Wealth Without Wall Street: A New Financial Strategy

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Hey, welcome to another episode of Making Billions, I'm your host, Ryan Miller and today I have my dear friend Joey Mure. 

Joey is the founder of Wealth Without Wall Street, a firm that specializes in infinite banking, a concept that's been helping people to have passive income, leading to absolute financial freedom. 

So what does this mean? Well, it means that Joey understands how to set up your affairs in such a way that you can now set up yourself to reduce taxes, grow your asset and build a wealth legacy that your family can enjoy for generations.

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[THE GUEST]: Joey Mure is the founder of Wealth Without Wall Street.

[THE HOST]: R

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• 17:30 (Cont.) Wealth Without Wall Street: A New Financial Strategy

Transcript

Ryan Miller  

My name is Ryan Miller, and for the past 15 years, I've helped hundreds of people to raise millions of dollars for their funds and for their startups. If you're serious about raising money, launching your business or taking your life to the next level, this show will give you the answers so that you too can enjoy your pursuit of Making Billions. Let's get into it. 

Ryan Miller  

What if everything you know about money is wrong? Imagine generating, say, $50,000 a month in passive income without even working a traditional job. See, today you'll discover the hidden playbook that Wall Street does not want you to know. A system so powerful it can transform your financial life in months, not just decades, one entrepreneur cracked the code to financial freedom, and he's about to reveal exactly how. In the next 45 minutes, you will learn how to escape the rat race forever, the shocking review about the lie we all call retirement and a revolutionary method to build wealth automatically. You see, this isn't another get rich quick scheme, this is your financial revolution. Are you ready, here we go. 

Ryan Miller  

Hey, welcome to another episode of Making Billions, I'm your host, Ryan Miller and today I have my dear friend Joey Mure. Joey is the founder of Wealth Without Wall Street, a firm that specializes in infinite banking, a concept that's been helping people to have passive income, leading to absolute financial freedom. So what does this mean? Well, it means that Joey understands how to set up your affairs in such a way that you can now set up yourself to reduce taxes, grow your asset and build a wealth legacy that your family can enjoy for generations. So Joey, welcome to the show man. 

Joey Mure  

Hey, Ryan, I am so stoked to be here. In fact, I don't know about you Making Billions community, but I want to be Ryan Miller when I grow up. So this is like the best opportunity episode, thanks for having me.

Ryan Miller  

This great flattery will get you everywhere. So thank you for that, you're very kind, we've been very fortunate to be in the top 2 or 3% in the world, and it's all because of amazing folks just like you. So let's jump right into it. Man, you've been in this for a long time, you've got a lot of cool things going on. How do people put early points on the board when they're starting out on just this Wealth Without Wall Street concept and securing their wealth? What would you say?

Joey Mure  

Well, I'll tell you, it's the simplest formula that Wall Street doesn't want you to know. Okay, so just write this down, super simple, when your passive income exceeds your monthly expenses, so PI greater than NE, if you want to keep the formulaic approach, you are 100% free. What I mean by that, okay, like I have, I'm a visual guy. If you're not watching this on YouTube or wherever I want you to pull up your calendar on your phone, I'm holding my phone up. You pull up the Calendar app, and you scroll down, and you look at those little boxes, they're all color coded, probably and you say, how many of those boxes did I place on my calendar this week? Or how many of those boxes did someone else place on my week, that is the difference. That is the big aha moment if you really want to find out what financial freedom looks like, it's just that I place every one of those boxes on my calendar with who I want to be with when I want to be there. That is the freedom maker and Wall Street wants you to think that it's this really convoluted, confusing formula that has all these variables that you really can't control, and so they keep you, giving you, giving them your money until this mystical day when you can quote, unquote, retire. And I'm just telling you that is not how to win, that is how to live in scarcity and in confusion and to defer life. And life is not going to wait for you, you have to take hold of it today, and so the formula to get there is passive income greater than monthly expenses. That's the quick win for you today. 

Ryan Miller  

Brilliant. So yeah, we all aspire and doing private deals and alternative assets, whether you're maybe flipping houses or whatever, buying car washes, it could be anything, whatever's right for you. Obviously, we're not giving financial advice we're just exploring ideas and talking about our opinion on those but you know, you've mentioned to me before, we've known each other for a while now, and you mentioned retirement is not the answer. Can you maybe expand on that and how you arrived at that conclusion? 

