{"version":"1.0.0","segments":[{"speaker":"Average Joe Finances","startTime":0.11,"endTime":1.25,"body":"Hey,"},{"speaker":"Average Joe Finances","startTime":0.11,"endTime":1.25,"body":"how's it going everybody?"},{"speaker":"Average Joe Finances","startTime":1.25,"endTime":5.99,"body":"So today's guest is Adam Doren and"},{"speaker":"Average Joe Finances","startTime":1.25,"endTime":5.99,"body":"he's a former police officer turned"},{"speaker":"Average Joe Finances","startTime":5.99,"endTime":7.88,"body":"wealth advisor in Kansas city."},{"speaker":"Average Joe Finances","startTime":7.95,"endTime":12.3,"body":"He specializes in creative strategies"},{"speaker":"Average Joe Finances","startTime":7.95,"endTime":12.3,"body":"for real estate investors and business"},{"speaker":"Average Joe Finances","startTime":12.3,"endTime":15.36,"body":"owners to build tax-free wealth"},{"speaker":"Average Joe Finances","startTime":12.3,"endTime":15.36,"body":"while they grow their business."},{"speaker":"Average Joe Finances","startTime":15.707,"endTime":19.09,"body":"In addition to his work as a"},{"speaker":"Average Joe Finances","startTime":15.707,"endTime":19.09,"body":"wealth advisor, Adam has been"},{"speaker":"Average Joe Finances","startTime":19.09,"endTime":21.34,"body":"investing in real estate since 2011."},{"speaker":"Average Joe Finances","startTime":21.79,"endTime":26.77,"body":"He started with wholesaling and single"},{"speaker":"Average Joe Finances","startTime":21.79,"endTime":26.77,"body":"family rentals then transitioned in 2019"},{"speaker":"Average Joe Finances","startTime":27.07,"endTime":32.56,"body":"to commercial properties and now owns 52"},{"speaker":"Average Joe Finances","startTime":27.07,"endTime":32.56,"body":"units with his partners in Kansas city."},{"speaker":"Average Joe Finances","startTime":32.86,"endTime":36.1,"body":"So Adam, awesome background really"},{"speaker":"Average Joe Finances","startTime":32.86,"endTime":36.1,"body":"love what you're doing in real estate."},{"speaker":"Average Joe Finances","startTime":36.124,"endTime":38.974,"body":"And as a wealth advisor, I'm really"},{"speaker":"Average Joe Finances","startTime":36.124,"endTime":38.974,"body":"excited to talk to you today."},{"speaker":"Average Joe Finances","startTime":39.004,"endTime":39.914,"body":"Thanks for joining us."},{"speaker":"Adam Doran","startTime":40.08,"endTime":42.375,"body":"Thank you, Mike, for"},{"speaker":"Adam Doran","startTime":40.08,"endTime":42.375,"body":"the invite to be on today and I'm"},{"speaker":"Adam Doran","startTime":42.375,"endTime":43.515,"body":"looking forward to the conversation."},{"speaker":"Average Joe Finances","startTime":43.965,"endTime":44.805,"body":"Yeah, absolutely."},{"speaker":"Average Joe Finances","startTime":44.822,"endTime":45.182,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":45.182,"endTime":48.825,"body":"So I'm going to start this off the"},{"speaker":"Average Joe Finances","startTime":45.182,"endTime":48.825,"body":"same way I start every show and I gave"},{"speaker":"Average Joe Finances","startTime":48.825,"endTime":52.365,"body":"like a wave top of who you are, what"},{"speaker":"Average Joe Finances","startTime":48.825,"endTime":52.365,"body":"you're doing, where'd you come from?"},{"speaker":"Average Joe Finances","startTime":52.725,"endTime":55.815,"body":"So if you could just elaborate a little"},{"speaker":"Average Joe Finances","startTime":52.725,"endTime":55.815,"body":"bit more into that, share a little bit"},{"speaker":"Average Joe Finances","startTime":55.815,"endTime":57.135,"body":"more about yourself and your story."},{"speaker":"Average Joe Finances","startTime":57.135,"endTime":59.369,"body":"Like what how did this"},{"speaker":"Average Joe Finances","startTime":57.135,"endTime":59.369,"body":"all get started for you."},{"speaker":"Adam Doran","startTime":59.959,"endTime":63.943,"body":"Yeah before I was being"},{"speaker":"Adam Doran","startTime":59.959,"endTime":63.943,"body":"a wealth advisor and before I first"},{"speaker":"Adam Doran","startTime":63.943,"endTime":67.453,"body":"got into real estate, I was a police"},{"speaker":"Adam Doran","startTime":63.943,"endTime":67.453,"body":"officer and I did that for 16 years"},{"speaker":"Adam Doran","startTime":67.486,"endTime":72.074,"body":"I got into it right at age 21, right"},{"speaker":"Adam Doran","startTime":67.486,"endTime":72.074,"body":"when I was eligible to be a cop it"},{"speaker":"Adam Doran","startTime":72.074,"endTime":73.004,"body":"was something I knew I wanted to do."},{"speaker":"Adam Doran","startTime":73.724,"endTime":77.894,"body":"From the time I was really young"},{"speaker":"Adam Doran","startTime":73.724,"endTime":77.894,"body":"and I did really enjoy that career."},{"speaker":"Adam Doran","startTime":77.894,"endTime":80.874,"body":"The first 10 years of it, I couldn't"},{"speaker":"Adam Doran","startTime":77.894,"endTime":80.874,"body":"believe I got paid to do it."},{"speaker":"Adam Doran","startTime":80.874,"endTime":82.849,"body":"I really did enjoy"},{"speaker":"Adam Doran","startTime":80.874,"endTime":82.849,"body":"going to work every day."},{"speaker":"Adam Doran","startTime":83.389,"endTime":86.98,"body":"However, over those first 10 years of"},{"speaker":"Adam Doran","startTime":83.389,"endTime":86.98,"body":"doing that career things of my life"},{"speaker":"Adam Doran","startTime":86.98,"endTime":92.253,"body":"shifted, I got older, I got married,"},{"speaker":"Adam Doran","startTime":86.98,"endTime":92.253,"body":"had a kid priorities shifted, and I"},{"speaker":"Adam Doran","startTime":92.253,"endTime":93.603,"body":"got tired of living check to check."},{"speaker":"Adam Doran","startTime":93.653,"endTime":98.283,"body":"So 10 years into career, I'm trying"},{"speaker":"Adam Doran","startTime":93.653,"endTime":98.283,"body":"to figure out how I can improve my"},{"speaker":"Adam Doran","startTime":98.283,"endTime":102.453,"body":"financial situation and went on a"},{"speaker":"Adam Doran","startTime":98.283,"endTime":102.453,"body":"journey of starting to educate myself"},{"speaker":"Adam Doran","startTime":102.453,"endTime":106.726,"body":"about finances and how real wealth works"},{"speaker":"Adam Doran","startTime":102.453,"endTime":106.726,"body":"and how to build sustainable wealth."},{"speaker":"Adam Doran","startTime":107.206,"endTime":110.626,"body":"Probably a similar journey to what"},{"speaker":"Adam Doran","startTime":107.206,"endTime":110.626,"body":"listeners on the podcast here are"},{"speaker":"Adam Doran","startTime":110.626,"endTime":112.019,"body":"going through, or just started."},{"speaker":"Adam Doran","startTime":112.034,"endTime":116.242,"body":"And basically through seminars"},{"speaker":"Adam Doran","startTime":112.034,"endTime":116.242,"body":"that I went to and meetings that I"},{"speaker":"Adam Doran","startTime":116.242,"endTime":120.112,"body":"attended, I came to the conclusion"},{"speaker":"Adam Doran","startTime":116.242,"endTime":120.112,"body":"that there were a couple of key pieces."},{"speaker":"Adam Doran","startTime":120.562,"endTime":123.345,"body":"One was that I was going to have"},{"speaker":"Adam Doran","startTime":120.562,"endTime":123.345,"body":"to learn about business and start"},{"speaker":"Adam Doran","startTime":123.345,"endTime":127.498,"body":"a business because by doing that,"},{"speaker":"Adam Doran","startTime":123.345,"endTime":127.498,"body":"that would qualify me for 400 plus"},{"speaker":"Adam Doran","startTime":127.498,"endTime":128.698,"body":"tax breaks that you don't get."},{"speaker":"Adam Doran","startTime":128.698,"endTime":129.718,"body":"If you don't own the business."},{"speaker":"Adam Doran","startTime":130.303,"endTime":134.354,"body":"The other thing was that I realized,"},{"speaker":"Adam Doran","startTime":130.303,"endTime":134.354,"body":"wealthy people, successful people,"},{"speaker":"Adam Doran","startTime":134.354,"endTime":138.644,"body":"often owned real estate, and that real"},{"speaker":"Adam Doran","startTime":134.354,"endTime":138.644,"body":"estate helped them to not only enjoy"},{"speaker":"Adam Doran","startTime":138.674,"endTime":141.434,"body":"income from their business, but they"},{"speaker":"Adam Doran","startTime":138.674,"endTime":141.434,"body":"could take the excess and put it into"},{"speaker":"Adam Doran","startTime":141.434,"endTime":145.474,"body":"real estate for additional income,"},{"speaker":"Adam Doran","startTime":141.434,"endTime":145.474,"body":"because we all only have 24 hours a day."},{"speaker":"Adam Doran","startTime":145.504,"endTime":147.644,"body":"We can all only work so many hours."},{"speaker":"Adam Doran","startTime":147.767,"endTime":150.617,"body":"And then the other thing was I"},{"speaker":"Adam Doran","startTime":147.767,"endTime":150.617,"body":"realized that wealthy people understood"},{"speaker":"Adam Doran","startTime":150.797,"endTime":152.507,"body":"finances and the financial markets."},{"speaker":"Adam Doran","startTime":152.666,"endTime":156.837,"body":"And so that was the three principles I"},{"speaker":"Adam Doran","startTime":152.666,"endTime":156.837,"body":"was like, okay, gotta learn about business"},{"speaker":"Adam Doran","startTime":156.837,"endTime":158.457,"body":"real estate and financial markets."},{"speaker":"Adam Doran","startTime":158.937,"endTime":163.857,"body":"And going through that journey led"},{"speaker":"Adam Doran","startTime":158.937,"endTime":163.857,"body":"me to, after about another six years"},{"speaker":"Adam Doran","startTime":163.857,"endTime":166.737,"body":"of being a police officer decided"},{"speaker":"Adam Doran","startTime":163.857,"endTime":166.737,"body":"that I wanted to change careers."},{"speaker":"Adam Doran","startTime":166.843,"endTime":170.893,"body":"I wanted to be able to spend all of"},{"speaker":"Adam Doran","startTime":166.843,"endTime":170.893,"body":"my time in that realm of finances."},{"speaker":"Adam Doran","startTime":170.893,"endTime":174.27,"body":"I found the journey fascinating, and"},{"speaker":"Adam Doran","startTime":170.893,"endTime":174.27,"body":"here's what else I found traditional"},{"speaker":"Adam Doran","startTime":174.27,"endTime":177.24,"body":"financial advice and traditional"},{"speaker":"Adam Doran","startTime":174.27,"endTime":177.24,"body":"financial advisors by and large."},{"speaker":"Adam Doran","startTime":177.985,"endTime":182.065,"body":"What they were encouraging, did"},{"speaker":"Adam Doran","startTime":177.985,"endTime":182.065,"body":"not align with what I had learned"},{"speaker":"Adam Doran","startTime":182.065,"endTime":183.505,"body":"about how real wealth works."},{"speaker":"Adam Doran","startTime":183.955,"endTime":188.755,"body":"And that was a huge piece to me that was"},{"speaker":"Adam Doran","startTime":183.955,"endTime":188.755,"body":"like, I need to get into this industry and"},{"speaker":"Adam Doran","startTime":188.755,"endTime":190.105,"body":"share the things that I've been learning."},{"speaker":"Adam Doran","startTime":190.599,"endTime":192.103,"body":"And so that's what brought me into it."},{"speaker":"Average Joe Finances","startTime":192.454,"endTime":196.065,"body":"it's a very"},{"speaker":"Average Joe Finances","startTime":192.454,"endTime":196.065,"body":"similar story that, for people"},{"speaker":"Average Joe Finances","startTime":196.065,"endTime":197.635,"body":"that get into a career field."},{"speaker":"Average Joe Finances","startTime":198.09,"endTime":201.843,"body":"And, maybe about halfway through or there"},{"speaker":"Average Joe Finances","startTime":198.09,"endTime":201.843,"body":"they're doing it for a couple of years."},{"speaker":"Average Joe Finances","startTime":201.843,"endTime":205.713,"body":"And then they realize, Hey, how am I going"},{"speaker":"Average Joe Finances","startTime":201.843,"endTime":205.713,"body":"to build my wealth a little bit faster?"},{"speaker":"Average Joe Finances","startTime":205.713,"endTime":210.243,"body":"Or what's the best way to do this to where"},{"speaker":"Average Joe Finances","startTime":205.713,"endTime":210.243,"body":"I don't have to go to work every day."},{"speaker":"Average Joe Finances","startTime":210.243,"endTime":211.923,"body":"And I could spend more"},{"speaker":"Average Joe Finances","startTime":210.243,"endTime":211.923,"body":"time with my family."},{"speaker":"Average Joe Finances","startTime":211.923,"endTime":214.573,"body":"So it looks like one of"},{"speaker":"Average Joe Finances","startTime":211.923,"endTime":214.573,"body":"those key drivers for you was"},{"speaker":"Average Joe Finances","startTime":214.963,"endTime":216.223,"body":"getting some of that time back."},{"speaker":"Average Joe Finances","startTime":216.249,"endTime":217.329,"body":"You wanted some of that time."},{"speaker":"Average Joe Finances","startTime":217.329,"endTime":217.809,"body":"Freedom."},{"speaker":"Average Joe Finances","startTime":217.926,"endTime":221.256,"body":"speaking of time, I had to write this down"},{"speaker":"Average Joe Finances","startTime":217.926,"endTime":221.256,"body":"when you said it and you had mentioned."},{"speaker":"Average Joe Finances","startTime":222.105,"endTime":226.515,"body":"We all have 24 hours in the day and"},{"speaker":"Average Joe Finances","startTime":222.105,"endTime":226.515,"body":"we can only work for those 24 hours."},{"speaker":"Average Joe Finances","startTime":226.522,"endTime":231.018,"body":"And first of all, you don't want to work"},{"speaker":"Average Joe Finances","startTime":226.522,"endTime":231.018,"body":"24 hours in a day because that's pretty"},{"speaker":"Average Joe Finances","startTime":231.018,"endTime":235.248,"body":"awful because then the next day starts"},{"speaker":"Average Joe Finances","startTime":231.018,"endTime":235.248,"body":"and you've been nonstop working and"},{"speaker":"Average Joe Finances","startTime":235.248,"endTime":237.498,"body":"you haven't slept and have no energy."},{"speaker":"Average Joe Finances","startTime":237.498,"endTime":240.258,"body":"And then how can you actually"},{"speaker":"Average Joe Finances","startTime":237.498,"endTime":240.258,"body":"perform the next day?"},{"speaker":"Average Joe Finances","startTime":240.357,"endTime":242.03,"body":"Yeah that's a very key thing."},{"speaker":"Average Joe Finances","startTime":242.03,"endTime":243.6,"body":"Like we all have the same amount of time."},{"speaker":"Average Joe Finances","startTime":244.11,"endTime":248.741,"body":"And it's a matter of what do you do"},{"speaker":"Average Joe Finances","startTime":244.11,"endTime":248.741,"body":"with that time to better your situation?"},{"speaker":"Average Joe Finances","startTime":249.281,"endTime":250.751,"body":"And it looks like you figured it out."},{"speaker":"Average Joe Finances","startTime":251.141,"endTime":251.251,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":251.251,"endTime":253.821,"body":"At least, what worked for you"},{"speaker":"Average Joe Finances","startTime":251.251,"endTime":253.821,"body":"was starting a business and"},{"speaker":"Average Joe Finances","startTime":253.821,"endTime":255.021,"body":"then getting into real estate."},{"speaker":"Average Joe Finances","startTime":255.351,"endTime":258.221,"body":"And, that's one of the things that"},{"speaker":"Average Joe Finances","startTime":255.351,"endTime":258.221,"body":"I find that a lot of people that"},{"speaker":"Average Joe Finances","startTime":258.241,"endTime":261.211,"body":"come on the show, it doesn't matter"},{"speaker":"Average Joe Finances","startTime":258.241,"endTime":261.211,"body":"what route they decide to go."},{"speaker":"Average Joe Finances","startTime":261.211,"endTime":262.831,"body":"Some people don't build a business first."},{"speaker":"Average Joe Finances","startTime":262.831,"endTime":267.181,"body":"Some people decide they want to invest"},{"speaker":"Average Joe Finances","startTime":262.831,"endTime":267.181,"body":"in the stock market or even to get into"},{"speaker":"Average Joe Finances","startTime":267.181,"endTime":270.731,"body":"other things like there's alternatives"},{"speaker":"Average Joe Finances","startTime":267.181,"endTime":270.731,"body":"like crypto now that people are doing."},{"speaker":"Average Joe Finances","startTime":270.758,"endTime":273.728,"body":"And then a lot of times after they"},{"speaker":"Average Joe Finances","startTime":270.758,"endTime":273.728,"body":"start building up some wealth,"},{"speaker":"Average Joe Finances","startTime":274.598,"endTime":275.528,"body":"They don't know where to put it."},{"speaker":"Average Joe Finances","startTime":275.528,"endTime":279.098,"body":"So they put it into real estate,"},{"speaker":"Average Joe Finances","startTime":275.528,"endTime":279.098,"body":"which is a great place to store"},{"speaker":"Average Joe Finances","startTime":279.518,"endTime":283.628,"body":"your wealth so that it's not just"},{"speaker":"Average Joe Finances","startTime":279.518,"endTime":283.628,"body":"sitting in a savings account and"},{"speaker":"Average Joe Finances","startTime":283.688,"endTime":285.578,"body":"collecting like no interest whatsoever."},{"speaker":"Average Joe Finances","startTime":285.878,"endTime":287.177,"body":"So that's really awesome."},{"speaker":"Average Joe Finances","startTime":287.237,"endTime":290.297,"body":"I always like bringing it back to"},{"speaker":"Average Joe Finances","startTime":287.237,"endTime":290.297,"body":"real estate because it's one of my"},{"speaker":"Average Joe Finances","startTime":290.297,"endTime":293.982,"body":"favorite wealth building assets out"},{"speaker":"Average Joe Finances","startTime":290.297,"endTime":293.982,"body":"there because it's just that good."},{"speaker":"Average Joe Finances","startTime":294.064,"endTime":296.804,"body":"And it's just that steady because"},{"speaker":"Average Joe Finances","startTime":294.064,"endTime":296.804,"body":"we all need a place to live."},{"speaker":"Average Joe Finances","startTime":296.951,"endTime":297.371,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":297.701,"endTime":300.251,"body":"Now you were on the"},{"speaker":"Average Joe Finances","startTime":297.701,"endTime":300.251,"body":"police force for 11 years."},{"speaker":"Average Joe Finances","startTime":300.251,"endTime":300.701,"body":"You said"},{"speaker":"Adam Doran","startTime":300.777,"endTime":304.947,"body":"16 years,"},{"speaker":"Adam Doran","startTime":300.777,"endTime":304.947,"body":"total 16, 10, 11 year mark."},{"speaker":"Adam Doran","startTime":304.947,"endTime":308.052,"body":"That I really started exploring"},{"speaker":"Adam Doran","startTime":304.947,"endTime":308.052,"body":"how to build wealth and actually"},{"speaker":"Adam Doran","startTime":308.052,"endTime":310.332,"body":"got involved in real estate."},{"speaker":"Adam Doran","startTime":310.382,"endTime":313.397,"body":"And  interesting, you brought that up"},{"speaker":"Adam Doran","startTime":310.382,"endTime":313.397,"body":"to the order in which you do things."},{"speaker":"Adam Doran","startTime":313.397,"endTime":315.557,"body":"Everybody starts out in a different place."},{"speaker":"Adam Doran","startTime":315.557,"endTime":318.041,"body":"It seems but I started"},{"speaker":"Adam Doran","startTime":315.557,"endTime":318.041,"body":"with real estate too."},{"speaker":"Adam Doran","startTime":318.041,"endTime":321.851,"body":"I actually jumped into real estate"},{"speaker":"Adam Doran","startTime":318.041,"endTime":321.851,"body":"prior to really figuring out what"},{"speaker":"Adam Doran","startTime":321.851,"endTime":322.991,"body":"business was I going to be in."