To create wealth, we need to stop playing by the rules we’ve been taught by the finance industry, and start playing by the rules of the wealthy. How can we create a cash flow that allows us to create a passive income? Are real estate and insurance logical places for us to be putting our money?
On this episode, fellow podcasters and partners at Wealth Without Wall Street, Joey Mure and Russ Morgan share their 5 pillars of wealth.
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Learn what the wealthy are doing: it’s the complete opposite of what we’re taught by the financial world. We have to seek out what we want to know, and keep ourselves educated. -Justin Colby
We have to understand how cash flow and passive income truly work
Cash flow is integrally linked to passive income, which is something we all wish to achieve. However, the word ‘passive’ often causes a lot of us to think there’s no work involved. In reality, to create cash flow, and ultimately passivity, we need to work hard at first and become knowledgeable about our options. If we want to invest, we need to know more about what we’re investing in. Likewise, we need to know when we’re paying more taxes than necessary. Education is crucial in creating a sustainable cash flow.
Use life Insurance
Life insurance is a replacement for our savings accounts. It gives us the same access, liquidity and safety. Plus, they grow tax-free. Life insurance has been used by the wealthy for years, from big banks to the Rockefeller family- we need to play by their rules and use insurance in our own lives, to our benefit.
Be strategic with real estate investing
Real estate has always been used as a means to generate money, but if we pay attention to the markets at the moment, we should be cautious of investing now. If we have real estate, now is a great time to sell- not to buy. That’s not to say we should write off real estate entirely, as once the market stabilizes it will once again be a great place to invest.
Along with owning businesses, life insurance and real estate have been used to generate money by the wealthy for years, and will continue to be used for years to come. To know when it’s a good time to invest, we need to become as knowledgeable as possible on wealth creation. Create a sustainable cash flow and use life insurance and real estate to our benefit – but stay mindful of market trends. To create real wealth, we need to stop listening to financial planners and advisors who play by the rules. For wealth without Wall Street, we need to educate ourselves and start mimicking the way the wealthy use their money.
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