GI311: Your Passive Income Operating System with Joey Muré

GI311: Your Passive Income Operating System with Joey Muré

Joey Muré (MUREE) spent over a decade in the mortgage industry, where he became a branch manager and led a team of 25 loan officers. Joey then shifted his focus to empowering others to break free from traditional financial systems and build lasting wealth by co-founding Wealth Without Wall Street, a company dedicated to helping individuals achieve financial independence through passive income strategies. 

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Transcript:

Charles:
Welcome to another episode of the Global Investors Podcast; I’m your host, Charles Carillo. Today, we have Joey Muré (MUREE). He spent over a decade in the mortgage industry, where he became a branch manager and led a team of 25 loan officers. Joey then shifted his focus to empowering others to break free from traditional financial systems and build lasting wealth by co-founding Wealth Without Wall Street, a company dedicated to helping individuals achieve financial independence through passive income strategies. Thank you so much for being on the show!

Joey:
Charles. So good to be with you, man. This is gonna be awesome. Yes,

Charles:
It will be. So before we get started and what you’re doing now can you tell us a little bit about your background prior personally and professionally prior to getting in and starting wealth without Wall Street?

Joey:
Yeah, man, I’ll tell you, I was on the traditional path that everybody else was. You know, go to school, get good grades, get a college degree, and get into the corporate world. And started in the mortgage business and I was on the hamster wheel. Okay? And what I mean by that is I was addicted to that phone ringing, right? I had to always be available for that real estate agent or that client to call me to set up their new mortgage, to refinance it, whatever the case may be. And I will tell you, I looked up in my late twenties. I was making over $300,000 a year, but I was more distant from my family and I was not financially successful. Like I, I was like, this is, this should be more, it should feel more successful because of the numbers on the page.

Joey:
But the reality was, I remember distinctly being at the beach with my wife and five daughters, Charles, I have five daughters, so you can pray for me after this. I was at the beach with them and I would tell them, Hey, you guys, go on down, you know, the boardwalk to the beach. I’ll be there. I just have to take this one more phone call. And you know, where, how the story ends, right? Three or four hours later, I’m walking down that boardwalk out to the beach and they’re walking back up ’cause they’re done for the day. They’ve finished being on the beach for the day and dad is just now showing up. So I’m physically with them, but I am miles away mentally because I was the only active income in the family. Now, my income, my money was not earning me money. I was the only asset at work. And that was a problem. That was a massive, it’s like my worldview and my reality were at odds and something had to be changed.

Charles:
What was I mean kind of give us the, your catalyst for getting on, let’s say the other side of the table and getting involved with passive income and getting involved with, I imagine you were just doing residential loans that time, or were you also doing for

Joey:
Investors? Yeah, just, just residential. We did work with some investors to buy, you know, single family up to about 10 properties. You could usually do an individual loan. But what happened to me was 2009, someone handed me a book, my now business partner, Russ. It’s the the book that changed the way I think about finance, about taking control of my investing world. And, and the problem is, or problem was, and I think it’s what is inherent in most cases today, I had abdicated investing to Wall Street. I had handed over my money every single month to 4 0 1 Ks, to IRAs. He was even, I was even going down the path with setting up 5 29 plans for my girls. And it never dawned on me that I should have been the one taking control and access to my money instead of putting it into these vehicles that someone else was managing on my behalf.

Joey:
And, and so this book told me, wait a minute, you have to become the banker in your life. It’s called Become Your Own Banker by Nelson Nash. And when I, I read this, I was like, wait a minute, this is the thing I was looking for that I didn’t even realize existed. And I started implementing the things from that book. And fast forward four years later, I had seen such a massive change in the way that my family was going to be affected by this, that I was like, more people need to know this. Like, why am I one of the very few that understands this concept, that understands this whole worldview of understanding, taking control of your finance and creating a storehouse for wealth that can be leveraged into passive income and ultimately freedom, right? Passive income is, is a word that gets thrown around, but what’s the result of passive income?

Joey:
When our passive income exceeds our monthly expenses, we’re free, right? I, I can pull up my phone and I can look at my calendar app, and if you’re not joining us visually on YouTube or something, I can look at my calendar and I can say, am putting the things, those little color coded boxes on my calendar app, I get to put those on my calendar. No one else dictates to me where I’m gonna be with whom I’m gonna spend that time. And that is, in my opinion, if you could visualize freedom is where you get to place those things on your calendar and nobody else does. That’s what needed to change. That’s what I was on the path to doing at that time in 2014. And I needed more people to know about it. And it, it required me to walk away from a $300,000 career, which at the time in my, you know, early thirties was a big deal. But now looking back, I’m like, wow, this has been massive impact, which was far more valuable than the money.

