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281: Taking Charge of Your Wealth That Lasts Generations with Justin Maxwell · Wealth On Main Street

• 0:00
  Speaker A: Foreign.
• 0:11
  Speaker B: Welcome to wealth on Main street, where conversations about growing your wealth are fun and entertaining. Wealth isn't just about money. It's the skills and the knowledge that we develop to pass on to future generations. Tune in each week to to grow your mindset and your net worth at the same time.
• 0:36
  Speaker C: All right, welcome back to wealth on Main Street. As you know, it's a great show where we challenge conventional thinking. I think we do that often. And taking control of your financial future, not just for today, but for generations to come. And today's episode, I believe it might just rewire the way that you think about wealth entirely. Our guest is Justin Maxwell, former school teacher, once chased approval, safety, the illusion of security, until a single question, one question, just one, cracked open his entire worldview financially. What if everything you've been taught about money was designed to keep you stuck? And that is such an interesting question because we've heard different variations of what if everything you've been taught about money wasn't true? How soon would you want to find out things like that? But when I read this, it really landed with me. And so fast forward to today. Justin is now a partner in a fractional family office that serves seven to eight figure entrepreneurs. He's on a mission to help business owners stop being the highest paid employee in their own company and to start being the orchestrators of generational wealth. And so we're going to dive into why your current team might be the reason your wealth isn't growing. This was a recent post from Justin. You should connect with him on Facebook. That post really triggered a lot of the questions that we're going to talk through today. The hidden costs of operating in silos and how to build a unified vision that really, truly outlives you. And so if you're an entrepreneur who feels successful but still stuck, then strap yourself in. This episode is going to be for you. So, Justin, welcome to the show.
• 2:18
  Speaker A: Yeah. Thank you, Rich. Thank you, Jason. I'm really excited about this conversation. I'm passionate about this because it's ironic because we actually were talking just very briefly before the show, how we follow each other's content. And sometimes people fall for a really long time without doing it. And I've been following you, Jason, for quite a while as well without you even realizing it. So the honor of you asking me to be here is very gracious. So thank you.
• 2:42
  Speaker C: You're very welcome. It's a pleasure to have you. And going back to that question, what if everything you were taught about money was designed to keep you Stuck. Now, you heard that, as I understand, in the back of a real estate room. Like, what did that question do to you?
• 2:57
  Speaker A: Yeah. So this. This rocked my world for two reasons. Because I was on the path to be a college professor my entire life. I had chosen the. What I'll just call the safe path. Just doing what everyone wants you to do. Getting a good education, getting great grades, excelling in knowing things. And then I felt teaching was the way I could share that knowledge with the world. But before I attend that conference, I had started to feel doubt around, I don't think I want to be a college professor. I don't like doing research. I love reading, research, learning, but doing research. I don't think I want to do that. And so that had slightly opened up the door to, what do I do if I don't do this? Because I was on that path for a long time. Like, I'm seven years deep in college. Like, that's not something you just spin around from and just decide, I'm stopping doing this. But when I went to that real estate conference, someone in my neighborhood invited me. And the only reason I said yes is because I had that experience of, I don't know if I want to do this forever. So I was like, well, I'll just come and see it. And it just, like, rocked my. It was a spiritual experience of I can actually control my outcomes and I can be in charge of what I create, how much money I have, what my potential is. And I realize a lot of entrepreneurs don't. A lot of entrepreneurs start out as entrepreneurs. But for me, like, I had to be awoken to that. And that question led me down a very deep path. And it just was a ripple effect that changed everything.
• 4:28
  Speaker C: We refer to it as a domino that tipped over. And for you, that was your domino. That's amazing. And one thing that I had mentioned just in introducing you, so there was a post that you shared recently, and it spoke to where you said, you know, the government didn't steal your wealth, your team did. And so what do you mean by that? And why is that message so hard for high earners to hear?
