Misfit Entrepreneur
  • Start Here!
  • About
  • Podcast
  • Media
  • Archives
  • Blog
  • Speaking
  • Contact

Subscribe and Listen Today!

Inspiring and Actionable Content Weekly from Misfit Entpreneurs

Misfit Entrepreneur Itunes
Subscribe on Itunes
Picture
Misfit Entrepreneur Stitcher
Subscribe on Stitcher
Misfit TuneIn
Misfit Entrepreneur RSS Feed
Subscribe on RSS
The Misfit Entrepreneur on Soundcloud

Join Misfit Nation and Get a FREE Copy of "The Top 10 Lessons to Thrive and Succeed" from over 200 Episodes of Misfit Entrepreneurs!
Misfit Entrepreneur 15: Kelly Roach

Dave Lukas Chats with Jeff Johnson 

326:  One Decade to Make Millions, How to Maximize Your Financial Future with Jeff Johnson

This week’s Misfit Entrepreneur is Jeff Johnson.  Jeff is a wealth adviser with Buckingham Strategic Wealth and the author of One Decade to Make Millions, A Strategy to Maximize the Power of Your Twenties. 

When I heard the title of the book, I knew I had to talk to Jeff to learn what he was teaching people in their youth to do to retire wealthy, but I also was interested in what people who maybe didn’t get off to as a good of a start in their early years building wealth, can do now to make a difference in their years to come. 

Needless to say, Jeff’s practical advice and easy to understand actions can help anyone looking to improve their wealth make a difference for themselves.  And I’ve asked him on to share all that he can to help you do so.

www.JeffCJohnson.com

Book:  One Decade to Make Millions
Misfit Minute
Don't Miss Even More Resources to Help You Each Week. Click Here and Subscribe to the Misfit Minute!

Show Notes

Jeff has been on the financial services world for over 40 years.  He has learned from the clients he worked with over the past 4 decades and noticed traits of those that were most successful.  Much of this is what he wrote about in his book.  One of the biggest things they did was maximize their 20’s.

Jeff became passionate about helping young people when he taught a personal finance class Nebraska. 

Share the story about the bookkeeper and the surgeon…
  • It’s a true story.
  • The bookkeeper was a client who started saving with Jeff in 1983.  They didn’t make a lot of money but were thrifty.
  • The bookkeeper retired with significant wealth in his early 60’s.
  • The surgeon came to Jeff about the time he was ready to retire.
  • The surgeon had some money saved, but not nearly enough.  He was making a million dollars a year but spent most of it and didn’t or set themselves up to succeed in wealth.

Why do you think we don’t teach financial education and wealth building in our school system?
  • I don’t know, but it is something that should be taught at home.
  • The bookkeeper’s children were good with money and the surgeon’s were not good with money – teaching your children at home is critical to their financial success.

What is someone’s 20s so critical to financial success?
  • It allows for the miracle of compounding to occur.  30-40 year of compounding is such a huge advantage over even 20 years of compounding.
  • Compounding doesn’t just pertain to monetary growth, but effort and productivity.  If you work very hard and set aside money to compound and continue to add to it in you 20’s, it almost becomes like snowball rolling down a hill gaining momentum.
  • The story of the doctor and the nurse.  The story shares how clients of Jeff’s that were identical twins did in their wealth. 
  • One became a nurse and saved diligently in their 20’s til about 30 and then let it compound until they were 70.
  • The other went to medical school and became a doctor and stopped saving early one, but then started saving from age 30 to age 70. 
  • So, the nurse saved only for 10 years, from age 20 to 30 and the doctor saved from 30-40. 
  • Guess who had the most money?  The nurse did because they got started so much earlier.
  • Now imagine if you started saving in your 20’s and continued to your 60’s/70’s.

5 steps to take control of your financial future?
  • They are called the 5 Financial Foundations.  They are the 5 keys to successful wealth building from working with the wealthy.
  • 1:  They always save money.  Even when they were young.
  • 2:  They always have and keep a cash reserve.
  • 3:  Almost all working people have their biggest pool of money in some sort of retirement plan.
  • 4:  They own the right size home.  They live comfortably, but not extravagantly.
  • 5:  They do not have bad debt.  They borrow on things that can increase in value like homes or businesses.

You say, “money is not important.”  Explain that….
  • Money itself is not important. 
  • Just keep track of money doesn’t bring happiness. 
  • Money is important because it allows you to do the things you want to do and provide a better life.  So, it’s not the money.  It’s what it allows you to do that matters.  That is where the value is.
  • There are people that are very wealthy, but not happy.

Actions people can take right now to start putting these principles into practice?
  • Get started.  Save some amount of money.  Anything to get going and learning how to accumulate money.
  • Next, become familiar with what your investment decisions are.  Read books by John Bogle and others.  Self-educate.
  • One you have $10-20k saved, you can then really start making it work.
  • Even something like the compounding power of dollar-cost averaging over time can make the difference. 
  • If you are starting later in life in life, you have to do things differently.  You may have cut down on a lifestyle to get out of debt or downsize so you can save money.

