Epic Real Estate Investing - Any AVERAGE person who does this becomes RICH in 6 Months | Warren Buffett | 1372

Episode Date: October 26, 2024

In this episode, we dive deep into the essential steps that can set you on the path to becoming a millionaire and achieving financial freedom in just six months. Discover proven strategies that can transform your financial landscape, starting with the importance of investing in yourself—whether it’s through education, skills development, or personal growth.   We’ll explore how starting a side hustle can create additional income streams, and how to leverage debt wisely to fuel your investments rather than hinder your progress. Embracing minimalism will help you focus on what truly matters, allowing you to allocate more resources toward your financial goals. Plus, learn how automating your savings can streamline your journey to wealth and ensure you're consistently working toward your objectives without the stress of manual tracking.   We’ll also introduce you to the 'Profit First' system, a revolutionary approach to managing your money that prioritizes profit and ensures your business remains financially healthy. Real estate investment is another key topic, as we discuss strategies for getting started in this lucrative field. Mastering sales techniques is crucial for success in any venture, and we’ll provide tips to enhance your selling skills.   Tracking your net worth is an essential practice that helps you stay accountable and motivated, while overcoming the fear of failure will empower you to take risks and seize opportunities.   To inspire you along the way, we’ll feature insights from successful visionaries like Sarah Blakely, Bill Gates, Sam Walton, Elon Musk, Mark Cuban, and Howard Schultz. They share actionable advice and concrete steps that have helped them build their wealth, demonstrating that with the right mindset and strategies, anyone can achieve their financial dreams. Join us for this transformative episode and take the first steps toward your millionaire journey! Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terio Media. Hey, strap in. It's time for the epic real estate investing show. We'll be your guides as we navigate the housing market, the landscape of creative financing strategies, and everything you need to swap that office chair for a beach chair. If you're looking for some one-on-one help, meet us at rei-aise.com. Let's go, let's go, let's go, let's go, let's go, let's go.

Let's go. Did you know that last year alone, 600,000 people in the U.S. became millionaires? Starting with nothing. What if I told you that any average person can become rich in the same way in just the next six months? Because right now, thousands of people are escaping poverty every single day using a few smart moves. I'll share 10 of those millionaire moves that you can use today to flip the script on your financial future. If you miss even one, though, it could take you 10 years instead, which wouldn't be all that bad. Number one, invest in yourself.

And you've heard it before, but here's the twist. This isn't just about reading books. The average millionaire spends 30 minutes a day learning, but the right kind of learning is the difference between success and spinning your wheels. Your knowledge and skills are your greatest assets. The more you invest in growing them, the more valuable you become in the marketplace. Here are three action steps. One, choose one skill or area of knowledge that will advance your career or your side hustle.

Two, commit to taking a course, attending a workshop, or reading a book on that topic this month. And then three, set aside 30 minutes each day to focus on learning and improving that skill. Enrique, invested in becoming an epic apprentice while working his 9 to 5. And within a year, he landed a 30 property deal where the seller carried back financing for him, replacing his day jobs income. To follow in his footsteps, go to epicapprentice.com. Number two, start a side hustle. If you don't have one already, you see, a small business or gig that creates extra income streams outside of your job will fuel your escape from mediocrity.

Most millionaires, they didn't wait for the perfect business plan either. They launched small and then grew fast. But what separates the ones who succeed from the ones who burn out, it's simple. They start with a skill they already have. A side hustle, it diversifies your income, it reduces financial risk, and will grow into something bigger over time. Three action steps for this one. Identify a skill or passion that you can turn into a side hustle, like do you write, do you bake to can you tutor something?

And then two, spend 30 minutes researching how to start. So watch some videos, read some articles, find online marketplaces. And then the third thing is take one action today. Offer your service say on social media. Create a profile on a freelancing platform or launch just a basic website. Sarah Blakely started Spanx as a side hustle, while working as a door-to-door fax machine salesperson. And with just $5,000 of her own savings,

she developed her product idea, footless panty hose, and eventually turned it into a billion-dollar company. So right now, list three possible side hustles that you could start based on skills that you already have and take the first step towards one of those today. Most people don't realize it, but poverty isn't just about not having money.

