Chasing Financial Freedom

Unlocking Mind Mastery for Success: An Intriguing Talk with Scott Smith

July 05, 2023 Ryan DeMent Season 5 Episode 27
Unlocking Mind Mastery for Success: An Intriguing Talk with Scott Smith
Chasing Financial Freedom
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Chasing Financial Freedom
Unlocking Mind Mastery for Success: An Intriguing Talk with Scott Smith
Jul 05, 2023 Season 5 Episode 27
Ryan DeMent

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What would you do if you had to juggle your time between law school and managing your own start-up? Our guest on the show today, Scott Smith, faced this exact challenge. Scott, an attorney, CEO, and founder of Royal Legal Solutions, shares his inspiring journey - from purchasing his first business whilst in law school, dealing with the reality of time management as he juggled his new venture with his studies, to creating systems for efficiency. His story is one that highlights the strength in failure, its role as a stepping stone to success and the importance of system creation to reclaim time for passions.

Everyone seeks fulfillment, but what does it mean to lead a fulfilling life? Often, we are misguided by external factors like money, drugs, and social media, leading us down a path of dissatisfaction. Scott provides fascinating insights about the importance of viewing work as an extension of ourselves for organic growth and how financial success doesn't necessarily equate to a better quality of life. With a unique take on the current state of the real estate market, he brings to the table intriguing discussions about potential opportunities lurking amidst economic uncertainty.

Have you ever thought about the power of knowledge? Scott believes in education as a tool for personal growth and shares his vision for building the vault, a reservoir of wisdom for people from all walks of life. The episode also leverages the importance of accountability, controlling our emotions, and harnessing our mental strength for increased productivity. Remember, your mind is your most powerful tool, and learning to control it can open doors to an abundant life. Join us on this enlightening journey with Scott Smith, as we learn, grow, and transform.

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Show Notes Transcript Chapter Markers

Send us a Text Message.

What would you do if you had to juggle your time between law school and managing your own start-up? Our guest on the show today, Scott Smith, faced this exact challenge. Scott, an attorney, CEO, and founder of Royal Legal Solutions, shares his inspiring journey - from purchasing his first business whilst in law school, dealing with the reality of time management as he juggled his new venture with his studies, to creating systems for efficiency. His story is one that highlights the strength in failure, its role as a stepping stone to success and the importance of system creation to reclaim time for passions.

Everyone seeks fulfillment, but what does it mean to lead a fulfilling life? Often, we are misguided by external factors like money, drugs, and social media, leading us down a path of dissatisfaction. Scott provides fascinating insights about the importance of viewing work as an extension of ourselves for organic growth and how financial success doesn't necessarily equate to a better quality of life. With a unique take on the current state of the real estate market, he brings to the table intriguing discussions about potential opportunities lurking amidst economic uncertainty.

Have you ever thought about the power of knowledge? Scott believes in education as a tool for personal growth and shares his vision for building the vault, a reservoir of wisdom for people from all walks of life. The episode also leverages the importance of accountability, controlling our emotions, and harnessing our mental strength for increased productivity. Remember, your mind is your most powerful tool, and learning to control it can open doors to an abundant life. Join us on this enlightening journey with Scott Smith, as we learn, grow, and transform.

Buzzsprout - Let's get your podcast launched!
Start for FREE

Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.

Support the Show.

Thanks for Listening! Follow us on Tik Tok Facebook and Instagram

Speaker 1:

Brian DeMint from Chasing Financial Freedom podcast. I hope you guys are having a great day. today on the podcast We have Scott Smith. He's an attorney and CEO and founder of Royal Legal Solutions. Scott, welcome to the show.

Speaker 2:

Great to be here.

Speaker 1:

Ryan, Thanks for having me, you are more than welcome. I know it was a little bit of a wait, so thank you for being patient and waiting. So, before we get into your journey and so forth, a little bit about who you are, your background, and then we'll start going down some rabbit holes.

Speaker 2:

Yeah, i got into my first business and building while I was actually in law school And I bought a commercial building and a transmission auto repair business for $10,000 in back taxes And I flipped that after law school to graduate from law school without debt and continue to invest in real estate while I was working in law firm sewage insurance companies doing the standard high pay and W2 job and then trying to shuck money away to be able to create this passive income so I can have the financial freedom. I was making more money doing real estate than I was in law. So I actually quit the law just to start really focusing on my real estate. Until I had enough passive income with my real estate that I was like, all right, cool, i hit it. But I realized, actually, is that it was actually a lie.

Speaker 2:

I like what I did is I actually just traded one job for another. I traded the job of working as an attorney for a job of managing assets and inventory and all this other stuff, right? So then I was like, well, i wanna be going climbing mountain Kilimanjaro and traveling around the world and surfing and whatever, and I thought that's what I was working for, not to just basically have to be still stuck out here and often So. That's when I had to start building, like the systems and the processes and the teams and all of this stuff, so I could have my time back and learn about asset protection and estate planning, tax insurance, my deal flow, and that's the nuts and bolts of how I got to now live a pretty amazing lifestyle. And then I built a company that really serves my own interests and then we happened to be able to help clients be able to do the same thing that I do.

