Screw Conventional Investing Wisdom - Interview with Chris Odegard

00:00.00
motivategrindsucceed
Welcome everybody. Welcome welcome welcome. Welcome. Welcome welcome back to a brand new episode of the motivate grind succeed podcast if you read the title which I'm pretty sure you did because you clicked on it or you're watching this or you're listening wherever you're listening tuning in from Thank you very much we have chris o degar. On the show now if you're not yeah if you have no idea who Chris Odergard is that's okay, typical Mgs Fashion let me let you know right now Chris he's an average guy who's had a white collar job in the corporate world and followed ah, the 1 thing that he knew for decades and that was conventional wisdom And conventional investments and so also conventional investment wisdom this worked relatively well until around 2009 where he experienced an event where he lost over half of his assets and thousands of dollars per month in cash flow that is a lot I don't think I've ever had something like that happened to me before. But. We have Chris talk about that a little more in just a second. So let me finish up his little little intro here Chris then read the the o almighty book that most you all have heard about rich dad poor dad great book by the way and his mind was open to the different types of investing that there are out there investing in real assets. Investing in private deals and mostly that are mostly insulated from volatility risk and taxation of the stock market and in just nine years Chris was able to recoup everything that he had lost and multiplied it many. Many times over and now here he is to share his experience and his knowledge with me with you here. He is Chris Odergard everybody give a warm welcome to Chris Odergard who he's here all right Chris how ah beautiful. Thank.

01:44.76
Chris Odegard
I am in the house I'm in the house Rushon Thanks for having me on man. This is awesome.

03:44.34
motivategrindsucceed
Thanks for coming on the show I want to say I think you're the first person that we've had on the show that actually is gonna talk about about this kind of a topic right? like we're branching off of like the whole what we're still doing the self betterment self-im improvementment is that and that's the mission statement here at mgs but I think you're like the first person to come on ever talk about like have a slightly different. Ah, a different ah almost like ah a branch out. We're talking about finance. We haven't had a ah person come on top about finance and investments and like that before so I'm pretty excited for this conversation.

02:52.38
Chris Odegard
Well when you think about you know self-improvement think about um, all the problems and challenges that people have and and recently through this pandemic. What if we could take money off the table as a problem and you didn't have to worry about that. How much how much. Better would everybody's life be and could they focus on all those other things if money wasn't a constant worry. So Ah I'm all about that and it's not about um you know sometimes ah you know, wealthy people or people with money they get. Ah they get a bad name but what money does is it gives you freedom to do stuff.

05:47.72
motivategrindsucceed
Oh absolutely.

04:06.96
Chris Odegard
It gives you the freedom to do whatever you want I'd like to say where you can make work a choice instead of a necessity most people are out working every day because they have to because they have to pay the bills and he might be toiling at a job that they don't like well what if you you had the money coming in passively and. You could do whatever you want and maybe it made money and and maybe it didn't you know so I'm all about helping helping people accumulate wealth faster and the fact that I was able to you know recoup that loss in 9 years and multiply it many times over what if I had started with that kind of investing from the beginning. Instead of taking what I call the four zero 1 kite four one k highway to mediocrity which since you've got a you've got a young audience. They're going to get a job and they're going to be faced with this onramp actually employers today pretty much opt you into the four zero one k opt you into. How much of your paycheck is going to go to it and even what investments don't ever what I want to tell your audience is don't get on that on ramp to begin with There's a better There's a better way and and we could talk about all that kind of stuff. So.

08:01.12
motivategrindsucceed
Um, absolutely I know I know when I know what the job that I currently work at when I when I first got hired on that's exactly what they did. They said? Okay, we'll match your 4 on one k up to a certain percentage and of course it was just like we'll take this much out for taxes much out for for for Medicare and this much out for the insurance and everything so I did have that. And't have that occur but I was just like yeah I'll just let it I'll let it do its thing. So so since I'm kind of in that boat I'm kind of interested to see see where this conversation goes who does I might have to go in into my work laptop in a little bit and just be like yeah let me change me change around exactly what I'm doing here so I don't know who.

07:01.00
Chris Odegard
Um, yeah, but.

07:16.56
Chris Odegard
Yeah, well you know if if ah you know people who use the 4 ah 1 k as their primary retirement tool 92% of them are going to fail 92% will not get there.

09:29.68
motivategrindsucceed
Oh.

07:53.72
Chris Odegard
Using the four 1 k as a retirement retirement tool and and I'll I'll tell you why? So um, in the in the conventional financial. Well let me back up, you know what in the conventional world. The typical question that investors have is. How much money do I need to have this mountain in my four zero one k how much do I need to have to retire and I think that's the wrong the wrong question to ask the right question is how do I achieve you know, um, $100000 a year of retirement income or. Question is how much cash flow. What? what type of retirement income. Do I want to have and the conventional financial planners use a formula and it's called the 4% rule and the 4% rule says that? ah. If you have this mountain of money you can withdraw 4% a year to live on and you probably won't run out of that money before you run out of life. So.

11:38.00
motivategrindsucceed
M.

09:59.70
Chris Odegard
Let's so let's just take ah, let's say that in retirement or financial freedom. Whatever you want or or need to have $100000 a year is your annual income. So if you take the 4% rule and take $100000 and divide it by 4% um, that means your portfolio in that 4 ah 1 k needs to be two point five million dollars so if you've got two point five million dollars you can probably safely take out $100000 a year to pay your bills and you won't run out of the 2.5 before you run out of life and so.

12:53.52
motivategrindsucceed
M.

11:14.74
Chris Odegard
Here's the question for your audience. You know how many how many americans become millionaires in their lifetime and the answer is 8%. So for the 8% of people who are going to be millionaires. Ah they have a chance of that working because they might have. A net worth or a four one k that's more than a million but even less are multimillionaires at two point five million right so maybe so maybe we maybe we overshot a little bit maybe $100000 is too much. We're being too greedy right? Maybe we just need to have the median us income of $65000 a year.

13:47.92
motivategrindsucceed
And yeah.

12:32.36
Chris Odegard
Well, if you if you apply. Ah, if you apply the media the 4% rule to that median income. You still get one point five million dollars that you need to get that type of income and and now what's happening is that. Just because the way the economy has changed over time. The financial advisors are finding out that the 4.4% rule isn't working anymore. So now. It's like the 3% rule or a 3.3% rule. So if you pli the 3% rule to that $63000 a year median income. Now you're back up to a two point one million dollars four ah 1 k portfolio which only less than 8% of um americans are ever going to have that in their lifetime. So don't get on the 4 ah one k highway to mediocrity. It's not going to work it's not going to work man

15:39.20
motivategrindsucceed
Man. Ah, ah I was about to say though the more the more you talk it right? Although the more it's kind of depressing me man I Just like I'm gonna need a lot.

14:22.78
Chris Odegard
Whoop.

16:10.28
motivategrindsucceed
Um, and I'm just like especially knowing the kind of kind of jobs that people that people get and like that's like what the average with the average american will will get. They might retire with like a million dollars assuming that that that they save right correct like like they'll they'll make that million. Maybe a little bit more during the whole course of their lifetime but based on the math and the thing that that you're saying now.

14:53.50
Chris Odegard
Um, right.

16:49.40
motivategrindsucceed
That's just not going to be enough. No and I love how we jump straight into the conversation too. But.

15:06.86
Chris Odegard
It's not gonna do it. No huh. Yeah.

15:17.44
Chris Odegard
Ah, yeah, so ask me ask to steer me back to where you wanted to go sorry man I took over.

