Young Entrepreneur Interviews Millionaire Justin Waller

Summary

In this insightful interview, Justin Waller, founder of a leading construction company, shares his journey from humble beginnings in South Louisiana to becoming a multi-millionaire. Emphasizing the importance of industry expertise, Waller explains how staying focused and building systems with competent, intentional people helped scale his business. He also discusses leveraging capital, embracing failure, and the superpower of mastering a single trade. Waller's advice to the younger generation is to face challenges with a relentless spirit, as every setback is a brick in building one's success story.

Takeaways

• 👋 Introduction: Justin Waller is a renowned entrepreneur and owner of a large construction company in the United States.
• 💰 Earnings: Justin has made up to $5 million in a single year and his businesses have reached up to $35 million in revenue.
• 🏗️ Industry Focus: He started in the steel industry at the age of 24 and has been in construction for 15 years, emphasizing the importance of focus and expertise in one industry.
• 🚫 No Wealth Inheritance: Justin did not come from a wealthy background, growing up in South Louisiana with no money around.
• 🔄 Turning Point: His desire to escape his current situation and find something better led him to pursue financial freedom and wealth building.
• 💼 Business Growth: Scaling a business from seven to eight figures requires systems and competent people with intent, as well as giving them ownership and autonomy.
• 💡 Capital Leverage: Justin leveraged contracts to secure a line of credit and emphasized the importance of understanding the math of real estate to manage debt and risk.
• 🏦 Bank Interaction: Entrepreneurs should approach banks when they are solvent, but when not, they must find creative ways to secure funding.
• 🤝 Mentorship: Justin's advice is to embrace problems and failures as they build character and the story of one's success.
• 🔄 Consistency: Sticking to one thing repeatedly can give a person a 'superpower' and the ability to start over quickly if needed.
• 🔑 Key to Success: Having a relentless heart and facing challenges head-on is the key to becoming a multi-millionaire in today's world, according to Justin Waller.

Q & A

What is the name of the person being interviewed in the script?

Justin Waller

What industry did Justin Waller start his career in?

Justin Waller started his career in the steel industry, specifically in steel construction.

How long has Justin Waller been in the construction industry?

Justin Waller has been in the construction industry for 15 years as of the time of the interview.

What is the significance of focusing on one industry according to Justin Waller?

According to Justin Waller, focusing on one industry allows an individual to become an expert and master in that field, which can lead to substantial financial success and the creation of freedom.

What was the turning point for Justin Waller in his pursuit of financial freedom?

The turning point for Justin Waller was his decision to not become a part of the atmosphere he was in and to find out what else was out there, leading him on a path to increase his consciousness and achieve his goals.

How did Justin Waller initially fund his business?

Justin Waller initially funded his business by obtaining contracts and then using those contracts to secure a line of credit from the bank, starting with $155,000.

What is Justin Waller's advice on leveraging capital to turn debt into wealth?

Justin Waller advises understanding the math of real estate, including net operating income, capitalization rates, and debt service, as well as being aware of the long-term and short-term debt cycles to manage risk effectively.

What was the most amount of money Justin Waller made in a single year?

Justin Waller made $5 million in a single year as his personal take-home income.

How did Justin Waller scale his business to seven or eight figures?

Justin Waller scaled his business by implementing systems and employing competent people with intent, ensuring they had ownership and autonomy within the company.

What is the best advice Justin Waller received from a mentor?

The best advice Justin Waller received was to embrace the problems and failures in life as they are the bricks that build one's castle, and to be grateful for them as they shape the person you become.

What is Justin Waller's message to the younger generation about becoming a multi-millionaire?

Justin Waller's message is to face challenges with a relentless heart, embrace problems as they define the size of a person, and to understand that persistence and resilience are key to achieving success.

Outlines

00:00

🏗️ Entrepreneurial Journey and Construction Success

In this segment, Justin Waller, a prominent entrepreneur in the construction industry, discusses his rags-to-riches story. Born in South Louisiana without a silver spoon, he shares his experience of building a massive construction company from scratch. Waller emphasizes the importance of staying focused in one industry to master it and create financial freedom. He also talks about leveraging contracts to secure his first line of credit, which was a pivotal move in his business growth. The discussion hints at the broader theme of perseverance and strategic financial management in entrepreneurship.

05:02

📈 Scaling Business and Leveraging Capital

This paragraph delves into the strategies Justin Waller used to scale his business from a small-scale operation to a multi-million dollar enterprise. He highlights the significance of establishing systems and surrounding himself with competent people who share his intent. Waller stresses the importance of creating a sense of ownership among his team, which in turn fuels their dedication to the business. He also touches on the concept of managing with a mindset of wanting to pay employees more, fostering a culture of performance and value alignment. The segment concludes with Waller's personal philosophy on embracing failure as a stepping stone to success and his unwavering confidence in his ability to rebuild his empire if he were to lose everything.

