All right. Welcome back to the Daily Mastermind. George Wright III with your daily dose of inspiration, motivation, and education. I'll tell you what, I'm excited today. I got a chance to talk with our guest here. We're going to talk some financial and wealth. For those of you that are listening that don't take enough time to do that, Corey Proctor, thanks for coming to the podcast, man. George Wright III. Come on, brother. I'm glad to be here. This is going to be good. Yeah, this is great. You know, I love this topic of wealth and we try to bring this into the podcast often because entrepreneurs and business owners are trying to create something and a lot of times they don't think through this and it's an intentional thing you have to do. So let me give them a little bit of your background. So guys, for those of you that are listening, um, Corey is the founder of Pro Capital Wealth Management. He wrote the book Built Not Broke. He's the host of the Wisdom and Wealth podcast. You know, he helps business owners. I've been a financial strategist specializing in this for a while, but he helps business owners basically turn business success into long-term financial, intentional financial planning as well. So I wanted to bring him on to be able to help you to get in that frame of mind and mindset of, you know, look, you're working hard to build a business. You may as well be creating the wealth and legacy as well. So Corey, maybe you could give us a quick backdrop so people understand what took you into this field in the first place, because it's very important for people to understand that you actually have, you know, some experience personally with what you're doing with to help people. So talk to me a little bit about what brought you into wealth planning. Sure. I, uh, so I, I, for anybody who doesn't know, I played six years in the NFL, mostly with the Dallas Cowboys and good things happened, right? And I tell a lot of young people to invest today because shoot, I still have two accounts that sit in my head, but I put 80 grand in one and 92 in another and both of those are, I didn't put any cent into that after and both of those are over a million each today. And so like, so I know the value of investing, but I'll tell you why I got into the business was in high school, my junior year, summertime, like we're at right now, Coming home from the lake, I got into a car accident and a lady sued us. And a year later, my mom and my stepdad filed for bankruptcy, lost the house and the vehicles and started over. And we're living in the apartment. And so when I came to play ball professionally, I didn't have any grand contracts. I made minimum five out of my six years, but I didn't want to screw it up. And so I basically just studied as much as I could what was going on with my own money, my own investments my own financial life which took a long time to mature in but um i i did enough studying essentially to go put uh what i call a vault or a bracket around my life where somebody some other train wreck couldn't come in i couldn't screw it up somebody couldn't sue me or some other thing couldn't creep into my life or somebody could steal my money that i had built up and my family had built up to this point and so um so to where now we are 2010 was my last year playing ball. And so we're, you know, 15, 16, almost 16 full years away from the NFL. And, you know, today we're way more well off financially than we ever were playing football. And so, which is not a common thread, right? 84% of athletes go broke, which is, that's a more United States type thread where the majority of people don't have 400 bucks in the bank account for an emergency where like that became the basis of the business of pro capital was standing guard building legacy because our our entrepreneurs much like the returns i get in my business right those are those are the those are the businesses like private equity top quartiles you know over 20x the s&p in the last 19 years and there's a reason because we have highly focused people like me that are trying to execute and do good things. And so that's why we're able to have 30% margins and over 30% average growth rate year over year. And, um, which is an asset separated. And so those kinds of people have built up, I've built up something amazing. I'm not interested in somebody screwing it up. And so that's why I started the business was not just based off my own story, but it was like, I'm a big faith guy. So God basically said, go do this for other people. And because of that, we have an awesome business. And really some of the best people we work with is, are those founders and those entrepreneurs that have created massive value and wealth and equity in their business. And they had some of the problems that they hadn't been dealing with or dealt with a wealth manager that didn't graduate with them along the way. Yeah, it's crazy to me. And I've seen so much of this happen. And I want to talk to you a little bit about some of those blind spots that people have, like this potential lawsuit and how to protect your assets, things like that. But before I do that, what do you think is one of the primary reasons, if people are listening to this, let's say they're executing at a high level, there's a lot of really great entrepreneurs and founders that are building thriving businesses, but they never achieve financial freedom. They never really get what you talk about building wealth beyond the business. What's keeping most entrepreneurs you're working with or founders from getting that wealth and freedom beyond their business? I mean, it's pretty simple. We get so focused on the business that we don't ever look at, zoom out to see the forest, right? And the business is one tree in the forest. And when you zoom out, you start seeing things a little bit different. And so when you're the founder, you're operating inside it. And a lot of us, if you haven't graduated from like a solo entrepreneur to hiring people, you can't see, you're stuck doing everything. You're doing all the low value tasks of your business that don't pay you the $500,000, $5,000 an hour type of work. And so at every step there a graduation of wealth that needs to be taking place And so we just get so stuck here that we don know what we don know And so