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Financial freedom is everyone’s dream destination. But how exactly do we get there? Helping you answer that question is Joey Mure, Partner/ Co-Founder at Wealth Without Wall Street. Joey has figured out a way to empower people by helping them find the path to their financial freedom. It’s all about figuring out which investment works for you. He chats with host Shannon Robnett about different types of investment and explains why chasing the concepts of “debt freedom” and “retirement” keeps you enslaved. Joey also boils down financial freedom into three key steps: goal, plan, support. Learn all about how to find the best passive income investment for you by tuning in to this episode.
 
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Finding Your Path To Financial Freedom With Joey Mure

Why Chasing Zero Debt Will Never Get You Anywhere

I have the opportunity to talk to a guy clear across the United States. You are going to enjoy what we’re going to cover here with Joey Mure. He has got a load of experience creating different income streams. You are going to see how all these started to tie together but the one thing that he is is different. I’m going to see how far we can go down this rabbit hole but first of all, let’s welcome our guest. Joey, how are you?

Being called different is the best thing you could have ever called me. Thank you.

You and I got started but I wanted to talk about what you are doing because you are about creating passive income in the short-term real estate game, right?

No, where about financial freedom. Short-term rental may be the means or one of the means that get you to financial freedom but financial freedom is the goal, is it not?

See what I told you, guys. He’s different. He’s not attacking the strategy. Let’s talk about the strategies that you use because you are right. Financial freedom is what we are all looking for. We are trying to get out of the rat race. We are trying to set our alarm clock, not get up and fight traffic, and not do these things. What is it that you are doing that’s allowing you to break free of that?

Let’s back up to what you said because many people get dialed into the investment and lose sight of the idea and the why behind it. Our company is called Wealth Without Wall Street for a reason. We would like to beat up on Wall Street but it’s because we have been trained to think a high rate of return equals good investment for me. The reality is, if someone is holding onto your dollars and not returning them back to you regularly, that creates more freedom, then it’s not a good investment for you.

More so, does the investment fit you as an investor? Like Robert Kiyosaki says, “There are no good or bad investments, only good or bad investors.” Our thought is don’t start with the investment. Start with who you are as an investor and figure out which ones of those ideas that are out there will get you closer to your goals if most people have never stopped to even think about those things.

I talked to a lot of people that go, “I’ve got to get involved in ABC, in multifamily, and a short-term rental.” Why? You are right because a lot of people don’t sit down and go, “I don’t want to put this much time into it. I do want to put this much time into it.” The other thing is people don’t even think about the tax strategy behind what else they have involved in that. There are all these things but how do you take the time to get people to think through that so that they are not chasing their tail doing a short-term rental strategy when they don’t have any time anyway and that wasn’t what they wanted?

I’m going to use someone else’s words for this answer because, to me, it was confirming what we are doing. We had somebody in our community direct message Russ, my business partner. He said, “I had to stop and tell you that your Pathfinder course is fantastic.” We have a baseline product that we teach in the infinite banking concept. It’s creating cash in a place that you can control.
Don't start with the investment. Start with who you are as an investor and figure out which ones of those ideas that are out there will get you closer to your goals.
He said, “I have been doing that for years and have never known what investor I am until I took your Pathfinder course. I’ve got my own investor DNA assessment. Now, I am personally going down this path of doing land flipping because I know now, I’m much more confident that that is a good fit for who I am. I can’t thank you enough for putting this together.”

That, to me, was a check. That’s what we want to have happened every single day. People in our community engaged through our Passport Challenge and Pathfinder Course. In that, they go through their own assessment. It’s not something that we are telling them, “You should do this. You should do that.” We say, “Do this assessment and hold it up against.”

We have at least six passive income strategies that they can say, “These are the pros. These are the cons. These are the key factors that you need to know about before you get involved in any of these strategies.” You determine there. You self-determine which path makes the most sense for you to get financial freedom as fast as possible and something that you enjoy. That’s how we would direct people.

That’s key. I can tell you how many times I have talked to people that their goal is to get to financial freedom as fast as possible but all they want is cashflowing assets. Is that your fastest goal? I have others that say, “I don’t know what else to do other than I need a paycheck every month. I need to get passive income,” and they have no idea how to get it. That’s important, and the fact that you are looking at it in, you are asset agnostic, if you will. You are sitting and going, “There are 5 or 6 different things here. You can do what fits you. What’s going to make you happy?” At the end of the day, it is an individual choice.

