Rich, Fit and Happy Show

66 | The Money Maven Chronicles: Unleashing the Power of Compound Interest with Linda P Jones

• Crystal O'Connor • Season 2 • Episode 66

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Are you ready to transform your money mindset and unlock the secrets to building wealth? 

Today, I talked with Linda P Jones, author of two books that built her own portfolio of over two million by the time she was 39. Her burning desire for financial freedom led me to focus on compounding her money. Today, it’s her personal mission to make investing easier to understand and implement, so women (and smart men) worldwide can also attain financial freedom.

While her exclusive live events and masterminds were exciting, fun and rewarding to offer years ago, she wanted to make a greater impact and reach a worldwide audience, so I moved my business 100% online

VIP Experience members learn from monthly webinars with me where they are updated about the stock market and our investments, have asset allocated portfolios, are given the finest education about investing, and are saved from having to pay any ongoing management fees which can add up to thousands or even hundreds of thousands of dollars over their lifetime.

Find more about Guest at:

Sign up with Ageless Ambition by visiting https://www.AgelessAmbition.com

You can also schedule a call with me or one of my team members at https://www.calendly.com/wealthy-wellness

Health and Wellness practitioners: you can learn more at http://www.WealthyWellnessAcademy.com

Speaker 1:

Well, it's interesting you bring up mindset, because I created something called the six steps to wealth, and step one is to create a wealthy mindset, and so I think that is the foundation of everything, because you're right, the way we're brought up, what we're taught from our parents, how they treated money, what we learned along the way, the habits we got into, all of those things are part of our mindset.

Speaker 2:

Welcome to the Rich Fitting Happy podcast. I'm Crystal O'Connor, where we want to take you from drab to fab in this beautiful life. Let's go, hello, hello. Welcome to Rich Fitting Happy. I brought on a guest. Today We're going to talk about money, because it's Money Monday. I brought on Linda P Jones. She's a wealth advisor and she built a portfolio herself and she built millions by the time she was 39. She has a business degree. She has one of the top rated podcasts called Be Wealthy, be Smart. I have my younger daughter listening to that right now And I listened to it as well. I followed her for years. She's had live events, she is a phenomenal speaker and she does a really good job of breaking down how to build wealth. Welcome, linda. How are you?

Speaker 1:

Thank you, chris. I'm doing great And I just need to tweak a little bit. I'm not an advisor. I had all my licenses gave those up so I could make a global impact. I went to do my show and have the business I have if I still were licensed.

Speaker 2:

I'm glad you corrected me on that, and one of the things that I accidentally do is call anyone that talks about wealth and gives any kind of advice. I call them advisor accidentally. But right, you have to have a license to me, so I should change my language with that.

Speaker 1:

I have those licenses for a long time A long time, more than 25 years But this is not too today to do a variety of things. For example, i can be in crypto and talk about crypto today. I couldn't do that if I were still affiliated with the Stock Workreach firm, so it just gives me more flexibility, more creativity is allowed.

Speaker 2:

And you had a couple of life experiences that I feel like brought you to what you're doing now. Do you want to share what a couple of those? I mentioned it in your intro that you were able to build your own portfolio, by the time you were 39, of over $1 million. And over $2 million. And then you had a life experience. You lost your husband at a younger age. I feel like Tell me about that and what happened.

Speaker 1:

So, being in the investment industry, I was following money managers. My job was to find out how they managed money, how they were successful with. Their track record was share that with other people and represent them. And then I got the idea well, maybe I could manage money for myself. And this was back during the tech boom And things were starting to go crazy. It really felt like we were in a new time, Kind of very similar to where we are today. I think It's sort of a cycle repeating And I felt like, well, maybe I could do a little bit of investing on my own. Let me try it. And so I started to invest in individual stocks, And that's when I was able to grow my portfolio to $2 million by the age of 39. And everything was great and wonderful.

Speaker 1:

Then, of course, we had the end of the tech boom And we had a bear market for a couple of years And life went on. But one night, just out of the blue, my husband dropped just unconscious And it was a brain aneurysm And he died two weeks later. And so there was no sign of anything, no sickness, nothing, no warning. It was a huge shock And it just changed my life, where I just had to stop and say OK, life is, our time here is limited. I better figure out why I'm here. So I went in search of my life purpose and decided it was to take financial matters and make them more simple, more straightforward, take all the lingo and jargon out, really teach people the basics of money, but also a more sophisticated way of looking at money, if you will, so that they are doing some things that I think are looking forward to this next cycle of technology that we're going through.

