Epic Real Estate Investing - Warren Buffett's 10 Tips for Getting Rich | 709

Episode Date: July 10, 2019

Matt shares Warren Buffett's 10 Tips for Getting Rich. If they worked for the world's most lovable billionaire, why wouldn't they work for you? Learn more about your ad choices. Visit megaphone.fm/adchoices

Hey, Rockstar, Matt here. And I probably don't have to tell you this because you do listen to this show. But just in case you do know that lead generation is the engine that runs a real estate investing business, right? I mean, if you don't have consistent leads, you won't have consistent opportunities. And without that, your bank account is going to go up and down, up and down, just like a roller coaster. But if you know the best sources for leads and how to automate the flow of them, your income, it can be nice and steady to a point where you can then focus more on causing your income to grow rather than, you know, losing sleep over those money peaks and valleys. Let me show you how to avoid this feast or famine income flow in your business to make sure that your stress level stay nicely in check.

There are three things you have to do so your business doesn't turn on you and drain your bank account dry. You're going to want to take a look at epicintensive.com and register to join me in person for the next Epic Intensive in Manhattan Beach, California. It's the nicest beach city on the West Coast, by the way, and that's on July 18th through the 20th. This is going to be the last lead machine workshop before we change it up for 2020, and seating is limited. So if you don't get in on this one,

that'll be all she wrote. We'll be on to the next thing next year, and right now for a limited time, you can only get access at epicintensive.com. Right now, you can get two tickets for just a very small, fully refundable seat deposit. At the intensive, you're going to, to learn the essentials of a really good automated lead machine. We're actually going to work

together on creating your very own that you'll be able to bring back to your market and put it to work. In fact, we're going to turn your weak lead generation into the strongest part of your business. Imagine what's possible when this is true for you. But remember, access to the epic intensive is only available for a limited time when the seats are gone. They are gone. That's July 18th through the 20th. And it's California. It's the beach. It's the middle of summer. Bring the family, make a vacation out of it. But don't delay. Go to epicintensive.com and register today. We decided to come to the epic intensive to learn how to invest in real estate so we can actually free ourselves from our full-time jobs and just learn how to create freedom so we could

spend it with family and friends through real estate. We're glad. I'm glad that we came to the Epic Intensive because I'm able to renew some of the stuff that I've learned in previous Epic Intensive. This is about my fourth one, I believe. And there's always a little nugget or a big nugget that can either save me or help me make more money or help me free myself from other things that I'm doing. And also meet great people, other people who haven't been that potentially, you know, just more partners in different ways, different places. And then obviously to spend time with the team. Matt, you're freaking awesome.

I love it. You're very genuine. Your team is genuine. And we continue to listen to you and spread the word to people who like, oh, real estate, that's garbage. Yeah, we just kind of show them to your podcast and let them make their own decisions. This is Terrio Media. Success in real estate has nothing to do with shiny objects. It has everything to do with mastering the basics.

The three pillars of real estate investing. Attract, convert, exit. Matt Terrio has been helping real estate investors do just that for more than a decade now. If you want to make money in real estate, keep listening. If you want it faster, visit r-e-i-a-a-a-com. Here's Matt. Hey there. It is way back Wednesday.

This is the day of the week where we reach back into the episodes or back into the archives of the episodes where we have more than a decades worth to pull from. And recently we've been pulling from the Do Over podcast, the original podcast that launched this one, the epic real estate investing show. Last week's episode was just as valid today as it was then. Time honored wisdom. Got another episode for you today. Enjoy. During an era where countless people, businesses, and organizations are feeling the pinch, running out of time, running out of money, losing confidence, feeling as if life is unfair,

praying for another chance, and unless something is done, life is going to pass them by. Fortunately, in the nick of time, there is now a place where the ignored, underestimated and unknown steps to producing results and making life work are revealed. Save your career. Save your business. Save your health. Save your relationships. Save your life. Get from where you are to where you want to be. Faster and with greater ease than you ever thought possible. Say hello to your do-over. Welcome to your do-over. Welcome to your do-over. Coming to you live from downtown Los Angeles.

This is the place where once a week you will hear, learn, and take action on the ignored, underestimated, and unknown steps to producing results. This is the show where I show people dissatisfied with their current situation how to start over and begin a new life, setting goals and objectives so they can create wealth and live life to the fullest. Easier, faster, smarter. And to get a head start and lay a solid foundation for a better life, your better life, I invite you to download the three pillars of creating the ultimate do-over for free at free do-over.com. It's a 55-minute MP3 audio program that I made just for you with three specific steps on how to get success as you start over.

