Run a Profitable Gym
Run a Profitable Gym is packed with business tools for gym owners and CrossFit affiliates. This is actionable, data-backed business advice for all gym owners, including those who own personal training studios, fitness franchises, and strength and conditioning gyms. Broke gym owner Chris Cooper turned a struggling gym into an asset, then built a multi-million-dollar mentoring company to help other fitness entrepreneurs do the same thing. Every week, Chris presents the top tactics for building a profitable gym, as well as real success stories from gym owners who have found incredible success through Two-Brain Business mentorship. Chris’s goal is to create millionaire gym owners. Subscribe to Run a Profitable Gym and you could be one of them.
Run a Profitable Gym
Financial Freedom for Gym Owners: How to Retire Comfortably
How can gym owners achieve financial freedom and retire comfortably? Traditional retirement plans are not always the best answer for gym owners, and relying solely on gym income can be risky.
To tackle this question, Chris Cooper sits down with Joey Mure from “Wealth Without Wall Street,” a podcast and online community designed to educate people on how money truly works.
Chris and Joey discuss how gym owners can become financially independent, invest wisely and build wealth beyond their gyms.
Joey introduces alternative wealth-building strategies such as syndication, land flipping and infinite banking. He also breaks down legal ways to minimize what you owe in taxes and keep more of your hard-earned money working for you.
Gym owners, it’s time to start planning for your financial future—tune in to hear how.
Use the link below to access free resources and take the financial freedom quiz.
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Gym Owners United
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05:24 - Where to invest your money
12:45 - Passive income from your business
19:05 - Small ways to get started
22:29 - How syndication works
25:28 - Infinite banking breakdown
32:41 - Free resources for listeners
Hey, I am Cooper and this is the Run a Profitable Gym podcast. Today I'm talking with Joey Muray from Wealth Without Wall Street. A lot of people who listen to this podcast also listen to the Wealth Without Wall Street podcast. And so it's a real honor to have Joey on the show. Today we're gonna be talking about the number one thing that I think Jim orders really need to be thinking about more, and that is, how are they ever gonna retire? How are they gonna achieve financial freedom? Most of us, when we started , Jim , we're happy to have bought ourselves a job that we'd really love and, and we're almost, we feel guilty for thinking beyond that. Like, what if this could pay me as much as I need? And a little bit more? What if it could pay me enough to pay for my retirement? What if I could actually become wealthy doing this? It seems like too much to ask because we love our jobs so much, we're dedicated to service, but yet we also know that we have to take care of our families and take care of ourselves long term . Today we're gonna be talking with Joey about exactly how you would go about doing that, and I'm gonna be sharing some tips from my book, millionaire Gym Owner two. Joey, welcome to run a profitable Gym .
Speaker 2:Oh man. So glad to be on today.
Speaker 1:Yeah. Anybody who you know for them who haven't heard your podcast, and you know, I think the majority of listeners to this podcast also listen to Wealth Without Wall Street, but can you just maybe share a little bit of a mission of Wealth Without Wall Street
Speaker 2:And Chris, we exist to help people who want to become financially free, get there faster, and we do that through helping people to figure out how to set up their own personal cash flow system to invest in passive income assets and become a better investor. Once you can do that, and freedom is on the other side.
Speaker 1:That's awesome. So the listeners to this podcast are all entrepreneurs. Everybody understands, you know, basically it's up to them to be able to create wealth, create a business, but we all love our jobs. I mean, and I think we might be unique in that, that everybody that owns a gym loves their job, and sometimes we feel a little bit guilty about wanting more, you know, we, we even feel a little bit guilty about talking about that, that p word profit , Joey, like, can you put this in context for us? Like, why do we need to start caring about this stuff almost from the day we open our gym?
Speaker 2:Well, I think it, it boils down to you , first of all, you have to want it. So to your point, Chris, I mean, there's some people that are making enough in their gym to where it is paying for their lifestyle. They enjoy the time that they're, they're giving to it. It's not too much, it's not too little, it's just that kind of, that right place. But I don't necessarily think that that person has to begin thinking about financial freedom. The only reason that I would say is like, as you , as you grow, so like we've talked to tons and tons of your students and, and they are getting better every single year. So the profit has to go somewhere. And at that point then it becomes, okay, well if I'm going to continue to expand and I'm gonna continue to grow and and level up myself, my money has to level up, right? And also think about this, if what I'm doing today is not sustainable forever, then my money has to start making its own. It has to go to work too. Like, I can go to work today, but there may be something down the road that prevents me from being able to work at the same level or in the same intensity. And my money has to be working just as hard as me to be able to help offset that. So there's a either a defensive or an offensive way that I think people need to start thinking about this subject.