Joey Mure  

Well, this is one of these stories that I'll just quickly share to explain the point, and it's not like this one story makes the whole concept, but you get the idea, and you can probably think of somebody just like this in your life. So I'm actually at the beach right now, Ryan, you know, you talked about that, we're down here with my family. But years ago, I was at the beach, and I was sitting there had my Wealth Without Wall Street swag on, you know, of course, and my little swim shirt and is printed on the front, this older woman walks up to me, and she's been kind of watching us from afar. She says, well tell me about that Wealth Without Wall Street, what is that? And I told her about the company, what we do and everything and her only response was, well, yeah, my husband and I, we retired this year, and I hope it's enough. And I was like, I was kind of dumbfounded, because it was so such a simple statement, but it had a profound impact on me. Because, you know, if you think about getting to financial freedom or getting to, in her case, retirement, that's the summit, like, that's what you've been training for that's what you've been looking forward to for sometimes 40 plus years. And she's gotten there, and you would think the response is celebratory. It's, I can't I mean, we made it like this is so good everything that we've been looking forward to. And what is her response, I hope it's enough that doesn't sound like an abundant response. It doesn't sound like all of a sudden she's going to start living like she's never lived before. She's going to start impacting people and places and fail her family. No, it actually says the opposite, it says I'm going to kind of have to kind of cocoon myself. I'm gonna have to kind of go in, I'm going to hold things in, in a way of being kind of concerned about spending money. And it just, it just really kind of rocked me to think this is all people have to look forward to, is I'm going to live scarcely so I can pile up all this money into this like mountain of money that hopefully will be enough before I die. That is a lie, and it really and by the way, there's so many other things around that, like my parents just retired this year from the Salvation Army, and they did great things, but you know what they have, they've lost their health. I mean, in the meantime, they have very little, they have so many limitations on what they can do, because their health is so bad. And so man, life is not about deferring. It's about living and not being taken out of service, which is what the word retirement means. So anyways, that's a lot I've just kind of thrown up, but that story really impacted me.

Ryan Miller  

You know, I've always said hope is not a strategy, especially in investing and trying to take care of it. Because, you know, in the show Making Billions, we talk about asset managers, we talk about that life. Nobody should invest on hope. I mean, we, it's okay to have it, and you should have hope. But that's not a strategy that's maybe a great mindset to have, but as you look for and implement strategy, so when it comes to stepping out of hope, right? Like this lady on the beach says, I hope it's enough, it's not a position any of us want to be in. How do you put it where it's almost automatic? How like are there systems that you recommend, or are there processes that you think would really help people to just automatically build this in the background, so that when that day comes, they're not just crossing their fingers, but they're like, we did it.

Joey Mure  

Bro, for sure and let me just say this, as you're listening to this conversation, you may love what you do, and my last comment about financial freedom and versus retirement is not meant to say, hey, you shouldn't be doing what you're doing. My, my concept is you should be doing it because you want to, not because you have to okay? And there's a rate, a way to make that happen, you have to take your active income and turn it into passive income, okay? And that's where the system comes in, that you're talking about, Ryan, is it's the process that we coined the passive income operating system, and it might actually be better, is it okay if I kind of show you a couple of like, slides that explain this a little bit. 

Ryan Miller  

Yeah, please. Yeah, I love that. 

Joey Mure  

Most people are stuck in this idea that, you know, all their active income comes into one sort of a checking account that then gets dispersed into all these different places. They pay their taxes out of it, they pay their expenses out of it. They've got the mortgage coming out one day, and the next day is the daycare bill, and then three days later is this the college tuition bill, and you've got all these variable things coming out. Was that where the vacation was going through, like all these question marks going through you, and then we're trying to then take whatever's left over in that account and send it up to some sort of investment type of vehicle. Even unless we've already sent it there before my 401K or something like that. And the idea is that this causes confusion, and most people don't realize it really is getting them stuck in what we call the rat race. Because the money is going in, it's going out, going in, going out, and we never can really step off, because we never really know how much is left over, if we're honest with ourselves, because of the variability of how those things go in and out, we really don't know. And so the really quick win, in my mind, is to create some separation. It's just like if you own a business and you have your personal accounts, you don't co-mingle those funds, right? Well, in this case, we co-mingle all of the activities of what our money is used for out of one account. We need to make some separation, let's create an income account so it's just checking account that just receives income and then it pays down towards whatever your expense account is, which is probably your current account. It sends down money to pay your expenses every month. But then it shows you, almost like a personal P and L Ryan, that I've got this much in income and this much in expenses and this much is left over. And then what does that do? Then I can take that excess, almost like a sweep account, and sweep it over to the second account that you want to set up as your investing hub. Okay, this is where the money goes before it gets invested into whatever your passive income of choice needs to be and we can talk about what those options are later. But if you start with just the system of taking that active income, it goes into your income account. You pay down your expenses once a month on like an automated cadence, and then everything left over goes into this investing account. If you can do that, it will drastically change the outcome of now I've got money that I have to start doing something with, and I'll show you really quickly here. This is what the final thing looks like you that money goes over to that hub, it buys assets. Those assets kick off income that goes right back into the hub and I can do that over and over and over. And I've created this separation from the rat race, which is where all my money was just going in and out in and out to this right hand side. And again, I'm sorry if you're not visually seeing this on the podcast, the right hand side shows you that you can now start investing in assets that produce passive income. That's the game changer that I think most people are missing, and it's why we call it the first step in becoming financially free. 

