Noah Rosenfarb is a CPA and the Founder of Freedom Family Office, which helps entrepreneurs and affluent individuals achieve financial independence, build lasting legacies, and lead their ideal lives. Noah’s entrepreneurial journey started in childhood, evolving from multiple jobs to a successful finance career, specializing in forensic accounting and running a family office catering to affluent divorced women. He is the author of numerous books and has extensive experience in real estate investment. Noah’s unique approach focuses on creating wealth that transcends monetary value, optimizing lifestyles, and ensuring happiness for his clients.
Tune in to this episode of the Smart Business Revolution Podcast as John Corcoran interviews Noah Rosenfarb, CPA and Founder of Freedom Family Office, about his early career, starting a family office before the great recession, which surprisingly was good timing. Noah’s move to Florida marked a pivotal point, prompting a broader reflection on life choices and financial goals. His new venture, Freedom Family Office, is dedicated to guiding entrepreneurs through their transitions to a life “rich beyond money.” However, even someone committed to helping others find fulfillment isn’t immune to societal pressures, as he addresses current events personally.
Here’s a Glimpse of What You’ll Hear:
- [2:35] Insights into Noah Rosenfarb’s early recognition of the importance of financial freedom
- [3:19] How educational institutions can foster entrepreneurial spirit in youths
- [4:13] Balancing jobs and high school—developing a strong work ethic early on
- [6:35] How experiences in childhood shape future financial perspectives
- [7:07] Cultivating gratitude and value-awareness in children of affluent families
- [12:19] How to pivot and cater to a niche market effectively—lessons from a specialized family office
- [16:23] The significance of empathy in financial advisory, especially during emotional times
- [20:25] What brings fulfillment beyond professional investing and financial work?
- [21:49] How Noah is assisting entrepreneurs today and the difference his work makes
- [23:12] Adapting to a new market and building a client base in a remote working environment
- [26:33] The importance of having a strong, supportive team that complements your capabilities
- [28:43] Reflections on current societal issues and their impact on personal and family life
- [31:16] Understanding the importance of gratitude and public acknowledgment of mentors and supporters
Resources Mentioned In This Episode
- John Corcoran on LinkedIn
- Noah Rosenfarb: LinkedIn | Website
- Joel Gandara on LinkedIn
- Freedom Family Office
- Entrepreneurs’ Organization
- 31DailyChallenges
- Rise25
- Exit: Healthy, Wealthy and Wise – A Step-By-Step Guide to Conquering Business, Personal, Family and Financial Issues by Noah Rosenfarb
Quotable Moments:
- “As a child, I started to realize the differences between having financial freedom and not, and I decided that I wanted the choices that money would bring.”
- “There’s a lot of effort that went into financial success, but there’s also a lot of luck as well.”
- “My preference was to get things resolved quickly, fairly. The more people fought, the more money I made, and that just didn’t sit well with me.”
- “I didn’t need more money to do what I wanted to do. I just needed more courage, more thoughtfulness, and more planning.”
- “We’re helping these entrepreneurs in a way that no one else in the marketplace was doing.”
Sponsor: Rise25
At Rise25, we’re committed to helping you connect with your Dream 100 referral partners, clients, and strategic partners through our done-for-you podcast solution.
We’re a professional podcast production agency that makes creating a podcast effortless. Since 2009, our proven system has helped thousands of B2B businesses build strong relationships with referral partners, clients, and audiences without doing the hard work.
What do you need to start a podcast?
When you use our proven system, all you need is an idea and a voice. We handle the strategy, production, and distribution – you just need to show up and talk.
The Rise25 podcasting solution is designed to help you build a profitable podcast. This requires a specific strategy, and we’ve got that down pat. We focus on making sure you have a direct path to ROI, which is the most important component. Plus, our podcast production company takes any heavy lifting of production and distribution off your plate.
We make distribution easy
We’ll distribute each episode across more than 11 unique channels, including iTunes, Spotify, and Google Podcasts. We’ll also create copy for each episode and promote your show across social media.
