80: Why Your 401(k) Won’t Set You Free–But Passive Income Can!
Behind Their Success: Episode 80
Joey: [00:00:00] this is the game. That Wall Street and the world and your employer and everybody else is saying is retirement, retirement, retirement. This is when it's all gonna end up being what you hoped it would be, and I'm telling you, it's a lie.
Paden: Hello everybody. Welcome to Behind Their Success Podcast. I'm Paden Squires, the host, and today we have on Joey Mure. Joey is the co-founder and partner of Wealth Without Wall Street, dedicated to helping individuals achieve financial independence through passive income strategies. After over a decade of success in the mortgage industry, Joey shifted his focus to empowering others to break free from traditional financial systems and building lasting wealth. Joey is the co-host of the podcast, Wealth Without Wall Street, and also the co-author of Wealth Without Wall Street: Three Steps to Freedom Through Passive Income. Joey, welcome on the show.
joey: Man, so glad to be with you today.
paden: [00:01:00] Yeah, Joey. So tell us a little bit about what you do in the, uh, financial space.
I see.
joey: Well, I think, uh, it summed up really well. Is it, man, the, the true. Way to wealth. The true
way to financial freedom is when your passive income exceeds your monthly expenses. And if
you've been listening to Payton for any length of time, you know that some of the biggest
challenges that entrepreneurs, business owners, and even let's say highly paid professionals, is
that sometimes our business owns us.
And our time is not our own. and so what I would say is, man, if you pull up your calendar app
on your phone right now, maybe not. If you're driving, I wouldn't necessarily recommend that.
But when you get a chance, pull it up. And I just want you to take an audit, if you will. Look at
your calendar and say, man, how many blocks on this calendar are things that I dictated to my
calendar [00:02:00] versus someone else dictated to me?
And if you're okay with it, with that number, whatever that is, whatever percentage that is, then
you should probably turn off this episode. I mean, no, no offense, Paden. But if you're not, but if
you're not okay with it, if you're like, yes, this is exactly what I've been thinking about is I don't
have the freedom that I set out to create either by building my own business or climbing this
corporate ladder.
Then that's what we're gonna talk about is how you can be the one in charge of what goes on
that calendar so that you can do more with the people that you love and you can have more
impact at the end of the day. That's what really drives me, Payden, and that's why I left my
mortgage business for over 11 years to pursue this because I knew that there was so much
more impact I could have in people's lives if they understood what we're gonna talk about today.
paden: that's awesome, Joey. You came out of the gates, uh, [00:03:00] spit and fire there. I like
that. Um, and yeah, listeners, that's so true, right? Like, all of us that get into entrepreneurship
or self-development, you know, tho those types of things, really, it, it is about freedom, right? I
mean, that's why I started my first business because I didn't want. telling me what to do day to
day? I thought it was stupid. Um, so I wanted to do my own thing, but like you, like Joey said
there, if you are not careful, um, even though I've had some success and I've ran my own
business for a long time, if you lose, you know, and, and I would say for a certain period of time,
I did kind of lose that number one goal of why I did this.
Of like, freedom wise, right? if you're not careful how you build your business, you can end up,
uh, creating your own new, uh, calendar prison. Um, you just own the job.
joey: Exactly, and I think one of the other challenges is that people are business owners and
highly paid professionals are really good at making money actively. Like they have active
income, but [00:04:00] they've never actually produced passive income. And so the big aha for
me came payden. This was probably, you know, 10 plus years ago.
I'm sitting there driving my then 3-year-old daughter to her preschool and. She's just sitting in
the backseat and you go, kind of imagine she's got her little harness on in her, child's seat.
She's got her bow in her hair and you, you know, we're, we live in the South Payton, so the bow
is huge. I mean, it's like massively outpaces.
And she's just sitting back there and you know, I have five daughters, so
paden: Hmm.
joey: one of them is one-on-one with me,
paden: Yeah.
joey: have all the words like they, they cannot help themselves. They're just gonna talk to dad.
And so there's this little voice comes from the back, the backseat. She says, dad, you gonna
pick me up from school today?
And I'm just thinking, [00:05:00] that's kind of an odd question. 'cause number one, I don't ever
take her to school to begin with. 'cause I'm at the mortgage company, you know, before
everybody wakes up and I'm getting home right in time for dinner maybe, or thereafter. She
knows better than to ask a question like, am I gonna pick her up?
