Are entrepreneurs born or made?
If you ask Chris Naugle, they are created. But to become a successful entrepreneur, you must be willing to take risks. And you can’t conform to someone else’s failed reality.
As a former pro snowboarder, Chris is good at leaping into the unknown. He applied that risk tolerance to business, building 19 companies in 29 years.
Today, Chris is known as America’s #1 Money Mentor. He runs The Money School, hosts Risky Builders on HGTV, and manages tens of millions of dollars in assets in financial services and real estate transactions.
On this episode of Financial Freedom with Real Estate Investing, Chris joins Garrett to explain how he became an entrepreneur at the age of 16 in spite of other people’s opinions.
Chris describes how he navigated challenging times, surviving the dotcom bust, the Great Recession and losing it all in 2014 when the banks said no to a loan and froze his lines of credit.
Listen in for insight into the infinite banking process that turned Chris’ life around and helped him build enough wealth to ‘be the bank’ and invest tens of millions in real estate deals!
What inspired Chris to become an entrepreneur
- Treated badly by owner at 1st ‘big boy job’ at restaurant
- Quit with plan to start Phat Clothing business at age 16
What others said about Chris’ dream to have his own store
- Friends and father called it stupid idea
- Encouraged him to apply at Harrison Radiator factory
The study that makes Chris believe entrepreneurs are created
- Tracked 100 people from age 25 to 65
- Only 5 were successful, all created own businesses
- 95 unsuccessful conformed to someone else’s failed reality
Chris’ secret to building more than 19 companies
- Must leap into unknown every day as pro snowboarder
- Applies same risk tolerance to business
How Chris navigated the dot-com recession
- Business at stores down 30%
- Got job at Wall Street firm to survive, rose to #3 in office
- Used salary to market his own businesses
How Chris got into real estate investing
- Realized his wealthiest clients at firm were in real estate
- Inspired by TV show to start flipping houses
How Chris survived the Great Recession
- One missed payment away from bankruptcy in 2008
- Rented rooms in house to friends to pay mortgage
Why 2014 was a turning point in Chris’ life
- Relied on banks, lines of credit to buy apartment buildings
- Forced to sell when banks said no to loan and froze credit
- Stopped using leverage to get capital
The infinite banking process that helped Chris build wealth
- Put savings in specially designed life insurance policy
- Gets guaranteed fixed interest rate for rest of life
- Put money in and take out as needed to ‘be the bank’
Why Chris is excited about his Private Money Club platform
- ‘Dating site’ to match private lenders with borrowers
- Grown to 4200 members, transacted $60M+ in 2 years
Connect with Chris Naugle
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