Latest / King Dems Podcast | Growth Mindset, Leadership, AI and Business Insights / Boring Investor Secrets: Paul Moore on Wealth, Growth Mindset and Smart Business Strategies

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Boring Investor Secrets: Paul Moore on Wealth, Growth Mindset and Smart Business Strategies · King Dems Podcast | Growth Mindset, Leadership, AI and Business Insights

• 0:00
  I was not a boring investor. I was an entrepreneurial
• 0:05
  investor and I made a lot of mistakes.
• 0:09
  I thought investing should be exciting.
• 0:11
  I didn't know the truth. The truth is that economist Paul
• 0:17
  Samuelson, who was the first Nobel Pie Prize winner in
• 0:20
  economics. Wow, Paul Samosi and I, I did
• 0:24
  read some of his work because my first degrees in economics
• 0:27
  though that that's that's out. Samuelson said investing should
• 0:32
  be boring. It should be like watching paint
• 0:34
  dry or watching grass grow. If you want excitement, take
• 0:38
  $800 and go to Las Vegas, Yeah. Casino.
• 0:43
  I didn't know that. I thought investing should be
• 0:46
  exciting and fun, and I lost a lot of money.
• 0:49
  I had excitement, That's first. The household is means.
• 0:52
  I've lost a lot of money and so I made a vow to become the
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  boring investor. Welcome to the King Dems
• 1:00
  Podcast, where we share the stories of extraordinary people
• 1:04
  and dissect hot, relevant topics that shape our world.
• 1:07
  From visionary leaders to trailblazing creatives, we
• 1:10
  uncover the mindset, strategy, and grit behind greatness.
• 1:13
  Whether it's business, culture, or personal growth, we ask the
• 1:17
  real questions. This isn't just conversation,
• 1:19
  it's transformation. The Kingdom's podcast, Your next
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  breakthrough starts here. Music licencing reimagined.
• 1:30
  Ladies and gentlemen, we are live.
• 1:32
  And of course, you are once again welcome to the Kingdom's
• 1:36
  broadcast. And today I've got with me a
• 1:40
  very, very special guest fighting out of Virginia, United
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  States of America. Mick Walker, Paul, the board
• 1:50
  investor Moore, how are you? Hey, I'm doing great and it's
• 1:58
  fantastic to be here. Thank you.
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  Wow, I love your name because you can actually play on words
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  with it. Paul Moore.
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  Everybody wants more in life, but are you willing to do more
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  like Paul Moore? OK, we will find out.
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  I appreciate you very much as a person because you are a symbol
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  of hope, a symbol of inspiration.
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  And by the way, I tell people this, I would never say behind
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  you what I cannot say in your presence, right?
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  So let me report myself to you. I said to somebody when life
• 2:35
  gives you lemons, make lemonade. Was a person then that person
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  would be Paul Moore. So today I'm chilled to welcome
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  an extraordinary guest, Paul Moore, a former Ford executive
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  turned real estate mogul, three time author and the founder of
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  Welling's Capital known as the Boring Investor.
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  What a moniker. Paul has flipped the script on
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  what it means to build wealth. After selling his company and
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  making millions, he hit rock bottom going 2 point.
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  By the way, U.S. dollars. Shout out to the Australian
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  dollars in debts before rebuilding with a rock solid
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  philosophy. Slow, steady recession resistant
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  investing. Paul has completed over 100 real
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  estate deals, hosted the Heat podcast How to Lose Money,
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  contributed to Bigger Pockets and Fox Business, and helped
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  raise over 800 thousand U.S. dollars to fight human
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  trafficking. Today, he's here to share how
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  you can build enduring wealth while staying aligned with your
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  values. Let us dive in.
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  And once again, ladies and gentlemen, big welcome the man,
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  the myth and the legend. Paul Moore, your, your story's
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  actually inspiring. I think that's an understatement
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  anyways. But you know, from millionaire,
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  you know, to millions in debt and back is nothing short of
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  remarkable. But what might have shifts
• 4:16
  helped you turn your financial crisis into a comeback story?
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  Well, you know, I'm just kind of backing up.
