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Controversial money advice learned in 34 years.
My parents didn't teach me this... yours didn't either.
Time for some straight talk on $$$. No BS
My parents didn't teach me this... yours didn't either.
Time for some straight talk on $$$. No BS
Donât pay your medical bills.
Medical bills are sometimes marked up 1000%+. The first bill they send you is a suckerâs bill.
Wait 12 months before even looking at a bill from a doctor. (many offices give up by then.)
Medical bills are sometimes marked up 1000%+. The first bill they send you is a suckerâs bill.
Wait 12 months before even looking at a bill from a doctor. (many offices give up by then.)
If your net worth is below 7 figures
And you're stuffing tons of cash into a 401k for the "company match" and "tax purposes"..
Enjoy the golden handcuffs.
You're not leaving.
And you're stuffing tons of cash into a 401k for the "company match" and "tax purposes"..
Enjoy the golden handcuffs.
You're not leaving.
A âfamilyâ budget only leads to fighting and resentment.
Make enough money and those fights disappear
Use credit cards.
Throw out the rigid budget, your spouse doesn't care.
Make enough money and those fights disappear
Use credit cards.
Throw out the rigid budget, your spouse doesn't care.
An easy barometer for how you see money:
"Where is the âpainâ when it comes to unexpected expenses?"
Does $50 hurt? $500? $5,000? Maybe $50,000?
Forget trying to become a millionaire⊠climb those pain milestones
"Where is the âpainâ when it comes to unexpected expenses?"
Does $50 hurt? $500? $5,000? Maybe $50,000?
Forget trying to become a millionaire⊠climb those pain milestones
Stop looking at menu prices.
Order what you want.
It's the first step to changing how you view money...
Lobster look good tonight?
You'll survive. Spouse will like you more too.
Order what you want.
It's the first step to changing how you view money...
Lobster look good tonight?
You'll survive. Spouse will like you more too.
As you make more money, spend more.
"Don't let lifestyle creep up as you earn more...spend the same."
Use your money to make your life easier
Hire that cleaning service 2-4x per month...babysitters...
My wife is tired. "Don't cook honey... we're going out."
"Don't let lifestyle creep up as you earn more...spend the same."
Use your money to make your life easier
Hire that cleaning service 2-4x per month...babysitters...
My wife is tired. "Don't cook honey... we're going out."
I'm supposed to:
1. Save for my kids college
2. Save for retirement
3. Save $$ so my kids don't pay for my dementia pills & funeral
4. And save for their inheritance
What a sad life
What's the point of working hard if 1/2 the things rely on me dying
WTF
No thanks.
1. Save for my kids college
2. Save for retirement
3. Save $$ so my kids don't pay for my dementia pills & funeral
4. And save for their inheritance
What a sad life
What's the point of working hard if 1/2 the things rely on me dying
WTF
No thanks.
Always better to spend money on what you like and NOT spend on stupid crap you donât enjoy.
We love eating out, so we spend a ton on that. We cut in other areas like fancy cars + toys (my golf clubs are hand-me-downs from my FIL)
We love eating out, so we spend a ton on that. We cut in other areas like fancy cars + toys (my golf clubs are hand-me-downs from my FIL)
One investment⊠even a small one, can change the entire trajectory of your life. People who bought Tesla 2 years ago are up 1,930%.
They've turned $25k into $482k.
We bought our 1st off-market rental for 122k, worth $270k today.
Start with one investment
They've turned $25k into $482k.
We bought our 1st off-market rental for 122k, worth $270k today.
Start with one investment
Zero point in crying about taxes. Politicians donât care about you.
If you're still doing taxes on TurboTax...
1. You don't own enough assets (own more)
2. You're saving pennies and losing dollars
Hire a CPA
...well,
Hire a GOOD CPA
If you're still doing taxes on TurboTax...
1. You don't own enough assets (own more)
2. You're saving pennies and losing dollars
Hire a CPA
...well,
Hire a GOOD CPA
Best way to avoid taxes is real estate. Honest truth.
You could also buy a business and write off equipment as well as put money away in a SEP, etc.
Avoiding taxes = owning assets.
You could also buy a business and write off equipment as well as put money away in a SEP, etc.
Avoiding taxes = owning assets.
Buying a house is an investment. If just a forced savings account for the average person who doesnât want to pick up a book about investing.
