The W2 Prison Break Show

In this episode, my guest is Lane Kawaoka. He is a Family Office Advisor and Real Estate Syndicator. He is also a Podcaster and Accredited Investor at Simple Passive CashFlow. He has raised over 160M dollars to purchase and control over 1.2 Billion AUM (over 8,000 units) to include apartments, mobile home parks, self-storage, hotels, and other commercial real estate assets. Today, he shares his journey from W2 to Simple Passive CashFlow 

Creating Passive Income 

[05:03]

For Lane, wholesaling and house flipping is what people do when they are broke. He says that people who have good-paying jobs must have stuff on the side that is passive. Lane bought turnkey rentals, which became his passive income. When he buys, he looks for a 1% rent-to-value ratio. You take the monthly rents divided by the purchase price, and it needs 1% or higher for the numbers to work for cash flow.

Managing Turnkey Rental Properties 

[07:54]

Lane started out buying turnkey rental properties. Lane recommends having a third-party manager handle the day to day. He says it is an excellent way for new investors to put on the training wheels as a landlord. 

The Money Problem 

[10:33]

Lane’s first job was working for a conservative company where the quality of life was low but had high pay. He was motivated to save and put down payments on more properties. He realized that 95% of people are bad with their money where they can’t save it. They spend more than they make. 

The Saver Mentality 

[12:06]

Lane says that the saver mentality is good for people who don’t make much money or are not good with their personal finances. Many people save lots of money for their 401K even though they should not be doing that. Lane says that people should instead buy big assets with good debt and leverage their debt. 

The Peoples Game

[15:56]

When Lane started to build relationships with people, he realized that the world was a “people’s game.” It is all about building relationships with the right operators and building colleagues and peers of other passive investors to know who is legit in the business.

Exiting W2

[19:57]

Lane changed jobs a few times, started working for the government, and enjoyed working for them. But he says there is a triangle in management when there is a manager, a worker, and subordinates. 

The Savers 

[27:53]

Lane and his company have events for their clients. Deep down, the company’s core is about being savers-they delay, gratify, and get off on that. They invest in very stable assets that cater for the lower middle class. Lane says it is a bit of a grungy demographic where it is not a get-rich-quick scheme. They go in and rehab units slowly as tenants move out. 

Issues with the 401K

[31:35]

Lane has issues with the 401K, many of which involve taxes. He says that a lot of the whole dogma is predicated on a person getting older and making less money in the future. At that point, they will be in a lower tax bracket. For Lane, his investors will be successful in the future when they reach a much higher tax bracket. Lane says you should pay your taxes to get up to date while in a lower tax bracket. He emphasizes getting taxes paid immediately. 

Lane’s Podcast 

[34:48]

The podcast follows Lane’s journey into real estate. He started back in 2016 when he was buying small rental properties. He would teach people how to buy turnkey rentals. He also has a free guide on www.simplepassivecashflow.com/turnkey. He says that it is a no-brainer to go into syndicated deals if you can build relationships and a community around yourself. 

The Challenge in Becoming a High-Level Investor 

[36:20]

You want to just always be improving as an investor and become a professional investor. The trouble is that most people are working their day jobs. So you don’t really have the time. The issue is interacting with the right higher-level people and higher-level investors and getting access to those rooms, which many people don’t have the time for or the network.

Morning Routine 

[37:22]

Lane will write things that he needs to do. He isn’t a fan of morning routines like yoga, and he immediately jumps on his emails and puts out the fires. His advice is to just do what works for you. 

Is a Mentor Really Necessary? 

[39:56]

Lane says that a coach would be good to have when you are starting out. The trouble is that there are a lot of fake gurus out there that don’t really do anything—they just write books. The guys that teach people mostly prey on people who don’t have money and are desperate. If you’re starting out, there are lots of YouTube videos and podcasts that you can start to absorb. Just focus on getting a community rather than worshiping the gods and the gurus. 

Lane’s Advice 

[43:02]

You have to do something with your time. Try and figure out what makes you happy. But you have to go through a period where you don’t do jack for six months to several years, where you just go weightless. You need to save up enough money to buy enough assets to create a passive income where it exceeds your expenses. 

