Ken and Kerri Courtright is the co-owners of Income Store!
Income Store generates guaranteed streams of immediate passive revenue for their site-partners, or as they like to call them… internet entrepreneurs! They do this by buying and building revenue generating websites, that they then proceed to manage and grow for a piece of the profits in return.
With a website portfolio viewed over 600 million times each year and used by 34% of U.S. households, Income Store has doubled revenues 5 years in a row! They just received word that they have made the Inc. 5000 for the 6th time in the last 7 years! This is rarified air and is an accomplishment that they are very excited about.
Denis O’Brien [0:08]
Welcome to Episode 206 Ken from Income Store. Hey money clan a very warm welcome to the Chain of Wealth podcast. I’m your host, Denis O’Brien,
Katie Welsh [0:20]
And I’m Katie Welsh.
Denis O’Brien [0:22]
So Katie, really fun conversation with Ken today all about online businesses and you know how you can go about setting them up and he has created a ton of online businesses.
Katie Welsh [0:33]
You know, what I loved about Ken is, first of all, he was so easy to talk to.
Denis O’Brien [0:38]
Katie Welsh [0:39]
And I feel like some people who are really knowledgeable and well educated can be a little bit intimidating.
Denis O’Brien [0:48]
Katie Welsh [0:48]
For like, regular normal people to talk to you
Denis O’Brien [0:51]
Sure. Ken was super down to earth.
Katie Welsh [0:53]
Denis O’Brien [0:54]
Katie Welsh [0:54]
Super fun, but I loved how he really advocated for people continuously grow themselves and never just settle like, okay, here I am. I’m done. No, like, continuously be improving.
Denis O’Brien [1:10]
Kate, I really feel like education is so critically important. You know, we’ve mentioned a time and time again, on Chain of Wealth that one of the best things you can do is invest in yourself.
Katie Welsh [1:19]
Yeah. And education doesn’t have to be student loans. It could be any sort of education.
Denis O’Brien [1:25]
Yeah, definitely. So before we dive right into today’s episode, we are looking to give away something for free. However, we need something from you. If you can take a screenshot of you listening to this episode, and dm us on Instagram that’s @chainofwealth on Instagram, you might be in line to win something and
Katie Welsh [1:45]
A free little
Denis O’Brien [1:46]
a free little something something
Katie Welsh [1:47]
Yeah, a little treat-a-roo.
Denis O’Brien [1:48]
Yeah. So definitely hit us up on Instagram. And let’s see you listening to the show, and we will definitely put you in the rankings to win something for free. Alright Kate you ready to dive on in.
Katie Welsh [1:58]
Denis O’Brien [1:58]
Fantastic. Let’s do it.
Voice Over [2:00]
Welcome to Chain of Wealth. here’s your host, Denis inspiring you to begin your journey of financial freedom.
Denis O’Brien [2:14]
Ken Courtright is the founder of Income Store income store generates guaranteed streams of immediate passive revenue for their side partners. Or as they like to call them internet entrepreneurs. They do this by buying and building revenue generating websites, that they then proceed to manage and grow for a piece of the profits in return, with a website portfolio viewed over 600 million times each year, and used by 34% of US households, Income Store has doubled revenues five years in a row. They just received word that they made the Inc 5000 for the sixth time in the last seven years. This is really aired and is an accomplishment that they’re very excited about. Ken is happily married and has 4 kids, and he’s still madly in love with his wife. They’ve been happily married and business partners for almost 30 years. Welcome.
Katie Welsh [3:07]
Ken Courtright [3:08]
Hey, thanks for having me.
Denis O’Brien [3:10]
So Ken can tell us how you got started online. Like I know we covered a lot in the introduction.