Right? But this is going through my head and I say, no, um, your mom's gonna pick you up. And
then she says, well, why are you not gonna pick me up? I said, well, 'cause I have to go to work.
Why you have to go to work? Well, I have to pay for this car. I have to pay for our house. I have
to pay for the groceries at our house.
We already have a car. We already have a house. We already have food.
And Paden, I'm just gonna tell you, like at that moment, it was the simplest conversation
with this innocent little three-year-old girl. But man, it just [00:06:00] pounded me. I mean, I was
sitting there thinking, I just had to tell my daughter. Who at this point in her life at this moment,
which, you know, they all get older at this moment.
All she wanted was dad to be present.
paden: Yeah.
joey: what I said to her is, I have to go to work, I have to. And the reason I said that is because I
was the only asset at work in my household if I didn't go to work, if I didn't keep my foot on the
gas pedal. Everything fell apart.
paden: Mm-hmm.
joey: There's the, that's called the rat race,
paden: Yep.
joey: and the only way out of the rat race is I have to have my money producing passive income
that I don't actively have to go to work for.
When that happens and it exceeds my monthly expenses, I can be free to respond to my
daughter differently and I literally, I remember [00:07:00] this like it was yesterday, I left that
conversation, dropping her off. And I called up my business partner Russ, and I said, Russ, I
gotta create some passive income. Like this is gonna change.
It was like I drew a line in the sand and I was like, this is never gonna happen again. And that
really set us on this journey. So I don't know if anybody else is in that same boat, but you have
your own story
paden: Yeah.
joey: of where you couldn't go to your kids' ballgame. Or you had to ask off for fill in the blank
and you were worried about taking off too much time or whatever the case may be.
But there's a, there's a problem and then there's a solution, and that's what we're gonna talk
about is the solution today.
paden: Yeah.
man, that is, uh, that's a powerful story. Um, I, you know, I got two young daughters, myself, a
young son. so, not that exact same story, but similar [00:08:00] situations. I think I mentioned on
the show here a while back that, uh, my daughter drew a picture, had a bunch of sad faces on it,
and it said, tax season. And
joey: man.
paden: wanna talk about like a, you know, a shot, right? Or, you know, that hits you, you know,
as a dad that you know, that cares and, and wants to be involved. it's understanding that stuff
and, that certainly is motivating, certainly motivating for you to get your life organized and your
calendar, your, your finances, everything in your life designed in a way that allows you to have
maximum freedom to be able to do what you wanna do with whoever you want, whenever you
want. but there's some things, a lot of work you gotta do to, um, get that lined up first and
something
joey: For sure.
paden: happen overnight.
joey: For sure. Yeah. And, and here's the thing about it is that's one of the biggest objections I
think that people have to, this whole ideas are like, yeah, that just sounds really hard, right? It's
really hard to build passive income. It's really [00:09:00] hard to, you know, stop doing what
everybody else is doing, like funding their 4 0 1 Ks and IRAs and like hoping for the best in
retirement.
paden: Mm-hmm.
joey: But here's my question to you. Which, which hard do you wanna pick?
paden: Yeah.
joey: Right? Do you want to pick the hard of maybe going and working your five to nine before
you work your nine to five for a season so that you can buy back all of your nine to five time?
paden: Yeah.
joey: Like that is the trade off. I'm gonna give up time today to invest in this process.
Or I'm gonna trade those conversations like you and I have just had with our kids until it's too
late.
paden: Yeah,
joey: Right? And then, what is my kid 35? And now they wanna spend time with me once I've
quote unquote retired. Right? No, they don't wanna spend time with you. And they're 35. They
have their own lives,
paden: Yeah.
joey: right?
You, [00:10:00] you may not even have your health at 65.
paden: Mm-hmm.
joey: So there's this idea that retirement is the end and that that's what we're like pushing for,
and we're trying to accumulate to this unknown variable of numbers that Wall Street's told us
that that's good for us.
paden: Mm-hmm.
joey: And the reality is all of life is just passing us by.
paden: Yep.
joey: So you're, my question is, pick your heart. Which one is it? So anyways, we can get into
more of the specifics, but man, you gotta be bought into the why. It has to be really big. 'cause it
is hard. It, it is hard for sure.
paden: you say that you know big enough why you can bear any how. Right. Um, and, it, it is
hard. Because it's, habitual, right? It's habits, it's psychology, it's, what your parents thought
about money.
all these things you've learned, you know, throughout your life, right? But the thing is, the
process may be hard, but it is generally simple. like
joey: formula,
paden: it's not [00:11:00] complex, right? everybody generally knows what they need to do.