Ryan Miller  

Absolutely brilliant. So when it comes to that hub, this is a thing that you know, I hope people reach out to their financial advisor, lawyers, tax account, whoever, as many people as you can, accredited professionals as you can get a hold of. But when it comes to that hub, so now we're talking about placing it into investments. And this is a big source of where people start if they want to invest in, say, flip a house or, you know, do a syndication with a few friends and buy some laundromats, whatever it is, it doesn't matter. You got to have a little bit of understanding of investment principles or you got to have someone on your team to your team to do that, but typically you got to start out and prime the pump before you get started. So you know how what would you suggest are some really quick things, if there's literally people starting out, how do they start by having a little bit of sophistication so that they can start to walk up to be a better investor. 

Joey Mure  

Well, and once we've got that hub set up, like we just talked about, and we can expound more this, the real key to that is the infinite banking concept that I think it's a game changer. But once you actually have this actual hub set up, the real thing is now you have to train yourself to be an investor and Ryan, I think most people, whether they've been a business owner, they think, oh, I'm a business owner, so I can invest like that, just but those are two very different skills. I'm just going to tell you, being an entrepreneur does not equal being an investor and if you've been like, I was like, when I first started out in the business, in the morgue, I was in the mortgage business, actually, to begin with, I just set up my 401K, my IRAs and I just was blindly putting money in I was not an investor, because I had turned off the creativity function that it takes to become an investor. And what I mean by that, I mean great deals would come across my desk, and I wouldn't know the first thing about if it was a good deal or a bad deal, because I couldn't properly review a pitch deck. I mean, let's face it, if you get if you're not an investor, and you see a pitch deck, it's the best thing you've ever seen. Okay, I don't know about you, I've never seen a bad pitch deck, but you can, you can learn to find the holes. You can learn to find the questions to ask that operator or that syndicator or that sponsor, what will it actually align with my investor DNA. Which that's the second thing like in this second step of becoming an investor, you got to be able to read a pitch deck, you got to be able to read a PPM, right, a private placement memorandum on these syndications. You got to be able to know what your investor DNA is. How does God create you to see the world with your personality, your resources, your experiences, all those things line up to, hey, we're going to talk about what Joey and Russ and, you know, their Wealth Without Wall Street those guys invest in, maybe I should invest in that. That's the wrong question and answer, you need to invest in things that line up with you, because as you do, you're going to be have way more momentum to get to financial freedom as fast as possible. So those are some key things that I don't think people think about they just start chasing ROI, oh, man, this thing, this guy said it's going to be a 22% return on investment, so it must be good, wrong. I'm just telling you that is the wrong thing to chase, because everybody's pitch deck looks great until it's not so you got to learn to be an investor, and there's some really critical things that you have to learn along the way.

Ryan Miller  

Yeah, brilliant Joey. So I always knew from when I started in university 100 years ago, like people talk about shifting your identity. You know, I didn't know that, but no one, no one taught me that principle. But I think this is wise to know, is something I would say as a starving student, so, you know, the money you have is very precious. And one example is, I had a guy who was the former VP at NASDAQ, and he's like, don't you dare show up to New York in some garbage discount suit. And I'm like, but that's all I can afford, you know, just dying inside as he's giving me really good advice, but he's like, it matters a lot in New York, and that's all. I just wanted to go there, and I remember just eating ramen for a month to afford this, this suit. So the resources are very limited, and maybe there's people that are listening to that, and honestly that there's a scale right? You can have a company that's making 500 million a year in revenue, and you can still have scarce resources like oil and gas, and you need to reinvest intelligently, and that's really what we're talking about. But where it all started, I think, at least in just my own personal experience, is like every time I wanted to maybe buy something cool, like a bigger TV or a nicer vehicle, I would always say, I'm an investor, not a consumer. I'm an investor, I'm not not a consumer. I'm an investor, not a, when I got married right now you have dreams and shared dreams, and shared dreams, and now you got to buy houses and save for kids, college and retirement. And every time I would just run that through my head, you go through Walmart, you go look at maybe go to Mercedes dealership or, you know, just stuff that these aspirational things. There's nothing wrong with it, I like a benzo as much as the next guy, and some might see that as an investment, sure, do you? But what we're saying here is, yes, there's, there's tactical things you need to understand right, private placement memorandum, aka PPM, learn to read financial statements, or have people on your team that can and lawyers that can and really support you and build your team of professionals. But also, how are you building yourself as an effective member? And a lot of that comes to building your identity as an investor, not just a consumer. Would you agree with that?

