Episodit
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Summary
Scott has a net worth of $10 million. He first appeard on the show back on episode 76 almost exactly 5 years ago when his net worth was around $7 million. He has all of his net worth in his business, real estate and crypto. He is a business owner, an attorney, an entrepreneur, and a real estate investor. He shares his journey to finding true wealth and happiness. He discusses how acquiring more things and wealth led to anxiety and a lack of enjoyment in the present moment. Through experiences like ayahuasca retreats and studying CREA yoga, Scott learned to prioritize peace and doing what he truly wants. He emphasizes the importance of controlling the mind and emotions to experience deeper levels of peace and love.
Scott also talks about his asset allocation strategy, including investments in real estate, algorithmic trading, and cryptocurrency. In this conversation, Scott shares his insights on wealth building and asset protection. He emphasizes the importance of clarity in defining one's goals and treating wealth building as a business. He also discusses the need for asset protection strategies, such as using LLCs and living trusts, and optimizing portfolio returns through tax strategies. As wealth scales from seven to eight figures, he recommends using private foundations and investing in CFO-level services. Scott also shares personal experiences, including expensive meals and transformative moments in the jungle. He advises listeners to surround themselves with successful people and ask thoughtful questions.
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Summary
Chris has a net worth of $15 million. Most of is in real estate with a little bit in cash. He is 57 years old and has 33 years of experience in real estate and has been involved in various aspects of the industry, including building, brokerage, condominium conversions, and new construction. After the 2008 crash, he shifted his focus to creative financing and developed the three-payday system, which allows him to get paid multiple times on each deal. He primarily uses owner financing, subject-to deals, and lease purchases to acquire properties.
Chris emphasizes the importance of mentorship and ongoing training in his business, and he believes that leaders and training are key to growing a successful company. Chris shares his experience running a family business and offers advice for those considering it. He emphasizes the importance of having a mission and values that everyone in the company agrees on, which helps reduce conflicts and decision-making challenges.
Chris also discusses his future goals, which include creating experiences and enjoying time with his family. He shares the most fun he's had with money, which is achieving his 30-year goal of building a home in the mountains. Chris also talks about the financial habits he's changed over the years, such as focusing on improving cash position and allocating money to real estate and the company. He highlights the significance of surrounding oneself with the right people and the impact it can have on personal and professional growth.
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Puuttuva jakso?
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Summary
Dividend Daddy has a net worth of $2+ million. He shares his journey to financial independence and his investment strategies. He discusses his real estate holdings, including his mortgage-free primary home and investment properties with mortgages. Dividend Daddy explains the reasons behind paying off his primary home early, including the limited mortgage options in Canada.
He also talks about his transition from index investing to a hybrid approach, focusing on dividend-paying stocks in Canada. Dividend Daddy plans to live off his dividend income and contract work, allowing him the flexibility to travel and live life on his own terms. The principal theme of the conversation is Dividend Daddy's plans for his next phase of life, which involve traveling and working remotely. He wants to explore different parts of the world, particularly Europe, South America, and Asia, and spend more time in warm climates.
Dividend Daddy is not interested in owning a car and prefers to use public transportation, walk, or cycle. He learned the importance of saving money from his grandfather, who emphasized paying with cash and avoiding debt. Dividend Daddy became a millionaire around the age of 35, but he didn't track his net worth closely. He has recently shifted from index investing to a hybrid approach that includes dividend investing. His advice to younger investors is to start early and keep expenses low.
Takeaways
*Dividend Daddy has a net worth in the multi-millions, with investments in the stock market and real estate.
*He paid off his primary home early due to the limited mortgage options in Canada and the peace of mind it provided.
*Dividend Daddy focuses on dividend-paying stocks in Canada, particularly in stable industries like banking and telecommunications.
*He plans to live off his dividend income and contract work, allowing him the freedom to travel and live a location-independent lifestyle. Dividend Daddy plans to travel and work remotely in different parts of the world for his next phase of life.
*He prefers to use public transportation, walk, or cycle instead of owning a car.
*Dividend Daddy became a millionaire around the age of 35, but he didn't track his net worth closely.
*He has recently shifted from index investing to a hybrid approach that includes dividend investing.