},{"speaker":"Adam Doran","startTime":322.991,"endTime":327.738,"body":"So I, I agree that, the order, you do"},{"speaker":"Adam Doran","startTime":322.991,"endTime":327.738,"body":"things in, it doesn't much matter so"},{"speaker":"Adam Doran","startTime":327.738,"endTime":329.25,"body":"much as you come to the same conclusion."},{"speaker":"Adam Doran","startTime":330.015,"endTime":331.395,"body":"There's only 24 hours in a day."},{"speaker":"Adam Doran","startTime":331.395,"endTime":333.885,"body":"And you got to find a way to, to"},{"speaker":"Adam Doran","startTime":331.395,"endTime":333.885,"body":"build income and build wealth."},{"speaker":"Average Joe Finances","startTime":334.105,"endTime":334.345,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":334.345,"endTime":335.365,"body":"So it was about 16 years."},{"speaker":"Average Joe Finances","startTime":335.365,"endTime":340.067,"body":"And so it was around the 10, 11 year"},{"speaker":"Average Joe Finances","startTime":335.365,"endTime":340.067,"body":"mark when you started, to build your own"},{"speaker":"Average Joe Finances","startTime":340.067,"endTime":342.047,"body":"business, get into real estate, right?"},{"speaker":"Average Joe Finances","startTime":342.047,"endTime":346.877,"body":"So over that next five to six year"},{"speaker":"Average Joe Finances","startTime":342.047,"endTime":346.877,"body":"period, you were able to get yourself to"},{"speaker":"Average Joe Finances","startTime":346.877,"endTime":348.377,"body":"a point where you can actually step away."},{"speaker":"Average Joe Finances","startTime":349.242,"endTime":350.352,"body":"From your nine to five."},{"speaker":"Average Joe Finances","startTime":350.382,"endTime":353.592,"body":"So step away from the police force"},{"speaker":"Average Joe Finances","startTime":350.382,"endTime":353.592,"body":"and go into what you're doing right"},{"speaker":"Average Joe Finances","startTime":353.592,"endTime":357.837,"body":"now as a wealth advisor, for your own"},{"speaker":"Average Joe Finances","startTime":353.592,"endTime":357.837,"body":"business and real estate full time."},{"speaker":"Average Joe Finances","startTime":357.892,"endTime":361.915,"body":"Five to six years, that might sound"},{"speaker":"Average Joe Finances","startTime":357.892,"endTime":361.915,"body":"like a long time, but in the grand"},{"speaker":"Average Joe Finances","startTime":361.915,"endTime":365.155,"body":"scheme of things, that's not a"},{"speaker":"Average Joe Finances","startTime":361.915,"endTime":365.155,"body":"long time at all, especially to be"},{"speaker":"Average Joe Finances","startTime":365.155,"endTime":369.115,"body":"able to walk away from a job that's"},{"speaker":"Average Joe Finances","startTime":365.155,"endTime":369.115,"body":"paying you your full-time income."},{"speaker":"Average Joe Finances","startTime":369.143,"endTime":370.895,"body":"That's what you've been used to living on."},{"speaker":"Average Joe Finances","startTime":370.956,"endTime":374.827,"body":"And that's how you took care of"},{"speaker":"Average Joe Finances","startTime":370.956,"endTime":374.827,"body":"yourself, your family, your own home"},{"speaker":"Average Joe Finances","startTime":374.885,"endTime":377.045,"body":"that's what paid the bills, right?"},{"speaker":"Average Joe Finances","startTime":377.045,"endTime":377.165,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":377.735,"endTime":381.485,"body":"And here you are five years later"},{"speaker":"Average Joe Finances","startTime":377.735,"endTime":381.485,"body":"able to walk away from that because"},{"speaker":"Average Joe Finances","startTime":381.485,"endTime":382.895,"body":"of what you've built on the side."},{"speaker":"Average Joe Finances","startTime":383.345,"endTime":386.775,"body":"And I think, a lot of people,"},{"speaker":"Average Joe Finances","startTime":383.345,"endTime":386.775,"body":"especially in full-time career fields."},{"speaker":"Average Joe Finances","startTime":386.803,"endTime":390.369,"body":"And I know I've run into this a"},{"speaker":"Average Joe Finances","startTime":386.803,"endTime":390.369,"body":"couple of times myself telling myself,"},{"speaker":"Average Joe Finances","startTime":390.369,"endTime":391.329,"body":"like, how is this going to work?"},{"speaker":"Average Joe Finances","startTime":391.329,"endTime":392.859,"body":"How am I going to find"},{"speaker":"Average Joe Finances","startTime":391.329,"endTime":392.859,"body":"the time to do this?"},{"speaker":"Average Joe Finances","startTime":393.127,"endTime":396.725,"body":"If you start a side gig or a side"},{"speaker":"Average Joe Finances","startTime":393.127,"endTime":396.725,"body":"hustle now, and you start building"},{"speaker":"Average Joe Finances","startTime":396.725,"endTime":401.105,"body":"on that, or you start investing"},{"speaker":"Average Joe Finances","startTime":396.725,"endTime":401.105,"body":"right now, you'd be very surprised"},{"speaker":"Average Joe Finances","startTime":401.105,"endTime":403.055,"body":"where you can be five years from now."},{"speaker":"Average Joe Finances","startTime":403.055,"endTime":406.187,"body":"And that's why I feel like, that,"},{"speaker":"Average Joe Finances","startTime":403.055,"endTime":406.187,"body":"that whole thing about what you"},{"speaker":"Average Joe Finances","startTime":406.187,"endTime":409.877,"body":"did and over that five to six year"},{"speaker":"Average Joe Finances","startTime":406.187,"endTime":409.877,"body":"period is just absolutely amazing."},{"speaker":"Average Joe Finances","startTime":410.267,"endTime":412.859,"body":"And I think more people need"},{"speaker":"Average Joe Finances","startTime":410.267,"endTime":412.859,"body":"to know, Hey you can do this."},{"speaker":"Average Joe Finances","startTime":412.887,"endTime":416.415,"body":"You can start something on the side"},{"speaker":"Average Joe Finances","startTime":412.887,"endTime":416.415,"body":"and then replace your nine to five job."},{"speaker":"Average Joe Finances","startTime":416.471,"endTime":419.051,"body":"Okay, so now fast forward"},{"speaker":"Average Joe Finances","startTime":416.471,"endTime":419.051,"body":"to where we are today."},{"speaker":"Average Joe Finances","startTime":419.411,"endTime":421.661,"body":"How long have you been"},{"speaker":"Average Joe Finances","startTime":419.411,"endTime":421.661,"body":"investing in real estate?"},{"speaker":"Adam Doran","startTime":422.015,"endTime":422.645,"body":"10 years."},{"speaker":"Average Joe Finances","startTime":422.801,"endTime":423.071,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":423.071,"endTime":423.971,"body":"So 10 years now."},{"speaker":"Average Joe Finances","startTime":424.241,"endTime":424.511,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":424.511,"endTime":425.231,"body":"Fantastic."},{"speaker":"Average Joe Finances","startTime":425.471,"endTime":429.491,"body":"And five of those years has"},{"speaker":"Average Joe Finances","startTime":425.471,"endTime":429.491,"body":"been without working at the"},{"speaker":"Average Joe Finances","startTime":429.491,"endTime":430.874,"body":"your original nine to five job."},{"speaker":"Average Joe Finances","startTime":431.264,"endTime":432.626,"body":"So that's really awesome, man."},{"speaker":"Average Joe Finances","startTime":432.664,"endTime":433.054,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":433.384,"endTime":438.304,"body":"So I want to tie it into what you"},{"speaker":"Average Joe Finances","startTime":433.384,"endTime":438.304,"body":"do now as a wealth advisor, right?"},{"speaker":"Average Joe Finances","startTime":439.804,"endTime":444.064,"body":"One of the topics that we're going to talk"},{"speaker":"Average Joe Finances","startTime":439.804,"endTime":444.064,"body":"about is traditional financial planning."},{"speaker":"Average Joe Finances","startTime":444.112,"endTime":445.462,"body":"And how that's broken."},{"speaker":"Average Joe Finances","startTime":445.912,"endTime":448.74,"body":"So can you tell me, like"},{"speaker":"Average Joe Finances","startTime":445.912,"endTime":448.74,"body":"how is traditional financial"},{"speaker":"Average Joe Finances","startTime":448.74,"endTime":449.88,"body":"planning broken today?"},{"speaker":"Adam Doran","startTime":450.195,"endTime":453.375,"body":"So what I believe is"},{"speaker":"Adam Doran","startTime":450.195,"endTime":453.375,"body":"that traditional financial planning"},{"speaker":"Adam Doran","startTime":453.375,"endTime":455.025,"body":"is broken for a couple of reasons."},{"speaker":"Adam Doran","startTime":455.025,"endTime":459.875,"body":"Number one, primarily it takes"},{"speaker":"Adam Doran","startTime":455.025,"endTime":459.875,"body":"control away from the client."},{"speaker":"Adam Doran","startTime":460.214,"endTime":465.167,"body":"If you go into a traditional financial"},{"speaker":"Adam Doran","startTime":460.214,"endTime":465.167,"body":"planning meeting, the advisor,"},{"speaker":"Adam Doran","startTime":465.167,"endTime":467.117,"body":"there is positioned as the expert."},{"speaker":"Adam Doran","startTime":467.147,"endTime":470.327,"body":"They usually have, it almost sounds"},{"speaker":"Adam Doran","startTime":467.147,"endTime":470.327,"body":"like an entire separate language or they"},{"speaker":"Adam Doran","startTime":470.327,"endTime":474.587,"body":"speak, and there's this three meeting"},{"speaker":"Adam Doran","startTime":470.327,"endTime":474.587,"body":"sequence of you meet, you get acquainted,"},{"speaker":"Adam Doran","startTime":474.767,"endTime":478.187,"body":"then they collect your financial data"},{"speaker":"Adam Doran","startTime":474.767,"endTime":478.187,"body":"and you meet and you go over that."},{"speaker":"Adam Doran","startTime":478.547,"endTime":480.977,"body":"And then there's a meeting where they"},{"speaker":"Adam Doran","startTime":478.547,"endTime":480.977,"body":"give this presentation about here's"},{"speaker":"Adam Doran","startTime":480.977,"endTime":482.267,"body":"what you're going to do based on where."},{"speaker":"Adam Doran","startTime":483.277,"endTime":486.817,"body":"And it positions them as the expert"},{"speaker":"Adam Doran","startTime":483.277,"endTime":486.817,"body":"and then you're then turning over your"},{"speaker":"Adam Doran","startTime":486.817,"endTime":488.917,"body":"assets for them to manage for a fee."},{"speaker":"Adam Doran","startTime":489.427,"endTime":492.007,"body":"And you're not controlling that process."},{"speaker":"Adam Doran","startTime":492.037,"endTime":496.567,"body":"And furthermore, when that money gets"},{"speaker":"Adam Doran","startTime":492.037,"endTime":496.567,"body":"invested, when they manage those assets,"},{"speaker":"Adam Doran","startTime":496.867,"endTime":498.397,"body":"chances are the advisor themselves."},{"speaker":"Adam Doran","startTime":498.397,"endTime":499.297,"body":"Isn't managing them."},{"speaker":"Adam Doran","startTime":499.297,"endTime":502.222,"body":"It's going to some third party out"},{"speaker":"Adam Doran","startTime":499.297,"endTime":502.222,"body":"on the east coast or something, and"},{"speaker":"Adam Doran","startTime":502.222,"endTime":503.801,"body":"it's going into wall street funds."},{"speaker":"Adam Doran","startTime":504.191,"endTime":505.211,"body":"There's no control."},{"speaker":"Adam Doran","startTime":505.451,"endTime":506.071,"body":"There's also no."},{"speaker":"Adam Doran","startTime":506.123,"endTime":509.511,"body":"Because usually you're encouraged"},{"speaker":"Adam Doran","startTime":506.123,"endTime":509.511,"body":"to stuff your money away into these"},{"speaker":"Adam Doran","startTime":509.511,"endTime":510.861,"body":"accounts where you're penalized."},{"speaker":"Adam Doran","startTime":510.861,"endTime":514.131,"body":"If you grabbed the money before you're"},{"speaker":"Adam Doran","startTime":510.861,"endTime":514.131,"body":"59 and a half, all your traditional"},{"speaker":"Adam Doran","startTime":514.131,"endTime":517.251,"body":"retirement accounts, pre 59 and a"},{"speaker":"Adam Doran","startTime":514.131,"endTime":517.251,"body":"half early withdrawal penalties."},{"speaker":"Adam Doran","startTime":518.301,"endTime":521.721,"body":"And then furthermore, and this is a"},{"speaker":"Adam Doran","startTime":518.301,"endTime":521.721,"body":"significant one that I like to, that"},{"speaker":"Adam Doran","startTime":521.721,"endTime":525.561,"body":"I like to emphasize, because I think"},{"speaker":"Adam Doran","startTime":521.721,"endTime":525.561,"body":"it's right now today, we're seeing it"},{"speaker":"Adam Doran","startTime":525.561,"endTime":530.841,"body":"in the headlines tax rates, I think"},{"speaker":"Adam Doran","startTime":525.561,"endTime":530.841,"body":"are far more likely to be higher in"},{"speaker":"Adam Doran","startTime":530.841,"endTime":532.251,"body":"the future than they are to be lower."},{"speaker":"Adam Doran","startTime":533.421,"endTime":537.951,"body":"And when you think about where we are by"},{"speaker":"Adam Doran","startTime":533.421,"endTime":537.951,"body":"default accumulating all of our assets,"},{"speaker":"Adam Doran","startTime":538.041,"endTime":539.571,"body":"if you're doing it the traditional way."},{"speaker":"Adam Doran","startTime":539.571,"endTime":542.721,"body":"So if you have an employer sponsored"},{"speaker":"Adam Doran","startTime":539.571,"endTime":542.721,"body":"retirement program, or if you go"},{"speaker":"Adam Doran","startTime":542.721,"endTime":547.311,"body":"to an advisor more than likely,"},{"speaker":"Adam Doran","startTime":542.721,"endTime":547.311,"body":"you're in a 401k, an IRA, some sort"},{"speaker":"Adam Doran","startTime":547.311,"endTime":549.531,"body":"of tax deferred savings account."},{"speaker":"Adam Doran","startTime":550.431,"endTime":554.271,"body":"And that seems really good today because"},{"speaker":"Adam Doran","startTime":550.431,"endTime":554.271,"body":"if you make a hundred grand and you put"},{"speaker":"Adam Doran","startTime":554.271,"endTime":557.851,"body":"10 grand in that account, you're now"},{"speaker":"Adam Doran","startTime":554.271,"endTime":557.851,"body":"only paying taxes on 90,000 But you've"},{"speaker":"Adam Doran","startTime":557.851,"endTime":562.561,"body":"deferred the taxes and you defer the"},{"speaker":"Adam Doran","startTime":557.851,"endTime":562.561,"body":"tax calculation until some point in the"},{"speaker":"Adam Doran","startTime":562.561,"endTime":564.391,"body":"future and that account's getting bigger."},{"speaker":"Adam Doran","startTime":564.721,"endTime":566.261,"body":"So that problem is getting bigger."},{"speaker":"Adam Doran","startTime":566.261,"endTime":569.169,"body":"If you believe like I do that tax"},{"speaker":"Adam Doran","startTime":566.261,"endTime":569.169,"body":"rates are going up in the future"},{"speaker":"Adam Doran","startTime":569.679,"endTime":573.189,"body":"and you've accumulated, let's say by"},{"speaker":"Adam Doran","startTime":569.679,"endTime":573.189,"body":"the time your retirement age, you've"},{"speaker":"Adam Doran","startTime":573.189,"endTime":576.999,"body":"accumulated a million dollars, $2"},{"speaker":"Adam Doran","startTime":573.189,"endTime":576.999,"body":"million, $5 million in that account."},{"speaker":"Adam Doran","startTime":577.185,"endTime":578.805,"body":"The question is how much is really yours?"},{"speaker":"Adam Doran","startTime":579.435,"endTime":580.515,"body":"And you don't know the answer."},{"speaker":"Adam Doran","startTime":580.725,"endTime":583.305,"body":"And the reason we don't know the answer"},{"speaker":"Adam Doran","startTime":580.725,"endTime":583.305,"body":"is because how much is yours is going"},{"speaker":"Adam Doran","startTime":583.305,"endTime":586.755,"body":"to be determined by what is the tax"},{"speaker":"Adam Doran","startTime":583.305,"endTime":586.755,"body":"rate when you take that money out?"},{"speaker":"Adam Doran","startTime":587.325,"endTime":589.605,"body":"Oh, and by the way, you and I"},{"speaker":"Adam Doran","startTime":587.325,"endTime":589.605,"body":"don't control that tax rate."},{"speaker":"Adam Doran","startTime":590.385,"endTime":594.345,"body":"So it goes back to what I said about"},{"speaker":"Adam Doran","startTime":590.385,"endTime":594.345,"body":"control that's, what's broken about"},{"speaker":"Adam Doran","startTime":594.345,"endTime":595.665,"body":"traditional financial planning."},{"speaker":"Adam Doran","startTime":595.695,"endTime":599.505,"body":"And so what I want to do is work with"},{"speaker":"Adam Doran","startTime":595.695,"endTime":599.505,"body":"clients to help them make educated"},{"speaker":"Adam Doran","startTime":599.505,"endTime":602.705,"body":"decisions about where they're allocating"},{"speaker":"Adam Doran","startTime":599.505,"endTime":602.705,"body":"money and where they're building assets."},{"speaker":"Adam Doran","startTime":603.115,"endTime":606.635,"body":"To insulate themselves from future tax"},{"speaker":"Adam Doran","startTime":603.115,"endTime":606.635,"body":"rate hikes, because I think they're"},{"speaker":"Adam Doran","startTime":606.635,"endTime":608.315,"body":"coming and we're already seeing them now."},{"speaker":"Adam Doran","startTime":608.515,"endTime":613.285,"body":"Giving yourself liquidity so that if a"},{"speaker":"Adam Doran","startTime":608.515,"endTime":613.285,"body":"real estate deal comes along or any kind"},{"speaker":"Adam Doran","startTime":613.285,"endTime":616.915,"body":"of opportunity comes along, starting"},{"speaker":"Adam Doran","startTime":613.285,"endTime":616.915,"body":"a business, buying a business that you"},{"speaker":"Adam Doran","startTime":616.915,"endTime":620.935,"body":"have liquidity, and you can access your"},{"speaker":"Adam Doran","startTime":616.915,"endTime":620.935,"body":"money and not get penalized on it and"},{"speaker":"Adam Doran","startTime":620.935,"endTime":622.975,"body":"be able to execute on that opportunity."},{"speaker":"Adam Doran","startTime":623.152,"endTime":626.662,"body":"And then furthermore, just being"},{"speaker":"Adam Doran","startTime":623.152,"endTime":626.662,"body":"able to plan for your future with"},{"speaker":"Adam Doran","startTime":626.662,"endTime":630.832,"body":"a level of confidence, because"},{"speaker":"Adam Doran","startTime":626.662,"endTime":630.832,"body":"if tax rates go up by 20%, that"},{"speaker":"Adam Doran","startTime":630.832,"endTime":632.362,"body":"doesn't negatively impact my future."},{"speaker":"Adam Doran","startTime":632.478,"endTime":633.558,"body":"Something along those lines."},{"speaker":"Adam Doran","startTime":633.558,"endTime":637.701,"body":"So that's really, what it's all"},{"speaker":"Adam Doran","startTime":633.558,"endTime":637.701,"body":"about is giving control back to"},{"speaker":"Adam Doran","startTime":637.761,"endTime":641.331,"body":"the clients that I work for by"},{"speaker":"Adam Doran","startTime":637.761,"endTime":641.331,"body":"helping them position themselves."},{"speaker":"Adam Doran","startTime":641.331,"endTime":644.393,"body":"And that's all this does is this is"},{"speaker":"Adam Doran","startTime":641.331,"endTime":644.393,"body":"just positioning yourself more favorably"},{"speaker":"Adam Doran","startTime":644.813,"endTime":647.993,"body":"from a tax rate perspective, from a"},{"speaker":"Adam Doran","startTime":644.813,"endTime":647.993,"body":"liquidity and control perspective."