Planning for your retirement is one of the most important things you can do in your adulthood.
Setting aside money for when you are in your 60s allows you to live with the peace of mind that you will be taken care of when you can no longer work. Unfortunately, many people fail to give their retirement a second thought until it’s too late. On the other hand, many people take careful precautions to ensure they will have enough money to live on when they retire.
However, in certain situations, the universe deals you a hand you never expected. When this happens, it’s important you take the right steps going forward. No one knows everything, so having a network of colleagues to talk to and brainstorm ideas with is crucial. In this article, lender Julie Baker describes how she became a part of the PMC network and the importance of being prepared for the unexpected.
Big Changes and the Unexpected
What would you do if you were suddenly gifted a large sum of money? Many people would buy a new car, house, or any number of extravagant things. Julie Baker did no such thing when she and her husband, Jeff, suddenly received a large inheritance. Instead of looking for ways to spend their new money, they looked for ways they could grow it.
Julie first found Chris Naugle in 2020 when learning about the infinite banking concept when the pandemic happened, and everyone was stuck inside. Unfortunately, tragedy struck her family, and her father-in-law passed away suddenly, leaving a large inheritance for her and her husband. At first, the two were in awe and had no clue what to do with such a large amount of money. However, Julie had been listening to a certain entrepreneur by the name of Chris Naugle at the time, and she immediately had an idea.
“Then I thought, well, I’ve been listening to this guy, and I’ve been learning these things, and we could actually take this money, use it and turn it into something besides just fun money blowing it on stupid things or whatever. So we got Chris on a call, and my husband and I both talked to him and kind of laid out what was happening in our lives and what we were getting and what was happening. Basically, what could we do with it? So he just helped steer us in the direction of how to get all of that set up and get our infinite banking policies working.” – Julie Baker
Julie grew up in southern California with a father who worked in the lumber industry and a mother who was regularly sick and recovering from various surgeries. When she was 10 years old, a doctor told her mother that she wouldn’t live to see her daughter graduate, forcing the entire family to adopt a live-in-the-moment attitude for fear that each memory they made would be their mother’s last.
“I guess maybe having that insight is what allows us to do this because all of Jeff’s really close friends are retired cops and they can’t just jump up and move. And that’s the other thing that, actually, Tess and I have talked about — I really believe in just doing something. And if it’s not the right move, it’s not written in stone.” – Julie Baker
While there are benefits to appreciating the “now” and living in the moment, it took Julie years and years and a conversation with fellow PMC lender Tess to realize the impact this lifestyle had on Julie’s life. Additionally, both her mother and grandmother died before the age of 60 due to hereditary health complications. This only contributed further to Julie’s attitude to living in the moment and worrying about the future later.
“In our society, you work really hard, save up so that you can retire, and then do the stuff you want to do. Number one: I don’t know why we wait to do stuff when we’re old — we physically can’t do all the stuff we want at that age. And two: You may never actually get there, and that’s kinda where my camp lies. So we both are very aware that statistically, we both won’t be here long term. And so, knowing that money was coming in, we knew it would be okay and we knew [we] could just live off of it.” – Julie Baker
Currently, Julie and her husband live in Florida after selling their house for twice the original price and moving out of California. They maintain that same mindset about the decisions in their lives that don’t necessarily involve finances. At the end of the day, they want to ensure that they never feel stuck in any decision they make, even the big decisions like moving across the country.
Making Connections at PMC
We know Julie got started with PMC early on in the midst of the pandemic. But what has been the most valuable component of getting involved with Private Money Club so far? Julie and her husband got on a call with Chris Naugle almost as soon as they learned about the inheritance they would be receiving, and that’s when things started setting in motion.
“I kind of jumped into private money club early. I liked the idea of having a place to go because, especially at that time, in my mind I was like, Okay, so I wanna lend money. I have no idea who to lend my money to. I know none of that. So having a place to go gave me enough of a direction to say, I’m gonna do this. I’ve met so many different people — I’ve met people that are really close friends now that I talk to almost daily.” – Julie Baker
The community that Julie found within PMC was exactly what both she and her husband were looking for. At a time when seeing others face-to-face was rare due to COVID restrictions, she found comfort in getting to know the people she was doing business with in person rather than through a computer screen.
“I think what really helped me with those relationships is going to the events where I get to meet people face to face, chat with them, learn about them. Maybe we don’t do a deep dive into their life, but you get a better sense of people and you get a better comfort level with people if the borrower is someone that you haven’t worked with yet. I’ve done a couple of deals Chris Rood, and those have gone with no problems. And actually, I went to his mastermind after that, and that was what got me interested in real estate.” – Julie Baker
Even if she wasn’t directly doing business with her fellow lenders at PMC, Julie quickly understood the value of simply chatting with colleagues that are in the same line of business as her. This is especially true for Julie since she became involved with PMC so early on. When she tried to tell her closest friends and family about these new opportunities, they had a hard time fully grasping the concept, making Julie feel frustrated by a lack of support.
“So you have this piece of your life — what you’re learning and what you’re trying to accomplish — and the people that are in your life currently are not able to connect with you on that level. So going to those events and meeting those people, they’re like-minded people. It’s people that understand what you’re doing and encourage you to do it and understand why you do it and are supportive of it. It’s having those relationships that understand and accept that new piece of what you’re doing and where you’re going. That’s what I love most about those relationships and building them.” – Julie Baker
It’s important to understand that these events Julie is referencing aren’t simply to engage with borrowers and strike deals. They are just to maintain the relationships with colleagues that she values. She thinks it’s critical to attend these events even if you feel like you don’t need to because you’re making deals and finding success. The importance of filling up your cup cannot be overstated, and you may even find something you didn’t know what you were looking for.
“Even if I don’t have money I’m looking to put somewhere, it replenishes that part of you that is doing all the things and reminds you of why you do what you do. Even if you don’t think you need to go to an event because you’re not looking for a deal right now or you don’t have money free to put somewhere, that’s not necessarily why you should go to the event. Going in person is not necessarily just because you need something actively — you may get something that you don’t even realize you’re looking for.” – Julie Baker
This is something that many people don’t figure out until they’re far too late in life, but it’s crucial not only to growing as a person but succeeding in business. Sometimes you need to meet the people you need in your life before you actually need them.
Uncover the Ways in Which Private Money Club May Broaden Your Financial Horizons
If Julie and her husband’s experience resonates with you, that’s a good sign. Private Money Club is the place to go if you’re curious about private money and want to learn how to locate promising opportunities and put plans into action. The Private Money Club (PMC) app offers all you need to know about real estate, and private lending opportunities. If you’re ready to make your goals a reality, and meet some amazing people, join the club today by visiting the website.