Russ Morgan 0:00
We call our right next thing, helping them understand what is the right next thing we help them self assess where they are in relationship to all of these different categories. And you know, it’s overwhelming sometimes to see all the different options to realize there’s so much unknown and there’s so much uncertainty and what I’ve been doing. But then there’s safety and knowing, hey, there is a process to do this. I can get education on these core areas, I can then start to build my own investor DNA, my own investor, Buy Box, my own passive income operating system, and then I can start stacking cash because once I do it once, I can do it over and over again, right, like there’s people that don’t come in with a ton of capital, who immediately once they get in and they start doing it they realize okay, now I have the skill that produces passive income on a regular basis.
Welcome to CRE PN Radio for influential commercial real estate professionals who work with investors, buyers and sellers of commercial real estate coast to coast whether you’re an investor, broker, lender, property manager, attorney or accountant we are here to learn from the experts.
J Darrin Gross 1:10
Welcome to commercial real estate pro networks, CRE PN Radio. Thanks for joining us. My name is J. Darrin Gross. This is the podcast focused on commercial real estate and investment and risk management strategies. Weekly we have conversations with commercial real estate investors and professionals who provide their experience and insight to help you grow your real estate portfolio.
Today’s interview is sponsored by Building Insurance and Risk. When you invest in real estate, you need to protect yourself and your investment from catastrophic loss. The experts at building insurance and risk provide you with multiple insurance coverage offers and a side by side coverage comparison. To learn more, go to building insurance risk.com.
Today, my guest is Russ Morgan. Russ is the co founder and partner had Wealth without Wall Street, an online community that seeks to re educate business owners and families on how money truly works. And in just a minute, we’re going to speak with Ross about what is investor DNA and why you should only invest when following yours.
But first a quick reminder, if you like our show, CRE PN Radio, there are a couple things you can do to help us out. You can like share and subscribe. And as always, we encourage you to leave a comment. We’d love to hear from our listeners. Also, if you want to see how handsome Our guests are, be sure to check out our YouTube channel. You can find us on YouTube at commercial real estate pro network. And while you’re there, please subscribe. With that I want to welcome my guest, Russ Morgan, welcome to CRE PN Radio.
Russ Morgan 2:55
Thank you, Darrin, for having me excited to be on here with you today.
J Darrin Gross 2:59
I’m looking forward to our conversation. Before we get started, if you could take just a minute and share with the listeners a little bit about your background.
Russ Morgan 3:08
Okay, I’ll be brief. I don’t want to put anybody to sleep right. I had started out as a certified financial planner as an investment advisor a long ways away from our current company, which is wealth without Wall Street. When the market crashed in oh nine I was sitting there like everybody else palms up trying to figure out what happened. And sit me on a several year journey to determine how can I personally grow wealth without Wall Street and also help my clients along the way. And that led me to join forces with my current business partner, John Muir. A handful of years later, we started the company well, two out Wall Street 2017 We started a podcast called wealth without Wall Street that seeks to help people who want to become financially free, get there faster, and do it without having to invest in things that they don’t understand and don’t like without having to wait till they’re 65. And without having to work in a scenario where they’re out of cash, trying to pay off debt and living day to day. So that’s our objective and goal and we help people build passive income become better investors and create their own personal financing and cash flow systems.
J Darrin Gross 4:16
And I love that. So the name wealth without Wall Street’s kind of a funny one to think that you started as a certified financial planner. Definitely gets your attention. Tell me a little bit more. You mentioned kind of the the the podcasts and educating people. Are you are you helping people invest? Are you purely an education platform? Or how is it that you guys are what is it you do wealth without Wall Street?