Speaker 1:I think for me it was more the defensive, you know, okay, I'm making just enough. We're scraping by, but I can't keep doing this until I'm 80 years old. And so I need to start making a plan now. And when I started looking around at that point, and you know, this was 2008, I really couldn't figure it out. And so I started with Rich Dad, poor dad. But what we're gonna be talking about today are a bunch of different options that really didn't exist for me back then, or I didn't know about them. And that's why I wanna present them to gym owners now so that they can start thinking about this stuff before it's 10 years after they should be.
Speaker 2:Oh , I love that. And, and I love the fact that you are recognizing, I mean , like most entrepreneurs, a lot of the Wall Street type of products, or even in your lake of the woods, the Bay Street products that are out there, they don't <laugh> they don't line up with entrepreneurs, right? Because they require you to put money into them and not touch them until you're in your sixties or seventies. And it's like, well, wait a minute, I'm used to cashflow today. I'm used to putting money in effort in and getting more money back right into my business. Well , what other things could I be doing with my money outside of my business that could gimme that same level of like profit or that same level of immediate cash flow ? 'cause that's, that's what pays the bills, right? <laugh> , it's not hope and deferring, it's today. How do I get cash flow today?
Speaker 1:Okay. And we're gonna get into those specifically. There's one more category of gym owner that I want to make sure that we address here. And these are the people whose gym are profitable, but they're leaving too much money in their business because they don't really know what else to do with it. And so they're subjecting themselves to over taxation. Let's face it, like if it's in the business, I'm gonna be shopping on the rogue barbell website with it, you know, it's kind of burning a hole in my pocket. What should these people be doing with their money? And we're gonna , we're gonna address this, but first Joey, like, what are the different options that are available to us?
Speaker 2:Well, I'll tell you this, the, the , you you just gave me the bit of bait that most people just jump on and they just wanna tell you all the cool things that they're investing in. And I wanna get to that. But I wanna back up one second and answer your question two ways. The, the first is, what does that gym owner do that's got money just built into their business that's burning a hole in their pocket? One, they have to invest in themselves to become a better investor. Because to your point, the reason why we leave so much money in our businesses is there's lots of different reasons. But one of them in particular is, to your point, I don't know what else to do with it. I, it, it seems risky to start investing in something else. And I love what you shared with me about your story on another time we talked is you, you just immediately said, what do I know? And I bought the building that my gym was in so that I could have that as a recurring revenue stream. Again, that's a great application for that person you're talking about is start with something that you know, but don't stop there. Right? Start investing in coaching. Why do people see benefits from your program? Because they stopped and they said, I don't know everything that there is about running a profitable gym . And so I'm gonna invest in myself by taking this on. And what happens results? Well , the same is true with becoming an investor. Nobody goes out and becomes a land investor overnight where they're flipping and making 72% yield on every pro property that they buy and sell. But it can be done very simply if you just stop and invest in yourself. And then the second way I was answering this question is you say , what all places could people invest in? Well, the first thing is you have to know what sort of investor you are. And, and so one of the things that we learned, this is Russ and I, after building 50,000 a month in passive income, we look backwards and we said, okay, what did we do? Well, what did we not do well? How can we compress time for other people so that they can get to this result a lot faster? And one of them was, we started to recognize there's certain investments that line up with our personality that may not resonate with you, Chris, they may not resonate with that next gym owner who's listening. Uh , but there's some things that would really resonate well with you or that gym owner that don't with us. And it's reason like God's creating us to see the world differently. He's given us resources, he's given us experiences. And those things have to be factored into what you invest in when most people just chase what's the ROI ? What's the, what's the , uh, the investment that I'm going to put it in, that's gonna give you the most money back? And they're not considering that they are more important than the investment itself. 'cause if you disagree or you misalign, it will actually take years off of your financial freedom journey. And we wanna make sure that those align from day one.