And it doesn't matter what you're starting over. They will lay the foundation for you to achieve. Think of it as your traveling success coach. And it's yours for free at freedover.com. So before I get into today's episode, I've got a few announcements. So if you've been listening to this podcast for a while, you know that during the day I am a full-time real estate investor that's very much been at the center of my own personal do-over. And I get a good amount of questions through email about real estate investing. I've been answering the emails one by one, but it seems there's enough demand, a good enough demand for that type of information.

So another week or so, I've made a decision that I'm going to be launching an additional podcast just on real estate investing. So every once in a while, I'll still reference the subject here and what the practice has done. for me and how great it's made everything. It's enabled me to get my life back. But I'd like to keep the do-over theme and the real estate investing subject. I want to keep those two separate. So if that's of interest to you, look for epic real estate investing. Epic.

That's EPIC. Epic real estate investing on iTunes in the next week or so. Let's say two weeks just to be safe. And we'll talk about real estate investing. And I'll give you everything that I know and all of my experience and my trials and tribulations and my challenges and my successes and I'll share all that with you completely unfiltered, very authentically giving you everything I got. Okay, so epic real estate investing. It'll be on iTunes in a couple weeks. Now this podcast, the do-over podcast, we just hit the new

and noteworthy section of iTunes and I owe that all to you. I'm so humbled. You can't get on there unless you're actually making some noise and we're obviously making some noise and they monitor that noise through the amount of downloads. Our downloads are just going through the roof. So thank you so much for that. There's a few people just recently gave their comments. They actually logged into iTunes, went and searched the Your Doover podcast, and went and left a comment.

And I'm so grateful. It's just, it helps out a lot. And it lets me know that I'm on the right track and you're enjoying what you're hearing. And the first one here is from Megalee. You know, and if I mispronounce your iTunes code name, I'm sorry. I know they're very personal to you and they're important to you, but some of them are kind of hard to decipher if we, I don't know you personally.

So it looks like it says Megali. Keep them coming, she says. Five stars. I am a self-help junkie constantly trying to improve myself and expanding my thinking. I'm also a dreamer. I have different passions, ideas, and thoughts that I want to share, but can't seem to make my dreams reality. Your podcast makes sense to me. That excites me and they encourage action.

I'm so grateful that I found them. It gives me hope that I, too, one day can break free and become the person that. exists in my dreams. Well, Megali, you absolutely are going to break through. You've got the dreams. That's awesome. Believe in the dreams and take action behind those dreams. And that has to happen.

You will break free. You will become the person that exists in those dreams. I promise you that. But you got to do it. No one's going to do it for you. But I've got faith in you. Also got a great feedback from Christina 1184. Her comment says, helpful.

Five stars. Highly recommended podcast. I look forward to every new episode and listen to each multiple times. times. Wow. Thanks for doing what you do. Well, Christina, you're so welcome. Thank you for listening. Christina 1184. This stuff is free in question marks. Awesome. With double exclamation points comes from Brian 519. Brian, thank you so much. He writes, incredible material for a podcast, simple and straightforward. Well, I'm glad that you recognize that because that's what I like to be. I don't like to be the rah-rah guy. I don't like to be all the fluff. I like to give you step-by-step stuff. I like to give you practical stuff, stuff that you can actually use, stuff that's going to make a

difference in your life. And I'm just grateful that you've stopped by and left your comments. And I'm grateful that you recognize what you recognize because that's absolutely my intention. It lets me know I'm doing the right thing. So thank you. Once again, I'm just so grateful for that support. I mean, so grateful, in fact, if you haven't downloaded your copy of the three pillars of creating the ultimate do-over, now would be an awesome time to go do that because I've just posted a special promotion for my book. Now, I'm not promoting this anywhere else. This is just for my podcast listeners. My podcast listeners only. So if you go to free dodover.com, free dodover.com to download the free three pillars of creating the ultimate doover.