It's a mindset. It's about access, and it's about feeling stuck in a system. that holds you back. So here's the thing. It's all within your control. And one of the biggest hacks to getting control over it is number three. Surround yourself with success. Because here's a harsh truth. You're the average of the five people you hang around most. If you're not leveling up, they're pulling you down. So be intentional about who you spend your time with. Network with people who inspire you and have achieved the financial success that you're looking for. The more you're

around success, the more you will expect it for yourself. The people around you, they influence your mindset, your habits, and your actions. Being around successful people will open up doors to new opportunities and it will cause you to think bigger and improve seemingly without even trying. Here's three action steps for this. Join a local business or networking group or find a mastermind that matches and supports your industry or your side hustle choice. Number two, reach out to someone successful in your field and ask them just to grab a coffee so you can talk shop. And the third thing is start regularly attending events. There are meetups or online groups that connect you with positive, successful people. Bill Gates,

in the early days of Microsoft, was intentional about surrounding himself with brilliant, driven individuals, including Paul Allen, who co-founded Microsoft with him. Gates also maintained a close relationship with Warren Buffett, seeking his advice and learning from Buffett's business acumen. He regularly attended exclusive meetings with other tech and business leaders, fostering an environment where he could exchange ideas, gain insights, and continuous improve. So right now, find one networking event or group happening this week and attend it. Because every day, thousands of people are using these exact strategies to escape poverty faster than ever. Number four, leverage debt wisely. You see, debt, it's a tool. If you're afraid of it,

it'll control you. But when you use a right, like for education, real estate, or business expansion to grow your wealth, you control it. Avoid taking on debt unless it contributes to your financial growth, though. Embrace it to control valuable assets that generate income or appreciate. Here are three action steps for this. Evaluate your financial goals and consider how using debt could accelerate your progress, like in your side hustle, your education or in real estate. And then research types of good debt like real estate loans, business lines of credit or student loans for high value education. And then third, take action by exploring loan options or consulting a financial expert. Sam Walton, the founder of Walmart in 1945 took a loan of $20,000 from his father-in-law and borrowed an additional $20,000

from a bank to buy his first store, a Ben Franklin franchise in Newport, Arkansas. This initial use of debt allowed him to get into the retail business, where he developed the strategies that would later lead to the creation of Walmart. That one move turned into the biggest retail empire in the world. So right now, if you have a 680 credit score or better, no collections or bankrupt, upseason the last seven years, Chase has a zero percent interest, no-fee program, just for real estate investors and small business owners. The average approval is between $80 to $120,000. Far more money than Sam Walton had to begin. So go to no-costcapital.com for the details and

apply. Number five, embrace minimalism. You know, you're not going to get rich by spending every dollar you make. Buffett advocates for living below one's means to increase investing. It's sacrifice, it's about focusing on the long-term goal. Living below your means, it helps you save more, invest wisely, and focus on long-term financial goals instead of short-term gratification. So cut the waste and fuel your future. Here are your three action steps for this. Audit your expenses for the last 30 days and identify unnecessary purchases. Then sell or donate items that you don't use and reduce future spending on non-essential. And third, redirect those savings into experiences or investments like travel, education, or passive income streams.

In the late 1990s, while working on PayPal, Elon Musk famously lived and slept in his office to avoid the costs of rent and maximize his time working. Rather than spending money on unnecessary luxuries, Musk showered at the local YMCA and worked up to 100 hours a week. This minimalist lifestyle, it allowed him to pour everything into the company, which eventually sold to eBay for $1.5.5. billion, laying the foundation for his future ventures, Tesla and SpaceX. So right now,

go through your last months of expenses and cut out at least one unnecessary expense. Do that starting today. And these are just half of the move that will take you from struggling to stacking cash in months, not years. But stay with me because the next five, they're game changers for anyone who's tired of feeling stuck. So number six, automate your savings. Set it and forget it. And it sounds simple, right? But most people never do it. Automating your savings, it takes discipline out of the equation. I mean, if you don't see it, you don't spend it. So do this, and you'll watch your money pile it faster than you ever thought possible.

It's really kind of like a small little magic trick. By automating your savings, you remove the temptation to spend, and you make consistent progress towards your financial goals. Here are three action steps for this. Decide how much you want to save each month. Even if it's a small amount, make that decision. Then set up automatic transfers from your checking to savings or your investment account. And then third, increase the amount you save as your income grows or as you become more comfortable

with that amount. And nobody does it better than Mike McCallowitz when it comes to automating profit and savings for long-term success. His profit-first system described in his best-selling book by the same name, Profit First, ensures that businesses pay themselves first, forcing smart spending and grow. His approach, it isn't just about saving. It's about rethinking how we handle money and prioritizing profitability without added stress or complexity. This strategy, it's helped countless businesses, including my own, become more financially stable by simplifying cash flow management. Now, don't go anywhere because move number eight has helped more millionaires

escape poverty faster than anything else. But first, let's do number seven. Learn how to sell because it's everywhere. I mean, you're selling when you're negotiating a raise or pitching your business idea, or even when you're asking for a better deal somewhere. Everything in life, it involves selling. And by mastering it, you put yourself in control of every situation. So here are your three action steps for this.