Don't let the "only renters" fool you
Our rents are up 20%+ in 2 years
Plus, kids are better in real homes
Don't let the "only renters" fool you
Our rents are up 20%+ in 2 years
Plus, kids are better in real homes
Donât buy a new-build home unless youâre one of the first in n'hood.
Donât buy a perfect home. Find one needing elbow grease.
Fastest way to build equity in a home ---> Buy a non-perfect home in an area with new neighborhoods being built. Money inflows = appreciation.
Donât buy a perfect home. Find one needing elbow grease.
Fastest way to build equity in a home ---> Buy a non-perfect home in an area with new neighborhoods being built. Money inflows = appreciation.
"Can't wait to house hack w/ my spouse and kids?"
No thanks.
Not ready to get divorced.
No thanks.
Not ready to get divorced.
Donât escrow your mortgage. Find a lender who wonât.
Escrow is a scam. An interest-free loan. We refiâd recently and saving $1k we can put elsewhere.
Escrow is a scam. An interest-free loan. We refiâd recently and saving $1k we can put elsewhere.
Your wife doesnât care youâre âworking more to take care of the familyâ.
Time with you always outweighs money.
Time with you always outweighs money.
Your children learn all their later money habits from you.
They see how you treat money.
Donât make them spend their 20s undoing your wrong money shit.
(men especially pick up from their dads)
They see how you treat money.
Donât make them spend their 20s undoing your wrong money shit.
(men especially pick up from their dads)
You'll never be "financially ready" to have kids
You just gotta do it, have the kid and you figure it out
Stop putting it off
You'll adapt your finances and it'll work out
You just gotta do it, have the kid and you figure it out
Stop putting it off
You'll adapt your finances and it'll work out
You'll never be "financially ready" to start a biz or even a side hustle
My first 3 months after quitting my job 3 of my 5 clients fired me
When backed into a corner, you will make it work
If you don't, who cares. Go back to a job, try again. Everyone is hiring
My first 3 months after quitting my job 3 of my 5 clients fired me
When backed into a corner, you will make it work
If you don't, who cares. Go back to a job, try again. Everyone is hiring
You'll never be "financially ready" for some wild emergency
We lost 30k on a house flip
Imagine lighting 30k on fire over 4 months
We survived
You'll survive.
Raise your "financial pain" level and these emergencies are less frequent
We lost 30k on a house flip
Imagine lighting 30k on fire over 4 months
We survived
You'll survive.
Raise your "financial pain" level and these emergencies are less frequent
Get a joint checking account with your spouse.
Money kills more marriages than cheating.
Sprinkle in secrecy around your money and you play with dynamite.
Money kills more marriages than cheating.
Sprinkle in secrecy around your money and you play with dynamite.
Never pay late fees at your bank.
If youâre late on a payment or overdraw, just call and ask them to remove it. 99/100, they will.
If youâre late on a payment or overdraw, just call and ask them to remove it. 99/100, they will.
Banks arenât your friend
They donât care about you. âRelationshipâ talk is BS. They donât want to talk about your kids
Theyâll lend you money during the good times & deny during the bad
Judge your success by how often you fill out Personal Financial Statements
They donât care about you. âRelationshipâ talk is BS. They donât want to talk about your kids
Theyâll lend you money during the good times & deny during the bad
Judge your success by how often you fill out Personal Financial Statements
Open a line of credit on your house
No house, call banks to see if you qualify for an unsecured line
If you don't qualify, open an LLC, pick a "side hustle", go to bank, open a biz account & they'll offer you an unsecured line (even if you earn $0)
No house, call banks to see if you qualify for an unsecured line
If you don't qualify, open an LLC, pick a "side hustle", go to bank, open a biz account & they'll offer you an unsecured line (even if you earn $0)
Forget trying to become a millionaire overnight.
Figure out how to build as many income streams as you can, lessen the amount of time you spend on them over time⊠the millionaire part will take care of itself.
Figure out how to build as many income streams as you can, lessen the amount of time you spend on them over time⊠the millionaire part will take care of itself.
Much easier to take risks if you know cashflow is coming more than 2x per month
One of the most valuable skills you can learn to grow your income ---> learn how to write persuasively.
It will open doors for you and allow you to meet a lot of amazing people.