Speaker 1:

That's awesome. So I got to ask the question what got you into buying that auto repair shop for $10,000 and back taxes?

Speaker 2:

I'm a sucker for a good deal man. I like I see it and I'm just like maybe I want it. I was like this is gonna be great. I got excited about it, right. It was like the equipment alone was worth like over 10K. So I was like worst case scenario, i can just do that.

Speaker 2:

And then I got into it and I don't know if you believe in like higher power stuff, even if it's just like the wisdom of the universe, of whatever that stuff means. I think for me it was actually just the first training ground. If you read like Michael Singer's books, he built like a $6 billion software company but he started doing his learning, doing construction. I think that was part of like my training ground to be able to prepare me to say, hey, are you gonna be ready to run a company that has like multiple visions with high level professionals that's got like over 30 people, 2000 clients over 10 years, right? So that's probably needed a bit of a training ground, right? And so I think that's what that was for me and give me some confidence to say, hey, i can actually do this thing called running businesses and earning assets.

Speaker 1:

That's pretty cool Cause I, back in the day, i used to buy delinquent properties through the tax sale or foreclosure pros actually not foreclosure, it's the share of sale And it started me down. Another route and I'm similar to that is that got out of rentals cause I was tired of two AM phone calls, tenants and toilet issues and wanted to be a lean holder or a lean I want to be the bank. So we ultimately started writing paper and we learned that whole process. And then 2008, 2009 came. We all know how that happened And there was a ton of paper on the secondary market that could be bought, had no clue what to do, just jumped into it and found our way around it And then it's led us full circle, back to originating notes on the front end, but also playing in the secondary market. So that's cool What you're doing kind of similar story and you're learning along the way. Let's jump right into it.

Speaker 1:

And I'm just going to have to ask the question. Let's talk about some failure. I'm all about learning from failure And truly, as I say, growing up as an entrepreneur in changing the way of your life. Failure is part of success and people don't see that, so let's dive right into that. What are? start with one. What was one failure that you actually had on this journey that you would say is probably the most prolific or the biggest impact on your journey?

Speaker 2:

It's the hardest thing. A couple of things about failure. One is it actually only like turns into a failure once you stop trying, the moment you stop trying and say, hey, that's how I failed Until then. what we always tell ourselves as entrepreneurs is I'm still figuring it out. This is the cost of education, right? So if you're an entrepreneur, you don't really say I'm not really capable of failing because I'm still working at it.

Speaker 2:

And as I'm still working out at that, i'm not sure if the entrepreneurs can be a little bit cocky, right, i guess they're like is how their mindset is right. But you need this mindset because it's really hard, right, and you get beat up in ways that people in the world just aren't accustomed to having to take the lumps. And most of the time I find that the lumps that I took were because I didn't wanna follow the wisdom of the people that had come before me. I thought that I had all of these like great ideas, and what I've learned along the way is that I do have great ideas, but my great ideas are there to be implemented after I use the best practices, systems and processes of the wisdom of the people that have walked before me and have gotten where I wanna go And if I do everything they told me to do first and then get master all of those skills, then it's time for me to use my creativity, but only at the end of it, not at the beginning.

Speaker 2:

So the most expensive failures that I always have is around hiring right. I find hiring to be like one of the biggest like gambles that I take, and the thing that I've had to get really good at over the course of the last 10 years is how to hire appropriately. It's tricky human beings, especially human beings that are like, hey, i'd really like some money please. And then if you would please give me some of that money that you have, that would make my life easier And in fact I'll probably say or do just about whatever it takes so I can get some of that money. And you have to be able to find a way that says how do you sniff that out and do it in a way that's gonna be right and it's gonna feel right to you. So it's, i don't know. I've lost hundreds of thousands, if not easily millions of dollars because of my hiring. skills were just not where I wanted them to be, and especially early on. it was really, really tough, but there's no substitute for experience with things like that.

Speaker 1:

Where was your first hire? Was it within that auto shop? And where was that first failure? when you hired a person?

Speaker 2:

Yeah, the truth is that failures are always happening right, that there's always like the ideal of what it is that you, how you really want things to work right And this is why you read books, study, podcasts and all that stuff, cause it gives you a clear vision about what's the wisdom of the people that came before me. How should this work? How well can I clearly understand the objective and measurable end points that I'm trying to get to? And then all the stuff I'm doing is failing always because it's none of it is all working all at the same time as good as I can envision, and that it should work in my head, from what is the things that I know right? So, the first, the stuff that we had in the auto repair shop. That's one of the first times that I got to learn that it's like you really pay for what you get.

Speaker 2:

We had a really cheap mechanic and he was a really good mechanic, but I know we were just like, yeah, and there's a slight alcohol problem, and which made things like a little bit dicey, right, because, like, sometimes we'd be like, oh God, where is that dude?

Speaker 2:

He's been gone for two days and nobody can get a hold of him And I was like, okay, i get it that I'm supposed to keep my expenses really low and that keeps me safe inside of this business, but also it's causing me an equal or if not greater amount of pain to be able to say I don't have consistency in that area of my life.