Charles:
It’s, it’s funny, the more successful people I I meet and talk to. And I guess the further my career gets along, it’s one of those things where it’s the time it becomes more and more the time and less and less the quote unquote passive income, right? It’s like for, that’s, that’s kind of what I found. And that’s kind of something that has really changed the way I look on it. It’s having that time freedom versus just the financial, because it’s, it’s not, you can go out and get a higher paying job and if you’re gonna be on there 24 7, you know what I mean? And you can do it like you had before, but it’s also something, the real freedom that people have when they start getting money is the, is a time freedom.

Joey:
Well, I think you think about it as maybe you need your, your ra your lid raised, I’ll use that term. Have you ever heard that term before? Raising your lid? Yeah.

Charles:
Lazy, your raising your lid or changing your beliefs, you know what I mean? Kind of stuff like that.

Joey:
But I mean, like, you may be stuck, and I’m talking to whoever’s listening to us right now, you may be stuck thinking, well, there’s no way I could be making a million dollars a year, or there’s no way I could go and raise a hundred million dollars or like, whatever that number is in your mind, there’s a lid that you’ve put on yourself or someone else has helped you to put on yourself. But at the end of the day, the people that are, like you said, at the highest level, they know that, that there is no limit to the amount of money, but there’s always a lid on your time. There’s 24 hours a day. And the older I get, the older my kids get, the more I realize that there is such a sliver of time to truly invest in your family, to truly invest in your marriage, to truly invest in impacting this world that we’ve been entrusted with. And I’m not willing to give that up, right? For money, money is abundant, time is scarce. And, and so we really wanna focus in on how do I get more of that time that I place on the calendar, like I said before. So tell

Charles:
Us about that transition. I mean, $300,000 a year job family of seven. I mean, how do those conversations go and how did that transition go? Because that’s, that’s something that’s in the back of my mind that I’m asking right now.

Joey:
But if you know that there’s, every great man has a great woman behind him kinda thing supporting him. And I went home when I, I got this crazy idea sitting at a conference where I was learning about this, this whole concept, and it was Nelson Nash who’s teaching on the stage. And I remember thinking, this needs to get out. Like there’s not enough people that know this. And I, I turned to my now business partner, I was like, Hey, I think I’m gonna, I wanna do this full time. Like I wanna, I wanna teach people this. And he was like, really? Like, that seems kind of risky, you know, like to just change, you know, your career overnight. And I went home and I talked to my wife ’cause I really felt like God was giving like me a push in my back, like, you should be doing this.

Joey:
I talked to my wife, I was like, Hey, I really feel like God’s leading me. I need to, I need to be teaching people what we’ve been doing. And she’s like, I think you should do it. Absolutely. I’m like, okay, well that was pretty drastic, pretty. But to have that confidence for my wife, I was like, there’s something to this. And you know, fast forward after talking to several, you know, mentors and people that I had trusted, they were just confirming, confirming. And so anyways, long story. I transition a few months later. Scary right? Could go from a lot of money to no money overnight and then have to build a, essentially a new company from scratch. But I’ll tell you, because of the things that I had done financially from the book that I was now gonna be teaching people, it gave me the runway to be able to do that.

Joey:
And now fast forward, that’s been 11 years in the process. We were allowed, we were given this idea to build a podcast eight years ago and we’ve had almost 2 million downloads almost 600 episodes. It’s been a dramatic impact on the world. And the income just pumps, right? So when you focus in, you’re compelled by a message that will impact others. Really the money comes with it. It’s just not. And, and I don’t know who who needs to hear that necessarily today, but that was what my experience has been. And, and through that podcast, Russ and I got to meet all these people who have built passive income that we didn’t know how to do ourselves. And now we look back and we’ve built over 50,000 a month in passive income by learning from experts in all these different places. And I think we have o over 20 income streams that we’ve been able to build by applying what we’ve been learning on our own show.

Charles:
So Joey one was one of the things that you guys talk about at wealth Out Wall Street is that you talk a lot about challenging conventional financial advice. And I remember the first time 2002, I opened up a Roth IRA and it was, I, it was eight, I was 18, I put $2,000 in. I was standing next to my dad in Fidelity and I think my dad goes, I don’t know what to invest into. And he was a real estate guy, didn’t know anything about stock, he just knows this was something good to start. Then we looked at the guy and he just told us some mutual fund to put it into and you’re kind of just like, and every time that I think that you know, I’ve been become a lot more educated since then, but it’s one of those things that I think most people are kind of stuck in that trance of, I don’t know what to do.

