The 200% Club—A Special Conversation with Wealth Without Wall Street on Passive Income

Land Geek Nation. Hey, it's Mark Podolski, the land geek with thelangeek.com and on this week's Art of Passive Income podcast, we have a very, very special one. It is one that I recorded on the Wealth Without Wall street podcast with Russ Morgan and Joey Murray, AKA the Slow Talkers. And we're talking about a new concept, a passive income mastermind group that is novel in the sense that it doesn't ask you to do more, it actually asks you to do less. And we talk all about what the goals of the group are. And I will give you a little hint. It is on the back of my shirt. I don't know if you can see this. There it is. The 200% club. So tune in, check it out and hope you enjoy and learn something new.

Mark, have you ever been so excited about a membership as you are the Club 200?

You know, when I try to gauge my excitement, I put it on a, like a, like a spectrum. So let's just say a family trip to Disney World, right? Let's call that an 8 because let's face it, family can be stressful, but it's Disney World. Like you're super excited. Okay, let's say just you and your wife or significant other going to Maui or Kauai or Turks and Caicos in Hawaii. Let's call that a 10. Okay? Club 200 for me is 12. That's how.

And the beauty of it is, unlike Disney, when you leave, you leave more excited than you came because I. Every, every single month that we have these conversations around building our passive income to 200%. By the way, I, I forgot that people haven't been listening to this conversation for the last 30 minutes that we have been in. So if you're as you're listening to this, we're talking about building our passive income to not equal our monthly expenses, but to exceed it two times the 200% club.

That's pretty amazing. And what do we, what are we doing that in? Russ? We're talking about the passive income mastermind. And this is something that we've been birthing over the last, I mean, 18 months. That finally came to fruition back in September.

So was this a nine month cycle, stallion or. I don't know.

It was 18 months. It was like two. It was like twins.

200%.

I think most twins are born in nine months or less. Actually, it doesn't take twice as long, but I get your point.

Thank you. Thank you for that.

So here, here's the thing. I want to ask the question, why 200%? Why have we set that bar?

To me, it, it eliminates financial insecurity. But I'd love to hear what the stallion thinks.

Well, what do you mean by financial insecurity?

So financial insecurity is you look at your fixed expenses and you look at your income, and if your passive income exceeds your fixed expenses, well, it's great. But like, we all own businesses, we all own real estate. We're all doing things that are subject to, to going down for factors that are completely out of our control. We also have big lives. I have three kids. I've got two going to expensive colleges. Joey's got, you know, 103 children. Russ has four kids. So, you know, we don't want to have to, you know, have to have that Dave Ramsey mentality, like, oh, sorry, kids, we're not going to be able to do that tonight or, or live the way we want to live because the stock market went down 10 today. That feeling of, of being of poor. We don't want to ever have that insecurity. And I think when you get to 200, that eliminates it. That's, that's sort of in my mind.

Well, I think, I mean, we don't want to have that big daddy moment where Microsoft is 20%, so we got our kids, like, throwing cans down in the grocery store to try to get a discount. Right? Like, that's basically when things go bad. If you're at 200%, if we're only half right, we're still good. Like, I, I, that's what excites me. I think that that's the financial security piece that I have within what you said there is. We don't know what's going to happen. Like, I, I know the person who used to own, you know, and run Blockbuster, for instance, like, they didn't expect to be out of business like they were. You know, I've listened to the interview where, you know, they were talking about the Netflix people were going to the CEO at Blockbuster and was saying, hey, you know, we would love to partner with you. Your Blockbuster Online is really not that great. We have a product that we think can enhance it. Let's do a deal together.

The guy's like, whatever, pound sand.

You guys ever get to a point where you roughly start to do, well, we'll just buy you, you know, like two years later, Blockbuster in the can. They're done, they're over. Right? So I think that the point is we don't know which one of these passive income Ideas stallion that you and I keep putting on the board and we have a lot of them. We don't know which one's going to fail. We don't know which one's going to keep going. We don't know which one we're going to add, you know, next year and get to just 200%. We're great. But if we can go to 200%, it just gives us. When your kids aren't yelling at you in the background, what is it that 200% means to you?

Well, I think of it from, and I love. Both perspectives are right. One is more defensive, right? What you mentioned is more defensive. I think more on the abundant side of this 200 number is if you've built that much passive income, you are in a position to bless people in ways that you would otherwise not be able to do. And I also think about it from a legacy perspective, like gaining perspective and diversifying the means in which we build this passive income, which is another great part of this mastermind is you're borrowing these ideas and these experiences and motivation from all these other members that are super high quality, super high level. Now what can I pass on to my children and to their children potentially down the road, Right? And again, just having this overabundance of passive income just means I'm giving at a much higher rate than I ever could otherwise. That's what I'm thinking.