It will open doors for you and allow you to meet a lot of amazing people.
Side hustles are a MUST.
In this day and age...
You can't live off of one income unless you're uber successful.
Not to mention
1. You could get fired tomorrow
2. You learn sales quickly
In this day and age...
You can't live off of one income unless you're uber successful.
Not to mention
1. You could get fired tomorrow
2. You learn sales quickly
If you have a marketable skill & know how to sell it, you can quit your job tomorrow and be fine.
The time you free up will make you more money than trying to side hustle it
The time you free up will make you more money than trying to side hustle it
The most money is made in sales.
Sales is everywhere. Itâs in your company. Itâs finding clients, finding deals etc.
Get good at sales and money takes care of itself.
Else, youâll be enslaved TO the salespeople forever.
Sales is everywhere. Itâs in your company. Itâs finding clients, finding deals etc.
Get good at sales and money takes care of itself.
Else, youâll be enslaved TO the salespeople forever.
Money will only motivate you so far.
If you arenât working on things youâre passionate about, youâll burn out.
100% guarantee it.
If you arenât working on things youâre passionate about, youâll burn out.
100% guarantee it.
Everyone isnât meant to be a rich entrepreneur.
There are plenty of ways to make money without being a SMB owner.
Start at being amazing at your job.
There are plenty of ways to make money without being a SMB owner.
Start at being amazing at your job.
Buying a business... Buying existing real estate housing is
MUCH MUCH easier than
Starting a biz... or building ground up real estate
Not even close
Why do you think Google's acquired 225 co.
MUCH MUCH easier than
Starting a biz... or building ground up real estate
Not even close
Why do you think Google's acquired 225 co.
Donât be jealous of anyone younger than you thatâs ahead.
You donât know the background they donât share.
If theyâre a successful SMB owner, their parents couldâve been in the same industry.
If theyâre a successful entrepreneur, maybe they come from a line of âtreps.
You donât know the background they donât share.
If theyâre a successful SMB owner, their parents couldâve been in the same industry.
If theyâre a successful entrepreneur, maybe they come from a line of âtreps.
You can always reinvent.
Reinvention = money innovation
Reinvention = money innovation
Fall in love with negotiating.
The more you do it, the easier it gets.
Start small then youâll become comfortable with bigger negotiations.
The more you do it, the easier it gets.
Start small then youâll become comfortable with bigger negotiations.
Your net worth = network.
The power of meeting people isnât who THAT person is.
Itâs âwho are the 10 people THAT person knowsâ.
The power of meeting people isnât who THAT person is.
Itâs âwho are the 10 people THAT person knowsâ.
Always offer to pick up the check at a restaurant
Not to show off
More to train yourself to give
Not to show off
More to train yourself to give
You always feel the best with your money when you give it away.
100%. Every time.
At Christmas, we find needy families in our city (usually abandoned mothers w/ children). Buy them clothes, toys, gift cards. Best investment.
100%. Every time.
At Christmas, we find needy families in our city (usually abandoned mothers w/ children). Buy them clothes, toys, gift cards. Best investment.
Iâve given money to strangers on the internet many times. Call me a sucker.
Not $20. Sometimes, $1,000+.
80% of the time, they will always come back and ask for more within 7 days.
Sad.
Not $20. Sometimes, $1,000+.
80% of the time, they will always come back and ask for more within 7 days.
Sad.
Thereâs something to say about hyper focus of your investments
Spraying your assets across bonds, stocks, RE, businesses, lending, etc. may not be the path for everyone. Most should zone in on 2-3
Spraying your assets across bonds, stocks, RE, businesses, lending, etc. may not be the path for everyone. Most should zone in on 2-3
Most people who trade stocks lose money.
Even the Fintwit folks you see dancing around on big green days.
Trading is the ultimate battle of psychology. Has nothing to do with a âhot stockâ
Even the Fintwit folks you see dancing around on big green days.
Trading is the ultimate battle of psychology. Has nothing to do with a âhot stockâ
Dividend stocks arenât free money.
At the same time, theyâre stable investments that can throw you off cash.
Donât just get sucked into speculative.
At the same time, theyâre stable investments that can throw you off cash.
Donât just get sucked into speculative.
Learn how to read a stock chart.