17:13.42
motivategrindsucceed
No, that does's that that's quite all right? That's quite all right cause I guess I'm excited to have this conversation too. But but like but but before we continue on with that. Let's let's get a little a little bit like like bring us through like like like your life story right? I I know I gave up some of it in in the introduction right? but just like just so we can have like a general like oh so here's where here's where Chris came from.

15:51.40
Chris Odegard
Yeah, yeah, yeah.

17:53.40
motivategrindsucceed
Here's where he is now here's how he got to where he to where he was like just kind of walk us through what brought you from where you started where you think the start of your journey was up into where you are now to bringing you to to what you're doing now.

16:26.56
Chris Odegard
Sure so we'll go back before you know you talked about the nine years and all that and that's that's ah you know that's really the the the thrust of the story but you know I grew up in. Ah if anybody wrote read Robert Kiyasaki's cash flow quadrant which is one of the other pivotal books from Robert Kisaki he talks about.

18:43.80
motivategrindsucceed
Ah.

17:05.60
Chris Odegard
4 quadrants and 1 of the quadrants is ease people who are employees so I grew up in a family but of ease I didn't know about or had and didn't have any desire to start a business or be an entrepreneur. You know all I knew was you you went to school you got an education. You got a job with benefits and. And put your money into a four zero one k and then someday way down the road. It was all going to work out and you were going to retire and so I went to I went to school I grew up in Cincinnati and I went to school at Embry Riddle Aeronautical University in Daytona Beach Florida initially to get just ah to become an airplane mechanic. And so I got those qualifications and then through some miracle I managed to go a couple more years and actually get a bachelor's degree in something called aviation technology and then I worked at the Kennedy Space Center for a while when the first shuttle launches were going off and the landings and. I moved out to Seattle and I worked for the boeing company for many decades and at the height of my career I was a ah the director of contracts and what I did there was really cool I was part of the team that sold airplanes to airlines and 1 royal family all over the world. So.

21:07.64
motivategrindsucceed
Oh that's really cool.

19:27.22
Chris Odegard
The sales team involved a salesman a marketing guy and me the contracts guy I was the guy that wrote and negotiated the contract with hundreds of pages long and signed on the bottom line with with the airline and and so that was that was a lot of fun and that was really where kind of my love of business was born that was big business now I'm. Doing the small business and but ah, you know I had that Ill what I call it's called an illiquidated event I liquidquiity event where you lose lots of money and I made it back and I what I like to call I don't like the word retire because the definition of retire is to be taken out of service and I feel like I'm far for that. So. Borrowed a phrase from somebody else I said I fired the man you know and and I started my blog and wrote a book and now I'm just all about helping people, especially you know the more I can get in in front of of your kind of demographic to prevent people. From getting on that path. It's It's just it's just not going to work for Them. So if we can get them going at a different direction at a young age. You know we could change some lives.

23:15.40
motivategrindsucceed
absolutely absolutely wonderful what wonderful story so now you all can relate a little bit more to to to Chris to be like so who is this guy now now you all know exactly who he is so now we can get back to the ah to to to the fun stuff. Alright, so so yeah, so I mean so you kind of were already answering my my first question when you jumped into it like what when it when it came to investing what is the the traditional versus the traditional conventional wisdom and you talked about that already with the with the 400 one k and and the iras and the roth iras and you also explained why why it doesn't work. But I do have 1 more follow up question for you. What's funny is that you know we as humans we are a creature of habit correct. And even though these conventional things and these conventional methods of investing and saving and all these kind of things. We can see that they're not working as well as we'd want them to so why in the world. Do we keep doing it like why? Why do we? Why? why? Why are we I mean I understand again I understand we are habitual but at the same time if it's not working why aren't why aren't we changing.

23:29.16
Chris Odegard
Hates.

23:44.98
Chris Odegard
Well, because most most people don't know that there's an alternative and if you think about it think about your listeners I might be the only guy that they've ever heard say that the 4 1 case sucks. It doesn't work 92% of you're going to fail. Don't do it. Probably never heard that every family member every employee around them. The news media everybody is telling them to be in the stock market in a diversified portfolio and put your money into the 401 k because of the company max and that matching the tax benefits probably they never probably come across anybody. Who said that to them and there was a lot of money being made by people putting their money into the stock market but it's not being made by the investors. It's being made by the bankers and the mutual fund companies and ah and everybody else matter. Of fact. Ah, the sandpfivehundred which is kind of the big us benchmark for the entire stock market value over its history I think since going back to the 30 s when they started the index the average annual return to investors is just shy of 10% but there have been studies done. 1 of them was by a company called bank rate and they said well we understand that the index gets you know 9 point 8 for example, but what does the average investor get and the average investor in the stock market gets a measly five point one nine before taxes and inflation and in today's environment you're not even maintaining your buying power. You're you're losing money if you're only making you know a little over five percent so the answer to your question is there. There's a built-in incentive to to keep us in this system because it's making a lot of money.

28:31.60
motivategrindsucceed
Oh boy.

27:24.66
Chris Odegard
You know for a lot of people. I mean if you if you get a say you go outside the 401 K and you go to one of these brokerage houses and they're going to. They're going to charge you to manage your portfolio they make money even when you lose money the market you put up all the money you take all the risk. And all they do is move the move the chips around and if you make money they make money if you lose money they make money right now. Why now they make less money but they're still making money and an interesting.. It's a win-win win for them and in in Mutual funds right? ah.

29:58.86
motivategrindsucceed
Um, it's a win win for them.

28:39.70
Chris Odegard
In mutual funds a mutual fund is just a a basket of of stocks that somebody has said if we mix all these things together and and then we can give somebody a good return so you could on January First you could have you know a mutual fund it has is worth. A hundred thousand dollars worth of of this one mutual fund at the end of the year in December it could be worth 90000 and you would still get a ten ninety nine which is the tax reporting form and you would still have to pay taxes on that loss because during the year they bought and sold stuff. Inside that mutual fund. So even though your total value went down. You would pay taxes on that you could pay taxes on that and your advisor made money so who you know where are you at the end of all this man, you're what they call holding the bag right? ah.

31:37.13
motivategrindsucceed
I'm.

31:59.96
motivategrindsucceed
Ah, um, all boy oh you're making me want to close my Robin Hood account now. Oh man, oh all you.

30:37.46
Chris Odegard
Here I'll give you here's here's a question as the host that you should ask this guest. Ask me what percentage of my portfolio was in the stock market.

32:38.24
motivategrindsucceed
Okay, so I guess my next question for you. Chris is what what percentage of your portfolio is in the stock market then is since we're talking about this. What really really wow. Okay.

31:05.60
Chris Odegard
Ah, that's ah, that's a great question rasha 1% 99% is in alternatives. 1% is in the stock market 1% now I don't recommend that everybody go out tomorrow and do that you know.

33:16.96
motivategrindsucceed
okay okay okay I could I don personally I for my for my income I usually invest around like 10% or so of it. So so for me hearing that you invest about 1% I'm like that that's like a tenth of what I do oh my should I go and change.

31:34.68
Chris Odegard
If you're if you're heavily invested but you just might want to think about some of the stuff we're talking about right.

32:00.52
Chris Odegard
Well no, but I mean but this isn't like this isn't like ah so let let's say my let's say if if my if my really do it if I had $100000 worth of assets. You know some of them being in the stock market and some of them being outside the stock market what that means is that. $99000 would be in the other stuff and $1000 would be in the stock market. That's that's the slice of the pie is that small.

34:30.20
motivategrindsucceed
Okay, got you and we are. We are gonna get to that too with I must I Okay because you know I'm trying to be astute here you know I'm gonna guess that those are all the alternative investments that we're gonna get to talking about.