Ken Courtright [3:15]
Sure, yeah, for for the first 20 years from 1992 to roughly 2009. Kerri and I were traditional growth consultants, we would walk into a company, ask them 100 to 300 questions, and usually come away with a very strong diagnosis of if I own this company, this is what I would do. And then we would do it typical contract, they would engage us we would grow them. Some of our clients are McDonald’s, MCI world com, Harris casino, First National Bank. And so we spent a long, long time and gathered about 2500 clients. But in 2009, the world had about 10 to 15 years of this thing called the internet. And we realized the greatest impact we could make worldwide is helping people, either business owners or homeowners generate a second, third and even fourth revenue stream from their home, you know, we found a way to either build or purchase a website that’s already making passive revenue just from the ads on the website, meaning the website had enough traffic to support revenue, we found a way to buy these assets. And now we’re up to 200 employees that manage these assets for people all over the world. So they can truly make a passive revenue, and sometimes a second, third, fourth, fifth revenue stream to their household or business. So it was about really taking a hard look at the world in 2009. And we just stopped doing traditional growth consulting contracts. And we just made a written statement to ourselves, we will only grow a business by adding a revenue stream that they don’t currently have in that revenue stream must come from a website. So we started that 10 years ago, we made a goal to do 1000 websites. And we now manage way more than 1000 websites and we receive a share of the revenues on all of them.
Katie Welsh [5:16]
Wow, that’s really exciting. So how can people start generating a second or third income? While not absolutely losing their mind?
Ken Courtright [5:27]
Yeah, that is, that’s a great one. So I’m actually not even going to talk about us for a minute. A lot of what I learned in the early days came from a website that is still up and running. A gentleman named Pat Flynn has a website called Smart Passive income. I think it might even be Smart Passive Income blog, I’m not sure. But there’s a button on Pat site called start here. And what it does is it walks you through what he did what is now I think 12 years ago. And he did something very smart, because he knew his children someday might want to do this. He took screenshots along the way of everything he was doing, to create a historical record of how he started making money on the internet from a website. And the bottom line is anybody listening to this, if they’re passionate about a topic, can start as something as simple as a blog. And if they’re truly passionate about it, and they’re willing to do the research on their topic, they can start writing on it, making videos on it. And if they are writing good stuff, people will want to read it and share it. And as soon as it starts getting shared, the Google spiders will pick that up, and they will start climbing in the rankings. And then once you start going, you can just put some ads on from Google or some affiliate ads, start reviewing products and doing different things. And you have a passive revenue stream, all my company did is take it to the next level and say, you know, people are broken into two categories, either they have a lot of time and no money, or they have a lot of money and no time. And so if you go to our website incomestore.com 90% of the assets we have available to teach people are in door number one, on the left side, there’s two doors door one, and door one is labeled zero to $100,000, meaning everything in door number one, it well, quite frankly, most of it is free, there’s actually nothing for sale under that door. But we have 400 to 430 podcaster videos that will coach people how to make a passive revenue. And then door number two, if you have more money than time, door number two is $100,000 to a million dollars. And that’s all the done for you packages where people just wire us money. We then build them some assets over a year to that eventually, someday, are really high income earning assets they can will to their kids. And then we manage them for his long as they own them for a share of the revenue. That’s how we do it.
Denis O’Brien [8:03]
I love how you mentioned Pat Flynn there, I recently just got his new book called Super Fans.
Ken Courtright [8:09]
Nice he’s amazing.
Denis O’Brien [8:10]
I’m busy making my way through it. But yeah, like just speaking about that a little bit. He he says that you should really try and you know, create something that stands out and create something that’s memorable. And that’s exactly what you’re talking about. It’s putting in the time and energy and creating something different. Now Ken a lot of people that listen to this podcast are in debt or looking for a side hustle or newly like in the entrepreneurial space? So how hard is it really to get started?
Ken Courtright [8:40]
Okay, we use a phrase in our world, don’t get good, get done. The biggest reason people don’t start or they stop so quickly. On a side hustle or making side money is somebody I like to say, puked on them when they were young and in a formidable age and somebody told them, You got to get really, really good before you start, you gotta get your ducks in a row before you start. That is the worst. The worst advice somebody can give somebody. If you want to make money on the side of your job. If you want to get out of debt, you just begin. And then then what you do after you’ve begun, you don’t stop, you just add another page to your by your blog, another video to your vlog. You add another affiliate to your website. You just keep trying and trying and trying until eventually, you have so much meat on the bone. That low and behold, guess what? You have the world’s attention. You have Google’s attention you have other people of influences attention. And now you’re able to monetize that. The biggest challenges. People are conditioned. Well, I gotta get I gotta get good at this. I gotta study up first. I gotta I gotta attend these conferences, read these books. No, you don’t. Everybody thinks that. So if you want to win, just begin, they have to begin and not stop.
