Wealth Tactic Rebels

Did you know that businesses, no matter how big or small, experience similar obstacles as they move from idea to goals to finishing a project? In over 25 years of training, teaching and executive experience, Jen McFarland has discovered these common obstacles. Join WTR host Kevin Dumont and guest expert Jen McFarland in rooting out 5 common mistakes many business owners make and unearth how to solve them.

Website

https://www.womenconquerbiz.com

LinkedIn URL

https://www.linkedin.com/in/jensmcfarland/

Facebook URL

https://www.facebook.com/womenconquerbiz

Twitter URL

https://twitter.com/jensmcfarland

YouTube URL

https://www.youtube.com/channel/UC4gqaZ96ns7jJzMMYQP-r7Q/

Instagram

Instagram

Kevin_Dumont: [00:00:00] Welcome to another discussion with Wealth Tactic Rebels, the podcast for people who see things differently. I'm your host, Kevin Dumont. I've been thinking differently in the wealth field for nearly 15 years today. I'm joined by a host. Jen McFarland. Jen, how are you today? Well, I appreciate you being here today and sharing your time and your knowledge with our wealth at the rebels.

So Jen is an entrepreneur in business consultant and, she has a particular expertise in business and, kind of like the Wealth Tactic Rebel philosophy, where we believe that you have a lot more to be had by first avoiding losses, before you go chasing a rate of return, like it's the same thing in business, Someone like Jen who's had a lot of experience has seen a lot of mistakes that people commonly make when they're trying to run their business. And if you can first learn those ahead of time, but through someone like Jen and look out to avoid those, you know, you have a lot better shot at having a more successful business.

So today's discussion is avoid these five common business mistakes. we're going to discuss those. It has to do with it mindset, willingness to poke holes in what you think is a success. and assessing risk and, time. And we also talked a little bit about, uh, with different ways that, that you can accomplish things.

Before we get into that though, Wealth Tactic Rebls, if you would do as a favor after this episode on whatever your preferred listening platform is, please just go there, give us a rating review and a, you can drop us a line. You can do it there. You can do it on a Wealth Tactic Rebles Facebook page. let us know what you found inspiring about today's episode, what you think may have helped you or someone, you know, Jen let's, let's get into a little bit, but before we get too far, would you mind sharing a little bit with our listeners about a little bit about where you came from and what inspired you to do what you do today?

Jen_McFarland: [00:01:48] Sure. Thank you, Kevin. And thanks again for having me on. so my name is, my name is Jen McFarland. Um, I have 25 years of teaching training and executive experience in leadership projects and marketing, and the way that I got really into. All of this was after college. I got really interested in the peace Corps.

One of my best friends went

Today we are discussing Empowering your Retirement. But before we get into that, let's talk, for a moment, about the position of our economy during the time of this recording, early June of 2020, specifically in regards to jobs. We are starting to see flattened curves from the COVID-19 pandemic and partial reopening's of parts of our economy in the US. There's even some good news jobs as according the Department of Labor Bureau of Labor Statistics, there were 2.5 million new jobs in May. However, the unemployment rate is still at 14.7%. Some sources, such as an article in Forbes on June 8th say there was an error in the calculations for the unemployment rate and therefore the true rate is closer to 20%. Regardless, there's been over roughly 42 million how have lost their jobs to date, and counting. There's also talk that many people whose jobs were retained because of the forgivable loans for small businesses, will be let go once those businesses are out of the specified period they are required to keep their employees.

What does this all mean to you, our Rebels? Well, many of you may find yourself, or someone you know, as one of the unfortunate unemployed, or fortunate, depending on your point of view, or those facing a forced, early retirement because of the pandemic. You may have left or will be leaving completely unprepared with this sudden and life altering situation and shrugging your shoulders asking, "now what?" While we can't answer that question for you, we discuss tactics today to help you better understand your financial position, what steps to take next and a some advice to help you through this difficult time.