Speaker 2:

So that was one of the areas that one of the many times I've been reminded of the lesson that, like, what's really important to me in life when it comes to, like, my business, my investing, my cash flow, everything has to do with is it stable and predictable. Can I get all of these things to run in a stable and predictable way? And the magic come by having all of the pieces intersect together in the right way. So I don't have to be magical at any one thing that I do. I just need to do all of the things pretty well but make sure that they all work together really well, and then you're able to get 10X or 100X kind of results just by being knowledgeable about how all the puzzle pieces are supposed to fit together.

Speaker 1:

So, as a budding entrepreneur or somebody listening to this podcast, what would be right out of the chute? What would be one of those takeaways that you would be able to share with them as a nugget that we could actually say okay, i'm a budding entrepreneur, i've got a startup, but I have the same struggles with hiring.

Speaker 2:

Yeah, all of these pieces whether it's any of the business skills, asset protection, state planning, tax insurance, all that stuff I have on my website. It's called like the Royal Vault And that's where I have all my free curriculums, all my education. I always give all that stuff away for free. It's hundreds of hours, tons of ebooks, just everything is in there that I've been able to learn and cultivate and just give away to everybody for free, and I say this is kind of like my gift to everybody. Here's all my pain distilled into lessons for you to learn from The real.

Speaker 2:

The best thing to do when you're really early entrepreneur is try to don't get rich. Try to don't try to get rich quick. Get like a really simple business And learn how to run like a really simple business really well. Right, and take the time.

Speaker 2:

Everybody thinks that because I'm going to get rich faster, life is going to get any better, and it's never true. It's a lie. All of the things that everybody tells you growing up and on Instagram, it's all a lie. Wake up to the lie. The lie is that somehow things on the outside are going to change And then somehow you're going to feel different on the inside. This is true with drugs. Drugs do that really well. Your drug could be shopping, it could be ice cream, it could be vacations, it could be cocaine They're all really effective for a little tiny amount of time.

Speaker 2:

So if you can flip the script and actually say, okay, how do I live? a different kind of approach to life where it says, these things that I'm doing in life all need to be fulfilling to me as a person, and then I'm going to grow those over time, organically, with good guidance from people that have already walked the path before about how to grow those areas of their life, realizing that work is not separate from life. Work is a sub part of your life as an extension of who you are in living your life. Then you'll actually be able to grow in an organic way where life becomes enriching and fulfilling and you don't get caught in all these traps. Because even take it, even in your best case scenario, let's say that you're super successful What if I could just give you the magic potion to be able to make it where you can make millions of dollars? Have you met these people that have millions of dollars? Have you met the billionaires and had conversations with them? Because I have And they're miserable Most, all of them Most all of them.

Speaker 1:

They're lonely Yeah.

Speaker 2:

So what's the point? Is the point to be miserable in a bigger house, right? Or is the point to be able to say, man, what is the highest quality of life that I can live And what's a business that I can do, that's an extension of me that I can feel great about and provides for me with the necessities and needs Because we all get it. We need to make money.

Speaker 2:

We live in this world, yeah, but it's not an either or Right, and I think it's the separation between those two things that is the biggest sickness that we've instilled into ourselves and into our society and into, some degree, into each other.

Speaker 1:

Wow, we're going deep early. I love it. We're going there. It's true, it is a root because, if you haven't heard, i think we talked on a pre-call and talked about it is. My story is I have two businesses that failed before this, and I was fat and happy working in corporate America up to that point. So I didn't understand how to be an entrepreneur. I knew how to run a multi-million dollar business, but I didn't have to worry about putting food on the table or roof over my head. I didn't have to kill what I ate. I didn't have to yeah, i didn't have to kill what I needed to eat. At the end of the day, entrepreneurship is a different beast and you have to be able to tame it. And, like you said, social media is changed the way we look at it, and everyone thinks it's sexy and glamorous, which it truly isn't. It sucks at times.

Speaker 2:

Yeah, Yeah, it does suck at times, that's 100% true, but it doesn't suck near it. The pain that you pick is way better than the pain you don't pick. Yes, agree Totally, it's way better than the pain you don't pick. When I was trying to live through the pain I didn't pick and I was trying to live through this place. That said, once I have, once I'm an attorney, then people will respect me. Once I have money, then I'm going to have to be attractive to the kind of females that I want to be attractive to, or I'll finally go back into it, to whatever it is that you're raising your parent dynamics right, i'll finally be good enough and insert whatever, because that's what all that stuff is really about at the end of the day.

Speaker 2:

That stuff was driving me to like depression, suicidal thoughts, alcoholism, like all of this stuff, and I was like trapped in this bubble, being like I don't know how to get this stuff to be any different. It's because I wasn't picking my pain. I was like letting life dictate the pain to me and then being like I can't survive inside of this system, of the way this system is set up, where I'm supposed to go do this stuff, so I had to. It's like cage fighting at the time and everything. So I was like you know what I got to get out of that. Whatever, this place I'm in and I'm going to go to law school, which is a great place to escape to for a few years, learn about this stuff and just kind of get time out from life, and then it's from there right Like it was. I'm really trying to step up to the place that I'm in law school now And I can see what this is like. Actually to go and work for these law firms Looks terrible, like none of the people that I can go meet right to actually go sit down with, have lunch with them. I'm asking them like do you have the vacations? Do you want to? do you have the time with your family? Do you want to? are you hitting like your wealth goals? Do you want to? and everybody's crazy, of course not.