},{"speaker":"Adam Doran","startTime":647.993,"endTime":649.073,"body":"It's all about positioning."},{"speaker":"Average Joe Finances","startTime":649.226,"endTime":649.449,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":649.481,"endTime":653.04,"body":"I took notes again, when you were speaking"},{"speaker":"Average Joe Finances","startTime":649.481,"endTime":653.04,"body":"and the big thing you're talking about"},{"speaker":"Average Joe Finances","startTime":653.04,"endTime":659.418,"body":"here is how, going the traditional route"},{"speaker":"Average Joe Finances","startTime":653.04,"endTime":659.418,"body":"for financial planning and just setting"},{"speaker":"Average Joe Finances","startTime":659.418,"endTime":663.006,"body":"up your retirement for the future,"},{"speaker":"Average Joe Finances","startTime":659.418,"endTime":663.006,"body":"that traditional route, you said it"},{"speaker":"Average Joe Finances","startTime":663.006,"endTime":664.926,"body":"takes control away from the clients."},{"speaker":"Average Joe Finances","startTime":665.256,"endTime":667.176,"body":"It was in more than one way, right?"},{"speaker":"Average Joe Finances","startTime":667.176,"endTime":670.806,"body":"Because it was pretty much the financial"},{"speaker":"Average Joe Finances","startTime":667.176,"endTime":670.806,"body":"advisors, the one saying, okay, here's,"},{"speaker":"Average Joe Finances","startTime":670.856,"endTime":672.386,"body":"we've got your financial information."},{"speaker":"Average Joe Finances","startTime":672.386,"endTime":675.5,"body":"This is how we're going to do it, to get"},{"speaker":"Average Joe Finances","startTime":672.386,"endTime":675.5,"body":"you to where you want for your goals."},{"speaker":"Average Joe Finances","startTime":675.51,"endTime":679.709,"body":"So you give them your goals and"},{"speaker":"Average Joe Finances","startTime":675.51,"endTime":679.709,"body":"then they'll help you get into the"},{"speaker":"Average Joe Finances","startTime":679.709,"endTime":682.559,"body":"right vehicles that they believe"},{"speaker":"Average Joe Finances","startTime":679.709,"endTime":682.559,"body":"is the right vehicles for you."},{"speaker":"Average Joe Finances","startTime":683.279,"endTime":686.309,"body":"To get to where you"},{"speaker":"Average Joe Finances","startTime":683.279,"endTime":686.309,"body":"are to meet your goals."},{"speaker":"Average Joe Finances","startTime":686.309,"endTime":690.229,"body":"Now, the thing is, if you have certain"},{"speaker":"Average Joe Finances","startTime":686.309,"endTime":690.229,"body":"goals that you want to be at a certain"},{"speaker":"Average Joe Finances","startTime":690.259,"endTime":693.956,"body":"age, you don't, like you said, you"},{"speaker":"Average Joe Finances","startTime":690.259,"endTime":693.956,"body":"don't know what that tax bracket is"},{"speaker":"Average Joe Finances","startTime":693.956,"endTime":696.146,"body":"going to be when you hit that age."},{"speaker":"Average Joe Finances","startTime":696.193,"endTime":700.933,"body":"You don't know what the tax rate's going"},{"speaker":"Average Joe Finances","startTime":696.193,"endTime":700.933,"body":"to be, and it could be almost detrimental."},{"speaker":"Average Joe Finances","startTime":700.973,"endTime":704.363,"body":"Cause you would think that you're going to"},{"speaker":"Average Joe Finances","startTime":700.973,"endTime":704.363,"body":"have a certain number because you're going"},{"speaker":"Average Joe Finances","startTime":704.363,"endTime":706.073,"body":"off of what today's tax rate would be."},{"speaker":"Average Joe Finances","startTime":707.018,"endTime":709.358,"body":"And it could be way higher in the future."},{"speaker":"Average Joe Finances","startTime":709.358,"endTime":713.11,"body":"And when you go to, pull out your"},{"speaker":"Average Joe Finances","startTime":709.358,"endTime":713.11,"body":"retirement, when it, when you hit 59"},{"speaker":"Average Joe Finances","startTime":713.11,"endTime":717.148,"body":"and a half or the traditional age of 65"},{"speaker":"Average Joe Finances","startTime":713.11,"endTime":717.148,"body":"is what a lot of people would like to"},{"speaker":"Average Joe Finances","startTime":717.148,"endTime":719.194,"body":"retire at that's that's not good because."},{"speaker":"Average Joe Finances","startTime":719.701,"endTime":722.879,"body":"You're not going to be probably where"},{"speaker":"Average Joe Finances","startTime":719.701,"endTime":722.879,"body":"you thought you were going to be."},{"speaker":"Average Joe Finances","startTime":723.299,"endTime":726.145,"body":"And like you said, that control"},{"speaker":"Average Joe Finances","startTime":723.299,"endTime":726.145,"body":"has been taken from you."},{"speaker":"Average Joe Finances","startTime":726.625,"endTime":730.838,"body":"So now I know another topic that we"},{"speaker":"Average Joe Finances","startTime":726.625,"endTime":730.838,"body":"were going to discuss about today."},{"speaker":"Average Joe Finances","startTime":730.898,"endTime":734.434,"body":"And I don't know if this is what"},{"speaker":"Average Joe Finances","startTime":730.898,"endTime":734.434,"body":"you were hitting on with that first"},{"speaker":"Average Joe Finances","startTime":734.434,"endTime":737.763,"body":"question that I just asked you, but we"},{"speaker":"Average Joe Finances","startTime":734.434,"endTime":737.763,"body":"wanted to talk about the tax problem."},{"speaker":"Average Joe Finances","startTime":738.368,"endTime":740.408,"body":"That nobody's really talking about."},{"speaker":"Adam Doran","startTime":740.678,"endTime":743.498,"body":"Yeah, I think it's two-fold"},{"speaker":"Adam Doran","startTime":740.678,"endTime":743.498,"body":"and I did just touch on a little bit."},{"speaker":"Adam Doran","startTime":743.498,"endTime":746.978,"body":"I think the first thing is the tax problem"},{"speaker":"Adam Doran","startTime":743.498,"endTime":746.978,"body":"nobody's talking about is when we look"},{"speaker":"Adam Doran","startTime":746.978,"endTime":750.758,"body":"at taxes historically, and this will be"},{"speaker":"Adam Doran","startTime":746.978,"endTime":750.758,"body":"a good one for anyone who's listening."},{"speaker":"Adam Doran","startTime":750.758,"endTime":752.318,"body":"This is just a good quick history lesson."},{"speaker":"Adam Doran","startTime":752.828,"endTime":756.338,"body":"So if you would just ask anyone,"},{"speaker":"Adam Doran","startTime":752.828,"endTime":756.338,"body":"pull them on the street and say,"},{"speaker":"Adam Doran","startTime":756.403,"endTime":757.753,"body":"w how do you feel about taxes?"},{"speaker":"Adam Doran","startTime":757.753,"endTime":760.963,"body":"Everybody always complains that they're"},{"speaker":"Adam Doran","startTime":757.753,"endTime":760.963,"body":"high, but if you actually do the"},{"speaker":"Adam Doran","startTime":760.963,"endTime":766.603,"body":"research, historically speaking, the"},{"speaker":"Adam Doran","startTime":760.963,"endTime":766.603,"body":"highest marginal tax bracket we had,"},{"speaker":"Adam Doran","startTime":766.603,"endTime":771.553,"body":"like income tax bracket we've ever"},{"speaker":"Adam Doran","startTime":766.603,"endTime":771.553,"body":"had in America was in 1944 and 1945."},{"speaker":"Adam Doran","startTime":771.973,"endTime":775.123,"body":"The highest marginal tax bracket was 94%."},{"speaker":"Adam Doran","startTime":775.317,"endTime":779.007,"body":"I was stunned when I learned that, and"},{"speaker":"Adam Doran","startTime":775.317,"endTime":779.007,"body":"I only learned that a few years back."},{"speaker":"Adam Doran","startTime":779.847,"endTime":783.621,"body":"And as I share that with people, they're"},{"speaker":"Adam Doran","startTime":779.847,"endTime":783.621,"body":"always shocked by that because our current"},{"speaker":"Adam Doran","startTime":783.801,"endTime":786.081,"body":"highest tax bracket right now is 37%."},{"speaker":"Adam Doran","startTime":786.268,"endTime":787.258,"body":"That's a big difference."},{"speaker":"Adam Doran","startTime":787.381,"endTime":791.245,"body":"And if you actually look historically"},{"speaker":"Adam Doran","startTime":787.381,"endTime":791.245,"body":"through the 1970s, the highest marginal"},{"speaker":"Adam Doran","startTime":791.245,"endTime":793.525,"body":"tax brackets were up in the 70% range."},{"speaker":"Adam Doran","startTime":793.655,"endTime":798.275,"body":"So historically speaking, we're"},{"speaker":"Adam Doran","startTime":793.655,"endTime":798.275,"body":"at historic lows for income taxes."},{"speaker":"Adam Doran","startTime":798.406,"endTime":802.396,"body":"Now, when you look at the tax cuts and"},{"speaker":"Adam Doran","startTime":798.406,"endTime":802.396,"body":"jobs act, and the fact that it's expiring"},{"speaker":"Adam Doran","startTime":802.396,"endTime":805.846,"body":"here in a couple of years and the"},{"speaker":"Adam Doran","startTime":802.396,"endTime":805.846,"body":"current administration, and this isn't"},{"speaker":"Adam Doran","startTime":805.846,"endTime":809.566,"body":"a political statement, this is just the"},{"speaker":"Adam Doran","startTime":805.846,"endTime":809.566,"body":"fact that the current administration has"},{"speaker":"Adam Doran","startTime":809.566,"endTime":811.576,"body":"said that they intend to raise tax rates."},{"speaker":"Adam Doran","startTime":811.801,"endTime":812.971,"body":"We're at 37%."},{"speaker":"Adam Doran","startTime":813.128,"endTime":814.358,"body":"We've been at 94."},{"speaker":"Adam Doran","startTime":814.488,"endTime":815.748,"body":"There's a lot of spread in there."},{"speaker":"Adam Doran","startTime":815.868,"endTime":817.878,"body":"So there's a lot of"},{"speaker":"Adam Doran","startTime":815.868,"endTime":817.878,"body":"opportunity for that to go up."},{"speaker":"Adam Doran","startTime":817.908,"endTime":821.658,"body":"But that being said, it hasn't changed the"},{"speaker":"Adam Doran","startTime":817.908,"endTime":821.658,"body":"way financial planning is getting done."},{"speaker":"Adam Doran","startTime":822.138,"endTime":822.828,"body":"We still have claims."},{"speaker":"Adam Doran","startTime":823.723,"endTime":827.173,"body":"Maxing telling people max"},{"speaker":"Adam Doran","startTime":823.723,"endTime":827.173,"body":"out, 401ks, max out your IRA."},{"speaker":"Adam Doran","startTime":827.219,"endTime":827.726,"body":"I don't know."},{"speaker":"Adam Doran","startTime":827.772,"endTime":829.932,"body":"If tax rates are going up,"},{"speaker":"Adam Doran","startTime":827.772,"endTime":829.932,"body":"is that really the best play?"},{"speaker":"Adam Doran","startTime":830.682,"endTime":833.232,"body":"Is there a tax-free asset where"},{"speaker":"Adam Doran","startTime":830.682,"endTime":833.232,"body":"I could build money instead?"},{"speaker":"Adam Doran","startTime":833.232,"endTime":834.282,"body":"So that's the first piece."},{"speaker":"Adam Doran","startTime":834.32,"endTime":838.023,"body":"The second piece is we're already"},{"speaker":"Adam Doran","startTime":834.32,"endTime":838.023,"body":"starting to see tax rate hikes"},{"speaker":"Adam Doran","startTime":838.023,"endTime":839.553,"body":"that aren't really announced."},{"speaker":"Adam Doran","startTime":839.733,"endTime":840.294,"body":"They're quiet."},{"speaker":"Adam Doran","startTime":840.514,"endTime":842.284,"body":"I don't know if you're"},{"speaker":"Adam Doran","startTime":840.514,"endTime":842.284,"body":"familiar with the secure act."},{"speaker":"Adam Doran","startTime":842.314,"endTime":846.654,"body":"This secure act was passed back in"},{"speaker":"Adam Doran","startTime":842.314,"endTime":846.654,"body":"December of I think it was December of 19."},{"speaker":"Adam Doran","startTime":846.744,"endTime":848.574,"body":"It's either December 19 or December of 20."},{"speaker":"Adam Doran","startTime":848.844,"endTime":850.764,"body":"Very recently the secure act was passed."},{"speaker":"Adam Doran","startTime":851.514,"endTime":853.704,"body":"That eliminated something"},{"speaker":"Adam Doran","startTime":851.514,"endTime":853.704,"body":"called the stretch IRA."},{"speaker":"Adam Doran","startTime":853.734,"endTime":860.384,"body":"It used to be if you were a non-spouse"},{"speaker":"Adam Doran","startTime":853.734,"endTime":860.384,"body":"inheritance of an IRA, so your dad"},{"speaker":"Adam Doran","startTime":860.384,"endTime":862.274,"body":"passes away and leaves you his IRA."},{"speaker":"Adam Doran","startTime":862.634,"endTime":863.774,"body":"And it's got a million dollars in it."},{"speaker":"Adam Doran","startTime":864.524,"endTime":868.904,"body":"It used to be as the child of that person,"},{"speaker":"Adam Doran","startTime":864.524,"endTime":868.904,"body":"you could then take, and you could spread"},{"speaker":"Adam Doran","startTime":868.904,"endTime":872.634,"body":"out the required minimum distributions"},{"speaker":"Adam Doran","startTime":868.904,"endTime":872.634,"body":"on that IRA over your life expectancy."},{"speaker":"Adam Doran","startTime":872.835,"endTime":873.915,"body":"So it wasn't that big a deal."},{"speaker":"Adam Doran","startTime":873.915,"endTime":877.065,"body":"If you inherited that or mom's"},{"speaker":"Adam Doran","startTime":873.915,"endTime":877.065,"body":"million-dollar IRA, you could"},{"speaker":"Adam Doran","startTime":877.065,"endTime":879.615,"body":"spread those minimum distributions"},{"speaker":"Adam Doran","startTime":877.065,"endTime":879.615,"body":"out and it didn't really bump"},{"speaker":"Adam Doran","startTime":879.615,"endTime":880.855,"body":"you up into the next tax bracket."},{"speaker":"Adam Doran","startTime":880.868,"endTime":885.038,"body":"When the secure act passed, that"},{"speaker":"Adam Doran","startTime":880.868,"endTime":885.038,"body":"changed everything you're now required."},{"speaker":"Adam Doran","startTime":885.038,"endTime":888.398,"body":"If you inherit that same account,"},{"speaker":"Adam Doran","startTime":885.038,"endTime":888.398,"body":"you're now required to liquidate the"},{"speaker":"Adam Doran","startTime":888.398,"endTime":891.248,"body":"whole account, draw all the money out"},{"speaker":"Adam Doran","startTime":888.398,"endTime":891.248,"body":"and pay all the taxes with ten years."},{"speaker":"Adam Doran","startTime":891.343,"endTime":894.821,"body":"Most people when they inherit something"},{"speaker":"Adam Doran","startTime":891.343,"endTime":894.821,"body":"like that from their parents are in their"},{"speaker":"Adam Doran","startTime":894.821,"endTime":898.241,"body":"fifties, probably in your peak earning"},{"speaker":"Adam Doran","startTime":894.821,"endTime":898.241,"body":"years, you're probably making the most"},{"speaker":"Adam Doran","startTime":898.241,"endTime":899.501,"body":"money you've ever made in your life."},{"speaker":"Adam Doran","startTime":900.521,"endTime":904.541,"body":"So imagine you're making $200,000 a year"},{"speaker":"Adam Doran","startTime":900.521,"endTime":904.541,"body":"and you inherit a million dollar IRA."},{"speaker":"Adam Doran","startTime":904.541,"endTime":907.297,"body":"And now you've got to liquidate"},{"speaker":"Adam Doran","startTime":904.541,"endTime":907.297,"body":"that money in the next 10 years."},{"speaker":"Adam Doran","startTime":907.297,"endTime":910.387,"body":"So if you do it evenly, that's an"},{"speaker":"Adam Doran","startTime":907.297,"endTime":910.387,"body":"extra a hundred thousand a year."},{"speaker":"Adam Doran","startTime":910.567,"endTime":913.387,"body":"You just bumped yourself up a"},{"speaker":"Adam Doran","startTime":910.567,"endTime":913.387,"body":"couple of tax brackets on money."},{"speaker":"Adam Doran","startTime":913.387,"endTime":914.197,"body":"You really don't need."},{"speaker":"Adam Doran","startTime":914.346,"endTime":916.146,"body":"So that was a tax rate hike."},{"speaker":"Adam Doran","startTime":916.326,"endTime":920.046,"body":"And not a lot of people know about"},{"speaker":"Adam Doran","startTime":916.326,"endTime":920.046,"body":"it because it wasn't like announced"},{"speaker":"Adam Doran","startTime":920.046,"endTime":922.95,"body":"as a big deal versus, if the"},{"speaker":"Adam Doran","startTime":920.046,"endTime":922.95,"body":"government came out and said, Hey,"},{"speaker":"Adam Doran","startTime":922.95,"endTime":924.42,"body":"we're going to raise taxes 20%."},{"speaker":"Adam Doran","startTime":924.51,"endTime":926.58,"body":"You better believe people"},{"speaker":"Adam Doran","startTime":924.51,"endTime":926.58,"body":"would be talking about that."},{"speaker":"Adam Doran","startTime":927.18,"endTime":929.79,"body":"Not a lot of the conversations"},{"speaker":"Adam Doran","startTime":927.18,"endTime":929.79,"body":"going on or around the secure act."},{"speaker":"Adam Doran","startTime":929.79,"endTime":933.72,"body":"So that's just one example of"},{"speaker":"Adam Doran","startTime":929.79,"endTime":933.72,"body":"how there's this tax problem and"},{"speaker":"Adam Doran","startTime":933.72,"endTime":936.637,"body":"it's not getting enough attention"},{"speaker":"Adam Doran","startTime":933.72,"endTime":936.637,"body":"and you can test me on this."},{"speaker":"Adam Doran","startTime":936.665,"endTime":941.057,"body":"Anybody who's listening, Google on the"},{"speaker":"Adam Doran","startTime":936.665,"endTime":941.057,"body":"wall street journal or USA today, or"},{"speaker":"Adam Doran","startTime":941.057,"endTime":944.177,"body":"money magazine, whichever Kiplinger"},{"speaker":"Adam Doran","startTime":941.057,"endTime":944.177,"body":"is whichever one you want to use."},{"speaker":"Adam Doran","startTime":944.507,"endTime":947.297,"body":"You don't see a lot of conversation"},{"speaker":"Adam Doran","startTime":944.507,"endTime":947.297,"body":"about building tax-free wealth."},{"speaker":"Adam Doran","startTime":947.327,"endTime":950.567,"body":"You still see all the conversations"},{"speaker":"Adam Doran","startTime":947.327,"endTime":950.567,"body":"focusing on tax deferred accounts."},{"speaker":"Adam Doran","startTime":950.724,"endTime":951.764,"body":"And I think that's a mistake."},{"speaker":"Average Joe Finances","startTime":952.204,"endTime":955.289,"body":"Yeah that's a huge"},{"speaker":"Average Joe Finances","startTime":952.204,"endTime":955.289,"body":"point especially when you have these I'm"},{"speaker":"Average Joe Finances","startTime":955.309,"endTime":958.127,"body":"going to bring it to a star wars reference"},{"speaker":"Average Joe Finances","startTime":955.309,"endTime":958.127,"body":"here, cause I'm a big star wars fan and"},{"speaker":"Average Joe Finances","startTime":958.127,"endTime":959.624,"body":"they have this Phantom menace, right?"},{"speaker":"Average Joe Finances","startTime":959.624,"endTime":963.456,"body":"So you have this these small things"},{"speaker":"Average Joe Finances","startTime":959.624,"endTime":963.456,"body":"that are happening in the background"},{"speaker":"Average Joe Finances","startTime":963.47,"endTime":966.83,"body":"and people might not look at the"},{"speaker":"Average Joe Finances","startTime":963.47,"endTime":966.83,"body":"secure act and think anything of it,"},{"speaker":"Average Joe Finances","startTime":966.86,"endTime":970.476,"body":"they're like, okay, just have to,"},{"speaker":"Average Joe Finances","startTime":966.86,"endTime":970.476,"body":"withdraw this over the next 10 years."