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I Retired Rich At Age 27…And This Is How I Did It

Today I want to share with you exactly how I retire at the age of 27 how I did it and maybe how you could do it as well you see I started very early at a young age the path of entrepreneurship I started my first business when I was in high school just with a couple of buddies mowing lawns for people in our neighborhoods that’s my very first business there are three things that I did during this time that allows me to retire young and with higher rich so the very first thing is this I focus on developing what I call high income skills my high income skills skills that allow me to bring value to the marketplace in exchange of money now I define high income skills as skills that could make me $10,000 or more per month you see the first five years of my business career when I was getting started the first five years I didn’t take a single day off I was working 12 to 14 hours a day seven days a week for the first five years while all my friends they were out there drinking drinking and having parties and chasing girls I was fucking working I sacrifice I made a lot of sacrifices I believe if you don’t sacrifice for your dream then your dream becomes your sacrifice so I made a decision I pay the price early on I spent a few years of my life working on myself working on my business doing the things that most people are too lazy to do not willing to do so I could have what most people cannot have the very first high income skill that I develop was copywriting now you might wonder what that is well it’s simply the skill to use words to sell that’s it Prine persuasion or persuasion in print and our words running a one-man advertising agency myself if you watch the TV show man man that’s kind of what I was doing without all the smoking and all that bullshit but I was basically a cocking gun in my early 20s working with companies working with entrepreneurs and I was making 10,000 a month $12,000 a month in my early 20s and at the time I thought he was it was like I felt like a million bucks I thought it was the most money I’ve ever seen and I did that then later on I took that money the income did I earn I put that aside and I started coin called a scalable business now if you want to retire early and retire young one of the most important things that you have to know is noticing identifying trends at a time I went onto the internet I saw this trend on the Internet we’re talking about back then remember Netscape dial-up modem I’m talking about overture for pay-per-click you know good old days you’re watching this young young guys you may or may not even know this but I’m talking about Yahoo for search engines okay Facebook and then later on Google but I’m talking about that so when I got started back then early and I noticed a trend on internet and I was importing collectibles from Hong Kong Bruce Lee collectibles actually and I was flipping them on eBay I was doing affiliate marketing I was doing digital marketing online I was selling digital products before PDF before all these things were even popular software all these things and that’s how my first bucket of money then I took that money and I saw some of those physicists I cash out and I took that money and invest in real estate then my investments are able to support my lifestyle and that’s how I retire at the age of 27 but here’s one thing I’ve learned through that experience at the age of 27 I thought this was my dream I thought I want to get to a point where I don’t have to work anymore I’ll sit in a beach all day and that is going to be it and I did that the first month first 30 days I was sitting on a beach on English pay just to be there every single day right looking at a beach looking at the ocean I thought I have made it you know what all I got was sunburn that’s it you may dream I’m sitting on a beach every day I’m telling you when you could do it I was bored out of my mind I thought this is fucking stupid I work so hard to get here and now I’m sitting on beach doing nothing this is dumb like did I work all like this heart and may all that sacrifices for this like come on because you’ve got to understand when you’re entrepreneur I was going like this every day go go go go go suddenly when you have nothing to do when you cash out when you have investments you’re like okay I guess what else do you do right after 30 days of that I was sick and tired of it I’m like this is a dumbest thing ever so the second month I did something different actually thought you know what I’m gonna I’m gonna watch the movies so at a time I rendered a lot of movies a lot I was watching six seven movies the DVDs stack of them every single day let me tell you something I love movies don’t get me wrong but when you’re watching six seven movies every fucking day you don’t like movies so much anymore believe me okay after 30 days of that I’m like this is again the dumbest thing ever i I just felt like I so lazy I felt like I wasn’t doing anything with my life then I went to talk to my mentor and he said okay Dan he’s what I want you to do I want you to start in other business I said no no I’m not gonna start another business I was killing myself all these years so I could retire you don’t understand I’m not gonna work he said no you’re gonna start outta business I said no I am NOT gonna start down to business he said you’re gonna start another business I said no but this time he said you’re gonna start a business from a totally different place because now you’re made it you could start your business coming from a place of strength coming from a place of abundance coming from a place of something that you want what do you want to create build it around your wor strength build it around your passion because now money’s not an issue you’re not just doing to make money what could you do how could you use all the skills that you’ve accumulated you’ve developed all the business acumen all the knowledge that you have how can you use that to do something great and I thought that I could do so that’s my story that’s how I retire at the age of 27 I don’t know where you’re at in your journey maybe you want to retire young maybe you want to retire at age of 45 55 65 I don’t know where you’re at but what I do know is it’s possible and what I also do know is once you get there there’s always an other step there’s always an other level so don’t wait don’t feel like you have to get to a point where hey you know what I’m gonna spend my whole life doing stuff that I hate so I could get to a point where finally I could do some stuff that I love No enjoy the journey success is a journey not a destination

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How to Retire by 40

Hey everybody welcome in on this snowy snowy Wednesday wherever you’re joining us from let us know where you joining us from today hey everybody welcome in to the investing in real estate show today we’re gonna have some fun talking about how to retire at 40 how to retire by 40 Sean says hello from Brooklyn New York how much snow are you getting out there Sean we get this massive nor’easter once again and once again so the kids are off school just I’m over it I am over it I know there’s gonna be people are there I’m right in here and say they’re there joining us from there out in California and they’re living living large yeah Aaron is running us from Miami Florida there you go Wong from Miami thanks so much rub it in rub it in rub it in everybody so we’re gonna get this show started in just about three minutes South Africa Indianapolis Moses welcome Pottstown you’re getting hit with some snow right now Matthew Bishop Lakeland Florida hey Matthew yeah I guess California you guys are getting hit with some crazy stuff out there today too huh yeah they cancelled school last night I don’t know I you know growing up I don’t ever remember them canceling school like the night before did you guys ever have that growing up it was like he’d wake up and he would sit and listen to the radio and you would wait you know I was in Pennsylvania I would be all be waiting to listen for our school if it was canceled I’d be in one-hour delay a two-hour delay and you were hoping that they would cancel it but I never had the night before they send out a text message letting you know that hey your school was cancelled and that was never the case for me never never did you do all right we’re gonna get started in just a moment here it’s gonna pull up this today we’re gonna talk about how to retire by 40 and we’ll start here in just about one minute one minute one minute Jerome aramid says hey a guy you talked to me more than two weeks you never came back to me you can take care of this later I know you’re alive nobody emailed me the first appointment Jerome who did you talk to on my team let me know and we’ve got some people in from our team right here in the chat thread as well we can Mike you know a lot of times people will send follow-up emails it goes to your spam folder sometimes people when they initially signup for phone calls with our team they put in the wrong phone number and then they later writes it well I put the wrong phone number in and so our team will be calling and they can’t get ahold of you so I apologize for that and Rudy Rudy please check your spam folder please please please because our team is very good about follow-up and we have hundreds of clients around the world so I apologize for that you know because if someone sends you a PDF it might go right to your spam folder and then you’re like oh I never emailed me just check your junk folder and who are you talking to please let us know we’ll make sure we get you all squared away we have a waiting list for people to get on the phone with us for like a few weeks so I don’t ever want anyone to feel like we don’t get proper follow-up from our team that’s very important so I’ve got our team right now who is in our chat thread we’ll go through and make sure that we get you all taken care of so I apologize for that all right so we are live it is it is a.m.

