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Episode 96: Spinning Plates
199 Plays4 years ago
Taking control of your finances can often feel like a Vaudeville act, spinning a plate on one side of the stage, running full on the other way to spin another, darting back and forth to keep each from falling down. When the wrong plates are spinning or spinning too far from each other, it can become exhausting and you forget that plate spinning is supposed to be fun! Really? Yes, really!
Putting your money to work for you, planning for the future, and being excited to wake up and go do what you’re passionate about are achievable things, the right spinning plates. In this episode, Phillip and Bryan talk about how to not miss out on your today because you’re overfunding your tomorrow as well as some ways to create multiple sources of income that will drive both near term and long term value.
To learn more on this topic, grab the Uncommon Wealth book
If you need help finding your passion, check our interview with Tyler Kamerman
Recommended
Transcript
Introduction to the Uncommon Life Project
00:00:02
Speaker
Everyone dreams about living an uncommon life, but how we define that dream is very different for each of us. And for most, it's a lifelong pursuit. Welcome to the Uncommon Life Project podcast. We're going to introduce you to people who are living that life or enjoying the journey to get there. We're going to also give you some tools, tricks, and tips for starting or accelerating your own efforts to live an uncommon life.
00:00:27
Speaker
A life worth celebrating and savoring. Please welcome your hosts, Brian Dewhurst and Philip Ramsey. Hello and welcome everybody to another episode of the uncommon life project where I am your host, Philip Ramsey. And I am Brian Dewhurst. Thanks for tuning in. We're grateful that you're here. It's going to be a dual cast, which is probably you guys's favorite. I just could be honest. Anytime you can hear more from Brian Dewhurst, the Brian Dewhurst, it's going to be a good day.
00:00:54
Speaker
It's good though. Hey, so here's what it is.
Uncommon Wealth Partners and their Unique Approach
00:00:58
Speaker
If you're just tuning in with us and this is the first episode you've ever listened to, might as well give you a little color of who we are, what we do and what we get excited about. So Brian, do you want to do that or do you want me to do that? I don't care. I always feel like you do it better, but I can give it a whirl if you want. Yeah. So I would say, you know, honestly, Brian's a little hot in the microphone, so I'll tell him just to pull off just a snort because he gets excited.
00:01:23
Speaker
Yep. Pull back. And then I will give you the four on one on uncommon wealth partners, which is our practice that we started our brand that we created. Uh, and just so you know, we've patented the uncommon wealth. So pretty exciting. Uh, but we're advisors that really want to try to help you gain more cashflow into your life. We are very passionate about, uh, not accumulating all these huge balances and 401ks. All those are great.
00:01:49
Speaker
But we really want to make sure that you love your life every day. You wake up in the morning, you get excited to go to work, you go get excited to impact other people. And that's our true passion is to sit down with people and try to figure out what they're passionate about and how to monetize that passion and get them excited about tomorrow instead of like tomorrow as in 30 years from now or 20 years an hour, 10 years from now when you're.
00:02:12
Speaker
quote-unquote retiring. And we really do feel like if you love what you do every day, when would you want to stop doing that? The answer is well, never. So that's what we do every day and we have built a practice around it and it's been fun and we've been building the team and it's been growing.
00:02:27
Speaker
And it's exciting. And what we love to say is we're right in the throes with everybody else that we're counseling and coaching to get them up and going. And so we are practicing what we are preaching. We are walking the walk and we're in this together. So we're on our own uncommon life ourselves, uncommon journey. And then we've started this podcast to interview those who are also doing the deal, loving their life and impacting many other people.
00:02:53
Speaker
That's Uncommon Wealth. That's Uncommon Life Project. Welcome to the show. What do we talk about today? Brian, is it one small correction? We do not have a patent on Uncommon Wealth. We have a trademark. We have trademarked the term Uncommon Wealth, as it relates to personal finance. Well, I'm grateful that Brian just clarified that. I love that. Good.
