He owns an island. He’s the trainer’s trainer. He has helped numerous people become millionaires, and he started essentially from scratch not much more than a decade ago. David Wood (of The Kickass Life with David Wood podcast) is someone that knows a thing or two about wealth.
I had the opportunity to talk one-on-one with David, asking him a few questions on the topic of true wealth. There is so much wisdom packed in here that this is Part 1 of a two part series. So, read and re-read what David shares, and maybe you can buy your own island in the not-too-distant future!
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What is the best financial advice you’ve ever received?
“It’s hard to pinpoint maybe one best, I think it is a culmination of a number of bests. I mean, simplification is one of the great things.
Get to a point in life where you don’t need to make too much money, because most people are trapped. A lawyer or doctor that has high overhead, a big house, the fancy cars, it is really hard for them to get financial freedom.
To help someone that is young create financial freedom it is very very easy, as they hopefully haven’t built up the high amount of expenses yet. All they’re looking to do is create a passive income that exceeds their expenses. And if their expenses are low, then “wa-la”! If expenses are low, you only need to create a couple of grand per month. This isn’t living in a life of luxury, but this can absolutely be freedom!
Someone that has $10k in expenses each month would need $12k in passive income to be free, which is much harder to do.
Another great thing is having multiple streams of passive income. And young people often don’t understand this. They’re taught to have a working income, and most never get a residual income. Residual vehicles can be anything where you do the work once and get paid multiple times for it. If you’re getting paid for the work you did 4 years ago and the person is a loyal customer, and every single time they buy a product, you get paid. That residual income is what I think is sexy.
Passive income is taking your working or residual income, and putting that money to work for you. So while you sleep, that money is working harder than you work. I’m always looking to put my money in vehicles that make money. And that is a philosophy that nobody taught me for a long time. It took me 42 years to figure that out.”
We are not taught this knowledge in our educational system. How did you obtain it?
“I went to the Millionaire Mind Intensive w/ Peak Potentials and that is where I first really started to learn more about the power of residual income and passive income. And then I started to read more…
Think & Grow Rich was really powerful.
Rich Dad, Poor Dad really solidified simply those elements that I talk about.
Secrets of the Millionaire Mind is another wonderful book for someone starting out financially.
If you’re in business, The E-Myth Revisited by Gerber looking at creating systematized businesses is vital. Because that is the other thing, right? If you can create a business that is systematized, you don’t have to work in it. Either you have money working or the business working for you. If you’ve got to work in the business, then that isn’t optimal.”
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Wow, two questions and all of that insight! As a young professional, if you can realize what wealth is truly about and how to obtain it while you’re young, then you are in an amazing position. And that is what YoPro Wealth is all about – opening your eyes to these truths, and getting you on that path towards your ultimate life. Once you’re on it, you’re not going to get off! Most people never realize this information. David Wood didn’t learn these insights until he was 42! And in a decade he has achieved more than anyone could have dreamed.
Passive income is such an important topic, and will be something that we will be talking a LOT about here on YoPro Wealth in the coming months.
So, take control of your finances. Learn how to make more money. Build your network, your streams of income, and your knowledge. And, ultimately, live the life of your dreams.
Action Steps:
- Simplify your life. Cut the clutter, reduce the drama, and get rid of the unnecessary
- Review your expenses in detail. What is high, or not needed? Cut it. This will reduce the income required to be financially free.
- Brainstorm how you can have multiple streams of income. Email me your thoughts on this ([email protected]) and let’s discuss! I would love to share with you how I have multiple streams of passive income.
- Read the following books: (also in my post, The Top 3 Money Books for the Young Professional)
- Think & Grow Rich – Napoleon Hill
- Rich Dad, Poor Dad – Robert Kiyosaki
- Secrets of the Millionaire Mind – T. Harv Eker
- The E-Myth Revisited – Michael Gerber
- Visit The Kickass Life with David Wood Facebook page and say hello!
As for all articles on YoProWealth.com, please note the important disclaimer on advice provided, as well as affiliate links.
Gives me hope! I have little to no expenses. I’m so close to financial freedom! Great stuff. I love what he says about multiple streams of passive income. Golden! Awesome post.
Golden is right! Passive income is something that most, if not all, millionaires I’ve talked to have or have suggested.
Wow Austin, pure gold! YoPro’s Austin is the real deal! Get connected with him and you too will be wealthy with his sage advice and approach. The Action Steps here alone are worth the price of admission. David Wood provided the goods to last more than a lifetime.
Thanks, Dean! It is much appreciated.
Your comment on “more than a lifetime” is more true than you maybe meant it to be. Passive income continues on and on, no matter if you’re working or not. So, you think of this as a great tool for anyone – retirement or whatever. And in tr perfect sense, this passive income continues on!
Wow! I wan’t an island! But probably a nice cabin in the northwoods of Wisconsin instead. I love the post and the insight. Now that I’ve read it, it’s time to put it into action. One of the challenges of obtaining true wealth is getting my wife on the same page. I would think that most married couples have that dilemma of making sure they’re both in step with their financial goals and plans. I’m starting now to put the things in place when 2014 is the year of taking control of finances and really creating wealth.
You get the cabin, I’ll get the island. Deal?
So true on your comment about spouses – it all comes down to what your opinions of money are, and what success is. Once you understand each person’s view and make a plan that both agree to, it is much easier. The details often differ, but most of the time ultimate goals are similar.
Thanks again!
His podcast is great, been listening to it for a while. It’s great your connecting with amazing people like David. He dropped some great knowledge with you here!
I agree, Alex. He is definitely one of my favorite podcasters.
Thanks for the comment!
That’s a great advice. “Cut the clutter, reduce the drama, and get rid of the unnecessary”. We really don’t need much to live comfortably and happily in life.
Thanks, Meina! SO TRUE!
Having a minimalistic approach is so simple and clean – it is refreshing.
Love this – what a wealth of information. 🙂 “Simplify your life. Cut the clutter, reduce the drama, and get rid of the unnecessary.” Amazing advice. Can’t wait for part II!
Thanks for the comment, Kate.
He says it all and makes it simple and straightforward – few people can recognize the ‘needs’ and the ‘wants’ and differentiate between the two. Get rid of the unnecessary in any area in life and you can truly be more successful at that aspect.
Great Post Austin! I love David Wood’s podcast have been listening for over a year. I appreciate how he stresses starting early in life makes living off passive income so much easier. For us older folks, simplification is really key. I know we need to work harder on that one in my household.
I have read Rich Dad, Poor Dad, but haven’t yet read Think and Grow Rich and will definitely add it to my list of MUSTS! Thanks again!
Thanks, Celest. I have been listening to him for a long time as well. Such great insight and what amazing experiences he has had.
I can’t recommend both of those books enough! They help change the way you look at money and wealth, and how to achieve success.
I love the concept of simplicity. My generation was raised to think that debt was just part of life. I’m so glad to have broken that and continue to teach my kids to live well beneath your means so you can have the financial freedom to have the life you really desire. Hard lessons learned on my end that could have been avoided if I had someone like you guiding me when I was getting started as YoPro! David, thanks for sharing with us how to have a kick ass life!
I agree. I think so many generations are led to believe that debt is “normal”. The car payment, the mortgage, the c/c debt and student loans… Get rid of them and figure out what you NEED. Simplicity is the key.
Thanks for the comment, Amber!
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