Generating wealth as an entrepreneur, with Jackson Millan

Generating wealth as an entrepreneur, with Jackson Millan

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Announcer  0:04  
introspective, inward looking, self examining, characterized by or given to introspection, welcome to the introspective podcast, your compass for internalizing the path towards optimal lifestyle design, business success and mindful entrepreneurship with your host, Jake Anderson.

Jake Anderson  0:27  
Hey, welcome everybody back to another episode of The introspective podcast. My name is Jake Anderson, and I'm your host. And today we are going to talk about I think everybody would love to talk about this topic. It's called building wealth as entrepreneurs is something that we are certainly in tune with. But you know, figuring out how to build wealth, and really the strategies and the mindset and all the things that goes into really getting set on that path to wealth building is something I think a lot of us could use some more insight in, because there's so many different paths, right? You know, and you hear a lot of different opinions and people bring different perspectives to the table on how you should approach building wealth. You know, your parents may have instilled some things into you. But today I have really got the great honor to bring on Jackson Milan, who is the wealth mentor who has spent the last 14 years helping service businesses understand the language of money, and manufacture financial freedom for themselves and their families. He has successfully helped over 1000 clients build in excess of 1.4 billion and that is billion with a B dollars and combined wealth, and has scaled multiple seven figure businesses, he is a master of helping business owners make money, work for them, and turn their business profit into personal wealth. Jackson, what are the podcast? It is an honor to have you here. And let's get started. Man, I'm ready to jam out.

Jackson Millan  2:00  
Thanks for having me. I'm looking forward to it.

Jake Anderson  2:02  
Awesome. Awesome. Well, listen, I want to just dive right in. And I want to ask you like, you've been on this journey for 14 years. And in terms of helping service based businesses. How did you get started in in this whole process of helping people with wealth?

Jackson Millan  2:18  
Yeah, what's really interesting, Jake, is I'm not a typical finance guy, like anybody who sees me they're like, well, Jackson, you don't strike me as a Wall Street, blue suit, kind of white shirt type of executive. And I'm definitely not. I got involved in this industry, because of my parents. My parents were business owners, my mom was a hairdresser. She tried to scale a salon and struggled every step of the way. And my old man was a bit of a dreamer. He tried his hand at every business that you could possibly imagine, but really never stuck to anything long enough to be successful. But one of the common themes throughout my childhood is I saw them working 16 hour days. And they said to me, Jackson, if you want to be successful at something, you've got to work hard for it. And I've kind of realized that something was wrong there, because they really had nothing to show for all their hard work. And I saw that there was something missing. And I realized very quickly that what they didn't understand is the language of money. They didn't know how to make money work for them, they were working for it. And when I left school, I decided I was going to become a financial advisor, I got my first job as a trainee advisor at 19. And I've come into this place called the financial advice Center, which it shocked me to my core because it looked like a scene out of the Wolf of Wall Street joke. It was a bullpen of about 400 guys inserts on the phones chaotic, and this toxic energy throughout the year of people who roaring and ringing bells when they made sales. And ultimately what they were doing is they were selling commission based products to people like my parents for a commission. And these people didn't need, yeah, now realize that I'd made a massive mistake, right. And I very quickly was fired from that position. And I realized that I wasn't cut out for this high sales, high pressure, Snake oils environment. And I realized that I wanted to help people like my parents, but the industry wasn't set up in a way that was conducive to achieving that outcome I thought. So I said on a new path. And the new path that I went on was to become a wealth coach to design a new industry that was based on helping business owners understand the language of money, take control back for themselves, and be able to manufacture financial freedom, using their business as a vehicle for wealth creation. And over the course of the last 14 years, we've helped 1000s of clients achieve that result with amazing outcomes. And and we've really put the power back in the hands of people like my parents, which was my mission all along. I love that. And it's

Jake Anderson  4:35  
and I like that. You talk about the business being that vehicle, right. And, you know, it's it's something that a lot of people like when they think about going into business and going and entrepreneurship, one of the big things is the financial freedom and having that, you know, that place where you can really build something of a legacy in a lot of ways. So when It comes to I guess, like when it comes to working with the entrepreneur, the business owner, how are the conversations? How's the approach different than if you're working with somebody that is taking more of the nine to five route? Like, what are you seeing there? And this disparity of contrast?

