The Mark Perlberg CPA Podcast

Ep 44 - Wealth Without Wall Street's Guide for Passive Income to Financial Freedom w/ Joey Mure and Russ Morgan: Tax Strategies, Rental Arbitrage, and Building a Lasting Legacy

November 10, 2023 Mark
The Mark Perlberg CPA Podcast
Ep 44 - Wealth Without Wall Street's Guide for Passive Income to Financial Freedom w/ Joey Mure and Russ Morgan: Tax Strategies, Rental Arbitrage, and Building a Lasting Legacy
Show Notes Transcript Chapter Markers

What if you could generate over $50,000 a month of passive income? Well, that's precisely what Joey Muir and Russ Morgan from Wealth Without Wall Street do. They've joined us to share their wealth of knowledge on unlocking various investment vehicles and how you can leverage tax strategies to your advantage. We discuss the potential pitfalls of trying to imitate the success of others and stress the importance of identifying who you are as an investor.

Imagine flipping land for profit and making use of tax savings opportunities, such as installment sales for undeveloped land lots. Joey and Russ not only envision this but bring it to life, sharing their personal experiences and the rewards they've reaped from their successful short-term rental business through rental arbitrage. They share their unique approach to owner financing and how it has empowered their operator. Also, we dive into the world of investor DNA profile assessments and how they can pinpoint the investment strategy that's perfectly tailored for you.

Finally, we delve into the fundamentals of successful investing such as controlling your capital, establishing passive income streams, and choosing the right entity structure to build a lasting legacy. Hear inspiring tales from their community members like Sid, who achieved an impressive $25,000 a month within 18 months. Joey and Russ also share their 100-year plan to pass their knowledge to future generations, emphasizing the importance of education in wealth continuity. Don't miss out on this incredible opportunity to learn from the masters of passive income and join their thriving community. Go to https://www.wealthwithoutwallstreet.com/

Speaker 1:

Alright, so let's get into it. Guys, welcome to the show. We are joined with Joey Muir. How do we say?

Speaker 2:

Muiray, it's Muiray like Puree, my friend.

Speaker 1:

Muiray. Like Puree and Russ Morgan from Wealth Without Wall Street, I'm really excited to have a conversation diving into different investment vehicles and how you can achieve financial freedom with passive income. So a lot of you guys. You know we talk a lot about real estate investing, but I would be doing a disservice to you if we didn't talk about all the ways that we can achieve wealth and all the tax saving opportunities and tax advantages you can find along the way. So, very excited to have this conversation. I would like for each of you to give me an introduction about yourselves in 60 seconds or less, starting with you, russ.

Speaker 3:

Man. The big story for me is I was a financial planner certified financial planner for a number of years. The market crashes in 2008. I was sitting there with, like everybody else, palms up to the sky, trying to figure out what made it happen, what would keep it from happening again, and I couldn't get the answers. It's sitting me on a search to find a way to build wealth for myself. I wouldn't have said this then, but really what I was seeking was financial freedom, which meant passive income being greater than my monthly expenses, and it meant that I had to learn a bunch of things. But also, since I was professionally trained, I had to unlearn even more things, and that was unlocking access to cash that I had stuck in many different places I shouldn't, and then that gave me the opportunity to unlock the opportunity to find investments that could truly produce cash flow. And that journey is just continuous and continue to share every single day and week through our podcast and our community Cool.

Speaker 1:

How about you?

Speaker 2:

Joey. So I was in the mortgage business Mark for 11 years and I found out the hard way that financial freedom doesn't equal higher active income by getting more and more pay from the place I was at did not equal freedom. In fact, it took more and more of me away from the people that I love the most. I remember distinctly working 50, 60, 70 hours a week and being on vacation and having to tell my wife and my five daughters to go to the beach. I'll be down there, just one more call and then three hours later, I'm walking down that boardwalk behind the condo and they're walking back up that boardwalk looking at me just furious, like aren't we supposed to be on vacation together? Is it that the point of all the hard work? And Russ introduced me to a book that changed the whole way that I look at finance and it led us down this path of, four years later, joining forces to create Wealth Without Wall Street and start to learn what is passive income, how can it create financial freedom? And for us, as you'll hear on our podcast, it's created over $50,000 a month and in all sorts of different verticals. So we're happy to share that same path with others.

