001 - Nobody Wants to Work Forever

2 Wealth Show S3 Ep1 - Nobody Wants to Work Forever

On Episode 1 of Season 3, Justin and Elizabeth discuss 2021 and goals professionally and personally. 

Key Takeaways:  

1. Find a Networking Group
2. Uncertainty
3. Generation of Wealth; Legacy

 Resources and links discussed  

• Videocast on BrightPath Notes YouTube Channel 
• Videocast on Elizabeth Maora YouTube Channel 
• BrightPath Notes Website - https://brightpathnotes.com 
• Elizabeth Maora LLC Website - https://elizabethmaorallc.com 

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About the Hosts 

Justin Bogard – Note Investor specializing in performing Residential Real Estate Debt. He finds deals and acquires them for his own portfolio as well as educates investors while walking them through the process of owning a Real Estate Note!  

Super E – Real Estate Investor specializing in short-term rentals and the management of them. She connects investors with short-term tenants and manages everything in-between.

Connect with the Hosts: 

• @2wealthshow – Facebook/Instagram 
• @wealth_show - Twitter 

Transcript

Justin Bogard: 0:06

[inaudible] Welcome to the, 2 wealth show a show that shares how you can create real wealth for you and your family. I'm one of your hosts, Justin Bogard. And my co-host is Elizabeth Sickles, AKA super E. I am a Real estate note investor specializing in performing residential real estate debt. I find the deals acquire them for my own portfolio, as well as educate investors while walking them through the process of owning a real estate note. My co-host super E, a real estate investor specializing in short-term rentals and the management of them. She connects investors with short-term tenants and manages everything in between. Our Show was sponsored by Brightpath notes. And Elizabeth Maora. You can find out more information by visiting our websites at brightpathnotes.com and Elizabeth Maora.com Hey, super E. Go on my friend. Hello. Hello, happy new year. Absolutely happy new year to you as well. Welcome everybody to season three, episode one of the two wealth show. Yay. As you noticed, we have a little bit of a twist going on where just using it as a different platform. We're kind of upgrading ourselves Elizabeth every year, just a little bit and want to stay on top of technology and have some cool things, you know, for us to play with. So, uh, hope, hope you enjoy our little, uh, little treat here today and, uh, we're going to have this going forward. So how have you been miss Elizabeth? AKA Elizabeth Maora, Sickles RNR. That's right. Um, that's much needed. I know we talked about that the last episode you had much needed to step away. And so, uh, hope that works out for you and all of your team members as well. Happy new year. Thank you. Yes. Um, you know, I've, like I said before in the previous episode, just focusing on marketing is really what I'm looking forward towards. I noticed that I lag a little bit towards the end of the year and I just want to make sure that I just make it one of the core things that I do, um, at least weekly is to focus on marketing and the messaging that I want to send out there because I noticed the more you do it, the better you get at it, the better you get at it, the more returning out of it all about ROI. That's right. I don't do this for free some days it does feel like it. My brother says I am a for-profit organization. I enjoy the profit part. Yes. Right. So, Elizabeth, what do we have in store for today on our first episode of season three?

Elizabeth Maora: 3:09

Well, we want to make sure that everybody is up to par that you've got some goals professionally, personally, no matter where you are. Um, you know, and we'll see how this year goes, but there's always an opportunity during the Christmas holiday, whether it's personally or professionally, um, you know, those are really big questions. And I think people realize just how important they are, especially now. So, you know, the question I have is are, are what are you making

Justin Bogard: 4:02

That's right. And if they could answer us live right now, I bet they'd be saying things like I'm, I'm doing marketing, I'm doing more marketing, I'm buying more assets. I'm looking at the bottom line, understanding my numbers. Cause I think we had a couple episodes last year on knowing your numbers. And I bet that's what they're saying right now, Elizabeth, they're taking our advice and they're right.

Elizabeth Maora: 4:26

Absolutely. I would say, you know, cause we are, we're in the new here. So what are, what are other podcasts listening to that maybe pre COVID podcast listener and then I wasn't driving as much. So I blast them on my podcast and then I picked them up again in last quarter and I love rich as well. So besides hours that you need to add to your repertoire to continue to educate yourself so you can take advantage of what's going on.