Joey Mure  

Totally, totally. And the second thing I would add about that, Ryan, you just kind of reminded me, is sometimes people are like, Man, I love this idea taking back control of my finances, not just blindly abdicating the idea of investing with Wall Street, but become an investor myself, I actually really like that idea, but what would I invest in? And people are kind of like, well, I don't even know what else is out there and you wouldn't be like, alone. I mean, here I was 10 years ago, if you'd asked me that question, hey, what could we invest in to become financially free? What kind of passive income assets, I mean, you could buy, like, a rental property and a single family house or, you know, buy into an apartment complex, but that was about it. You know, fast forward now, we've invested in like, over 21 different income streams that have created over $50,000 a month in passive income. I know there's a lot more out there, but one of the things that you can start doing to find deals is just like what you just said. What's your identity when you go out and you're hanging out with friends or you're hanging out with new people you don't know. Maybe it's at kids events, or whatever it may be church or other things and people ask you, what you do? It's so much easier to just say, you know, I'm an investor and people always say, well, what do you invest in? Right? And but they always will tell you about deals that they heard of. People, people love when you tell the world to look for something for you that's very specific, they will start to bring it to you. It's just like opportunities find cash is another kind of staple thing that we say on our show. When you have capital opportunities, find you, it's amazing. So put money in your excess, and tell the world you're an investor, and you will be shocked at what opportunities exist out there.

Ryan Miller  

Absolutely brilliant. And I agree, step number one, find the money and obviously a shameless plug, we have a community that teaches how to do that, fundraisecapital.co. We can teach people how to raise capital, because I firmly believe that, as I jokingly say on my show, Joey is, without capital, it's just a bunch of smart dudes having coffee over zoom like, what are we doing here? We're not gonna do anything unless we got some capital to invest, right? So, so it's good you get all these smart people, but at the end of the day, if we can't raise capital or get capital, whether it's personal or, you know, you figure out what's right for your guy's plan. But either way, at the end of the day, we do need to get capital in the door. So those some great ways right, adjust your identity, build systems, those are great and phenomenal. What about some downside risk, what are some areas with all of your experience, all of your knowledge, everything that you're doing, you helped 100s, if not 1000s of people? What would you advise, maybe one or two things on how to cover your downside risk and just not lose. 

Joey Mure  

Yeah, great. That's a great point, because you're always focused on winning, you may be missing some very key components that will make you lose in the process, couple things. One, invest where you understand, right and if you don't understand, become a learner, right? Learn in that process, because most people, as I mentioned before, if you've never been an investor, and all sudden, you find yourself in this world, you are a prime target for someone to just take advantage of, because you don't understand what questions. You don't know if their business plan lines up with what your outcome is, you're just chasing ROI. This is a bad place to be, right, don't invest in things you don't understand. Don't invest with things that you have not done the due diligence. If hearing the word due diligence makes you like, I don't even know what he's talking about. This is the first step become an investor. Invest first in your education about being an investor and there's, there's tons of different resources to do that, books, podcasts, courses. We actually have in our second step, we call it the passive income lab, where we literally have a 12 week course where you walk through with people, in a group and in an individual coach to make sure that you're learning to be an investor. If it's not ours, go somewhere, right and become an investor because you can't skip steps. That is, if you want to, like, sum this up, you cannot skip steps in a game of investing, because if you do, you will pay for your education by the money you lose. Right, so I would much rather pay money to become an investor versus actually becoming a terrible investor by losing all the money that I invested, so that's a really key thing. But I also want to temper this, and it may sound a little bit like I'm speaking out of both sides of my mouth. Also, don't be afraid to lose okay, because what happens in, like today's society, the education world that we all have come up through, is they deem success as 100%. Right, an A plus is what everybody's always looking for. I can't get anything less than an A. And there's some people that are really, really detailed and really, really driven by that, that they hear this idea of investing, and it sounds scary and it sounds like, man, what if I lose money? What if I make a mistake? Here's the issue, making mistakes may be part of the journey that makes you wildly successful. And I'll just say, I mean, you would probably be hard pressed to find somebody who has done anything significant in their life that who doesn't have tremendous failure stories to go along with it, and if they learn from it. Okay? So don't knowingly go and fail because you've skipped steps, but be willing to make mistakes along this path of becoming the best investor that you can possibly be.

