Compound your dollars to build an empire.
Justin Prince, a man who has built 4 multimillion-dollar businesses, generated 2 billion+ in revenue and author of, “Be The One,” did exactly that to construct his businesses and make them successful.
But the path wasn’t easy, through trial and error, he found the key to growing your wealth, and today he is going us the strategy guide he used to make a lot of cash.
Justin’s Links:
Website: https://iamjustinprince.com/
Instagram: https://www.instagram.com/iamjustinprince/?hl=en
Book: https://academy.iamjustinprince.com/be-the-one-primary
Watch also on YouTube!
TRANSCRIPTS:
Are you investing into you? Are you finding ways to maximize your income? The first question I’d be asking today as I left this discussion, anyone can make things more complex. This is the simplistic steps, right? So it’s a,
Chris Miles was able to retire twice by the time he was 39 years old, but he’s not content to just enjoy his own financial freedom and peace of mind. Chris wants you to have your own ripple effect so you can live free today. He’s not the financial advisor you expected. He’s the anti Financianal advisor you deserve. He’s jumping behind the mic right now, ready to make waves. Here’s Chris Miles.
Hello my fellow Ripples. This is Chris Miles, your cashflow expert in anti Financianal advisor. Thank you for tuning in today because this show is for you, those that are working so hard for your money and you’re ready for your money to start working harder for you today, not 30 or 40 years from now, but right now, so you can live that life that you love with those you love. Guys, I also know as a riper, it’s not just about getting rich, it’s about living a rich life because as you’re blessed financially, you now have a greater capacity to bless and the lives of those around you. Thank you so much for tuning in today, the guys, I appreciate you always being a part of this. If you haven’t done so already, if you’re missing out some of these episodes, be sure to click the bell here on YouTube.
Make sure you not just subscribe, but you also have the alerts. We are releasing content almost on a daily basis, and so if you guys want to stay apprised, you want to keep going down this rabbit hole, learning how to create more freedom, more passive income in your life now, be sure to do that today. All right guys, so I brought a special guest here, Justin Prince. Now Justin and I, we’ve actually known each other for several years and in fact you’ll find out pretty soon just how amazing this guy is, right? I mean, now has he built like five multimillion dollar companies that have led to being billions of dollars in sales. Some of those have even watched him transition through a few of those businesses as well. But man, this guy is like a keynote speaker and just a powerhouse, but has a great heart, which I know is a big thing that we have on this show is that we want people with real integrity. He’s the kind of person that’s confident, but he’s humbly confident. So Justin, welcome to our show,
Man. Thank you so much. Honored to be on with you, and it’s kind of great to get reconnected here. We’ve obviously known each other, but I’ve watched your career and watched you continue to add value for many years, so it’s cool to be on here with you.
Yeah, it’s funny, I drive down the freeway and sometimes I see buildings with companies used to work for. I’m like, Justin used to be there, right?
Exactly.
It’s kind of cool. Well give our listeners a little bit of backstory on you and what kind of led you to where you are today.
Yeah, so I grew up in a middle class family. My mom’s oldest. My mom married my dad. He had my older sister, older brother. So when they got married, I was, my mom’s oldest parents got divorced at 12. We moved 13 times in the seven years through the teenage years. I lived at home with a single mom. My dad was still very part of my life, but raised by single parents. I have really no professional background. I was making pizzas, I was doing construction work. I worked at a mall kiosk selling animated bible videos at a mall kiosk. I have no college education. What I did have, and I hope, and I would assume your listeners have, I had big dreams. I had big goals and I wanted to do something with my life. So I was introduced to the entrepreneurial journey when I was 25 years old, and once I kind of got over my skepticism about it, I was like, man, I’m going to go for this thing.