And we’re gonna kick off the show after the show I’m gonna do you know to talk about this article talk about how to retire at 40 and then after the show we’ll kind of open it up for a few minutes of Q&A if that works for all of you and we’ll just kind of answer some real estate questions some of the things you’re struggling with you’re hoping to achieve and we’ll talk we’ll do that all right Forrest wants to knows are still owners software coming out for Morrison fest yes indeed in fact we’ve been working on it for for since like August it’s all custom it’s been a lot of tweaking we want it to just be perfect Peter Cook says I’ve had very good follow-up thank you Peter appreciate it and James Frederico o1r from our team is right in here he says hey Jerome I got you all reach back out to you and take care of you good good good all right so we’re gonna get started here and we’re going to talk about this in a second so first so again at the end of the show we’ll take some QA and we’ll do that as well let me just get this all dialed in we’re recording we got the audio up and running is everything sound ok guys you guys can hear me give me a thumbs up you guys are all good Brandon yes absolutely because some of those beat class properties you’re asking about the verb method absolutely because you know buying those 60 70 thousand dollar homes those the banks love they’re able to do you know easy refinances on those because there’s easy comps to pull in the neighborhood because there’s retail sales so I would stay away from like the 3040 thousand dollar stuff if you want to really do like a solid brr-brr method stuff if that’s what you’re looking for all right sounds good alright so we’re gonna get started all right all right and let’s get this show started all right today on today’s show we’re talking about how to retire by 40 a news article from the mainstream media it’s kind of total garbage that’s today’s show let’s dive into it hey everyone I’m Clayton Morris longtime real estate investor founder of Morris invest if you’re new to the channel thank you so much for joining us and subscribing I hope that you’re a subscriber because there’s where we talk about passive income building legacy wealth for you and your family that’s the goal right and the vehicle that we use is buy and hold real estate but I don’t care about the real estate right I don’t care about the four walls and a roof I just bought 15 houses this week that we’re about to rehab okay I don’t care what they look like because once we get them it doesn’t matter what I’m buying as a tax shelter and that’s what you should be focusing on buying a tax shelter that’s what this show is all about on today’s show I want to talk about how to retire by 40 and I want to preface this by saying that I got this from an email from a listener a viewer of our show who is getting involved in real estate investing Jesse Daley sent me this email and he said hey Clayton I hope you’re doing well man I thought you’d find this article interesting especially how the writer literally doesn’t mention anything about investing in real estate there’s only a one quick mention of a condo adding to net worth and nothing else in this article I’m so happy that your podcast teaches people how to truly invest properly and retire by the age of 40 this they should have interviewed you for this article so thank you Jesse I promised I would give you a shout out here on the show and I want to go into this article so again I have lampooned some of these CNNMoney articles over the past few years have done shows about these things because I just find them ridiculous I find them ridiculous that they’re telling people to invest in their 401k and then that’s the way that you build retirement that’s the way that you’re able to retire by 40 years old I mean how many people are you know you just like a show of hands you’re listening right now how many of you think you could actually retire by 40 years old just with your 401k of course you can it’s ridiculous the average 401k retirement in this country guess what according to Time magazine is 90 thousand dollars can you retire on that no way so I want to go through this article because it’s a lot of fun and Jesse sent it to me so these are tips from CNN money on how to retire by forty three proven tips three proven tips so let’s go Chris reading isn’t your average retiree he said goodbye to his working years at 37 and is now financially independent living his life on his own terms that’s great now he had 4500 dollars in debt and when he started working he got through all of that he finally found a well-paying job working cyber security took out a mortgage bought a condo and financed a BMW okay alright took out a mortgage on a home bought a condo and financed a BMW on our way to success but then he started to wonder is this all there is he finally said I can’t do this for 40 years in his late 20s he started searching for alternatives and he read the book your money your life by Joe da Menendez and Vicki Robin and he said look there’s other ways of becoming financially independent so he then felt that he had enough to live the rest of his life on his savings and investments without having to work again it took two more years of showing up the cubicle for him to be sure than a 37 he finally walked away so what did he do okay here were his strategies here where his strategies for becoming financially independent and retiring at 40 years old number one save more save more okay so his strategy according to the CNN Money article is cut he cut back on going out to dinner and he cut back on buying lattes so he just started saving more really so let me get this straight that’s the way that you can sustain yourself for the rest of your life by retiring at 40 years old from your job it’s just having enough in the bank you think that you’re gonna have if the average 401k retirement is ninety thousand dollars can you really live the lifestyle that you want so now you’re cutting back on dinners in order to save some money you’re not buying coffee so what Natalie and I’ve talked about here on the show repeatedly is the idea of not having to shrink your lifestyle why not find out what your freedom number is using real estate find out what your freedom number is and actually have enough passive income every month coming in the cash flows you’re creating a tax shelter for yourself and enabling you to live the life that you want so you can’t go buy a latte I find that ridiculous you know David Bach wrote about that in his book the automatic millionaire a years ago and look if you’re $40,000 in debt yes maybe not buying a five-dollar coffee every day is probably not a smart strategy you know also if you’re a smoker you know spending ten bucks a day on cigarettes or whatever it’s probably you know not a smart strategy if you want to claw your way out of debt I get that part of it but as a way of sustaining yourself and retiring at forty years old just saving more savers are losers that money in a bank account is doing nothing for you what about buying performing assets that are actually producing cash flow I mean come on so when he says look where people get into trouble with savings that they think they have to use reusable toilet paper and eat chicken broth but real basically you just you’ll never spend zero dollars find a level of living that you’re come with and work on earning more without increasing your expenses so he’s just saying earn more save more cut out lattes and you can retire at 40 I don’t buy that for a second number to earn more okay that’s his second tip earn more great so let’s save more and earn more again a paycheck job the tax code is written for wealthy people the tax code is written for entrepreneurs who own businesses who own real estate that’s what the tax code is written for it’s not written for a w-2 employee so earn more so what he says is your actual jobs only part of your work in order to earn the kind of money where you can live on only half or less of your salary so take that extra money socket away that’s what he’s saying so work harder right work for a paycheck get taxed as like in the highest tax bracket by the federal government right because we know that paycheck employees under the new tax code or hurt the worst he says this career-boosting work can include earning advanced degrees oh that’s great so his other bit of advice on this is go out and spend a hundred thousand dollars on getting an advanced degree so go get your master’s degree that’s only what a hundred thousand dollars that’s only a hundred thousand dollars right just go get it a master’s degree so that’s smart so save more earn more by spending more on getting an advanced degree or certifications and then that way you’ll have people who will look at you more favorably in the office and be able to elevate you higher that’s great so it’s important understand the weak areas and he says look I finding mentors okay that’s good yes definitely finding mentors as a very smart move finding mentors who can help propel you and then number three he says invest more so he says the most powerful mechanism for investment right now it’s built into their job it’s the 401k invest in your 401 K and a two or three percent return contributing at the level where you get the employer match is a must and that’s your biggest benefit and that’s how you can retire by 40 that’s the article unbelievable so okay ridiculous right that’s how you could retire at 40 no no that’s not how you can retire it 40 and that’s not how you could live comfortably and live the life that you want and be able to produce legacy wealth for your family for the rest of your life so he’s now retired he’s living off of savings but he’s got no assets that are actually performing for him for the rest of his life he’s got a V BMW that he bought financed and he has a mortgage on a condo that he lives in he has no performing assets that is not financial intelligence any way you slice it wouldn’t it have made more sense instead of saving that money while he was working for that cybersecurity company to take that money and invest it in real estate by a performing asset that cash flows that’s how you control and move your family forward that’s how you can build true legacy wealth for you and your family but actually taking money and buying a BMW buying a liability remember all you need to remember is if you’re buying liabilities a liability is something that does not produce cashflow now if he bought that BMW and used it as an uber driver that was producing cash flow that’s a different scenario or if he rented out that BMW that’s a different scenario but I love these I love these articles and again this is all sort of couched around the idea of the mainstream media right the mainstream media wants you to believe that a paycheck employer job is the way to go that getting a 401 K having their company sort of automatically do it for you because you’re too dumb to do it yourself have them handle it have them streamline it and that’s how you that’s how you have a strong safety net we’ve been trained to believe that being secure is having a paycheck job you know again I come back to the I keep seeing this commercial and I’m sure so many of you have seen this commercial over the past few weeks I saw it first during the World Series and they continue to run this stupid thing where it shows a couple you know they’re in their late 60’s and they’re sitting there with a how it’s a Merrill Lynch advisor and the Merrill Lynch adviser says well it looks like the plan worked and you’re gonna be able to have that retirement you wanted and I looked at you look on the iPad app that they’re handing to the couple and he’s like honey we did it we can do it we can live that life we wanted retirement and it shows that their income is enough they’re gonna have about seventy thousand dollars to work with like if you look at if you actually look at the numbers on that screen seventy thousand dollars so now they’re almost at retirement and then the next clip it shows them in a boat with their granddaughter right there sailing off into the sunset like some small little boat with their granddaughter and the little girl says aye aye captain you know and she she’s driving the boat so this is their retirement they finally did it right they had a wait till they’re 70 to buy a boat and to be able to sleep in and spend a little bit of time with her grandkids be all because they had their month their money managed by a financial advisor that was taken out big fees and investing in a stock market and not investing in real estate and cash flowing assets so there you go that’s my frustration there you go that’s my my little my little two cents my little rant about these types of mainstream media articles and when you see them on TV just roll your eyes think about it for a second saving more earning more get an advanced degree spend $100,000 on a master’s degree and then use a 401k that’s how you’re able to retire at 40 that is total garbage that is total garbage unless maybe the guy wants to go live in like Thailand by himself with no kids and he wants to live like in a hut somewhere for the rest of his life and he doesn’t care about actually having any income or cash to be able to buy anything or any food or live the life that he wants I find it to be total garbage I’d love to hear your comments and your reactions to this please send them to us and I really thank you so much so that’s gonna do it for that and thank you so much for subscribing to the show I really appreciate it this is the investing in real estate show you can please subscribe share it with your friends and and you know please go out there take action become a real estate investor because I believe it’s the number one way to build wealth we’ll see you next time everyone all right now with that that’s the show so anyone who wanted to get just the shortened version of that but hey now we’re gonna open up this agree to some Q&A here in the show we got so much so I saw so many chat threads coming through here asking questions alright so fire them up here alright alright Joel says I’ve also had an email a few times hit reschedule my call but no response and said ok Joel no worries we’ll get you all straightened out I apologize like if people miss their phone appointments cuz like I said we Deanna with our team we have like calls are booked out I think about two weeks and so if we call them like goes to voicemail and then we’re trying to reschedule it so we really try to make sure we can get on the get on the same get on the same on the same page Jinger I’m sorry again what’s going on Jinger we’ll get to the bottom of this so I’m gonna make a list of anyone who didn’t get a call back so I apologize alright so can you guys tell me Arum says Glen and Nicole from your team have been great awesome ok so we will dial some of the stuff in ginger and I’m sorry I will get some of these people on your on your team to make sure we get it all taken care of thank you guys let’s see all right you know I’m glad you’re not upset no I just you know we if sometimes emails get back and forth and we’re trying to make sure that everyone gets taken care of okay are Tuffle get you back on your property okay let’s the ad tapper says what do you think about joint ventures they have the money I do appraisals marketing and brother does the renovations hey jayvees are great right you need to build a great team for real estate investing that’s very important you have to have a great team to do real estate investing well Kelly just uh Kelly Cheatham says I want to hear more about your program great just booked a call with our team Kelly and Morris invest comm we’re doing some great things and I’m really excited about some of the new properties that that we purchased that we’re about to do we’ve already designed our contractors to dive in and start rehabbing see Charlie 18 says our new Hara Sean wants to know one of the price of the new house is being built our new houses the three-bedroom two-bathroom right around seventy seventy thousand okay Charlie eighteen I’m gonna answer this question how does it LLC save you on your taxes on your rental how does it LLC save you taxes on your rental properties a lot of the stuff I’ve been reading times about pass-through income I never thought I thought that that was taxed the same way as a sole proprietor yes however remember that under the new tax law as a pass-through entity as a pastor entity you’re now getting an additional 20% deduction 20% and remember when you have your your properties in an LLC you’re being taxed as a business and you’re able then to depreciate spread that money over all those other your w-2 income and those other things so I’ve just an all series of videos on understanding tax shelters and remember what you’re buying as a tax shelter so forget about buying real estate you know I have talked about Lane I like for repairs so repairs add to your tax shelter helps mitigate your overall cash flow because remember what you’re buying in the beginning in a 3-stage is a real estate investing right buy own and cashflow what you’re buying in the beginning you’re adding to your net worth so I don’t care about the cashflow necessarily until years later but you’re buying and adding to your net worth you’re creating a tax shelter for yourself you’re able to mitigate your w2 income you’re able to offset all of those things so I would love to hear what you guys thought about today’s show and the article please let me know I’d love to hear you which you you know what you thought about that Kelly are speaking of the computer program Oh Kelly yeah we’re building a personal owner portal for our clients that the software I mean it’s just it’s and make it much easier so that we don’t like our team doesn’t have to send out Purchase Agreements it’ll be right there because we have so many clients it like we’ll have like three or four clients and want the same house and so a little like yeah give you a purchase agreement and it’s kind of like first-come first-serve and then our team has to send out a purchase agreement wait till it’s signed and all that BS so this will make it very easy for them to be able to click right on it and then open up DocuSign and be able to do it and pretty great Ryan Millie says okay what are the mechanics after purchasing one property to purchase another property or two and repeat the process over and over again where does that money come from well ideally it could come from a bank right or it