Ryan Miller  

That's absolutely brilliant. And you know, we all, as I like to say, all kings, have scars. So if you take a beating on a few deals, it's not great, right, and whether they were your deals that you were leading or deals that you invested in, it's it sucks for everybody. It's not great, right? So I've been on both sides of that aisle brother. You know one thing that I've learned, and I held this since my 20s, and I don't think I've ever said this on my show, but I will here it, because you've inspired me. But one thing, as far as shifting my identity on how to win and how not to lose. The thing that helped me is, I would say, everything has a price, and if you do not pay the price for success, you will pay the price for failure. But either way, you choose the price. And that fueled me in my teens and you know, when I was in college, when you're tired and you know, it's 10 o'clock and you got maybe someone you want to go on a date with, or your buddies go have some late dinner, and you keep going, you're like, you know what? The library closes at midnight, I still remember this shout out to the Cougars to play their circus music at midnight, so we all leave. Done it many times and I would always say the only thing I have to think about is, what price do I want to pay? The price of winning or the price of losing, but either way, there will be an outcome, and that outcome is a function of the price that I was willing to pay. And so be willing to pay the price for success or pay the price for failure, either way, but you are choosing the price.

Joey Mure  

One of the things that I've also learned along the way that it may not It's not like you know, brain science by any stretch, but along this path, you are growing as an investor, as a person, entrepreneur, whatever your case may be, your circles will change. Right, like Ryan started this podcast, his circle has gotten much wider or wider in some ways, but also higher in some ways, like he's raised his level, and you will too, as you do this, and your friends, some of your friends and I see this a lot like people I knew 10 years ago that are still in the same spot, like they've been on that hamster wheel and they haven't gotten any further along in virtually any place, professionally, financially, whatever the case may be. And some of them actually will look at you a little bit with disdain, like, oh, man, look at them, he's, you know, he's, he's too big for his britches or whatever, that's how we say it in South right? I don't know what they say it up there in Canada, but, you know, like, hey, he's out kicked his coverage, whatever and it's okay. Like your your friends will change along the way, but that is also a sign of growth, and so don't, don't be afraid for that to happen, just kind of expect it.

Ryan Miller  

That's absolutely brilliant. So, you know, I taking advice from people who have the life you possess. My wife always tells me that she's like, I can always tell for you to listen to someone there needs to be respect. And I'm kind of like, we all live in our own mind, and we're like. Like isn't everyone that way, and it's not that I'm like this judgy prick I aspire not to be. If I am, please tell me. But you know, it's really important to just make sure that you keep, like we said, keep your identity good, and don't, don't go too hard, but listening to people with that identity, or at least one that you aspire to have. And there's many strategies we do in business to formalize that through mentorship and board of advisors and all those people, but listening to those who have the life you want probably a good strategy. Listening to those and doesn't mean they're bad people who try to keep you where they're at. Most people who love you are just afraid to lose you, and so they think, well, if If Joey levels up, does that mean our relationship won't be that good, or he's too good for me, or Ryan, or whatever. No man, we're gonna level up and I always said, I'm gonna be the one that makes it I'm gonna bring as many people with me as possible. That started my life mission that I call the rise of the rest, is to say, yeah, we can help that up. But if you don't want to be leveled up, maybe you got to find other friends who aren't leveling up. But if you do, maybe you got to find friends who are also about that, right? Winners talk about winning, losers talk about winners. And so just make sure that the content of your day, when it comes down to it, that you're talking about winning, you're leveling up, and you're avoiding any influences, habits or people that may try to keep you put don't do that. Hear me, hear me now, world. Joey, Ryan, all of us, if you want to level up, I can start by hanging out with the right people.

Joey Mure  

Yeah, I mean, would you ever go take physical fitness advice from a trainer who's severely overweight? No, absolutely not, like, it doesn't make sense, but people will take financial advice from somebody who's not nearly as financially successful as they are. And you're like, wait a minute, I don't understand like you, because you've been told that you are not smart enough financially. You don't have the knowledge of how the market, quote, unquote, works. So you need to give your money up to somebody else who does, even if they're not as successful as you. Don't, don't fall for that lie, right? You need to actually be the one to take control. And I'll add to your point that you said about paying the price, I would say, I always, I'd probably say it similarly, I would say, pick your hard, right? People say, man, it would be hard to be an investor, you know, be hard to learn all this stuff. You're right. But you know what? It's really hard to lose a bunch of money because you didn't know what the heck you were doing with it, right? It's really hard to lose, like, have no control over your financial future because someone else who you gave money to takes no financial responsibility in the market crashes. Like, that's not that's a hard that I'm not willing to take, I'm going to definitely buckle up and put it all in on the front end and become the investor. So pick your hard.

Ryan Miller  

Yeah, absolutely brilliant man, yeah. Choose your hard, embrace the suck, there's all these things here inundated with and here's Joey and Ryan giving you a couple more to chew on, that's amazing. So you know, it wouldn't be a show called Making Billions or Wealth Without Wall Street on yours, if we didn't talk about the market. So I'm just curious, from your perspective, what are you what are you guys paying attention to right now? Just on an opinion, what are you like and what are the bright spots that you're seeing? 