They just don't do it.
joey: That's right.
paden: Right. Um, but, but yeah, I mean, the concepts are generally easy, right? Like, spend
less than you make, invest the difference and keep piling that up and, and generating passive
income until, well, you know, your income's not really needed anymore.
joey: That's right. Yeah. And I, and I would say the, there's three steps to this, Paden, as we, as
we think about this, and I don't know how much, how quickly you wanna get into this, but I'm
happy to dive in. I mean, at the end of the day, you have to, you think of it like there's a
mountain in front of you, uh, financial freedom, and you gotta break it down into.
Up like steps to get there. The first one, it's just like, you know you're gonna climb a Mount
Everest, you gotta get to base camp first. And I would tell you that base camp is one of the
number one most important processes that people need to go through. It's where they unlearn.
Some of the things that the financial [00:12:00] system, IE, wall Street, big banks, things of this
nature, they've told us some things to do with money that don't really line up with this idea of
financial freedom.
And, and I'll just give you a couple of examples if that's okay. Right. Number one, you have to be
the one in control of your money in order for you to start creating passive income. So my
example, when I was in the mortgage business, I was funding my 401k. I had well over a couple
hundred thousand dollars in there within a very short amount of time.
But you know what? There were deals when I was in that mortgage business where real estate
deals would come across my desk, and they were good deals. Like there was really profitable
opportunities for me to, to maybe double that money in a relatively short amount of time. But you
know, I never took advantage of one of those.
And the reason was [00:13:00] because all my money was locked up in a 401k where I didn't
understand what it was invested in. I didn't understand why it went up or down because of some
political person who tweeted something stupid that ended up tanking the market. And I did
understand real estate, but I couldn't access any of that money.
To take advantage of the deal. So it was someone else's opportunity, not mine. And so in order
to start producing passive income, I had to stop putting money into things like 4 0 1 Ks, IRAs
and things of that nature because I needed access to my money today. And you know, people
will say, well, Joey, I get a, I get a match.
You know, it reduces my tax liability today. If I put money in 401k, I get a match. I get there. It's
actually a decent return right now, Bob, fill in the blank. There's all these reasons why people
say this is good [00:14:00] for you. But the one question that is very objective you should ask
yourself is, does putting money into fill in the blank helped me get closer to or further from
financial freedom?
and the only way that that can happen, it has to increase a passive income. Or it has to
decrease a monthly expense. And so I would say when I put money in 401k, do you increase a
passive income today? The answer is no. Right? It is literally being invested in a long-term,
cannot touch it for 20, 30, 40 years depending on how old you are.
Does it then reduce a monthly expense? The answer is no. There's no expense associated with
it. It's just taking money pre-tax from my paycheck and putting into something that I can't touch.
So it doesn't increase the Pacific, it doesn't reduce the monthly expense. Is it getting me closer
to financial freedom?
The answer is no. It's actually giving me further from, because now I have the [00:15:00]
opportunity cost that that money I cannot get access to, to actually produce a passive income
today. So the, the baseline that we always walk with our clients through is, man, take an
inventory, audit your own financial picture, and ask yourself is, are these things helping me or
not?
And it's not because I'm telling you it's a bad thing or not. It's it, it may be the perfect thing for
you, but it has to line up with what you say you want it to do.
paden: Yeah.
joey: that's just kind of step one. We can dive into more questions around that if you want, but I
just wanna kind of lay the foundation.
paden: Yeah. No, I mean, I think, I think that's great. You know, I think it's, it's, um, it does all
come back to just being intentional around everything you're doing, right? if today's financial
freedom is the goal. yeah. Everything you needed to do needs to be lined up to that. Right. And,
you know, you're talking about 4 0 1 Ks and, and Yes.