Speaker 1:You remind me of, you know, my stock advisor is sending me an email every single day saying, you need to be buying into Eli Lilly, the makers of Ozempic, and I just cannot do it. You know, so , uh, that , you know, that's a simple example. But let's talk about where we start, Joey. Like where does the journey begin?
Speaker 2:The first thing I would tell you is what, what happened for us is a different mindset. And it came into what does everybody around you in the world, they, they try to get you to put their your money away for a long period of time and hope that it's like this a accumulation strategy. Well, if I just take this money now and I put it over here, it gets a little bit of interest and then I roll that into the next thing , it gets a little interest and it keeps building until quote unquote retirement. And now I can start peeling off dollars off the top and hope it doesn't run out before I die. Right? So, so first of all, that strategy is flawed , uh, in very , in a lot of different ways. But the, the one one I'll just point to is nothing else in your life works that way, right? You have to have cash flow to pay the bills. So we want to , the , the difference maker is the way you think about financial freedom has to be when your passive income exceeds your monthly expenses. If you just literally stop and think for a second, the financial world wants you to actually think it's way more complex than that. Oh, you're not smart enough. You know , Chris, you should be, you know, thinking about your portfolio analysis and they throw out all these big words and these big things, diversification and this, and you're like, well, I guess this guy knows what he's doing. He's smarter , he's done schooling for this or that or whatever. But the reality is, if I give you the scorecard and how many people , uh, gym owners we're competitive, right? Like you, you want to get in there. You know, if I can have the score, I know how to win. Well, here I'm giving you the score . If your passive income, the things that your money goes to work for, that comes back to you in cash flow produces more than what your monthly expenses are every month, you are completely free. Right? Think about that. If I have $10,000 a month coming in, in passive income and I have $9,000 a month in monthly expenses, mortgage, credit cards, you know , uh, taxes, whatever the case is, I do not have to show up on anybody else's schedule tomorrow. I only look at my calendar and I decide what goes on it . Your gym would not require you to be present if that, if it was passively coming in and your expenses were less than it was. This is the freedom score. And if we can do that, that's a mindset shift, but it's also a simplicity thing. 'cause now I can start making decisions with what my money's doing to, to play into that scorecard. So no longer is someone said , Hey man, you know, you put money into this , uh, this real estate deal in , you know, in , in 10 years it may return , uh, you know , a hundred thousand dollars more. Well, okay, does that produce a passive income for me today? No. Does it reduce a monthly expense? No, I'm out, I'm not doing that deal. I don't care how cool it may sound or like, you know , might get some status from it or whatever. It's, I'm keeping score differently so I can make decisions differently.
Speaker 1:That makes sense. And , and honestly, Joey, like having parents who are retired, I can see this mindset of scarcity that's, that's present from this way of thinking. You know, they start at age 20, they're buying mutual funds and stocks according to their financial person after they've retired. They're, you know, very, very, very careful with the money because they don't wanna draw down too much and then they wind up passing away with like a whole bunch of money left over . It makes no sense. <laugh> , what you've, what you've just said makes a ton of sense. I mean, when your passive income exceeds your expenses, then you're free . Makes, makes sense. And I think entrepreneurs have already taken a massive first step toward that.
Speaker 2:Oh, there's no doubt your business could be the greatest asset that becomes passive for you. I mean, you've already put the blood, sweat and tears into it didn't even potentially take a lot of cash to get started, but it took a lot of blood. You put a lot of sweat equity into that deal. But as you be , as you level up, like within your course, in your, your programs, Chris people, the people we're talking to, they've leveled up, right? They, they didn't start, they're not where they started with you. And now they've become to a point where they're like starting to think way differently about, man , maybe there's key people I could put into place in my gym that would allow me to open up a second or third gym, and now I can no longer be the guy that's greeting you at the door, who's , uh, selling you your membership, who's doing personal training, who's doing all the things. You're no longer the technician. You're the business owner and the business owner, as Robert Kiyosaki, you , you pointed out him out earlier, he talks about that's where the, the wealth is built, is in the, in the third and fourth quadrants, right? The business owner and the investor quadrant, not the employee or the self-employed. We wanna get to that beat quadrant. And your program is getting people to that point. So now their biggest asset is passive. And that's, that's huge. But they can't end there because if you're creating more and more profit, it's gotta go somewhere. And that's where you have to become that investor.