Jackson Millan  5:16  
Yeah, there's a big difference. I often find the mindset is the same that then that most business owners, they get into business, they want freedom and flexibility. But how many business owners do you really know that have freedom and flexibility from their business, most people have just created another job for themselves, because that's all they've known. They've been a technician. Typically, before they've worked the nine to five, they've acknowledged that they're good at something. And they've realized that they could probably make more money doing it for themselves. But then they get into business. And because all they've known is the nine to five, that is manufacturing other job. And then they also buy into this idea of this principle of shrinking yourself wealthy, that all of these wealth gurus around the world, they talk about budgeting and not eating out and squirreling away and saving for the future, and this whole idea of working 40 years to retire at 65, and then be able to enjoy 20 years if you're lucky of all the fruits of your labor. And I don't know about you, but that doesn't really motivate me. Then I had an experience with my father, who was my hero, my entire my entire life has always been my hero. And he bought into this, this idea where he would squirrel away every last red cent, he'd stay at home on the weekends, he wouldn't eat out, he had this scarcity mindset of I've got to prepare, I'm going to save for the rainy day. And ultimately, he did that for his entire life. And he got to 66 years old, and he was diagnosed with late stage pancreatic cancer. And he died shortly thereafter, one year after what most people define as traditional retirement. So not only did I have this contrast of not believing this kind of this, this is bullshit dream that were sold. But I've experienced firsthand that it doesn't work. And the importance here is that as business owners, we are in an elite club, if you look at any ritualist around the world, you are surrounded by other business people who are hugely successful and have been able to manufacture financial freedom. The only difference between you and them is that they have used their business is a vehicle for wealth creation, and your business is a baby and you treat it like it's the destination itself. And the fundamental shift that we need to make to turn our business into a wealth creation vehicle is that it needs to be a vehicle. And we need to define the destination outside of our business, and reverse engineer that destination into a roadmap that helps us work out exactly what our business needs to produce, to guarantee that we can manufacture financial freedom within the time frame matures.

Jake Anderson  7:33  
Have you ever read the book? The E myth revisited? Are you familiar with that book,

Jackson Millan  7:39  
I am familiar with

Jake Anderson  7:40  
it, like what you say kind of makes me think a little bit about is, you know, that's the thing like, and I've spent, I've had so many conversations with people who go into business, and you're so right, like, people will just they just created our job for themselves. And they don't think about it as the vehicle like you say, and it makes it and then it goes back to the whole book that I can't remember that Michael Gerber, I think is his name, who wrote the E myth. And there's like the technician, the manager and the entrepreneur. And, and people just go into that technician role. And he never really scaled to that level where they're actually the entrepreneur. So like, let's let me ask you that, like, what how do you define an entrepreneur? Do you have like, an I feel like that's a word, I get so many different definitions. I have my own definition. I'm just curious, like, what would How would you define the entrepreneur?

Jackson Millan  8:31  
Yeah, I created a different version of this Jake in my second book, which is called secrets to scaling a seven figure lifestyle business. And I created four stages. So there's a technician, and the technician is the person who does the doing, they typically the hero to the story, and they're the ones that are working directly with the clients to deliver the outcomes. Stage two was the manager, the manager oversees the doing, and their job is to make sure that the technicians are doing the doing there that they can be good heroes. Yeah, then we've got the leader, which is a stager that's being missed in the emeth. Because there is not a straight transition from manager to entrepreneur. And every business that wants to grow and scale needs a leader, because managers are not leaders. manager's job is there to execute on the plan. There needs to be somebody who has the foresight to create the plan in the first place. And then there is the entrepreneur investor. And a true definition of an entrepreneur investor is somebody who is no longer playing an active role in the business. But they have the ability to share in the spoils of that business that are created by way of the stewards that are running and growing that business for them. A great example of that is Bill Gates, Bill Gates over a decade ago stepped down from Microsoft because he realized he was no longer the best leader for that business. But he's still one of the high shareholders. And for that reason the business has grown and scaled without him. He's now known more for his philanthropy and majority or pretty much all of his lifestyle is covered by the the profits that he gets from his stake in Microsoft as an entre.

Jake Anderson  10:01  
So the technicians to do her, I like, by the way, I love how you simplified this. Because it just it's it's it, as you're explaining it in my mind, it just clicked immediately. Yeah, as it is, the technician is the doer is the hero, right, this is a person working directly with the customer, they're that hero that says coming there to save the day to fix the problem. Then you have the manager, which is the overseer of the doers. And then that's that third layer that the in between layer between the manager and the actual entrepreneur, the one who is essentially the beneficiary of the vehicle, right. And that's the person who has the foresight, as you say, to create the systems and processes and things that need to go in for the manager to be able to oversee the door to do the door to do what to do or does as the record. And that's that's, and that's and that makes so much sense. And I agree with you. I think that that third layer is missing. And I think it's something and that's the way I look at entrepreneurship, too. I mean, I think there's sometimes people can confuse business, the owner operator role with the entrepreneur, I think they're very juggling two different roles.