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  I sold my company, my staffing firm in 1997 and I thought I was
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  a full time investor, but you know what I was not?
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  I was a full time speculator is what I was.
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  More like gambler. I made a lot of mistakes and I
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  lost a lot of money. I made a lot of money as well,
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  but I went into exactly 10 years after I had about $2,000,000 in
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  the bank from selling my small company.
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  I had two and a half, $1,000,000 in debt and my business partner
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  said I can't do this anymore. It was late 2007.
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  We didn't know we were plunging off the financial Cliff into
• 5:05
  2008 and. Whoa.
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  We knew there was, you know, we knew the economy was on shaky
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  ground. We just didn't know how bad it
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  really would be. That was a part time.
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  It was a bad time and so we had had to decide what to do next.
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  So I called together my family, I called my CPA and her husband
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  and a couple friends and I said, we've got an idea.
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  I've got an idea. I feel like God wants me to
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  start giving our way out of debt.
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  And they looked at me like. Reverse psychology, Yeah.
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  As Jared, we're, you know, I said our back is against the
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  wall. We're in really big trouble.
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  It looks like the economy is in really bad shape.
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  We own all this real estate. Let's we're going to start
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  giving aggressively. We already were giving
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  generously, but we said we're going to give a certain amount
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  every single week. And if God bails us out, so be
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  it. And if he doesn't, then I I'm in
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  his hands. Ladies, what we're doing?
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  Yeah. So January 1st, 2008, we, we
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  gave a certain amount of money that week and then a same, the
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  second, third, the 4th, the 5th week.
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  But the 4th week of that, in January, I met a real estate
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  developer at a restaurant and he gave me an idea.
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  And that little idea exploded in my mind.
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  And I went to the county planning and zoning board the
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  next two days later with my surveyor and I said, hey, I've
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  got this idea. I want to do this, to subdivide
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  this 5 acres of waterfront land into 5 parcels.
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  And it was not subdividable, but I said I want to use your law to
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  subdivide it anyway. And the lady looks up over her
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  glasses. She was an older lady and she
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  said. Speaking of glasses, I need to
• 7:14
  get my glasses as well, yeah. She said Mishka Moore, no one.
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  I am. I've been here 30 years and no
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  one attempted to use our law against us like this.
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  And then she laughed. She smiled.
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  She said, But you did. She said you figured it out.
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  She said you can do this. No one has ever come up with
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  such a crazy idea, but you can do this anyway.
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  So I had a lot of hard work left a lot of meetings with
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  attorneys, and I had meetings with real estate developers and
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  soil contractors and surveyors. But we were able to subdivide
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  that land and 13 months later I was completely debt free.
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  I even paid off my house. Wow, wow.
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  I you know, you just reminded me of a book I read growing up in
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  Nigeria. It's written by He's a pastor
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  motivational speaker. His name is Sam Adiemi, and the
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  title of that book is Ideas Rule the world.
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  It's interesting how a person's life can change in the blink of
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  an eye just by way of an idea. And some people call it your
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  lightning rod moment. Some people call it your aha
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  moment. But the hearts of kings and
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  Princess is in the hearts of the Lord and it's always very
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  important to to pray for that wisdom, you know, to make wealth
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  because it's it's scriptural that it is he who gives us, you
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  know, the the wisdom and of course the power to make wealth.
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  But something really strikes me when it comes to you and that is
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  your moniker, the boring investor.
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  I have only said that one thing that the success that I, I
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  personally have in, in my life is attributable to a couple of
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  boring things. And that is consistency, hard
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  work. Yeah.
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  And would I say still consistency, consistent faith,
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  you know, in, in God and, and myself.
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  So that aligns with my values. So I I want for you to talk
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  about why you embrace that, Monica, probably the boring
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  investor. Well, the problem was when I
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  sold my company at 33 years old, I thought I should get the same
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  excitement out of real estate investing and out of investing
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  that I did out of being an entrepreneur.
• 10:06
  I was not a boring investor. I was an entrepreneurial
• 10:11
  investor and I made a lot of mistakes.
• 10:16
  I thought investing should be exciting.
• 10:18
  I didn't know the truth. The truth is that economist Paul
• 10:24
  Samuelson, who was the first Nobel Prize winner in economics.
