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Winning Wealth
Welcome to Winning Wealth where your hosts Brock Mogensen and Geoff Stuhr share their experiences and lessons learned in building their syndication fund, Smart Asset Capital, to $25MM AUM and beyond while exploring the strategies that others have employed to experience success in all realms of life: Health, Wealth, and Happiness.
Our goal is to build a community of people that support one another in our individual pursuits of wealth in life.
Thank you for tuning in and we always love hearing from our audience! Connect with Brock and Geoff directly via Instagram:
@brockmogensen
@geoffstuhr
Winning Wealth
He Quit Corporate America: From $400k Salary to Full-Time Entrepreneur
Geoff quit his $400K per year sales job last week to go all-in as an entrepreneur. In this episode, he shares why he made this bold move and the steps he took to make it happen. Discover the challenges and insights of transitioning from a high-paying corporate career to the unpredictable world of entrepreneurship and what we recommend to others who are considering making the jump.
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KEY TAKEAWAYS:
1. Transition Requires Strategic Planning: Geoff's transition from a high-paying corporate job to full-time real estate entrepreneur was not sudden. It involved strategic planning, gradual investment in real estate, and building a safety net.
2. Importance of Continuous Education: Geoff emphasized the significance of self-education, from reading sales and real estate books to listening to podcasts. Continuous learning played a crucial role in his successful transition.
3. Leveraging Corporate Skills: Skills and experiences gained in the corporate world, such as sales techniques and negotiation strategies, can be highly valuable in entrepreneurial endeavors.
4. Financial Security and Risk Management: Creating multiple income streams, like real estate investments, provides a financial safety net and mitigates risks associated with relying on a single source of income.
5. Personal and Professional Growth: The journey of becoming an entrepreneur involves personal growth, from learning to manage time effectively to handling multiple responsibilities and priorities.
6. Timing and Gut Feel: The decision to leave a corporate job for entrepreneurship is multifaceted and often driven by both logical analysis and gut feelings about the right timing.
7. Building a Strong Network: Networking with mentors and partners, like Adam McCarthy in Geoff's case, is essential for guidance, support, and opportunities in the entrepreneurial journey.
8. Calculated Risks and Freedom: Taking calculated risks is necessary for achieving greater freedom and control over one’s career and personal life.
9. Passion and Fulfillment: Pursuing a career that aligns with one’s passion, as Geoff did with real estate, leads to greater fulfillment and long-term success.
10. Vision for the Future: Having a clear vision and ambitious goals, such as launching a real estate fund, is critical for sustaining motivation and driving business growth.
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Timestamps:
0:00 - Introduction
1:00 - Mindset Coming Out Of College
3:28 - Working A Sales Job
10:34 - Finding The Entrepreneurial Path
14:10 - Juggling The W2 Job and The Side Hustle
18:16 - When Do You Make The Side Hustle The Main Hustle?
23:49 - Beware Of The Golden Handcuffs
27:23 - Should You Just Burn The Boats And Go All-In?
29:09 - The Biggest Differences About Entrepreneurship
33:55 - Biggest Takeaway From A Corporate Career
35:52 - What's Next For Geoff
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