The first step is keeping more of what you make by fixing money leaks, becoming more efficient and profitable.  Then, you’ll protect your money with insurance, legal protection, and Privatized Banking.  Finally, you’ll put your money to work, increasing your income with cash-flowing assets.

Paying your mortgage happens right here in The Money Finder step of ...

Stacey Brown Randall teaches you how to generate referrals to grow and scale your business, without asking. Better yet, she's uncovered the reason most referral systems fail miserably. Instead of asking, paying, or following gimmicky techniques that make everyone uncomfortable, she knows exactly what to do instead.

You might be wondering just how she created a system to get referrals without asking? It was out of sheer necessity.

After one business failure with no referrals, she received 112 referrals in the first year of business #2. She single-handedly proved that you can generate business referrals WITHOUT ASKING. In fact, her clients were amazed at her success and started asking her to teach them how she did it. She then reverse-engineered her techniques, creating a system for relationship-based expertise-centric businesses to follow her lead. The result: Stacey Brown Randall has perfected her 5-step process that generates her over 100 referrals every year. And now, she's on a mission to help other small business owners and solopreneurs build a business with ease, avoid overwhelm, and finally enjoy growing their business.

If you'd rather focus on doing great work than being a hustling salesperson, this may truly be your answer. Find out how to get referrals, and you'll have prospects that are easier to close.

Where Business Referrals Fit into the Cash Flow System

As crucial as it is to build your business, it’s just one step in the bigger journey to time and money freedom.

That’s why we have created the 3-step Business Owner’s Cash Flow System, your roadmap to take you from just surviving, to a life of significance, purpose and financial freedom.

The first step is keeping more of the money you make by fixing money leaks, becoming more efficient and profitable.  Then, you’ll protect your money with insurance and legal protection, and Privatized Banking.  Finally, you’ll put your money to work, increasing your income with cash-flowing assets.

Today’s conversation will focus on gaining referrals in business to help you build one of your best investments.  Because your business is the one thing, outside of yourself, where you have the most knowledge and control, it deserves your full attention in every way. With each stride in business mastery, you gain the capacity to maximize your cash flow from your business. 

Who Is Stacey Brown Randall?

Stacey Brown Randall is a member of the business failure club, a contrarian on how to generate referrals and a supporter of the entrepreneurial dream. Through her programs, she provides a roadmap to take control of your business.  Stacey is a three-time entrepreneur, author of Generating Business Referrals … Without Asking, and host of the Roadmap to Grow Your Business podcast.

If corporate America is a cruise liner, then small business is a dinghy. Stacey jumped ship from her uninspiring corporate job to launch her own business at the encouragement of a client. The first two years were smooth sailing.  However, the tides changed when her strongest client suddenly left and broke their contract. With such a detrimental blow to the hull of her business, Stacey could not remain afloat just four years after launching the business. Having learned how to bounce back from failure, Stacey now works with businesses to help them grow by racking up referrals without having to ask for them. 

Stacey has taught her “no asking” referral generation strategy to hundreds of companies, small businesses, and solopreneurs.  She received her Master’s in Organizational Communication and is married with three kids, a 10-year-old son, 8-year-old daughter, and she and her husband have the privilege of raising their 10-year-old nephew.

Stacey Brown Randall Conversation Highlights

What’s wrong with the typical referral building methodology, and how to get real referrals instead.

What a referral is and what it’s not.

Key Man Insurance is a life preserver for your business.  It can prevent the devastating impact of losing a key person in your business, your revenue, and you personally.

https://www.youtube.com/watch?v=cBEB56hfKEM

It can mean the difference between your small business collapsing or rising like a phoenix from the ashes. At one of your most vulnerable moments, key person insurance can be the infusion of capital needed to protect your business.

But as you’re busy in the day-to-day of your business, this element of business continuity planning often gets forgotten.  It often gets stuck in the mental file of nice to have, but I’ll get to it later.  And that can be a fatal mistake.

Instead, we’ll have a conversation about how to make sure small businesses can keep moving forward, no matter what happens.  And we'll help you prevent the loss of a key person from threatening one of your companies, your profits, and your livelihood. 

Table of contentsWhere Key Man Insurance Fits into the Cash Flow SystemYour Key Employees Are Your Most Valuable Company AssetsWhat Makes a Key Person, in Fact, “Key?”Impact of Losing a Key PersonMeasuring the Value of a Key PersonOptions to Transfer the Risk of Losing a Key PersonWhy Key Man Insurance Is the Best Option to Cover the Cost of Losing Critical EmployeesHow Key Man Life Insurance Policies WorkHow a Key Man Insurance Policy Is TaxedTypes of Key Man InsuranceExtras to Supercharge Your Key Man InsuranceYour Next Step to Key Man Insurance

Where Key Man Insurance Fits into the Cash Flow System

Protecting your small business from financial threats is just one part of a bigger journey to building time and money freedom. 