},{"speaker":"Average Joe Finances","startTime":971.021,"endTime":974.201,"body":"But like you said, if you think about"},{"speaker":"Average Joe Finances","startTime":971.021,"endTime":974.201,"body":"it, if that's a million dollars in there"},{"speaker":"Average Joe Finances","startTime":974.201,"endTime":977.531,"body":"and you're pulling it out and that's"},{"speaker":"Average Joe Finances","startTime":974.201,"endTime":977.531,"body":"an extra a hundred grand a year now of"},{"speaker":"Average Joe Finances","startTime":977.531,"endTime":983.655,"body":"taxable income that counts for you as the"},{"speaker":"Average Joe Finances","startTime":977.531,"endTime":983.655,"body":"individual who is withdrawing that, yeah."},{"speaker":"Average Joe Finances","startTime":983.727,"endTime":987.507,"body":"That can potentially bump you up"},{"speaker":"Average Joe Finances","startTime":983.727,"endTime":987.507,"body":"quite a few tax brackets to where"},{"speaker":"Average Joe Finances","startTime":987.507,"endTime":990.987,"body":"now you're in that tax bracket,"},{"speaker":"Average Joe Finances","startTime":987.507,"endTime":990.987,"body":"paying that 37% where before you"},{"speaker":"Average Joe Finances","startTime":990.987,"endTime":993.483,"body":"were probably paying, 22%, right?"},{"speaker":"Average Joe Finances","startTime":993.545,"endTime":997.775,"body":"That extra 15% can be huge."},{"speaker":"Average Joe Finances","startTime":998.135,"endTime":1002.229,"body":"It can eat up quite a bit of that a"},{"speaker":"Average Joe Finances","startTime":998.135,"endTime":1002.229,"body":"hundred thousand extra that you are"},{"speaker":"Average Joe Finances","startTime":1002.286,"endTime":1006.265,"body":"pulling out and can really effect,"},{"speaker":"Average Joe Finances","startTime":1002.286,"endTime":1006.265,"body":"what your plans were with that income."},{"speaker":"Average Joe Finances","startTime":1006.458,"endTime":1008.948,"body":"That is definitely something that"},{"speaker":"Average Joe Finances","startTime":1006.458,"endTime":1008.948,"body":"people should be mindful about."},{"speaker":"Average Joe Finances","startTime":1008.948,"endTime":1010.748,"body":"And I'm really glad that"},{"speaker":"Average Joe Finances","startTime":1008.948,"endTime":1010.748,"body":"you brought that up because."},{"speaker":"Average Joe Finances","startTime":1011.258,"endTime":1015.288,"body":"Like you said, if you go and Google"},{"speaker":"Average Joe Finances","startTime":1011.258,"endTime":1015.288,"body":"about tax deferred accounts right"},{"speaker":"Average Joe Finances","startTime":1015.288,"endTime":1018.209,"body":"now and everything else, that's"},{"speaker":"Average Joe Finances","startTime":1015.288,"endTime":1018.209,"body":"what you're going to see is articles"},{"speaker":"Average Joe Finances","startTime":1018.209,"endTime":1022.869,"body":"about, Hey, now's the time to start"},{"speaker":"Average Joe Finances","startTime":1018.209,"endTime":1022.869,"body":"increasing your contributions."},{"speaker":"Average Joe Finances","startTime":1022.938,"endTime":1025.619,"body":"You need to think about what, what the"},{"speaker":"Average Joe Finances","startTime":1022.938,"endTime":1025.619,"body":"future is going to be like for yourself."},{"speaker":"Average Joe Finances","startTime":1025.619,"endTime":1029.167,"body":"Make sure that you have really good"},{"speaker":"Average Joe Finances","startTime":1025.619,"endTime":1029.167,"body":"nest egg to sit on for when you're"},{"speaker":"Average Joe Finances","startTime":1029.167,"endTime":1032.797,"body":"in your sixties, because you don't"},{"speaker":"Average Joe Finances","startTime":1029.167,"endTime":1032.797,"body":"know where the world's going to be."},{"speaker":"Average Joe Finances","startTime":1032.854,"endTime":1036.474,"body":"Hey, another great argument to that"},{"speaker":"Average Joe Finances","startTime":1032.854,"endTime":1036.474,"body":"is you don't know where the world's"},{"speaker":"Average Joe Finances","startTime":1036.474,"endTime":1040.524,"body":"going to be when you hit your sixties"},{"speaker":"Average Joe Finances","startTime":1036.474,"endTime":1040.524,"body":"and by putting all of your money"},{"speaker":"Average Joe Finances","startTime":1040.524,"endTime":1044.663,"body":"into a tax deferred account that can,"},{"speaker":"Average Joe Finances","startTime":1040.524,"endTime":1044.663,"body":"you can really pay for that in the"},{"speaker":"Average Joe Finances","startTime":1044.663,"endTime":1047.283,"body":"future, literally and figuratively."},{"speaker":"Average Joe Finances","startTime":1047.312,"endTime":1052.712,"body":"So paying the taxes, but also paying the"},{"speaker":"Average Joe Finances","startTime":1047.312,"endTime":1052.712,"body":"price because now you're not prepared to"},{"speaker":"Average Joe Finances","startTime":1052.712,"endTime":1055.742,"body":"be fully retired as you expected to be."},{"speaker":"Average Joe Finances","startTime":1056.012,"endTime":1058.412,"body":"There's always unexpected"},{"speaker":"Average Joe Finances","startTime":1056.012,"endTime":1058.412,"body":"expenses, especially."},{"speaker":"Average Joe Finances","startTime":1059.152,"endTime":1062.192,"body":"As we get older, you're going"},{"speaker":"Average Joe Finances","startTime":1059.152,"endTime":1062.192,"body":"to start seeing, more medical"},{"speaker":"Average Joe Finances","startTime":1062.192,"endTime":1063.842,"body":"expenses and things like that."},{"speaker":"Average Joe Finances","startTime":1064.202,"endTime":1066.842,"body":"And that's all stuff that should"},{"speaker":"Average Joe Finances","startTime":1064.202,"endTime":1066.842,"body":"be factored in and you don't really"},{"speaker":"Average Joe Finances","startTime":1066.842,"endTime":1068.522,"body":"see people talk about that too much."},{"speaker":"Average Joe Finances","startTime":1068.942,"endTime":1074.582,"body":"You just talk about, okay, what is the"},{"speaker":"Average Joe Finances","startTime":1068.942,"endTime":1074.582,"body":"ideal income I need to make monthly to"},{"speaker":"Average Joe Finances","startTime":1074.582,"endTime":1079.322,"body":"live off of when I'm in my sixties to not"},{"speaker":"Average Joe Finances","startTime":1074.582,"endTime":1079.322,"body":"have to go to work, what are my expenses?"},{"speaker":"Average Joe Finances","startTime":1079.468,"endTime":1081.148,"body":"And that's what people always focus on."},{"speaker":"Average Joe Finances","startTime":1081.618,"endTime":1084.963,"body":"And if you don't, think about some of"},{"speaker":"Average Joe Finances","startTime":1081.618,"endTime":1084.963,"body":"the other things that can come up with"},{"speaker":"Average Joe Finances","startTime":1084.963,"endTime":1089.553,"body":"it as in raised taxes, medical expenses,"},{"speaker":"Average Joe Finances","startTime":1084.963,"endTime":1089.553,"body":"and things like that, you could really"},{"speaker":"Average Joe Finances","startTime":1089.553,"endTime":1093.904,"body":"be setting yourself up for future"},{"speaker":"Average Joe Finances","startTime":1089.553,"endTime":1093.904,"body":"failure and get to the point where"},{"speaker":"Average Joe Finances","startTime":1094.204,"endTime":1099.787,"body":"you're living and you have no retirement"},{"speaker":"Average Joe Finances","startTime":1094.204,"endTime":1099.787,"body":"cash left because, even with all the"},{"speaker":"Average Joe Finances","startTime":1099.787,"endTime":1104.167,"body":"craziness that's going on right now with"},{"speaker":"Average Joe Finances","startTime":1099.787,"endTime":1104.167,"body":"the pandemic and all this other stuff"},{"speaker":"Average Joe Finances","startTime":1104.249,"endTime":1105.909,"body":"and different diseases and everything."},{"speaker":"Average Joe Finances","startTime":1106.369,"endTime":1110.998,"body":"Our life expectancy is still much"},{"speaker":"Average Joe Finances","startTime":1106.369,"endTime":1110.998,"body":"higher than it was, even 20 years ago."},{"speaker":"Average Joe Finances","startTime":1111.388,"endTime":1112.498,"body":"And it's continuing to go up."},{"speaker":"Average Joe Finances","startTime":1112.498,"endTime":1113.575,"body":"We're fluctuating right now."},{"speaker":"Average Joe Finances","startTime":1113.575,"endTime":1117.685,"body":"It's going down and up a little bit,"},{"speaker":"Average Joe Finances","startTime":1113.575,"endTime":1117.685,"body":"but generally over time, just like the"},{"speaker":"Average Joe Finances","startTime":1117.685,"endTime":1119.905,"body":"stock market, it always goes up right."},{"speaker":"Average Joe Finances","startTime":1119.905,"endTime":1123.122,"body":"Our life expectancy is always"},{"speaker":"Average Joe Finances","startTime":1119.905,"endTime":1123.122,"body":"going up and right now I think"},{"speaker":"Average Joe Finances","startTime":1123.122,"endTime":1126.373,"body":"life expectancy is on average 77."},{"speaker":"Average Joe Finances","startTime":1126.376,"endTime":1130.935,"body":"And realistically, when you think about"},{"speaker":"Average Joe Finances","startTime":1126.376,"endTime":1130.935,"body":"it, if the ideal retirement age is 65,"},{"speaker":"Average Joe Finances","startTime":1131.345,"endTime":1133.775,"body":"you're looking for, you want to have"},{"speaker":"Average Joe Finances","startTime":1131.345,"endTime":1133.775,"body":"enough money to last you 12 years."},{"speaker":"Average Joe Finances","startTime":1133.775,"endTime":1134.975,"body":"That doesn't seem like a long time."},{"speaker":"Average Joe Finances","startTime":1135.245,"endTime":1139.683,"body":"And it's not like, when you think about"},{"speaker":"Average Joe Finances","startTime":1135.245,"endTime":1139.683,"body":"that too, do you really want to wait until"},{"speaker":"Average Joe Finances","startTime":1139.683,"endTime":1145.969,"body":"65 to retire and just have 12 years where"},{"speaker":"Average Joe Finances","startTime":1139.683,"endTime":1145.969,"body":"you're not, going to work every day and"},{"speaker":"Average Joe Finances","startTime":1145.989,"endTime":1147.796,"body":"having to, be able to enjoy your life."},{"speaker":"Average Joe Finances","startTime":1147.846,"endTime":1150.679,"body":"And especially at that age too like we"},{"speaker":"Average Joe Finances","startTime":1147.846,"endTime":1150.679,"body":"said before, with medical expenses and"},{"speaker":"Average Joe Finances","startTime":1150.679,"endTime":1153.798,"body":"things like that, how are you supposed"},{"speaker":"Average Joe Finances","startTime":1150.679,"endTime":1153.798,"body":"to take those trips and vacations and"},{"speaker":"Average Joe Finances","startTime":1153.848,"endTime":1157.292,"body":"be retired, and go take that trip to"},{"speaker":"Average Joe Finances","startTime":1153.848,"endTime":1157.292,"body":"Europe and stuff and go do what you"},{"speaker":"Average Joe Finances","startTime":1157.292,"endTime":1161.252,"body":"want to do when you have a bad back"},{"speaker":"Average Joe Finances","startTime":1157.292,"endTime":1161.252,"body":"or you have a bum knee, or you can't"},{"speaker":"Average Joe Finances","startTime":1161.252,"endTime":1163.994,"body":"walk because of whatever, so there's"},{"speaker":"Average Joe Finances","startTime":1161.252,"endTime":1163.994,"body":"so many different things that you"},{"speaker":"Average Joe Finances","startTime":1163.994,"endTime":1167.084,"body":"have to factor in there's is that"},{"speaker":"Average Joe Finances","startTime":1163.994,"endTime":1167.084,"body":"really the right age for you as well?"},{"speaker":"Average Joe Finances","startTime":1167.504,"endTime":1169.022,"body":"So I just wanted to touch"},{"speaker":"Average Joe Finances","startTime":1167.504,"endTime":1169.022,"body":"on that a little bit."},{"speaker":"Average Joe Finances","startTime":1169.048,"endTime":1171.898,"body":"Speaking of being able to"},{"speaker":"Average Joe Finances","startTime":1169.048,"endTime":1171.898,"body":"retire a little bit earlier."},{"speaker":"Average Joe Finances","startTime":1171.95,"endTime":1176.36,"body":"So I think one of the themes of"},{"speaker":"Average Joe Finances","startTime":1171.95,"endTime":1176.36,"body":"this podcast as well, and one of"},{"speaker":"Average Joe Finances","startTime":1176.36,"endTime":1179.588,"body":"the things that you talked about"},{"speaker":"Average Joe Finances","startTime":1176.36,"endTime":1179.588,"body":"that you've done yourself is how you"},{"speaker":"Average Joe Finances","startTime":1179.588,"endTime":1181.298,"body":"work yourself out of a job, right?"},{"speaker":"Average Joe Finances","startTime":1181.298,"endTime":1185.228,"body":"You've worked yourself out of the"},{"speaker":"Average Joe Finances","startTime":1181.298,"endTime":1185.228,"body":"police force and you did that through"},{"speaker":"Average Joe Finances","startTime":1185.228,"endTime":1189.748,"body":"investing, growing a business and"},{"speaker":"Average Joe Finances","startTime":1185.228,"endTime":1189.748,"body":"building a real estate portfolio Sure."},{"speaker":"Average Joe Finances","startTime":1189.748,"endTime":1192.539,"body":"You can call what you're doing"},{"speaker":"Average Joe Finances","startTime":1189.748,"endTime":1192.539,"body":"right now, still a job, being a"},{"speaker":"Average Joe Finances","startTime":1192.539,"endTime":1193.649,"body":"wealth advisor and everything."},{"speaker":"Average Joe Finances","startTime":1193.649,"endTime":1196.889,"body":"But at the same time, this is"},{"speaker":"Average Joe Finances","startTime":1193.649,"endTime":1196.889,"body":"something you built yourself."},{"speaker":"Average Joe Finances","startTime":1196.919,"endTime":1198.749,"body":"This is something that"},{"speaker":"Average Joe Finances","startTime":1196.919,"endTime":1198.749,"body":"you're doing and you enjoy."},{"speaker":"Average Joe Finances","startTime":1199.199,"endTime":1202.086,"body":"And when you're doing something"},{"speaker":"Average Joe Finances","startTime":1199.199,"endTime":1202.086,"body":"that you really love doing, I"},{"speaker":"Average Joe Finances","startTime":1202.086,"endTime":1204.338,"body":"always like to say this still like,"},{"speaker":"Average Joe Finances","startTime":1202.086,"endTime":1204.338,"body":"can you really call that work?"},{"speaker":"Average Joe Finances","startTime":1204.405,"endTime":1206.582,"body":"Cause it's something you just truly enjoy."},{"speaker":"Average Joe Finances","startTime":1206.66,"endTime":1210.097,"body":"And you're, you've got yourself"},{"speaker":"Average Joe Finances","startTime":1206.66,"endTime":1210.097,"body":"set up in a pretty good spot to"},{"speaker":"Average Joe Finances","startTime":1210.097,"endTime":1211.289,"body":"where, you're getting yourself."},{"speaker":"Average Joe Finances","startTime":1211.454,"endTime":1216.511,"body":"Financially free and well before your"},{"speaker":"Average Joe Finances","startTime":1211.454,"endTime":1216.511,"body":"sixties and you, you get that time,"},{"speaker":"Average Joe Finances","startTime":1216.511,"endTime":1219.834,"body":"freedom back, you get that, that, time"},{"speaker":"Average Joe Finances","startTime":1216.511,"endTime":1219.834,"body":"back with your family and everything."},{"speaker":"Average Joe Finances","startTime":1220.374,"endTime":1223.587,"body":"And a lot of people focus on"},{"speaker":"Average Joe Finances","startTime":1220.374,"endTime":1223.587,"body":"this word called fire, right?"},{"speaker":"Average Joe Finances","startTime":1223.587,"endTime":1225.297,"body":"Financial independence retire early."},{"speaker":"Average Joe Finances","startTime":1225.927,"endTime":1226.767,"body":"I like that."},{"speaker":"Average Joe Finances","startTime":1227.307,"endTime":1229.137,"body":"But I like the first two letters."},{"speaker":"Average Joe Finances","startTime":1229.137,"endTime":1232.512,"body":"I don't like the last two letters"},{"speaker":"Average Joe Finances","startTime":1229.137,"endTime":1232.512,"body":"really, because., I'm actually"},{"speaker":"Average Joe Finances","startTime":1232.512,"endTime":1235.6,"body":"even wearing a t-shirt on here that"},{"speaker":"Average Joe Finances","startTime":1232.512,"endTime":1235.6,"body":"says, it has the fire acronym on it."},{"speaker":"Average Joe Finances","startTime":1235.767,"endTime":1238.797,"body":"I have a coat on right now because it's"},{"speaker":"Average Joe Finances","startTime":1235.767,"endTime":1238.797,"body":"actually very cold in Hawaii right now."},{"speaker":"Average Joe Finances","startTime":1238.797,"endTime":1241.661,"body":"So for people listening, like"},{"speaker":"Average Joe Finances","startTime":1238.797,"endTime":1241.661,"body":"why is he wearing a light jacket?"},{"speaker":"Average Joe Finances","startTime":1241.691,"endTime":1244.121,"body":"That's why we don't"},{"speaker":"Average Joe Finances","startTime":1241.691,"endTime":1244.121,"body":"have heat in our houses."},{"speaker":"Average Joe Finances","startTime":1244.121,"endTime":1244.421,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":1244.421,"endTime":1248.402,"body":"Cause we don't, it doesn't ever"},{"speaker":"Average Joe Finances","startTime":1244.421,"endTime":1248.402,"body":"get this cold, but anyway so fire,"},{"speaker":"Average Joe Finances","startTime":1248.464,"endTime":1251.074,"body":"with that financial independence"},{"speaker":"Average Joe Finances","startTime":1248.464,"endTime":1251.074,"body":"part, that's the part I like."},{"speaker":"Average Joe Finances","startTime":1251.524,"endTime":1253.919,"body":"And that's what you've"},{"speaker":"Average Joe Finances","startTime":1251.524,"endTime":1253.919,"body":"built for yourself, right?"},{"speaker":"Average Joe Finances","startTime":1253.919,"endTime":1254.999,"body":"Is that financial independence?"},{"speaker":"Average Joe Finances","startTime":1255.037,"endTime":1259.396,"body":"I think that's where more people need"},{"speaker":"Average Joe Finances","startTime":1255.037,"endTime":1259.396,"body":"to be focused, not so much on the R"},{"speaker":"Average Joe Finances","startTime":1259.396,"endTime":1262.106,"body":"word, not so much on that retire word."},{"speaker":"Average Joe Finances","startTime":1262.123,"endTime":1264.343,"body":"You want to focus on the financial"},{"speaker":"Average Joe Finances","startTime":1262.123,"endTime":1264.343,"body":"independence so you can get that"},{"speaker":"Average Joe Finances","startTime":1264.343,"endTime":1265.988,"body":"time back and get that time freedom."},{"speaker":"Average Joe Finances","startTime":1266.001,"endTime":1266.511,"body":"So yeah."},{"speaker":"Average Joe Finances","startTime":1266.571,"endTime":1270.115,"body":"Anyway I can go off on a tangent,"},{"speaker":"Average Joe Finances","startTime":1266.571,"endTime":1270.115,"body":"which I just did as you can see."},{"speaker":"Average Joe Finances","startTime":1270.168,"endTime":1273.408,"body":"When we talk about wealth advisors,"},{"speaker":"Average Joe Finances","startTime":1270.168,"endTime":1273.408,"body":"let's bring it back to you, right?"},{"speaker":"Average Joe Finances","startTime":1273.41,"endTime":1274.896,"body":"There, there are plenty of them out there."