Do you have an interest in creating passive income? I know it might sound a little rhetorical, but it is not. Chances are if you are listening to this podcast you have already figured out how to make a healthy income. Do you have a general interest in creating passive income streams to create personal wealth?
Our guest today is Joey Mure, and his business partner has a business called Wealth Without Wall Street where they guide business leaders and the like on how to create personal passive income to be greater than their monthly expenses.
By the way, Joey and his partner are living examples of what they teach. Last year they generated $1.2 Million in passive income and more than $50,000 in personal income per month.
LINKS FROM THE EPISODE:
- Learn more about Wealth Without Wall Street: https://www.wealthwithoutwallstreet.com/
- If you are ready to franchise your business or take it to the next level: CLICK HERE.
ABOUT OUR GUEST:
Joey Mure, Founder and Partner at Wealth Without Wall Street, brings impact, integrity, and generosity to the company every day. He hopes to be remembered as a lover of Jesus, devoted husband, and faithful father. Despite dreaming, around age 10, of becoming an orthopedic surgeon, Joey was in the mortgage business for 11 years before moving to finance in 2014. His personal mentor, Nelson Nash — another man of integrity and impact — is someone Joey deeply admires. Joey’s strengths in building relationships, asking great questions, and influencing and empowering people with the Wealth Without Wall Street message make him invaluable to the company’s mission. He is relational, impactful, and a true leader. His colleagues would add that he’s thoughtful, funny, and a family man. Many people don’t know that Joey ate a 72-ounce steak dinner once. If he could be anywhere other than work, you’d find him at the beach with his family. And every Sunday morning, they’re worshipping the Lord. A lifetime goal of Joey’s is to impact the world for Christ; and a more near-term goal is to purchase a beach house for my family. Aside from Wealth Without Wall Street, Joey listens to Sharran Srivatsaa’s Business School podcast and Donald Miller’s Building A StoryBrand podcast. He’s happiest when he’s traveling with his wife or golfing with his girls. He cares deeply about Campus Outreach, Cru, Navigators, Sav a Life, Lifeline Adoption, and Young Business Leaders. His aims to live by the words “Trust in the Lord with all your heart and lean not on your own understanding. In all your ways acknowledge Him and He shall direct your path (Prov 3:5-6).”
ABOUT BIG SKY FRANCHISE TEAM:
This episode is powered by Big Sky Franchise Team. If you are ready to talk about franchising your business you can schedule your free, no-obligation, franchise consultation online at: https://bigskyfranchiseteam.com/ or by calling Big Sky Franchise Team at: 855-824-4759.
f you are interested in being a guest on our podcast, please complete this request form or email podcast@bigskyfranchise.com and a team member will be in touch.
TRANSCRIPTION:
Tom DuFore, Big Sky Franchise Team (00:00):
Welcome to the Multiply Your Success podcast, where each week we help growth-minded entrepreneurs and franchise leaders take the next step in their expansion journey. I’m your host, Tom DuFore, CEO of Big Sky Franchise Team and as you start the show today, the opening question is, do you have an interest in creating passive income? And I know that might sound a little rhetorical, but it’s not intended to be. Chances are, if you’re listening to this podcast, you’ve already figured out how to make a healthy income, but do you have a general interest in creating passive income streams to create personal wealth? And our guest today is Joey Mure and he and his business partner have a business called Wealth Without Wall Street where they guide business leaders and the like on how to create personal passive income to be greater than their monthly expenses.
Tom DuFore, Big Sky Franchise Team (00:54):
By the way Joey and his partner are living examples of what they teach. Last year, they generated over 1.2 million in passive income and more than $50,000 in personal income per month. You’re going to love my interview here. So let’s go ahead and jump into the interview with Joey Mure.
Joey Mure, Wealth Without Wall Street (01:11):
Yeah. So Joey Mure and I’m one of the owners of Wealth Without Wall Street and we’re a movement of people who are building passive income streams and creating financial freedom and we’re not including Wall Street in the equation.
