Episode 140 – Jackson Millan – The Wealth Mentor

“90 percent of business owners that I’ve interacted with are in a fixed mindset. As a business owner, as a human being, we are like a tree. We are either growing and thriving or we’re rotting and dying; you need to choose one. There’s no stagnation, there’s no treading water.” – Jackson Millan  


 
  • [02:08] Patrick introduces his next TEDM guest, Jackson Millan.
  • [03:22] Jackson and Patrick get rolling! Jackson shares how he can help and what he does, then expands on the framework for his business and how they work with clients.
  • [06:42] Traditionally, service-based small business is the most difficult to scale and owners reach capacity quite quickly in the trade of time for money. Jackson starts by describing his parents as small business owners, who understood their trade, but not the language of money. He goes on to explain the process he undertakes with his clients starting with the end in mind: define their financial freedom.
  • [13:26] Nobody makes shitty decisions on purpose. Drawing from his own experience and emotion-based decisions, Jackson describes the financial challenges he faced and, at a crossroads, the mindset he deliberately chose. This path informed the way he worked with clients from then on, to reach their financial freedom in business.
  • [18:33] Three self-assessment questions for all financial decisions: Is this decision helping me make more profit? Is this decision helping me buy back my time? Is this decision helping me build more wealth? If no, then why do it in the first place?
  • [20:49] Feedback loops. Jackson observes that many entrepreneurs are in such constant forward motion and excitement, that they forget to check in and incorporate feedback loops and evaluation to ensure they’re aligned with their values.
  • [24:00] Profit Pyramid. Jackson breaks this down into three parts, that when well-executed can lead to a thoroughly enjoyable business that comes with great financial rewards.
  • [27:00] Taking things back a step, Jackson shares a story from his childhood to explain how he came to realize the financial side of his parents’ business was not functioning well.
  • [30:33] 90% of business owners Jackson works with have a fixed mindset. Jackson then shares his own “mind-growth” journey and the systems he uses to continually upgrade his operating system.
  • [34:37] Jackson defines the process by which he has clients identify what their operating system even is, and what their goals are 20 years out. In his view, we must move from a one-dimensional plan to a three-dimensional plan to ascend ourselves wealthy!
  • [38:42] Knowing what we really want can be a mystery. Jackson offers three questions, for which we provide as many answers as we can come up with: 1) what is fundamentally important – non-negotiable needs; 2) what are my goals, dreams or aspirations – don’t work out the how at this point – get clear; 3) what is the significance of that goal, dream or aspiration, what is the “why?” It’s important to remember things can and likely will shift and change but get grounded in answering these questions in the present.
  • [42:34] Jackson shares a bit of his current personal story, his acreage, his passion, and their animal sanctuary in Australia. He also speaks to the three levels of our entrepreneurial journey.
  • [44:16] When it comes to the asset class Jackson currently works with, you better believe he has a system for that too! He is an advocate of designing an investment operating system which first understands the characteristics of an asset class, then implements the right asset at the right time, to produce the right outcome for your portfolio. Jackson details their methodology.
  • [46:50] What is Jackson’s overall view of the global economic picture? Optimistic accumulation and a focus on the things he can control.
  • [50:11] Leadership. Jackson offers his viewpoint of nature vs. nurture, where his skills and strengths live in that mix and how to maximize skills to run an effective business.
  • [53:03] Jackson and Patrick break down the difficulty of connecting our identity to our business, creating a business for longevity (whether or not we are involved), and ego death when finally handing over the control. A helpful question to consider: who are we if we’re not “that?”
  • [58:28] Defining the difference between enough and extra, cultivating gratitude, and taking the pressure off.
  • [62:34] Jackson talks about the catalyst that took him on this path of building wealth for a lifestyle that aligns with his values. Non-traditional currency such as the quality of his existence, experience, and ideas is his currency of choice.
  • [64:41] Jackson shares his view on how the current global situation has influenced individual values, and life-altering catalysts. He also shares and how it affected and expedited his own experience.
  • [67:47] Jackson describes the change he made for his own well-being which proved to be more empowering than he anticipated. He also discusses how he stays fit (having a farm helps that) and how he structures time for reflection.
  • [71:13] Shifting over to those rapid-fire questions! A favourite book; iPhone or Android; a fan of delegation; favourite inspirational quote; room-desk-car; favourite band as a metal fan; favourite movie; message at the pearly gates.
  • [74:20] Jackson’s gratitude.

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