Charles:
Family member that you trust doesn’t know what to do, or other person you trust doesn’t know what to do. And you kind of look across that desk and they’re like, oh, you know what I mean? And I imagine he got a really good commission on that or whatever it might be. Probably not that big on $2,000, but the thing is that you’re entrusting something to someone and you don’t really know exactly if that fits into your goal per se. Right. So what is your thought, I mean, why it’s important for that, why you challenge conventional financial advice when going and doing a 401k all the way through and then why other people should do the same?

Joey:
Yeah, I, I think it comes down to what do people really want? And we’ve talked about financial freedom, we talked about your passive income, exceeding your monthly expenses. If you really don’t want that, then you really don’t need to pay attention to what we’re talking about here. But if you do, then you have to start being critical thinking critically about what you do with money. Because if I want to be financially free today, and I’m not talking to somebody who’s in their sixties, I’m talking about somebody who’s in their twenties, thirties, forties, fifties, and they say, you know what? There’s something to this. Like life is passing me by. I’m kind of stuck in either this nine to five or this business that is owning me, not me owning the business. I want more time. I’m going to focus on building passive income today. Well then I can’t in good faith continue to put money into a 401k.

Joey:
Well why? Because I’m actively locking those dollars up until I’m 59 and a half. So I am, I am, I’m literally going against, I’m at odds with my goal. My goal is financial freedom today, but I’m telling my money I can’t touch you for the next 30 years, let’s say. That doesn’t work. So I have to have a different vehicle to accomplish the new goal. And it also, so, so the step one is I have to have the right goal. I have to know exactly what I’m trying to accomplish. Step two is I have to have a plan to achieve that goal. And under that plan it requires me to have a different vehicle where that money needs to go. And you, you mentioned a Roth IRA, well, people are like, well there’s no tax on it, but it still has the same end goal of long-term investing that I don’t really get to touch today.

Joey:
So what we use and what we teach on, like our, how we got our start was this idea of the infinite banking concept where we use just what the banks do. ’cause You know, that’s what we’re trying to do is become like a banker. They put money in the billions of dollars in high cash value life insurance where you’re like, why? Why would you do that? Like, that seems like a dumb investment. It is a dumb investor. It’s a fantastic savings vehicle, right? Because cash value grows guaranteed. It has a, a dividend that’s paid every year for over a hundred years and all these companies that we work with, it grows tax deferred and also is available to me tax free and I can leverage it through a loan process in the insurance company without structured repayment. This is a ridiculous savings vehicle. And once you do that, like once you start redirecting that cash flow into something like this that gives you all these benefits, which we could dive into if you want, but I’m just telling you, this is the new place to start saving cash.

Joey:
Then your cash says, Hey Charles, you got all this money here, what are you gonna do with it? And it forces you to turn that creativity on as an investor. Whereas remember when I first started, I told you I was just giving money to all these, you know, four one Ks IRAs and things like that. And I had shut the investor part of my brain off. I was never growing as an investor because I didn’t think I had access to any cash and I didn’t, ’cause I was putting it away from me. But soon as I started having cash, it forced me to grow as an investor. So I started investing in things and some of those things worked out well and some of those things didn’t work out so well. I learned in some cases the hard way, but I had to become an investor. We can dive into that, but change how you think, change the place that you put money and then become an investor. Those, those are the steps to look back in a few years and say, I’m now financially free because I took these steps.

Charles:
Yeah, that’s interesting because most people I’ll speak to, I’ve never had a 401k before, but when I’ve spoken to people that have had 4 0 1 ks and they start actually looking into them when they change jobs, right? They wanna roll ’em or whatever it is. And that like, pretty much they’re all in the same thing. It’s like that target date type retirement and that’s all it is. They don’t know anything else about it. That’s all it is. So like you said, they’ve turned that off and they’ve just kind of handed the keys like I was doing at Fidelity, you know, handing the keys across and saying, run the car or do something with the car. I don’t know. I don’t know how to run it. You know what I mean? Type of thing. And so yeah, I see exactly what you’re saying. I, you know, just kinda changing your mindset ’cause this is a huge thing. I mean, you, you, you change your mindset from, you know, a career a whole, you know, you decade plus in W2, switching it to what you’re, you know, what you’re doing now, but changing that whole mindset other than you having that mentor and going to that event, reading the book, everything else, what else kind of added to that that really kind of cemented that this was a good idea but also educated you in and what else you could invest into?

