Today on The Wealth Secrets Podcast, Sean Adams welcomes Justin Stoddart, author of the international bestseller The Upstream Model. He’s also the host of the Think Bigger Real Estate Show, as well as a coach and consultant to top entrepreneurs. Sean shares his proven strategy for building a network that produces recurring referrals for your business or personal life.

[03:10] Getting to know Justin Stoddart

Justin experienced first-hand the difficulty of finding his next client. Cold calling and networking did not produce fast and consistent results. This gave him the idea to look for partners who could open up doors of opportunity for him¾to go “upstream”.

For the Upstream Model to work, you must be referred by a trusted professional to the person you seek. Introduction through a credible professional will warrant a warmer reception. During the first few appointments with your potential partner, it’s crucial that you build rapport and identify their business problems. Find common ground by talking about your past successes in the industry. Once you know their main concern, find a way to solve it in time for your next meeting. By doing this, you instantly prove your value through immediate action.

How do you know which relationships to seek out? Choose an upstream partner whose customers can possibly become your own customers in the future. It’s better to have a handful of contacts with warm referrals rather than hundreds of contacts with cold referrals. Focus on the relationships that give you repeated value. This also prevents overwhelm from managing large databases of referrals and frees up your time for other things that matter.

Links and Resources:

Justin’s LinkedIn

Justin’s Instagram

Justin’s Website

Connect With Sean:

Facebook: https://www.facebook.com/profile.php?id=100060279543976

LinkedIn: https://www.linkedin.com/in/leveraged-life/

Instagram: https://www.instagram.com/sean_adams103/

Youtube: https://www.youtube.com/channel/UC0i91Q-fFy70LkaFxvfnGpg

For more videos and resources, visit leveraged-life.com. Do you have questions and feedback? Get in touch with Sean Adams through his email: [email protected].

Today on The Wealth Secrets Podcast, Sean Adams welcomes Zachary Miller from Private Wealth Academy, a group of experts that empower individuals to take control over their wealth. They discuss how to use bulletproof trusts to protect any asset while reducing liability.

[03:10] Getting to know Zachary Miller

A trust fund is created to hold an asset for the benefit of another. The assets in the trust are neither owned by the grantor nor the beneficiary because ownership is determined at a later date. Assets that are not in a trust are taxed heavily by the government. Wills are not exempted from probate but trusts are.

Aside from the inheritance benefit of trusts, other advantages include protection and tax savings. Cars, real estate, and registered businesses can have their own trusts – thereby protecting your assets from litigations. You can set up trusts in whichever way you like, building a “trust web” that’s best suited for your unique position. Whether you have a statutory or a private trust, you are able to reap tax savings.

You don’t have to be a billionaire to start a trust. Trusts have always been advertised as accounts for the wealthy but that is simply untrue. Start your own trust fund for your own protection and use it to your advantage.

Links and Resources:

Private Wealth Academy Website

Connect With Sean:

Facebook: https://www.facebook.com/profile.php?id=100060279543976

LinkedIn: https://www.linkedin.com/in/leveraged-life/

Instagram: https://www.instagram.com/sean_adams103/

Youtube: https://www.youtube.com/channel/UC0i91Q-fFy70LkaFxvfnGpg

For more videos and resources, visit leveraged-life.com. Do you have questions and feedback? Get in touch with Sean Adams through his email: [email protected].

Today on The Wealth Secrets Podcast, Sean Adams welcomes back David Barnett, business consultant for small to medium-sized enterprises and the bestselling author of Invest Local and other titles. His decades-long of combined experience at Yellow Pages, American Express, and business brokerages have made him an expert in business buy and sell, business valuation, and deal-making. David shares his tips for how to invest in cash-flowing businesses and how to add value as an investor.

[03:26] Getting to know David Barnett

The biggest risk in starting a business is the uncertainty of reaching your breakeven point. It’s even more challenging to make a profit. Acquiring a business that has a secure cash flow may be a safer investment decision depending on your financial situation.

Before buying an existing business, ask yourself these two questions: What is the cash flow? Will I be able to generate the same cash flow under my stewardship? Answer these questions to determine the returns and risks. An enterprise that doesn’t have standardized processes, manuals, and tools in place will be much harder to take on. On the bright side, you may also view this as an opportunity to acquire the business at a lower cost. Evaluate what other areas of the business are underutilized. Use your skills, knowledge, and resources to make further improvements.

