Ep. 114 | From $2,500 To $50,000 A Month In Passive Income With Joey Mure And Russ Morgan

I've got three friends and we get together, we talk about deals all the time and even, we may even go somewhere, like we may leave for a weekend and go talk about this. Well, all you're doing, taking that same bucket of information and moving it to a new city, maybe with, you know, better, better scenery, but it's still the same group. Got to bring in outside people with outside ideas that are challenging to yours. Not that you need to accept everybody's idea, but that challenges the way you think.

Welcome to the Next Level Income show, where it's our goal to take your income, your investments and your life to the next level. I'm your host, Chris Larson. If you haven't yet, get a copy of our book for free at our website, nextlevelincome.com. that's www.nextlevelincome.com. just click on the book link and I'll even send you a copy if you put your address in. On today's show, we have Russ Morgan and Joey Murray. Joey and Russ are serial entrepreneurs. They own six different businesses from short term rentals to a cattle company and land investing. They also currently operate 19 short term rentals along with several other investment strategies. They talk about the challenges and motivations they experience as business owners and helping others pursue financial freedom. And today we're going to talk about the passive income mastermind and how you can gain the same access that I have to look at all these different investments and learn from the experts out there with a group that can teach you and you can learn from their mistakes. Joey and Russ, welcome back to the show.

Man, it's been too long. It's been too long. Chris, thanks for having us on.

Chris, it's always a pleasure to be with you. Thank you for having us.

I know I'm a little, I'm a little concerned about where this podcast might go based upon our last podcast. Most people don't know this, so if you, if you, if you want to hear a little bit more the backstory from Joey and Russ, go listen to episode 55. And we were not friends at that time, but now we have developed a very wonderful friendship. And what's funny is I don't know if I told you guys this, but there was a miscommunication because we were doing a. I was going to be on your podcast, you guys were going to be on mine. I thought I was on your podcast that day. And as always, Joey was running late and he came. It gave me a few minutes to. And I was looking and I was like, wait a minute. I was like, I'm interviewing them. I had no notes. I had nothing. So we just, we just shot from the hip on that one, and it, we had a lot of fun and it turned out great. Um, so, yeah, so that was, that was many, many podcasts ago. Um, but for those that may not want to go back and listen to that podcast, I would love for you guys to share just a little bit of your background before we dive into what we're going to be talking about today, which is the passive income mastermind.

Yeah, well, I'll jump in there. Usually Joey goes first, but. And since. Since we've let him go first before, I gotta jump in there.

Chris.

So our company is wealth without Wall Street. We say that our objective is to help people who want to become financially free get there without investing in a K, get there without paying off their house or having to go the traditional route. And we do it in three distinct ways, which is one, helping build their own personal monetary system, helping them create passive income, and then lastly, helping them become a better investor. And it all starts back to being a really poor investor myself, because I was a typical financial advisor who meant I was just a sales guy in the financial field that knew nothing about investing. I was never taught about investing. All I was taught was to read charts and to listen to the mutual fund companies that came and pitch their. Their product to us. And then I just be the middleman to get them on the. On that string. So I did that for a long time. Didn't realize that I was doing that at the time. Thought I was really becoming a financial guru. And for the first four and a half years of my career, I was. And then the stock market crashed in 08, as everybody knows. And I realized that, no, it was the economy that was doing well. I didn't know much about it, and I think a lot of people right now are probably facing that, Chris. They're seeing that there's been a pullback over the last 12 months, and they're saying, well, maybe my financial advisor was not really my best friend in this situation. And Joey and I started a path a long time ago to try to figure out how to not only put ourself in the best position, but then lead from the front by sharing that with the people that were listening to our podcast. He's a great example of someone who listened well and took action. And he's helped me a ton and pushing me too high. So I'm going to put him on that pedestal like I normally don't do. And I'm sure I will rip it out from underneath pretty soon.

Yeah.

But with that, I'll hand it over to my partner, the Italian Stallion.