• 4:53
  Speaker A: It's hard because they feel trapped in that they're told by their accountants, this is just something you have to get used to. This is the reality of the situation. And I often find that people blame the government, they blame their advisors. This fell short, this fell that. And I actually want to turn the mirror back on the person and help people realize that you're the leader of your team. So if Things aren't going the way you want it to. It's actually your team's fault, which is actually a reflection of you and your fault. You have to lead your wealth with just as much urgency and passion that you lead your business. And so many business owners miss that step. They abdicate responsibility around their wealth and they take full responsibility of their business and you need to take full responsibility of the whole thing. So it's the team interactions that cause the inefficiencies of the money going to government and slipping through the cracks and all of that.
• 5:48
  Speaker C: And that team being like the lawyer, the cpa, the financial planner, the, the investment portfolio manager, like they're just all disconnected.
• 5:58
  Speaker B: Like they're not.
• 5:59
  Speaker A: They're all there, they're all in place, but no one knows what anyone else is doing. So like I'll just give this is a common example in the United States to highlight this point of what happens here. So a lot of people will go to that they're told right out of school, right as they're starting a business, get a great accountant. But no one defines what a great accountant actually is, so they just guess. Usually it's found at the local BNI or my brother in law is someone and they just assume they're filing on time. I haven't been audited. It feels like they're great. But then when they start making actual good sized amounts of money, more and more of it goes to the irs. They keep being told that this is just the way it is. But truly tax planning isn't on the accountant alone. Tax planning is actually a team sport. It requires investment advisors, it requires your business to be seen as an asset. It requires many times the insurance products to be bolted on and built into that side effect. But if you have an accountant that is operating only as your accountant with no communication with anyone else, are they ever going to propose any of those other strategies that, that would reduce your tax bill and would be things that you personally would probably take advantage of, but because they don't operate inside the team, you never actually do it.
• 7:20
  Speaker C: So true.
• 7:21
  Speaker B: There's a key to what you said about tax planning which is very different than tax reacting. And I think what happens with 90% of the population is they tax react with their accounting professional and they're always dealing with things after all the things have happened. So you're in a cleanup situation versus a preparation situation.
• 7:40
  Speaker A: Correct. And you're 100% right. But the problem is, is that people now when we, when you hear that they're like, well I just have a bad accountant. It's actually, you don't have a bad accountant. That's what they're trained to do. They're trained to take your data and file your taxes. It's just that you haven't led them to communicate with. You have to open up the idea that there's investments they could take advantage of that if I participated in, would simultaneously save taxes. So we have to come together and talk about this and, and you have to feel like this is in compliance and it just becomes a part of the conversation. And so it's not your accountant is bad, it's that the team structure and environment is bad and no one's communicating.
• 8:16
  Speaker C: That's so true. And our experience in dealing with entrepreneurs and with just very successful professionals, and they have been there, done that, got the T shirt as it relates to advice. They just don't do anything with it because they're so busy, whether it's in their profession or they're so busy operating their business or their portfolio of businesses, because that's what fascinates them and brings them energy. And so if you have an aligned team of professionals and they're communicating in a way that the entrepreneur is energized by and fascinated by the good work that should be getting done, like in a family office model can happen. And so when you think of what would one thing, like for example, if I was to just contrast one end of the spectrum to the other. So what would one thing that a hundred million dollar family knows about wealth strategy that a $1 million entrepreneur usually doesn't?
• 9:21
  Speaker A: Yes, I love this. The wealth vision is created by the entrepreneur, not by the advisor. Million dollar entrepreneurs want to be led by their advisors. $100 million entrepreneurs lead their advisors to where they're going. They leverage their advisors to take them to their destination. The other way around, the million dollar entrepreneur wants to be led to a destination. And I think to me that's one of the biggest distinctions and that's what it flips it on its head. And I think that's why they're $100 million entrepreneur and that's why you're a million dollar entrepreneur.