33:10.22
Chris Odegard
Yeah, So maybe maybe I should let let me ah differentiate What a conventional investment and what an alternative investment is so pretty much everything. That's publicly traded so stocks bonds Mutual Funds Etfs all that stuff that you a push of a button you can bind steal stuff. All that stuff those are conventional investments everything that's not publicly traded is an alternative investment and that concludes every form of real estate from a single-family rental to an apartment building Stealth Self-tor machine. Um, cash value Life insurance is a great alternative investment. Cryptocurrencies or alternatives if you have private equity which means instead of having shares of a publicly traded business if you have private shares. That's an alternative investment I own Atm machines though. That's an alternative investment. So There's a. And um, you know, Gold Silver Commodities things like that if you do private lending or you invest in notes those are all alternatives but the big thing is that they're not publicly traded. You can't ah you know they're not that you can't trade them and watch them go up and down wildly on the stock market right.

37:21.40
motivategrindsucceed
Um, okay, and that yeah you already kind of went into the next question that I had for you also in that um that you already mentioned some of these alternative investments in everything. So what are the ones that you recommend that? Ah, we look into and you know we we can go into them ah like 1 by 1 if if you know if if.

35:41.00
Chris Odegard
So.

37:59.66
motivategrindsucceed
If the conversation so inclines but just generally what are some of the alternative investments that you recommend that we we would look into.

36:24.20
Chris Odegard
Well um, real estate historically is widely thought of as the best investment that there is and so and it has it has it has all of the the alternatives have all these different advantages and I'll go through them and real estate. Ah, you know just has all of these so I mentioned the Stock market returns of 10 percent in the index and about 5% for the average investor so with with real estate and other alternatives you get higher ah Rois or return on your investment. So.

39:13.78
motivategrindsucceed
Oh.

37:33.66
Chris Odegard
And in my real estate stuff. You know I never get a return that's less than twenty. So think about getting 20% you know, average annual returns and the other thing that some um, some alternatives gives you in real estate is one of them is cash flow. So unlike the stock market person who has to sell off some of his he has to cut. It's like this mountain of money and he takes this little axe and he chips off a little bit every every month and he spends it with real estate. It actually gives me cash every month I don't have I don't have to and I can't sell a portion of my real estate. It generates cash flow. So I don't have to sell the asset. The asset can continue to grow and I can live off the money and then the other thing is is tax efficiency real estate comes with something called depreciation. So the government says you know we're going to let you. Take a deduction on your taxes every year as as the as the as the value of the building goes down and so you automatically you can own real estate and actually have positive cash flow but for tax purposes. Show no income or maybe even a loss and those these are things that you don't get in the stock market and you have control if you have a rental property and you know you want to? ah.

41:36.58
motivategrindsucceed
Moon.

40:16.14
Chris Odegard
You know increase improve the property so you can get more rent. You have the ability to influence the outcome of that investment you can raise rent. You can lower rent. You could change your marketing. You could you know put in amenities that that the tenants would like that they would be willing to pay for. Um. And here's the here's the huge thing so there are there are there are some pretty famous people out there that talk about debt is bad and getting out of debt. Well if you have um if you have ah $30000 and you want to invest it you can go to the stock market and you can buy $30000 worth of stuff.

43:16.14
motivategrindsucceed
And.

41:31.40
Chris Odegard
Stock bonds and Mutual funds in the alternative world I can take my $30000 and I can go to a bank and I can buy a $100000 single family rental. So I can take my $30000 and and guess and and people say yeah, but you have to. But now you have ah ah you have Debt. You have a loan Payment. Don't have a loan payment. The people that are in that are renting the house are going to pay off my loan for me strangers are going to pay off that $70000 loan and and you really, Ah, you really can't get rich without debt. The right debt was associated with the right asset will make you wealthy.

44:23.24
motivategrindsucceed
M.

42:50.34
Chris Odegard
Faster and ah and the here's the other thing. Um I can I can if I have ah an apartment building or single-family rental I can go to an insurance company and say you know this is a valuable thing I've got here I would like to buy an insurance policy to make sure that if this thing burns to the ground or somebody damages it or. Or even if something goes wrong and I have ah and I have I can't rent it I can even get insurance against loss of rental income now if you go to the same insurance agent and say hey look I've got this $100000 stock Market Portfolio I would like to buy an insurance policy against the loss.

45:29.22
motivategrindsucceed
Who what.

44:07.50
Chris Odegard
Of this. They won't do that right? So you know what is it about bankers insurance people that will protect an alternative investment. They'll sell you a policy or they will loan you money to purchase it but they won't do that for the stock market. So.

45:53.14
motivategrindsucceed
Yeah I didn't think they would.

46:24.12
motivategrindsucceed
3

44:44.80
Chris Odegard
Ah, that's ah but I'll leave that as kind as a kind of rhetorical question and then just the volatility I when I watch what's going on the twenty four seven coverage of the stock market and what's this company doing and what did the Ceo say and what are their earnings going to look like it. It seems to me that it's very similar to being in a sports book in Las Vegas

47:07.78
motivategrindsucceed
Ah.

45:23.76
Chris Odegard
You know you just you're you know it just seems to me like just another form of gambling and you know what my assets continue to generate Cash flow every month. Um are they going up and down in value I don't really know I can't watch them because they're not on.. Ah yeah, on a ticker tape on on the stock Market. And with my assets. The only time the value matters is when I sell or when I buy and if I'm not forced to buy or sell and they're generating Cash Flow I don't care what the value is so anyway, that's why real estate and other alternatives are so superior to the Stock market.

48:19.88
motivategrindsucceed
Um, okay, and then with that would would you Also then so I'm assuming that that you're talking about just just buying into just strictly then real estate and not and not going down with I guess so I guess based on your definition of the conventional and alternative than having like a reit or something would that be more. Of a ah conventional method of of doing like having like somebody else kind of kind of just say here's all these real estate properties will hear all these properties here for real estate and you're just gonna buy into this and then they pretty much take care of all that. So would that be more conventional then or would that be more a.

47:41.12
Chris Odegard
Right? It it it. It is completely conventional. You don't get any of those benefits. All you're doing is buying the the publicly traded stock of a company whose business is to own and manage real estate but you don't You can't borrow money to buy that stock.

49:38.46
motivategrindsucceed
Okay.

48:18.51
Chris Odegard
You're not going to get 20% returns regularly. You're not going to get the tax benefits of Depreciation. The company gets that but but you personally don't get it Now. It's kind of mixed in there. But yeah, you just you don't have the the control of that. Um, yeah, it's a. It's not the same you're you're just you're still over in the conventional world. That's good. That's a great question because a lot of people would go. Oh well, you know I own real estate because I have reach. Well you're you're not getting the benefits of owning real estate until you get into private ownership not through a publicly traded company.

50:40.30
motivategrindsucceed
Okay, yep.

51:08.20
motivategrindsucceed
Yeah, and I'm actually kind of glad I had this conversation with you because I was actually just like on my own little spirit time I was kind of doing some more research and investigating reits and thinking of which ones I actually want to get into so now after having this conversation with I'm just like I'm kind of secondguessing if I really want to do that if I want to just continue to save up more.

49:56.40
Chris Odegard
Yeah, yeah.

51:45.92
motivategrindsucceed
Excuse me save up more and to be able to just go down the path more of just like getting an actual piece of private property instead. So that's sound like that's gonna be a lot more of a valuable route Even it's gonna be longer. It's probably gonna be a little more difficult which is actually another question I have for you right after I finish this ah this statement.

50:10.60
Chris Odegard
Right? right.