The key thing, I would say, we are not agnostic in the sense that there are certain aspects that have to be true. Again, there are no new ideas. We are basically compiling great minds together and saying, “This is a path that we can follow.” Robert Kiyosaki, again, financial freedom is defined as more passive income than you have in monthly expenses.

If we can do that, that is what gives us the license to say, “I don’t want to drive into work today, tomorrow or the next day, and I don’t have to.” I may love what I do, and now I don’t have the same pressures, and I can continue that job or maybe pursue something that I have a passion for because I now have my passive income providing me the ability to pursue my passion income. That’s what we are after.

If the investment or the asset type you mentioned is not providing me a regular, sustainable, consistent passive income flow, that doesn’t require my active involvement or the ability to turn it into a passive income asset. Let me clarify. If you start a land flipping business, it’s going to be a lot of work at the very beginning until you figure out all the systems, and you can hire to those things.

That can happen very quickly but there’s work on the front end. The short-term rental business, as you mentioned, is the same thing. I may have to get involved for some time, a sprint, until I can figure out all the pieces that have to go into that to turn it into a passive income business. We have done all those things in all these different areas. That’s what we give people the path to do.
Joeyrrecaption1
Financial Freedom: Many people get dialed into the investment and lose sight of the idea behind the investment, the why behind it.
 
What are three steps to get us to financial freedom?

This is easy to remember, GPS. If you put in a destination in your GPS, it’s going to give you all the steps to get there. Again, not a new idea. We don’t give new ideas. We regurgitate cool ones. You put in that destination and that’s financial freedom. You have to have a goal. GPS goal is the first one. We created that Passport Challenge to give people the ability to map out what financial freedom looks like for them because as we started this, most people would never even know what their goal is. They know that, “An investment has a good return. I think I need to do that,” but does it get you closer to what your vision of financial freedom is?

Some people say, “I want more time because I want more brain space to think about businesses.” Like my business partner, Russ. You tell that guy, “You can take half the week off.” He’s going to be like, “Sweet. That means I get more time to think of new businesses.” You tell me, “You only have to work twenty hours this week.”

I’m going to be like, “That’s an extra twenty hours this week that I get to spend with my five daughters,” because that to me is the impact that I want to make in this world to love my children well, grow them, and educate them. I want more freedom from the day-to-day grind for that purpose. Our financial freedom goal is almost having a vision board. It’s our Passport.

Once you have that goal, you can then put together a plan. GP, the plan, is where I get clear on who I am as an investor and what strategies will be useful to get me to that goal. That’s where we have a coach that will work with you. They take in your information, your investor DNA and say, “If you were to deploy capital towards this strategy and we were to invest over this amount of time, you could exceed your expenses within 36 months or 48 months.” Whatever the timeframe is, then they say, “The last step is supported.” Now, you need ongoing coaching availability. You need a community of people around you who are going in the same direction.

By the way, I know you know this but if you are sitting around the water cooler at work, everybody else is talking about football, what they are going to do this weekend, moaning and complaining about what they don’t want to do at work or whatever, and you are sitting there talking about changing your life and legacy. Those things are oil and water. Do you think that group is bringing you closer to financial freedom or farther from it? It’s crabs in a barrel.
If you don't fail forward, you will stay where you are. You have to be willing to learn as you go.
We created a community of like-minded people that you can get to off of social media. It’s not on Facebook or Instagram. It’s on our own private app so that you can stay focused on these things and get support from those people who all head in the same direction. Goal, Plan, and Support, if you follow those steps, I’m telling you we have seen amazing results in a very short amount of time with people from school teachers, to people that drive excavators, to a guy that’s a fireman. This has not happened because you make millions of dollars. It’s because you have a very specific focus in one direction and get all the support you need.

When you talk about financial freedom, are you talking about being debt-free?

I hate that. Here’s the difference. If I said debt freedom, that’s one thing but I said financial freedom. If you think about that formula, passive income is greater than monthly expenses, monthly expenses can include debt but they also include lifestyle. Are you ever going to be able to pay off the cost of living? Never. These gurus out there talking about debt freedom being something special, more power to you if you want to pay off your debt but you are still not free. You still are subject to inflation and all the costs of living.