And I had big goals to become rich or successful and really live a great life. And that first business failed. I was below zero financially back on credit cards, back on taxes. In fact, at one point I’ve with my pregnant wife and are now two kids in the loft of my wife’s parents’ garage. So I have two kids sleeping in the closet. My wife and I are sleeping in the loft area, and those are periods of your life, seasons of your life where you’re like, man, am I crazy? Is this ever going to happen for us? And during that time, I started another business. I had two part-time jobs. One I did in the weekdays, one I did on the weekends, and I was just grinding, trying to see if I could make it work. And eventually with that business we built that. I ultimately sold that business, did private equity consulting for two years, and my last business, I came into a 25-year-old company that needed to be basically transformed.
And so we went through a really intense turnaround. It was a company was in duress that had eight years of declining revenue and it was really struggling. And so we came in as part of a transformation team. We created a brand new concept, a brand new marketing idea, a brand new brand, just almost like started a startup within this old business. And so we did the turnaround and the startup all at the same time. We did two and a half billion in revenue with that business and millions and millions of customers and paid out a billion plus to folks that were sharing our products online. So it’s just a super, super positive experience and that success story has led to, I wrote a book called Be the One of Bestselling book. The idea for me is that you are the one realizing who you really are and if you take Yeah, yeah, that’s right, that’s right.
It’s realizing who you really are because success is an identity process and you’re never going to outperform the way you see yourself. By the way, a lot of money and success with money, it’s in identity. It’s like how do we look at this stuff? A lot of us have these belief systems that actually prohibit us or prevent us from having success with money. And so that book is this idea. If you take your parents and grandparents and great grandparents and great, great, great grandparents to last 12 generations was 4,000, 94 people, 4,094 people from all over the world came together to create you. You are the one and you’re the one these folks live for, bled, for, cried, for, died for, gave everything they had for us for you to have this moment to be the one, and it’s not become the one you are.
The one the word be is it’s a practical roadmap for you to create, design and live an unforgettable life where future generations look up into that family lineage and they say it was him or it was her. She’s the one that did it for our family, and with your podcast and your life’s work specifically, he’s the one or she’s the one that changed the economic situation for our family forever. If it wasn’t for my great, great great grandma or my great-great, great, great grandma, and they’re telling your story, and so that’s led to speaking all over the world and just the whole thing. So it’s been an amazing ride, but super fired up for this next season as well.
It’s funny you mentioned identity because we just had a guest recently on our podcast who I asked him, I said, what do you feel like is the number one reason that real estate investors, he worked a lot of them on a CFO side. He’s like, what do you see as the number one problem? He said, it’s actually not the money. It’s actually the fact that they identified themselves as real estate investors rather than business owners. The ones that identified themselves as business owners were able to pivot and move and get out of it. Those that insisted that the real estate investors were the ones that really had the hardest time. And it’s true that identity is everything, isn’t it?
Yeah. So think of this. So 1666 St. Paul’s Cathedral Burns down and Christopher Ren was a famous architect, in fact the most famous one at the time, and they commissioned him to rebuild St. Paul’s cathedral. So he walks up on the job site five years later, 1671, and he sees men working laying bricks and so on. He walks up to the first place, he says, sir, what are you doing? The man says, I’m a brick layer. I’m laying bricks to feed my family. And he walks a little further. He says, sir, what are you doing? He says, I’m a wall builder. I’m building a wall. He walks a little bit further and he says to the third man, sir, what are you doing? He says, I’m a cathedral builder. I’m building a cathedral To the almighty, all the men were doing the same work, but they all identified or saw themselves differently.
The work that they were doing meant different things, and I think for a lot of us, we all go out there and we make a dollar, but are you just going out there to make a dollar pay the bills for the family, or are you going out there to build some walls for yourself or do you have a little bit more of an empire mindset where you identify, and this works that I’m doing because for example, when it comes to investing, I mean even when I was starting these little businesses, and even when I was trying to make, let me say it this way. Even when I was working those side hustle businesses or jobs, pardon me, to keep the income enough to pay the bills, but then I was building a side business. So at this point, I’m working multiple jobs to pay the bills to fund the business.