Oh, man. Well, so, Chris, again, write this down. This is a rare opportunity that I didn't jabbed by my partner, but, man, what an awesome journey it's been. I was the guy that was in the mortgage field. I was highly paid commission salesperson and I was on the hamster wheel and didn't realize it. I was the guy making lots of money, but trading time at a higher, you know, monetary number. That's all it was. And in my life was actually getting sucked away from me by little the more that I was growing in that field. And it was kind of like a shot in the arm whenever I read Nelson's book Become youg Own Banker. That's what Russ shared with me back in 2009. And I started implementing that at a high level, as Russ mentioned, and years later decided, man, I need to go and share this with people. This is something that people don't know and they're stuck in bondage. Ultimately, they need freedom. And even at that point, I didn't understand that that was through passive income. I just knew I had stored a lot of capital in my own monetary system. And now it's time to get active on that. And that's kind of like, I'll bring it. I won't get all the details between then and now. But I think the key is, is that we've now created a passive income mastermind as a result of Russ and I's own journey. Journey to create passive income. And other people around us saying, wait a minute, how did you guys do that? I get access to the people, the resources, the deals that you guys are doing at that level because I want more of the freedom you now have created for yourselves. So that's kind of bringing you full circle of where we came from.

Absolutely. And that's. That's what I love about you guys. You guys are. You guys are humble, you're self deprecating. Although Russ, usually you're more. You're more deprecating when it comes to Joey. I kind of felt like, like, you know, this was, you know, Charlie Brown. You know, when Lucy sets. Is it. Lucy sets up the football? Like, I was like, is he going to. Is he about to pull this away? So I love that. But now, you guys, it's. It's just. It's you. We always crack up. That's why I said I was a little Bit nervous about, about this podcast here. And again, if you guys want to hear a little bit more about the backstory, I mean, look, two guys that got to work with Nelson Nash. Become your own banker. Go read that book. It's phenomenal. And I kind of did it the opposite way. You guys built your monetary system and, you know, put that in there. I start with the passive income side and, you know, so we've kind of all met here in the middle. And look, I am proud to say I'm a founding member of the passive income mastermind that you also graciously invited me to be a part of. It's a fantastic group and I'd love for you guys to share more about that. But on the journey, I'd love to talk about how you guys grew your passive income from. I'll let you guys share it. How you've grown it here over the past two years and how you've built now a structure so that other people can learn the same way to do what you guys have done.

So I thought Russ was going to jump in here because he's just antsy. Like, he's just ready to jump. But really what happened is we had a lot of failures. I think that that's really the key, that we talk about other people's money all the time. I'm sure you share that on your show. We do too. But other people's money doesn't just apply to other people's capital that you can use for deals. It also applies to learning from their mistakes. They've spent their money on deals and opportunities that went bad, and now you don't have to if you borrow it. And that's kind of what happened with us. We started to just invest in things that sounded cool, that had high rates of return that we knew a little bit about. And little by little, we started to realize, wait a minute, I'm really not that excited about this investment. Or this operator really wasn't the right operator for us. Or, you know, this particular strategy is way too long term for what we're trying to accomplish. And I think it starts with clarity. Okay, so I'll. I'll say this. When we. I was. I was sitting here driving my daughter to school. She was probably 2 years old at the time. It was a rare occasion because this was back when I was in the mortgage business. I was busier than I knew what to do with. So I never took her to school, never picked her up from school, but I was driving her. She said, dad, you go pick me up Today. And I was like, no, like, almost kind of like, why? Annoyed that she was asking me that. Like, of course you know that. No, your mom's going to pick you up. Why are you not going to pick me up? Because I have to go to work. Why you have to go to work? Well, because I have to pay the bills. I have to, you know, pay for this car, pay for our house, the food that you eat. She says, we already have a car. We already have a house. You know, at that moment, all she cared about was time with me. Yeah. And it was. The anchor for me was I told my daughter, I have to go to work. And I don't know who's listening to this, but if you are troubled by that statement as much as I was, that's when I came to Russ, I said, okay, Russ, we've been talking about these things enough. We have to build passive income. Because I don't ever want to have to tell my daughter that again. And. And that really started to say, okay, if I have income greater than monthly expenses, my calendar is my calendar. Nobody else dictate dictates it except me. And that really became clear to me.

