Attorney to Entrepreneur: The Legal Path to Business Success

September 8

0  comments

Join A Thriving Community Of Thousands of High Performance Business Owners, Entrepreneurs & Investors getting the Investor Mindset delivered straight to their email...

Ever attempted to jump from one locomotive to another while in motion? That’s what it feels like transitioning from being an Attorney to Entrepreneur.

Your pulse quickens, a rush of energy rushes through you, and the dread of not succeeding haunts your determination. But then…you make the jump.

You leave behind familiar landscapes – courtrooms buzzing with legalese and offices filled with case files. Instead, you step into a world of business plans, financial forecasts, and strategic growth strategies.

The switch isn’t easy; there are stumbling blocks aplenty. Yet it’s not impossible either – many have done so successfully before us. And their stories promise insights worth delving into.

Alright, let’s hit the track together on this exciting journey from law practice to entrepreneurship. We’ll dive into the hurdles faced and tactics used by attorneys who’ve turned entrepreneurs like Jeff Hampton featured on this weeks episode of the “Name Your Number” Podcast.

Table of Contents:

Transitioning from Attorney to Entrepreneur

Going from lawyer to business owner can be a stimulating, difficult, and gratifying experience. Navigating the transition from lawyer to entrepreneur is akin to traversing a bustling intersection — you must be alert and ready for anything.

Jeff Hampton made this transition after working at the district attorney’s office for five and a half years.

From Legal Practice to Business Ownership

Going into entrepreneurship isn’t a simple endeavor. But when you’re transitioning from legal practice to business ownership, it brings its own unique set of challenges and opportunities. Imagine trying on a new pair of shoes – they might feel uncomfortable at first, but once broken in, they could become your favorite pair.

In his journey, Jeff Hampton faced these challenges head-on as he started three law practices over 15 years. That’s right folks – not one or two businesses but three. Now that’s what we call commitment.

Moving forward requires navigation skills – kind of like using Google Maps when driving through unknown territory. Similarly, navigating the path from attorney to entrepreneur requires strategic planning and careful decision-making.

A successful transition doesn’t happen overnight; think slow-cooker rather than microwave here. You need time for preparation, simmering ideas into tangible plans before finally launching into action.

The Role of an Entrepreneurial Lawyer

When a lawyer takes the entrepreneurial leap, they don’t just leave their legal expertise behind. Instead, this knowledge becomes a unique asset in the business world.

The Unique Perspective of an Entrepreneurial Lawyer

An entrepreneurial lawyer views problems differently. They blend law with commerce to create novel solutions that others may miss. For instance, Jeff Hampton’s experience as both attorney and entrepreneur allowed him to see opportunities for financial independence where others saw risk or complexity.

This is because attorneys are trained to anticipate potential issues and navigate complex regulations – skills that translate well into entrepreneurship. So when we look at someone like Jeff who started his own business after years in legal practice, it’s clear how he leveraged his background effectively.

Combining Legal Expertise with Business Acumen

A key part of this transition involves pairing legal insight with solid business sense – not something every lawyer can do successfully. But those who manage find themselves equipped with tools many entrepreneurs lack.

Taking Jeff again as our example; he wasn’t just thinking about setting up another law firm when starting out on his own – nope. His goal was bigger:

Financial independence for his family. To achieve this ambitious target required more than understanding torts and contracts – it needed serious business acumen too.

Leveraging Legal Skills for Business Success

Entrepreneurial lawyers use their ability to interpret laws creatively while also understanding what drives successful businesses.

  • Critical Thinking: Lawyers excel at analyzing complex situations and breaking them down into manageable parts. This helps when evaluating business opportunities or making strategic decisions.
  • Risk Management: Lawyers are trained to anticipate, evaluate, and mitigate risks – a critical skill for any entrepreneur.
  • Regulatory Navigation: Understanding the legal landscape can be an advantage in industries with heavy regulations.
Key Thought: Switching from attorney to entrepreneur doesn’t mean leaving legal skills behind. These unique assets can give a fresh perspective on problem-solving, blending law and business in innovative ways. By coupling legal insights with solid business sense, entrepreneurial lawyers like Jeff Hampton find success by interpreting laws creatively and understanding what drives successful businesses.

Starting a Business as an Attorney

If you’re an attorney with aspirations of being a proprietor, the concept of initiating your own business can be both thrilling and intimidating. Having achieved the highest levels of legal proficiency, launching a successful business requires more than just expertise.

From Law Firm to Startup

The journey from working in a traditional law firm setting to starting your venture involves much planning and execution. It’s not simply about hanging out a shingle and hoping clients will come; it requires strategy, resilience, and patience.

You might face hurdles like securing initial capital or attracting new clients that trust you over established firms. But don’t let these challenges deter you – instead see them as opportunities for growth.