Tom DuFore, Big Sky Franchise Team (01:28):
I love it. Well and you are actually one of the reasons I was excited to have you on the show is because of just the name itself, Wealth Without Wall Street, it’s intriguing. It kind of catches your attention and I’m curious because we help companies franchise their business and that’s one way of kind of helping create Wealth Without Wall Street kind of an idea-
Joey Mure, Wealth Without Wall Street (01:52):
100%. Absolutely.
Tom DuFore, Big Sky Franchise Team (01:52):
Right, so franchising is an option. And I know that one well, but certainly not everybody franchises their business. So I’d love to talk about Wealth Without Wall Street and where did the idea come from to kind of get into that?
Joey Mure, Wealth Without Wall Street (02:07):
Well, I’ll say this Wealth Without Wall Street is a picture of my story, Tom and it comes back to the fact that when you hear the name Wealth Without Wall Street, it says, oh, there is an alternative, I guess I’ve always thought that there was an alternative, but it’s almost like we have this default program that’s been put into our brains that really follows this mode to put money away for a very long time into somebody else’s control and to allow that to grow to some big number and then eventually we “retire” and we start an income stream to us that we hope will not run out of money. That’s like the default program, that’s Wall Street’s marketing and Wall Street does a great job of convincing us, to give them our money and to continue to give up control.
Joey Mure, Wealth Without Wall Street (03:07):
But the alternative is that you don’t have to do that and in fact, financial freedom can start today. And when we say financial freedom, we’re talking about your passive income must exceed your monthly expenses. Once that happens, now you dictate to your calendar, what you’re going to do. Before that point, you must have active income to cover your expenses. Otherwise, you go bankrupt. And so there’s this hamster wheel. I have to continue to produce income that will cover my expenses. And so we’re all about breaking that mould and saying, wait a minute, what am I missing out on today? What is life? What life am I missing out on today if I don’t have financial freedom? Why would I wait until I’m in my sixties or seventies to gain this “freedom”. I don’t know if that helps you, but that’s kind of where the idea was bornand it was really my story that led us here.
Tom DuFore, Big Sky Franchise Team (04:17):
Yeah. I think it’s great and certainly I think there’s this transition, almost a generational transition of this idea of wanting to enjoy life right away, instead of maybe thinking of our parents or grandparents that worked their whole life to then retire and who knows what happens at that point and so I think that there’s definitely, I’m seeing this at least with young people in general, 20 somethings, even 30 somethings that are saying, I don’t want to wait until I’m 65 or 70 to start enjoying life. I’m willing to, in some cases, even make less today to kind of have this lifestyle of doing what I’m doing. So I think, I definitely think it sounds like it’s a trend and something that’s coming here. And I’m curious about what your suggestions might be or some thoughts that you might have for our audience. It tends to be predominantly thriving entrepreneurs, franchise leaders, or just business leaders that maybe, they are franchising their business or maybe they’re not, but they’ve got a great business asset they’ve created.
Tom DuFore, Big Sky Franchise Team (05:33):
Where do they go from there? They’re not thinking they’ve moved past, okay, I’ve got some income outside of my W2. I actually have created something here. But now what?
Joey Mure, Wealth Without Wall Street (05:46):
Yeah. So first and foremost hats off to you who have created a business and it’s actually surviving and now thriving, because what we talk about a lot in our show is the hierarchy of wealth. Have you ever heard of that, Tom?
Tom DuFore, Big Sky Franchise Team (06:04):
No.
Joey Mure, Wealth Without Wall Street (06:04):
Okay. So most people haven’t. Think about the hierarchy of needs. The Maslow’s hierarchy of needs. You probably took a college class on this and you probably fell asleep halfway and all that, but it starts with, at the very bottom, you have these baseline requirements of life. If you don’t have food and water, you don’t really care if you have housing. It’s like you have to move up the ladder. So if I have food and clothing, check. I move up to now I need housing and clothing, check. Then I move into career, check. And like there’s all these levels. Well, the hierarchy of wealth is the same way. We have to start with the very baseline as cash and cash flow. If we don’t have that, we really aren’t concerned about building wealth. So you’re an entrepreneur. You’re thriving. You’re now sitting on cash.
