Latest / Asian Adjacent / The Wealth Elevators Founder/Author/Real Estate Investor Lane Kawaoka

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The Wealth Elevators Founder/Author/Real Estate Investor Lane Kawaoka · Asian Adjacent

• 0:03
  Speaker 1: Along to another edition of Asian and Jason. I'm James
• 0:06
  Speaker 1: lot Junior the Asian and Jason of course here in
• 0:08
  Speaker 1: the show on jailj Media, and I like do we
• 0:10
  Speaker 1: talk about all kinds of subjects on here, from culture,
• 0:13
  Speaker 1: stuff to history, money, money.
• 0:18
  Speaker 2: I like money.
• 0:19
  Speaker 1: You like money, but money is fluid and it can
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  Speaker 1: come in and out of your life just like that.
• 0:25
  Speaker 1: So how do you actually create something that actually read
• 0:27
  Speaker 1: the money still comes in and actually stays and works
• 0:31
  Speaker 1: for you. That's why That's what always, that's the most
• 0:33
  Speaker 1: important thing. I have somebody which you guys to meet,
• 0:36
  Speaker 1: So I like what he's doing. I see what I
• 0:37
  Speaker 1: like he's doing. He has a real estate investor and
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  Speaker 1: author and his book is right behind if you're seeing
• 0:41
  Speaker 1: us the book call.
• 0:43
  Speaker 2: It's called the Wealth Elevator.
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  Speaker 1: He's a founder of the Simple Passivecashflow dot com, where
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  Speaker 1: he helps high income professionals build durational wealth. Some his
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  Speaker 1: some of his points of entry are about first generation
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  Speaker 1: people making it here in America and talking to them
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  Speaker 1: about wealth building.
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  Speaker 2: And I just think he has some really great ideas.
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  Speaker 1: And we're gonna talk to him a little more about
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  Speaker 1: who he is, what he does and what do you make
• 1:08
  Speaker 1: you for?
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  Speaker 2: You? How many walk out lane? Oka? That's it? Right?
• 1:13
  Speaker 4: You got it? You got it man.
• 1:14
  Speaker 3: I know you're like technically a fourth Japanese, right, but.
• 1:19
  Speaker 1: Yeah, yeah, I got in there. Bye bye, I said, adjacent.
• 1:22
  Speaker 1: I'm adjacent, adjacent?
• 1:25
  Speaker 2: How are you there? First? So how you doing good?
• 1:27
  Speaker 4: That's good? Happy Friday to y'all.
• 1:30
  Speaker 1: Getting ready for Super Bowl? We're all around ready as
• 1:32
  Speaker 1: you're filming this and ready to watch some bad Bundy.
• 1:34
  Speaker 1: I guess my team, My team's on in the Zuper Bowl,
• 1:36
  Speaker 1: So I'm like, okay, I guess I'll.
• 1:37
  Speaker 2: Still watch it.
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  Speaker 4: Yeah, yeah, you guys got close.
• 1:41
  Speaker 2: No cigar got close. I'm sorry.
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  Speaker 1: First of all, congratulations on all your success you're having
• 1:46
  Speaker 1: and what you're doing out there. Were you a type
• 1:50
  Speaker 1: person I don't want to ask. I was like to
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  Speaker 1: ask people who have service industry? Were your type of persons?
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  Speaker 1: Always like to give back our person like to kind
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  Speaker 1: of share knowledge. I feel like a lot of us
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  Speaker 1: were always like that in some form and then we
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  Speaker 1: find our way.
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  Speaker 2: Would you like the arts just something that came to
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  Speaker 2: you later?
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  Speaker 3: I think maybe I'm like a natural teacher, but I
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  Speaker 3: think like my skill set is like taking something that's
• 2:13
  Speaker 3: somewhat complicated and complex, and I'm kind of the guys like, hey, James,
• 2:19
  Speaker 3: here's how it is, dude, right like this, this, this,
• 2:22
  Speaker 3: don't worry about these things and like you know, eighty
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  Speaker 3: twenty and I can sort of explain things for the
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  Speaker 3: average guy to understand, and like that's what's fussing about.