Joey Mure  

Yeah, so we started a raw land flipping business about five years ago. This is where we buy piece of property for 20 to 30 cents on the dollar, turn around and sell it to a retail buyer on terms and I'll just give you kind of a quick math. We may buy a piece of property for $5,000 turn around and sell it for $20,000 but do it so in $1,000 down in $400 a month for 50 months. That's kind of that math may not be perfect, but you get the point. We're essentially making raw land affordable for that person at that 20,000 mark, but they're not having to come up with it all at one time and what does that do? It creates a note portfolio that stacks on itself, as we do this month in, month out. And that one strategy has actually produced over 30, almost $35,000 a month in passive income for us. And we've invested a little over 52 or excuse me, $520,000 I believe, is the number in the last five years. So it's very, very profitable, and we love it because it's collateralized with dirt, and dirt cannot really, one can't make any more of it, and doesn't lose value the same way as other asset classes. And we're highly, highly we're they have a super low loan to value, if you will, like the amount of money we put into it versus what it's actually worth, we're buying at such low discounts. It's very, very insulated from market swaying. So that's one of the reasons that we love that probably the most.

Ryan Miller  

Brilliant. You know, there's a lot of people focused on artificial intelligence, right? They're like, artificial intelligence isn't going to take your job, but the person using artificial intelligence just might. And I was like, okay, that's a catchy phrase. Like. Get where that perspective is coming from. I think you have a different perspective on AI, or maybe a parallel perspective. I don't know if it's any better or worse, but it's definitely intriguing. I'd love to hear about your perspective on AI and the investing world, where do you sit on that? 

Joey Mure  

Yeah. So what I have personally been focused on is where is AI going to disrupt the market and go away from those areas, right? And so there's all these, there's always going to be need for housing. And so I think multifamily and things like self storage, things like even mobile home parks, affordable housing is one of those places that I think is going to continue to be a necessity and so that's a place that we will invest. We have invested in our currently, it will look to do more of. Another thing that we've done, as far as we've had some success with and it sounds a little bit like AI could creep in on it, right? Is like content blogs and things that have YouTube channels attached to them. Very recently, we've started investing in some of those, and they have these ongoing residual affiliate and ad revenue type models that you can buy these at a discount right now because people are worried about the AI disruption, but there's multiple ways to create revenue from them. And I don't even pretend to be the expert, but I work with people who are the operator experts, and they've been able to increase those over the last 18 months or so, we started in that. And then the last thing, actually two things I'll just mention, we started investing in turos like Turo cars, have you gone to turo.com?

Ryan Miller  

Yeah, I've used it.

Joey Mure  

They rent cars on this platform, and there's a lot of really good benefits to it. From a consumer standpoint, it's ease of use. You get to actually rent the exact car that you want, instead of, you know, locking in a, you know, a type of car. And then you get to the place and, you know, the budget rental or enterprise, they're like yeah, we don't have your car. You're like, well, I have a reservation. I don't understand, you know, but we don't have any cars. We overbooked, oh, okay, well now you're, you're out of luck. With the Turo, you there's just one car, so you're constantly getting the one that you want. Well, anyways, in your local area, you can find people who are actively operating Turo businesses, and you can partner with them. You can give them a, you know, 10 year old car, even, and they can put it on the platform for you. They can rent it for you, and they can then pay you whatever amount that they get, minus a management fee. In the last 12 to 18 months, I've now got three cars on that platform that are being fully operated, maintained, cleaned, everything by this operating partner. And it consistently will net six to $800 per month per car, above all of the expenses that are associated with it. To me, it's one of those things that most people don't even think about, but it's definitely a valuable thing. And then the last thing I've just started a pallet business, and this came from one of the people we had on our podcast, most recently, he goes and gets pallets for free from people that don't want them. I mean, you go to there's all these businesses that just stack pallets up because they don't know what to do with them, and they don't want to pay to get them taken off their lot. You go up and offer to consistently get those off their hands, and they'll give them to you for free. And you might drive two blocks down the road and there's a buyer of pallets, somebody who is consistently needing to buy pallets for them to ship out their goods, and you offer them a slightly used right pallet at a discount, and you can start making $5, $6, $7, $10 per pallet that you got for free. Now you may be thinking, Joey, how are you doing that and running Wealth Without Wall Street? Well, I have an operator that I have that runs that business for us. We're just getting started, so I don't have much to report, but the point is that is not something that AI is going to disrupt, because there is a physical product that has to be moved from point A to point B. And these things are constantly being in flow. You just have to put yourself in the way of it and in my mind, I got to make it passive every time, because if it depends on me to be the operator, it's going to fail miserably, because I am just not that guy. I just know that about myself. But there's a million other things we could talk about around the types of investments that we're interested in, but those are just some of more recent in the in the bigger, bigger players. 