Russ Morgan 4:47
Yeah, no, thank you for asking that. So I said it quickly a second ago, and often times it’s lost in all the other things I was talking about. So there’s three specific things that we do. The first thing we do is people build their own personal cashflow systems. And for for me, that was the exit out of Wall Street, I met a man named Nelson Nash and I was at a conference in Orlando, Florida, he wrote a book called becoming your own banker. It was the idea was that our cash needs to reside somewhere within our control and not in the form of 401, Ks and IRAs and equity in homes and so forth and so on. And he, he helped me see the light that the reason why people are not financially free is that they don’t have access to money, they put it in places they can’t touch. And so that was a big thing for us. So our team became known as one of the premier places to go and to set up these infinite banking systems, and help people build cash in a place that they can control. So we still do that to this day, we were mentored by that author, because he happened to live in our hometown, we didn’t know that at the time. And we’ve got to spend about 10 years with him for he pass. The second thing that we do is we built a community that is designed to help people become better investors. And we do that kind of by leading from the front. So my business partner and I publish our personal passive income report every single month. And we talk about our experiences, and we interview guest on our podcast as well, who are experts in many different areas, real estate’s one of many, right, but there’s so many different ways in real estate to create passive income. So we were trying to help people understand who they are, as an investor, we call that their investor DNA, we help them determine what their investor Buy Box is, so that they can make decisions based upon the criteria that fits their investor DNA. And then lastly, it’s ultimately connecting them to building passive income based upon that and doing that within safety being around other like minded people. So we also run two passive income. masterminds. One is called the passive income mastermind, one’s called the inner circle, ones for non accredited investors, one’s for accredited investors. And so our our organization helps people not only get set up in cash, connect them to like minded people, but also be there to give them a you know, a shoulder to lean on whenever they get in trouble, whether that’s from us or resources within our network.
J Darrin Gross 7:22
Now, I appreciate you breaking that out. And yeah, go a little deeper on that. So, you know, the historical notion has been that people they get a job or get an education, get a job, have a 401k and fund that. And that was kind of the way it was described me, as you know, hey, you know, you invest in the company all match. And, you know, in the start early, it’ll grow and before you know, you’ll be ready to retire and uncomfort kind of thing. What’s wrong with that that model?
Russ Morgan 8:00
Where do I start?
J Darrin Gross 8:01
I want to hear from you. You’ve been the guy selling that kind of program. Yeah,
Russ Morgan 8:07
I was early on. That was that was my career when I started in financial industry, and oh, four, that was my career, it was helping people set up retirement plans and manage those funds. Here’s the problem with that is when someone reaches out to us, Darren, they have reached a point in time where they are frustrated with the lack of time that they have, whether that’s lack of time to pursue other ventures or lack of time to spend with family. And it’s always because they’re constrained, typically, because of the job or business they’ve put themselves in. And we’ve we create prisons for ourselves, right? Like none of these bills and expenses we have, or were given to us. We acquired them, and did willingly on the front end, no matter what it was homes, cars, student loans, whatever. We we went in there, open arms and got it. Well, someone gets to a point where they’re frustrated, and they’re trying to figure out how do I get out of that they come to us and they say, I want to be financially free. So what does that mean? They say, Well, I want to be able to spend more time with my family I want I want my spouse to be able to be at home. So during the summertime when our kids are out of school, we’re not like playing daycare, you know, roulette here, whatever that may look like and I want to be able to travel more I want to be able to pursue this this other passion I have. Well, what does that require? It requires passive income greater than their monthly expenses, right? I mean, I’m sure a lot of people listen to your show because they’re trying to build their real estate portfolio to create cash flow. Cash flow then creates opportunities which allows them to either pursue what they’re doing at a higher level, you know, pursuing excellence because of it or it allows them to remove themselves from the country. strengths that they’ve put upon themselves with the jobs. So when I talk about the 401 K, I asked people, okay, Darren, when would you want to be financially free. And individual were talking to his 45 years old, they say yesterday, right? They don’t say 15 years from now, they definitely don’t say specifically 14 years and a half. Because until they reach 59 and a half, we all know, we can’t access the money within our 401, K’s or IRAs without penalties. So the the instrument that they’re most likely utilizing, regardless of the company, matching or not, is a tool that is in direct conflict with their goal. If my goal is to be financially free today, I need to build passive income, while my 401 K and Ira cannot build passive income. And so that’s why I say it’s a direct conflict, it may be one of the worst instruments for someone wanting to become financially free, that’s been built. But yet, there’s what $20 trillion, or something like that, in these plans?
