Ask Me Anything - Personal Development Q&A

Hello. Welcome to our webinar. My name is Jim Blake Moore. I want to thank you for taking some time to join us today and learn a little bit about what we're doing and why we're doing it. If you attended our webinar a couple days ago, you, we talked a little bit about personal development. We talked about purpose, vision, values, you know, why you invest, why you, you know, how you evaluate the, the projects that you invest for that sort of thing. And so we've gotten a few questions, not very many, but a couple questions about that webinar. And so I'm going to address those today in our Q A session. If anybody has any, any questions, please don't hesitate to post them in the chat and I will certainly address them. So what is wealth? What is, how do you know if you're wealthy or not? And, and how do you get there from where you are? I've done pretty well. I could, a lot of people would consider me wealthy, others won't. I mean, compared to Elon Musk, I'm a pauper. But compared to other people, I've pretty comfortable. What is your yardstick? What is your, you know, what do you, what do you do? How do you define wealth and what does that mean to you? A lot of people, wealth means that they don't have to work. They can sit on the patio with their kids, grandkids, they can travel, they can go there, want to. They don't have to worry about a job. They don't have to worry about owning a business. They don't have to worry about what it takes, takes what most people do on a daily basis to earn money. Other people, wealth is, is the, the relationships they have. Pardon me. Pardon me. You know, some people define wealth as the people they know, they associate with and the things they can do. Some people define wealth as, as monetary wealth, as balance sheet. Other people define wealth as freedom where they can go, what, what they can do, when they can do it. Other people define wealth as time freedom. Some people, physical freedom. There are many, many, many definitions of wealth. We're going to talk a little bit about wealth as an investor. We're going to talk about wealth in financial terms because most people, wealth to them is defined by the, defined in financial terms that, that allow them to do what they want to, when they want to, with whom they want to and how they want to. We're going to talk about freedom and, and freedom with wealth. My definition of freedom with wealth or freedom through wealth is again, like I said, having enough money Enough income and there's two different types of wealth there. There's wealth in assets and equity and wealth in cash flow. And I can assure you, I've been there. You may be wealthy in equity and not be able to pay your bills. You may have enough assets, call it land, houses, business assets, whatever, mineral assets, but they're not throwing off enough cash flow to, to actually help you pay your bills for you to live the life in the lifestyle that you really want to. And so in my measure, cash flow, income, wealth is more important than equity or balance sheet wealth. The I am. I recently exited a family business and did pretty well in the exit. A lot of people now ask me, you know, why do I work so hard, why am I still active in business? And the reason, you know, why don't I retire? And you know, and that retire word I think should be a four letter word. It's an, as far as I'm concerned, retire is an ugly word because most people I know that retire from whatever it is they were doing go downhill. They head for the, you know, they start deteriorating rapidly. There's a friend of mine who's brilliant speaker and consultant. He helps people write books and write best selling books. His name is Raymond Aaron. He's in Toronto, Canada. One time there was one day a, a client or a friend, I don't know which, asked him how come he didn't retire. Said Eric Raymond, you've got all the money you could ever spend, you're doing very, very well, you've got, you know, you don't have to work. Why don't you retire? And Raymond looked him in the eyes and said, do you know what retire means? God said, I guess not. Raymond. Raymond's definition of retirement was, is, was defined as to remove from useful service. And I'm not going there. And I know a lot of other people in my circle of influence that circle, friends who aren't going there either. So let's get back on track here. Wealth should be freedom. It's not pressure. Most people who are still in business or still running a company or whatever, they've got the pressures of that business. They've got all the pressures not only of making the business profitable from the, for, for the stockholders and for the investors, but also, you know, these, they've got responsibility for the employees and making sure that the employees have their paychecks covered, that sort of thing. Not sure that I qualify. That is not being under pressure. That's, that's pretty, that's, that's pretty strong pressure. To me, I, and what I'm doing with Iron Mountain Capital Group is directed towards helping other people not have pressure to get them to the point where that cash flow income allows them to live the way they want to and without having to worry about, you know, what it takes to make that cash flow keep coming in. You know, as far as I'm concerned in the way we're doing our work, that's the operator's job. I don't want to be an operator. I've been an operator, been there, done that, got the T shirt done, didn't like it. And so I figured the best way for me to build my business was to find great operators and, and trust them, build the relationship and make sure they knew what they were doing. So, you know, that's, you know, the, that's what legacy wealth is all about. It starts with clarity and trust. And what's the clarity? The clarity is, you know, is what you're doing, is what, is what you're doing congruent with your values? Does it fit your purpose? Is it doing, is it doing for you or will it do for you what you want it to when that time comes? Trust, you have to have, you have to build trust. If you don't want to be under pressure, if you don't want to have the pressure of worrying about that, that investment, that project, whatever it's, whatever it is, you should have, you, you should have the trust. And that's again part of what we're doing. We build the trust between the investor and the operator. I've said this before, I'll say it again, I can't say it enough. I'm an entrepreneur. I bring projects to money and money to projects. I am not a financial advisor. I did not get into this to be a registered financial advisor and tell people that they have to put X amount of money in IRA, x amount of money in their 401k, where to put the stocks, that sort of thing. That's not my expertise. And yeah, frankly I don't want to be there. I don't want to do that. That's not what, that