we don know that we should be taking some revenue off the table and building our own personal wealth outside of the business. We don't know that like, hey, we started with QuickBooks for payroll, didn't realize they're a non-fiduciary. And so any disgruntled employee problems I have to deal with now. and it could be a potential legal problem in a loophole that could get at my business. And so there's, there's items like that where, um, you, as you build the business along the way, you might've been great up to this point, but you didn't know that there's entryways for the enemy to come in. And, and so I continue, I wanted to continue to scale and build my wealth for myself and my family always want to do that. That's great. And build something amazing and be significant for my family. But if we don't manage those blind spots, then it could all be taken away. And when those events happen, they're passed. Yeah, it really is. And there's clearly some specific things that separate the difference between entrepreneurs that are creating a lot of income and ones that are creating lasting wealth. And maybe you refer to them as blind spots or whatever, but what are some of the key things that these entrepreneurs and business owners need to start doing at whatever level they're at in order to start either getting themselves on a path of doing financial planning or protecting their business? Do you have like some top blind spots that you feel like maybe they need to address? Oh, sure. There's, asset titling is probably one of the easiest ones right away. So as somebody grows their wealth, maybe you are doing the good things. Maybe you're, you're putting money into your retirement and your brokerage accounts. You're buying some real estate, you're diversifying and creating some wealth outside in your personal portfolio, which is awesome. Maybe even getting some other private equity, um, which is typically I'll have people that come in with real estate and brokerage accounts and their business, and they don't have much outside of that. They might've put a little bit outside in alternatives, but they don't have a balance sheet. So money is just kind of floating out into the ether. And, and some side note, if not, if it's not meticulously managed, it goes away. It just has a, it just has a habit or a tendency to float away if you don't manage it and keep it tightened. And so as people grow, they buy and sell assets naturally. So they never track them. And I can't tell you, that's one of our normals for review meetings. It's like, what did you buy? What did you sell? We got to update the balance sheet. Why is that important? Because I had two guys die in the last year from cancer. And so, and by the way, it wasn't a slow death. It was a fast one. And so you better have your estate in order and your balance sheets and your assets in order, because if I got to foot this over to your wife, which is already a horrible event for her and the children, right? Then I'm going to need one of the most efficient ways to do that. So I'm not getting into legal problem. I can manage all my assets and I'm going to do it as tax efficiently as possible too. And so like that's a big one is having your balance sheet. And then aside from that, titling your assets. And that's what allows me to, our team essentially to go title correctly and see the problems is we can, as we list out the balance sheet, we see what's out of whack. And, and so I give you a classic one. Most people's house is titled into their personal name. and now some of this is state specific so i can't just do a broad quite broad a picture but if something as simple as probate if anybody has ever been through that they know that it's annoying it's public process and um it's it's uh i can file i can file uh essentially a complaint with the court and I can get, I can have a judge redirect if I follow, uh, if I have a, enough of a case on my side, even if you have a will, will is not a bulletproof. Okay. And so, um, so those are easy things, right? Come in as your house and your personal name is your brokerage accounts and your personal name is, and how are these assets, how they titled, how they beneficiary, all of that determines where it flows and titling supersedes any will or trust and so i know that and i know something so those are high probability probability issues that come in that are going to be problems down the pike and so i mean as simple as even if i have a basic estate plan in place you know a common thing is if if you're like me both of my parents are remarried multiple times and so if you're somebody who's on their second marriage and you both have kids from previous marriage and even kids from this current marriage, you have a yours, mine and ours situation that creates more complexity in your documents. And in that situation, you know, I had a couple come in from New York and they had about 10 million in just a brokerage account joint with rights of survivorship. And my first question was, okay, which one of you guys is disinheriting one side of the kids? and they're like what are you talking about and i go well you die it all goes to him or vice versa and they cut your kids out altogether and um and or both of you guys die it goes to the person who remarries and it they cut both sides of the kids out altogether but they obviously hadn't even thought about it they hadn't even made any kind of plan on what to do with that well and so here's what people think it's like well i have my trust or have my will i have these documents written up Yeah, it's true. But your estate plan is different than your estate. Your financial plan is different than your actual finances. And so if you don't marry the two, fund the documents and actually walk this thing down the path and continue to do that, you end up running into those train wreck scenarios where assets get lost. It gets redirected to a brother or to somebody else who's not due that asset. So those are easy ones out the gate for people. Well and you deal with a lot of individuals from you know in all levels and things but don you find that it really a intentional process In other words most entrepreneurs business owners like you said they're so busy, they're just reacting to everything around. But how do you shift people into