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  Speaker 3: Like the wealth building is like it's kind of pontificated
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  Speaker 3: by all these guys using big words and you know,
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  Speaker 3: and I think they want to make it that way
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  Speaker 3: on purpose, so that you're like, oh my god, you're
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  Speaker 3: so smart. You know, you've got all these degrees. Just
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  Speaker 3: manage my money for me, you know, and they're like, yep,
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  Speaker 3: thank you very much.
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  Speaker 2: Right.
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  Speaker 3: But I think if people are somewhat conscientious out there
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  Speaker 3: and they put effort into it, you know, they can
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  Speaker 3: they can manage your own money pretty well by themselves.
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  Speaker 1: So you're really asking folks to participate in their own
• 3:05
  Speaker 1: money management. I mean, like really, like not just say here,
• 3:07
  Speaker 1: you go, take my money. We have a million stories
• 3:10
  Speaker 1: where I think it's fed up because they don't know,
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  Speaker 1: like you said, they don't know they said these big
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  Speaker 1: will I thought I understood what was going on.
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  Speaker 2: They don't.
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  Speaker 1: So you're basically saying you're inviting people to go, Okay,
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  Speaker 1: now I want you to participate in this process.
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  Speaker 2: Yeah.
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  Speaker 3: Yeah, I think people need to be empowered. You know,
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  Speaker 3: as far as tax is legal. I mean, I'm not
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  Speaker 3: giving you tax or legal advice today, but I mean
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  Speaker 3: people need referrals to good ones by all means, let
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  Speaker 3: me know, but I think people need to kind of
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  Speaker 3: be engaged and empowered and what they're doing and know
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  Speaker 3: where the ship is heading, because at the end of
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  Speaker 3: the day, all these people financially are just sort of
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  Speaker 3: consultants for you and contractors, and you need to drive
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  Speaker 3: your own ship and nobody else is going to know
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  Speaker 3: it more than you nor care more than you. But
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  Speaker 3: then again, I don't think everybody should do that, Like
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  Speaker 3: I think most people they don't. They don't ascertain, you know,
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  Speaker 3: and read risks, they can't connect with people, and they
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  Speaker 3: they're horrible savers. And so what we're talking about today
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  Speaker 3: is not for everybody.
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  Speaker 1: Right, that's a disclaimer, that's a good dislamer by those
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  Speaker 1: folks you though, don't know they can and can. So
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  Speaker 1: there's a lot of people just go just gets somebody
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  Speaker 1: else always by fact. There's people who can be empowered, right,
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  Speaker 1: There's people who can take what you're saying and digest
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  Speaker 1: it and actually work it right.
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  Speaker 2: Yeah.
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  Speaker 3: I mean there's some people that are like they get
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  Speaker 3: so intimidated by spreadsheets and numbers. Like those are the
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  Speaker 3: guys that typically get preyed on by the financial complex
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  Speaker 3: that just doing it all for them, and they get
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  Speaker 3: paid very handsomely for that. But if you're somebody out
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  Speaker 3: there who you know, can use a little AI, especially
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  Speaker 3: these days, and likes to do a little credit card hacking,
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  Speaker 3: I mean that's how I got started with the stuff
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  Speaker 3: like comfortable, getting a little bit off the beaten path
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  Speaker 3: and learning things on your own.
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  Speaker 4: Then you know a lot of this is very very doable.
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  Speaker 1: Yeah, And then I like, I like what you do
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  Speaker 1: because I like that you break it down for the
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  Speaker 1: lay person, for everybody who's out there. You're like, Okay,
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  Speaker 1: let's just tell you they make a bigger use this
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  Speaker 1: big term. Okay, let's break each word down. What does
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  Speaker 1: it mean, What does it mean to you? What does
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  Speaker 1: it mean for you? So you can go, oh, okay,
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  Speaker 1: Because I think people really do want to understand. They
• 5:26
  Speaker 1: want to understand what's going on with their money. They
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  Speaker 1: want to know what's going on the most part what
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  Speaker 1: you find also, they really do want to know.
