Wealth Secrets

Today on the Wealth Secrets Podcast, Sean Adams talks to Scott Sciberras, the co-founder and CEO of Whiskey and Wealth Club, a company aiming to bridge the financial gap between distillers and the public. They talk about investing in rare Scotch and Irish whiskeys, why whiskey is a unique asset class, and why you should consider investing in the whiskey market.

[03:19] Scott’s Journey into Entrepreneurship

[06:32] Why Scott Decided to Focus on Alternative Investing

[08:50] How Whiskey and Wealth Club Conducts its Business

[15:23] Why Whiskey is a Unique Asset Class

[18:20] Knight Frank’s Luxury Investment Index

[22:38] Why the Whiskey Market Attracted Massive Interest in 2020

[29:07] How COVID-19 Affected the Whiskey Market

[32:20] Whiskey Investment Exit Strategies

[35:40] How to Invest in Whiskey

Why Scott Decided to Concentrate on Alternative Investing

From a very young age, Scott’s father instilled in him a passion and understanding of investing. However, he decided to pursue electrical engineering in college, a path he later realized was a mistake. As time went by, he settled in marketing and customer service, which later helped him launch his first telecommunications company. The sale of the company provided the needed capital to venture into forex trading and whiskey investing.

How Whiskey and Wealth Club Conducts Its Business

Whiskey distillation is a risky business. The hard work, preparation, and patience required throughout the process can be a little overwhelming. For example, Irish and Scottish whiskey has to stay in wood for a minimum of three years. Moreover, it would require an additional six to ten years before a cask can attract significant returns on investments. Although investing in whiskey has been around for centuries, it has, for the longest time, been for the select few. With that, Scott and his company saw an opportunity to bridge the gap between distillers and the public, opening doors for private investors to get in on the market.

Why Whiskey is a Unique Asset Class

Ever since the market crash of 2008, the public got fed up with traditional investment options such as stock markets and real estate. Yet, this hasn’t stopped the media or financial institutions from promoting these conventional investment opportunities. The thing to note here is that since 2000, there have been four significant stock market changes that affected practically every industry worldwide. In contrast, in the same 20-year period, the whiskey market has witnessed a steady incline of about 17.8%, that wasn’t affected by markets or government interference.

Links and Resources

Scott’s Website

Scott’s LinkedIn

Connect With Sean:

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

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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 Andrew Mastin, the co-founder of @LBI Limited, a rare and exotic car brokerage firm. They talk about why classic cars are a valuable asset, where to find classic cars, and how you can make money by investing in rare and exotic cars.

[02:15] Andrew’s Journey into Entrepreneurship

[14:52] How to Balance Your Passion and Your Profession

[17:44] Why Classic Cars are Considered an Asset

[22:55] Defining an Investment Vehicle

[24:36] Factors That Drive Value in Classic Cars

[29:08] How to Get Into The Classic Cars Business

[34:35] Where to Find Classic Cars

[39:30] How Andrew and His Company Close Deals

[42:50] Andrew’s Take on Where The Market Is Headed

How to Mix Passion and Business

What started as a hobby quickly grew into a passion, and before Andrew knew it, he was living off of classic cars, and that’s where it gets tricky. Balancing between passion and professionalism can be overwhelming because you have to factor in the emotions. The people who know how to integrate their passions into a business almost always end up being successful. And if you can’t, you can always seek counsel from financial advisors before investing in something.

Why Classic Cars Are Considered an Asset

After the market collapse of 2008, many people realized that investing in intangible assets, such as stocks, is a precarious business. With that, investors took to other forms of investment that saw a boom in other asset classes, namely real estate and classic cars. This is because people started seeing the value of tangible assets that can attract value in any part of the world and require little to no expertise.

Where To Find Classic Cars

The easiest way to land classic cars is by being curious. Whenever you’re driving through the neighborhood or on your morning commute, take a look out the window and into driveways and garages. If you see something exciting, knock on the door and ask if you can take a look at it. Car enthusiasts rarely sell, but once in a while, you’ll land deals that are too sweet to resist.

Links and Resources

Andrew & LBI Limited's Website

@LBI Limited on Instagram

Andrew'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].

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. SYNC

Today on The Wealth Secrets Podcast, Sean Adams talks to Michelle and Doug Myers, the founders of Pink Callers. Their company provides remote customer service for home service businesses. Michelle and Doug share the story behind Pink Callers and how they’re growing it through affiliate partnerships and networking. They also talk about what it’s like to run a business with your spouse and the importance of setting boundaries.

[01:07] The Evolution of Pink Callers

The Evolution of Pink Callers

Providing customer service was already a big help to Pink Caller’s clients. As the business grew, more clients requested for additional assistance. The complexity of communication between home service businesses and customers continues to grow. Eventually, Pink Callers branched out to include more services like appointment scheduling, lead organization, payroll management, and more. Pink Callers recognizes that it creates value for clients by helping them solve all sorts of business problems.