• 10:29
  Wow, Paul Samuelson I I did a read some of his work because my
• 10:34
  first degrees in economics so that that stands out.
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  Danielson said investing should be boring.
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  It should be like watching paint dry or watching grass grow.
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  If you want excitement, take $800 and go to Las Vegas, Yeah.
• 10:51
  Casino. I didn't know that.
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  I thought investing should be exciting and fun and I lost a
• 10:59
  lot of money. I had excitement.
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  That's first all. This means.
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  But I lost a lot of money and so I made a vow to become the
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  boring investor. Boring investors don't get
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  excitement out of their investments.
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  Warring investors have to wait a long time.
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  Warren Buffett said that the the true profit is not in the buying
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  and selling, but in the waiting. Yes.
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  Boring investors avoid hidden costs they don't have.
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  I had a friend named Kevin who he always watched his stock
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  market his, he was doing short and long positions and he was
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  always watching it go up and down and up and down.
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  He was always excited and tense and he lost sleep over it and he
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  lost productivity and he lost relationships.
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  He was always on his BlackBerry and now iPhone.
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  You know what? He didn't make any more money.
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  He lost money doing that. He didn't make money.
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  You know that. Those are hidden costs.
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  Now he goes sailing through the Puget Sound in Seattle and he
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  has his investments in passive investments and he's trusting
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  other people to do the heavy lifting.
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  He invests with my company, he invest in other passive
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  investments, and he doesn't try to manage his money.
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  Boring investors lose money sometimes, but they use those
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  lessons to make a fortune later. Bring investors focus more on
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  protecting their principal and not losing money and not making
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  repeatable mistakes. Then they do bring brilliant and
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  making money. Charlie Munger, Warren Buffett's
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  partner, was the most brilliant investor in the world, according
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  to a lot of people. And his obsession was not on
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  making money. His obsession was on not making
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  repeatable mistakes. And did you know if you take
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  the, if you Berkshire Hathaway over the last 60 years, Warren
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  Buffett's company, if you cut the share price by 99%, if you
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  took their share price today, let's say it, let's just say
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  it's $100 and you cut it down to $1.00, it still beats the S&P
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  500 by about 40%. So they're the boringest
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  investors I know. Warren Buffett's life is boring.
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  Charlie Munger, he read 500 books a year.
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  His life was boring was very, very.
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  Their life would be hard to replicate because it would be so
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  boring. But they were able to pave a way
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  and show the world what it looks like to be a boring investor.
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  Boring investors were often misunderstood.
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  Absolutely. Absolutely.
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  It's the fact of life, right? And that's the exactly one thing
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  I appreciate about you. You are not afraid to be
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  different, you know, owning it as well.
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  It's a bold move. It is a bold move.
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  Yeah. Wow, the boring investment.
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  Absolutely. You know, it's more about the,
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  would I say, tested and trusted principles.
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  Life actually works on principles, right?
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  If you apply with these principles, right, that have
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  been tested right, and trusted over time, often than not you
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  would be successful. But it comes out of cost and
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  that cost has been boring, right?
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  But absolutely being great on life requires you to be
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  different from, from, from other people.
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  And Speaking of real estate, right, investment, you've
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  actually been able to complete over 100 breed estate deals.
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  We're not talking about small deals.
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  We're talking about multi $1,000,000 deals.
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  All deals. What did he say?
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  Some of them were small deals, too.
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  OK, OK. But what is small to you is is
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  big to me. So remember I'm actually an ex
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  big for auditor and there's something that is very, very
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  important to our work. We call it MATI reality, right?
• 15:41
  Materiality basically talks about significance, right?
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  That is an item is said to be material if it's inclusion or
• 15:48
  mission in the financial statements is significant enough
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  to influence the decision making of the users of the financial
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  information. So for you, absolutely, what is
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  small to you is actually still big to me.
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  In the meantime, we're looking at flipping homes, you know, to
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  building funds. So why did you ultimately shift
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  your focus to commercial real estate and recession resistant
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  assets like self storage and mobile home packs?