You may own the house but you skipped that tax bill. They are going to get you first because you don’t know anything about it.

Debt freedom is a lie that keeps you in slavery, in my opinion, because without any passive income, you are still going to be a slave to all those expenses. You are going to be stuck working in a job you don’t want to work at or having to reduce your lifestyle significantly in terms of “retirement.” Don’t get me started on that lie. Retirement is a joke. We are all meant to give and impact this world, not to end up living off of 25% of what we are used to and hoping that we don’t run out of money.

You have made it clear that your whole thought process is to show people how to create passive income streams that will replace their paycheck. That will replace their need to show up somewhere at some point. What are some of the strategies that you employ once you’ve got people to understand what their DNA is and how they are supposed to be navigating this world of financial freedom? What are some of the strategies that you encourage?

We start in that Pathfinder Course I mentioned. We have a passive income matrix that goes along with your DNA. We have six specific ones that are easy to apply. Those are everything from short-term to long-term rentals like turnkeys. I would add syndications as one of those. If you are an accredited investor and time is your biggest need but you have cash, I would say syndications and turnkeys fit the mold of that. We have private lending, and you could get into eCommerce. That’s another one. Those are some of the strategies but I also want to encourage people. Russ and I got serious about this a couple of years ago.
Joeyrrecaption2
Financial Freedom: Financial freedom is defined as more passive income than you have in monthly expenses.
We started interviewing experts and saying on our show, Wealth Without Wall Street Podcast, we want to know all these people who are experts in these spaces and figure out which one fits us and start implementing them. Every month, we do our own personal passive income report. On that report, we have a land flipping business and a cattle business, which by the way, I do not recommend. That’s been a flop. I’m hoping to get some good steaks out of the deal but that’s about it.

We have a short-term rental business, Ethereum miners like computers that mine Ethereum cryptocurrency, ATM funds, multifamily syndication, and long-term rentals. I have an RV that I have put on an RV share that’s managed. That came live and already made $2,400 in the month of September 2021 net. We have a private note fund and a candle company we have invested in. There are all these things but the point is, whatever works for us is not what you should do. Who you are as an investor should dictate this. I know we have already talked about it but don’t get misled. You are your best investment.

I agree with you. As you said, there are no new ideas here. There was a certain Carnegie that interviewed a lot of people like you did to get going on what to do about how to win friends and influence people. That was based on that same philosophy of, “I don’t have to know everything. I’ve got to get in front of intelligent people.” I love what you are doing with the RV, too. I do that with one of my passions. I have a flight school. It’s based on the same principle that I’m leasing out airplanes but airplanes are a little bit more expensive than RVs but they also have that one-time depreciation, so they are a great tax play, plus it doesn’t always make my wife mad.

She’s got used to the fact that I get a new airplane every year. You’ve got to figure out how to intertwine your passion with what you are doing. When you are looking at a business idea and financial freedom, why aren’t you looking at a janitorial service business? Why are you looking at your Ethereum mines? Why are you looking at RV rentals versus being a McDonald’s?

It’s not necessarily that those things are not possible for us or not the things that we would do. For instance, from a service business, we would be interested in those types of things but the non-negotiables for us are if there’s not an ability for us to have an operator in place that can handle 97% of this business operationally. Here’s what we know. Russ and I both are big picture but have very bad follow-through.
There is no successful person who hasn't failed numerous times and come out stronger as a result.       
At least you know your weakness.

That’s the other thing I want to point out about investor DNA. You may get your assessment and look at it and think, “This limits me to certain things,” which could help you narrow down to maybe your first passive income stream. I will tell you this. If you look at my investor DNA, I never would have been interested in the short-term rental space if it had to rely on me being the operator.

When we’ve got this idea and started to dig into it, we both liked the idea but we thought, “There’s no way we could do this until the right person came along who we can invest in and build this business with.” Now, we have gone from one unit to over 24 units since 2020, and it’s going to gross over $1 million, and that’s all because we’ve got clear on who we needed in the right space to take advantage of it.

That’s talking about scalability. It’s taking yourself out of the daily mix. When you look at what you are looking at, buying yourself a job, there are many small business owners that go out there and buy themselves a job. They sign up and are good at something, so they create a business out of it. Maybe they are good at detailing cars. They create an auto detailing business but if they call in sick, so does their paycheck.
Finding those scalable things that aren’t required to be you every day are maybe better ideas. Who was the 97% player there? I understood that you were eating them but who is the raising part?


