Transitioning from Entrepreneur to Wealth Creator with Bronson Hill

Welcome back to the show. I'm your host Phil Risher. And on today's episode we're going to discuss strategies to transform home service business owners from entrepreneur to wealth creators. We're going to be diving into how millionaires think, invest and grow their wealth with Bronson Hill. Thanks so much for joining us today. Bronson.

Hey Phil, I'm super excited to be here man. Passionate about the topic and some people make money and they can't figure out how do I make my money work for me, how to make money while I sleep as Warren Buffett would say.

Yes, something I'm passionate about as well. So it's going to be a great conversation. So a little bit about Bronson. He's a seven figure entrepreneur author who has interviewed over 2500 millionaires and the founder and CEO of Bronson Equity. He's raised over $50 million for real estate investments. He transitioned from a medical sales career to becoming an investor and business coach, focusing on helping professionals understand wealth creation and alternative investments. His books include Fire Yourself and the upcoming Rich Brain which which explore strategies for developing a wealth oriented mindset and passive income generation. So Bronson, can you tell us how did you get into this whole making money millionaires equity thing?

Everything's when you look back sometimes, I'm sure for a lot of the listeners, like oh my gosh, I didn't think I'd have a multi million dollar thing, but you know, it starts as one thing after another and one kind of one foot in front of the other. But I, I, I was a well paid medical sales professional. Um, you know, like a lot of maybe business owners before they started their business, it was like they were doing something making good money for someone else. And they said man, I, I wish I was doing this on my own. And the thing that I didn't really have, I didn't have freedom over my, over my time. And so you know, I thought I, I, I knew I should do real estate. You know, I was making a couple hundred K a year but I was like, I wanted to just be able to travel. I worked with a couple physicians that were making over $2 million a year each, but they just were working 60, 80, 60 to 80 hours a week every week and they couldn't take vacations. I know a lot of business owners can that too, right? It's just the business, like you own the business but the business actually owns you, right? So it's the same thing. And so I started to learn about, you know, real estate and I bought some single Family houses. But then I realized, like, I was actually just kind of creating another job for myself. And that's, I think a lot of us that are business owners, we just think like, oh, I can go do this or I can have rental house and, and it's like the things we want to do, like, oh, I'm going to do online trading of stocks, or I'm going to do an online business, or I'm going to do buy houses. It's like it really just becomes another job. Even if you have a property manager, you have somebody running things for you. And so I started to try to really learn about passive investing, learned about raising capital. And so there's been a series of events that happened, but just over time I started raising money for multifamily deals and other things. So now we've raised close to $50 million. We do projects really that help individuals that are wealthy to generate cash flow without taking more of their time. So really to their work is to vet a deal, vet a group like ours or other groups, and then they, then they invest and then they get tax benefits or they get appreciation. So it's just trying to help solve those problems for people of, hey, I have money now. How do I actually have my money make more money so that I don't have to work for it? My money actually works for me.

Okay, that makes complete sense from a sense of. You're a technician. Like most of the people listening to this are home service business owners. So they're technician. They're out in the field doing work and trading their time for money. But, but then you get to the point where it's like, well, how do I make my money work for me? Rich dad, poor dad, he says difference between poor middle class and the rich, poor middle class work for money, rich make money work for them. How are we going to make our money work for ourselves? Can you explain in your book, the fire Yourself book, you just made mention of it. But how did you come like what's in that book and how did you fire yourself? Because I think a lot of people, specifically 1 to 10 million Home Service business owners, they get stuck and they need to fire themselves. But what do you talk about in that book and how you coach people or talk to them about firing themselves?

Yeah, so this basically I've had just so many calls. I mean commonly I'll get somebody on, on the, you know, phone who's. Or on a zoom call, you know, I'm worth, you know, three, four, five million dollars. I've got you Know, my business or my practice. And, you know, I've only done stocks. Right. I have a money guy or a money person that does my stuff. And, you know, it's nothing sexy, but it kind of works. I guess there's volatility there, but they're like, well, what should I do? And how do I learn about doing real estate or doing these other things? So there's this whole world of we call it the alternative asset space. It's funny because in the past, if you were to go back in history, when the stock market crashed between 1929, it didn't recover from where it was in 1929 until 1954. So there was a time there where people would be like, oh my gosh, why in the world would you ever invest in stocks? It seems inherently crazy risky. And so it's kind of flipped. And the reason it's flipped is because Wall street has really educated us that stocks and bonds are safe and they're traditional. Right. But. But it's not true. That's why they call it real estate. It's a real property. It's real assets. It's not actually alternative. It's actually real assets. So we like buying real assets. We like doing this. So again, it's just, this is really a guide, a how to guide fire yourself. The book is how do I get started? Why is what I'm doing not working? And what are some things? Like, how is this even work? Right. Warren Buffett says the best investment you make is in your own education. So great shows like yours and just really, how do I start growing my wealth? And so the book Chips basically talks people through different asset classes, what somebody's goals are, what you're trying to create. How do you analyze any deal of any different asset? What's a good place to start? And just really kind of gets people on the track to like looking at. And there's a big conversation to one chapter on reducing taxes potentially to zero. I reduce my taxable rate from 25% to about 1% just by using some tax strategies. I'm not giving anybody any specific tax advice, but there are ways. There are tax strategists that can help reduce taxes as well.