You know, obviously the vast majority of people have 'em or access [00:16:00] to them. I work in
this space quite a bit myself. Not all your money should be tied up in something like that. and of
course everybody's situation is, is unique and individualized, but I do find it as important as,
especially as you grow, uh, you know, you continue to get momentum and grow up kind of the
wealth ladder, I would say is that, Post-tax money, like alternative type things, um, can be very
lucrative and very, very advantageous. And as it, it's something I've focused on a lot in the last
few years myself. You know, I am a finance guy as well, so I, I am very much a stock market
type of guy to a degree. but, it's certainly not something that I just have all my money locked up,
you know what I mean?
Like, it, it's never a good idea for, you know, anybody just have all their money locked up forever
and, and suffering through most of their work life, I guess.
joey: Yeah. Well, what I find is Paden is that most people are hesitant to do what I'm talking
about is to stop putting money in those things because a couple different reasons. One,
[00:17:00] it's not popular. Well, everybody does this. Everybody has money in 4 0 1 Ks.
Everybody you know, funds an IRA or 5 29 plans or whatever the case may be.
All the alphabet soup that's out there, and they don't wanna be different than everybody else.
paden: That's scary.
joey: Well, I could tell you, you want different results. You gotta be a different person.
paden: Yeah.
joey: It just doesn't, like you can't follow the absolute heard and expect. A different result, it's
just not gonna happen. But the second thing, I think the reason why people don't wanna do this
is because when you stop putting money into things that you don't understand, like 4 0 1 Ks in
the stock market, largely I would say most people put money in mutual funds.
They can't even tell you what companies are in the mutual fund, let alone what those companies
do, or the people that run 'em. And so I would, I would say. That's not a good investment in any
way, shape, or form. 'cause you gotta understand those things. [00:18:00] But the second
reason why people aren't willing to do this is they don't know what to invest in.
Right? They, they haven't become an investor. And I, that was true for me, Paden, if you'd
asked me 10 years ago, what should I invest in? I would've said like to create passive income, I
would've said, I don't know, maybe like a single family residential rental property, because that's
all I kind of had experience with and had seen.
paden: Yeah.
joey: But you know, we've reviewed over 500 people on our podcast wealth throughout Wall
Street, and now I know, I mean, we've invested in over 21 different income streams ourselves,
paden: Yeah,
joey: but that didn't happen overnight. And you have to become an investor. You have to turn on
that creativity in your brain. And when you have access to cash, guess what?
Your cash starts begging you to become an investor. Your cash, it's like, Hey, I'm sitting over
here. I need something to go [00:19:00] do. Right? I don't wanna be lazy cash, which this is a
third thing people are doing is they're keeping money in cash.
Which is not keeping up with inflation in any way, shape or form, and they don't know what to do
with it. So this is like step two in the process is you get access your cash in first, in the first step.
And we, we, we would, you know, dive into the idea of infinite banking concept, putting money
into these very strategically designed cash value life insurance, whole life insurance that is
designed to always be growing, whether we use it or not.
And then the second is become an investor. You know, like create your buy box, figure out your
investor DNA profile, like your personality. And once you do that and you start to really be able to
be able to read a PPM right from an investment, be able to look at investor deck and say, there's
a problem with this.
[00:20:00] I'm not gonna buy into this deal because of this, this, and this, but you have to be
trained on it, right? And so we, we've developed all sorts of like, helps to people because guess
what? We have the arrows in our back from making all the mistakes and, and so we wanna help
people in that second step become an investor.
paden: Yeah, and I think that, I think that's obviously, you know, crucial with, with, with all this
stuff is, um. To get, as you know, as educated as, you can about, the finances and, and the
different investment opportunities because like you said, there's, there's unlimited things you can
do with money. But you need to, dive in, pick something, right? And, maybe find ways to mess
around with it or play with it where it's not such a huge, you know, commitment up front where
you're kind of testing the waters a little
joey: Sure.
paden: and you play around with that kind of stuff. And then eventually you just gotta jump into
something, right?
And, start playing. And, and that's how you become an investor, right? And that's how you get
the experience and, and, and whatnot.
joey: That's right. Yeah. And I think if you're [00:21:00] a business owner, entrepreneur, you
know this very well. I mean, you may have known something about what you're doing. You may
have been a good technician in another job, and then you're like, man, I need to go do this on
my own. That's great. But you know that there was a lot of lessons learned in those first few
years of being on your own.
