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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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