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  Yeah, well, Adam, all, we flipped a lot of homes, flipped
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  50 or 60 homes. I flipped 20 or 30 waterfront
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  lots at Smith Mountain Lake and Virginia, and I realised, you
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  know, a lot of the deals we were doing, we were just making money
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  and then going on and making more money and making more
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  money, but we were just pouring money back into the next deal,
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  Warren Buffett said, And this is another boring investor
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  principle. He said unless you learn to make
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  money while you sleep, you'll have to work until you die.
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  Absolutely. And so we weren't making money
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  while we slept. We were making money while we
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  worked, but we weren't making money when I didn't.
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  And so I wanted to find investments that actually made
• 17:15
  money while I slept, but I also wanted to find investments that
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  allowed us to force appreciation.
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  Now, in residential real estate, your appreciation comes.
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  You know your value of the real estate is based on comps on
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  comparable properties in the neighbourhood.
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  But in commercial real estate, your value is based on math.
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  Now that's related to comparable properties, but the math is that
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  the value of the real estate equals the net operating income
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  divided by the cap rate or the capitalization rate.
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  Therefore, if I increase net operating income by 20%, I
• 18:03
  increase the value of the property by 20%.
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  But if I'm using leverage, let's say 50% debt, then I can
• 18:14
  actually increase the value of the property, the the equity by
• 18:20
  not just 20%, but maybe 40% in that case.
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  Well, this is very predictable and this is very much easy to
• 18:31
  track and it's easy to understand.
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  So when we buy properties with baked in intrinsic value, that
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  means there's value that's in the property that the previous
• 18:45
  owner has not has not tapped into.
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  We can increase the value by increasing the income.
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  Warren Buffett said price is what you pay, value is what you
• 18:57
  get. And when you buy commercial real
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  estate properties from mom and pop owners, you can sometimes
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  see opportunities to increase the income, increase the value
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  and increase the returns for investors.
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  And I like that. I like commercial real estate
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  because we can increase the value based on math on based on
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  we can force appreciation. I've got examples if you would
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  like to know. Yes, I, I definitely would love
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  examples, right And for me being an ex BIG4 auditor, I've seen
• 19:36
  like some of these things play out in real life, right?
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  You have an organisation that is selling out or probably being
• 19:47
  taking over. You have mergers, you have
• 19:49
  acquisitions, especially acquisitions, right?
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  And you see the company right, that is buying this new
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  subsidiary paying heavily, paying heavy premiums for that
• 20:06
  target company that they are acquiring.
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  And this is sort of what I say relatable to to what you're
• 20:13
  explaining that premium right is driven by certain factors.
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  So in your examples a lot for you to.
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  Would I say isolate or identify the factors that drive the
• 20:29
  premium of these commercial real estate properties?
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  Up Well, let me just give an example.
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  So I wrote a book called Storing Up Profits.
• 20:40
  It was published by Bigger Pockets in 2021, and the book
• 20:45
  was about self storage in self storage.
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  You know, most of self storage is in North America, but it's
• 20:52
  starting to take hold in England.
• 20:56
  Yeah, we have. We have.
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  We have those here. And self storage, you can buy a
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  self about half of the self storage assets in America.
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  There's about 50 or 60,000 self storage facilities.
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  About half of them are run by mom and pop owners.
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  These mom and pop owners do not have the desire or the knowledge
• 21:21
  or the resources to upgrade the facilities to increase income,
• 21:27
  to maximise value and shareholder returns.
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  So for example, you might buy a self storage facility and the
• 21:37
  owner might say, yeah, there's 5 or 6 acres Outback we don't use.
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  Well, the smart buyer will say, OK, what can we do with that 5
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  or 6 acres? Well, they can gravel that or
• 21:50
  pay pave it and they can put, they can store heavy machinery
• 21:55
  and equipment there. They can use it for RV and boat
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  storage. They can put a cell tower back
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  there. They can put a billboard on the
• 22:05
  front of the property and get revenue from the Billboard.
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  They can add a showroom and an office where they sell locks,
• 22:15
  boxes, tape and scissors. They can expand the facility.
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  They can add climate control buildings.
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  They can maybe they can build on.
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  I know somebody who add one story building.
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  They made it into a three Storey building.