Yeah. So if I'm hearing you right, it's like you got to figure out what your monthly nut is, how much expenses that you have, and then build passive income streams that will essentially fire you from your day to day grind of working that you have money coming in to cover your basic expenses, and then grow from there.

Yeah, exactly. There's three forms of financial freedom. So the first one is basically it's not covering necessarily how much you're making right now, but it's what are your living expenses? Right. Robert Kiyosaki in his book Rich Dad, Poor dad, which a lot of of people have read, if you haven't read, that's book number one to read, if you're listening. But basically it's covering your current living expenses. So for me, that was only, I live pretty simply, probably 6K a month. I feel like when I, you know, five, six years ago, it was, it was enough for me to be able to, to cover that. Second one is covering your current income. Right. If you can get to where you scale up your passive income to actually replaces your active income, then you can kind of look and say, okay, on the third level, what's the life of my dreams? What's the thing that I really want in my life to be able to create?

Yeah, makes complete sense. And I think for a lot of people, they get to this point in their business where, you know, that 1 to 10 million range, when you start getting to a million dollars and you have 10, 20% profit, you have 100, 200,000 extra dollars and you're like, what do I do with this money? How do you coach people or talk to them about balancing investing back into their business versus taking some chips off the table and investing in other passive income options?

Yeah. So I think, you know, the biggest thing is a lot of people are like, well, you know, everything sounds weird until we've done it or we know somebody who's done it. So when people start saying, I'm like, you know, invest money with somebody I've never met. I have people that, you know, invest a million dollars or hundreds of thousands of dollars. They've, we've never met in person. Right. We've done football or things like how does somebody get comfortable to that level. Right. And so I think the biggest thing is to, to start educating yourself and just start to try to find, you know, read books and listen to podcasts, great ones like this and, and start going to networking events. A lot of us are very busy and so we're like, I don't want to go to a networking event. I mean, it just sounds boring or it sounds like I gotta go shake hands and it feels a little uncomfortable. But go to, you know, if you're in a, in a, in a major metro area, there are local real estate meetups that if you go, you're going to meet some amazing people. You meet Other business owners meet people that have been doing it for five, 10 years, and then it'll start to kind of like make it a little more like, oh, there are people out there like me. Because in finance, one of the challenges and you probably encounter this is that even, like myself, you know, like, everybody that's in finance has a dog in the fight, right? We all want to like everybody. You know, I want everybody to do my deals. We have deals, we help investors. But, you know, I'm biased, right? I have a bias versus somebody else who also has a business or sold a business. And, and they're just investor full time. That's a great relationship. For other people that are in interested in getting involved, they'll say, hey, I've worked with these guys for 10 years, they're awesome. Avoid these people over here. Here's the, like, they'll kind of share that information. There's no real bias. So I think getting in the room and really networking, that's. And the best way, I think, is conferences. If you get just like some real estate or investing conferences, you'll meet even more amazing people because those people are very serious. But even local meetups, even local people around that are in investing, it's super powerful.

Yeah. I think for a lot of people, it's the unknown. Like, you know, you see this YouTube video or this TikTok of this person that cut their tax burden. But it's like, who is this? And to your point, you have to get immersed into it to get comfortable and to get knowledgeable, because then you'll feel confident in the decisions that you're making. Is that kind of what your Rich Brain book sounds like it's coming out? Is that what it's about is like, how can you reprogram your brain to more of a rich mindset?