could come from private money it could come from you know we we talked about a company that we work with called fund and grow less you know if you go to our if you go to our website Morris and vest com slash funding you don’t pay them any money until they actually if they get you money zero percent Interest but why would look at okay so let’s just take the mechanics of that to answer your question so I would say you know buying like a sixty seventy thousand dollar rental property and then leveraging that right so maybe putting or or if you have the cash to do that right that ideally if you could come out of the gate you have the cash to purchase your first one free and clear that’s more of a B Class play you know that’s sort of B minus like 60 65 70 K place play that’s kind of maybe you know it’s transitioning up to sort of an a-class neighborhood and it you know coud appraised in a few years at 80 or 75 that’s the play right so buying that if you could buy that with cash right and then refinancing a pull some equity back out of that and then be able to roll that next amount of cash the bank just gave you into your next property into your second property and then into your third property a buddy of mine here in New Jersey started and did that on an eighty thousand dollar property he now has over two thousand units here our DNA and money when he started and he bought that first property that first property allowed him the snowball and all of these other properties and identity jjh yeah unfortunately JJ was said you purchase second property in Indy in November we’ll hopefully get an answer for you an update on where we’re at with the rehab and we’ll also make sure we connect you with the right management team if you’re having some issues you know we work with a 8 different property management teams so what gets you sort it out so just you know email our team you know the team you know our team at Morris invest email us we had a really really really unusually harsh winter that set us back about four or five weeks on construction this year with like a deep freeze we had stuff all the way through Michigan into Indiana down into Pennsylvania where we just had all kinds of problems Ryan you are absolutely welcome thank you so much Sean says you weren’t able to pull cash off the cards they got through funding to grow yeah that’s unfortunate we have literally funny grows enabled our clients to raise over 20 million dollars for purchases of real estate so I’m not sure why that person had an issue they’re very very good at walking you through step by step I just would say reach out to them and make sure that you’re working with them they they have a thing with gold money so basically they use the cards to buy gold and then you transfer the gold into cash it’s like a little bit of a few hoops to jump through but hey it’s 0% interest for a year you know hey beggars can’t be choosers right we were able to get a hundred and seventy six thousand dollars in cash because of them in order to purchase real estate so it’s an amazing strategy so again and you’ll save like five hundred bucks if you go through our website because we’ve asked them to do that for people who watch us and who listen to us so if you go to Morris invest com slash funding check it out it might not be for you if it is great just check them out you know I have a phone call with them Joe Joe wants to know what appliances do you provide actually I don’t do any appliances in our properties now that is to say if we move into some of the b-class properties we some we will sometimes put in a fridge and stove and things like that but far as a washer and dryer we have I made that mistake when I first started in Michigan I bought all appliances and found out that I didn’t need to that it’s commonplace that tenants will provide all of their appliances they will usually typically go down to a local you know like a little scratch and dent company etc or that’s where I bought my first appliances when I had my first condo in Florida I went to a local scratch and dent place they’re brand new that may have like a tiny little little scratchy scratch on the side and you get a great deal on a bundle of appliances so that’s what most client most tenants will do and then they’ll keep them for many many years so you don’t have to worry about it so Daniel wants to know what’s the fee for you guys to do investing for me there is no fee with us at all I know some other companies charge like ten percent all that stuff we don’t do that you’re just buying the house we just you know and try to get it all stabilized for you with property management team and cash flowing so you don’t have any additional fees you own the property free and clear Jimmy says how do you organize your banking system for your real estate business great question Jimmy you know we have a couple of podcast episodes Natalie and I do where we talk about how to run your you know your family business and finances for real estate investing if you want to check out the investing in real estate podcast you can do so and we have some of those episodes you know the short answer is that you want to have bank accounts set up for your taxes you want to have bank accounts set up for your LLC that owns your rental property and personally so I have LLC’s that own my rental properties those LLC’s have their own bank account so when the cash flow from the tenant comes in I Clayton Morris don’t touch that money that goes into the business then I can pull that money out but you can’t commingle money like you don’t if it’s a business that owns your real estate you don’t want that money coming in to your personal bank account that’s called commingling that’s illegal the IRS does not look favorably upon that so you want to do everything aboveboard making sure that everything is flowing the way that it should Bobby yes what’s the best way to start a property management team no cash but at the time and looking to help investors well I would say to start a property management company takes about a hundred and fifty thousand dollars I know this to be the case so right away to be spending one hundred and fifty thousand dollars to set everything up okay you’re gonna need you’re gonna need to pay for software things like rent manager appFolio those types of things you’re gonna want to hire an accountant you’re gonna want to hire an office manager you’re gonna need to hire leasing agent you also need to get a brokerage right you need to have a brokerage license to make sure that you can manage property so all those things cost some money so to start a property management company that’s what about that’s what it roughly costs and then about if you have more than 100 properties the rule of thumb is for every hundred properties or so you’re gonna want to add another human being to your to your company to facilitate those properties that came to me as a friend of mine who ran his own property management company those are the exact numbers that he used James wants so what’s the area oh it’s just on the website to find the gold funding option so just go to Morris and Vess comm slash funding it’s sort of a hidden page because we don’t like promote it but it’s there if you sign up like I said you’ll save 500 bucks once they get you the money you don’t pay anything until they get you the cards Peter said spoke briefly with your guy Justin have a self-directed IRA I was interested that was a month ago he was going to keep an eye out for a property and haven’t heard back Peter I will follow up with Justin or you can just you know feel free to reach out to Justin as well from our team because we we can set up a whole dashboard for you for the self direction so I’ll make sure that Justin gets back to you Peter I’ll have our team make sure we go through this comment thread to take care of it okay how can you cash out on a $40,000 property well so $40,000 homes are tricky because banks are lazy or appraisers are lazy so a bank is going to hire an appraiser to go in and they’re going to those types of properties they’re being sold every day to investors like I might buy thirty of them right but guess what they’re all off market so they’re not being sold on a multiple listing service like you buy a house for a hundred thousand right with a realtor and so when an appraiser goes to pull comps in order to appraise the property they don’t have any comps to work with the only cops they have are ones that are on the MLS the ones that they end up pulling end up being ones that are like foreclosures or pre rehab so you might have a forty thousand dollar house and you know it’s worth forty forty three forty two but they might appraise it at twenty because the only thing they could find that sold recently on that street was a foreclosure that’s not been rehabbed yet so you can’t you kind of at a crapshoot if you’re planning to do a refinance here’s my suggestion it’s just move up into those sixty sixty-five seventy thousand dollar homes and then you’re putting like you know then you’re able to pull almost like the full equity out of that house or close to it if the bank then cuts you a check for fifty fifty five great then you can roll that into your next property so I just would say told code don’t try to go super cheap if you’re planning on doing a refinance banks are lazy and you’re frankly just at the mercy of these banks you know I can pull up sales disclosures with hundreds of sales where the house is selling for forty three forty five but guess what the appraiser will not look at that and so then you’re at the mercy of like a foreclosure that’s on the Multiple Listing Service and unfortunately it’s it’s just difficult now we’ve had people who’ve done refinances on forty thousand dollar homes and you know like one of our clients recently bought one for forty three it appraised for fifty five but again it’s a crapshoot he could have just as easily had the appraiser come back and say you know well we think that house is worth twenty two so remember what you’re buying is cash flow when you’re buying that low and you’re trying for that high of are a lie you’re you’re sort of like the investor that’s buying 50 properties like that they don’t care about ever refinancing they just want the ROI they want the cash flow I hope that makes sense sure our Lara says I’ve got a shooter I think I missed it sorry zip past it Ahmad it’s kind of invest the United States if I’m not a US citizen yes you can you know just book a call with our team we have people I mean we have a lot of investors Canada and New Zealand all over the world who invest with us do I see Florida getting to California prices within 10 years seeing a lot of new construction and price hikes there in Tampa yeah a lot of those coastal areas you know Tampa those types of places Clearwater Miami of course I don’t see them getting to California craziness you wanted let me tell you a California story the reason it’s ridiculous so like the same house that I might do in Michigan or Indiana and then our clients would buy maybe like a 3-bedroom 1-bath in the $50,000 range right well there was a 3-bedroom 1-bath last week on the market in the bay area for $900,000 and guess what it was condemned it’s a condemned house selling for $900,000 in the bay area that’s California it’s crazy absolutely crazy Mario says I was thinking about buying houses in my name under a HELOC on my primary residence and then when I get to three to five houses to a portfolio loan and all three to five and an LLC is that okay yeah I mean but why would you need to buy them if you’re using a HELOC to buy them just buy them in an LLC now you know there’s no reason you should buy them in your own name at all ever buy them buy them in an LLC if you’re using the HELOC it doesn’t matter how you use the he lock key lock is cash right you could go out and buy a boat if you wanted to with your he lock the bank doesn’t care you’re just writing a check from your he lock so why not buy them in your own name now I’ve started buy them in an LLC today you’re using the he lock on your primary residence it doesn’t matter the bank doesn’t care what you’re doing with that money you just have to pay it back but I to me having a HELOC is one of the killer strategies I love a key lock on my primary residence I use it to buy properties all day long Michele says what are your thoughts on using quicken loans to buy a house I’ve never done it you know hey if you can get good rates and good terms from a bank to buy to buy a house great go for it I don’t see why not video teaching can you recommend a bank for a HELOC on a New Jersey property lakeland la ke Lakeland Bank we love them they’re fantastic smh ninja on the funding Grove fees no notice he you’re refinancing very quickly so you’re gonna refinance very very quickly by that fifty sixty thousand dollar home and then get it into a long-term 30-year note and you pay off the you pay off the zero interest credit cards and then you recycle them so that’s what fund and grow does they recycle and get you more zero percent and then you can just rinse and repeat that’s why it’s a great strategy so you’re not keeping those cards for you know with like you bought a house on a credit card for twenty years you’re refinancing it within that first twelve eighteen months and yes you can quit claim deed you can move a property to an LLC Kevin wants to know thoughts on an umbrella insurance versus LLC well that’s well I say you have both I mean I would definitely have insurance and also have your properties in a limited liability company the reason you have your properties in a limited liability company is so that people will come after you personally that’s the key right you don’t want people if tenant slips and falls because a handrail wasn’t fixed on your one property and this happened to a buddy of mine in Philadelphia he has a property and a girl was drinking one night she came home to the condo she slipped outside because the sidewalk had like this much of a differential and sued him fortunately you know he had insurance but fortunately the case got dismissed or dwindled down where he only had to pay like seventeen thousand can’t come out of pocket seventeen thousand to pay for this girl slipping and falling at his property because he had the property at his own name so don’t put properties in your own name if you don’t need to there’s no reason to forest so to have a bank you recommend for refine 50k rentals I guess it just depends yeah I mean there’s a couple you know State Farm actually the insurance company has a refinance program a national program Northpoint Bank all one word with an e at the end North Point also has a refinance program they’re a national company as well you could look into them Daniel says how do you tell if a property is a B or C class that’s a great question I’ve got a whole video series here on our YouTube channel about how to understand that so you can if you want to look that up right here on the channel it goes more deeply into that but the short answer is an a-class neighborhood I like to avoid an 8 class neighborhood or those two you know two hundred three hundred thousand dollar homes two-car garages maybe they have a swimming pool they’re in the best neighborhoods I stay away from those as an investment property because you’re gonna have the most moving parts that break you’re gonna have the most entitled tenants that cause the biggest headaches and cause you the biggest problems so garage door openers that break garbage disposals that break multiple heating and air systems that break you know avoid those those also have the most volatility those tend to be the areas where those in a big recession lose their job the a-class neighborhoods we saw that across the country right these a class neighborhoods where people lost their jobs and all these houses went into foreclosure and people couldn’t pay their rent or the value plummeted significantly so let’s say they’re renting it from you for $3,000 a month in an a-class neighborhood and everyone loses their job all around that a class neighborhood now the rent is you know you’re gonna have to go down like 20 2022 hundred a month or even 1800 a month we saw that in Manhattan right people renting Manhattan apartments for thirty five hundred bucks a month the recession hits and guess what all these Wall Street people lose their jobs etc and those went down significantly you could rent a place in Manhattan for eighteen hundred a month instead of the 35 that you could before the recession but guess what those C class neighborhoods say the same those C and B class neighborhoods roughly stayed the same it’s consistent cash flow those are the people that tend not to lose their jobs those are the people that are working blue-collar b-class is kind of moving towards an a-class it has better schools slightly lower ROI but I’ve been buying a lot more B class properties lately personally because you know when you get to a point of having find enough cash flow you really want to start thinking about buying those more expensive B class because you’re creating more of a tax shelter for yourself you’re creating that bigger spread that bigger tax shelter and you’re adding to your net worth more significantly so but C and B are my favorites so I’ve been a lot of C and I’m starting to buy a lot more B yeah lisa says that’s why I like condos no outside maintenance but then I don’t like the associations right I do not like HOA fees and I’ve got a whole video on HOAs because HOAs honestly you’re sort of at the mercy of these people I mean you’re literally at the mercy of these people and you never know when they’re going to decide to change the bylaws and make it so that you can’t rent the place or they’re gonna hit you with a big roof assessment you’re gonna have to pay you know $5,000 for a new roof on the property you have no control over that so homeowners associations I’m not a fan of Daniel we don’t we don’t have a number for you to call us because we want to be able to schedule it with you so just go to our website click on the schedule a consultation button you literally answer like eight questions like your first name last name best email address to get a hold of you make sure you type in your phone number correctly and then we just ask you a few quick questions like how many properties do you currently have what are your goals and then you pick on the calendar the time that you want to schedule a call with us it’s very simple so it’s up to you you know that you got the kids from to p.m.