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  They can add. They can add an ATM, they can
• 22:40
  add a propane filling station. There's a lot of things that a
• 22:43
  good buyer can do. They can start renting U-Haul
• 22:47
  rental trucks out of the. Purpose in.
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  Yeah, and they can do all kinds of things to increase income and
• 22:56
  maximise value. And so the original owner, the
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  mom and pop owner, doesn't know or care about these things.
• 23:05
  And that's why there's tremendous intrinsic value in
• 23:09
  that property that the buyer can unlock for their investors.
• 23:15
  That's what we love about a lot of different commercial real
• 23:20
  estate deals. Wow.
• 23:22
  You know, there's that possibility to unlock an
• 23:26
  exponential increase in not just value, but in revenue.
• 23:33
  Yeah, right. Because it's interesting how
• 23:36
  sometimes you have certain factors that drive the value up.
• 23:41
  And this is what I say very common in the text space.
• 23:46
  One day the value goes up the course of some speculations, and
• 23:51
  the very next day it's it can be on the floor.
• 23:55
  But what would you say about the obsession that a lot of
• 24:00
  investors have about value? So, so some of them would I say
• 24:05
  place more premium on valuation than revenue.
• 24:10
  Well, I tell you, I'm not sure about that because we're in the
• 24:15
  real estate space, but I'll, I'll tell you the something that
• 24:18
  may be similar. A lot of operators place all
• 24:23
  their focus on AUM. That's assets under management.
• 24:28
  They want to grow, grow, grow and get to a billion dollars in
• 24:32
  assets. That's valuation, right?
• 24:36
  We are focused on profits, we're focused on return.
• 24:40
  If we can focus on ROI or profits, the AUM will take care
• 24:46
  of itself. If we're focused on growth and
• 24:48
  AUM first, then we'll probably have lower profits and unhappier
• 24:54
  investors and we won't be making the difference that we want to
• 24:58
  for our investors. Exactly, you know, investors,
• 25:01
  the, the average investor wants to have a return on their, their
• 25:06
  capital. But what I see a lot of wheels
• 25:10
  in in, in the industry are just about that valuation because it
• 25:14
  makes them look really fancy to, to, to to the public.
• 25:19
  It's just a little difference between being a multi
• 25:23
  millionaire and a billionaire. So some people get lost in that
• 25:28
  obsession of having their net worth grow instead of having,
• 25:33
  you know, the net income grow consistently over time.
• 25:38
  So I think that that's a good way to segue to my next
• 25:41
  question, which is about high income professionals.
• 25:45
  What are the top three mistakes that you see high income
• 25:48
  professionals make when getting into private real estate
• 25:52
  investing and how can they avoid them?
• 25:55
  Yeah, One mistake they make is they quickly, they make a quick
• 26:00
  decision on who to invest with. Somebody at their office said,
• 26:04
  hey, I invested with ABC company and they go pull up their
• 26:08
  website that evening and they wire them money a few days
• 26:11
  later. They haven't done the due
• 26:13
  diligence. They don't have the time to do
• 26:16
  the due diligence. They don't have the knowledge to
• 26:18
  do the due diligence. They don't have the resources to
• 26:22
  really do the due diligence. They can do a few things, but
• 26:26
  you can't do that really quickly.
• 26:28
  If I'm going to wire somebody $100,000, I'm going to go get on
• 26:33
  a plane and go see them in person.
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  I'm Warren. Buffett style.
• 26:38
  I'm going to get a gut check with seeing what they if I
• 26:41
  really believe their story. I'm going to see how they talk
• 26:44
  about their waitress or their waiter at the restaurant.
• 26:48
  I'm going to see how they talk about their investors and their
• 26:51
  spouse. I'm going to want to know their
• 26:53
  criminal. I want to know a deep dive
• 26:55
  criminal check and background check and reference check.
• 26:58
  I want to check out their debt in detail.
• 27:01
  I want an attorney to go through their debt, you know, structure
• 27:05
  and see where they're vulnerable.
• 27:07
  I want to do death by Google Now.