Speaker 2:

I look like more money They made, the more money they spent on stuff, because drugs became the way in which they were able to insert whatever drug you want. Drugs became the way that they were able to compensate where, like life was. Life as an entrepreneur is really different, because it was actually more difficult. If you looked at it objectively, i was looking, working more hours right and having to talk, tackle harder problems and living with way more uncertainty.

Speaker 2:

But it was the pain that I picked.

Speaker 2:

I picked that pain And because I picked that pain then I was able to deal with it better and I was able to leave a lot of the drugs and stuff behind right, because I was like this is actually what's important to me.

Speaker 2:

It doesn't matter if it was important to anybody else, it was important to me And at the end of the day, i don't care what anybody else thinks is important to them. I only care about how good do I feel like I'm living inside of my own life. So I think that's the nuts and the bolts of it is that if you can pick your own pain and then if you either get inside of the vault that I have already put together or other courses of other people you respect that already have, it's very important that they already have built for themselves exactly what it is that you want for yourself and your life And then just do whatever it is they tell you to do. Life is going to be so easy, like it is so ridiculously easy when you do that, it is so hard to do it any other way.

Speaker 1:

Very true. I've learned the hard way on a lot of that stuff and you always want to have those people that have blazed the trail and can share that information Question what got you thinking to say, hey, life would get better if I go to law school? Where did all the background, what's the background on that?

Speaker 2:

I couldn't get a job coming out of my undergrad. I had a Spanish degree. I didn't take a single business class, so I couldn't even get a job at anywhere doing anything. So I was like tutoring for a few hours a week and I was cage fighting. I was doing professional Muay Thai and Jiu Jitsu and fighting down in Texas And there just came like a point that I was like all right, cool, i'm getting kicked in the head a lot, this is really fun, i'm having a good time. If you're a crazy person like me that just loves sports and competition, i grew up on all that stuff, so I'm like this is really fun for me. But I was like this is not like a long term thing.

Speaker 2:

Like I'm looking at all these guys 10 years down the road and they're like can't walk right and all kinds of stuff. And I'm like, man, this looks like it's a brutal track. Is this really what I want for like my future? And I was like no. So I was like, but what am I going to do? And I was like I'll study and take the LSATs and then go to law school. So I went to Albany Law.

Speaker 2:

Really, at the time I didn't have a lot of options. I was like I can keep hanging out and being depressed in my apartment training martial arts to go really where. Or I can do this thing called go to law school pick up degree. I'll hide out there for a little bit And then they'll buy me some time to figure out stuff a little bit more. And it was really good because it actually it did.

Speaker 2:

The thing that I realized is actually one of the most important things in life, which is getting out and going to talk to people, especially if it's the people that you think have the thing that it is that you want and go in to spend hours and hours of time with them as much as you can to figure out is that actually what you really want, or is that a story or an illusion that you were telling yourself about what you think that actually is? but that ain't what it really is? And the more I've done that in life, the better off I've been, because there's just a ton of ways that I'm full of it When it comes to how well do I think I know what's going on with like other people before I go spend hours of time with them.

Speaker 1:

Interesting story. So then you transition, you're in law school, you graduate and then is it correct that you are out suing insurance companies? Is that where you started?

Speaker 2:

Yeah, I was working on a firm. I sue in insurance companies that weren't paying claims and then investing in real estate at the same time.

Speaker 1:

Okay, what type of real estate were you investing in?

Speaker 2:

It was all single family home, just like bread and butter stuff, just looking at like rental properties and trying to stack enough those together.

Speaker 1:

Is that where you're at today, also in real estate, as you're looking at single family and rentals? Oh no.

Speaker 2:

So, like, over time, as I got more money and I became more sophisticated as an investor, i was moving up into different asset classes like apartments and commercial buildings and doing all that stuff. And then I was like you know what? This is still more stuff than I want to do And because what I really wanted to do is like just spend time in Costa Rica and like a month on the Camino and do other things in life. To me, like life in business is about being able to serve. Whatever experience I'm trying to look for, there's nothing to be gained by building a big business unless it serves something. That is true for you in life. So the company that we have is like a small type company on purpose for that. But yeah, so I just built a small company and then started to work.

Speaker 2:

Now I do everything is that I do is in syndications, where I work with really great people that are already put into other deals. They make a bunch of money by finding the right deals and putting all together and doing all the underwriting. I basically go through and I check all their work to make sure that everything they're saying there is that they're doing it all right to the best that I know. And then I say, great, here's 50 to 100k, go ahead, and let's go ahead and place that over there And then it runs like super passive. And that's why I recommend for everybody really is that you get really good at your active income stream so that you're effective.