Well, I think too part of this. And Chris, you know, we started podcasting in 2017, and it was only because of a younger guy that was in our office who was listening to podcasts today. I think this would be a great way to get you to. In front of our audience to. To allow them to hear some of the things guys are starting to dip your toe in. Right. We were starting to find ways to invest, starting to find little things that would create some passive income and had no idea what it. Where it would lead us. But I would say our journey really got accelerated. We went to an event where podcasters all over the world came together, and we met two individuals who were sharing their passive income on their website. Now, a different type of passive income than probably what you and I and we work on. Right. We're thinking real estate businesses. They were thinking more in the affiliate marketing space. But even that really inspired us to say if, you know, we've always heard the adage, what you track grows. Right. Like, or improves. So if you're.

You're.

I know that you're. Yeah, you're a big health nut, right. You're always sharing things and you're always looking for ways to improve your statistics. Yeah. The whoop band, the oura ring, all the metrics is the more we track that information, the better we can improve our bodies or whatever it is. Well, we knew that about passive income, but then concept was if you, what you track and then report on grows exponentially. And I thought this is an opportunity for Stallion to put this up. And it was a little bit kind of nerve wracking because when we first did, I think our first report in 2020, when we did this, we put up like a little over $3,000 as our monthly passive income. That was combined.

And that's a lot of people listening. They're like, I would love to have $3,000. That's a great, that's a great place to start.

It was. But you know, to me, I felt a little bit of a shame because I've been in the financial industry at that point almost 16 years.

There you go. Yeah.

And I thought, you know, like, for someone it would be like, it'd be like a home builder who was buying, you know, was, was owning their first house after being a home builder for 16 years. I mean, that's maybe not a perfect analogy, but that's the way.

That's a good. Yes, that's the kind of. I felt.

So, yes, I realized there's people like, man, I would take $3,000 or half that since you guys are. We're putting it together, no doubt. But for me, I had been in space, I had been somewhat around this and I should have known better. I should have known. But that was not the case because it was always about accumulation. It was always about the end game. And not realizing the end game is what Joey's story so eloquently put. It's about today. Like the opportunities, the memories that were missing. And so we started reporting that in 2020 and since then, like you said, like we posted every month on our, on our website. I think last month we reported was a little over 46,000. And it's been, it's just beautiful to see that progression of reporting it and being accountable to it and then meeting amazing people like yourself who give us opportunities and create opportunities for us to get our money, other people's money at work.

No. And so what. Okay, if people want to check out those reports, what's the best way to find that? I know we talked a little bit about in the intro.

Yeah, go to wealthwhatwallstreet.com forward/ passive hyphen income. And if you forget that part. Yeah, you can go to the very bottom. There's a little link. But yeah, we put that in there. And every, every month and every year is reported on since we've, since we.

Started it and look, it's. It's very inspirational because I get your. I get your passive. Your monthly path, passive income reports. I'm like, oh, what's. What's going on with the guys this month? You know, and, you know, I'm sure a lot of people want to know, like, where it comes from. Joe, you said one thing, and I think this is really important, you know, and, you know, you mentioned failures. Like, we learn from our failures, but I think there's something underneath that, and you touched on that, which is you learn from failures. Those failures don't have to be yours. You can learn from other people's failures. And that's why I talk about why I wrote my book. It's like, don't. Don't spend 15 years figuring out what it took me to figure. You know, 15 years to figure out. Just read my book, look at what I did. I mean, you don't have to do it, but at least don't repeat the same mistakes. You know, it'd be so.

Well, the goal is to compress time.

Yes.