Denis O’Brien [10:06]
What would you say is one of the biggest shortcomings or pitfalls that people typically go through when they’re setting up an online business?
Ken Courtright [10:13]
There’s a couple. The first one is they begin with absolutely no end in mind. So let’s just a couple, I think two months ago, we ran into somebody, they were incredibly Passionate About Landscaping, they loved pruning bushes, trimming trees, planting trees, transplanting trees, and they wanted to make some money online. And I found out they started a website. And when I basically looked into the website, I noticed they definitely had some blog posts on pruning trees and transplanting trees. But then all of a sudden, I noticed in this website, they had stuff about not just lawn maintenance, they started get into brick pavers, and the brick pavers even bled them into roofing materials for a house. Now, I don’t know about you guys. But a roofing material shingles on a house has nothing to do with landscaping. So the single biggest mistake people make in starting an online property is they don’t stay in their original lane. If you want to make money online, you have to at some point, get known as an authority figure, either by Google spiders in the search engine, or by followers on Facebook, or people reading Pinterest, somebody, some group has to go, Oh, that’s the person that’s really good at landscaping. If you within your first 60 days, you know you’re passionate and have some expertise on landscaping, the worst thing you can do is dilute that website with stuff that has nothing to do with landscaping. And if you look at history, even a lot of entrepreneurs that start a brick and mortar store front, maybe they sell cupcakes, they try to get fancy and six months later, somebody tells them Oh, you should sell birthday cakes too Oh, you should start making pastries us and then all of a sudden, their cupcakes aren’t very good. They’re so diluted, they’re doing everything and then they go out of business. So if I have to give an entrepreneur one single piece of advice, it’s to pretend that the only thing they have to worry about is getting on page one of Google on a certain topic. And the way you do that is you you wedge in, you start writing, I’ll give you a story about three spine surgeons that worked on people’s spines, all they knew was spine surgery and spine therapy. And what happened was in the early days, they were trying to compete with a big website called Web MD. And they couldn’t compete. And what happened was they wrote 50 incredible pieces of content on spine surgery, spine therapy, equipment you could buy at your home for to help you rest and relax and stuff to meditate with. And then these consultants went into these three spine surgeon said guys, you are never going to compete unless you write a couple pieces of content every week. And the only thing you write on is spine surgery or spine therapy and nothing else. Until you have multiple pages of page one of Google and then Google recognize you are an authority on spine surgery and spine therapy. And only when you have multiple pages on page one of Google and you’re deemed an authority by Google, can you then write on other topics? They took that advice, and in less than a year, they were beating Web MD and over 200 different phrases. And now that website makes over $3 million a year passive revenue.
Katie Welsh [13:47]
Wow. So I want to go back because you have mentioned your Google spiders and everything. And I think that’s a great analogy. Can you tell us a little bit about, like how to use a Google Keyword planner and how it can be your entire website and your entire business and everything and kind of a couple of good tips that people can walk away with?
