5 Things You Need to Invest In to Build Wealth (That Aren't Stocks) with Jeff Rose

Podcast Summary

• Exploring Alternative Ways to Build Wealth: Real estate through Fundrise and life insurance through Policygenius are two alternative ways to build wealth beyond stocks. Consider these options for financial security and income acceleration.

  There are various ways to build wealth beyond investing in stocks. Real estate through Fundrise is one option, which is currently expanding its portfolio during a time of dropping demand and falling prices. Another income accelerator discussed is life insurance through Policygenius, providing financial security for your loved ones in case of unforeseen events. Listen to the full interview with Jeff Rose on the Personal Finance Podcast as he shares more insights on the five things you can invest in to boost your income and wealth. Remember, always consider the investment objectives, risks, charges, and expenses before investing.

• From financial instability to building wealth: Despite a challenging upbringing, Jeff became a successful financial advisor and entrepreneur, proving it's never too late to start saving and investing for a better financial future

  No matter what your financial background is, it's never too late to start building wealth. Jeff's story is a powerful reminder of this. Growing up, he was surrounded by financial instability, with both of his parents filing for bankruptcy multiple times. Despite this, Jeff went on to become a financial advisor and eventually build a multimillion-dollar online business. He became passionate about investing and saving early, after realizing the regret many people expressed about not having done so sooner. This podcast aims to help anyone, regardless of their current financial situation, to start building wealth and change their family's financial trajectory. Jeff's inspiring journey demonstrates that anyone can do it.

• Learning from Others: A Key to Financial Success: Investing in financial education through accelerated learning can significantly improve your financial future. Start young, read books, listen to podcasts, and take courses to expand your knowledge and mindset.

  Investing in your financial education through accelerated learning is a game-changer. Jeff's story highlights how starting young and learning from others can significantly improve your financial future. Accelerated learning can be achieved through various means like books, podcasts, and courses. It may seem like an investment, but the ROI in terms of financial knowledge and growth is invaluable. Jeff emphasized the importance of this early in his career, reading one business or personal finance book per week. Some of his favorite life-changing books include "Rich Dad Poor Dad," "Millionaire Messenger," and "The 4-Hour Workweek." These books helped shift his mindset and provided practical strategies for financial success.

• Transformative impact of books and courses: Reading transformative books and taking courses can unlock new opportunities, shift mindsets, and accelerate personal and professional growth.

  Transformative books and courses have significantly impacted the speaker's personal and professional growth. Early on, books like "Rich Dad Poor Dad" and "4 Hour Workweek" shifted mindsets and provided actionable steps towards wealth creation and time management. Virtual assistants were a game-changer, freeing up hours for more productive activities. Courses, despite initial resistance, proved to be valuable investments, with specific examples leading to growth in YouTube following and subscribers. Whether focusing on business, finances, or personal development, the right book or course at the right time can unlock new opportunities and accelerate progress.

• Investing in personal growth and business tools: Investing in courses, standing desks, Shopify, business coaches, and hiring tools can boost productivity, creativity, career advancement, and business growth.

  Investing in personal growth and business tools can significantly accelerate learning and business success. Whether it's taking courses to advance your career, using a standing desk to boost productivity and creativity, or partnering with platforms like Shopify to grow your business, these investments can make a huge difference. Another key takeaway is the importance of finding the right business partners, such as Shopify, and the right business coaches, like the speaker did in his career. Lastly, utilizing tools like Indeed for hiring can save time and ensure high-quality candidates. Overall, these investments and partnerships can help individuals and businesses thrive and reach new heights.

• Investing in a Business Coach: A Personal and Professional Game Changer: Exploring a business coaching program can lead to significant personal and professional growth, even if it seems like a risk or an intangible expense at first. Research, consider the potential value, and seek referrals before making a decision.

  Investing in a business coach can lead to significant personal and professional growth, even if it seems like a risk or an intangible expense at first. The speaker shares his own experience of feeling unfulfilled despite financial success, and how joining a coaching program called Strategic Coach transformed his approach to business and life. He emphasizes that it's important to avoid making hasty decisions based on fear of missing out, and instead take the time to research and consider the potential value of a coaching program before making an investment. The speaker also suggests seeking referrals and talking to others who have had positive experiences with coaches or coaching programs. Ultimately, the speaker's experience underscores the idea that investing in personal and professional development can lead to long-term benefits that are worth the initial investment.

• Considering a Coach or Coaching Program?: Take time to research, build trust, avoid FOMO, and consider group sessions or masterminds for added benefits before making a decision on hiring a coach or joining a coaching program.

  Making a thoughtful and well-considered decision is crucial when it comes to hiring a coach or joining a coaching program. Building a trusting relationship with the coach through their content is a good way to ensure a good fit. FOMO (Fear of Missing Out) can cloud judgment and lead to unnecessary expenses and regret. Group coaching sessions can offer additional benefits, such as learning from and connecting with individuals from diverse industries and backgrounds. Mastermind groups can also be valuable for gaining new perspectives and overcoming feelings of isolation. It's important to take the time to research, discuss with loved ones, and consider the potential benefits and drawbacks before making a decision.

