How To Invest $1 Million For Long Term Wealth w/ Sam Prentice

Capitalism.com with Ryan Daniel Moran

Capitalism.com

Entrepreneur, Amazon, Lifestyledesign, Investing, Startup, Ryandanielmoran, Finance, Cashflow, Freedomfastlane, Lifestyle, Business, Passiveincome, Financialfreedom, Entrepreneurship

4.8 • 793 Ratings

🗓️ 30 July 2018

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

Ryan had a very motivating chat with Sam Prentice, an investment expert and the co-founder of Wealthpoint, about generating passive income through investments. Here’s some of what Sam had to say about what to do if you get a big windfall (from selling a business for example):

Use 1031 exchanges wisely

Some of Sam’s clients used a 1031 exchange to take money from one depreciated property, reinvest it in another property, and defer all capital gain taxes. You can actually 1031 between asset classes as long as they are considered like-kind. Some people exited real estate for a great profit and reinvested the money in oil and gas.

Set up a capital warehouse and then go for the cash flow

First set up a capital warehouse, which means that you will have a limit to how much you can put into it each year. This is basically a liquid place to store capital which earns a return. For the rest of the money, go for anything cash flow.

Keep it simple

Look for assets that have a value and buy countercyclical assets when you don’t know what you’re doing so that you can trade them later. Always keep it simple. Look for sweet spots, aka places where you have a strategic advantage either in knowledge, or in the people that you know, or the sector you are familiar with.

It was great listening to Sam!

Key takeaways:

Take advantage of 1031 exchanges
Set up a capital warehouse and then go for the cash flow
Keep it simple and look for sweet spots

Connect with Ryan

Find more amazing podcast discussions on FreedomFastLane.com.

Connect with Sam

Find out more about Sam’s company, Wealthpoint, at https://gowealthpoint.com/

Transcript

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0:00.0	And what it boils down to is eventually, for the sake of scale, is you will have more dollars than you have.
0:05.1	You have more capital and you have time to pair it with.
0:07.3	And so that's the idea is you have to normalize that idea of, I'm going to invest passively,
0:11.9	I'm going to turn over the control of some of these dollars to another individual who is more adept in this manager,
0:18.7	whether it's real estate, whether it's oil and gas, whether it's whatever.
0:25.6	You're listening to Freedom Fastlane, presented by Capitalism.com.
0:29.9	This is the show about building businesses and investing the profits so that you can live life on your terms.
0:42.3	And now your host, the future owner of the Cleveland Indians, Ryan Daniel Moran.
0:47.3	Hey, what's up, Fastlaners? Ryan Daniel Moran here.
0:49.3	Oh, hey, Sam Prennis, what's going on, dude?
0:51.3	I was going to do good.
0:52.3	Hey, so my favorite thing to talk about publicly is investing.
0:56.6	I think the fast lane to freedom is to build businesses and invest the profits.
1:01.3	If I were to make it even the fast-ish lane, I'd say build a business, sell it, invest
1:06.3	the profits for passive income.
1:08.3	And my favorite thing to talk about has always been the investment side of things.
1:13.1	And I'm never really given my self permission to go through what my investment plan is, of how
1:18.8	I generate passive income, of how I set myself up for life so that I'm not worried about money.
1:24.5	I like to operate from the place of my life is taken care of and it's
1:31.6	going to grow and I can do whatever I want for as long as I want and business is where I play.
1:38.5	Business is where I get to have a good time. And if business goes great, cool. I'm having
1:42.3	even better time. If it's not someone going so good, I'm probably not going to be very happy about it, but it's not going to affect
	...

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