J Darrin Gross 11:04
No, I, you know, it’s funny as you as you get older, and and kind of realize that you’re closer to the end, or, or there’s not as much runway ahead of us behind you or, you know, however you want to put that, that, you know, do you want to be working forever? Or do you want to have some some life? And it certainly becomes comes more into focus, you know, and your family and, and just how quickly time flies by? No, it’s certainly something I’ve become more and more aware of. So, when when you talk about financial freedom, and then how I mean, is it? Is it just do you break it down pretty much to just more more passive income than the expenses? Is that the simple is the
Russ Morgan 11:48
simplest answer that exist. Like we always talk about the the formula for financial freedom is easy, right? Passive income greater than monthly expenses going down the road right now, you don’t even have to stop it write this out, most likely, you can do the simple math to tell you how close to financial freedom are you, right? Like you can say, how much passive income do I have? Let’s just assume I have 10, at 10,000 hours a month and expenses, and I have $1,000 a month and passive income? Well, I take the 1000 divided into the 10,000. What percentage is that? 10%. Right. So I’m 10% of the way to being financially free. Now. Now I have a goal. Now I have a mark, I can actually start pursuing that. Before when I was a financial advisor when I was a financial planner, and I worked inside the belly of the beast. It was we need seven figures. Well, exactly what now? Well, I don’t know exactly amount. Because you know, what we’ve got to do is once we get there, then we’re gonna start we’re gonna use this 4% rule, right? That was the old safe withdrawal rate. Well, we interviewed Wade foul, the most recorded guy on this concept right now, two years ago, and he told us the 4% rule is gone is 3% rule, right? And so now if I have a million dollars, that means I can take out $30,000 A year and have 100% likelihood, I won’t run out of money at the end of 20 years. So if I took out more, I don’t have the safety of knowing that I may run out of money. Well, so if I’m I’m living off 120 $10,000 a month, right? Well, how much money do I need to take out based upon the 3% rule? Well, I need to have at least $4 million in the account taken out 3% to get me to 120. But that’s after tax if it’s coming out of 401k. So do I need to have 5 million, 6 million? Well, for the average person is looking at their 401 K balance right now they say well, I have 372,000 That’s forever, that’s just never gonna happen. And it’s deflating. But yet the same person comes into our world and says I need to build 10,000 hours a month and passive income, just like the lady that we had Dawn, who was raising two kids recently divorced, and said, I need to build $10,000 a month and we said okay, well, here’s a pathway to do it. Within 18 months, she had built a pathway with a lot less than $5 million, right? She built a pathway to actually create $10,000 a month and was able to leave her job and now spend more time with her kids and pursue things that was more of her passion project. So we say is that passive income can lead to passion income. I don’t believe in retirement, I think retirement is a new age word that shouldn’t exist, but what people were looking for is freedom.
J Darrin Gross 14:44
Right. Right. Right. And I think that’s kind of more the, the understanding I’ve come to is it’s not necessarily a quitting it’s a matter of just more or more time. Freedom. So I’m curious. So you mentioned 18 months it literally in 18 months, she was able to Due to achieve or what she is on a path to achieving the $10,000 month?
Russ Morgan 15:05
Yeah, well, Dawn and her situation within 18 months had created the $10,000 a month in passive income. I mean, I can tell you a story upon story of people in our community that has built, you know, 5000 a month, all the way up to $50,000 a month, right? The the key is, is that is it possible, right? Once you understand the formula becomes really easy? Why did people not achieve financial freedom earlier in the traditional environment? Because the target is constantly moving? And they have really little impact and how to do it, right? Like how much results can you have in the current 401k environment in the mutual fund that you’re investing in? And the stock that you’re invested in it? Can you? Can you impact the outcome of it? No, you can put more money in. But you can even even the more money you put in, does it lead necessarily to a better result, right? People can look, I mean, I’ve been putting more money in over the last 12 months, and my accounts lower than it was 12 months ago. How’s that possible? Well, so then that that leads to somebody putting the minimum amount into it and spending the maximum, right, as compared to when you say, hey, I need $10,000 A month to cover my monthly expenses. Okay, well, what is it that I can do to create that? And then they get really clear with that. And then every time that they make one step that create $100 A month or $500 a month? They go, Oh, wow, I’m, you know, I’m 1% there and 5%. There, I’m 10% there. And they, how fast can I do it? Well, we show people, here’s a process to do it. And then if you want to fast track it, here’s what this person did to fast track it. Here’s what this person did the fast tracking. And some people can some people can’t. It’s always up to you. There’s no good or bad investments. There’s only good and bad investors. Right. That’s what Robert Kiyosaki said, I totally believe that.
