Episode 66: JVology – The Perfect Mix of People, Fun & Profit with Jay Fiset – Transcript
Rennie Gabriel 00:09
Hi folks, welcome to Episode 66 of the Wealth On Any Income Podcast. This is where we talk about money tips, techniques, attitudes, information and provide inspiration. I'm your host, Rennie Gabriel. In past episodes, we spoke about how to build an income and expense report, how to measure the level of pleasure based on where you spend your money, how to track your money in 5 - 10 seconds, and what to look for on a net worth statement to see how close you are to Complete Financial Choice®. Last week, we had Blair Dunkley, who spoke about how mindset is not what will support you to succeed. Blair can profile you and discover how you think from just a few short sentences. Today, we have as our guest, Jay Fiset. Jay is a Joint Ventures Mentor, Global Speaker and High Ticket Sales Expert with a unique perspective on business growth that mixes people, fun and profit. Jay is also a best-selling author, and a student of human nature, and the founder of JVology. He is a member of ClickFunnels™ "Two Comma" Club - I love that, I can figure out what that means - and has built multiple seven-figure businesses and is creating a groundbreaking business relationship building platform driven by artificial intelligence. Jay, welcome to the Wealth On Any Income Podcast.
Jay Fiset 01:41
Thank you so much for having me. This is going to be fun. And I want to go back and listen to your previous - your last week's interview - because that sounds totally fascinating.
Rennie Gabriel 01:49
Yes, it is. Blair actually said, 'Rennie, tell me a little bit about your background.' I gave him like a couple sentences. And he said, 'Here's what I hear how you think, based on what you said.' And it was like, spot on. It was amazing to me. Anyway, yeah, so that'll be a fun one. Anyway, so yeah, you founded JVology. But tell me more about what that is?
Jay Fiset 02:18
Well, JVology is fundamentally an entrepreneurial community where we come together to do the fundamentals of business building, but primarily through relationships. Where we build relationships with people who fundamentally work with our ideal clients. And we teach a proprietary method, which we call Upstream Downstream, which is an interesting way of saying, our best partners who send us clients are those that cause, reveal, or diagnose the problems that we solve. And then we send our clients on to other entrepreneurs, who solve the problems that we create when we roll out our particular solution. And in that process, what we're really working on doing is, number one, creating a distribution network for our products, services and experiences with great people that we love working with in terms of our partners, and doing a better job of solving our client's problems. Not just the thing we do in terms of being a service provider, but becoming a trusted advisor that helps see them more holistically through their life journey in terms of what it is they're trying to create. And you know, we, our catchphrases, JVology - the perfect mix of people, fun, and profit - in that order, always. And I'm really blessed to be, you know, a member and a leader of a community of about a thousand people who come together serving and supporting one another creating these types of joint ventures.
Rennie Gabriel 03:40
Yeah, now all you need to do is have it be an alliteration with fun, profit, and whatever.
Jay Fiset 03:49
I'll work on it.
Rennie Gabriel 03:50
Yeah. All in due time. So now, as you know, I donate 100% of the profits from the work I do to a charity called Shelter to Soldier™. And so it's important that my guests contribute to a charity as well. And tell me what your favorite charity or cause is.
Jay Fiset 04:06
My favorite charity by miles, is a little organization that isn't so little anymore called Kiva.
Rennie Gabriel 04:12
Yes.
Jay Fiset 04:12
And Kiva puts money in the hands of entrepreneurs all over God's green earth. And in fact, recently has even started in the developed world, in terms of the United States and Canada and those sorts of things, which is kind of interesting to me. I was most attracted to them because what they allow us to do is online, go online and actually select the people, the person, the group, the country, the industry, the area that we want to support. And I sort of have a soft spot - I fund almost exclusively groups of women, third world countries in education, and agriculture. And to me, it's putting money in the hands of the people that have the greatest power to do the most good. And I've been, I don't know what I am... on something like in the 99th percentile of the number of loans that have been given by anybody in that organization, those sorts of things. I'm just a fervent believer in let's get money in the hands of people who can make the most difference. And Kiva is, frankly, I think, one of the best on Planet Earth for that.
Rennie Gabriel 05:13
And I'm very familiar with them. My wife has been contributing to them for a long time. And it's amazing what a loan that they get from Kiva of $25, or $50 can do in an undeveloped or underdeveloped country. It's just mind boggling. They can open their own store.
Jay Fiset 05:33
Yes. Yeah. You know, what's funny is, when my my oldest, he's 16 now. So when he was like, three, that's how long we're doing this. We'd be sitting around and he'd say, 'Hey, Dad, let's go buy someone a chicken.' Because you can give them - someone's starting a chicken farm. Someone's trying to buy a goat. Someone's trying to buy a cow. And so he would help me select those things. And then every once in a while it was like, 'Let's go buy somebody a chicken.'