Looking for investment opportunities starts with introspection. Create a list of your strengths and expertise. You’ll get an idea of which businesses and industries will match your skillset. Search for business listings and online databases for the niche you’re interested in. Reach out to the owners of the businesses and build relationships with them and other industry specialists. In time, you’ll find a cash-flowing business to invest in that will be a good fit for you.

Links and Resources:

David’s LinkedIn

David’s Website

David’s YouTube Channel

Connect With Sean:

Facebook: https://www.facebook.com/profile.php?id=100060279543976

LinkedIn: https://www.linkedin.com/in/leveraged-life/

Instagram: https://www.instagram.com/sean_adams103/

Youtube: https://www.youtube.com/channel/UC0i91Q-fFy70LkaFxvfnGpg

For more videos and resources, visit leveraged-life.com. Do you have questions and feedback? Get in touch with Sean Adams through his email: [email protected].

Today on The Wealth Secrets Podcast, Sean Adams talks to Neil Twa, who is the founder and CEO of Voltage Digital Marketing. He has been launching, operating, and growing private label e-commerce businesses since 2012. As of date, he has sold over $100 million in physical products primarily through the Amazon FBA sales channel. Neil shares his blueprint for how to build an online business that can generate a passive six-figure income in just 12 months.

[03:03] Getting to know Neil Twa

Neil’s interest in building e-commerce private label businesses started in 2010. At that same time, Amazon was an up-and-coming platform that showed a lot of promise. He realized that Amazon was a giant search engine for products, with lots of consumers using it as their go-to shopping website. The platform attracted a lot of organic traffic and product listings were easily visible. Neil and his partner Reed Larson, found a lot of success in building businesses with brands on Amazon. His company, Voltage Digital Marketing, grows brands with or even for sellers.

The success of an e-commerce-based business will depend on its product. A product must provide unique value to the buyer. The ideal consumer is someone who is solution-oriented, rather than someone who is just looking for the cheapest option. For these reasons, the optimal products to sell are usually high-end goods that customers are passionate about. Another criterion is that products must have at least a 40% profit margin.

Aside from the ease of marketing, Amazon also smoothens a business’ operations through its Fulfilment by Amazon (FBA) program. From storage, delivery, to customer service, the FBA program handles all the logistical concerns for the seller. Business owners have more time and energy to get to know their customers. Revenue can be doubled if you have a good understanding of your target market.

Links and Resources:

Neil’s Mobile: 4174134209

Neil’s LinkedIn

Voltage Digital Marketing

Connect With Sean:

Facebook: https://www.facebook.com/profile.php?id=100060279543976

LinkedIn: https://www.linkedin.com/in/leveraged-life/

Instagram: https://www.instagram.com/sean_adams103/

Youtube: https://www.youtube.com/channel/UC0i91Q-fFy70LkaFxvfnGpg

For more videos and resources, visit leveraged-life.com. Do you have questions and feedback? Get in touch with Sean Adams through his email: [email protected].

Today on The Wealth Secrets Podcast, Sean Adams talks to Mikkel Thorup, the bestselling author of Expat Secrets and the host of The Expat Money Show podcast. He has lived in 9 different countries and has been constantly travelling the world for over 20 years now. Mikkel shares his experiences in living abroad with zero taxes and why you need to diversify your portfolio with off shore investments.

[02:53] What is an Expat?

Mikkel started travelling since he was 16 years old. Formal education didn’t suit him so he decided to drop out of school from a young age. Instead of learning inside the classroom, he was learning through his own exploration of the world.

Due to COVID-19 pandemic, majority of the workforce has shifted to remote work. This change has prompted people to re-design their life not by society’s standards but by their personal goals. There are many advantages to living overseas as an expat. You have the freedom to seek out exciting experiences, to live healthier, to learn new languages, and much more. Living abroad also allows you to reduce tax bills to zero. You can do this by moving to a low-income tax state and by qualifying for the foreign earned income exclusion (FEIE) program. Without the burden of tax, you can live a more comfortable life abroad.

Another way to build wealth is to diversify your portfolio with foreign investment opportunities. You can buy real estate and precious metals, open off shore bank accounts, or even incorporate a company overseas. Litigators and creditors are discouraged to come after foreign assets because of the differences in language, currency, and laws. Before attempting to move or invest, consult with trusted specialists because mistakes can have severe consequences.

