How to Build Unshakeable Wealth

0:00For those people who you know are more tactically minded can you share like what was your experience like so how did you start Building Wealth while working this job when did you decide yeah I want to I want to leave this job and I want to support myself with from my investments in in you know would you do anything different now looking back you know from from what you did yeah so for the Tactical part and that's something that I am I live by cuz the mindset I like many of those that said oh if you're one of those listening that is like mindset is just blah blah blah woo woo I am with you I ignored it for quite a while because I'm a very type

0:48A person analyzes and numbers and all of that stuff and ignoring the mindset part really really sacrif IED a lot of my growth and limited my my finances in general so one of the best thing that I've done it was starting that 401k contribution and the reason why is as I've learned later was that I could convert once I left the job that 401k into a solo self-directed at 401K it was a mega back door and very little people know about this very

1:37Little people so people know about self-directed Ira but but there's not so much openness about solo 401 self-directed 401 case and the mega back door it's like before tax after tax and rough it's a three in one and what self-directed means is that you get your money sits in the check in a account either whoever you pick Fidelity Vanguard and chop whatever you you you decide to go with you get a checkbook and you can now invest in real estate and buy properties with that checkbook the other best thing of course I've done is start investing in real estate and I paid for that knowledge so and and just to give the the flavor of how

2:25That sped up my process is I've signed signed up for being part of a group it wasn't even coaching and it was 8K when I signed up and then it was in October of 2014 and by January I had my first property nice and it was a rental property and it had like between 25 to 30k worth of equity and was Cash flowing $250 a month and somebody might say well $250 a month is not a lot it is not so much that is my first property that I only put 6K out of pocket it just made a huge leap into someone that doesn't know anything like I didn't really again I come from mova right so going from

3:15Us's planet Mars to hey I got my first property it's incredible in terms of mindset right here so yeah so with that I just rins and repeat did the same thing that was a single family home single family yes got it and I I didn't have I had a good job but I didn't have that much money saved so I started when I started I was looking for properties that I can fix and you know the bur method I didn't know all the time I was c bar know a lot of people know but I was like just find something that looks ugly fix it up put a ten in in you know and then just go and do the same thing well find something to fix it up get private money refinance it put a tenant in then repeat the process right so

4:05That's what I did I would come home after work and two hours I would dedicate to just scouting and scouting and scouting the internet the whatever I could like I would sign up for wholesalers list everything that I could to to find the property so that's how I started and then I accumulated the the portfolio of single family and I decided in which was a long goal that I was working towards to sell most of the single family and go into an apartment complex and now I'm like looking for an apartment complex again and I'm buying also single family too because for me single family is the fastest

4:54And easiest way to get in it's like less I you can do the the multif family too but it's just I can see the equity right now and I can cash out if I want to through refinance versus a multif family the time Horizon and the Locking of the cash for that time Horizon is is much longer and and there's a lot of other things that play into it so for me right now the strategies are the same like get get the cash the quick refi whatever pull money out and then again stuck it up and pull it into a into an apartment complex nice so that was December 2013 almost exactly 11 years

5:42Ago yeah so it was October 2014 when I've joined the group and started with real estate yeah October 2014 oh got it okay so then you bought years okay yeah yeah so or is it no hold on we're in October it's 10 years 10 years 10 years yeah and then you bought your first one two months later and so was it I'm always curious on what was your initial goal when you first set out in real estate and then how did that evolve over time get enough cash flow to get out a job okay so you were at that point you were like I'm I want to free myself for my 9-5 in a way I I love again I'll go back to saying I love X and I know there could be

6:30Controversy some people are foing gas some are not I could completely understand there's bad and good to everything but I just wanted to to have the ability to decide and then the second thing is not too long after that we were traveling to Italy and I saw this couple that was really frail and they were walking down some of parts of Italy are very Healy with Cobblestone and I was looking at them and I'm like they were talking in English so I could figure out that this a couple from us and I was looking at them like oh my gosh if I wait until the 65 comes around and I

7:19Do this in retirement full time and I can barely walk these streets and I'm trying to hold on to my other half and he's trying to hold on to me so we don't roll down the hill together I don't think I like that I want to enjoy life today but still plan for tomorrow yeah and then I did ask like we we kind of walked together into a shop too and I asked them hey where are you from so cool to see you and they're like yeah we're from us we retired and not too long ago and we're traveling the world and we're taking it easy cuz our knees hurt and which try to enjoy every day as it comes so it was really sweet and it was really sad at the same time and then as