• Joining forces with like-minded individuals for growth: Masterminds and mentorship provide valuable tools for personal and business growth. Masterminds offer a supportive community for sharing ideas, receiving feedback, and solving problems. Mentorship is a one-on-one relationship for guidance, support, and skill development. Seek out opportunities for both to progress and reach goals.

  Masterminds and mentorship are valuable tools for personal and business growth. A mastermind is a group of like-minded individuals with similar goals, typically from different industries, who come together to share ideas, receive honest feedback, and help each other solve problems. It's a supportive community where members can grow and learn together. Masterminds can be free or paid, and the format can vary from weekly calls to in-person meetings. Mentorship, on the other hand, is a one-on-one relationship with an experienced and knowledgeable individual who can provide guidance, support, and advice. Mentors can help mentees overcome fears, gain new perspectives, and develop skills. Both masterminds and mentorship can be invaluable in helping individuals progress and reach their goals. If you're looking for a mentor, don't wait for permission – take the first step and reach out to someone you admire and respect. And if you're considering joining a mastermind, look for a group that aligns with your goals and growth stage, and be committed to showing up and contributing.

• Learning from mentors through diverse resources: Seek mentorship from various sources like books, podcasts, and videos to gain valuable insights and knowledge.

  Mentorship comes in various forms and doesn't always require direct interaction with the mentor. The speaker shared his personal experiences of having mentors like his first junior broker, Robert Kiyosaki, David Bach, and Gary Vaynerchuk, whom he never met in person but learned greatly from their books, podcasts, and YouTube videos. These mentors provided him valuable insights and knowledge, often more than what he could have gained through face-to-face interactions due to their busy schedules. The speaker emphasized the importance of seeking mentorship from diverse sources and making the most of available resources like books, podcasts, and videos.

• Provide value and build relationships in networking: Prepare specific questions, demonstrate admiration, and appreciate the professional's work to add value and initiate productive conversations in networking.

  When reaching out to potential mentors or networking with professionals, it's essential to provide value and build relationships rather than just asking to pick their brain. This approach not only shows respect for their time but also increases the likelihood of receiving valuable insights and establishing a meaningful connection. Preparing specific questions and demonstrating admiration and appreciation for their work are effective ways to add value and initiate a productive conversation. Building relationships is crucial in networking, as it fosters a positive and mutually beneficial exchange, ultimately leading to the most valuable outcomes.

• Forming relationships at conferences: Effectively networking at conferences requires identifying goals, focusing on income accelerators, and valuing relationships

  Building meaningful relationships and serving with a heart are powerful ways to accelerate learning and growth in any industry. Attending conferences is an excellent opportunity to meet new people and potentially form these types of relationships. Introverts and extroverts alike may feel nervous about introducing themselves, but the benefits of making connections can lead to mutual help and collaboration. To effectively implement this strategy, identify your goals and reverse engineer the steps needed to achieve them. Start with the income accelerator that will have the most impact and convenience for you, and focus on it before moving on to others. Remember, the relationships you build are just as valuable as the opportunities they may bring.

• The power of personal growth through podcasts and education: Investing in personal development through podcasts, education, and coaching can lead to significant returns, including improved finances, successful businesses, and long-term benefits, even if the financial gains are not immediate.

  Consuming new information through podcasts and educational resources can be a powerful catalyst for personal growth and motivation. Hearing stories of how this information has positively impacted the lives of others, from helping them get out of debt to starting successful businesses, serves as a reminder of the potential impact one can have on others. Additionally, investing in personal development, such as education and coaching, can lead to significant returns, even if the financial gain is not immediate. The best advice received is to view oneself as the best investment and prioritize personal growth. This mindset shift can lead to long-term benefits, even if the financial rewards are not immediate. Overall, continually seeking out new knowledge and investing in oneself can lead to life-changing outcomes.

• Investing in yourself is the best investment: Focus on self-improvement for recurring high returns, live a life of freedom with time and energy

  Investing in yourself is the highest return investment one can make. Jeff Rose shared his personal experience of investing $16,000 in a program and seeing a recurring half a million dollar return each year. Wealth, according to Jeff, means having control of time, enabling one to be present for their children and live the life they want without worrying about affordability. Jeff encourages everyone to focus on the gratitude aspect of wealth and live a life of freedom with time and energy. To learn more about Jeff and his resources, check out GoodFinancialCents.com, Wealth Hacker on YouTube, or find him on Twitter @jjeffrose.

• Shift from net worth to net fulfillment: Living a purposeful life and improving well-being through new tactics from 'All the Hacks' podcast

  There's a top-ranked podcast called "All the Hacks," hosted by financial optimizer and entrepreneur Chris Hutchins. In episode 91, Chris interviews Bill Perkins about the importance of optimizing for net fulfillment instead of net worth and striving to die with zero. This show offers valuable money hacks and productivity tips for everyone. Listen to "All the Hacks" on Apple Podcasts, Spotify, or wherever you listen to podcasts, and prepare for your wallet to thank you later. This shift in focus from net worth to net fulfillment encourages living a life of purpose and meaning, rather than just accumulating wealth. By applying new tactics from this podcast to your own life, you can increase your net worth and improve your overall well-being.