Justin Bogard: 5:07

Absolutely. And, um, one, one of the things that I I do weekly is I have a networking group that I go to it's called BNI and it's just, uh, we have local chapters around. And so in addition to what you're saying with podcasts, um, and also you can still network people, even though you may or may not be able to be in person with people just yet. But I encourage everyone to find a networking group to be with of just other business professionals, other like-minded people. They don't have to be in your same business. Uh, you know, that you're in per se, but they can definitely help you by word of mouth. And, and there's nothing better Elizabeth than a warm lead or a warm referral from a word of mouth, from somebody. It really does help the sale if you will, of what you're doing.

Elizabeth Maora: 5:56

Absolutely. Um, I have a new, phenomenal CPA. I started working with her at the very end of last year and she will blow you away with her and her love for the industry. So I'm setting up different entities, all kinds of things that was absolutely not property before. So it's really just showed how much, how important it is to hire the right professional for whatever it is. If you're investing, whether you work in corporate or you already started your own business to take advantage. Um, so we will have her as the guest.

Justin Bogard: 7:02

That's fantastic. We actually have quite a few really awesome guests lined up for this season this year. So I'm looking forward to the conversations we're going to have with everybody, including your, your guests for your CPA.

Elizabeth Maora: 7:15

Yes, absolutely. So, you know, part of what we're doing is just expanding possibilities. You know, if you have the rights, do you have the right structure? Um, you know, of course we're, we're just, we're here for educational purposes just to help, you know, help better themselves in different areas.

Justin Bogard: 7:39

Absolutely, absolutely. So definitely looking forward to that, all right, Elizabeth, let's, let's get into some, getting some to some Q and A here with, with each other. Um, so I know that you, we had talked about our kind of goals or what we're starting out with going into 2021. And we kind of talked about in the last episode, kind of what we S what we think is going to happen, what we see can happen and all the positives that you can take from it. And so, um, like within, within the realm of real estate, let's say, what is the next thing? I know you talked about getting some assets or purchasing some assets for 2021. And so are you kind of just focused on, um, doing this for like your retirement account? Or are you focused on like for the, for your business to start acquiring some assets as well, or some more assets? I should say

Elizabeth Maora: 8:37

Both on the cleaning side. So the cleaning business, which is a totally separate company, I'm looking at purchasing commercial, we can have a laundromat. Um, yeah. And then also I went several so that I can have my own term and longterm, um, units as well. So I, I find a commercial property as well. Huge, huge, huge goal for this year is to find the right property. Fantastic. This is a good year for Elizabeth. Yes. What about yourself?

Justin Bogard: 9:32

Well, what I'm kind of excited of doing is what I kind of started doing at the end of last year was just originating some more loans in our, in, well, specifically my retirement and account. Um, I noticed that it, it was, uh, it was, it wasn't as difficult as I thought it was going to be inside of my retirement account to do this stuff. And so I really got a process down for it. And I look forward to writing, uh, originate some more loans, uh, for the real estate or the land we bought some land before, and we started selling it on seller financing and it, it worked out pretty well. We're, we're enjoying that. So that's what I look forward to, uh, selfishly for myself, is to grow the retirement account, originate some more loans,

Elizabeth Maora: 10:10

You know, and that kind of speaks to it. So we're going to have one of my friends on self-made and he's very, very well is the top of it. And they're living in the basement. I love it because they have their goals and their basis. Very, very, very nice because there's a lot of equity in it. And so when I talk with him, then he's like, okay, well, what can you do with that money equity equity. If you were to sell your property, you can always think about things like that. I'm living in their basement. I could, I could live in something a little bit different and I can have my retirement cause I will retire. Um, but thinking about, um, you know, for their retirement, for their retirement as well. So I'm glad you guys are doing that.

Justin Bogard: 11:29

Absolutely. I can see you getting an RV or some sort of, um, external building and the, on your property and just air and Airbnb out your, your property, the main, the main house. You don't need a lot of amenities, super E. You can be a minimalist,

Elizabeth Maora: 11:50

Right? I don't think So, but it does. I do hope that you all, I mean, I've been thinking about personal property, just brought up a great question. You know, so thinking about your assets, you look at your money. What does that, what, or is it good having that? So there's always, always a way

Justin Bogard: 12:39

That's right. That's why we, we make the two wealth show to help figure out how you can just create more wealth for you and your family. That's one of the things that we say in the intro, right? So we always find a nugget or two that we can add, hopefully add value to somebody as a wealth creation.

