Ep 101: Safeguarding Your Wealth with Scott Royal Smith
In our heavily litigious culture, getting sued is a constant risk. As you scale your business, asset protection becomes a must-get. After all, no one wants to see their investments get wiped out after a car accident. Today we speak with asset protection attorney and real estate investor Scott Royal Smith about securing your financial freedom while safeguarding your wealth. We open our conversation by exploring Scott’s journey into real estate before focusing on his formula for success. A significant theme in this episode, we talk about why developing key relationships is integral to your investing career. We dive into what it takes to achieve your business goals, the role played by developing successful habits, and how your ability grows with your experience. After reflecting on how often people sue dishonestly, and for any amount, we discuss how asset protection can save your wealth. We touch on additional asset protection benefits, including its effect on your taxes and estate planning, and how you can add layers of protection as your business grows. Scott shares some tips on getting your set protection started and details the services typically provided by asset protection firms. As Scott explains, rich people don’t own things, they own companies. Tune in to hear how you can employ the same strategies used by the world’s elite.
Key Points From This Episode:
Exploring Scott’s personal journey into real estate.
The limits of insurance in safeguarding your wealth.
Hear Scott’s secret to real estate success and his key to growing your ability.
Finding deals by securing relationships with the right people.
Following the guaranteed path to success versus playing the lottery.
Why all investors need some form of asset protection.
The link between financial freedom and knowing the right systems and approaches to follow.
How you can reach your goals faster by first speaking with experts.
Scott shares the necessary first steps in securing your asset protection.
Scaling your asset protection alongside your business.
Why most of Scott’s clients all decide on the same asset protection option.
Added bonuses to asset protection; you pay less tax.
What services you can typically expect from asset protection firms.
“The secret of success is knowing what you’re good at and staying in your lane. But if you’re too strict with that, then you never grow.” — Scott Royal Smith [0:05:28]
“There are a ton of people out there making deals but there are only a handful of relationships that you really need to get to financial freedom.” — Scott Royal Smith [0:10:23]
“You can save years of your financial life by being able to just have a few strategic conversations with the right people.” — Scott Royal Smith [0:27:44]
“Rich people don’t own things. They have companies that own things — with modern asset protection, you can build a castle that only billionaires used to have.” — Scott Royal Smith [0:30:15]
Links Mentioned in Today’s Episode:
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Connect with Chris - https://linktr.ee/chrisgrenzig
Toro Real Estate Partners - http://tororep.com/
The Real Estate Investing Experience - https://www.thereiexp.com/
The REI Experience YouTube - https://www.youtube.com/channel/UCjt6pmkA8ogACZ26oqhBM0g
The Real Estate Investing Experience Podcast - https://podcasts.apple.com/us/podcast/the-real-estate-investing-experience/id1481520260