Speaker 2:

dollar per hour Like how well you can convert your time into generating dollars is really good. Then save as much money as you can by having a really good tax strategy and low expenses, especially early on, and then push all the money you possibly can into high cash flowing assets. That way your cash flow then equals your active income And then, from there, grow your net worth to be able to make it more durable, because life will actually not get. Life is gonna be more fun to some degree if you're buying fancier stuff, but it's actually more. It's more important to get free at whatever lifestyle you can right As quick as you can and then bullet proof it, because once you're out of the game, it's important to never go back yet, because you're not gonna wanna go back yet. So get out and stay out, and there's a really good methodology and system to be able to do that. But I just explained to you in like high little terms.

Speaker 1:

Cool. What are your thoughts on the real estate market and where it's going?

Speaker 2:

There's always deals right.

Speaker 1:

Oh yeah.

Speaker 2:

The deal. The trick is that overall markets are always never by the time that something is, it's gonna. It's, of course it's having struggles right now because you have high interest rates, right, And high interest rates are gonna be around here for a while, And who knows what a lot of this stuff is going on right now. But that's why I always look towards different types of syndication deals, either in, like, energy or real estate, sometimes a couple other things, but I try to keep my focus pretty narrow That inside of those sectors there's always opportunities, because there's always almost distressed sellers, right, There's always people that need to come in and out of the market, not because of market conditions or anything like that, it's because of other external factors And because of those factors, and you're able to get a good deal on asset that you like that has the right cash flow, net worth and proper tax depreciation benefits that you're looking for, depending upon your financial analysis, and you're good to go. But I wouldn't be blindly throwing money into real estate right now. I think Airbnb is having a massive downfall right now. To you right, Fire, fire, stale, Yeah, so it's just too wild right now with a lot of this stuff. That's like smaller. Who knows? right, Like fast forward, a month from now we could be like in a major war, right? So I just get cautious about saying for anything, I think right now is a really good time to learn.

Speaker 2:

Right now it's not a great time to earn. Probably Maybe it is for you, depending on what your segment is. But from what I can see right now is at this time everybody's really afraid. People are really constricting what's going on with their dollars, right? People don't wanna spend a lot of money on things. So when I do that, I'm like cool, I'm gonna shrink down all my expenses, I'm gonna let everything chug the way that it needs to from right now and then I'm gonna do a ton of learning. So that way, while I'm waiting to see what the new scenario is gonna be that's gonna present itself, I'm gonna be ready with better tools and better information and better skill sets. So that way, when the tides shift like they inevitably will at some point and I see that opportunity that I'm gonna be able to capitalize on it. And I think that's important to know is, if you're in a cycle that it's a time to learn or a time to earn.

Speaker 1:

It'll be interesting how. I don't know if you heard that the Dallas city council over the weekend passed an ordinance against Airbnb, outlawing them in residential It doesn't really.

Speaker 2:

That's hilarious.

Speaker 1:

It goes into effect in six months. I'm guessing they're gonna get sued by Airbnb excuse me, airbnb just like they're suing New York, they're suing Illinois. There's a bunch of other states that are actually going after them. But the funny thing is, if you watch Airbnb stock, it's actually up like 10% in the last six weeks. It's crazy.

Speaker 1:

But then you have this huge influx of rentals or short-term rentals coming on the market from these guys that don't have financial power. They're not. Basically, what you said is they're not educating themselves. So why can't you turn your Airbnb into a long-term rental? Should be the first thing they look at. But most of these I saw some stats a couple of months ago Most of these houses that are in the network now were brought on during the pandemic, which they bought at the top of the market, and they can't get that dollar amount out, so they're wedged and stuck.

Speaker 1:

So now we're starting to see, because I'm on the front end of this, because I'm also in affordable housing, so if I can pick up a nice little rental and have it I'm not a landlord, i'm by all means, i don't want to be, but if I can have some temporary rentals while I get people into houses while they buy, while they get their credit right or whatever the case is. I'll do that because it's just another layer of my business, but some of these are being fire sales. I was looking at some of the ones that went on MLS in Dallas over the weekend. They're like $40,000 below market price And that's really shit. How many more of those are going to go out there in these other cities that are outlining Airbnb, vrbo and all the short-term rentals?

Speaker 2:

I see most stuff across the board is made in slash by 10, 15% And then a lot of times it's like only cash buyers are really getting into anything, especially if it's an higher asset, higher prices. So that's what I mean, right? So, like exactly what you're doing is what I would say for everybody to do right now. It's a time where you say maybe I want to learn about, i learned about how to buy distressed assets, right, the front end of what's the sales and marketing approach. To be like a wholesaler in real estate if I was really interested in real estate, that's where I'd be going right now, as I'd be like great, because probably there's going to be market disruption going on.

Speaker 2:

This is a great time to be able to say something's going to hit the fan and it's probably going to hit the fan with the thing that got super inflated to some degree or it could be something totally different. But you just can't lose by learning good sales and marketing skills. You just can't, especially if it's the sales and marketing skills are going to allow you to be able to say, hey, i can make front end money because I found that deal and I was able to flip it for cash immediately, or because I can actually turn that into a good cash flowing asset for me, exactly what you're saying to do. So I think your approach there, man, is probably solved for really anybody. Anybody that has the time and the space right now says, hey, i want to learn something new, i would get into that.

