Protecting Your Assets In A Changing Marketplace
Release Date: 04/13/2020
Troy R. Underwood is an industry disruptor. Part technologist, part economist, and all innovator, he revolutionized the motor vehicle industry with the nation’s first electronic title system for financial institutions, which was later sold for $106 million. His healthcare venture, benefitsCONNECT, innovated healthcare benefits administration and resulted in a highly successful acquisition. His new book is How to Launch Your Side Hustle: Start and Scale a Business with Minimal Capital. Learn more at . Podcast Highlights Who is Troy Underwood? Troy considers himself a necessity...info_outline Be Your Own Banker and Grow More Wealth with Mark Willis
Mark Willis, is a CERTIFIED FINANCIAL PLANNER™, a #1 Best Selling Author and the owner of Lake Growth Financial Services, a financial firm in Chicago, Illinois. Over the years, he has helped hundreds of his clients take back control of their financial future and build their businesses with sophisticated, tax-efficient financial solutions. Mark Willis specializes in building custom-tailored financial strategies that are unknown to typical stock-jockeys, attorneys, or other financial gurus. As co-host of the Not Your Average Financial Podcast, he shares some of his strategies...info_outline Contact Marketing Secrets: How to Get a Meeting With Anyone
Stu Heinecke is the Hall of Fame “Father of Contact Marketing" and Founder/President of the Contact Marketing Agency and Cartoonlink, which helps sales teams break through using contact marketing solutions to produce critical contact with accounts and prospects. He is a longstanding senior cartoonist for the Wall Street Journal and the bestselling author of How to Get a Meeting with Anyone: The Untapped Selling Power of Contact Marketing and the new book Get the Meeting!: An Illustrative Contact Marketing Playbook. He hosts Contact Marketing Radio and the How to Get a Meeting With...info_outline Creating Passive Income with Chris Miles
As founder of Money Ripples, host of The Chris Miles Money Show, and co-author of the book Entrepreneur on Fire, Chris Miles is a leading authority on quickly creating wealth by increasing monthly cash flow and creating passive income. He has shown hundreds of thousands internationally how to free up or generate tens of thousands of dollars each year! Chris has been featured in US News, CNNMoney, and Bankrate.com and has a reputation for getting his clients fast, proven results. Many of his clients have the option to retire in less than 5-10 years, and Chris himself was able to retire...info_outline Conquering Corona With Kyle Stanley
Kyle Stanley is the host of the Fearless Flipping podcast where he educates new hungry real estate investors about best practices for getting started. We flip the roles into today’s episode with J being interviewed for Kyle’s podcast. Find out how J is conquering the coronavirus and adjusting his short term rental business to be even more successful than before. Podcast Highlights How did you get to this point and what brought you into the short term rental business? The keyword for J is cash flow, everything he’s done in terms of business is around generating an income...info_outline Protecting Your Assets In A Changing Marketplace
Let me introduce you to Scott Smith, a new breed of real estate attorney with a great sense of humor and a gift for simplifying the complex. His Austin startup, Royal Legal Solutions, has a different take on protecting your assets including real estate investments and already serves thousands of clients across all 50 states. As a former litigation attorney, Scott has a deep understanding of how lawsuits really work. More importantly, he is a real estate investor himself, with property in 10 states. Now he’s sharing his information with the world and is committed to helping other real estate...info_outline Public Speaking Tips and Strategies with Jacqueline Nagle
With a diverse career crossing professional services, mining services, civil construction, manufacturing, industrial relations Jacqueline has used public speaking-centric strategies extensively to launch, pivot and manage both growth and crisis across all of those organizations.info_outline What To Do When The AirBnB Business Changes
Kyle Stanley is the host of the Fearless Flipping podcast where he educates new hungry real estate investors about best practices for getting started. Kyle is also a master with AirBnB and believes it's the best form of almost-completely-passive income in today's economy. Podcast Highlights Who is Kyle Stanley? Kyle doesn’t like the term “serial entrepreneur”, he prefers the idea of FOCUS (focus on one course until success). Kyle had to make a lot of adjustments over his career based on his skills and what he enjoyed. Kyle started out as a sports anchor in...info_outline This Is Your Defining Moment with Chad Peterson
Chad Peterson is an expert business broker and the founder of Peterson Acquisitions, an award-winning M&A firm. Chad’s firm handles transactions in the $1 million to $25 million range, with some deals exceeding $25 million. He works with companies all over the United States and has completed international deals as well. Peterson Acquisitions was recently named by one publication as the #1 ranked business broker in the United States. What sets Chad Peterson apart from all other business brokers is his aggressive style, work ethic and tenacity that are rooted in his humble...info_outline GoodEgg Investments Founders Talk Real Estate Syndications
Annie Dickerson and Julie Lam are the co-founders and managing partners of Goodegg Investments, a premier real estate investing company that helps people learn about and invest in They are both moms (Annie has 2 kids and Julie has 3) and are passionate about helping other families build passive income so they can spend more time with the people they love, doing the things they love, and living a life by design. Podcast Highlights Who is Annie Dickerson and Julie Lam? Annie started as an elementary school teacher and after setting out to buy her first...info_outline
Let me introduce you to Scott Smith, a new breed of real estate attorney with a great sense of humor and a gift for simplifying the complex. His Austin startup, Royal Legal Solutions, has a different take on protecting your assets including real estate investments and already serves thousands of clients across all 50 states.
