Join Usha Patel & Bob Wells, and Melanie & Josh McCallen for thoughtful conversations with everyday, hardworking families like yours: as we discuss the experiences that have been the touchstones of our unique journeys to financial freedom.
E013: Learning Financial Mastery with Mary Pat and Brian Kling
Mary Pat and Brian Kling are shifting from a situation where they are both actively generating income in an "active" way to more of a passive income strategy.
Mary Pat is a realtor with Keller Williams and a professional coach, and Brian is the owner of a water treatment business who has been an entrepreneur his whole career. Brian is currently in the middle of a buyout, which he hopes to be completed by the end of 2022. His exit strategy to get out by the end of 2022 has been in play so it has been a five-year plan.
Accountable Equity has opened their eyes to the opportunities to do things other than the traditional means available such as investing in stocks. Eight years after taking the financial mastery course, they have been walking down this to growth and success.
Here’s what we talked about:
How to shift gears from active income to passive income
Their real estate investing background
Creating an income tracker spreadsheet
The value of sharing the models of life success with young people
Why they feel confident in investing with Renault
The power of syndication
How to Shift From Active Income to Passive Income
It’s important that we’re able to direct our lives versus just letting things direct us. And it takes awareness to be able to do that. Unfortunately, sometimes in life, we just get so busy that we don't even realize there's another way. Therefore, you have to find avenues and seek opportunities, primarily through research and educating yourself.
Even, sometimes, just the word investing can be very intimidating. And yet, being able to create income for your future that you're not working consistently day in and day out for, and it's passive, or horizontal, is a gift for every single person that can give themselves and their families.
Creating an Income Tracker to Track Your Path
Part of financial mastery is also creating an income tracker. If you want to have progress in life, you really need to know where you are. That way, you can track how you will progress to where you want to be. And tracking is vital to our lives and wealth creation.
Being a Mentor to Others
You're going to become a better version of yourself as you change the models that you follow for personal wealth. And all of the people that look up to you, and all the people you care about are watching what you do. They're learning from that and picking up what they should probably implement if they want to see success in their life.
Sometimes, it's not even the success that we might see in our own lives, but the success that we can give someone else in the process of our own growth. There are a lot of different opportunities out there if you're just open up to looking at it, even if you don't even have a clue. Just be open enough to check it out.
The Power of Syndication
Being aligned with people to build and journey together is such a wonderful gift. Find some communities and find some people to align yourselves with.
Syndication works so well because multiple people can do things together that they couldn't possibly do on their own. And everybody has different experiences and different networks that they can bring to the table.
E012: Downsizing to Make Room for Better Opportunities with Arlene and Dean Quirk
Based in Milford, Pennsylvania, Arlene Quirk has been a realtor for 22 years now and has been with Keller Williams since 2010.
Both Arlene and Dean have backgrounds in food and beverage and hotel management. Arlene went into hotel management for 15 years and Dean went from restaurant management to food administration in the prison system. 30 years out, Dean’s retirement fund gave way for Arlene to jump into real estate investing.
They bought a condo as a real estate rental investment knowing that when the market got good, they would sell their house and downsize – and so they did it.
Here’s what we talked about:
The power of teamwork even when
Why you should build a real estate team
What made them jump into Renault
Leveraging syndication the best way you can
The role of culture when choosing where to invest
How to realize your vision
The Power of Teamwork
Even if you don't have a spouse or significant other, you can align yourself with a team of people to make your dreams work.
That being said, it’s still important to create vision boards and dream boards with your partner to help you figure out where you want to go and where you want to be. This sets you up for success in passive income. There could be sacrifices to be had. In Arlene and Dean's case, they had to downsize their house.
Why You Should Build A Real Estate Team
Building a real estate team allows you to have a little downtime at the same time. This allows you some space and time to travel and temporarily disconnect whenever you need to.
Active vs. Passive Income
You can actually buy a house wherein you can rent out the rooms. That way, your housing is free to you and you're renting it out. This is the active way. People actually have to go buy it and they have to take care of the property. And that's probably what 99% of the people think real estate is.
But then there's this other way of joining a partnership and letting someone else do the heavy lifting. You provide some of the capital and then receive the same benefits as if you own the whole thing.
The Role of Culture When Choosing Where to Invest
Culture is really important. That's one of the reasons why Arlene joined KW. It’s how you want to live and how you want to project yourself. It helps develop you as a person and develop your team.