We don’t write so we want you to pick the time that best serves your needs it’ll go on your calendar we’ll send you an email reminder about ten minutes before your call and we’ll jump on the phone with you and talk to you for like thirty minutes Chad boys wants to know how is Capp West you know I heard good things about them years ago but then I think I heard things kind of fell off and I haven’t really actually heard many people using them so I don’t know I’ve never used cap West what if you want to live duplex a class neighborhood your thoughts well Rodney I mean some few if you want to live in the property that’s up to you right because that’s a different animal than investing in a property but if you want to live in a duplex than in a class neighborhood great you buy it I would rent out the other side so that they’re paying your mortgage that’s an investment right that’s an investment property in a class neighborhood so you know go for it you know just a matter of whether if you’re in an a class neighborhood are you likely to have a higher turnover on the rent because people want to have their own single-family home they might not necessarily want to split a house with somebody if they’re in a class neighborhood you know when I was younger I was fine kind of having a shared wall with somebody but now that I’ve got three kids and I’m an adult there’s no way I want to share a wall with somebody else you know I want my own place I want my own yard what do I think about a land trust well it’s funny you mention that as our tax accountant thinks that they are a total mistake so I do not do anything in the land trust sam says I spoke to Glenn a few minutes ago awesome

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How To Become Rich With No Money