Yeah, yeah, Rich brain. I'm really excited for this one, actually. So this is my second book, and it comes from all these interviews of just, you know, how the wealthy change their brain to change their bank account account. But I wrote it and I wrote basically almost the whole book. And then I realized I was kind of doing too much. I did kind of the mindset, you know, what are the things that wealthy people do? And then I was kind of writing about habits and networks and networking, all this stuff, and I thought, well, let me just focus on the mindset because I think that's the thing, like, for, you know, most people, I'll just share this idea of wealth worthiness where, you know, it's something that I discovered where People typically, most people don't really feel worthy of wealth. So they'll self sabotage themselves in business deals or in investing or wherever. They'll kind of not put themselves out there in a certain way. There's certain ways that shows up. It also shows up in relationships, right? If I am a single guy and I go to a party, I see a beautiful woman, you know, if I want to go talk to her. But my self talk has been, well, she wouldn't like me, I'm not good looking, I have nothing to offer, you know, that conversation is probably never going to happen. And if it does, it's probably not going to be good, right. Versus if I have this positive self talk. There's a way you can kind of change that. So a lot of times people have this thing, we call it like a wealth thermostat, right? Where it's like somebody makes $100,000 a year, they'll just kind of find a way to make 100,000 a year. If somebody's making a million, they find a way to make a millionaire. Now a lot of people regress or they kind of stay the same. Kind of gradual. You know, some people kind of increase a little bit over time. I got 100,000 job, now it's 150. I started a business, I'm making 200 or 300. It kind of goes up gradually. There's people that make huge jumps in a very short amount of time. So for me I had a 25x in my net worth in about four years, right? So I went from, you know, hundreds of thousands of dollars to like worth about 4 million in four years. And how did I do that is through these mindset practices and these things that you do to really create. You're basically creating the person that you intend to become. Napoleon Hill in his book Think and Grow Rich, which is a classic book on wealth and it's no relation. He's not my cousin, even though we have the same last name. But he would say spend 30 minutes thinking about the person, 30 minutes a day thinking about the person that you intend to become. And as you do that, you begin to create different options, different things open up. And so I can give examples of this, but I've seen just business deals, all sorts of things open up in my life as I've created in this way and I've seen it in other people as well where they have these big jumps. So I think whether you're a business owner, wherever you're at, it's just these are some things that Especially when it comes to having, receiving, passing along, really helping with wealth. It's very fascinating. It was a little surprising and shocking to me to discover it, but pretty excited for that book.

Yeah. This is something, to be honest, that I struggle with because I hear people like you or people in books talk about this and it's like I know that once I get there, I'll see it all, this vision that comes clear to me. But it's like the 25X in four years and there's, you know, a couple mindset shifts. Can you share like what, what that is or what, what is the common ones that people fall into? Or, or. Because most people, you know, they're running day to day, trying to run their business and make some money and then they have a little bit of extra money and then how am I going to invest this and grow that, grow my wealth? How can they reprogram their mind? What are some ideas?

Well, there's a couple of things there. Yeah. How can you reprogram? So I'll give you an example of this. So for me, there's a book called 10x is easier than 2x. And it's the idea of is it easier to double the size of your business or to 10x the size of your business? He says, the author says it's actually easier to 10x the size because if it's 2x, you gotta just go work twice as hard. You're working 40 hours now, you gotta work 80 hours in the future. 10x just feels like, well, it's impossible unless you become a different person and you let go of 80% of what you were doing. So when you think of 10x with these exponential moves, like it's a different person, like you're a different person. So for me, I've been telling myself I'm a 10x person where my current revenue, my current net worth, whatever, like I want to be here. Okay, so if I'm going to be there, what type of person is it? I've been thinking about that. I've been visualizing that and something happened. This was about eight months ago. Seven, eight months ago, there was a deal that came around and it's in, it's not really in our wheelhouse, our space. It's an E commerce business. It does great sales, but it's so high cash flow that I had a partner in the space. And because I'd been doing this and I've been looking at it, I said, hey, you know, this is the person I intend to become. It actually was an Opportunity that I would not have identified.

Right.

I would not have identified it had I would have just said it's not for me. And I almost, I kind of did almost as well. But it basically we're planning to close, this is coming at a good time, but either tomorrow or next week and it's going to about 4 or 5x the revenue on our business almost overnight.

Wow.

Right. But how did that happen? It didn't happen because an opportunity came out. It happened because I created it first, that I'm this type of person. Right. And I can talk about how I did that and there's some methods and strategies to do that. But I increased my wealth worthiness. I increased the, basically the ability for me to be able to receive this. And when this came around, my brain was like, oh, this is it. Right. Yeah. And so I think that there are practices and mindset things that you do to do that. And one of them I'll share briefly, unless you want to respond. I can share briefly on that.