And that just don't come in a book. You, you're just, you're creating. you're creating wealth in
something totally different in your business, and most people that are business owners,
entrepreneurs think that that means they can be an investor. But being an investor is different
than being an entrepreneur business owner.
Like there's a whole different skillset and a whole different world of taking that active income and
producing passive income with it. and so I just think, man, be humble enough to recognize that
there's differences and that you have a real learning curve that, that you can either take it on the
chin by making the [00:22:00] same mistakes we did, or you can shorten and compress the time
and take the shortcut and say, okay, I'm gonna learn how to do this before I get all the, prizes, if
you will, of of mistakes.
paden: to the face. Right?
joey: Exactly.
paden: Yeah. Yeah. And it's, The wise man learns from other people's mistakes. Right. And it's,
it's just learning, um, from other people's mistakes. But yeah, you, you do gotta be committed
and, and you're right. the ability to earn money and the ability to invest money are two totally
different skill sets. and, I do have clients and I've had clients over the years that are making
seven figures. Um. They don't have much money. They could be three months away from
bankruptcy because they don't know how to do anything productive with it.
Right. And, and despite, you know, me trying to help 'em or whatever, there's, a lot of
psychology and, and money issues going on there, behavioral issues that it's not easy to just
crack through, right? That that person has to want [00:23:00] be different, for anything different
to actually happen.
joey: Yeah, it's something I, I don't know if this is related to what we're saying or not. I'm, I'm just
gonna throw it out, but I think a lot of times people, you know, they, we've talked a little bit before
the show about the difference between like a tax preparation firm and a tax strategy firm like
your own.
and I think there's something about that with an entrepreneur, like a lot of people that have tax
preparers have just blindly put money into things like 4 0 1 Ks and IRAs because they were told
this is how you can reduce your taxes
paden: yeah.
joey: today.
paden: It's the lowest hanging fruits,
joey: Right?
paden: common thing everybody knows about.
joey: Everybody's like, ask my accountant. How can I save on taxes?
This is what they say. I mean, it's almost nine, nine outta 10 times. This is the only thing that
they're talking about. What I would tell you is the, the opposite is actually true. If you can
become an investor and then work with a tax strategy firm all of [00:24:00] a sudden the tax
savings today is not nearly as important.
If we can build true passive income and wealth with it today, and then work and then reduce that
tax liability by being very strategic. Right. Don't buy into this. This idea of deferred taxes is my
friend, because I can tell you, your taxes today are a known commodity. Your taxes 30 years
from now. Are completely unknown.
There's literally no tax preparer. No tax strategists. There's nobody. They can tell you what
you're going to be doing in a tax situation 30 years from now. And if they tell you, oh, by the way,
you're gonna be in a lower tax bracket by then, how in the world can they know that
paden: Yeah.
joey: that's like a variable that is unknown to everybody.
And yet they say it so confidently like, oh, by the way, you're gonna be on fixed income. Well,
guess what? If you're an entrepreneur, you're growing every single [00:25:00] year, getting
better, improving yourself, listening to podcasts like this, you're, you're gaining, you're not
retreating, right? You're not like everybody else who has this idea that I'm just gonna retire one
day and live off of 30% of what I'm living off of today.
That's a lie. I'm just telling. So anyways, I, that may have been totally off the wall, but I figured
we're talking about it.
paden: that's good. Yeah. And, and you know, the flip side of that, you know, and I see in my
world a lot is that, people do build up, large amounts in, in pre-tax accounts such as 4 0 1 Ks or
whatnot. And then I spend most of their fifties and sixties trying to fix that problem. Uh, because,
know, without getting into way into the weeds and whatever things called requirement minimum
distributions, like you can, you can have tax nightmares
joey: Exactly.
paden: seventies if, you know, you've really built all your wealth in a pre-tax account. And, and
reasons, you know, that I've seen enough in my [00:26:00] career that I don't do that.
You know what I mean? Like, and I, I really try to advise my clients. It's like yeah, you know, pre-
tax accounts and, you know, in, in my practice, my business sure. Um, great. Have their place,
good place to, you know, build some net worth. But like, that's certainly not our only bucket.
Right?
Speaker: Are you looking for a new tax experience, looking for an advisor that actually brings
you high level ideas and proactively plan so you aren't overpaying your taxes? Or how about
one that even just responds and communicates in a timely fashion? If any of that resonates with
you, you probably just have a tax preparer and not a tax planner.
