#196 - The Investor DNA Blueprint: Find Your Perfect Passive Income Stream | Joey Mure

0:00 The reality is that if you don't surround yourself with the right people, you're really not going to ever change the way you think. You're not going to ever get the results that you're looking for. Welcome back for another awesome episode. everybody knows, our virtual podcasts are Thursdays, even though this will be released at a different time. But today's guest is Joey Murray. What a cool name with the accent above the E.

0:41 He's co-founder and partner at Wealth Without Wall Street. After spending more than a decade in the mortgage industry, which I apologized to him for before this, Joey recognized that many high income professionals were still financially stuck trading time for money with no clear path to freedom. That realization led him to co-found Wealth Without Realist Wall Street, where he teaches individuals and families how to build passive income and financial independence outside of traditional Wall Street investing. Joey's also a speaker, educator, and author focused on helping people take control of their financial future. Joey, welcome to the show. This is Big Responsibilities here on this topic. Man, I'm so excited to be here, Mark. I think a lot of synergy here that we could talk about.

1:23 Yeah, absolutely. You and the mortgage business, my background being in real estate, we can go deep there and the experiences you had, but you also wrote the book. So wealth without real estate. Okay. Well, not wealth without real estate, wealth without Wall Street. I know that, but I keep on saying real estate is it's a world I'm in, right? Because us real estate people, all we think is real estate. We don't think about traditional investing. so take us down this path. Wealth without Wall Street. You wrote the book, you started the business. What are we talking about here? All right, well, rather than like get into all the nitty gritty mechanics, I just want to lay the subject matter out on the table. Here I am, I'm in my late 20s, making over $300,000 a year in the mortgage business.

2:07 And for all intents and purposes, successful. Everybody, man, here's a guy, he's making all this money. And this is when I knew that there was a problem. I'm sitting at the beach with my wife and my five daughters. Yes, you can. pray for me after this Mark. And I say, Hey, you guys go on down to the beach. I'll be right there. have to take this one more call. And you know where this is going. Four hours later, I'm walking down this little boardwalk behind the condo and there's my family walking up the opposite way. And the look on their face said everything. It was, wow, dad, we're at the beach.

2:48 We're on vacation. You're here physically, and yet you're emotionally miles away. Like you're mentally not present. And the issue that I didn't know, I didn't know exactly what to say the issue was at the time, but the issue is what many real estate professionals and business owners have done for themselves is they've, all their focus on being the active income source and they have no, there are no amount of their money creating passive income. that then buys their time back. And that to me is the problem that we solve, is that people need a way, a path to start creating, taking active income and producing passive income so that they can get more of their time back so that they can be present with their family.

3:36 Because man, it's seconds before those kids are 18, 19, 20 and they're out of the house and you just have regret. That's all you're left with. So can we accomplish breaking this down in 30 to 40 minutes? We're going to do our best. about that? Okay. What's our best look like? Where do we start with this about taking someone that has, I'm with the understanding that has some income in excess of their expenses and bills. Exactly. Nobody can help you become financially free if you don't have surplus. Right. It's kind of like, what are we actually working with if all you're doing is, you know, hand to mouth, you know, paycheck to paycheck, you got to create some, some surplus and then you can start to create freedom.

4:21 Okay. So 60 % of the people in this country, we hear it all the time, but I it again. 60 % of the people have a problem coming up with, I think a thousand bucks. Right. we're not, unfortunately right now we're not talking about 60%. That's a Dave Ramsey course almost, whether we love the guy or not. Right. It's. Correct. Exactly. Yeah. I think that there's a place for the Dave Ramsey's of the world. He's going to try to help you cut your lifestyle to get to a point of surplus. If you're below the water line, you got to come up for air, right? If you can't do that, you can't actually produce passive income. You can't produce freedom. And that's just not the job that I want to be honest.