Speaker 1:

You said something a little bit earlier. Everyone is constricting and they're starting to slow down, and typically, when we hit a recession which we've been in one for a lot longer than anybody wants to say is that's the time to, like you said, learn but also pounce. You want to find those opportunities and it's amazing what is coming out through. I call it the talking heads on TV, cnbc, and all of them are talking. All this spew of information is just it's crap. If you look at the data, you can truly see we have foreclosures going up. We have evictions going up.

Speaker 1:

There's some other nuances in the secondary market and the mortgages that is starting to bubble up also, but that's all from the pandemic. There are people coming through in the secondary market. This is where we buy our defaulted mortgages. They haven't paid their mortgage in 36 months, 38 months, and they expect the government to bail them out. There's a lot more problems underneath this hood than we're talking about, and being able to decipher them and then go pounce on them is huge, and I don't see a lot of people saying let's go do that.

Speaker 2:

Yeah, they probably just don't even know, right? I think that's why I listen to shows like yours. and then learning to say, how do I find out if that's all true? Well, that means I got to learn how to do like how do I analyze the data for myself To be able to say, hey, do I agree that this is like a good opportunity.

Speaker 2:

And then learning about, like, how do you actually go out and buy the paper, buy the tapes? how do I get closer to the source About what am I gonna do if I'm gonna go buy that paper, Cause that way I don't get brokered out by the same tape, the same deals, getting sold and resold too many times before they get to me. And it's gonna be. there's just there's gonna be massive opportunity, There just will be. And I would just I wouldn't say that a great place to go to is exactly what you're saying, which is how in the world, how in the world can we not end up with an issue that's gonna have opportunity, especially in this kind of space, with people being so distressed and really trying to live in a hope and a prayer that the government's gonna do something about now?

Speaker 1:

Pretty much. Let's transition and get into what you're doing today. You're doing some pretty cool stuff. Can you talk a little bit about what you're doing? Yeah, so As in Royal, Yeah yeah, yeah.

Speaker 2:

So right now, my primary focus is actually building everything that's inside of the vault. You know, what seems like the piece for me is really saying to what level can I actually just give away? here's everything that I know about everything that I touch, right from all the asset protection of state planning, tax insurance, investing strategy, tax analysis, portfolio analysis, to let everybody up level that's ready to start to just dig in. That way there's like a place because I know that it's not everybody has like the money and the time to be like, hey, is it the right time for me to act? And I was like all of these things are actually about education. And then it's having these conversations with people that are having a negative net worth to people that have a 5 million to 10 million net worth. Everybody is afraid to act on the next thing they need to do because they're missing education. So I'm really focused in on building out the vault to just continue to have that resource. The other thing that I'm doing is launching a nonprofit called Royal Life And then inside of the Royal Life, it's taking a really simple concept, which is all of these things that we wanna do are all just strategies and tactics, and that's what all this education is really all about. But I think what we're all finding is that, with AI coming online, with chat, gpt and other AI, that strategies and tactics are actually gonna become ubiquitous. Everybody's actually gonna know the right strategies and tactics And so the only differentiator in the market won't be knowing what to do in a given circumstance.

Speaker 2:

It'll actually be how you do it. It's what's your state of being and that allows you to be able to go do that right. So the example is if I took like your business, right, i said, yeah, i know the sales script, i know how to do the marketing and I know how to do the sales script to be able to find a distressed buyer that wants to maybe sell their house, yep, but how do I get myself into the right state of being to be able to make that conversation actually work? right, because that matters in sales. Right, it's got like your headspace And if you're in the wrong headspace, the sale, whatever it is you're trying to help somebody do, to get them to do it, whatever way you wanna phrase, that either will or won't happen, largely dependent upon that.

Speaker 2:

So in royal life, that's what I'm teaching is about. Here's the right strategy and tactics, of course, but there's also this much more difficult thing that has a 10 to 100 X mover, which is do you know how to control your state of being? So that way, as you're doing the strategy and tactic, you're doing it in the most effective way, and my belief is like that's the thing that is gonna be the next differentiator between all of us and business and inside of our jobs or whatever it is that we're doing, because that's the thing that, like, ai can't replace, which is how do I show up in the world and doing that thing, whatever that thing is?

Speaker 1:

And there's so many people relying on AI today. They think AI is gonna solve their problems, and it isn't. You still need a human to go from one to two. The AI can get you zero to one, but you still got to. Like you said, state of mind that's huge. That's pretty cool. Is that all on your website, or is that not active yet?

Speaker 2:

No, it's active. So, yeah, we currently are running it as a coaching. it's like a low monthly membership that just are suggested donation. I mean you really don't have to donate anything if you wanna be a part of that kind of coaching I'm doing. but all the coursework, the eBooks, the planners, the everything is all free inside of the vault And that's just like on the website RoyalLegalSolutionscom, and if you click in the vault link it'll take you to the vault and you can get into there and start learning about wealth building and about mindset, about all these entrepreneurial skills that I've learned over the years, and to just take advantage of the fact that something like this actually exists, because it's building what I wish I would have had at the start.