To get started on this entrepreneurial path, take time to plan everything from funding sources to office space before making any significant decisions. This helps prevent common mistakes made by attorneys who rush into opening their own practice without adequate preparation. Short-term rentals, for example, could serve as temporary office spaces while you secure permanent premises.

Your next step is putting together an effective team if necessary – remember Rome wasn’t built in a day nor was it built single-handedly. Hire individuals whose strengths complement yours – those who are proficient where perhaps you may lack experience such as marketing or finance management. Business Entity Formation is also key here- choosing between partnerships, LLCs or corporations has huge implications on tax structures among other things so ensure careful consideration when selecting one that suits best. Lastly, network relentlessly. Not only does networking help attract potential clientele but also exposes us to learning opportunities from other professionals who’ve tread the path before.

Taking the plunge to become an entrepreneur or start a law firm entails both difficulties and triumphs, so it’s important to savor each step of the process. Embrace each step, learn from every setback and celebrate all victories however small they may seem – after all, Rome wasn’t built in a day.

Key Thought: Starting your own law firm is an exciting yet demanding journey. It’s all about careful planning, from getting the funds to finding the perfect office space. Having a team that complements your skills can make a world of difference. Picking the right business structure is key because it affects taxes. And remember, networking isn’t just for scoring clients – it’s also about learning.

Essential Legal Considerations for Entrepreneurs

Navigating the business law landscape can feel like a maze, especially when you’re just starting out. But understanding it is crucial to protecting your venture and fostering growth.

The first legal consideration that entrepreneurs need to get their heads around is business entity formation. This refers to how your business will be legally structured. Will it be a sole proprietorship? A partnership? An LLC or corporation?

Your choice here impacts many things, from tax obligations and liability protection, right down to how much paperwork you’ll have each year. Making an informed decision at this stage sets the foundation for all future legal considerations.

Beyond structure, there are other areas of business law every entrepreneur needs to understand. Employment laws guide hiring practices and employee treatment while contract laws regulate agreements with suppliers, customers or partners.

  • You should know what’s required in terms of licenses and permits – these vary based on location and industry type.
  • Consider insurance requirements as well; different businesses have different risk profiles which dictate varying levels of coverage.
  • Last but not least: Intellectual property rights. Whether patents for inventions or trademarks for branding purposes – protecting what’s uniquely yours is key.

Intellectual Property Protection for Entrepreneurs

If you’ve created something new – whether it’s an invention or even just your brand name – intellectual property (IP) protections can prevent others from copying it without permission.

To start off with IP protection involves registering copyrights for creative works like books, music tracks etc., filing patents if applicable – these protect inventions from being replicated or used without permission. Then there are trademarks which cover brand names, logos and slogans.

While this might sound like a lot to handle, it’s not as scary as it seems. There are many tools available to aid entrepreneurs in comprehending these regulations and how they relate to their businesses.

And remember: Knowledge is power. The more you know about business law, the better equipped you’ll be when facing legal issues down the line.

Key Thought: Mastering Business Law Basics: Understand the ins and outs of business entity formation, employment and contract laws. Get to know licensing, permits, and insurance requirements based on your industry. And don’t forget about intellectual property rights – they’re key in protecting what’s uniquely yours.

Unleashing the Strength of Legal Insight: Fam

Leveraging Technology and Innovation in the Legal Industry

As technology continues to evolve, it is becoming increasingly important in many sectors, including the legal industry. This includes the legal sector, where it’s driving significant changes.

The Intersection of Law and Technology

Innovations are creating new avenues for entrepreneurial lawyers to venture into. It’s akin to moving from playing checkers on an old board game set, to engaging in 4D chess online – you’re still strategizing and problem-solving, but now with advanced tools at your disposal.

Digitalization isn’t just about shiny gadgets or fancy software though; it’s more than that. Imagine if you could wave a magic wand and streamline all tedious paperwork or case research – technology lets us do this (without needing any actual wizardry).

For instance, artificial intelligence (AI) is helping attorneys analyze complex cases quickly by automating routine tasks like data sorting and document review. Similarly, blockchain technologies ensure secure transactions while reducing potential disputes over contract terms or asset ownership.

  • Legal tech allows for better time management by automating mundane tasks,
  • It enhances client service through improved accessibility,
  • And fosters transparent billing practices using smart contracts.

Sounds magical? Maybe not Harry Potter-level magical—but surely impressive.

Innovations in Legal Tech

New tech advancements don’t stop at AI or blockchain—they extend far beyond that horizon.
One exciting development lies within predictive analytics: A tool that helps attorneys forecast judicial decisions. Now, this doesn’t mean we’ve found a crystal ball for courtrooms; instead, it uses historical data to predict future outcomes.

Such tech tools are helping lawyers navigate through uncharted territories with greater confidence and precision—sort of like a GPS system in your car when you’re driving through unfamiliar roads.