52:20.12
motivategrindsucceed
Gonna be longer. It's gonna be a little more difficult but sounds gonna be worth it more in the long run and so like I said um, going back to what I said of like literally literally a second ago these alternative investments they sound like super super risky man like like like these sound like like something that will be like.

50:41.70
Chris Odegard
For.

52:57.70
motivategrindsucceed
Like only like like the richest of the rich or like people who just got money just to throw like that. They're just like okay I get throw like you say I could if I have I got I have $30000 I could just throw it here and then see he it works see if it sticks if they like it they like it if they don't It's whatever. But yeah these these sound really really Risky. So for people. Coming on and listening to listening to this episode a lot of people are still just like yeah these this sounds enticing this sounds good. This sounds like really juicy like this sounds really interesting. But there's still like that security measure or there's still like that that that comfort zone of.

52:08.24
Chris Odegard
In.

54:10.86
motivategrindsucceed
I still like my 4 and 1 k like like I could just do this I could do a side hustle me put some more money into it or save up some more so like what? what would you say to the people like including myself to an extent like I'm just like this sounds good but it also sounds risky like I don't know if I want to like you know, just like dip my pinky toe in figuratively. You're just like.

52:51.40
Chris Odegard
Great.

54:48.90
motivategrindsucceed
Dive in like head first like what would you say to those kind of kind of people.

53:07.30
Chris Odegard
But so so I'm going to um I'm gonna this is this I'm gonna do a selfless shameless self- promotion here and tell you that the last article that I wrote at the prolific Investor dot Net It's it's blog ah number 36 and it's called three ways to get started in real estate and I compare three ways. I Compare the risk the returns in the minimum investment and I would Recommend. We'll talk about it but I would recommend your readers. Go go look at that. But let's just take a single family round. So The the truth is alternatives are harder and it takes more work. But.

55:40.74
motivategrindsucceed
In.

54:22.32
Chris Odegard
You know the rewards are so much better and in terms of risk I go. It's much riskier to be in the real estate because I know it's going to I know that I'm going to fail I'm going to work forever if if that's the path that I take because you know the the 8 So the the stock market does work for some people.

56:41.48
motivategrindsucceed
And.

55:00.68
Chris Odegard
But think about this so the only money that you and I have to invest is the money that exceeds our expenses. So let's say let's say we make let's say we have ah ah a salary of $100000 a year and our expenses are $90000

56:57.96
motivategrindsucceed
M.

55:38.68
Chris Odegard
So that means I've got 10% or $10000 that I can invest every year so you know your that kind of you know your your success at the end of the day is dependent on a couple things the the mass of money that you invest how much how much return you make on that money.

57:24.46
motivategrindsucceed
Cape.

56:17.66
Chris Odegard
And how quickly you can redeploy money as it as it comes back to you. So if if you only have $10000 a year to invest. You know you're just it's going to take you a long time to get there. So here's where wealthy people have the advantage if if my salary is $200000 a year. And I have $90000 worth of expenses I can invest one hundred and ten thousand dollars a year. So even if those stock market returns I might get there if I can invest one hundred and ten thousand dollars a year, but the majority of people aren't in that situation so to me the stock market is the is the riskiest place to be. Just because I'm never I'm never going to get to you know to retire get to financial freedom I just I'm just most liking not going to get there. Um, but anyway to the conventional stuff. It is harder. It takes more work but it just depends how how badly do you want to be in charge of your life right? and.

59:50.98
motivategrindsucceed
Oh there is.

58:14.76
Chris Odegard
So ah, but yeah, but they should look at so and I'll tell you the 3 things the 3 ways that I that I talk about in this article is the 1 way as I call the do it yourself single family rental so rasha you go out, you take that $30000 and you buy a $100000 single family rental and you're doing everything you're the property manager you're the handyman etc. You have just taken on a small business right? And now if you have a job already. You've just added a second job to that and if you if you did it without going out and.

01:00:51.72
motivategrindsucceed
Mean.

59:26.18
Chris Odegard
You know, getting any education about running a small business and specifically a real estate business. That's high risk and and you could have problems but it's It's no different than ah you know if you just throw your money into any kind of investment without. Doing any homework you could have problems So Then the second way is what's called a single familymily rental Turnkey So throughout the country. There are companies that specialize in buying ah good single familyly rentals doing durable repairs. They'll do that. They'll go out and find qualified tenants put them in the unit and and they have their own property management company and you just come along and you either buy that house with Cash What we call a loaded rental already running the bit. The the small business is already up and running you just buy it.

01:02:50.80
motivategrindsucceed
And.

01:01:11.44
Chris Odegard
Or you come with your bank loan and buy it and then and then your job is to monitor that and make decisions that the property manager you know when when you need to make decisions. So that's the second way. Um, that de-risks this this process a bit because you've basically hired somebody who's a specialist. In in in single family rentals and then the third way is ah what's called a syndication so when your listeners are driving down the street and maybe they're living in ah a 200 unit apartment building. It's very unlikely that one person. You know, bought that or built it with cash or that one person went and got a bank loan. What happens is there's something called a syndication where somebody the organizer says hey I'd like to let's own that building. So let's get 100 people and raise $25000000 and together will purchase that building. But this is the way I like to invest and if youre if you're what you'll find out when your read your listeners read this article is that that method is is is pretty much the lowest risk and the highest return on your investment and it takes the least amount of your time.

01:05:16.00
motivategrindsucceed
Moon.

01:03:34.96
Chris Odegard
So but some people want to get in there and get their hands dirty and they want to do it no and everything so I've laid out these 3 different ways. So anyway that was a long way I answered your question about risk. Ah.

01:05:35.10
motivategrindsucceed
And yeah, know that know that that's quite all right? That's quite all right? No because that that just kind of intrigued me more because like I get I'm gonna have to sorry listeners out to be a little I could be a little selfish right now. Okay, just like let let me get the selfish moment. This syndication one sounds really really interesting because as somebody I guess I Personally who's like looking into real estate not to get into it like the next month or so or anything but just like down the line like something of like that syndication. It sounds interesting I don't want to like you know spoil your blog post or anything but could you give like a little more information on how somebody could. Um, like start that up or go in go or go more into that kind of ah, kind of a phase of ah of of this kind of investment.

01:05:00.20
Chris Odegard
Yeah, yeah, well, you know the whole the here's the here's the problem there is. There's a problem with that and especially the the apartment or multifan what we call multifamily real estate space has gotten. Very popular and so syndicators syndicators are kind of like a dime it doesn't so anybody that can go out and spend you know the 15000 legal fees to set up this company and what's called a private placement memorandum which is the the kind of the document that would be presented to you and you would sign anybody could go hey. I'm going to go out and and purchase multifamily units would you like to you know invest Twenty five or $50000 and maybe this person has never done that before and they don't have a track record or maybe they have a full time job and they're doing that on the side you don't want to be the experiment with that with that person. So.

01:08:35.80
motivategrindsucceed
But.

01:06:55.46
Chris Odegard
You need to you need to get involved with ah ah people that are already doing this kind of stuff and and what you really want is the recommendation of ah of a good syndicator from somebody who's already doing this right and they have a track record of performance and. 1 of the things I talk about in the book and the action guide that you can only get from the password that's in the book is is kind of a kind of a stepby step checklist of how you do this and in the article I've got. There's a link to ah you know some places where you can go to find syndicators and how you can start to. Ah, differentiate between Them. So.