Learn more about Lane Kawaoka at: 

Listen to his podcast at https://simplepassivecashflow.com/podcast/ 

Book a Free-30 Minute Coaching Session with Brian O’Neill 

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Today I’m speaking with Luke Andrews. He is a real estate entrepreneur who sells, leads and invests. He is a best selling author who has purchased 40 rental properties before turning 40 and has a passion for trying to change lives through real estate. Today, he talks with us about how he left his job in W2 to pursue a career in Real Estate. Stay tuned!

Download his free eBook at 10investormistakes.com. 

Working in W2

[03:36]

Luke worked in W2 his entire career. After college, he had sales jobs and worked for commission. He kept his W2 to have a safety net of a salary. When he experienced having to bring his work home with him, he started to realize it was pointless. He decided to work for himself and not make somebody else rich by working for them. 

Rental Portfolio 

[05:48]

Luke’s rental portfolio started with him and his wife building their first house in 2006, shortly after they married. At the time, it was the height of the market, and it crashed a couple of years later. They eventually needed a spot where they had to upgrade to get something larger. The timing was perfect because both had good enough jobs and credit and were also in a position to keep their first house as a rental. The market was flooded with good-quality candidates who had just gotten into a bad loan and needed a place to live. 

Leaving the Job 

[14:12] 

Luke didn’t take much of the money from his investment properties’ positive cash flow each month. He had to ensure that he had plenty of savings and looked at the equity in his home. It was easy for the first four to six months because of all the adrenaline. But as the months passed, it became difficult for him to handle because the excitement wore off. 

[18:02]

Luke didn’t want to look like a failure in front of his family. He was trying to set an example for his kids about perseverance, working for himself, and being an entrepreneur. He didn’t want to think he was failing and wasn’t good enough to handle referrals and personal businesses. 

Passion for Real Estate 

[20:06]

Luke has always been passionate about real estate, investing, and helping people through that. He loves tax breaks for the freedom it has and that it is a tangible asset he can drive over. Even though he has made lots of mistakes on the side, he still tries to get new investors into the business and help them shorten and flatten the learning curve. 

As a real estate professional and investor, is it harder to find deals? 

[24:39]

As a real estate professional, Luke says the market is definitely softening. But it’s probably softening to levels to where it actually is where it needs to be. It is the same thing with rates. He says that today, we sit in the five to five and a half range, and we’re still sitting at the bottom of that trough. People will feel that houses are back to a normal selling mode. 

Is a coach essential? 

[27:37]

Luke thinks that everybody needs to have some version of a coach or mentor. Even if you feel you can’t afford it now, the access is there for virtual mentors. Many things can help you learn, like podcasts, Youtube videos, books, etc. Take one of these big virtual mentors and spend a month deep-diving into everything they do. Don’t listen to anybody else. Don’t try any other podcast. Just deep dive on them. Just a month at a time and then move on to somebody else next month.

Luke’s Fears in Leaving his Job 

[31:11]

Luke was very afraid about how he would look to his kids if he broke out and failed. Now, he tells his clients not to fear failure. Seeing his failures made him stronger because he refused to quit. 

Luke’s Final Thoughts 

[38:47]

Luke says to just do it. But don’t just go in tomorrow and tell your boss to piss off and walk out the door. Have a plan in place. Life’s too short to be unhappy and to be miserable. The freedom, joy, and love for that every day will be absolutely perfect and blissful. Some days are going to be more challenging than others. Some days you’re there just because you made a promise that you would be, but at the end of the day, that’s still the right place for you. So there’s never going to be a right time. There’s never going to be a perfect time, and you can’t let perfect get in the way of good enough. 

Learn more about Luke Andrews at: 

Get Luke’s Book at https://10investormistakes.com/

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In this episode, our guest is Kelly Hatfield, business owner, coach, and host of Net 7: Exceptional Life Podcast. Kelly will share her experiences in launching multiple businesses, the in-betweens, and other enlightening things she discovered throughout the process. Stay tuned!