J Darrin Gross 16:54
So, so help me understand what are some of the vehicles that people are are using? You mentioned infinite banking is as one and I’m a little bit familiar with that. But I’d love for you to kind of get into that, but but just share with the listeners? What, what are some of the vehicles? Or how is it? I mean, you know, it’s one thing so can you $10,000 passive income? Are you cashing out a 401k? And investing? What is it? What are you doing? That’s, that’s getting somebody do that? Or how is it the one is generating 10,000? Passive income?
Russ Morgan 17:30
Yeah. Well, if it’s okay, I’d like to build that because what Yeah, that’s the most frequently asked question. You got my attention? That’s the most frequently asked question, what are you investing in, and you could easily go to our website, and scroll to the bottom and pull up our passive income report, and you would see mine and my business partners personal passive income report that we report on every single month. So in the month of September, we published 65,000. For the month, I think in the month of October, it was like 41,000. So that’s a monthly number, a little over half a million for the year in passive income. And it consists of lots of different things. And so people will look at our numbers and say, Oh, you guys are doing this land flipping thing. You’re doing the short term rental thing, oh, you’re doing these syndications over here, oh, you’re in an E commerce business, or you have long term rentals. That’s what I should do. And what we always say is pump the brakes on that. Because the the answer, and I said a second ago is no good or bad investments. There’s only good or bad investors. So the key for everyone is they have to understand one, what is their goal? Truly, why are you going to accomplish this? Like Darren, what is the thing that’s going to make sure that you never quit trying to get there? Because sometimes people are not even taking the time to say, what is my why? And is it greater than my why not. And that’s why they’ve pursued they’ve not pursued it to this point, because they don’t have clarity. So they need to have strategy and clarity around what they want to accomplish, then, then they gotta get their cash in a place that they can access it. So we’re talking about the infinite banking. We’re not in the business of giving people investment advice, so will not tell somebody, you need to cash out your 401 K you need to sell this stock, you need to do this. Never would you hear me or any of our coaches do that one because we’re not licensed to do that anymore. Thankfully, don’t want to be in that position. I have no interest in investing your money for you got my own to invest. But what we want to do is help them see is it getting you closer to or further away? If it’s further away, then why are you doing it? What are you going to do now? And so yes, do we have people who who can most people in a 401k can’t do anything with it right? As long as they’re employed at the job they don’t have access to that money now, when I was an investment advisor started now in 2004 2005 2000s. You could go and access 401k money’s there were abilities for early withdrawals that stuff left long time ago whenever the stock market crashed and oh eight that the Wall Street’s with with to read it all the contracts that existed out there and said, yeah, there, there are no more early withdrawal options within existing plans. No more in service withdrawals as with a head, they don’t do that anymore. Why? Because they don’t want to reduce their percentage of money they’re getting paid on. Now they tried to say, Oh, well, they’re in this for your good because if you take out the money before you get to fit nine and a half, you’re not gonna have it, yada, yada, yada. So they’ve done away with that. So most people can’t get access to that money anyway. But maybe they stopped contributing to the problem. But whenever they understand, hey, I gotta get my cash in a place that I can use. Well, then that allows for opportunities to happen. There’s million dollar opportunities, or 1000s of dollars a month of cash flow opportunities around you every single day. Well, why haven’t you participated in it? Well, you don’t know they exist. Darren, I don’t care what kind of car you drive. Let’s just assume you drive white for f150. Okay. Yeah, we everybody has bought and bought a car. And whatever kind of car it was, it was unique and new to you. And when you get on the road, probably even before you got home, what did you notice two or three other cars looking just like it on the road? Well, you never saw those cars before. Why didn’t you see him because your brain filtered it out was an unimportant information? Well, here’s the key is that when we get access to cash, and we tell ourselves that we want to buy assets are going to produce passive income. Now, our brain is, is focused in on what those opportunities might look like, and it starts looking for them everywhere. Now, I may not know what to do with them, right? I have to educate myself as an investor to be better