Links and Resources:

Mikkel’s LinkedIn

Mikkel’s Book: Expat Secrets

The Expat Money Show Podcast

Expat Money Forum Group

Connect With Sean:

Facebook: https://www.facebook.com/profile.php?id=100060279543976

LinkedIn: https://www.linkedin.com/in/leveraged-life/

Instagram: https://www.instagram.com/sean_adams103/

Youtube: https://www.youtube.com/channel/UC0i91Q-fFy70LkaFxvfnGpg

For more videos and resources, visit leveraged-life.com. Do you have questions and feedback? Get in touch with Sean Adams through his email: [email protected].

Today on The Wealth Secrets Podcast, Sean Adams talks to Adam Zach, the co-founder of Set Your Rent, a creative homeownership and real estate investment company specializing in rent-to-own programs. They talk about why most mortgage applications get denied, rent-to-own-lease agreements, and business loans versus conventional loans.

[03:01] Getting to know Adam Zach

[05:30] Adam's first encounter with real estate investing

[07:00] How to invest in real estate

[10:28] Why would a mortgage get denied?

[14:25] Risks of quitting your job and jumping into entrepreneurship

[16:49] All you need to know about private mortgages

[19:34] Owner financing and the prequalification process

[21:33] Rent-to-own-own lease agreements

[25:28] Risks and realities of the contract for deed

[31:40] Business loans versus conventional loans

[36:10] Real estate investment and creating value

[39:05] Passive real estate investing

[42:50] Investing in the rent-to-own space

Picture this scenario, you've found your dream home and applied for a mortgage, only for your application to be denied. A mortgage application denial is the one thing most would-be homeowners dread. Interestingly, most employed people assume that everyone can get their mortgage applications approved. Yet, one in every nine loan applications to buy or refinance a home is denied. Adam explains that denial can be due to various reasons, including insufficient down payment, no credit history, a poor credit score, or too much existing debt. 

With this in mind, Adam came up with a brilliant idea to make money off mortgage denials. The fact that banks will willingly finance him puts him in a prime position to owner-finance a property. Owner financing is a transaction in which an investor finances the purchase of a house for a third-party entity/person. Adam explains that owner financing can be advantageous for sellers and buyers since it eliminates bank interruptions. Moreover, the financier gets to make a profit that would have otherwise gone to the bank.

However, this type of transaction packs much higher risks and responsibilities for the financer. First, there is the probability that the homeowner can default. The first red flag is that the buyer can't qualify for a traditional mortgage. This is why Adam and his team perform in-depth background checks on potential clients to assess their incomes, down payment situation, rental history, and credit score. He further adds that although credit scores are considered during background checks, they rarely decide based on a client's credit score.

Links and Resources

Adam’s LinkedIn

The Set your Rent Website

The Pre-approved podcast

Connect With Sean:

Facebook: https://www.facebook.com/profile.php?id=100060279543976

LinkedIn: https://www.linkedin.com/in/leveraged-life/

Instagram: https://www.instagram.com/sean_adams103/

Youtube: https://www.youtube.com/channel/UC0i91Q-fFy70LkaFxvfnGpg

For more videos and resources, visit leveraged-life.com. Do you have questions and feedback? Get in touch with Sean Adams through his email: [email protected].

All shared information from the Wealth Secrets Podcast should not be taken as legal or financial advice. Please consult with a professional before making any decisions.

Today on The Wealth Secrets Podcast, Sean Adams talks to Tony Frischknecht, a forward-thinking cannabis entrepreneur and the founder of Plant Problems-- a renowned company in the cannabis growing, distribution, processing, and investing space. We talk about the many different ways an investor can get involved in the cannabis industry, regulations in different states, and the negative stigma around cannabis production and use.

[02:43] Tony’s entrepreneurial journey

[11:15] Tony’s transition from medical to commercial cannabis production

[14:30] Business opportunities in the cannabis industry

[17:23] Cannabis wholesale and retail opportunities

[19:40] How to build a vertically-integrated marijuana business

[21:40] Pros, cons, and opportunities after cannabis legalization

[34:31] Breaking the stigma around cannabis use and production

[37:50] The different forms and uses of marijuana

[42:13] What you need to know about cannabis real estate

[47:15] Hands-off investing in the cannabis industry

[52:39] Regulations on cannabis production, research, and recreational use

[54:01] How to invest in cannabis stocks

Tony’s Transition from Medical to Legal Commercial Cannabis

A few years after delving into the world of medical cannabis production, Tony saw an opportunity to scale his business and dive into wholesaling. Several of his clients could plant cannabis for medicinal purposes but lacked the skills, knowledge, and space. With that, he expanded his business to sell to his ever-growing number of clients and also supply local stores. Furthermore, the recent wave of legalization of recreational marijuana use in several states supercharged the growth of his business.