And it is through the tax planning process where all the value is found. And when Tax Planning's
done right, it has a positive return on investment. I'm Payden Squires, I'm a CPA and owner of
Squires Tax Planning. We work alongside entrepreneurs and high income earners, helping them
pay the least amount of income taxes, both legally and ethically.
We have saved our clients hundreds of thousands of dollars through [00:27:00] specific
strategies, and we guarantee we can find multiple tax strategies that your current tax preparer
hasn't told you about. If that interests you, head over to squire's tax planning.com. There you
can take our free assessment to see how likely it is that you are overpaying on your income
taxes.
From there, you can also book a free tax discovery call with our team to see what it would look
like to have us working for you.
paden: So, you know, Joey, just kind of turning, turning the conversation to you, what have you
found is like your most rewarding experience on this journey? Say, since you've, you know, you
left the mortgage industry, you started working in the financial industry, what, what would you
credit as your most rewarding experience?
joey: Well, number one, personally I would say I bought back a lot of my time to where I don't
have this, like this treadmill mentality about gotta keep my foot on the pedal at all times.
paden: Yeah.
joey: I'm able to take, like last fall, I took three weeks to go take my [00:28:00] family to Europe
for the first time. And I didn't worry about the active business or any of the passive businesses
that we have.
Because it was all being covered. We'd built a business that doesn't require me every day, day
in, day out, and man, that's just, that's just a richness that. It just, it's worth all the work. Let's just
put it that way. Uh, being able to pour into my daughters, you know, we homeschool our kids
and being able to find what's their unique gifts that God's given them, what's the specific way
that they may be able to add value to this world and helping them to, to build passive income
sources like.
One of my daughters has a land business that she's built. One of my daughters has, a content
website that has affiliate revenue that gets paid every month. And she's also helped to do a
vending machine business with me and my business partner. And she's been able to see how
that all works. And, you know, [00:29:00] she, she made a very simple, comment to me the other
day.
She said, you know, dad, I'm not gonna have to work. Like everybody else. 'cause I know now
how to do
paden: Make
joey: a lot more with a lot less time. And it was just like, that is rewarding. Like my daughter is
seeing the fact that you, you, you trade your time for money at some level,
paden: Yep.
joey: but why would I trade it at the same rate that my peers are, like, I have the ability.
To make a whole lot like a buyback my time. That's super rewarding. And then like from a
community standpoint, some of the biggest, most rewarding things for me is just hearing the
stories of people like Rick, who, you know, he had a previous marriage, older kids, he got
remarried, has a younger little boy, and he said he was at one of our conferences and he said,
[00:30:00] man.
I just want to be able to have breakfast with my son every day. He's like six years old and he
knows how important those moments are at this level of his life. And six months later, he had
made a major transition, left his corporate job to start a land business where he was now buying
large tracks of land with investors.
And splicing them up into smaller subdivided, subdivided lots and selling them for, you know, a
hundred percent kind of profits. And is it an active business? Yes. But he actually was able to
learn how to trade his time on his own terms at a much higher rate per hour.
paden: Mm-hmm.
joey: guess what he said, man, I'm getting to have breakfast with my son every day.
paden: Yeah.
joey: that was, I was like, dude, this is a, this is a major win, like a life changed. [00:31:00] And
the more people are doing this, building their own passive income operating system, like we
talked about in step one, step two, becoming an investor. In again, his case, it was more of a
active business that's gonna become passive over time.
And other people, it's just like, I don't have any time to build the active business 'cause I'm too
active right now. But them starting to see how to keep score, like, Hey, I just created a thousand
a month in passive income. I have 10,000 a month in expenses. I'm 10% of the way to freedom
today. Like when people are talking like that, I know we're making an impact and lives are being
changed, and that gets me really, really fired up.
paden: Yeah, man. And that, me and you, have similar passions right around, you know, money
and education and financial freedom and, and, and all that stuff. And that does, that gets me
excited too, right? When I'm thinking about, uh. Somebody understanding that like, wow,
[00:32:00] if I could sacrifice a little bit, maybe hustle a little bit harder right now, sock away this
money, put it into something that, you know, that sets future patent up right?