Speaker 1:

Wonderful, so you're working. So your group, wealth Without Wall Street, educates people on how to acquire and build passive income so you can live on it and you can leave your day to day job, and I think that when I look at your mission, it's very similar and aligned to ours. Our mission is to help real estate and entrepreneurs achieve financial freedom through tax strategy, and we have a lot of talks on how you can use real estate and grow your tax savings and compound it with real estate to achieve financial freedom. But we often find, as much as I love real estate and how we eliminate, we have clients where we've completely eliminated their taxes from their real estate investing. They reinvest their tax savings, which is fantastic. But we also find for some of our clients that real estate isn't always the answer for everything they need. Some of them got burnt out from the three T's tenants, toilets and trash. They love the tax savings, but they didn't enjoy being landlords as much and some couldn't find struggle to find profitable deals that make sense. So we're now exploring a lot of our clients are exploring other forms of passive income that can help them to achieve similar objectives and results in the forms of cash flow and sometimes tax savings as real estate. And I'm wondering from you guys what investment vehicles are you exploring and what gets you guys excited in investing?

Speaker 3:

Thank you for the clarification. We're easily distracted. Well, first, I would be remiss if I didn't kind of give a framework, because the common question that people ask us and it's just like us who are uneducated to ask a CPA hey, what tools do I need to be using to reduce my tax strategy, to reduce my tax liability, not strategy. And the same thing for us as we get asked hey, what's the passive income opportunity that I should be considering to get me to financial freedom fastest? So, if you use this framework that in order to have passive income, mark you really have to have access to cash, in order to have access to cash, you have to understand all the different things that are keeping you from having access to cash, and tax is one of those biggest things that you need to unlock. Well, but also you have to understand who you are as an investor and I think too often times we believe that. Hey, I'm listening to your show. I know you talk a lot about real estate as a main strategy to produce passive income. Use this person they're using short term rentals, they're using multifamily fix and flip, fill in the blank strategy and they're like, oh, they're making money, they're doing well, I should do exactly the same thing. The old adage is success leaves clues. I don't need to reinvent the wheel, I'll just do what they're doing, and I want to put that out there as a disclosure. Don't listen to what Joey and I say to say oh they're, they're producing $50,000 a month of passive income and they're doing it through these six or seven different approaches. I should do one of those, because that would probably lead you to not having the same success and disappointment. And here's why is that? We're all built completely different, right? We all have our unique ability, unique way that we see the world, in a talent and resource based upon our experience. That gives us the ability to invest in things and to get outcomes differently. I heard this said that everyone starts, champions finish. Well, everybody can start building passive income, but it's how are we going to finish? How is the outcome and the result going to be? And if the three of us went and did the exact same thing, it's most likely we wouldn't get the same outcome. And here's how we do it differently. So for us, when we started looking through this for ourselves, we realized that our personality styles will give us a unique ability to influence outcomes, to be able to see different things. Our resources are going to give us different abilities to invest in things, get different tax benefits from things, right, and so all of that has to be factored in and thought through so that then we start matching up investments so many things that we're involved in one of the things you said not having tenants, toilets and trash and things like that. One of the things that we've had a lot of success in is starting a land flipping business. You may have had Mark Podosky on your podcast before and or somebody who's maybe learned from the land geek and their team, joey and I met Mark three or four years ago. We started building a land flipping business together and it's produced. Now. I think we're up for 25 to $30,000 a month and income that's coming from the notes, from selling little, small raw pieces of land to people on owner finance terms through Facebook, craigslist and other land websites, and it's a wonderful strategy that we've started to do that maybe not the average person has heard about, but because of our ability to help build a business, because we're kind of business nature and our ability to influence and then find capital that we have through other places that we've been able to store it. It's given us an ability to go from zero passive income in that specific strategy just two and a half years ago to almost $30,000 a month.