},{"speaker":"Average Joe Finances","startTime":1274.913,"endTime":1278.693,"body":"So what makes you different than"},{"speaker":"Average Joe Finances","startTime":1274.913,"endTime":1278.693,"body":"the typical wealth advisor that"},{"speaker":"Average Joe Finances","startTime":1278.693,"endTime":1281.773,"body":"somebody would go sit down and"},{"speaker":"Average Joe Finances","startTime":1278.693,"endTime":1281.773,"body":"talk about their retirement with?"},{"speaker":"Adam Doran","startTime":1282.343,"endTime":1282.663,"body":"Yeah."},{"speaker":"Adam Doran","startTime":1282.777,"endTime":1285.537,"body":"I agree with what you"},{"speaker":"Adam Doran","startTime":1282.777,"endTime":1285.537,"body":"said about retirement."},{"speaker":"Adam Doran","startTime":1285.537,"endTime":1288.627,"body":"I think most of the clients I"},{"speaker":"Adam Doran","startTime":1285.537,"endTime":1288.627,"body":"work for most of them are business"},{"speaker":"Adam Doran","startTime":1288.627,"endTime":1289.707,"body":"owners, real estate investors."},{"speaker":"Adam Doran","startTime":1289.707,"endTime":1292.407,"body":"They don't intend to retire"},{"speaker":"Adam Doran","startTime":1289.707,"endTime":1292.407,"body":"in a traditional sense."},{"speaker":"Adam Doran","startTime":1292.797,"endTime":1296.086,"body":"They're aiming for the same thing"},{"speaker":"Adam Doran","startTime":1292.797,"endTime":1296.086,"body":"you just talked about which is"},{"speaker":"Adam Doran","startTime":1296.356,"endTime":1300.916,"body":"having control and being financially"},{"speaker":"Adam Doran","startTime":1296.356,"endTime":1300.916,"body":"independent so that work is optional"},{"speaker":"Adam Doran","startTime":1300.946,"endTime":1302.536,"body":"and I get to choose what work I do."},{"speaker":"Adam Doran","startTime":1303.186,"endTime":1307.111,"body":"And I think that's a better way of,"},{"speaker":"Adam Doran","startTime":1303.186,"endTime":1307.111,"body":"because frankly we don't want to retire"},{"speaker":"Adam Doran","startTime":1307.111,"endTime":1311.371,"body":"if there's a lot of research out there"},{"speaker":"Adam Doran","startTime":1307.111,"endTime":1311.371,"body":"about if you cease to be active and"},{"speaker":"Adam Doran","startTime":1311.371,"endTime":1314.011,"body":"contribute, if you're no longer a"},{"speaker":"Adam Doran","startTime":1311.371,"endTime":1314.011,"body":"contributor, you die a lot earlier."},{"speaker":"Adam Doran","startTime":1314.044,"endTime":1316.834,"body":"So we still want to contribute and we"},{"speaker":"Adam Doran","startTime":1314.044,"endTime":1316.834,"body":"still want to do productive things."},{"speaker":"Adam Doran","startTime":1316.834,"endTime":1318.964,"body":"I think most of us"},{"speaker":"Adam Doran","startTime":1316.834,"endTime":1318.964,"body":"value some type of work."},{"speaker":"Adam Doran","startTime":1318.994,"endTime":1320.554,"body":"It's just, we want a choice over it."},{"speaker":"Adam Doran","startTime":1321.034,"endTime":1323.734,"body":"And we don't want to have to get"},{"speaker":"Adam Doran","startTime":1321.034,"endTime":1323.734,"body":"up at a certain time every day,"},{"speaker":"Adam Doran","startTime":1323.734,"endTime":1326.644,"body":"be at a certain place at a certain"},{"speaker":"Adam Doran","startTime":1323.734,"endTime":1326.644,"body":"time and punch a time clock."},{"speaker":"Adam Doran","startTime":1327.094,"endTime":1330.424,"body":"So to be able to escape that the"},{"speaker":"Adam Doran","startTime":1327.094,"endTime":1330.424,"body":"rat race is, it always gets called."},{"speaker":"Adam Doran","startTime":1330.488,"endTime":1333.638,"body":"And have independence and"},{"speaker":"Adam Doran","startTime":1330.488,"endTime":1333.638,"body":"freedom, I think is where it's at."},{"speaker":"Adam Doran","startTime":1333.638,"endTime":1337.284,"body":"So now I'll get to answering your"},{"speaker":"Adam Doran","startTime":1333.638,"endTime":1337.284,"body":"question, sorry for the long-winded."},{"speaker":"Adam Doran","startTime":1337.295,"endTime":1340.415,"body":"What makes me different and what"},{"speaker":"Adam Doran","startTime":1337.295,"endTime":1340.415,"body":"makes our process different at"},{"speaker":"Adam Doran","startTime":1340.415,"endTime":1343.385,"body":"prevail, which is the firm I'm at"},{"speaker":"Adam Doran","startTime":1340.415,"endTime":1343.385,"body":"prevail strategies in Kansas city."},{"speaker":"Adam Doran","startTime":1344.105,"endTime":1345.515,"body":"It feels totally different."},{"speaker":"Adam Doran","startTime":1345.515,"endTime":1347.585,"body":"The client experience"},{"speaker":"Adam Doran","startTime":1345.515,"endTime":1347.585,"body":"feels totally different."},{"speaker":"Adam Doran","startTime":1347.585,"endTime":1351.965,"body":"We focused on the client"},{"speaker":"Adam Doran","startTime":1347.585,"endTime":1351.965,"body":"experience, so it's not a matter of."},{"speaker":"Adam Doran","startTime":1352.054,"endTime":1354.784,"body":"There's this three beating sequence"},{"speaker":"Adam Doran","startTime":1352.054,"endTime":1354.784,"body":"and we're going to be the professional."},{"speaker":"Adam Doran","startTime":1354.784,"endTime":1356.104,"body":"We're going to prescribe a plan."},{"speaker":"Adam Doran","startTime":1356.674,"endTime":1358.984,"body":"It's more of, we lead with education."},{"speaker":"Adam Doran","startTime":1359.314,"endTime":1361.714,"body":"Like a lot of the information I've"},{"speaker":"Adam Doran","startTime":1359.314,"endTime":1361.714,"body":"shared today about the tax problem."},{"speaker":"Adam Doran","startTime":1361.714,"endTime":1365.104,"body":"Nobody's talking about, how do we get"},{"speaker":"Adam Doran","startTime":1361.714,"endTime":1365.104,"body":"back control building tax-free assets."},{"speaker":"Adam Doran","startTime":1365.134,"endTime":1370.084,"body":"We lead with education and it is more"},{"speaker":"Adam Doran","startTime":1365.134,"endTime":1370.084,"body":"a consultative process where the client"},{"speaker":"Adam Doran","startTime":1370.084,"endTime":1372.214,"body":"says, okay, this resonates with me."},{"speaker":"Adam Doran","startTime":1372.514,"endTime":1373.774,"body":"Let's focus on this."},{"speaker":"Adam Doran","startTime":1373.864,"endTime":1375.004,"body":"And then we're going to work through that."},{"speaker":"Adam Doran","startTime":1375.664,"endTime":1379.384,"body":"So for example, a lot of the client"},{"speaker":"Adam Doran","startTime":1375.664,"endTime":1379.384,"body":"conversations I'm in start with."},{"speaker":"Adam Doran","startTime":1380.044,"endTime":1380.824,"body":"The tax problem."},{"speaker":"Adam Doran","startTime":1381.664,"endTime":1382.204,"body":"Holy crap."},{"speaker":"Adam Doran","startTime":1382.234,"endTime":1385.954,"body":"I just realized I've built up a whole"},{"speaker":"Adam Doran","startTime":1382.234,"endTime":1385.954,"body":"bunch in these tax deferred accounts"},{"speaker":"Adam Doran","startTime":1385.984,"endTime":1387.544,"body":"and yeah, I want more control."},{"speaker":"Adam Doran","startTime":1387.574,"endTime":1388.684,"body":"I want more liquidity."},{"speaker":"Adam Doran","startTime":1388.774,"endTime":1390.484,"body":"I want insulation from taxes."},{"speaker":"Adam Doran","startTime":1390.754,"endTime":1392.764,"body":"I want to be able to take my"},{"speaker":"Adam Doran","startTime":1390.754,"endTime":1392.764,"body":"money and leverage it into real"},{"speaker":"Adam Doran","startTime":1392.764,"endTime":1394.654,"body":"estate and build a portfolio."},{"speaker":"Adam Doran","startTime":1395.254,"endTime":1398.21,"body":"Okay, then we'll run with that"},{"speaker":"Adam Doran","startTime":1395.254,"endTime":1398.21,"body":"and we will collaboratively look"},{"speaker":"Adam Doran","startTime":1398.21,"endTime":1402.35,"body":"at different strategies and I put"},{"speaker":"Adam Doran","startTime":1398.21,"endTime":1402.35,"body":"together a plan based off implementing"},{"speaker":"Adam Doran","startTime":1402.35,"endTime":1405.92,"body":"different strategies that support"},{"speaker":"Adam Doran","startTime":1402.35,"endTime":1405.92,"body":"what you're already planning to do."},{"speaker":"Adam Doran","startTime":1405.92,"endTime":1407.09,"body":"We're just gonna help you do it better."},{"speaker":"Adam Doran","startTime":1407.196,"endTime":1408.906,"body":"By putting the right strategies in place."},{"speaker":"Adam Doran","startTime":1408.936,"endTime":1412.706,"body":"So I'll give you an example and I'll"},{"speaker":"Adam Doran","startTime":1408.936,"endTime":1412.706,"body":"share just an overview of one key"},{"speaker":"Adam Doran","startTime":1412.706,"endTime":1416.636,"body":"strategy that we often do for business"},{"speaker":"Adam Doran","startTime":1412.706,"endTime":1416.636,"body":"owners or real estate investors"},{"speaker":"Adam Doran","startTime":1416.696,"endTime":1420.743,"body":"to help resolve the tax issue by"},{"speaker":"Adam Doran","startTime":1416.696,"endTime":1420.743,"body":"getting more into a tax-free bucket."},{"speaker":"Adam Doran","startTime":1421.223,"endTime":1425.068,"body":"They also resolved the liquidity issue"},{"speaker":"Adam Doran","startTime":1421.223,"endTime":1425.068,"body":"by allowing us to have an account"},{"speaker":"Adam Doran","startTime":1425.068,"endTime":1427.618,"body":"where a building that we have access"},{"speaker":"Adam Doran","startTime":1425.068,"endTime":1427.618,"body":"to money and we don't have to worry"},{"speaker":"Adam Doran","startTime":1427.618,"endTime":1429.418,"body":"about pre 59 and a half penalties."},{"speaker":"Adam Doran","startTime":1429.808,"endTime":1432.148,"body":"And we don't have to worry about"},{"speaker":"Adam Doran","startTime":1429.808,"endTime":1432.148,"body":"any of the contribution or income"},{"speaker":"Adam Doran","startTime":1432.148,"endTime":1434.488,"body":"limits that come with IRAs and 401ks."},{"speaker":"Adam Doran","startTime":1434.488,"endTime":1438.238,"body":"Cause you know, you can only put so much"},{"speaker":"Adam Doran","startTime":1434.488,"endTime":1438.238,"body":"in those and you can only qualify for ROS"},{"speaker":"Adam Doran","startTime":1438.238,"endTime":1440.218,"body":"if you make below a certain income level."},{"speaker":"Adam Doran","startTime":1440.228,"endTime":1444.958,"body":"So we can get around all of those"},{"speaker":"Adam Doran","startTime":1440.228,"endTime":1444.958,"body":"limitations just by using a vehicle."},{"speaker":"Adam Doran","startTime":1445.528,"endTime":1448.811,"body":"That is more conducive to"},{"speaker":"Adam Doran","startTime":1445.528,"endTime":1448.811,"body":"having control having liquidity."},{"speaker":"Adam Doran","startTime":1448.861,"endTime":1451.651,"body":"Yeah, I can use it for retirement"},{"speaker":"Adam Doran","startTime":1448.861,"endTime":1451.651,"body":"income, but I can also tap"},{"speaker":"Adam Doran","startTime":1451.651,"endTime":1452.761,"body":"that bucket of money today."},{"speaker":"Adam Doran","startTime":1452.791,"endTime":1456.361,"body":"If I want to get into a real estate deal"},{"speaker":"Adam Doran","startTime":1452.791,"endTime":1456.361,"body":"or buy a business or build my business."},{"speaker":"Adam Doran","startTime":1456.931,"endTime":1460.261,"body":"So one of the strategies we use"},{"speaker":"Adam Doran","startTime":1456.931,"endTime":1460.261,"body":"is actually using whole life"},{"speaker":"Adam Doran","startTime":1460.261,"endTime":1461.491,"body":"insurance as an asset class."},{"speaker":"Adam Doran","startTime":1462.341,"endTime":1466.181,"body":"So instead of it just being an expense"},{"speaker":"Adam Doran","startTime":1462.341,"endTime":1466.181,"body":"on your income statement and being"},{"speaker":"Adam Doran","startTime":1466.181,"endTime":1469.301,"body":"an insurance policy where you're"},{"speaker":"Adam Doran","startTime":1466.181,"endTime":1469.301,"body":"buying this death benefit, that you'll"},{"speaker":"Adam Doran","startTime":1469.301,"endTime":1472.443,"body":"never use, somebody will, but it's"},{"speaker":"Adam Doran","startTime":1469.301,"endTime":1472.443,"body":"not for you actually turning and"},{"speaker":"Adam Doran","startTime":1472.443,"endTime":1474.643,"body":"building it as a tax-free assets."},{"speaker":"Adam Doran","startTime":1474.694,"endTime":1478.594,"body":"That, yeah, it has a death benefit cause"},{"speaker":"Adam Doran","startTime":1474.694,"endTime":1478.594,"body":"it's an insurance policy, but primary"},{"speaker":"Adam Doran","startTime":1478.594,"endTime":1482.224,"body":"is the fact that there's a cash account"},{"speaker":"Adam Doran","startTime":1478.594,"endTime":1482.224,"body":"that I'm building and it's liquid."},{"speaker":"Adam Doran","startTime":1483.099,"endTime":1484.989,"body":"And it's not correlated to the markets."},{"speaker":"Adam Doran","startTime":1484.989,"endTime":1489.279,"body":"There's no downside risk and it has"},{"speaker":"Adam Doran","startTime":1484.989,"endTime":1489.279,"body":"guaranteed minimum accumulation."},{"speaker":"Adam Doran","startTime":1489.279,"endTime":1491.829,"body":"And then there's usually a kicker in"},{"speaker":"Adam Doran","startTime":1489.279,"endTime":1491.829,"body":"the form of a dividend every year."},{"speaker":"Adam Doran","startTime":1492.639,"endTime":1496.536,"body":"And that strategy goes by a lot of"},{"speaker":"Adam Doran","startTime":1492.639,"endTime":1496.536,"body":"different names, creative capital"},{"speaker":"Adam Doran","startTime":1496.536,"endTime":1500.316,"body":"strategy, lifestyle banking,"},{"speaker":"Adam Doran","startTime":1496.536,"endTime":1500.316,"body":"infinite banking, cashflow banking,"},{"speaker":"Adam Doran","startTime":1500.316,"endTime":1502.926,"body":"people have given it all sorts of"},{"speaker":"Adam Doran","startTime":1500.316,"endTime":1502.926,"body":"names from a marketing standpoint."},{"speaker":"Adam Doran","startTime":1503.316,"endTime":1506.215,"body":"But the reality is all we're doing"},{"speaker":"Adam Doran","startTime":1503.316,"endTime":1506.215,"body":"is reviewing insurance differently."},{"speaker":"Adam Doran","startTime":1506.635,"endTime":1507.845,"body":"We're building an asset with it."},{"speaker":"Adam Doran","startTime":1508.715,"endTime":1512.435,"body":"And a reason to insurance is the"},{"speaker":"Adam Doran","startTime":1508.715,"endTime":1512.435,"body":"particular vehicle we use is because"},{"speaker":"Adam Doran","startTime":1513.275,"endTime":1516.845,"body":"in the internal revenue code,"},{"speaker":"Adam Doran","startTime":1513.275,"endTime":1516.845,"body":"there's actually a section devoted"},{"speaker":"Adam Doran","startTime":1516.845,"endTime":1519.245,"body":"to life insurance, section 77 0 2."},{"speaker":"Adam Doran","startTime":1520.025,"endTime":1522.995,"body":"And it basically affords whole"},{"speaker":"Adam Doran","startTime":1520.025,"endTime":1522.995,"body":"life insurance, all the same"},{"speaker":"Adam Doran","startTime":1522.995,"endTime":1524.705,"body":"benefits that a Roth IRA gets."},{"speaker":"Adam Doran","startTime":1524.735,"endTime":1528.111,"body":"But without any of the limitations,"},{"speaker":"Adam Doran","startTime":1524.735,"endTime":1528.111,"body":"That's an oversimplified way of"},{"speaker":"Adam Doran","startTime":1528.111,"endTime":1531.348,"body":"putting it, but to avoid getting"},{"speaker":"Adam Doran","startTime":1528.111,"endTime":1531.348,"body":"in the weeds and just overview."},{"speaker":"Adam Doran","startTime":1531.348,"endTime":1533.148,"body":"Cause again, this is just one strategy."},{"speaker":"Adam Doran","startTime":1533.148,"endTime":1536.29,"body":"We do a lot of strategies, but this"},{"speaker":"Adam Doran","startTime":1533.148,"endTime":1536.29,"body":"is one and it's a foundational one."},{"speaker":"Adam Doran","startTime":1536.32,"endTime":1539.95,"body":"The reason that we do that is because not"},{"speaker":"Adam Doran","startTime":1536.32,"endTime":1539.95,"body":"only can we build an account tax-free."},{"speaker":"Adam Doran","startTime":1540.63,"endTime":1546.03,"body":"But we can enjoy continued compounding"},{"speaker":"Adam Doran","startTime":1540.63,"endTime":1546.03,"body":"growth of that capital account."},{"speaker":"Adam Doran","startTime":1546.06,"endTime":1550.35,"body":"Even when we deploy cash and use it in"},{"speaker":"Adam Doran","startTime":1546.06,"endTime":1550.35,"body":"a real estate deal, use it to build a"},{"speaker":"Adam Doran","startTime":1550.35,"endTime":1552.03,"body":"business or buy a business or whatever."},{"speaker":"Adam Doran","startTime":1552.54,"endTime":1556.95,"body":"What I mean by that is imagine if"},{"speaker":"Adam Doran","startTime":1552.54,"endTime":1556.95,"body":"you could go to your local bank"},{"speaker":"Adam Doran","startTime":1557.61,"endTime":1560.97,"body":"and they offered you a savings"},{"speaker":"Adam Doran","startTime":1557.61,"endTime":1560.97,"body":"account, that was tax-free."},{"speaker":"Adam Doran","startTime":1561.0,"endTime":1562.74,"body":"Once you put the money in"},{"speaker":"Adam Doran","startTime":1561.0,"endTime":1562.74,"body":"you don't pay taxes on it."},{"speaker":"Adam Doran","startTime":1563.46,"endTime":1565.89,"body":"And what if they would pay"},{"speaker":"Adam Doran","startTime":1563.46,"endTime":1565.89,"body":"you a competitive interest?"},{"speaker":"Adam Doran","startTime":1566.765,"endTime":1568.025,"body":"Let's just say 4%."},{"speaker":"Adam Doran","startTime":1568.045,"endTime":1569.845,"body":"Cause that would be a pretty"},{"speaker":"Adam Doran","startTime":1568.045,"endTime":1569.845,"body":"competitive interest rate for"},{"speaker":"Adam Doran","startTime":1569.845,"endTime":1570.835,"body":"a savings account right now."},{"speaker":"Adam Doran","startTime":1570.975,"endTime":1575.655,"body":"And let's say that if you took and you use"},{"speaker":"Adam Doran","startTime":1570.975,"endTime":1575.655,"body":"money from that account, like there's a"},{"speaker":"Adam Doran","startTime":1575.665,"endTime":1578.955,"body":"hundred grand in there and you take the a"},{"speaker":"Adam Doran","startTime":1575.665,"endTime":1578.955,"body":"hundred grand out and you go use it on a"},{"speaker":"Adam Doran","startTime":1578.955,"endTime":1580.935,"body":"real estate deal for the next five years."},{"speaker":"Adam Doran","startTime":1581.12,"endTime":1585.29,"body":"What if they would keep crediting you"},{"speaker":"Adam Doran","startTime":1581.12,"endTime":1585.29,"body":"all the interest as though the money"},{"speaker":"Adam Doran","startTime":1585.29,"endTime":1589.16,"body":"is still in the account, and then after"},{"speaker":"Adam Doran","startTime":1585.29,"endTime":1589.16,"body":"you, and let's say you get, I don't know,"},{"speaker":"Adam Doran","startTime":1589.16,"endTime":1590.99,"body":"15% a year on your real estate deal."},{"speaker":"Adam Doran","startTime":1591.62,"endTime":1593.81,"body":"So you're making 15% a year"},{"speaker":"Adam Doran","startTime":1591.62,"endTime":1593.81,"body":"on your real estate deal."},{"speaker":"Adam Doran","startTime":1593.81,"endTime":1596.21,"body":"And then 4% a year over here"},{"speaker":"Adam Doran","startTime":1593.81,"endTime":1596.21,"body":"on your capital account."},{"speaker":"Adam Doran","startTime":1596.24,"endTime":1598.37,"body":"And you're making money in"},{"speaker":"Adam Doran","startTime":1596.24,"endTime":1598.37,"body":"two places at the same time."