the mindset? Because I've really found that if you want to create wealth, if you want to create legacy, it's got to be intentional. So you've got to move from reacting financially to making intentional financial decisions. And so what do you feel that you do generally with clients or with individuals you're working with to help them to shift into that? How do you get them to sort of balance growing the business with building their own personal wealth in their mindset or even in their day-to-day? Well, I'll tell you a lot is leveraging the responsibility you have over your family. So like if you're like me, this is why I want to act like a magnet. I want, I want to attract the people that are attracted to my mindset and repel the ones that aren't right. And so, um, my, my mindset, generally the people we want are the entrepreneurial families. They're typically faith-based conservative. And they, this is to me, this is like a, a guy very much operates like a truck. He works better with a load. Meaning, um, if you talk to any truck guys, my F-350 or my F-250 drives way better with a load in the back, right? And same thing with a guy, if he's got a wife and children and a family that he's responsible for, typically he's going to make better decisions. And so as we're talking about growing our wealth and managing that, if you have a great responsibility, not just over your family, but your employees, you don't want to just benefit them, but you want to make sure that those assets are going to flow to them if something happens to you. And so I'm, you know, probability has it, I'm going to live a long time and I might not have to worry about it. But as the off chance that something does happen to me, I need to structure my business and my wealth to a place to make sure that they're all taken care of. And so. Yeah, it's interesting because I tell people you spent a lifetime accumulating and it only takes a couple of days to lose it. So, you know, you may as well take the time and put some effort in to creating a true blueprint, a true plan for your finance, your legacy, your family, and everything else. What financial habits do you think make the greatest long-term impact for people in building their personal wealth? It ends up being systematic. So, you know, very much, we can have our basics in place, right? Like maybe we have a 401k or some employer retirement or benefit plan that we've implemented for the business, not just for us, but really our employees to create an attractive environment to get you on board. Right. And those are great. We wanted, those are good tax deferral, basic stuff that we want to have in place. But as we get to it, especially as we start taking maybe distributions from the company, one, that's a great one to start with guys. We find guys that are hyper concentrated in the business and they have nothing outside of it. And so, you know, talk to a guy, California, not too long, he had over 50 million in his partnership, but he had $2 million home and one and a half million in his brokerage accounts, basically liquid outside of that. And I'm like, dude, you die today. You have an eight to $10 million federal estate tax bill that your partner is going to be stuck with. Like what, what the heck, man, that's not very fair to him, you know? And, um, so anyways, you know, but this, what I mean by that is start taking, I get reinvesting into the company like crazy, but build a systematic automatic payment schedule, distribution schedule for you and your partner, whoever else is in the business so that you can start making. And I'll tell you what that does is one, it brings you back to the unit economics of your business. Because if all of a sudden you don't have any margin in your business, you realize I don't have any distributions to pay myself. Oh crap. You know? And so I don't have the real cash flow. So it forces you down a rabbit hole in your business to become a better CFO or better operator of your business, which is amazing. And so now we start freeing up some of those distributions to go start allocating into your own life. And so that's where like I might buy some rental properties or condos or whatever, or build up my brokers and my equity portfolio that's going to be liquid and maybe I can borrow against it in other areas. And then I can start inputting into other areas. And maybe the top five to 15% of my wealth portfolio that might have been allocated towards alternatives may now be allocated towards tack-ons in the business where, you know, I have a financial business. Maybe I want to go add on a tax advisor where we actually implement filings for ourselves, right? And so those are complimentary businesses. You develop your ecosystem. That's all going to build out a better value in your baby, which is the business overall, but, and you're building out your personal wealth. So everybody loves building up their equity. But if we take an example from like WeWork that was worth over billions. Okay. And then they had a massive fall. Nobody wants that. So I'm, I'm, I'm interested as while you have that, like, let's take advantage of it and let's go allocate in your personal life, protect it away. And now if we have a threat to our business, which by the way, we could have litigation or a law change that could affect your business and wipe it out potentially altogether or decrease it. That way we're taking other ancillary risk off the table and you guys at least have enough to float, which was my transition from football into building a business was I had enough runway where I could go float to another area of life. Yeah, it's interesting. And it's a great way to look at it because integrating your wealth planning and your business also gives you perspective on growing your business. But it also, by integrating, it means you will accomplish both. So I really like the philosophy I curious before we wrap up here what inspired you to write the book Built Not Broke Besides your own personal experience like writing the book and getting that message out to entrepreneurs what driving your passion for that right now Well I tell you I've always been encouraged to put my story out there. Like even the podcast, even these things where like people was like, man, you need to do this because I get hot about