Elizabeth Maora: 12:57

Absolutely. Nobody wants to work forever.

Justin Bogard: 13:00

No, no. Nobody wants to work forever. I always like that slogan. I use it often. I'm like, why would you want to work for your money? Why wouldn't you want to work? Have your money work for you and then eat it's sounds so simple, but then you think about it. You're like, yeah. And then you start realizing everything you're doing, which is the mindset that I had to change when I actually got into real estate, you know, several, several years ago. But it's just, it's just so true. It's like, once you think about it's like, why am I working so hard when you can just take this money instead of giving it to the bank and putting it in a CD or a savings account. And I could just have it just start working for me. And it's just so it's just so eye-opening, isn't it funny how you don't realize it until you really sit back and be like, why am I doing it that way? Just because somebody has been doing it that way for 50 years, it doesn't mean it's the right thing to do. It's just what you've been coached on an ingrained really brainwashed, if you will, now, I won't go that far, but yeah, isn't that, isn't that crazy now will, um, uh, I know, I know my dad, uh, he had, uh, uh, just been putting some money in CDs, you know, for a while and stuff until, you know, he just realized like, Oh yeah, I could do something else with that make a little bit more, that doesn't make sense. And just like, yeah, you know, I've done the same thing before. I'm like, why am I doing that? Why am I so concerned putting the money in an 18 month CD and making a percent and a half, I'm just going, like, why am I doing that? You know, this, I mean, this is years ago, but back then, it was just like, Oh wow, you can make four or 5% for 18 months. Okay. That's great. It's like, yeah, your money's locked up for a long time. Isn't it?

Elizabeth Maora: 14:37

That that's right then, you know, too, we have a lot of uncertainty what's going to happen this year with everything still going on. But one thing that you always, you know, we mentioned earlier that increase your assets. So if you have money in the bank, you're losing money because of inflation. So it's better to, well, depending on what your situation is, like, you just want to make sure that what's going to happen because you know, what other people are taking advantage.

Justin Bogard: 15:18

Absolutely. Yeah. I think that's one of the best things I ever did was take some real estate education classes. Um, and I'll, I'll admit, I took some lessons from the gurus. We'll just say, and I didn't think it was all bogus. Uh, I thought it was very legitimate and I thought it was very eyeopening. And I think I applied myself in the right way and I wouldn't be where I'm at today. If I wouldn't have listened and applied those things that I learned and just understand it wasn't really a mindset switch. It was just, you know, you can to your left when you should be looking to your right. So to, and it was just amazing how just a quick little mindset change really does you kind of figure things out, right? Elizabeth that's right. You just, I mean, you look at one small piece of like, yeah, why am I putting my money here when I can, what I could use it in real estate? Or I could, I could buy a dupe. The famous life hack I love is buying the duplex, right. Is so you can live in one side, you rent out the other and whoever's running. The other side is actually paying your mortgage payment if you had a mortgage on it. And it's just a, it's a simple idea, but it makes total sense. It's like, yeah. It's like, why am I not doing that? That makes total sense. Why wouldn't I want to have somebody else to make my mortgage payment for me. And that'd be great.

Elizabeth Maora: 16:30

Exactly. And you know, some people, you know, with the bottom line is really good place to live. We still don't have enough housing for everybody. There are new jobs, but there are two properties up for lease. And actually one of my, one of my tenants, they're moving to North Carolina, they got a job. The girl did, the lady did it. And then my other set of tenants, they're buying a house, you know, and they were great to see them go. But you know, they're both, they're bettering themselves. So, you know, there's no, there there'll be other great. Don't go get a lot of good stuff.