*His advice to younger investors is to start early and keep expenses low.@DividendDaddy1
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Summary
In this episode, Chase has a net worth of $350+ million. Most is in private companies. He sold one of his largest ventures for hundreds of millions. He shares his journey in the payments industry and his approach to investments. He discusses his preference for liquidity and his investment strategy, which includes investing in private companies, stocks, and cryptocurrency. Chase also talks about his decision to rent instead of owning real estate and his focus on building and starting new companies. He shares the impact of a life-changing event on his perspective and his mission to change the charitable giving landscape. Chase emphasizes the importance of transparency in charitable giving and his goal to help a billion people through his new company, Wishes.
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Summary
In this episode, Chris and Jen, a military family with a net worth of over $5 million, discuss their journey to financial success. With their pensions they have a net worth over $9 million. They share how their parents taught them about money and the importance of investing. Their children also talk about their experiences with cash flow and investing. Chris and Jen explain their investment strategies, including buying and holding stocks and diversifying their portfolio. They discuss their favorite stocks and alternative investments, such as real estate and cryptocurrency.
The couple also shares their approach to retirement accounts and making investment decisions together. In this conversation, Chris and Jen discuss their financial journey, including their experiences with investing, taking risks, and teaching their children about money. They share their goals for the future, such as starting a consulting business, and discuss the importance of financial literacy and early investing. They also talk about their financial milestones, including becoming millionaires and changing their spending habits. They offer advice for beginners, emphasizing the value of starting early and being resourceful with money.
Takeaways
*Teaching children about money and investing from a young age can set them up for financial success in the future.
*Playing games like Cashflow and Monopoly can help children learn about saving, investing, and real estate.
*Starting to invest in the stock market at a young age can lead to long-term wealth accumulation.
*Diversifying investments and exploring alternative options, such as real estate and cryptocurrency, can provide additional opportunities for growth. Taking calculated risks and learning from failures is an important part of investing.
*Setting clear goals and planning for the future can help guide financial decisions.
*Teaching children about investing and involving them in financial discussions can help instill good money habits.
*Investing in small businesses and exploring alternative investment opportunities can be part of a diversified portfolio.
*Becoming a millionaire requires discipline, hard work, and smart financial choices.
*Using credit cards strategically and taking advantage of military benefits can help maximize financial opportunities.
*Starting early and being resourceful with money are key factors in building long-term wealth. -
Summary
Damon has a net worth of $12.5+ million. He is the founder of a successful marketing agency. He shares his journey from starting a car enthusiast website to becoming an entrepreneur. He discusses the importance of taking calculated risks and betting on oneself. Damon also talks about the value of real-world experience and mentorship in entrepreneurship, highlighting the limitations of traditional education. He emphasizes the need for entrepreneurs to find their passion and encourages his employees to pursue their own entrepreneurial goals.
Damon shares his approach to asset allocation, including his investments in real estate and whole life insurance. He also discusses the balance between taking cash home and reinvesting in the business. In this conversation, Damon discusses his journey as an entrepreneur and the importance of prioritizing personal health. He shares insights into the benefits of whole life insurance and how it can serve as a retirement account.
Damon also talks about the process of rediscovering personal interests and the impact it has on overall well-being. He highlights the unique selling points of his agency, emphasizing the importance of data analysis and documented processes. The conversation concludes with rapid-fire questions about Damon's experiences with money and his advice for aspiring entrepreneurs.
Takeaways
*Taking calculated risks and betting on oneself can lead to entrepreneurial success.
*Real-world experience and mentorship are valuable in entrepreneurship, often surpassing the benefits of traditional education.
*Encouraging employees to pursue their entrepreneurial goals can lead to a more loyal and productive team.
*Diversifying asset allocation, including investments in real estate and whole life insurance, can contribute to long-term financial stability. Prioritizing personal health is crucial for long-term success and overall well-being.
*Whole life insurance can serve as a retirement account and provide multiple benefits, including a death benefit, cash value, and the ability to withdraw funds.
*Rediscovering personal interests outside of work and family is essential for personal growth and fulfillment.
*Data analysis and documented processes are key factors that set Damon's agency apart from competitors. -
Summary
Ben has a net worth of $1+ million. In this episode, Ben shares his background and current ventures, including running a marketing company and investing in mining. He discusses his net worth and asset allocation, highlighting his shift from real estate to business investments. Ben also explains his journey in real estate investing, from renovations to subdivisions and small developments. He shares his transition to business and the importance of return on cash.