How to Realize Your Own Vision
Ask yourself how you can get started with something. And if you feel it's not for you, try to keep an open mind so you begin to see the opportunities – which are actually everywhere. Again, you just have to be open.
Consider investing in different ways so have a lot more opportunity to delve into different possibilities. Just start somewhere and financial mastery is key.
E011: From Chemical Engineering to Real Estate investing with Scott and Lisa Loper
Prior to real estate, Scott and Lisa Loper were working as chemical engineers, which they liked but they didn’t really love. Eventually, Scott dove full-on into real estate sales – and Lisa into mothering – and both going from receiving solid income to just full commission.
Now, Scott has been in the real estate business for 21 years now, and Lisa, 16 years. Having knowledge of cash flow and return on investment, Scott grew the confidence to venture into investing. But it was the idea of having a passive income that mainly motivated him to jump on board. Once they made that switch, they ended up doubling their business within a year and a half.
Here’s what we talked about:
Their background prior to real estate
The motivation of having a passive income
The choice to make a switch
The benefits of real estate syndicate
Investing in a fund that values education and culture
Getting Started with Investing
Just because you don't have any real estate background doesn't mean you can't do real estate investing. You just have to be willing to learn about how things work and you don’t need to have a ton of money to get started as well
The Choice of Making a Switch
When they switched to Keller Williams, they ended up virtually doubling their business within a year and a half. They also ended up learning so much more about passive income, how important it is, and strategies to do it. And then making connections through people who are doing syndicates and funds who brought them in on those opportunities.
The Benefits of Real Estate Syndicate
From the standpoint of you being a money investor, the returns are very nice. And if the toilet is not flushing, you're not getting a call. And so, it's a way to invest in something larger without having that capability yourself yet.
Now, Scott is starting to learn how to acquire bigger projects. And when you join a fund that values education, you actually could build a business education for yourself.
Then investing at Renault, it’s all about Investing in something that builds joy to your heart and you can connect with it. It’s that whole thing about creating family memories. You can enjoy your investment right away and you can bring others to be a part of it.
E010: When Investing Gets Real with Chad and Ashleigh Gallagher
From a chance encounter in New York, Chad and Ashleigh Gallagher are now living their dream as a family – but that doesn’t mean it didn’t involve any hard work. Ashley is a powerhouse entrepreneur and Instagram influencer and Chad has been leading an explosive team over at SlateHouse Group Property Management. They've built one of the biggest East Coast regional property management companies with thousands and thousands of dollars.
Here’s what we talked about:
What got Chad into investing and his first real estate investment
Thinking long-term bets and not judging cycles
Investing also needs hard work.
The importance of getting your partner/spouse on board
Being passion-driven than being focused on the paycheck
Devoting a percentage of your time a week on investing and taking your time to educate yourself
The three different investing roles
Thinking Long-term Bets and Not Judging Cycles
Instead of picking cycles, try to just make long-term bets. If you're trying to invest in 10-20-year bets, cycle markets are way less important. And then from that perspective, get started as soon as possible and make it low-risk, almost like an experiment.
You're going to learn so much from your first investment. The reality is your first investment oftentimes, is really just a learning experience. Chad’s $20,000-investment grew to a 150k in equity. There’s an advantage in not always trying to judge cycles and just focusing on long-term investing.
Getting Your Spouse on Board
For new investors, once you've got yourself mindset and you've met a couple of mentors, the next step in that journey is getting your significant other on board with you.
Ashleigh gave her all-in support to Chad because she wanted to learn from it as well considering that Ashleigh's grandmother built a 50-unit real estate investment portfolio in Florida all by herself in her 70s and 80s. It was her grandmother’s investment that made the idea of real estate investing real for her.
Investing is Hard Work
Whether you're going to be a passive investor or an active investor, hard work matters. Sometimes, the work is finding a good property or finding a good person to invest with.
Being Driven by Passion, Not Money
When you can actually get yourself excited about what you're doing, and about trying to be the best at whatever it is, then the outcome becomes much better. You're not trying to win to get a paycheck because that's not what creates amazing outputs.
SlateHouse Group Property Management
Ashleigh’s IG: @healthylivingwithash
E009: Creating Your Legacy Wealth with Erik and Jane Cabral
As their family was growing, Erik and Jane Cabral realized they needed more to their name. They wanted to pass something on to their kids and create a legacy wealth, which you normally can’t do in the corporate world.