Right. Isn't it, like, if we want freedom today, would it make sense that we want our monetary system to be as efficient and optimized as possible? Wouldn't it make sense that we don't want to spend money or allow it to go out the door on things that are not getting us closer to financial freedom? Like, I mean, Russ led off with this, and I'm going to kind of beat on this for just a second, then I'll. I'll give the mic back to you because, you know, I don't want to go over your show, Chris, but, you know, we help people who want to be financially free without giving to their 401k, contributing to a 401k. And some people think that's silly. Like, don't I get free money? I mean, it's 100% return because they match it and all this kind of stuff. If I look at a 401k on it, does it provide financial freedom today? It requires me to wait until I'm 59 and a half. And I don't know how you are, but if you're in your 30s, your 40s, that's a long time from now. And your daughter's not sitting in the back seat when 65, asking you, can you pick me up from school? This is today. Like, we need to quit putting money to things because we've been told it's a good thing for me eventually down the road.

All.

All that says is, you don't have the ability to create passive income today. You have to defer to some time in the future. And our answer is, that's bull.

No, you do not.

Today is the day.

Yeah. No, you do not. No. I love that. And I want to dive into that a little bit. And it's. Yeah. I mean, again, like, I tell people, like, stop contributing to your 401k. And people look at me and it's like, wait. And our. Our first mastermind in Austin, we talked about this, which was. I'm sorry, in Nashville, which was really contributing to a 401k is a bet that you're going to pay less tax in the future. And I think, Russ, you said it, and I'd love for you to repeat it, which is if you invest a 10% return and you pay a 20% tax, whether you put that in a tax deferred plan and earn the 10%, then pay the 20% or pay the 20% and then earn the 10%, the.

Number is exactly the same.

Exactly the same. And I think that blows people's mind. And it's like, wait a minute. I'm like, but has anyone ever stopped and questioned the underlying assumptions? And that's the big thing I always say is, you know, you need to stop being trained as an engineer is nice, because you always have to list your assumptions so then the professor can say, hey, Chris, your assumptions were wrong. I like the way you think, but your assumptions were wrong. I like the way you tried to solve it. And here's the thing, though. If your assumptions are wrong or your method is wrong, your answer's still wrong. And I think that's the problem. A lot of people say, oh, I'm Chris. I've been putting money in my 401k since I was 22, 23 years old. I got seven figures in there. And you know what? I have one of my coaching clients, he said to me, he goes, chris, I got all this money in my 401k, and I feel like I'm broke. Like I don't have any money. I don't know what I'm going to do if I lose my job.

That is. That is so critical, what you just said. And here's the reality. I don't want to. I'm not like a doom and gloom kind of guy. But we're on the preface of a major economic shift. And if you are, that person you talk to about is literally the time he's on the Titanic with no lifeboat.

That's right.

Do you want to be stuck on A one ship wonder. You're holding fast to this active income that's not guaranteed. Like it's a lie to think that a W2 equals security. So you have to be about taking active income and transferring it to passive income. There is no option.

Well, there's no social contracts out there with the companies that we're working for. Right. Like the reality is we're on a day to day basis and well you, you love what you do, you're creating value and they love you. One promotion to a job that you suck in, you're out the door. Like that's. People don't realize that we, we when you mentioned Nashville made me think of that Chris, is that we had one of our speakers talk about how we're built. Right. And, and the way that we're built that we then look at our jobs and the way we look at investments based upon that. And he's going to come back and do a thing pretty soon for us in the Mastermind, which I'm really excited about. But it's amazing how many people have been amazing in a role within their company and get promoted and get fired within 12 months because they were not, they were not the right fit the next role but they took it and they took the higher income or they went to another job, took the higher income and then all of a sudden they were gone.

I think Matt said I was unemployable, so.

Well, he did say you were unemployment.

He absolutely said that.

Yeah.