},{"speaker":"Adam Doran","startTime":1599.27,"endTime":1602.84,"body":"Then when you close out the real"},{"speaker":"Adam Doran","startTime":1599.27,"endTime":1602.84,"body":"estate deal, either with a refi or"},{"speaker":"Adam Doran","startTime":1602.84,"endTime":1606.63,"body":"a sale of the property you take and"},{"speaker":"Adam Doran","startTime":1602.84,"endTime":1606.63,"body":"you replenish your savings account."},{"speaker":"Adam Doran","startTime":1606.734,"endTime":1609.062,"body":"With your policy, it's like,"},{"speaker":"Adam Doran","startTime":1606.734,"endTime":1609.062,"body":"you never took a use that money."},{"speaker":"Adam Doran","startTime":1609.122,"endTime":1612.812,"body":"So that account continued to grow"},{"speaker":"Adam Doran","startTime":1609.122,"endTime":1612.812,"body":"and compound, there was no missed"},{"speaker":"Adam Doran","startTime":1612.812,"endTime":1613.922,"body":"interest or dividends there."},{"speaker":"Adam Doran","startTime":1614.185,"endTime":1618.565,"body":"So from a growth standpoint, it makes"},{"speaker":"Adam Doran","startTime":1614.185,"endTime":1618.565,"body":"a lot of sense as a capital strategy,"},{"speaker":"Adam Doran","startTime":1618.872,"endTime":1621.482,"body":"a couple of other things, and then"},{"speaker":"Adam Doran","startTime":1618.872,"endTime":1621.482,"body":"I'll let you respond because you"},{"speaker":"Adam Doran","startTime":1621.482,"endTime":1622.532,"body":"might have a couple of follow-ups."},{"speaker":"Adam Doran","startTime":1622.532,"endTime":1623.222,"body":"I see you're grinning."},{"speaker":"Adam Doran","startTime":1623.222,"endTime":1624.332,"body":"Like you got a couple of followups."},{"speaker":"Adam Doran","startTime":1624.381,"endTime":1629.331,"body":"But a couple of other things about that"},{"speaker":"Adam Doran","startTime":1624.381,"endTime":1629.331,"body":"account is in most states in the us."},{"speaker":"Adam Doran","startTime":1630.161,"endTime":1633.821,"body":"That life insurance policy will get"},{"speaker":"Adam Doran","startTime":1630.161,"endTime":1633.821,"body":"similar asset protection treatment"},{"speaker":"Adam Doran","startTime":1633.821,"endTime":1634.961,"body":"that a retirement account would get."},{"speaker":"Adam Doran","startTime":1635.711,"endTime":1639.191,"body":"So if a creditor sues you and wins"},{"speaker":"Adam Doran","startTime":1635.711,"endTime":1639.191,"body":"a lawsuit or a judgment against you,"},{"speaker":"Adam Doran","startTime":1639.401,"endTime":1643.091,"body":"they might be able to tap your savings"},{"speaker":"Adam Doran","startTime":1639.401,"endTime":1643.091,"body":"account, your checking account, your"},{"speaker":"Adam Doran","startTime":1643.091,"endTime":1646.091,"body":"business accounts, but they can't"},{"speaker":"Adam Doran","startTime":1643.091,"endTime":1646.091,"body":"touch your life insurance policy."},{"speaker":"Adam Doran","startTime":1646.781,"endTime":1647.741,"body":"So that's very valuable."},{"speaker":"Adam Doran","startTime":1647.741,"endTime":1652.144,"body":"The other thing is when we get to"},{"speaker":"Adam Doran","startTime":1647.741,"endTime":1652.144,"body":"retirement, And again, we've defined"},{"speaker":"Adam Doran","startTime":1652.414,"endTime":1655.534,"body":"what that means different things"},{"speaker":"Adam Doran","startTime":1652.414,"endTime":1655.534,"body":"to different people, but let's just"},{"speaker":"Adam Doran","startTime":1655.534,"endTime":1660.364,"body":"say from age 70 to age 90, you want"},{"speaker":"Adam Doran","startTime":1655.534,"endTime":1660.364,"body":"to have a tax-free income stream."},{"speaker":"Adam Doran","startTime":1660.394,"endTime":1662.974,"body":"In addition to your other buckets"},{"speaker":"Adam Doran","startTime":1660.394,"endTime":1662.974,"body":"of money, maybe you're getting"},{"speaker":"Adam Doran","startTime":1662.974,"endTime":1664.234,"body":"cash from your real estate."},{"speaker":"Adam Doran","startTime":1664.684,"endTime":1668.674,"body":"You're getting cash from a IRA that"},{"speaker":"Adam Doran","startTime":1664.684,"endTime":1668.674,"body":"you had, or a 401k at a job you had,"},{"speaker":"Adam Doran","startTime":1669.304,"endTime":1671.014,"body":"but this is another bucket you can use."},{"speaker":"Adam Doran","startTime":1671.014,"endTime":1673.744,"body":"And it's tax-free and you don't have"},{"speaker":"Adam Doran","startTime":1671.014,"endTime":1673.744,"body":"to report the income to the IRS."},{"speaker":"Adam Doran","startTime":1674.284,"endTime":1678.574,"body":"What we have found Mike, by modeling out"},{"speaker":"Adam Doran","startTime":1674.284,"endTime":1678.574,"body":"different financial scenarios for clients."},{"speaker":"Adam Doran","startTime":1678.649,"endTime":1682.759,"body":"We can take, and maybe that client could"},{"speaker":"Adam Doran","startTime":1678.649,"endTime":1682.759,"body":"have safely with a traditional portfolio,"},{"speaker":"Adam Doran","startTime":1682.759,"endTime":1686.219,"body":"could have safely taken out three to"},{"speaker":"Adam Doran","startTime":1682.759,"endTime":1686.219,"body":"4% of their account balance every year."},{"speaker":"Adam Doran","startTime":1686.237,"endTime":1689.237,"body":"When we add the life insurance as"},{"speaker":"Adam Doran","startTime":1686.237,"endTime":1689.237,"body":"a tax-free non-reportable asset, we"},{"speaker":"Adam Doran","startTime":1689.237,"endTime":1692.207,"body":"can actually reduce that to 7%, 8%."},{"speaker":"Adam Doran","startTime":1692.237,"endTime":1696.017,"body":"They can take out of their portfolio a"},{"speaker":"Adam Doran","startTime":1692.237,"endTime":1696.017,"body":"year, so you can actually accumulate less"},{"speaker":"Adam Doran","startTime":1696.017,"endTime":1698.117,"body":"money and still have more income later on."},{"speaker":"Adam Doran","startTime":1698.897,"endTime":1700.018,"body":"So those are the value points."},{"speaker":"Adam Doran","startTime":1701.188,"endTime":1704.668,"body":"We find business owners and real"},{"speaker":"Adam Doran","startTime":1701.188,"endTime":1704.668,"body":"estate investors love it because"},{"speaker":"Adam Doran","startTime":1704.668,"endTime":1707.77,"body":"we can still accomplish some of the"},{"speaker":"Adam Doran","startTime":1704.668,"endTime":1707.77,"body":"long-term objectives of building"},{"speaker":"Adam Doran","startTime":1707.77,"endTime":1712.72,"body":"for the future, but we've got"},{"speaker":"Adam Doran","startTime":1707.77,"endTime":1712.72,"body":"access to money in the meanwhile."},{"speaker":"Adam Doran","startTime":1712.75,"endTime":1714.747,"body":"And I can't tell you how"},{"speaker":"Adam Doran","startTime":1712.75,"endTime":1714.747,"body":"many folks I've talked to."},{"speaker":"Adam Doran","startTime":1714.747,"endTime":1716.577,"body":"That said I'd love to get"},{"speaker":"Adam Doran","startTime":1714.747,"endTime":1716.577,"body":"started in real estate, but I"},{"speaker":"Adam Doran","startTime":1716.577,"endTime":1717.687,"body":"don't have any money to do it."},{"speaker":"Adam Doran","startTime":1718.257,"endTime":1719.956,"body":"And I'm like how much"},{"speaker":"Adam Doran","startTime":1718.257,"endTime":1719.956,"body":"you got in your 401k?"},{"speaker":"Adam Doran","startTime":1719.956,"endTime":1720.916,"body":"And they're like 200 grand."},{"speaker":"Adam Doran","startTime":1721.666,"endTime":1723.498,"body":"I'm like if you could access"},{"speaker":"Adam Doran","startTime":1721.666,"endTime":1723.498,"body":"that money, you could do it."},{"speaker":"Adam Doran","startTime":1724.188,"endTime":1728.145,"body":"So just, having a place where you can keep"},{"speaker":"Adam Doran","startTime":1724.188,"endTime":1728.145,"body":"money and have access to it, big deal."},{"speaker":"Average Joe Finances","startTime":1728.428,"endTime":1730.408,"body":"As soon as you"},{"speaker":"Average Joe Finances","startTime":1728.428,"endTime":1730.408,"body":"started talking about it, I started"},{"speaker":"Average Joe Finances","startTime":1730.408,"endTime":1732.404,"body":"grinning and I started writing stuff down."},{"speaker":"Average Joe Finances","startTime":1732.455,"endTime":1735.605,"body":"Cause the first thing I wrote down when"},{"speaker":"Average Joe Finances","startTime":1732.455,"endTime":1735.605,"body":"you started talking about whole life"},{"speaker":"Average Joe Finances","startTime":1735.605,"endTime":1738.164,"body":"insurance, I literally, I wrote that down."},{"speaker":"Average Joe Finances","startTime":1738.235,"endTime":1741.415,"body":"Using whole life insurance as an"},{"speaker":"Average Joe Finances","startTime":1738.235,"endTime":1741.415,"body":"asset class and then right under"},{"speaker":"Average Joe Finances","startTime":1741.415,"endTime":1744.625,"body":"that I wrote double-tap and what"},{"speaker":"Average Joe Finances","startTime":1741.415,"endTime":1744.625,"body":"I mean by double-tap and that's"},{"speaker":"Average Joe Finances","startTime":1744.625,"endTime":1746.245,"body":"exactly what you went into, right?"},{"speaker":"Average Joe Finances","startTime":1746.515,"endTime":1748.482,"body":"How you can have money in this policy."},{"speaker":"Average Joe Finances","startTime":1749.182,"endTime":1753.507,"body":"And then borrow from it and it's still"},{"speaker":"Average Joe Finances","startTime":1749.182,"endTime":1753.507,"body":"collecting the original interest on"},{"speaker":"Average Joe Finances","startTime":1753.507,"endTime":1755.277,"body":"it as if you never touch that money."},{"speaker":"Average Joe Finances","startTime":1755.607,"endTime":1758.307,"body":"And then you could use the money"},{"speaker":"Average Joe Finances","startTime":1755.607,"endTime":1758.307,"body":"that you borrowed from it to put"},{"speaker":"Average Joe Finances","startTime":1758.307,"endTime":1761.307,"body":"a down payment on a piece of real"},{"speaker":"Average Joe Finances","startTime":1758.307,"endTime":1761.307,"body":"estate or anything like that."},{"speaker":"Average Joe Finances","startTime":1761.34,"endTime":1763.26,"body":"Absolutely fantastic strategy."},{"speaker":"Average Joe Finances","startTime":1763.26,"endTime":1765.54,"body":"I've had other people on the show"},{"speaker":"Average Joe Finances","startTime":1763.26,"endTime":1765.54,"body":"that have talked about that before."},{"speaker":"Average Joe Finances","startTime":1765.54,"endTime":1766.786,"body":"It's absolutely awesome."},{"speaker":"Average Joe Finances","startTime":1766.786,"endTime":1769.87,"body":"And that is definitely something that"},{"speaker":"Average Joe Finances","startTime":1766.786,"endTime":1769.87,"body":"makes you different than a traditional"},{"speaker":"Average Joe Finances","startTime":1769.87,"endTime":1771.805,"body":"financial advisor, especially when you're."},{"speaker":"Average Joe Finances","startTime":1772.415,"endTime":1775.685,"body":"You're gonna, you're gonna talk"},{"speaker":"Average Joe Finances","startTime":1772.415,"endTime":1775.685,"body":"to more of probably the people"},{"speaker":"Average Joe Finances","startTime":1775.685,"endTime":1777.831,"body":"that listen to this show, right?"},{"speaker":"Average Joe Finances","startTime":1777.831,"endTime":1780.981,"body":"The people that want to invest"},{"speaker":"Average Joe Finances","startTime":1777.831,"endTime":1780.981,"body":"into their future and get into real"},{"speaker":"Average Joe Finances","startTime":1780.981,"endTime":1783.822,"body":"estate and different asset classes,"},{"speaker":"Average Joe Finances","startTime":1780.981,"endTime":1783.822,"body":"different vehicles, that are going"},{"speaker":"Average Joe Finances","startTime":1783.822,"endTime":1788.278,"body":"to get them a, into a better spot"},{"speaker":"Average Joe Finances","startTime":1783.822,"endTime":1788.278,"body":"to be financially independent."},{"speaker":"Average Joe Finances","startTime":1788.278,"endTime":1790.43,"body":"One of the things you mentioned"},{"speaker":"Average Joe Finances","startTime":1788.278,"endTime":1790.43,"body":"too, is this is one of the ways"},{"speaker":"Average Joe Finances","startTime":1790.43,"endTime":1791.99,"body":"that you can take back control."},{"speaker":"Average Joe Finances","startTime":1792.003,"endTime":1795.033,"body":"And what are the other things that"},{"speaker":"Average Joe Finances","startTime":1792.003,"endTime":1795.033,"body":"I was grinning about too, is if"},{"speaker":"Average Joe Finances","startTime":1795.033,"endTime":1796.413,"body":"you see my background here, right?"},{"speaker":"Average Joe Finances","startTime":1796.413,"endTime":1799.414,"body":"You could see how it says, build"},{"speaker":"Average Joe Finances","startTime":1796.413,"endTime":1799.414,"body":"your wealth, control your future."},{"speaker":"Average Joe Finances","startTime":1799.48,"endTime":1801.955,"body":"That's like one of the things that"},{"speaker":"Average Joe Finances","startTime":1799.48,"endTime":1801.955,"body":"we talk about on the show here."},{"speaker":"Average Joe Finances","startTime":1802.022,"endTime":1805.845,"body":"It is taking back that control to"},{"speaker":"Average Joe Finances","startTime":1802.022,"endTime":1805.845,"body":"be able to control your time freedom"},{"speaker":"Average Joe Finances","startTime":1805.845,"endTime":1811.785,"body":"and get your future secured to a spot"},{"speaker":"Average Joe Finances","startTime":1805.845,"endTime":1811.785,"body":"where you'll have that time and money."},{"speaker":"Average Joe Finances","startTime":1811.815,"endTime":1813.285,"body":"Money is what buys time."},{"speaker":"Average Joe Finances","startTime":1813.308,"endTime":1817.774,"body":"You buy your time back and"},{"speaker":"Average Joe Finances","startTime":1813.308,"endTime":1817.774,"body":"time is more important than any"},{"speaker":"Average Joe Finances","startTime":1817.931,"endTime":1819.641,"body":"currency or anything like that."},{"speaker":"Average Joe Finances","startTime":1819.971,"endTime":1820.721,"body":"Cause it's that time."},{"speaker":"Average Joe Finances","startTime":1820.751,"endTime":1823.571,"body":"It's the time that we have on"},{"speaker":"Average Joe Finances","startTime":1820.751,"endTime":1823.571,"body":"this planet, this earth, right?"},{"speaker":"Average Joe Finances","startTime":1823.901,"endTime":1827.021,"body":"The time that we have with our"},{"speaker":"Average Joe Finances","startTime":1823.901,"endTime":1827.021,"body":"families, you can't get that back."},{"speaker":"Average Joe Finances","startTime":1827.231,"endTime":1830.081,"body":"You can always go out and earn"},{"speaker":"Average Joe Finances","startTime":1827.231,"endTime":1830.081,"body":"more money, but what are you doing"},{"speaker":"Average Joe Finances","startTime":1830.081,"endTime":1831.371,"body":"for that you're trading time."},{"speaker":"Average Joe Finances","startTime":1831.438,"endTime":1833.845,"body":"And one of the things that we're talking"},{"speaker":"Average Joe Finances","startTime":1831.438,"endTime":1833.845,"body":"about here is different ways that you"},{"speaker":"Average Joe Finances","startTime":1833.845,"endTime":1836.155,"body":"don't have to necessarily trade time."},{"speaker":"Average Joe Finances","startTime":1836.155,"endTime":1837.73,"body":"Like you'll trade some time for it."},{"speaker":"Average Joe Finances","startTime":1838.09,"endTime":1841.316,"body":"But you get it to a point where it"},{"speaker":"Average Joe Finances","startTime":1838.09,"endTime":1841.316,"body":"becomes more passive and you have"},{"speaker":"Average Joe Finances","startTime":1841.316,"endTime":1845.006,"body":"that compound interest starts kicking"},{"speaker":"Average Joe Finances","startTime":1841.316,"endTime":1845.006,"body":"in and your money starts working for"},{"speaker":"Average Joe Finances","startTime":1845.006,"endTime":1847.946,"body":"you and not you working for money."},{"speaker":"Average Joe Finances","startTime":1848.186,"endTime":1851.23,"body":"And that's one of the things, when you"},{"speaker":"Average Joe Finances","startTime":1848.186,"endTime":1851.23,"body":"can get to that point where it, you"},{"speaker":"Average Joe Finances","startTime":1851.25,"endTime":1854.7,"body":"hit the peak and then once it hits the"},{"speaker":"Average Joe Finances","startTime":1851.25,"endTime":1854.7,"body":"peak and it starts coming back down."},{"speaker":"Average Joe Finances","startTime":1854.94,"endTime":1858.59,"body":"That's where your money's working for"},{"speaker":"Average Joe Finances","startTime":1854.94,"endTime":1858.59,"body":"you and you're not working for money."},{"speaker":"Average Joe Finances","startTime":1858.59,"endTime":1859.385,"body":"That's really awesome."},{"speaker":"Average Joe Finances","startTime":1859.385,"endTime":1863.14,"body":"I definitely appreciate your perspective"},{"speaker":"Average Joe Finances","startTime":1859.385,"endTime":1863.14,"body":"on that and I appreciate what you do"},{"speaker":"Average Joe Finances","startTime":1863.14,"endTime":1866.862,"body":"for investors and how you help them,"},{"speaker":"Average Joe Finances","startTime":1863.14,"endTime":1866.862,"body":"get to that point where they can"},{"speaker":"Average Joe Finances","startTime":1866.862,"endTime":1869.262,"body":"double tap into, in, into this vehicle."},{"speaker":"Average Joe Finances","startTime":1869.262,"endTime":1869.66,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":1869.66,"endTime":1873.229,"body":"If there was somebody that was going"},{"speaker":"Average Joe Finances","startTime":1869.66,"endTime":1873.229,"body":"to come to you today and said, Hey"},{"speaker":"Average Joe Finances","startTime":1873.272,"endTime":1874.832,"body":"they're maybe in their late twenties."},{"speaker":"Average Joe Finances","startTime":1875.222,"endTime":1881.155,"body":"And been investing in my 401k"},{"speaker":"Average Joe Finances","startTime":1875.222,"endTime":1881.155,"body":"with my current company and I"},{"speaker":"Average Joe Finances","startTime":1881.165,"endTime":1882.425,"body":"want to do something different."},{"speaker":"Average Joe Finances","startTime":1882.445,"endTime":1885.545,"body":"I want to be able to work myself"},{"speaker":"Average Joe Finances","startTime":1882.445,"endTime":1885.545,"body":"out of this nine to five job."},{"speaker":"Average Joe Finances","startTime":1885.592,"endTime":1889.094,"body":"Let's say they're in like marketing"},{"speaker":"Average Joe Finances","startTime":1885.592,"endTime":1889.094,"body":"or something, and they're making"},{"speaker":"Average Joe Finances","startTime":1889.094,"endTime":1890.354,"body":"about a hundred thousand a year."},{"speaker":"Average Joe Finances","startTime":1891.514,"endTime":1895.204,"body":"What would you recommend to them if"},{"speaker":"Average Joe Finances","startTime":1891.514,"endTime":1895.204,"body":"they're coming to you for the first time?"},{"speaker":"Average Joe Finances","startTime":1895.684,"endTime":1899.01,"body":"And they're saying, Hey, I want to"},{"speaker":"Average Joe Finances","startTime":1895.684,"endTime":1899.01,"body":"get myself to the point where I can"},{"speaker":"Average Joe Finances","startTime":1899.01,"endTime":1901.826,"body":"retire in the next, 15 to 20 years."},{"speaker":"Average Joe Finances","startTime":1901.909,"endTime":1906.447,"body":"And not be, in my late sixties when I want"},{"speaker":"Average Joe Finances","startTime":1901.909,"endTime":1906.447,"body":"to retire, what would you recommend to"},{"speaker":"Average Joe Finances","startTime":1906.447,"endTime":1907.846,"body":"somebody that's coming to you with that?"