Not just about practice management software or legal research platforms,

Key Thought: Embrace the power of technology in your legal practice. It’s like shifting from checkers to 4D chess online – same strategy, better tools. Use AI for quick case analysis and blockchain for secure transactions. Predictive analytics can even help forecast judicial decisions. Remember, it’s not magic, but it sure is impressive.

Strategies for Business Growth and Success

Creating a flourishing enterprise isn’t only about rolling out an exceptional product or service. It’s also about scaling your business, tracking performance metrics, overcoming growth challenges, and securing investment capital.

Scaling Your Business

To grow your venture beyond its current state, you need to think big. But thinking big doesn’t mean going into debt to fund an aggressive expansion plan. Instead, it involves making smart moves that let the size of your company increase naturally over time.

This is where understanding economies of scale comes in handy. Economies of scale refer to the cost advantage that businesses achieve due to their scale of operation with costs per unit decreasing as quantity increases.

Tracking Performance Metrics for Entrepreneurial Lawyers

If you’re not keeping track of key performance indicators (KPIs), then how will you know if your strategies are working? Measuring these numbers allows you to identify areas where improvements can be made so you can adjust accordingly.

A few examples include client acquisition cost (CAC), customer lifetime value (CLV), net promoter score (NPS) among others – all important tools when analyzing overall success or failure rates within any entrepreneurial lawyer’s practice.

Overcoming Growth Challenges

Growth often brings with it new challenges such as managing larger teams and dealing with increased competition. This requires strategic planning along with quick problem-solving abilities which entrepreneurs should cultivate early on in their journey towards achieving long-term success.

Funding Expansion: Securing Investment Capital

In many cases growing businesses may need external funding sources such as investors or loans to finance their expansion. When searching for external financing, you should consider not only the amount of money required but also which type of investor is best suited to your business needs.

Remember, investors don’t just bring cash – they can also provide valuable industry connections and strategic advice that could be crucial in scaling up your operations.

Key Thought: Success in business isn’t just about a top-notch product or service. It’s also about smart growth, keeping an eye on key metrics like CAC, CLV and NPS to spot where you can do better. You need solid strategies and problem-solving skills to tackle growth hurdles head-on. And don’t forget the importance of securing investment capital that doesn’t only fuel your expansion but also hooks you up with crucial industry connections.

FAQs in Relation to Attorney to Entrepreneur

Have many lawyers became entrepreneurs?

Absolutely, many lawyers turn into successful entrepreneurs.
Their legal knowledge and skills can be a strong asset in the business world.

What is an entrepreneur lawyer?

An entrepreneur lawyer merges their legal expertise with entrepreneurial acumen to start or run businesses effectively.

Is a law degree good for entrepreneurs?

Certainly, having a law degree gives entrepreneurs an edge as it aids understanding contracts, intellectual property rights, and regulatory issues better.

Why does an entrepreneur need a lawyer?

An attorney helps safeguard an enterprise from potential risks by offering advice on compliance matters, contract drafting, litigation, and more.

Conclusion

Stepping from the courtroom into the boardroom isn’t a walk in the park. Yet, it’s a thrilling journey full of potential and promise.

The transition from Attorney to Entrepreneur, though daunting, can lead you towards financial independence while allowing you to leverage your unique legal perspective.

You’ve seen how starting your own business requires careful planning, steadfast execution, and strategies for overcoming hurdles. You now understand that navigating business law is critical when laying down the foundation of any venture.

The impact technology has on reshaping our industry opens up new avenues worth exploring. And finally, strategic growth should be at the forefront as you scale up your operations.

So buckle up! Embrace these insights and let them guide your entrepreneurial voyage!

If you need coaching on the mindset required to make such a leap, why not try High Performance Coaching from Steven Pesavento? Coaching slots are very limited year round and there is a waitlist due to the limited quantity available – so register now to ensure availability.

Attorney to Entrepreneur: The Legal Path to Business Success Transcription:

Jeff Hampton [00:00:00]:

If you quit reading, you quit learning, you're limiting yourself and you govern what your potential is, as you continue in your career, whatever that may be.

Steven Pesavento [00:00:09]:

Man, it's so it's so true. When you get clear on what you're good at, what you're the best at, you get excited about it, you bring that either to to your employer or to your business. Really great things happen because even if even if your current employer isn't appreciating that kind of growth that you're experiencing, The next one will. Well, I'm excited to talk to you, Jeff. It's interesting. We got connected, mutual friend, in the, in the media space here. And from my understanding, you got a really interesting background. You've been an attorney. You're based out of Texas. You're focused on short term rentals. And really helping people understand how do they navigate all the legal limbos that kinda come with that. What I'm really excited to talk to you about today is really kind of the path and the vision of the life that you're creating, we might touch on some of the short term rental things, but really, I'm excited to learn more about you. So as we kind of get started, I'd love to understand what was the first thing you named? What was that first target? That first thing that you were going after where you were aiming towards kind of creating a better life.