First of all, let me say this. I don’t want to get too sidetracked but I am that guy that shows up to a cattle sale with rubber boots because I don’t even have cowboy boots. Like there are guys with bigger belt buckles than I have plates. I’m the one that sticks out like a sore thumb because I’m not a country boy. I’m a city boy. One of our business partners grew up in this, loved it.

We started going down the path and looking at it from an investment standpoint. I will go ahead and tell you. It was a fun hobby that gave me and my family experiences we would never have had. However, those dollars will never be useful again. They have been spent and were not passive except for passively going out the door. We would have never done that without him being the guy driving for sure.
 
Joeyrrecaption3
Financial Freedom: GPS: Goal, Plan, Support
Sometimes, it’s the experience that shows you why you like what you like and why you don’t like what you don’t like. I heard a quote from Oscar Wilde, “Experience is what you call your mistakes.” How often do we do that? We want to call it, “I had a great experience with that.” That means it was a total mistake.

It didn’t go per plan but how much of that is what teaches us what not to do next time. Who not to be involved with? What businesses aren’t going to fit our model? You keep talking about this investor DNA that you have come up with. You didn’t wake up one day and figure that out. You have been through some bumps and bruises to get there.

Let me say this. If you are reading to this and have not taken your first step into passive income or into investing in these things that Shannon has great guests on. The reason is you are afraid to make a mistake. Let me go ahead and tell you, that’s your biggest mistake. Now, if you don’t fail forward, you will stay where you are at. You have to be willing to learn as you go. This is not a game.

Our school system that this country is founded, unfortunately, is a failure because it has taught us that making mistakes is unacceptable. There is no successful person that I have ever met that hasn’t failed numerous times and come out stronger as a result. You’ve got to take action. This is all about taking action but, at the same time, taking into consideration your wiring like who has got made you as an investor and allowing that to at least give you some direction to start going in.

You often hear people say, “If I had $1 for every time I did that.” The reality is, I do have $1 for every time I make a mistake. It wasn’t a mistake that paid me. It was the fact that the second time I’ve got to make $2 off the deal instead of the one that I lost the first time. That’s the thing about getting up, doing it again, going after it again, and learning from it. When I hear people talk about mastermind programs, coaching, and everything, my mindset on that has changed over the years because I have now learned.

I have chosen to make a lot of the mistakes myself when I could have asked and watched somebody else show me how not to make the mistakes they already made. I have looked at that in the past and said, “Why would I want to pay somebody else to tell me?” I look at the number of mistakes I made, the cost that they were, and how that came down. I see now why I did want somebody else to make those mistakes for me and be able to mastermind with them instead of deal with my own all the time.
 
Money will be here, money will go but your time is ridiculously precious.
As I mentioned, we have launched a passive income mastermind to our lead investors at this point. We talked about you can either pay retail yourself by making those mistakes or you can borrow them from somebody else and collapse time. That’s what the cost of being involved in these masterminds, groups, and communities, you are borrowing.

We have a short-term rental mastermind at this point that’s starting, and our operator is going to teach what he’s learned over eighteen months to scale our business from 1 unit to 24 units. He’s charging less than what we paid to get him coaching to learn those same things. What are you doing? You are borrowing all of that knowledge and cramming it into a much smaller timeframe so that you can get there faster. That’s the whole goal.

That’s the thing. You are going to pay it somewhere. You might as well learn from somebody else’s mistakes, collapse the time, navigate with clarity and make sure that you are not setting yourself back because there does come the point when you have made mistakes that you can’t recover from. You have spent too much time and money. There comes the point when you can’t continue, to be able to avoid those and know what those are is huge.

Joey, when you are thinking about what you want a business to be, if you are sitting there and like Russ, your partner says, “I’ve got three more days to go think about a new business,” what are some of the criteria that you are looking at that make a business a no-brainer for you? You have mentioned one of your non-negotiables but what are some of the other non-negotiables that have to happen for that to be a business you consider?

I would say it’s a fairly small list for us. I don’t want to overthink it. One, I don’t want there to be a ton of variables that affect the consistency of that business, which, to be honest, the short-term rental business was one of those things. It has a lot of variables, and that’s what made me a little nervous about it. Not to mention you have in your brain this idea of, “People may be messaging me at 2:00 in the morning. They can’t find this and that.”