},{"speaker":"Adam Doran","startTime":1908.093,"endTime":1911.243,"body":"Yeah, I would say there's"},{"speaker":"Adam Doran","startTime":1908.093,"endTime":1911.243,"body":"one of the foundational things"},{"speaker":"Adam Doran","startTime":1911.243,"endTime":1916.153,"body":"is if you're at a job and your"},{"speaker":"Adam Doran","startTime":1911.243,"endTime":1916.153,"body":"employer is paying you for your time."},{"speaker":"Adam Doran","startTime":1917.193,"endTime":1922.508,"body":"That model while it used to work long-term"},{"speaker":"Adam Doran","startTime":1917.193,"endTime":1922.508,"body":"for folks like you could just stay."},{"speaker":"Adam Doran","startTime":1923.618,"endTime":1926.198,"body":"Stay at that job, stay"},{"speaker":"Adam Doran","startTime":1923.618,"endTime":1926.198,"body":"loyal, faithful employee."},{"speaker":"Adam Doran","startTime":1926.288,"endTime":1927.938,"body":"And that would take care"},{"speaker":"Adam Doran","startTime":1926.288,"endTime":1927.938,"body":"of you over the long-term."},{"speaker":"Adam Doran","startTime":1927.968,"endTime":1928.868,"body":"That model is gone."},{"speaker":"Adam Doran","startTime":1929.438,"endTime":1930.758,"body":"We live in a different economy."},{"speaker":"Adam Doran","startTime":1931.328,"endTime":1934.208,"body":"And so I'm not saying that"},{"speaker":"Adam Doran","startTime":1931.328,"endTime":1934.208,"body":"quitting your job as the way to go."},{"speaker":"Adam Doran","startTime":1934.208,"endTime":1937.898,"body":"But what I would say is, in addition"},{"speaker":"Adam Doran","startTime":1934.208,"endTime":1937.898,"body":"to your stable, predictable income"},{"speaker":"Adam Doran","startTime":1937.898,"endTime":1941.678,"body":"from your job, you've got to find a"},{"speaker":"Adam Doran","startTime":1937.898,"endTime":1941.678,"body":"way to build something on the side"},{"speaker":"Adam Doran","startTime":1941.678,"endTime":1946.388,"body":"and it doesn't have to be a total"},{"speaker":"Adam Doran","startTime":1941.678,"endTime":1946.388,"body":"replacement, but figuring out where your"},{"speaker":"Adam Doran","startTime":1946.388,"endTime":1948.178,"body":"skillset is and deploying that skill."},{"speaker":"Adam Doran","startTime":1949.343,"endTime":1953.004,"body":"In, in, in a marketplace where you"},{"speaker":"Adam Doran","startTime":1949.343,"endTime":1953.004,"body":"control it, where you're the boss."},{"speaker":"Adam Doran","startTime":1953.08,"endTime":1956.44,"body":"Because then you can grow and scale"},{"speaker":"Adam Doran","startTime":1953.08,"endTime":1956.44,"body":"your income above and beyond what your"},{"speaker":"Adam Doran","startTime":1956.44,"endTime":1958.01,"body":"employer truly can afford to pay you."},{"speaker":"Adam Doran","startTime":1958.033,"endTime":1960.253,"body":"They can only afford to"},{"speaker":"Adam Doran","startTime":1958.033,"endTime":1960.253,"body":"pay you so much per hour."},{"speaker":"Adam Doran","startTime":1960.523,"endTime":1963.103,"body":"You've got to find something"},{"speaker":"Adam Doran","startTime":1960.523,"endTime":1963.103,"body":"that doesn't limit your income."},{"speaker":"Adam Doran","startTime":1963.153,"endTime":1965.755,"body":"And if you can do something"},{"speaker":"Adam Doran","startTime":1963.153,"endTime":1965.755,"body":"that's, product-based, that's"},{"speaker":"Adam Doran","startTime":1965.755,"endTime":1968.675,"body":"even better because products are"},{"speaker":"Adam Doran","startTime":1965.755,"endTime":1968.675,"body":"easier to scale than services."},{"speaker":"Adam Doran","startTime":1968.696,"endTime":1971.058,"body":"But that being said, I know"},{"speaker":"Adam Doran","startTime":1968.696,"endTime":1971.058,"body":"that's not everybody's thing."},{"speaker":"Adam Doran","startTime":1971.099,"endTime":1972.396,"body":"I'm in a service business."},{"speaker":"Adam Doran","startTime":1972.468,"endTime":1976.128,"body":"But being able, just to find ways"},{"speaker":"Adam Doran","startTime":1972.468,"endTime":1976.128,"body":"that you can increase your income."},{"speaker":"Adam Doran","startTime":1976.548,"endTime":1980.778,"body":"And the other thing is when you own"},{"speaker":"Adam Doran","startTime":1976.548,"endTime":1980.778,"body":"a business, you can start recouping"},{"speaker":"Adam Doran","startTime":1980.808,"endTime":1984.888,"body":"lost income because you can start"},{"speaker":"Adam Doran","startTime":1980.808,"endTime":1984.888,"body":"taking tax deductions that you don't"},{"speaker":"Adam Doran","startTime":1984.888,"endTime":1986.778,"body":"qualify for if you're just a W2."},{"speaker":"Adam Doran","startTime":1987.588,"endTime":1991.518,"body":"So when you start a business, it opens"},{"speaker":"Adam Doran","startTime":1987.588,"endTime":1991.518,"body":"up this whole new world of tax deductions"},{"speaker":"Adam Doran","startTime":1991.518,"endTime":1992.748,"body":"that you're not currently getting."},{"speaker":"Adam Doran","startTime":1992.748,"endTime":1994.058,"body":"If you're only working a job."},{"speaker":"Adam Doran","startTime":1994.858,"endTime":1998.488,"body":"So number one is looking at"},{"speaker":"Adam Doran","startTime":1994.858,"endTime":1998.488,"body":"starting a business, even if"},{"speaker":"Adam Doran","startTime":1998.488,"endTime":1999.838,"body":"it's just part-time on the side."},{"speaker":"Adam Doran","startTime":1999.838,"endTime":2001.038,"body":"And that's probably what it should be at."},{"speaker":"Adam Doran","startTime":2001.038,"endTime":2002.568,"body":"The start is part-time on the side."},{"speaker":"Adam Doran","startTime":2003.558,"endTime":2008.448,"body":"Number two, is that strategy I"},{"speaker":"Adam Doran","startTime":2003.558,"endTime":2008.448,"body":"just mentioned start researching."},{"speaker":"Adam Doran","startTime":2008.448,"endTime":2013.518,"body":"Is there a better way or a smarter way"},{"speaker":"Adam Doran","startTime":2008.448,"endTime":2013.518,"body":"for me to save and to build capital that"},{"speaker":"Adam Doran","startTime":2013.518,"endTime":2016.818,"body":"life insurance strategy is very valuable,"},{"speaker":"Adam Doran","startTime":2013.518,"endTime":2016.818,"body":"not just for real estate investors"},{"speaker":"Adam Doran","startTime":2016.818,"endTime":2020.538,"body":"and business owners, but if you're"},{"speaker":"Adam Doran","startTime":2016.818,"endTime":2020.538,"body":"going to be saving money someplace as"},{"speaker":"Adam Doran","startTime":2020.538,"endTime":2025.81,"body":"a savings, It offers lot of advantages"},{"speaker":"Adam Doran","startTime":2020.538,"endTime":2025.81,"body":"versus a traditional savings account"},{"speaker":"Adam Doran","startTime":2025.81,"endTime":2026.77,"body":"where you give the bank your money."},{"speaker":"Adam Doran","startTime":2026.77,"endTime":2030.25,"body":"They don't pay you any interest and they"},{"speaker":"Adam Doran","startTime":2026.77,"endTime":2030.25,"body":"go and they leverage it out, put this"},{"speaker":"Adam Doran","startTime":2030.25,"endTime":2031.42,"body":"somewhere where you can leverage it."},{"speaker":"Adam Doran","startTime":2032.32,"endTime":2037.51,"body":"And then the third piece would be once"},{"speaker":"Adam Doran","startTime":2032.32,"endTime":2037.51,"body":"you are expanding your income, once"},{"speaker":"Adam Doran","startTime":2037.51,"endTime":2042.22,"body":"you have started building some capital,"},{"speaker":"Adam Doran","startTime":2037.51,"endTime":2042.22,"body":"you should be looking at other assets"},{"speaker":"Adam Doran","startTime":2042.22,"endTime":2046.75,"body":"that produce income, because again,"},{"speaker":"Adam Doran","startTime":2042.22,"endTime":2046.75,"body":"real estate is another way to scale"},{"speaker":"Adam Doran","startTime":2046.75,"endTime":2048.73,"body":"your income without working more hours."},{"speaker":"Adam Doran","startTime":2050.245,"endTime":2052.514,"body":"And in my case, I did it in reverse order."},{"speaker":"Adam Doran","startTime":2052.514,"endTime":2054.434,"body":"I got into the real estate first."},{"speaker":"Adam Doran","startTime":2054.884,"endTime":2057.194,"body":"Then I did the life insurance"},{"speaker":"Adam Doran","startTime":2054.884,"endTime":2057.194,"body":"piece as a savings account."},{"speaker":"Adam Doran","startTime":2057.194,"endTime":2058.454,"body":"And then I started a business."},{"speaker":"Adam Doran","startTime":2058.874,"endTime":2059.624,"body":"In reality."},{"speaker":"Adam Doran","startTime":2059.624,"endTime":2061.994,"body":"If I had my druthers, I think"},{"speaker":"Adam Doran","startTime":2059.624,"endTime":2061.994,"body":"I would have started building"},{"speaker":"Adam Doran","startTime":2061.994,"endTime":2063.014,"body":"the savings with the life."},{"speaker":"Adam Doran","startTime":2063.014,"endTime":2066.344,"body":"Insurance started the business then"},{"speaker":"Adam Doran","startTime":2063.014,"endTime":2066.344,"body":"did the real estate, but either"},{"speaker":"Adam Doran","startTime":2066.344,"endTime":2067.714,"body":"way, whatever order you do it in."},{"speaker":"Adam Doran","startTime":2067.724,"endTime":2069.554,"body":"And the bottom line is"},{"speaker":"Adam Doran","startTime":2067.724,"endTime":2069.554,"body":"those three things, right?"},{"speaker":"Adam Doran","startTime":2069.554,"endTime":2073.544,"body":"There are core foundational"},{"speaker":"Adam Doran","startTime":2069.554,"endTime":2073.544,"body":"to building long-term wealth."},{"speaker":"Adam Doran","startTime":2073.554,"endTime":2078.802,"body":"Start a business, start teaching"},{"speaker":"Adam Doran","startTime":2073.554,"endTime":2078.802,"body":"yourself on how to save smarter Start"},{"speaker":"Adam Doran","startTime":2078.802,"endTime":2081.532,"body":"getting educated on and building"},{"speaker":"Adam Doran","startTime":2078.802,"endTime":2081.532,"body":"connections in the real estate world."},{"speaker":"Adam Doran","startTime":2081.532,"endTime":2083.692,"body":"And that's the other thing I would"},{"speaker":"Adam Doran","startTime":2081.532,"endTime":2083.692,"body":"say on the real estate pieces."},{"speaker":"Adam Doran","startTime":2083.992,"endTime":2086.062,"body":"So many people are like,"},{"speaker":"Adam Doran","startTime":2083.992,"endTime":2086.062,"body":"I want to do real estate."},{"speaker":"Adam Doran","startTime":2086.062,"endTime":2086.992,"body":"How do I get started?"},{"speaker":"Adam Doran","startTime":2087.592,"endTime":2090.292,"body":"It's going to be the relationships you"},{"speaker":"Adam Doran","startTime":2087.592,"endTime":2090.292,"body":"build and the connections you make,"},{"speaker":"Adam Doran","startTime":2090.292,"endTime":2095.782,"body":"because more likely than not, you will"},{"speaker":"Adam Doran","startTime":2090.292,"endTime":2095.782,"body":"not have all the necessary resources"},{"speaker":"Adam Doran","startTime":2095.812,"endTime":2096.982,"body":"to just jump out there and do it."},{"speaker":"Adam Doran","startTime":2097.647,"endTime":2101.637,"body":"Unless you've got an extra 30 hours a"},{"speaker":"Adam Doran","startTime":2097.647,"endTime":2101.637,"body":"week that you can take on a new job,"},{"speaker":"Adam Doran","startTime":2101.667,"endTime":2105.687,"body":"because I'm going to tell you having done"},{"speaker":"Adam Doran","startTime":2101.667,"endTime":2105.687,"body":"single family rentals, it becomes a job."},{"speaker":"Adam Doran","startTime":2106.077,"endTime":2110.997,"body":"So you're going to want to connect"},{"speaker":"Adam Doran","startTime":2106.077,"endTime":2110.997,"body":"with people, have a mentor, build"},{"speaker":"Adam Doran","startTime":2110.997,"endTime":2115.077,"body":"your network and leverage those people"},{"speaker":"Adam Doran","startTime":2110.997,"endTime":2115.077,"body":"and their skills and their resources."},{"speaker":"Adam Doran","startTime":2115.822,"endTime":2118.142,"body":"And that's how you're going to get"},{"speaker":"Adam Doran","startTime":2115.822,"endTime":2118.142,"body":"your foot in the door with real estate."},{"speaker":"Adam Doran","startTime":2118.142,"endTime":2120.375,"body":"It's, what's worked"},{"speaker":"Adam Doran","startTime":2118.142,"endTime":2120.375,"body":"incredibly well for me."},{"speaker":"Adam Doran","startTime":2120.512,"endTime":2124.542,"body":"I'm not in a multi-family deal because"},{"speaker":"Adam Doran","startTime":2120.512,"endTime":2124.542,"body":"I know the multifamily space I'm in it"},{"speaker":"Adam Doran","startTime":2124.542,"endTime":2127.782,"body":"because I have a lot of friends and one"},{"speaker":"Adam Doran","startTime":2124.542,"endTime":2127.782,"body":"of my friends happened to be a commercial"},{"speaker":"Adam Doran","startTime":2127.782,"endTime":2131.382,"body":"broker who really knew the business"},{"speaker":"Adam Doran","startTime":2127.782,"endTime":2131.382,"body":"and gave me an opportunity to invest."},{"speaker":"Adam Doran","startTime":2131.952,"endTime":2133.962,"body":"And that's usually how those"},{"speaker":"Adam Doran","startTime":2131.952,"endTime":2133.962,"body":"types of things come along."},{"speaker":"Adam Doran","startTime":2133.993,"endTime":2136.993,"body":"Like you, Mike, I'm in love with"},{"speaker":"Adam Doran","startTime":2133.993,"endTime":2136.993,"body":"real estate as an asset class."},{"speaker":"Adam Doran","startTime":2137.023,"endTime":2139.143,"body":"It is probably my favorite asset class."},{"speaker":"Adam Doran","startTime":2140.008,"endTime":2143.918,"body":"And, I think those two assets we talked"},{"speaker":"Adam Doran","startTime":2140.008,"endTime":2143.918,"body":"about primarily right now on this"},{"speaker":"Adam Doran","startTime":2143.918,"endTime":2146.874,"body":"interview has been, the life insurance"},{"speaker":"Adam Doran","startTime":2143.918,"endTime":2146.874,"body":"and the real estate, what's unique"},{"speaker":"Adam Doran","startTime":2146.874,"endTime":2150.834,"body":"about both of those assets is they come"},{"speaker":"Adam Doran","startTime":2146.874,"endTime":2150.834,"body":"with unique tax advantages and they"},{"speaker":"Adam Doran","startTime":2150.834,"endTime":2152.784,"body":"are not correlated to the stock market."},{"speaker":"Adam Doran","startTime":2153.844,"endTime":2155.604,"body":"And I'm not saying the"},{"speaker":"Adam Doran","startTime":2153.844,"endTime":2155.604,"body":"stock market is bad."},{"speaker":"Adam Doran","startTime":2155.604,"endTime":2159.144,"body":"I think a lot of people have built"},{"speaker":"Adam Doran","startTime":2155.604,"endTime":2159.144,"body":"well through the stock market, but if"},{"speaker":"Adam Doran","startTime":2159.144,"endTime":2162.534,"body":"you're, if you've only got your money"},{"speaker":"Adam Doran","startTime":2159.144,"endTime":2162.534,"body":"in that one place, what happens when"},{"speaker":"Adam Doran","startTime":2162.534,"endTime":2167.619,"body":"we have a 2008, what happens to your"},{"speaker":"Adam Doran","startTime":2162.534,"endTime":2167.619,"body":"wealth versus, you've got real estate,"},{"speaker":"Adam Doran","startTime":2167.619,"endTime":2168.999,"body":"which is totally non-correlated."},{"speaker":"Adam Doran","startTime":2168.999,"endTime":2171.219,"body":"So stock market does"},{"speaker":"Adam Doran","startTime":2168.999,"endTime":2171.219,"body":"this real estate stage."},{"speaker":"Adam Doran","startTime":2172.509,"endTime":2174.119,"body":"And life insurance is the same way."},{"speaker":"Adam Doran","startTime":2174.119,"endTime":2175.351,"body":"It's its own unique asset."},{"speaker":"Adam Doran","startTime":2175.351,"endTime":2179.011,"body":"It's not correlated to either of the two,"},{"speaker":"Adam Doran","startTime":2175.351,"endTime":2179.011,"body":"the more non-correlated assets you can"},{"speaker":"Adam Doran","startTime":2179.011,"endTime":2181.801,"body":"have, the better diversified you are."},{"speaker":"Average Joe Finances","startTime":2182.006,"endTime":2184.029,"body":"I wrote down a"},{"speaker":"Average Joe Finances","startTime":2182.006,"endTime":2184.029,"body":"bunch of stuff, as you were talking"},{"speaker":"Average Joe Finances","startTime":2184.029,"endTime":2186.008,"body":"about this that just sticks out."},{"speaker":"Average Joe Finances","startTime":2186.008,"endTime":2188.731,"body":"There's like you said, there's three"},{"speaker":"Average Joe Finances","startTime":2186.008,"endTime":2188.731,"body":"key things, and, start a business."},{"speaker":"Average Joe Finances","startTime":2189.846,"endTime":2195.486,"body":"Build capital and start buying income,"},{"speaker":"Average Joe Finances","startTime":2189.846,"endTime":2195.486,"body":"producing assets, AKA real estate."},{"speaker":"Average Joe Finances","startTime":2195.489,"endTime":2199.269,"body":"And I'm really glad that you"},{"speaker":"Average Joe Finances","startTime":2195.489,"endTime":2199.269,"body":"had mentioned this, right?"},{"speaker":"Average Joe Finances","startTime":2199.269,"endTime":2202.059,"body":"You talked about"},{"speaker":"Average Joe Finances","startTime":2199.269,"endTime":2202.059,"body":"relationship building, right?"},{"speaker":"Average Joe Finances","startTime":2202.419,"endTime":2204.189,"body":"You want to get into"},{"speaker":"Average Joe Finances","startTime":2202.419,"endTime":2204.189,"body":"the real estate space."},{"speaker":"Average Joe Finances","startTime":2204.219,"endTime":2207.429,"body":"You're not sure how you"},{"speaker":"Average Joe Finances","startTime":2204.219,"endTime":2207.429,"body":"build relationships."},{"speaker":"Average Joe Finances","startTime":2207.429,"endTime":2209.799,"body":"You network, you meet other"},{"speaker":"Average Joe Finances","startTime":2207.429,"endTime":2209.799,"body":"people that are doing."},{"speaker":"Average Joe Finances","startTime":2210.654,"endTime":2215.114,"body":"What you want to do and, so you find"},{"speaker":"Average Joe Finances","startTime":2210.654,"endTime":2215.114,"body":"a local meetup of people getting"},{"speaker":"Average Joe Finances","startTime":2215.114,"endTime":2217.017,"body":"together and talking about real estate."},{"speaker":"Average Joe Finances","startTime":2217.035,"endTime":2220.725,"body":"There's a lot of virtual ones now, too,"},{"speaker":"Average Joe Finances","startTime":2217.035,"endTime":2220.725,"body":"that you can go to just about anywhere."},{"speaker":"Average Joe Finances","startTime":2220.725,"endTime":2221.445,"body":"Just look it up."},{"speaker":"Average Joe Finances","startTime":2221.865,"endTime":2225.195,"body":"I know like Facebook events, like if"},{"speaker":"Average Joe Finances","startTime":2221.865,"endTime":2225.195,"body":"you go onto Facebook events and you"},{"speaker":"Average Joe Finances","startTime":2225.195,"endTime":2230.355,"body":"type in real estate meetup, there'll"},{"speaker":"Average Joe Finances","startTime":2225.195,"endTime":2230.355,"body":"be hundreds of meetups that pop up."},{"speaker":"Average Joe Finances","startTime":2231.225,"endTime":2234.075,"body":"Join one, go check it out, go"},{"speaker":"Average Joe Finances","startTime":2231.225,"endTime":2234.075,"body":"meet people, talk to people."},{"speaker":"Average Joe Finances","startTime":2234.075,"endTime":2234.465,"body":"Network."