at that. But I started looking at seeing opportunities everywhere. And that’s what what we found is once somebody has access to cash, now, it begs the question, what are you going to do with me? How do you get me at work? And so now we move into the third column, which is, how do I start building that five or 10,000 a month or 25,000? a month, right? I’ve got I got a dentist and our president come mastermind, this up to $60,000 a month, when he first got in our mastermind, his goal is to get to 30k. Well, now he’s at he’s moving towards 60k. He’s like, because I want to be able to take care of the next generation and the next generation. Like, why stop? This is more about building a process where my kids don’t have to reinvent the wheel. My grandkids don’t have to reinvent the wheel. Well, how do you do that you have to figure out who you are. As an investor, we’re all unique. Your gifts and my gifts are most likely completely different. The way that you’re going to see the world and be able to invest in things, I will not have that capability because I don’t have your experiences. I don’t have your resources. I don’t have your network. I don’t have maybe your finances. Same thing with me. So the first thing I did that cost me 11 years of my life as I made an investment in a single family property. i That $97 a month coming in was not exciting to me that the six months and when the rental property above me flooded my unit and cost me the next 18 months of that 96 bucks a month. It was gone right now, was it the single family rental property? That was the problem? Of course it wasn’t. I was not excited by that single family property because I couldn’t influence my investor DNA. I want to be involved. I want to have the ability to influence the outcome. I like to manage things. I like to provide ideas to it. My I tend to find investments and turn them into businesses. Well, so for me, that wasn’t an opportunity. I could do that with that. So I didn’t invest in another passive income asset for 11 years. But then when I figured out this whole thing about hey, invest from your own gifts, and invest from your own investor DNA, I realized that I was good at building businesses. Well, how can I go to business so I found a concept called the land flipping. I don’t know if you’ve ever interviewed Mark Podolski on your podcast. I’m lazy reading. Love that guy. And I was fascinated by his concept. It was a business. Now, I did not want to personally operate the business but I wanted to invest into it. So what did we do we figured out a way to create a business around it put in operators put in a team that’s running the whole thing. Now I put capital in I add management experience to it. Some level of influence in to the equation and now is producing $25,000 a month and passive note income to us. Same thing with a short term rental business. I interviewed plenty of people in the short term rental space they were all mostly individual operators running one to five units himself telling me about all the problems that they were having and how they weren’t able to scale because they were running in a spatula is in the middle of night over to the the next unit while they’re trying to change the pillowcases on the other one. Well, that didn’t make sense to me, but I did see the opportunity. I saw the unique you know, market share. It had the ability to Add instead of long term rental. So my business partner and I went and hired an operator that had run a similar type business just in a different field. And we knew he had the skills and we added capital to it. And we scale from zero units to over 30 units over the last two and a half years. And we did that in a non vacation market. So that that business produces between 5000 a month and 35,000 a month, depending on the season that we’re in. Well, those are things that fit my DNA, right? That’s not something that would tell you to go do unless you had the same exact resources, same exact skill sets that I possess. So people that come into our world sometimes want to be purely passive investors, we have an optometrist is an unprecedent mastermind. He’s invested in probably 18 Different syndications, he’s looking both for long term capital gains, but also for depreciation to offset have really high income, active income, he has another other things that he needs. So he’s looking for that. So there’s ways to invest, and there’s not a one size fits all, it just needs to be tailor made to your scenario.
J Darrin Gross 26:06
No, I appreciate you going through that, because I think that’s the restraint forgot the shortcut, the the answer, and I think where you started as you got to know you, and what really was important to you. And from there, then you can, you know, find the path and the vehicle that that makes sense for you. And, and also the different vehicles you you know, mentioned? Are there other businesses that you you know, that your you or your clients have sought out? I mean, it doesn’t sound like you’re, you’re limited by your model as to any particular thing as much as it fits you and your, your goal.