Speaker 1:

Yeah, so yeah, and I was just on Mark's podcast. He does some really cool stuff and you know what's interesting about the land in. You know the land flipping, you get the broker dealer status, so you kind of get hit with that self employment tax, the fight get taxed on a lot of that stuff Because is you have inventory that you're selling, even though you know so what may argue? Sometimes you know there is some subjectivity on whether it's Ordinary income or capital gains income, so we've had some interest. What's interesting, though you have very unique treatments for when you do installment sales for For land, for undeveloped land lots they so for in. I'm gonna get a little bit down. I'm gonna try to avoid going down too many rabbit holes here. But basically, when you buy and sell items for a profit on installment, you have to recognize the income immediately, but they make an exception for people like yourself. We're doing installment sales of undeveloped land lots, so it's a nice tax savings opportunity there, and you know we've, we've, we've seen our clients do this, and then we've prepared this out with some other tax strategies. If they get the real estate professional tax status now, because that those activities qualify now we can unload some of our profits into the real estate. Investing run costs eggs and create losses too. So you is really exciting, and some of our clients that have done this is. It's fun looking at the numbers on these things. It looks like a pretty lucrative opportunity, oh.

Speaker 2:

Yeah for sure. Yeah, it's. It's our favorite passive income stream because of the fact that we're not doing anything. It to improve the land. We're not having to have any sort of construction Element, like you talk about fix and flips and things of this nature. The other thing I think that we found again kind of going along with what Russ said, we learned that we were, we had certain personality types that drove our investment style and we we call that our investor DNA profile. The assessment that you take, that that tells you all this which, by the way, I'm happy for your listeners to get access to that. We could talk about that later, but you get that assessment. It just creates confidence and it makes the Decision much clearer, because you know, if you've spent any time on Any sort of podcasts or YouTube or whatever, and you hear all these great ideas, you're like man, I want to do all of them, but you know you can't. So how do where do I start? Which one do I kind of filter down, and I think this assessment helped us to get really, you know, focused on that. One of the other things that we did is we built a short-term rental business and we did it through rental arbitrage, which I'm sure you're familiar with. I love it. Yeah, we lease a property, we, we outfit it with all the all the things that are necessary to make it a place for people to want to stay furniture and, you know, cookware and all the things, linens and then we, we then rent it on a nightly basis and we make that difference of what we would have paid monthly versus what we get on a nightly basis. We hired an operator from day one, so it was completely passive for Russ and I, and we did that for three years Made a great profit during that time frame. But this is something else you could probably talk about from a tax standpoint. As we went from that that business that was created to then we actually owner financed it to our operator Because we got to a point where we didn't want to continue to scale it, and he did, and so we said, hey, why don't you take it from here and run with it? And so subsequently we have a three-year note that we are in the process of him paying us back for that and it's it's really been a great cash flow over a hundred thousand dollars a Year in terms of those the note income.

Speaker 1:

That's that's. I love arbitrage, especially for younger investors, because your startup capital is so much less you could have a crappy credit score. You get your uncle to Cosine Elise gets tea, I mean. Now I mean I'm not a. The Dave Ramsey's of the world may disagree with what I'm about to say, but you can take out some credit card that buy some furniture. You're gonna get that money back in the form of cash flow if you do it right. In a couple of months you get your capital back and pretty soon you can put Another down payment down on on Elise somewhere else with more furniture before you know it and you can have a six and seven figure business relatively quickly with minimal startup. So I do have a friend in San Diego who's doing that as well and he does really well with these beach rentals. And one idea I've given is because you don't have access to the bonus Depreciation, because you don't own the property, can't do the cost sex. So what can we do instead? Well, bonus depreciation allows us to shift up the depreciation. So, depreciation, you have your rent expense. That's your probably your business biggest expense. So if you have a good relationship, they're landlord. If see if you can prepay some of the Months of rent in advance as one, one possibility, so you can shift up your rent expenses and you can use that to offset your, your profits, lots of other things. There's one of the ideas we were strategizing with with our arbitra arbitrage folks, but it looks. It looks like for you guys. You built a, you know, a fully profitable and operational business and now your hands off and you're just enjoying the fruits of your, your prior labor. So that's that sounds like you guys have some truly passive income.

