Retirement Is a Scam! Wealth Without Wall Street w/Joey Mure

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Episode Description

Welcome to the Freedom Point Real Estate podcast! In today's episode, Jeremy Dyer welcomes Joey Mure, successful entrepreneur and family man, to share his view of wall street investing and 401k's, how his GPS strategy can help you reach financial freedom, and much more.

Joey Mure is a serial entrepreneur, co founding businesses like Wealth Without Wall Street and Wake up In Birmingham. He is the co-author of the Amazon Best Selling Book “Wealth Without Wall Street, 3 Steps to Freedom Through Passive Income” and the top rated podcast, Wealth Without Wall Street. Joey got his start in the financial world as a mortgage loan originator shortly after graduating from college in 2003. After 11 yrs in the industry and seeing personal financial success, Joey left to help found Wealth Without Wall Street in 2014. Besides helping thousands of people build their own paths to financial freedom Joey and Russ lead from the front reporting on their own passive Income portfolio each month which has grown from $2500 in July 2020 to well over $50,000 per month today! Joey’s true success is found in his marriage of 18 yrs to his wife Jessica and in being the father of 5 beautiful daughters. His hobbies include golf, travel, and reading. Financial freedom for Joey means he can impact the world for Christ in giving, sharing, and spending quality time with his family and others. He lives by the simple idea that to “Trust in the Lord with all your heart, lean not on your own understanding, in all your ways acknowledge Him and he will direct your path” (Proverbs 3:5-6).

CONNECT WITH JOEY MURE!

Website: https://www.wealthwithoutwallstreet.com/

LinkedIn: https://www.linkedin.com/in/joey-mure-b376824/

CONNECT WITH JEREMY DYER!

Website: https://startingpointcapital.com/

Instagram: https://www.instagram.com/startingpointcapital/

LinkedIn: https://www.linkedin.com/in/jeremydyer

Facebook: https://www.facebook.com/startingpointcapital

Book a Call! https://calendly.com/startingpointcapital/discuss-investing-with-jeremy-dyer?month=2023-12

Summary

Tip #1: Identify Your Investor DNA

"The first question I ask is, ‘What kind of investor are you?’ People often say, 'I just want the highest ROI,' but that’s not the full story."

Understanding your personal investing style is foundational to making smart decisions. Joey emphasizes that chasing the highest returns without knowing your preferences or risk tolerance leads to suboptimal results. By identifying your unique "Investor DNA," you can choose investments that align with your values and goals, increasing your chances of success.

Tip #2: Avoid Chasing Shiny Objects

"Instead of getting shiny object syndrome and chasing the newest, best thing, figure out what works for you."

Chasing the latest investment trend may lead to failure, as it's not always sustainable or aligned with personal goals. Joey advises focusing on what suits your investor profile rather than following trends. Long-term success comes from consistency and understanding, not from jumping between investments based on what's popular.

Tip #3: Set Clear Financial Goals

"You have to know where you’re at and where you're going, then the GPS will give you the path."

Financial success starts with clarity. Just like using a GPS, you need to know your destination to create a plan. Define your financial goals, whether it's early retirement, passive income, or another objective, so you can develop a roadmap that gets you there without wasting time on distractions.

Tip #4: Shift Focus from Retirement to Financial Freedom

"Debt freedom is not Financial Freedom... 401ks are designed for retirement, not freedom."

Joey challenges the conventional idea that retirement savings like 401(k)s are the best path to financial freedom. Instead, he encourages thinking in terms of cash flow and passive income, which can replace traditional retirement plans. Freedom is achieved when your passive income exceeds your monthly expenses, not when you retire.

Tip #5: Learn from Mistakes and Failures

"The journey to success includes action, failure, and education... those who succeed are the ones who don’t give up."

Failures provide invaluable education. Rather than fearing mistakes, embrace them as learning opportunities. The successful investor is one who continues to take action, learns from failures, and refines their strategy rather than being paralyzed by setbacks.

Tip #6: Surround Yourself with the Right People

"Who you surround yourself with matters in this game... if you’re around people who think scarce, they’ll pull you back."

The company you keep is critical to success. Joey highlights the importance of being around like-minded individuals who support your financial journey. Surrounding yourself with mentors and a community that shares your goals and growth mindset can propel you forward rather than letting negative influences hold you back.

Tip #7: Leverage Infinite Banking

"Infinite banking was the number one accelerator for us growing our financial freedom and passive income."

Joey introduces the concept of infinite banking as a financial tool to accelerate financial freedom. Infinite banking allows you to create a self-sustaining source of capital that grows over time. This strategy provides control over your money and boosts passive income, helping you achieve financial goals faster than traditional savings methods.

Tip #8: Take Action Over Perfection

"Our school system teaches us to avoid mistakes, but you have to be willing to make them to succeed."

Waiting for the perfect plan before taking action often leads to inaction. Joey stresses that progress is made by taking steps, even if they result in mistakes. It's better to start and learn along the way than to wait for a flawless strategy that may never come.

Tip #9: Focus on Passive Income

"We have 15 different asset classes, from e-commerce to real estate... the key is finding one that fits your Investor DNA."

Creating streams of passive income is essential for achieving financial freedom. Joey outlines various asset classes such as e-commerce, real estate, and land flipping, advising that choosing the right one depends on your investor type. The goal is to align with what suits your skills and preferences, ensuring long-term profitability and growth.

Tip #10: Invest in Your Kids' Financial Education

"You get 18 Summers with your kids... how do you create more time with them while they’re young?"

Joey reflects on the importance of using financial freedom to spend quality time with family, especially children. Financial independence isn’t just about money—it’s about creating a lifestyle that allows you to be present with your loved ones. Teaching your kids financial responsibility early on can also set them up for success, and guide them in building their own passive income streams.