01:10:00.74
motivategrindsucceed
Yeah, okay, that sounds good I'm definitely gonna be checking that out and and and and towards the end of the episode. We're gonna I'm also gonna let the audience know. Ah well, we'll already talk about it now. So so again, audience you are you already know, um, all those links will be down in the episode description of course obviously that's what we always do with every single episode. So I have another question for you. Um, we've been talking about a lot of these events right? We've just been like literally scratching the surface and just generally just information gathering right? And you've been talking about some of the ones that do what you would recommend people actually go into right? The real estate and then the tax efficiency and all those other kind of things. But let's just say someone like who's going know who's got that that itch right? They got the answers just like oh this sounds kind of interesting I kind of want to get to more information how what would you say will be the first steps for someone to get started with like any any of the investments that that you say like let's say like the most the one that you usually have have had. So let's say the 1 you've had like the most success with right? which is the the real estate and everything that you've been talking about how would someone go I didn't get started with that like said someone is fresh. They're clean. They have they've they probably never even heard about real estate investing except up to this point. How? how would this person then just say okay, what? what What would you tell them like what is step 1 step to step like just Giveway how would they get started with with this.

01:10:47.80
Chris Odegard
Okay, well well again, this is gonna this is gonna sound like a a shameless self-promotion but I would recommend that they get my book which is called get off your a dollar sign dollar sign and manage your money subtitled why you need alternative investments and in that book.

01:12:53.60
motivategrindsucceed
Ah.

01:11:23.60
Chris Odegard
A lot of it will walk them through a little what we've talked about but in more detail of why these investments are so superior and so I think you've got I think they've got to get themselves convinced that this path is better and that's what I aim to do and I do it by using atm machines as an example. and and I do the math on my Atm investments and I go through all these the returns the taxes I talk about it generally. But then I say here's my real life example and then um, this is ah because like we talked at the beginning some people have never heard this before and most people's in.

01:14:24.40
motivategrindsucceed
Right? yeah.

01:12:40.20
Chris Odegard
People don't like change so you know if if I'm the first person that they've ever heard say this the the natural inclination is to say I've never heard anybody talk about this, you must be crazy. Everybody else has to be right? How can you be right? and everybody else be wrong. Well so anyway the book will help.

01:14:43.40
motivategrindsucceed
Um.

01:13:15.78
Chris Odegard
Get them there and then because because up to this point and in ah in a young person's life. All you've heard about is four 1 k's mutual funds stock market. Um, so you have to ah. Since that is the stuff that just normally comes to you through the the except for people who are smart enough to to listen to your show. You know that's that's what they naturally hear turn on the television listen to the radio the ads that pop up on your computer so you've got to start listening to different podcasts. You got to start reading different books.

01:15:37.88
motivategrindsucceed
Yeah.

01:14:20.44
Chris Odegard
And I would recommend that you join some type of a real estate club or association or mastermind group and you know basically we become what we think about so you got to start pushing this new information into your brain and that checklist that I talked about that's available for people that buy the book that kind of walks you.

01:16:10.84
motivategrindsucceed
Oh yeah.

01:14:59.40
Chris Odegard
Steps you through this process and then at the end of that process. It's like okay then you're ready to go out and try one of these investments and you've probably by that time decided oh you know I like this single-family rental turnkey or I really like cryptocurrency. Or I want to look at cash value life insurance or you know what? I love I love self-storage you know everybody needs to put their excess stuff somewhere. That's what I want to invest in so there's not kind of the problem is ah you know if you're in the in the conventional world and you would ask me this I could just give you. Ticker symbols for 5 things that are on the stock market and you could go pick. You could go buy them tomorrow. It's not that easy in this environment. So. It's kind of a difficult answer to how you get started which is why I wrote the book and why I put that that kind of like action. It's actually called an action guide in there to help.

01:17:58.24
motivategrindsucceed
A.

01:18:25.18
motivategrindsucceed
Got a guide so guys check out the book I mean here he was are hes already. He's already saying like check out the book like a a there it is there. It is all you all watch it on Youtube you know there there it is right there take your screen shots say whatever you got to take right there.

01:16:40.42
Chris Odegard
Lead people down that path.

01:16:49.56
Chris Odegard
There it is there. It is. Ah, yeah, you know you know and it's ah it's only ah, it's a hundred and twenty pages it's got lots of ah lots of color pictures and graphs in here. You can read this book and you can read this book in 2 hours this is ah you know? ah.

01:19:08.16
motivategrindsucceed
Oh look at that see.

01:17:37.90
Chris Odegard
The benefit of my experience boiled down to 2 hours and 120 pages

01:19:26.70
motivategrindsucceed
Yeah I was about to say like it's like it was like around a hundred or so pages I want say that's like a 1 to 2 hour read guys like that's that that's like nothing and then and as you also said you can get the book. You can go to the masterminds which again if you if you heard me in past episodes guys I completely vouch for the masterminds now I'm not in any.

01:17:52.46
Chris Odegard
Yeah, exactly.

01:20:01.54
motivategrindsucceed
Real estate masterminds. But I have attended ah of a mastermind or 2 in the past and man those man those things are fantastic. Okay, when you get everybody who's like like-minded just like you and and things that you want to accomplish and you get all those people in a room together and they all just talk. And you're exchanging ideas. You're bouncing things off of 1 another. You're connecting your networking you doing all these things it is a it is an amazing. It's it's probably I'm telling you. It's like the healthiest drug you will ever be on in your life cause once you attend 1 you're just like I gotta go to more I gotta go to more I gotta attend more I gotta get more information right? So masterminds. Definitely good. There's blog posts. There's podcasts. There's all all kinds of information out there right? and I know you also touched on cryptocurrency which is one thing I actually want to talk about right? like cryptocurrency. First of all is do we do you see cryptocurrency as conventional or do you see it as alternative.

01:20:00.80
Chris Odegard
I see it I see it as I see as an alternative I mean at some point at some point um and we'll just take the big. The big daddy of cryptocurrency at some point bitcoin will be ah as easy to buy as as a stock you know it's It's getting closer and closer to that. So it'll.

01:21:48.66
motivategrindsucceed
And I was um cut. Okay.

01:20:37.32
Chris Odegard
Ah, be but it it but I consider it an alternative and some people even say it might even be its own its own asset class. But yeah.

01:22:33.50
motivategrindsucceed
Yeah, cause I was actually curious ah of your take on that because I was like cause that's that's funny that you brought that point up because now I'm just like yeah I mean if I go on like Robin hood or I go on any kind of like exchange for cryptocurrency I can literally just go on and just buy a bitcoin or a share of bitcoin or all these different kind of. All these different kind of things. So yeah I do agree. It is definitely getting more and more towards those like ah you you could just buy it just because and I and I want to say I'm not saying for sure but I do want to say that I think because it's reaching that stage more and more and more that also might be a contributing factor. As to why if you've been watching the price of these cryptocurrencies. Why it's probably been tanking the way it has now because I know when I was when I first was hearing about bitcoin everything I was I was back in college. And I was hearing everybody was talking about oh bitcoins are like 5000 and it just kept going kick going up like exponentially to what what was its max I think it was like 68 or $70000 for like a coinna at 1 point in time and now I just I just checked it a little while ago and I think it was right around like like 28 now 28000 I'm just like man this is take.

01:22:40.76
Chris Odegard
Yeah, right? yeah.

01:22:55.40
Chris Odegard
Yeah, yeah, it's it's it's it's it's so it's a buy. It's a buying opportunity.

01:24:48.70
motivategrindsucceed
Yeah, yeah, that it is that that it is absolutely especially since it since now now we know you can consider it like more of an alternative than yeah, it's definitely a buying opportunity but you know we have to do we have to do hold on of the. Put this disclaimer out there guys. This is not financial advice. You know we we are not financial advisors here. We're just simply talking about finances so please don't go and say Chris and Rashaw set to go buy some bitcoin because it's at $28000 right now. Okay, just making that note all right? Cool. So now we got that disclaimer out the way so do have to make sure nothing know that.