To, have passive income and, you're right, we just constantly trade our time for money.
which time is the most scarce resource, right?
joey: Exactly.
paden: amount of time. We can always go make money. They print it every single day. Um, so
money is certainly not as valuable as time. the younger you can realize this, the better, right?
Because you can get this set up earlier in your life and live off the fruits of it. But the second best
time is now.
joey: Mm-hmm.
paden: the only other choice is now.
joey: That's right.
paden: it does get me excited when people don't realize that the, the process, while it can be
hard, especially if you're starting out and don't know how to be an investor, don't really know any
of that stuff, you just gotta start. But you realize that once you get into it and you start learning
this stuff, once again, it's not, it doesn't have to be complex. it's simple principles that allow you
to start buying your. [00:33:00] You know, I always envision it as, okay, I've made excess
income. I have this excess income that's sitting here, this cash, what kind of income can I go
buy with it? You know, when anytime I've built up cash or whatever, I'm looking for income to go
purchase. And that way, anytime I build up money, I'm looking for more income to buy.
joey: Yeah, the, you're, you're thinking very wisely and I think that that's, if anything, somebody
listening today. They have their mindset shifted. Just that ever so slight shift, it will set them on
trajectory of freedom. Period. If you could just think cash flow, not accumulation. The the world is
all about accumulation.
It's about a someday, it's about maybe once things slow down, I can quote unquote retire. And
I'll just, I'll just give you this as another quick picture. I was at the beach with my family.
[00:34:00] I had my wealth without Wall Street Swim shirt on. You know, of course you gotta
always, you gotta be branding yourself wherever you're at.
And this old lady walks up and older, I should say she's probably 70 or something like that. And
she says, tell me about, what's that on your shirt? And I told her about the company and
everything, and she's like, well, you know, me and my husband, we've retired this past year and
I hope it's enough. Like that.
That was her words to me. I didn't, I didn't like try to prompt or anything like that and it hit me.
She said out loud what everybody's thinking and it's at the summit. I. Her whole financial
journey, what was she working for? For 40 plus years, she was, she was just peeling dollars off
and just stack, stacking it up, hoping, accumulating, putting it in there.
And I would say [00:35:00] this is maybe a bold statement. There's a, there's a level of scarcity
in that process.
paden: Oh yeah.
joey: Like, I can't, I can, I need to hold back on what I could spend today because, uh, I need to
keep putting away for the future. And doesn't, that's not a good or bad thing. I'm just saying
there's an element of scarcity that I have to put money away and otherwise I'm not gonna have
anything left over.
But then she gets to the summit of retirement and she's got this pile of cash. How big or small? I
don't know, but were, her first words are, I hope it's enough. The question I'd have for you is, is
she thinking abundantly? About what she could do with that money. Is she thinking? All of a
sudden, man, this is a game changer.
Now. All these things I've been putting off, I can start doing. I can travel more, I can experience
life and all these things. I can give more. I can be involved in so [00:36:00] many things that I
want to do and, and be, you know, just free with this. Oh, it's the opposite.
paden: Yeah.
joey: She's a.
paden: she's had all through her working years.
joey: And, and by the way, is there ever something you do for 40 years that all of a sudden you
change and do the opposite?
paden: Yeah. I have that conversation with my clients all the time where it's like, Hey, you guys
are great savers. I'm gonna be yelling at you to spend money the whole time. what? I mean?
joey: But, but there's, this is the game. That Wall Street and the world and your employer and
everybody else is saying is retirement, retirement, retirement. This is when it's all gonna end up
being what you hoped it would be, and I'm telling you, it's a lie. I'm telling you, it is going to be a
major let down because your life is not going to look like you think it should at that point, and
you're gonna, your regret is gonna be the next thing outta your mouth.
So.
paden: yeah, [00:37:00] yeah. And you know, retirement, you know, like, like I said, it's this kind
of carrot that society almost puts out there in front of us or whatever, right. Maybe to keep us on
the hamster wheel. I don't know. Um, but just not playing that game, right? Like, you don't have
to play the same game everybody else plays. Um, I've always considered myself somewhat of a
contrarian. I like to be a contrarian. I like to be a contrarian investor. I like to be a, kind of an
independent guy.
That's why I ran my own practice all by
joey: Mm-hmm.
Right.
paden: being willing to step out of side of that and in an appropriate way for, you know, for your
situation, that's where all the gains are at, or the, you know, I would say the outsized gains or
the ability like to find estate deals or, or whatever. And of course, again, you gotta be educated
in that stuff.