Speaker 1:That's awesome, man. Okay, Joey, we're dying to know where it should go. <laugh>.
Speaker 2:Well, if you're, if you're with me so far, you're like, okay, I'm with you. Wealth without Wall Street, I don't want someone else , uh, I don't wanna abdicate that to somebody else. I'm smart enough, I can do this. Then it's like, man, get your investor DNA and then start to filter down to one of these. Okay? So one of my favorite things for people is something that we started in 2020 is the land flipping or land investment business, okay? Where we go out and, and this is our team. We hired a team that does this, but they go out and they buy , uh, raw pieces of real estate from owners that are absentee. So for instance, I may be buying a piece of property in Texas, but the owner is in Nebraska, okay? They don't, they don't live there. They don't live nearby. They may have inherited it and they're presently behind on their taxes. So what does that tell me? It tells me they're not present and they really don't care that much because the taxes are behind or they can't afford it. So that's like the perfect opportunity. It's like, Chris, if I walked up to you at your house and I looked in your garage and I said, man, what , how much would you take for that weed eater over there? And you're like, I haven't even touched that weed eater in 10 years. It's just been hanging there because I don't, I don't do anything with it. I'm be like, I'll give you 10 bucks. You're like, sold. Well, that thing may be worth a hundred bucks, but you don't care at that point. 'cause you're like, I'm not motivated, I'm not interested. That's just like the, the buy the sellers of the land that we buy, they'll sell it to us for 20 to 30 cents on the dollar because they're , they kind of meet that criteria. Well then our team takes that, that property, they put it on land.com , they put it on Land Moto , they put it on all these , uh, Facebook marketplace, Craigslist, and they list it for sale on terms, okay, so give you an example. I buy a piece of property for $2,000 and I sell it for 10,000 on terms, which is, you know, a thousand a month, or excuse me, a hundred dollars a month for a hundred months or whatever the case. Like, we just do the math we own or finance it. So it makes it very possible for that person to then buy the property. There's no, there's very little, you know, barrier to entry. But now we've, you know, like I said, five Xed our investment because we've, we've made this whole transaction happen. We do that over and over and over. We build a , a massive loan portfolio. And that one business right now is yielding almost 35,000 a month. So I'm, I'm a big fan of land flipping. If, if that interests people, they wanna go even more passive. Chris, there's all sorts of syndications, right? Things like apartment , uh, complexes that you can get into syndications with other investors and buy into, be hands off and then they pay you cashflow for the use of your money. Those are applicable in apartments, mobile home parks , um, storage units, like all sorts of real estate syndications exist. And we've got our hands in some of those. Um, I would say most of the things that we get interested in are business related because, and I think most entrepreneurs are kind of are with us on that because they like to be in an advisory role because they take some of the experience they've had in this one business, they can apply it to another as long as they're not the operator, the technician involved.
Speaker 1:So, so how does that work, Joey? Can you give us an example of that last one?
Speaker 2:Yeah, so , um, we started a short-term rental business in 2020 as well. And um, what that was is we installed an operator and we said, Hey, this is the type of model that we want to do. Go out and find this type of unit. We're going to, in our case, we rented apartments or homes, and then we turned around and furnished them and then put them on Airbnb or VRBO . And we made the arbitrage the difference between the rental payment and what we could get on a short term like nightly basis. And, and that, that was paying us , um, almost $200,000 a year at its peak. And then we sold that business , uh, once we had like 27 units to our operator , uh, a little over a year ago. But that to me was something we really enjoyed because we were just the owner. We had an operator that was doing all the day to day , and so we could be hands off but still be involved. And so that's another example of people , uh, from our community, they're doing stuff like that as well.
Speaker 1:Let's talk about bridging that gap. The first time when I read Rich Dad, poor Dad, I realized, okay, Chris, you should buy a building. The loan payment's gonna be both of what you're paying in rent anyway. But still, I had to have this down payment and it took me about two and a half years to save up. I think I had to have $70,000 , uh, to get the building going. Are there like smaller gaps that, that people can cross or are there easier ways to start than that?