Keywords

💡Entrepreneur

An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. In the video, Justin Waller is portrayed as a successful entrepreneur who owns one of the largest construction companies in the United States. His journey from humble beginnings to becoming a multi-millionaire exemplifies the entrepreneurial spirit.

💡Construction

Construction refers to the process of building or assembling infrastructure. In the context of the video, Justin Waller's career in construction began with hanging steel and eventually led to the establishment of a large-scale construction company. His expertise in this industry is highlighted as a key factor in his success.

💡Financial Freedom

Financial freedom is the state of having enough wealth to live life without having to work actively for basic necessities. The video discusses Justin's motivation for pursuing financial freedom, which stemmed from his desire to escape his impoverished upbringing and create a better life for himself.

💡Turnaround Point

A turnaround point is a moment or event that leads to a significant change in one's life or situation. In the video, Justin describes his realization of not wanting to remain in his current circumstances as a turning point that propelled him towards financial independence and success.

💡Systems

Systems refer to a set of interconnected elements or parts forming a complex whole. In the video, Justin emphasizes the importance of establishing systems in business to achieve scalability and efficiency. He mentions that systems, combined with competent people, are crucial for scaling a business from seven to eight figures.

💡Competent People

Competent people are those who have the necessary skills, knowledge, and experience to perform a task successfully. The video script highlights the importance of having competent people with intent in a business to help build systems and contribute to its growth and success.

💡Intent

Intent refers to a sense of purpose or a determination to achieve a goal. In the context of the video, Justin stresses the significance of having employees with intent, meaning they are not just capable but also motivated to contribute to the company's objectives.

💡Ownership

Ownership implies having control, rights, or a sense of belonging to something. The video discusses how giving employees a sense of ownership in the company's systems and goals can motivate them and align their interests with the company's success.

💡Mentor

A mentor is someone who provides guidance, support, and advice based on their own knowledge and experience. The video mentions a piece of advice from a mentor that has significantly influenced Justin's perspective on embracing challenges and failures as stepping stones to success.

💡Wealth Creation

Wealth creation is the process of generating and accumulating wealth, often through investment or business endeavors. The video's theme revolves around Justin Waller's journey of wealth creation, providing insights into his strategies and mindset that led to his multi-millionaire status.

💡Real Estate

Real estate involves the buying, selling, renting, and development of land and buildings. In the video, Justin talks about his involvement in real estate, owning over 400 properties, and the importance of understanding the financial aspects of real estate such as net operating income and capital stack.

💡Risk Management

Risk management is the process of identifying, assessing, and controlling risks. The video touches on Justin's approach to risk management in real estate, emphasizing the importance of understanding the debt service and market cycles to make informed decisions and mitigate risks.

💡Relentless Heart

A relentless heart refers to a persistent and determined attitude, especially in the face of adversity. The video concludes with advice to the younger generation to adopt a relentless heart, implying that continuous effort and resilience are key to achieving success and wealth.

Highlights

Introduction to Justin Waller and his success in building one of the largest construction companies in the US.

Justin Waller started with no money and grew up in South Louisiana, highlighting his humble beginnings.

If Justin lost everything, he believes he could rebuild his success in any city in America within six weeks.

Justin emphasizes the importance of staying focused in one industry to achieve expertise and substantial financial success.

Persistence in the same industry is key, as changing directions can lead to starting over and taking 'beginner's licks' in a new field.

The turning point for Justin was recognizing what he did not want in life and pursuing financial freedom.

Financial freedom allows Justin to explore and invest in other business ventures.

Justin discusses leveraging capital, understanding real estate math, and navigating debt to build wealth.

Justin’s strategy includes securing contracts, using them to obtain bank loans, and growing his business step by step.

The importance of creating systems and hiring competent, intentional people to scale a business from seven to eight figures.

Justin's approach to managing employees involves fostering ownership, intention, and autonomy to drive company success.

Best advice from a mentor: Embrace failures and challenges as they build character and contribute to future success.

Justin believes that every failure is a part of a story that shapes a person into who they become.

If Justin lost everything, he would go back to working in steel, leveraging his expertise and industry knowledge.

Message to the younger generation: Persist through challenges with a relentless heart, and you can achieve anything.