Ryan Miller  

I love that. And so I think what it highlights is so many people get focused on, like, how do I build 100 story skyscraper? I was like, cool, like go for it. I actually have a friend who's trying to do that right now. He also manages, I think, between him and his team, about $3 billion so he's at, like, a totally different stratosphere, and I could not have any more love than that man and and my friends, across the pond, that's all we'll say. But there's also you don't it's not like build a skyscraper or nothing. So I think what Joe is saying is, like a number one when we started this conversation, is you got to get started and here's a little bit of a framework, and you shared your screen to get started. But there are steps you can work up to that if that's what you want, right? Figure. That out and like, that palette business, that's incredible, man. Like, there's so many ways, and I think, and I'm going to be a little bit of a nerd up here, but on the weekend, I just watched the Minecraft movie with my kids and I actually really liked it. It was really good and in there they said, survival in this world is about creativity, basically, right? If you can't be creative, you're not going to survive, right? So they set the stage and bring in the intensity and and I think that's similar, you know, in a silly way, in shifting your identity as an investor, not a consumer, investing in education, right? Where, however you do that, and then doing some deals, whatever you think is right, and your financial advisors tell you to but I think creativity is the matter of survival, and I think you showcase that it, yep, there's traditional stuff that most people know about, private equity, venture capital, all that stuff and those are great. But you can also find ways and if you're creative enough, you can really start to spool up some very impressive businesses that feed into that identity. Get you into the investing game, that's all we want to do, we want the rise of the rest here. Can you anything you can add to that?

Joey Mure  

No, I think at the end of the day, you have to create what is going to get you to that again, that big future is having that clear calendar. And I don't know what it is that's your why? I don't know if it's you know, like a guy, Rick, that was in our community. He came to one of our events, and he told me, he said, man, what drives me, he had a first marriage and had some older kids, and he had, he was on his second marriage, had a younger kid. He was like, six years old, and he's like, man, I just want to have breakfast with my son every morning. And I don't know about you, like that, that's such a simple thing and you may be like, what's the big deal? Well, when you realize how fleeting time is, and that your kids want to spend time with you at this age, but it's not too long before they really don't care to spend that breakfast time with dad, or they're too busy themselves. This is super important, so much so that about six to eight months after he left that event, he quit his job and was able to go into a land acquisition business that he ended up, you know, cutting up into smaller pieces is more like a forget the term. But he basically took large pieces and cut them into smaller tracks and then sold them for profit and he had some partners he met at our community. So my point is, I don't know what it is for you, but passive income, greater than monthly expenses, that will drive whatever that why is, and give you those results that you're looking for. 

Ryan Miller  

I love that. As we round third base, you're known for infinite banking, and this is a little bit of a different episode. So we address fund management community and alternative asset investors and everyone in funds or syndications. But I think what you're talking about is we're swimming a little bit further upstream, and be like, sure find your vehicle, that's all we're saying. Whatever works for you, whatever you're good at, go pull it of, we wish you all the best, right? Just make sure you talk to the right professionals and you got the right people on but then once you have that and maybe you make a return, hopefully you make a return, then what? And you have this interesting concept called investment banking, excuse me, infinite banking. Maybe walk us through as we round out this. This last part of our conversation is just some of those competitive advantages that come with that. 

Joey Mure  

Yeah, for sure and I'll just give you the 30 second background on this, is I was in the mortgage business in 20, 2009 everything's falling around us and my buddy Russ, who we're friends at church. He hands me a book, and he says, look, I didn't realize what was happening to the market, and I needed a different outlet for my clients. And I found this book, the guy who wrote it, Become Your Own Banker, by Nelson Nash, lives in Birmingham, Alabama, which is was where I live. And he said, this is what I'm teaching all my clients. I started to read it, and man, when I when I understood that this was a concept about taking control of your finances, putting money into your own access and control, and then being able to do what we've talked about so far on the show, creating passive income, investing on things that you know and understand. It was a light bulb moment for me, it was one of those things that I was so compelled that I quit my job in 2014 to start teaching people this one concept. Before I knew anything about passive income, I knew that this was the bedrock, this is the unfair advantage that investors, entrepreneurs and families needed to know and I'll just tell you this. Number one, if you don't know anything about it, it's that hub that I talked about at the beginning of the show, where all the money flows to your investment hub, it really matters, right? It could just be a checking account, but a checking account doesn't give you much to go off of. It's just a place that's accessible. Doesn't really have a lot of growth at all, it's taxable, and let's be honest, banks are failing left and right, it's not like they're super secure. Well, transition that and say, what's the alternative to putting money in the checking account? Well, in the book, Nelson Nash talks about how banks have been putting money into a vehicle for hundreds of years that we don't even really. Really understand or know about, and it's super high cash value, whole life insurance. And you're like, what are you talking about? Whole life insurance? And I'll tell you, when I first learned about this, Ryan, I worked at Wells Fargo Bank, I went around to all of the local, like regional, high level executives, and I said, hey, listen, I'm learning about this concept. They talk about whole life insurance being a place, you know, that people put money and then they use it, they leverage it into assets and also. And you know, not one of them told me that putting money in whole life insurance was a good idea. They all told me they were like, that is a dumb idea, nobody puts money in whole life insurance. And you know what I did? I simultaneously looked on the fdic.gov website and on the balance sheet for Wells Fargo Bank, this is in 2014 or so. I guess it was 2010 when I learned about it, so it must have been around there. They had almost $18 billion of cash value life insurance on their books. And guess what, it was insurance on the lives of the executives that I was talking to. Think about it, the bank owns life insurance on all of its high level executives, because they have an insurable interest in their lives. If something happened to them, they could have a financial loss and so they have the ability to insure their lives. Lots of times, it was deferred compensation plans and other things that they were doing this through. 