01:23:31.36
Chris Odegard
Thank you? Ah, yeah, yeah.

01:23:49.52
Chris Odegard
Yeah, yeah, yeah, yeah, and and and and that stuff is very volatile and very risky you know so it's something you need to just you know every I. I Think everybody needs to have a percentage of their portfolio. That's for the Grand Slam The home run you know and but you you don't want to go and put all your money in there because this is something that you could that could all be lost so you want to you want to kind of make small investments in those places where one investment that's a home run could change your whole life but you can't risk.

01:26:17.24
motivategrindsucceed
Yep.

01:25:00.32
Chris Odegard
You know your whole whole portfolio. So be careful.

01:26:46.94
motivategrindsucceed
Absolutely yeah and I don't I'll just put I'll put a little bit of ah of my business out there this a little bit I was invested in doish. Yes, yes I know love love it or hate it I was invested in doish for a little bit but it was only with expendable income. So so you don' so so hold your horses there but but. But I was I was I was invested in doge for a while and I was in there when it was I think it was I think I bought in when it was like point zero zero eight cents and I pretty much rode the wave all until it was a I think it was hitting like seventy something cents right I was riding it all through up there and I was thinking Doche Quin's gonna hit a dollar doe who's gonna hit a dollar and then the. Infamous thing when Elon Musk came on Snl and said doge coin is just a hustle I was like oh no, that can't be good and the second he said that I went on I went and checked checked my portfolio and I saw doge coin tanking I mean.

01:26:21.22
Chris Odegard
Yeah, look back.

01:26:37.72
Chris Odegard
Yeah, yeah.

01:26:48.42
Chris Odegard
Um, for a right.

01:28:41.20
motivategrindsucceed
Hanking it went from ¢70 in one day I think the next day it was probably training around like ¢30 or so and it was insane. The amount of people that were trying to pull their money out and I go like I did too I pulled my money out and I just cut some of my losses but but a like I'm saying.

01:27:20.12
Chris Odegard
Great.

01:29:13.94
motivategrindsucceed
Again, that's I'm saying again. This isn't financial advice I'm saying it's because like I said no one's gonna know what's gonna happen to to bitcoin Liteco Ethereum whatever you're invested in I'm just saying that because again Chris was saying here that it's extremely volatile right? And even though it's an alternative investment I bring up this point to say you want to invest in it. From from my from my experience with only like expendable income or and or income. That's you're not afraid to lose right? so.

01:28:18.52
Chris Odegard
Right? right? And and that you know that whole, but that whole thing that the whole thing you described with Elon Musk and the tanking of the the price of Doge Coin that's not limited to cryptocurrency that happens in the stock market all the time and that's why I don't want to be there I mean you know you have that you have this stock and you bought ah you you. You looked at it and and you said this company's got great fundamentals I like their product. They got a strong future and then some some celebrity or some politician or somebody makes a statement and all of a sudden the value of your investment tanked. Nothing is changed with the underlying business fundamental. So the stock market. Is disconnected. You know to the performance of the underlying assets and I don't want to invest in a world like that. So anyway.

01:31:28.12
motivategrindsucceed
Absolutely because because I mean if come I'm pretty sure you also heard about since you're in the finance world and this is like like your life and everything I'm I a gamestop. Yep there I was just I was literally just see see around like the same wavelength theory I was just about to talk about that. Just now.

01:29:57.20
Chris Odegard
You got to talk about Robin Hood and what oh oh gamestop? Yes, yeah, ah yeah.

01:32:05.74
motivategrindsucceed
I was like yes. so so I mean you so you know what happened when when the when the game stopp and Robin hood thing came out right? like it was it was going up. It was going up and then it was it was going to insane amounts of money and people were actually making life changing cause I was all over over the Reddit Page he's just kind of investing it I was never vested a game stop doing that whole thing but side point. But. But I was I was reading everything I was seeing what was going on and I was seeing people were actually making life changing sums of money and it was insane and I was genuinely happy for them. I'm like yo people are investing thousands of dollars and they're getting tens. So even hundreds of thousands of dollars they can just pull out and that is life changing for some people they could pay their bills. They could pay off their debts.

01:31:06.60
Chris Odegard
Um, pray yeah.

01:31:27.10
Chris Odegard
Yeah, right? yeah.

01:33:20.12
motivategrindsucceed
They can get their new cars and new houses. They could put their children through college. So many things were going on and I was like yo this is this is great for some people and so then when they got to that point and everywhere was trying to sell at 1 time then the big boys.

01:31:38.12
Chris Odegard
Yeah, right? yeah.

01:33:46.40
motivategrindsucceed
Big boys up here that were pretty much of a thing would thing was citadel right? I Think as the people who like robinhood's reporting to they were just like yeah we don't no we were. We're not selling the shares hold onto the shares. Let them all drop down and people were losing money left and right and they were just unable to sell and I was like oh no, that's not good and people lost.

01:32:28.50
Chris Odegard
Yeah, right? yeah.

01:34:25.40
motivategrindsucceed
As quickly as they got all that money they they lost it and I and I was like man that that is messed up so messed up and it just goes back to what you were saying before like with the stock market and everything like yes, you have the capability of course that's like a once in a lifetime thing that that happened but of course you have the opportunity. To make this kind of money in the stock market but at the same time if something crazy happens and you make like these this ogobs of money. It's still not really your your money if if you kind of if you kind of see what see what I'm saying if you're kind of picking up what I'm putting down here. It's not quite yours because there's still people. That are profiting off of the money that you're putting in right? which is why which is why you're saying and go back to your alternative versus conventional if you go with the stock market which again you can do I mean even you yourself said you put some money to the stock Market I put money into the stock market but it's just a small fraction of the pie to borrow your words says a small fraction of the pie. Of everything that you have holistically. So So again, all the information you're bestowing on sea How I'm learning I'm I'm trying I'm um, I'm learning to hear all the information everything like yeah it it is Stock Market. It's fine if you want to put money in Sure. Go ahead I mean it's there. You could do it what you do but understand that it does come with risks right. Everything you do comes with risk just a matter of risk versus benefit cost benefit analysis How how much are you willing to risk for this potential reward over here. So I just wanted to make that point.

01:35:27.88
Chris Odegard
Yeah, well and that's and that's you you know what? you what you asked earlier. Well about isn't this is ah isn't this alternative stuff risky. Well, it's got risk like any other investment but you got to you got to balance it. It's got you know I in in the I created something Actually it looks like this.

01:37:30.52
motivategrindsucceed
Yeah.

01:36:02.14
Chris Odegard
And it's in the book and you can download this from the website. It's called the hi ah hierarchy of investors and all these all these things here there's I compare alternatives and conventionals across 13 different categories and alternatives beat conventionals in. Ah.

01:37:48.22
motivategrindsucceed
Ah, okay.

01:36:41.60
Chris Odegard
Eleven eleven eleven or 12 of of the 13 So it's like okay, where do you say? where's the risk the risk to me is being in the stock market and the only the only benefit that the stocks and bonds have over alternatives is their liquid meaning you can buy and sell them instantly.

01:38:32.34
motivategrindsucceed
Wow.

01:38:59.22
motivategrindsucceed
N.

01:37:18.16
Chris Odegard
Most alternatives are not that liquid. So That's the disadvantage the tax advantages. The great returns. Um, you know all the other the ability to use Leverage those are all with the alternatives. So yeah, you like but the the advantages are just so Overwhelming. Um. That that I'm like why would I be over here. You know on the other side.