Michelle and Doug as Married Business Partners

For Michelle and Doug, their marriage always comes first. They understand each other’s strengths and weaknesses and are not afraid to own up to them. By playing to their strengths, they contribute much more value to the company. They recognize that there is always room for growth and proactively seek ways on how to improve.

You don’t have to beat yourself up over tasks you’re not good at. It’s better to let someone else handle a job you’re not suited for. Business owners fail to realize that they are the ones slowing progress by failing to delegate. If the task cannot be delegated or automated, delete it.

Leveraging Affiliate Partnerships to Grow a Business

Instead of spending on advertising and marketing, Pink Callers leverages different audiences and partnerships to grow. Michelle and Doug find like-minded individuals and organizations who create positive value. Whether it’s speaking at conventions, attending meetings, or entertaining interviews, they prioritize these activities to build connections. Pink Callers gains clients not because of marketing, but because of who they are as a company. Clients often gush about Pink Callers and would make referrals. In a way, they act as brand ambassadors which help drive organic growth. Relationships are the key to Pink Caller’s success.

Links and Resources

Pink Callers 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].

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 outsourcing and delegation as means of leveraging our time. The wealthy invest in systems and teams so that they have more time to focus on more important tasks. 

[02:10] Time Management, Productivity, and Outsourcing

[04:47] Why Business Owners Fail to Delegate

[09:55] The E-Myth

[10:31] Sean’s Experience with Delegation

[13:24] All Tasks Can Be Simplified into a Checklist

[15:50] The Difference Between Effectiveness and Efficiency

[19:12] The Four D’s of Creating Systems

Time Management, Productivity, and Outsourcing

Outsourcing work is very common among the vast majority of the rich. They delegate errands so they can give more attention to high value tasks. Being preoccupied with day-to-day responsibilities leaves no room for strategic planning or decision making. Investing in teams and systems that create quality output saves a lot of time.

To know which tasks you can delegate, ascribe a dollar per hour amount to everything you do. This allows you to identify which activities drives results. You should be devoting your time and effort into those important tasks and assign the rest of your routine tasks to someone else. In this way, you are optimizing your time and delivering better value.

Why Business Owners Fail to Delegate

Business owners often fail at delegating work because they do not know how to create an effective system or they simply don’t have the time for it. The absence of a system sets your business up for failure. You don’t need a large team to start outsourcing help.

When you delegate without a working system, two things can happen. The first possibility is that you feel it’s even more difficult to onboard someone else. In effect, you continue doing the work yourself. The second possibility is that responsibilities are turned over without any guidelines leaving the employee at a loss for what to do. 

Creating Systems and Workflows

Creating systems is about defining the who, what, when, why, and how things get done. Write down all of your business’ processes: from the simple to the most complicated tasks. A workflow is a lot like a user manual. Just like how gadgets and cars have manuals, systems must also contain all of the business’ essential information. 

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].

Links and Resources

The E-Myth by Michael Gerber

The Checklist Manifesto by Atul Gawande

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

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 a daily financial activity that we don’t rarely think about banking. He explains the way that banks make money and how we can use the same insider knowledge to increase our funds. Not only that, but this strategy is often used by the rich to protect generational wealth.

[02:24] How Banks Make Money

[05:18] Banks Only Invest in Safe, Convenient Opportunities

[10:01] There are Better Ways of Storing Money

[12:39] Remove Banks as Middlemen

[14:54] Cash Value Life Insurance

[18:31] The Problem with Traditional Whole Life Insurance

[20:01] Unique Advantages of a Cash Value Life Insurance

How Banks Make Money

Banks make a profit by investing in financial opportunities using the pooled assets of their customers. Typically, banks do not like to take on risk so they rely on safe financial tools that guarantee a stable return. Banks get to keep the returns on their investment while the customers’ deposits are returned in full, along with a small interest.

Banks Only Invest in Safe, Convenient Opportunities

Take a look at any bank’s tier 1 assets from their balance sheets. Tier 1 assets are the funds that are allocated to the highest performing investments. Majority of the banks’ resources are invested in bank-owned life insurance (BOLI). This is because life insurance policies have a guaranteed interest rate of 4-6%.

To recap, banks are earning a 4-6% return from customers’ money but are only returning 0.1% back in the form of interest. And yet, account holders keep coming back to banks for other services like loans or credit cards. A long term savings account only helps banks grow their own profit instead of your own.

Alternative to a Savings Account

It’s been ingrained in us that we need to store our money in banks for safe keeping. But if you think about it, customers don’t reap any benefits aside from the financial services that the bank provides. Banks continue to pool customers’ deposits for their own investment.

Now that we know how banks turn a profit, we can apply the same strategies to our own finances. Think of banks as middlemen. You can take them out of the picture by contacting an insurance company directly. One of the ways you can do this is by setting up a Leveraged Wealth Account that allows you to avail of a cash value life insurance policy.

