On this show Sean Adams distills down the best kept secrets of the rich on how to protect and grow your wealth.
We interview the top entrepreneurs and financial minds to give you actionable insights on how to think differently about your wealth, your lifestyle and your future.
Join me each week as we go on the journey to financial freedom together!
E28 - The Upstream Model - How to Build Wealth via Relationship Capital with Justin Stoddart
Today on The Wealth Secrets Podcast, Sean Adams welcomes Justin Stoddart, author of the international bestseller The Upstream Model. He’s also the host of the Think Bigger Real Estate Show, as well as a coach and consultant to top entrepreneurs. Sean shares his proven strategy for building a network that produces recurring referrals for your business or personal life.
[03:10] Getting to know Justin Stoddart
[05:02] Developing the Upstream Model
[12:37] Win clients and referrals with the Upstream Model
[16:41] Put in the effort to stand out
[22:00] Cultivating long term relationships
[27:25] Identifying opportunities with exponential returns
[39:47] Thinking Bigger Podcast
Justin experienced first-hand the difficulty of finding his next client. Cold calling and networking did not produce fast and consistent results. This gave him the idea to look for partners who could open up doors of opportunity for him¾to go “upstream”.
For the Upstream Model to work, you must be referred by a trusted professional to the person you seek. Introduction through a credible professional will warrant a warmer reception. During the first few appointments with your potential partner, it’s crucial that you build rapport and identify their business problems. Find common ground by talking about your past successes in the industry. Once you know their main concern, find a way to solve it in time for your next meeting. By doing this, you instantly prove your value through immediate action.
How do you know which relationships to seek out? Choose an upstream partner whose customers can possibly become your own customers in the future. It’s better to have a handful of contacts with warm referrals rather than hundreds of contacts with cold referrals. Focus on the relationships that give you repeated value. This also prevents overwhelm from managing large databases of referrals and frees up your time for other things that matter.
Links and Resources:
Justin’s LinkedIn (https://www.linkedin.com/in/justinstoddart/)
Justin’s Instagram (https://www.instagram.com/justinstoddart/?hl=en)
Justin’s Website (https://justinstoddart.com/book)
Connect With Sean:
Facebook: https://www.facebook.com/profile.php?id=100060279543976 (https://www.facebook.com/profile.php?id=100060279543976)
LinkedIn: https://www.linkedin.com/in/leveraged-life/ (https://www.linkedin.com/in/leveraged-life/)
Instagram: https://www.instagram.com/sean_adams103/ (https://www.instagram.com/sean_adams103/)
Youtube: https://www.youtube.com/channel/UC0i91Q-fFy70LkaFxvfnGpg (https://www.youtube.com/channel/UC0i91Q-fFy70LkaFxvfnGpg)
For more videos and resources, visit leveraged-life.com (https://www.leveraged-life.com/contact). Do you have questions and feedback? Get in touch with Sean Adams through his email: sean@leveraged-life.com.
2 Sept 2021
E27 - Own Nothing but Control Everything! with Zachary Miller
Today on The Wealth Secrets Podcast, Sean Adams welcomes Zachary Miller from Private Wealth Academy, a group of experts that empower individuals to take control over their wealth. They discuss how to use bulletproof trusts to protect any asset while reducing liability.
[03:10] Getting to know Zachary Miller
[07:58] What is a trust fund?
[10:53] Benefits of a trust
[15:04] Build a trust web to protect assets and businesses
[20:59] When to build a trust fund account
[25:42] Why billionaires don’t want you to create trust funds
[31:28] Save on taxes with trusts
[33:04] Trusts protect you from law suits and divorce
[39:21] Setting up trusts worldwide
[40:49] Private Wealth Academy
A trust fund is created to hold an asset for the benefit of another. The assets in the trust are neither owned by the grantor nor the beneficiary because ownership is determined at a later date. Assets that are not in a trust are taxed heavily by the government. Wills are not exempted from probate but trusts are.
Aside from the inheritance benefit of trusts, other advantages include protection and tax savings. Cars, real estate, and registered businesses can have their own trusts – thereby protecting your assets from litigations. You can set up trusts in whichever way you like, building a “trust web” that’s best suited for your unique position. Whether you have a statutory or a private trust, you are able to reap tax savings.
