Today on Wealth Junkies, we recap the prior week's interviews and give our success takeaway from each interview. Check out any episode you might have missed!
Jimmy’s career started in a small boutique investment bank. By 2013 he heard the news that Blackstone was acquiring single-family homes and this sparked his interest in real estate which caused him to invest in a few foreclosures. Over the next 2 years, he acquired 38 houses and began making a lot of money. His bank took notice of this and began providing him with better loan rates and Jimmy used these loans to start lending hard money to other investors. After a while, Jimmy left the single-family world and focused on commercial properties which led him to better tax benefits. He started in multifamily properties and then ventured into hotels, businesses, self-storage and more!
Get in the game, break down your goals to bite-sized pieces, and track your income. Jimmy knew in order to get started, he had to jump into the game. He set big goals for himself but broke them down into more manageable and measurable chunks.
Joe grew up with business all around him. His family owned 5 businesses, one of which was the largest independently owned truck company on the east coast. Joe worked in the family business for several years until he decided to leave to pursue his own passions. Joe DJ’d on the side for some extra money and eventually found himself creating a podcast to promote his albums. Although he was enjoying his time, after his second child was born, Joe had to return to the family business to reach a more steady income. Joe didn’t quit on his podcast but began creating more revenue streams from his podcast by selling t-shirts and a book! Joe also picked up public speaking and website building on the side to generate more income. Through his podcast and network, Joe built a podcasting conference that originally started as a Facebook group and grew it into a popular event for podcasting entrepreneurs.
Set your goals and don’t compare yourself to other people. Joe knew what he wanted to accomplish and focused on his goals. He didn’t worry about what other people were doing and didn’t let their noise distract him from his mission.
Chris worked at a pizza place which was a very systematized franchise in Canada. This experience led him to become a cook at a steakhouse which taught him many lessons. With all the experience he learned in this job, Chris decided to go out on a limb and open his own restaurant. At just 21 years old, he bought his first restaurant which became very successful and operated it for 8 years. Chris loved how much success he was having and decided to open a second restaurant. Unfortunately, these two businesses took an extreme toll on Chris and he eventually decided to exit his restaurant ownership. After securing his finances, Chris planned on becoming a business advisor for restaurants to help them rebuild and resell to become financially stable. Through this, Chris has been able to partner in new developing businesses and begin options trading!
Keep a close eye on the numbers. Chris would have failed miserably at his second restaurant if he didn’t examine his numbers but he was able to analyze the numbers and understand there were problems and how to find a solution.
Rob was in the business world from a young age when he joined his father in a diamond business. He later decided to create something of his own and began working with local artists to sell their art on t-shirts. This business unintentionally turned into a million-dollar business out of his basement. The business outgrew the basement operation and he bought a 6,000 sq. ft. property. Rob didn’t need all 6,000 sq. ft. for his business, so he divided the property into multiple units and rented out the rest to other businesses which created more cash flow for him. Rob ended up getting married and on his wedding day, was disappointed with how his dress shirt collar sagged without a tie and knew there needed to be a solution. This is where his brilliant idea for Million Dollar Collar was born. Rob spent 3 years perfecting his collar solution. He has changed the fashion industry and how men wear dress shirts. Rob hustled to partner his product in over 600 drycleaning locations and bring his product in front of massive clothing distributors.
Keep going and don’t quit! Rob spent 3 years perfecting his product. He didn’t let his small failures discourage him from pursuing his passion and innovative idea!
As a Marine Corp veteran, Jamar started working in multi-level insurance where he learned about investing and finances. Through this experience, he learned how slow and rigid the finance world was. For a little more excitement, Jamar began investing in real estate and hired a business coach. Things were going great for him and he turned his focus into hedge funds and prop firms to diversify his assets. In 2015, Jamar noticed that traders were getting involved in cryptocurrency and decided to learn more about its potential. At the time he invested $1,000 into bitcoin which was about 2.5 bitcoin. After seeing the benefits and security of cryptocurrency, Jamar built a cryptocurrency community and now helps other entrepreneurs and investors secure their wealth through cryptocurrency.
Be directly involved and love what you do. Jamar has been involved in cryptocurrency for years and loves every minute of it. Cryptocurrency has given him the opportunity to spend more time with his family and secure his wealth.
- Ray Dalio – Principles
- Donald Miller – Building a Storybrand
- Richard Templar’s Rules book series
- Grant Cardone – If You’re Not First, You’re Last
- Doyle H. Roberts – The Science of Making Money