I didn’t feel like I was working multiple jobs and starting a side business. I felt like I was building an empire because all that work was going towards the empire, right? As I got the business cranked up, I wasn’t building the business just to live on the proceeds of the business. I was building the business to build my real business, which is all your investing business, all of that stuff was going to build the empire. And so all that work wasn’t just laying brick or building walls. All that work was empire building. And those little small mindset shifts can be the things that really take you to the next level in your life and next level in your career.
What kind of empire do you feel like you’re building, Justin?
Well, from an economic perspective, I read a book called Rich Dad, poor Adam, I’m sure you’ve talked about this on your group. So I was probably 22 years old, and he said, what Rich? He says, what poor people do is they have income, and he writes an arrow down to the word expenses. So basically they make money pay bills. I remember thinking to myself, I’m like, that’s not what poor people do. That’s what I do. I didn’t feel like I was poor necessarily. I wasn’t homeless or living under a bio duct. He said, what rich people do? The next page, he says they have an income. And I thought, that’s interesting. That’s what poor people have. And he wrote an arrow down to the word assets and assets were something that he said that generate cash even if you don’t continue to exchange timer efforts.
In other words, they’re basically creating residual cashflow, let’s call it, right? And then he said, and then the assets pay the expense, so it goes income, assets, expenses. Imagine the arrow going down, connecting those together, and I just thought to myself, I’d never even heard the word asset at this point. I had no college education. I didn’t know what that was, and so I just remember thinking, what are assets? And there’s really two ways to build them. One is you can put people to work for you through a business. Two is you can put money to work for you through investing. And when I learned that little concept, to me that was like how do you become, let’s call it rich economically. Well economically would be you have enough residual cashflow coming in that you don’t technically actually have to go work anymore. Now, if you want to keep your income, that’s cool, but the assets are paying the expenses.
That was pretty cool. And if your bills are 2000 a month and you have assets that are paying that, that’s pretty awesome. 5,000 a month or 10,000 a month, whatever your lifestyle looks like. Then the second thing is remember I sat down with a billionaire mentor of mine. This guy was a first generation billionaire. He made $70 million in earnings from his business over the period of his whole career. So means he was a successful guy, for sure, that’s a higher earner, but when he passed, he passed as a first generation billionaire and Chris as well as I do. If you made 70 and died as a first generation billionaire, you did some right things. Even though you might say, well, 70 million so much, Hey listen, that’s like making seven grand and dying as making thousand dying as a millionaire. The dude did really well. He said there was three steps to wealth building and these three steps changed my life.
They’re so simplistic, but remember, true genius is in the simplistic, anyone can make things more complex. This is the simplistic steps. It’s a maximize, minimize, build strategy. Three steps. Number one is maximize your income. So if someone right now were to say, how do I get rich? Step one, we got to learn how to get better and make more money. If you’re making 60, let’s make 65. If you’re making 80, let’s make 87. If you’re making a hundred, let’s make 120. If you’re at one 50, let’s get you to two 50 because if we can get your trend line, your trend line for income to increase up over the next six months, one year, five years, 10 years, 20 years, if that’s going up, if we can get that to trend up, we can get to wealth creation much faster. It doesn’t, by the way, it doesn’t mean you can’t get there.
Now, if you’re making 60, can we eventually get there? Yeah, probably. But man, if we can get that trendline, if you can add more value, become undeniably good at what you do, maybe you need to start a side hustle. What can you do to maximize in your current situation? What can you do? Maximize your income. Literally write a list. Sit down with your spouse. Babe, what can we do to maximize our income? What can we do to become undeniably great at what we do? Top 1% of our profession? Okay, that’s number one. Number two is minimize. So minimize means to minimize expenses. What’s the biggest expense we’re all going to have our whole life? It’s taxes. So you want to learn how to minimize this stuff, but even the frivolous crap that we buy, you know what I’m saying, the four gym memberships and you haven’t been to one of them for nine months or for eight years.
