In this video, the two speakers explored the key principles of building wealth and creating a legacy.
The first speaker shared her personal experience about trading time for money and how she was able to control her time while building wealth.
You’ll learn about strategies for taking control of your finances and achieving financial independence, as well as the importance of developing a long-term vision for your financial future.
Whether you’re just starting out or well on your way, this video will provide valuable insights and actionable tips to help you on your path to financial freedom.
Join us on this journey to secure your financial future and create a lasting legacy for generations to come.
Transcript:
Chris Bounds 01:13
Yeah, so um, building wealth, creating legacy. You know, what’s, what’s your take? My,
Jennifer Beadles 01:19
my favorite conversation to have? Yeah, um, all right. So here’s kind of like, what, what my focus is on this, you know, building wealth topic. Obviously, I’m very much into creating monthly recurring revenue, with my real estate holdings, and then also with my companies and our software company that we launched a couple of months ago. And so for me, I think, you know, there was a significant shift that happened in 2016, when I had a one year old daughter, and up until that point, you know, I was working as a real estate agent, I was working seven days a week, I had zero free time, but we were making a lot of money, we were generating a lot of money, which is kind of what the system is designed to do, right? We’re trained to, to go to college is when he had talked about, you know, go into debt, go and be good employees, and maybe eventually will become self employed. And that’s really a trap. Right? The trap is you’re still trading time for money. And, you know, I had a moment when we were in Hawaii with my family, celebrating my daughter’s first birthday. And I had some big real estate deals that were going on at the time. And so I kind of waved goodbye to my family. I said, Hey, I’ll beat you guys in the beach and an hour, let me take these calls. I’ll be right down. And I found myself I spent, I think the entire day in this beautiful condo in Maui, doing all of these real estate deals. And you know, got the deals done. And you know, left the condo went down to the beach, my family and they were like, oh, no, we’re done. Now, we’ve been here for like six hours, you didn’t show up. And so that was a big defining moment to me. And I said, Okay, I think that I’m doing this wrong. I’m still trading time for money. What would it look like if instead, I could build systems and processes and own income producing assets that then generated the income for me the monthly recurring revenue, so that I could have more control over my time. And so that’s the journey that I’ve been on. And, you know, really, I would say that that’s like, you know, the box that I stand on every day is I want to help more self employed people and W two, you know, employees start gravitating to the other side of Robert Kiyosaki is Cashflow Quadrant, becoming business owners owning systems and processes, or investors, right owning income producing assets that will generate revenue, regardless of if you show up or not. And so for me, that’s yeah, I’m all in there. And it’s really fun, because now I have a variety of these, again, different businesses and income producing assets that do this for me. And so it’s almost kind of been like an experiment of what different industries can I get into so that then again, I can I can help people I can I can be into growth and contribution, help them do this for themselves and kind of, you know, serve as hopefully an example of what’s possible.
Chris Bounds 04:11
Yeah, I love it. Because you talked a little bit about the traditional path. And really what the traditional path is, you need time and money, right? But the traditional path is go out and spend all your time making the money, which you have a limited amount of time, 24 hours a day, and then the number of days is unknown. But the traditional path is you do that, and then eventually, you have more time and even though your income may have dropped, hopefully your 401k or whatever, is able to pay for it. But the problem is, you don’t have a lot of time left in days, right? That’s if you make it that long, right? Like if you end up getting cut short for whatever reason, like just it’s lost.
Jennifer Beadles 04:56
We need to build wealth sooner, so that we can enjoy it longer. With the people that we love, and and so that’s for, you know, for me, it’s like how can we collapse time and help people get there sooner so that they can control their time and, and you know, have more time with their loved ones or doing the things that they love?
Chris Bounds 05:13
Yeah. And then there’s a lot of ways you can you can approach that. One thing I’d like Tim Ferriss suggestion of retire over a 60 year period, like, instead of going on, you know, waiting until you’re 60, to go on a month vacations, go on, like, eight different four day vacations throughout the year, and have these little mini retirements. And then, but you just happen to build business around that, which is, it’s allows for more exponential growth, especially when you’re funneling that into real estate assets that provide cash flow.