Jackson Millan  11:10  
I agree. And where most people get stuck, Jake, is that they're so good at being a technician. And the longer that they stay in that technician role, the bigger the J curve is when they exit it, because you got to realize that very few people have like, in my case, 14 years experience in what I do, there's very few people on this earth that have actively helped their clients manufacture $1.4 billion in combined wealth. Like, the longer you stay in that technician role, the more of a unicorn you become. Yeah, and let's say that you as a technician, you're 100% like you're 100 out of 100. And let's say the best that you could possibly get out of an employee and other technician to replace you is cool, let's call it 70% out of 100. But if you get to 70%, is they're already better than you. So you've got to understand that in order for you to transition out of technician into manager and into leader. It's going to require multiple ego deaths, where you need to let go of the reins and allow things to break. And this is where we stop treating our business like a baby. Because this how many business owners do you hear talking about their business that it's their baby? But let's let's unpack that for a moment. We give words power when we use them. Yeah, baby is reliant on you. A baby doesn't provide you a return on investment aside from the warm, fuzzy feeling that you get right. But when we talk about what is in what a baby's intended for, baby is reliant on you for a very long period of time, and it becomes your world, your universe with very little quantitative reward. So if your business is in fact, your baby, then why are you expecting for it to remunerate you the way that you believe you deserve? Your business is not a baby, your business should be a vehicle, your number one employee to help you manufacture financial freedom, an employee that hopefully works 24 hours a day, seven days a week for you? Yeah,

Jake Anderson  12:52  
I always always think of starting and growing a business is so closely related to having a child being a father of two kids and in this business, you know, in the beginning is so it's completely dependent on you for everything, you know, to be able to eat to be able to do pretty much everything is completely and that's how it is like when you first start a business. It's like everything's on you you're trying to fit. But eventually, you're right, eventually, you need to learn how to like, oh, man, that is such a hard thing. Letting Go Control and letting go and just letting the mistakes happen. And I remember going through, like with my first company, it was 2000 at the end of 2015. I mean, I was on like a dude, I was breaking down. I mean, I was working like 80 to 100 hour weeks. And I was just on the verge of a mental breakdown. And I had a choice. Either I let my probably go into self destruction, or just let go and hire people put them in, in a spot to be in a team and have a team and build a team. And it was it was really, really, really tough mindset shift to go through. So yeah, I mean, it's like letting go of control. So like when you're working with people in there, and they're in that phase where you know, it's like Listen, man, or you know, whoever it is you're working with is like, you got to let you gotta let go, you gotta let go control be okay with the fact that there's going to be Miss mistakes. But trust me that is well worth it. Like, how are those conversations? What are some things that you do with people to kind of get them to break through that?

Jackson Millan  14:26  
Well, this is the flaw in I find normal business coaching, because many business coaches have this conversation with their clients. But there is there is no justification as to why they're just trying to convince them to let go of control without having light at the end of the tunnel or a North Star to justify that pain, right. And that's the reason why many business owners never do. They either don't have a business coach and they just can't muster up the power and the determination to push through that pain or their business coach tells them and then they just go now that's not for me. So what we need to do is we need to reframe them. reason why we're doing it. And the reason why we're doing it is because your business should be a tool to help you manufacture financial freedom. So what we start with Jake is we actually park the business and we start with them as an individual. We have all of our clients create a 20 year financial and lifestyle roadmap of all of their lifestyle and financial goals that they could ever possibly want. These are all the things that are deeply personal and important to them. The house, they want to live in the school, they want to send their kids to the holidays, they want to have a cheer for giving back to family, friends, charity, things that they believe in the car, they want to drive, all of these things that fill them with joy, and that they really want. And then we reverse engineer that backwards. And we said, okay, Jake, if you want to manufacture this life, this is what your business needs to produce in profits, to allow you to make all of these things happen. What's more important to you, all of your personal goals, dreams and aspirations that you've ever wanted, or keeping hold of those reins in your business and not letting go of control.

Jake Anderson  15:56  
I know my choice.

Jackson Millan  15:59  
And it gives us a catalyst for change. Because we're deeply invested in these things, when we were once just deeply invested in holding on to all of these things that we once thought was super important and alive, no longer important we remove the power.

