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Listen "Flashback Friday Ep 45 - Your W2 Is Your Addiction: Make A Plan, Copy The Wealthy & Bet On Yourself"
Episode Synopsis
In this Flashback Friday episode, we welcome back Lee Johnson as he discusses the importance of doing thorough background checks and due diligence when vetting potential sponsors and investments, as well as investing with a long-term plan in mind.
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Thesharethewealthshow.com
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[00:00 - 12:35] Building Generational Wealth
Preservation of capital is the first rule of the game
How compound interest can grow
Building a portfolio of assets to offset active income with passive income
Conducting business under an entity (LLC) instead of personal name
[12:36 - 19:25] Investing in Assets
Becoming a paper millionaire by investing in assets rather than liquidating them
Leveraging Hyatt legal plan to set up wills, living trusts, and irrevocable trusts
Protecting assets with family office and taking out low interest loans against them
[19:26 - 24:19] Why Your W2 Today is Your Addiction?
Breaking addiction to a steady paycheck and benefits
Why we should execute a goal
Building up other streams of income for safety net
[24:20 - 31:51] Closing Segment
The final questions
Diversifying income sources to create a safety net
Buying real estate (Boardwalk) and adding houses for big payouts when people land on it in Monopoly
Wealth means being able to call your shots on your own timing
Needing a person in marketing to take business to the next level
What’s next for Lee?
Key Quotes
“You have to be doing more than just raising capital in order to be in compliance with the SCC rules.” - Lee Johnson
“The first rule of the game is preservation of capital.” - Lee Johnson
Connect with Lee Johnson!
valueinvestmentpartners.com
LinkedIn / passivereipros
Instagram / value_investment_partners
Let’s get connected! You can find Nicole on
LinkedIn / nicole-pendergrass
Instagram https://www.instagram.com/nvestornikk...
Facebook / nvestornikki
or Visit her website https://noirvestholdings.com
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