5:02 I don't want to come in here and say, Hey, Mark, you got to quit, you know, buying that Starbucks every week or whatever the case may be. I want the people that already have that kind of, you know, built in, I want to help them optimize and see where they have other gaps potentially that could even increase the amount that they could invest from. that's a whole step in our process. But, but yeah, we definitely not talking about people who are underwater. All right, so let's talk about some of these gaps that you see that really fit the majority of the this other 40 % that we're talking about. So let me first start with this. Maybe this will help frame the whole conversation, but in our book, we talk about there being a GPS, right? In a GPS, you have something in mind.

5:44 You have a goal, you have a destination, but if you don't know where you're starting from and you don't have that identified goal, you're really stuck, right? So the very first part of the GPS model is have a goal. The second one is have a plan. And then the third. is a support, right? GPS. And I would say the very first thing is that we want to challenge your goal. Most people, me included, when I was in the mortgage business, I started with this default that I'm going to retire one day, right? The idea of retirement was the default that everybody comes, they go to school, they get a good job, they start working.

6:25 They start putting money away potentially in 401ks and IRAs and other vehicles that are really focused on long-term planning, on retirement. But what we're talking about is we're talking about getting really clear about creating freedom today. And that's when you have more passive income than you have monthly expenses. You're actually free. And if you can, if you change your mindset to that perspective, all of sudden the things that you did with money before, are no longer valid, right? So it's like just as a case in point mark, you started your career, you start putting money away for this retirement idea, but then you wake up and you're like, wait a minute, I'm killing myself.

7:08 I'm working hard. My family's growing up. I'm not spending time with them because I'm constantly at work and I'm just got my head down. I don't really actually have a quality of life that I had hoped for. And so you're like, what's the opportunity here? It's if I start creating passive income. And it covers my monthly expenses. Then all of sudden I have my calendar and I get to put every box on that calendar. Nobody else does it for me. Right? Somebody doesn't say, Hey, I need to go show, you need to go show me this house on Sunday afternoon because otherwise I'm going to go work with somebody else. Or they don't say, Hey, your boss said you have to work X amount of hours every single week. If I have more passive income than I have monthly expenses, I am now free.

7:52 And if you get clear on that, You all of a sudden, you can't start putting money in 401k's. You can't continue to put money on paying down debt super fast. You can't put money into like all these other places that you've been used to doing. You have to start saying, oh, I need to put money in a place where I can access and I can control. If that's the case, now all of a sudden I have more money to work with because the one number one thing Mark that we've identified that keeps people from financial freedom. is lack of access to cash. And what we've been doing for decades, some of us, is just putting money into something that we can't touch until we're in our sixties.

8:33 So it goes against everything that we're trying to accomplish. I'm assuming without us, we're just getting to know each other. So there's nothing built in. don't know where we're going to go today, but I'm assuming we might be borrowing from those accounts to buy some real estate to get some cashflow passive income. If that is your investor DNA, then absolutely. Yes, you can be a hundred percent going into real estate. So let me clarify that as a part of the plan step, you're going to actually identify what sort of investor you are. Okay. So like right now I have to say, most people say, Hey man, you're with wealth without wall street. What do you invest in? And I could point to our passive income report.

9:14 We have 21 different income streams personally that are over $50,000 a month. That sounds great, but that doesn't really help you, right? You're like, I don't know which one of those would be good for me. And that's when I would put it back on you and say, Hey, Mark, what's your personality type? Like, how did God create you to see the world? What do you get excited about? What do you get really frustrated with? What are the things that you would actually gravitate towards versus, you know, go against? And I'll give you a case in point. My business partner. got his start in investing, he bought a little condo and it was a long-term rental. And he is a high influence guy. And you want to know how much he thought about that condo?

9:57 Zero. He's like, this is the worst investment of all time. I get like a hundred dollars a month, whether I want it or not. I can't influence it. And by the way, every six months, Surf Pro calls me and tells me that, you know, the unit above us flooded my unit. He's like, this is the worst. And so he kind of assumes that that's what all this investing is like. Meanwhile, he looks at short-term rentals and he's like, game on. This is exactly my personality type. He loves having something that's flashier, that is a higher payouts. Typically there's some seasonality to it. There's some ability for him to post on social media.