Those uncertainties make me a little nervous about those businesses. I think limiting the variables. I have learned that the cattle business is way too many variables. Something can happen to a bull that you thought he had all this potential in the world. All of a sudden, he’s sterile or breaks his leg. There are so many little things.
 
Joeyrrecaption4
Financial Freedom: Whatever works for us is not what you should do. Who you are as an investor should dictate this. You are your best investment.
 
Limiting the variable is limited capital to get involved because the more capital I have to put into my own that I couldn’t leverage in some way, shape, or form, it reduces my ROI, my ability to breakeven, and get that capital flowing back to me and passively as fast as possible. Those are two things I think of having an operator because we were so poor at follow-through. We have to have somebody strong with that. In fact, if you look at our Wealth Without Wall Street Team, we looked through a personality profile, and all of the people on our team have this super high follow-through. Russ and I are on the other scale. We are attracted to people that can do that.

That’s what you have to do. You have to hire your weakness and be self-aware enough to know what you are good at and what you aren’t because then, you wind up with too many cooks in the kitchen, and everybody is trying to do the same thing.

The biggest thing again, we have mentioned this, and it’s beautiful what you are doing on the syndication side is buying back time. I cannot tell you how important and what a difference it’s made in my life to have my time and be my own time. We homeschool our girls. I work from home now because we didn’t want to renew our lease. We wanted to spend more time with our families. I said, “Knowing that I have this passive income, which we will have exceeded 65,000 across all those different things that I mentioned in passive income, that more than covers everything that we have, expense-wise, Russ and I combined.”

The freedom that creates for us to be able to travel. I mentioned my RV. We took a 22-day RV trip in August 2021 with our kids. While that was crazy and amazing at the same time, it was only possible because of this passive income and feeling the freedom to do it. Buyback your time, and you can’t ever get any more of it. Money will be here, and money will go but your time is ridiculously precious.

All good points. Thanks, Joey, for being with us, and thank you for tuning into the Real Estate Rundown. Don’t forget to like, share and subscribe to the Real Estate Rundown on Spotify, iTunes and wherever. Also, if you’d like to know where Joey is, you can find him at WealthWithoutWallStreet.com. You can check him out there. See all the great things that he and Russ are doing there. Joey, thanks again for being on the show. I appreciate the insight that you have given to my audience.

Thank you for having me. By the way, if you want access to that investor DNA that I have been talking about. You can go to WealthWithoutWallStreet.com/passport. That will get you into our free challenge and allow you to have access to the investor DNA. There is a charge for that DNA test but that’s only if you want to move forward from there. Feel free to see us in the community.

Thanks for being with us, and thank you again, Joey, for being our guest.

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About Joey Mure

Joey mure
Joey Mure, Founder and Partner at Wealth Without Wall Street, brings impact, integrity, and generosity to the company every day. He hopes to be remembered as a lover of Jesus, devoted husband, and faithful father. Despite dreaming, around age 10, of becoming an orthopedic surgeon, Joey was in the mortgage business for 11 year before moving to finance in 2014. His personal mentor, Nelson Nash — another man of integrity and impact — is someone Joey deeply admires. Joey’s strengths in building relationships, asking great questions, and influencing and empowering people with the Wealth Without Wall Street message make him invaluable to the company’s mission. He is relational, impactful, and a true leader.

His colleagues would add that he’s thoughtful, funny, and a family man. Many people don’t know that Joey ate a 72-ounce steak dinner once. If he could be anywhere other than work, you’d find him at the beach with his family. And every Sunday morning, they’re worshipping the Lord. A lifetime goal of Joey’s is to impact the world for Christ; and a more near-term goal is to purchase a beach house for my family. Aside from Wealth Without Wall Street, Joey listens to Sharran Srivatsaa’s Business School podcast and Donald Miller’s Building A StoryBrand podcast. He’s happiest when he’s traveling with his wife or golfing with his girls. He cares deeply about Campus Outreach, Cru, Navigators, Sav a Life, Lifeline Adoption, and Young Business Leaders. His aims to live by the words “Trust in the Lord with all your heart and lean not on your own understanding. In all your ways acknowledge Him and He shall direct your path (Prov 3:5-6).”