Forbes Article: There’s A Glaring, Misleading Error In The May Jobs Report: U.S. May Be At 20% Unemployment

Nick Loper

Website

https://www.sidehustlenation.com

Website #2

https://www.VirtualAssistantAssistant.com

LinkedIn URL

https://www.linkedin.com/in/nickloper/

Facebook URL

https://www.facebook.com/SideHustleNation/

Twitter URL

https://twitter.com/nloper

YouTube URL

https://www.youtube.com/nickloper

Does a 20-hour work week sound appealing to you? Have you wanted to become an entrepreneur but thought it was too risky? When you have a business, you can create streams of income that can build you wealth. WTR welcomes Yasmin Vorajee, an entrepreneur. In this week’s episode, we will discuss how to build assets that could bring you income over time.

Ingenious tactics to accumulate wealth, for people who see things differently.

Website

https://www.yasminvorajee.com/

LinkedIn URL

https://www.linkedin.com/in/yasminvorajee/

Yasmin Vorajee

Facebook URL

https://www.facebook.com/tinytimebigresultswithYasminVorajee/

Twitter URL

https://twitter.com/tinytimewithyas

YouTube URL

https://www.youtube.com/user/yasminvorajee

[00:55] Kevin: Today we’re joined by guest Yasmin Vorajee. Today we’re going to talk about making your money work for you, not someone else. Yasmin is an entrepreneur and an expert in making your money work for yourself

[02:40] Would you mind sharing a little bit with our listeners where you came from and what inspired you to do what you do today?

[02:50] Yasmin: I’m the creator of Tiny Time, Big Results, which is all about how to have a profitable 20 hour week business

[04:25] If I only have a few hours a day, how can I make the most of the time that I have so that I can still have a profitable business so that I can still be with my kids and still feel like I have balance?

[05:05] Kevin: It’s not just work all day, everyday. Then you’re missing out on a lot of things. To me, I think wealth is important to bring a quality of life

[05:15] Yasmin: Wealth for me is not just about the amount of money that you make or the amount of money that you have. It’s about the time you’re spending with your loved ones, the time you get to have some fun. You can enjoy what you’re doing

[05:40] What is it that I’m here to do? How can I add more value to this world and do what I love and get well paid for it?

[05:50] Kevin: Building wealth is creating assets. If you can build an asset that, when the world turns upside down, you are avoiding that loss since you still have income and that puts you in a better position

[07:05] Yasmin: I think being self employed was considered to be the really risky option that you were being super brave if you created your own business. But over the years I’ve really come to realize that actually being employed is incredibly risky. You’re a number in that system. And when they don’t need you anymore, you’re gone. When you have a business and you create streams of income in that business, if one starts to slow down, you can make the other ones be a little more fruitful for you. Whereas if you lose your job, you have one stream of income and that’s gone

[08:43] I think for a lot of people they’re probably thinking the time is going to be an issue and that they don’t have the time

[11:15] The way that I look at leverage is if I have an asset, how can I create a greater return from that? My book is a leveraged product because I’ve poured all my knowledge and expertise into a book that now sells for me. I’ve created it once, now it sells over and over again for me

[12:45] When you’re selling your time, you always have a cap on how much you can...

Due to this crisis, there’s a shift in how business is happening. Lately, more and more people are hiring virtual assistants to increase their business’ productivity rate, and this means that you could find a virtual assistant who has strong skill sets and work ethic. Today, WTR welcomes Danielle Cuomo, entrepreneur, and owner of Virtual Assist USA. In this week’s episode, join us as we discuss the benefits to hire virtually and working from home, in these unprecedented times.

Ingenious tactics to accumulate wealth, for people who see things differently.