Cofounders Dr. Jeremy Weisz and John Corcoran credit podcasting as being the best thing they have ever done for their businesses. Podcasting connected them with the founders/CEOs of P90x, Atari, Einstein Bagels, Mattel, Rx Bars, YPO, EO, Lending Tree, Freshdesk, and many more.
The relationships you form through podcasting run deep. Jeremy and John became business partners through podcasting. They have even gone on family vacations and attended weddings of guests who have been on the podcast.
Podcast production has a lot of moving parts and is a big commitment on our end; we only want to work with people who are committed to their business and to cultivating amazing relationships.
Are you considering launching a podcast to acquire partnerships, clients, and referrals? Would you like to work with a podcast agency that wants you to win?
Contact us now at [email protected] or book a call at rise25.com/bookcall.
Rise25 Cofounders, Dr. Jeremy Weisz and John Corcoran, have been podcasting and advising about podcasting since 2008.
Episode Transcript
John Corcoran 0:00
All right. Today we’re talking about how to be rich beyond money. What does that mean? We’re talking about how entrepreneurs can live a life of meaning, which is not just about the money today. My guest is Noah Rosenfarb. I’ll tell you more about him in a second. So stay tuned.
Chad Franzen 0:17
Welcome to the Smart Business Revolution Podcast where we feature top entrepreneurs, business leaders and thought leaders and ask them how they built the relationships to get where they are today. Now, let’s get started with the show.
John Corcoran 0:33
Alright, welcome everyone. John Corcoran here. I’m the host of this show. And you know, I feel so privileged every week to talk to smart CEOs, founders, and entrepreneurs from a range of different companies and experiences. We’ve had Netflix Kinkos, YPO, EO Activision Blizzard, Lending Tree, OpenTable GrubHub, redfin, you name it, lots of great companies go check out the archives, you could listen to some of those episodes. And of course, this episode is brought to you by Rise25, where we help B2B businesses get client referrals and strategic partnerships. We’ve done a few podcasts and content marketing and you can learn about what we do by going to rise25.com
And my guest here today, first of all, before I get to him, a quick shout out to Joel Gandara 31dailychallenges.com is one of my past guests on the show. And I always love to ask my guests afterwards, who would they recommend because some of the best guests have come from personal recommendations. And he recommended today’s guests. So thank you shout out to Joel for that. Noah Rosenfarb. He’s the Founder of Freedom Family Office, which is dedicated to assisting entrepreneurs and achieving predictable income, building legacies, and realizing their ideal lives. He’s written something like four books going on 567 maybe taking a company public and selling a company’s done 45 different real estate investments. His tagline is really, really cool is rich beyond money.
And we’re going to talk a little bit about what he means by that. And now it’s such a pleasure to have you here today. And I love to ask people about how they were as a kid, and you grew up in, we kind of had a little bit of similar experiences in that we both grew up in, you know, we’re privileged that we were in, you know, safe, suburban communities, surrounded by people that were willing to do. But I think you were raised by a single mother, my parents, my dad was a journalist, my mom was a travel agent, they never made a lot of money. And so I always joke that I was the poorest kid in town. And you kind of experienced that as well. And you ended up doing, you know, shoveling snow and selling company baby babies selling candy and, and babysitting in order to make some money on the side. So tell us a little about that.
Noah Rosenfarb 2:35
Yeah, no, I, in many ways, had a great childhood. The challenge in the house was that my mom would work two jobs, sometimes three. And I always knew when it was payday. And when I would go out with my dad on the weekends, you know, it was kind of a totally different experience. We’d go out to dinner and we could order dessert or if it were raining, we’d be able to go to the movies, and then go bowling, you know. And so, as a little kid, I started to realize the difference between having financial freedom and having success financially and not, and I decided that I wanted the choices that money would bring. And so I was a young hustler. I always had money in my pocket, because it was always important.
John Corcoran 3:12
And so you shoveled snow, you sold candy at school, did you get busted by the principal?