Russ Morgan 26:49
No, I’m agnostic, and most of the people in our group are right. We have a guy in our community that two years ago, during COVID, we did this financial freedom week. And we brought on I don’t know, 10 or 15 different people in different niches to share and do workshops for our client base. Everybody’s at home, right, you had all sorts of time. And so we were sharing this, and one of one of the groups was sharing how to build an E commerce business, not the arbitrage model where you’re buying cheap products and trying to sell them for a higher amount, but actually finding a product that’s being sold right now. And within a specific price range. And going out and redoing that product, like innovating on that specific product is already a winner, right? It’s already making money. And this company was really good at helping people discern what the process was figuring out if it actually could make money. Well, one of our friends did this. He lives down in Florida and he wanted to start a business with his two daughters. And he was a pastor by the way, he in worked part time as a pastor and he left the northwest to come to Florida because he was a full time pastor’s wife had a really successful networking marketing business that made enough money where he could become a part time pastor. And so he was started this business with his two teenage daughters. And he started this business out at the end of 2020, probably the worst time to create an E commerce business because most products are shipped out of either India or China. Well, he got his first set of products in sold out of them within like three weeks, and was 12 months before he could get the next shipment in. So he really figured it out and then was stuck sitting for almost the whole 2021. At the end of 2021. He had made four different orders because he knew he needed to stagger them. He shared with us the other day on our podcast, he’s up to 80,000 a month, passive out of the business. So he’s producing 350,000 a month in revenue, and paying himself over 80,000 a month. And it requires about an hour and a half a week of his time. Holy mackerel, it is. It’s fascinating to me to see people do things like that. There. There’s a there’s just a slew of opportunities out there. Somebody says, Wow, I want to go do that. Well, you have to have that same skill set. Right. You have to possess the same thing that he did and put in the time that he did to get to it. You know, we have, you know, people you talk to land flipping business. It’s fun to see somebody like Mark Podolski to see what he’s done. But yet, we have named Roberto this in our passive income mastermind, that was an attorney that was you know, three years into his field and realize that the only way he can make more money is if he put more hours in. He was sitting there looking at partners at 50 6070 years old. And he was like, I don’t want to be there. He was 30 years old. He’s like, I don’t want to be there. 30 years from now. So he heard Mark Podolski on a podcast started doing this. Within four years, he’s built 50,000 a month, and passive, working again, about three hours a week. So there’s so many opportunities to build streams of income. But sometimes people hear the word passive and they assume uninvolved, that’s not always the K. You sometimes you have to build a business and then set it up to where it runs on its own. So we move into that true B quadrant. And out of the S quadrant, which so many people live in,
J Darrin Gross 30:31
Yeah, I love the quadrant, or that was at the four quadrants is that the book? I can’t remember the was the name of the title of that book was a
Russ Morgan 30:41
Cashflow Quadrant by Robert Kiyosaki.
J Darrin Gross 30:43
Yeah, yeah, that was good. Good. I appreciate you sharing kind of the different models. And it sounds to me kind of the you know, one of the things that holds people back and I include myself is just convention, you know, there’s the way things have always been done the way you’re supposed to do things, as opposed to, you know, having the insight that Aha, that that something that burns with inside you that says, I can’t do this, I need something, something’s better, there’s gotta be some better, and having that, that, that want that really the desire that kind of drives you. But also, I think, you know, being open, open to different opportunities, and and being able to recognize those and to see them for more than, than what they present themselves at face value. How do you is that just innate? When I mean, when people know that, you know, what they want, that they’re they’re seeing this? Or is there any kind of, you know, coaching or conversations about looking beyond, you know, or to investigate things or to see more opportunities when, what, what’s just on the surface?