Danielle Cuomo

Website

http://www.VirtualAssistUSA.com

LinkedIn URL

https://www.linkedin.com/in/djc287

Facebook URL

https://www.facebook.com/findvirtualassistant/

Twitter URL

http://www.twitter.com/assist_usa

Notes

• [00:55] Kevin: Today, we’re joined by guest Danielle Cuomo. Today we're going to be talking about increasing productivity, hire virtually. Danielle is an expert in that field, an entrepreneur, and owner of Virtual Assist USA
• [01:33] These days it is more prominent to hire virtually for businesses. If you're an entrepreneur, you will be able to hire out virtually to help you with tasks (smaller or part-time or full-time)
• [02:14] Would you mind sharing a little bit with our listeners about where you came from and what inspired you to do what you do today?
• [02:23] Danielle: One thing that I think that is really timely with what we're facing now with the Covid-19 virus is that I started this business in 2008 and it was a
• [03:25] I really wanted to center my business around the idea that services can be really nimble, they can be flexible, they can be on-demand, and it would be an alternative to hiring employees
• [03:52] I was working in IT consulting at the time and because it was the start of the recession I had just been laid off, so that was disheartening. So it was important for me to turn that into a positive and I felt like I had nothing to lose
• [04:22] Now with the technology, there’s such a low barrier to entry and it’s possible for anyone (a really easy way to start a business and a really great time to do so)
• [05:45] I think people are seeing how do-able and easy it is to work remotely, that technology makes it possible to still build business relationships
• [07:10] We’ve always been 100% remote so for the past 12 years we’ve operated virtually. When something like this happens, we don’t have to pivot or scramble, we can do business as usual
• [07:25] Our clients really benefited from that because they didn’t have any interruptions in their service (in any uncertain time I think that’s really important)
• [08:05] Another benefit has really been that there’s also a really broad range of skillsets to choose from. When you’re working with someone locally in your office, you’re only able to choose from the skillsets that are available to you in your specific geographical area. But when you’re working virtually with a virtual assistant company, we can pool from a nation-wide pool of talent which can get you people who have stronger skillsets
• [09:22] Kevin: Have you sen this whole idea of being able to hire virtually open doors for entrepreneurs?
• [09:28] Danielle: I definitely have because they have all the tools accessible and available to them. I typically...

It is a mistake to think that post-crisis, everything will be the way it was before. This can be a hard fact to grasp, and companies have been suffering because of this panic and fear driving the population. Today, WTR welcomes Greg Shepard, serial entrepreneur, investor, Forbes author, and Ted X speaker. In this week’s episode, we discuss the steps that occur in the crisis journey, and how to get your business to return to deliberate operations.

Ingenious tactics to accumulate wealth, for people who see things differently.

Greg Shepard

Website

http://www.gregoryshepard.com

LinkedIn URL

https://www.linkedin.com/in/gregshepard/

Facebook URL

https://www.facebook.com/GregoryJShepard/

Twitter URL

https://twitter.com/gregshepard_

YouTube URL

https://www.youtube.com/channel/UC7GeCLaOiWzNfiu9gTpfehg?view_as=subscriber

NOTES:

[00:56] Kevin: Today, we're joined by guest Greg Shepard. Today we're going to talk about crisis management during the pandemic. Our guest is a serial entrepreneur, investor, Forbes author, and Ted X speaker

[01:28] He made it a mission for himself with his company BOSS (Business Operating Support System) and they are trying to help companies right now weather this storm of crisis

[01:45] Would you mind sharing with our WTR listeners about where you came from and what inspired you to do what you do today?

[01:55] Greg: When I was young I was pretty poor and we had next to nothing. When I started to build businesses I got to the other side of that and started to really want to give back

[05:05] BOSS has 5 major steps

[05:08] The north star: identifying where you want to go and what success looks like

[05:10] Strategy: the plan itself

[05:13] Execution: actually the process of executing the plan

[05:17] Standardization: puts in place processes and procedures and standards

[05:29] The continuous improvement loop

[05:32] When this crisis happened, we said we need to have a module that you could slide in to get your business from crisis back to business as usual and then move forward with BOSS again

[06:00] The crisis journey steps

[06:02] The call to action (the virus)

[06:07] Meeting your mentor (meeting somebody or something that's going to help you through this process... seeking advice from somebody who's already been there)

[07:02] Crossing the threshold (acting on the advice given by the mentor)

[07:07] The reward (where you emerge from the crisis as a better company back to normalization

[07:14] Back to ordinary business

[07:20] Crisis management phases

[07:25] Initial assessment and damage control (looking at the immediate and potential long-impacts on this crisis to your business and to the market in general)

[07:40] Do what you can to limit the damage to you

[07:50] What do you need on your team and what do you have available on your team that you can use to help you get that information?

[08:07] Stabilization and a crisis pivot (where you're trying to get more stable and get to a point where you can pivot)

[09:14] How can you use existing assets and talents differently to generate revenue or enter new markets?

[09:52] How can you adapt to that decision that I just went through?

[09:58] Seizing an opportunity (what aspect of your business sector is likely to see permanent change?)