Humble Beginnings

[01:15]

Kelly dreamed of being an entrepreneur. She didn’t start her first business until she was 36. She used to be like most people who were working normal jobs. She jumped from one job to the next, never finding what she was looking for, but she learned a lot. Eventually, she landed a job in the recruiting industry, where she worked for almost 14 years before starting her own business.

Starting the Business

[06:15]

She and her eventual business partner broke ties with the companies they worked for because they knew they could do it better on their own. But they weren’t expecting the 2008 crash. 

Leaving your Comfort Zone

[11:11]

You need to be aware that the whole idea of change and being uncomfortable is your brain telling you to stay safe and comfortable in your comfort zone. It will keep making excuses just to keep you there, no matter how invalid they are. Throwing obstacles your way will be one of the things your brain will do. You must overcome them all and leave anyway.

Sacrifices

[17:52]

Kelly had a safety net in the form of money. To make ends meet, it was necessary to make sacrifices. She intended to work for free for the first year. They did, however, use that time to develop relationships and learn more about business-related topics. It took them 11 months to make their first dollar, and another year to become self-sufficient. By the fifth year, they were earning eight figures. Kelly advises staying focused, doing the right things, and making small steps forward each day.

Absolute Advantage Leadership

[30:08]

The Absolute Advantage Leadership was born as a result of dependence and listening to customers. Kelly helps companies with high-performance training and development; she says it’s one of her passion projects.

Book Recommendation

[36:17]

Kelly recommends the book The E-Myth: Why Most Businesses Don’t Work and What To Do About it. It talks about the difference between starting a business with the knowledge and experience you learned and wanting to create a new job for yourself and just wanting to do it because of your love for that specific career in the first place.

Knowing What You Want

[45:23]

Kelly explains that the first thing you need to start with is clarity. You have to know what you want and why you want it. Is it something you’re interested in? Are you committed to making a change to get there?

Kelly’s Advice

[54:01]

If you're having second thoughts and it's always been your dream to have you own business, Kelly says you should start taking action. You must decide whether it is something you are interested in or want to do and be willing to commit to doing it. To grow, you must push yourself. 

Learn more about Kelly Hatfield and Think It, Be it. at:

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In today’s Solocast episode, I discuss the importance of creating small wins on a daily basis as the backbone to accomplish your larger goals. 

That includes your goal of busting out of your W2 Prison. I’m going to share my insights and personal experiences from my path out of corporate sales.

Create Small Wins

[01:56]

When most people write down their goals and objectives, they are so idealistic that they are unattainable. People should practice it daily, achieving small victories every day to build momentum and habits that will help them alter their lives and achieve their goals.

How To Achieve Small Wins?

[04:15]

Promote a healthy lifestyle. First and foremost, get up earlier. You can start by allowing yourself an extra half hour or an hour per day and doing new things that will result in small wins. Meditation and exercise should be part of your daily regimen. The most important thing is to keep our minds healthy and tranquil to digest everything that happens every day. Also, read affirmations and do some reading.

Real Estate

[06:21]

Communication with sellers is critical in the real estate industry. You must work to obtain prospective clients, such as creating targets for the number of people you want to call in a day. Maintain your focus and commitment while avoiding outside distractions.

[07:33]

If you believe there are no results or are not obtaining the desired outcomes, it may be time to pause, review, and adjust your marketing strategy. Associate with people that push you past your limits or out of your comfort zone.

Ask Questions

[09:04]

When you're in a bind, never be hesitant to ask questions and seek guidance from someone who has been in your shoes or who can mentor you on how to improve. They will be willing to assist because they have most likely received assistance as well.

Stay Focused and Committed

[10:03]

Achieving one's goal is not always perfect, and people occasionally suffer through a slump, or things may not always go as planned. What is important is that you stay focused and attain your goals gradually every day until you realize you've finally reached your goal.

Life-Changing Habits

[11:42]

When you focus on improving yourself and altering bad habits, you will see improvements in your life and the lives of those around you. Focus on your company's or personal progress, and remember to trust the process.

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Today I’m speaking with Pancham Gupta. He is the host and founder of "The Gold Collar Investor Podcast." Pancham is a successful entrepreneur who has been in the financial services industry for over 20 years. He started as an investor and financial planner, but he realized there was more to learn about investing. He wanted to help other people succeed in their financial lives, too. Today, Pancham talks with us to share his journey from W2 to full time multi-family syndicator. 

