In this episode, Kirsten Flory discusses effective strategies for building wealth, focusing on three key areas of income: primary job, long-term savings, and passive income. She emphasizes the importance of creating passive income through skills, online sales, and real estate investments. Kirsten shares personal experiences with utilizing home equity and refinancing, highlighting how to leverage home ownership for financial growth.

Key Takeaways:

• Building wealth is a common concern, especially among women
• Focus on three areas of income: Primary job, long-term savings, and passive income
• Passive income can be generated through skills, products, or investments
• Selling online is a viable way to create additional income
• Real estate can serve as a powerful passive investment strategy
• Understanding home equity is crucial for financial growth
• Asking questions is essential in the wealth-building process
• Refinancing can lower monthly payments and provide funds for investments
• Investing in a home can be a first step towards real estate investment
• Wealth building provides choices and opportunities for creativty and community support

Kirsten Flory is the President & CEO of Foundations Commercial Real Estate and host of The Small Business Mindset

www.kirstenflory.com

Jeremy Ames, CEO of Guidant Financial, shares insights on helping midlife entrepreneurs leverage retirement funds to invest in businesses. The discussion covers the evolution of Guidant Financial, the intricacies of self-directed IRAs, and the challenges faced by business owners. Jeremy emphasizes the importance of understanding financial options and the unique needs of clients looking to transition into entrepreneurship later in life. The discussion also highlights innovative business ideas the necessity of embracing uncertainty in the entrepreneurial journey.

Key Takeaways:

- Jeremy has helped over 30,000 entrepreneurs start businesses

• Self-directed IRAs can be used to invest in businesses
• Many clients are unaware of the potential of their retirement funds
• The business model evolved from real estate to supporting business investments
• Clients often have significant life experience and financial obligations
• The success rate of clients is higher than average due to their backgrounds
• Understanding the legalities of business investments is crucial
• Clients often combine retirement funds with other financing options
• The emotional and financial challenges of transitioning to business ownership are significant
• Many individuals feel unfulfilled in their current jobs but hesitate to take risks on new ventures
• Clients come with varying levels of readiness and understanding about business investments
• The gender disparity in entrepreneurship is notable, with more male entrepreneurs than female entrepreneurs
• Having greater cash reserves often correlates with business success
• Testing business ideas on a small scale can lead to significant opportunities
• Delegation is essential for business growth and efficiency
• Entrepreneurs must embrace uncertainty and be adaptable in their journey

Kirsten Flory is the President & CEO of Foundations Commercial Real Estate and host of The Small Business Mindset.

www.kirstenflory.com

Why do we need non-negotiables as part of our business? In this conversation, Kirsten Flory discusses the need for clarity on what one is willing to accept in client relationships and the significance of defining personal and business missions and values. The discussion also covers the necessity of having hard conversations, effective negotiation tactics, and the importance of trusting one's gut feelings in business decisions. These are valuable tools for entrepreneurs looking to create a successful and fulfilling business.

Key Takeaways:

• Non-negotiables are essential for a productive business
• Identify what you are willing to accept and say "no" to
• Respect and good communication are key in client relationships
• Get comfortable walking away from unfit clients
• Defining your mission and values is crucial for clarity
• Hard conversations are necessary for growth and resolution
• Negotiation requires confidence and calmness
• Integrity is vital in maintaining non-negotiables
• Trust your gut feelings in business decisions
• Be slow to hire and quick to fire when necessary

Kirsten Flory is the President & CEO of Foundations Commercial Real Estate and host of The Small Business Mindset podcast.

www.kirstenflory.com