According to Tony, gone are the days when cannabis growers were associated with disorganized underground economies. Today, marijuana production is all about state-of-the-art agricultural facilities that can produce safe, regulated, and high-quality products for the lucrative and fast-growing American market.

Tony goes on to add that hands-off business opportunities in marijuana production are also on the rise. Professional service providers such as lawyers, digital marketers, and accountants can easily pivot into the cannabis space. These service providers are crucial for the marijuana industry, given the diverse regulations and preferences from state to state.

Links and Resources

Tony’s Website

Tony’s LinkedIn

The Plant Problems Podcast

Tony’s Book: From Black Market to The Man

Connect With Sean:

Facebook: https://www.facebook.com/profile.php?id=100060279543976

LinkedIn: https://www.linkedin.com/in/leveraged-life/

Instagram: https://www.instagram.com/sean_adams103/

Youtube: https://www.youtube.com/channel/UC0i91Q-fFy70LkaFxvfnGpg

For more videos and resources, visit leveraged-life.com. Do you have questions and feedback? Get in touch with Sean Adams through his email: [email protected].

All shared information from the Wealth Secrets Podcast should not be taken as legal or financial advice. Please consult with a professional before making any decisions.

Today on The Wealth Secrets Podcast, Sean Adams talks about the different dimensions to consider before making an investment. Focusing solely on the rate of return is not enough to help you build real wealth. Sean discusses in further detail other investment metrics that will help you make better financial decisions and strategies.

[00:41] Four factors to consider before investing

The rate of return is an eye-catching metric for most people. Factors like guaranteed rate of return, tax advantages, liquidity, and protection are just as important to consider. Let’s compare a long-term investment in cash value whole life insurance against a long-term investment in the S&P 500. In this example, we have annually invested $19,500 in both life insurance and the stock market from 1990 to 2020.

Over a span of 30 years, the stock market investment will significantly outperform the life insurance investment with a yearly growth rate of 11.5% and 4% respectively. The S&P 500’s annual return rates are very volatile, with some years showing growth and other years showing losses. However, this isn’t the case with cash value life insurance. Instead, there is a 4% guaranteed return since it isn’t affected by the stock market.

Although the returns from the stock market are great, you do not have immediate access to your money. Cash value life insurance policies are not the end investments but are more often used as storage tools. You can take a policy loan against the insurance balance and use the money for other investment opportunities. Meanwhile, the cash value will keep earning interest in its full amount. In a way, you’re growing your money in two places at once.

Another important factor to consider is the tax bills on your investment returns. The interest earned in insurance policies are not categorized as income so it’s tax-free. Insurance policies are private contracts between the company and the policy owners. As such, they are not declarable assets. Storing your money in policies will keep it safe from litigations, bankruptcy, and divorce. Should you face an untimely death, insurance policies pay out a death benefit to your family.

Connect With Sean:

Facebook: https://www.facebook.com/profile.php?id=100060279543976

LinkedIn: https://www.linkedin.com/in/leveraged-life/

Instagram: https://www.instagram.com/sean_adams103/

Youtube: https://www.youtube.com/channel/UC0i91Q-fFy70LkaFxvfnGpg

For more videos and resources, visit leveraged-life.com. Do you have questions and feedback? Get in touch with Sean Adams through his email: [email protected].

All shared information from the Wealth Secrets Podcast should not be taken as legal or financial advice. Please consult with a professional before making any decisions.

Today on The Wealth Secrets Podcast, Sean Adams talks to Michael Morawski, a multi-family real estate coach with 30 years of industry experience. Mike is also an author, entrepreneur, trainer, public speaker, and personal coach. He shares the story of how he built several successful businesses, how he lost it all during the recession, and how he bounced back from the lowest point in his life.