Mindset Shift

[06:23]

Pancham's perspective was altered by the book "Rich Dad Poor Dad," and as he proceeds on his search to find a new place, he decides to begin learning more about investing in real estate.

Syndication 

[9:33]

Syndicating is bringing something together for your project or combining resources to work on a project together. So, in real estate, that means gathering funds and pooling knowledge and expertise from limited and general partners to execute a project. Most of the transactions that individuals see are done through syndications.

Good Deal

[15:12]

Warm leads for a real estate business can generally be generated from friends, family, and acquaintances, and this is typically because these people are someone who knows you. However, to prevent any problems, it is essential never to skip the process of really making the deals.

Concrete Goals

[17:46]

When indicating his life goals, Pancham uses a strategy known as the RPM method, which stands for results, purpose, and massive action. Pancham keeps a notebook to record everything that he is grateful for. You must not lose sight of the goals you have set for yourself at any point.

The Gold Collar Investor Podcast

[20:26]

The Gold Collar Investor is all about teaching people about personal money and talking about all things finance. It covers asset protection, life insurance, gold and silver, and real estate investing. It is primarily focused on real estate and other asset classes within real estate.

Burning Bridges

[22:56]

Pancham believed that working in the corporate world limited his ability to have financial freedom, freedom of living, being with his family, and the option to work from any place, even though he was receiving a good salary.

Recommended Books

[28:51]

Pancham recommends The Engineer's Guide To Passive Investing, which is for investors who want to take a more passive approach to their investing.

Pancham's Advice

[31:14]

Pancham believes that to start something on their own or live the life of their dream, people must first be clear on their wants, needs, and desires. And, to be clear on what you truly want, you must sit down and think clearly, without any layers of doubt, fear, or confusion.

Learn more about Pancham Gupta and Mesos Capital at:

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Today’s I’m speaking with Joe Templin, the author of the book “Every-Day Excellence,” Kindle’s #1 new release in Professional Development. He is also an expert on Human Kaizen, or in other words, Human Improvement. Stay tuned!

Human Kaizen and Analogies

[01:17]

Joe is an author and a human Kaizen expert. He has a fundamental belief that people can get better through consistent effort, and through it, we can unlock our excellence. He tells us how he gives an analogy to his teenage sons that our lives can be comparable to video games. There’s the main quest, but there will be side quests along the way.  Through these side quests, you can accumulate resources, get more insight, and obtain allies. Sometimes you need rest to help yourself recharge. He quotes Steve Jobs: “You can’t connect the dots looking forward. You can only connect them looking backward.”

Side Quests

[05:12]

Joe worked for the Department of Defense, making high-energy optical systems in 1995 while he was a graduate student. He was out there building skills. He earned his first and second-degree black belt in Taekwondo. This helped him push his limits. He quotes Rocky Balboa: “It’s not how hard you can hit, it’s how hard you can get hit and keep moving forward.” You need to practice your fundamentals repeatedly and then understand that you need to perform.

Habits

[11:49]

Habits, whether they are good or bad, are determining points of your future. Joe says that many people have bad habits, one of which is not reading books. He says that 50% of the average American has only ever read one or fewer books a year by the time they graduate. 

Recommended Books

[12:31]

Joe has written his book: Every Day Excellence and says that anybody who wants to go out on their own needs to read The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It by Michael Gerber. 

He also recommended the books:

Having Vision

[23:29]

Joe quotes the bible saying that people without a vision will perish. You need to have a big goal and start putting together the plans to reach it.

Joe’s Advice

[36:39]

Joe says that even if your business might be in the dumps right now or operating under immense financial, emotional, or time constraints, you should understand all the bad things about it but do not give up hope. If you’re going through hell, you have to keep on going. If you’ve got a plan, alter it and adjust accordingly as things change in the environment and the economy. If you understand, believe hard enough, never give up hope and do the work every day, you will succeed. Have that vision but do the work and never give up.