01:39:39.44
motivategrindsucceed
Right? Yeah honestly and honestly even with that too. You can even mitigate those risks if you literally just do enough research and like you said before getting those blog posts podcasts Books Shameless plug.

01:38:17.44
Chris Odegard
Um, right? A yeah.

01:40:07.92
motivategrindsucceed
Have have the books and everything and you get in those masterminds and you learn from other people's um, mistakes and you learn their lessons. You can mitigate a lot of those risks simply by just doing that and so and also you won't know how much how much like I will I would even for lack of a better word. Fun and enjoyable. These things can be until you literally just dive into it right? like I like even just what I just was real quick I think you wanted to say something right? there.

01:39:01.46
Chris Odegard
Yeah, and. Oh ah, yeah, you know there's a there was a there was a famous businessman. He's he's he's dead now but he was a a businessman and and later in life. He became you know a very prolific speaker and writer and his name was Jim Roan R O H n and if anybody i.

01:41:25.80
motivategrindsucceed
And.

01:39:49.58
Chris Odegard
Sty still listened to his stuff today. But I think it was Jim Rome that said you know your income is about the average of the 5 people you spend the most time with as we were talking about changing what what goes into your brain. So the next time you're sitting around a group of people and you're talking about football barbecueed beer.

01:41:53.90
motivategrindsucceed
Yep.

01:42:09.20
motivategrindsucceed
Ah.

01:40:27.16
Chris Odegard
You might you might you might go you know is this group of people. You know what? you don't what you never want to be is the smartest guy in the room. You know if you're if you're the smartest guy in the room. There's nobody there helping to pull you up. So what happens with these masterminds and go into these conferences. All of a sudden you're in you're in rooms with.

01:42:23.80
motivategrindsucceed
That means you're in the wrong room. And.

01:41:03.44
Chris Odegard
With multimillionaires and people that are where you want to be and and just by being around the conversation is different and and today you know I'm on Zoom calls every week with mastermind groups like this and we're talking about what's going on with investments. What's going on with taxes. You know how are we going to change if this happens and so you know, ah you know I'm I'm raising my intellect and and and also my income by by being around all these people.

01:43:39.60
motivategrindsucceed
And that's also kind of why I do this podcast as well cause I'm trying to bring this information out to more people so that they can understand at the same time that it's helping other people. It's also helping me as well because a lot of these things like I've I've already had gotten more information in this like like fifty or so minutes that we've been talking already. Some things that I probably would have been taking probably days and weeks just to find out and figure out on my own and now I've already understood in 50 minutes or so and again with the mastermind thing too. I want to say some people is for the people that are probably thinking about going to a mastermind or on the fence. Just do it.

01:42:35.48
Chris Odegard
Right.

01:44:50.84
motivategrindsucceed
Like literally just just take that action I know I say it every single episode or every single time you'll hear me, but it's true. Take the action and just do it. Trust me, you're gonna learn something you're gonna get some enjoyment out of it. Okay, trust me on this, you're going to get something out of it because like like you just said Chris when you go into those things and you're not the smartest person. There. Yes, it's intimidating. Not gonna lie to you when I went to the mastermind I was a little bit intimidated before I put it before I click the button saying saying purchase my ticket I was like oh I don't know man cause I already know who who's gonna be there I already know what he's gonna be talking about and the people that are gonna be there. You know they have businesses and I'm over here just starting my podcast at the time like I don't really have much to bring to the table for these people and what was funny. What was funny was that these even though I had just started the podcast right? and I just started I was just kind of get into the groove everything these people who were making these like.

01:44:20.14
Chris Odegard
That.

01:46:36.32
motivategrindsucceed
6 figures plus in businesses were asking me questions about my podcast and about how about about different tips and tricks that they can do to kind of help themselves get into that avenue and they were sharing tips with me about how they got to where they were and it was absolutely mind blowing and I was like.

01:44:56.28
Chris Odegard
The.

01:47:13.68
motivategrindsucceed
You guys here are making like five hundred six hundred seven hundred million dollar years here and I'm over here c 8 maybe pennies on the dollar and you all are asking me for tips and advice I was I was I was blown away and I was like I was like this kind of camaraderie amongst people it was I'm telling it was it was a healthy amount of intoxi.

01:45:35.32
Chris Odegard
That Yeah, with right? Yeah, yeah, that.

01:46:04.92
Chris Odegard
Yeah.

01:47:53.48
motivategrindsucceed
So I'm not again I sound like I'm like head over heels for masterminds because I mean I kind of am but but they're extremely helpful and valuable resources that you can go to and so.

01:46:25.42
Chris Odegard
Yeah, you know and most and most most successful people are more than willing to share what they know and help other people you you said something you know about being uncomfortable. Yeah, and guess where success lies outside your comfort zone. Ah, but.

01:48:36.90
motivategrindsucceed
In the absolute I have an episode titled that growth growth happens. That's like you comfort zone I have an episode it titled that yes have absolutely.

01:47:02.52
Chris Odegard
Awesome! Oh my gosh. Yeah, honor's something else I was gonna say and I forgot where it was ah yeah, hey it'll come to me. But yeah and and and you and you know you you and and the.

01:49:09.40
motivategrindsucceed
Yeah, that that's that's quite all right? so.

01:47:38.38
Chris Odegard
You know the people that I have met and the friends that I have from going to all these places you know listening being being on the masterminds on you know on Zoom calls as well as you know traveling I was just in Arizona you know I love it when we get in person and you know we have the happy hours and and there's you know there's always. Presenters and all this stuff but the real magic happens actually in the social hour. You know that happens in the evenings you meet these people you have discussions you collect a business card. You make a friend you make a ah you know a future business partner and matter of fact, I'm I'm got a new business idea going and and and and it's nice. It.

01:50:04.38
motivategrindsucceed
A.

01:48:52.84
Chris Odegard
A guy that I've met through 1 of these groups. He and I are kind of going down this path. We'll probably do it separately. But we're going down this path together doing the research we're we're talking every week where I've got to do some travel visit a couple couple things and and this and you know even after we get started I'll have we'll be ah, we'll be going down the same path and. Even though we're doing it separately I can see us tagging up on a regular basis. You know how's it going with you I'm having these problems what what are you seeing? So yeah, it's a lot of fun.

01:51:16.46
motivategrindsucceed
1

01:51:28.66
motivategrindsucceed
Absolutely and then but right before we covered coming up on timing. But right before we close I do that did remind me of a saying that says if you want to go fast. You go by yourself. But if you want to go far. You have to go together and that's that idea that you need that collective amount of people like yes I understand.

01:50:10.80
Chris Odegard
Yeah, yeah.

01:52:08.40
motivategrindsucceed
Some things you just want to just do by yourself and there there is a time and a place for that. But if you really want to push the bar and push the boundary you have to have to have to have to lean on other people because where where I have a strong suit Chris you might not have that strong suit. and where you have a strong suit I might not have that strong suit so therefore we're leading I mean this this podcast is a great example with this episode. My strong suit is not in the knowledge of these finances but yours is and so now we're exchanging information here. It's literally that kind of same thing. So when you guys are going out and you're networking and your you know you're shaking hands and bumping elbows and trading out the business cards and everything and this is exactly what it is. You're just talking to this person getting to know them a little bit and then you're just kind exchanging. What do you do? Ah, what do you do? and then that conversation starts conversation ensues. And now there you go now you have as long as you then then nurture that you now have a growing connection. You have a growing friendship. You have a growing network. It's really not that that difficult when you really think about it just but you have to again put in the work and take what's the word action and actually do it. Otherwise you're not going to get any of the fruits of anything that we're talking about.