Joey:
Well, I’ll tell you the biggest thing for me was starting the podcast and I’ll, I’ll just tell you it, we, Russ and I do not pretend to be super intelligent guys, we’re rednecks from Alabama, let’s be honest, okay? But we had all these clients that were learning this infinite banking concept and they had all this cash sitting in these life insurance policies, which we did too. And you know what they would say, Hey well what, what should we invest in? And of course that was a, we had no idea. We were like, I don’t know you want, you wanna get passive income, buy a, a piece of real estate, buy a rental property? Well if that was the extent of our knowledge. So we were like, well, let’s start a podcast and start asking people who are actually doing passive income and start finding out what else is out there.

Joey:
So we forced ourselves to be learners because we didn’t know what to do. And I’ll tell you what, man that was in 2017 that we started the podcast. We started heavily investing in passive income ourselves in 2020. So that was a, it was like going to college for three years before we really took action. And I’ll say, if you’re in the same boat like Charles and I are talking about right now, and you don’t know what to invest in, that’s, that’s not uncommon. It’s because you’ve not really had that muscle at work. It’s atrophy. And so I would tell you like whether you work with like wealth without Wall Street, we have a whole passive income lab where we teach you how to be an investor. You learn your investor DNA, like your personality profile, what does it match up with? You build your investor buy box.

Joey:
What are the aspects of each deal that I should be looking for? You learn how to review a pitch deck. You learn how to read a PPM to see what would is, and the result is you get your first $500 in passive income guaranteed. Like we don’t, we don’t stop working with you until you get it. After, even, even if it goes past the 12 week mark. But if you don’t do it with us, do it somewhere. Like get, get into the way of becoming an investor because that’s really your path to freedom. If you don’t do that, you’re not gonna get there.

Charles:
Yeah, it’s one of those things I guess if you know, if you buy a car and then you see that car driving around and if you’re not an investor, you don’t have that car, you’re not looking for it. And then once you kind of, you’re like, now I’m an investor in asset class or whatever it is now, you start driving around, you start seeing them, you start looking at ’em, you start reviewing them from you know, as you see, as you, as you kind of come up upon them. And it’s just one of those things where changing that or opening that up, like you said, you know, changing that on is huge for becoming successful. I also like the idea about the investor criteria, which you didn’t really consider it like that, but when I, when I coach people, it’s one of the first things we do is you’re setting up your own investment criteria.

Charles:
And we have, like I myself, have a passive investment criteria and also an active passive invest. So if I’m buying this to actively invest into, or if this is, if I’m gonna passively invest in someone’s deal, these are the different things that I’m looking for that need to have and for that to that to go. And I think people should have that for, you know, anything, what they’re doing, you know, what do they think their money should go into, what percentage, how it works. And then if you have that plan, then kind of every place has a home, right? Every dollar has a home of what you’re doing.

Joey:
Yeah, no, and and you’d be shocked Charles, how few people have a criteria and so everything looks good. I mean, have you ever seen a pitch deck that looked like a dog? Never, right? But can you imagine like someone says, oh man, well the it’s gonna return 15%, this is a great deal. Well what, what defines how the 15% is even gonna be paid? Is it all at the end of big end? Is it, is it like gonna be paid out monthly? Is it an ongoing like passive income or is it just an equity split at the end? Like there’s all these things that have to be factored in and they have to line up with what you’re trying to accomplish. People start chasing ROI because they think, well that’s how, how you are successful with money, you want your money to earn more money.

Joey:
So it’s just all about ROI. But the reality is it has everything to do with what is your goal. And if you want more passive income than you have monthly expenses, you can’t wait around 10 years for that deal to pay out. You need it to be paying cash out today, even if it’s at a lower interest rate. But now that starts to stack and that creates the freedom, right? So yeah, I think you gotta become an investor and it starts with being really critical about who you are and what you’re trying to accomplish and then allow the deals to kind of line up with that or not. And then you can say no fast versus, oh, well I mean I guess this is a good deal ’cause it’s only one deal I looked at. But if you look at 50 deals, that one deal may be the dog or the bunch.

Charles:
The other thing I found too is that getting you getting or giving financial advice it doesn’t work to other people because we’re getting it from other people because of the goals, right? Of what your goals are. So yes, investing in this is probably perfect for you, right? Investing in this might be great for you over here, this is great for me, but it’s probably terrible for you for a number of reasons. And I think until you realize that and you’re like, oh, okay, now there’s not one size fits all with investing because of the goals and what your goals are and what your maybe your investment criteria and like you were saying, that muscle, you know, also the risk, you know, this person probably has minimal risk. You have a lot more risk that you’re willing to take on for a portion of your portfolio. That’s why these asset classes aren’t matching up.