So you want to become rich without any money? haha! you can totally do that! It’s awesome. I know because I did. Kris Krohn here with Limitless TV and we’re going to be talking about different ways of creating wealth. I’ll even give you one of my favorite proven systems of exactly how I did it. So if you got no money and you want to become wealthy, if you want to become rich there’s two different ways. Two different approaches you can do. You can either use a proven method or you can be the creator of a method. And I want you to understand the risk between both of these concepts. If you leverage a proven method, this is what I did and I’ll share with you what I did. Or the difference of actually creating something novel like, like think of the guy that started Facebook right? I mean he created this really amazing idea now he’s a multi-billionaire. By far, the safest way to become wealthy is to already leverage proven paths. That may not be your path. You may be, you may feel called the pioneer something different in something new. For me personally, my whole story in life began on my journey to creating wealth to leveraging proven existing systems. And this is coming from a place where I was $8,700 in debt.

I didn’t, wasn’t making enough money at my job to actually cover and pay all of my bills. The thing that made the difference was getting a mentor based on a proven path. There were three men that I worked with all of which had made over ten million dollars and these individuals all made their money through real estate investing. This is something anyone can do. In fact, the first fourteen months of being mentored I didn’t buy a property and I wasn’t making any money but I was following their system in their path of developing credit putting a little money in savings, penny-pinching.

It ultimately put me in a position to buy my first house. In my first house when people came over the for the for the for the housewarming party, what they didn’t realize was this wasn’t going to be my house very long. I really was renting out the basement it was covering my whole mortgage and I bought the house with $40,000 of equity. So the house was an investment and that house bought my second house and the equity in those homes bought my third house and with with no money, other than 14 months of saving five thousand dollars, thirty five hundred which I used to buy this house, same strategies existing in our world today. Those homes became 50 homes, became a hundred homes, became hundreds of homes, and I built all of that without any money out of my own pocket but I did it through working with mentors that knew a proven system and a proven path. And in this next video segment, I want to really share with you exactly how I did that because if you want to create wealth for nothing, you’re going to need to take the right advice, stick to the plan, and execute it like I’m about to show you.

I’m going to show you exactly how I became wealthy with no money and I’m going to show you exactly how I did it and the advice that I took from my mentor and what it started with is, number one, is you need to have a mentor. Okay? This is someone that knows your situation, has been where you want to be, and is going to be able to give you the right kind of advice. The next thing that you’re going to need is you’re going to need a system. I’m going to show you the system right now. And then, between these two things, the last thing that I’m going to encourage you to need is a team. And team essentially means that you don’t have to wear all the hats of all the successful operations of putting this in place.

You just need to tap into other people’s brilliant abilities because anything that you don’t currently know how to do you don’t have to learn it you just have to have that person on your team. Here’s what I did. The advice that I have received from my mentor that showed me the system that helped me put the team together was, number one, is I needed to develop my credit so that I could buy a house. For some of you that might mean credit repair. For me, I was young and didn’t have credit so I needed to establish credit. I was told to have three lines of credit. I only had one. So I got two more credit cards and I was responsibly using them. How do you do that if you got bad credit? hire a credit repair company to fix that. Learn how to get good credit for the system to work. And then the second one was you have to have enough money for a small down payment. Which for me was $5000. And then the last thing that I needed to do for the system was I needed to stay in the same line of work for two years.

So for example, I couldn’t be a seamstress or for a year and then like become a guinea pig trainer for a year because those are two very different lines of work. We’re jobs um, so, these are the three things that I needed to have and then this is what happened. 14 months later, I possessed these things. 14 months later, I had developed my credit. 14 months later, I had saved my 5 grand and 14 months later I had completed my two-year work history. I was thinking about changing jobs. I didn’t. Do you know why? cause I was following the advice of my mentor who walked me into the system. What I did is it allowed me to buy a house and I bought not just any ordinary house, I bought a house with $40,000. A pirate booty in it, right? I’m talking about equity. House was worth 150,000. I bought it for 110,000 so my net worth went up $40,000 which by the way was more than double what I made in a year.

So I’m talking about Kris Krohn starting out poor. Right? and then this house had a basement apartment and the basement apartment covered my mortgage. So that was kind of cool because I got to live for free. Which meant that I eliminated my biggest expense at that time in my life. The reason why this system was important was because twelve months later I was able to get a home equity line of credit. I got other videos on the channel here where you can research what that is.

And I was able to access this money and I used it to do what? I use it to buy a second home. Now I still lived in this home but I bought this house with well over fifty thousand dollars a pirate booty, is exciting. And then the other thing is I rented out this house and it had a $500 a month cash flow. So, collectively between my two homes my net worth was around $100,000 and I was living for free and getting paid 500 a month. Then guess what I did? Oh you’re so smart. I did it again. I then, this was my P for primary residence, this was I for investment. The third house I did was that I moved into a new primary residence. This one became a rental and I rented it out and made $500 a month cash flow. So guess what? I’m making over a thousand dollars a month.

I bought this house with, you guessed it $50,000 of equity love that pirate booty and it also had a basement apartment that paid for my mortgage. Living for free, net worth of a hundred and fifty thousand dollars, making five hundred dollars a month here, five hundred dollars a month here. So are you starting to see how the system worked? the equity in this house then got used to purchase my fourth house which was an investment property that had a cash flow. And then I just started doing that system over and over again. Now by the time I have four homes I went into Phase two of the system. And Phase two of the system was now starting to approach people with money and saying, look at my track record on my portfolio. Look at my pirate booty, look at my cash flow, would you like some of that booty? and would you like some of that cash flow? I can find the deals. I’ve got a system in the team to make this work I need your money.

And you know what? everyone I approached that saw my return said what? I’ll partner with this kid. And from that point on I started buying homes left and right without money or credit. Right now, I’m selling off one to two homes a month. I’m making tens of thousands of dollars every month on homes I bought years ago using someone else’s money, reinvesting, and buy more homes. So this is a really fantastic system this is exactly how I did it. And again if you want to be wealthy with no money and do that, you can either go start a Facebook and go down and pioneer path something that’s never been done before or you can leverage proven systems.

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Tips for Retirement Planning

I’M ASHLEY, SEE YOU NEXT WEEK. THIS MORNING, WE ARE TALKING THE WORD EVERYBODY LOVES TO HEAR, AND THAT IS RETIREMENT. HERE TO HELP US MAKE IT ALL POSSIBLE IS JEFFREY. GREAT TO HAVE YOU HERE TODAY. PEOPLE GO TO WORK EVERY DAY AND IT’S THE THING THAT THEY HAVE IN THE BACK OF THEIR MIND ALL THE TIME AND YOU SAY THERE ARE A BUNCH OF DIFFERENT STAGES TO RETIREMENT. IN SIMPLE TERMS, WE CALL IT BEGOGO YEARS AND THEN THE SLOW-GO YEARS AND THEN THEY WON’T-GOY YEARS. FOR MANY, IT SEEMS LIKE A DAUNTING TASK. HOW CAN PEOPLE MAKE THIS POSSIBLE? STARTING EARLY IS ALWAYS BENEFICIAL THAT EVEN IF YOU HAVE NOT STARTED PLANNING YET, YOU WILL GET STARTED. POSSIBLY A CERTIFIED FINANCIAL PLANNING PROFESSIONAL. GO TO THE WEBSITE AND YOU CAN FIND ONE. THE PLANNING IS IMPORTANT, ESPECIALLY FOR THAT GOING PHASE, IS THAT THE POINT WHERE YOU ARE JUST STARTING OUT AND PEOPLE ASKED THE QUESTION DO I HAVE ENOUGH TO RETIRE WITH? AM I GOING TO BE OK? AND THEN IT’S ALL ABOUT THE EXCITEMENT AND THE PLANNING. WHEN WE GET CLOSER TO THAT AND SAY I’M GOING TO RETIRE, ONE OF MY FIRST QUESTIONS, WHERE DO YOU GO? WHAT IS THE FIRST THING YOU’RE GOING TO DO? I WANT THEM TO BE THINKING ABOUT THE FUN THINGS.