That’s why we have created the 3-step Business Owner’s Cash Flow System. This is your roadmap to take you from just surviving, to a life of significance, purpose and financial freedom.

The first step is keeping more of the money you make by fixing money leaks.  Then, you’ll protect your money with insurance, legal protection, and Privatized Banking.  Finally, you’ll put your money to work, increasing your income with cash-flowing assets.

Key Man Insurance is part of Stage 2.  It helps you protect the wealth you’ve created so that no event has the power to sweep it away.  It’s part of your livelihood safeguard, ensuring that your company continues producing your income. 

Your Key Employees Are Your Most Valuable Company Assets

Where does the value of your company come from?  If you started naming your company assets off the top of your head, you’d probably list your real estate first. Then, perhaps your cash, inventory, equipment, accounts receivable, clients, goodwill, and your reputation.

But topping that list is your people.  People make all the things happen.  And you know that great people are worth their weight in gold.  Your business would be nothing without the people who add their knowledge, skill, and expertise to create what everyone knows as your company.

What Makes a Key Person, in Fact, “Key?”

For one POS company that provided machines and merchant services, one salesperson brought in 75% of the business’s revenue.  The salesperson is the ultimate example of a key person – someone you would rather not have to imagine your business without. 

Losing that person would mean lost sales, a floundering business, and significantly less personal income to you.  It might cause you to struggle to pay your overhead and other employee’s salaries. And because of their unique abilities and talents, the cost of replacing them would be tremendously high.

Perhaps they have the Midas touch in sales or marketing, bringing in the majority of your new accounts. It could be the VP of operations or key decision-makers who are largely responsible for the efficiency and processes your company is known for.  Or maybe it’s your #1 technician, with the wealth of knowledge, skill sets, and expertise that has built your company’s reputa...

Never Split the Difference is making waves in the business world by demonstrating that negotiation starts with the most counterintuitive skill of empathy.  That's because author Chris Voss is likely the most qualified person to be teaching negotiation.  With a long history in international crisis and high stakes negotiations as the FBI’s lead international kidnapping negotiator, and a member of the New York City Joint Terrorist Task Force, Chris has negotiated some of the most hostile and challenging situations imaginable. 

He’s not only achieved a successful resolution in many cases. More importantly, he has distilled a depth of wisdom that comes from being in the trenches.  And he has now translated his experience to help you negotiate as if your life depended on it.

Why We Need to Improve our Negotiation Skills

Opportunities for negotiation enter our lives every day.  You’ll see it as you’re building your business and working with clients, team members, and consultants.  Even in your everyday life with your family and loved ones, negotiation plays a massive role.  Your goal is to get things done that you want and need to happen, in a way that everyone wins.

But, almost always, that’s easier said than done. 

Your technician wants to do things their way.  HR doesn’t agree with operations.  A prospect says yes, then drags their feet.  A vendor doesn’t follow through on their promises.  Your 6-year-old doesn’t want to brush his teeth.

Enter the need for you to become a skilled negotiator.

However, we create bigger problems when we approach negotiation in the wrong way. 

First, we usually avoid negotiation, sidestepping it altogether because we’re afraid of conflict. 

Our next approach is usually fighting a battle of wits.  This turns into a dueling match over who has the stronger argument of reason and logic. 

Finally, and embarrassingly, we resort to discovering who has the louder voice.

But none of these methods work to get cooperation, collaboration, commitment, and follow-through we want.

Tune in to Learn How to Never Split the Difference

In this episode of The Money Advantage podcast, we interview Chris Voss.

Chris says that we should “never split the difference.”  It’s code for letting the other side have your way.

To accomplish this, he says that we should approach the conversation with emotional intelligence, tactical empathy, and listening, to build relationships and make deals with people, not against them.

Listen to the conversation here:

Where Negotiation Fits into the Cash Flow System

Today’s conversation will home in on negotiating and deal-making to help you build one of your best investments.  Because your business is the one thing, outside of yourself, where you have the most knowledge and control, it deserves your full attention to improving in every way.  With each stride in business mastery, you gain the capacity to maximize your cash flow from your business. 

So, that’s why you must master the art of negotiation.

As crucial as it is to improve your business, it’s just one step in the bigger journey to time and money freedom.

That’s why we have created the 3-step Business Owner’s Cash Flow System.  It's your roadmap to take you from just surviving, to a life of significance, purpose and financial freedom.

The first step is keeping more of the money you make by fixing money leaks.  Then, you’ll protect your money with insurance, legal protection, and Privatized Banking.  Finally, you’ll put your money to work, to increase your income with cash-flowing assets.

Who Is Chris Voss, Author of Never Split the Difference?

Chris Voss is CEO of the Black Swan Group and author of the national best-seller Never Split The Difference: Negotiating As If Your Life Depended On It, which was named one of the seven best books on negotiation.

A 24-year veteran of the FBI, Chris retired as the lead international kidnapping negotiator...