Speaker 2:Uh , in terms of just rather than having a large down payment? Is that what you're asking? Yeah.
Speaker 1:Or you know, I've got $10,000 or I've got $20,000. How do I get started? What's the first thing I should look at?
Speaker 2:Oh, man. Well, again, I, I hate to be like that guy. That's, I'm not trying to be ambiguous, but the type of person's gonna dictate this. But we have people , um, like for instance, they may get into that land business as a way to build capital because you can get into properties for, you know, 500 to a thousand dollars and then turn them into four times that in terms of revenue, that's a, that's a low barrier of entry to get into. Uh , we have other people , um, I just recently bought three content websites that are affiliate branding, kind of like websites. They were already making money. I just bought them and then essentially swapped out <laugh> the bank account behind it and, and then started to look for ways to improve it. And , um, you know, just as an example, one of 'em I bought was 16,000 and it has , it has yielded almost 10,000 in terms of return within the first 11 months. That to me is a really high , uh, rate of return. It's very hands off . There's, there's multiple people you can hire to run those. And , um, and like I said, low barrier of entry in terms of the amount required upfront to get into. The other thing I would say is sometimes it's just private loans. One time I did a private loan to somebody who had a car that was worth about $20,000 and he just needed a short term loan, and it was only 10 grand he wanted, well, I I used to be in the mortgage business and I looked at the collateral and I was like, Hey, it's a nice car. It's worth a lot more than what he wants to, to lend. I can be added to the insurance of his car so that if it got totaled, I get paid. And that thing yielded me almost 27% over the course of a year now because I used , uh, my infinite banking system, which , uh, you know, I know Chris, you and I have talked about that before, it actually yielded a lot more of return because I used leverage, but that was one of my favorite things I ever did. It was only a $10,000 entry to get involved. And , and people are always looking for capital.
Speaker 1:Okay. So , uh, you know, to recap, I think one of the most important points here is that you're taking the cash that you have and you're investigating in something that's gonna keep paying you for a very long time. And that's, that's the principle that I didn't understand years ago. But you know, what Joey's talking about with these websites, et cetera, and , and the loans is they're gonna wind up paying him back way more than his initial investment. I think when people watch these home reno or flip shows, they think, okay, well I'm gonna put a hundred thousand dollars into this rundown house. I'm gonna fix it, which I don't know how to do, and then I'm gonna sell it for way more, which I don't know how to do. And , you know, but that's not it. Right? So maybe just kind of touch on how a syndication works and then we're gonna come to Infinite Banking after that.
Speaker 2:Sure. So syndications are very hands off and think about it as , uh, let's say I'm buying an apartment complex and there's a group of us investors, there's first of all a group that operates the investment. They know how to, how to find the properties that need a little bit of work. They already have cash flow involved, but they see an opportunity to force improvement to that property. Okay? So an example might be, hey, this is a hundred unit apartment complex and it hasn't been updated, or the, the units haven't been renovated. So the average rent is $600 a month for each one of these units. But if I can renovate them over a period of the next 24 months, I can force the rents to go from 600 to $800 a month. Well, the way an apartment complex works is it's valued off of its net operating income, the amount of income that it's producing. So if I can force it from 600 to 800 per unit, that just increased the valuation of that property by a significant amount. And so then I could sell that property 2, 3, 4 years later for a massive return or massive profit. Well, in a good syndication, and I will tell you, make sure you do your due diligence, because that's the hard part about syndications. Do your due diligence on the front end, but in a good one, you're able to get cash cashflow today every single month, and a large equity percent at the end. So think about it as in a , a business, you are building it and you're getting cashflow today, but you decide to sell it, let's say five years from now. All of a sudden that value has gone like this and you get a big chunk at the end. That's how a syndication that's run properly. Um , really helps you to, to, you know, be hands off , but to make sure you're getting the passive income.
Speaker 1:Where do people find these syndications and like what is the, the barrier to entry? Is it 50,000, a hundred thousand, 10,000?
