“Live your vision, love your life.” That’s the mantra we repeat to ourselves in the quest to build wealth that truly allows us to live a life by design. Are you ready to start building yours? Welcome to Generations of Wealth, the podcast that will help you expand your mind with incredible insights from some of the most incredible names in investing, whether its in real estate or beyond. Let your host Derek Dombeck take you on a wild ride that promises to be the best one you’ll ever take in your journey to financial freedom and generational wealth. It all starts here, so tune in!
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Generations Of Wealth: Live Your Vision, Love Your Life
Live Your Vision, Love Your Life
Welcome to the Generations of Wealth show. I’m your host Derek Dombeck. We are here to talk about building wealth in a way that allows you to live your vision and love your life. I am so excited. This is Episode 1. I truly believe this is going to be an epic journey of helping people figure out how to pass on the generations of wealth to their family, their friends, the rest of the world by living your vision. That’s what we’re here to do. Everything we’re going to do in the coming episodes is interviewing people from different types of investment backgrounds, different viewpoints on leadership. We’re going to do some solo casting. I’m going to talk about case studies and real estate deals that I’ve done. I truly love the weird creative stuff.
To start with, I think I’m just going to give you some background on me. I started in 2003 with my wife Tracy. Like most, we were just buying and selling fixer uppers. At the same time in doing that in our local area in Wisconsin, we were also buying and building in Florida. We both had good jobs. We had good credit. Banks were fighting over our business. We thought we were God’s gift to real estate investing, and then 2006 hit and 2007. The markets crashed. Our portfolio went from about a $4 million value to $1 million value in under a year.
We quickly realized we had no control over our business because the banks had all the control, and the people we had built relationships with were no longer employees of the banks, if those banks were even still in business. We had a big decision to make. Do we figure out a new way to buy and control real estate without using banks? Or do we tuck our tails and quit? We don’t quit. We also don’t have tails, but we realized at that point in time that the only people that were going to help us was us.
I started studying anything I could get my hands on creative deal structuring and negotiating, how to actually talk to people. Honestly, this is one of my big pet peeves is I don’t think people know how to interact face-to-face with individuals anymore. There’s so much of the tech and the texting and email that happens. That’s another part of the Generations of Wealth that I’m passionate about and will be also teaching you on. We realized that just doing things a little bit different than the herd mentality set us apart. Because we had gone through this financial turmoil, we could really resonate with other people, and in our particular industry, real estate, homeowners that were going through financial stress as well.
Our business started to increase after we got out of that little hole that we were in in 2007 through 2010. We started to not only increase our business but take on business partners, take on financial partners. We’ve raised private capital for all of our transactions. In the last 20 years, I’ve been a party to well-over a couple thousand transactions. This has given me the reason and now the platform to come and educate you and learn from not all of our successes as much as all of our failures because we had plenty of mistakes along the way.
The Generations of Wealth is really about passing on the knowledge to grow the wealth, but that’s not just financial wealth. That is spiritual wealth and that’s time wealth. I’m very passionate about being time-wealthy, and that comes from having a clear vision for what you want your life to look like, and specifically building a business that serves your personal life and your personal vision. That’s the exact opposite of what most people do.
Most entrepreneurs are going to work 40 to 80 hours a week. They’re out there saying, “I’m doing all of this for my family, and someday I’ll be able to reap the benefits of all this hard work. It’s only for a short time,” and many other lies that we tell ourselves. Sometimes we don’t ever get to enjoy the fruits of our labor. Maybe we failed and we went broke. Maybe our families won’t talk to us and we’re divorced. Maybe we lost our health along the way and we’re not even physically around, or if we’re physically around, we can’t enjoy anything. Maybe you’re in a wheelchair. There are so many things that can happen.
I want you guys to learn how to build a vision today and live your vision today so that you love your life. You don’t have to wait for tomorrow. I’m really passionate about getting my kids involved, other people’s kids involved in our business, in our vision for our life. I don’t hold back with my family. My wife and I believe in just being an open book with our children.
Live your vision today so that you love your life. You don't have to wait for tomorrow. Share on XWe, at this point, also host a conference once a year on a cruise ship which is called the Generations of Wealth Voyage. Our children are on that cruise ship. We encourage people to bring their families as well. That allows our kids to build a network for themselves in their pre-teen and teen years. That was a big a-ha moment for me when my wife and I went through that downturn in that recession, we didn’t have a network. We didn’t have anybody to reach out to and ask for advice. I cannot tell you what a difference it is when you have the proper network and ideally a mastermind group that you can get together with and just be 100% open and honest without judgment.
This was really the turning point for us, and it was a few years ago when we joined our first mastermind and started learning about vision, but simultaneously, we started our own mastermind with a group of friends from around the country. Over time, our mastermind became such a tight-knit family. I think there are two reasons for that. The first reason is we get together semi-annually in person, and we rent a house, and we all stay together in the house. We are immersed with each other for several days.
The second reason is I have mastermind members that are from all over the country. We’re not in competing markets, and nobody has any reason to hold back. I think that when you get with the right group of people, whether that’s REI Circle of Trust, the groups that I host, or if that’s something else that you have yourself and that you start yourself. You have to find the right people that have your best intentions in their hearts, souls, and mind. Because if you join a mastermind that starts to tell you what your goals and dreams and vision should be and they’re not asking you what you want, that is likely not the best fit for you. The point is to build a community. Generations of Wealth is exactly that. We are a community and we’re here to help you in all different ways of investments in life.
Expand Your Mind, Grow Your Wealth
One of the honors that I’ve had over the last few years was getting to know a man named Kyle Wilson who used to be Jim Rohn’s business partner before Jim Rohn passed away. Kyle invited me to be a co-author in one of his books, which was titled Next Level Your life. After that was released, we also co-authored another book called The Transformational Journey. Both books ended up going number one International Bestseller in Amazon in many different categories. This was another vision element that I discovered. I never had any desire many years ago to host the podcast, host conferences, masterminds, be an author, all of these things have evolved over time as we figured out a vision for our life.
Generations of Wealth podcast, you found the right place if you are really looking at just expanding your mind, expanding your tools in your toolbox to grow your wealth. The guests that we’re going to have on in the coming episodes are top notch. I’ve got incredible people lined up for the near future and beyond. I really can’t tell you what an honor it is that you’re taking time out of your day to come and read the show. You can go look for us on social media. There is a Facebook group, the Generations of Wealth. Go jump on that. Spread the word far and wide if you would please.
Let’s get this show to go viral. Let’s get as many people thinking the way we think about vision and expanding what they can do not only for themselves, but for their families, their friends, and everybody that they meet and touch along the way. With that said, thank you for joining me. I truly am honored. Go out there and live your vision and love your life. We’ll see you on the next one.