Meet Larry Tuch

 

We’re excited to introduce you to the always interesting and insightful Larry Tuch. We hope you’ll enjoy our conversation with Larry below.

Larry, so great to be with you and I think a lot of folks are going to benefit from hearing your story and lessons and wisdom. Imposter Syndrome is something that we know how words to describe, but it’s something that has held people back forever and so we’re really interested to hear about your story and how you overcame imposter syndrome.

Imposter syndrome can take on many forms and I feel that if you don’t have the right mindset then it can be frustrating learning new skills and getting better as you go along. The key is not to compare yourselves with others but create a baseline and compare your current self with your future self. It doesn’t make sense comparing your level 2 with someone else’s level 10.

Keeping a strong work ethic and mindset is a majority of what you need to push forward. For example, I started Real Estate Investing after years of reading, watching videos, and going to conferences. I knew I had to take action instead of staying on the sidelines so I did just that.

I joined a mastermind for a few years to get the expertise needed to make smart decisions and build systems and teams to help me in my investing journey. This is a team sport. It’s not easy but if you do more today than yesterday, you’re on the right track. It took me about 7 months before my 1st deal but I used that as leverage and my other deals came faster and faster. Now today my girlfriend and I own about 10 properties between joint ventures and limited partnerships in syndications after starting in 2021.

Great, so let’s take a few minutes and cover your story. What should folks know about you and what you do?

I’m a late starter in life regarding financial independence. I spent 18 years living paycheck to paycheck. I overcame $400k in debt and built a nice real estate investment portfolio at the same time. I started my financial independence journey back in 2019 and climbed out of debt by doing anything necessary to keeping paying the bad debt off. Over time, I wanted to build wealth because I had to make up for lost time and started learning skills to build true wealth in a short amount of time.

Along the way, I took a page out of the Rockefellers book and utilized cash-value life insurance to fund my investment deals. Originally, when a property would sell, I would put it in a regular account (earning next to nothing) to put into my next deal. But along the way, I’ve learned how the Rockefellers used a systematic approach to wealth and began to come up with my own strategy to which I define today as The Abundant Wallet Method and that is when I founded my company “The Abundant Wallet”.

I realized that I got out of debt and build wealth in just 4 years with 10 properties that I wanted to help other people do the same so I got my Health/Life/Annuity Insurance license to help people start taking their freedom back and winning with money. This is my calling to leave my clients better than when I found them.

I wrote a book after my company named “The Abundant Wallet” – Smart Methods for Mastering Money that will be released in a few weeks. The Abundant Wallet is on Facebook, Instagram, and LinkedIn that engages the audience by posting relevant content to what people truly care about. We’re launching a new website and campaigns to help professionals get into smart money vehicles that work in becoming their own bank. We will have monthly newsletters, bi-monthly in-person events, and webinars as well.

There is so much advice out there about all the different skills and qualities folks need to develop in order to succeed in today’s highly competitive environment and often it can feel overwhelming. So, if we had to break it down to just the three that matter most, which three skills or qualities would you focus on?

Mindset, Humility, and Ambitious

Those 3 skillsets are what I use on a daily basis to solve problems personally, professionally and keep me moving forward.

I think you can accomplish anything with 80% mindset and 20% skillset. I do a lot of reading and networking as well and interact with people who I inspire to be like.

Like Jim Rohn said “You are the average of the 5 people you interact with the most”. So pick a good group to be around and if they’re good people, they will teach you a lot.

I also learned to make Value over cost important. No more scarcity mindset, there is enough for everybody. Abundant mindset. Lastly, pay it forward and stay humble and help others who are willing to ask questions and learn.

Thanks so much for sharing all these insights with us today. Before we go, is there a book that’s played in important role in your development?

Killing Sacred Cows by Garrett Gunderson was one of the most influential books that I’ve read. It helps you debunk myths that either society or even your own family has put on you.

Key takeaways:

– Question financial advice and consider alternative perspectives
– Identify and eliminate limiting beliefs that hinder your financial growth
– Focus on building a life of abundance not just accumulating wealth

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