Learn more about Joe Templin at:

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In this episode, our guest is Russell Ham. He is the Managing Owner at Ham Property Solutions, LLC, and he’s been a coach for over thirty years. Russell helps create solutions to his client’s real estate problems. His team is flexible, very easy to work with, and has a proven track record of making win-win deals for both the seller and buyer. Today, Russell talks with us to share his W2 Prison Break journey and his new venture as a certified coach with Smart Real Estate Coach. Stay tuned!

Mindset Shift

[06:58]

Many people froze because of the pandemic. But for Russell, COVID helped his decision to focus more on his business. He got a couple of properties under contract during COVID. Being at home and working on his business shifted his mindset. He was able to listen to podcasts and dive into different ways of thinking.

Russell’s Business

[08:38]

Russell’s business is Ham Property Solutions. They buy and sell on terms, lease purchase and owner financing. Living a life paycheck to paycheck and filled with loans and debt, Russell and his wife made smart financial decisions to help them ease the money problem. With the issues and challenges he faced, Russell became attracted to real estate, leading him to start his own business.

The Coach Mentality

[11:48]

Russell says that he isn’t an expendable teacher. But he does have the opportunity to coach buyers and sellers and impact people’s lives on both ends. When it comes to joining Smart Real Estate Coach, profit didn’t appeal to Russel. Even though money is everything in business, he says his business is mainly about helping people.

Velocity Banking

[15:01]

Velocity Banking is when you take a home equity line of credit and pay off certain debts. You throw your paycheck into the HELOC, and then you pay your expenses out of the HELOC. Over time, if you have cash flow, the home equity line of credit drops because you’re throwing your paycheck in there. You have cash flow that eats away at the HELOC. Once a HELOC drops a certain level, you just keep it and rinse and repeat.

Freedom

[24:50]

Because Russel was living paycheck to paycheck, he was relying on credit cards. He took a step back and took a real hard look at the expenses. After that, discipline came along where he had to see what was going on with his monthly expenses and how positive it would affect his life. He says that finances in people’s lives could be a detriment. Once he started freeing up some cash flow, he was about to help his family and spend more time with them.

Your Money, Your Rules

[32:29]

Don’t just cash out your 401K or your retirement account. Know that there are other things that you can do with it. Have the mindset that it is your money. That money is yours, and it doesn’t belong to anybody else. You should have complete control over it.

Russell’s Goal

[34:03]

When Russell joined Smart Real Estate Coach in 2019, his teaching was more of a side gig. After coming home, he would get on the phone and make calls for hours to sellers. A community then started around Smart Real Estate Coach, which Russell had the opportunity to witness as they succeeded. In the future, Russell hopes to have the freedom to work at home and manage his time.

Recommended Books

[40:58]

Russell recommends Profit First by Mike Michalowicz, which he says is important for anyone in business, cash flow, funneling, and more. The next is Impossible Hill by Peter Taunton. Russell encourages anyone to find their north star and attach the hills in the near future.

Russell’s Advice

[42:51]

Russell says to be resourceful. People get stuck in their ways, so reach out, and do your research. Then take action, even if it is scary. If you take action and have the right mindset, you can accomplish anything.

Learn more about Russell Ham:

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In today’s Solocast episode, I discuss how many people feel stuck in their jobs and find it hard to break free. This is usually a result of the wrong mindset stemming from fears and the stories we create. 

With the right mindset, you can learn new ways to make money and have it work for you instead of you working for money. This happens when you stay motivated and have the right people around you.

Tune in to find out how you can overcome the three most common fears keeping you from your W2 Prison Break!

Three blocks/fears around leaving your W2 job

[01:52] 

The three most common blocks are Mindset, Money, and Motivation. We’ll call it the 3Ms.

How to work on your mindset (first M)

[04:50]

Most people stay in jobs they don't like because of a fixed mindset. They are not ready to learn new skills and find other ways to make money. With a fixed mindset, you feel stuck in that situation forever. Work on your attitude by getting educated and doing things differently. You can develop the growth mindset.