Rennie Gabriel 06:01
I love it. It's fabulous. Well, now let me ask you, you know, getting to business. Who do you, who would you say are your target markets? Markets, people . . .
Jay Fiset 06:16
Yeah, I mean, the short version is this. There are entrepreneurs who are in the space of understanding that their best long-term way of scaling business and growing their leads, is through building relationships with other entrepreneurs. And just to be clear about this, not everybody gets that. So it's not necessarily related to a stage of business, it's probably more related to a stage of consciousness or evolution that says, you know, what, collaboration is probably the best way in which I can serve my clients better when I can make my entrepreneurial journey better. And I can create, what I sometimes call an entrepreneurial safety network of people that I care about, that I want to work with, that are doing good work in the world. And so it's usually those folks that are like, you know what, even if I knocked it out of the park with Facebook ads, that's probably not the most fulfilling method for me. I want to do it with people that are up to good work in the world. And that's really our profile. Years ago, I would have told you that they were, you know, low, mid-six figure earners trying to get to seven. And I'm not sure I genuinely don't know, Rennie, if this is part of COVID or it's just the natural evolution of entrepreneurship and digital marketing. But the truth of the matter is that we have an inordinate number of people who are just starting out, even though that their business may not be, you know, knocking it out of the park yet or working yet. They're clear about who and how they want to grow their business. So you know, recently started doing more work on helping people with the foundations of business, not just the relationships with great partners.
Rennie Gabriel 07:43
I get it. And it's interesting, you know, getting back to what you were talking about of the two comma club. So you know, in a hundred thousand there's one comma, in a million, there's two commas. I just thought that was very clever. And so you're not limited to working with others in the Two Comma Club?
Jay Fiset 08:02
Lord, no, Lord, no. And just to be clear, but and what the Two Comma Club Award is, it's a funnel, and it's created and sponsored by ClickFunnels™, which is a tool we use and big fan of it, pretty spectacular, honestly. But it's one funnel that generates over a million dollars. Now, it's funny, because, you know, truly, I qualified for the club before the club existed. And I was always under the impression that the Two Comma Club was that the funnel had to do that in a year. I thought it was an annual thing. And I find out afterwards, it's like, no, it's like, cumulative. And it's like, well, then I guess we're in a different club. But that's a whole nother thing altogether. But yes. That's a Russell Brunson-ism, the Two Comma Club, and he did it quite brilliantly.
Rennie Gabriel 08:45
Yeah. Well, now that we've talked about the success, let's talk about what you would define as your biggest failure, whether it's personal or business.
Jay Fiset 08:56
Man, you have no . . . This podcast could go on for seven days if we're going to talk about failures. Like just to be clear about this - there is no shortage of that long list.
Rennie Gabriel 09:07
And thinking we only have a 15 - 20 minute broadcast...
Jay Fiset 09:11
Yes. I'll give you the chapter heads. I think, perhaps, and this, and I'm going to measure it not by you know, dollars or any of those sorts of things, but the thing that taxed me the most. And the thing that taxed me the most was 15 years ago, I guess why it was, so it would be... call it 18 years ago. 18 years ago, I was introduced to a gentleman who was running a trading fund, who had these spectacular returns and what's interesting in terms of talking about wealth. And in a very short order of time is that I became semi-retired in terms of the returns on this. It was so spectacular I ended up putting a second mortgage on a building of mine and putting money in. It was so spectacular I felt guilty making all this money with my friends and family still struggling.
Rennie Gabriel 09:56
Mm hmm.
Jay Fiset 09:57
So I ultimately talked to some of those folks and we're year two or year three of this process. And it's like look, if you want to put some money in, in my name because it was full, it was a private, it was a private fund that wasn't the . . . but so if you want to put some money in behind my name, you can do so. So I did my mom, my sister, a bunch of my staff, a bunch of my dear friends both, and it accumulates. And so my money I've got about a million bucks of all my liquid capital in it. I've got probably another quarter million dollars of my friends, family and loved one's money. And I get the call that the gentleman who's running the fund is dead.
Rennie Gabriel 10:30
Oh, oh, so it wasn't Bernie Madoff. Okay,
Jay Fiset 10:33
No, it was Bernie's brother. But what's different in this particular circumstance is that it turned out to be a Ponzi scheme that was at one point in time legitimate. So he was a trader. He made some mistakes. And then he lied, because he was afraid people would take all their money out. And lie begot lie. And ultimately, it ended with him killing himself, hanging himself in his furnace room while his wife was at the grocery store and his daughter slept upstairs. So it wasn't he ran off with a suitcase full of money and a short skirt. He took his own life over it. And I mean, good God, it was only money. But losing every red cent I had on Planet Earth, when I thought that I was financially free, and all those things was one of the greatest experiences of my life. I ultimately wrote my best selling book, Reframe Your Blame - How to Be Personally Accountable, because I had a little bit of blame going on, as you might imagine, in that circumstance.