Joey Mure, Wealth Without Wall Street (06:59):
And I actually saw a post in one of these masterminds I’m a part of and he said, the guy is like sitting on hundreds and thousand dollars in cash. He’s like, what are you guys doing with it? I’m seeing it evaporate before my eyes, because of inflation which we all have felt the effects of. And so he’s like, I need to do something with it. Well, there are two factors at play. Number one, I need to take that cash. I need to put it in a place that actually outpaces inflation. It gives me more benefits, like tax free growth and availability, but I need to continue to have access to it so that I can continue to grow my business.
Joey Mure, Wealth Without Wall Street (07:44):
And so we solve that problem. We use a concept called infinite banking and it’s what I did in 2010, I started this process of putting large amounts of cash away into this concept called infinite banking. And it gave me the ability then for an opportunity fund. That opportunity fund became the place that I launched into turning active income into passive income. Because as a business owner, here’s the challenge. Number one, you have a great asset and it’s an amazing thing to create cash flow, but it also requires it to continue. And there are all sorts of threats out there, whether it’s government threats, market threats, competition, whatever it may be internal issues with employees and other, such things.
Joey Mure, Wealth Without Wall Street (08:40):
So if we’re not constantly taking active income and turning it into passive income, we are not properly stewarding the money that we’ve been given to create more security in the event of one of those fluctuations that may occur and/or the ability for us to then grow our influence and our impact on this world. And that’s what I feel like is missing for the entrepreneur who’s thriving is they’re like, okay, how do I do that? That sounds good. How do I do that? That’s where we come in and we teach people through a three step process exactly how to do both of those things.
Tom DuFore, Big Sky Franchise Team (09:23):
Interesting. Well, as you mentioned, this three step process, I’d love to know if, I don’t want to have you give away any trade secrets, but is there kind of a high level overview that you could walk through of what that three step process looks like?
Joey Mure, Wealth Without Wall Street (09:37):
Absolutely and yeah, I don’t want to bore everybody to four hours of us going through this. So I’ll keep it brief, but we have a book coming out later on this summer where it outlines this in more detail, but it’s really think about this way. Financial freedom is a destination and if you could think of one thing that helps you get to a destination, the first thing I think of is my phone. So I pull up my phone, I pull up my maps app and I put in wherever I’m headed and what happens as soon as I put in a destination, it creates for me exactly how to get there. It might pull up three or four options and which one are we always going to choose?
Tom DuFore, Big Sky Franchise Team (10:20):
The fastest one?
Joey Mure, Wealth Without Wall Street (10:21):
The fastest one. Well, that’s exactly how we should treat financial freedom. Like what’s going to get us to more passive income than our monthly expenses as soon as possible. I mean, we’re talking people following this process within two years, find their way to financial freedom and they’re able to fire their boss or to leave their business that they potentially was owning them and allow them to have more freedom with their time. So the three steps are, think about the maps app, is your GPS. So I have the goal. That’s the G. The goal is financial freedom, but being clear on that is our first step. We always help people to dream again. What would it look like, Tom, if you had financial freedom, what would your time look like? Who would you be, like who would you want to be? What would you want to be doing? And what would you want to have, we do have. You’ve probably heard that before. We don’t have any, like, amazingly interesting things we’ve come up with.
Joey Mure, Wealth Without Wall Street (11:26):
We just borrow things and make it our own. Who do I want to be? What do I want to do? And what will I have when I’m financially free? That’s your goal. Then you need a plan. That’s the P right. GPS. The plan is who am I as an investor? How has God created me uniquely to see the world? What are my strengths? What are my weaknesses? And then what are the different passive income ideas that will help me get there as fast as possible. We use a passive income matrix to help people see what are the pros, what are the cons and what are the resources that I need to be successful in this particular passive income stream.