Take a course or read a book on selling, like sales psychology or negotiation tactics. Then practice selling or negotiating daily. I mean, even if it's just small things, like asking for discounts or negotiating terms. And then thirdly, apply your new skills in real life scenarios, like pitching your business idea or asking for a rave. Mark Cuban, the owner of the Dallas Mavericks and investor on Shark Tank, worked as a door-to-door software salesman in his early days, honing his sales skills while building his first business, micro-solutions.

He credits his ability to sell as the foundation for his success, helping him grow micro-solutions into a multimillion-dollar company and eventually selling it for $6 million, which set him on the path to becoming a billionaire. So right now, start by practicing one small. small negotiation today. Try asking for a discount or a better deal somewhere. I mean, for example, I would do this frequently when Mercedes and I were first dating. When we'd check into a hotel, I'd lean forward to the clerk and I'd say, you know, this is a really special weekend. Is there anything special that you could do for us? It never resulted in anything less than a free room

upgrade and it often led to champagne in our room and free dinners too. Try it. It's a good start to getting out of your comfort zone and exercising that negotiation, that sense. sales muscle. Remember eight, invest in real estate. I mean, you can only work so many hours in a day, but your money can work 24-7. And real estate is how the average person can pull this off. So start small, buy a rental property and let the income roll in. I mean, it's not speculation, it's strategy. And with the right deals, you can start making money immediately. Strategic investments in assets are crucial for wealth growth, says Buffett. Invest in what you understand and small rental properties, they're simple. They're easy to understand. Anyone can do that.

And it's important because real estate, it's really the final frontier where the average person has a shot at creating epic wealth through passive income and appreciation. So here are your three action steps. We search real estate investing by watching videos, reading books, or consulting with experts. Then start by purchasing a small rental property, at least go shopping for it. And then the third thing is you want to focus on cash flow and long-term appreciation when evaluating your first real estate deal. You know, Corey, a private client of mine, at the age of 24, negotiated a seller finance deal for his first property, setting him on the path to building wealth through passive rental income through 30 plus properties. I mean, they hit like 50 properties before the age of 30.

So right now, start searching your local real estate market to find your first investment property. Or follow in Corey's footsteps, and I'll do it with you at epicapprentice.com. Number nine, track your net worth. You want to know how you're doing financially? Don't guess. Track it. Track your net worth. The game isn't about how much you earn. It's about how much you keep. And tracking your net worth helps you stay aware of your financial health and make smarter decisions. And here are your three action steps. First, list all your assets, your savings, your investments in your real estate, and then your liabilities, your loans. And then calculate your total net worth by subtracting your liabilities from your assets. And then update your net worth, and make adjustments to your financial plan as needed.

Warren Buffett, from a very young age, was intentional about tracking his net worth. He started his first investment partnership in 1956 and meticulously tracked both his personal and business financials. Buffett, he emphasizes the importance of understanding your net worth because it helps measure financial progress and keeps you focused on long-term wealth accumulation. So right now, calculate your net worth. Do that today and commit to updating it every three months. If you follow these steps, you're going to be making some adjustments for sure in three months from now.

Now, number 10, don't fear failure. Every millionaire has failed. The difference, they don't stop. They learn. They adapt. And they come back stronger. Don't fear failure. Fear not trying.

Failure, it's a part of success. The more you fail, the more you learn, adapt, and grow. And here are your last three action steps. Start by identifying one failure or setback that you've experienced recently. Then, reflect on the lessons. learned from that failure and how you will apply them moving forward, and then thirdly, take one bold action today knowing that failure is a stepping stone, not the end. Howard Schultz, the former CEO of Starbucks, he pitched his vision of transforming Starbucks into

an upscale coffee shop to over 200 individual investors, only to be turned down by every single one of them. Despite these early failures, he persisted and eventually found success, making Starbucks into the multi-billion dollar company that it is. Schultz's early struggles and rejections, they played a significant role in shaping his approach to business and his eventual success. So right now, write down one fear of failure that's holding you back and take action despite it.

These 10 millionaire moves will change everything very quickly for you, but only if you do take action. It's not about luck. It's about strategy and persistence. Take care. And that wraps up. the epic show. If you found this episode valuable, who else do you know that might too? There's a really good chance you know someone else who would. And when their name comes to mind, please share it

with them and ask them to click the subscribe button when they get here and I'll take great care of them. God loves you and so do I. Health, peace, blessings and success to you. I'm Matt Terrio. Living the dream. Yeah, yeah, we got the cash flow. You didn't know home for us. We got the cash flow. This podcast is a part of the C-suite Radio Network. For more top business Visit c-sweetradio.com.