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EP.5 How To Prepare Your Mind and Budget for Your W2 Prison Break, with Russell Ham

How To Prepare Your Mind and Budget for Your W2 Prison Break, with Russell Ham

 

In this episode, our guest is Russell Ham. He is the Managing Owner at Ham Property Solutions, LLC, and he’s been a coach for over thirty years. Russell helps create solutions to his client’s real estate problems. His team is flexible, very easy to work with, and has a proven track record of making win-win deals for both the seller and buyer. Today, Russell talks with us to share his W2 Prison Break journey and his new venture as a certified coach with Smart Real Estate Coach. Stay tuned!

 

Mindset Shift

[06:58]

Many people froze because of the pandemic. But for Russell, COVID helped his decision to focus more on his business. He got a couple of properties under contract during COVID. Being at home and working on his business shifted his mindset. He was able to listen to podcasts and dive into different ways of thinking.

 

Russell’s Business

[08:38]

Russell’s business is Ham Property Solutions. They buy and sell on terms, lease purchase and owner financing. Living a life paycheck to paycheck and filled with loans and debt, Russell and his wife made smart financial decisions to help them ease the money problem. With the issues and challenges he faced, Russell became attracted to real estate, leading him to start his own business.

 

The Coach Mentality

[11:48]

Russell says that he isn’t an expendable teacher. But he does have the opportunity to coach buyers and sellers and impact people’s lives on both ends. When it comes to joining Smart Real Estate Coach, profit didn’t appeal to Russel. Even though money is everything in business, he says his business is mainly about helping people.

 

Velocity Banking

[15:01]

Velocity Banking is when you take a home equity line of credit and pay off certain debts. You throw your paycheck into the HELOC, and then you pay your expenses out of the HELOC. Over time, if you have cash flow, the home equity line of credit drops because you’re throwing your paycheck in there. You have cash flow that eats away at the HELOC. Once a HELOC drops a certain level, you just keep it and rinse and repeat.

 

Freedom

[24:50]

Because Russel was living paycheck to paycheck, he was relying on credit cards. He took a step back and took a real hard look at the expenses. After that, discipline came along where he had to see what was going on with his monthly expenses and how positive it would affect his life. He says that finances in people’s lives could be a detriment. Once he started freeing up some cash flow, he was about to help his family and spend more time with them.

 

Your Money, Your Rules

[32:29]

Don’t just cash out your 401K or your retirement account. Know that there are other things that you can do with it. Have the mindset that it is your money. That money is yours, and it doesn’t belong to anybody else. You should have complete control over it.

 

Russell’s Goal

[34:03]

When Russell joined Smart Real Estate Coach in 2019, his teaching was more of a side gig. After coming home, he would get on the phone and make calls for hours to sellers. A community then started around Smart Real Estate Coach, which Russell had the opportunity to witness as they succeeded. In the future, Russell hopes to have the freedom to work at home and manage his time.

 

Recommended Books

[40:58]

Russell recommends Profit First by Mike Michalowicz, which he says is important for anyone in business, cash flow, funneling, and more. The next is Impossible Hill by Peter Taunton. Russell encourages anyone to find their north star and attach the hills in the near future.

 

Russell’s Advice

[42:51]

Russell says to be resourceful. People get stuck in their ways, so reach out, and do your research. Then take action, even if it is scary. If you take action and have the right mindset, you can accomplish anything.

 

Learn more about Russell Ham:

 

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