The Embassy Wealth Podcast

Developing a Product Into a Million Dollar Business While Working Full Time with James Snoddy

James Snoddy never imagined his love for running would lead him to starting a million dollar online business. One day, after wishing he had a hammock that fit on top of his Jeep to catch a post-run breath, he decided to create such a product and bring his idea to the market.  After a few wrong turns and hundreds of hours of sweat and tears with a sewing machine in his basement, James created the Jammock, a product that thousands of Jeep owners around the world now use and enjoy.  

 

Since launching his product line, James has founded a second online State Department-themed business. all while working full-time and raising his six year old son with his wife. He also continues his love for running, consistently hitting his goal of running 1,000 miles every year. 

 

In this interview, James discusses:

• his inspiration for creating a new product and bringing it to the masses
• the challenges of running a small business, including his trials and tribulations with the IRS
• the time-intensive process of obtaining the patent for his product
• balancing two business with his family life and own personal hobbies and goals

… and much more! You can purchase your own Jammock here https://jammock.com/ or follow their Instagram @Jammock

 

Music: “Higher Up” by Shane Ivers

Starting a Real Estate Business Abroad with Tim Robinson

9: Starting a Real Estate Business Abroad with Tim Robinson

After discovering that the 9-5 lifestyle wasn’t for him, Tim Robinson ventured into the world of real estate, which resulted in him co-founding The Real Estate Concierge, a company with a goal to assist those living overseas purchase investment properties in the States by providing one-on-one coaching, market analyses, networking, and more. 

 

Tim Robinson is also the co-host of the REI Concierge podcast geared towards those living abroad and their loved ones who are on their own real estate investment journey (or looking to start one!). 

 

In this interview, Tim discusses:

• his thought process in leaving the 9-5 world behind to start working for himself (and how he got his wife on board)
• the trials and tribulations of being abroad and starting your own real estate business in the U.S. from the ground up
• investing through a self-directed IRA
   

… and much more! You can find out more about Tim and The Real Estate Concierge here: https://thereiconcierge.com/

 

Music: “Higher Up” by Shane Ivers

Buying a Travel Business during a Global Pandemic with Mary Stange

Mary Stange left a career as a flight officer with the U.S. Navy to join her Foreign Service husband overseas. Frustrated with long clearance delays for embassy jobs and the lack of employment continuity between posts, Mary dreamed of a job that she could take with her from post to post. 

After listening to a podcast about investing in small businesses for passive income, she started researching businesses for sale. That led her to purchasing a boutique travel company, Ponte Travels, right as the global pandemic shut down travel worldwide.

In this interview, Mary discusses:

• her thought process behind purchasing a small business and how she went about evaluating whether the business would be a profitable venture
• the steps required to purchase a business, including doing due diligence, enlisting experts, and how to navigate Small Business Administration (SBA) loans
• having the courage and vision to open a business that was severely affected by the pandemic

… and much more! You can find out more about Mary and Ponte Travels here: https://www.pontetravels.com/

Music: “Higher Up” by Shane Ivers

How you can become a millionaire working for the government with Anthony Diaz

15 years into his real estate investment journey Anthony Diaz tells us how a balanced and conservative strategy can make a federal employee a millionaire.
From short term rentals to multifamily, Anthony has done a lot of different things in the real estate space. 

In this episode Anthony discusses: 

• How having a team in place in your local market is crucial to success.
• How he changes asset classes based on market cycles.
• How to make vacation rentals work for you, even from a distance. 
• How focusing on cash flow rather than appreciation can save you when the market drops. 

Listen and be inspired by Anthony’s ability to use shifts in the market to make changes to his portfolio. 
 
Music: “Higher Up” by Shane Ivers

• How having a team in place in your local market is crucial to success.
• How he changes asset classes based on market cycles.
• How to make vacation rentals work for you, even from a distance. 
• How focusing on cash flow rather than appreciation can save you when the market drops. 

 

Listen and be inspired by Anthony’s ability to use shifts in the market to make changes to his portfolio. 

 

Music: “Higher Up” by Shane Ivers

From $1500 to Financial Independence in 12 Years with Nathan Carter

When Nate Carter returned to the U.S. after four years abroad with the Peace Corps, he reconnected with friends who had well paying jobs, houses, and cars. He felt left behind financially. Starting with just $1500 in savings, Nate vowed to do everything he could to learn about personal finance and investing and set himself a goal of being financially independent within 12 years!

 

In this episode Nathan discusses:

• How to look at your spending differently to help you save.
• How to stay focused on your investment goals in the long run.
• How important the right agent, lender and property manager are in real estate. 
• How to stay calm even when the market turns.

 

Listen and be inspired by Nathan’s focus on his investment goals while maintaining a healthy work-life balance and enjoying life overseas!

 

Music: “Higher Up” by Shane Ivers

Buying a bookstore in small town America with Alissa Redmond

Alissa Redmond used a year of leave without pay to buy a book store in small town America.