Jeff Hampton [00:01:17]:

So I can tell you, you know, my background, I came out of law school around 2004 and was at the University of Houston and, in Texas. And one of the things that I did, my main goal, I worked at the district attorney's office. I tried everything from misdemeanors to capital murder cases for about five and a half years as a trial lawyer and litigation. And one of my biggest goals was to leave and start my own business. And essentially, you know, to start your own law practice, it can be an intimidating thing, but at the end of the day, I understood if I wanted to be able to kind of break free and be able to create some financial independence for my family. I mean, I'm my wife, my wife and I've been married for over 20 years, and we've got 4 kids ranging from 6 to 16. So We've got we've got a big family. And so for me, I realized right then, I needed to start my own practice, and I did that. I ended up starting 3 law practices over a period of about 15 years from that point in time, but that was my big first goal. I needed to start my own business and get out there and, and and try to earn my keep.

Steven Pesavento [00:02:19]:

Yeah. And why was that so important to you? Why was it worth it to leave behind the comfort of kind of consistent paycheck, working for the government, working on your own cases. Why was that so important to take the risk and to go out on the ledge? And to and to and to take the lead.

Jeff Hampton [00:02:38]:

It's interesting. You know, I I did think of it as a risk initially, but one of the biggest things for me is when I started to really go through it and think about it, I was more worried about, the opportunity cost of not doing it.

Steven Pesavento [00:02:51]:

I

Jeff Hampton [00:02:51]:

didn't wanna look back in 15 or 20 years and say, and no offense. I mean, hey, everybody is in a place where their life is where it wants to be, but for me, I was looking at it saying, I don't wanna look back at 15, 20 years and say, man, I wish I had taken the leap. What would I have regretted by not taking the chance. I can always go back and work for the government. I can always go back and get another job doing work as an attorney because I was good at what I was doing. But you know, the opportunity to jump out there and make something happen and change your life. For me, I saw it as less of a risk and more of an opportunity.

Steven Pesavento [00:03:23]:

Yeah. And so many people don't get that. That's it's it's a different way of thinking. And I was talking with one of my clients or my really good friends, And he was at that point where he was working in this job, and he was he was earning that consistent paycheck, but he knew that there was no he was at that ceiling. This was it. For the rest of his life, maybe a little bit of a bump. And to him, it seemed like a big risk to leave and to go learn something new. But when we got into it and kind of what you're saying in this example that I'll share is when we actually got down to it, when he looked at what was possible by by leaving, by by going and finding a new profession, by discovering what service or product he could offer the world by going into business for himself, essentially. He he would be taking the risk of leaving that job where he had that consistent paycheck, but the upside was unlimited. Instead of making 50 or a 100 or a $150,000 a year, he has the potential of making

Jeff Hampton [00:04:22]:

2, 3, 400,000

Steven Pesavento [00:04:24]:

and and really being able to live a totally different life. So It's it's once you look at something from that new perspective, you realize the risk is actually staying still, but we've all been told because we've been trained since we were young and school that we should go get a job and we should stay in that. So for you, Jeff, where did that way of thinking first come from? Was it your parents? Was it a book? Was it a digital mentor? Who really introduced you that idea that, you know, the biggest risk is actually staying still?

Jeff Hampton [00:04:56]:

You know, it's interesting you say that, you know, my parents, great, wonderful parents. They they did a wonderful job in in terms of everything they did with us, but they always worked for someone else and My inspiration came from my my aunt Cindy. She was she is a doctor, and she had worked for a a a group of doctors for a number of years. And then Then she went out on her own, and she became one of the best OBGYNs in the whole north Texas area. And she jumped out there. And one of the things she told me is she said, hey. Look. You know what you need to do. You need to don't see it as a risk. Think about this for a second. Let me explain to you the vision of where I started and where it ended up. And it kinda gave me a picture to say, you know, now she's got groups of doctors working for her. And so she's learned to create in her life. And I didn't know the concept of leverage. I didn't really realize it at the time that as you start a business like this and you begin to stand, you know, economies of scales and processes and systems and ways that you can find people that have unique abilities that can really love being in that role, it's able to take more off of your plate. And now one of the firms that I that I own, I don't really do much in it anymore. I have a team of 6 lawyers. I've got other people who are doing work within that firm that allows that to be more of a passive income stream for me. And you know, and for me, she kind of gave me the inspiration of believing that's something that could happen.

Steven Pesavento [00:06:16]:

And it starts with that belief because absent that belief, it all seems really scary.

