Epic Real Estate Investing - Don't Invest in Real Estate Until You Do This | 827

Episode Date: November 5, 2019

Is your life going to be defined by trading your time for dollars? Big NO! Mercedes explains why you have to switch your mindset first, before jumping into real estate investing. Tune in and find out the right way to approach your financial life in order to create wealth! Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terrio Media. So you want to be a real estate investor, but you don't want to do the work. If there were only a way where someone else could do it for you, now there is. Tune in here each and every Tuesday on the Epic Real Estate Investing Show for Turnkey Tuesdays with your host, Mercedes-Torres. Hello and welcome, welcome to Turnkey Tuesdays brought to you by Epic Real Estate Investing. My name is Mercedes Torres, the turnkey girl, and I am lucky enough to be partners in crime with Mr. Matt Terrio, the gentleman who created the epic real estate empire.

This is a real estate investing show for busy people. Busy people, just like you, who understand the importance of real estate, just don't have the time or the desire to do it all themselves. Because, let's face it, it is a lot of work. So on this show, I share tips and real-life experiences that are going to help you achieve financial freedom through real estate investing. So if this is your first time here, so glad you made it, make yourself at home. If this is not your first time here, my friends, welcome back. So today, I decided to tap on a topic that I have not only seen, but have personally seen, experienced in real estate that has the potential to make or break your finances. Because at the end of

the day, my friends, it all starts in your mind. It has to do with your mindset, an abundance mindset. Given that we're nearing the end of the year and here at Epic Real Estate, we start preparing for the new year at the end of the previous year. And we don't wait until January to start with our New Year's resolutions and our projections for the year. We actually start right about now. So I thought this would be an appropriate place to get started as of today and get you in the right mindset. By the way, my friends, I'm truly grateful that you are here and have decided to listen to this podcast because I realize you are not here for me. You're here for you. And it is likely that I may share things and may say things that you have never heard before. The reality is when

you hear mindset, you know, your mind might go to a place of, oh boy, it's all about mindset, right? Well, no, the reason I'm sharing this is because I know, I know. from personal experience that your mindset can absolutely make or break you. And so here you are, I congratulate you for not only listening to podcasts that are going to potentially make a difference for you, but for sticking it out and really standing for yourself to make a difference in your financial freedom. And as I said, you're likely going to hear things that you've never heard before, but the reality is you want to do more with less, with less of your time and maybe even less money expended up front

so that you can have more time for yourself to perhaps do things that you want to do as opposed of doing things that you have to do. So given that you are here, listening to you. me speak, probably you are interested in just that. Well, the good news is a better lifestyle is easily within reach with relatively little effort. Since you're here, you don't merely want to survive. You're in the club that wants to thrive. I mean, what do you have to do to thrive? Well, For one thing, and I think this is the most important thing, you need to think differently. Thinking differently is actually, well, it's not normal, my friends.

I mean, why would you want to be normal? Unfortunately, here in the U.S., the definition of normal is barely having enough money at the end of the month. It's being tired and overworked. It's being undernourished and not underfed in the U.S. but undernourish. Being normal is having a lack of time and energy to do the things that you want to do, let alone to properly exercise. It's really yearning for time with your family, for time with your money, that you get to spend it doing what you want to do.

It's limiting you from spending time with the people that you love that you want to spend time with. But guess what, my friends, it doesn't have to be this way. People are misallocating resources every day. And as soon as you say yes to something in your life, do you stop to think I have to say no to something else in order for me to do what I just committed to? A misallocation of resources is what it is, my friends. You know, people spend time mastering groupon.com or, you know, coupons.com, these online coupon services, rather than learning a financial concept that can change the rest of their financial

future. Like, they can spend time learning how to leverage or learning how to cash flow or learn to learning the velocity of money instead of learning how to become an expert at coupons.com. Just look at the way that you vacuum your car at a car wash when you're trying to rush around and get all the vacuuming done in your first four quarters on that first dollar. People get consumed with stupid stuff that at the end of the day, my friends, it's not important in the grand scheme of things. If you're going to expend time and effort on learning how to do something the most efficient

way that you can, would you rather expand to the upside with those efforts or would you rather spend those efforts learning something that will contribute to helping you grow financially? Well, if you choose to learn how to master Groupon, for example, instead of learning how to cash flow, what you're doing is you're voluntarily and needlessly resigning yourself to a lower standard of living. Think about that. Would you rather practice expanding to what's going to benefit you most? Of course you probably would. When you do, you're going to be living a better life.