Balancing Cash Flow and Retirement
00:03:13
Speaker
OK. We are talking about spinning plates today. Ooh, what does that mean? Tell me more.
00:03:20
Speaker
Well, in our profound, not New York bestseller book that we wrote, we talked about a visual of a guy standing on stage. And we've all kind of seen it, the guy that kind of the entertainer that has a long pole.
00:03:39
Speaker
he takes a plate and kind of spins it with the pole and it'll just spin because of the centrifugal force, you know, the circular motion. And so, but sometimes those plates, you know, that centrifugal motion wears out and those plates want to fall down. And so that is kind of a, you know, a representation of us, what we're doing with our money, how we're trying to make our money and how we're trying to get our money to work for us. And so,
00:04:08
Speaker
We wanted to dive into that today of kind of like the general financial planning community, uh, in relation to this kind of allegory or illustration of the, of the spinning plates.
Now Money vs Later Money Dilemma
00:04:18
Speaker
I love analogies. I feel like I'm a little bit like Ted Lasso. Uh, so this analogy I think is really powerful. So let's say you're in the audience and you're watching somebody on the stage.
00:04:28
Speaker
They come out and have this longer stick and then they start spinning a plate. You guys can probably imagine it. Let's say it's on the stage left. So our, our left, as we're looking at the person spinning the plates and they start spinning the plate and it's honestly, it looks pretty easy from, from the audience. They're just spinning it and it's going fast.
00:04:50
Speaker
And then they bring out another plate with another stick. Okay. And this is where we're going to start kind of talking about how other advisors do it and what's the difference with us. And so what we think is that plate represents your monthly cashflow and managing your budget. Now it seems fairly easy, right? And honestly, it's probably taken this individual that's spinning the plate. It took him some practice, but after a while he's got the one plate. Okay. Then.
00:05:20
Speaker
Uh, our amazing industry, we come in and say, Hey, great job spinning the plate. I want you to spin another plate and I want you to go across the stage to now our right side of the audience. All the way over there. Keep going. Good point. Keep going. Go over there and now start spinning a plate over there. Okay. And so.
00:05:43
Speaker
you know, probably the individual is casually walking over there, maybe jogging because they see kind of like this is not the most efficient or effective. And they start spinning the plate over on the other side of the stage. Well, as they're doing that, what's happening to the plate on the left, it's starting to slow down, right? And it's starting to wobble. And so what do they have to do? They have to run back and they have to start spinning that plate around as fast as they can.
00:06:10
Speaker
And what does that plate on the other side of the stage represent? Yep. We would say like the retirement accounts like 401ks, a simple IRA is anything that's going to take you away from your monthly cashflow. You're kind of putting it into a account that you can't touch until you're 59 and a half or retirement age. Yeah. So that's what we would say represents that plate on the right plate on the left is the, uh,
00:06:35
Speaker
monthly cash money. Really two types of money. I think we've done a show on this. You have later money, which retirement money you have now money, like budget after tax, paycheck, cashflow money. And our industry is really good at separating you from your now money to put it into the later money. And I think there's some wisdom in that. There's power in that for lots of people, but I think sometimes we're as an industry to
00:07:04
Speaker
Gung-ho at moving the money to the later bucket because it benefits us and it's kind of the book answer but You know, that's where I feel like we try to meet people where they're at and like is that like we can get to that But is that the thing we need to do? immediately So let's keep going and some of the questions that we'll ask to make sure that if there are if you are ready to start with the retirement plate plate spinning is
00:07:29
Speaker
Do you love your life every day?
Cash Flow Management Strategies
00:07:31
Speaker
Like do you love going to work? If they do, guys, this is a great, or folks, this is a great, it's a great time to start a 401k, getting the match, doing all the deals. And I bet you a lot of people right now are saying like, all right, you're telling me not to get the free money of the match. That's not really what we're saying, but there's a lot of people that really like to go after and over fund their 401k plate spinning. And that's where we were like, Oh, I don't know. And that really depends on everybody.