You definitely had all of it. Other competing traits to a good employee, which is great. Right. Like you, you've excelled as a non employee and, and for everyone who is an employee. That doesn't mean you don't have to be Right. I love the fact that, that people find their value and they find the way that they can add the most value. And sometimes it's in a support role, sometimes it's from your ship role, sometimes it's a creation role. And to what you were saying, the 401k is not good or bad. It's just not. What if I'm looking for financial freedom? Joe defined it as financial freedom as passive income greater than monthly expenses. It can't create passive income. And so if financial freedom for me is that then is in direct conflict with what I want for someone who is like our grandparents or our great grandparents who wanted to work at one job, wanted to work there for 40 years and wanted to retire at age 60 or whatever their age was and start drawing down at that point. Perfect. Great. You picked the exact tool to accomplish the objective. But if you only chose that because that's what someone else told you you should do. Like going to college for instance. Right. Like a lot of people go to college next step. I've a 16 year old, soon to be or 17 year old now actually looking at what the next step is, there's a lot of people out there telling the next right step is to go to college. And that true if you need a specialized degree to do the thing you want to do. But I would argue that a business degree in college today may be the worst you could spend. They could go to work with you as an intern for 12 months, go to work with Sharon as an intern for six weeks, work with any of the people in our mastermind and pay them, pay them the exact same amount of money that they would pay their institution and what sort of degree would they come out with? Come a degree with business, management, marketing, entrepreneurship, investing. I mean the amazing amount of opportunities that exist that are not inside the halls of colleges for business, for instance.

I love that you said that. And I, you know I did a, I got a five steps to teach your kids how to, how to be money pros. And the last one is teach them the true cost and return of going to college. And there's a great article in there and a lot of people say, oh hey, if you go to college, you'll earn a million dollars more over the course of your career. What they don't tell you is for the average cost of college, if you just invested that at what the stock market would return on average over that period of time, you'd have more than a million dollars. So you would actually and you'd have that time back. So you get the four or five years of your life back. You'd have more than the million dollars that you would have made if you had the degree as well. And people say yeah, but you would have made more if you went to college. But they don't challenge the assumption. And that's the problem. Right.

So and I know you wanted to talk a little bit about the, the passive income mastermind. And here's where I'll make the connection for us. I'll transition this for us.

Perfect. Making it easy for me again.

I love it. So the idea of college is used to be that I'm going to send my kids to be there and I three of us all went to college. Right. I'm going to send you there so that way you can get an education and you're going to be around Other people gaining an education. And so then you will then go out and earn higher incomes than those idiots that you hung out with in high school that we tried our best to keep you away from that we're not going to go to college and we're going to be the ones serving you french fries, Right? Like that was the assumption that those who didn't go to college, that's what they were going to end up like. Now we know tons of really, really successful people that never went to college and they are not in that crowd. But yet what you do want to be around is proud of people who are achieving the things that you want to achieve. Right? Exactly. And so when we think about the passive income mastermind, that's exactly what I'm there for. I'm there because people like yourself that are trying to achieve not 100% financial freedom where passive income equals monthly expenses, but doubling that, tripling that thinking 100 years down the road of how can I build a plan generationally that will impact those come that I will never even meet? Like that to me raises our lid. As my partner likes to say, it gives us a threshold that's well, that's well beyond what our natural comfort level is. And I think when people who go to college there, there's a level that exists there, right? So if you sent your kid to an entrepreneurship school, like being into a mastermind of other people trying to exceed a higher level, my guess, they will turn, they will turn out and have greater opportunities. Now if you send them to the crowd that's, that's, you know, just serving french fries because they didn't want to college or couldn't go to college, then that will probably be the level in which they end up.

Like Jim Rohn says, right? You're the average of the five people you spend the most time around. Today's show is sponsored by Money Insights and their investment optimizer strategy. In my book, I share how I use this same strategy starting over a decade ago to invest my money in two places at one time. This strategy has been used by the wealthiest for generations for estate planning, minimizing taxes, preserving wealth, and increasing stability for their investments. Now you can do the same thing. In addition, you can build a plan to build an emergency fund, pay for college, fund a business plan for retirement, and ultimately optimize your total financial picture. To find out more information, check us out at the banking link@nextlevelincome.com so, Joey, maybe you could start to talk about kind of the tenets of the Passive income mastermind, I mean we were talking about before the show. It's, there's the, the quality of the individuals in the group is, is awesome. It's amazing. You know, aside from the fact of all you learn about the investments, the different financial things, the thought processes, it's just the people you're around and the energy that you're around as well.