• 27:10
  Any investor can do that. You know where you just go
• 27:13
  through and look at very deep dive at the what people are
• 27:17
  saying about them online. So due diligence is the number
• 27:22
  one mistake I see people make. And the way around that is
• 27:25
  either to do the due diligence or to invest with somebody who
• 27:29
  has done due diligence and you can do it yourself.
• 27:32
  It just takes some time to do it right.
• 27:35
  Last year our company looked, our fund looked at 745 operators
• 27:42
  and deals and we only invested in five.
• 27:46
  But you know what? All 745 look good at first.
• 27:51
  They all look good. And if we would have invested
• 27:53
  quickly, we could have invested in any of those.
• 27:57
  But we only invested in five because the more we looked, the
• 28:01
  more we realised this was usually a no, Warren Buffett
• 28:06
  said the best investors say no a lot.
• 28:08
  The very best investors say no almost all the time.
• 28:14
  That's the biggest mistake I see investors make.
• 28:18
  A second one is lack of diversification.
• 28:22
  Now, most high net worth individuals aren't full time
• 28:26
  investors like Warren Buffett and Charlie Munger and others.
• 28:30
  And so they need to diversify to protect their assets.
• 28:37
  And you know, if I see one deal, this is a mistake I made early
• 28:42
  in my career. If I saw one deal that looked
• 28:44
  like a sure thing, I took all the available money I had and I
• 28:48
  ploughed into that one deal. I didn't always do that, but I
• 28:51
  did it a few times and that was a mistake because anything can
• 28:56
  go wrong. There's always a potential that
• 28:59
  an employee at that company will commit fraud.
• 29:02
  There's always a potential that something could go wrong.
• 29:06
  Maybe a law would change, maybe the economy would change, maybe
• 29:11
  that owner, maybe the operator would die or quit.
• 29:15
  There's all kinds of things that can go wrong, nothing certain.
• 29:19
  And that's why it's really important for almost every
• 29:22
  investor to diversify broadly. And so those are two mistakes.
• 29:27
  A third one would be, you know, I think actively managing and
• 29:33
  I'm going to step on some toes here probably.
• 29:36
  But you know, if I'm a busy professional who can make
• 29:40
  really, really good money in IT or as a doctor, And I think, oh,
• 29:47
  I saw this real estate show that would be real fun to go flip a
• 29:51
  house or have some rental homes. Chances are they're only going
• 29:56
  to make like $20.00 an hour on the side doing that when they
• 30:00
  can maybe make 100 or 200 or $300.00 an hour as a
• 30:04
  professional or more. And so doing this on the side,
• 30:09
  it drains their time, it drains their energy.
• 30:14
  It, it, it, it zaps their emotions.
• 30:17
  Because it's really frustrating to get a call at 2:00 in the
• 30:20
  morning to come clean out a toilet and have all kinds of
• 30:25
  baggage with it. And so I think another big
• 30:28
  mistake, the third big mistake is actually trying to do real
• 30:32
  estate on the side. Why not send the money to a
• 30:36
  professional and let them do the heavy lifting?
• 30:39
  Let the properties, let them do the property management and you
• 30:44
  collect a paycheck. Now there's problems with that
• 30:48
  too, but I think that's a better way for most investors to go.
• 30:53
  I know that's the way I do it. I don't actively manage any
• 30:55
  properties anymore. Whoa.
• 31:00
  Talking about the tech side of things, I wanted to pick your
• 31:04
  brain real quick on the role of AI in guiding investor decision
• 31:11
  making. So what what?
• 31:13
  What's your your take on AI on a general note and like how is it
• 31:17
  useful in the investment space? I'm continually amazed at how
• 31:23
  well AI does. I use it for all kinds of
• 31:26
  personal things. I do a lot of morning meditation
• 31:29
  and study of ancient scriptures, and I use AI to help me
• 31:34
  understand the Greek and the Hebrew texts and all kinds of
• 31:38
  things. I'm continually amazed.
• 31:41
  I think in AI can be really useful to help us do due
• 31:45
  diligence on an operator to quickly go through a contract or
• 31:51
  maybe a mortgage note and look for problems or look for
• 31:56
  highlights. There's so many things AI can do
• 31:59
  and I think most people by now know that it has incredible
• 32:04
  potential. Now it has incredible.