You're
joey: [00:38:00] Yeah.
paden: know what you're doing at the beginning at all. but get around good people. that have
done it before and bring them in on the deal and then you'll know how to do it, and then you can
go do the next one. So it's, it's just all about educating yourself and being willing to change your
identity, being willing to become an investor, being willing to do something different so you can
have something different.
joey: Exactly a hundred percent. And you know, Russ and I are not just thought leaders in this
space. Like there's a lot of people that say a lot of things.
paden: Mm-hmm.
joey: We do a lot of things and we share it with the world. If you want to di dive into our
individual, what we do personally. To produce passive income. We share our personal report
every single month.
Looking back on the month what happened, good or bad wins, losses, lessons learned, and we
share it and we've been able to produce over 50,000 a month. Um, but combine between the
two of us just in our passive income. And I [00:39:00] think, I think that's what you really need to
do, is you need to get with the people.
Who are doing what you want to have done. Those are the models that you need to follow,
paden: Yep.
joey: not the people who are talking about what they're doing, like what, what's possible. You
need to see what are they actually doing.
paden: Mm-hmm.
joey: And it's a little bit, it's a little bit weird to talk about, you know, and with the world.
But I think at the same time, it helps people to realize, man, this is, this is real stuff. If two
rednecks from Alabama, I. Can build 50,000 a month. Anybody can. So that's what, that's what
we're about
paden: Yeah, man. And same kind of thing, you know, I've, I've built my stuff, you know, small
guy from rural Missouri, a town of a thousand people. So, yeah, I mean, I totally, totally relate to
that. And it's, it's just to invest in yourself, right?
And your own education and your ability and confidence and everything that comes along with
that.
joey: for sure.
paden: Joey, man, this has been a great convo. [00:40:00] What is the best way people can get
to know more about you, your company, everything that you've got going.
joey: Well, uh, obviously check out our podcasts. If you get a chance, you like this sort of stuff,
we can talk more about it. Wealth Wall Street. Uh, we also created a page just for your podcast.
It's wealth wall streete.com/behind their success. And if you go there. Um, we have our contact
info.
We have some free giveaways and things that will help you to get an idea of what we're about
and, uh, learn more. So love to connect with you, uh, and let me know that you heard me on
behind their success.
paden: Awesome, Joey. Any, um, words of or parting words of advice here?
joey: Um, I think at the end of the day, just believe that you can, you can do something like this.
Like this is not. Wall Street wants you to believe that you're not smart enough. You don't have
the education, that this is [00:41:00] too complex of a process that you can't invest on your own,
and that the the opposite is true, right?
The opposite is true. You are actually the best investor for your money, and the reason is
because you care more than anybody else does about your money. It's, it's, this is probably a
bad analogy. It would be like me saying, Hey, you know what, my five daughters, I really just, I
don't know how to be the best dad.
I'm just not that educated. And I'm sitting there holding, you know, one of my newborns and
thinking I'm just gonna hand this off to somebody else. Like, somebody else can just raise this
kid because I just, I'm not, I'm questioning my ability as a dad. The, the truth is. Because you're
not the investor you need to be today.
You have to dive into being an investor because you're not the dad you want to be today. You
have to dive into becoming the dad that you wanna be. There's [00:42:00] nothing else more
personal than your family, than than the money that you have. And to hand that off and abdicate
that to somebody else because you're buying the lie that you are not smart enough or can't do it.
I'm just gonna tell you, lose that and you'll change your life.
paden: That's great. Well, that's, that's great advice guys. You know, and, and, Joey, I
appreciate you man, for coming on. You know, you guys can do it. Uh, you can be an investor.
gotta go learn it and dive into it. Well guys, thank you for listening to the show and we will catch
you next time.
Speaker 2: Thank you so much for listening to the podcast. If you found it valuable, please rate,
review, and share it. That is the best way to help us build this and reach more people as we're
trying to accomplish our goal of help creating more healthy, wealthy, and wise entrepreneurs.
You can follow us on social media by searching for me Paden Squires.
Or going to padensquires.com on the website and social media. We're always sharing tips of
personal growth and [00:43:00] there we can actually interact. I'm looking forward to it. Thanks
guys.