ONCE WE KNOW THE FINANCES WILL BE OK, START PLANNING FUN STUFF THE MORE ACTIVE. WE DEVELOP SOME PLANS WHERE PEOPLE HAVE MORE MONEY TO TRAVEL WITH FOR THE FIRST FIVE TO 10 YEARS, AND AFTER THAT, PEOPLE TEND TO PULL BACK A LITTLE BIT. THAT IS THE SLOW-GO YEARS AND THE FINAL PHASE WHEN MORE PEOPLE ARE FOCUSED ON, WHAT DO I DO WITH THE MONEY I’M NOT GOING TO USE? HOW DO I TRANSITION TO MY FAMILY AND THE MOST TAX EFFICIENT MANNER POSSIBLE? AND I TALK ABOUT THAT IN MY BOOK.

THE BOOK HAS 30 YEARS OF INFORMATION AND IT’S A NICE, SIMPLE READ. BECAUSE EVERYBODY WORKS SO HARD ALL OF THEIR LIFE TO GET TO THE GOAL OF RETIREMENT. IN RETIREMENT IS SUPPOSED TO BE FUN. YOU’RE SUPPOSED TO ENJOY YOUR LIFE. EVERYBODY HAS A DIFFERENT PERSPECTIVE AS TO WHAT THAT IS. SOME GUYS WANT TO GO FISHING EVERYDAY. SOME MIGHT WANT TO DO DIFFERENT THINGS. GOLFING, WHATEVER IT MIGHT BE. WHATEVER IS IMPORTANT. THE MOST SUCCESSFUL KINDS WE WORK WITH RETIREMENT WISE ARE THOSE THAT HAVE A GOOD CIRCLE OF RUNS AND ENOUGH HOBBIES TO KEEP THEM BUSY. IF YOU’VE BEEN WORKING 40 HOURS, IT’S A LOT OF TIME. I’VE GOT ANOTHER STORY ABOUT THAT. LOTS OF TOGETHERNESS. IT REALLY IS THE DREAM FOR SO MANY PEOPLE. IF I’M COMING TO SEE YOU, HOW DO YOU PUT PEOPLE’S MINDS AT EASE? YOU HAVE THAT WORRY IN THE BACK OF YOUR MIND ALL THE TIME. WE TRY TO KEEP THINGS SIMPLE BUT WE HAVE A VERY SOPHISTICATED SOFTWARE THAT WE USED BEHIND THE SCENES AND WE ACTUALLY SHOW PEOPLE RESULTS.

WE COULD IMPORT ALL YOUR DETAILS NOW, WHAT IS YOUR LIFESTYLE EXPENSE, WHAT ARE THE ASSETS THAT YOU HAVE, WHAT IS THE INCOME YOU WILL HAVE COMING IN, AND WE HAVE PROBABILITIES. WE CAN DO UP TO 10,000 VARIATIONS BETWEEN NOW AND RETIREMENT WITH LIFE EXPECTANCY, SO WE TRY TO PLAN UP TO AGE 90. AND WE SAY, HERE IS YOUR PROBABILITY OF SUCCESS. THANKS SO MUCH FOR COMING IN. IF YOU WOULD LIKE MORE .

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Tips for saving for retirement

We just don’t save like we used to that’s the verdict from financial experts and we’re not just talking about Millennials they say 45% of baby boomers don’t have any retirement savings that’s a staggering number about a quarter of all workers and 21% of retirees say they have less than $1,000 saved according to the Employee Benefit Research Institute’s 2017 retirement confidence survey so we want to help get results for our friends when it comes to getting some money in the bank saved up we’ve invited financial expert James D Virgilio back to news 6 and 9 and you know this is a depressing statistic to think about so if you are already nearing that retirement age very quickly what are some ways to accumulate some wealth in the climate today well if you’re the youngest boomer your age 55 if you’re the oldest your age 75 and the advice is going to depend on what stage you’re in if you’re 55 you need to invest and not save a lot of people say save for retirement but if you put that money in a bank account you’re not going to get enough to be able to retire and if you’re 55 you have to invest a lot we’re talking about 25 percent of your gross income if you’re just 65 years older we’re talking half of your gross income needs to be invested you’re going to delay when you retire to age 70 or age 75 as you age so it can be done but it is difficult yeah that sounds I can’t imagine putting fifty percent of my income into investing and you also say that there’s some things you need to remember when it comes to Social Security this is probably the most important thing for boomers because while not everyone could save that much of their income especially if they haven’t yet taking social security at the right time makes a huge difference you can take it early at age 62 you could take it on time between age 66 and 67 or late if you will at age 70 each year that you wait though you get a guaranteed 8% return in annual payments so it’s generally best to delay this as long as possible that’s going to significantly increase your payout and the most important thing to look at is how healthy you are if you’re not healthy this would change what you’re going to do but Social Security and when to take it one of the most vital things for a baby boomer and you say don’t fall for mythical insurance what is that mythical insurance and this is this is a really important thing to don’t mix insurance with investments don’t purchase the annuities don’t purchase whole life insurance these things are often sold psychologically to eliminate fear when it comes to investing the market may go down I’ll protect you with some sort of insurance but the reality is if we had a sort of financial Armageddon and the markets all went to zero no insurance would pay out on that anyway so they’re going to take your money invest it like you would and they’re going to charge you a lot more so you’re far better off investing this money on your own but we see all those celebrities who look so trustworthy on TV telling us this is what we need so you’re saying that they’re not telling us the right information right they’re selling something to you and I think that’s probably the most important thing we’ll talk about today is how to find somebody that’s not going to sell something to you but someone who’s going to do what’s best for you and how do you find that right person you have to find a fiduciary and that word is often sort of laughed at or made fun of because no one hears about it but it is the most important word in wealth management it means that person is going to do what is best for you at all times ask your financial advisor or the person you’re seeking to hire are you my fiduciary at all times that is the most important question you can ask and so is that the make or break between how much money they make off of the investments that they’re working on with you that’s a piece of it but in reality of fiduciary has a legal obligation to do what is in your best interest 85% of financial advisors are not your fiduciary their job is represent their company the products they sell or to do what is merely suitable for you so there’s a huge difference and not only expertise but also care for you as an individual and everyone that’s different circumstances I believe that they all should be taken care of with their best interests in mind well we talked about baby boomers what about in general because you’re saying young people aren’t saving and there’s a I guess a false sense of security about having plenty of time to start doing that it’s incredibly important no matter what age you are to save ten percent of your gross income and invest that ten percent every single year that’s not a magical number that’s the number that allows you to replicate your standard of living when you get into your 60s and that’s really the goal for all of us accumulating wealth it gives you flexibility it won’t make you happy but it will give you flexibility and it’s really important to have that as we age because we have no idea what our future self is going to be like right and people are living longer and so we have to plan for more years Oh many more years in fact it’s highly likely that out of the three of us here two of us are gonna live past 85 and and maybe one of us live past 90 and so you may retire for 25 or 30 years and that’s why it’s so important to save and invest your money otherwise you will not be able to provide for all of your needs in retirement now you’re counting on family or social security which may or may not be the same by the time we retire so it’s very very important to provide for yourself through saving and investing but bottom line it’s not too late for any of us it’s not too late for any of us almost I suppose but the most important message is learn from the wisdom of others right save and invest now and begin to provide for yourself wonderful thank you so much advice thank you James

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Tax Tips for Retirees – TurboTax Tax Tip Video

Hello, I’m Jeremy from TurboTax with some tax tips for retirees. Now that you are retired and enjoying life, the last thing on your mind is likely to be your federal income tax. But there are still ways you can minimize the amount you owe each year. It’s likely you receive monthly social security benefits. But did you know that it is possible for the IRS to tax some of those payments. This only happens if the other income you receive is too high. Generally, if all your other income plus 50 percent of your social security benefits exceed a certain threshold for your filing status then you will end up paying some tax on your benefits. If you do pay some income tax on those benefits, there are other things you can do to limit the impact of those taxes. One option is to find some tax-exempt investments to replace some of the taxable ones you own. This way you reduce your overall tax and can possibly keep your social security benefits in lower tax brackets. An example of this type of investment is state and local municipal bonds. The interest you earn on those bonds are exempt from federal tax.

And, in some cases it may also be exempt from state income tax. One other way to reduce your tax liability is by claiming the tax credit for the elderly and disabled. As long as you are at least 65 years old, file a joint return if married, and meet other income requirements it can be a valuable tax reduction tool. For more tax tips and guidance, visit TurboTax.com. .

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What is Wealth? – Why You Need To Be Wealthy

You, alive right now on the planet with all the resources we have. With only a small handful wealthy and the rest of us in scarcity and scrambling. Today on limitless TV I’m gonna be talking about why you need to be wealthy and how it’s already available to you right now. Now first glance you might be thinking that this video is about amassing tremendous amounts of wealth and there’s a lot of truth to that.