Jeff Hampton [00:06:22]:

And if

Steven Pesavento [00:06:22]:

you're not aware of, you know, the 3 primary type of leverage that I talk about people, systems, and money, if you're not aware that there's the potential to go out and find other people who are better than you at doing that thing, and you can bring them in and create the system for them to operate within that and and be able to put up the money and take that risk with the money that you can actually create a greater return, and that's where wealth is really created.

Jeff Hampton [00:06:49]:

So true. And, you know, I think about it now is people don't know what they know. And sometimes our limitations are based upon well, someone else did that. I can't do that. And then if we begin to one of the things I try to encourage my kids to do is expand your vision of knowledge. Understand the things that you can start to expose yourself to. I mean, it's amazing even what's on YouTube now. There's so many creators of you can actually get information about how to expand your vision of the capacity of opportunities for business, that, you know, I look at that now. Now my kids are starting to think, yeah. Maybe I don't have to just maybe I can start a business in the future. Maybe there are ways to create, financial independence. And so it was a step it took me a little bit of of room. I had to grow my way into that mindset, but the inspiration came from, you know, my my family who came out there and and I saw and modeling it. And I began to realize, hey. I have to take the risk as I as some people see it in order to be able to see the reward. And then once I did it once, I started trying I started building other businesses, and that led to multiple other law firms.

Steven Pesavento [00:07:55]:

I wanna kinda take us on a little bit of a side last year just for my own personal benefit. It's a question I've been asking people for for a decade. I had I had the gift as you might call it of growing up with two parents that hated each other. They did not get along and was not the greatest, marriage example. You know, a lot of divorce, a lot of things changing for you as a man who's been married for 20 years. If you were gonna look back at the last 20 years of your marriage, What advice would you share with yourself? 20 years in the past that would help you to set up and create a marriage that'll last so you can create a great family and all the things that really matter.

Jeff Hampton [00:08:37]:

Man, what a great question. There are so many things. Number 1 is I learned never quit dating your wife.

Steven Pesavento [00:08:45]:

At

Jeff Hampton [00:08:45]:

the end of the day, I don't ever wanna take her for granted And, sometimes people have a tendency to grade the value being brought into a relationship and, like, especially as the wife, she's put so much into doing investing in my in my kids. And I think about during COVID, all the homeschooling, all the things that were taking place. And, I mean, she is the she's the champ of it all. And she's on it. I say this all the time. She is a 100% smarter than I am. A lot of the things that she's able to do But I I will just say this is, for me, you know, we carve out time for each other. And as busy as I am running multiple law firms, the best way I know that she I wanna show her that she has value and that, she's important to me is that we set aside specific as Simple as this may seem is we set out specific date nights. We set out specific times to get other for trips. We preplan them. I give her something. I give her time away from the kids. I want her to be able to spend time on her own, not just with me. Sometimes she doesn't need to be around me. She needs to recharge her batteries on that end. And then as simple as it is, as a guy, sometimes it's easy for me to not always verbalize what her value is. And for me, I want her to know constantly, and I've tried to train myself, remember to share with her verbally as well as how how I act, how much I do care for her and love her and and what value she has brought to all of this because I think that's where the disconnect comes. Is when people just make assumptions and a lot of marriages that I've seen that have have not gone in that direction has has just been making assumptions and taking each other for granted and I didn't learn that in the 1st few years of my marriage, and and, I I can tell you our marriage is stronger now than it ever has been, and I can't imagine doing any of this without her.

Steven Pesavento [00:10:33]:

Mean, what a beautiful lesson. Right? It's it's like knowing that information going into a relationship, or even if you're in 1 and you're listening and you're thinking to yourself, hey. I wanna more from this thing. It's like, well, what can you bring to the relationship that's going to contribute to your partner feeling more?

Jeff Hampton [00:10:50]:

Yeah.

Steven Pesavento [00:10:51]:

And without the expectation, it's gonna come back, but most likely, it always does.

Jeff Hampton [00:10:56]:

Yeah. And I'll tell you. The other big lesson that I learned is don't wait for your partner. Don't wait for your wife, or your partner to be the first one to speak up when they're silenced. Like, my thing is is If we have some awkwardness between us or we're upset or quote unquote in a fight, the first thing I need to do is is be quick to forgive and quick to restore because if you're anything like me, time doesn't heal that wound. If you're not careful, time without speaking up and and, keeping those short accounts whenever we get upset at each other. That can very quickly create bitterness and create into a bigger problem. So those are just a few of the lessons that I've learned and, you know, in in the time that I've been married.