 

 

Music: “Higher Up” by Shane Ivers

“Conservative” Investing in Turnkey New Construction in Florida with Matt Shedd

Matt Shedd is former military and a retired Foreign Service Officer, now serving as a government contractor overseas.  He and his wife started their real estate investment portfolio by purchasing one new construction single family in Orlando, Florida in 2003, which they bought prior to moving to Sarajevo for their first overseas tour. Eighteen years later, they’ve grown their portfolio to multiple new construction multifamily properties and are looking forward to a retirement that’s “rich without a lot of risk.”

Matt’s real estate investing philosophy focuses on a “measured, conservative approach” -- one which balances risks and prioritizes “being able to sleep at night” over bigger cash flow that riskier properties might offer.

In this interview, Matt talks about:

• starting out with new construction single family homes and how his average tenant stayed 3-4 years
• doing due diligence on turnkey companies and real estate markets
• investing in Orlando, Ocala, and Jacksonville FL
• why property management is a must when overseas
• differences between single and multifamily properties

… and much more! Matt is a great example of how taking the first step is perhaps the toughest, but also the most important and empowering.  Take the leap!

 

Music: “Higher Up” by Shane Ivers

Planning for the Ultimate Foreign Service Retirement with William Carrington

William Carrington is the owner of Carrington Financial Planning, a financial planning and wealth management firm that specializes in working with Foreign Service employees. Since founding his firm more than ten years ago, William has worked with more than 500 clients. He is a Certified Financial Planner, a Retirement Management Advisor, a NAPFA-Registered Advisor, and is a fee-only fiduciary. He was also an Eligible Family Member (EFM) for 24 years until his wife retired from the Department.

In this dynamite show, William covers a lot of retirement ground, debunking myths about how much money members of the Foreign Service actually need to retire well (hint: it’s likely less than you think!) 

Hear William discuss:

• what amount of money Foreign Service Officers actually need to retire comfortably
• why many FSOs should “live a little more” pre-retirement
• why borrowing from your TSP can be a favorable money move
• when you should hire a financial planner
• why asset class selection can make or break your investment portfolio
• why risk determines whether you have a lot of money (or not)
• how Roth vs non-Roth portfolios compare
• the “wait 24 hours” rule that takes the emotion out of investing
• the role of real estate in an investment portfolio
• succeeding as an EFM business owner overseas

…..and so much more!

 

Music: “Higher Up” by Shane Ivers

Collecting Degrees and Properties Around the World with Nafeesah Allen

Nafeesah Allen is an independent researcher with an interest in literature, gender, and diaspora studies in the global South. In 2019, she completed her Ph.D. in Forced Migration from the University of the Witwatersrand (Wits) in Johannesburg, South Africa. She leads BlackHistoryBookshelf.com, a book review website that identifies global Black histories by language, theme, and country. She's a contributing writer to nationally acclaimed outlets like Real Simple, Better Homes & Gardens, MindBodyGreen, Parents, and Bold Culture Hub, among others. 

In this wide-ranging interview, Nafeesah discusses how her investment philosophy is firmly rooted in contributing to neighborhoods that have historically suffered from discrimination and redlining, and how she sees herself as not just an investor, but also a community builder. She discusses:

• how to go about buying real estate in foreign countries.
• creating affordable housing in historically disadvantaged areas.
• getting over money mindset challenges and reconciling the roles of investor and community builder.
• when to let go of a property and trade up through a 1031 tax exchange
• buying a property to live in vs invest in.
• stepping into your authentic self and expressing your creativity through channels outside of work.
• how pursuing degrees outside of the United States can enhance and enrich your career
• examining your money story and the value of time.

 

…and much more!

 

You can follow Nafeesah's here:

www.nafeesahallen.com/publications

Instagram: @theblaxpat

 

Music: “Higher Up” by Shane Ivers

Building Side Hustle Empires and Investing in Hotels with Acquania Escarne

Acquania Escarne’s passion for personal finance and investing began at a young age when she opened a Roth IRA at 16 years old, and she has been seeking financial independence (FI) ever since!

After the devastating 2010 earthquake in Haiti, Acquania realized how many working professionals -- even high earners and her own colleagues -- were not prepared for an emergency or unexpected life event. This experience inspired her to get licensed to sell life insurance and educate others about the benefits of sound financial habits. 

Today, Acquania is a highly successful financial coach, real estate investor, podcast host, blogger, independent life insurance producer, AND hotel owner. And these are just her side hustles outside of her regular embassy 9 to 5! 

In this episode, Acquania discusses:

• how saving set the foundation for her path to financial freedom 
• the importance of life insurance
• how she became an investor/owner in a Hilton hotel in Oklahoma
• how investing has the power to positively impact communities 
• including your family and your children in your investing journey 
• why you should always be “financially prepared” to take advantage of opportunities 
• why networking is often the key to accessing insider investment deals

Listen and be inspired by Acquania’s commitment to help as many people as possible achieve financial freedom and learn how she balances her side hustle empires alongside her federal career and commitment to her family. A not-to-be missed episode!

 

Music: “Higher Up” by Shane Ivers