You don’t have to be a billionaire to start a trust. Trusts have always been advertised as accounts for the wealthy but that is simply untrue. Start your own trust fund for your own protection and use it to your advantage.
Links and Resources:
Private Wealth Academy Website (https://privatewealth.academy/)
Connect With Sean:
Facebook: https://www.facebook.com/profile.php?id=100060279543976 (https://www.facebook.com/profile.php?id=100060279543976)
LinkedIn: https://www.linkedin.com/in/leveraged-life/ (https://www.linkedin.com/in/leveraged-life/)
Instagram: https://www.instagram.com/sean_adams103/ (https://www.instagram.com/sean_adams103/)
Youtube: https://www.youtube.com/channel/UC0i91Q-fFy70LkaFxvfnGpg (https://www.youtube.com/channel/UC0i91Q-fFy70LkaFxvfnGpg)
For more videos and resources, visit leveraged-life.com (https://www.leveraged-life.com/contact). Do you have questions and feedback? Get in touch with Sean Adams through his email: sean@leveraged-life.com.
12 Aug 2021
E26 - Buying Cash-Flowing Businesses as Investments with David Barnett
Today on The Wealth Secrets Podcast, Sean Adams welcomes back David Barnett, business consultant for small to medium-sized enterprises and the bestselling author of Invest Local and other titles. His decades-long of combined experience at Yellow Pages, American Express, and business brokerages have made him an expert in business buy and sell, business valuation, and deal-making. David shares his tips for how to invest in cash-flowing businesses and how to add value as an investor.
[03:26] Getting to know David Barnett
[08:01] Buying a business VS starting a business
[11:41] What to consider before buying an existing business
[16:12] Delegate responsibilities, not tasks
[22:42] Goodwill and how it affects business valuation
[34:02] A cash flowing business is an active investment
[37:34] Opportunities to improve a business’ underutilized assets
[44:39] Where to find investment opportunities
The biggest risk in starting a business is the uncertainty of reaching your breakeven point. It’s even more challenging to make a profit. Acquiring a business that has a secure cash flow may be a safer investment decision depending on your financial situation.
Before buying an existing business, ask yourself these two questions: What is the cash flow? Will I be able to generate the same cash flow under my stewardship? Answer these questions to determine the returns and risks. An enterprise that doesn’t have standardized processes, manuals, and tools in place will be much harder to take on. On the bright side, you may also view this as an opportunity to acquire the business at a lower cost. Evaluate what other areas of the business are underutilized. Use your skills, knowledge, and resources to make further improvements.
Looking for investment opportunities starts with introspection. Create a list of your strengths and expertise. You’ll get an idea of which businesses and industries will match your skillset. Search for business listings and online databases for the niche you’re interested in. Reach out to the owners of the businesses and build relationships with them and other industry specialists. In time, you’ll find a cash-flowing business to invest in that will be a good fit for you.
Links and Resources:
David’s LinkedIn (https://www.linkedin.com/in/davidbarnettmoncton/?originalSubdomain=ca)
David’s Website (https://www.davidcbarnett.com/)
David’s YouTube Channel (https://www.youtube.com/c/DavidBarnettMoncton/featured)
Connect With Sean:
Facebook: https://www.facebook.com/profile.php?id=100060279543976 (https://www.facebook.com/profile.php?id=100060279543976)
LinkedIn: https://www.linkedin.com/in/leveraged-life/ (https://www.linkedin.com/in/leveraged-life/)
Instagram: https://www.instagram.com/sean_adams103/ (https://www.instagram.com/sean_adams103/)
Youtube: https://www.youtube.com/channel/UC0i91Q-fFy70LkaFxvfnGpg (https://www.youtube.com/channel/UC0i91Q-fFy70LkaFxvfnGpg)
For more videos and resources, visit leveraged-life.com (https://www.leveraged-life.com/contact). Do you have questions and feedback? Get in touch with Sean Adams through his email: sean@leveraged-life.com.
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