What is legacy wealth? What does it mean to invest for legacy wealth? Although the answer to those questions may be subjective, for many, legacy wealth simply means creating wealth that leaves a positive, long lasting impact for our families and communities.
Our special guest on today’s episode is Bruce Wuollet, Founder of Bakerson. Bruce has built a business empire that is accustomed to conducting thousands of transactions each year. Now with a focus on investing in multifamily assets, Bruce’s thesis is centered around creating opportunities for his investors that produce long term cash flow and wealth generation. This couldn’t be possible, however, without his emphasis of building strong relationships. Bruce firmly believes that forging strong relationships is invaluable. Bruce attributes much of his business knowledge and success to forging those strong relationships with those he interacts with, both in business and in life.
As a baker’s son, Bruce developed his appreciation for relationships and customer service by working at his father’s bakery business. Despite the enjoyment of working at his father’s bakery business, he did not feel the passionate for it. After attempting other business opportunities, he was introduced to the book “Rich Dad, Poor Dad by Robert Kiyosaki and Sharon Lechter”. This then marks the start of Bruce’s journey as he paved his path to success.
In this episode, we cover:
How did Bruce leverage the value of relationships throughout his investing journey?
How did Bruce’s portfolio evolve and what is his current focus today?
What is a perpetual investment and how to become a perpetual investor?
What is Bruce’s “Inverted Triangle” and how does it correlate to relationships?
What does it mean to invest for legacy wealth?
Tune in to the entire episode as Bruce covers these great topics and so much more!
Final Four Questions:
1. What do you like to do for your continued education to further your investing?
Bruce: “I read a lot, I set up this new habit, I do it every morning, I read at least minimum 10 pages of personal development first thing in the morning. So that's what I'm reading a lot. I have a business coach, and I have him on this program. This Monday will be our sixth week of a 24-week program. Every Monday, there's 90 minutes of training on habit forming and changing and being more productive, followed up with a workbook for the next week. And you implement it each week.
2. What have been some of the lasting lessons you have learned throughout your journey?
Bruce: “Number one is, just because you did it that way yesterday, doesn't mean you can do it that way tomorrow. And yeah, you always have to pivot and learn. Number two is be careful on leverage, because you can over leverage your future and then it makes it difficult to catch up. Number three is when you're looking at your projects, always know where the biggest costs are.”
3. What advice would you give to the listeners to help them grow their businesses?
Bruce: “The best advice I can have is, talk to others who have been through a lot because they have the scars to show on what they have been through. Don't go at it alone. I'm kind of a lone wolf. In some ways. I love people around me, but I do things a lot alone, like a mountain bike six days a week by myself, mostly. But when you're getting into real estate, there's so many resources out there. Use them!”
4. How can the listeners learn more about and get connected with you?
Bruce:
Website: www.bakerson.com
Cellphone Number: 520-808-9111
Email Address: [email protected]
Resources mentioned:
Books:
Rich Dad/Poor Dad by Robert Kiyosaki
