Building Wealth Without Wallstreet with Joey Mure and Russ Morgan
04/21/21 • 48 min
A large section of the population has bought into the idea that the best and safest way to prepare for retirement is by setting up a 401k and leaving it to accrue over time. Joey Mure and Russ Morgan are on the show to dispel this and other myths that they argue make up the 'Wall Street mindset', and share some healthier strategies for setting yourself up for a wealthy and secure future. The basis for their philosophy comes from the idea of responsibility and self-belief; they argue that by outsourcing the control of your savings and financial plan, you shortchange yourself, the results of which will be dramatically evident down the road. Our guests talk about the simple nature of the formula for a better strategy but importantly do not shy away from the fact that it will take some dedication and hard work. They really drive home the idea of education and investment in the self and show how these steps are the best way to a brighter future for you and your family. We also get into the topic of debt, and Joey and Russ share some balanced opinions about this divisive area, which may lead you to reconsider what you have been told! So for all this and a whole lot more from two inspiring and progressive financial minds, be sure to listen in!
Key Points From This Episode:
- Our guests' professional journeys and how they arrived at their current philosophy.
- Unpacking the 'Wall Street mindset' and how it contrasts with the approach espoused by Russ and Joey.
- Getting clear and honest about what we really want instead of listening to brokers.
- Joey and Russ' opinion on the way 401ks have been falsely advertised as protective.
- Taking control of our savings and retirement planning instead of outsourcing it.
- The reality of the results of relying on a 401k for savings and retirement preparation.
- The three-step process of financial freedom and the formula to follow to secure your future.
- Weighing the role of debt in a good financial plan.
- The beginnings of a journey towards greater cashflow and security.
- Why an active approach to investing in oneself is vital to your finances in the long run.
- The 'keys to success' with Joey and Russ! Questions to ask, achievements, books, and more!
- A special offer from our guests and how to find and connect with them online.
Links Mentioned in Today’s Episode:
A large section of the population has bought into the idea that the best and safest way to prepare for retirement is by setting up a 401k and leaving it to accrue over time. Joey Mure and Russ Morgan are on the show to dispel this and other myths that they argue make up the 'Wall Street mindset', and share some healthier strategies for setting yourself up for a wealthy and secure future. The basis for their philosophy comes from the idea of responsibility and self-belief; they argue that by outsourcing the control of your savings and financial plan, you shortchange yourself, the results of which will be dramatically evident down the road. Our guests talk about the simple nature of the formula for a better strategy but importantly do not shy away from the fact that it will take some dedication and hard work. They really drive home the idea of education and investment in the self and show how these steps are the best way to a brighter future for you and your family. We also get into the topic of debt, and Joey and Russ share some balanced opinions about this divisive area, which may lead you to reconsider what you have been told! So for all this and a whole lot more from two inspiring and progressive financial minds, be sure to listen in!
Key Points From This Episode:
- Our guests' professional journeys and how they arrived at their current philosophy.
- Unpacking the 'Wall Street mindset' and how it contrasts with the approach espoused by Russ and Joey.
- Getting clear and honest about what we really want instead of listening to brokers.
- Joey and Russ' opinion on the way 401ks have been falsely advertised as protective.
- Taking control of our savings and retirement planning instead of outsourcing it.
- The reality of the results of relying on a 401k for savings and retirement preparation.
- The three-step process of financial freedom and the formula to follow to secure your future.
- Weighing the role of debt in a good financial plan.
- The beginnings of a journey towards greater cashflow and security.
- Why an active approach to investing in oneself is vital to your finances in the long run.
- The 'keys to success' with Joey and Russ! Questions to ask, achievements, books, and more!
- A special offer from our guests and how to find and connect with them online.
Links Mentioned in Today’s Episode:
Previous Episode
How to Optimize for Profit with Neal Bawa
Our guest today is a man who needs no introduction; if you are an avid real estate podcast listener, you’ll definitely know this name. On this episode, we are excited to introduce Neal Bawa. Neal is a technologist who is universally known in real estate circles as the mad scientist in multifamily. He treats his $250 million-plus portfolio as an ongoing experiment of efficiency and optimization. Neal serves as the CEO and founder of Grocapitus, which is an iconic data-driven, commercial real estate investment company, and also serves as a CEO of Multifamily U, an apartment investing education company with over 5,000 students attending his multifamily seminars, and hundreds attending his magical multifamily boot camps each year. Tune in and join us today as we talk to Neal all about numbers, measurements, adapting, and succeeding. Neal shares a lot of key information and tips about using data to your advantage, reinventing and adapting to ensure your success, his opinion on the strongest asset classes, and what investors need to be paying attention to. He also unpacks the five ratios that you should be tracking, so stay tuned for all this and more!
