Do you know your Investor DNA?
Welcome back to another episode of the richer geek podcast. I'm happy to have this week I have Joey Mure and Russ Morgan. They are founding partners of “Wealth without Wall Street”.
Russ Morgan, is known as “The Idea Guy.” Russ began his professional career as an investment advisor in 2004 after graduating from Auburn University — a slight foray from 10-year-old Russ’ dream of becoming a professional baseball pitcher. Russ started IBC in 2009, and eventually went on to found Wealth Without Wall Street in 2015. Russ' mother was an enormous inspiration for him growing up.
Joey Mure, Founder, and Partner at Wealth Without Wall Street bring 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.
In this episode, we’re discussing…
[2:04] Their background and how they went from zero to 60K in passive income
[4:45] Different types of classes where they got passive income and pros and cons
[10:31] You have to know who you are as an investor mind
[14:40] The importance of not doing on your own, reading from others, and listening to podcasts
[17:41] Get a mentor, and find your own abilities
[21:48] Building generational wealth, through something that we love
[25:39] The passive income roundtable
[29:34] The passive income mastermind
[30:59] Free access to the passport challenge on this website and take action on any different course
[31:30] Be part of 5000 other people who are focused on building financial freedom
Joey’s Top Tip´s
“It was slowly taking me away from what I was working so hard for and met Russ. And we started to implement certain things financially after reading a very foundational book. And it made such a huge impact for me, that I said, after four years of doing it, I was like, more people need to know this. And so that's when he and I joined up and formed wealth without Wall Street in 2016”
“We have learned a ton from other people by doing a podcast and listening to others, and then implementing those passive income ideas personally, and we report on every single month now to anybody that wants to listen to the good, the bad, the ugly on our podcast, you can hear that we've just surpassed 67,000 per month in passive income in all these different ways”
“I'm going to say it in three steps is the GPS, right? The goal, the plan, and then the support. And for us, the goal is just getting clear on what financial freedom really means”
“We got really clear that passive income must be greater than our monthly expenses. And we started then applying, what kind of investor? Are we? And after I got that goal, and that real crystal-clear vision, going into the planning side of things, and figuring out what kind of investor we are, before we ever applied, the types of investments that we employed”
“It's a full-on competitive sport, you have to get in the game like you have to personally look at who you are, who God has made you be like your strengths, your weaknesses, like do you need to partner with somebody in certain areas where you're weak and our assessment tool, the investor DNA it opens your eyes to that, and it helps you to apply who you are, to what sort of path you should then be going on. And it's pretty amazing”
Russ Top Tip’s
“In our GPS model, the P the path, the path, the plan is knowing who we are as an investor. And I think so often times we get so hooked into the lure of radar returns from investments, that we think that's what we should chase. And it starts in the mutual fund world where we start a 401k. which is a terrible idea, by the way, but that's what we do. Because we are not trained, we don't understand what to do”
“You have to know who you are as an investor mind. And too, oftentimes, when we decide to make an investment, we don't understand how to impact the result of it. And because of that, when the result isn't what we wanted, and it comes back differently, we're left disappointed. We help everyone who comes through this process, understand is who they are as an investor, and then try to align them toward things that they could influence the outcome of, that they could be in more control of because really, that's what we want more control”
“And we believe that surrounding yourself, you know, what is it Jim Rohn said that you're the sum of the five people you spend the most time with? Well, maybe you don't get to spend time with people that you would like to so maybe it’s your own podcast, maybe it's reading books, maybe it's in masterminds or communities that will help you get there. And we believe that support piece is so vital, and the ability to have coaching and influence from people who have done it before is super helpful”
Our vision, at least for our company is within three years, every employee comes to work only because they want to. And that means they have to be financially free. And that means they have to be working in the area of their unique ability that you just pointed out. And that is very different. That's strange in the workplace, right? because so few people are truly working because they really want to if they got down to the brass tacks of it, so I think if you can help people understand that passive income gives me the freedom to continue to work in a way that I love”
“We refer to it as our passive income mastermind, our 200% Club, where our goal is to do one thing, which is to build 200% of the monthly expense need and passive income. And we do that in three different ways. One through exposing people to new opportunities that can increase passive income. The second is to reduce their tax burden, because the thing is, is that part of our expenses, our largest part typically is our taxes, especially the higher-income earners that we are”
“And then the third thing is helping them build infrastructure and infrastructure may be just entity structure. And it may be estate planning, or it may be through the use of different cash management tools. One of the ones that we most commonly use is something called Infinite Banking, and just the structuring of those contracts and the lines of credit that go with them that help us finance all the deals”
Resources from Joey and Russ