Speaker 2:

You want to talk about that, this cycle of technology that you're talking about, because crypto, and then there's Bitcoin And I talked to someone on my podcast a couple of weeks ago about tokenization. That was mind blowing And I wasn't ready for some of what he was saying. It's just, it's overwhelming And it makes a person not make any decisions at all.

Speaker 1:

Yeah, so after the 2008 financial crisis, bitcoin came into being And it sort of was positioned as a libertarian way to not use the banks and to have a limited amount of an asset that the banks couldn't just print more and print more and print more, or the Federal Reserve, i should say, couldn't just create more money. And so it was the first and people who were early in that did very well. But there's other iterations of technology that have come out since that that I think make more sense. So right now we know that if we work with a bank, we want to wire money, it takes several days for that money to get there. The fees are high, it's slow, it's cumbersome, and there's a technology that can send money in two to three seconds. It can do over 1,500 transactions per second and it can just really scale and do it inexpensively, for less than a penny, less than a fraction of a penny.

Speaker 1:

And I felt when I saw that technology that it was revolutionary and it would change the banking system as we know it.

Speaker 1:

So that was kind of my entree into the crypto world and I ended up writing this book about it, because I saw that information age cycle repeating, where a lot of wealth was made during the technological era. I call this one the quantum age because I think we're going into a financial time that is going to revolutionize everything financial. So the tokenization of assets means that we're going to be able to slice assets into little bitty pieces and put them on the blockchain, and so if you want to buy an apartment building, you might be able to buy a percentage, a very small slice of an apartment building, much easier than you can today, and everything of value is going to be basically sliced into these little tokens or tokenized, and be able to be divided, whether it's art, or whether it's a car, or whether it's a home or an apartment building or gold or anything. So all of that is in our future, and I think that is where we're going with this next iteration of technology.

Speaker 2:

Do you think there's going to be a whole lot more millionaires in the future than ever seen before?

Speaker 1:

Yes, i think these digital assets, which were still very early on in the phase and we don't even have clarity of laws yet, which is part of the issue But as soon as we get clarity in the legal senses and Congress has some bills that they are just putting through right now they're working their way through So, once we get clarity with the laws, that will allow the large institutions to come in in a big way into some of the more important technologies And, yes, i think there's going to be a lot of wealth created there, absolutely.

Speaker 2:

My youngest daughter actually did the art investing. She's got a little slice of a really nice piece of art, and so how does somebody know the value? How does a younger person plan today? I know that with these apps you can buy stocks really fast. Let's say, a younger person gets a couple hundred thousand dollars or even a half a million, and they want to grow it. Do they start with stocks themselves, or should they put it in an IRA? What would you tell them to do? Okay, okay.

Speaker 1:

That's a big question.

Speaker 2:

You have to look at what they want in the end result, right Like what is the outcome that they're looking for.

Speaker 1:

Right. Well, the way that wealth works is it's a function of money, compounding and time. So it's how much money you have to invest, how much time you have to invest it and what rate you can invest it at and compound it at right. So there's no one right investment. So I don't think real estate is the only way to go. I don't think stocks are the only way to go. I don't think crypto is the only way to go. I think you need to own some of all of those things. And so when you're investing in the stock world, i use something called an asset allocation model, which is like a pie with different slices, and you can have the largest companies, like the S&P 500, would be the 500 largest companies in the US. You'd have a slice of pie in that. We'd have some in medium-sized companies, some in smaller companies. You'd have some in real estate, you'd have some in international, and so we diversify stock investments that way.

Speaker 1:

With crypto, that would be a small portion of your portfolio. Maybe 3% to 5% is what I recommend. So not a lot, just enough, because a lot of it is selling very inexpensively. I mean, for 50 cents you're able to buy these new technologies. It's crazy, but the opportunities are still very low price for many of them, even though Bitcoin is at $25,000, other cryptos aren't like that. So Bitcoin got the full head start on other cryptos. I fully believe other cryptos may get that precious And you may have that opportunity to create that kind of wealth again in the future. But today it's a different starting point today with Bitcoin than it was years ago. But today there's other technologies that are very inexpensive, so you don't need a lot of money to potentially create a lot of wealth with crypto.