You want to minimize those. So imagine your trend line of income increases, your trend, line of expenses decreases. What happens for most people? Most of us, we make a dollar and we spend a dollar, we make a dollar, we spend a dollar 10 probably. So the point is you start to have your trend line increase on you maximize the income line, but then at the same time you’re minimizing the expense line. What that does is it creates a gap between income and expenses, and that leads to step three, which is to build cash flowing assets, and then you’re like, give me the complex version. That’s it right there. You maximize, you minimize your build, maximize income, minimize expense, build cash flowing assets. If you do those three things well, and as I look back at my career, that’s what’s happened. I maximized my income. I got really good at what I did, and if you say that’s bragging guys, I paid the price to get good at what I did.
I invested into me. I invested into coaches, I invested into events, into books. I poured into my mind. I have no background in any of this stuff so you can get great at what you do. You can become one of the very, very best in the world at what it ever is that you do. Number two is then I just didn’t live high in the hog. I minimize the expense. I created a huge gap between income and expense. And then lastly is I use that cash to build a residual cashflow, and so that is the secret. That is the formula is those three steps. That’s the formula that I followed, and that is how you build empires financially. That’s how you build a financial empires. You maximize your income. You minimize your expense, which is cashflow, cashflow assets, and then really it’s a game. As you know Chris, it’s a game of doubling.
It’s learning to double. It’s as you teach, I’m sure it’s called the rule of 72. It’s basically like how long does it take you to double your cash to take a dollar and then make it two? So my little boy, he’s 11, so check this out, you’ll love this story. 11 years old. The other night, it’s just pouring rain, by the way. It’s already dark and it’s pouring rain, and I see him putting his hoodie on and he has an umbrella, and I go, bud, what are you doing? He goes, well, my school is selling these chocolates. They were doing a fundraiser for these chocolates. He said, they give us some prizes and stuff if you are the top seller, so I want to go sell these chocolates. I said, okay, cool. I said, well, how much does the chocolates cost? He said, they cost $1.
He said, how many are in the box? He says, there’s 60. I said, what’s your goal? He said, my goal is to sell 60. I said, okay, cool. I said, how are you going to sell ’em? He said, I’m going to go knock on the neighbor’s doors. I said, okay. I said, well, what are you going to say once you knock on their doors? And he said, I’m going to say do you some chocolate. I thought that’s a pretty good sales pitch. So I thought to myself, he’s going to go out there and knock on one or two doors. He’s going to get drenched. He’s going to be like, this freaking sucks. I don’t want the prizes bad enough. I don’t want the reward bad enough. But he comes back a couple hours later and he has $23. He had sold 23 bars of chocolate, and I kind of recognized the ambition.
I was like, okay. I told him, I go, if you’ll work on your sales pitch, I’ll help you with it. If you’ll work on your sales pitch, I’ll send a couple texts to some friends of mine that own businesses and you can call them and give them your sales pitch. Maybe we could drive to their office and you can sell them your chocolate. He goes, okay. So we worked on his pitch, honed it down, ask got ’em some questions, learn his product knowledge, got him better at what he did, and I sent a few texts out. So we went and he sold something to these friends. Well, some people saw it, and then he kind of started getting the bug. He started working a little bit harder. Chris, he went from selling a goal of 60 bars to selling 1,620 chocolate bars. I mean, it is just the craziest thing you’ve ever seen, right?
Well, I told him, I said, buddy, imagine if those were your products, not the school’s fundraiser. Imagine if these are your products. And so we started a business, we lived down in a place called St. George, Utah. So down you know where it is, but for your listeners, it’s down in Southern United, the Red Rock and in the desert. I said, what if we started a business? What could we do? So we thought about some different ideas that he could sell, and we finally came up with, he’s going to sell drinks. He’s going to sell prime drinks both in the stick packs as well as the bottles, and we’re going to go to the pickleball courts. We’re going to go to the tennis courts, we’re going to go to the soccer games and so on. He’ll sell it to the moms and the dads and the kids.