Lastly, Ben talks about his unique investment in mines and his future goal of reaching a net worth of $10 million. In this conversation, Ben shares his passion for financial freedom and making an impact. He discusses his goals of achieving $10 million in liquid assets and helping young entrepreneurs through his business, Youth in Business. Benjamin also explores the psychological significance of the $10 million milestone and the importance of measuring impact. He shares his experiences with expensive purchases and the most fun he's had with money. Benjamin reflects on lessons from his childhood and the craziest things he's done to earn money. He discusses how his financial habits have changed since becoming a millionaire and shares a closely held belief that he recently changed. Finally, Benjamin offers advice for beginners, emphasizing the importance of learning to sell and embracing mistakes.
Takeaways
*Ben has a diverse background in running a marketing company, investing in real estate, and mining.
*He emphasizes the importance of asset allocation and the need to spread investments across different strategies.
*Ben shares his journey in real estate investing, from renovations to subdivisions and small developments.
*He highlights the significance of return on cash and the potential for higher returns in business investments. Passion for financial freedom and making an impact drives Benjamin Jones.
*His goals include achieving $10 million in liquid assets and helping young entrepreneurs through Youth in Business.
*The $10 million milestone holds psychological significance as the next logical goal.
Measuring impact is important, and Benjamin aims to help 100,000 young entrepreneurs next year.
*Benjamin shares experiences with expensive purchases and the most fun he's had with money.
Lessons from childhood include the value of hard work and the importance of learning to sell.
*Benjamin reflects on the craziest things he's done to earn money and the financial habits he's changed since becoming a millionaire.
*He recently changed his closely held belief that more people on a project lead to better results.
*Advice for beginners includes learning to sell and embracing mistakes. -
Summary David has a net worth of $17 million. Most is in his company but he does have over $1 million in real estate, some cars and cash. He shares his journey from being an engineer to becoming financially free through real estate investments and the creation of a software company. David also talks about his spending habits and the lifestyle changes he made after achieving financial freedom. He shares his decision to leave his job and the challenges he faced in transitioning to entrepreneurship. David emphasizes the importance of buying great real estate deals and managing properties himself. H e also discusses his plans for the future and managing risk in his investments. In this conversation, David Lecko shares his journey of managing finances, building personal wealth, and making luxury purchases like cars. He discusses his passion for racing and how it has become a meaningful hobby for him. David also talks about how his lifestyle changed over time and the challenges he faced in managing his spending habits. He expresses his love for Austin and the vibrant entrepreneurial community it offers. Finally, he shares advice for beginners, emphasizing the importance of reverse engineering a proven business model. Takeaways Financial freedom can be achieved by investing in real estate and creating passive income streams. Buying great real estate deals and managing properties yourself can be a successful investment strategy. Transitioning from a W2 job to entrepreneurship requires careful planning and a willingness to take risks. Managing risk in investments can be done by buying properties with good cash flow and focusing on a specific geographic area. Take control of your finances and pay yourself what you deserve for taking the risk to start a business. Find a meaningful hobby that requires you to be fully present and pushes you out of your comfort zone. Be mindful of your spending habits and make conscious decisions about luxury purchases. Build a community of like-minded entrepreneurs who understand and support your journey. Reverse engineer a proven business model to increase your chances of success.
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Summary
Sophia is a second generation immigrant. She has a net worth of $1.2 million divided between multiple asset classes. She is a traveling Nurse Practitioner in her mid 30's and has had quite the financial journey.
Takeaways
-Traveling for work can bring a lot of financial benefits
-Working in a job you love will help set you up for financial success
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Summary
Johnson, a former software engineer, has a net worth of $1.2 million. He has all of his net worth in the market in a few different accounts. He doesn't like the idea of having real estate to manage or a business to manage. He is a nomad and traveling the world at the moment and has been for the last few years. He left over $1 million on the table after leaving his job to travel the world.