Rennie Gabriel 11:20
Oh, yeah.
Jay Fiset 11:21
And that book, and the outcome of that book, and courses and programs, those sorts of things, in the three years afterwards made me about four and a half million dollars. So it turned out just fine. And in fact, spectacular in terms of a personal lesson. But I'll tell you what, when that first occurred, that I had worked like 16-18 hours a day for 15 years to create that little nest egg and it was gone. And I remember saying to my wife is like, I don't have it in me to do that again. Like I don't know what we're going to do. And I don't know how we're going to cope with this because I can't keep doing that. And that was a very difficult, probably four to six months of pain, anguish resetting, trying to navigate our way through and learn the lesson. But writing that book, and contextually I would - by the way, I didn't write the book for any commercial success. I wrote the book for my personal therapy.
Rennie Gabriel 12:12
Mm hmm.
Jay Fiset 12:13
That was like figuring out what the hell was going on. And then it turned out that the book was actually pretty good. And it did pretty well.
Rennie Gabriel 12:20
It's funny how that can happen. My book, Wealth On Any Income, I wrote so that people would have all the answers that I was always asked in my workshops for 10 years, and they'd have it in a book. They'd have everything in a book, and then they could leave me alone.
Jay Fiset 12:37
It didn't work out so well, did it?
Rennie Gabriel 12:39
And I realized that's not how it works. But so now I'm going to guess you had some insights as a result of that. And I don't know if it was your book or the therapy, or that you can pull it all together. But what would you say was the biggest insight from that?
Jay Fiset 12:55
I think there's an awful lot of them. I'll start with the first one is, and this still entertains the living, 'you know what' out of me, which is wealth is a state of mind. Because we quite literally, were semi-retired for three and a half years, doing what we wanted, when we wanted, how we wanted ,ordering from the expensive side of the menu, never having a second thought about money, or any of those sorts things because it was all taken care of. And that three and a half years was a lie.
Rennie Gabriel 13:25
Yeah.
Jay Fiset 13:26
It wasn't based on fact, although our experience, honest to goodness was spectacular. So it really landed for me that this idea of wealth starts first with the state of mind. It is not living in scarcity, it's like, it's this whole piece I can create and it's going to be okay, it's going to be there. So, that was, that took some reckoning, honestly. It's like, how on earth did I have the greatest experience of abundance in my life when the truth is I didn't have any? Like, that was a great lesson. So that'll be number one. I think number two is this, is that nobody cares as much about your money as you do, even if you don't care.
Rennie Gabriel 14:05
Yep.
Jay Fiset 14:06
And, and that whole fundamental piece of, in that circumstance, I think I abdicated my book, Reframe Your Blame - How to Be Personally Accountable. I think I abdicated both accountability and responsibility. And I defined those two things as different. And it was very, very clear to me that I needed to step up my game and actually engage in what it actually takes to become wealthy. And truthfully, I have never made a ton of money. Like in the scope of the world, I have never made a ton of money. What I've been pretty diligent at is making a little money and buying an asset, making a little money and buying an asset, making a little money and buying an asset, making a little money and buying an asset. And I've been pretty religious in that process. And in that process, it's just like, I really need to step up my willingness to plan, to participate, to educate, to say, this is my damn money and I better take care of it. And I better put it to work that I'm aligned with. And I think that was, you know, if we added those two things together, those are probably the two biggest lessons.
Rennie Gabriel 15:07
And one of them that you said is, make a little money, buy an asset, make some more money, buy an asset. I don't know that I can emphasize that enough, because I've ended up building a multi-million dollar net worth starting with an $18,000 investment. That was everything I was able to save in three years after my second divorce. And at $5,000 a month, $500 a month was saved. That $18,000 I converted into millions of dollars because of saving a little money, buy an asset, make some more money, buy another asset. So . . .
Jay Fiset 15:47
And it's . . . I was on a panel once with with a bunch of financial people, all of whom had what I would deem to be complex and lofty advice.
Rennie Gabriel 15:59
Oh, yeah. Puts me to sleep. Go ahead.
Jay Fiset 16:03
So they're like, so how did you get where it's like? Well, you know, basically, here's what it boiled down to is that, number one, I made a very strategic investment in a commercial property that I oriented my business, my life, and my world around. And that created, you know, I wasn't paying for houses and all that shit when I was young. So that was number one. But then after that, it was as simple as this is. Every year or so I wanted to buy a house. So I went and did that. And also every year or so, I wanted to buy a collector's car, and every year or so I wanted to put some money to work in a private mortgage or in something else. And so that's what I did. And everyone's like, well, that's not a plan. Well, actually, it is. So every year I bought a house, every year I invest in a collector's car, every year I bought some gold or silver or I loan some money on the, in a you know, private mortgage.