Transcripts

what's going on man good good to see you

brother good to see you man good good

not you bad not you bad who am I here

with today Justin Waller what has been

the most amount of money that you've

ever made in a single year five in a

year do you come from money no hell

no man no not at all I grew up in south

Louisiana there was no money around if

you lost everything tomorrow could you

make it all back right you Dro

me butt necked in any city in America

I'd be hanging still in 6 weeks how can

somebody become a multi-millionaire like

yourself in today's

[Music]

world Hard Knock family we just landed

in Miami Florida and we're about to go

meet up with and interview the legend

Justin waller for those of you who don't

know Justin owns one of the largest

construction companies across the United

States and he's quickly became one of

the most renowned entrepreneurs in the

entire business world so we're going to

go meet up with Justin and ask him how

he was able to grow such a massive

company and his best advice to everyone

watching trying to become millionaires

in 2024 so with that being said let's go

see what Justin has to say all right you

guys so we're on the way now to meet up

with Justin we're pulling up shortly I

can't wait for the game that I know that

he's about to deliver this is going to a

million dollar worth of game from Justin

Waller pulling up here in a second I

can't wait for this one what's going on

man good good to see you brother good to

see you man good good not too bad not

too bad who am I here with today Justin

Waller what industry did you decide to

pursue a career in yeah so it started

off in steel I was 24 and started

hanging still locally in Louisiana now

we have over 200 men Coast to Coast

California to New York Caribbean we put

still up on the moon how long have you

been in construction for I've been in

construction 15 years next march how

important has that Focus been becoming

an expert as opposed to trying to

diversify jump from industry to Industry

how important has it become for you

becoming a master one of the best in the

world at one thing yeah I think if I

would give my young self credit for

anything it would be that I stayed in

the same fight a lot of people they go

into career they start getting banged up

a little bit and then they change

directions but what they don't

understand is they're going to take The

Beginner's licks of that new industry so

if I did anything right even though the

model might not have been the model that

I think ultimately I'll end up in I

stayed in the same thing long enough to

make substantial money to create Freedom

if you can create Freedom then you can

go start watering other plants you see

we only get so much energy in life and

so you have the you have this cup of

water let's call it your energy if you

pour it over too many plants you'll

never bear fruit on any of them so the

one thing I did right was stay in the

same industry for a very very long time

and now I can Branch out do other things

grow other businesses look at other

business models that might be better off

in the long run and do you come from

money no hell no man no not at all

I grew up in south Louisiana there was

no money around I can tell you so what

was that Turning Point like for you like

how did you know you wanted to get

really serious about becoming

financially free and building that

long-term generation of wealth what was

the Turning Point like for you well I

think what happens is when you're in a

situation any situation and this is not

uncommon you either become the situation

that you're in the atmosphere or you

decide that you want to do anything but

be in that atmosphere so for me it was a

pretty easy decision to make that I just

wanted to find out what else was out

there I knew what I didn't want and so

it put me on this path to finding more

and more Consciousness and as I come

across those things in my growth and

whatever I do as far as the level of

obtainment of my goals I hit every time

I get to the top of mountain I'm

constantly looking for the to the next

one and so I think there's two things

you run away or decide not to be what

you were a part of and then two on that

path you find more Consciousness which

kind of controls your direction you go

and once you identify those things and

you identify that you can do those

things and you get on that path

generally the happiness is on the

climbing part just make sure you're

looking for the next one to climb cuz

you can get in trouble if you get to the

top and you have nowhere to go hard

knock family we're about to get right

back to the interview but I have a very

special announcement to make we just

launched the official Community for the

School of Hard Knocks otherwise known as

the school of mentors in this community

you will have access to hop on live

calls with the multi-millionaires we

interview every single week you'll be

able to ask them questions about your

career your life and your business

you'll also get access to exclusive

unreleased content and master classes

we've been filming with the world's most

successful business owners you do not

want to miss out on this so click the

link in the description below to join

the school of mentors today we can't

wait to see you on the inside and with

that being said let's get back to the

interview did you have a lot of money to

start this company or how did you get

the money to start this business no man

we didn't have any money so what I had

to do is go out and get contracts and

then go to the bank and show them I had

contracts and try to get lines of credit

my first line of credit was for $155,000

I'll never forget it because I my my

payrolls were like 2500 a week cuz I had

like two guys maybe and we were doing

backyard buildings and so I always say

about when it when it comes to dealing

with the banks always go to the banks

when you're solvent and you have a lot

of money but in the case that you don't

have a lot of money that's what an

entrepreneur does he figures it out so I

took my contracts that I had won and

then I went to the bank and showed them

that I had a contract and they gave me a

little loan against it to get me through

the first couple what is the secret to

being able to leverage Capital to

leverage you know that good debt and

turn that into wealth ultimately so if

you look at the real estate you know I

own over 400 doors now so you can