Speaker 1:

How many years did it take you to put it all together?

Speaker 2:

It's about like over 10. Yeah, about like over 10 years to be able to put all of this stuff together and really learn it to the level that's effective. Because there's a place that you can speak of, where you hear these people talk about stuff, but you can tell that they're like teaching out of a book or something. And then there's like the people that are like here's the learned experience about what does this actually feel like? Because what you find in life is that it's not actually.

Speaker 2:

It's not actually knowing the strategy or the tactic. It's actually understanding the circumstance is the hard part, because the circumstance actually dictates what's the appropriate strategy or tactic. Because, depending upon whatever thing is happening, anybody can just wing a strategy or a tactic at you And they say, just try that. But you're like, how do I know that's the right one? To know that's right one, you actually have to understand the circumstance. And to really understand the circumstance, you also need to understand your state of being, because you are part of the circumstance, of whatever's happening. That's why all of this stuff, everybody's like, oh, life coaching and all this, whatever, it's all BS.

Speaker 2:

Yeah, it is because it doesn't actually hit the core of what's the circumstance. They're just winging strategies and tactics. That's like typing into chat GPT like how do we overcome depression? It can reach you out here's 15 things I need to do. You know great, but how do I know which one I should actually do or which one's actually going to work?

Speaker 1:

It's amazing because you bring that up. I have the same thought about everything you're talking about there, but I add one layer masterminds where these people put these masterminds together and they say, ok, come in and pay $25,000 a year and we're going to get you to close X amount of dollars or whatever you're trying to do. When you go into these masterminds, it just what you said just clicked. It's like all they do is show you a roadmap, but they don't actually give you what's behind it to be able to make it work for yourself. It's crazy that many people sign up for those masterminds and then say I didn't get anything out of them and they're pissed off.

Speaker 2:

Yeah, yeah, no, that's for true, that's definitely true. So I'm doing like this opposite end of this, as like a democratized approach, about being like about a throw into a nonprofit, as like a recommended donation of $300 a month, and I'm actually going to give you all the coursework for free that you can check out. And then my whole company is actually built on giving away all the information for free and then offering like done for you models as what the revenue stream is for people. I just want to accelerate because I get it. How do I actually accelerate this besides having to do it for myself, can I not that I understand it? Some people help me do that because in that, the crux of it it's knowing what do you need to build for the circumstance, and what you find is that you can only do what you can do. I know that might sound silly, but you can really only do what you can do, which means that all you really need to be able to do is decide okay, can, at the base level, do I know what I need to do over the next two weeks or the next week, or even like the next day? Yeah, and that's great that you can have a mastermind that says, okay, here's like the year long roadmap, but the year long roadmap really wasn't what you were missing. What you were missing was is there a collective course, group of people and focus on what are the things I need to do like this week? and how well are you going to help me be able to move through the things that I need to do this week? Because most of the time, what happens is we actually know what it is we need to do.

Speaker 2:

It's very rare in life that if I actually sat you down and talked to you that you wouldn't say I really don't know what to do. If I pressed you on it, you'd say, actually, i probably really actually do know what I need to do. And then I'd say why aren't you doing it? And you'd say I don't know. And I was like let's write it down and see if that helps you. And you'd write it down and you'd be like okay, cool, these are the most important things that you need to get done this week. Yeah, great, we come back in a week and you're like, how many of those did you get done? You'd say I got one out of the three.

Speaker 2:

I'm like so what's going on with you That the most important things to you, you're only getting one out of the three done? Why are you what's going on? that you're prioritizing other things in your life besides the things that are most important? Right, and that actually has to do with what's going on inside of you, right, and this is where, like life coaching is, i think, actually appropriate.

Speaker 2:

Life coaching that's what you want to call it, right Is actually appropriate to the extent that we can measure what are the outputs that it's having. And business is a great way of keeping score, because business allows us to have dollars. Yep, and this is where we should be looking in everything, as a say, like, how effective can I be about changing what's going on in my outside circumstances, to what extent of those being limited by my inside circumstances, and to what degree in which can I modify and change my state of being on the inside? that's going to allow me to be more effective on what's going on the outside, and how this actually works as one cohesive system of awareness and improvement that actually makes me more money, gives me the better lifestyle I want to, makes me the better father that I want to be, or whatever the case may be.

Speaker 1:

You seem to have gone even deeper than life coaches or masterminds do, and then it's truly what needs to happen. One of those things I'm relating to myself is I knew I wasn't accomplishing things and the only way to hold myself accountable was, every single day, i sat down and wrote I still do. I write out what I need to do for the day And then it ties back into the business or ties back personally, whatever the case is, but at the end of the day it's a scorecard for me, and then I sit back and look and say, okay, what did I get accomplished versus what I didn't get accomplished and why? I try to look for that why and sometimes I'm with you, i don't know the why. I'm sure I was lollygagging, which is stupid on my part, but that happens. I'm human. But I'm more accountable to my actions on a daily basis now by doing this every single morning, to where I feel more productive in all aspects of my life, not just business.