Joey Mure, Wealth Without Wall Street (12:09):
And so people go through this plan, they create, they figure out who they are as an investor, what passive income ideas are for them and then they start to build their next steps from there and they need the support at that point. That’s the S. So goal, plan and support. And that S is really through our various different masterminds and/or community aspects that we provide. So you need to be in a community with people who are helping you to reach your goals ultimately and provide you on the same path that they are.
Tom DuFore, Big Sky Franchise Team (12:46):
Well, thank you for sharing that overview. I think that’s a great place to start. You’ve got a very clear pathway that you laid out there. Before the show started you mentioned a client you’re working with that sounded a lot like clients and customers, we work with. Successful entrepreneur, they’ve got a great business. They’re cash flowing and they’re saying, what now, walk through how you’re working with this client or someone in a similar situation?
Joey Mure, Wealth Without Wall Street (13:17):
It really boils down to that same three steps, Tom. So this guy is a, he actually runs a mastermind that is for seven figure entrepreneurs in the digital marketing space. And he came to us with this same question and was like, all right, I got a lot of people in here. They’re doing great things. They’re making good money, but they really need some help figuring out what to do now. Where do they build actual wealth? And so the first thing and I want to really kind of point back to what you do, Tom. So first and foremost, we talked about the hierarchy of wealth. The first level was cash and cash flow. The second level is control. Well, what do you control better than anything else you could possibly invest in, that to yourself? So knowing who you are as an investor is super important, but your business is right behind it. So investing in your business is the number one place to create financial freedom, especially when you can turn your business that’s already successful into a franchise model that then continues to pay you passively.
Joey Mure, Wealth Without Wall Street (14:33):
This is a beautiful thing, which you guys do, to help people take something that’s already very valuable and make it extremely valuable because there’s no better place you can invest your time, energy, and effort into creating passive income then right under your nose. So don’t miss that. I think that’s a really key takeaway is that some people are looking to all these other investments and they’re chasing, oh man, I could get 10% ROI on this rental property or I could do this, this crypto thing over here and it’s creating all this ROI. So I want to do that. And right under their nose, they could be having the greatest passive income within their own business. So, first of all, let me say that. And I think this guy’s done that. He took his business. And then what do you do? He created a mastermind and that mastermind continues to pay him somewhat passively. He still has to be involved.
Joey Mure, Wealth Without Wall Street (15:34):
But then from there, it’s like, now I’m still sitting on a bunch of cash and I don’t know what to do with it. And so then we say, okay, what sort of investor are you? And we have a profile that they take. And it tells you like, man, I really love running a business. I love the idea of overseeing a business or not maybe somebody with a high D personality. You ever take the DISC profile.
Tom DuFore, Big Sky Franchise Team (16:02):
Yeah. Very familiar with that. Yes, yes.
Joey Mure, Wealth Without Wall Street (16:05):
Ours is based off of the DISC profile, the investor DNA. And so that high D is going to love the idea of running a business, whereas like an S personality or a C personality may not be so interested in that. They want something that’s more kind of secure, more predictable, and maybe they want to go down the road of like a turnkey rental property where it’s already been done. It’s proven. It honestly, it’s kind of boring. So that D personality doesn’t love turnkey rental real estate because it’s just, they can’t influence it. They can’t be a part of making it a better investment. It’s just going to do what it’s going to do. So anyways, those long story, we take them through the investor DNA. And then we take the cash that they were saving over here. We put it through the infinite banking concept and they start to leverage that into the various real passive income assets that they’ve decided are the best fit for them. And from there, it’s just watching it rinse and repeat, watching it rinse and repeat and start to see that growth.
Joey Mure, Wealth Without Wall Street (17:20):
These very same things, Tom, we have been to Guinea pigs. Over the past 12 years, my business partner, Russ and I have followed these same steps. We didn’t know they were steps until we looked back. That’s kind of how you can tell success. But through that in last year, in 2021, we created over 1.2 million dollars of passive income and netted over 50,000 dollars per month by following these same things. So this is real results that we want to share with the world. And it’s just not a bunch of fluff. We post this every single month on our passive income report so people can see that we’re just not just talking about it, we’re doing it.