• 9:57
  Speaker B: So the same way that they would cast and set a vision for an organization that they run is the same way they would do that with, you know, things that are outside of the organization that they want to do, whether it's from a providing for, you know, a charitable causes situation, you know, family legacy, all those other elements. But by having that team together, they need to have that clear and concise vision that everyone can get on board with so they can decide even if they want to be on the bus or does he, do they need to exit the bus at this stop?
• 10:28
  Speaker A: You said that very, very well because that is 100%. What I believe separates the differences is I know where I'm going and I want you to get me there. Are you on board? Can you give me the tools? Can you give me the advice? Can you give me the strategies that are going to take me there? And if not, then you're not my right advisor. You might be a great friend, you might have been with me for a long time, you took me to here, but you're not going to take me there. And I need to find someone that can actually help me get there. Is this that oftentimes entrepreneurs at the $1 million mark don't actually, they're not thinking that way. And I believe this actually tails back to most entrepreneurs grew up middle class or poverty stricken. And so their destination, their vision is still middle class. Even though they're making money that has blown well past that. And so they're okay with middle class advisors because their destination is middle class. And they haven't figured out that they have to raise their bar of destination in order to find the advisors and team that will take them there.
• 11:26
  Speaker C: That is such a good insight. It reminds me of something that I've shared even perhaps on a few occasions on the show, proximity influence. And so if you can get within proximity of $100 million entrepreneurs, even at the $1 million mark, there is going to be some proximity influence. It's not a matter of if, it's when. And you'll be influenced in a really positive way. You'll be invited into a new frame, a new frame of thinking, new possibilities, a new vision that you can cast for a bigger future. And what I was sharing with you earlier, just around this, I think of it as many entrepreneurs, if I was to use the phrase the family office model, most would not even know what that is. But you've democratized that for everyday entrepreneurs. And so what's the biggest myth that people have about what a family office even is?
• 12:30
  Speaker A: Yeah, I think the biggest myth is people say that's something you get when you get to become 100 millionaire. It's something somewhere else out in the future. So they've immediately taken a gap. They've created their own gap of that's not for me. Instead of learning what it is, they're operating. How are those people operating and what's the value to me and my family today. So by creating that gap, it causes a fairly large disconnect of that's not for me. So I can't even think that that's too expensive. That's someday, hopefully that's a dream scenario. When in reality you can create that ecosystem right around you right now. And you just have to lead your team. You have to be the one that takes accountability. No one cares about your money more than you. And you have to say that I am leading my insurance people, my tax people, my investment people, my business as one unit and I'm taking responsibility for what happens. And we're going to go to where we're going to go and hopefully someday all of us become a big family office together and we'll actually all be employed under our family office. But even if we don't get to that level, I know that you're going to find millions and millions of dollars of efficiency that will be yours down the line. Just because you have everyone talking.
• 13:45
  Speaker C: That's so good.
• 13:47
  Speaker B: Now how did you get going from this professor track school teacher track transition to helping family offices? There's a bit of a jump point there. I'm curious, Justin, what was the phrase, you know, series and sequence of events that led you from that, that gap and that jump?
• 14:05
  Speaker A: Yeah, that's extraordinary. Extraordinary. It's, it's, it's. People are going to be a little bit surprised how quickly I've figured this out. But because I figured out so quickly, everyone else can figure it out just as quickly. Like you don't have to spend 20 plus years figuring this out. So the gentleman that I heard speak was Garrett Gunderson, who I know that both of you are probably familiar with.
• 14:25
  Speaker C: Oh yeah.