Speaker 3:

Oh, we wanted to make sure that anything we got involved in we put an operator in from day one, because we Already run several different businesses that we stay pretty hands-on in and we didn't want to Add more things to our schedule, right? I think the thing that, as we're trying to declare what financial freedom is it Ultimately is freeing up you and your time to do the things that you want to do now. I love working. I'm just gonna be honest, I love working, but this is when I mean work, I mean being on a podcast like this. This doesn't really seem like work. There's somebody right now who's listening to this in their air pod, in the air buds or whatever, and they're digging a ditch, right, they're, they're doing some form of manual labor there. Would it? Would you know? My dad called work that that guy's working, right, that lady's working. He'd be like what are you doing, boy? This isn't work, right. Well, for me, this is fun. I love doing this. This is something that I would want to do forever, but it required us to get to a position where we could. So we put people in place in all the different businesses. You know you're talking about tax strategy. We gave you a couple that at their peak we were probably bringing in close to 60, sometimes even 65,000 a month from just those two businesses alone and we were doing nothing for them, like we had operators managing them and it was amazing, beautiful. But I don't want to sit here and pretend that Joey and I have had all figured out Like. I want to talk to you a little bit about the things that you shouldn't do. You want tax advantages. This is not the way to get them by losing money right. There's plenty of things that he and I have done that have lost money. Right now, our count is like Okay, well, we're gonna get to offset some of those gains over here because of the stupid mistakes that you may doing this. So, if it's alright, I'd love to share some of those. You give it that.

Speaker 1:

Oh, definitely. I think our audience would really appreciate to hear this.

Speaker 3:

I'm going to give you one strategy that he and I ventured down the road in that totally we shouldn't have. And early on we thought, oh, this is going to be such a fantastic thing, and it was getting into the crypto space and what we were looking at is how to mine cryptocurrencies and for some people, they've been just buying and speculating in the crypto space, and so that's what we didn't want to do. We thought we're going to be smart in this. So we decided to start buying the computers that were mining crypto and there was a time frame that, like this part on the time graph that it was actually producing a ton of money. It was an amazing strategy, like we were getting this currency in the form of these coins that neither one of us can still explain to you what that really truly means. We've got some good vernacular. We could throw around it, but in the day we really don't understand. And we were buying these machines and the machines were producing that coin and we were storing it in our little wallets like Coinbase, and then we became real geniuses and decided to stake it on platforms like BlockFi. We're going to go ahead and make extra interest on our digital coins, and so, yeah, of course, we're in that bankruptcy and all those coins are gone, so great losses there. We can use those to write off. But we decided to take this one strategy that we had that was doing so good mining. And when the mining, we were mining Ethereum at the time mark and they changed the way that you could do it. They went from this proof of work, which is what we had these computers working to reduce these coins to proof of stake, and so we had to shift. And so what we decided to do is take a bunch of money and go into mining Bitcoin with a big, huge group and we put in a couple of hundred thousand dollars into this big mining group and we were going to use that to produce Bitcoin. And in the last two years, how much Bitcoin have we have? We mined Joey and dollars, us dollars. How much we took, I don't know maybe, maybe, like $200,000 and have mined about 3,000 USD worth of Bitcoin, and and I'm sitting there thinking, okay, we've really gotten out of our expertise of influence, right? He and I love to influence things. Well, I don't know if you know this about Mark, but I can't influence the value of Bitcoin. I really can, right? I mean, unless, I guess, go find new countries to to adopt it as their national currency, like El Salvador did and some of these other foreign nations. Unless I can find that ability and influence, or find another you know Elon Musk to go put a billion dollars in it, increase its value or whatever, I don't have the ability to influence the outcome of that currency and ultimately, that's what we ended up getting into, which was the opposite of what we wanted. So that's one of many. I'm sure Joey can tell you about his 100 unicorn e-commerce story, if you want to do, are you?

Speaker 2:

asking me to share that risk. Does Mark want to know about 100?

Speaker 1:

unicorns. So you know, I think that I think it is good because, you know, we you guys were talking about earlier with having your, your profile here. We've had conversations with some of our clients where they, you know, real estate, and short-term real investing in particular, has been a very trendy topic, same with house flipping, and people they jump in and then they realize that real estate investing is not as glamorous as they thought it would be, and then they think about well, what should I do now? What do you hear? Where is everybody making their money? And you know, what I've found is that the people who, who, who really thrive are the ones who they know their engine, they have, they've taken the time to assess where they really want to go and they they aren't. As you know, they're, they're much more certain in, in aligned with what they're doing. And we find people who thrive in all sorts of investing opportunities, whether it's short-term rental, mobile home park, commercial, self-storage, et cetera. But it's, it's those who who have greater confidence and certainty and are legitimately interested in what they do and know what they're doing, that are the ones who really seem to move the furthest and the fastest. And what you know, what are you guys seeing, and I'm curious to to hear your story, joey, about what we were, what Russ mentioned and also you know how. How does understanding what the right investment vehicle? How does that help you and your members of your community?