10:37 Hey man, look at this. Look at our cabin, look at our beach house, look at our whatever. Love to host you. Right? That's a personality type that not everybody's going to love short-term rentals, but not everybody's going to love long-term rentals. And then you add onto that there's e-commerce, there's Turo, there's all sorts of other places that people could invest for cashflow, but they don't know, they don't start with who they are as an investor. Does that make sense? Yeah, I mean, it makes sense what you're saying. I mean, you don't hear people taking this approach that much, but are you, what's the reasoning for that? as far as the investor DNA or why they don't. the investor DNA, I can see, say why so many businesses don't do things, but yeah, about that, whatever's in your DNA, that that's the type of investing because I'm assuming you're going to make an argument that we could clearly identify over the past decade, two decades, three decades.

11:28 If it was all about return, you could say this is what the best performing area has been for the past 30 years. So if you're thinking about just investing, you do that, but why is it what my DNA, what's in my DNA? Why does that matter? Well, because of exactly what you just said, if all we did is chase ROI, number one, we're always chasing shiny objects. There's something else that's always the front runner. I mean, think about it. People are like, man, what sort of crypto are you into? What coin are you going to buy? It's like, well, okay, this thing returned a hundred percent this month and next month it went down 50%.

12:10 It's going to change constantly. And honestly, most of those things are speculative in nature. They're not actually consistent cashflow that create freedom. They're more of a, hey, I got an ego and I get to talk about this coin that I bought that went up a hundred percent, but it literally made no difference in the outcome that I'm trying to receive. Right? If I want financial freedom, these speculative, you know, deals that create large, you know, ups and downs really They don't really accomplish that goal. So I think number one, people start chasing the shiny object. Social media helps with that, in feeding you, man, look at this. This is the new craze.

12:50 It's the new this or the new that. But if you really stay focused on the things that are like tied into who you are as a personality type, you're going to actually do more because you're going to have that comfort level that... You know, think about it, if you have a speculation on something, you're always going to invest a much smaller amount and you're not going to be as, as confident. But if you start doing the same things and you start seeing results and it, does line up with who you are, personality wise, you're going to do a lot more faster. So is the argument here, you know, like a warm buff, we all hold him up at the top and he's like, just go invest in an index fund. The past 30, 40, 50 years, you've got an average of 9 % compounding return, reinvest your money.

13:34 But your argument is, is that I'm not getting cashflow for me to be able to offset having to work so much to live this good life. that, is that what that perspective is retirement perspective. It's accumulation. It's man, at some point in your sixties or potentially seventies, when all the variables work out, you're going to have this mountain of cash and you can start peeling dollars off the top and hopefully it doesn't run out. That's tax free. That's exactly. Well, they would say actually none of those things are tax free other than Roth IRAs. But so you're actually going to pay tax and you're not going to know what the calculation is until then, which is a huge, that's like you and me sitting at the mortgage table at the closing table and me saying, Hey man, here, sign this 30 year mortgage, but I'm going to tell you what the rate of interest is when we get there.

14:25 Sounds like a variable rate. Tbd without a cap. I'm not I'm not good with TBD, right? Yeah, exactly without a cap. Good point. So what's this look like then? You know, me being in real estate, passive income is you buy a rental, you improve it. You know, we're not talking about having to deal with tenants and being a landlord. That's a whole separate piece. That's about the DNA piece, right? But we're talking about getting monthly cashflow to offset my expenses. So. Argumentally, so I can live a more controlled, axed, free life. Working because you want to, not because you have to. I mean, I'll just use real estate as an example because I was in the mortgage business and I lived that lifestyle and I have a lot of friends still in the real estate world.

15:13 And the reality is many of them would still do real estate for the people that they know and love because they have an expertise and they have something to give. Right? The idea of retiring from something. is not a biblical idea, by the way, because it states that you're being taken out of service. And there's never going to be a time, Mark, where I'm going to feel like I need to be taken out of service to this world, because there's certain gifts and things that I have to give that I'm going to want to continue to serve others. But there's a difference between having to get somebody in the car and go show them the next house and or go take that next listing because you got You know, bills to pay next month and showing up and saying, man, I'd love to help you with this transaction because I know I can help you with this and not feel the need to or the requirement to.