I said, okay, cool. So I shared with him what inventory is. He had advised inventory about $98 worth of inventory, told him what wholesale was, what retail was, what bulk buying was. But the key point I want him to learn is to learn to take a dollar and make it into two or make it into three. So words to double the dollars. So we took our first, he made his first sell. He sold $24 and it cost him $5 to sell 24. So he almost five times his dollars, took $5 and turned it into 24. This is the game of maximizing just how quickly can we double the money? So when you’re doing your investing, how quickly can I double the money in? If you’re making a modest return, maybe it’s going to take you five or six or seven years to double, but hey, you double it and then you compound that and double it. Then you compound that and double it, and man, it takes you maximize. You minimize your build, and you’re doubling your money over and over and over and over, and compounding the power of the doubling. It’s not that far away to really change your whole life.
That reminds me of back in the day when I used to be the crappy traditional salesman in a suit, a k, a financial advisor, and I remember sitting down with my brother-in-Law who his dad built up this huge automotive empire out here in Utah, and I remember sitting down with him. He’s like, okay, Chris, everything you taught me, you’re saying if I gave you 10 grand to play with today, you might make me 12% in a year. That’s 1200 bucks, right? I’m like, yeah, isn’t that awesome? In 20,000 years you’ll be a millionaire, which he already, but he’s like, but Chris, I can take you that same $10,000 and I can turn around and put it in my business and I can make double that. I can make 20,000 just a couple months by reselling my automobiles. I’ll make 20,000 bucks from the 10,000 versus maybe 1200 bucks in a year with you. So why would I invest with you? And of course, I had no really good answer for that, right? But that’s exactly it. You don’t give a crap about the rule 72 because I can make double and how fast, what’s the speed? The velocity can do that.
That’s exactly right. I love that. That’s the name of the game is how quick can you double?
Yeah. So if people are really looking to create that power of one, what do you think is a good first step?
Well, look, the first question I’d be asking today as I left this discussion is what can I do to maximize, and I’ll give you a spot that I would encourage you guys to be thinking about because Chris, I’m sure you get this question all the time. It’s like, dude, where should I put my money? I got a couple to your point, you got 10 grand. What should I do with it? The best thing I think you can do is you can invest into you. An investment in yourself is always a good investment, whether that’s buy the book, listen to the audio. So in other words, time, money, get a coach, join a mastermind. Get around people that are playing the game at a higher level than you are. What can you do to maximize your income by getting around people that can help you to really scale?
Because I remember that first year I made six figures. Remember that first year I made six figures. I worked so hard to make six figures. It was a big deal for me. It was a big identity deal. I’m a six figure earner. It was a big deal. Remember that first year I made two 50 a quarter million dollars a year. Remember that first year I made half a million, half a million dollars, I made half a million. I was like, dude, what is an identity? Remember the first year I made seven figures in a year. It was a big deal. I remember the first year I made $2 million in this case, 2.5 million, what? 2.5 million? Remember the first time I made eight figures in a year, so over 10 million in a year. That year, I was pacing about a million a month. I think to myself, I’m like, that all happened because I invested into me.
I just continued to improve. I continued to get better, and I think back those investments that I made and that I still make by the way, but into myself, whether it was coaches or masterminds or I don’t want to speak in past tense. I still am. I’m feverishly looking for ways to get better and to improve. It’s kind of the shin mentality. It’s the Japanese word, which means a white belt mentality. It’s like even if you’re super good at what you do, you’re looking to get better. You want to have that. So that’s what I’d say right now is are you investing into you? Are you finding ways to maximize your income and can we get that trend line up? If that trend line can increase, particularly increase dramatically, and then you’re doing the stuff behind it. I mean, wealth is not that far away. Empire building is not that far away. If you’re only making what you make, we can still get you there. It’s just going to take longer because we don’t have as much to work with.