00:07:58
Speaker
It's an individual, but if you are loving your life every day, you get to go to work, you love your boss, you love the people you work with, you love the industry you work with, and it's really monetizing your passion, we would say that is a great place to then go to. Good for you. There's a lot of people that get up in the morning and just absolutely hate what they do.
00:08:20
Speaker
And they just never thought like when they open their eyes and I never thought I'd be here, you know, on your birthdays, it's kind of like depressing. Okay. Those people, those people, I would say, let's be very cautious of the plates that we're spinning. And if you're going to do anything, let's don't run it across the stage. Let's think about things that would help you get excited about spinning another plate. So.
00:08:42
Speaker
Let's talk about what we get excited about and then maybe adding the plates for these individuals just for the people who are not enjoying the job and then we'll change to maybe like a business owner. Let's just talk about people who just are not enjoying what's going on in their life when i think to like if you're in a married situation and we're talking about younger folks.
00:09:03
Speaker
But if we stay on the stage for just a second and a spouse, like you and your spouse each have a 401k or retirement plan or 457, 403b, they're kind of all the same thing. It just depends on what industry you're in. You each have one of those. There's two plates spinning on the other side of the stage. And then you go work with a financial advisor and he's like, oh, you need a Roth too. So then you open a Roth for each of you. Well, now you have four plates spinning on the other side of the stage. And you only have two plates spinning on the closer side of the stage.
00:09:32
Speaker
you know, with all your paycheck, your monthly budget stuff. And so, you know, you're really trapping yourself into running across the stage back and forth. And like Philip is saying, if you don't like what you're doing, you're really trapping yourself into that lifestyle. And so in that, we want to kind of show what else could you do so that you have more plates spinning in the now money or right next to you so that you have additional cashflow. And as that foundation gets built,
00:10:01
Speaker
of all these plates that are in closer proximity to you on the stage, you can then, it's a lot easier to then put away the maximum amount in the retirement accounts later once your foundation is built. So I think you've asked what are some of the other plates people could do in the now money or the closer proximity on the stage. So let's dive into that.
00:10:25
Speaker
And this really is all dependent on who you are. Like what gets you excited? Like, I don't know. I don't really know who you are. Like if somebody asked me, what should I invest in with $50,000? My first thing is like, I don't know. Like, I don't know you. So it all depends on who you are, what you get excited about. But, so I think a really good example and a lot of people go to this is just like a rental property. That's one, one idea. Um,
00:10:51
Speaker
And there's many facets to the rental property because a lot of people hear that and it's like, oh, snaking toilets, I got to deal with people. There's a lot of ways to do this that you don't really have to do that. We've helped clients purchase rental properties where someone else is totally managing it. They're literally just putting their money in to secure the property and they're getting checks every month from the rent and the net income of the property managed by somebody else.
00:11:19
Speaker
And you can do that with single family homes. You can do that with Airbnb. You can do that with commercial real estate. Obviously, if you're just starting out, single family homes, Airbnbs are probably a more reasonable idea just from an expense standpoint than commercial real estate. But there's lots of different facets to rental income or real estate income. So right.
00:11:44
Speaker
And we've heard, I mean, pretty much, I don't know about everything, but we've, we've heard a lot of different things and people get excited about one. One of our clients said that he was excited about heifers like cows. Um, and we just did the math. Like it's all of the numbers at that point. If they're passionate about it, we just want to make sure the numbers work. Um, we've heard of some people get excited about miniature golf courses. Uh, I'm just trying to think car washes, storage units.
00:12:11
Speaker
Whatever it is. Yeah. So it just depends on what you get excited about. And what we get excited about is when people start getting passionate about what they're doing the next day, like, Hey, I'm starting to invest, let's say, quote unquote invest, and maybe in just the time of starting to think about this different type of cashflow and their whole paradigm shifts.