Noah Rosenfarb 3:19
So actually, the principal in seventh grade was better than most of the, you know, administrations. He said, Why don’t you come inside? We have this closet, why don’t you turn it into a school store. And so I was able along with a friend to inventory and figure out what we wanted the stock and it was the money that went to the school. But it was a great project for me as a seventh grader to build out a little store.
John Corcoran 3:46
That is amazing. I can’t tell you how many of my guests have said, you know, I got busted by principle. And that was the end of it. And they didn’t get to do it anymore. So that’s really cool to the principal. Like here, I started a school store. Right? It was a great experience. And then you, also in high school, were riding your bike five days a week, over to babysit at six in the morning through the snow at a neighbor’s house. Exactly what every teenager wants to do.
Noah Rosenfarb 4:13
You know, it was a newborn and a five-year-old and my dad was a roofer. So he had to leave early and mom was an overnight nurse. And so there was a two-hour window between when dad left and mom came home. So I’d get the baby up and dressed and fed and when the five-year-old woke up, get her dressed and fed and ready for school. And then I’d be off riding my bike to high school so I lose it. It was a grueling job, but it paid 20 bucks an hour back in the I guess mid-early money. Good money. Yeah. I couldn’t complain that my after-school job was in a law firm and I worked there filing papers and I was always ready to hustle and make some money.
John Corcoran 4:52
As you look back on it now it seems like there’s a little bit of a warm feeling towards it. You know, I could talk forever about my house. School experience because I went to this affluent High School. Their kids got a brand new car when they turned 16 and drove into the parking lot. And I have to admit that I admired that at the time. My parents gave me a horrible hand-me-down used car that would embarrassingly stall every time I pulled into the high school parking lot, and my friends would see me in and look back on it. Now I kind of laugh, but it was embarrassing at the time. For you. You’re in an affluent suburb. You mentioned your parents, but was there ever? How did you feel about the fact that you’re working? And you probably had classmates who had much more resources than you?
Noah Rosenfarb 5:39
Yeah, I think, for me, it was just motivation and drive. I don’t know that there was much regret or resentment that I ever really felt, I think maybe sometimes towards my mom, I wish she could have gotten together a little bit better, and figured out how to make a budget. I started the food shopping in the house when I was nine, because I said, Listen, I know how to make the dollars go farther. Why don’t you just drop me off at the supermarket? come pick me up in an hour. You know, nine.
John Corcoran 6:05
I am nine years old now. I couldn’t imagine him doing that. Right?
Noah Rosenfarb 6:10
Yeah, so I grew up early. And I think in many ways, it was a great advantage. And now I have a 17-year-old son and a 13-year-old daughter. And one of the things they often tell me is, you know, Dad, we didn’t grow up like you, you know, like, so there’s a reason that maybe their motivations are different, or their hustles different and, you know, proud of who they are, and then who I expect them to become. But it’s much different than what I grew up like.
John Corcoran 6:35
Well, you move to South Florida, so there’s not a lot of riding the bike in the snow for them, I imagine unless you go visit the slopes. But I’m curious about that. I’ve interviewed a bunch of guests who grew up with a lot more means or rather have a lot more means now. And they have kids that have a lot more means than they had as a kid. And they have to make parenting decisions about how they raise their kids around money. So talk a little bit more about that, you know, how you choose now, and then we’ll get back to your story.
Noah Rosenfarb 7:07
So I think one of the things we’ve instilled in our kids is gratitude for what we have. And that, you know, even though I’ve worked hard for the things that we have, and the niceties that we get to enjoy, we’ve also been blessed just by virtue of where we’re born, and what we look like and how we speak and, and so as a result, you know, we can say there’s a lot of effort that went into it. There’s also a lot of luck as well. And in addition, I’ve tried to help them become cognizant of the value of $1. And so you know, there’s a lot of things that I’m proud of, but both of my kids when they had their my son, his bar mitzvah, my daughter, her Bar Mitzvah, instead of having a very lavish party, they both decided to pack 18,000 meals for our local food pantry with their friends. And so it was things like that that gave me the sense that we’re on the right track.
