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!
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.”
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.
- 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)
- Visit The Kickass Life with David Wood Facebook page and say hello!