Speaker 2:

Well, I'll tell you this, Mark A good segue would be that we have people in our community that have learned to create their own private label brands on on Amazon, right, e-commerce. Who doesn't want to become an E-commerce giant in today's economy? I mean, just just consider the pandemic and the last three or four years how E-commerce has doubled or tripled in terms of the volume of transactions being done. It is the place to be right. But who knows how to actually create their own private label products? And so we actually have experts within our community who come in, they invest in our inner circle, live events. They come, you get to meet them, they have trainings that you can purchase and they walk you through the process. So here I am. Actually four years ago this is right before the pandemic it's still. E-commerce is a hot place to be. I'm like oh, there's a website for sale. It's a drop shipping company called 100unicornscom. I just told you, mark, I have five daughters, well, who should own a website called 100 unicorns, but a girl dad who wants to teach his daughters about entrepreneurship and owning a business and operating a business and, by the way, drop shipping. It's got to be the easiest business model there is. You don't even have to have your own inventory. You just throw up a website and you connect the dots to China and people in America or even other parts of the world and they go out there and you buy the products and it gets sent to their house and you do nothing Wrong, joey, you had the wrong idea. So I buy the website. I get in the middle of it and I start to realize this business is hard. You got to actually know how to drive traffic to a website in order to get people to buy things from China, even though you don't have inventory. You got to have some way to get people to see that you have these, that this stuff even exists and it's not just magical, imaginary things like unicorns. So I get into this thing. I'm just losing money left and right. I'm paying twice as much for the Google ads as I'm actually getting in terms of sales. I'm hiring and a coach. I mean I'm doing everything I can. And you know what I learned, mark Is, I'm not an operator. I am, too, really good at delegation, but if I have to delegate to myself, I suck at following through on anything. So my business this 100 unicorns has been literally in the stables, these unicorns have not flown and until and this is the good part Russ Russ doesn't believe me on this, by the way, mark, but it's about to happen I brought in a partner who is an Amazon guru. He's created a $10 million business and he's now partnering with me to create our own private label products through 100 unicorns, and we're about to start launching blankets and plush, toys and all these really cool things, and I am not the one operating it and we're about to start seeing a terrible investment turn into a very profitable investment, and Russ has been giving it to me for years and he's about to get it served on a plate to him. So there you go.

Speaker 1:

Yeah. So you know, like I was telling him earlier, there's when you hear about something being very profitable and lucrative, it's so easy to think the grass is greener. And you're old, you know, and we see it where clients maybe their portfolio is not doing so great, and then they see someone else doing and a different strategy. You know, they find out that these self storage people are doing amazing. Oh, my life would be so much easier If I just switched and did this. Everything's hard, like making money. You have to learn. Even if, temporarily, one area is easier than another, you really need to master your craft. And you know, I've yet to find someone who got rich easily, where they didn't have to at least learn, build themselves up and challenge themselves and grow. It's not like they just happened to be in the right industry at the right time and then they just have blissfully just waltzed their way into the world of financial freedom.

Speaker 3:

Well, I mean there have been people who've gotten rich quickly. There's few of them who've continued that rich right. They continue to be able to sustain that wealth, if you will, because they never learned the things that were needed right. I've met people who were able to make money over the last three or four years. Their incomes doubled and tripled in the investments that they were making because they just happened to catch the tailwind of what was happening, but then subsequently have lost it all back because they got over their skis and started investing in things that they had no understanding of, just very similar to the things that got them to where they were. They just assumed it would all continue and you know when the tide goes out, you find out who's wearing the bathing suit is what Warren Buffett likes to say and a lot of them were well covered. I think that there's so many ideas and strategies that we could keep going on about the things that you shouldn't invest in, whether it's e-commerce, as Joey just talked about, whether it's a cattle company that we started that filled miserably, whether it's starting Turo or renting an RV like there's very few things that we haven't tried. The things that we've realized is that the things that made money were areas where we had expertise. We had good operators, we had the ability to influence this outcome, and that's because it matched who we were. The areas in which we got involved in that didn't make money wasn't that those were bad industries, it was bad operators. I heard one of our business partners say the other day people right now are slamming on multifamily, saying multifamily is a distress asset and you shouldn't be investing in it. He said no, it's distressed operators. You got bad operators and multifamily deals right now that didn't understand what was happening with interest rates and now they're failing some of their covenants and some of those assets that they were managing are causing issues with them. But it's really the operator that's distressed, because rents are all time high. Right, we have a shortage in affordable housing. You have rates so high that people aren't able to buy homes and so they are moving into multifamily and renting and there's an opportunity there. But you have to understand who you are as an investor, making sure that you're matching up your investments and operations to the outcomes that you want.