Rennie Gabriel 16:52
Yeah.
Jay Fiset 16:53
That's what it was. And it's not so complex. And then when you're after 25 years, not so bad. Like that's, it doesn't need to be any more complex than that. But anyway, I was kind of poo-pooed at the ... 'Boy if you'd done... Make some money and by an asset. That's it.
Rennie Gabriel 17:13
You know, it almost sounds like if you and I were having a conversation, and I showed you my business card, which says CLU, CFP, BFD.
Jay Fiset 17:26
What's BFD?
Rennie Gabriel 17:27
Big Freakin' Deal.
Jay Fiset 17:35
I like it.
Rennie Gabriel 17:36
Yeah, so yeah, Jay, you and I would have a lot of fun. Now, I'm going to guess because of this conversation, I've known you for years, I love your approach to things, and anyone listening to this podcast will want to be - will want to get in touch with you. And what I want to know is if there's some valuable free resource, or how do they get in touch with you to learn more, or join JVology, get on your email list? Whatever?
Jay Fiset 18:05
Well, you know, given the topic of this podcast being money, and I don't know how many are sort of employees versus, have their own business, or have a side hustle or this sort of thing. Do you have any sort of sense of that, Rennie, in terms of what, who's listening?
Rennie Gabriel 18:21
Oh, yeah, I would say, 5%, 10%, maybe are employees, the rest are all business owners, entrepreneurs, coaches, authors, corporate trainers, folks like that. People that have control over their income.
Jay Fiset 18:36
Beautiful. Okay, so here's, here's the gift that I want to give. And this is a training of mine. And it's a mini-training, it's not going to take hours to do just to be clear about this. There's about a 15-minute foundational training, then there's a five little videos that are going to have you do an assessment, and then it's going to map out what would make the most sense for you. And the gift is called the Escape the Marginal Success Trap. And what I want to just be clear about is the Escape the Marginal Success Trap, and is, well, every time I go through it, I hear people say, 'Why doesn't everybody know this? Why haven't I been taught this? That's exactly where I am.' And most of the time, it's an entrepreneur that has created a business that works well enough that they can't quit it, meaning that they've got receivables. They've got clients, they've got a system that's working. They've got a machine that actually they can't leave for all intents and purposes. But, it's not working well enough for them to have the health care that they want, for them to live in the house that they want, to drive the car that they want, go on the holidays they want, send the kid to the private school that they want. To have the freedom that they darn well want, desire and deserve when they launched their business. So there's several stages in the process. And we'll just outline this context of our inputs into our business that we make physical, mental, emotional, spiritual, financially. The outputs that we take out of our business and how those lines interact, and what must be done, and just how often folks get stuck in this marginal success trap. It's working, but not really, and what we need to do about it. So it will teach the concept, you'll place yourself in it, and you'll get a roadmap of what you should really be doing about it to get to this spot of freedom, which you'd just talked about in the earlier piece of, you know, looking at your net worth statement, and figuring out what is actually necessary to get to freedom. So we're going to look at that as a different process, including helping people pick a date, and a strategy by which they can get there.
Rennie Gabriel 20:29
That sounds, sounds fabulous. So I'm going to ask you to send that link to me by email, so I can have it in the show notes. And so that's going to be, the Escape Marginal Success Trap.
Jay Fiset 20:40
You betcha.
Rennie Gabriel 20:41
And let's see. Well, we're pretty much out of time, Jay, and I want to thank you for being on the show.
Jay Fiset 20:50
My absolute pleasure. Thank you for having me.
Rennie Gabriel 20:52
You betcha. And to my listeners, thank you for tuning in. You can listen to the Wealth On Any Income Podcast on your favorite platform. And please rate, review and subscribe. And if you'd like to know more about how books, movies and society programs used to be poor, and what the cure is, then log on to wealthonanyincome.com/TEDx. You'll hear my TEDx talk, and can request a free 27-page roadmap to Complete Financial Choice® and receive a weekly email with tips, techniques, or inspiration around your business or your money. Again, that's wealthonanyincome.com/TEDx. Next week, we're going to have Jesse Brisendine, we'll talk about creating cohesive...
Jay Fiset 21:44
He's a good guy by the way. I was in a mastermind with him last year. He's brilliant.
Rennie Gabriel 21:47
Oh. I love . . . Jesse happens to be my one and only coaching client. Anyway, he's going to be talking about creating cohesive teams within large corporations so everyone is working toward the same goals. I really enjoyed Jesse, which is why I have one coaching client. Until next week, everyone, be prosperous. Bye bye for now.