Speaker 2:Yeah, that, I would say that that's some of the challenges is number one, you gotta find the right operators, people who have a long track record. This comes from networking, it comes from being in masterminds of people who are already doing this. Those are things that I would say are like the barrier of entry. The second is you have to be an accredited investor, which in, in the US means that you make 200,000 or more per year on your own, or 300,000 as a, as a joint, like a , a , you and your wife or you and your spouse make more than 300,000 a year. And so there's income restrictions and typically there's a 50 to a hundred thousand minimum before they would allow you to be a part of that , um, that partnership. So those are the, the challenges with syndications.
Speaker 1:Okay, let's talk about infinite banking. And the , the timing on this is amazing because I was literally talking to my 17-year-old last night and I'm like, oh , Joey Mure is coming on the podcast tomorrow. We're gonna be talking about infinite banking. Well, what's that? So me trying to explain infinite banking to a 17-year-old , uh, I was like, ah , maybe you should just listen to the wealth about Wall Street Podcast. But what I'm hoping is that you can explain it so that my 17-year-old would understand it after listening to this show.
Speaker 2:Well , I will , uh, that's a challenge in and of itself. 'cause I have a 16-year-old and an 18-year-old in men . It has been a challenge. So I'm , I'm, I'm with you. My heart goes out here . Here's what I'll tell you. Infinite banking is a a lot, there's a lot of , uh, the words sound difficult, but what I'll simplify too is when you're making profit in your gym, the money has to go somewhere. Okay? It's, it can go into checking or savings. Those are like the only options that we're going to store the money in. Now, this is not an investment because investments are the things we've already talked about your business , um, syndications , uh, we have a vending business. Where's a , a land business? Those are the investments, but the cash has to be stored somewhere before it goes into those investments, right? So here's what we decided after reading the book, become Your Own Banker 15 years ago, is we want the place that we store our money to be the most, like the best characteristics that we could have for our money. And the author of that book, Nelson Nash, who is one of our personal mentors, we spent 10 years with him before he passed away , um, three or four years ago. He said, quit thinking about where to store your money like everybody else. He said, think like a bank become a banker. Well, where do banks store their money? And you know, if you think about that, you're like, well, banks have the high , like the biggest buildings in any city. You go down there , they're , they're , the sky rises , right? And you're like, man, they must put money in real estate because they take your money on deposit and they lend it out. And that's their business model. They make everything in between. But the reality is what do they then do with their profit? Well, they put it not in just real estate, that is one place, but the other place that they put money in the safest, they call it tier one capital. If you look at their balance sheets, and I would challenge you go to fd.gov or your regulatory agency and look up your bank and they'll show you their ba their balance sheet. The largest number on their balance sheet is in cash value life insurance. And you're like, wait a minute, I've, you're talking about like whole life insurance. And I'm, I'm saying yes, which I would , I worked for Wells Fargo, Chris, and for 11 years, and when I was learning this, I went to all the executives of the bank that I worked at here locally in Alabama. And I was like, Hey, what do you think about this idea? Become your own banker, like putting money into cash value life insurance into whole life insurance. And, you know, not one of them said it was a good place to put money, like zero of the executives I talked to. And then I simultaneously pulled up their balance sheet Wells Fargo's balance sheet, and they're putting $19 billion into cash value life insurance. And guess what? Those executives were the very people who the bank was insuring to put that kind of money in. So it was mind blowing , Chris, I was like, wait a minute. The people who are being insured don't even understand that this is where their bank has deemed the safest place to put money. But the reason is they understand one thing when you put money in as a safety spot to, to put that money for savings, it has to be liquid means I can get access to it any time it has to be safe. Like it's not subject to volatility in the market or otherwise, and it's tax efficient. These policies, these insurance, you know, contracts that people put money into are actually growing tax deferred and available to access tax free for generations. So when I, I can use this money tax free my whole entire life, and then when I die, I actually leave an inheritance to my family that is also tax free . So there's never a tax on this money, okay? So that's a huge thing. And then the last thing, this is the, the key that Nelson unlocked in this becoming own banker. When I put money into these policies and properly structured, I can go to the insurance company at any time, and this is great for your gym owners, Chris. They say, you know what, it is time to expand and buy that property that our gym's in. And they don't go to a bank, they go to the insurance company and they say, Hey, I've got a hundred thousand in my life insurance policy. I'd like to borrow money from the insurance company to go put down on this property. And guess what happens? The hundred , they , let's say they needed 70,000 for that down payment, a hundred thousand is still growing on their behalf in that policy because the insurance company allows 'em to take a loan against it like, like an equity line in your house. The equity still grows, but you now have that money at work. So the ridiculous unfair advantage about infinite banking is I have money growing in two places at once. I have money growing in my policy and in whatever assets I've chosen to invest in, whether it's my business, whether it's out in a land business, whether it's in a vending machine business, whatever we're doing, which Russ and I have done some crazy stuff and you could hear it on our podcast, but all of it has been leveraged through these massive number of policies that we've built over the years because of this one concept. And without this concept, we would not be getting invited onto awesome shows like yours to talk about creating 50,000 a month in passive income. Um , because we, we had to put this in place first and it's made all the difference.
