CFD 558 – Wealth Without Wall Street

October 2nd, 2019

Joey Mure decided to join Russ Morgan and co-founded a company called Wealth Without Wall Street.  They teach people to stop trading time for money to achieve financial freedom by following the 5 Pillars of Wealth Without Wall Street. 

Russ, aka, The Idea Guy, started his career in the financial industry.  With 4 years of planning under his belt, Russ was stunned in September of 2008 to see the DOW Jones plummet 800 points.  He had no idea that the market could react in such a volatile manner and knew this was something he could never have control over.  Russ began a journey that day to passionately understand more about how to take back and gain control over his money, as well as his clients.

Joey, aka, The Stallion started his career in the mortgage business in 2003.  He grew to become a branch manager with one of the Nation’s top mortgage lenders leading 25 loans officers. By 2010 he had achieved national recognition.  Despite earning an impressive income he still had significant questions about how to save for the future without having to borrow from banks. How does anyone save aggressively for retirement AND simultaneously pay for automobiles, save for college, weddings, and vacations? 

In 2010 Joey met Russ, who shared the Infinite Banking Concept and everything changed. IBC allowed Joey to get completely out of debt besides paying off his mortgage, he started saving four times the amount he had previously been saving, and now had a clear plan of how to save for all our life's expenses without giving up retirement savings.

Podcast Highlights

  • Who is Russ Morgan and Joey Mure?

When Russ was a kid, one of his favorite uncles used to give him green Tic Tacs, but he called them Hulk pills. Imagination has always been a part of his background, he was constantly envisioning things as they could be if they were bigger and better. The motivation to help out his family as well as other people has been a key driver in Russ’s personality.

For Joey, the Italian Stallion Rocky Balboa is his unconventional hero of choice. Rocky was the constant underdog taking on Goliath, and Joey always felt that way, especially about his education. His parents wanted him to get an education but they didn’t have the money to pay for school, so Joey had to make it happen on his own. They’ve given him the vision and he put in the work, became valedictorian of his high school, and secured a scholarship to university.

The vision of wealth in the future and being able to take care of his family is what drove Russ to get into the financial world. For Joey, having the end goal in place and then achieving it showed him what was possible. While in school he encountered a number of mentors that helped guide him towards the mortgage industry. While working in the mortgage business and generating a significant income, Joey realized that there was still something missing and it was around that time that he met Russ which changed the course of their lives.

  • Wealth Without Wall Street

Success leaves clues, as a financial advisor Russ saw what wealthy people did with their money and it wasn’t going into Wall Street. When the market crashed in 2008, nobody knew what was going and he realized that he couldn’t be a part of an industry that just pretended like they understood how wealth was built. The wisdom is in wealth, and the wealth isn’t on Wall Street.

Real estate, business ownership, and private lending were the main asset classes that Russ saw his clients using to build their wealth.

There are five main pillars in the Wealth Without Wall Street plan. There first is about keeping more of the money you make, also known as cash flow. Where are you unnecessarily spending money that you don’t need to? That involves optimizing your tax strategies and paying down certain kinds of debt.

Invest in what you know, invest in yourself because that’s who you know the best. Investing in yourself is the best investment you can make.

Wall Street has confounded the process of investing by creating marketing fluff pieces to create the belief in people that they just don’t know enough to do it themselves. This is perhaps the biggest lie we’ve been fed and as a whole, the country buys into it.

The first step in working with a Wealth Without Wall Street client is understanding what they already know. At the end of the day we need to follow our own passions and gifts, once we understand what those are, we can start to invest in them.

The real problem that people want to solve is not about money, it’s freedom. This is why the idea of the qualified plan is terrible, you’re giving up control and visibility on your money in the hope that it will eventually solve your problem in the future. The traditional path of earning money will never help you get to true financial freedom.

Without cash flow and access to capital, the greatest investment could pass by right under your nose and you wouldn’t know it because you can’t act on it. Before you can invest you have to be in a cash position. Once you have that in place, you can invest in yourself and things you control, like your own business. Then you can move into assets like real estate or lending, and as a final step speculation which is ultimately the domain of Wall Street.

  • Russ and Joey’s Takeaway

Go to community.wealthwithoutwallstreet.com and find people out there who are doing what you want to do. Your net worth is your network, and this can be your network.

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