• 14:26
  Speaker A: So that sparked it. About a year and a half late that just sparked like, okay, I got to start thinking of something else. A year and a half later I heard him speak again and he had a call to action sign up to schedule a call. That call to action schedule a call wasn't to Garrett, it was to his brother in law, Derek. And Derek is now my business partner. I had a great conversation with Derek, just trying to figure out what it is was going on with Garrett. What was the mindset that drove all this? I was just trying to find pieces of information because one thing I did learn in school is that I know how to learn and I can learn very quickly. So I can analyze data, I can look and read information very quickly and I can pick things up very quickly. So all I was trying to do is Gather information on how can I get the edge, what can I actually go and do and take the courage to. Not just because the problem is you're in school seven years you've had this event, your wife now expects you to start making money and you can't say, well, I got to figure things out. So I'm teaching now alongside of this to earn income. But I'm always looking for what am I going to do next? What am I going to do next? How am I going to make this jump? How can I actually leave this world that I created for myself? And then a year and a half later after that, I'm sitting at my kitchen table and I just had this realization. Call Derek back and ask him, what did you do to get to where you are? Like, what steps did you take, what licenses, what schooling? And that just triggered everything to now that's where I realize that's a big jump. But Derek led me into this world and I was able to facilitate. He gave me the permission to step in and I ran through the door and just burst through it and became help Derek build what we're building right now. So that's great. Just obsessiveness of learning is what drive it.
• 16:13
  Speaker C: Honestly, now, something really amazing just recently. So you were in the room with Meta's Samantha Herrera, if I'm pronouncing that properly, watching, you know, these million dollar tweaks. And so I'm really for myself. I'm genuinely curious, like what moment from that is still echoing in your thinking today?
• 16:36
  Speaker A: Yeah, so it was really shocking. The thing about that moment is like I'm sitting around businesses that are doing 50 million a year. So they're not struggling. They're not, they're, they've, they're acquiring customers. People are buying, they're going through VSLs like they're doing what most business owners are like hoping to ever even accomplish with the volume they're seeing. But then Samantha's sitting there and she's showing them like, okay, here's your Meta account. This thing right here is wrong and it's costing you X percentage of like visibility. Like, people aren't seeing your post because of this small thing. So she changes it. And she said like, essentially it was to me, the moral of the story for me was even very successful businesses have blind spots that they're not aware of that are costing them millions of dollars. And that millions of dollars is the difference between giving away millions of dollars a year or just living off of the million dollars a year. All that changes. So we have to stop. To me, it was just this eye opening experience that we're never arrived. There's always something in our business and our wealth and our taxes that we're not aware of, that we probably should be aware of that would change the game for us. And the whole reason why I've chosen to be so vocal and really lean into like speaking on stages is because I want to be that blind spot opener for people. Just like Garrett was for me with his words and just like Sam was for those businesses on the business side.
• 18:04
  Speaker C: That's amazing. And so does she. Is this something that she does for businesses or she was just sort of pointing it out?
• 18:11
  Speaker A: She's a meta. She's a meta employee. So she works for meta.
• 18:14
  Speaker C: Right.
• 18:14
  Speaker A: Sees the back ends of all the stuff that all the agencies and all the marketers are doing, doing incorrectly, unfortunately. I wish I could explain what was wrong, but my metagame is so ignorant that at that it still is that I'm unable to identify for your audience like what the switch she made was. So I'm sorry that I couldn't do that, but I know that the way she described it, it was you just have to learn the way that meta wants you to do it. Some language she reverberated was let the meta AI guide you and stop trying to fight it. So let it do what it wants to do because it's trying to find your best and ideal customer in as many places as possible. And if you're trying to tell it not to do something or to hold it back, it will then damage your ability to reach your customers because it knows better than you do. Most likely is what she was trying to accomplish. But there's a lot of interworkings on the back end of your ad accounts that you have to allow the AI to work on. And unfortunately my ignorance is not able to disseminate that information to you.
• 19:20
  Speaker B: Basically ride the wave, don't fight the wave.
• 19:22
  Speaker A: Yeah, that's a good way to say it.
• 19:24
  Speaker C: Yeah, that's really good.
• 19:26
  Speaker A: I don't know exactly, but yes.
• 19:29
  Speaker C: So where does you know with the clients that you have today and the clients that you want to have? So where does most wealth leak? Like what's one tiny hinge you've seen like swing open a huge financial door for your clients?