I, I love that. And now I feel badly that I didn't come up with it first. But I think that, you know, there's no shame.

There's no shame.

But that's, that's really the big why in life, right? We want to be good ancestors because at the end of the day we are going to die and we want to pass on our values. And I think for the next generation and that next generation, these are values that are everlasting. And when you have these resources, you can relieve lots of suffering in the world and you can bless people in, in so many different ways and be creative with it and that can be your legacy. It's. Yeah, I mean I'm, I'm getting a little emotional thinking about it.

Well, just think about this for a second. Like Mark, this is really interesting because right before we hit play, right, or record, I had my 15 year old daughter in the room with me wanting to say hello to Uncle Mark, right? Why is that? That's because of the relationship that you and I have built and Russ, that I'm able to pass down information to her about building her own Land business, which she has just purchased two pieces of property and now subsequently listed them for sale because of you. And that's what this, this mastermind is for me is I'm being exposed to ideas that I never would have known otherwise, that now I can pass on to others, and especially my family would be able to help her build a business at 15 like that is that's impact.

Well, I think that that's the second point to this, right? Why 200%? One is financial security. I think the other part is time. Right. For some people, they are so entrenched in their businesses that they've created an amazing business that is producing great active income, but it's not giving them any more of their time. And so, as you've said this over and over on our podcast, Joey, that financial freedom is not financial success. Meaning it doesn't mean that once I start reaching a certain income level, that means I'm financially free. No, actually, if you're continuously having to go to work for the income, you're no freer than you were when you were making a fraction of that when you first started the business. So what this possibly can do for somebody is give them time, freedom back, give them the ability to say, hey, I now can truly walk away from that business. Maybe it allows them to invest more in the business, to put infrastructure in the business, to put people in the business, to take the responsibilities that they've been holding onto and to say, you know what, Maybe I'll make less money. You and I have personally, I'm sure you have too. Mark has seen that to be the opposite.

Right.

When we build infrastructure and we put people in place, our incomes didn't go down, they went up. But what ended up happening is our, our need to spend time in the business got smaller and smaller and smaller. But for the person who is afraid of that situation, to have 200% of income coming in from something other than their active employment allows them to say, okay, I can do this, I can build structure. I can give that back so that then I can either give time to the people that I love, like you guys were just talking about, or I can spend time in other things that I enjoy doing to build something else.

Yeah. And I, I would add to that. Russ. Let's. Let's be honest. If you're at the highest level in your active business, it's a scary place to be because there's more pressure to perform. Right?

You.

You don't. It's not like, you know, when you were making money right? Out of college and you're just, you know, kind of just in the average kind of flow. When you're performing at a super high level, you have a lot to lose. And so the pressure, whether it's like real or just made up in our own minds as entrepreneurs, it's what drives you to have that extra two hours one night or three hours the next day or whatever that I just can't let this fall apart or I can't allow something to creep in and take something away. So what does passive income do for that person? It gives them the license to take time off, gives them the license for that brain space to not be constantly filled with. Okay, I got to push the ball forward here.

I feel silly, right, that we're on a passive income podcast with the ultimate passive income guru here. Like, Mark has created an avenue for himself that is an amazing thing. And the beauty is he did it so well that he was like, I could share this with the world. And you have. Thank you. As you said, Joey, a second ago, your daughter is learning the process that Mark and his team have built. And you and I have started to see that. I think our land passive income went over 14, 15,000amonth or something this for the month of November. And it's because of what you shared with us, Mark. So to have a club that is focused on reaching 200% and have people like you in that club teaching things, that is proven. This isn't theory. This is proven stuff. You're living it. Thank you. Thank you for doing that.

Well, you know, you guys are so good for my fragile ego and, and I appreciate it. And certainly, you know, the, the value that you guys have brought to, you know, your community, my community, the fact that you can use a vehicle like Infinite Banking to fund your passive income ideas is so valuable and something that until you hear it and you guys do such an amazing job of, of teaching it and you, you tr. You know, you can trust it that because so many people have done it. It's. It's like a peanut butter and jelly synergy there. So I couldn't be as impactful with my community without you. So thank you, man. Yeah, so, but, you know, but come back to what Joey was saying. I think when you're an entrepreneur, you don't go into a business and start building it and growing it and then think to yourself, boy, I'm loving the 60 hour work week and having that pressure. You, you wanted to, you want that freedom and you want that peace of mind. And I think that's where the Club 200 really differentiates itself from every other mastermind that I've ever been exposed to. Do you guys agree?