Key Points From This Episode:
- Hear more about who Neal is, his background, and what led him into multifamily.
- Looking at data trends: the goal is to constantly be reinventing yourself because that's what data tells us to do.
- Neal shares the top strongest asset classes, pre-and post-pandemic: e-commence boom.
- How multifamily has stayed the average most favored class over the last six to seven years.
- Neal talks about how the pandemic has impacted the class C price: old versus new.
- What do investors need to be paying attention to, according to data, a year from now: no bad news in multifamily.
- Neal explains why the next twelve months are gold, even if bad things will happen after.
- Innovations that Neal is implementing now that keep him ahead of the curve: cameras, sell covered-parking, calculating and tracking key ratios.
- The five ratios:
- The number of leads that your property seized each week.
- The number of appointments that were set from those leads.
- The number of people that actually showed up at the property.
- The number of people that signed apps.
- The number of people that became leases.
- What things in his portfolio would he consistently measure: unit turn.
- Neal’s message to passive investors at this point: make sure your syndicator is both excited and afraid.
- The one question that every investor should be asking their deal sponsor: what was their worst deal and how did they deal with it.
- What Neal is most proud of throughout his career, thus far: their employees and how their company has molded itself into an extremely customer-friendly place.
- A book everyone should read: The Miracle Morning.
- Neal’s number one key to success: measure everything, and adapt.
Links Mentioned in Today’s Episode:
Next Episode
Mastering your Mindset with Chris Salerno
Real estate is fun and rewarding, but success in this game is no walk in the park, so it is of utmost importance to have a mindset of unshakeable positivity. Chris Salerno has achieved some remarkable things in a short space of time and today we talk to him about what they are and the role of mindset in his success. Our chat begins with an introduction to Chris, his journey into real estate, and how he realized that multifamily was the niche for him. He talks about excelling quickly in his first job and then going on to start CQ Capital which now has over $55 million and 500 units under management. Chris gives us the lowdown about the markets and asset classes he focuses on and his efficient method of vetting deals to stay afloat in the competitive niche he has chosen. He also shares a few golden nuggets for how to plan and set deadlines to ensure that time gets used as efficiently as possible. In the next part of our conversation, we ask Chris about the habits he practices and the resources he consults to keep operating on such a high level. Here he drills down on the absolute necessity of taking care of the mind by meditating, thinking positively, and doing what you love! For a conversation packed with actionable tips from Chris today, be sure to tune in!
Key Points From This Episode:
- An introduction to Chris and his impressive growth in the real estate space.
- Why Chris loves multifamily and a window into the assets CQ Capital has under management.
- The different markets and asset classes Chris focuses on and why.
- Strategies Chris uses to stay afloat in such competitive markets.
- The passion Chris feels about competing in this competitive market.
- The importance of mindset for Chris and habits he uses to stay so energetic.
- How to nurture and nourish your mind and use it to grow your business and success.
- Shifting to a mindset of positivity and how this brings in opportunities.
- How Chris prepares for his busy schedule by factoring in downtime with family.
- The value of intentionality and planning ahead for being more efficient and productive.
- Squeezing the most out of meetings and projects by setting time limits and deadlines.
- Why the most important question investors should ask sponsors is about collections.
- Pride Chris felt when he realized he was good at learning after finding real estate.
- Why Chris recommends Think and Grow Rich and Mistakes Millionaires Make.
- Final words from Chris about the main key to success.
- How to get hold of Chris and learn more about QC Capital!
Links Mentioned in Today’s Episode:
Ritter on Real Estate - Building Wealth Without Wallstreet with Joey Mure and Russ Morgan
Transcript
“JM: We mentioned that there's a three-step process that we take people through. The first being clarity. A lot of what we've been talking about already are those clarity points. Like, wait a minute. That's not going to work for me. What will work for me is to get more cash into my control. Because if I'm constantly giving up cash to all these places that I can't touch, or that's going to require me to defer the life, is going against what I want, then
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