Steven Pesavento [00:11:38]:

Well, it the the reason that it's so important to talk about this is a show about you know, really creating a great life, understanding what that dream life vision is, understanding what's most important. And oftentimes, people think it's about the money, oftentimes, once you actually get the money, you look around, and the things that matter most is the time. It's the time for yourself to grow, to learn. It's the time with your family. It's the time to focus on these things because if you have a rocky foundation at home, it makes it even more difficult to build the kind of life that you wanna build. So Thanks so much for going on that little side quest with me. I always appreciate it. And so we looked back the first the first thing that you really name, the first thing you went after you've built some of these law firms, what do you really want from your life at this point? Sounds like you're living a great life. Got a 20 year relationship. You've got some some kids. You've got some businesses. What what's next? What what's really important to you and what are you are you working towards creating? Or or what's the purpose of all this?

Jeff Hampton [00:12:44]:

Well, that's a that's a really great question. So it it comes down to, you know, of course, the older you get, the more you start thinking about what is your legacy? What are you leaving? What are you really trying to do? And a big part of that is sometimes when I was working so much in the business, it makes it harder to specifically, you you're focusing on just that trying to survive, take care of the business piece of it. The more I've been able to solely work my way out of that to some extent, I can people are still being helped and taken care of, but there's different things that I can be invested in, whether it's my whether it's my church, spending more time there, helping out in that regard, reinvesting back into the community, other lawyers. I've had other lawyers that have come and said, hey. How can I, you know, model what you have done? And then my kids, I mean, know, my son, he's about to be 17. He's not gonna be in my house that much longer, and he'll be gone. So I'm I'm traveling a lot more with them and trying to spend a lot more one on one time and, helping them understand some of these lessons. I feel like in some ways our the educational system can be sometimes deficient in helping our children understand what is value and what really to look forward to and in terms of what's important. And so I I wanna make sure and spend that time investing in my kids while they're still in my house in the time frame that I have available to me. So, I mean, it's funny. The question begs itself back to where you were at, which is reinvesting even more time in those relationships and spending more time with them because the money, you know, money is wonderful, but it's a tool. At the end of the day, that's what it is. It's a tool, and it's not the end. It's a means to that end. And so I hope to be able to spend more time back into the community, back into spending more time with my kids and my wife. And, hey, because that's where that's where the joy comes anyway.

Steven Pesavento [00:14:27]:

Yeah. No. I I think that's That's really beautiful. And it's it's in this process of getting even more clear on what it is that we're going after and why we're creating it that allows us to make sure that we're making those right decisions every single day because when we have that clarity, it becomes really simple to decide, yes. This is a fit. No. This isn't. That's where a lot of people get tripped up as they struggle because they think that they're making a trade off for something. But in that moment, when it's right in front of them, they're stressed in making that decision because they lack the the the the work in advance to prepare them to know Yes. This is gonna allow me to have more time to do this, to do that, to have this experience, whatever that looks like. And so it sounds like you're very clear on that. What I'm curious about is what's your number? The point that you've made it, the point that you no longer have to work. And where this really came from for me was I was on, I during the pandemic, I sold my house. I went to Hawaii and I was living in this beautiful estate. It actually was the old Beach Boys home. And I'm hanging out with the guy who owned it, and he was a very successful builder. And he had sold his business, and he had went to go retire in Hawaii. Now he was making bucket loads of money on this rental when when COVID wasn't happening, but he could see that I was super driven, that I was going after things that I had a 1,000,000 different opportunities directly in front of me. And he asked me the question, well, what's your number? Well, at what point is it enough? And it really challenged me. And more so, you don't necessarily have to answer with a financial number unless you're comfortable with it, but at what point do you know that you made it and what comes up for you when I ask that question?

Jeff Hampton [00:16:13]:

So it's interesting you say that because my wife and I have had this conversation where we sat down, and we've always we've lived very modest in terms of how we've kept our expenses. I've always We've always kept very low expenses. We've been very careful about how we've spent money because growing up, I was in a more of a lower income household, and it was all about making sure you're careful with what you what you spend, which my parents taught me that well. But for us, we looked at and said, hey. Look. Where are we in in terms of being able to take care of ourselves, our kids, their future? And we did come up with kind of a baseline number And through an example of me both starting businesses as well as investing in real estate and some short term rentals and the portfolio that we have, we hit that number. And what we wanted to do is to be able to know as a passive income in terms of money that's coming in, that doesn't that we can somewhat count on that doesn't involve our active involvement in it, is that going to be able to get us to this baseline? Anything above that is now it's optional. It's it's gravy. It's something that helps us be able to build further as a legacy, but it helps set your priorities, right, to allow you to know, because I'm gonna tell you, I had some challenges in my life determining what's the difference between an opportunity and a distraction. You know? And sometimes that why that you're discussing right there, really laying out your why and understanding that what might be glittery and look like gold can actually take you away from why it's important, and what is really important in your life. That baseline for us, you know, if we knew that we could make at a minimum, a 250,000 a year in passive income, and that number hits, yes. We have we're able to do more than that, and that's beneficial for us in in terms of, our our savings and investing, but we know we can hit that number a year passively, and that allows us to feel more free. Psychologically and allows us to do other things.