00:12:32
Speaker
that maybe even the job that they didn't love is now the job that helps them fuel their passions and pursue what they're excited about. Because every day, maybe at lunch, they'll work on what they really get excited about. And so that's what we get excited about. It's like, OK, what's the next plate that's going to be closer to you that you can maybe just work on your budget and then you can work on this exciting passion of yours? So that's what I would say for the individuals who are not loving their job every day.
00:13:02
Speaker
Start thinking about what you're excited about and how can you just take one baby step to that today or tomorrow? I think another one, you know, for, you know, I'm kind of like thinking about stuff. I'm teaching my kids right now. Um, is this dividend paying stocks? Um, you know, just to, even if you don't feel like you want to take something on, I mean, just lots of people, we get that, like, we get this feedback all the time of like, well, we work two jobs. We're making good money. We don't want to take something else on. We like our jobs.
00:13:31
Speaker
And, but how else can we earn money to pay for things where it feels like it's not just us making the plate spin. And so I think dividend paying stocks, you know, and just like individual or joint, that's kind of the registration, you know, trying to stay away from all the lingo, but you know, dividend paying stocks, you know, there's, there's lots of good information out there. You know, we can help with that as well of, you know, putting together a dividend portfolio that's paying you monthly.
00:13:58
Speaker
Quarterly is pretty easily, you can buy different stocks that, you know, based on the coverage, they end up paying you, you're getting dividends every month. And so there's a lot of wisdom literature on that and it's not something you have to go take on kind of like a rental property. So that's kind of one, another idea that's maybe more, I would say passive in nature or less bandwidth, so to speak. So, all right, all right, that's really good.
00:14:26
Speaker
So let's talk about the business owner and that's probably why Brian and I kind of gravitate towards the business owner because they've already had this paradigm shift of like, I want to invest in myself, which we always say you are your best asset.
Building a Strong Business Foundation
00:14:40
Speaker
But they've, they've gotten that mindset already and we just need to tweak a couple things and help them kind of edify what their first inclination was is like they are their best asset. So we love to work with business owners, but even a business owners will fall in this trap of running across the stage and starting a retirement plan. And maybe it's just for a benefit for the employees, which kudos. That's great. That's a cool benefit. Good job.
00:15:06
Speaker
But when it comes to maybe the business owner putting as much money into the retirement plan as possible, we would say, okay, there's a couple other steps that we would at least talk through to see if those get you excited because they aren't putting it in a cage where you can only access to when you are such and such of age. And as business owners, you really do need a lot of access to cash.
00:15:31
Speaker
So what are the couple of plates that we would say, hey, let's talk about these plates before we get to the retirement plate in the stage? Yeah. And before I jump into that, I want to say I heard this from a mentor. I don't know if it's total BS or if it was like real, but I've lived by it. And actually the more like we watch our own business and other business owners, I think it's really true. Is the Japanese have kind of this proverb that, um,
00:16:00
Speaker
every business is going to, they basically reinvest all the profits in a business for the first seven years. They don't want to make any money off of a business in the first seven years to just build a really wide, deep foundation for that business. And then after the seven years, you hit a tipping point. And that was largely true for our business. I feel like, you know, once we hit kind of that seventh year, it was like, whoa, we're running downhill now.
00:16:26
Speaker
And so I think just at a very high level, if you're an owner or entrepreneur and you're starting your business and you're in the first to seventh year, I'm not saying it's bad to have a 401k, please don't hear that. I mean, there's lots of reasons to have one if you have lots of employees, all of that. But if you're younger and you're trying to build a really strong, wide foundation, maxing out a 401k, if you don't have the profit and cashflow, you know, may not make sense. It's something you can step into over time. Absolutely.
00:16:56
Speaker
and get to as you get older. So anyways, one of the things that we've written, this is an article on our website, it's called Building Five Star Wealth. It's kind of the five points of the star for any general, I would say self-employed or business owner to build wealth.