Totally. I mean everything we've gone into up to this point was really more about the networking so that I could find better tricks or tips or hacks or whatever it may be to enhance my business and my active income. And this is focused on three specific things to get you to 200% of your passive income. So let's talk about those because I think a lot of people want to know what is this? Like what, what, how do we get to that point? Right. So Joey, there's three, there's three distinct steps in the 200% club. You have to build infrastructure. You have to increase passive income through ideas and strategies. And at the same time it's not all about increasing income. It's also about managing expenses, but in a way that is not reducing our lifestyle, it's reducing the government's lifestyle. So we talk about ways that we can strategically, legally reduce taxes. So let's talk about the first one. Building infrastructure.

Yeah, so there's a lot of different components to this, but it is somewhat foundational to this whole process. It's like how can we get to this 200% position the fastest? And it's going to be things like building out your ibc, your infinite banking process, your whole system of policies. And perhaps in this setting you are also applying at different levels than just your personal policy on yourself, your spouse, your children. Now you maybe are expanding into, you know, business applications on buy, sell for your partnerships or key man policies on, on really important people in your businesses and seeing how all those things, you know, flow together. We talk about asset protection in, in this building infrastructure step. Like you can't, if you've built all this great stuff, but you haven't done it in a way that protects you or that, that business income stream, then really you're, you're kind of building on the sand as the Bible says. Like it's not a good place to be. It's not, it's not providing any more security as Mark mentioned earlier. And then creating a legacy is all about your estate and, and how you think about these things flowing from just you to the next. If you're just building it for yourself, that's really short sighted. This can be something that perpetuates, but we got to build that infrastructure properly.

Well, so let's go through those three steps because I think there's some details in there, right? Like the whole point of this is to just share something with you as you're riding on the road. It is. Maybe this isn't the right time for you. Maybe you're not prepared to go to 200%, and we just want to give you a vision to what's possible. Right. We want to help you see past maybe that glass ceiling that maybe has been put in your way by just the peers that you're around. Right. There's a lot of people around us on a daily basis. They're not even thinking this. Like, they're not thinking of passive income at all. And you're obviously listening to this podcast, and you're listening to whether it's the Lane Keep podcast or the Wealth Wall street podcast. You're listening intently because you want to create passive income that equals your monthly expenses. But now this 200% idea, that pushes it to a new level. So you mentioned ibc, Right? This is something that, Mark, we've shared on your podcast a lot. This is a staple within our community. But it's not just about setting up the policies. Right. The policies are the easy part. The next level stuff that happens in the 200 in Club 200 is when you start putting all of those things together, building lines of credit around them, using those tools in a very systematic, automated way to be able to fund all of your deals. Right. To make all of those things work efficiently. Right. Because I think the part is that for most of us, the reason we don't reach some of these levels is, is we don't have efficiency. And why don't we have efficiency? Because we hadn't built processes. Why have we built processes? Because we got no time, right? We had no time to make these things happen. This what we do every single month. We take 90 minutes to take the time. We take two times a year to spend a day and a half focused on this very one thing. And I think every bit of that is what helps us make this happen. You said asset protection, Mark. How many people have you learned from over the last 10 years or so, not only in your business, but then through the podcasting world, to teach you things in asset protection that the average business owner has no idea about?

I mean, it's. It's. It's unbelievable. I. I mean, I had somebody on just a few weeks ago talking about bridge trusts. I never heard about a brief bridge trust, but there's so many creative people out there that are, you know, attorneys that are focused specifically on asset protection. And when you get to that. That point in your business, in your life, well, it's just like a lawyer, like nobody wants to think about asset protection until you need it, right? And so you definitely want to be that pig building your house full of bricks.

And by the way, the other piece about this that we haven't mentioned is you constantly need input from this standpoint because your position is changing, right? If you're, if you're growing, your need for asset protection takes on different levels at various different times. And I think that's one of the beauties of this group is again, you have all high level people who are dealing with these things individually and then sharing them openly with the group and bringing their resources so that you don't, you're not spending time out there in the, you know, World Wide Web reading some wiki page about Nevada Asset Trust or whatever. Like you're literally getting input from trusted advisors and being able to network at a higher level. This, to me is, is invaluable.

