-Wealth creation beyond real estate with Brian Fouts-
Who is Brian Fouts?
Brian started doing the same things everyone else does… IE college, got a job, put money in his 401K. Then 2008 happened, and Brian lost almost 1/2 his investments. After that he decided to get in to Real Estate and take the bull by the horns. He started in SIC from the beginning and learning from the people in his network. Brian started in Real estate doing subject too deals. From there Brian was doing everything from wholesaling, flipping, and out of state buy and hold deals!
Joe – How Did Real estate lead in to your next ventures?
Brian – Speaks on the teaching aspect of Real Estate. Brian started realizing that when people get in to investing they are unclear on what there trying to do. The skills necessary to start in a certain niche of real estate typically didn’t match people’s personalities, or end goals.
“A lot of people were getting in to strategies that didn’t meet who they were as a person, there personality, there skills, or resources so I became passionate about helping people do that” –Brian Fouts
From there he started getting interested in outside investments like oil, gas, websites, debts, private lending, and online marketing. He ended up acquiring a business called the Elevation group
A business that helps bring the wealth strategies of the ultra-wealthy, to the middle class.
Julie – You are one of the guys that when we are thinking about an outside business we call you. As a person that learns outside things quickly…. a sponge. How did the elevation group become the thing you wanted to focus on?
Brian – Speaks on the shiny object syndrome. A lot of people don’t continue until they have success. I try to stick with something until I learn it, from there I move to the next thing I want to learn.
That’s how I started learning all these different strategies, and eventually got started at the elevation group.
Julie – Speaks on the elevation group falling in his lap, and how it was an opportunity that opened up to him from always putting himself in a position to learn from other people.
Brian – in Real estate it was never about how good I was at something, it was who I knew.
The law of 1/3, 1/3, 1/3.
Spend 1/3 with those you can help elevate
1/3 those that think like you, or mission as you.
1/3 of those who are where you want to be, or who you want to learn from.
One of the biggest things I’ve done that has made me the most wealth…is my network.
Your network is your net worth has been very very true.
Julie – Is it good to make it your goal to decrease the degrees of separation of a certain person you would like to network with? Or becoming aware that you would like to grow in that area?
Brian – There’s 2 ways of going about it.
#1 – get out there and start doing things. If something is uncomfortable, get out there and do it.
#2 – Start to push those boundaries as much as possible and get out of your circle of influence as fast as possible. Your current circle of friends is your comfort zone, push past that and in to new territory!
Julie – Speaks on an elite group of investors called Collective Genius relating it to a group that her and Joe are wanting to get in to.
“Be very clear, you don’t get what you don’t ask for” – Julie Clark
Brian – Speaks on losing money on real estate due to not having a clear set of rules, or outcomes.
When you get in to investing it’s prudent to know what you want and ask yourself;
If it was 3 years from today and I was looking at the past three years, what would I have to accomplish to make myself happy?
Understand strategy, outcome, and rules.
Rules are meant to be followed.
“If you’re not following rules, your following emotion and if your following emotions you will lose. ” – Brian Fouts
2 things happen when people become emotional
1 -Opportunity cost, and they ignore other things that they could be working on.
2– People stop filling the pipeline of deals, which is the life blood of real estate.
Julie – What are your insights in to investing in other classes of investments, how deep of a knowledge do you need to have, do you need to quit your day job?
Brian – It depends on the level of risk that your willing to take. Brian speaks on bitcoin and the craze over it, and seeing people jumping in without understanding what it is.
Look for people with a track record. What have they paid to the market for there education? What have they lost?
1 big lesson – Be the one in control of your investments. Be conscious of your investments, when giving up control …be aware that you are giving control up.
What’s the one thing that we all control, and you never get back? Time!
“Time is the most valuable asset you control.” -Brian Fouts
Julie – Relates having control in Real Estate by getting your broker’s license when you begin to give yourself control of leads, commissions, and more opportunities.
“Don’t ask how you’re going to get paid now, ask how you’re going to get paid for life?” – Brian Fouts
Julie – Speaking on changing the mindset of being a fee-based investor to being an investor that is looking for deals, that pay them for life.
Brian – How often are you giving up your time, are you paying someone to take your time?
Cable is an example of someone you’re paying to have your time taken from you.
Getting control of your time is the most amazing thing you can experience in life.
That’s why people who work time for money look forward to the weekend! It’s the one time that they have control of time.
The best thing you can invest in is yourself.
Brian – Speaks on thinking bigger than you currently do. Always think bigger than you’re currently thinking, you can always think bigger. Think of things that excite you!!
Julie – Do you have more information on what you do at elevation group?
Brian – We bring strategies that help people get more education on wealth generating tools for the middle-class people, so everyone can learn to become wealthy. We have courses on real estate, banking, crypto currencies, and much more. You can visit Elevation group at the link provided.
We hope you all enjoyed this podcast full of time hacks, investment strategies to think about, but most of all some great life strategies to help you grow faster!!
Thank you Brian for being on the show!
Thank you everyone for listening!