Speaker 1:

And then, we know, with real estate you leverage that So you're able to borrow money, you're able to have a mortgage or put down payment and then own a bigger piece of property. So those are the options that they have. I think ultimately, as a young person, you want to start, just get started. It doesn't matter. I mean, if you want to buy a house, then you may need to start saving and investing toward the down payment on a house. That might be your first goal. So that might be more important than putting money in an IRA for retirement. But I think you still want to start the IRA and get a little bit in there anyway, because even a small amount over 25 or 30 years can compound into a lot of money, so it's worth starting an IRA.

Speaker 2:

Do you feel like because I know that there are some that don't have this attitude about real estate and that is that when you buy real estate and live in it, it doesn't qualify as an investment. What do you say about that? What do you think?

Speaker 1:

Well, i disagree with that. I've heard that There's also a trend of people saying, oh, it's too expensive to own a home, it's not worth it, you should just rent. I really don't like that argument. I, in my lifetime, so much wealth has been created for us just through owning real estate, through owning homes, through appreciation, and what's really happening is the dollar has been devaluing, which makes real estate prices look like it's going up. That's why it's more expensive to own a 30-year-old home. That doesn't make any logical sense. But it's because the dollar is actually eroding in value And so a real asset like the house is increasing in value.

Speaker 1:

So I think a home is one of the best investments you can make. I think it is important for people to have a place of their own. I think you feel differently when you live in an apartment versus having your own home. I've done both. I feel very differently having control over my own property, my own surroundings, what I can do, how I can remodel, how I can decorate, those kinds of things, and I just think it's, over time, it has been a very, very good investment, and if people didn't own their own homes, their financial situation would be completely different and not nearly as good as it is for people that have owned their homes for 25, 30 years.

Speaker 2:

So you mentioned this. Well, not now, but I saw it on your website, the McT. Tell me what that is. You kind of touched on it a little bit, i think.

Speaker 1:

That's my formula for wealth building money, compounding and time. So the thing about the McT formula is whatever you're missing, you can compensate for it by improving the other sections. So let's say you don't have a lot of money to invest. Well, that's only one part of McT. so there's money, but there's compounding and time. So if you don't have a lot of money, if you can compound at a higher rate and get better compounding rates like maybe you have a portion of your money in crypto and that compounds at a lot higher rate than typically stocks do in some of these that have already been out there for 10 years and have had phenomenal, phenomenal returns You can compound at a higher rate. that can make up for your lack of money. or you can let your money accumulate longer so you can put off retirement for a later date, which no one wants to do. But that's another way you can compensate for not having enough money.

Speaker 1:

If you don't have a lot of time, that means you're getting started late with your retirement. Maybe you are starting at age 50 with your retirement plan. Then you need to either put in more money or compound at a higher rate. So you see, the other things make up for the one that you're lacking, but the one that really is the miracle worker, is compounding. So if you invest well and you are good and get an average 10% annual return in the stock market, you get a little bit higher return, possibly in crypto or for higher net worth people we do accredited investor type offerings to where they can invest in private equity, which is like venture capital kind of companies, privately owned companies And then you can compound at these higher rates and that can make up for lack of money or starting late. So the McT formula really breaks it down and makes it simple for people to understand.

Speaker 2:

And where do they find out more about that? You have a program That was my first book right here.

Speaker 1:

You're already. While there is now thinking, act like one six practical steps to make it a reality now. So you have two books or more, i have two, you have two, okay, and they can find that on Amazon.

Speaker 2:

They can find on Amazon.

Speaker 1:

Yeah, the first book was about basic personal finance and, just like it gave you a millionaire action plan how to go from nothing to become a millionaire. And then the second book was about crypto and about how we're repeating the technological age of the 1990s into 2000 and how millionaires are going to be made and how the compounding rates are incredibly high and why crypto is going to revolutionize the world.

Speaker 2:

There's a lot of revolutions going on. I'm going to a biohacking event this weekend and I just hear the same kind of language in the health world, so it's pretty interesting what's happening.

Speaker 1:

We saw chat GPT right, come out. I mean that's revolutionizing everything as well. So if you have AI, artificial intelligence that is scouring the internet and reporting things and learning and adjusting as we go, that is going to be used in everything right In writing and publishing and business and art. I mean it's just incredible.

