154. Creating a self funding wealth portfolio with Jocelyn Montemarano

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Episode Synopsis: 
Jocelyn Montemarano, a video podcast editor and founder of a video podcast production agency, shares her experience in starting her own business. She started her business full-time in 2022 after losing her job and going through a company restructuring. Jocelyn emphasizes the importance of having a beginner's mindset and not being afraid to take the leap into the unknown. She also highlights the challenges of getting clients and consistent income as a beginner business owner. In 2022, Jocelyn Montemarano joined the program and achieved seven-figure wealth in late 2023. She felt settled and no longer had gaps in her income. She focused on building a foundation and feeling good about her business. Jocelyn mentioned that she was initially intimidated by the idea of achieving seven-figure wealth, but she realized that it was about focusing on what she needed right now. She didn't want to get distracted by shiny things and instead wanted to keep showing up and selling more. The conversation explores the desire to have both financial security and the ability to generate additional income. It discusses the tension between prioritizing long-term investments for retirement and the need for short-term income. The hosts highlight the importance of leaving investments untouched to allow them to grow over time. They also emphasize the negative consequences of not starting to invest early. The conversation explores the fear and uncertainty around retirement planning and the importance of starting early. It discusses the penalties associated with early withdrawal from retirement accounts and the need for financial advice. The conversation also touches on the intention behind joining Seven Finger Wealth and the importance of contributing to retirement savings. The speaker discusses the need to organize and understand her retirement accounts and investments. She feels overwhelmed and lacks confidence in managing her money. She mentions having a 401k and retirement accounts from previous jobs, as well as investments in the Stash app. She acknowledges the risk involved in investing and the fear of losing money. The speaker wants to feel more confident and knowledgeable about her financial situation. The conversation covers the topics of organizing and understanding investments, the potential risks and rewards of investing in stocks, and the importance of passive growth in investment accounts. Jocelyn consolidated all of her accounts and investments into one brokerage, which allowed her to see and manage her money more effectively. She realized the importance of building up her business savings and having a buffer for unexpected expenses. Jocelyn started giving herself consistent monthly bonuses and raises, which felt empowering. She also wanted to understand when to reinvest in her business and when to invest in other opportunities, such as real estate. In this part of the conversation, Jocelyn discusses the importance of reinvesting everything back into your business and not relying on it as a retirement plan. She shares her experience of working with wealthy entrepreneurs who still don't have retirement accounts. Jocelyn also talks about the need to assess risk and make decisions that make sense for your business. This conversation gave her the confidence to take money out of her business and not worry about it. The conversation explores the topic of real estate investing and how it has played a role in the guest's wealth goals. They discuss their experiences living in Airbnbs and the benefits of staying in unique properties. They also touch on the high cost of living in certain areas and the challenges of buying property in expensive locations. The conversation explores the concept of house hacking, which involves living in one portion of a property and renting out the other portion. The hosts discuss the popularity of house hacking in Denver and the potential for generating income through short-term rentals. They also mention the importance of finding properties that are suitable for house hacking and the benefits of investing in real estate. The conversation explores the decision-making process of investing in real estate versus the stock market. It discusses the benefits of real estate investing, such as cash flow and property appreciation, and the importance of having a plan. The hosts emphasize the need to have a separate guest suite and the value of having accessible funds for investments. They also advise against putting all your money in the stock market and suggest letting it grow in a high-yield savings account. The conversation explores the concept of building a wealth portfolio and how different financial elements work together. It discusses the idea of using a business to fund investments and how the investments can in turn fund the business. The conversation also touches on the importance of short-term and long-term financial goals. Building wealth and thinking about it outside of the business is non-negotiable. It relieves pressure and provides a comfort blanket. Taking care of future finances and family is important. Having a steady revenue stream and contributing to investments is crucial. Small bonuses and steady progress can make a big difference. The conversation highlights the importance of small investments and the power of compounding. It emphasizes that wealth accumulation doesn't always come from large lump sums, but rather from consistent and strategic small investments. The dopamine hit from seeing investments grow can be addictive, leading to a desire to invest more.
 
About Jocelyn Montemarano:
Jocelyn Montemarano is the founder of Connect Through Content, where she supports experts and thought leaders to scale their resonance to reach more of the people who need their work. She does this through her Video Podcast Production and Case Study Sprint offers.
 
Where to find Jocelyn:
Website: connectthroughcontent.com
Social: @connectthroughcontent