underwrite a deal understand the capital

stack whether you're raising somebody

else's money to get the down payment and

then you're going to take it to the

long-term debt with the bank you just

have to be able to understand the math

of real estate you know what's a net

operating income what's the cap rate

what's my debt service going to be where

are we at in the cycle on that property

so one thing I look at very hard right

now when we're buying properties is like

a lot of people don't want to buy

properties right now because the

interest rate is so high and the only

fear that I would have is that we get to

the end of a 5 to sevene arm and we're

in a 1980 situation where you go from

7.5% or 8% to 16 but if you're if you

understand the math of real estate it's

very simple in fact I'd even say it's

third grade math then you understand the

debt service and you understand where

you are in in the overall cycle like the

long-term short-term debt cycle and

you're paying attention to where rates

will go you should have enough time to

make decisions that will allow you to

reduce that risk you can't get away from

it completely but should massively be

able to reduce the risk and set your

properties up the way they need to be

you know they don't teach that in school

right I've heard they don't teach that

in school and and and why would they

because the system is built for us to

spit out employees and people that say

yes and they pay taxes they get married

they buy a three-bedroom house and they

die and so no I don't think they're

going to be teaching cap rates in school

anytime soon right Ben Franklin said

that most people die at 22 but they're

buried when they're 70 that's right

that's right I heard that exact quote

the other day I think I heard 30 and 80

but nonetheless yeah there's a bunch of

dead men walk in every day they don't

live free they can't say what they want

they want to say things they feel things

and I think that's why people resonate

with us so much is that we're getting to

speak on their behalf because we're free

enough to talk hard times right now but

we're going to turn it around America's

going to turn it around we're going to

get the right guy in the White House

absolutely and then uh when that happens

uh we got to be able to clean things up

a little bit what has been the most

amount of money that you've ever made in

a single year o single year five in a

year $5 million that's just for yourself

yeah just no that's take home take home

you know that's complete take-home yeah

how about for the businesses businesses

we've got up to$ 35 $35 million yeah

yeah how did you scale from seven to

eight figures two things it's systems

and then it's competent people with

intent so if you take intention and then

you take competency their ability to do

it that means they want to and they can

if you can put those two things together

and have them help you build the systems

out now I say help you very intent

because a lot of times if you make a

plan and you hand it to somebody they

have no ownership which means they're

sitting in the boat with their arms

crossed waiting for it to go wrong but

if they can help you build systems and

be a part of building something then

they can have ownership in it and when

they can have ownership in it they can

get behind it so intention competency

and the ability to be a part and have

autonomy in a company is going to take

you a long way when it comes to dealing

with employees and staff and then one

last thing make sure you manage from a

place of I should be paying you more

money not you should be making me richer

if I can jump somebody's ass because I

should be writing them a bigger bonus

check then we're in a very very healthy

place because in that way you've created

an entrepreneur inside the business and

you are grading them on performance

based off of things that should align

with something that is valuable to them

as well and that's making more money

having a better future for themselves

and being able to see a vision that can

fit inside yours what's the best advice

that you've ever got from a mentor my

favorite quote is that you can tell the

size of a man by the size of his

problems if you can learn to embrace the

things that are getting in your way

embrace the failures that are coming

those are just small bricks that are

going to build your Castle in life every

time you fail you must be grateful for

it and see it as a part of the story

that you're going to tell people one day

on a podcast on a yacht on a boat on a

plane or in a restaurant of how you

became the man that you are and if you

don't have any of those stories nobody

will be interested in your story at all

and it'll mean nothing so start to take

pride in the negative things that happen

to you because those are the things that

are going to make you the man that

you're going to become for every new

level there's a new Devil every King's

got scars Cowboy every that's crazy if

you lost everything tomorrow could you

make it all back right you Dro

me butt necked in any city in America

I'd be hanging Steel in 6 weeks so you

go right back into steel and that's

what's most important is if you stick to

the same thing again and again and again

and again you get a superpower that many

people don't understand understand and

it said nobody can ever take it away

from me I know for a fact I could go

anywhere be hanging still in 6 weeks

yeah how old are you now 38 how old were

you when you became a millionaire 31 32

last message to the younger generation

they want to get Justin Waller rich in

today's world how can somebody become a

multi-millionaire like yourself in

today's world you can tell the size of a

man by the size of his problems get up

every day every time you get hit in the

face have a Relentless heart and there's

nothing this world can't stop you from

doing thank you so much for your time

brother I appreciate you that was

phenomenal that's a wrap on today's

video guys Justin Waller just went crazy

but I want you to like And subscribe for

amazing content we've got coming very

very soon and as I mentioned earlier we

just launched our official Community for

the School of Hard Knock so to get

connected to and learn directly from the

millionaires that we interview every

single week click the link down in the

description below and we'll see you on

the inside the school of mentors we

can't wait to have you we'll see you in

the next video