Book a free life insurance audit at leveraged-life.com. Don’t forget to check out the available learning resources on the website. Do you have questions and feedback? Get in touch with Sean Adams through his email: [email protected].

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

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 hosts Steve Parisi, president of IBC Global, an insurance policy company that focuses on infinite banking concepts and cash value life insurance. They discuss why life insurance is an asset, the cash value concept, the liquidity of life insurance policies, and how companies use life insurance as an employee retainer.

[01:13] Getting to Know Steve Parisi

[05:44] Life Insurance as an asset and not a Liability

[08:31] Why Cash Value Life Insurance Continues to be Ignored

[12:54] Tax-Free Life Insurance

[17:48] Cash Value Life Insurance Policies and the Stock Market

[21:45] Liquidity of Life Insurance Policies

[31:50] Life Insurance as an Employee Retainment Strategy

[43:20] Perfect Candidates Life Insurance Policies

[46:24] Notable Drawbacks

[54:04] The Bonus Section

Life Insurance as an Asset and not a Liability

The first thing that comes to mind when people hear about life insurance is expenses, liabilities, and sometimes death. The interesting part, however, is when corporates and the ultra-rich position millions of dollars into the cash value component of insurance policies. Which makes us wonder, what is it that they know and we don't? Well, they focus on maximizing cash values by making their products extremely flexible and are not committed to premiums permanently. 

Life Insurance as an Employee Retainer

Other than hiring the right staff, retaining your best employee is what ultimately sets you up for success. While there might be several things that keep an employee loyal to your company, a life insurance package will surely help swing the pendulum in your favor. Furthermore, suppose an employee decides that a life insurance policy is still not worth the stay, depending on how you custom your package, you can still transfer the policy to another of your employees.

Main Drawbacks of Life Insurance Policies

In essence, there are no notable drawbacks of having life insurance other than the initial cash value hit. Since you're buying a life insurance policy, your money will reduce to 80 to 95% in the early years. Although the money will eventually recover as the years go by, some people are still not comfortable with this aspect of the package.

Links and Resources

Steve Parisi’s LinkedIn

Steve Parisi’s Website

The 10X Rule by Grant Cardone

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 everything there is to know about 401Ks. He dissects the myths, the benefits, the drawbacks, and, most importantly, why the super-rich often shies away from signing up for the 401k.

[01:55] Understanding The 401Ks

[06:50] The Benefits of Having a 401K Account

[07:58] The Reality of the 401Ks

[11:18] The Strict Withdrawal Rules

[17:59] 401Ks Management Fees

[25:02] The Risk Associated With Market Exposure

[27:40] The Contribution Limits

[31:30] Alternatives to 401K Accounts

Understanding 401Ks

Before the 1970s, employers used retirement benefits to hold people hostage to their jobs for an extended period. With this in mind, Ted Benna, the man who invented the 401Ks, wanted something that the government would approve to help combat the disappearing pension plans. The account might have solved several employer-employee issues, but Ted also admitted that he created a monster that has evolved into something more complex than initially envisioned.

The 401k is the most common account prescribed in corporate America and small businesses because it seems fairly straightforward to implement. However, that's usually not the case because there is a lot of stuff going on behind the scenes you should know about.

Benefits of a 401k Account

The accounts let employees contribute pre-tax salary dollars directly from their pay cheques. Employers can also decide to contribute or match what you put in. The fact that employers could match a certain percentage of your contribution towards your retirement was the initial appeal that got most people signing up for the accounts. Other than the tax advantage gained from pre-tax dollars and the matched contributions from employers, we believe that the 401Ks don't offer any added advantage towards your portfolio.

The Reality Of The 401Ks

401Ks enjoy tax benefits through pre-tax contributions. This might seem like a tax haven for most people, but the reality is that this action is only comparable to shooting yourself in the foot. You might not be paying taxes during contributions, but once you retire and get a hold of that money, you'll automatically start paying taxes. We all know that your taxes and tax brackets will change over time and that there is a huge probability of it being higher in retirement than it was during contribution. This means that you're practically deferring your taxes to some date in the future when your tax percentages will be higher.

Another thing you need to note is that you're essentially not allowed to touch the money. In theory, this might be the best approach because it ensures we don't start eating into our retirement savings. 

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].

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

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.

The Wealth Secrets Podcast is dedicated to sharing the strategies of high net-worth individuals so listeners can emulate these practices in their personal lives. We will discuss a range of financial topics: from savings, investments, taxes, retirement, and more. Look forward to interviews and discussions with Sean and some of the industry’s top experts.

This podcast is for unconventional professionals and entrepreneurs who want to attain financial freedom. It is for anyone who aspires to better themselves and know more about how money really works. Learning the right mindset and foundational strategies is key to creating the lifestyle you want.

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