You're totally right. And that's what really. Sometimes there's a lot of things that are important in our life, but they don't reach the measure of urgent. And we ultimately end up doing a lot of urgent things in our life and the important things get left to, oh, I'll have time for that, right? Like one of the things within the infrastructure piece is working with trusted estate planners, right? People that can, can give us the structure we need so that when we die. Because like you said, Mark, we are guaranteed. That is one thing that will happen. None of us wanted. You know, most of us will not die when we want to. Most of us will die at a point in time that we didn't expect, right? Whether it's one day before we thought or thousands of days before we thought. And that's one of the things I've spent this whole year doing is working through that estate planning and, and not just the simple wills and trusts, but going through the core values with my family and as a family, being able to develop what we believe as a family so that each year we can get together at an offset event as a family. Yes, that kind of allows me to write off from taxes and other stuff, but we have the ability in that to talk about what did we do over the last year that met those core values and what are we going to do this coming year so that my kids, before they ever inherit a dollar, are entrenched in those ideas so that when we give them the money, when we pass that, they do have a blueprint, they do have a playbook to follow. I think that That's a beautiful thing. And that legacy part that we've touched on already. But there's another step, right? We get into increasing passive income. That's a second step in order to build 200%. Talk a little bit to that. What are some of those ideas and strategies that have come up already in this group that have already fascinated you, maybe that you're taking advantage of Joey?

Well, you know, the big thing to me, I don't mean to like sidestep your question, but I want to.

Of course, this is what you.

This is just what we do. I think more importantly, because I don't want somebody joining this mastermind just because there's a lot of cool ideas about passive income, like you're going to get that. There's exposure to deals you've never even considered or heard of. I don't want to downplay that, but I also don't want that to be like your number one reason for joining. The key that I think that we learned from this even in our first major event earlier this year, was what sort of investor are you? Like who, who are you as an investor? Because all these ideas are great, but what's going to be number one sustainable in your overall kind of plan to get you to 200% and which things are going to kind of resonate in a way that you're going to be excited about? It's not going to be a chore to have this extra passive income. It's actually going to be, you know, again, creating the freedom it was meant to create. And so starting with that is critical. And that's something we've spent time on already. And we'll continue to weave into the fabric of this mastermind so that people can really align with who they are and where they're headed. I mean, that, that was just my initial take on the importance of increasing passive income is knowing your investor profile.

What have been you, some of your takeaways, Mark, from the passive income strategy?

Well, yeah, you know, I love what Joey said and I think that you need to have that, that core fundamental, you know why, before you even, you even go into a group like this. But then from a practical standpoint, these are strategies and ideas that are not going to burden you. So for example, you know the way that like the mastermind for, say for multifamily investing, right. This was going to be something that I could just stroke a check and people that I know like trust with a phenomenal track record could be the stewards of my money and understand me and My, my goals and can help me structure it in the way that I need to have it structured. For example, I need depreciation. Land lasts forever. So this is something that I would personally need and I could talk to them, the operator directly about and, and understand it. So you know, or short term rental. I don't want to go out and start acquiring a bunch of short term rentals myself. I want to learn how to create a short term rental business like you guys and you have the blueprint for it. So these, you know, just the mindset of not having to leave after weekend like with all this work I have to do now to accomplish my goal of 200 passive income for me is a game changer.

I love that. And what you were basically saying, I'm just take a summation of yours and Joey's. You guys are talking about as an investor, right? Knowing who you are as an investor, Joey. And there's really two paths to creating passive income. I think you know, Robert Kiyosaki talks about this in the cash flow quadrant is that we're trying to get to the right side of the quadrant, right. Either we're going to be a B quadrant business owner, meaning that we operate a business that we do not have to work in and it produces income and grows every single year regardless if I show up or not or we're going to be an investor. Where is what you said Mark is we put dollars in, it produces cash flow. Right? We put cash in, it creates cash flow back for us. It doesn't require any of our time. Either one of those are a good idea. And I think what we've seen so far in this Club 200 is that we've seen ideas of how you can own a business that produces cash flow that requires very little of your input. Maybe just strategic, right. Like some strategic marketing, maybe some strategic operational ideas but doesn't require you to spend any effort and time in the business or there are ideas that it's just strictly how can I put cash in? And it produces cash flow back to me. And this kind of leads us into the third phase of how we build the 200% is how do we reduce our tax burden. And you mentioned one of the things that some of us have a lot of income coming in that we need to be able to offset. And like if you have, if you're in the land business and you have a bunch of note income, you've got to be able to offset that somehow, some way. And one of the strategies are some of the accelerated depreciation ideas that came out of the passive income strategies. Right. I mean, I love this, Joey. Seeing some of the tax returns of some of the investors and members inside Club 200 showing negative hundreds of thousands of dollars on their, their tax forms. But that doesn't, you know, negative dollars on a tax form doesn't mean negative income. Right. Most of the people out there who've always received the W2 income, if they showed negative, that'd be a really bad thing. Right. But cash in your pocket and profit are completely two separate things. You can have all the money, but on paper show that you have zero profit. And that's what the strategies that you refer to, Mark, have done.