Speaker 1:

Yeah, now what's really cool here? We're talking about real estate and other forms of passive income where you can take yourself out of the business and have an operator If you do not materially participate in these different businesses. Now there are grouping elections and there's some analysis and potential planning here. But let's say you own a profitable business that's doing maybe e-commerce, or if it's another business where you're outside of the operations and you are just overseeing it, we may be able to classify this as the same type of passive income that you have with real estate. So even though you don't have real estate professional tax status and maybe you don't materially participate in any real estate, you could potentially put this in the passive income bucket when you have an operator. And now, when you invest in real estate and it could be an asindication where you do nothing at all they're gonna run the cost segregation studies and create depreciation losses that will be used to offset the profit from these other businesses that you do not materially participate in and therefore are also in that category of passive income. Really cool stuff there. So now what I'm wondering from you guys is how do you help your community and where are some things that you, some key things that you've taught to your community when it comes to choosing the right vehicle for building this passive income and knowing what they should be doing.

Speaker 2:

So, mark, I think the best thing I could do is to point out that there's a process to getting to financial freedom, and if you don't know what the process is, you really don't have confidence. And so we felt like it was necessary to look back over the last 10, 12 years, as it's taken us, and figure out where were the points that were critical pieces that need to be involved in that plan and what are the things that we should have left out right, so that you can compress time, and we call it our right next thing grid. And in that right next thing, there's five pillars. We talk about vision creating, like what are you gonna be, do and have when you are financially free? If you don't have that, it can't inform you then what to do with your cash flow today. And so that second pillar is a concept we call it infinite banking that we both implemented early on in the process. That gave us access and control of our capital so that we could then start to invest it properly, and that leads to that third pillar, which is passive income. And we do that from a learn, build and stack. We learn who we are as an investor, we build those passive income streams and then stack on top of it. We just keep going over and over and over until we get to that financial freedom point and we keep investing and pouring into that. So those are the first three pillars. The second two you're gonna love because they're tax strategy right, saving more and more. So that just puts more fuel on the fire. If we can start saving more of our taxes, we can invest faster and get there a lot sooner. And then, lastly, how is our entity structure, which also affects some of the planning you talk about? And if we can do that wisely, we can build a legacy that will outlive us, that our children's children can take over and benefit from. And so that's kind of the way we've outlined it. It looks different for each person because God's really gifted you with either resources or perspectives or personalities that affect each one of those very specific pillars.

Speaker 1:

Well, I'll tell my designer to just check in on those things and take some parts out. But so we were talking about earlier. You start with your vision and then you find the investment vehicle and then you build on this. Can you give me some real examples of some of the people in your community? What was their vision and what was their process?

Speaker 3:

So the one of the people that stick out to me, mark, was somebody. His name is Sid and he'd been working in a family business and he was driving an excavator, right Like one of those like forklift kind of like I don't even understand it, be honest like a he's just moving dirt all day. It's basically his job and he, his wife had he and his wife had two small children at the time and his objective was I want to find a way that my wife could spend more time with our kids. That was his vision and he knew that he needed to be able to start saving excess money so that he could start investing. He went and visited with one of our coaches. He built a strategy and a plan kind of based around the approach to bringing his wife home. He started stacking cash using this infinite banking concept and he found a strategy that allowed him to produce $5,000 a month in passive income. Now it was a business that he was building. He was having to work kind of we like to say the five to nine. Right, most people worked the nine to five. Well, from five PM to nine PM, he was putting in the hours to build the side hustle, the side business and within about 18 months, he was able to build it up to about 5,000 a month, which was enough. When his wife was having their third kid, he was able to allow her to come home. That was the objective and she was able to do it. And it was funny because we had a podcast with him about 12 months after that and he'd built it up from 5,000 a month to $15,000 a month and we're like all right now, what's your strategy, what's your vision? He said, to be honest, I'd love to get it to about 20 to 25,000 a month to allow me to be able to walk away, step away from the family, run business and be able to really start doing other things. He had been venture out. He had really thought through all the things that he wanted to do and we just had a conversation with him about a month ago and he actually had done that. He had actually went to his dad, who owned the business, and said dad, you know, I'm no longer going to be doing this. I've got to a point where I got about 25,000 a month coming in and I would rather spend more time with the family. I'd rather actually start trying to coach and teach other people what I did, and so he's looking at different avenues to kind of start consulting with people that, both in the business that he had learned how to build that, but also looking at ways to just share that vision and mission. And that's been kind of a common theme we've seen, if you watch our show or listen to our show, we let our coaches come on and once a week and kind of share their stories and most of them were clients of ours. They were like Joey. Joey's a client of mine. You know, mark, who flew airplanes for a live, was a client. Jamie, real estate investor All these different people that were clients at one point, who started implementing the strategies that they were learning through us and then have now created that success story and they're hitting that self-acquisition point where they're wanting to give back. They wanted to start teaching other people how to do the same thing because they realized that there's so much information, so much opportunity out there but most people just don't know or don't believe that it exists for them. It's like, oh well, that works for Mark or that works for Joey, but that doesn't work for me. I'm just going to have to keep doing my job every single day, and then when they see someone else having success, someone that was in the equal phase or maybe even what, they would say oh, that person was you know. Again I'm saying this guy's driving this forklift or this dirt mover around and you're like, oh well, you know, he didn't even go to college. I went to college, I got all these degrees. I should know more than him. Oh, he's doing that. Oh, wow, I need to. You know, I could step back and like realize that there's way more things that I could learn that can help me get to where he has gotten to and others further than him. Gotcha.

Speaker 1:

So you guys, so people come to you and you help them iron out this game plan. How are we going to identify what works for us and then how are we going to build something that we can be passive in, that's going to support our lifestyles Right?

Speaker 2:

That's right. Yeah, it is all that same process of in order for us to have the passive income, there are things we have to learn, there are things that we now then have to build upon that learning and then, once we've got that in place, we just continue to stack it. And that's how you see people like Sid what Russ just shared going from 5,000 to 15,000 to 25,000 in a relatively short amount of time. I don't know anybody else that can say within a three or five year timeframe. They've gone from zero to 25,000 a month in passive income without having super clarity and having a game plan to get there.

Speaker 1:

Yeah, so when you get there, what are some of the things that you like to do that are not involved in your passive income? So, now that you have an income that supports your lifestyle and a source of income that allows you to do what you want with it, what are you guys doing outside of your businesses?

Speaker 3:

Everything, everything that we want, mark, there's the challenge, there's the issue that we've faced, and many of us in our passive income masterminds. So Joey and I are partners in the passive income mastermind and what we find is that when we've reached this point of being financially free, it's like what am I going to do next? Oh, I'll become 200% financially free, right, so I'll have twice as much income than I have expenses. Now, what am I going to do? Well, I start finding new businesses I can invest in. I find businesses that I can just be a consultant into, as an equity owner into those businesses, and watch those businesses grow. I find, you know, once you hit a point and for people that are kind of still just in that day to day, just grinding it to get the income to meet the expenses that they have, this doesn't resonate. But once you've gotten to a point where you're past that, you start to realize that there's a limit to how much money you can spend, right, you get to whatever it is. You're like, okay, I've bought all those toys, I've gone on those vacations, and you start looking at how can I give back, how can I start adding value to the generations behind me? Joey and I spent a lot of time trying to invest in our kids in ways that they can learn the things that we've learned and hopefully, try to learn quicker than what we learned them right and they can through. How do I build what we have called the 100 year plan that could inform generations that will never even meet into how all of this was built and give this to them the ability to be able to execute if they so are inclined to do that as well?

Speaker 1:

Wonderful and you know, when you first become an entrepreneur, it's your first time getting access to tax deductions from your business, and when you have a tax strategy that creates tax savings, you know the overall strategy here is to take your tax savings to be able to be reinvested back into these vehicles that you were talking about, and it will compound the growth of your businesses and your wealth. To achieve these objectives and to do cool stuff. What about you, Joey? What are some of the other things that you guys are doing that maybe you would have been doing because of what you've built with passive income?

