Chris Larsen on Catapulting Commissions
This week on the Catapulting Commissions podcast Anthony welcomes Chris Larsen. Christopher Larsen is the founder and Managing Partner of Next-Level Income. Since “retiring” after 18 years in the medical device industry he dedicates his time to helping others become financially independent through education and investment opportunities. Since his first single-family rental investment at 21 to real estate syndication (and everything in between), Chris has been investing in and managing real estate for over 20 years. He has also invested in equities, oil & gas, and small business lending. Today he’s going to talk about how to make, keep, and grow your money to achieve financial freedom.
Chris and Anthony both agree that it’s possible to be too successful. Some new sales reps find themselves making more money than ever, but they haven’t been taught how to manage it. At best, they are trained to do the basics. Pay off your house. Buy term life insurance. Invest in a 401k. Yet somehow they are still living paycheck to paycheck, and they are anxious about their future. That’s not a plan for financial freedom. True financial freedom requires you to have a plan to replace your active income.
Chris Larsen’s Awakening
Like a lot of successful sales professionals, Chris has a background in athletics. He was a competitive cyclist. When a friend of his died young, he had an awakening; there’s so much more to life than racing around in circles. He wanted to live life to the fullest, and that required him to get financially stable. Money can solve a lot of problems, so he started a career in sales, and set his sights on becoming accredited to gain access to elite investment opportunities. In the end, he saw medical device sales as a way to make and save money that he could later invest in real estate.
Then Chris did what he suggests everyone does. Keep your lifestyle in check and save 50% of your income. When you’re making two, three or $400,000 per year, you can be financially independent in under 10 years if you live like this conservatively. Make more money. Keep more money. Grow that money. It requires discipline, but soon you’ll be able to replace your active income. Set a savings goal every month and meet that target before you spend anything. Have it deposited automatically into your accounts, and don’t ever touch that money. Then when a big bonus check comes in, meet that savings target, then go out and enjoy the rest. You have to allow yourself the opportunity to enjoy life with the money you’re making. But don’t spend until you’ve saved.
Avoid these mistake Chris Larsen made
Chris didn’t just know how to do this stuff naturally. He made mistakes along the way.
- He invested in residential real estate rather than cash flow commercial real estate.
- He didn’t think of what rich people invest in, one of which is whole life insurance (rather than term). There are many benefits to whole life insurance, which he didn’t learn until he was much older.
- He didn’t seek out the professional help of a coach soon enough. He now spends more money than ever on masterminds and other development programs.
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