[01:55] Getting to know Mike Morawski

[05:50] People are more than willing to help

[09:33] We don’t need to know everything

[14:06] How Mike handled The Great Recession

[22:29] Don’t let pride, ego, and greed control you

[24:29] Pay attention to the details

[29:39] Screen the people you work with

[35:28] 10 years in prison: “Do the time or let the time do you”

[39:18] Bouncing back with gratitude and a new mindset

Mike got his start in real estate after meeting a successful agent who became his mentor. He taught him the ropes and had a very successful first year, selling 78 houses in total. Eventually Mike built his own team that specialized in selling residential property. In 2005, Mike saw a shift towards apartment syndicate investing and did the same. He built a property management company that handled thousands of units. In the process of scaling his company, he made the mistake of not paying enough attention to the details.

When the recession hit in 2008, some of his businesses were greatly affected. In an effort to try and save it, he inadvertently committed fraud by moving money between his companies. This landed him in federal prison for 10 years. He admits letting his pride get the better of him. Instead of coming clean to his investors about the companies’ state, he tried to find a solution that did not work in his favor.

During the early days of his sentence, Mike felt lost and defeated. But through the encouragement of a trainer, he changed his perspective. While serving time, he exercised, wrote a book, attained a bachelor’s degree, and taught ethics among other endeavors. He maximized his time in prison and has come out as a better man, with a renewed sense of gratitude and purpose.

The key takeaways to Mike story are: don’t be afraid to ask for help, pay attention to tiny details, screen the people you work with, and show more gratitude.

Links and Resources

Mike’s LinkedIn

Mike’s Instagram

Mike’s Twitter

Mike’s Email

Mike’s Book: Exit Plan

Connect With Sean:

Facebook: https://www.facebook.com/profile.php?id=100060279543976

LinkedIn: https://www.linkedin.com/in/leveraged-life/

Instagram: https://www.instagram.com/sean_adams103/

Youtube: https://www.youtube.com/channel/UC0i91Q-fFy70LkaFxvfnGpg

For more videos and resources, visit leveraged-life.com. Do you have questions and feedback? Get in touch with Sean Adams through his email: [email protected].

All shared information from the Wealth Secrets Podcast should not be taken as legal or financial advice. Please consult with a professional before making any decisions.

Today on The Wealth Secrets Podcast, Sean Adams talks to Adam Kol, a couples financial coach with over a decade of experience as a certified mediator, communication coach, and financial advisor. Adam helps couples make sure the money conversation doesn't get in the way, leading to more financial security, clarity, and peace of mind. They discuss financial disparity in relationships, having the money conversation with your partner, and emotional attachment to finances.

[02:30] Getting to know Adam Kol

[06:04] How to Start a Conversation About Finances

[09:42] Defining your Money Relationship Story

[16:50] How to Have the Money Conversation with your Partner

[21:56] Spenders Versus Savers in Relationships

[26:09] Building Financial Equality in a Relationship

[29:20] Tackling Financial Disparity in Relationships

[38:50] Why your Need to Respect Your Partner's Financial Opinions

How to Have the Money Conversation with Your Partner

Most couples never know the appropriate time to start talking about finances. But, when your partner's finances become intertwined with yours, then it's time. Whether you're moving in together, getting married, or getting serious about the relationship, there will come a time when you will need to have the money talk.

Spenders Versus Savers in Relationships

When you go out on a first date with someone, things like their credit scores or how much debt they have often never cross your mind. You probably want to know a little about their personality, their likes, and pay attention to how they treat you. However, when things get a little serious, their financial situation starts getting the much-needed attention. So, what happens when you find out that your partner is a spender and you are a saver, or worse, they are deep in debt? First, statistics have proven time and time again that money can dent any relationship; thus, it would be best to talk about finances as early as possible. Second, opposites tend to attract, and you're likely to marry a spender if you're a saver. The good news is that spenders and savers can coexist quite happily by complementing each other to create a balance in their financial management.

Links and References

Adam’s Website

Adam’s LinkedIn

Adam’s Instagram

The Couple’s Financial Coach Podcast

Take a Quiz on Couples Money Personality Types

Connect With Sean:

Facebook: https://www.facebook.com/profile.php?id=100060279543976

LinkedIn: https://www.linkedin.com/in/leveraged-life/

Instagram: https://www.instagram.com/sean_adams103/

Youtube: https://www.youtube.com/channel/UC0i91Q-fFy70LkaFxvfnGpg

For more videos and resources, visit leveraged-life.com. Do you have questions and feedback? Get in touch with Sean Adams through his email: [email protected].

All shared information from the Wealth Secrets Podcast should not be taken as legal or financial advice. Please consult with a professional before making any decisions.