• 32:07
  My wife thinks it's evil. She thinks it's horribly evil.
• 32:11
  And I said. What I said?
• 32:13
  Anything. No way.
• 32:16
  Anything in the wrong hands can be evil.
• 32:19
  So the Bible is the greatest book and the biggest selling
• 32:22
  book ever. It can be used for incredible
• 32:25
  good in the right hands, but that same Bible in the hands of
• 32:29
  an evil person could be used to justify evil as well.
• 32:34
  Anything can be used for good or evil.
• 32:37
  It depends who's using it. Oh wow.
• 32:40
  Speaking of, who is using it? Just a quick joke here.
• 32:43
  Do you know what my initials are?
• 32:46
  What AO right? AI.
• 32:51
  I/O. So I don't ever entertain any,
• 32:58
  any defamation against AI because it sounds special.
• 33:04
  Yeah, right. Well, we know you're very, very
• 33:07
  busy, man. And of course we need to let you
• 33:11
  go very soon, but we want to get, you know, quick Nuggets
• 33:16
  from you as much as possible because we don't get to meet
• 33:22
  great people like you every day. So it's a Christmas coming very,
• 33:28
  very early in August. So we have an August visitor on
• 33:33
  the show and I'd love to ask you 5 quick fire round power
• 33:37
  questions. Are you ready to rumble?
• 33:40
  Let's go, OK. So what's one book that changed
• 33:44
  your mindset on money or life? The one thing by the word and J
• 33:52
  Papazam, the one thing it taught me to that every time if you
• 33:59
  want to say yes to your main calling in life, you have to say
• 34:03
  no to 10,000 distractions. I love that.
• 34:08
  I, I love that nugget. It sort of aligns with something
• 34:12
  I, I used to say that be careful about side attractions.
• 34:18
  That OK, Be careful about distractions that pose as side
• 34:22
  attractions. Yeah.
• 34:24
  So I love that very much. So #2 What's 1 mistake you will
• 34:27
  never forget and what did it teach you?
• 34:31
  Let's see, well, how many hours do you have to talk about these
• 34:35
  mistakes? You know, I didn't follow my
• 34:39
  gut. I had a gut feel that something
• 34:43
  was wrong with this $100,000 investment I made.
• 34:46
  But it was, it was returning 2 or 3% per month.
• 34:52
  And I thought, well, what can go wrong?
• 34:55
  And my head said do this investment, but my gut, my heart
• 34:59
  said something's wrong here. And that guy is now, he's been
• 35:05
  in prison for 24 years and he's got 158 year prison term because
• 35:11
  he was. And I wish I would have listened
• 35:14
  to my gut. Is that another Benny made off?
• 35:19
  Of this he was too small to be Bernie Madoff, but he.
• 35:22
  Yeah, OK, OK. So #3 passive income or legacy
• 35:27
  impact which motivates you more today?
• 35:32
  Well, I love passive income and I create, I, I hopefully create
• 35:37
  passive income for 1030 investors with Wellings Capital.
• 35:42
  But a legacy is something that you know, it's going to live on
• 35:47
  past your lifetime. And I want to create a legacy.
• 35:50
  If you took the record profits, the record profits of Walmart,
• 35:56
  Exxon Mobil and Nike, and you added up those record profits
• 36:01
  and triple that number, that's the approximate profitability of
• 36:06
  human trafficking every year. And there are more enslaved
• 36:11
  people on the earth than anytime in human history.
• 36:14
  There's about 50 million. And so my company is trying to
• 36:18
  raise awareness of this horrible thing called human trafficking
• 36:22
  and also to try to raise funds to combat human trafficking.
• 36:28
  We've raised over $800,000 so far and we're looking to
• 36:33
  continue that effort. Here, coincidentally a few
• 36:37
  episodes ago, we had somebody in that space that's the CEO of the
• 36:41
  Meccan Club, Matt Friedman, come talk about human trafficking.
• 36:45
  It is very, very horrific and I think words are inadequate to
• 36:53
  appreciate what you do in terms of passionately contributing
• 36:59
  towards the fight of this menace.