The money issue (second M)

[08:44]

The fear of losing money is enormous for higher income earners who want to shift careers or start a business. You need to find what you can live on or an alternative means to cover your expenses.
If you are not making mistakes, you are not growing. You can leave that W2 job with benefits and focus on what you can do. Besides, you need the right people to lift you when taking risks. You need to find passive ways of making money, and money will start working for you.

Motivation: The Why (third M)

[14:05]

You need to have clarity as to the reason why you are doing this. Motivation will carry you through if you have the right Mindset, People, and Why. Clarity is essential when you want to leave your W2 job, which will help you break from your prison. 

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In this episode, our guest is Michael Thompson.  Michael is a journeyman real estate investor since getting his real estate license in 2014.  He started out in retail real estate, managing properties for mom and pop landlords. While slowly growing that business he was learning how to purchase off market real estate.  By 2018 he grew his property management company to 150 doors.  After selling his property management company in early 2019 he decided to solely focus on buying off market real estate.  He lives in southern Indiana with his wife and two children.

But Michael wasn’t always a real estate investor. He had a W2 right out of college. Listen in to learn how he was able to bust out, allowing him to afford the lifestyle he desires!

Background on Michael Thompson

[01:11]

Michael is a husband and father of two and lives in southern Indiana. He has been a real estate investor since 2014.

Michael's favorite investment strategy

[02:13]

Michael prefers buying creatively as this strategy has made him lots of money. This strategy involves buying property from sellers subject to their mortgages, and he takes ownership of the property and continues to pay the mortgage.

W2 job before diving into real estate

[06:00]

After completing college, Michael realized he had to pay student loans and pursue his MBA. He started his W2 job, but he was not making enough money. He acquired vending machines, and quickly realized the power of earning passive income. However, the location he picked for vending machines was not making him more money. After completing the MBA, he thought about real estate.

Getting into real estate

[10:13]

He got his real estate license in 2014 and started managing rental properties. This was an eye-opener as he realized he could manage other people’s property. He had to balance between taking care of kids when his wife was at work and working his two jobs. 

Leaving the W2 Job

[15:36]

Michael decided to leave the athletic training job and focus on real estate, and his wife supported his decision.  At the time, he managed 50 units by himself, decided to start buying properties, and started managing more units in 2015. 

What entrepreneurship provides

[25:07]

Michael got the chance to learn about creative real estate, and it helped change his mind to a greater extent. He could gain traction and buy more properties, making more money. 

He is now able to manage time and also work from home. Being an entrepreneur gives clarity to him on the kind of life he wants.

Be the owner

[30:14] 

Bring other people to work for you. You don't have to do things you don't like. Instead, learn to outsource tasks to other like-minded people and only focus on managing your life.

Real estate journey

[31:31]

Michael talks about imperfect action. You don’t have to be perfect, just take action and that will move the needle in your life.

Take some type of action daily

[33:42]

You are not going to feel motivated every day. When Michael does not have a good day, he gets to do something physical like work out to balance back lifestyle. Even business people get burned too.

Michaels recommended books

[34:41]

Michael recommends: Rich Dad Poor Dad by Robert Kiyosaki, which changed his perception of money. Moreover, he recommends Asset Protection by Clint Coons, which got him thinking about trusts, and Think Again by Adam Grant.

Connect with Michael:

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In this episode, our guest is Mark Willis. He is a certified financial planner, a three-time #1 Best Selling Author and the owner of Lake Growth Financial Services, a financial firm in Chicago, Illinois. Over the years, he has helped hundreds of his clients take back control of their financial future and build their businesses with proven, tax-efficient financial solutions. He specializes in building custom-tailored financial strategies unknown to typical stock jockeys, attorneys, or other financial gurus. Mark is on a mission to help you think differently about your money, economy, and future. And today, he talks with us about all there is about Money, Banks, Security, and the concept of “Banking on Yourself.” Stay tuned! 

Mark’s First Impression about Money and Banks 

[01:33]

The scenario most of us find ourselves in at some point in our life is we're trading life energy for money that goes through our hands. As the money keeps moving and flowing to somebody else's pocket, we are the waystation. To Mark’s memory, money was his mother taking him to the bank. He accumulated 50 dollars from his allowance and he had to hand over that money to a total stranger, a banker. And that he was supposed to trust that banker to do something good with that money. 