doesn't really interest me. What interests me is building the relationship between top quality operators and the investors and making sure that everybody, that it's a win, win, win for everybody out there. I don't do any kind of a business transaction. I'm not involved in anything unless it for everybody and everybody has to benefit from it. So I referred earlier that there was, had been a few answers, a few questions from our past webinars and you know, even though lot, much of the time we spent last, last Tuesday was on personal development, which is one of my top areas of, of business, I've been involved with personal development and, and improvement for over 30 years now. Everybody wants to know more about, about what I do with this, with, with Iron Mountain. You know, what, what is, you know what, what's the philosophy behind our company and how does it benefit them? So let me jump into that. The first question, is it really passive? And yes, it is. You know, my job is to make again from the first slide. My job is to take the worry and the pressure off of you. I don't think that I, I don't think that people want to invest with me and, and have to worry about, you know, how the project's going, is it profitable, is, you know, what can we do to make, make it better? It's not up to us. That's the reason why I have collaborated with the operators that I have and trust me, they are as good as I can find. I'm working with them. They will each, every operator that I have, every project that we're talking about will be the subject of a webinar down the road. So watch this space and learn and, and, and come back and learn about the people that I'm working with. I mean, I can tell you all about them. I can swear on a stack of Bibles how good they are and how trustworthy they are. But you know, the real key to the kingdom is understanding them and getting the words from their mouth and, and, and meeting and trusting them. And trust me, if you want to meet an operator, I can arrange that. There's no problem there. But back to passive. Yes, you invest the money in the project through me and we handle everything else. You will, I, I, trust me, you will have enough information to not have to worry about. We provide high touch reporting. We are a white glove customer service organization. You don't have to put in any input. What makes Iron Mountain Capital Group different? Like I said, we are a white glove customer service operation. My purpose in life or my purpose in Iron Mountain Capital Group is to provide my investors the relationships and the experience that an elite operator brings to the table. We have zero fluff. We have no, I have absolutely no patience with any kind of obfuscation or anything like that. We are a full transparency company. You will have access to everything you need to know about the, about the company, about your investment, about the operators. Everything will probably give you more information than you really, really want to know. But it's easier to, for you to delete information that we give you than it is to get information that you want. How do you know that it's safe? Well, you know, be perfectly frank. There's no such thing as a sure thing, especially in investing, especially investing that has a reasonable return. You can, sure, you can put your money in the bank, in a savings account and that's probably about as safe as it can be. But it ain't going to pay you very much. You're not going to get a whole lot of return by putting it in a savings account. You can go with stocks and you can go with bonds. U.S. u.S. Government backed securities. Again, pretty safe, but again, not the, I don't think they're the type of returns that you're looking for. So how do I protect the, the, the, the safety of your money? I, again, I've told you, I was an operator. I, I actually owned apartment complexes and operated them myself. Figured out I didn't like tenants trash and toilets or, or 4:00am phone calls. And I figured that the best thing I could do was to get out of the operations and invest with people who like operations, know how to do it and are professionals. My teams vet every deal. But it goes beyond that. The people I invest with, the partners we have within our projects are the experts in their areas of expertise in the areas, in their real estate areas. You know, we're working with about four different areas right now. Multifamily self storage, vacation rentals and RV and mobile home parks. We're focusing on our mobile home park and RV park operators. Right now we're putting together a group that are the best in the business. These people have years of experience. The best thing about them is that they have been through the fire. They know what to do when things start going south. You know, there, this isn't their first rodeo or their second or their third. Most of these people have done many projects and have, have and have had the experience enough to know what to do when they face problems and then, and so they do and they overcome those problems. The other thing is, like I said, we've got a team to vet the projects. So I don't just rely on the operators, even though the operators are the best in their class and I suspect that they're going to get, you know, one of the reasons we, we choose, we go that way is so that we don't have to really spend a whole lot of time, effort and money vetting the deals. We figure that if the operators are as good as they, they are that they're going to pick up good deals and not be getting into iffy projects. And, and it's all real assets. It's, it's, it's ground, it's dirt. You know there's the old saying that there aren't, they aren't making any more dirt and they're not. So we're in the projects, we're in projects that actually have solid asset backed equities. So what's the first step? Get in touch with me. Send me an email jamesjamesblakemore.com or go to my website ironmountaincapitalgroup.com that's ironmountain capital group.com and look at the, you know, fill out the form. There's a contact me form there, there's a, there's some opportunities for you to download some of the resources that we use. Next step. You got it. You heard it. I just said it. Book a call, figure out, get in touch with me. Download our legacy, our legacy investing roadmap. That's, there's also, you know there's, there's a ebook on how we choose our projects. There's investing passive investing ebook. There's a lot, there are a number of ways, number of resources on the website that you can go to and, and download. Watch the replay. That's this, this webinar will be up on YouTube here in a little while and so you can go back and refresh your memory on what I said. If you know somebody who you think might be interested in it, share the link with them. Tell me about it. We'll look forward to talking to you. Have a great day. Take but bye bye for now.