Jake Anderson  16:12  
Yeah, gosh, it's it's such an eye opener, to think about that. And, and just to have that shift in perspective, and, and people you know, listen, if you're, if you're attached to your business, you're going to have to, you have to have a pretty hard conversation, I think with yourself. And I love the fact that you go 20 years out, and you really break it down into what are the things that you really want, you know, let's like, at the end of the day, I mean, business and thing is like businesses can come and go in and out of your life. It's like the legacy you want to leave behind and the lifestyle you want to build. I mean, I think that's that's really I mean, that what's it What's the point of it, you know, if you can't enjoy it, if you can't give back, and you can't leave any kind of a legacy. So clearly, like there's that scarcity mindset, right? That that's that's the challenge. That's that's the thing. It's like the enemy. The villain in the story here is that scarcity mindset, we got to get to a place of abundance. And we got to get people to this place where they're thinking financial abundance. What do you recommend that people do to be able to make that shift from thinking scarcity? and having that lens to now thinking financial abundance in thinking about it from that lens?

Jackson Millan  17:32  
Yeah, so once we go through this 20 year road map exercise, what this also allows us to work out is how much wealth do we actually need in order to achieve financial abundance? And then we refer to what is their f3? Figure? It's their financial freedom figure. It is, if they want to live this lifestyle, how much passive income would they need per year, in order to choose to work? Because let's face it, most entrepreneurs never want to retire, right? Like we love what we do. And always, even if we did retire, and like, Jake, you've exited a business? And then how long did it take you to jump into another business, right? Like, we like to stay active. And so most of us want to be able to work because we're passionate about it, but not have to do it for money, right? We want to take that pressure away. So we need to have our f3 figure. So let's say for argument's sake, we are our f3, the amount of income that we need to earn is $200,000 a year in order to live our lifestyle. The formula is very simple. You divide that number by five, and you times that by 100. So in this example $200,000, a year of passive income would require $4 million of net wealth in investable assets. Gotcha. Now we've got the number. So then what we do is we reverse engineer that backwards to then work out well what leavers Do we need to pull to allow us to achieve that within the timeline that we want, and there were only three leaders? One is how much you can afford to contribute to that portfolio? So how much surplus Do we have after we leave our current lifestyle to contribute? Secondly, that is how much risk are we prepared to take to get to that particular goal? So what are we going to invest in? And what is the relationship of risk versus return? And the third thing is how long are we prepared to wait? And This now gives us a really clear framework. So let's say for argument's sake, that we can afford to contribute $5,000 a month, we want to invest in a diversified portfolio that makes us 8% per year. And if we continue to do that, then how long is it actually going to take us to get there? And are we happy with how long that's going to take? And then once again, we can reverse engineer this backwards into what we have to do in the business. And what this does is this gives us that North Star to chase. And this shifts the frame because we go from scarcity of shrinking yourself wealthy budgeting, cutting expenses, living on a shoestring all of these things that our parents or the older generation have instilled into answers values which they held in the highest regard, but no longer serve us and allows us to shift to thinking about being architects of financial freedom. How do we use our business and our To plan that gives us pace them on uncertainty of achieving our goals. Because the controls in your hands, you need to have the path to follow.

Jake Anderson  20:08  
Do you think this framework works with people who have a nine to five job? Or do you think it's only really more applicable to the person who wants to go in business ownership or entrepreneurship? And I'm just curious, because I feel like with, and I'll say is one thing, and I'm gonna pass it over. But like, when I think about business ownership, you don't have you don't have as much of a ceiling there, right? In terms of cash flow, which you can generate profitability where the ceiling is certainly there with a job. So is that is that the right way of looking at it? Or is there something I agree

Jackson Millan  20:43  
with you 100%. Look, there are definitely some jobs out there, typically sales jobs, or jobs that have high commissions, and that have uncapped earnings. And you can apply these principles like you could run a business inside a business. And if you have the ability to have uncapped earnings, this can work for you. I think the only thing you've got to be mindful of is that in those types of environments, there are certain external factors outside of your control, which can dictate your success. So for example, if you're a salesperson in a business, and you're not getting the leads that you need to be able to hit those sales targets. And that could be an issue, right. So this is typically a strategy that's reserved for business owners, because you have control over more factors, meaning that you can play that architect role in being able to manufacture financial freedom for you and your family.