• 19:46
  Speaker A: This is going to sound so simple that people are like, people always discount this one, but it's just automate your savings, make it so that when money lands, you should do this on the business and personal side. So when money lands, it Automatically gets distributed to profits, automatically get distributed to spending and saving. If you can do that, you will capture millions of dollars of your lifetime that you would have spent unconsciously. That to me, is one of the biggest things that people just discount as this thing that you don't have to do. But it's so easy to set up. It takes 30 minutes to an hour and then it's just monitoring it. But it prevents Parkinson's law from ever coming into situation to taking in your earned cash. But that's one of the biggest. That's a leak because you're unconsciously doing it. You wouldn't have spent it, you just did it anyway. Just because your unconscious self told yourself to do it.
• 20:33
  Speaker B: And basically pay yourself first, but do it in a way where it's set up on autopilot so that you don't ruin the concept of pay yourself first.
• 20:41
  Speaker A: Correct? Yes, correct. Let, let computers do it for you. Take away your personal behavior from it. Take help your discipline by using technology.
• 20:51
  Speaker C: And I'm personally, I can attest to that. I'm living proof that that works remarkably well. Remarkably well. Thank you for sharing that, that tip. And sometimes it's the most simple things, right. That have the largest impact. And that's why it can be so easy to overlook it. Especially for entrepreneurs who love being in a position of control and might have some degree of hesitation or difficulty saying, well, you know, I've got to take a look at every penny that's flowing through my life and make decisions around it. Versus pick a percentage that makes good sense for you and set that aside automatically and. And it piles up quickly.
• 21:34
  Speaker B: I think one of the reasons, Jason, is it's not very sexy.
• 21:36
  Speaker A: Correct.
• 21:38
  Speaker B: Versus hearing about the next greatest slice bread toaster bitcoin machine mining scenario, which is like, oh, that sounds really interesting and intriguing and fascinating. And it's that shiny object syndrome that I think pulls people and therefore their money away from their control. Whereas the simple effort of taking the initiative to automate a savings mechanism out of cash flow is pretty boring, to be honest. And because of that, it doesn't fire our synapses a whole heck of a lot. And once it's done, it's basically done other than monitoring like you indicated, Justin. So there's not an ongoing thrill involved with that aspect. And I think some people unconsciously sabotage themselves because they're not getting the fix that they need on that excitement level.
• 22:28
  Speaker A: And I would propose this is just a recent thought. I don't know if it's true, but one of the reasons why that people can't see the power behind the automated savings is because they don't have a big enough vision of the future that actually excites them that they know that the automated savings is a part of that actual vision. So they don't actually know where they're going. So they're chasing the latest and greatest things in hopes to find where they're going to get when they actually have no idea where they want to go.
• 22:54
  Speaker C: That's where in our circle, the, the R factor question that Dan Sullivan, you know, pioneered of strategic coach. All the credit to Dan and to his team. And that's one thing that with any entrepreneur, with any individual, with any couple that, you know, we're blessed to serve, we ask them that question if we were to have a future forward conversation. So if we were sitting down, this is being recorded on June 13th. If we were sitting down June 13th, 2028, and we were to look back over those three years to today, what specifically would have had to have happened in order for you to feel remarkably happy with your progress? And the human brain, as we've shared many times, requires a very high degree of specificity. The human brain is really not capable of doing anything extraordinary. That's why most, most people's goals are just bumper stickers. I want to be rich, I want to be wealthy, I want to be healthy, I want to be successful. Your brain goes, I don't have to pay any attention or do anything with, with any of that. Whereas if you're mapping it out with a very high degree of specificity, your brain begins to immediately get to work on making it real. Because the brain cannot distinguish between imaginary and reality. So why not imagine your bigger future? Like, it just, it's, it's so incredibly effective. And this takes me to. I read something recently that you had posted around operating opportunistically versus start operating with orchestration. So you're helping business owners to do that. What is, what does that orchestration actually look like in the real world?
