In this flashback friday episode, we welcome back Lee Johnson as he discusses the importance of doing thorough background checks and due diligence when vetting potential sponsors and investments, as well as investing with a long-term plan in mind.
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[00:00 - 12:35] Building Generational Wealth
- Preservation of capital is the first rule of the game
- How compound interest can grow
- Building a portfolio of assets to offset active income with passive income
- Conducting business under an entity (LLC) instead of personal name
[12:36 - 19:25] Investing in Assets
- Becoming a paper millionaire by investing in assets rather than liquidating them
- Leveraging Hyatt legal plan to set up wills, living trusts, and irrevocable trusts
- Protecting assets with family office and taking out low interest loans against them
[19:26 - 24:19] Why Your W2 Today is Your Addiction?
- Breaking addiction to a steady paycheck and benefits
- Why we should execute a goal
- Building up other streams of income for safety net
[24:20 - 31:51] Closing Segment
- The final questions
- Diversifying income sources to create a safety net
- Buying real estate (Boardwalk) and adding houses for big payouts when people land on it in Monopoly
- Wealth means being able to call your shots on your own timing
- Needing a person in marketing to take business to the next level
- What’s next for Lee?
Key Quotes
“You have to be doing more than just raising capital in order to be in compliance with the SCC rules.” - Lee Johnson
“The first rule of the game is preservation of capital.” - Lee Johnson
Connect with Lee Johnsonthrough
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