Jake Anderson  21:25  
It's another reason to go into business ownership and entrepreneur, I mean, you just have more control. And I think, I think that's the real takeaway, you know, and among many things, but like when you think about that decision, of generating wealth for yourself and your, for your family, and for, you know, generations to come, and being able to leave that legacy behind, having control can only be possible through the vehicle of the business, and it's got to be a vehicle, right, it can't be just another job. Otherwise, just go get another job,

Jackson Millan  21:58  
represent, look, it's not to say that if you are in a job that you can't become wealthy, it's just that you have less control over your ability to actively manufacture wealth. And, and so it's just about understanding, like, I've had some clients in the past where we don't work with pay YG, or salaried employees anymore. But in the past, I had clients who were earning $50,000 a year, they had millions in wealth, the fundamental principle that was different between them. And some of my clients who were running multi-millions and had nothing to show for it is that they understood how to use their money to manufacture the goals that they wanted, they had extreme levels of cash flow control, they live within their means, and they always invested. And so these principles still apply. But of course, you had to have a lot more limitations when you're in a job.

Jake Anderson  22:42  
Do you do you like, let's talk a little bit about just investments in general, I'm just curious of what your general philosophy is on certain types of investments. And I remember reading Rich Dad, Poor Dad, I guess like anytime, anytime I always listen to podcasts like what's your what's the most inspiring book you've ever read? It's like Rich Dad, Poor Dad seems like to be everybody's first like book in terms of breakthrough mindset in business and wealth. And, and but I remember like hearing about him through that book about real estate and kind of the benefits of real estate. But I'm just curious to hear from you like, because there's different vehicles where you can investment vehicles that you can get involved in, but like, Is there any opportunities out there that you see, like for business owners that maybe people never really thought of before in terms of investments and things that you really think are good things to get involved in? I'm not saying you know, full disclaimer here, we're not here to like, give investment advice. Specifically, I'm just curious of your philosophy of investments, happy to share how you how you look into it, definitely. So

Jackson Millan  23:48  
in my experience, there's only three predictable ways to build wealth in this world, it doesn't matter where you live, these three same investment vehicles will apply to you. There is business, there is property, and there is shares. And there's many gurus out there that that only spruik one, but I think this is short sighted My view is for all of my clients to accumulate as much of all three as they possibly can. So the first one is business, manufacture value in your business. But the scary statistic is Jake that less than 6% of businesses are ever sold for a profit if they're ever sold at all. That means that 94% of businesses are either not sold and it is wound up or sold for a loss when we consider the amount of time effort and money that's invested into that business to get it to where it is when it's sold. And the reason for that is it most people back on some of the things we've already spoken about, haven't set up their business for sale. And no one wants to sell their business until they want to sell it right. And what that typically means is that it's too late your business should always be prepared for sales. So the first thing that you should do is understand in your industry and your type of business, what is the multiples and the ways that your business is valued, and understand what your business is worth right now and current market and current condition if you will. To sell it today, then start implementing strategies, systems frameworks to get yourself out of the business to create a saleable asset, something that is that has an operating system that can run on autopilot that is appealing to a potential buyer, and look to maximize that value over time. Second thing is if you have a area of expertise or a skill set, you have the ability to go and negotiate equity and your competitors and other businesses that could get value from your skill set to be able to get investment in other businesses with no cash out. We've done this successfully with a lot of our clients that have gone through our programs, we've seen that they've had a phenomenal business and we say, hey, Jake, instead of paying us out our full service fee for the work with us, how about we do 50% cash and 50% equity, or how about we set a for a performance bonus that if I can help you double your business over the next 12 months, you give me a 20% clip. And this gives us the ability to get skin in the game and get a stake in the outcome. That's another another strategy. Next one is property. So we need to diversify out of the business, we need to have a systematic way of turning business profit into wealth. There's two ways to do it, we should be buying property, good quality blue chip property that is based on the five key fundamentals of future growth. And I talked about this in my first book, property is ultimately comes down to supply versus demand. If there is more supply than there is demand, the property price is going to go down. And if there is more demand than there is supply, and people can afford to push up the price of property, then property will go up. So the aim is to buy a property that is highly desirable and will be desirable into the future in good quality areas with affluent people who want to live there, who can afford to push up the price. And we call this a core satellite strategy. So at the core of our portfolio is property. And the reason why I love property, Jake is because let's say we buy a $500,000 property, and we invest $50,000, a deposit to buy that property and we borrow the rest from the bank. And let's say the property only goes up by 5% a year. So it's gone up by 25 grand. So it's 525,000. That is a 50% return on your cash contributing. Where else you're going to get a 50% return on your money. Yeah. But property has downsides. It's illiquid, you can't sell the kitchen sink if you want to raise money to pay for something, right. So our satellite strategies about investing in the share market. And I am not a stock picker, I don't advocate stock picking, I don't advocate speculation, I advocate teaching people how to invest using passive index based investments, which allow us to get diversification across entire markets. So instead of going into say the s&p 500, the top 500 companies in the states and saying I'm going to buy Tesla, and I'm going to buy Microsoft, and I'm going to buy Apple, which are all great companies, by the way, I'm going to invest in all those 500 companies in one fund. And that will give me the average of how those 500 companies perform. Some are going to do phenomenal, some are going to do pretty shit, some are going to do okay. But you get the average. Like the question is, do you think that the American economy, the US economy, or the Australian economy or the European economy or the world economy is going to be better in 10 years time than it is today. That's the bet you're making when you invest in an index fund.