You'll receive an email to confirm that you requested the download. And just to confirm, go ahead and click on that. And you'll be taken to a page where you can purchase the ebook version of doover and the MP3 audio version of doover for the price of one. There's a lot of you that have taken me up on that offer in the last week. So I really appreciate that. And that's two for one. And by the way, all of these proceeds are going to charity. It's going to a nonprofit organization

Rebuild the Bayou where we are contributing a house to a family displaced by Hurricane Katrina. Again, I'm not making this offer anywhere else. You'll only hear about it right here on this podcast. This is only for you. Now, if you're one of the hundreds that have already downloaded the three pillars

of creating the ultimate doover, don't go download it again. Just send me an email to Matt at the doover guy with podcast promo in the subject line and I'll reply with a link to this offer where you can just do a straight download. You don't have to submit all your information again. Again, I'm so grateful for your support.

Thank you. Thank you. And as I did forget to mention this in the last episode. I guess I might as well mention it twice. 100% of the proceeds from my book are going to my nonprofit organization, rebuild the bayou. We're giving this house away to a family that was displaced by Hurricane Katrina. It's a very near and dear cause to my heart. I think it's one of America's forgotten causes, one of the many.

You know, on the day of the fast media, it's easy to just move right on to the next story and forget about those that are still in need. So I was in New Orleans about a year ago, and quite honestly, it looks like the hurricane just hit last year. Very little has been done. The people are in need. And so when you go purchase your copy of do-over to get started on your do-over, you'll be helping someone else much less fortunate as you to start over as well. So thank you for that. So announcement number two, it has been confirmed. I will be changing podcast hosts.

The downloads is overwhelmed my host, and they can't keep up. I've got to move to something bigger, a little more professional. I talked a little bit about that change and what it might be. might mean to you in our last episode, and I've been able to get a little more information since, and it's not looking good. You see, my current host does not provide a forwarding feature, which means I'm going to have to delete my entire podcast from iTunes and then resubmit it, which breaks my heart because I've worked pretty hard to get it to where it is today.

But I'm going to do everything I can to bounce right back, and hopefully you guys are going to follow me. And what that means, if you do want to follow me, you're going to have to log back into iTunes, do a search for do-over, and then resubscribe. Not yet. This is episode 19. Episode 20 will be my last episode at this host. And what I'm going to do is I'm going to try and see if I can get them to overlap for a minute so that there's no time lost. But there might be some time where we're separated for a minute.

Don't panic. I'm coming back. It's just kind of a necessary evil, I guess, when you get too big. But then again, I'm very grateful for growing in the way that we've grown and I owe it all to you. Now, I'm not sure that iTunes is going to let me do that to let them overlap. They haven't been the most helpful in the past. But all that being said, it is my problem. It's a great problem to have. I mean, just four weeks ago, I was averaging only about 75 downloads a day.

And I thought that was pretty cool. I was like, wow, there's 75 people out there every single day that want to hear what I got to say. That felt really good. But just today, here we are four weeks later, just today, I'm over 2,000 downloads in one day. And it's showing no signs of slowing down. Each time I click refresh, it gets bigger and bigger and bigger. And my current host that just can't handle the volume. So, again, I owe that all to you.

I'm definitely going to reward you for this, by the way. I know it's a little bit of an inconvenience, but I'm going to reward you for this. This is episode 19, and episode 20 will be the last episode submitted from this host. So episode 21 will be the first episode on my new host. So make sure you get to at least episode 20, and I'll give you the details of how I'm going to essentially bribe you to follow me. I just call it like it is. I'm going to bribe you to follow me to my new location at iTunes. I'm going to be giving away a lot of cool stuff to those of you that do.

I'm going to be giving away a new HD Flipcam, and I'm going to give away a slew of online gift cards to places like iTunes and Macy's and Barnes & Noble and Pottery Barn and the Gap. So make sure you get to the next episode, episode 20. I should be uploading that in the next day or so. And I'll give you all the details on how you can win, how you can win that HD Flip Cam, how you can win the gift cards. I'm going to make it very easy for you, by the way. I'm not going to make you jump through any extraordinary hoops.

And I'm going to make it so that everybody that participates is going to win something. everybody and I refuse to give out lame gifts. There'll be no promotions of discounts where you've got to put in some additional money. I won't be using any affiliate programs. It's just going to be straight love, straight giving, just giving to you to show my gratitude for lending me your ears, lending me your minds, and your lives for that matter, and allowing me to be a part of your do-over. That is a privilege.