Tom DuFore, Big Sky Franchise Team (18:09):
And is the passive income report, is that something where you showcase what’s happening as a public for view so people could see that? What the website, someone who’s tuning in. So I know, I’m talking to you. I’m interested. Okay. What’s the website. How do I see what’s going on?
Joey Mure, Wealth Without Wall Street (18:23):
It depends on what whichever format you want to see it. We have it on our website, wealthwithoutwallstreet.com. You can scroll to the bottom and there’s a passive income report tab. We post it on YouTube and on our podcast. So if you just want to listen to it, you can hear all the things that we’re investing in, but on YouTube, we actually show the report and you’re welcome to check that out. Again, it’s not always perfect. There are some months that are better than others, but it has been a great way for us to share again, what’s working and what’s not.
Tom DuFore, Big Sky Franchise Team (19:00):
Great. Well, I love what you’re doing. It’s really interesting. And I think the topic is, it’s always a timely topic, but it’s really relevant, I think to our audience and our clients here. So enjoy this. Be a great time to transition to the show format that we always like to ask every guest the same four questions before they go. And the first question is, as you’ve been going throughout your career, if you’ve had a miss or two along the way and something you’ve learned from it.
Joey Mure, Wealth Without Wall Street (19:28):
I will say one of the biggest misses I had is what the impetus of our whole company came from. And that was, I was that guy stuck on the hamster wheel of thinking that higher income equaled success. Higher income does not equal success. It honestly, the higher that my income went, I was in the mortgage business at the time, the more I was held to my phone and I couldn’t even be with the people that I loved the most. Like I remember specifically being on the beach with my kids and my wife and saying, hey, y’all go head down to the beach. I’ll be right behind you. I just have to take one more call.
Joey Mure, Wealth Without Wall Street (20:17):
And then two hours later, I’m walking down on the boardwalk to the beach and they’re walking back the other way with the look of disgust on their face that dad was with us, but he’s not present. And I know that’s one of the biggest misses of my career, was losing that, touch of that and thinking I’m working so hard for you. How do you not understand dad has to go to work? The problem was I wasn’t solving for passive income. So I was constantly a slave to that next phone call and that next deal that had to be done.
Tom DuFore, Big Sky Franchise Team (20:57):
Yeah. Well, thank you for sharing that. And, well, let’s talk about the other side of this and a make or two, you’ve shared some throughout this, but I’d love for you to talk about a make.
Joey Mure, Wealth Without Wall Street (21:08):
So I think the biggest thing I did was, is get really passionate about passive income. And I partnered with my business partner, which this other thing I want to point out to people is, as you’re doing this journey of creating passive income and figuring out who you are as an investor, sometimes you’re going to find that there are some things that you’d love to take advantage of, but you’re just probably not the best person to go down that path alone. And so I would say one of the biggest makes I had was finding a great partner that helped to fill in the gaps, so to speak on where I was potentially weak and vice versa for him. So I think a good partnership and getting focused down on passive income, that was a big transition for me.
Tom DuFore, Big Sky Franchise Team (22:02):
Yeah. Well and how about a multiplier? I think what you’re doing is a great multiplier in and of itself. I don’t want to steal the idea here, but certainly it’s a great fit, but I’d love for you to share a multiplier or two that you’ve used for the career personally, professionally, that you’d like to talk about.
Joey Mure, Wealth Without Wall Street (22:21):
I would say starting a podcast was the biggest thing we ever did on accident. Tom, we didn’t even know what a podcast was. There was a younger guy in our office at the time. This was, I guess, six years ago or so somewhere around there. And he said, we said, we really we’re kind of growing and we want to have a conversation with our clients more often than once or twice a year. Because you know, we were just doing belly to belly, face to face kind of business. And he said, well you could just do a podcast. That’d be easy. We could just record it and then everybody could have access to it all the time. We’re like, oh, okay, well let’s try it. And so we just started and we literally thought it was just the people in our local area who our clients were getting this content and we look up six months later and we start getting calls from all over the country of people saying, hey, I’ve been listening and I want to know how to do what you’re talking about.