But I want to talk about the definition of wealth. What are the definitions of society? There’s a lot of people out there that actually believe that money buys happiness and they think to themselves, I’m in a small home and this is unhappy for me so if I have a bigger home or if I drive a nicer car, if I do more world travel, then I’ll be wealthier and I need to be wealthier to be happier. And there’s this paradigm of be do have have do be. And what that really means is that if you believe that having things is ultimately what’s going to help you enjoy life at the most, then you’re gonna be a super limited human being. Being a limitless human being on the other hand, is reversing that and saying that I get to be who I want and in turn it will likely lead to having the things that I want. Now this message is coming from someone who has started and operated and run and even sold very successful businesses. I’ve done nearly a billion dollars in business, I live here now over ten years in a house that I custom-built at the age of 26 my first house could fit in this room alone.

Right now I’d Drive the BMW i8 and I’m leaving on Thursday for Africa for a hunting Safari. Now we live in a world where you could judge me because I have those things there’s a lot of limiting beliefs on the idea of money and likewise there’s people that think that money is a big part of really why we’re here. I want to define wealth a different way today. This is the wealth that you need to have if you want to fulfill life’s purpose. This is the wealth and definition that says, I possess all the resources that I need for every inspired choice in every given moment. In other words, I believe that wealth shows up financially in our health, in our relationships, and in our personal power.

And right now, I feel like I am the most wealthy version of me and it’s not defined by how much money I have in my bank account. It’s actually defined by what I’m capable of in any given moment. Because right now, I’ve paid the price to produce a healthy body when in the past I’ve had a less healthy body. I’ve paid the price of now having thousands of friends when in the past I used to have three friends and I was otherwise kind of a closed off disconnected human being. And when we talk about the wealth of this world, look at my look at who you are as a person with your personal power. You know, are you hiding from your power? are you shy of it? or you wanting more but not showing up? Versus confident in taking a stand for what you believe in and living out loud. Okay wealth comes in so many forms and here’s what I believe, I believe that we can tap into our intuition and in any given moment receive what needs to be done. It could be calling someone, meeting with someone, helping with something, starting something, finishing something, doing a business, and whatever it is, if inspiration is behind it, if you have access to all the resources you need financial and non to basically complete that objective then aren’t you that don’t you have the right to be the happiest person on the planet? My wealth is divined by one word, fulfillment.

What fulfills me, fulfillment can’t be bought it can only be it can only be earned through a series of inspired choices that you take action on. We talked about why you need to be wealthy, sure I’ll teach you how to create wealth through real estate investment but just be clear those millions of dollars will always pale in comparison to the true wealth which is that every one of us in this given moment have the ability to be at peace, happy, and fulfilled. How do you do it? Let me share. If you want to step into this wealth, the real wealth, the wealth that is available to you right now there are three steps that I want to recommend. The first is to ask the second is to receive and the third is to act. I’ve been following this pattern for the last 15 years of my life. I’ve been defying logic because I’ve been going to my heart and I’ve been going to my intuition and the reality is you’re only going to get more of what you’ve got if you operate from what you know or you can tap into the temples and warehouses of knowledge and wisdom that are available through intuition.

Where you’ll gain access and instruction and guidance how do you do it? Ask, ground, get, calm. Calm your mind. Do it right now with me. Step in, lean into what I’m sharing right now. Close your eyes, take a deep breath, and fill your lungs up all the way and slowly release. And just ask, what is the highest and best use of this moment? You’ll get an answer. That’s the step two of receiving. Then step three is create a relationship with this universe or you take action on what you get. So act right now boldly if it was send an email, if it was call a friend, if it was go buy something, pick something up. Use your time differently, cancel this appointment, make this appointment, whatever you’re getting do it because now what’s happening is you’re living your life according to intuition there’s no higher and better use of your time than the inspired use of your time. And friends, that’s what this wealth of the world is really all about.

Now if you can live from inside this way this is what I’ve noticed about your outside world, abundance flows. How much? whatever is needful. Whatever is necessary, whatever you need for every inspired moment. It’s amazing how much outside world wealth can flow to us when our insight world is right. If you want to get more information on how you can cultivate the perfect mindset for attracting and magnetizing wealth like that to you, then click the link below and check out limitless. Come to my three-day breakthrough event because it’s weird. You know people say, well Kris I want to go to your real estate event I want to learn your wealth training principles and that’s called skill set. Come spend three days at a breakthrough event and learn the mindset and the heartset.

Because mindset must always come before skill set to get you where you want to go. I hope you take me up on the offer that I get an opportunity to the meet you, to get to know you, your goals, your hopes. your dreams, and then hopefully I get to see you fulfill it. .

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Plan For Retirement The Right Way with These Tips (FCL Apr. 17)

well planning for your life is always personal and a lot of times you want to be in full control but could you benefit getting out of your own way when it comes to financial retirement plan well Adam wolf Jacksonville’s retirement coach is here to explain how that works and Adam is one of the area’s leading certified financial planners his firm Wolf’s retirement navigation helps people plan for a successful retirement good to see you again brother great see Curtis all right how often do you do you run into a client who comes in and tries to tell you how to do your job yeah it’s about it’s about 50/50 and it’s it’s amazing because if we look at it and I try to do what you do it’s it’s almost next to impossible I mean my mother was a middle school teacher she also ran daycare centers I could never do that you know being around mourning and my daughter is too many kids so everybody has their idea of what they want retirement to look like they just need somebody to help them along the way and design that perfect retirement for them and that’s that’s what you do and I’m sure you get a lot of people saying they heard something on this TV show in this TV show and I think this is but it takes somebody like you who studies the entire thing to give them the best advice but what would you have an example of somebody who finally after you talked to him they saw the light and they were like here’s the keys to my portfolio go ahead yeah the best the best ones are there’s a perfect example one where the couple came in and they thought they both had to work another two years and so we took a look at what they had saved in their IRAs in their 401ks the gentleman had a pension and they both had Social Security we were able to design that plan to get her retired like within a month with him within a year and so let me tell you they’d like naming their pets after me now cuz they love you so much but it’s it gets to that point where that’s that’s why I do what I do because I do it every day and I’m there to help people meet their needs and get to that retirement that they truly dreamed of and I think that’s what the important part there is knowledge knowledge is power as they say we all learned that from school school of schools School House Rock but what what why is it so important for people to be not eligible about their retirement yeah so a lot of times you know they design it themselves or they’re working with somebody else who’s just may be focused on investments during their working years and as we get closer to retirement we have to take into account the investments the risk that goes into the taxes they the you know do we do we want to have enough that we’re gonna live and leave to our next generation and we want to take care of the spouses there’s so many nuances to retirement planning and that’s why we we focus on retirement planning and so doing that every day day in and day out is going to help our clients going forward and we hold education seminars we have workshops as well it’s all about the latest and greatest strategies new information new tax laws to better your overall life and retirement well for those people out there who are gonna come and see you obviously after seeing this so that they don’t come again let him do his job but so that so that they come fully prepared what are the type of things they should they should gather before coming to see you yeah we take we make the process very relaxing unlike a lot of financial services shops we have a great you know introductory meeting you bring what you’re comfortable with we have a list of items to gather as well to have an inventory of what you have but that really that first meeting is just you know what are your goals what are you trying to accomplish you know what have you you know you saved over the course of your retire of your working years to get you to in through retirement and because we only focus on retirement it allows us to key in on those issues that they really need to focus on to get them the best retirement possible good stuff all right man is good to see you again good see you if you’d like to learn more Adam has a great offer folks listen up for the first five callers with a portfolio of two hundred and fifty thousand dollars or greater he’s offering a complimentary full blown retirement plan just for you all you gotta do is call right now and that number is on your screen nine zero four two three two eight seven six zero again nine zero four two three – eight seven six zero that’s an incredible offer and you can