Russ Morgan 32:00
Yeah, when when people reach out to us, they’ve, they’ve got a problem, they don’t know how to solve it. Right? If they knew how to solve it, they wouldn’t be calling us. But they, they hear a story, maybe there was one we share on a podcast on your podcast or ours, they hear a client or hear a friend that has been in this. And they say, I want that I want to get out of this pain, I want to be in a position to where I could do that thing. And the to your point, when they have that desire. Now, they set up a 15 minute call with one of our coaches. And what we do is we want to know that their y is greater than their why not, they have to convince us to be honest, like we don’t want to take on anybody. Because if someone who is willing to learn, we can help get there, someone who has all the money in the world, but believe they’ve got it all figured out and have a rival syndrome, we to be honest, we just don’t want to work with them, and they’re not going to be a good fit. And so when somebody gets into our world, we take them to a process that we call our right next thing, helping them understand what is the right next thing, we help them self assess where they are in relationship to all of these different categories. And you know, it’s overwhelming sometimes to see all the different options to realize there’s so much unknown and there’s so much uncertainty and what I’ve been doing, but then their safety and knowing, hey, there is a process to do this, I can get education on these core areas, I can then start to build my own investor DNA, my own investor, Buy Box, my own passive income operating system, and then I can start stacking cash because once I do it once, I can do it over and over again. Right, like there’s people that don’t come in with a ton of capital, who immediately once they get in and they start doing it, they realize, okay, now I have the skill that produces passive income on a regular basis. Like we have a guy in our in our group called, his name is Jeff, his skill set was being able to operate the burr method. Well, the biggest problem he had early on was access to cash, he just ran out of money. But once he did it over and over again, then now he could go and borrow other people’s money. And now he’s got up to 58 doors personally, and he’s become financially free. He’s been able to leave his job in order to work part time in that business, and actually consults and coaches in our company with people that come in because he just has a passion to help people see what he saw. So when you you figure out that you don’t have to have all the answers but you you have to be around other people pursuing it and to oftentimes at the watercooler, you start talking about passive income. And people when they say rice, the crab in the barrel story, they try to pull you back into where they are. That’s just that’s impossible. That doesn’t exist, man that’s just a bunch of hooey. That’s just a bunch of workshops, you go spend 1000s of dollars you end up with nothing. But you know, a lighter wallet or whatever. And I’m not saying that some of those things don’t exist out there. But I’m just saying, I see people over and over again, who really want to do it accomplish it. And it’s not because we did anything great for them, we just unlocked the things that they had saw.
J Darrin Gross 35:16
Oh, no, very true. And just the fact that, you know, there’s so much opportunity out there and really kind of start with that core thing, knowing yourself and kind of figuring out what’s important to you, I think is, is kind of really the key to this. Because if you know that you want something different, and you’re willing to work for it. And, you know, put in the time and put in the effort and the education and the connections and all that. It’s just, I think a lot of just a mind shift or mind mindset. Shift to I mean, if you’re, if you’re if you’re not exposed to people that have achieved these things, it might be more difficult. But the more you’re exposed to people that have achieved financial freedom and, and kind of understand the way they think and the way they did it. It seems like it’s much more attainable, and something that you could possibly achieve.
Russ Morgan 36:12
So when you get into an environment, Darrin, that your goal behavior is the average of the group’s natural behavior, it allows you to level up very quickly.
J Darrin Gross 36:25
So tell me more about the community that that you’ve created there? Is this is an online you have in person events, is their selection process? I mean, are you admitted? With how’s it you know, what’s the what’s the process? And is there a cost involved? Etc?
Russ Morgan 36:45
Yeah, no, I appreciate you asking. So if it’s okay, I’ll share a link and they can get access to this they’ll talk about if you go to weltweit, wall street.com Ford slash commercial, commercial, real estate pro network, you’ll you’ll get access to this also have a quiz until you self assess where you are, you can jump on 15 minute call with our coaches if you want to. But also you can get free access into a community that we built, we built a community that has almost 7000 people in it right now. You can download our app on the App Store type in wealth without Wall Street download, it’s free. But within there, right, we do have groups, masterminds, you know, Napoleon Hill said, when you get two minds together, you create a third mind. And what for, for us, what we wanted to do is go deep with the people who really wanted to achieve 100% of their monthly expenses. That’s what we do in our inner circle group. And then for the people who’ve already achieved the money, and they’re really trying to focus on the time, that’s in our passive income mastermind group, we’re going at 200%. That’s our goal. So we we do have an interview process to get into both of those groups, there is a cost for each one of those groups, our members are in there for a minimum of 12 months, we have live events that we do, and then we meet on a virtual basis on a monthly basis. So we have depending on which group they they’re all doing different things, our hiring group, they tend to have less time that they want to focus on getting together on virtual, so we meet twice a month, virtually twice a year live, usually in resort type areas, our inner circle group, we we meet more frequently, virtually, and we meet once a year live, because again, travel sometimes is difficult for that group, because money is the issue that you’re solving for. And so we were working through with those groups, our coaches are helping them help them with their right next thing. And they’re ultimately getting connected to the resources and the people that they need to accomplish that right next thing so that they’re ultimately achieving either 100% or 200% of their monthly expenses.