Yeah, no doubt. I mean the, the real benefit in value we can talk about. I'm going to get into the tenets of how it's structured and why. Yeah, but the real value, as you know, is the connections with people. And again, you're borrowing the resources, the time, the experience and even the mindset of investors that are potentially light years ahead of where you are today. That's the invaluable part. How we do this is just to mention what Russell talked about earlier is we're striving for 200% of our passive income to monthly expenses. And we do that very strategically because it's not about just amassing big numbers. It's about what it forces you at that point to become someone who gives right at a high level, whether it's to the next generation, to institutions and foundations, whatever that may be. Time, energy, money. That extra two, that extra 100% can a long way. And it's different for each one of us, which I also think is really cool. There's you, there's a unique aspect of that. We do that, three different kind of structures. Number one, passive income. We always talk about passive income. So whether it's every two months on our calls and twice a year in our at in person events, we always have a specialist come in, speak around one opportunity that we can take advantage of. And then we mastermind around that subject, which that's the part that I love. And when I get off of that call and the, the speaker now leaves the room and we're able to say, Chris, okay, where does this investment land for you in your portfolio? And you're able to say, man, that's a 6 out of 10 for me because it doesn't do this, it has this. And the things that now you say the why behind that for me is opportunity for me to soak up education. Right? That's where I can learn from it and vice versa. The second topic we always talk about is tax strategies. Right. If we can not pay money to the government that we do not require to pay, all that does is again streamline how much more money we can put towards passive income. That gets us to that 200% number fast. And then lastly, infrastructure. You can build a massive portfolio and it can be built on something that just won't last and it won't take, it won't take the future and make sure that it does what you want it to do. Right? From a legacy and will perspective, that hundred year plan laid out, if you don't have those types of things in place, you've built some great things that won't last longer than you. And it just really kind of seems so we cover those, those three tenants. We do two monthly calls and then two in person events per year. Obviously the one is in Scottsdale, Arizona, the end of September and super excited to, to see you there.

Russ. You want to add any, any to that? That was fantastic, that overview, Joey. And again it's, it. The, the monthly calls have been great because you go in there, you know, Rush, you mentioned it, but I think it's important to note like a lot of people say, hey, I want to, you know, I want to, I want to just cover my monthly expenses. And I got my shirt that says 200% on there. And people are like, 200%? Why, why 200%? It's like, well, there's things that you need to do. My son, we need to take him and put him in a, in a, a school with smaller classes. Right. We didn't expect to pay private school tuition, but with 200% of our expenses covered, you can afford to do that. You have an opportunity that jumps out. Why, why 200%, Russell?

Well, to, to that point, right, it, it does require us to think what else. It, I think it, it makes us consider other options. I mean, you know, hey, the, the scarcity mindset, they will, If I'm just half right. If I'm just half right, I get there.

Yeah.

But also the abundance mindset is what is possible, what is possible when I create that. And it's not intended for us to now, you know, expand our lifestyle to, to accommodate that extra 100% of expenses and now get 100%. It's meant to make us think what are, what is possible. How do you know? The beauty of this mastermind, I think is that people in there are so generous, they're said humble, but they're achieving such high levels. It creates this opportunity for us to grow probably past what we might only do or wouldn't do without somebody else. And yeah, I mean Joey did a great job of out the things that we're trying to accomplish. I mean at the end of the day we're Trying to become better investors. And the concept that you've helped us a ton with those meetings is helping us understand our buy box. And when we're using other people's experiences, there's thousands of transactions that have been done within the Mastermind members. I don't have to be an expert in all of those areas. Like, I don't have to become an expert in watches, for instance. I can lean on your experience in that area and what you have done and what you've learned in order to help me make decisions upon that. And I think that that's the beautiful thing is that we have a group of people in there and who are able to help each other. We're all gifted in different ways. We all come from very diverse backgrounds, very diverse fields of expertise in our own businesses. And we bring that application, that own unique viewpoint. I mean, we have a combat fire fighter pilot in the group. I mean, he really brings a different outlook on the way things are. And that, that's very challenging to us because we don't all see the world the same way. And I think there's the benefit because sometimes, you know, you get in groups of, well, I mastermind. I've got three friends and we get together and we talk about deals all the time. And even, we may even go somewhere, like, we may leave for a weekend and go talk about this. Well, all you're doing, taking that same bucket of information and moving it to a new city, maybe with better, better scenery, but it's still the same group. Got to bring in outside people with outside ideas that are challenging to yours. Not that you need to accept everybody's idea, but that challenges the way you think. And I think that that, to me is one of the beauties of this Mastermind.

