097: Building Wealth and Freedom with Krisstina Wise

On this episode of Build Your Network, Host Travis Chappell interviews Krisstina Wise, real estate mogul, millionaire coach, author, and creator of several multi-million-dollar businesses.

Here’s what Travis and Krisstina discuss in this episode:

  • About Krisstina Wise
    • Excited about what’s coming next this year.
    • Working on her second book.
    • Promoting her first book, Falling for Money
  • How did you get into the real estate business?
    • It’s in her blood, both her parents were in real estate.
    • Her father had an appreciation for true pride of ownership.
      • She has an old-school and rugged way of thinking of real estate.
    • She’s more interested in the narrative and relationships, building trust.
    • Real estate then became a personal passion for her in building wealth and net worth.
    • Started as a way to make money and turned into a way to build wealth.
    • She now teaches people about how money works and real estate is a part of that.
  • Give us a timeline of your success.
    • She started real estate in college and it took about three years for her to be able to support herself and her family.
    • When you have a true love and passion you get to the top quickly.
    • During her divorce her financial situation fell apart.
      • She had a moment where she realized you can earn high incomes and be successful and still be broke.
    • The bigger the percentage between what we spend and what we make the more we invest and the faster we build wealth.
    • If we choose convenience and instant gratification, we have to be okay with the sum at the end of that equation.
    • When our residual income replaces our working income, we reach freedom.
      • Real estate investing is one way to start building future cash flow.
    • Can millennials save their way to wealth?
      • You cannot save your way to wealth, you must invest.
      • Savings is putting money away in a savings account and we put certain amounts of money there.
      • The reason why we save is because there are times when big expenses pop out of the blue and they would blow your budget.
      • There’s an average of $3,000 of unplanned expenses per year.
      • If you spend the exact amount that you make and you want to go on vacation, you end up putting it on a credit card.
        • You have the best of intentions to pay it off, but there’s no way unless you get a rise in income.
      • Savings accounts are for future spending.
      • You have to earn your way to wealth, but what does that mean?
        • The key to solving your financial problems is not just earning more money.
          • Parkinson’s Law – your lifestyle will always rise to meet your income.
        • Financial freedom is just time freedom.
          • It can only be attained through investing, not earning.
          • You’re not building your portfolio, you’re building your future cash flow.
        • If we’re earning $250,000 you might still feel broke because you’re on the hamster wheel of “earn, spend.”
          • Your planned expenses will then go up and your credit card bills and balances will also go up.
        • We need to make sure our bodies are no longer our ATM, our assets are.
        • Conventional finance is still built on the industrial age.
        • Hold your lifestyle expenses tight but get excited about investing.
      • What is your wealth a result of and how does networking fit in?
        • Relationships that come out of networking.
        • Your marriage is a part of your financial balance sheet because it can be a financial asset.
          • Your business and your health go on the balance sheet.
        • Helping others, making introductions, etc.
        • What’s the need for money and business if it’s not about other people in your life?
        • The ultimate return from relationships is better than wealth.

The Random Round:

  • What profession other than your own do you think it would be fun to attempt?
    • Home design
  • If you could sit on a park bench with anyone for an hour who would it be, and why?
    • Martin Luther King Jr.
    • He was driven by passion and willing to buck the system.
  • How do you like to consume content best, books, blogs, podcasts, or videos?
    • Audio – audio books and podcasts
  • What is one of your most favorite audio books that you’ve listened to recently?
    • The Subtle Art of Not Giving a Fuck
    • Essentialism
  • Give us a glimpse of your morning routine
    • Wake up around 5:30-6:30
    • Coffee
    • Organize day/journal/podcast
  • What is your go-to pump up song?
    • Favorite artist – Moby
  • What are you not very good at?
    • Cooking
    • Be really good at what you’re good at and let other people be good at what they’re good at.
  • What is one place where we can find you online?

Tweetable Quotes:

  • The game of money is really how much money you keep.
  • The simple answer to making money is you spend less than you make.
  • There’s an average of $3,000 of unplanned expenses every year.
  • Don’t sacrifice your health for wealth.

Resources Mentioned:

Buildyournetwork.com – Podcast website

BYN.media/fb – Facebook Group

Good Life Luxury

The Paperless Agent

WealthyWellthy | Krisstina.com

Fallingformoney.com – Krisstina’s first book, free download

The Subtle Art of Not Giving a Fuck

Essentialism

 

 

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