You're going to be upping your game in life. You're most likely to be a producer that way. Honestly, it really comes down to a scarcity mentality versus a mentality of abundance. Well, money is not a scarce resource. Yes, you heard me right. Money is not a scarce resource. It's abundant. In fact, money is so abundant that holding onto a little stash of cash creates a little bit more money called simple interest. And then both that original bigger money pile and that little money that was created out of that. that little money creates even more baby money called compound interest. And that, my friends, is how abundant money works.

You're hearing about money every day, my friends, whether you drive by a supermarket that shows on the window what's on sale for the week, or when you drive by a gas station and it shows you the prices, those big numbers on the marquee along the road, or when you listen to the radio and you hear that Bitcoin took a big hit today, money, my friends, is the backbone of our economy. It is a circulatory system, and the economy that you and I are all a part of every day,

whether we want to be or not, we are surrounded by it. It is critical, my friends, that you understand the financial system that you operate in every day because it touches every aspect of our lives. I mean, if you think about it, you get up every morning to go to work, to work to make money. And what's worse is most people that work every day are doing a job. that they hate. Here's the worst part. If you are not at work at that job that you hate,

you don't make money. And on your time off, you're thinking about ways you need to spend your time that is going to hopefully make you more money. Mostly everything in our lives, the gifts that you want to give to people

that you love, the items on your bucket list that you want to accomplish, the security you want to feel, even the activities that you want your kids to play after school. Most of those things are going to involve money. If you don't understand this at the core, then it's going to be difficult to make a good decision about money. This is why you need to take the time, my friends, to invest in yourself, to invest in your education, in the financial aspect of the world that becomes a better you when you become educated around it. You need to learn how to be the best investor that you can be. You can be a good investor. In fact, I'm willing to bet you're already a darn good investor. How do I know this? You ask.

well, because you're already an investor. Everyone is an investor. You are listening to this show as I speak and you're investing in yourself. And for example, as we speak, you're also thinking about other things you can be doing that are going to produce an income for you. You need to decide to play a game worth winning. Most people think that those who don't have to work for money like the very wealthy are just born that way. They think that the wealthy learn how to operate a profitable business from their parents.

And they think that they're going to take it over someday and they're going to be wealthy themselves. Well, let me share something with you, my friends. Most of the times it doesn't work that way. Most of the wealthy are self-made. It's no secret, my friends. I am a huge fan of Robert Kiyosaki. I've read his books. I love rich dad, poor dad,

because it really changed my mindset about how I think about money. Back in the day, I used to work for money. And I learned that I can have my money work for me. So I learned that being wealthy is a choice. When I read that, my friends, I have to say, I thought it was bull crap. I was like, yeah, right. How is money going to make me money? I thought it was so ridiculous because I was born to a middle class family and I never understood how money worked.

The reality is the reason I didn't understand how money worked is because my parents didn't understand how money worked. So it took me a bit to wrap my mind around this. And honestly, it was because I kept wanting to learn about money and how it worked and how it could work for me that changed everything for me. Another book that really helped me was a book by James Stud, I believe his name is pronounced, Studinger, and it's called Wealth is a Choice. Totally changed my mindset. And at that moment, I decided I wanted to become wealthy. Let me just share with you the number one reason why people are not wealthy and why

you think it can't be possible. The number one reason why people are not wealthy is simple. The reason they're not wealthy is because it doesn't occur to them that they can be. It doesn't occur to people that they can actually become wealthy. And yes, it starts in the mind. It starts with making the right decision. decision. Your life is made up of time. Time is our most valuable resource. Some people say time is money and money is time. And I don't agree with that. Time is only money if you're trading your time for dollars. Really, prosperity shouldn't be measured in currency. You need to deter.