Steven Pesavento [00:18:10]:

And what did it feel like for you when you hit that number?

Jeff Hampton [00:18:15]:

Well, I think for me, it was a, a recognition that there is some financial I I would say clarity. It provided me clarity of understanding. This is here. Don't forget. This is what you were chasing after, originally. This is where it is. Remember now it's I have a tendency to keep pushing, which I think is a characteristic of entrepreneurs that, you know, it's not not necessarily a bad thing, but you can lose that focus. So my wife is really good at reminding me, hey, sweetheart. Look. We hit that number there. If there if if things go in a different direction or if we wanna take off for a month, if we wanna do something else, we have that here, and it's not based upon a a number that we're now striving for. It's what we have in place that allows us to enjoy the life we have now living in the present and not just living in the future.

Steven Pesavento [00:19:06]:

So, yeah, it's a really freeing moment to know that what you need is covered. It changes the whole game. It reduces a lot stress. It creates a lot of opportunity for you personally. Are you did you hit that number and then say, hey. Cool. I'm set. I'm gonna keep kinda building, or did you set a new number, a new target for you and your family in a that to things that specifically that would create for you?

Jeff Hampton [00:19:32]:

Well, it's interesting. I think it was more psychological than anything. Once we hit that number, Then I found out my other businesses, it was almost like you take the stress or the anxiety of what you think you need to make. That comes off the table. Then it's all about just It's all about just, you know, doing what you do, which for me, it's not work. It's just building the business. It's working. And now all of a sudden, everything else shot up through the roof. You know? And so it became That's our baseline. We didn't change our standard of living so much. There are a few things that we did, and I've gotta still put 4 kids through college. So there's gonna be some expense associated with that. But the the the strange thing about it as is the moment I realized I don't have to sit here and be nervous about what I'm making every month. That's taken care of. Then it almost the creativity began to flow. And a lot of my business activity that I was doing, it just shot up. It just went up significantly.

Steven Pesavento [00:20:23]:

That's the big thing that so many people don't know until they feel it is that's the difference between the people who have named their number who have set that vision, who are clear on what they're going after, who are doing the things for that purpose that that once you get there, it's so freeing. You no longer have to do anything. You get to. And and I talk to folks all the time. And it saddens me because I asked this question, do you love what you do? Do you love your your work? Do you love your job? And so many people say no. They don't, and they don't have a path towards getting there. And that's why I work with so many clients in my business. Right? We raised capital and put together these multi family and other types of investment deals for people to invest passively, but it also blows me away the people who have money who still don't have that plan. And that's really the purpose of this conversation today, Jeff, is to to be able to use your story as an example to allow other people to see the value and the benefit of going through the process of making that decision of deciding what is and what is not the thing that you want from your life and to get excited to dream about it to to feel what that feels like and then to actually sit down and put together a plan of what business or strategy or investment gonna get you there because once you get there, you're really in a whole another realm of living.

Jeff Hampton [00:21:50]:

So true. And I'll tell you right now, one of the most transformational things my wife and I did is we sat together and we did a life plan. We literally sat down and said, where do we? Not just my vision. That needs to be our vision. Where do we wanna go? We both get excited about it. And there's nothing better than, you know, a part, literally having a relationship with someone where that synergy begins to take hold because where you're going is where she's going and vice versa. And and we were able to achieve so many. We literally some people think it's corny, but we had a vision board. We literally had everything lined out. We knew where we were headed. We we began to do that, and we began to began to clip those things off very quickly And and now it became, what are we gonna what are we looking to do now? And some of it's because we need to do it, and some of it's just because we want to and to grow as a person. And as a couple. So that was a big thing for us.

Steven Pesavento [00:22:42]:

Successful people do the corny thing. Successful people sit down and and they dream about what's possible, and they make the vision board. And because by doing that, every time you tick that thing off, you're feeling that progress. Absolutely. -- that growth. And as human beings, we need that. That's part of the purpose of why we're here is to create that progress and to feel that momentum, that momentum it drives us closer and closer to the thing that we want. Once we get there, it feels amazing, but then we gotta target. The next thing that we're working after, and it doesn't have to be at the same level of pressure that the first one was because now we're there, and we can do it because we want to.

Jeff Hampton [00:23:23]:

So true so true.

Steven Pesavento [00:23:25]:

So as we're getting close to wrapping up, Jeff, what advice would you share with those people who are listening who are working in a career they don't love, or they're making some really great money, but they're a little bit unclear about what's what's ahead they they know that there's more out there, but they're not sure what to do to get it. And even though they've heard it many times, they haven't taken the action advice would you have for them?