00:17:16
Speaker
And the first point of that star or the first of the five is just the business itself. Obviously, we've all heard of someone selling their business or seeing headlines, you know, the one that comes to mind is
00:17:28
Speaker
Is it $0.50? Yeah, I think $0.50 invested in his – he has a great video out there if you want to Google it, but his manager wanted him to invest in like a liquor thing and he's walking around and he was working out in LA and he's like – he sees all these flavored waters and he's like, I want to invest in water. He made a sizable investment in vitamin water which was later purchased by Coca-Cola for about $4 billion and it was one of his single best investments ever.
00:17:55
Speaker
And so just the value of a business is the
Liquidity Options for Business Owners
00:17:58
Speaker
first thing. It's the engine that creates all the cash flow. It's what the focus needs to be and growing that value. And then obviously there's a value that you want to get your business to a point that you can sell it and get that return on investment. So that is the first point of the star.
00:18:18
Speaker
Right. Uh, and I love anytime we can reference Fiddy, Fiddy set in a podcast. So, uh, 20 points for you, Brian. Great job. Thank you. Uh, we have a bingo card that we do before a podcast to see if we can weave in and hit. I was totally kidding, but that would be funny. Uh, second point is liquidity. Like every business owner knows that they have to be sitting on some kind of liquidity as the business ebbs and flows, you can't take a drought month.
00:18:47
Speaker
and not have some cash, drought three months, and not have enough cash in the bank. So liquidity has to be the second point or second plate spinning on the stage there. It has to almost be guaranteed. Whatever investment you decide has to be very liquid. You can get out to it quickly, and then it has to be
00:19:11
Speaker
Somewhat guaranteed, like bank money. You don't want to put just too much in risk where it could go down. The challenge was liquid after-tax cash right now is the banks don't pay you anything. Even if the Fed does raise rates this year, which I think they will, but I'm pretty skeptical of how much they can raise them without detonating our economy.
00:19:36
Speaker
but the banks still aren't going to really pay you anything. And so we're helping business owners with utilizing life insurance policies, that pool of liquidity, because there's downside protection, there's the potential for return, there's tax protection and oh, by the way, you get a death benefit. So there's a lot of advantages in that for the right people. We're also utilizing like a corporate treasury,
00:19:58
Speaker
So a brokerage account in the business's name to try to invest some of that money and gain above 0% with less risky allocation. And then three, morphing into the crypto world where there's stablecoins and there's crypto banks.
00:20:15
Speaker
There's some of these platforms that are paying 6%, 7%, 8% interest on stablecoins that don't go up and down in value. And so trying to help business owners understand these instruments as it makes sense to them, their risk tolerance, their liquidity, and getting that liquidity to actually generate a positive return. Because 50, 60 years ago, the average interest rate was 5% or 6% at the bank. And if you're leaving $100,000 in the bank,
00:20:42
Speaker
for your business just as like a rainy day fund to manage cash flow, well, you would have gotten five or $6,000 a year and just passive income off of that, which is really helpful. And you do that over a 20, 30 year period, man, that's a lot of money. And we don't have that luxury anymore as business owners and entrepreneurs in this low interest environment. So we have to look at other ways we can get that money to produce a return relative to our risk tolerance.
00:21:12
Speaker
you know, our cashflow. So right. Okay. So the third plate and a lot of our business owners have already done this, but it's personal real estate, maybe like their own current home. They've bought it. That's going up usually in value and they're paying down on a fixed interest mortgage. But that is another plate that people really just don't think about when building wealth. And that's usually building wealth.
00:21:40
Speaker
Uh, it might be a little slower than normal, but I mean, it is something. And so, uh, a lot of times, especially business owners, I love multi tasking. Uh, and so just thinking about all the ways you're building wealth is kind of exciting. So that's that for sure. And you know, homes, I think that just came out homes appreciated. I think it was 18 or 19% in 2021. We're shooting this, you know, in January of 2022. Uh, so home prices on average across America in 2021 went up 19%. Now, largely, you know, that's because the value of the dollar went down.