16:07 Does that make sense? Yeah, a hundred percent does. what, give me some other examples of, if we're not talking about real estate, some other examples of some passive investments that you've seen people make that fit with their DNA, just to give us some more of an example, like, Hey, what's this? Yeah, absolutely. So a lot of people in our world have done, now they may be related to real estate, but they're different than the traditional model. So I can share that too. One of our top performers is investing in raw land. Buying raw land at 25 to 30 cents on the dollar from sellers who really just don't have a way out. They don't have like, their parcels may only be five to $10,000 or $20,000.

16:52 And most real estate agents aren't going to take that kind of listing because it's not paying them enough to actually spend the time on it. And so we can go in and offer somebody that maybe that that property is worth 25K. We may be to offer them five to 6,000 for that property. And they take it because it's like, Hey, I don't want to fool with this anymore. And nobody else is going to help me sell it. I can turn around and sell that same property on owner financing note to a buyer. at the full price because now I've made this property achievable. know, people sometimes aren't sitting on $25,000, but they may be sitting on a thousand dollars down in $300 a month for X amount of months.

17:36 That's what we've done. It says 2020 and that current income stream is a little over 35,000 right now. So we get that every single month in terms of loan repayments for those people that we've owned or financed. That's a super profitable play that we have. Another one, people have started e-commerce stores. So Amazon, physical products being bought from China or India or other countries. And for instance, I have an air fryer that I've developed with a team, an operator team. So I don't operate it day to day. I've just been the capital contribution and kind of advisory and they run the whole store.

18:17 And so that's another passive income play that people have done. We've bought websites that are affiliate websites or faceless YouTube video channels that also have ad revenue every single month. That's another strategy that people have bought and done. And then man, we've got even Turo. I have three cars on Turo right now that an operator runs for me. And on average, each car makes about six to $800 per month after paying the operator. And so, I mean, we can go deep into any of these, but I'm just kind of giving you a number of things that aren't just real estate related. Yeah. So how do people engage with those if they don't have expertise?

18:57 Right. Cause I've learned that the more that I understand and know something, I don't wait to take action, but the more that I know and understand it, the more leverage I have, the more I understand what the investment should be a likely outcomes. not going to lose money. These things that you've shared. They haven't occurred to me. I know the tour that that I've heard of it, right? But these things haven't occurred to me. how does someone. If they're busy, how do they become well versed in this and feel comfortable making those investments? Like, how's that work? Well, first and foremost, want to say, I want to back up a second and say, you have to be, so in order for something to be truly passive, you actually can't go into it without actually educating yourself.

19:44 So that's the active part of passive investing. So for instance, we have a whole lab, we call it the passive income lab. It's a 12 week course that you do in a group setting. You build all these things out that I was talking about your investor DNA. You actually build a buy box that we use a custom GPT to help you determine if something is a fit for you or not. You actually learn how to interview operators, people who are actually operating those passive income assets so that you can be passive. And all that stuff takes time, right? It's, it's not passive until you have that confidence and that understanding.

20:24 Cause as soon as you go out and you haven't done that and you're trying to look for passive income, that's where people get, they lose money. I mean, just being real like that is we get optimistic and you know, you're in real estate. I was in mortgage. We're very optimistic people in general and optimistic people lose money because they haven't slowed down. They haven't been realistic about the challenges or the potential issues or the, you know, the downfalls of things. And so you have to be trained to be an investor. Being an optimist, being an entrepreneur does not mean you're an investor. And so that's why we developed this whole curriculum because people have to do that.

21:04 But once you've done that, now you start to really feel confident and you start to see results. And I'll tell you this, each one of those things that I've done, I actually just recently started a pallet business. I invested in the course to learn how does a pallet business operate. And then I hired an operator and said, Hey, here, take this training. This is what I want to build with you. I'm going to be the money behind it. I'll make some, you know, some strategic calls along the way. I'll get the financial aspects of this done, but I need you to operate this business day in and day out. And so they had to have the course in order to do that.