01:52:34.40
Chris Odegard
Yeah, you know there's There's a common I know what I was go to say when you were talking about how these guys were asking you things you know if you go through a life and you assume that every person you know probably has has some knowledge that you don't have and probably are smarter than you in one area.

01:54:55.72
motivategrindsucceed
It true, very true because that that yeah that goes back to what you were saying before with with the you know if you're with the smartest person in the room you're in the wrong room right? You need to go you to go to another room where you're not the smartest and because I ah forgot who said it.

01:53:11.22
Chris Odegard
You're probably going to be right? most of the time. So ah, so anyway.

01:53:28.62
Chris Odegard
Yeah, exactly.

01:55:28.94
motivategrindsucceed
But I'm not gonna say credit for it. I forgot who said it but they were saying it's it's similar to that aspect. But they're saying like if you're like the highest earner in the room right? Everybody you're you're in a mastermind or you're in a group people that earn from maybe a hundred thousand dollars to $999999 and you're at the peak you like the top you're the number 1 person in there. It's time for you to go to the next tier up where they make 1000000 to let's say $10000000 so now now again, you're at the bottom right? you you went from being at the top now being at the bottom which a lot of people don't want to do because it comes back to that.

01:54:36.66
Chris Odegard
Um, right.

01:56:36.58
motivategrindsucceed
Discomfort right? You're comfortable here you like being here you like being at the top and like oh this is a nice view I like being up here I'm doing my thing but you're not gonna continue to grow and you're not gonna continue to better yourself until you until you take that that humbling pill and then go back to that like.

01:55:05.98
Chris Odegard
Spring. Yeah.

01:57:08.82
motivategrindsucceed
Okay, now I'm only here and now I'm looking up there to those people who are making like 10 times the amount of money I'm making learn what they have so I can then learn learn or rather learn the skills that they have learn the the aspects of what they're doing so I can go up to that level and you just keep doing that and it's just a lifelong thing of just k cause like you said Chris. There's always gonna be somebody out there who's better than you always have to have that mindset and whoever I'm talking to. They have something something that I don't know and that's just gonna help and I have something that they don't know and and that's and that's where the networking that's where the exchanging information.

01:56:07.62
Chris Odegard
Myth. Yeah.

01:58:20.50
motivategrindsucceed
That's how it all comes through and that's how it all comes to fruition. So thank you Absolutely team sport. Awesome! Yes, so we're coming up on time now and so I ask the the guests the the same questions at the very very end of the show So question number one let's say somebody just just woke up right? They just woke up.

01:56:38.22
Chris Odegard
Yeah, it's a team sport.

01:58:57.50
motivategrindsucceed
They've been ah, they've been asleep for the past fifty nine and a half minutes they just woke up. You know, wiping the saliva and everything off the side of their lips and they're just like oh my gosh. Oh I got to the end of the episode but I don't want to go back and listen to this entire out which you still should but I don't want to go back and listen to this entire hour episode. What is 1 thing that you could leave with the listeners as just like.

01:57:21.20
Chris Odegard
Ah.

01:59:33.94
motivategrindsucceed
Here's what I want to leave with you if you take nothing else from this episode here's what I want you to walk away with or it could be more than one if if you.

01:57:56.70
Chris Odegard
Well, that's a tough one? Um, yeah, you know, um I would say you have to embrace change right. If if if you want if you're trying to get somewhere in life If you're trying to better yourself that that that represents change and you have to love that and embracece it and even if you don't love It. You have to move you have to move toward it move through it move past it like we said you know success lies outside your comfort zone. So it's It's all about it's all about changing and there's a., There's ah, there's a saying that's a false saying that knowledge is power and you've been., You've been saying it indirectly knowledge is not power knowledge connected with the action is the Power. You could have all the knowledge in the world I could have a bookshelf full of business books and success books and if I never took any action.

02:00:56.48
motivategrindsucceed
Um, okay.

01:59:34.10
Chris Odegard
That knowledge is useless. It's just it's not helping anybody.

02:01:21.40
motivategrindsucceed
Absolutely that that is definitely true I do hear that saying a lot like knowledge is power knowledge like you said knowledge applied so we should probably instead of saying knowledge is power applied knowledge is power like like you say you, you could just sit on. You can have a whole bunch of wisdom in your head. But if you're not telling anybody not acting on it.

01:59:56.70
Chris Odegard
There you go there, you go.

02:01:59.51
motivategrindsucceed
It's it's as good as if it wasn't even there in the first place. So so absolutely and so the last question I got for you um, call to action. What do? what do you want people I know you've been probably mentioning it. You know, ah you've been mentioning it throughout throughout the episode but this is your time to do one more shameless plug or whatever you want people to do where do you want people to find you on the.

02:00:15.52
Chris Odegard
Exactly right.

02:00:41.80
Chris Odegard
Ah.

02:02:36.94
motivategrindsucceed
On the worldwide interwebs. What do you want them to ah to read wink Wink Nudge nudge when like what do you want people to do after this episode and what what action steps. Do you want them to take.

02:00:57.30
Chris Odegard
Yeah, yeah, yeah, so yeah, so for anybody who who heard this and and is going to them themselves. Oh my gosh I've never heard that before I never I'm going to embrace this change I need to learn more and move in that direction. Want you go to my website at http://theprolificinvestor.net that's the prolific investor dot net and there's a handful of ways that you can interact with me there. You can take the conventional wisdom quiz There's a 10 question quiz that you can answer and you'll get kind of an idea about how stuck you might be in conventional wisdom versus alternatives and that's okay, it's a starting point. There's a link there to pick out my book which just came out last october so or November um you can. There's a coffee cup in the middle of the of the page where you can book a free 30 minute virtual coffee with me I set aside Thursdays on my calendar. So if you want to? It's 1 thing to you know. Um, somebody talk you if you want to have an interactive conversation with me I love talking with people and then and then the articles I would have go read the last blog article which is number 46 which is the 3 ways comparing the 3 different ways to get started in real estate and also on the references page I've got all kinds of books podcast. Different investments that I've done turnkey housing providers syndicators. So I put a lot of stuff out there and all the social media icons are on there. So if you want to see me showing off with one of my corvettes or motorcycles you could follow me on social media. You know and say I want to be like that guy right? but.

02:05:42.76
motivategrindsucceed
All right? You all heard all that and that's a lot of information but don't worry guys as usual, it will all be in the episodes description. You can all go check it out but check it out on your own time and I'm definitely gonna definitely gonna be getting me a copy of that book because I'm definitely intrigued by everything. So thank you Chris.

02:04:02.52
Chris Odegard
The first.

02:04:26.20
Chris Odegard
Appreciate that. Know it.

02:06:21.14
motivategrindsucceed
Coming on the show. We greatly appreciate it. Thank you for all the wisdom you've bestowed to us today in this hour and I really hope you got not even hope I know you guys got some kind of value out of this episode. So if you did do me a favor share this episode with somebody. Absolutely share this episode with somebody. This was a value packed value jammed episode and I need you guys to share this with people because this is an absolutely fantastic episode you guys if it's up to you guys I can only do so much right? I can only do so much and like I said I can only do so much going fast here. But. If we want to go far and share this information with more people we have to do it together. Group effort. So again, thank you Chris so much for coming on the show. We oh absolutely and to all the listeners you all know I love all you guys and I will see you all when I see you all in the next episode.

02:05:53.56
Chris Odegard
Thank thanks for having me on. It's my pleasure.

02:08:05.20
motivategrindsucceed
Take care peace.

02:06:20.94
Chris Odegard
Like.