Takeaways
-Living abroad can stretch your dollar farther
-Work without purpose can get boring and monotonous
-Investments have continued to grow at a rate greater than withdrawal
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Summary
Jerome Myers, a corporate America dropout, has a net worth of $1.0+ million. He has an old 401k and some other market investments but is primarily in real estate now. He shares his journey of leaving his job and starting a successful real estate business. He discusses the challenges and lessons he learned along the way, including the importance of having a stable income and the risks of being too aggressive in real estate.
Jerome also shares his goals of reaching a net worth of $10 million and giving back through education and supporting teen moms. He emphasizes the value of creating experiences and spending money on what truly matters, rather than trying to impress others. Overall, Jerome's story is one of perseverance, growth, and the pursuit of work optional lifestyle.
Takeaways
-Leaving corporate America and starting a real estate business can be a challenging transition, but with proper planning and a stable income, it can lead to success.
-Being too aggressive in real estate can be risky, and it's important to have a long-term perspective and the ability to ride out market downturns.
-Setting financial goals, such as reaching a net worth of $10 million, can provide motivation and a sense of purpose in building wealth.
-Giving back and supporting causes that are important to you can bring fulfillment and make a positive impact on the world.
-Spending money on experiences and creating memories with loved ones is often more valuable than material possessions or trying to impress others.Sponsored by:
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Summary
Jarrett has a net worth of $1.3 million. He shares his journey to becoming a millionaire while working as a power engineer in the oil industry. He discusses his net worth, which is primarily invested in the stock market and real estate. Jarett also talks about his side ventures in real estate and selling life insurance. He shares his financial goals, including providing financial security for his family and eventually transitioning away from his main job. Jarett emphasizes the importance of hard work, financial education, and reaching out to mentors for guidance. He also highlights the need to start early and not compare oneself to others. Jarret, a millionaire before the age of 30, shares his journey to financial success and offers insights into real estate investments, entrepreneurship, and personal development.
Takeaways
Hard work and financial education are key to building wealth.
Investing in the stock market and real estate can provide significant returns.
Having multiple streams of income, such as side ventures, can help increase wealth.
Setting financial goals and having a plan is crucial for long-term success.
It's important to surround yourself with mentors and seek guidance from experienced individuals.
Starting early and being consistent with saving and investing can lead to financial independence.
Avoid comparing yourself to others and focus on your own financial journey. Developing a strong financial mindset is crucial for achieving financial success.
Real estate investments can be a lucrative avenue for building wealth.
Entrepreneurship requires perseverance, adaptability, and a willingness to take risks.
Personal development and mindset play a significant role in achieving success in all areas of life.
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Summary
Shawn DiMartile has a net worth of $3.5 million. All of it is in real estate. He is in his mid 30's. He shares his journey from being an air traffic controller to building a real estate portfolio worth millions. He discusses the importance of liquidity in real estate investing and the decision to liquidate his 401k to invest in real estate. Shawn explains the benefits of real estate investing over traditional retirement accounts and the strategies he used to achieve his first million.
He also discusses the challenges and opportunities in the Airbnb market and the impact of regulation on the business model. Overall, Shawn emphasizes the importance of education, partnerships, and creativity in real estate investing. In this conversation, Shawn DiMartile shares his experience with property management and automation, rapid-fire questions, lessons from childhood, early jobs and money, changing beliefs and future goals, financial habits as a millionaire, and advice for beginners.
Takeaways
*Real estate investing can provide greater cash flow and wealth-building opportunities compared to traditional retirement accounts.
*Having liquidity is crucial in real estate investing, both for meeting bank requirements and for handling unexpected expenses.
*Partnering with experienced investors and mentors can provide valuable guidance and increase confidence in real estate investing.
*Investing in properties outside of high-cost areas like California can offer better returns and growth opportunities.
*The Airbnb market is becoming more competitive, and success requires investing in unique properties and providing exceptional amenities.
*Regulation can impact the Airbnb business model, and investors need to stay informed and adapt to changing regulations. Automating systems can help manage properties efficiently and reduce the need for property managers.
*Having a strong work ethic can contribute to success in real estate investing.
*Frugality and delayed gratification can lead to long-term financial goals.
*Real estate investing takes time, patience, and learning from mistakes.