Let’s talk more about people later in life.  Say someone is “late to the party in their 30’s and 40’s,” what can they do to make a difference?
  • Go through everything you spend on.  Get a very good idea of what your real bills and expenses are.  Cut out the fat.
  • Use the money you were spending on the fat and start putting that toward paying down debt to get rid of it. 
  • You will have to cut back and change your lifestyle.
  • The challenge is people will notice, so if you really care what other people think – it will be tough for you.

At the 33 min mark, we have a great discussion about “expanding your means.”

Anything else that you think is important?
  • Get intentional about your life and what you want – forget about what other people think and it will be much easier to save and grow wealth.

Lessons from your entrepreneur journey?
  • Jeff was a stockbroker for 20 years and then started his own financial services firm.
  • He ended up merging his firm with the firm he is in now.
  • He made a lot of mistakes, but he took the time to learn from them and figuring out what worked and what didn’t.
  • He was intentional about what he wanted and how he would do it.
  • He loves his work and that fueled him to work harder at it and get better.
  • Have a business plan as an outline and a basis for what you want to do – but it won’t work out as planned.  

Best Quote

  • Money itself is not important. 
    It allows you to do the things you want to do and provide a better life.  So, it’s not the money.  It’s what it allows you to do that matters.  That is where the value is.
Misfit Three

Picture
 Be intentional.  Have a specific plan and know what is important to you.

Picture
Once you know what it is you want and why – get started as soon as possible.  Execution is more important than creating the plan.

Picture
Have fun but live in a state of gratitude.  Gratitude squeezes out all the other bad emotions. 


Show Sponsors

Misfit Entrepreneur - ReaditforMe
Misfit Entrepreneur - ReaditforMe
Misfit’s, Can we talk about notifications for a second?  Who actually leaves those sounds on anymore? 

Well besides that kind. That’s another sale on Shopify, the all-in-one commerce platform to start, run, and grow your business.

It is designed for anyone to sell anywhere, giving entrepreneurs like you the resources once reserved for big business - customized for you needs and your vibe - with a great looking online store that brings your idea to life, and tools to manage my day-to-day and drive sales.
Whether your thing is vintage T’s or recipes for ghee, start selling with Shopify and join the platform simplifying commerce for millions of your favorite businesses worldwide.  Making your idea real opens endless possibilities; it’s a journey but that's the beauty of entrepreneurship – but we don’t have to make it unnecessarily hard on ourselves.  Years ago, when I started my first online businesses, it was crazy.  I had to piece everything together with different platforms, etc.  It was like a Frankenstein.  I would have done anything for a solution like Shopify and that is why I love it so much.  I love how Shopify makes it easy for anyone to successfully run their own business and they power millions of entrepreneurs just like me and you - from first-sale to full-scale.

Every minute — new sellers around the world make their first sale with Shopify — and you will too.  And you can get started easily by building and customizing your online store with no coding or design experience, access powerful tools to help you find customers, drive sales, and manage your day-to-day.  Even gain knowledge and confidence with extensive resources to help you succeed.  Plus, with 24/7 support, you’re never alone.  More than a store, Shopify grows with you.  This possibility, all powered by Shopify.

And right now, Shopify is giving Misfit Listeners a FREE trial. Just go to www.Shopify.com/misfit, ALL LOWERCASE.  Take advantage of awesome free trial from Shopify!
​
Misfits, you’ve heard me talk about my trading and investing many times.  I’ve been in the game for almost 20 years and have taught thousands of students all over the world my strategies.  One thing I have always looked for are trends that are a good opportunity for investors. 

Recently, I was introduced to an opportunity that may be positioned very well for the times we are in, especially in a rising rate environment with talk of recession making stock and bond markets more volatile.  In fact, it’s possibly a way to buy gold for JUST $3.00/ounce… and major players are taking notice like Sprott Asset Management, Amir Adnani, Doug Casey and Marin Katusa.  The company is called GoldMining Inc., ticker symbol GLDG and currently, it is selling for about a 94% discount.

If you're bullish on gold, GOLDMining Inc., is a great opportunity to consider.  In fact, Between January 2016 to September 2016, it rallied by 665%, compared to gold spot, which rose by 22.65%, a 30x LEVERAGE!  And it may be ready to do it again.  From due diligence, there 3 major points to consider with GLDG.
  1. Analysts give it a price target of USD$6.00, which imply a 500% upside from today's price!
  2. GOLDMining's owns 20M shares of GROY, the fastest-growing gold royalty company of 2022.  We’ve had the CEO of Gold Royalty, David Garofalo, on the show.
  3. In 2011, the combined market cap of GOLDMining Inc's assets was $850M! Their current market cap is not even 25% of that!
​
I’ve always loved gold as a store of value and a hedge against inflation and have traded many companies like GLDG who have appreciated hundreds of percent.  While no one can guarantee that will happen with GLDG and I am not giving your financial advice (you should consult with your financial adviser), I do see great opportunity for the company based on these factors.

To learn more about Goldmining Inc. and stay up to date with the company’s success, go to www.Goldmining.com search the ticker symbol GLDG wherever stocks are found.  Consult your financial adviser and check out GLDG today!

​
© MISFIT ENTREPRENEUR 2018. ALL RIGHTS RESERVED.  Terms and Conditions.  Privacy Policy.   Affiliate Disclaimer
  • Start Here!
  • About
  • Podcast
  • Media
  • Archives
  • Blog
  • Speaking
  • Contact