• 24:45
  Speaker A: Yeah. So the orchestration that we try to bring into this is we want to remind on. I'm going to take one step back just to kind of explain the opportunistically thing. I have lots of conversations I've had with business owners is that they take advantage of opportunities that just fall in their lap and it gets them places like they'll go to an event, they'll hear a speaker and it's like, oh my gosh, I wish I would have had that a long time ago. Just still in their lap or I. A competitor is going out of business and they acquired them and it just fell in their lap. They didn't do it on purpose. It just was like this happenstance thing that came about. And I believe that that's how people are. They're opportunistically taking advantage of their taxes, around their wealth, around the way they spend money. And so it just is. It's fairly like if it happens, it happens. I'm not really. I'm not leading the ship. It just happens organically. It was occurred to me. The problem with that model, in my opinion, is that it's likely that people that are going to sell you financial products, for example, are going to want you to view your business as the ATM or the cash flow that's then going to buy other people's assets and build your wealth.
• 25:58
  Speaker B: Right.
• 25:59
  Speaker A: There's nothing wrong with that. It's actually a very true statement. You should be doing that. But it's the lens that's the problem. In my opinion, the lens is that you're actually just all you've done, because that's what all W2 employees have to build wealth that way. If they're entrepreneurially driven, they have to take a portion of their paycheck, buy other people's assets, and then the other people's assets are going to grow over time. Then eventually, hopefully, they'll produce cash flow for me and I'll be able to replicate my income from my business or from my job. And there it is. That's the lens that the vast majority of people are being sold. And I believe that's very opportunistically handled is what I want to help people view. And it's the centerpiece of all this, is you have to put your business and start seeing it not just as a business, but actual an asset. It has that. It has valuation, it has value, it can be sold. So yes, it can supply cash flow to you, and then that cash flow can buy other people's assets. But if you don't first view your business as an asset that you have the most control over, that you can actually sell someday and be a part of the statistics that on the other side, where most people don't sell, you actually now can control a lot more of your wealth. Which is the whole reason why entrepreneurs often start in the first place, is they wanted to build their own wealth, but they're ignoring their business as the actual asset to get them there. So everything starts around that. So that has to sit in the center of that's a part of an intertwined into all wealth strategy. So now it's coordinating. If this is an asset, I want to reduce his expenses. Taxes are an expenses on that asset. So I got to, I have to deliberately tax plan around the reduction of my taxes there. If I save the taxes and I'm trying to increase the value of the asset, I don't just let the tax savings disappear into spending. I'm going to deliberately through my automated system make sure they end up in other people's assets or back in my own asset. So I'm, I'm very deliberate around the control around that. Because this is an asset, I also have to protect it from people that might want to take it. So I have to have proper insurances. I have to protect against death, disability, divorce, disruption, all the five Ds. You have to make sure that you have proper entity structures so that it is protected. It all just starts to flow naturally off of. This is my asset and I'm going to maximize its value and ensure that no one can take it from me or limit the potential that someone could actually come and take this asset from me. And this asset fuels everything else around me.
• 28:24
  Speaker C: Very smart, very smart approach. And one thing that I'm again curious about, and I know our listeners and viewers will be too, is like you've mentioned, you know, wealth building, wealth building is, is spiritual in the sense of like, I'm curious, like what, what do you mean by that? And what role does faith play in how you build and give?