[10:30] Returned deliberate operations (what conditions must be met in order for you to exit the...

Right now people have a high amount of money is sitting in cash in the US. In fact, according to a report from the Bureau of Economic Analysis released April 30th, 2020, in March personal savings as a percentage of disposable income was 13.1%, the highest rate since November of 1981 A sign people are uneasy about the volatility in the economy right now and no one knows how this will all play out. The good part of having moved your money to cash is you won't lose any. The bad part is now your money is no longer working for you. Rebels, you're probably asking yourselves, "what can I do to start making your money work for you again." Well we have 3 tactics to help you answer this question. First we'll discuss opportunities right now, then how you can start making your money value increase, third will be tax considerations.

NOTES:

[00:54] Kevin: Today we're joined by our other co-host Brian Dumont. We're going to have an important discussion about what's going on in the world right now because there's a lot of turmoil out there. Today we're talking about what to do with your cash during a financial crisis

[02:10] First we're going to talk about the opportunities right now, then how you can start making your money value increase, and then we're going to talk about tax considerations

[02:38] What kind of opportunities are there?

[02:44] Brian: I have always believed that in fact there are always opportunities and that when change occurs, we have to look for those opportunities. Even though you may have given up much of your earnings over the last full market, if you are one of those people that have a portfolio that has suffered, what that means is that this is a time where you can actually harvest some of those losses and use this as an opportunity to transition to a different position

[03:52] For example, you could move from a taxable position to a tax free position. You could move from a high risk position to a lower risk position

[04:06] When you move after you have taken losses, there's no tax penalties for moving (a great opportunity to move in the direction of safety)

[05:00] Kevin: That's the problem right now. There's so many "could's" (this could happen) which creates this uneasiness which is why so many people are sitting in cash. So it's great to take advantage of opportunities, but what about the people who are thinking about that safety? They want to do something a little more safe but their money is below inflation. What can our rebels do to start earning money on their cash being safe and the value increasing again?

[05:42] Brian: During the last recession in 2008, a lot of people did eventually move to cash usually too late, and then they sat in cash for too long (they missed the upswing back). As a WTR, we don't want to be normal. We want to go where the opportunities are and move in our own direction

[06:20] That means in this time, you don't have to let your money sit around waiting until you're comfortable to move back into equities to make money or looking for some other investment. You can start making money right away

[07:15] Suppose you have $100,000 sitting in cash right now because you don't know what to do. If you could get 5% tax free on that, over the course of 12 months that's $5,000. Over the next 3 years, that's over $15,000, which is something

[08:28] Strategic opportunistic approach to making your money work for you starting immediately (a good position to be in)

[09:22] Kevin: Along with the opportunity and getting your money to start increasing in value again, another thing I wanted to mention is taxes. So, why is taxes such an important part of this? People don't always consider the big picture of this, but if you're going to be a rebel and you're not going to listen to what everyone else is doing, why is it important?

[09:42] Brian: Well let me give you a quick example with some numbers to start and...

Success takes time. We all have 24-hours in a day, and it is up to us to decide to be productive with those hours. WTR welcomes John Soforic, self-made millionaire and author of The Wealthy Gardener. The Wealthy Gardener: Lessons on Prosperity between Father and Son is about timeless principles to empower everyday people to get more impact from their days. In today’s episode, we discuss how having a goal for financial freedom will create peace of mind and a worry-free space for achieving an unparalleled quality of life, which will in turn create more success and prosperity in your life.

Ingenious tactics to accumulate wealth, for people who see things differently.

John talks about the episode:

http://wealthygardener.com/wealth-tactic-rebels-podcast/

John Soforic

Website

http://www.wealthygardener.com

LinkedIn URL

https://www.linkedin.com/in/john-soforic-727b94140/

Facebook URL

https://www.facebook.com/wealthygardener/

Twitter URL

https://twitter.com/wealthygardener

YouTube URL

https://www.youtube.com/channel/UC6RFjgSllX0wW6nNUlzz44g

NOTES:

• [00:28] Kevin: Today, we're joined by guest John Soforic. We are going to be discussing The Wealthy Gardener, John's philosophy and way of living for prosperity
• [01:55] Why don't you share more with our listeners about where you came from and what inspired you to do what you do today?
• [02:02] John: I really am a self-made millionaire that have lived an honorable life and won the life of finances
• [03:56] There were times when my family slept all night but I wasn't sure how I was going to buy groceries, and when you go through those times it really does change you. When you stop asking yourself if money makes you happy and you start saying if you had money you could do a lot of things with it (rather than chasing a dollar)
• [04:53] I traded a lot of hours for dollars and I didn't have a whole lot to show for it
• [06:30] I set a really large goal that I didn't have to think or worry about money. You can give your thoughts to more important things than money (passive income)
• [07:10] We all have this financial condition of life and life is so much better
• [07:50] I really believe you can learn your way up in life and you learn through learning curves
• [08:15] Kevin: I think sometimes that thought of "who am I?" Is a limiting thought to people (who am I to do this? This person is better to do this)[08:30] That can hold you out from learning, seeking, and achieving
• [09:00] John: When you're asking yourself that question "who am I", that's when you're in a good place in your life (living on the edge of your capacity, trying to strive for your fullest potential, doing things you don't really know you can do[09:08] You have to turn that around because those are the invisible things that hold you back (if you expand that idea, it opens up possibilities in many ways)
• [09:45] Kevin: So many times people believe that money is the root of all evil and wealthy people are jerks and that's a particular mindset about money that may or may not be true (money is a thing)[10:05] Money is not evil, it just kind of is, it's what people do

Imagine how different you’d be financially during the economic hardship if you had a Safe Tank. What’s a Safe Tank? Basically, it’s a place you can put your money that is protected, has guaranteed growth, even when you need to use funds for it, and you can use those funds anytime, guaranteed, for any purpose, without incurring taxes or penalties.

In this episode of a WTR Discussion, we talk about the current economic turmoil (characteristics of which are similar to other times of economic hardships). We also talk about what a Safe Tank is and why and how to use it. Also, we take you through 5 different, economic scenario stories, any of which could be you during these, or any, uncertain times.

Contact us anytime for your questions. Currently you can reach me, the host, Kevin Dumont at the following email:

NOTES:

• [00:25] Kevin: Today, we have our co-host Brian Dumont. Today, we're going to be talking about how to survive financial turmoil with a safe tank.
• [01:22] We're going to touch on the market volatility and how it affects your accounts, define what a safe tank is and why you'd want one, and you'll learn about how 5 different common financial tools and situations affect you during financial hardships and how you can begin to start building your safe tank today, which will put you in better financial control the next time there's turmoil
• [01:46] Let's start with talking a little about the market volatility and what's going on with our listeners today
• [02:20] Brian: There have been tremendous swings on a daily basis and we just don't know what's coming next and uncertainty is the worst thing for the market[03:13] If you're getting close to retirement or are already in it, you know that you can't rely on what your projections were just a few weeks ago. Things have changed dramatically
• [04:10] Kevin: Wealth Tactic Rebels, we're trying to help you out today with our talk about the volatility in the world and how you can financially survive it. Reach out to us on whatever the platform is that you listen to this on, give us a rate and review and let us know what you found inspirational. What resonated with you about today's discussion?
• [04:32] So we have what we call a personal economic model that we use as the model for how money flows. In there, we have what we call a two tank system, and the part of that that's today's discussion is the safe tank. Brian, can we expand talking about those tanks?
• [04:50] Brian: So the easy one to talk about first of all is the investment tank. Most people have investments[04:57] We put money somewhere with the expectation that it will grow overtime (that's why we're willing to take risk and put the money in there because we want some kind of reward)
• [05:13] There are two types of primary risk: market risk (the ability for your balance to decrease due to the market) and tax risk (government is in control of this)
• [06:02] By contrast, and this is where the safe tank comes in, is that we have done our best to position your money in a place where we have eliminated market risk to as little as possible if not any, so that we know that your account can only grow linearly (has to grow better than the inflation rate)
• [07:40] The main point of having a safe tank is it can only grow, and it must be liquid

1. [07:50] Kevin: Great, so now we have defined what an investment tank is and what a safe tank is. Now comes the fun part. We're going to have a "Zoom dinner meeting with 5 friends". The subject of how they're dealing with this financial storm comes up in our talk with our 5 friends[08:18] Jim: I am one of those guys who likes to put his money in