Jim Toner is a real estate investor, a motivational speaker, a radio show host, and a philanthropist. In an interview for IdeaMensch, he discussed his investing style, entrepreneurial spirit, and his beliefs about money being a tool, not the “be all and end all” that determines a person’s self-worth.
Jim started with almost nothing and built up an amazing career as a real estate investor by following his strategy that he calls, “12 Little Houses.” He starting teaching his strategy by counseling private clients and became a motivational speaker teaching his real estate investment programs to the public in seminars across the country. Students paid $2,000 up to $15,000 to attend. However, it has not always been easy for Jim. In fact, at one point in his life, he went from being a successful business person to being dead broke.
The financial disaster occurred while Jim was living with his family in Pittsburgh, Pennsylvania. He was making over $1 million per year, driving a luxury car, living in a gigantic house, and lacked for nothing. Then, his business went “kaput,” which caused a bankruptcy. Jim left Pittsburgh and moved his family to Scottsdale, Arizona taking only their clothes and some furniture.
In Scottsdale, he had an epiphany. He thought about how initially he became successful, which was from the methods that he taught to thousands about how to make money in real estate. He encouraged his students to start investing in real estate without needing any money or credit of their own. Now that he was financially busted, he was in the same condition of many of his previous students who were just starting out. Jim realized that if he did this once before, he could do it again.
In a short time, he was back on his feet, making six figures, while working out of a coffee shop and using a rental car. The lesson he learned was that a financial wipeout does not permanently knock a person down unless they allow it to do so. A person might lose all their money; however, they do not lose their experience, intellect, and knowledge. Jim got a chance to prove that what he taught over the years to beginning real estate investors, works, even when starting from “zero.”
One powerful secret of Jim’s success is that every business he starts, he has in the business plan a giving portion as part of it. For every dollar he makes in profit, he puts 10% in a giving fund. He uses this money to help others. He says it is important to give away this money with no expectation of any return. However, the good efforts come back in surprising ways from this giving. Jim says, “I don’t know why it works or how it works, it just works… Many of your ideas will fail, but some will hit… No matter what you are going through, you can make it.” Know more about Send In The Wolves here.