• 28:47
  Speaker A: Yeah, this is very dear to me because it's something that's. Because like I meant like I had that event, the spiritual awakening. Since then, everything I've done has actually been built for my family and for the future, not actually for the business creation. It's like my vision is around my family and I'm attaching a business vision to help my family get to where I view it to go. But I believe in the eternal nature of the family, both spiritually but also physically. And so when I talk family, it's the generations that have come and it's the generations to the future. And so I'm like this bridge that's going to connect them all and make it so that the family Maxwell name stands for something 300 years from now. And people like recognize that if you're a Maxwell, obviously they're going to have lots of last things. But you came from that lineage. You're a game changer and you produce value and you give and you produce everything. I'm Doing is orchestrated around that. So for me, it's just a deeply spiritual connection in that this. It's the spiritual being projected forward into the natural modern world that we see through business. So every conversation I have with someone is intended to help me reach my vision in the future. And I'm hoping that I can inspire them to then reach their own bigger vision and inspire that spiritual connection to who we are as humans and where we came from and where we're going, and that we have all the control in the world. We just have to embrace it and take control of it. So for me, this is extremely spiritual and I have very big visions for what my family will be doing while I'm alive, but even massive for what they're going to do when I'm not.
• 30:38
  Speaker C: That's so good.
• 30:39
  Speaker B: Love hearing that, because, you know, we're about to be launching one of our newest books called Grow youw Own Capital. And it's all about keeping the farm in the farm family where it belongs and not seeing it torn down. And setting a family vision around that and having regular recurring meetings is a. Is a key element to that, including with the team of professionals. But, you know, really, a lot of that starts with the core members and who are involved with that. And so very actually built a workbook around that where a lot of those thinking exercise and some vision, you know, some vision exercises and some clarifying statements can be put into place that then can be discussed and can be worked upon so that you can build that solid level. You know, a lot of people want to expect that the farmer is going to stay in the family or the business maybe is going to stay in the family, but they do no planning around it. And expectations don't turn into realities very effectively without having a framework to do so. And so I think what you're talking about, Justin, is a lot about being very intentional, number one, about creating a framework and then being very vocal about what that framework is. Am I on track there?
• 31:41
  Speaker A: Yes. And I think this goes back to Jason's question around, you have to systematically plan everything. You can't say it, and then hopefully it gets there. If this was health, you can't say, I want to look like this in a year and then just not do anything. You say it so that you know what behaviors to do to actually get there. So that's why we say it is. So that it gives us something that we can challenge and push ourselves so that our behaviors start aligning with the behaviors that actually will take us to our destination.
• 32:14
  Speaker B: That's very good.
• 32:15
  Speaker C: And what you had outlined is a really sharp example of thinking long range. Our late mentor, the late R. Nelson Nash, someone who we miss and we think about every single day and what an incredible joy it was to know him. And he would always encourage others to think three generations past their own. And he would contrast that with most people don't think past this weekend. So there's a method of thinking three generations past your own. And then there's a method of not just because you hear this in your circle all the time as we do, the phrase generational wealth. Yeah, well, I think we're missing a word there. We're missing mentality, generational wealth mentality. What about generational family values? What about generational ambition, generational perseverance? All these wonderful things that you can instill in the generation that's here today. But you can equip them and give them the tool and the guidance so that it lives on that. Well, it's a wealth mentality that's being transferred, not a check. And it's. We have been expanding these discussions and they're landing so well because no one else is talking about it. Everyone else is just on that mainstream lane of you've got to accumulate, you've got to build generational wealth. There's no deep discussion around how it's transferred, other than the conversations are always very mechanical. You need to have this family trust in place. You need to have this entity in place. You need to check the boxes on all these documents that need to be signed off on. I get it. That's all tactical, that's all mechanical. What are we doing specifically to transfer the wealth mentality so that we have good stewards for the next generation and the generation that comes after that. And so if we can give listeners and viewers like a step that they can take away. So if someone is listening or watching, they're realizing that they're successful in business but disconnected from their wealth. What is the very first conversation they should be having?