Speaker 1:Now that's, it's interesting because , um, you know, obviously I was talking to my 17-year-old about setting this up for him so that when he is done school and he wants to be an entrepreneur, he'll be borrowing from himself instead of going to the bank, pat in hand, can I have some money to start this business? And while the rules are slightly different in Canada, they're not dramatically different, you know? Right . It's a great, great plan. Now this will sound is , you know, I , people are listening to this while they're driving and they're trying to keep score in their head and stuff, but is there something more concrete that we can give them? Joey, I know your team has made them up a dual or a landing page or something.
Speaker 2:Yeah, I mean, this is something that's interesting to you. We, we have tons of free resources. We actually have a quiz that will show you how close you are to financial freedom. Uh, if you go to wealth without Wall street.com/chris Cooper , just keep it really simple, right? <laugh> Wealth Without wall streete.com/chris Cooper , you get all access to those free resources and we have connection points with our team, our free community, whatever you're looking for, we have it all listed there.
Speaker 1:Yeah. So just to be clear listeners, like this is not an affiliate link that, you know, Joey gives me 25 cents every time you go to the , this is our, our genuine offer to help you. Um , because I want more gym owners thinking about this next level. When we started talking years ago about gym owners making a hundred thousand dollars a year, that was more than double the industry average. And a lot of people thought that could never happen for me. But changing that mindset is actually what changes the industry because eventually people started saying, how can that happen for me? And it's gonna be the same with wealth, I think to really make our industry grow and flourish and to put more power into the hands of the best gym owners, we need to give them a way to expand their, impact, their reach, create better careers, open more locations and stuff. And I really like what Joey and Russ have done here. So if you go to wealth without Wall street.com/chris Cooper, thanks for the vanity URL <laugh> , um, you'll first, you'll get a little quiz, which I think is super cool, and then you're gonna get some free resources, just like you're used to getting from Two Brain .
Speaker 2:Yes. Yeah. And we're, we're always help happy to help people along their journey, whatever that may look like.
Speaker 1:That's great, man. Okay. Well, the wealth of the Wall Street podcast is a very popular one, especially among our tinkers. And if , uh, you know, Joey and Act , Joey and Russ are actually gonna be speaking at Tinker in March when they take a trip down to Nashville area. So we're really excited for that. But in the meantime, if people are really interested in the wealth of the Wall Street Knowledge Bank talking to you, where should they go, Joey?
Speaker 2:I would go right to that same , uh, page because there's actually , um, there's emails, there's social connections, and our community is a free app that you can connect with other people on the same journey. There's over, I think we're up to like almost 9,000 people who are engaged in this process at various different levels. Wow. And so I think just like within two Brain , you guys are surrounding yourself with other people who are like-minded, who are trying to get to the same goal. And your actual like ability to get to success is dramatically increased when you change your environment. And so that's what , uh, we built the community for. So it, it is totally free to join.
Speaker 1:Oh man, that's so great. Thank you Joey. You know, my favorite thing about wealth without Wall Street, other than you and Ross just as humans, that's my favorite. But my second favorite thing is, you know, the help first ethos of we learned this thing ourselves, we want to give it to other people so that they know it too. And that comes through in everything you do. So thanks so much for being that way.
Speaker 2:Oh man. It's great to be on a show with like-minded people, so anytime . I really appreciate
Speaker 1:It. Thank you.