subjects. You can't feel my energy. But like, yeah, they're like, you should do this. And then in my head, I couldn't quantify why or what's the purpose necessarily. And so the logic behind this eventually what kind of pushed me over the edge is, so if you, if I know you're Tony Robbins guy, right? We, we make decisions emotionally and we quantify and we justify it with logic. And so, um, so the logic that got me over the hump was essentially use it as a lead gen. And, and so I was like, well, this is a great way. If I'm making choices, one of our values is, um, he take ego out of it, Make choices that are going to affect you 20 years from now. And so my thought was like, well, shoot, if I'm planting a seed right now, I don't want just, I want to raise all boats, right? Rising tide raises all boats, but I want you to win. I want anybody to win, whether it's with me or without me. And so if I can do that, share my story and you have a win using the book, awesome. But also for my business, if you can make it through my whole book and still like me, okay? then there's a great chance we could have a conversation and potentially gain a client from it. And you know, it's a good fit. Right. And that's ultimately like the, I don't know about anybody else listening to this, but the dream I have is create an awesome business is not just doing incredible things in the community, but incredible freedom in my life and my family. Like I'm, I'm trying to live the grandpa dream right now, where I want to take a private jet with all the people that I love and who have bought into my life and go to the private island. You know, I want to treat them all. We're on paying for the whole thing. And if I can do that where, you know, George, you and I are at the beach in Aruba, which we were at not too long ago, um, we're hanging out at the beach and I'm like, dude, what are you trying to do with your business? As we're, we have all this hangout time and all of a sudden we're going back and forth on fire about what you're trying to do. Those are opportunities, God, like the spirit lays down where you and I can connect and an idea comes in and it could be a brand new one. Power of the mastermind, man. Oh my gosh. And that's why I love masterminds is because like you have a piece of gold that I don't have and vice versa that we can both bring to each other. And so that's where you can have an explosive relationship potentially that is cool to me. And so I want more of those. That's cool. No, I love it. I love it. And, you know, it is interesting over time. I mean, I got, you know, eight kids and seven grandkids now. So I kind of get to that point where it's like I see I've seen people go through it. It's everybody goes through these three levels of, you know, evolution where you you you got to evolve your mind and your thinking and what you want to do with your life. And then you go unleash your potential in business and finance. But it always ends up at legacy. That's why my, you know, evolution logo, you know, inventing yourself, right? Evolution Unleashed and Legacy, because it's all created through association. And your passion, obviously, for what you're trying to accomplish is also integrated to building and growing your business. And that's why you're so successful at it. Well, I wish we had more time, but I wanted to ask you, how do people, how will they connect with you? How can we, you know, have people follow up, connect with you, maybe get a copy of your book and stuff. Can you let them know the best way to catch up? Yeah, go, go follow me on social media, LinkedIn, Instagram, Facebook, all those places are great i post pretty frequently on that uh you can go to check out pro capital tx.com cory proctor.com i would encourage you go buy go buy a copy of the book it's on amazon we hit amazon best seller built not broke so pretty excited for that and i'll tell you i'm not i don't make a ton of ass but like i had stephen jones which is co-owner of the dallas cowboys endorsed it for me and and that was really great but i have some amazing people in my life that have affected me, but I would go get the book and go read it, pound through it. If you're a big reader, like I am, you'll, you should love it and, and take a piece of gold from it and go apply it to your life. But, uh, other than that, come follow on social media. If you want to have a talk, yeah, shoot me a message. I love it. I love it. I'm an avid, I'm an avid reader as well. So, you know, guys, I, you know, I, I kind of jumped in and digested some of it and it's got great content. So definitely go check it out. Um, Corey, I really appreciate you being here with me today, man. We got, we got some other stuff, maybe do some, do some other stuff together. So I'm looking forward to that as well, but I appreciate your, your passion for helping entrepreneurs to create wealth. I think it's an important thing. Is there anything else you want to kind of leave our listeners with before we take off? Go handle your business, man. Don't wait on the thing you're waiting on. Stop waiting. It's we got, we have too much at stake with our families to wait and let something bad happen. So go, go take care of business. And that way you got the business done. You can go continue to build your business, your family, your wealth, all those things. And that's the biggest thing to me. It's like, man, let's handle our business and get to work. I love to work. Get it done. That's great advice. It's great advice. You know, listen, if you're listening to this, make sure you go check Corey out and really listen to those last words. because, you know, like I leave you usually with, I really truly believe it's never too late to start creating the life that you were meant to live and that you should be living, but you've got to take action. You got to go take care of your business, as Corey says. So thanks guys for listening. Make sure you share this show. Hit me up on the Daily Mastermind. Let me know what you're working on, what you're struggling with, or what you're winning at. Let's create some wins and celebrate them together. And I appreciate you being here with me today. Once again, this has been the Daily Mastermind. You've been spending it with George Wright III and Corey Proctor. Talk to you soon. you