Thank you. So today's episode, it's about the most popular subject here at the Your Doover podcast. I've ascertained that as the most common questions I get are around money. It's around creating wealth. It's around getting rich. It's how do I get more of the green stuff? In my episodes with the highest number of downloads all have money themes. So I guess you guys really want to learn how to make money.

I mean, particularly on episode 10, when I went over living life to the fullest and the seven money rules of billionaires. You all loved that episode. You downloaded that one like crazy. So I was thinking about how could I possibly talk? of that and give you what you want. I mean, I gave you the seven money rules of billionaires. What's next? Do we want to go to the seven character traits of trillionaires? No. Let's start with a billion first, okay? Let's aim low for a billion. So to add to that, what it is I went to go get some billionaire advice straight from a billionaire. I mean, after all, doing over to become a

billionaire, that ain't so bad. I can relate. That wouldn't suck, would it? So from Mr. billionaire himself, Mr. Warren Buffett, here we go with 10 ways to get rich. Now, in case you've been living under a rock the last 20 years or so. I'll give you a quick background on who Warren Buffett is. You see, with an estimated fortune of $62 billion, Warren Buffett has teetered back and forth from being the richest man in the world. Some years he's number one, some years he's number two. You know, in 1962, when he began buying stock in Berkshire Hathaway, back then the share only cost $7.50. Now, today, Warren Buffett is Berkshire's chairman and CEO, and one share of that company's class A stock is worth close to $19,000. That's some significant growth right there.

That's some significant R-O-I. And he credits his astonishing success to several key strategies, which he's sharing with us today. Actually, this comes from his biography. He won't be here in the studio, but it comes from his authorized biography, The Snowball. So here are some of Warren Buffett's money-making secrets and how they could work for you in your do-over. Number one, reinvest your profits. When you first make money, you may be tempted to spend it. Don't, Lauren says. Instead, reinvest those profits.

He learned this very early on. In high school, he and a pal, they bought a pinball machine to put in a barbershop. With the money, they earned, they bought more machines until they had eight in eight different shops. And when the friends sold a venture, Warren Buffett used the proceeds to buy stocks and to start another small business. By age 26, he had amassed $174,000. That would be like $1.4 million in today's money.

I mean, even a small sum can turn into great, great wealth. Number two, be willing to be different. Don't base your decisions upon what everyone else is saying or doing. You know, when he began managing money in 1956 with $100,000 collected from a handful of investors, he was dubbed an oddball. Nobody was doing that. He worked in Omaha, not Wall Street, and he refused to tell his parents where he was putting their money. I mean, people predicted that he'd fail.

But when he closed his partnership 14 years later, it was worth more than $100 million. You know, instead of following the crowd, he looked for undervalued investments and ended up vastly beating the market average every single year. So to Warren Buffett, the average is just that, what everybody else is doing. And to be above average, you need to measure yourself by what he calls the inner scorecard, judging yourself by your own standards and not the world. Wow, isn't that powerful? We've talked about that before, where we get our definition of success. You know, most people get their definition of success by comparing themselves to others. So Warren Buffett, judge yourself by your own standards, not the worlds.

Number three, never suck your thumb. Gather in advance any information you need to make a decision and ask a friend or a relative to make sure that you stick to a deadline. Accountability is a big deal to Warren Buffett. He prides himself on swiftly making up his mind and acting on it. That is so powerful. Making up your mind. Making a decision.

We've talked about that too, haven't we? And a decision is nothing without action. So you've got to make up your mind and act. on it. He calls any unnecessary sitting and thinking thumb-sucking. How is that for an image? So when people offer him a business or an investment, he says,

I won't talk unless they bring me a price. And when they give him a price, he gives them an answer on the spot. Number four, spell out the deal before you start. Your bargaining leverage is always greatest before you begin a job. You know, that's very much the essence of Donald Trump's strategy

in the art of the deal. You haven't read that? I highly recommend that one. So your Bargaining leverage is always greatest before you begin a job. That's when you have something to offer that the other party wants. He learned this lesson, the hard way as a kid, when his grandfather hired him and a friend to dig out the family grocery store after a blizzard. The boy spent five hours, shoveling, until they could barely straighten their frozen hands. Afterwards, his grandfather gave the pair less than 90 cents to split.

Warren Buffett, he was horrified, the way he explains it. He was horrified that he performed such back-breaking work only to earn pennies an hour. So always nailed down the specifics of a deal in advance, even with your friends and relatives. Actually, especially with your friends and relatives. Been there, done that. Five, watch small expenses. Warren Buffett he invests in businesses run by managers who obsess over the tiniestest costs. He's a penny-pensure.

