There’s an old saying that goes, don’t put all your eggs in one basket. And this is very much applicable to any kind of investment or business. As an investor or entrepreneur, it is important to diversify your streams of income so that you can prepare for any untoward circumstances. Today, Joey Mure and Russ Morgan are back on the show and they share how they were able to create various streams of income that are now giving them the freedom they want.
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In part one of this two-part conversation, Joey and Russ emphasize that having passive income provides freedom for yourself and the people that matter to you. They also talk about the importance of creating various streams of income, the concept of infinite banking, and the difference between diversification versus focussing on your areas of expertise. Enjoy the show!
Key Points From This Episode:
- Joey and Russ how they’ve gotten serious about passive investing.
- Why do we need to think through what are the most important things in our lives?
- Why do you need to spend time with your family?
- Joey and Russ gave an overview of their various streams of passive income.
- What is infinite banking?
- How to figure out where to put your money to earn passively?
- Why is it important to understand the businesses that you are in?
- Know how to pivot to sustain your business.
- What are the first couple of various streams of income that Joey and Russ invested in?
- How does partnership help in creating various streams of income?
“Freedom is something that we should never put off.”
“The best way to enhance wealth is in an active, operating business. But the way to protect it and to protect everything that we’re dealing with is to create other streams of income.”
“One of the things that we’re decent at, the way Joey and I got connected individually, you know, professional relationship, I was teaching him a concept called infinite banking which was the use of stacking cash in an insurance contract for the purpose of using it to finance the things of life.”
“We’re not diversifying for asset classes, we’re focussing on our area of expertise.”
Links Mentioned in Today’s Episode:
About Russ Morgan and Joey Mure
Russ Morgan, aka The Idea Guy, started his career in the financial industry. With four years of planning under his belt, Russ was stunned in September of 2008 to see the DOW Jones plummet 800 points. He had no idea that the market could react in such a volatile manner and knew this was something he could never have control over. Russ began a journey that day to passionately understand more about how to take back and gain control over his money, as well as his clients. Russ believes that it’s time you stop following conventional planning methods and start thinking for yourself. He enlightens business owners and investors with the knowledge they need to make sound financial decisions. The best path to financial freedom is one that frees you to make decisions that allow your money to grow, allow you to have access to this money, and protect this money from market swings and tax regulations. Yes, all of this is possible, and Russ thrives on helping people in their journey to reach this financial freedom.
Joey Mure aka, The Stallion started his career in the mortgage business in 2003. He grew to become a branch manager with one of the Nation’s top mortgage lenders leading 25 loan officers. By 2010 he had achieved national recognition. Despite earning an impressive income he still had significant questions about how to save for the future without having to borrow from banks. How does anyone save aggressively for retirement AND simultaneously pay for automobiles, and save for college, weddings, and vacations? In 2010 Joey met Russ, who shared the Infinite Banking Concept and everything changed. IBC allowed Joey to get completely out of debt besides paying off his mortgage, he started saving four times the amount he had previously been saving, and now had a clear plan of how to save for all our life’s expenses without giving up retirement savings. Joey decided to join Russ and co-founded a company called Wealth Without Wall Street. They teach people to stop trading time for money to achieve financial freedom by following the 5 Pillars of Wealth Without Wall Street.
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