Excellent advice. Investing is a discipline and something most of us don't know much about. However educating yourself by reading and watching videos like yours can greatly improve your success. Then you have to act - save, invest, learn from your mistakes.
Toby speaks the truth - there are incalculable benefits in giving to the less fortunate and to the needy. The best detoxicating formula is Giving and Forgiving - unburden yourself and invest in your spiritual bank account along with your physical account. What’s more rewarding is there is no inflation in the charity realm. Live well and give well.
One's house is definitely NOT a liability. It isn't liquid capital. Accredited investor usually only counts liquid capital. Even if a house is cash flow negative it could still be making you wealthier via property appreciation, if married you can sell the house and take up to $500,000 in gain tax-free in the USA!! That being said, it isn't wise to be "house poor".
Hi Toby, thanks for the wisdom. Can you please comment on the book "The Millionaire Fastlane", where the wisdom is one has to make the money quickly. Thanks
I don't understand. "Millionaires who spend $4000 a month and have a few rental properties that generate that much." So where is their million dollar net worth coming from? You said houses are excluded since they are liabilities. Per your definition, they are "rich for a short period of time." Also, didn't Kiyosaki come out earlier this year and say he was $1.2B in debt?
Your personal house is excluded because it doesn’t generate income , unless you’re renting out a room or something to offset the expenses. Rental properties generate income and as long as you are cash flowing and not losing money , it is a producing asset. Assets make you money , liabilities cost you money.
I highly recommend you watch this video. This is a real story about a teacher who became a millionaire through real estate. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-ujJ36Qym62k.html
I would like to Hear your take on Medicare (Supplement vs Advantage vs Original Medicare) . I already know the right option, I am just interested in your opinion. If want to pass, I understand, it's a complex subject.
are u saying to pay good debt faster? sound like it but if my mortgage (good debt) is 3% and i can invest in RE or something else and get 10% why would i try to close my debt faster (the 10% u said we need to use monthly to close debt)
Why can't you do both. The less you owe on your mortgage the faster you pay it off. Also by paying more on your mortgage the faster your credit score goes up.
@@paulross2979 everyone has limited income if i can do both 10% on mortgage and 10% in investment should i ? or its better to put 20% on investment? and i only have 10% where shoukd i out it?
@@Unicorn-Black I'm working on building wealth currently. I am not wealthy yet. But, with what you have said, I would take that 10% and invest it and keep investing it until those assets start to generate passive income. Once you are generating enough passive income or whatever and you are not so tight on your budget then start using the extra to pay off the debts and to be charitable. But, you gotta get yourself in a good place first. Kinda like how they say if you are on a plane and something happens that you are to first put the air mask on yourself FIRST before putting it on your children. What good are we if we are dead? I would presume the same principle applies here.
Love the 70/30 rule! It’s so important to have consistency and intentionality with our money. I think that’s why engineers,accountants and teachers are at the top of the list of millionaires. They have a tendency of liking rules, routine and rewards. The three Rs of becoming a millionaire 😂.
Liabilities cost money to own each month. Real estate is a liability if the cash flow is negative. Thus, a home you do not rent out is a liability. It does not mean you do not own a home, only that you do not try to retire off it:-) Lots of retirees are real estate rich and cash poor and can barely pay for their real estate taxes, utilities and upkeep. Make sense?
Great info! Who/what do wealthy people give 10% to? Just curious… obvious answer would be church, United way, feeding America, etc. Curious about creative ways to give other than standard church/nonprofits
