Take Hold of Your Financial Future With Linda McKissack at Joe Polish’s Genius Network™

Episode Summary

Linda McKissack and her husband went from  $600,000 in debt to $4,000,000 in passive income.  She now shows others the way to financial freedom – regardless of the market.  

Linda is known as the “Queen of Passive Income” and is the author of the USA Times Bestseller “HOLD: How to Find, Buy and Rent Houses for Wealth” and “Presentation Master for Realtors.”

Here’s a glance at what you’ll learn from Linda in this episode:

  • How Linda and her husband went from $600,000 in debt to $4,000,000 in passive income
  • The 3 main ways you can build wealth: 1. S____  2. R___ ______ 3. B_______
  • How to create enough financial freedom so that any market, economic or government disruption won’t affect you
  • One of the most powerful paradigm shifts for creating wealth and building a great business
  • The 6-word secret to having a business you can leave and have it still grow while you’re gone: T _ _ _ _ _ !
  • How to fund your lifestyle, do what is important to you and experience more freedom

WHAT'S IN IT FOR THEM?

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Show Notes

  • What would happen if your financial resources went away? Do you have enough passive income to weather major setback?
  • In 1986, the economy crashed and Linda and her husband found themselves $600,000 in debt. Linda decided to get started in real estate and discovered her ability to sell. She became the number agent in her office, the number one agent in her company, and then on the list of the top 100 sales people for the Wall Street Journal.
  • Almost every big failure in your life, if you give it enough time and do enough investigating, can lead to some of the biggest opportunities.
  • 95% of people get their money from the left side of the Cashflow Quadrant. The remaining 5% own businesses that make them money, or assets that make them money.
  • We all know someone that will eventually need financial assistance.
  • Improvements in healthcare are increasing our lifespans and our chances of outliving the money we make is higher than ever.
  • The definition of a wealthy person is when your passive income exceeds the income necessary for you to have your lifestyle.
  • There only three ways you can really build wealth. Stocks, real estate, and businesses.
  • Linda decided to focus and learn about real estate investing initially and follows a strategy called HOLD. Basically, Linda buys an asset that’s a good deal when it’s sold, has someone else pay it off, and then it’s free and clear passive money some time in the future.
  • The true test of a business is when you can leave it for a year or two, and it still grows when you’re gone.
  • Talent only leaves when it believes there is no more opportunity. Talent has to have really big goals, a past history of success, and something to prove to the world. Give them the right to earn an equity stake in your business.
  • Passive income allows you to be where you need to be, when you need to be there, and stay as long as you need to stay.
  • What is your freedom number that you need to create so that whatever happens, you’re ready?

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