21:44 The same is true with like Turo. There's courses, there are things out there that you can buy. People who are doing this at a high level and or the operators that already exist, can interview them and really determine do they have this set up properly? there potential gaps there? Does that make sense? I think so. That's what we're here for. Right. think I'm sitting here learning along with everyone else, but, this is a psychology of the human, the investor matter because as we train people to be successful in the real estate environment, you and mortgage, there were similar businesses. The actual way that the professional realtor, the professional salesperson, professional mortgage professional.

22:31 The way that they engage with the customer is what matters most. And so as I hear you talking about this on operating the business, on finding someone, you invest in the pallet business, you find someone to run it. What's going to be more important than learning the pallet business is your engagement with the human, your leadership skills, right? Your management skills. So is there a course? It's like, what course do we put people through? to gain that ability to engage emotional stability and all the stuff. Yeah. Well, I'll say I'll apply what we cover in the lab because I think that that is the thing I can, I can say at scale.

23:11 There's always one-offs like for me doing the pallet business, I wouldn't necessarily recommend that everybody do that. That's just because I've been in management. I've been in ownership and you know, leading teams and all this stuff for, you know, 20 plus years. That doesn't mean that you should go out and do that. But for somebody who's just trying to get into the passive income game, you have to learn how to actually interview operators. Because I can tell you this, whenever you hear about an opportunity, they're going to send you a pitch deck or they're going to send you a PPM document or fill in the blank and they're going to say, this is amazing.

23:54 Right. And there's never been one that I've seen that looked like crap. Now. There are some that have a lot to promise and nothing to back them up. And those are the ones you just pass on and say, Hey, thanks for sharing it, but I'm out. But the real key is taking the ones that look good on paper and asking the question behind the question, asking the things that how do I lose all my money? Right? There's many, many different tactics and ways to ask the right questions to uncover. Is this going to fit me or not? Are there potential risks that I'm just not willing to take?

24:34 And how can I be as objective as possible? We teach all those different questions and ways in which to track the answers in order to then make an informed decision. But to your point, if you don't actually spend the time, you know, learning that skill, you will more than likely lose money. Because it's just. There's people out there and they're not doing it to be like, you know, malicious. They're just not great operators and they look good, but they're not good. is a big part of this actually going out and acquiring businesses. I is that a foundation that you believe in this passive income, fund it, acquire them? Because that's what I'm hearing some here.

25:15 There is an aspect of that, but again, I think based on your investor DNA, there's an element of active income versus passive income. And I'll say this, the people that typically can get to financial freedom the fastest, operate an active business first that then leads them to be able to take that excess and create additional passive income streams. But there are some people that are W-2 employees right now. that are like, man, I've got a cap, I'm owned by somebody else's schedule, I need to get out from under where this is right now. And sometimes some of their best steps are to go buy a franchise so that they can get into this operating business kind of culture, buy back some of their time, and then start to actually create the surplus to buy the rest of it back.

26:06 Yeah. Why do, why do you think that a bunch of high earners, not high net worth, high earners, why do they feel like they're on a hamster wheel and they just can't get ahead too? Cause this is the misconception. You were in the mortgage business. sell real estate. I don't evaluate people by the house they live in, the car they drive and the vacations they go on because those people. You can be making three or $400,000 a year like so many are, and they're spending every dollar every year. Absolutely. Lifestyle creep is real. Keeping up with the Joneses is real. My mentor, Nelson Nash, used to say, a luxury once experienced becomes a necessity.

26:50 That's Parkinson's law. And it's real. mean, you start, you you think about back when you started out in your career, you probably had a beater car and you could live off of 2000 bucks a month. No problem. You had all sorts of leftover cash. Finding coach was okay, but now first class, don't want anything, that's what we're talking about. Exactly. So those things are real challenges. But the second thing I think is what I've kind of started out saying is sometimes you're doing things with money that you started with the right perspective. You're thinking long-term, you're thinking retirement, you're thinking, you know, I have to get out of this debt. I have to pay off my house as fast as possible.