As a creative director going up the corporate ladder, little did Erik know that he was absorbing everything around him and was able to leverage that to build his own companies. He became a real estate investor full-time, building teams, systems, and investor networks. He realized his calling was to help investors become creative. And seeing Erik’s struggles, Jane is now ready to jump in.
Here are some power takeaways from today’s conversation:
Having a strong foundation in your marriage
The importance of trust in decision-making
Asking great questions as an opportunity to grow
Their transition from Big Pharma to real estate investing
How their investing journey began and buying their first property
On Investing and Relationships
In marriage and love, you have to be more open to hearing out the other person and willing the good for the other person. You can't be everywhere and all perfect. You are a team for that reason – you're both putting your hands in different pots to create a full life.
Having your spouse or life partner in your entrepreneurial journey, you both are sharing the entire experience along the way, all your lessons and failures. Eventually, your partner becomes such an integral partner in decision-making.
Mutual decision means mutual responsibility. One may feel a little less confident, and the other one feels very confident in the decision. But once you go in and you've made the decision, you're going to share in whatever the outcome is – win or lose – no pointing fingers.
Getting Ready for Your First Investment
Encourage your partner to ask questions. Because sometimes, if you don't know the answer, it gives you the opportunity to grow and learn in the process.
You have to learn how to be analytical. Spend the time on task over time until you become comfortable to the point where your spouse actually believes you.
Have a mentor. Leverage the expertise of people in your team. Learn to trust your partners and the people around you.
Rich Dad Poor Dad by Roberti Kiyosaki
E008: Investing Early with Greg and Nancy Taylor
Both in their 30's, Greg and Nancy Taylor are taking the long-term strategy when it comes to looking at investments. Nancy worked in medical sales while Greg has been in medical device sales for 14 years now. Although fairly new to investing in real estate, they feel lucky to meet great people they can grow with, especially that they’re starting at a fairly young age.
Here’s what we talked about:
Nancy declining PA school for medical sales
Greg’s mindset on wealth creation
How they deal with risks as a couple
Their financial goals
Their Background in Medical Sales
Nancy's goal was to get into PA school. She did get an acceptance letter, but she ended up declining it to do medical sales. It was a decision she never regretted.
Since Greg was a young guy, he has always been focused on wealth creation. Growing up, money was always tight so he started working at a young age, shoveling snow, and doing all kinds of things young kids do just to have some money in their pockets. Seeing the restriction that money put on his parents, Greg saw the amount of freedom money can provide. And this was the kind of mindset he began to develop.
Like Nancy, Greg wanted to apply to medical school. Unfortunately, he ran out of money because applying to medical school is really expensive. It's a barrier that doesn't need to be there. But it's also a barrier that pushed them down a different road that has led them to a much better spot where they are now at.
Dealing with Risks as a Couple
Being able to talk about things to come to a better conclusion has really helped this couple in terms of taking risks. Greg is less risk-averse than Nancy. But at the end of the day, they have a good check and balance when it comes to their decision-making. The foundational piece of having the same goal is just finding the vehicle in order to get you to a place where you both want to go.
Their Financial Goals
From a 50,000-foot view, their goal is creating wealth, which ultimately creates freedom. They want to live a certain kind of lifestyle free from financial constraints and this is one of the reasons they're starting early. They're not trying to get rich quickly. Although there are opportunities to do that, they tend to focus more on the long-term play and letting money work for them over the course of their life.
If you’re interested in next level conversations that can help inspire you to take action this is the show for you! Hear how people/families work through their fears and limiting beliefs to accomplish what many of us are capable of doing too! Highly recommend this show!
Real stories from real people
I really enjoyed hearing the preview episodes from people that are real average everyday people - not to dim their star at all. But they are “normal” people investing for their families - not building some mega empire. That is super relatable and I love it ! Can’t wait to tune into more.
Inspiration, Warmth, Hope, a very nurturing approach to the Entrepreneurial Journey!
I listened to the first episode with Bob Wells and Usha Patel, and it moved me very deeply. These real estate superstars open their hearts and share deeply and authentically from their experience, from when they fell in love in the Middle East, and open up like never before. Their passion for business and they mission to educate the future entrepreneurs of the world is apparent. Business can indeed contain a double bottom line! It can be wealth-building and heart-building. What a necessary podcast for this day and age! May it indeed accomplish what it seeks!