If the extent of your financial education involved learning how to be a good employee, trading your time for money, then you’re probably beginning to realize that you simply can’t save yourself into wealth. But how do the multimillionaires and billionaires among us grow their assets? What strategies do they implement to generate passive income—from multiple sources? Brian Fouts has identified the shared patterns among high-net-worth individuals, what he calls the 5 Pillars of Elevated Wealth, and he is on a mission to share this information with you and me.
Brian is the co-owner and CEO of The Elevation Group, an online membership platform that seeks to teach the world how to invest like the rich. Brian and his brother Jake are passionate about empowering people to create and grow wealth by way of financial literacy, and The Elevation Group affords access to a network of true expert advisors who can support you in implementing the investment strategies of the wealthiest among us.
Today, Brian sits down with me to share the 5 Pillars of Elevated Wealth. He explains how to generate supplemental income through a side hustle and put that money to work for you. Brian addresses the importance of safeguarding the money you have through entity protections and tax incentives. Finally, he describes how to acquire assets that generate passive income and why it’s smart to pursue multiple sources of revenue. Listen in for Brian’s advice around keeping your money in a life insurance vehicle and learn how The Elevation Group can help you build wealth by way of portfolio and passive income!
How Brian got involved with EVG
- Started as member, blown away by vision
- Platform brings together expert advisors
- Financial education and empowerment
The 1st Pillar of Elevated Wealth: Do something different
- Create impact in world
- Generate income through side hustle
- Shift mindset away from trading time for money
The 2nd Pillar of Elevated Wealth: Take the money off the table
- Become own bank and put money to work
- Can take advantage of opportunities when presented
The 3rd Pillar of Elevated Wealth: Protect what you have
- Safeguard money through entity protections
- Pay less taxes (i.e.: rent home to business)
The 4th Pillar of Elevated Wealth: Acquire assets to earn passive income
- Build net worth and create cashflow
- Real estate, oil and gas, private lender, etc.
The 5th Pillar of Elevated Wealth: Pursue multiple sources of income
- Wealthy individuals have 7 on average
- No crisis if 1 decreases or goes away
The benefits of The Elevation Group platform
- 30-plus lessons in all 5 categories
- Expert advisors to help implement
- Monthly live events
The advantages of keeping your money in a life insurance vehicle
- Guaranteed returns of 4-6%
- Loan money to self for investments
Brian’s insight around the 3 sources of income
- Active, portfolio and passive
- Focus on portfolio and passive to build wealth