Justin Bogard: 17:29

Right. You're exactly right now. You're not just getting, getting a slew of people, you know, to be your tenants. And you're never going to have them again. It's like, there's people, people are born every year, right. And unfortunately people pass away every year. It's just, it's just the cycle that we're in. And there's always going to be people that need to rent for many different reasons. Good. And maybe not just, just as what it is and people that need housing and they're going to be blamed seller financing. It's just, that's always going to be there. And, um, being in a position like we are, where we can provide those opportunities for people is number one, it's a great feeling is it's helping our fellow man or woman out. Right. And then number two, also, we know how to make a business out of it and we can make it a growing our, our net worth really right. Elizabeth is not just about our retirement accounts. It's a generation of wealth. It's about our legacy that we leave for our children and our family members and in is how we build things. That's the goal doesn't seem like that all the time. You're all talking about legacy, if you, so I don't remember yet, but I've always had licensure. So my debts would be paid and my family invest very nicely with my life insurance money. Especially if you do have children, I would really go through probate. I'm very big on, you know, but just make sure that you are taking care of all, all of your business, you know, make sure that, um, Tony, um, he was, the founder passed away without a will. So he just passed away. Well, he passed away in December and were millions and millions of dollars. Um, it makes it really tough on your family. So just make sure that you have all that. To me, I've heard some people that say, well, you know, however you want to die, die, but you know, for me, I want to leave a legacy for my family, for my nephews. You know, I would just make sure that you've made those decisions and make sure that you know, where you want put it in writing and very, very important for your friends. Absolutely. It's a morbid conversation. It's not a fun conversation to have, and it really is eye opening when you're having a conversation like that with your, with your attorney. But I fully agree and support what you're saying and he just, it's never too early. We're never too late to have a trust set up for, you know, the, what ifs it's better to be covered than, and for it not to happen for a long time and taken care of early, because God forbid something happens. It's dealt with, we'll have conversations with that within my kind of inner inner circle with, uh, the business that I have, the real estate note business, even other people in the business, we talk about things, you know, like what happens if, um, you know, you need to step away for a little bit, what's going to happen with the business and stuff. So obviously you want a business that runs itself, but if it isn't there yet, you know, what do you do? And so figuring out backup plan for that and, uh, you know, having people in your industry that, that know how to handle things for you in the case, you have to leave, you know, the, the business for a period of time. So

Elizabeth Maora: 21:12

Absolutely it is, and even went to China. And so I asked my team well, before I wait, three months in advance, Hey, are you guys be interested in taking press? So that's in there as well for your business. There's something for them to buy it. So get over it.

Justin Bogard: 21:53

Absolutely. Yeah. They're not fun conversations, but it does. It just needs to happen. Right. Just get it over with and get it done and get it on paper. Like you said, haven't signed, notarized and held with, uh, your attorney or fireproof safe.

Elizabeth Maora: 22:06

That's right. My mom's mom died when my mom was 12. So my brother and I, the whole time we were grown up, like, we always have these conversations. And I know some people like are probably crazy right now, but it was just like my brother. We always knew where my parents, um, so I just, I think it's really important, especially if you're married, if you're not married.

Justin Bogard: 22:35

Right. You still need one though. Absolutely

Elizabeth Maora: 22:39

Inexpensive. Very inexpensive.

Justin Bogard: 22:42

Yeah. You're right. It's not, it's not a big absorbent cost. If it is, you may need to try and find somebody else A couple of different prices, you know, don't, don't, don't go the, for the first person you see, I guess, at least shop around. Right?

Elizabeth Maora: 22:58

Yeah. So welcome to 2021. Everybody.

Justin Bogard: 23:02

It's funny when we're all starting off with the morbid conversation,

Elizabeth Maora: 23:06

But it's estate planning very, very important planning. Awesome. Elizabeth. We're about at a time for today's episode, I'm glad that we could get into season three episode one. I've really looked forward to the rest of the episodes on the season. And I don't have any closing thoughts for today. I'm just excited that we got things moving and shaking them and got a different type of environment. So those of you, please check it out. If you're listening to this on a podcast, audio channel, come check out the video cast on the bright path notes, YouTube channel or Elizabeth Maora's YouTube channel as well. And I'm Justin Bogard from BrightPath notes.

Justin Bogard: 23:48

All right, until next time guys. See ya. Thanks everybody. 2 Wealth show is produced by Justin Bogard and super E sponsored by BrightPath notes and Elizabeth Maora Thanks for listening and watching for our show.