*Consistency and proven methods can lead to results in investing.Connect with Shawn on Instagram (@shawn_dimartile)
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Summary Brian, an enterprise sales professional, shares his journey to building a net worth of $1.8 million. He discusses his investment allocation, which includes retirement accounts, brokerage accounts, syndications, and startup companies. Brian emphasizes the importance of diversification and the benefits of investing in alternative assets. He also talks about his late start to investing and the lessons he learned along the way. Brian shares his financial goals, including his plan to retire at 55 with a net worth of $4 million. He discusses his strategy for Roth conversions and the importance of teaching kids about building wealth. The conversation concludes with rapid-fire questions about Brian's experiences with money. In this conversation, Brian discusses the importance of valuing experiences over material possessions. He emphasizes the joy and memories that come from traveling and spending time with family. Brian also shares a change in his belief about spending money, realizing the importance of enjoying life now rather than waiting for the future. He talks about his financial habits, including being cautious about his finances and checking them frequently. Finally, Brian offers advice for beginners, encouraging them to keep their financial plans simple, invest consistently, and avoid making frequent changes. Takeaways Focus on experiences and travel, as they create lasting memories and joy. Reevaluate beliefs about spending money and consider enjoying life now rather than waiting for the future. Be cautious about finances and check them regularly to protect against fraud or unexpected events. For beginners, keep financial plans simple, invest consistently, and avoid frequent changes.
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Summary Carlos - The Sequel shares his journey as a serial entrepreneur and his transition to real estate and commercial properties. He discusses the mindset shifts required to scale from six figures to seven figures and beyond. Carlos emphasizes the importance of continuous learning and investing in oneself. He also talks about the significance of giving back and teaching kids about money. Carlos shares his strategies for living below his means and splurging on experiences rather than material possessions. He invites listeners to join his weekly Zoom sessions and connect with him on social media.
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Summary Carlos has a net worth of $51 million. He shares his journey from starting businesses to building a large real estate portfolio. He discusses his transition from business to real estate and the impact it has had on his net worth. Carlos emphasizes the importance of problem-solving skills and finding solutions to create successful businesses. He also highlights the role of asset managers in managing properties in different states. Additionally, Carlos shares his experience of starting a mountain biking magazine at a young age. Takeaways Transitioning from business to real estate can provide significant opportunities for growth in net worth. Problem-solving skills and finding solutions are crucial for building successful businesses. Asset managers play a vital role in managing properties in different states. Starting a business that solves a problem can lead to success and growth. Diversifying investments and leveraging other people's money can accelerate wealth creation.
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Summary
Rayne shares her journey of house hacking and building a net worth of $2.1 million through real estate investments. She started by purchasing two-family homes and living in one unit while renting out the other. Over time, she acquired more properties and used the cash flow from rentals to cover most of her living expenses. Rayne emphasizes the importance of living below your means and being money-conscious. She also discusses her plans for the future, including potential vacation home purchases and continued investment in retirement accounts. Rayne shares her strategies for teaching her children about finances and the value of a dollar.
Takeaways
House hacking can be a great way to start building wealth through real estate investments.
Living below your means and being money-conscious are key to financial success.
Diversifying investments and taking calculated risks can lead to long-term growth.
Teaching children about finances from a young age can set them up for financial success in the future. -
2023 in Review
Jace and Stacey break down lessons learned in a year in review, personal changes to their investment strategy and overall wrap up of a few main data points from the show in general.
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Summary
In this episode, Frank shares his journey to becoming a millionaire and paying off his house. His net worth is $1.0 million. He has a chunk in retirement accounts invested in the market, a paid for house worth several hundred grand and the rest is in cash and other small investments. He discusses the importance of hard work and changing financial habits. Frank also talks about teaching his children about finances and his plans for the future. He shares his thoughts on mortgages and home ownership, as well as leaving an inheritance. Frank offers advice for beginners, emphasizing the importance of starting early and educating oneself about personal finance.
Chapters
00:00 Introduction and Background
06:12 Paying Off the House
11:27 Financial Journey and Lessons Learned
15:10 Meeting spouse and working through money conversations
20:47 Alternative Investments
23:47 Thoughts on Mortgages and Home Ownership
25:20 Leaving an Inheritance
30:14 Immediate Goals and Next Steps
32:25 Rapid Fire Questions
37:50 Advice for Beginners - Näytä enemmän