Joey Mure, Wealth Without Wall Street (23:25):
And we’re like, who are you? Where are you? How did you hear about us? They’re like your podcast. I’m like, oh, well I didn’t know that other people were listening. I just, so anyways, I think it’s the most powerful thing we’ve ever done because it forced us to grow from a local company to a national company in a very short amount of time.
Tom DuFore, Big Sky Franchise Team (23:52):
Yeah, yeah. I love that and I love that it was an accident. That’s really amazing. Well and the final question we like to ask every guest is what does success mean to you?
Joey Mure, Wealth Without Wall Street (24:08):
Well, I think to put a bow on, like even what we’ve been talking about here is I know it has nothing to do with your income increasing. That does not create more joy in the world. It just creates potentially if it’s not done correctly more pain and it can keep you from the people in your life that you love the most. So I would say that I see all of life as a stewardship. Like God has given me the people in my life for a reason, the skills in my life for a reason, the resources that I have for a reason and ultimately success to me is being able to look up and know that I’m doing the very best I can with all those functions.
Joey Mure, Wealth Without Wall Street (24:59):
And it’s amazing when those things kind of come into view and you start seeing income created over here that creates more time freedom to be with the people that you want to invest in and impact the most. I feel like all those things have come together and I want to constantly be looking for ways to improve and be more successful by having those things align. Does that make sense?
Tom DuFore, Big Sky Franchise Team (25:30):
Oh, it absolutely does. Absolutely, yes. And one of the things that I’d love for you to share, I was thinking about this before we wrap up is you had started going down, you were comparing it to Maslow’s hierarchy and you were talking about that. And I think we made it to step two and we’re kind of talking away, but I’m assuming there are more than two steps in the pyramid here.
Joey Mure, Wealth Without Wall Street (25:57):
Yeah.
Tom DuFore, Big Sky Franchise Team (25:57):
So I’d love for you to share those.
Joey Mure, Wealth Without Wall Street (25:59):
Yeah. Thank you. I’m great at starting, not always at finishing. So you got cash and cash flow at the bottom. Then you go up to control, which is again, you, yourself, your business and the things that are closest to you collateral. So collateralized assets are the next level. So that’s going to be anything like business, real estate, lending those things that have collateral behind them. And at the very top is speculation. And speculation is the place where most of us have been told, we’re supposed to start. Hey, you just started a new job. You know what? You need to start putting money in this thing called your 401k. And you know what? You just put money away every single month and it gets diversified and it’s in all these various different funds. And there’s, they pay you money if you put money, da, da, da.
Joey Mure, Wealth Without Wall Street (26:57):
It’s all speculation because it’s not backed by anything and it can go to zero tomorrow and so what we do is we flip that mindset and say, you got to start with the most basic things and move your way up and to be honest, most people never even have to get to speculation if they do the other three steps right. It’s only like if they want to at that point.
Tom DuFore, Big Sky Franchise Team (27:22):
Wow. Well, thank you. Well, as we bring this to a close, is there anything you were hoping to share or say that you haven’t had a chance to or get into yet?
Joey Mure, Wealth Without Wall Street (27:31):
Man, I’ll tell you, I feel like I need to listen to your show and learn more of your tips and tricks. Because to be honest, I feel like if you have a business that you can then franchise and it doesn’t create an entirely new job for you, that you’re now inundated with more time being taken from you, that’s a huge, huge win. And it’s something I feel like that we could learn better about as well. So yeah, I don’t mean to like, Brown knows you here on the show, but just as we were talking, that’s a huge opportunity for us as successful business owner.
Tom DuFore, Big Sky Franchise Team (28:13):
Well, I appreciate that. And whether it’s Brown knows you or not, it makes no difference. I still appreciate it. But what I agree, it’s something we’ve shared with our clients and prospective clients that we talk about a lot is for so many of especially small business community, most of them have a real love and passion for their business. And it’s one of the things I like that franchising allows that business owner to do is create, to grow something that they already love in just a new way of expanding it, to give other future entrepreneurs an opportunity to run their system and start and build their own financial pathway that they’re starting to build and also grow the business and without their own sweat equity behind operating every single location or territory that they were to open. So I agree with you there very much. It’s something we talk about quite often.