},{"speaker":"Average Joe Finances","startTime":2234.885,"endTime":2239.685,"body":"I talk with real estate investors all over"},{"speaker":"Average Joe Finances","startTime":2234.885,"endTime":2239.685,"body":"the United States and I live in Hawaii."},{"speaker":"Average Joe Finances","startTime":2239.751,"endTime":2242.301,"body":"And I've invested with a"},{"speaker":"Average Joe Finances","startTime":2239.751,"endTime":2242.301,"body":"team out here from Hawaii."},{"speaker":"Average Joe Finances","startTime":2242.301,"endTime":2245.881,"body":"We bought 102 unit apartment"},{"speaker":"Average Joe Finances","startTime":2242.301,"endTime":2245.881,"body":"out in Roanoke, Virginia."},{"speaker":"Average Joe Finances","startTime":2245.891,"endTime":2249.461,"body":"And it's just it's and it's all"},{"speaker":"Average Joe Finances","startTime":2245.891,"endTime":2249.461,"body":"due to connections and networking"},{"speaker":"Average Joe Finances","startTime":2249.461,"endTime":2252.581,"body":"and getting to know these people"},{"speaker":"Average Joe Finances","startTime":2249.461,"endTime":2252.581,"body":"and building those relationships."},{"speaker":"Average Joe Finances","startTime":2252.941,"endTime":2254.441,"body":"That's absolutely huge."},{"speaker":"Average Joe Finances","startTime":2254.507,"endTime":2257.747,"body":"And one of the other things that I love"},{"speaker":"Average Joe Finances","startTime":2254.507,"endTime":2257.747,"body":"about being in the real estate space."},{"speaker":"Average Joe Finances","startTime":2258.362,"endTime":2258.832,"body":"Is."},{"speaker":"Average Joe Finances","startTime":2259.842,"endTime":2266.502,"body":"In general, about 95% of the people that"},{"speaker":"Average Joe Finances","startTime":2259.842,"endTime":2266.502,"body":"I've met are very giving and they are very"},{"speaker":"Average Joe Finances","startTime":2266.532,"endTime":2270.666,"body":"like, they're giving with their knowledge,"},{"speaker":"Average Joe Finances","startTime":2266.532,"endTime":2270.666,"body":"they're giving with their opportunities."},{"speaker":"Average Joe Finances","startTime":2270.672,"endTime":2273.762,"body":"If there's something coming up,"},{"speaker":"Average Joe Finances","startTime":2270.672,"endTime":2273.762,"body":"they're quick to say, Hey, I remember"},{"speaker":"Average Joe Finances","startTime":2273.762,"endTime":2275.022,"body":"so-and-so talking about this."},{"speaker":"Average Joe Finances","startTime":2275.022,"endTime":2276.942,"body":"Let me send, shoot them an email"},{"speaker":"Average Joe Finances","startTime":2275.022,"endTime":2276.942,"body":"and see if they're interested in"},{"speaker":"Average Joe Finances","startTime":2276.942,"endTime":2278.082,"body":"this deal that we have coming up."},{"speaker":"Average Joe Finances","startTime":2278.472,"endTime":2279.312,"body":"And things like that."},{"speaker":"Average Joe Finances","startTime":2279.612,"endTime":2283.842,"body":"There's so much opportunity in"},{"speaker":"Average Joe Finances","startTime":2279.612,"endTime":2283.842,"body":"building relationships and in"},{"speaker":"Average Joe Finances","startTime":2283.842,"endTime":2284.922,"body":"building your network so that."},{"speaker":"Average Joe Finances","startTime":2285.612,"endTime":2286.632,"body":"Absolutely huge."},{"speaker":"Average Joe Finances","startTime":2286.65,"endTime":2289.112,"body":"So yeah, definitely get, get"},{"speaker":"Average Joe Finances","startTime":2286.65,"endTime":2289.112,"body":"involved in something like that."},{"speaker":"Average Joe Finances","startTime":2289.112,"endTime":2291.542,"body":"Get involved in a meetup"},{"speaker":"Average Joe Finances","startTime":2289.112,"endTime":2291.542,"body":"group, go meet people."},{"speaker":"Average Joe Finances","startTime":2291.782,"endTime":2295.532,"body":"Talk about what you're passionate"},{"speaker":"Average Joe Finances","startTime":2291.782,"endTime":2295.532,"body":"about and guarantee you there's"},{"speaker":"Average Joe Finances","startTime":2295.532,"endTime":2298.412,"body":"somebody else out there that wants to"},{"speaker":"Average Joe Finances","startTime":2295.532,"endTime":2298.412,"body":"have that same conversation with you."},{"speaker":"Average Joe Finances","startTime":2298.742,"endTime":2302.762,"body":"It's one of the reasons why I started"},{"speaker":"Average Joe Finances","startTime":2298.742,"endTime":2302.762,"body":"this podcast too and one of the."},{"speaker":"Average Joe Finances","startTime":2303.432,"endTime":2307.955,"body":"I guess selfish things for me as a"},{"speaker":"Average Joe Finances","startTime":2303.432,"endTime":2307.955,"body":"podcaster is, I get to build my network"},{"speaker":"Average Joe Finances","startTime":2307.955,"endTime":2309.9,"body":"by meeting awesome people like you."},{"speaker":"Average Joe Finances","startTime":2309.93,"endTime":2312.789,"body":"And bringing them on as my guests,"},{"speaker":"Average Joe Finances","startTime":2309.93,"endTime":2312.789,"body":"and I like to stay connected"},{"speaker":"Average Joe Finances","startTime":2312.789,"endTime":2313.869,"body":"with all my guests afterwards."},{"speaker":"Average Joe Finances","startTime":2313.899,"endTime":2316.449,"body":"You're probably going to be hearing"},{"speaker":"Average Joe Finances","startTime":2313.899,"endTime":2316.449,"body":"from me months from now and be like,"},{"speaker":"Average Joe Finances","startTime":2316.479,"endTime":2317.679,"body":"oh man, I'm getting sick of this guy."},{"speaker":"Average Joe Finances","startTime":2317.746,"endTime":2320.448,"body":"It's I love building these"},{"speaker":"Average Joe Finances","startTime":2317.746,"endTime":2320.448,"body":"relationships and it's one of the"},{"speaker":"Average Joe Finances","startTime":2320.448,"endTime":2324.168,"body":"beautiful things about being in this"},{"speaker":"Average Joe Finances","startTime":2320.448,"endTime":2324.168,"body":"space is the people that you meet."},{"speaker":"Average Joe Finances","startTime":2324.204,"endTime":2325.344,"body":"And I've had several people that."},{"speaker":"Average Joe Finances","startTime":2325.809,"endTime":2328.659,"body":"We're not guests on my podcast,"},{"speaker":"Average Joe Finances","startTime":2325.809,"endTime":2328.659,"body":"just people from meetups that I"},{"speaker":"Average Joe Finances","startTime":2328.659,"endTime":2330.759,"body":"stay connected with on the regular."},{"speaker":"Average Joe Finances","startTime":2331.089,"endTime":2333.198,"body":"And we're always throwing"},{"speaker":"Average Joe Finances","startTime":2331.089,"endTime":2333.198,"body":"ideas at each other."},{"speaker":"Average Joe Finances","startTime":2333.198,"endTime":2336.272,"body":"And if there's, a good opportunity"},{"speaker":"Average Joe Finances","startTime":2333.198,"endTime":2336.272,"body":"that comes up, Hey we can"},{"speaker":"Average Joe Finances","startTime":2336.272,"endTime":2337.322,"body":"go in on something together."},{"speaker":"Average Joe Finances","startTime":2337.322,"endTime":2340.342,"body":"So there's, and there's always"},{"speaker":"Average Joe Finances","startTime":2337.322,"endTime":2340.342,"body":"opportunities that come up guys"},{"speaker":"Average Joe Finances","startTime":2340.342,"endTime":2341.575,"body":"and gals there's always something."},{"speaker":"Average Joe Finances","startTime":2342.2,"endTime":2345.875,"body":"There's, it's just a matter of"},{"speaker":"Average Joe Finances","startTime":2342.2,"endTime":2345.875,"body":"being open to it and having that,"},{"speaker":"Average Joe Finances","startTime":2345.875,"endTime":2349.129,"body":"that that perspective of building"},{"speaker":"Average Joe Finances","startTime":2345.875,"endTime":2349.129,"body":"these relationships with everybody"},{"speaker":"Average Joe Finances","startTime":2349.129,"endTime":2350.269,"body":"and building your network."},{"speaker":"Average Joe Finances","startTime":2350.269,"endTime":2350.809,"body":"It's huge."},{"speaker":"Average Joe Finances","startTime":2350.809,"endTime":2351.289,"body":"It's huge."},{"speaker":"Average Joe Finances","startTime":2351.319,"endTime":2351.949,"body":"Absolutely."},{"speaker":"Average Joe Finances","startTime":2352.309,"endTime":2353.869,"body":"I really can't talk about that enough."},{"speaker":"Average Joe Finances","startTime":2354.091,"endTime":2355.801,"body":"I have another question"},{"speaker":"Average Joe Finances","startTime":2354.091,"endTime":2355.801,"body":"I want to ask you, right?"},{"speaker":"Average Joe Finances","startTime":2355.801,"endTime":2360.054,"body":"Cause this is something I just started"},{"speaker":"Average Joe Finances","startTime":2355.801,"endTime":2360.054,"body":"implementing into the show is so"},{"speaker":"Average Joe Finances","startTime":2360.054,"endTime":2361.654,"body":"I'm curious for my guests, right?"},{"speaker":"Average Joe Finances","startTime":2361.784,"endTime":2365.839,"body":"If you have a favorite business"},{"speaker":"Average Joe Finances","startTime":2361.784,"endTime":2365.839,"body":"investing or real estate related book or"},{"speaker":"Average Joe Finances","startTime":2365.839,"endTime":2368.009,"body":"podcast, if you do, what would that be?"},{"speaker":"Adam Doran","startTime":2368.009,"endTime":2370.951,"body":"Business and real"},{"speaker":"Adam Doran","startTime":2368.009,"endTime":2370.951,"body":"estate related, man, that's really"},{"speaker":"Adam Doran","startTime":2370.951,"endTime":2374.401,"body":"hard to narrow it down to just"},{"speaker":"Adam Doran","startTime":2370.951,"endTime":2374.401,"body":"one favorite book or podcast."},{"speaker":"Average Joe Finances","startTime":2374.538,"endTime":2375.978,"body":"I"},{"speaker":"Average Joe Finances","startTime":2374.538,"endTime":2375.978,"body":"got to put you on the spot."},{"speaker":"Average Joe Finances","startTime":2375.978,"endTime":2377.568,"body":"If you could pick one, what would it be?"},{"speaker":"Adam Doran","startTime":2378.198,"endTime":2378.558,"body":"Yup."},{"speaker":"Adam Doran","startTime":2378.738,"endTime":2379.098,"body":"Yup."},{"speaker":"Adam Doran","startTime":2379.165,"endTime":2381.955,"body":"There's a book I like, and it's not"},{"speaker":"Adam Doran","startTime":2379.165,"endTime":2381.955,"body":"necessarily specific to business"},{"speaker":"Adam Doran","startTime":2381.955,"endTime":2384.835,"body":"or real estate, but I think it's so"},{"speaker":"Adam Doran","startTime":2381.955,"endTime":2384.835,"body":"important to developing the right"},{"speaker":"Adam Doran","startTime":2384.865,"endTime":2387.115,"body":"mindset to do either of those things."},{"speaker":"Adam Doran","startTime":2387.145,"endTime":2392.138,"body":"There's a book called conversations"},{"speaker":"Adam Doran","startTime":2387.145,"endTime":2392.138,"body":"with millionaires and the author's names"},{"speaker":"Adam Doran","startTime":2392.138,"endTime":2398.258,"body":"are Jason omen and Mike Littman, and"},{"speaker":"Adam Doran","startTime":2392.138,"endTime":2398.258,"body":"it says, and that subtitle on the book"},{"speaker":"Adam Doran","startTime":2398.258,"endTime":2401.288,"body":"is what millionaires do to get rich"},{"speaker":"Adam Doran","startTime":2398.258,"endTime":2401.288,"body":"that you never learned about in school."},{"speaker":"Adam Doran","startTime":2401.798,"endTime":2404.488,"body":"That was one of the best"},{"speaker":"Adam Doran","startTime":2401.798,"endTime":2404.488,"body":"reads that I think I ever."},{"speaker":"Adam Doran","startTime":2404.56,"endTime":2409.15,"body":"Just as somebody who is trying to change"},{"speaker":"Adam Doran","startTime":2404.56,"endTime":2409.15,"body":"my mindset and change my paradigm other"},{"speaker":"Adam Doran","startTime":2409.15,"endTime":2413.55,"body":"than the get up, go to work and, hang"},{"speaker":"Adam Doran","startTime":2409.15,"endTime":2413.55,"body":"in long-term and it was so helpful to"},{"speaker":"Adam Doran","startTime":2413.55,"endTime":2418.56,"body":"me in building the mindset that it takes"},{"speaker":"Adam Doran","startTime":2413.55,"endTime":2418.56,"body":"to flip your paradigm, take risk and"},{"speaker":"Adam Doran","startTime":2418.56,"endTime":2422.46,"body":"do things that are outside the outside"},{"speaker":"Adam Doran","startTime":2418.56,"endTime":2422.46,"body":"of the norm, like building a business"},{"speaker":"Adam Doran","startTime":2422.46,"endTime":2423.9,"body":"or building a real estate portfolio."},{"speaker":"Average Joe Finances","startTime":2424.587,"endTime":2425.847,"body":"I"},{"speaker":"Average Joe Finances","startTime":2424.587,"endTime":2425.847,"body":"wrote that one down for sure."},{"speaker":"Average Joe Finances","startTime":2425.967,"endTime":2426.657,"body":"I'll check it out."},{"speaker":"Average Joe Finances","startTime":2427.317,"endTime":2431.667,"body":"Conversation millionaires by"},{"speaker":"Average Joe Finances","startTime":2427.317,"endTime":2431.667,"body":"Jason Oman, omen and Mike Litman."},{"speaker":"Average Joe Finances","startTime":2432.087,"endTime":2432.507,"body":"That's right."},{"speaker":"Average Joe Finances","startTime":2432.777,"endTime":2433.227,"body":"Awesome."},{"speaker":"Average Joe Finances","startTime":2433.347,"endTime":2434.187,"body":"Okay, cool."},{"speaker":"Average Joe Finances","startTime":2434.697,"endTime":2435.147,"body":"Right on."},{"speaker":"Average Joe Finances","startTime":2435.177,"endTime":2435.687,"body":"All right now."},{"speaker":"Average Joe Finances","startTime":2436.462,"endTime":2439.012,"body":"I have to ask you the most"},{"speaker":"Average Joe Finances","startTime":2436.462,"endTime":2439.012,"body":"important question now."},{"speaker":"Average Joe Finances","startTime":2439.102,"endTime":2439.372,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":2439.372,"endTime":2442.612,"body":"So I appreciate you answering that, but"},{"speaker":"Average Joe Finances","startTime":2439.372,"endTime":2442.612,"body":"this is the most important one, especially"},{"speaker":"Average Joe Finances","startTime":2442.612,"endTime":2446.996,"body":"with the type of conversation we had, this"},{"speaker":"Average Joe Finances","startTime":2442.612,"endTime":2446.996,"body":"kind of turned into a tax episode, and"},{"speaker":"Average Joe Finances","startTime":2446.996,"endTime":2451.059,"body":"tax advantages of real estate and life"},{"speaker":"Average Joe Finances","startTime":2446.996,"endTime":2451.059,"body":"insurance, which is absolutely awesome."},{"speaker":"Average Joe Finances","startTime":2451.059,"endTime":2452.232,"body":"I really enjoyed all that."},{"speaker":"Average Joe Finances","startTime":2452.262,"endTime":2455.484,"body":"And I think it's very informational"},{"speaker":"Average Joe Finances","startTime":2452.262,"endTime":2455.484,"body":"People are going to listen to the"},{"speaker":"Average Joe Finances","startTime":2455.484,"endTime":2459.194,"body":"show and say, Hey, I want to know"},{"speaker":"Average Joe Finances","startTime":2455.484,"endTime":2459.194,"body":"more about Adam, and what he's doing"},{"speaker":"Average Joe Finances","startTime":2459.194,"endTime":2460.934,"body":"and how he learned all this stuff."},{"speaker":"Average Joe Finances","startTime":2461.234,"endTime":2465.494,"body":"Or maybe I want to go check him out and"},{"speaker":"Average Joe Finances","startTime":2461.234,"endTime":2465.494,"body":"use him as a wealth advisor for myself."},{"speaker":"Average Joe Finances","startTime":2465.884,"endTime":2468.404,"body":"So where can people find"},{"speaker":"Average Joe Finances","startTime":2465.884,"endTime":2468.404,"body":"more information about you?"},{"speaker":"Average Joe Finances","startTime":2468.404,"endTime":2470.384,"body":"Do you have a website you could"},{"speaker":"Average Joe Finances","startTime":2468.404,"endTime":2470.384,"body":"share with us social media"},{"speaker":"Average Joe Finances","startTime":2470.384,"endTime":2471.584,"body":"profiles, anything like that?"},{"speaker":"Adam Doran","startTime":2471.614,"endTime":2476.234,"body":"Yeah, the absolute best"},{"speaker":"Adam Doran","startTime":2471.614,"endTime":2476.234,"body":"place to find me as on LinkedIn and."},{"speaker":"Adam Doran","startTime":2476.301,"endTime":2478.864,"body":"I'm not the only Adam Doran on"},{"speaker":"Adam Doran","startTime":2476.301,"endTime":2478.864,"body":"LinkedIn, but I am the only Adam"},{"speaker":"Adam Doran","startTime":2478.864,"endTime":2480.194,"body":"Doran and in Kansas city on LinkedIn."},{"speaker":"Adam Doran","startTime":2480.194,"endTime":2483.364,"body":"And so very easy to find"},{"speaker":"Adam Doran","startTime":2480.194,"endTime":2483.364,"body":"I'm with prevail strategies."},{"speaker":"Adam Doran","startTime":2483.364,"endTime":2484.834,"body":"So you'll see that in the title line."},{"speaker":"Adam Doran","startTime":2484.886,"endTime":2486.416,"body":"But that is the best"},{"speaker":"Adam Doran","startTime":2484.886,"endTime":2486.416,"body":"way to connect with me."},{"speaker":"Adam Doran","startTime":2486.416,"endTime":2490.076,"body":"I'm on there every day, I meet"},{"speaker":"Adam Doran","startTime":2486.416,"endTime":2490.076,"body":"new people on LinkedIn every day."},{"speaker":"Adam Doran","startTime":2490.092,"endTime":2494.322,"body":"And so that's a great way to contact"},{"speaker":"Adam Doran","startTime":2490.092,"endTime":2494.322,"body":"me and it goes, it's the same"},{"speaker":"Adam Doran","startTime":2494.322,"endTime":2496.672,"body":"as having my phone number, cause"},{"speaker":"Adam Doran","startTime":2494.322,"endTime":2496.672,"body":"the messages go right to my phone"},{"speaker":"Average Joe Finances","startTime":2496.999,"endTime":2499.099,"body":"We're connected"},{"speaker":"Average Joe Finances","startTime":2496.999,"endTime":2499.099,"body":"on LinkedIn, so I'll make sure I have"},{"speaker":"Average Joe Finances","startTime":2499.099,"endTime":2503.269,"body":"a link to your LinkedIn profile in our"},{"speaker":"Average Joe Finances","startTime":2499.099,"endTime":2503.269,"body":"show notes to make it easy for everybody."},{"speaker":"Average Joe Finances","startTime":2503.475,"endTime":2508.232,"body":"Hey again, Adam, this has been an"},{"speaker":"Average Joe Finances","startTime":2503.475,"endTime":2508.232,"body":"absolutely awesome conversation."},{"speaker":"Average Joe Finances","startTime":2508.322,"endTime":2513.081,"body":"I really genuinely appreciate you taking"},{"speaker":"Average Joe Finances","startTime":2508.322,"endTime":2513.081,"body":"the time to sit down on a Saturday"},{"speaker":"Average Joe Finances","startTime":2513.081,"endTime":2514.591,"body":"and have this conversation with me."},{"speaker":"Adam Doran","startTime":2514.591,"endTime":2515.554,"body":"Thank you for the invite."},{"speaker":"Adam Doran","startTime":2515.612,"endTime":2516.592,"body":"I've really enjoyed it."},{"speaker":"Adam Doran","startTime":2516.592,"endTime":2519.489,"body":"Mike enjoyed the chance to share"},{"speaker":"Adam Doran","startTime":2516.592,"endTime":2519.489,"body":"some things and hopefully everybody"},{"speaker":"Adam Doran","startTime":2519.489,"endTime":2520.869,"body":"that listened, found it really useful"},{"speaker":"Average Joe Finances","startTime":2521.529,"endTime":2523.449,"body":"right on Aloha from Hawaii."}]}