John Corcoran 7:58
That’s amazing. Yeah. You ended up in college. You owned a restaurant on campus. I’ve never heard of that before. How are you a college student owning a restaurant on campus?
Noah Rosenfarb 8:11
So my brother had failed out of college and was working at a pizzeria in Arizona, and decided he wanted to own a pizzeria back near home in New Jersey. And he found an investor that was willing to support him in that adventure. And he happened to find a pizzeria, half a mile from my college fraternity house. And so when that happened, I said, Look, I’ll go and partner with you. I’ll put up some of my money at the time, you know, I had had some savings that I’ve accumulated from all the work that I had done, and actually from stock market investing that I had done since I was a teenager. And so I bought into that business. I’ve worked evenings and weekends. And then I started a fraternity and sorority catering business because I was part of Greek life.
And I recognized that there was an opportunity because it was hard. In Ruckers, I went to the State University in New Jersey, it was very difficult to find a reliable chef to work inside one of the fraternity or sorority houses. So we provided a solution for them. It was low cost and had a good variety, and we delivered them 300 meals a day.
John Corcoran 9:16
Wow. Very cool. And so you were able to balance your studies at the same time while you’re running these other businesses. Yeah,
Noah Rosenfarb 9:24
You know, I think I was never much for doing my homework. That was just never something I always figured if I could get a B without homework, I’ll stick with that.
John Corcoran 9:36
And how did it go partnering with your brother because sometimes, you know, going to business with a family member can be fraught with difficulties.
Noah Rosenfarb 9:44
Worked out well, in the sense that I got what I wanted out of that experience. I think, unfortunately for my brother, he got sick while we owned that business, and he had to have his colon removed so he was out of work for a long time. And as a result, you know, when I graduated college things kind of fell apart. And we had to, in a way, liquidate that business. We didn’t get to sell it for a profit, unfortunately. And, you know, easy come easy go. But I take a lot of valuable lessons away from that experience. So I wouldn’t, I wouldn’t trade it for anything.
John Corcoran 10:14
Yeah, by the way, I meant to mention this earlier, but reflecting back on your personal life story, you grew up with your mom and your dad having different financial abilities. It’s almost like you had your own Rich Dad Poor Dad experience, but with your parents, no doubt about it.
Noah Rosenfarb 10:28
Yeah, I say it was a gift in many ways. And again, my kids don’t have that gift of needing to feel what it’s like to not have something that you want. And, so, you know, I was in a room full of donors once, before an event for a VIP donor session, and the speaker had asked how many of you grew up, you know, in a situation that you would call adversity, you know, in every hand went up? And, you know, how many of you have children that are growing up in that adversity? And, you know, nobody’s hands up? And then it’s like, okay, so is adversity valuable? And are we robbing our children of that adversity and the, you know, experience that comes from it? And so I think, in many ways, we have to manufacture adversity for our own children, if we have the good fortune of being able to bring them up in a very comfortable setting.
John Corcoran 11:22
Yeah. And are there any tips that you have for doing that, for manufacturing, that adversity?
Noah Rosenfarb 11:28
You know, for us that we’ve always been very philanthropic and philanthropic minded. And so, you know, when we go on vacations, I remember once we were in Curacao, and we coordinated with a place for boys, you know, orphan boys, and we went there, and my, you know, brought them soccer balls and sporting equipment, and my son played soccer with them. And, you know, we’ve always tried to incorporate experiences, to help those that are less fortunate into our daily lives. And as a way, not only to, you know, recognize what we have, but also to show others that, you know, we’re there to help them and support them.
John Corcoran 12:03
Yeah. So flash forward a little bit, you become a CPA, you decide to start a family office specializing in helping divorce women, and you start this in 2007. Right before the Great Recession happens. Which ended up being actually good timing, why?