“Security” 

[07:19]

You are least secure when you only have one client. When that client has a boss who might have eaten too much guacamole the night before and just walked into the office in a bad mood and decided to fire you, that's devastating to your financial future. You think you're secure when you have that big job, and you got all those employees to surround you. But all it takes is somebody in a boardroom with the wrong idea about a department, and there goes your future. There goes your “security.” So better to have 99 or 100 clients that are all streams of income for your family, for your business. And the more you serve them, the more they'll be happy to refer you to others.

The Most Important Dollar in our Lives 

[09:58]

Ask yourself what's going to move the needle. There are plenty of mindset coaches and people who can help you move the needle in yourself. As you begin to see yourself change, it will be internal first. Mark was stuck in a rough spot before because of the debt he carried out of college. He then realized that the money he put out to pay those loans was the most valuable dollar in his life. Mark says that the most potential-laden dollars in our life will be the money we have in our mid to late 20s. Today's money in your pocket is the most valuable money you'll ever have because, at this point, the time you have to invest or compound that money is getting shorter and shorter every day.

Bank on Yourself 

[13:39]

Mark’s mentor once dropped by his house and shared the “Bank on Yourself” concept with him. Everything that he said countered everything Mark knew about money. Mark then proceeded to go on with his mentor on a seven-month journey to figure out if the concept was true or a scam. The concept was to bank on yourself, become your own source of financing, take the debt problem, and turn it into a solution. It is much like financial judo, where you take the enemy’s force and leverage it against them to keep yourself defended and protected and even win the battle.

[15:12]

Slowly but surely, Mark bought back all of his debt and became debt-free. Mark became a banker for himself. Like a banker, Mark gets to choose his repayment schedule and compound that wealth, just like banks do continuously. Mark began to build a platform of predictable and increasing wealth for his family and future generations. 

The Banker 

[21:49]

Mark says that we are all in the banking business. We are just sitting on the wrong side of the banker's desk. Whoever the banker is in your life will win the financial game. It doesn’t matter if you are a business owner or a crypto millionaire. What matters is who the banker in your life is. The banking industry controls the environment that your money lives in. The banking industry runs the world economic reality. But banks are a noun and banking is a verb. And nouns don't always have to do the verb. You can still bring back the banking function in your life and be the bank. You can change who the banker is and still be a part of the banking system. You can still participate in buying cars, going on vacations, and investing in your business. You get to decide now because you have a tool that interacts with the world economy. 

Watch what Banks do with Money 

[25:04]

Banks do not own the companies. But they are purchasers of life insurance contracts. Billions of dollars are wrapped up in life insurance contracts owned by these banks. If you have a bank account, the owners of that bank will be insured by that company. There's going to be incredible amounts of cash in those policies. So don't do what banks tell you to do with your money. Instead, watch what the banks do with their money and go do that instead.

Training the Family 

[32:33]

If you are a business owner, you can own policies. Your family members can own policies and dividends from your business. It's not just creating money for the people. It's also helping to prepare the people for the money where you train them in the principles and values that you want to share with them. If you didn't leave a set of principles in the hearts of your family, they'd blow it at the nearest Casino. But if you train that family or that business to understand your principles for finance, incredible things will happen. 

[33:29]

If you want to build real wealth with contractual guarantees outside of Wall Street and want to do it in a safe way where you're where the outcome is determined, check out kickstartwithmark.com.  

The Taxing World 

[35:41]

The money you put into a savings account versus a real estate deal will act differently in the tax world. The same is true with life insurance since the IRS was born in 1913. There have been years since the USA was without an income tax. But when it was initiated in 1913, life insurance had predated the IRS by over a century in the country. So if you put money into a life insurance contract as a business owner, you can do it or as a person. And if you set it up correctly, the tax law says you can get access to that money with no tax due.

Mark’s Recommended Books 

[37:51]

Mark recommends the book Bank on yourself. Another recommendation is by Darren Hardy called the Compound Effect. It is such a great book, great for the mindset and for skill sets. And lastly, a book by Bill Perkins called Die With Zero. 

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