We’re joined by guest host, Troy Fullwood, the man who has closed 20,000 deals and counting and the author of The Power of Paper- How to Create Wealth by Investing in Mortgages. Troy talks in this episode about the ways to attain financial independence!
Book a call with a member of our team to learn more about The Kingdom: https://calendly.com/howcanwehelpyou/specialist?month=2022-05
Want to Connect? Reach out to us online!
Purchase Troy’s Book: https://www.amazon.com/Power-Paper-Create-Investing-Mortgages-ebook/dp/B07CY5DR9M
The 40-40-40 Norm
For many in the working class, it’s the norm-getting stuck in the 40-40-40 standard, working for 40 hours a week for 40 years, and then retiring on 40% of your income. Simple math dictates that if there’s inflation, you end up retiring with almost nothing left. Inflation isn’t going away. There’s a need to have a plan in place for those in this generation and the older generations. This norm stems from how we’re taught at school. We all tend to work from the same educational foundation.
Repeat Income vs Passive Income
An example of repeat income is a rental. This is where you have to manage a property, the tenants, and maintain the rental property. On the other hand, passive income comes in automatically each and every month. For example, promissory notes and book royalties are types of passive income. Troy knew of people who were making good money in the oil industry. However, he wasn’t able to get into the game right away. When the opportunity presented itself, he started buying. He now has fifty-nine oil wells. These earn him an excellent monthly return, without lifting a finger.
Keep it Simple
Troy’s model of passive income is that simplicity scales. There’s no need to go through a complex process. Just consider asking these questions:
Does it create peace?
Does it align with my purpose and values?
Does it make a profit?
Does it provide a passive income?
If the answer is yes, then it’s an investment worth checking out. Every successful business follows quite a simple system.
Making Right Choices
Making the right choices doesn’t always mean making reasonable ones. It’s business, and you must take risks. Sometimes, you need to be a little crazy. Crazy in a way that you’re willing to put everything on the line to break the cycle. Remember, people will not always be accommodating and supportive because they don’t share the same dreams. Thus, people must swim against the current and when to swim along with it. You’ll find that you shouldn’t be looking for support or reaffirmation. Instead, you are looking for results. Stop asking permission from the world. Instead, start giving permission to yourself.
Keep the Momentum
Get rid of things you don’t need. Get rid of the bills, the debt, and the dead weight in your life. Maybe it is a relationship or social media. Stop engaging in something you don’t need to be attached to. Instead, focus on the things that will help you build yourself and your
business for the better.
Make time your ally, not your enemy. Time shouldn’t be a liability. Time should be your asset. The longer time goes on. The better things should get. What’s your end goal?
Remember these tips:
Principle 1: Understand that you’re in a position to make a difference right now
Principle 2: Take an action step to invest in yourself
Principle 3: Make time your asset instead of a liability
This is how you’re going to break through to get financial independence!