Jake Anderson  28:13  
I agree, it's it, I think that I can speak for myself and anybody who likes to get into stock trading. And that's the world that they want to live in, you know, to each their own. I've done that, and have not done well with it. And it's I think, I think when it comes to investing in stocks, having that diversification, and being able to, you know, benefit from that, and you can only benefit throughout with with these funds. And I'm not like an expert stock trade or anything by any means. But I do understand that diversification and those types of investments is really important and very powerful. And it can give you, you know, some sustainability as you grow. In real estate, I want to highlight a really important point that you made about real estate in especially for myself, because my backgrounds in bank regulation in finance, and that's kind of where I came from. And I remember, you know, seeing these investors, and you're right, it's like the bank is taking most of the risk, you know, 80% of the rest 85% of the risk. The investors only taking you know that little portion of risk but they're getting all the return I mean they're just paying a fee the interest rate right to the bank as the cost of the money but any valuing you know, appreciation and value and any any income that comes from it all goes back to the investor so it's it's a crazy, it's crazy returns plus there's the tax deductions you can get from it is really incredible. So yeah, I think I mean, I felt like that clip right there of what you just went through, like that's a masterclass right there in itself. So Man, that is that's really that's really amazing to hear that. And I think anybody who's listening right now needs to pay attention because you know, how you're handling your investments. And that perception that you have on wealth. You know, if it's in that scarcity mindset, we need to get that shifted ever to abundance and go back and listen to Jackson's advice and talking about, you know, going through, you know, what you were talking about with that three, it was a three F, I believe, was called that framework, the

Jackson Millan  30:29  
the F three yet an actual freedom figure.

Jake Anderson  30:32  
Yep, yes, yes. And go through that. And, and, and, you know, really think about like your business, and is this something I call like the entrepreneurial prison, like, if you get into a business, and you just, it's just your job, and it feels like that you're in prison on this because it's worse to get stuck in a business that you don't like, and that you're almost enslaved to, than it is to be stuck in a job. In my opinion, I've been I've been in I've been in both. And I know that the business because it's like, if you want to get out of the business, you have to, you have to sell it, you have to exit where jobs, you can just quit, and just move on to the next one. So it's much more difficult, depending on the business to some have higher barriers to get out and exit and others. So listen, man, I want to move on and just ask you a little bit more about just like for people who want to get started with you, and working with you and generating wealth and being that wealth mentor, like, how can people get started with you Like, what's that path

look like?

Jackson Millan  31:32  
Yeah, so the first thing that we do is we want to understand where you're at on your journey. And when I wrote my first book, I wrote it because I realized that most people don't understand the language of money, and they don't understand what stage they're at in terms of the wealth pyramid, right. And ultimately, we develop this wealth pyramid, which basically has five stages. And we worked out that every single person on this earth is at one of these five stages in their wealth journey, we've got to work out where you are now, where do you ultimately want to go, and then we can look at how we bridge the gap. And these five stages are at the very bottom, we've got financial battle, this basically means that your business is running at a loss, you're burning cash flow at a rate of knots, you're typically burning through your savings, or you're racking up bad debts, you're drowning, you're not doing very well. Next, we've got financial comfort, you breakeven, businesses kicking along, making ends meet, you live a comfortable lifestyle, but there's nothing left over, you're treading water financially, then we've got stage three, financial growth means businesses profitable, you've got a good surplus in your household, and you're making that surplus work, you're saving, you're paying down debts, you're building wealth, potentially all three of those things, then we've got financial freedom, everyone's heard of financial freedom. Sure, they've heard it a million times before, but it means something different to everyone. But we break it down to two key things, Jake. One, they own their home, and it's paid off in full, so they no longer have to be at the mercy of the bank. And two, they've got enough wealth and passive income, where they have the freedom to choose what they do with their time, they have that f3. And then we've got stage five, which is financial abundance, meaning we've got more than financial freedom, and we can actually give back, we can create generational wealth, we give back to family, friends, charity, things that we believe in. Now, we created a 40 point performance scorecard. And what that does is it takes you through a series of questions to help you work out out of all of these five stages. Where exactly are you right now? And then what do you need to do to bridge the gap. And what's really scary, Jake, we've run this survey with 1000s. And the average score is 18, out of 40, which is really scary, which means the vast majority of business owners is under average. But the good news is, although that's very scary, is that once people now realize that issues, they understand the things that aren't working for them, most people can improve their score by at least 10, within 30 days or less. And that's where we help.