27:31 And so people are literally spending every dollar trying to do something that no longer is their focus. And what we very, very commonly, when we, coaches meet with people, they're objectively asking questions to make you think, okay, why are you doing this with this money? Well, I was doing this because I was trying to get to blah, blah, blah, blah. Well, if, how does that create financial freedom for you today? Does it increase your passive income or does it reduce a monthly expense? Because if it doesn't do one of those two things, You can no longer do it and say you're trying to get to financial freedom. It's really no longer valid.

28:12 And so I think there's people that will uncover sometimes two, three, $4,000 a month or more that they are unnecessarily putting money in places that don't support their new goal of financial freedom. And that is a, that's a game changer when somebody uncovers that, which is what really gets me fired up. start seeing people do that and I'm like, man, they're They're now on the path. When you sit down and interview people, I'm sure people have, they come with these questions like, I have $50,000 in the bank. Where do I invest it? But is it more, I don't want to, you know, I don't want to lead you directly down a path, but is it more than just that 50 grand? There's a lot more context that's needed, right?

28:54 for sure. I mean, it would be malpractice for somebody to just say, man, you should put it up here. The people that will tell you exactly where to invest are one either investment advisors, which we are not, and, or they have a fund or something that they're trying to get you to fund. It's kind of like, you're a hammer and they have a nail. it's, it's just a perfect fit in their mind, but. From our standpoint, we're never going to tell you exactly where to park that money. We want to expose people and we want to equip people with the right filters. That's why we start with things like creating your own passive income operating system, like where your cash is flowing.

29:37 That's our first step. And then the second step comes into knowing your investor DNA, building a buy box, learning the skills of interviewing operators and those things. then you'll know exactly what to do with that 50,000. We don't have to tell you. It'll just become obvious. But people want the fast button. They want the easy button. And those are the people that end up losing money. So if you're not financial advisors, what are you? So I would consider us coaches, right? And that's how we, that's how we reference the people that help our clients through the entire process is we have coaches and they're there to just get the most out of you.

30:18 Think about like when you have a personal trainer at the gym, what are you hiring them for? It's because they're going to be able to pull out from you the best that you potentially can't do on your own. And that's exactly why we have these coaches because they're going to help you see things that you didn't see. And they're going to help you take action and stay accountable to a process that you said was important to you. But man, if you don't have that life gets in the way and you start just reverting back to your old way of life. So what are these, if we don't get you and your partner, what do these coaches look like that you have working with you? Because here's, I'd be honest, I have to say this before you tell me what the construction you guys have.

30:59 People spend a lot in the consulting and coaching world in, in the real estate mortgage industry, a lot. know these coaches, people pay them a lot of money and they don't end up getting them. They get someone else. So speak to this about who these coaches are, what this looks like. Great question. And I'll tell you this, us and I, my business partner, we started here in Birmingham, Alabama, belly to belly, just, you know, that's how we talk here in the South, Mark. Belly to belly, helping people one-on-one. And as we started our podcast in 2017, all of sudden we had people all over the country saying, hey, can I work with you guys?

31:42 I hear what you guys are talking about. I want what you're talking about. Can you help us? And overnight, we started to say, man, we can't, we can't handle this just me and Russ. And what really ended up happening, it was, it was really hard. I'm just going to be honest with you. Like, do you have to give up the reins and say, I'm going to hire coaches that can come behind us and actually do what we would have done? Like that's a big deal. That's really hard to do. But what we've been fortunate to do, Mark, is. Every, almost every single one of these coaches that we've hired, which we have 11 now, have all been clients first. They've all gone through the process personally, done work with us at some point, and then actually had results of their own passive income journey that they can speak to.

32:32 So in other words, you're not just saying, you're not, they're just not living off of the coattails of Russ and Joey. man, look, they've done all this stuff. They actually personally are on the journey. They may be 50 % of the way to where we are, but they are definitely light years ahead of the people that they're helping. And here's the really unexpected thing. When Russ and I were doing this, we were like, man, don't know if we can, nobody's going to be able to do this as well as us, but that's a lie. And that's a lie that most business owners are stuck with is they think that they're the technician and they can only do it the best. But the reality is if you have somebody that that's all that they do in your business, they are typically light years ahead of you because as a business owner, we're having to do hiring, firing, recruiting, all the financials, I mean, lease, you're having to do all the stuff in a business and still help that client.

