Today we recap the interviews from the prior week with Lane Kawaoka, Angela Anderson, Chris Collins, Jonathan Pritchard, and Fredrik Sandvall. We also share are success takeaway from each interview.
Summary of Our Interview With Lane Kawaoka
- Growing up his parents told him to go to college and stick to the “safe” route.
- He did this and becomes a civil engineer
- He realizes after doing this for a while that he is, in essence, a hamster on a wheel.
- He shifts his focus to real estate and acquires 10+ turn-key rentals to start producing passive income.
- Realizes this route is hard to scale so he moves into passively investing in different syndications to develop truly passive income streams.
- Eventually quits his job when he is generating enough income from these investments
- Lives an awesome life in Hawaii now and made $137k in ’18 of which he paid 4% in taxes….legally!!!
- He now helps people do exactly what he did. Visit https://simplepassivecashflow.com to learn more.
Start shifting the pendulum slowly developing passive income. It doesn’t have to happen overnight. For him it took almost 7 years from when he started buying real estate to when he quit his job. But he was focused and never wavered from the goal of creating enough passive income to comfortably live on.
Summary of Our Interview With Angela Anderson
- She finished college and had no idea what to do after that.
- She decides to go into the Peace Corps to find herself.
- Meets he eventual husband overseas and then comes back to the U.S. to raise her kids and be a stay-at-home mom.
- She gets kind of bored and has that itch to make money and do something.
- Then she starts developing and growing various businesses and it led to what she is doing now.
- Now she is helping people understand their “Money Code”, which helps people figure out their thought patterns and habits as it relates to money. Most of this is unconscious behavior that we do because of how we’ve grown up.
- This can help people get out of a rut and back on track in business, life, etc.
It is okay to admit to enjoying making money. So many people dance around this topic and Angela shamelessly admits to what a lot of other people would not have the courage to do.
Summary of Our Interview With Chris Collins
- Starts recording skate videos and develops a passion for producing films.
- He pursues this in college but realizes they are not teaching him anything useful regarding this.
- Then he begins looking for internships to actually begin learning all of this.
- Shows up unannounced to the only commercial production house he has heard of in San Diego and knocks on their door, introduces himself and offers to work for free.
- They tell him no.
- 2 weeks later, he goes back to the same place and asks again if he can work for free.
- Again, they say no.
- The next weekend they called back and offered him an impromptu shot at coming and working for free on a shoot they had the next morning.
- He shortly ends up being offered a paid position and works his way up to moving to Hollywood and becomes one of the youngest editors there at age 22. He started here as an assistant and offered to edit anything for free to everyone there. He would do this after hours. He got TONS of experience doing this.
- Starts with stocks but ultimately switches to investments in real estate as a means to start building wealth and streams of income.
- Begins buying out of state houses because LA is so expensive.
- Realizes that buying single-unit houses would take a long time to build real wealth and income.
- Educates himself more and realizes that apartments can be a way to scale, so he starts a syndication company and helps people invest alongside him in large apartment complexes.
Be persistent! Going to the production company twice and offering to work for free got him started and he has had that same persistent drive ever since then. This has led him to where he is now.
Summary of Our Interview With Jonathan Pritchard
- Gets paid $200 to do magic tricks at a local company’s summer picnic.
- Discovers a huge passion for doing these tricks and learns a lot more.
- As opportunities present themselves for him to go down a different career path as he gets older, he keeps asking himself, “is this new potential opportunity better than what I am currently doing?” And the answer was always no.
- For this reason, he looked for a way to leverage this skillset he had of captivating audiences and transitioned it into the corporate world.
- He starts helping companies perform better at tradeshows and this blossoms into what he is doing now helping world-renowned organizations connect with their audiences better.
- As a bonus, he shows us a really cool trick you can do to someone else that has a smartphone.
If you’re doing something you enjoy that might not be a typical career path, find a way to leverage it into something that adds tremendous value to others so that you can continue doing what you enjoy.
Summary of Our Interview With Fredrik Sandvall
- At 17, he starts a business with a few others, and this gives him his first taste of entrepreneurialism.
- He gets into day trading and stacks cash to be able to purchase his first property, which was his primary residence.
- Then buys his first cash-flowing deal in the commercial space by leveraging his first property and pulling equity out of it.
- After this he gets into raising other people’s money (OPM) and purchasing larger assets. They were typically properties he would divide up and rent as flats.
- He then went even bigger and would purchase properties for around $2MM and bring the value up to $30MM by redeveloping it into a multifamily property. That is some serious wealth!
- Towards the end he explains how getting in the game and doing the first deal is so important because it opens up a world of opportunities in terms of lenders, investors, etc.
Don’t overthink things and overanalyze, instead buy real estate and wait. As long as you buy correctly, your money is going to be working hard for you and there is a definite cost to sitting on the sideline waiting.
This Week's Reading List
- 4 Hour Work Week
- Rich Dad Poor Dad
- Think and Grow Rich
- Charge by Brendon Burchard
- Never Split the Difference
Did You See It??
This week was a busy one with the holidays. Some of the Wealth Junkies were visited by Santa and received these awesome shirts! Be sure to visit the Wealth Junkies on Instagram so you don't miss any of these surprises!