I always used to think that when I made more money, that was the green light to spend more.
That’s great thinking if you don’t want to be financially independent or, even better, WEALTHY.
If I only had Mark Walker’s advice to live behind my income back in the day, I’d be in a much different place financially.
Mark is a financial expert, entrepreneur, and investor and he drops his wisdom on today’s episode of the Coming Up Clutch with J.R.™ show.
Mark has spent decades advising and helping some of the wealthiest individuals and families in the world. Today, he’s CEO of Dugout Ventures, an early stage investment group that includes legendary MLB players and Hall of Famers, David Ortiz, Nolan Ryan, and Barry Larkin. He’s also the Chairman of Performance Kitchen.
LOT of wisdom in this man.
In this latest episode, Mark and I talk about…
- Recurring mistakes people are making with their money
- Money, Relationships, and their effect on performance
- DOs and DON’Ts when it comes to investing, especially with a group
…and so much more.
If you want to build, keep, and share wealth abundantly, then lock in to today’s episode.
[00:01 – 12:17] Introducing Mark to the show
- Mark’s most embarrassing moment
- Mark’s background, story, and professional journey
[12:18 – 21:17] Recurring mistakes people are making with their money
- Most people overspend or spend up until their budget
- Mark’s advice: Always live a year or so behind your income. Once you start building a need for a certain lifestyle, it’s very hard to take it away.
- Fact: over the course of the past 100 years, the average square footage of a house has doubled (while family size has remained the same)
- Living behind your income will have an amazing impact no your financial stability
- A lot of discontentment comes from financial stress
[21:18 – 29:17] Money, relationships, and their effect on performance
- General rule: Where there is financial stress, it affects every area of your life
- You don’t have an option to perform at the highest level when you have anxiety about money floating around you
- With athletes, you can tell by the stat sheets when players are discontent in their lives outside of their sport
- When your finances are in order, it leads to contentment in other areas of your life
- Stop caring about what other people think.
[29:18 – 38:59] DOs and DON’Ts when it comes to investing, especially with a group
- Demonstrate courage with your conviction. Just because you have the opportunity to invest in something, you still need discipline. Mark recommends NOT going all-in in any one investment.
- Treat everyone in an investment group as your teammates
- Honor your teammates, especially for the role they play
- Must be aligned with them and their values
[39:00 – 50:54] Behind the scenes with Dugout Ventures’ latest investment: Performance Kitchen
- The importance of nutrition with performance and health
- The effectiveness of various diets in reducing healthcare costs
- Food is a major factor in reducing chronic diseases
- The concept of medically tailored meals
[50:55 – 55:02] Wrapping Up
- Mark’s BIG domino
- How to connect with Mark
“Once you start building a need for a certain lifestyle, it’s very hard to take that need away.” – Mark Walker
“Always live at least a year behind your income.” – Mark Walker
“Financial stress affects every area of your life.” – Mark Walker
“You don’t have an option to perform at the highest level when you have anxiety about money.” – Mark Walker
CONNECT WITH MARK
- Twitter: @MarkWalkerCPA
- Instagram: @DugoutVentures
- Website: https://dugoutventures.com/
- Performance Kitchen: https://performancekitchen.com/
CONNECT WITH J.R.
- Facebook: @jamesJRreid
- Instagram: @jamesjrreid
- LinkedIn: in/jamesjrreid/
- Twitter: @jamesJRreid
- Website: jamesreid.com
- Check out The Clutch Club™️: jamesreid.com/club (For Men Only)
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