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

Don’t pay your medical bills.

Medical bills are sometimes marked up 1000%+. The first bill they send you is a sucker’s 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.
A ‘family’ 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.
An easy barometer for how you see money:

"Where is the ‘pain’ 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.
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."
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


No thanks.
Always better to spend money on what you like and NOT spend on stupid crap you don’t 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)
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
Zero point in crying about taxes. Politicians don’t 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


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.
Buying a house is an investment. If just a forced savings account for the average person who doesn’t 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 buy a new-build home unless you’re one of the first in n'hood.

Don’t 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.
Don’t escrow your mortgage. Find a lender who won’t.

Escrow is a scam. An interest-free loan. We refi’d recently and saving $1k we can put elsewhere.
Your wife doesn’t care you’re “working more to take care of the family”.

Time with you always outweighs money.
Your children learn all their later money habits from you.

They see how you treat money.

Don’t 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'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
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
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.
Never pay late fees at your bank.

If you’re late on a payment or overdraw, just call and ask them to remove it. 99/100, they will.
Banks aren’t your friend

They don’t care about you. “Relationship” talk is BS. They don’t want to talk about your kids

They’ll 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)
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.
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.
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
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 most money is made in sales.

Sales is everywhere. It’s in your company. It’s finding clients, finding deals etc.

Get good at sales and money takes care of itself.

Else, you’ll be enslaved TO the salespeople forever.
Money will only motivate you so far.

If you aren’t working on things you’re passionate about, you’ll burn out.

100% guarantee it.
Everyone isn’t 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.
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.
Don’t be jealous of anyone younger than you that’s ahead.

You don’t know the background they don’t share.

If they’re a successful SMB owner, their parents could’ve been in the same industry.

If they’re a successful entrepreneur, maybe they come from a line of ‘treps.
You can always reinvent.

Reinvention = money innovation
Fall in love with negotiating.

The more you do it, the easier it gets.

Start small then you’ll become comfortable with bigger negotiations.
Your net worth = network.

The power of meeting people isn’t who THAT person is.

It’s “who are the 10 people THAT person knows”.
Always offer to pick up the check at a restaurant

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.
I’ve 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.

There’s 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
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 ‘hot stock’
Dividend stocks aren’t free money.

At the same time, they’re stable investments that can throw you off cash.

Don’t 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)
The minute money seems “too easy” to make in an investment is the time to get out.

NFTs prime example...

Stupid ape pics
Scared money DOES make money.

Don’t 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.
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
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
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
Make sure you have additionally insured on your insurance policies.

Hold property in an LLC but policy in your 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
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
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
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
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
Don’t be jealous of anyone younger than you that’s ahead.

You don’t know the background they don’t share.

If they’re a successful SMB owner, their parents could’ve been in the same industry.

If they’re a successful entrepreneur, maybe they come from a line of ‘treps.
You can follow @JoeCassandra.
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