• 37:03
  It's it's difficult because the prophets, like you rightly said,
• 37:06
  are outrageous and it's difficult fighting people with
• 37:11
  money. May, may make good, always win
• 37:13
  over evil. But I'll leave you there, SO44,
• 37:17
  if you lost everything today and had to start over tomorrow,
• 37:21
  what's the first investment move that you would make?
• 37:25
  I would definitely invest in commercial real estate.
• 37:29
  If I had little to no money I would actually consider.
• 37:34
  I would consider leasing or buying or getting a rent to own.
• 37:40
  A rent to own on maybe 5 acres near a lake and I would start
• 37:45
  doing boat and RV storage and if it was successful I would add a
• 37:51
  fence, I would add security cameras, I would add an office,
• 37:56
  I would maybe even add self storage.
• 37:58
  I would execute on the rent to own.
• 38:02
  So I owned the land and that's where I would start again.
• 38:06
  Wow. And of course, the very last
• 38:08
  question, but not the least what's 1 bar in habits that has
• 38:12
  made you widely successful? Honestly, it's I stopped chasing
• 38:20
  shiny objects. I used to get so excited about
• 38:23
  side gigs all the time. I used to get so excited about
• 38:28
  chasing this, chasing that, chasing something else, and now
• 38:33
  I just say no. And it's been.
• 38:37
  Wow. Yeah, there's a lower power in
• 38:39
  saying no. And whoa, it's, it's it's hard
• 38:41
  to say goodbye as well because it's been a highly, highly
• 38:45
  impactful having you today. So Paul, thank you very much for
• 38:50
  such a thoughtful and purpose driven conversation.
• 38:53
  And of course, the listeners, be sure to visit
• 38:56
  www.wellinscapital.com. That's going to be in the
• 39:02
  description. Show notes below.
• 39:04
  And of course, to explore Paul's funds, download resources and
• 39:08
  then more about how Wellness Capital is helping investors
• 39:12
  build wealth with impact. And of course, do not forget to
• 39:16
  follow Paul on LinkedIn, Facebook, and explore his books
• 39:20
  like Storing Up Profits and The Perfect Investment.
• 39:24
  Before you leave, do you want to talk about the book you're
• 39:28
  working on and give a shout out to anybody you appreciate?
• 39:32
  Yeah, Well, I really appreciate my wife, my kids, my business
• 39:37
  partner, Ben. And the book I'm publishing next
• 39:40
  is Warren Buffett's Rules for Real Estate Investors.
• 39:43
  I am taking Warren Buffett's principles and I am translating
• 39:48
  them from the stock and equity world into real estate, and I'm
• 39:54
  almost finished. Oh wow when I say
• 39:57
  congratulations in advance, I cannot wait for that to be
• 40:00
  completed published and let's have a read and it's not just
• 40:06
  enough to read. We need to go out to do the
• 40:09
  grind and of course execute so to the least there's a thank you
• 40:13
  guys I'm. Really, really grateful for the
• 40:16
  support that you show before we started the episode.
• 40:20
  We're looking at the chats with Up or more and I see that we are
• 40:24
  in more countries we're in today #4 in Iceland.
• 40:30
  I don't know a single person in Iceland.
• 40:32
  It's quite, it's quite, I say, humbling.
• 40:36
  Of your number 8 in the United Kingdom, we number four to two
• 40:40
  in Tanzania, Nigeria. Shout out to Nigeria and my
• 40:43
  people, we're #60 Uzbekistan, 9 to 6, Saudi Arabia 104, South
• 40:48
  Africa, Machamis a shout out to you guys, 136 on the chat.
• 40:55
  Czech Republic. Wow, interesting 153.
• 40:59
  It's it's really, really great seeing the impact of the body of
• 41:03
  work. And of course, a big shout out
• 41:04
  to Liberia as well beyond the charts in Liberia.
• 41:07
  So from me to you guys, it's love and respect.
• 41:10
  And of course, do not forget, always go for something in your
• 41:12
  life, conceive, believe, strive to thrive and go and achieve.
• 41:19
  God bless you guys. And of course, thank you for
• 41:21
  once again Paul Moore. And from me and Paul it is
• 41:25
  goodbye.