Yeah, absolutely. And you know, there's so many other more creative strategies. I don't want to get in too much trouble about going into detail here, but they, they are legal, they are certainly creative. And I've been in business 20 years. This is the first time I've been exposed to, you know, such cutting edge tax strategy. And I think it's, it's reducing my tax burden tremendously to the point where one day I'll be able to eat like you guys.

And I'll say this, let me say this. Being in a group like this put you in the way of changing legislation that makes it proactive. Right. Because the legislation is changing always around you. Like your tax strategy today is not the same tax strategy that will be around 10 years from now. And if you're not being exposed to experts who are literally taking the tax code as it is being created and figuring out ways to reduce your burden, then you're always going to be reactive and your accountant is not going to do this for you. By the way. This is not, I mean, don't believe that. It's not because accountants are bad. They're just, they're kind of like fact checkers. They're not creating the strategies. And so you've got to be in a position to do that. Whether it's this mastermind or something else, you got to invest in that. And it's just so valuable, in my opinion, to be in this kind of a community where we have experts that are literally bringing those things to us real time.

Well, gentlemen, this has been amazing. We've been covering the concept of building 200%. I know it became sort of an ad for the Club 200, which we wanted to share this. I think it's just so good. We don't want people not to know about this and all of our communities because we think it's Fabulous for the right person. So here, here's my call to action for you as you're riding down the road. If you are one of those that really, you're concerned either about one of two things, that maybe you don't have enough time, and it's because your business is taking every bit of the effort, you know that you've got to be more focused and you only have a little bit of time and you want to spend that time in the wisest way, then this may be for you. Or if you're like, look, I need to build financial security for my family in a way that would allow me to be abundant, to do more. And I've been blessed. I've been given so much to this point. It would be really poor stewardship on my part if I didn't find a way to build other streams of income with what I've been given. If something were to happen, then this club may be for you. So I'm going to send you to wealthwithoutwallstreet.com Club200, you can see more about what we've been talking about today. You can, you can watch some video, you can apply, and you can see more of the details and you can see if this is maybe a fit for where you are and if this would help you reach the goals in 2022 and beyond that you've been trying to hit. So, Mark, thank you so much for coming on the podcast today. It's always a pleasure to have you on here, brother.

Hey, slow talkers. Russ, Joey, I. I appreciate it. It's always a pleasure seeing you guys. And, you know, as far as, like, being a member of Club 200, I can tell you that if I lost everything, and I'm not, I'm saying this sincerely. This is no joke. If I lost everything tomorrow, I would take care of my family. And the last thing I would, I would eliminate for my life is this club and this group of people. Because I know that would be the fastest way to accelerate, to get myself back to where I was before.

Oh, I. I love that Stallion. I know that you're not only a member, but you're also an owner, and I appreciate everything that you do for the group. Final thought.

Well, just to be clear, this is not the club for men, like the hair club for men. It sounded similar there at the end. I just want to be clear. I know you're losing some hair, but we're not going to cover that in the passive income mastermind here. But yeah, I, I just want to encourage you that if, if those, these things resonate with you, you know, if you're second guessing your own infrastructure, like, do I really, Am I building on the right place? Consider this, like, think through your infrastructure and sure it up. If you don't quite have the passive income ideas or the goals in line to get you to your goal or to your passive income goals, consider that, like, start investing in yourself in those areas. And then, you know, finally, if you don't have that tax strategy as we mentioned, you gotta be, you're just giving up money every single day. So we want to help you get there. Yeah, I'm grateful to, to have this club put together and, and to be a part of it. It's been really powerful.

Thank you, guys.

All right, Mark, are we doing this thing?

Let's do it. One, two, three.

Let freedom ring. All right. That's awesome.

Thanks, guys. All right. I hope you enjoyed the special Art of Passive Income podcast. I know I had a lot of fun with Russ and Joey. I hope you got a lot of value out of it as well. If you did, please do me a favor. Rate. Actually, no follow rate. Review the podcast. Send us a screenshot of that review. SupportLangic.com I'm going to send you for free the signed copy of Dirt Rich. And if you haven't signed up for flight school yet, learn more. Go to landgeek.com forward/training. That tuition is not going to cost you anything because you're going to make it back guaranteed 180 days or less. Just show us your work. It's that easy. All right, let's do this. One, two, three. Let freedom ring. Thanks, everybody.

Thanks for listening to the Art of Passive Income podcast.

Are you ready to learn how you can start building a passive income without renters, rehabs, renovations or rodents? Schedule a free consultation at the land geek.com forward/training. Let freedom ring.