00:22:10
Speaker
But it's a hedge against inflation and can be a source of equity, liquidity, worst case, if the business were to need help. But it is another area that you're building
00:22:23
Speaker
you're building equity. And now obviously too, with so many people working from home, you're seeing a lot of people invest money into their homes. And then obviously too, with the Airbnb trend, there's lots of different ways now. You can monetize your primary residence as an asset, either home office, Airbnb, and or you're just paying your mortgage and living there like a normal American family, not saying you have to do all those things, but they are options as well.
Financial Benefits of Business Real Estate
00:22:53
Speaker
Okay. And then the fourth, like the fourth plate that we would get really excited about when all those are clicking, we always say, would it make sense for your business to buy a building for yourself? Not only for yourself, but maybe if your risk tolerance is there, maybe you buy a couple other bays that other people can be office in there. Now we always have to.
00:23:14
Speaker
really think through the person's individual risk tolerance. But we always think it's powerful to have, I mean, I mean, every business if they have a building is probably paying some kind of lease or rent and that rent can add up quickly.
00:23:32
Speaker
Oh man, we just talked to a business owner the other day, just kind of in a discovery process and we were talking about commercial real estate and I was just like, how much do you pay a month for rent for your business because he doesn't own his property and he said $3,500 and about four grand with utilities.
00:23:50
Speaker
Let's throw the 500 for utilities out, but $3,500 a month, I believe that's $42,000 a year. That's $42,000 that business is sending to somebody else to have a spot. You do that over 10 years, that's $420,000. Does it make sense to have an asset that is going to capture $420,000 of cash flow over the next 10 years?
00:24:16
Speaker
It probably does. That's kind of a no-brainer. The other beautiful thing about owning your building is it's now money. It's a now asset. It's producing cash flow. Then there's also a beautiful thing about owning commercial real estate. It's called depreciation, which allows you to
00:24:36
Speaker
divide the cost of the building over a longer term period. Typically, it's like 28 years, I believe. I'm not an accountant, so please don't take this as tax advice, but you get to divide that value of the business or the building over that 28-year life cycle and deduct that from your income statement and your taxes. It helps you from a cash flow tax perspective.
00:25:00
Speaker
over time, and so there's just a lot of advantages of owning that building. Also, I'll just chime in. When you do, quote unquote, stop working at your business or retire, you can use that building if you sell your business to somebody else, and they can still rent from you. So it's a way to continue, one, getting cash flow from the building or the asset that you bought,
00:25:28
Speaker
but it's also another powerful way to continue to own your corporation in retirement. Like one thing that I'm sure a lot of people understand or maybe you don't, but you should understand is that the tax code is not set up for individuals. It is set up for business owners to take advantage of different kind of deductions. So we always advise our clients in retirement to try to have some kind of corporate entity to be able to deduct things.
00:25:56
Speaker
And this would allow you to continue to do that. So there's a lot of powerful ways to use real estate and your corporate corporate real estate, um, in your plan, but all of those are all plates before the retirement plan. And so now we have an individual who's started their monthly budget. They got that figured out. They start a business. Then that business had liquid money, which was earning some kind of interest. Great job.
00:26:25
Speaker
Then they have their personal house, right? Then they have maybe a business real estate. And then they have, then we would say, then it's a time to look at maybe the retirement plan after that. So there's a lot of plate spinning. It's all looking great. Um, but they're not running around, you know, back and forth to the stage. Every time they take a step, they have to re spin a plate. Now that could be overwhelming, but it's probably breaks down that analogy.