33:29 When in fact, if I have somebody that that's all that they do, we found that these coaches are actually much better suited to help people get the most out of their situation than when we were doing it. And so that's the reality. Previous clients, they've been pilots, medical device sales, CFOs. These are people that they've left those ways of living and those jobs to come work with us because they want to have an impact and they've seen their personal results. Makes sense. So since we only have a certain amount of time here, if it sounds like if somebody said, okay, over the next 12 months, someone wants to create passive income, they have some excess cash every month, where should they start?

34:11 I'm assuming you'd say when you start with us, you go through the course, the 12 week course to figure out your DNA, answer the questions. And then coming out of that, is it easily definable what the next nine months looks like for them to try to get the passive? So one, I'm gonna shift it a little bit. The first step for us is we set up your passive income operating system. This is your cashflow system that gets you objectively to look at where you're putting money and help you determine if there's a better way. Cause most people are operating really inefficiently with their cashflow. They get paid, the money comes in, they're trying to pay bills out of this one account.

34:51 They're trying to invest out of this one account. They're, have like all these varying timeframes on which things are due. It becomes a confusing mess. We help them operationalize that to where it's automated and they can see exactly what's left over, especially after they get, get or reduce the money traps in their life. Most people don't know what those are, but we walk them through that and they start to see it. And then they now all of a sudden they have access to cash. Once they do that, then they do the 12 week course. And they start to, by the end of the 12 weeks, they're guaranteed to get their first $500 a month of passive income. And so that is where I would say the next step is, Mark, is once they've got that first taste, right, they can see how this is a repeatable process that created the $500 to begin with.

35:43 Now all of sudden, what do they got to do? They got to stack to the next 500, to the next 500. And they may even be able to pour gasoline on it because now they have more confidence. I can't specifically say to, once you get to this point, you're going to be able to do this over the next 12 months or 36 months or what have you. But it's not uncommon for people that go through the process to get to a point where they can leave their job within 24 to 36 months because they now have a repeatable, consistent, confident process that's giving them the results that they started looking for. So we all like guarantees in this world. So how are you confident after 12 weeks that you can guarantee that there'll be 500 bucks of passive income there?

36:28 Great question. Number one, you have to qualify to get into it. So like, if you have no money, we're not going to guarantee you anything. It's not, we can't turn, you know, like that's why I was started out by saying, if you're living above your means, we can't help you. If you're living below your means, you've got surplus, you got the ability to invest. Now we can teach you the skills it takes to get there. But the second thing is, is there's some people that won't pull the trigger immediately in those 12 weeks. And so our guarantee is that we're going to get, you're going to have the first $500 a month, or we're going to keep working with you until you do. Because some people are quickstarts and they're going to get it. They're going to get it within the first three or four weeks. And then there's other people that 12 weeks, they just haven't quite gotten there and we're going to keep working with them.

37:13 They can continue to be a part of our cohorts and continue to get the accountability of the group before, so that they can get there. That's, that's again. one size doesn't fit all, we have to kind of meet people where they're at. If you could push a button, I'm assuming that a hundred percent of the people that come to your classes that go through it, I'm assuming if you could push a button, all hundred percent of them would then have the right mindset, make the right moves, apply the strategies that you're talking about, and they would all win.

37:53 For the percentage, I'm not asking for the percentage that don't. But for whatever that percentage of the people who don't, is there a commonality on why that happens or why it doesn't happen for them? That is a pretty loaded question, but I would say, okay, I would say that there, you started out the, the, whole conversation, we were talking about psychology. I think there's a huge uphill battle when it comes to this. And part of it is just how you think. So if someone comes into this process and they get fired up about the idea, but then they start to lose focus. They start to say, well, can I really create passive income?

38:37 I may have started the process and gotten this cashflow system up and that was good, but now they're just stuck not taking that next stage. Maybe they didn't even enroll in the lab portion because it's an optional thing. It's not like we require people to take each of these steps. And so some people might stop short of doing that second step and they don't have the education, they don't have the confidence. so that, that could be one thing. Number two, think, you ever heard the, the, conversation crabs in a barrel? You ever heard that? Yeah. So there's people that may start strong and then they go to their network and their network says, Mark, what are you thinking, man?