Ken Courtright [14:07]
Yeah, absolutely. So one of the greatest free tools is a Google tool called the Google Adwords Keyword Planner. I’ll say it again, the Google Adwords Keyword Planner. And I’ll just I’ll just make one up on the fly. And we’ll stick with landscaping. Let’s say we want to dominate the industry of landscaping, I’m going to open up this tool. And I’m going to type in the phrase landscaping, lawn maintenance, brick pavers, anything that helps a home, be beautified by landscaping up, I’ll put probably three to four phrases in there. And then I’m going to hit run or enter. And what I’m asking Google to do with this tool, is tell me how many people in the last 30 days typed in the word landscaping, the words brick pavers, the words tree trimming, tree pruning, how many people in the last 30 days typed those phrases in and Google, this report is going to come back in less than a second. And it’s going to show me the exact numbers in the United States of how many people in the 30 prior days typed those in. But what is amazing about this tool, is it takes it another step. Since Google knows the IP address of all the computers that type that in. Google also knows what are the other phrases, those same people also typed in, and they stack it in the order of relevance. So what’s going to happen is we’re going to see terms like it’s going to go lawn maintenance, then it’s going to go lawn repair, it might talk about mulching or lawn aeration in lawn equipment. And so what’s going to happen is it is going to show the person or the individual or the group that put the original phrases into this tool. Those are the phrases they think are important to their industry. This tool is going to show them actually, what are the real phrases that the world is typing into the Google search bar. Those are the real phrases of importance because that is the facts, not the theory of what people are typing into Google. And then what you do is you take this tool, you simply export the tool, you export it, and then you sort it by the phrases that are the least searched at the top to the most searched at the bottom, you don’t want to go to the ones that are the most search because those are the most competitive. And the big players are putting a lot of budgets towards those phrases, you want to go to the first 10 phrases that are the least searched, because very few people probably have ever written any content on that. And then you want to start writing content on those topics, you want to put that phrase in the title of the post. And you want to put that phrase in the first line of the first paragraph also. And then what’s going to happen and I’ll just, I’ll be a prognosticator here, because these are very seldom search terms, you start writing on these, Google is going to probably rank you on page one, two or three, immediately. If not page one, if you write another post and another similar post, but not not the same stuff. But similar, you’re eventually going to make your way to page one. And now all of a sudden, when you have a website that has five or six items, on page one of Google in a very similar set of key phrases, Google deems you authoritative. Now, you can start working your way down the list. So if those phrases had about 30 people a month searching them, and you’re already on page one, now you want to drop down the list of things that have 100 people a month searching, you use the same concept, you write on them, until you’re on page one, then you drop down the list two things that are searched 500 times a month. And then all of a sudden you wake up, you wake up six to nine months later. And you have 4050 6080 pieces of content, all on page, one of Google. And now Google thinks you’re all that in a bag of chips. You’re the cat’s meow, whatever the term is, you are the authority in this space. And then and only then can you broaden the topics you’re writing on. Because at that point, you could write down anything you want. If you really want to, you probably could write on roof shingles, and this company called Google would give you credit for that. So that’s a pretty good description of the Google Adwords Keyword Tool. It literally helps you read your clients mind, because it shows you what they’re really typing in looking for you not what you think they’re typing in.
Denis O’Brien [18:48]
Right. So sort of start very, very specific and cover less topics and be super specific, but be the best resource available for that topic. And over a period of time, Google sort of sees you as the authority and starts rewarding you for that.
Ken Courtright [19:01]
100% Correct. Yes.
Denis O’Brien [19:03]
Cool. So that’s all on the organic search side. What about if you’re looking on the advertising side? So you know, you may be playing around with those Google ads, or Facebook ads, or Pinterest or so many different networks these days?
Ken Courtright [19:16]
Yeah, for sure. What I would do and we do a lot of Facebook ads is I would start with what is called a look alike campaign. I just gave this exercise about a month ago. So let’s say that you believe you can help people with their personal self image their self worth. Well, if I’m going to enter this space, I want to ask myself, Well, number one, who are the biggest current proponents teaching, self image, things like that. It’s Brian Tracy, Tony Robbins. And so what you want to do is you want to look at their Facebook pages and their websites. And you want to do what is called a digital footprint. You want to kind of take a mental map of color scheme, content pace, how many posts a day do they post? What type of phraseology are they using? Does it look like they have professional copywriters? Or is it look like they’re just talking in a third to fifth grade level, which is the recommended reading level you should write to a future audience. And then what you want to do is you want to look for advertisements on Facebook, for Brian Tracy for Tony Robbins, and there’s some tools out there you like Spy Fu, S P Y F U, that will show you where to find ad creatives by these people you want to model. And then all you want to do is you don’t want to get good, you just want to get started. Don’t reinvent the wheel, model the ads that those players ahead of you are using, and then use Facebook’s look alike campaign, that’ll show you where the audience is currently sit. And now you’ve got a model of ads to follow. You’ve got a pre built audience already, because they’re already following Tony Robbins. And you’re allowed to do a look alike campaign and put your ads in front of the same exact people. And then you’re off to the races, I would hire an intern or a marketing person, if you’ve never used Facebook ads before, to walk you through how it works. But I always suggest starting with tiny budgets, try to figure it out yourself. Because you want to have a fundamental working knowledge of any AD AD module before you just hire somebody blindly. Because then you really don’t know how to check up on them. But we believe in what are called digital footprints. That’s the name of the conferences we used to put on for years that were both Inc. and Forbes Recommended Business conferences. But the concept of a digital footprint, is look at the people that have gone before you and model them and don’t reinvent the wheel.