J Darrin Gross 38:51
Awesome. I receive a could I like to shift gears here for a second. As I’ve mentioned, by day, I’m an insurance broker. And as such, I work with my clients to assess risk and determine what to do with the risk. And there’s three strategies we typically consider the first look to see if there’s a way we can avoid the risk. When that’s not an option, we look to see if there’s a way we can minimize the risk. And if we cannot avoid nor minimize the risk. And we look to see if we can transfer the risk. And that’s what an insurance policy is. It’s a risk transfer vehicle. And as such, I like to ask my guests, if they can look at their own situation, could be their clients, interest rates, political you know, how are you how are you want to frame the question, but if you can identify what you consider to be the biggest risk, and again for clarification, while I am an insurance broker, I’m not necessarily looking for an insurance related answer. And so if you’re willing, I’d like ask you, Russ Morgan, what is the biggest risk?
Russ Morgan 40:05
The biggest risk is lack of access to cash. The biggest risks, preventing people from being financially free as they have no access to cash is what keeps us going to work every day. Right? It’s, I have to be able to make the mortgage payment, I have to be able to make the student loan payment, I have to create the income in order to go on that once a year vacation, pay the cell phone bills, and they have no access to cash. So I have no ability to go buy assets, that would create a passive income to exceed or pay for those monthly expenses.
J Darrin Gross 40:49
Now, that’s pretty, pretty cut, cut to the chase. The issue most of us face the access to cash there. That’s, that’s pretty good.
Russ Morgan 41:00
Well, here’s the thing to do. And sometimes people say, Well, for us, I mean, I’ve heard some of the people on your podcast or on dierence podcasts, and they’re just sitting on six figures, seven figures, eight figures of money, I just don’t have the ability to do that where I am I my active income just doesn’t produce enough. And I’m gonna call garbage on that. Because I’ve seen people who have $50,000 a year and income achieved financial freedom. If you’ve ever played the game, cashflow, wonderful game, not a cheap game, but a great game, play it with my kids. The first time you play it, and you you draw the doctor card, you think you’ve won the lottery, right? Because you got the highest income of everybody. But everybody’s played it realize is the person who gets the janitor card is most likely they’re going to be the first one out of the rat race. It wasn’t because of the income, the income is never the problem. So when you understand that it all it’s all about where are you taking putting that income? Are you stuffing it to pay down debt? Are you using it to put in your 401 K to try to build up some nest egg for the future? You know, are you making mistakes with money because you’re you don’t know what to do with it, you’re you’re you’re betting on the company invest in assets only looking for capital appreciation. That’s probably where you don’t have access to cash, you just put it in the wrong place. Now some people have spinning problems. I would tell most of those people, they have income problems, fixed income. But most people that we see they’ve just taken their money and they’ve put it in places they can’t touch. And that’s the biggest risk that they have. Because the way you become financially free is having access to cash to do things with it.
J Darrin Gross 42:44
Hey, Russ, where can listeners go if they’d like to learn more or connect with you?
Russ Morgan 42:49
Yeah, go to Wealth Without Wall Street.com/commercial real estate pro network. And not only can you get in our community, you can connect with me or one of our coaches. And you guys can listen to our podcast, which is Wealth without Wall Street, as well. And we’d love to help you along your journey no matter where you are.
J Darrin Gross 43:10
Awesome. Russ, I can’t say thanks enough for taking the time to talk today. I’ve enjoyed it. I learned a lot. And I look forward to doing it again soon.
Russ Morgan 43:21
Yeah, thank you, Darrin, appreciate you having me on.
J Darrin Gross 43:24
All right. For our listeners. If you liked this episode, don’t forget to like, share and subscribe. Remember, the more you know, the more you grow. That’s all we’ve got this week. Until next time, thanks for listening to commercial real estate pro networks. CRE PN Radio.
You’re listening to CRE PN Radio for influential commercial real estate professionals. For more information on this or any of our guests like us on Facebook CRE PN Radio