Jake Anderson  33:45  
I love that in it. So these five steps, these five stages that you're speaking to is is really kind of like that's the escalation that you're going to go through when people work with you is getting to that top is almost at the top of the pyramid there of financial abundance, being able to really actually be in a place where you've got the freedom, but you could also get back. And that's that's, that's amazing. And I think at that point, people are truly experiencing life at the level I think one should that's that's what we should all be striving for. So thank you for sharing that. That's amazing. So for somebody who wants to, to get started with you, and to start going through these stages, how can people get in contact with you where can get they get started on this journey to get connected?

Jackson Millan  34:32  
Yeah, 100%. So I'll include a link for the performance scorecard in the show notes. So guys, you can jump on that take your five minutes. And then it might seem a little bit scary, but it's better to know where you're at. And then you can start working out how to bridge the gap. If you want to connect, reach out to me on Facebook or Instagram to search for Jackson, Milan or the wealth mentor. I share a lot of great content and I always try and lead with value. So even if you just follow the journey and start accessing some of this content, then it's going to help you start pushing forwards and of course you will Have a conversation to say how myself and the team can support you on your wealth journey. And we can always book in a time, have a bit of a conversation, brainstorm some ways to get you from A to B, and see how we can support. Beautiful. Yeah,

Jake Anderson  35:10  
we'll definitely make sure to link that up in the show notes. And you said that the 40 point is a 40 point scorecard. Right? Or exactly? The scorecard. So is that something that is like a just like an online assessment that they take? Do they book that? Oh, Okay, got it? Yeah, that's great. I'm gonna take that myself, I'm almost afraid of what the results are gonna be. I might be. I don't know, you said the average is 18. Right now,

Jackson Millan  35:33  
I did 40.

Jake Anderson  35:34  
I know, I know, I know, where the benchmark is set, the benchmark is 18. I want to see where I hit on that. on that path, we're gonna see, I'm sure anybody is listening, go, go, go take that and see where you're at. We know what the benchmark is. And don't let that like, Listen, if you're 10, don't get disappointed. It's okay, at least you know, right. That's the first step is awareness, and knowing where you're at, because you're never going to be able to improve if you don't know where you're at today. And that's the key there. So it's, it's like, it can be really scary sometimes, especially when it comes to money. And if you're dealing with some financial issues, and first of all, know that you're not alone, you know, and dealing with financial issues, as is not something that that doesn't, that's you're not the exception. In a lot of cases, you're probably the rule.

Jackson Millan  36:20  
Here's the thing, guys, I talked about this in my book, and I talk about this openly and honestly, like my journey has not been sunshine and lollipops. And I was at a point in my life where my old man got diagnosed with terminal cancer where I had to inherit paying the family mortgage and providing for three extra mouths for including myself whilst he was going through treatment. And I was also trying to run a business at the time, which was spiraling into into debt. And I was ultimately negative multiple, six figures in net wealth, and I clawed my way out of it. I built these frameworks, I test them, I put them into place, I follow them. And then over the course of my journey, I went from being in the depths of the abyss, to now creating a multi seven figure business with 600 clients around the world and a team of 27. Not only that, guys, I've been able to create a business that is now afforded me the opportunity to spend a year traveling around Australia in a full drive, whilst my business runs and scales itself. And I can just do the stuff that I love. So it doesn't matter how bad your situation is, you can always get your way out of it, once you know where you are, and where you're trying to go. Wow,

Jake Anderson  37:20  
that's amazing what a story. I wish we would have started with that I had no idea that is amazing. To hear that you were able to, to, to, to, to scale, out of a situation like that. And for anybody listening right now, and they're thinking about times are tough. And maybe you feel a bit hopeless, like just listen to what Jackson just said, and think about where he was able to take his life. And I'm gonna ask you one more. One more question. Just to kind of follow up on this. What would you say was as as your as your slaves, let's just go back to this time real quick when you were looking at the situation, and it was multiple, six figures in the red, right? And you're thinking, I've got to do something? Was there like a specific shift in your mindset, or just in your perception of the situation at hand that you had made that really feel like puts you in that trajectory to getting to the place where you're at now?