Denis O’Brien [21:39]
Makes a lot of sense like rather work smarter not hard.
Ken Courtright [21:42]
Denis O’Brien [21:43]
So I want to talk about your story a little bit. I believe that you had a massive change a chain of video rental stores back in the 90s.
Ken Courtright [21:52]
I did. Yeah.
Denis O’Brien [21:52]
So what exactly happened with that?
Ken Courtright [21:55]
Yeah, that was that was a fun time. My wife and I, we were very entrepreneurial. We were in our mid 20s, we had a marketing company that was just flying. And my wife said to me, you know, you need to get this business out of our house. And there was people in our house all the time, and we couldn’t separate our life from our home. And so I found a basement office, it was a really nice little office. And it was in the basement of a video store. And this is when people used to come into a video store rent a VHS tape. And it was it was a good time. So I didn’t want the video store. I wanted the basement office, but I had to take both. And so to gain access to the whole parking lot, I had to I had to basically rent the top and the bottom. So we sat on this video store. We just literally walked over the movies to get to the basement. And about two months in after tripping over 3000 videos. I said to Kerri, I said, Kerri, if we’re such good marketers, couldn’t we turn this store back on? Because they were only breaking even. That’s why they close their shop. They could never make a profit after five years. I said, if we’re as good as we’re telling people, can’t we double or triple this place and make some money? She’s like, I don’t care. Let’s try. So we called the ex manager back. And his name was Mark. And I said mark, you know how much was this place making. I know it wasn’t profiting but how much gross revenue was it doing and he told me and I evaluated the size of the parking lot and everything. And we put some of the brightest electric signs in the window. We painted the building, we put a 40 foot yellow awning backlit across the whole building, the city of Joliet ended up recognizing us as we won the award that year for the best before and after of a building. And lo and behold, we increased business gross sales 600% in two months, we outgrew the parking lot. And we moved a mile west to a building four times larger, we doubled that. And then we started opening stores in different towns. And we got to a point where each store was netting 10,000 dollars a month, free and clear. And we got a letter from Hollywood video that we would like to buy your stores. I reluctantly did not tell my wife or my in laws who were partners with us on some stores. And Hollywood ended up moving right next door to us. So did blockbuster, so did family video. And in less than a year, we almost went bankrupt.
Denis O’Brien [24:22]
Ken Courtright [24:22]
So it was a it was a fast and furious lesson that you don’t know what you don’t know. And what nobody knew. Because none of those companies are still around is that the whole video industry was going to get flipped upside down first by something called the DVD, and second by direct streaming video. So one of the reasons I am if there’s only one message I can get across to your people, and we hinted on this earlier in the call is that you have to have a second and third source of revenue. Because 100% of main sources of income fail 100% of the time, there is maybe three, maybe three main sources of revenue from the original fortune 500 list in America in 1955. Now there’s still 46 companies around, but only three of them have their main source of income still going, and it looks like in the next 10 years, those will be evaporated. So the point is this number one, everybody’s mortal. So if your job is your main source of income, we know 100%, that’s going to stop. But if you want a business, if it’s even 20 employees or less, that’s called a heroic company, you’re the hero at the top, when you pass on, or when you just mentally aren’t in the mood to run this business anymore, it’s going to stop. So the point is this. If you study the greatest CEOs of all time, like Jack Welch from GE, they are big proponents of something called an S curve. I have 40 440 podcasts that I’ve cut in four years, if you go to my today’s growth classics section, the number one podcasts it was recorded first on purpose, it’s also the most downloaded of all is titled s curves. And it’s the true story of the fifth largest company in America in the late 60s. And how in a 19 month period of time, they went from the fifth largest company in the world, to having no money for payroll, and how with with literally almost no payroll budget to spare, the CEO did something very unique to turn the company around. And then three years later, in a completely different industry. They were a multi billion dollar behemoth again. They then replicated the concept of s curves again. And