Speaker 2:

Well, I'll just be really super practical. I mean the fact that I can own my schedule completely. I just tell Russ hey, I'm going to be taking my daughters to their golf practice every Tuesday afternoon. That's important to me. I want to carve out that time and I can do it. Last week, I got to go to my daughter's piano lesson and sit with her teacher, because there are some things that she was struggling with and I really wanted to invest the time to figure out what they were working on together. One of my daughters has a land business that she started and I'm constantly meeting with her and helping her. Hey, how do you respond to this potential buyer? How do you respond to this seller about buying their property, helping her through those sort of things and what resources that we've been able to build. I'm now looking at an online blog, like a content site that my 15-year-old is super interested in, and we're doing the due diligence together and we're researching it and looking for ways to find people to help assist us with the business, assuming that we buy it. Those are the things that are really important to me. Is that it would be a shame, but Russ and I talk about a lot. Is. It would be a shame for us to have the knowledge that we've been gifted over these last 10 or 15 years and for it to stop with us right For our daughters to now and he's got a son to go through all the same challenges and all the same learning curve that we had to go through when we're sitting here with this knowledge, so making it a priority to invest in them and pour into them so that they can totally have a leg up and an advantage that we didn't have, and also they have to be able to take this kind of legacy that we're creating and take the torch and continue to run with it. And they can't do that without the proper education, because investments, money passing to the next generation without education is why everything dissipates from generation to generation, and so that's why it's important to us.

Speaker 1:

So for our listeners and I think that a lot of I know that a lot of what you do is relevant to a lot of our listeners. What's the next step in what they can do to further explore these concepts and maybe consider aligning with Wealth, Without Wall Street, and joining your community?

Speaker 3:

Yeah, now, thank you for giving us the opportunity, mark, both to speak to your community and your audience, but also be able to share things like this. So if you want to go to WealthWithWallStreetcom, mark Perlberg, you actually can connect with us, both through social or, as Joey was talking about, if you want to take that investor DNA assessment, where you give you access, an opportunity to do that, if you want to jump on a call with one of our coaches and figure out what that right next thing process looks like, where do you sit in that process? Do you? Are you kind of at needs help, needs upgrade? Are you good, right, are you a superpower? I think a lot of times we want to know where we stand and where we stack up and what are those right next steps for us to be doing. Or if you're one of those people who have built an amazing income, amazing business, and you really need to be sharing those ideas and learning from other people who've built things and you just don't have that network around you and you want to be a part of a group, we also have masterminds and we've built out a model so that you could be able to apply and to see if that's a fit for you. So all of that if you go to WealthWithWallStreetcom, mark Perlberg, you get access to figure out what's the right next step for you and engage and connect with us.

Speaker 1:

Wonderful and I think that's one of the most important things is when you surround yourself in the community with aligned goals and you're all doing this together, it becomes such. It becomes such it's so much more of a tangible, achievable vision and possibility when everyone else is working towards the same thing and they have your guidance. So this should be very exciting for our listeners. All right, Cool. So is there anything else before? If you have a call of action or anything else you want to tell your audience, now is your chance, as we wrap this up.

Speaker 2:

I would just say, first of all, thanks again for the opportunity to share with like-minded people. I mean, that's really the name of the game. Many of us have been isolated at one point or another. Maybe you're isolated right now. Maybe you're the only person in your circle that understands this conversation that we're having. And, man, I just want to encourage you to continue right. Do the hard work now, because the freedom on the other side is so worth it. And, yeah, if you need a place to connect and be surrounded by the same mindset in people, that's the whole point of our community and our show as well. So, again, you can go to welterthotwallstreetcom, forward slash, mark pearlberg and get access to any of those resources Fantastic.

Speaker 1:

Guys, thank you so much for being a guest and sharing your stories and experiences. I want to go check out 100unicornscom as well. Very excited, yes, sir. I really think everybody's going to enjoy this. So if you enjoyed it, obviously like, subscribe for more and if you are interested in being a client, email info at markprovercpacom and send us some staff. If you know any tax accountants who might be interested, more than anything, send us some tax accounts please, and you guys have a great day. Thanks for listening.

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Tax Strategies and Passive Income Opportunities
Investment Strategies and Lessons Learned
Infinite Banking and Passive Income Pillars
Exploring Financial Freedom and Legacy Building