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Episode Summary

This episode is a replay of Krisstina’s appearance on Build Your Network.

Notes from the episode:

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.

 

You can find the original interview here:
http://www.buildyournetwork.co/krisstinawise/

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