they’re a multi billion dollar company in another industry. And so the concept of s curves, which I’ll shorten for you really quick is this. You have to ask yourself the legacy question, which is, what can we do on nights and weekends outside of our nine to five job with no additional resources? No money, no, no other manpower that can create a second source of revenue, meaning with our existing resources with what we know. What else can we make a second source of revenue with so the company I’m referring to in the S curve story is Corning Cookware, glass cookware, it was the most dominant player for 33 years. And because of all the competition that came in a six month period of time in 1968, they literally went out of business. I mean, they had no money it was it was a traumatic story. But they asked the legacy question, what resources do we have? And they literally jacked up a scaffold, and the CEO got in front of all the people in the plant. And he said, You have 30 days to figure out what other products can this equipment make nights and weekends? The same equipment that makes glass cookware? What else can it make? Well, 30 days later, they had 10 ideas put in front of the board. One of them was this little thing that looked like a human hair. And one of the board members held it up and said What is this? And one of the engineers said that’s fiber optic cable, our equipment just made that. They said what is that when they explain what fiber optic cable is. In 19 months later, Corning was the largest manufacturer of fiber optic cable in the world. So the Corning learned their lesson, you don’t have to wait for a crisis to ask that question. So two years later, they asked the same question on the same scaffold. And if you guys have a smartphone or a laptop in front of you, and you tap on the glass, that’s Gorilla Glass made by Corning. And they’ve done this now seven times. So everybody listening to this podcast has a main source of income. And I’m predicting it’s going to fail at some point. If we know at some point, it has a 100% chance of failure. Why don’t we simply ask ourselves the legacy question, what could we do nights and weekends with the same resources we have right now and stack a second source of revenue, nights and weekends, or use our money, like in my door number two instead of our time. But that only works for one and a half percent of the people. So what can 98 and a half percent of the people do, they can get intuitive. They can get creative. They can attend conferences, they can read Google Alerts and buzz Sumo to see what’s going viral in their space. And they can find out what’s really moving, what’s cutting edge and moving. And they can jump into that space part time on the side. They can write blogs, they can create videos, they can advertise passively. There’s an infinite way. Anybody I don’t care if you’re 11 years old, there’s an infinite way to generate multiple revenue streams today. It’s 2019. The Internet exists.
Denis O’Brien [29:56]
It’s very true. Ken if people do want to learn more, what can we direct them to?
Ken Courtright [30:01]
We send everybody to incomestore.com, they just there’s two doors, it literally filters people if they have money, and no time they go to door number two, if they have time and very little money, they go to door number one. And it’s really purposefully built. It starts with podcasts, video tutorials, there’s no commercials, there’s there’s no sales, there’s nothing there. It was all intended to be a filter so that people could transcribe the materials we create. So we could then create a book series. So as of right now, we have 40 to 200 page books that have yet to be published on growing business. And we did that on purpose. there’s a there’s a different reason behind it. But the bottom line is door number one is incredible. content. It’s all case study based. There’s no theory. It’s all case studies of how do we grow this business? How do we grow that business? How do we grow this website? How do there’s no theory. And so it literally says step one, do this step to do this. So door number one, we I think we’re up to just under 2000 people a day worldwide that that live in door number one.
Denis O’Brien [31:07]
I love that. Money clan, we’re just gonna take a quick break, and then we’ll dive right back into the value link round. Money clan Kate and I have recently started using Savvi Financial, to manage our money and get a holistic view of our accounts. Savvi Financial is available for free. You can check it out, it’s Chainofwealth.com/savvy. That’s S A V V I. Kate one of the things I really love about Savvi Financial is it gives us a holistic view of our finances and helps us work towards specific goals. Like at the moment, we’re looking at buying a house. So we set that as our goal we put in our numbers have connected to all of our accounts. And we knew how far we were.