No, I think that's huge. Like, we need again going back, you know, like kind of the, the, the theme that we've touched on a couple times. If you're not constantly challenging your assumptions, you know, people say, well, Chris, you know, multifamily, like you wrote this book five years ago. Is it the same? You know, you can, you can look and say, hey, well, yeah, I still love multifamily, but why do we invest in car washes now? Well, there's opportunities to increase cash flow and, and different things. And if you don't have people introducing new concepts to you. And I learned a lot about bitcoin in the group from Bob Burnett, who's been on the podcast a couple times. And it's like, wait, okay, this is a whole new Concept. This is a guy that has advised countries around the world on this topic and he's been in your mastermind. Joey, maybe you can share. So what is the process? If somebody wants to learn more, if they say, hey, I'd love to be a part of this, can anybody join? How have you structured? You know, I, like I said, I feel fortunate you guys invited me to the first mastermind that we took part in. I've watched the group grow. I've gotten to meet a lot of great new friends and, you know, some partners as well in that group. What does the process look like?

So, yeah, we definitely want to continue to increase the value of the group, which is all in the people. And so we're very choosy about that. It's an application process. The minimum criteria is you have to be an accredited investor. And beyond that you have to be teachable and humble. As you mentioned. Like now that's hard to put on an application. So it really just comes in the interview process that our board then approves or denies membership based on that. If you want to learn more about the whole concept, the whole process, you can go to wealth wall street.com club200. And again, that's that 200% number coming back. So we bring it back, call it Club 200. And on there there's an application. You fill it out and then someone from our team will set up an interview and, and we go from there. We answer each other's questions. And again the day it's, is this a good fit for you? Is this a good fit for us? And will our group grow as a result of your being present? And that's, that's really important to us.

I think that's an important point as well. Like, if you're looking at any mastermind, not only should you get value, but you should also give value to that group.

Yeah, well, and we want to, we want to cap this at 100 people. So that even puts more pressure on us to make sure it's the right hundred people. Right. There's not going to be a lot of do what.

So it's Club 200, but it's only 100.

Yeah, come on, we're not going to 200 here.

That's the people twice the value. You know, that's what we're looking for here. You know, it is, we, we love the opportunity and a lot of times people want to try to attend one of the events to get a. Just a taste, right? Because we always say when you come to one of those events, if you like this, you'll love the mastermind because it's just this every single month and we're, we're very busy people, right? We, we know that this is something that is a part of our lives, but it's our lives. So we have two meetings a month that are 90 minutes long and we, we build those in and, and structure around it. But you can come, you can gain value out of it and then you can be back to the thing that, that you're doing on a day to day basis. So if you're interested in just attending event, Chris, I don't know if this is going to go live before then or not, but if it is, I would say go to.

Yes, yes, we'll get. So yeah, we're going to get this out real quick. Yeah, so give some updates on the Scottsdale event when it is and yeah.