Jackson Millan  38:20  
Yeah, there's really two things, Jake. One was I stopped being a victim. And I realized that I had to seize control of the situation and stop being a passenger, but get in the driver's seat and navigate myself out of it. And it wasn't going to be easy. And I needed to create a plan. And then I'd set myself a goal that I set a comma and a clawback get myself out of this hole, I'm not going to declare bankruptcy, I'm not going to, I'm not going to throw up my hands. And I'm not going to give up, no one will ever take away my ability to earn an income and I can earn my way out of this situation. So I just crunched the numbers. And I worked out exactly what I needed to do. And then I got myself out of that inch by inch. And then the great thing about it is all of that momentum that I created through clawing my way out of that situation then amplified into scaling my situation. And today I've got a $5 million business and and we're thriving.

Jake Anderson  39:06  

Wow. Don't be the victim. Get out of the passenger seat, get in the driver's seat. That's where it starts. And go take that assessment and see where you're at. based on reality. It's okay. It's going to be fine. You just got to start with that awareness. Jackson. Thank you, brother. I appreciate you coming on here. sharing your story sharing all like I'm telling you like going back on this interview. Like I could seriously I might do this because I people would listen. There's going to be some nuggets here on YouTube for Jackson, where you can get the video experience. And we're going to have some of these pieces out of this podcast that we're going to turn into some little mini master classes. And in looking back on this interview, I don't think I've had an interview where I could extract so many masterclasses out of one interview than this one. So for that, I mean that's some serious value. They're and I say that with full honesty because as you're going through, you have so many frameworks and ways that people can things that people can use to be able to get themselves to a better place in their situation. So we're going to definitely, you know, leverage that and take that into video and kind of cut this up and really create some resources for people who are listening. So make sure to definitely go back, listen to this, go to the show notes. We're going to be providing those resources where you can get that assessment, get connected with Jackson, and start that path today. Don't wait for tomorrow. Start today, Jackson, brother. Appreciate

Jackson Millan  40:36  
you being on here. Appreciate it, man. happy to share the value and look forward to catching up soon.

Jake Anderson  40:41  
Thank you.

Sweet man. That was awesome. That was really good. I'm gonna go ahead and hit stop record on that

Transcribed by

As we continue our journey in this Financial Freedom Week here on the Introspective, joining us today from Australia is Jackson Millan. Jackson is the CEO and Co-Founder of Aureus Financial. Also known as ‘The Wealth Mentor’, Jackson has spent the last 14 years helping service businesses understand the language of money and manufacture financial freedom for themselves and their families. He has successfully helped over 1,000 clients build in excess of $1.4 billion in combined wealth and has scaled multiple 7 figure businesses. Jackson is a master of helping business owners make money work for them and turn their business profit into personal wealth.

For our today’s episode, we’ll be taking a deep dive into building wealth as entrepreneurs - a topic that we all love to talk about. With all the different paths that we can take in terms of building wealth - the strategies, the mindsets, the different opinions, and the varying approaches - there are just a lot of perspectives to choose and take into consideration. To really understand the true meaning of financial freedom, Jackson is here to help you get your business from a cash-eating monster to a profit-making machine and make complex and boring financial strategies simple and seamless. If you want to grow your business, Jackson is definitely one to pay attention to. So, make sure to listen to this episode!

What You'll Learn

  • The four stages of entrepreneurial development according to Jackson
  • Shifting your mindset from scarcity to financial abundance
  • What does the path look like when working with ‘The Wealth Mentor’

“Your business is not a baby, your business should be a vehicle, your number one employee to help you manufacture financial freedom”

-Jackson Millan

Learn 3 Ways To Build Wealth and Diversify Investments.

Connect with Jackson Millan

Resources mentioned on this episode

Scale Your Business, Increase Your Profits, Supercharge Your Wealth:

Take this 40-point Business Scorecard and see how well your business does:

Follow this Podcast

Thank you for taking a deep dive on today’s episode of the Introspective Podcast.  If you found this episode to be interesting, valuable, and provided some fresh perspective for your entrepreneur journey - then head on over to Itunes to subscribe and leave a review with your feedback.  If you’re not an Apple user, then feel free to leave a comment below with your thoughts.  Your feedback is paramount to the success of this show, and provides direction for how I can best serve you.

-Your friendly Podcast Host, Jake Anderson 

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