00:26:52
Speaker
Cause these plates really are pretty efficient when you run a business correctly and you think about money wisely and it actually de risks your, your plan when you're having plates that aren't in the retirement bucket. So that's our analogy. That's why we kind of get excited about the plate spinning. I think it is, it holds up for the most part and then it kind of breaks down, but
00:27:18
Speaker
What are your final thoughts on this, Brian? Well, I wanted to share two quick stories that are, you know, real that we've dealt with in regards to the commercial real estate. You know, we've, we've helped a business owner purchase a building he was in and, um, it was like a strip mall type setup. Uh, he was a dentist. So, uh, any, you know, type of professional that needs a shingle, so to speak.
00:27:40
Speaker
He bought a strip mall that I think had about eight tenants. Now, he not only now controls his space so he doesn't get jerked around by somebody else, not saying he was, but just controlling his own destiny. Now, he's got seven other businesses paying him rent. That's what we're talking about of these plates is imagine if someone else came onto the stage, seven other people,
00:28:03
Speaker
And they were spinning plates in kind of the allegory of sending him the rent money. So now he's got seven different people paying him while kind of sheltering and protecting his own destiny as a dentist in that community.
00:28:18
Speaker
It's incredibly powerful for commercial real estate, especially if you can get other people into that space that are paying you money, that could potentially reduce your risk. Obviously, there's things that come along with that, managing a property and leases and tenants and all that different stuff. I'm not saying that, but it's a powerful thing over time done well.
00:28:40
Speaker
Second story is we did have a business owner who came to us and said, hey, I got an offer to sell my business. I want to do this. We looked at the deal. It was a terrible deal. And what was really going on was the guy was trying to sell her finance with this business owner's own assets. So basically he's going to pay this guy out over like seven years from the profits of his own business.
00:29:02
Speaker
And it's like, you're taking all the risks that this works because he's not really putting any money or skin in the game. So what we did was shifted it to just a business purchase. This guy was trying to buy the business and the building. It's like, no, no, no, those are two separate assets. Why don't you prove that you can handle the business? And then we gave a first right of refusal for the building. So he agreed to a five-year lease to this business owner.
00:29:30
Speaker
The business owner kept the building, sold the business, but now he's got five years of income off the building, which was paid off, and he gets to keep that corporate tax structure that you were talking about, Phillip. Then in five years, if the guy who bought the building wants to buy the building or whatever, then he has the right at the end of the five years to make an offer on the building.
00:29:54
Speaker
But that was a great example of the power of owning the building your business is in, separating the assets and extending your income.
00:30:04
Speaker
you know, reducing the amount he needed to pull from his investments in retirement because his building was generating so much cashflow and it was paid off. So there's real power and wisdom in these strategies for business owners and entrepreneurs. And we think, you know, doing this, the four main points of the star, obviously the retirement plan is the fifth is later money, but organizing these things and building a really solid foundation over that first seven years is going to pay massive dividends.
00:30:32
Speaker
later when you want to be on the other side. I hope you enjoyed this show. I love talking about the plate spinners because I think it's really fun to be thinking in the audience and seeing some guy run around. Then all of a sudden, I love this point that Brian said. It's like, what if seven other people came on stage and kept spinning plates? You'd be like, well, this isn't that fun anymore because they're just going to continue to do that.
00:30:57
Speaker
I hope this is encouraging to you. If you ever, ever have any questions or want to reach out to us, you can go to uncommonwealth.com. Click on, you know, you can get in touch with us there, but we hope this encourages you and we hope this helps you take one step closer to your uncommon life you're trying to achieve. And it's been fun to be on the show. Great job, Brian. Thanks for tuning in. You've been listening to the Uncommon Life Project. I'm your host, Phillip Ramsey. And I'm Brian Dewhurst. Well, next time, go be uncommon. Thanks for listening.
00:31:27
Speaker
That's all for this episode of the Uncommon Life Project, brought to you by Uncommon Wealth Partners. Be sure to visit uncommonwealth.com to learn more about our services. Don't miss an episode as we introduce you to inspiring people who are actively pursuing an uncommon life.