The story goes, he once acquired a company whose owner counted the sheets in the rolls of toilet paper. They were 500 sheet rolls, and he wanted to see if he was being cheated. You know what it turned out that he was. He also admired a friend who painted only the side of his office, building that faced the road. Why waste the paint on the side that nobody's going to see, right? Exercising vigilance over every expense can make your profits and your paycheck go much, much further. Number six, limit what you borrow. Living on credit cards and loans, that's not going to make you rich. Warren Buffett has never borrowed a significant amount of money, not to invest, not for a mortgage.

He's gotten many heart-rendering letters from people who thought their borrowing was manageable, but they became overwhelmed by debt. His advice, negotiate with creditors to pay what you can. Then when you're debt-free, work on saving money that you can use to invest. Number seven, be persistent. With tenacity and ingenuity, you can win against a more established competitor. Warren Buffett, he acquired the Nebraska Furniture Mart in 1983 because he liked the way its founder, Rose Blumpkin. He liked the way that she did business. She was a Russian immigrant and built the mart from a pawn shop into the largest furniture store in North America.

Now, her strategy was to undersell the big shots, and she was a merciless negotiator. So to Warren Buffett, Rose embodied the unwavering courage that makes a winner out of an underdog. Be persistent. Number eight, know when to quit. There was a time when Warren Buffett was a teen, he went to the racetrack, and he bet on a race and lost. So to recoup his funds, he bet on another race. He lost again, leaving him with close to nothing. I mean, he felt sick.

That was like the worst thing that could happen to him was lose money. I mean, he had squandered nearly a week's earnings. Warren Buffett, he never repeated that mistake. So no one to walk away from a loss And don't get emotional about it. Don't let anxiety fool you into trying it again. Number nine, assess the risk. Back in 1995, the employer of Warren Buffett's son, his son, Howie,

the employer was accused by the FBI of price fixing. So Mr. Buffett, he advised his son to imagine the worst and best case scenarios if he stayed with the company. His son quickly realized that the risks of staying far outweighed any potential gains, and he quit the very next day. Asking yourself, and then what? That can help you see all of the possible consequences when you're struggling to make a decision, and it can guide you to the smartest choice.

See, even Warren Buffett uses questions to solve his problems. Number 10, know what success really means. I like this one. This is one that we can all apply. This is one we can all pay attention to. Despite his wealth, Warren Buffett does not measure success by dollars. In 2006, he pledged to give away almost his entire fortune to charities, primarily to the Bill and Melinda Gates Foundation.

He's adamant about not funding monuments to himself. No Warren Buffett buildings or halls. No Warren Buffett colleges. Nothing like that. I know people who have a lot of money, he says. And they get testimonial dinners and hospital wings named after them. But the truth is that nobody in the world loves them. When you get to my age, you'll measure your success in life by how many of the people you want to have love you actually do love you.

That's the ultimate test of how you've lived your life. Words of wisdom by an amazing man and great advice for you. for your do-over. Shoot, it's great advice, even if you're not doing over. That's all I've got for you today. Don't forget, if you haven't already, go to freedoover.com and take advantage

of my special do-over offer. Two-for-one, get both the e-version of my book plus the audio version for the price of one. And 100% of those proceeds, go to charity. Please be back in next episode, episode 20, it will be available in just a couple days. And I'll give you all of the details of how you can participate in the giant giveaway

that I'm putting on. Last episode, you've just moved me past 10,000 downloads, and here we are in the very next episode. I'm going to break 20,000 by midnight tonight. So much appreciate it. I love you guys. You guys rock. I am Matt, the do-over guy, and I will see you next time on your do-over.

Thank you for tuning in to your do-over, where the ignored, underestimated, and unknown steps to producing results and making life work are revealed. And remember, knowledge is potential power. Take action. Take action on what you learned today. This is not your learnover. It's your do-over. To view the resources referenced in today's show and to retrieve a complete show transcript,

visit www. www.the-dover guy.com. Stay connected with Matt the do-over guy terrio on Twitter at the doover guy and on Facebook at www. www.com slash doover guru. This podcast is a part of the C-suite radio network. For more top business podcast, Podcasts, visit c-sweetradio.com.