• 34:32
  Speaker A: I think the very first one is, I'm going to state this as families, but if you were single, you can still deliver this. You have to sit down with your spouse and you have to define what is the melt wealth mentality, what are our values, what are our doctrines, what are our milestones, what it is, who is it that your last name, what is it that Maxwells stand for and what are they known for in the world and how do they behave? And everyone makes mistakes and that's why there's forgiveness and there's Lots of. I'm very religious, so I believe in the ability to have sins forgiven and things like that. But I believe that that enhances the ability to. To always enable the family to do that. But that's the first conversation, because once you have that now, you can actually start to formulate an idea of what it is we're actually going to create with what you just said three generations from now. You can't skip to that unless you do this. So you have to enable. What is it that our mentality, our behaviors are going to leave behind? Because the behaviors are what produce the wealth. It's not. Behaviors produce value. The value produces the money. So that's, to me, the first step. You have to sit down and actually become absolutely clear on who it is. And too many people, I love religion, I love God, but too many people abdicate this to religion and church to solve instead of families doing it themselves. And so you have to take this even into the family, in my opinion, with the church and religion attached to it and intertwine it. But you cannot abdicate it to the church. You have to bring it into the home.
• 36:09
  Speaker C: Agree wholeheartedly. Absolutely wholeheartedly agree. And so if you had to. If you had to summarize, you know, everything you've learned about real wealth up to this point in your life in one sentence that you'd want your kids to remember, what would it be?
• 36:27
  Speaker A: The things that matter most are the things that leave the biggest impact. That just came off the top of my head, but I'll. I think that's good enough. I think I'll.
• 36:34
  Speaker C: That's why it's real. Yeah, that's why it's real. That's incredible. Rich.
• 36:40
  Speaker B: Justin, absolutely awesome. Love the work that you're doing. I love the journey that you've been on. To be in a position where you're so inspired about not only what you're doing for your own family, but for the families that you're able to connect with in the family office model. So congratulations to all that and for sharing a ton of great nuggets and wisdom for us here today. I. Our question really is, if you were to put some thought into it, who is it that you most want to be a hero to as you consider what the future holds for Justin?
• 37:12
  Speaker A: Yeah, so this is. It's going to be two people, if that's okay. So I want. 150 years from now, I want my whatever grandchild that is to view me as a hero, but I actually want it to the point person they're going to help to view me as a hero because the reason that they're able to help them is because of the things that I put the domino that I knocked over today. The only reason they're able to do it at that level with that much impact and that much capital behind it and that much ability to think that way and be abundant and just solve that problem for that individual is because I triggered something. But then I want to then say this. I then want to say that I'm grateful for everyone that came before me because the only reason I am able to be here is because of everyone that happened before me. So I don't actually the hero isn't me. It's going to be the entire line is what I actually want it to be. Does that make sense?
• 38:09
  Speaker C: Makes perfect sense. And this was a great conversation. We're definitely going to have it again. Justin, it was great to have you on the show. What came up for me, like what if so for our listeners and viewers. So what if the the real threat to your wealth was never the government or the economy or the market? What if it was the lack of orchestration in your own life? And so Justin shared a great conversation with us in terms of what it means to move from being a high income earner to a generational wealth mentality builder. And if any of you felt like Justin was speaking directly to you, and maybe it's time that you audit more than just your business, audit your team, audit your vision, audit the structures, the frameworks that you think are presently working. Because generational wealth slash mentality, in my humble view, is not built accidentally, it's built on purpose. And so when you start playing chess, which I don't play very well at all, instead of playing checkers, then your legacy can truly multiply, especially if you embrace thinking three generations past your own. And so if today's conversation sparks something in you, share it with a fellow business owner. Let them in on the truths that Justin shared. It doesn't come from hustle. It comes from synchronicity and an orchestrated engineered outcome, as our late mentor, R. Nelson Nash would often say. And so you're going to see another video. If you're on the youtubes, you just saw another video pop up. That's our way of hoping you'll receive inspiration to continue your journey of learning. There's no such thing as having arrived in knowledge. There's always something new to learn. And so guys, this was a lot of fun. Until next time, guys. Have an outstanding rest of your week. This was great.
• 40:14
  Speaker A: Thank you.