The Biggest Mistake High-Income Investors Make

0:00How's it going everyone and welcome to a special solo series of well-strategy secrets of the ultra-wealthy I'm your host Dave Wulcott We get a lot of the same questions from our investors about infinite banking, tax efficiency, asset protection, strategy stacking, and how to actually build wealth outside of Wall Street And we get it, we know you're busy, so in this series I'm breaking down complex well-strategy topics into short tactical episodes that you can actually use to build legacy wealth Whether you're just starting your journey or fine-tuning your portfolio, these episodes are designed to give you high impact insights in just a few minutes So let's dive in So essentially really the vision right with the mastermind and family office is really to change the way you think about and create wealth So that you can really live your best life right because we know that that's completely possible

1:02But there's a lot of things out there that are tugging on us to kind of pull us backwards So how are you going to know that you're tracking, you know, you're making progress? One of the things that I learned you guys may or may not have heard about this But I just can't tell you how much it's true It seems so conceptual to me the first time I heard it, but your net worth is literally equal to your Actually your financial IQ Plus your relationship capital. This should be IQ here. So You know, it's what you know Tied with the people you know And it's amazing the moves the chess moves. I've seen people make based on a new relationship A new opportunity You know that can literally 10X your position by one move. I love how Peter DiAmandas He talks about having a massive transformational purpose

2:05So what is that thing that gets you out of bed in the morning completely Fascinated and motivated motivated about completely taking on the world, you know like what is that and then let that be your guiding principle and so as you think about these things also When you ask a question think about just keep drilling down keep asking the question why Until you can't answer it anymore and that's actually your answer So why are you searching freedom and then why do you want security? I think is another one, right? And you know for the coach folks out there. There's you know the exercise of DOS dangers opportunities and strengths and You know the dangers you know we all think about financial security all the time That's because you have some dangers in your life And the freedom is really all about opportunities and the reason why those actually you know drive us so much is

3:09Because it's because of the psychology as humans were either You know we were hardwired to be afraid of things and to sense danger And then we're also seeking opportunities So if you can get clear on that it can it gets really powerful this type of thinking I've found has been very challenging because Luckily we're in a room where everyone understands this but not but as soon as we leave this room whether it's you know Friends family colleagues so many people just don't get it so you're going against the 99% right and most people You know just I think wealthy is portrayed as you know people buying expensive, you know cars and flash and things like that But we know it's all about building legacy wealth Creating assets that cash flow also having really clear values is really super important and by the way this is I mean

4:16You know hundred million dollar five hundred million dollar families. I mean this is what they're focused on like values are driving Everything as part of their dashboard and their compass also in terms of what's wrong with traditional financial planning And I have yet by the way to have anyone prove me wrong on this and I would love for someone You know, I'd love to get enlightened But what I've found is this accumulation theory that typical financial planning talks about which is you know I'm going to work 40 years save up to this number and then have some kind of retirement right That what that does is it completely creates scarcity because you're living for the future You know, but you want to actually live in an abundance mindset and live for today The other thing is you know, they model out your retirement money for only living until let's say you're modeled If you're a male, let's say age 89

5:16So you completely have the risk of outliving your money and who wants to figure out how to create more capital when you're you know 85 or 90 You know, you need to be a plan have a plan in place Um So here's some other things also I find this really fascinating We're also constantly inundated by this one-dimensional thinking You know, so oh, I've got this great investment or here's a great stock, you know, that's done so well You know, you should jump into that right Um, but it's very one-dimensional because if you don't have a strategy Some people may do well on that product, but but how does it impact you downstream Right, that's the importance of having a strategy And then you have to also constantly understand that all of this noise from a 30 trillion dollar financial services industry Has their agenda and it's built for it's not built for us in this room

6:18It's built for the masses Right, so that's what they why they wanted to get you to think that way and you know my thoughts on deferring taxes as well Um, so here. Let's jump into vision, right? So a lot of entrepreneurs in this room and just like any solid business does the first thing you do is you create a vision You have a mission statement and you have values that really support that because that's what's gonna You know be your guiding compass on this journey and It's really about goal setting right now as as you kind of think about again Um, that wealth motivator in those different areas in your life that you know are either lacking or you know doing well What can you do to kind of reinforce that Um, now we have kind of more a clear vision of where it is that you want to go Um, and by the way, I mean the the what you're producing here

7:19The key aspects of this vision are going to go into your wealth dashboard So this is going to be that guiding compass where you can always fall back to you know your values and your mission statement And it can be kind of fresh in front of your mind and The idea with this is that's that's really interesting is you've got to start doing exponential thinking You have to start thinking about where you're going to be way in the future and not thinking about the how Right in the linear places Because when you start aligning your chessboard with these really big moves and these things we're talking about in the strategy You're going to watch things magically appear in front of you If I asked you when you were 20 that you would be you would have exited a business and you would be a multi-millionaire At the age you are now What would you have said you were like how the hell am I going to get there right so A lot of this is really mindset and you know, I know everyone's read the books like think and grow rich and all this stuff

8:25But it really works you really have to have the mindset that's really big Even though we don't maybe necessarily know how to get there Thanks for tuning into our special solo series If this episode sparked something for you and you're ready to learn more Head over to holistic wealth strategy.com and download a free copy of my book You'll also get access to our investor community where we share exclusive educational content New opportunities and resources designed to help you accelerate your path to freedom And if you want to take it even further book a call with our team to learn about our virtual family office services Or join our mastermind group where we go deep into building true generational wealth I'll see you on the next episode You