with your decision-making process, with your limited resource, what's greater? The benefit of you doing something that you desire or what we call opportunity cost of not doing something that you desire. Say you want to make it to your child's little leagues games or your soccer games, every one of them. Let's say that you decide. to go on a European vacation where you want to see every single monument and visit every museum. You take a cooking class in Italy or you can take a painting class in Paris. You are making conscious decisions to do those things. You can either choose to do that, something that you desire to do, or alternatively,

you could work your job and work extra time on the weekends to earn more money that maybe can move you up in the firm so that doing your job over the weekend, because it pays overtime, may allow you all the luxuries that you want. Well, what you're doing is then you're trading time for dollars, your most valuable resource. You're desiring to do those things over pleasurable things mentioned earlier. I mean, would you rather work overtime on the weekend, omitting time from your family, or would you rather learn how to have your money work for you so that you can take those European vacations? Well, then you're paying opportunity cost with either choice. Opportunity costs is the loss of the gain that you would have from an alternative.

You worked overtime on the weekends to earn more money in the mere hopes you can live better someday or to give your family something better someday. Well, along your life timeline, you will spend more time with your coworkers than with your friends and family. Is that not sad? I hate saying this, but seriously, this is the truth. And as sad as it may sound, you need to hear it sometimes. You need to hear that by waking up every morning and going to your eight to five job, you are spending more time with those people than you are with the people that you love the most. You wonder, is this the kind of lifestyle that I want to design for myself? What do I really want? Some people are used to making sacrifices that really don't even know if it's going to make a

difference for them. You need to peel back every layer of your financial background and think deep down, what do I really, really want? That's actually quite different for so many people. For each one of you, the answer is going to be different. A lot of people have forgotten what their dreams are because they've chosen to live their fears rather than to live their dreams. And they're living their fears by waking up every single morning

and going to work to provide means. for themselves and their family. You need to begin your journey with a better version of yourself and with an end mindset that you want to create abundance and wealth in your life. And once you get to that point, once you realize what that goal is for you, work your way back. If you don't know where you're going, my friends, how are you going to get to your final destination? I mean, let's face it, any road can get you

anywhere, but your future is going to depend on the choices that you make today, on the decisions that you make today about how you are going to work for your money, or should I say how your money is going to work for you. If you want different things, you're going to have to do something different. You're going to have to think differently. You're going to have to act differently. And that starts with thinking differently all the way around from the core. That's working your way back. What shapes your choices, my friends? There are things like pleasure and pain known versus the unknown. Comfort versus the fear of risk of doing something new. Risk and perceive risk shape your choices. Risk of what, right? It's the risk of something bad happening. We don't typically classify risk as a risk of something good happening.

people think if I get financially educated in investing, I could lose money. And yes, my friends, that could possibly happen. Well, if you don't get financially educated, the opportunity cost is even a huger. Is that even a word? It is even a bigger risk than your best known alternative. Is your life going to be defined by trading your time for dollars? That is certainly something bad happening. Really, then, what would be riskier or more fearful, especially if you don't like your job,

not doing anything about it is a bigger risk, my friends. In one of Kiyosaki's book, what distinguishes the wealthy from the, The poor is fear. Flat out fear. I say nothing dispels fear like education. Education gives you ideas, both content and context in which to place it. Actionable items, my friends, and switching your mindset and financially educating yourself is far more important than anything in your mind. Because at the end of the day, education is important and financial literacy and the mindset around it is critical. My friends, I always say that I do this podcast to help you see what's possible to get your wheels turning. And the whole reason I created this episode was because the

defining factor for me was when I switch my mindset. When I began to think that I too can become wealthy is when everything changed for me because I started to become a little more aware of my mindset and how it was contributing to what it was going to create for my future. So my friends, this is it for today. But I encourage you to continue to listen, to continue to educate yourself, to create that abundance mindset so that you too can become wealthy. Until next week, my friends, have an epic week. If waiting for your investments to grow feels like waiting for

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