Joey Mure  

But this is the, this is the shocking part, banks are telling you what to do with your money, that they're doing the opposite. Right, that was a shocker to me. But anyways, the point about this, why is Whole Life Insurance such a good place for us to park money is because it gives you guaranteed growth. It's a contractual, guaranteed growth model with the insurance company that's and these companies have been around for over 100 years, never missed a dividend, right? That's a surplus that comes with this, that they have never missed in in over 100 years, I'm talking through the Great Depression and everything else. So this is, this is a crazy thing, they get tax advantages, like, there it grows tax deferred, and it can be accessible, tax free your entire life, and even after you pass right? So the death benefit associated with this goes to your heirs, tax free, that's a game changer there's nothing else like that. And then lastly, it is one of these things that gives you the ability to do two things at once, as I put money into a policy that's designed properly, that's a very key thing to take away here. The money in that policy is growing contractually, as I mentioned, but there's also a loan feature that the insurance company gives me that I can borrow against that cash value, just like equity in my house, I can get a line of credit, essentially from the bet from the insurance company, and I can go invest in things that create cash flow passive income, and I can pay back that loan at any time under any structured payment that I like. That means I could borrow $100,000 from that policy today, if I had the cash value to do it against that, I can go take that 100,000 and I can go buy into a laundromat. I can go buy into a rental property, I can go buy into a syndication and any and all cash flow that comes from that, I can then choose to pay back the loan against that line of credit so that I can use it over and over again in perpetual motion. There is nothing else like that that gives us the ability to never stop compounding in that life insurance policy and simultaneously by assets that produce passive income. So this is the this is the unfair advantage that we talk about when you're on this journey to passive income and financial freedom, you want the best hub for that money to reside in, so that when I leverage it and I create that passive income, I have a place for it to go back, and then I can do it over again and it goes right back. That's why this is, again, an infinite banking concept. It's constantly at work. You're constantly gaining in two places at once. 

Ryan Miller  

Absolutely brilliant. Just before we wrap everything up, is there anything else that you would want our fans around the world to know? Ways they can reach out to you if they want to learn more anything at all? 

Joey Mure  

Well, I tell you, we are constantly upgrading and giving, you know, whatever we can of value, free resources and things. I just decided to make a page for your community, Ryan, so.

Ryan Miller  

Thank you.

Joey Mure  

That way, if we have things the future, you can come back is go to wealthwithoutwallstreet.com/makingbillions, wealthwithoutwallstreet.com/makingbillions and again, there's contact info there, there's free resources. And I'd love for you to reach out and let me know that you heard me and Ryan just riffing about this, and you're like, stoked to talk. So I'd love to love to catch up with you.

Ryan Miller  

Brilliant, thank you for that. So just to summarize, start with putting in as much cash into that as you can. I mean, obviously, talk to your financial advisor, figure out what's right for you, and build out your passive income operating system if you need coaching from any of this stuff, whether it's raising capital, doing deals, there's people everywhere that can do it so. And third one is, take winnings and reinvest. And then fourth, something that matters a lot to me, just remember, everything in a life has its price, and if you do not pay the price for success, you will pay the price for failure, but either way, you choose the price. So choose the path of integrity and success, and you too will enjoy your pursuit of Making Billions.

Ryan Miller  

Wow, what a show, I hope you enjoyed this episode as much as I did. Now, if you haven't done so already, be sure to leave a comment and review on new ideas and guests you want me to bring on for future episodes. Plus, why don't you head over to YouTube and see extra takes while you get to know our guests even better, and make sure to come back for our next episode where we dive even deeper into the people, the process and the perspectives of both investors and founders. Until then, my friends, stay hungry, focus on your goals and keep grinding towards your dream of Making Billions.