Speaker 2:

Yeah, it's just going to add. It's like compounding, really, when you think about it, it's just a concept, isn't it? Yeah, so you have these masterminds or you have had live masterminds in the past, but now you've gone more online. Did COVID kind of change that?

Speaker 1:

No, what happened was I was doing live events and masterminds and enjoying that very much, and then I decided that it only allowed me to reach a certain number of people and I couldn't really have a global impact, which is something I really wanted to do, and so I started my podcast about nine years ago.

Speaker 2:

It's had 9 million downloads. I noticed I'm probably more.

Speaker 1:

Yeah, over 9 million downloads, 181 countries. we reach Gosh, I'm on 1200 episodes or some crazy number. It's insane to me How many.

Speaker 2:

I've done now.

Speaker 1:

I wanted to reach more people.

Speaker 1:

I decided to move my business online several years ago.

Speaker 1:

It's a 100 percent virtual business although we are going to do some retreats this year in person But I started virtually, so we have clients from all over the world and from Europe and Australia and New Zealand and Canada and all over.

Speaker 1:

We talk about investing in stocks, we talk about investing in crypto, we talk about real estate. It's just a great place for people to gather and for me to narrow down all of that huge field of information out there in the financial world and say, okay, there's all this being reported, ignore all that, here's what you need to pay attention to and here's what I think is going to happen. Then I give my opinion on where I think stocks are going to go or where I think real estate is going to go, or what is going on with the Federal Reserve and interest rates and things like that. So I really narrow it down for busy people, so that they don't have to follow everyone and they can manage money themselves, save a lot of fees and really get good information and be very involved, but on a very time-sensitive way that it doesn't take a lot of time.

Speaker 2:

Yeah, i'm sure you give them a ton of confidence, not just knowledge, but the confidence too, with you attracting more. You're speaking to women, right? That's your ideal client and they're probably what in their 40s, 50s, 60s.

Speaker 1:

Yeah, i mean we have men too and we have some young women and we have some older women, but I'd say the majority is 40, 50s, 60s.

Speaker 2:

yeah, Okay, so do you at your online program? let's talk about that, because that's where you're at mostly. where do they go, by the way, to get involved in your program or be a part?

Speaker 1:

of it On my website at lynda pjonescom. It's called the Be Wealthy and Smart VIP Experience and it's a lifetime access program, so they join once, they pay once and then they have lifetime access.

Speaker 2:

Oh, a little bit.

Speaker 1:

What that means is that they get a monthly webinar for me live, so we can do live Q&A on the webinar. They can ask whatever questions they want And I do a weekly little short market commentary on what's going on in stocks, crypto or real estate sometimes. And then, if they want to be daily interacting with me, we have a Facebook group where they can ask questions over there. Or I post articles or just say, hey, this is what's going on or something comes out on the news I can give my comment about. Hey, this is what I think about what just happened, that kind of thing.

Speaker 2:

So it's really fun. So I'm sure then you have a variety, and you've seen a variety of different mindsets. I was talking to somebody the other day about money mindsets in women especially, and how we were raised differently and now things are just so different We've had to bring with us something that could be affecting our decisions, right, And so what kind of mindset do you feel like is a more of a winning mindset in what you teach?

Speaker 1:

Well, it's interesting you bring up mindset, because I afraid it's something called the six steps to wealth, and step one is to create a wealthy mindset, and so I think that is the foundation of everything, because, you're right, the way we're brought up, what we're taught from our parents, how they treated money, what we learned along the way, the habits we got into, all of those things are part of our mindset, and so I think what people really need to realize is that their mindset is much more important than they give it credit for, and to be protective of some of the things they're exposing their mind to, because what I see is that people are following things that are very fearful.

Speaker 1:

So they might be watching the news every night, listening to how many murders there are, or they're listening to someone who is saying the market's gonna crash and you're gonna lose everything and you got to go run for the hills. and there are these extremes where they're listening to these very fearful things and they're not protecting themselves and their mind from this fear. and this constant fear keeps you in a, in a lower state, where you're not able to really get to a wealthy mindset, because you're just having to protect it and you're just so scared all the time. So I think protecting what you expose yourself to on the television, on the internet, is really important, and what you think and believe and what you feed your mind is very important. I'm a big believer in affirmations and putting into your mind positive things that you want to believe to be true. even if you don't believe them yet, if you repeat them, the repetition makes your subconscious believe that they're true.

