How to Plan For Your Financial Future, Build Passive Income & Set Up Your Exit Strategy w/Joey MureJul 08, 2019
One of the greatest ironies of real estate is that many agents don’t invest in real estate, or make other investments. What are some of the mistakes agents make when it comes to their finances? What are the steps you need to take to start leveraging your income so that it can eventually become passive? What is the Infinite Banking Concept and how can you employ it to better yourself?
On this episode, Wealth Without Wall Street Chief Financial Coach, Joey Mure shares how real estate agents can level up from technician to entrepreneur.
Watch the Full Interview:
Insurance companies allow you to borrow your own money with no repayment structure allowing you to fund your business growth and bridge your expenses in lean times. -Joey Mure
Takeaways + Tactics
- Your ultimate goal as a Realtor should be investing in your business so that it becomes passive business ultimately.
- If you don’t have cashflow in your business, you won’t be able to do anything else to grow your business.
- Through Internet Banking, you can utilize life insurance as a vehicle for savings, not just for protection.
In many cases, real estate agents find themselves working to the bone for decades without building any real wealth, which is a far cry from the freedom they seek. In order to change this reality, we need to be smarter with our money and how we leverage it. We need to be working our way towards making our businesses passive so we can actually have the freedom to do what we love. The Infinite Banking Concept is one of the most powerful ways for us to build wealth. It allows us to utilize a high cash value life insurance policy, and not just as protection but as an asset. By putting the right pieces in place, we can pull all the levers to increase our business and eventually make our business passive, which makes us true entrepreneurs.
Joey is the Chief Financial Coach at Wealth Without Wall Street. Joey started in the Mortgage industry in 2003 and grew to become a branch manager with one of the Nation’s top mortgage lenders leading 25 loans officers. By 2010 Joey had achieved national recognition for his personal production as well as accolades for the performance of his branch. Despite earning an impressive income he had significant questions about how to save for the future without having to borrow from banks. How does anyone save aggressively for retirement AND simultaneously pay for automobiles, save for college, weddings, and vacations?
Fortunately in 2010 Russ Morgan, Joey’s Infinite Banking Practitioner at the time, shared the Infinite Banking Concept with him and everything changed. IBC allowed Joey and his family to get completely out of debt besides paying off their mortgage, they started saving four times the amount they had previously been saving, and they now had a clear future of how to save for all of life’s expenses without giving up retirement savings.
After 4 years of enjoying these benefits and continuing to learn more and more about the creative ways IBC was helping so many other families, Joey decided to leave his mortgage career in order help others learn what he learned in 2014. Now Joey focuses on helping real estate professionals to implement these ideas for themselves.
To sign up for the Wealth Without Wall Street community, and get 50% off the subscription fee, go to http://community.wealthwithoutwallstreet.com.
To watch the video series about cultivating passive income, go to http://passiveincome.wealthwithoutwallstreet.com/
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