Yeah, please, please share because I'm very curious.

Yeah. So one of these things that I've discovered and I've created, it's called, we call it like whisperings. We call it whisperings instead of like affirmations are kind of what you say to yourself in a mirror. And it sounds a little chees but. And all these like personal development things, they can sound a little woo woo if somebody's not used to them. But of the people I've interviewed, people that are Net Worth over 10 million, almost all of them had some sort of mindset practice. Right. So people have written goals, they have things they're doing, they're saying things themselves. Like it's, it's stuff that they acknowledge. Right. Versus the normal population, only 3% have written goals. Like it's, it's just, this is very different. But if the outlier that's doing this is widely successful, we should pay attention. Right? So, so affirmations are one thing. Whisperings are really, it's your self talk what you say to yourself as you go through something, you know, and we'll say something, oh, I'm so stupid or this happened, whatever. And this comes from our past. When we're kids. We have a very negative bias. Just in general, humans have a negative bias. It's a survival thing that we do. But what we need to do is create things around us that we want to be true. We want to create things like I'm a powerful person, I walk in the room and I own the room and I'LL give you a personal example of this. I went through a divorce, unfortunately, eight years ago. It was very challenging. I came through. I felt just no sense of personal confidence. I felt really challenges. So what I did is I started creating with my words. I started creating things with my words that I walk into the room and I own the room and I'm. I'm a powerful and confident person, whatever. And in the beginning, it kind of felt a little bit like not genuine. I'm looking in there, I'm saying, you know, but over time, it took six to 12 months, but I started to really feel this. And then now I walk in and people tell me like, wow, you just walk in and you have a presence. And now you're hosting Grant Cardone. You're doing stuff. And it wasn't like it was. You may not have noticed and seen it, but like I've seen this just exponential improvement in my life in that area and other areas where I've created. So I feel like we create things in our mind, then we start speaking them with our words and then they actually start to happen. And so it's not a magical process because it takes work, but as people do this and there's different things you can do to create that, it actually does lead to tangible changes in your life.

Yeah. So much good stuff in that. The book 10x is greater than 2x by Dan Sullivan, you said one thing in particular about the 10x. They do 80% less of what they're currently doing. And a lot of people, they, they can't see that far. There's the gap and the gain kind of what he talks about in there, that they're stuck in that gap of like all these things. But really it's when you remove the things that allows you to then free yourself to go to the next level. And the Affirmations piece, I, I do this myself. I just started journaling this year and the Affirmations piece is so huge because it's like you're saying you're telling yourself this. And there's another good book, Atomic Habits.

Yeah, yeah.

He talks about like, if you say, okay, I'm a, I'm a twenty million dollar business owner, what does that person do? Because then your actions are going to correlate to what you're envisioning yourself as. Which I think is another mindset piece as well.

Yeah, 100%. Yeah, it is. It's, it's, it's all. I mean, it's just amazing. How do people like Elon Musk and Warren Buffett and all these people accomplish these great things, it's because they created the person themselves. They created what they wanted, they created their intention and the universe, no matter what. I'm a Christian. But no matter what you create in your life, if you speak it out and you believe it and you show up this way, the universe responds to you in that way. So if you show up as, like, you believe that you're Elon Musk and you've got. And there was a time Elon Musk was Elon Musk before he was the Elon Musk now. Right. He believed these things. And so I just think for any of us, and it can be maybe not so lofty. It's like, hey, I want to have financial freedom. I want to have. Be able to take my kids camping four times a year. I want to be able to do this and that and have a legacy and have generational wealth. Like, that's huge. Right. You can create that for yourself. So it doesn't have to be this huge pie in the sky thing. And maybe somebody's already there financially, but, you know, it's just figuring out what you want, visualizing it, and continue to move forward towards it. And a lot of us, you know, with our business, we've done that. Right. A lot of people successfully have done that, or they're in the process of doing that. And I think it's just this stuff. It's. I. You know, Tony Robbins said. I'll stop with this. Tony Robbins says 80. 80% of success in life is psychology. Right. 80% of success is just getting the right minds. That's why there's this huge link between, you know, personal development, you know, mindset and having a breakthrough. Just you, if you believe it, if you see it in your heart, you can actually, you can get it.

Yeah, I can't agree more. As a Christian myself as well, there's a great book called Thou Shalt Prosper.

Okay. I haven't heard of it. Yeah.

Okay. Highly recommend it. It's basically that it is biblical and it's God's will for you to prosper and be wealthy. And it's not a bad thing to have money. It's.