Speaker 2:

Yes, so that's one of the things that you have them do. So you said there are six steps. You want to name just one of another random one off the list.

Speaker 1:

Yeah well, the second step would be to save an S-Deg. So you need to save some money so that you can start investing right And then find a mentor, find who you're gonna follow, who you're gonna listen to, who aligns with your values. because some people are over here saying be frugal, don't spend any money. I don't believe that. I think you should live life to the fullest, but that doesn't mean you need to spend all your money. It means you need to prioritize where you want to spend your money and be very aware of where you're spending your money and purposeful with it. I don't believe in you know, not living your life, because it's more important to skimp and save every penny. I just don't believe with that. So you need to find the right person who's aligned with your belief system, and then invest in a money engine. So invest in something that can grow.

Speaker 2:

I can't money engine. I love that.

Speaker 1:

Yeah, because there's no one right money engine, right? Like you said, if someone invested in real estate and they got rich in real estate, they're gonna recommend everyone get rich in real estate. If someone got rich in crypto, they're gonna recommend everyone get rich in crypto. If someone got rich in stocks, they're gonna recommend everyone get rich in stocks, right? So everyone thinks that their way is the right way, but the reality is there's many ways to create wealth and you need to find the one that really works with you and your lifestyle and your interests and that you can learn about and have access to good information about, and then, after investing in a money engine, you want to compound at a high rate. So that's that compounding again and investing well and then protect your wealth so you don't want to lose it.

Speaker 2:

I love it. So do you want to share the retreats? you have the retreats planned this year.

Speaker 1:

Well, the retreats that I planned this year are just for people in the Be Wealthy and Smart VIP experience, so they have to be in the group already. And what we decided was I was going to teach wealth in a weekend, which is what happens when you become very wealthy. What products and services become available to you, how are you going to change your lifestyle? How are you going to live? What are you going to do? What are you going to not do? Because the reality is that when people get sudden wealth, they typically 70% of people that get sudden wealth lose it within five years. It's a very sad statistic, and that's because people are really educated about what to do when they have a lot of money. So we're going to do a weekend about what do you do if you get a lot of money, what's your plan, and create that plan for people. So we're excited to do that, and we're going to do three different retreats this year.

Speaker 2:

So you do have those that don't have anything and they're just starting from scratch with regard to saving right, you do have those, and then you give them like a two-year plan or five-year plan for saving, and I think that it would probably help them understand. Okay, this is what I got to do. And here's the thing If a person has a plan, you're more likely to hit the target right Or the actual end result that you want, but the feeling of, well, it's too late for me to even start because of a certain age is not a good plan, right?

Speaker 1:

Yeah, that is not a good mindset.

Speaker 2:

So then we're on step one.

Speaker 1:

We need to change that mindset because there's many things you can do. Many people get wealthy after they're 50 years old. That's not a problem, and so, yeah, we need to change that limiting belief And we need to just get going, get started.

Speaker 2:

Yeah, i love it. Okay, so for you listening, you audience listening, i'm going to put in the show notes the links to go and get started with her with her online program, so that you can start to change the conversation in your own mind and see what others are doing in her Facebook group and listening to her monthly webinar. Do you want to end with anything? Any advice today?

Speaker 1:

Oh, gosh, i would just say you know financial things have been made much more complicated than they need to be And if you have any interest in you know furthering your finances, search out people who you relate to, who you know you can understand and who interest you in finance, because I think getting interested is going to help women. We're so busy with our everyday lives. Some women are interested in finance I was but other women aren't interested in finance. they're too busy doing other things. So if you can find someone who can give you you know, in 10 minutes, three times a week you know some tips on finances, like I do in my podcast, i think that people will be well served just to, in a small amount of time, just to learn some basics and get started.

Speaker 2:

Yeah, and I'm going to end with this just a reminder that you become like the five people you spend the most time with. So if it's not in your nature to be a saver and to think like Linda, surround yourself with someone like Linda so that she rubs off on you. That's about how I'm going to end it. Thank you so much for being here today, and I look forward to learning more from you too. Thank you.

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Crystal O'Connor

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