So we have, we have an event coming up in Scottsdale. If you want more information you can go to www. The passive income retreat.com that's the passive income retreat.com and you can apply to attend there. We will be there Thursday, September 29th through Friday the 30th. We have a day and a half worth of talks. More importantly, masterminding happens, right? We've all been events that was full of 10 speakers and it was nonstop. And by, you know, 3 o' clock in the afternoon everybody's outside because they sit through one more talk, their brains fried and they're trying to build relationships. Well, we intentionally wanted to build relationships throughout the day. So we have three speakers during the day and between those speakers is, and I would love to get your feedback on this but we build in masterminding time. So we'll take an hour, break up in a small group, switch you up each time where you can go around and talk about what's working, what, what are things that you're investing in, what are areas that you need help with and you have basically a little small board of directors of people that you never met there to help you along that process. And then we have great food throughout the time. An amazing speakers. Yeah, I mean here's two of the speakers. Yeah, exactly. Bull riding. Yeah, we've had that. I think we got some UTV riding this time. But the speakers that we have attending this time, names that you probably already know, especially if you're in the real estate space. Ken McElroy, probably one of the greatest real estate investors in the US if not the world. Pace Morby, we call him the king of creative finance. I Think he's done over 700 deals in the real estate estate space where he hasn't written a check or gotten a mortgage for it. I think it's fascinating. If we're especially for going into potentially hard times, as you said, Joey, people are going to need to get rid of properties. Well, how, how we acquire those properties is going to be super interesting. Right? The more creative we can be. Have those people there was really important for us. And then more importantly, it goes back to. Not only is it the front of the room that we learned from, it goes into people that are in the room, and we have people that are truly nine and ten figure people in the room, and nobody walks around kind of peacocking and puffing their chest out. But you get to be in a small group with three or four people, and all of a sudden you're like, wait a second, this person has exited five companies in the last one. $3 billion. I may want to listen to what this individual shared with me right now. This could be helpful in my life, and I think that's the value. So interested in that. Go to thepassiveincomeretreat.com and we'd love to have you join us. The three of us out in Scottsdale, Arizona, one of the nice sports that we've even chosen for this, for this retreat.

By the way, Chris, what was your feedback from the Mastermind Times built in to the event?

Oh, it's some of the best time. My only complaint with that was it wasn't longer because, like, you get into these groups and, you know, you start having these conversations and we have little assignments, right? Like, oh, go through this and that. And next thing you know, they'd be like, hey, we got five minutes. And you look around, you say, we just, we just got to know each other. So. And that again, that goes back to like, like you mentioned, Russ. It's not just who you're listening to in the front of the group, right? So it's like being in college. You sit up there and you're like, hey, this. The professor's talking. I'm learning a lot. But what are you doing? What connections are you making, you know, in a classroom, so to speak? And I mean, that's, that's, to me, so much value sitting in the back of the room, having a coffee, you know, going, you know, grabbing a workout, you know, before the day started, you know, or juice midday. Right, Russ? And yeah, getting to know some people. So I wish we had more time, gentlemen, but we will definitely have you back on A couple of closing remarks here before we sign off. And by the way, all the, all the things you mentioned, the Passive income report Club 200, the passive income retreat. We're going to have all those links in the show notes. Awesome.

Awesome, man. Thanks for having us on. And again, thanks for being a founding member this. It really makes the biggest difference to have guys like in the group.

Yeah. So grateful to have met you and you inspire me in so many ways. I love the fact that you shoot me text messages of the new things you're getting into from a health perspective. I love watching you and your family go do things because that's what it's about, right? Financial freedom should be seen. It should be something that you're experiencing and that I think that that's beautiful to see you living what you talk about on the podcast. Really grateful to know you. Grateful to be on the show.

Likewise. The feeling is mutual, gentlemen. And I'm excited to see you guys here soon. Hey Chris, here again. I hope you found this episode valuable. Now I have one more thing to gift you. We have a page page for my coaching clients where you can get a free copy of my book as well as much more from previous guests on the show. Just check out nextlevelincome.com coaching to get a free copy of my book, audiobook and much more. I'll send you a copy of my book and cover all the shipping costs as a thank you for listening to the podcast. Also, please like share and take just 90 seconds to give us a rating on Apple Podcasts.