Speaker 2:

Yeah, 100%, man. And it comes down to. It comes down to things that people think are magic, right, but they're not really magic at all. If you even just take your example, right, we'd say I looked at my list and here I was at the end of the day and I looked at my list, i only got one done, and so what I'll do is I'll tell myself the story is like oh, it's lollygagging. It's a really like effective tool for us to be able to use, like early on in development, just to beat ourselves up a little bit and be like I'm lollygagging here because it didn't hit works right. It's focuses the mind to some degree. It does work. There's no question that it's effective in the short term.

Speaker 2:

But if we look a little deeper into that particular issue, right, we would say, is what's really going on? is that actually my mind is unfocused. My mind is unfocused and my emotions are unfocused as I'm moving through the day, and I called that lollygagging, but actually it's not really lollygagging. I'm not choosing to lollygag. It's actually happening is all these things are happening out here and they're pulling my attention and focus away from what's going on, what's actually really important. So what I really need to do is learn to say how can I actually learn to control and keep a tighter reign of what's going on in my mind and inside of myself So that way I don't get pulled into all this other stuff and astracted? It's not bad to get pulled in the other stuff, it's just the nature of the circumstances If you have your mind and your emotions in that state of being, doesn't have a leash on it, and that's the training.

Speaker 2:

The training is that. That's the critical piece is like how well can you actually control your mind, actually control what's going on inside of you? because you do have control of all those things. I don't care what everybody else says, Oh, you can't control yourself, you absolutely can't. You just don't know how and nobody ever taught you Right.

Speaker 2:

And once you learn how to do that, life actually becomes ridiculously easy. It becomes ridiculously easy because it's actually not that hard to get those three things done. Your list It's not. If you knew how to control your mind, control your emotions, and knew the right strategies and tactics to be able to do it, it becomes really easy. You knock those three things off.

Speaker 2:

You're like I don't even know what I'm going to do with all these extra hours in the day. I could choose to go a friend away with all this other stuff that happens to be out here, but what do I really want next? And life becomes actually more difficult because you're like I actually don't know what to do with all of this time. Now life becomes abundant in time and you have to figure out how to actually live life. At a bigger level of living life, or what I want to read or what's going to be there, it's just about being more efficient and effective, but not doing it from this old way of oh I'm not good enough and I got to beat myself up to get there. You just need different training. Nobody taught you how to do it, nobody teaches us how to do this stuff, and that's ultimately why what's changed my life is being able to from a financial perspective, an emotional perspective, a relationship perspective, everything I want to change once I was able to get this one thing.

Speaker 1:

That is awesome, and what you're doing and how you've done things is how do I start? It's motivational for me because I know I have some of that challenge too. So I am definitely going to go check out your website because that's one empowering too. But changing It's life changing, and that's all. I want to live a life full of passion, happiness and do the things that, as I say, more impactful than just me, because I don't want to just be about me, i want to be about everyone else, and what we're talking about is truly on that line.

Speaker 2:

Yeah, it's the one lever that makes everything You remember that book like the one thing. What's the one thing that you could do that would make everything? you would make it like easier, everything easier, or just you don't ever have to like do it again. My experience is that, like I tried to do all these other like one things systems and processes, the companies and like the investments But once I learned how to do like this one thing, then it fundamentally changed like everything, from like my health and fitness to like the quality of my relationships.

Speaker 2:

Everything became like easier, and most things I realized that I just didn't even need to do them anymore. They were just purely distractions, because they were things that were just popping up, but before I would just get sucked into the distraction Instead of being able to take a step back and control, rain myself in and be like do I actually need to do that right now? Is that necessary for me to do right now? Because if it's not, then I'm going to continue to focus on what is my number one to three things that I need to do today that are actually going to move the ball forward.

Speaker 1:

That is so awesome, so empowering. We're coming to the end here. Best way, single source where people can get a hold of you.

Speaker 2:

Yeah, just go to Royal Legal Solutionscom. Click into the vault link that's in the top right hand corner of that page, okay, and you'll get into the vault And I would say, just dive into the course content. that's there. It's going to get you up to speed on here's all the methodologies about asset protection, estate plan, tax, insurance, how investing relates like into our lives. I'm going to see parts in there about like habit building, which is all this stuff that's around real life.

Speaker 2:

But if you just get into the vault and then connect up with one of my teammates, then we're going to be able to help guide you to like what are going to be the resources that we can tell that you're going to, you need for just the very next step for your journey and how to connect you into the right kind of content and the right kind of way for wherever you're going to. So it's just Royal Legal Solutionscom. Click to get a vault, get in there, talk to one of the team members and just get some free help on what do I need to be studying? Okay?

Speaker 1:

I will also link that in the show notes so everyone can get into that there. Sir, I thank you very much for coming on the show and sharing all your great information. It's been an eye-opener and I think there's plenty of things that I can take away from this conversation myself.

Speaker 2:

What a pleasure, ryan. Thanks for having me here. Brother, all right, have a good one, Thanks.

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Entrepreneurship and Finding Fulfillment
Real Estate Opportunities During Economic Uncertainty
Building the Vault and Teaching
Harnessing Control and Productivity in Life
Free Legal Help and Information