39:17 You can't create passive income. That's a scam. Like you can't actually go buy this, you know, this website and it create $800 a month or. go buy this Turo car for 8,000, it creates $800 a month. You can't do that. That's a pipe dream. And you start to question and you get out of the community of people who are actually on that journey with you. And all of sudden you're like, let me hold off. There's too much risk. But the reality is, that if you don't surround yourself with the right people, you're really not going to ever change the way you think. You're not going to ever get the results that you're looking for. I would say those are probably the things, if I had to guess what was below the surface, it would be one of those few things.

40:04 All right, to hand it back to you here as we wrap up, oh, Joey Murray. What a cool name still. Partner for wealth without wall street. What do you love most? What's been the most rewarding part about, about this journey since 2014 that you've been on? Yeah. Well, the first would be selfishly. I have been a learner first, which has allowed me to then point the way to people ahead of me and say, look behind me. There's a lot of things I learned along the way, sometimes the hard way. And I want you to learn it much faster and much more efficiently, but the results it's done for me and my family. Mark, I'm going to tell you, man, I went from that point where I just started telling you.

40:48 being just a slave to my phone, being constantly away from my kids and my wife and not having the freedom of time to where I might work 25 hours a week right now and I take Fridays off and I go to breakfast. I don't start my day till 10 a.m. and leave around five while they're still in school, we're homeschooled, so I get to see them all throughout the day anyway. The quality of life that it has created for me and my family is paramount. But then the second thing, which is the thing I get the most joy out of is seeing people as they graduate the lab and hearing their story of, man, this has changed my life.

41:28 Because now I've, came into this only having ever invested in Wall Street, 401ks, IRAs, didn't understand what that was and didn't understand how to do. passive income at all, like alternative investing through real estate or businesses or whatever the case may be. And now I've evaluated 12 deals and I've invested in three and I'm looking at a fourth right now that's going to help me get to 2,000 or 2,500 per month passive income. That, in the confidence that's in their voice, that's the thing that's, it's like, they may not even say it, but I can actually hear it in their voice.

42:08 that they are actually like, man, this is repeatable. This is scalable. I can actually do this. That to me is the most rewarding because I know that the outcome is inevitable for them to get to where we're talking about. Awesome time. Joey Murray wealth without wall street, grab his book, check out the system. And, I guess you spend some time around if this is foreign to people, hear passive income, but spend time figuring out what all the types of passive income are and, what type of part of it you want to play in your life. And, maybe one day you'll be working 25 hours a week like this guy. I hope I'm not doing that for very much longer, I'm constantly replacing myself.

42:52 I'll care of doing it the wrong way. I'll keep on working these 80 and 90 hour weeks. I'll continue doing it and, um, I'll continue watching you spending time on that beach, um, taking Fridays off. So I think there's a bunch of different ways to do it, but I love having conversations with people that have a different perspective on this, right? Or they've learned something new from the world that they used to be in. And some of us, we just won't ever jerk ourselves out of it. But I will say for those of us that still work these crazy weeks that I work, And running businesses and in the business, passive income is still a big part of my income now. So regardless of what one part of your life looks like, the part about passive that people need to understand though, is there's a lot of brain work and a lot of investment in understanding these businesses for the passive part to really pay off.

43:43 A hundred percent. Yeah. If you don't, if you don't spend the time educating yourself, it'll never be passive. and potentially lose all your money. So. cause yourself more grief potentially than you have. Yeah. Mark, by the way, we did set up a page for your listeners if they would like to get access to some, they'll have a free quiz, free webinar, many other things we give away. If you want, people go to wealththoughoutwallstreet.com forward slash necessary entrepreneur. Wealththoughoutwallstreet.com forward slash necessary entrepreneur. There's a way for you to contact me. I'd love for you to just say, I heard you and Mark talking on the podcast and love to connect with you from there. Awesome.

44:23 We'll put that out for you too. Thank you. Thank you for the time today. Yeah. man, I love being on here.