Joey Mure, Wealth Without Wall Street (29:12):
Well and it is Wealth Without Wall Street for sure. So it gets my stamp of approval.
Tom DuFore, Big Sky Franchise Team (29:18):
All right. I appreciate that. Thank you. Well, what’s the best way for someone to get connected with you to follow up, to learn more if they’re interested in and maybe taking a next step.
Joey Mure, Wealth Without Wall Street (29:30):
Awesome, awesome question. We have a community that’s also an app on your phone that we spend all of our time there. So if you look at us up on social media, you’re going to be like, man, these guys suck. They are terrible at social media. Yeah, we are. Unfortunately we’re not on there very often. We’re always in our community app. So I’d like to invite people into that. Just go to wealthwithoutwallstreet.com/passport and when you do that, you’re actually going to get access to the community for free and to our first step in the process that G, getting your goal. The passport challenge is that course that we put together for free, that you can start to dream again and figure out, man, what do I really want life to look like? Not what am I putting up with life, but what do I want my goal to be? And so anyways, once you join, hit me up in the DM function and let me know, you heard me on this podcast, because I’d love to connect with you there.
Tom DuFore, Big Sky Franchise Team (30:32):
Great. Well, Joey, thank you so much for being a guest on the show today. I really appreciate your time.
Joey Mure, Wealth Without Wall Street (30:38):
Ah, man, it’s my pleasure. Thanks for having me.
Tom DuFore, Big Sky Franchise Team (30:41):
Joey, thank you so much for a phenomenal interview and let’s go ahead and jump into today’s three key takeaways. Takeaway number one is that we’re all taught to invest into highly speculative investments also known as our retirement account 401ks and IRAs as a primary vehicle for personal wealth building and savings. And he thinks that’s wrong because investing in those tend to be typically speculative. We’re speculating and it has a very high risk associated with it. And he shared about is the hierarchy of wealth, which starts with cash and cash flow on the bottom. Step two is control, controlling your business and the things closest to you. Step three is collateral and step four is speculative investing. Takeaway number two is the myth that he shared about how he used to think that higher income meant more success and he wasn’t solving for passive income. He was creating greater active income, but not solving for passive income.
Tom DuFore, Big Sky Franchise Team (31:45):
And he shared that story about being at the beach with his family and he had to take just that one more call. And I don’t know if you’ve ever been there in that scenario, but I know I have and that is not a fun place to be. And so I think that’s a great lesson for us to learn from him. Takeaway number three is he shared his three step process to getting you onto a pathway for more passive income. And at his company they have a three step process. Step one is have a goal. Step two is to plan. And step three is to have a support team working with you. So goal, plan, and support.
Tom DuFore, Big Sky Franchise Team (32:23):
And now it’s time for today’s win-win. So today’s win-win is when Joey talked about using franchising as a Wealth Without Wall Street option to create passive income for yourself while doing something you already love and have a passion for and you can provide someone else an opportunity to start their passive income journey by purchasing a franchise for your franchise opportunity to start their pathway to financial freedom and Wealth Without Wall Street. And I thought that was great. We didn’t plan that, we hadn’t talked about it and it’s something even for me to hear Joey say that about using franchising as a reminder for me to be communicating this to our clients and prospective clients.
Tom DuFore, Big Sky Franchise Team (33:13):
So if you are franchising or have thought about franchising, it’s a great reminder that you are capitalizing on your existing intellectual property to build that Wealth Without Wall Street and start creating a passive income streaming with something you already know and something you already love. And that’s the episode today, folks. Please make sure you subscribe to the podcast and give us a review. And remember if you or anyone know might be ready to franchise their business or take their franchise company to the next level, please connect with us at bigskyfranchiseteam.com. Thanks for tuning in and we look forward to having you back next week.
