Financial Freedom is the goal for every working person. Unfortunately, most never achieve their goal.
Damion Lupo is an Insurance agent, turned real estate investor who lost it all in the 2008 crash. Instead of making the same mistakes all over again, he sought answers to change his course.
His journey has led him to become a best selling author, podcast host and entrepreneur responsible for over 50 company start ups and created. Additionally, he has started a Martial Arts Yokido. Today his mission is to free 1,000,000 people from financial bondage.
The answers he found continued to provide more clarity as he started asking more specific questions. What is wealth?
Fear of Risk
Luckily for Damion, he grew up poor. He wanted to play video games, but his parents did not have the money to buy him games. This did not stop Damion. Instead, he figured out a way to make money trading games between his friends.
His entrepreneurial spirit continued into adulthood. He wanted financial freedom. To get there, he needed to make a lot of money, and realized that insurance was not the path, but real estate was. So, he sold his insurance book and chased his dream in real estate. On paper he was worth millions. However, when the crash happened, he lost it all.
Unfortunately, kids today are insulated from risk and making mistakes. Their helicopter parents have prevented kids from making mistakes and learning the lessons available only from making mistakes. Additionally, technology has made it easy to not connect. If things get awkward and you don’t like the person, swipe right, and find someone new. The outcome is a generation of scared adults.
Success is a Terrible Teacher
Success is a terrible teacher. When you are successful, you can fall victim to the thought process that you can do no wrong. Failure is a terrific teacher. Whether it cost you money, time, or embarrassment, there are terrific lessons in failure.
There is a formula for wealth. You have to think, ask questions and seek answers. If you focus on the formula instead of the feel good in the moment, you can fine tune your direction and priorities.
What is True?
What is true? After Damion’s crash, he worked to not repeat the mistakes. He asked himself with the help of another, over and over, “What is True?” When he came to an answer, he asked the question again to dive into the next layer. He did this for multiple years His process lead him to one truth, he is a teacher.
What’s the difference between a mentor and a coach? The mentor has experience and has made mistakes. The coach has studied the topic, without having risked loss. Damion recognized all of his mistakes had value. He could teach others seeking answers.
True Financial Freedom comes from having focus, and expertise that others are willing to pay for. If you lack focus, and are all over the place, you will have no expertise and no value. Instead, focus. Get laser focused. Develop knowledge and expertise. This expertise, will allow you to see the opportunities before others.
Mastery is subtle. It requires long term commitment to achieve true mastery. Most will fail to see the value in the journey to mastery.
If you are an entrepreneur, you have additional options such as EQRP. If you have kids, you can hire them and pay them up to $12,000 each year. The payroll expense is a deduction for your company, and the $12,000 is tax free to your kids.
Each week I ask my guest, “What is the Biggest Risk Real Estate Investors face?”
BIGGEST RISK: Avoiding risk is the BIGGEST RISK. I mean when you’re when you’re three you avoid, minimizing and transferring. And when I see avoiding risk people, in general, are taught, and we talked about helicopter parenting. People are taught to avoid risk. I have a painter who’s a brilliant artist and he was avoiding risk of going out on its own and so he kept working at Costco to get health benefits at 22 years old. And I look at him and said What is wrong with you. You realize you can go buy insurance for your health. Like are you sick. I mean do you have some crazy disease. He said, No I just you know it’s it’s expensive. The problem is we make up these things in our brain. And so here’s here’s how you shift. You get educated. By with people that actually have an understanding and you learn by doing stuff. So there’s there’s ways you can you can learn. You can go out and just run into the street and say OK what’s going to happen you’re going to get run over. Or you can say OK I’m going to go look for a mentor that has a reputation maybe he’s bald or Gray has been out there, and and get that person to help guide you and you take action.
For more go to: https://damionlupo.com/