As a former litigation attorney, Scott has a deep understanding of how lawsuits really work. More importantly, he is a real estate investor himself, with property in 10 states. Now he’s sharing his information with the world and is committed to helping other real estate investors protect their futures.
- Who is Scott Royal Smith?
At the heart of it all, Scott is a guy that likes to solve hard problems and then show people the solutions he’s found. He can then connect with people in an empathetic way and help them make positive changes in their lives.
Spiritual development is very important to Scott, the biggest KPI that Scott focuses on is his sense of well being and how he shows up in the world. Awareness of your own being is the only way to connect with other people. It doesn’t matter how great your ideas are unless you can connect with what’s true with somebody else.
Scott’s mindset was passed down by his mother who taught him that there are two types of people in the world, people who think things happen to them and people that think that things happen for them. When life happens for you, you have a responsibility to reflect on and grow from your experiences.
- Why did you choose to become an attorney?
Scott started his career as a litigator suing insurance companies with the overall goal of trying to change the industry. One thing he found along the way was you have to be really careful about what you want because you just might get it, and if it turns out you don’t like it you’re in trouble.
Scott had been investing in real estate at the same time and was making more money investing than he was in his career, so he just decided to make the switch on what he was focusing on. It was in the process of learning the real estate investing ropes that he encountered a bunch of interesting problems that a lot of people were constantly asking about and that was the seed for Royal Legal Solutions. Now he teaches people how to make complex real estate investing problems simple.
Scott doesn’t consider himself an attorney now. He may hold a law license, but what he does now is focus on helping investors.
- From a business owner perspective, what are the things that we should be thinking about but are overlooking right now?
Real estate investing is also a business once you get to a certain point and protecting your assets becomes absolutely crucial. The things that impact business owners will also impact real estate investors.
The first step is to tap into any established lines of credit you have. Long term secured debt is ideal with low interest rates. Pull out as much cash as you can because we don’t know what’s going to happen with liquidity markets and they are probably going to seize up. If they do and you have cash, you will have money on hand to take advantage of opportunities that come up. If it doesn’t happen the worst case scenario is you pay a few percentage points.
Once you’re in a liquid position, just sit on the cash. The second major risk in protecting your assets is facing a lawsuit. When economies go down, people start to look for ways to use the law to take other people’s stuff. Taking steps to put anonymity into your assets is a good way to increase security. Insurance is only your first layer of protection, creating a system that anonymizes your assets and keeps them all separated is much more effective.
The third step is to figure out your estate planning and making sure your family is taken care of in the event that you die. It’s important to be strategic about estate planning because you don’t want the government making those decisions for you. Without a plan in place, your wealth can get locked up without your family being able to get access, possibly for months or longer.
- What if you don’t have lines of credit, how should you be protecting your assets?
There are ways to take all the money out of your retirement account without paying penalties. Take that money and all your various retirement accounts from other employers and roll them into a Solo 401(k), once that’s done you can loan yourself back up to half the value without a penalty.
Scott has also created a network of investors to remove the risk of people doing mutual loans to each other that essentially allows people to access all the money in their retirement accounts.
All these steps are just things that you should have been doing already, ways to shore up your life. Incremental benefits are going to be things that allow people to survive this crisis because there is no silver bullet right now.
- Scott’s Takeaway
Connect with the smartest people you can find who are also high action people. The people who are taking lots of action to solve problems are the ones who are going to survive and thrive. The people just talking are not going to make it. If everyone is talking about something, it’s pretty much guaranteed to be wrong. Remember, if the popular opinion were right everyone would already be rich.