Episode 63 - Wealth Is A Vehicle Not A Destination with Jackson Millan

HIGHLIGHTSThe two things that the financial advice industry really only wanted to doThe traditional mantras that came with wealth and investingThe 20 year roadmap exerciseThree underlying problems that affect the majority of service businessesThe Mindset focus on financial advice and wealth managementThe Wealth Mastery machineThree components of the Wealth Mastery machineFive key fundamentals in property marketsChasing vanity metricsBurning cash in order to scaleQUOTESJackson: “I very quickly realized that the financial advice industry and the wealth management industry really only wanted to do two things, help people who already had money, manage their money and make more of it, and sell commission based products to people like my parents who probably didn't need them.”Jackson: “I really struggled with the traditional mantras that came with wealth and investing that you need to squirrel away every last red cent.  And you need to sacrifice today in order for a greater tomorrow.  And I found myself always stopping and saying, well, that doesn't really resonate with me.”Jackson: “The fundamental principle of this is that it is progress over perfection.  There is no such thing as perfection when it comes to your wealth, right, there's always going to be inefficiencies and things that don't work perfectly.  But unless you actually take action and start building what we call money muscle memory, you're never going to build the resilience, the confidence, the clarity, to actually get on track for your plan.”Jonathan: “If you don't have a breakthrough idea, then what are some incremental things that you could do, linking together, of which, you know, five, or 10 of those will look like a breakthrough in your business.?”Jackson: “It all comes down to an issue that many entrepreneurs have with treating their businesses if it's the destination instead of the vehicle, right?  Because our business is a vehicle.  It is an amazing wealth creation vehicle if we allow it to be because we've only got to look at every rich list in the world.”Jackson: “The vast majority of these people, their business is to provide them two things, freedom and flexibility. That's what they bought into. They started a business because they wanted to have freedom and flexibility to spend more time with their family, pick up their kids from school, go to the ballet recital, and be there, be present.”Jackson: “I'm a big believer in keeping it boring.  And boring for me when it comes to property is buying good quality, single dwelling properties where affluent families want to live long term.”Jackson: “So I think as business owners, and I've been guilty of this myself, we get stuck into chasing vanity metrics. Like I want to get to that 100k A month or I want to get to that 200k A month or the 500k a month or whatever the number might be. But at the end of the day, what ultimately happens here is a phenomenon that we refer to as cash flow crip.”Jackson: “So as a business owner, we've got to realize that our business has magnitude more money than we've ever dealt with in our entire life.”To connect with Jackson, check out the links below: LinkedIn: https://www.linkedin.com/in/jackson-millan-the-wealth-mentor/Website: wealth-mentor.com.auGift Link: https://book.wealth-mentor.com.au/optin36991805If you enjoyed today’s episode, please subscribe, review and share with a friend who would benefit from the message. If you’re interested in picking up a copy of Jonathan Goldhill’s book, Disruptive Successor, go to the website at www.DisruptiveSuccessor.com. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.