What do you feel is one thing that really just distracts people? What keeps people from achieving greatness in their lives?
Well, from a financial perspective, I think I have two thoughts. The middle is the death zone. So if life freaking sucks and you’re like, dude, enough is enough. This is bull crap. I’m not living like this. It just hits rock bottom enough, you’ll freaking fight back. You’re like, let’s go. I’m not going to stay here forever. This is bull, and then we have the potential to live this incredible life. Most of us, it’s the death zone of the middle. It’s like it doesn’t hurt bad enough to change. It’s not the blissful life that we could be living. We’re not living to our full potential. We have so much more in us. We have one foot on the gas, one foot on the brake, self limbing beliefs. So we’re kind of in, we’re kind of out. There’s no lukewarm winners. All success is all uphill all the way, and you don’t accidentally go uphill.
Most people have uphill hopes and downhill habits. It’s just the death of the middle. Then the second thing I’d say is this, again, particularly when it comes to wealth building, I think that we die in the middle. We don’t really maximize our ability, number one. But then number two is we spend every freaking dollar we make. We don’t have a lot of delayed gratification. We’re trying to keep up with whoever. It’s on social media. It’s like, man, if you were playing more of the empire game, those dollars, because remember, every one of those dollars can compound. So you don’t want to just go, I got to tell people, poor people buy stuff. Middle class people buy liabilities, and rich people buy assets. I have a buddy of mine that has a hat that says, get income, buy assets, and that’s the way you think about it.
Some of the words, think of it this way, my friends, the flat screen TV that costs you a thousand bucks. Let’s use this to illustrate the point. It’s not a thousand bucks because we can double and compound that thousand. So if that a thousand turns to two, to four to eight to 16 to 32, you wouldn’t pay $32,000 for it, but you’re willing to pay 32,000 because you’re not willing to compound the one. And so that’s the power is the compounding that can happen with wealth building. So man, you want to build, create a gap. Create a gap between income and expense where you can start compounding the dollars and start getting more into empire mindset versus just laying bricks your whole life.
That’s right. I love that. The thing that image came to my mind was professional athletes where the difference between the average athlete versus the professionals, the gap is humongous. So where you can invest in yourself, but then also not just piss it all away, so to speak, right? You’re actually really trying to create it and compound it. Those are the ones that last beyond their careers. It’s not just the sports career they have, but then it goes beyond it to where they start to really create a major empire in their life, not just financially, although that’s there too, but even personally as well.
Yeah. Yeah, I agree with that. That’s exactly right. The excellence is the goal, right? Getting in there and building that excellence out.
That’s love it, man. Well, it’s been an awesome conversation here today, Justin. I really appreciate it. What’s the best way for people to follow
You? Happy do anytime, man. Yeah, so I am Justin Prince. You can go to my site. I am Justin Prince on Instagram, Justin Prince, across all social media platforms. But if I can add value, you’re connected. Put out a ton of content that I think will really help serve you guys in your wealth building and empire building going to the next level of your life. So I’d love to get connected by book. You can get it wherever your favorite books are. So the book will change your life, be the one will change your life, whether it’s Audible or Amazon or bookstores. But that’s a book that will absolutely change your life and help you to be the one you’re born to be.
I was just thinking the same thing. I got to go get your book now, so I’m excited to read it.
Appreciate you, brother. Great to see you.
Same here. Everybody else, Hey, you heard it here. Follow him at i am justin prince.com or at I am Justin Prince with anywhere on Social Media. Check Justin now. Great stuff. Always a giver. Definitely go check that out. And guys, remember, it’s not just about listening to these podcasts, right? It’s not just about doing that. It’s about taking to that next level, taking action so that you can get real results in your life today. Make it a wonderful process week, and we’ll see you later.