I sold my crypto near the top in early May. Anyone with basic stock chart reading could see it was bound to drop.
Sold all my tech stocks in December (was late... as they started dropping in Nov)
I sold my crypto near the top in early May. Anyone with basic stock chart reading could see it was bound to drop.
Sold all my tech stocks in December (was late... as they started dropping in Nov)
The minute money seems âtoo easyâ to make in an investment is the time to get out.
NFTs prime example...
Stupid ape pics
NFTs prime example...
Stupid ape pics
Scared money DOES make money.
Donât be the first one into a major investment e.g. trying to buy rundown shacks in Detroit.
Find where institutional money is flowing and jump in there. Follow the crowd.
Donât be the first one into a major investment e.g. trying to buy rundown shacks in Detroit.
Find where institutional money is flowing and jump in there. Follow the crowd.
Never use a debit card. You get that puppy stolen, good luck calling Wells Fargo to retrieve your cash.
Sign up for American Express, get the points, stay protected.
Sign up for American Express, get the points, stay protected.
Fastest way to save is automatic.
Send money automatically out of your account each month
You won't even notice it again
Start with Acorns app for the least thing to do
Don't rely on your discipline
Send money automatically out of your account each month
You won't even notice it again
Start with Acorns app for the least thing to do
Don't rely on your discipline
If you're going to hold a ton of money in cash, make sure you know WHY it is in cash
Waiting for an investment...fine. But keep it out of your personal checking
That's a good way for money to leak
Waiting for an investment...fine. But keep it out of your personal checking
That's a good way for money to leak
When a crisis hits in the economy, having any access to cash is a must
Blackstone drew down all their LOCs during the 2008 crisis and bought assets for cheap
Even if banks threaten to shut down LOCs, open as many as you can
Blackstone drew down all their LOCs during the 2008 crisis and bought assets for cheap
Even if banks threaten to shut down LOCs, open as many as you can
Make sure you have additionally insured on your insurance policies.
Hold property in an LLC but policy in your name...you could get nailed
Add an umbrella policy too. Very cheap
Insurance sucks, but the more money you make, the more you'll need it
Hold property in an LLC but policy in your name...you could get nailed
Add an umbrella policy too. Very cheap
Insurance sucks, but the more money you make, the more you'll need it
If you open a bunch of LLCs bit move money around freely between them, you're destroying the purpose of the LLC
Get life insurance if only to show your spouse you're thinking about them
Term life only
Whole life is a waste of time
Earlier you do this the better.
If you're overweight, spend 3 mo getting healthy before you take the blood test
Term life only
Whole life is a waste of time
Earlier you do this the better.
If you're overweight, spend 3 mo getting healthy before you take the blood test
Wearing nicer clothes when you meet someone matters...
How you dress... & how you carry yourself matters.
I'd rather have expensive, fitted clothes than a nice car to "impress"
They're looking at YOU 95% of the time anyway
How you dress... & how you carry yourself matters.
I'd rather have expensive, fitted clothes than a nice car to "impress"
They're looking at YOU 95% of the time anyway
It really is true... You hang out with wealthy people, you will likely end up wealthy
If you have no money and no skills, easiest thing to do too get money is find where wealthy people hang out
If you have no money and no skills, easiest thing to do too get money is find where wealthy people hang out
Your health really is tied to your wealth
Not that all jacked bros are rich
More, you have the energy and mental clarity to power through the tough stuff
Worst thing to do during a financial hardship is stuff yourself full of Oreos
Not that all jacked bros are rich
More, you have the energy and mental clarity to power through the tough stuff
Worst thing to do during a financial hardship is stuff yourself full of Oreos
Many people come into our retail store during a "sale"
A sale thinking they're saving money.
But really they end up spending more than they thought they would
Sales almost never = savings in whole dollars
A sale thinking they're saving money.
But really they end up spending more than they thought they would
Sales almost never = savings in whole dollars
Donât be jealous of anyone younger than you thatâs ahead.
You donât know the background they donât share.
If theyâre a successful SMB owner, their parents couldâve been in the same industry.
If theyâre a successful entrepreneur, maybe they come from a line of âtreps.
You donât know the background they donât share.
If theyâre a successful SMB owner, their parents couldâve been in the same industry.
If theyâre a successful entrepreneur, maybe they come from a line of âtreps.
