Financial advisor and former HGTV personality Chris Naugle joins Brian on the show today to talk about wealth building. Chris shares his story of success, failure, and the lessons he learned from those failures to get to where he is today. He shares strategies he learned from his own experience as a financial advisor and real estate investor and provides actionable items on how you can start having your money work for you.
Key Takeaways:
[1:30] Chris’s story started before he actually got into real estate. His dream was to start a clothing line and open a store; to get the money he needed, his mom put her house up as collateral. In between that and where he is today, he became a pro snowboarder, opened a chain of retail stores, became a financial advisor, and finally ended up in real estate.
[5:50] Chris has tried several different outlets in real estate, and while he has been very successful, he recognizes the importance of what we can learn from our failures. There have been some times during his career that he’s taken on an opportunity, but it didn’t turn out the way he planned. Each failure has brought him closer to success.
[9:15] Chris started in real estate in 2006, but really hit his stride a few years later. He had been buying and flipping properties using the conventional way until a real estate seminar opened his eyes to what he could change in his process. He learned that what the wealthy were doing was the exact opposite of what he was doing.
[11:45] Chris had been using conventional financing as well. One of those most important lessons he learned was the wealthy investors mimic what banks do: they keep their money in constant motion. Instead of asking for money, they create opportunities to use other people’s money to solve their problems. This is now what Chris speaks about across the country — how money actually works.
[15:55] After they saw another TV couple speak at a summit, Chris and his wife had the idea for a TV show where their demo crew would use the debris from a flip to make skateboard ramps, and do a stunt/demo show. After a four year journey, it eventually got picked up by HGTV for a six-episode run. The show is currently tabled, and they’re still under contract but not currently airing anything. Even though that door is sort of closed, it paved the way for everything he’s doing now.
[23:50] Because of the show, Chris now has credibility on a national level. His story got him on stages, and he is able to share not only the story of HGTV, but he is also able to talk about the things he learned during his career as a financial advisor.
[26:20] Some of the topics he talks about now are IRAs, infinite banking, and other wealth strategies like hidden equity. These strategies help the money we work for work for us. If you have money you’re sitting on, maybe look into investing it into something that will make you more money.
[32:30] The key thing is putting and keeping money in motion. Chris talks about financial knowledge being what brings people who have money and people who need money to make money together. One actionable step you can take to start putting your money in motion is to create an opportunity to pair up people who have money and want to make more with people who need money to make more.
[34:55] If you have equity, you can take a home equity line and use it to pay off credit cards, and you can start paying off other liabilities. Once you have no liabilities, you can then invest in others who need money. Chris also talks about some ways you can utilize your 401(k).
[39:05] You can look up Chris Naugle on all social media platforms, and follow the links below to receive a free copy of his book and learn more about his work.
Mentioned in This Episode:
Meetings
Daily REIA Show
REI Facebook Page
Brian’s Book
Watch the Show — Risky Builders
Free Copy of Chris’s Book
Chris’s Website
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