8:08My goal Evol and you ask how the goals evolved I became a mom and I admittedly can say that I am an workaholic I don't know if I'm a recovered workaholic yet but when I like when I was at Exxon like I give my best and and some so I'll come home late and and I'll spend just maybe an hour or two with my little daughter and I'm like no that's just and I only like I don't even see the day you know I don't spend the time like I I nurse her quickly in the morning I ran out the door and I come home and I like spend an hour and

8:56Put her to bed I'm like and that's going to be be my life too like I want to be a present parent I don't know if you guys the listeners if you you find yourself in those moments and you look at your surroundings and think man that's that's not really what I want but I'm here and then your mind start searching for okay what what do I do how do I get what I want and it's and it's it's hard it's hard because I was groomed to stability in the in the college stability in the workforce stability in the job and especially here in us and and I'm sure this comes

9:44To your your thoughts too it's like okay well how do I get insurance the job provides insurance I do have my 401k how do I how do I get 401K you know like that's another perk that you get from employee and man that that paycheck stable coming in it's you can rely on it until you can't yeah you can until you can't so it was really really hard to even after having the real estate to make that transition and say okay I'm going up the corpal letter and I'm doing good and I'm going to let it go after all these years that I have put into that but then I've put time into the real estate

10:33Too so well it's got to be a ju to position too of you know going from the experience you had as as a 16-year-old and just dreaming about I mean that like to be able to be in the position you you were in with X on mobile and bringing in that type of income to balance that you know with you know the thought that well I've made it here but yet at the same time is this really what I want and I I think so many people deal with that you know not not even having the the experience you had but just just dealing with the the balancing being grateful for the life that I have and and being grateful for climbing to a place that most people dream about but yet at the same time knowing

11:21That there is something else out there and that you can have freedom and and still make a great living at the same time so yeah yeah you're so spot on on this I actually remember two things that were happening at that time so one I remember walking so Exxon has built for many of you that know or not know they've built their own campus and it's a beautiful campus it's glass everywhere so I was just sitting one day looking out that beautiful view and I was thinking man I just from where I come I can't believe that how like how far I've I've gotten into the US system and the job like I was so grateful and thank you thanking for where I was

12:11But then at the same time like you said you know there there's other ways it and here's by any means what I want to say is that you don't have to leave your job okay it's another thing that people like okay you're slaved to 95 and whatever if you enjoy it then by any mean stay in it like you don't have to leave if you cannot you have don't have the risk or don't want to take on the risk of parting with your job that's fine too regardless of what people say what it boils down is what is going to be holistically good for you so if you're going to walk away but you're going to be stressed out the whole time because you're not having that consistency or stability then don't that's like a expense

12:59Of your health and it could be at the expense of those that you surround yourself with because now you're going to lash at them or whatever you know take it out of them yeah but what I would say is no matter if you stay in your job or no matter if you walk away in your job you just cannot rely on one thing you just can't because you're putting all your life all of the lives of those that you love if you especially you have a wife and children or a husband and children or whoever or you if you will going to have if you put all your faith and all you have in one paycheck it's taking a huge risk bigger than you think that it's not risky because if you invest in real estate if you invest in the stock market while investing in real estate by the way stock market can be very

13:47Easy investing you don't have to go through this complicated stuff you know if I put random numbers and did good yeah I know way more now but it's a I'm not saying you should do that that's not advisable you're the first person I've ever heard that's that's contributed 25% to their 401K so that's that's incredible I know people would say that in the beginning the same thing but because I like oh no I do 10% I'm like ah no I did more than that but anyway the whole point is just don't rely on one thing you have to build stuff outside because if something happens and it doesn't mean you're bad like you can be the best employee there but if AI takes over some jobs sorry like your skills are not suitable anymore and

14:36They downsize a company or a branch of the company and they have to let you go as much as they don't want you to go but it's just business right they will make the best decision and the best of the company and that's okay as much as sometimes it's hard for us to accept that because we're like greedy corporations I get it but if you're a business owner you will understand understand that you're going to if you have 100 employees and you have to let go of two you're going to probably let go of the two to make sure that the other 98 are good so the other thing that I was facing at the time is people were telling me that why are you leaving you have a stable job you're making a mistake you're your children are going to like your girl is going to want to go and have

15:24Ballet classes and you are not going to be able to afford that one is the assumption that you know you're not going to make it if you go out of your job but second I was like well even if things get really bad and I cannot afford ballet classes that's really bad yeah then I will sleep at peace knowing that I was part of my daughter's life and that is more important her ballet classes yeah because I am raising a human being that is more emotionally balance and I'm raising a human being that will contribute to the society as a

16:13Whole H in the future the Next Generation so I rather be there for them and yeah we might have to sacrifice the ball oh