Joey:
Yeah, a hundred percent. Yeah. And so I just wanna like challenge you, you know, as you’re listening to Charles and I, you should not, I mean, I told you we, we’ve got 20 plus income streams and you hear those, the goal is not for you to do the same thing as Joey and Russ. The goal is for you to do the things that are gonna help you get to the end goal. You wanna tell your money to go to work to produce the result that you want it to have. And so you gotta, you gotta, you can’t just listen to other people’s investments and just invest the same thing. You have to think about it critically and and make sure it’s gonna give you the result that you want. So

Charles:
One of the things that we’ve spoken about here, obviously when people are making this change, how you made this change, I mean, there’s a ton of fear. I mean, and there’s also people get stuck into when we’re completely changing how we invest or what our goals are for our life, there’s gonna be a a lot of people are gonna be analytical on it and be sitting on the sidelines. What advice do you have for people who can overcome fear and kind of take action on their dreams, on new investment choices, on a different, just a different path that they’re taking in life in general?

Joey:
Well, first and foremost you have to stop looking at the masses. ’cause The masses are broke and they’re in slavery.

Joey:
The those, neither one of those things are things I want to replicate. So if their result is not what you wanna replicate, then you can’t keep doing what everybody else is doing, right? My mentor Nelson Nash said he said, quit looking at what the world is doing. The world’s never been right about anything, right? So, and, and I think it, it’s just, it’s just a very general idea, but you look at any majority of anything, the herd mentality does not create uncommon results. It’s always common. And if you want uncommon results, like you want to be the one in charge of your calendar, you want to have a legacy with your family that outlives you for generations. You can’t keep doing what everybody else is doing and what you, what you kinda get that you flip that switch all of a sudden it’s like, well, you start questioning a lot of things <laugh>, but especially what you do with money.

Joey:
And, and so I would say fear subsides when you recognize that you’re going to be different and it’s going to serve you to be different, right? The second part about getting past fear is education and the community that you’re in, right? If you’re in, let’s say you are in a W2 and you go to the water cooler and you start throwing out these ideas, you are in the minority and you will get like crabs in a barrel. They will be pulling you back. What do you mean, Charles? You don’t, you don’t know anything about multifamily investing. What, what, what, how do you know that you’re not gonna lose all your money? What, what, what do you do if you know, the apartments don’t ever pay or what? Like they, they start asking you all these things that they have no context, but they don’t want you to go do something different, right?

Joey:
You have to change your environment, right? The people that you surround yourself with matter in this, in this journey. And then the second thing is education. You being on this podcast right now is a great indicator that you’re uncommon <laugh> and you’re on the right path. But you also may have some things, like I said, let’s say that you’re a highly successful entrepreneur. Just because you’re an entrepreneur does not mean you’re an investor. I’m just gonna burst your bubble. They are totally different skill sets. Being an entrepreneur, you have to have to take some risks. You gotta stick your neck out there. All those things are good, but being an investor is a lot more of a due diligence process. There’s a lot more thoughtful, it’s a lot more it’s a lot more what’s the word I’m looking for? Detailed in nature. And so sometimes as an entrepreneur I need to lean on somebody else to help me with the due diligence because I don’t have a lot of those skills.

Joey:
And so I guess my point is, you know, change your mindset, change your environment, change your education. If you do those things, fear is minimized and your risk is minimized. Joy, a lot of great information on this show here. How can our listeners learn more about you and your business? Absolutely. Well, we set up a, a page here just for your audience. If you go to wealth.wallstreet.com/global investors, if you go there, we have some free resources, we have our contact info. Anything that you want to connect with us should be listed on that page. And yeah, I always love to hear from people who said, oh man, I heard you on that, that podcast with Charles. So please reach out, let us know how we can serve you and and hopefully get you to financial freedom. Well

Charles:
Join you. Thank you so much for coming on today. We will put those or that show link into the show notes and looking forward to connecting with you here in the near future.

Joey:
Ah, man, always a pleasure. Thanks for having me.

Links and Contact Information Mentioned In The Episode:

About Joey Muré

Joey Muré is co-founder and Partner at Wealth Without Wall Street, dedicated to helping individuals achieve financial independence through passive income strategies. After over a decade of success in the mortgage industry, Joey shifted his focus to empowering others to break free from traditional financial systems and build lasting wealth.

As co-host of The Wealth Without Wall Street Podcast and co-author of Wealth Without Wall Street: 3 Steps to Freedom Through Passive Income, Joey shares practical steps for achieving financial freedom. 

Guided by Proverbs 3:5-6—” Trust in the Lord with all your heart and lean not on your own understanding. In all your ways acknowledge Him, and He shall direct your path”—Joey integrates his faith into his work and life. A devoted husband and father, Joey is passionate about helping others align their financial goals with their values, creating legacies of purpose and abundance.

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