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Plan For Retirement The Right Way with These Tips

well planning for your life is always personal and a lot of times you want to be in full control but could you benefit getting out of your own way when it comes to financial retirement plan well Adam wolf Jacksonville’s retirement coach is here to explain how that works and Adam is one of the area’s leading certified financial planners his firm Wolf’s retirement navigation helps people plan for a successful retirement good to see you again brother great see Curtis all right how often do you do you run into a client who comes in and tries to tell you how to do your job yeah it’s about it’s about 50/50 and it’s it’s amazing because if we look at it and I try to do what you do it’s it’s almost next to impossible I mean my mother was a middle school teacher she also ran daycare centers I could never do that you know being around mourning and my daughter is too many kids so everybody has their idea of what they want retirement to look like they just need somebody to help them along the way and design that perfect retirement for them and that’s that’s what you do and I’m sure you get a lot of people saying they heard something on this TV show in this TV show and I think this is but it takes somebody like you who studies the entire thing to give them the best advice but what would you have an example of somebody who finally after you talked to him they saw the light and they were like here’s the keys to my portfolio go ahead yeah the best the best ones are there’s a perfect example one where the couple came in and they thought they both had to work another two years and so we took a look at what they had saved in their IRAs in their 401ks the gentleman had a pension and they both had Social Security we were able to design that plan to get her retired like within a month with him within a year and so let me tell you they’d like naming their pets after me now cuz they love you so much but it’s it gets to that point where that’s that’s why I do what I do because I do it every day and I’m there to help people meet their needs and get to that retirement that they truly dreamed of and I think that’s what the important part there is knowledge knowledge is power as they say we all learned that from school school of schools School House Rock but what what why is it so important for people to be not eligible about their retirement yeah so a lot of times you know they design it themselves or they’re working with somebody else who’s just may be focused on investments during their working years and as we get closer to retirement we have to take into account the investments the risk that goes into the taxes they the you know do we do we want to have enough that we’re gonna live and leave to our next generation and we want to take care of the spouses there’s so many nuances to retirement planning and that’s why we we focus on retirement planning and so doing that every day day in and day out is going to help our clients going forward and we hold education seminars we have workshops as well it’s all about the latest and greatest strategies new information new tax laws to better your overall life and retirement well for those people out there who are gonna come and see you obviously after seeing this so that they don’t come again let him do his job but so that so that they come fully prepared what are the type of things they should they should gather before coming to see you yeah we take we make the process very relaxing unlike a lot of financial services shops we have a great you know introductory meeting you bring what you’re comfortable with we have a list of items to gather as well to have an inventory of what you have but that really that first meeting is just you know what are your goals what are you trying to accomplish you know what have you you know you saved over the course of your retire of your working years to get you to in through retirement and because we only focus on retirement it allows us to key in on those issues that they really need to focus on to get them the best retirement possible good stuff all right man is good to see you again good see you if you’d like to learn more Adam has a great offer folks listen up for the first five callers with a portfolio of two hundred and fifty thousand dollars or greater he’s offering a complimentary full blown retirement plan just for you all you gotta do is call right now and that number is on your screen nine zero four two three two eight seven six zero again nine zero four two three – eight seven six zero that’s an incredible offer and you can

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How To Invest Money In Your 20’s

Hey, what’s up guys? Kris Krohn here. Yes, it is winter. Yes i’m driving with the top down. It is one of my favorites. I am totally impervious to the cold. But today I want to jam with you in real estate and I want to talk about why 90% of all millionaires make it in real estate. And there’s very, very specific reasons why. and so what I want to do is break it down for you. I really want to give it to you in in like the deeper science than I have in the past. And I think you’re really going to appreciate it. So, check it out. I’m up here at my mountain home. It is snowy, it’s cold. But a super exciting day. You know, as I’ve started this YouTube channel, I’ve been really honing in. What is the information that would create the highest level of value for you? And today, I want to give it to you in one straight shot. How you invest in your 20s, so that when you’re in your 30s, not your 40s, not your 50s, not your 60s. You can really living be living life on your terms.

To me, it doesn’t matter whether you have money, whether you don’t have money. You have good credit, you have bad credit. Frankly, it really doesn’t make much of an impact at all to me. So, here’s what I want to help you understand. There’s a number of strategies when it comes to the world of real estate investing. In fact, there’s 32 main strategies out there. The first thing I need you to understand is that most strategies, they’re not good. You shouldn’t do… There’s tax deedsm there’s flips, there’s a lot of things that are popular.

There’s multifamily. There’s rentals. And I don’t do those things and I don’t think you should do those things. I think you should do what makes the most money that takes the least time in the least effort and has the least risk. Because dude, no one likes to start over, no one likes to lose and when you invest, there is some risk. The reason why I retired at the age of 26 is because I followed a very specific formula. And I want to detail it out very specific for you because there are 3 things that you do need to know about making money in the game of real estate. And if you follow these 3 things it’s gonna be a total game changer for you.

So, let’s head over to the whiteboard and I want to document this for you. Because I want you understand that when you get in the game of real estate, you want each property to be a win. When I found out that you could make 50 to 100 thousand dollars per deal, I got to tell you. That was something that was super exciting for me. Because I realized if I want to make a million dollars, then I just need to be able to count to 10, right? I got 10 finger. So, so much easier than some of the other ways and methodologies are out there. And so I want to ask you how many deals do you need to do before you’d say, “Wow, I’ve made it. I’ve arrived.” And with what I’m about to show you.

I don’t want you to be thinking in terms of like, you know, “I want to be a millionaire so I need a million dollars. I need to do 10 deals.” it’s actually a lot simpler. You don’t need a certain amount of money. What you need is a certain amount of properties producing a certain amount of residual income. You’re not striving for a certain net worth. You’re striving for your real estate to perform in a manner to give you enough residual income that you don’t need to work.

When I say I retired at 26, truth is I didn’t really retire I just became financially independent. And I quit my job and I got to live life on my terms. And it’s because of what I’m about to show you. There are 3 things in particular that you need to be aware of. Every time you do a deal in your backyard and it doesn’t have to take money. Some of these deals take nothing or maybe 1,000 or 3,000 dollars.

Very little. And the first thing that I want you to know is that you should be making around $5,000. just for consummating the deal as in finding $5,000 is what you get paid up. Now, up front is really important because who wants to be in the game of real estate and say, “Hey, I’ll work today but I want to get paid in years.” You need to get paid now. The second thing that’s important is that when I buy single-family homes, I buy them underneath the median. I buy them with my specific system. Which by the way it’s in a book that you can get for free. You can download it. If you click the link or the one that’s popping up on the screen right now, you can get my book for free that will go into deep detail on this. What I want you understand is that you get paid 5 grand up front and then you’re getting 500 on average freedom dollars every single month.

Now, this $500 is really important because if you buy 10 homes and those 10 homes are each paying you 500 a month. 500 a month times 10, that’s $5,000. You might not be able to retire on $5,000. But guess what you can do? You can walk away from a job that’s paying less. And if you figured that out, dude then why not do 20 more why not do 100. Especially when I show you how you don’t need to access your own money to make this happen. The third thing though that you do need to understand is while there is upfront money, this money is along the way.

You just keep on getting it. There’s another kind of money that you get when you sell this home in 2 3, 4 or 5 years. And it’s tens of thousands of dollars. If you’re buying it buildings the median, I’m guessing for all intents and purposes. And I use this as an example sometimes. $30,000. It could be 50,000, it could be 80,000. It could be 20,000. But probably not less. And if you start adding the upfront money, the $6,000 on average that you’re getting every year and this money, you start making 50 to $100,000 on every deal that you do. And my friend, that’s that’s the part of this whole game that I want you to have an understanding for. Is that if you’re getting paid upfront along the way and at the end, then the cool thing is…

And here’s the secret: You can multiply this. You do 2 or 3 or 4 of these deals. And it’s… So your ROI, your return investment is so high that you’re going to start attracting a very special kind of people. These people are called partners. And a partner is an individual that says, “Hey, I’m into my career. But I’ve been saving up some money. I don’t want to learn what you’ve learned. Can we go in 50/50?” And this is when you hit the big time and this is when you can do. Right now, I can do as much real estate as I want. I have a goal of becoming a billionaire. I want to be a billionaire philanthropist the second half of my life. And right now, I’ve got assets growing like crazy.

But I followed the system to get started to recreate my financial independence. And then my partnering system which you’ll also learn about in the book is what has taken me from independence to true financial freedom. Did you know there’s a difference between those 2? Financial independence just means you got out of your job and you’ve replaced it. But financial freedom means that you’re now living the lifestyle that you want. So, living where you want, donating the way that you want, giving to charities the way you want. You know, being able to take the travel and the trips and vacations. It’s a very real byproduct of all the real estate investing that we’re talking about here. So, what I want to do right now is I want to share with you how you can get my book for free. I want to share with you what’s in it and first of all, it’s called Unstoppable.

It’s a brand new book. And it’s different than any my others. Because I took out all the fluff and I Shrunk it really small. I just can grab a drink here by my absolute favorite drink. If you ever come visit me, just bring me a six-pack of apple beer. It’s not beer but I got to tell you it’s really tasty and I know the carbonation is not good for me but… So.. So, here’s the deal on the book. It’s called Unstoppable. And what it does is it documents your custom journey to get a particular realistic game plan to go from nothing to millions.

And here’s what I want you to understand about that: Whether you are… Whether you would say you’re too young or too old, whether you would say I don’t have enough money or I don’t have any money, dude that doesn’t matter. In my matrix of the book, I actually show how all those combinations of people can get in the game of real estate. And dude, it if you come out to my live events which you very well might, you’re going to meet all sorts of people, successful investors that are out there crushing it and doing it.

Right now, the book is free. We’re going to do that for a period. All you got to do is click the link below, get your hands on a copy of the book. And it’ll even come with a consultation if you want. You can talk to remember my team and basically say, “Okay. I’m reading this book. I’m getting my custom game plan. I’m figuring out my next steps.” And having a member of my team contacting you it’s just to make sure you understand the book in its principles. And if you get stuck then we want to finish customizing the process so that you’re completely clear on exact steps you need to do to make your next million or your first million in real estate.

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