Jeff Hampton [00:23:53]:

Well, I mean, listen, I think sometimes people underestimate themselves and they don't assess the skills that they really have. And You know, I had this exact conversation with a a a guy that I know that is a plumber. And I told him, I said, hey, man. Get your master plumbing license. I can see the ability that you have to run your own business and the the things that lie ahead of you, but he had to believe that. And so I think one of the first things for people to do you know, is you gotta believe in yourself and understand what skills do you have? There's things uniquely that you are able to do. And then start learning. I mean, you know, whether it's a side hustle, whether it's something you do on the side that you first begin to do and develop and and monetize. And then as you do so, Not everybody is gonna feel comfortable starting their own business. But I think even in your own job, if you believe in what you know you can do and always be learning and developing the skills that you have, you make yourself indispensable to your employer. You're gonna be able to demand more, demand more in terms of a salary and bonuses and different structures like that. And so I think the biggest thing is it's it's sad that that when people don't see themselves that way and they're not willing to continue to always be learning. The journey is learning because at the end of the day, if you quit reading, you quit learning, you're limiting yourself and you govern what your potential is, as you continue in your career, whatever that may be.

Steven Pesavento [00:25:13]:

Man, it's so it's so true. When you get clear on what you're good at, what you're the best at, You get excited about it. You bring that either to to your employer or to your business. Really great things happen because even if even if your current employer isn't appreciating that kind of growth that you're experiencing, the next one will.

Jeff Hampton [00:25:31]:

Absolutely. There

Steven Pesavento [00:25:32]:

are people I personally would love to hire people who have that kind of mindset. And those are the only people who stick around because we're we're we're driving past. We're excited. We're learning things as a team. There's amazing things happening, but it requires that level of character, that level of understanding of who you are and being on the journey. Towards discovering it because it's only through that process of discovery that you start building that belief that it's possible. First, you borrow it from somebody else. Like, Jeff, you were telling the plumber that you believe that it's possible for him. He saw that you created a business. He trust in you. He borrows that belief from you, and then he carries that along until he has some experience of his own. And then he starts seeing it, and then it's real for him. And then he's able to borrow that belief to somebody else for them to go on the path and that that spider effect starts happening where everybody starts growing together.

Jeff Hampton [00:26:25]:

So true. And I try to encourage people, you don't have a job. Your future is not in the hand of an employer. Your future is in your hands. Take ownership. Of where that's going. And that's once you begin to take ownership of everything you do, it's all about improving yourself and learning and figuring out ways That those are the people who become the managers. Those are the people who become, you know, in those positions of COO and other places where you you couldn't run the business without them. And that's I love to hire and the people I have in those positions my own law firms.

Steven Pesavento [00:26:54]:

Yeah. And I just wanna, as we wrap up here, I just wanna say it's so important to get great advisors in your corner. Whether it's a great coach like me and we're working through figuring out what that vision is or how the you're gonna go about investing or growing your business or marketing, whatever that thing is, whether you're in the, short term rental space, You're trying to figure out the laws. You wanna make sure you're protected. You wanna make sure that you're doing things the right way and hiring somebody like Jeff. You've got to have great advisors in your corner. So that you can go and navigate that path without having to do it alone. Because when you have great people around you, they can see what you can't see. And that's the way that you get to great success. So thanks so much for joining us, Jeff. How can people get in touch with you or or fall along with what you're doing?

Jeff Hampton [00:27:39]:

Yeah. So you can visit us on, strlogis.com. Anybody, and I make it available to people can reach out to me personally if you're interested in the asset protection or the short terminal business in terms of that at at, jeff@strlogguys.com. And I welcome any any feedback from anyone if they ever need any assistance with that. So I appreciate that, Steve.

Steven Pesavento [00:28:02]:

Well, thanks so much for listening to you guys. There's a lot of great nuggets in today's episode. I really encourage you to take a moment to really think about what was it from what you just listened to that inspires you. That maybe shows you something different. Maybe shows you something that you already know, but you haven't taken action on it and commit to doing that today. Commit towards taking that little step, that micro action that's gonna get you closer to the things you want. Thanks so much, and we'll see you guys on the next episode. Alright. That's a wrap. Thanks for listening to the investor mindset podcast. Make sure to hit that subscribe button. And if you'd like to watch another, here's one up top, and here's another great video. Right down below.


Categories 

Tags

Appreciation, attorney, aunt, belief, business, career, ceiling, comfort, consistent paycheck, doctor, employer, family, financial independence, government, Growth, Inspiration, law practice, legal, Leverage, life, limiting yourself, money, navigation, OBGYN, opportunity cost, parents, Passive Income, people, Potential, primary type of leverage, product, profession, quit learning, quit reading, regret, risk, scary, service, short term rentals, stay still, systems, Vision


You may also like

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}
NYN Passive Income planner

Get this Free Passive Income Planner

When you Name Your Number that you want to earn passively every month to create your ultimate quality of life, then you have taken the first steps towards financial freedom. 


Take Your First Step, Today.

>