Katie Welsh [31:47]
Well, and I like Den that it is super easy to use, and like really user friendly. Because if anybody knows me, I am not appy. And you know, I hate technology
Denis O’Brien [31:59]
Katie Welsh [32:00]
And it’s so easy even for me to use it and really track and check our expenses.
Denis O’Brien [32:07]
Yeah, I 100% agree. And Kate, I like it as well that they started partnering up with a lot of employers as well, to really help make there service available for free to a lot of workplaces, which is a really cool benefit for employers and employees. However, you don’t need to be a part of a specific employer to take advantage of Savvi Financial, all you need to do is visit our special link chainofwealth.com/savvi. That’s S A V V I chainofwealth.com/savvi to claim your free account.
Katie Welsh [32:41]
Okay, Ken, so I’m curious to know what your retirement plan is looking like where you’re keeping your money and what you’re doing with it.
Ken Courtright [32:49]
Okay, I have zero retirement money, I have no 401k I have no IRA. I am raised by a family that trained us from eight years old, that we live privately held in debt free. We pay our homes off in 4 years, we buy used cars for cash. And so we are trained to plow our money back into our business. That is our retirement. And currently income store has 1100 different revenue streams. So that is my retirement account.
Denis O’Brien [33:21]
I love that. And do you have a favorite book that you’re currently into?
Ken Courtright [33:25]
Not currently into. But I believe the greatest business book of all time is Brian Tracy’s book Psychology of Selling. It’s like the Bible of business to me, it’s not about selling. It’s about why people buy things, how to communicate with one person to another in a company, how to get an 11 year old to do math in school. It is one of the greatest books on how to build, run and manage a business and how to build, run and manage a family that I’ve ever got my hands on.
Katie Welsh [33:54]
Okay and do you have a favorite quote that you try to live by?
Ken Courtright [33:59]
Don’t get good, get done.
Denis O’Brien [34:01]
I love that. Ken we’ve had]a lot of fun hanging out today. Do you have any other last parting piece of advice for our listeners? And then we’ll say goodbye.
Ken Courtright [34:09]
Yes, I would if I can also say one last thing. It’s nothing is more profound, or will generate any individual more money than increasing their intellectual property. I live on the principle of what is called a life cycle or a success wheel. Somebody asked me one day you know how in the world is income store every single year doubling over the previous year. And I said it’s simple. I started out in the early 90s. I didn’t know anything, but I knew I didn’t know. So I started to go into conferences. Every time I went to a conference, somebody was on stage. And they would recommend a book that got them where they are, I would read that book. And then all of a sudden after reading book after book, and I’ve read a book a week for 30 years on business and marketing management. All of a sudden, I found I had a lot to say in these meetings in these business meetings. And then I started meeting people of importance. And then I started doing larger business deals. And the thing that grows intellectual property more than anything is large business deals. But then all of a sudden, I realized, you know what, I’m slipping a little bit, I stopped going to conferences. So my wife and I after a few years absence of attending events, we went back to events. They were recommending different books, we read those books, we develop more intellectual property, we bumped into bigger and bigger business people we did bigger and bigger deals. And then we went back again into the conference space. This time, everybody asked us to be the speakers on stage instead of in the audience. So we were networking with bigger people. We were reading deeper books. And the bottom line is, if I can impart one piece of advice, I own a company with my wife. I just decided to do a 15 month Executive MBA plan at Pepperdine University. It’s incredibly expensive. every three weeks I have to live in California. I don’t carry business cards, so I can’t put MBA after my name. I’m not doing it for a grade. I’m doing it because I have to continually sharpen my saw. Nothing makes our company more money than growing the intellectual property of every person in our company and that includes myself and my wife. So if I can impart one piece of wisdom become what Peter Senge calls in the book The Fifth Discipline, an ever growing learner, have a learning organization have a learning mindset mindset and never stop learning and if you never stop learning, your income will never stop growing.
Denis O’Brien [36:39]
Money clan we’ve been hanging out with Ken Courtright, visit their website, its incomestore.com and definitely never stop learning constantly recreate yourself and make a better you.