Building Wealth Through Passive Income Strategies (w/Joey Mure) [Ep.138]

Episode OverviewIn this episode, I sit down with Joey Muré to discuss achieving financial freedom through passive income strategies rather than traditional Wall Street approaches. The conversation challenges conventional financial wisdom about debt payoff, retirement planning, and wealth accumulation, offering a roadmap for high-earning professionals who feel stuck on the hamster wheel despite their success. Joey and I explore practical strategies for creating cash flow today rather than waiting decades for retirement, including how to evaluate investment opportunities, avoid common money traps, and align financial decisions with personal values and family priorities.Key Topics DiscussedThe Psychology of Money & Financial FreedomWhy traditional retirement planning keeps you dependent on the systemThe difference between financial freedom and debt freedomHow to shift from an accumulation mindset to a cash flow mindsetThe financial freedom formula: Passive Income > Monthly ExpensesCommon Money TrapsPaying down debt too aggressivelyMaxing out retirement accounts (401k, IRAs) that lock money away until 59½Treating your primary residence as your biggest assetLifestyle creep and keeping up with the JonesesPassive Income StrategiesWhat passive income really means (involved but not day-to-day operations)Real estate investments, business partnerships, and alternative vehiclesHow to start with your first $500/month in passive incomeBuilding a personal P&L for your householdPractical Steps to Get StartedConducting a cash flow awareness analysisCreating a shared financial vision with your spouseThe importance of financial education and coachingBuilding your "buy box" for evaluating investment opportunitiesKey Quotes> "When your passive income exceeds your monthly expenses, you're financially free. It's not about what things look like on the outside, it's more about how much freedom do we actually have with our time."> "You can never pay off the cost of living. You can't pay it off. So you have to cover it with cash flow."> "Wall Street is not just the places where we've been told to invest. It's also a mindset that leads you to believe that your goal is to accumulate dollars for a someday, for a one day. That is complex to keep you dependent on the system that everybody else is getting rich off of."> "If you have no surplus because your lifestyle has crept up to where it equals your income, you're no closer than the person who is the janitor in the cash flow game."> "Opportunities find cash. If you start talking about wanting to invest, start talking about looking for deals, and you have cash, they will find you."Episode Timestamps4:21 - Joey's Wake-Up CallMaking $300K+ but feeling trapped; the beach vacation story with his five daughters that changed everything10:15 - The Psychology of Money & Financial FreedomShifting from Wall Street accumulation mindset to cash flow thinking; the formula: Passive Income > Monthly Expenses17:55 - What is Passive Income Really?Passive income is "involved but not uninvolved" - being an active steward vs. abdicating to others25:51 - The Debt DilemmaShould you aggressively pay down debt or invest for cash flow? The $400K student loan story30:08 - "You Can Never Pay Off the Cost of Living"Key insight: debt freedom ≠ financial freedom; the Cashflow Game lesson45:00 - Dave Ramsey vs. Rich Dad PhilosophyWhy paying extra on your mortgage doesn't create freedom; the 2009 mortgage crisis cautionary tale50:39 - Your House is NOT an AssetDebunking the primary residence myth and understanding lifestyle creep56:09 - Aligning with Your SpouseGetting on the same page financially; the Passport Challenge for couples1:04:44 - The Passive Income Lab12-week program guaranteeing first $500/month in passive income; becoming an investor through education1:15:24 - "Opportunities Find Cash" & Due DiligenceHow to attract deals, vet operators, and use tools like custom GPT for investment analysis1:23:25 - How to Get StartedResources and next steps: wealthwithoutwallstreet.com/doc for Financial Freedom AnalyzerLINKS:[e-mail]: @WithoutWallStFB: /WealthWithoutWallStreetIG: @WealthWithoutWallStYT: /@WealthWithoutWallStreetApple Podcast: WealthWithoutWallStreetWealthWithoutWallStreet.com/DOC for free resources! Join The DOC Community on Facebook for more great content and discussions: https://www.facebook.com/share/g/1Cb9rkQVde/Check out the DOC CE Courses: https://theorthocoach.com/ce-courses/Free Balance Sheet: https://theorthocoach.com/ (You will need to disable your pop-up blocker)Link to Dr. Mike talking about goal setting: https://youtu.be/u6W5ErGpQ34?si=k3MFvNdrMk9FBN-qDisclaimer: The content and advice offered during this episode are for informational purposes only and are not intended to serve as financial or legal advice. Please consult with your own tax and legal professionals for advice relative to your specific financial situation.