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  Speaker 3: Or some people don't care, right And I think like
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  Speaker 3: the people who I work with, they're pretty good with
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  Speaker 3: their money, and they're positive accumulators of wealth, so they're
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  Speaker 3: able to save money. You know, if you're in credit
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  Speaker 3: card debt or can't keep a budget or make less
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  Speaker 3: than fifty thousand dollars a year, I'm sorry, I can't
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  Speaker 3: help you, right, Like, there are a lot of good
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  Speaker 3: books out there for that type of clientele, like Dave
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  Speaker 3: Ramsey Sues or Man, they get out a you know,
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  Speaker 3: debt type of books. I'm kind of more like, I mean,
• 6:07
  Speaker 3: it would just kind of go in my backstory, like yeah,
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  Speaker 3: like I mean my parents, you know, they had good jobs,
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  Speaker 3: they went to college, and what they'd tell me, but
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  Speaker 3: the same damn thing, whether it was the right path
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  Speaker 3: or the wrong path. But I was brainwashed as a
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  Speaker 3: kid to go to school, study hard. I became an engineer,
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  Speaker 3: invested in the four one K, and then buy a
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  Speaker 3: house to live in, which I don't necessarily think is
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  Speaker 3: the best path for some people out there, but I
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  Speaker 3: so I became engineer. I started to work for the
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  Speaker 3: man and I bought a big houst to myself to live.
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  Speaker 3: In my early twenties, I was able to save eighty
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  Speaker 3: thousand dollars to buy a tune of fifty thousand dollars
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  Speaker 3: house in Seattle. And this is back in two thousand
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  Speaker 3: and nine, in my early twenties, and I was traveling
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  Speaker 3: all over for work. I was working for the railroad
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  Speaker 3: at the time as a construction supervisor and was never home.
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  Speaker 4: So you know, I don't have any kids.
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  Speaker 3: So I was like, well, let me just rent this
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  Speaker 3: thing out and just like you know, make a bunch
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  Speaker 3: of money. And that first property, I think that mortgage
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  Speaker 3: was sixteen hundred a month and the rents were twenty
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  Speaker 3: two hundred a month. So back then it was like, Wow,
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  Speaker 3: I'm making some pretty good beer money with the delta
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  Speaker 3: and the rents. And I was like, yes, this is
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  Speaker 3: really cool. But then I was like, wait a minute,
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  Speaker 3: if I just kept doing this a few more times,
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  Speaker 3: I'd be able to quit the rat race. And that
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  Speaker 3: was kind of the start of all.
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  Speaker 2: So your first thing was real estate.
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  Speaker 1: Basically you had another job, but you're basically you're getting gather,
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  Speaker 1: but it was the real estate investing thing.
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  Speaker 3: Yeah yeah, I mean I made like, I mean pretty
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  Speaker 3: much six figures to today's standard. I think my biggest
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  Speaker 3: claim to faint. Back then, I was able to save
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  Speaker 3: like thirty forty grand per year. So it took me
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  Speaker 3: a couple of years. I paid off some little bit
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  Speaker 3: student loans, I didn't have too much, but then you know,
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  Speaker 3: save up for a down payment in the house. Again,
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  Speaker 3: this is what we're brainwashed to do. Luckily, but I
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  Speaker 3: got off that beaten path as I was mentioning earlier
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  Speaker 3: by renting it out, and at this point I just
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  Speaker 3: lived off the company dime, you know, company expenses for
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  Speaker 3: a few years there. So I was able to save
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  Speaker 3: like one hundred grand per year and just went plowing
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  Speaker 3: all to riddle rental properties.
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  Speaker 4: So a few years later I bought a.
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  Speaker 3: Duplex in Seattle, and then at that point start to realize,
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  Speaker 3: you know, buying in places like you know, you're in
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  Speaker 3: the Bay Area, Seattle, New York, just you don't want
• 8:28
  Speaker 3: to you want to buy rental properties out there, mainly
• 8:32
  Speaker 3: because the numbers don't make sense. So what I realized is,
• 8:36
  Speaker 3: you know, there's a racial called the rent value ratio
• 8:38
  Speaker 3: and it's kind of easy, so I guess we can
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  Speaker 3: go over in podcast form like this, but you take
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  Speaker 3: the monthly rents divided by the purchase price. So the
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  Speaker 3: first property I bought was I think twenty two hundred
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  Speaker 3: a month divided by three hundred and fifty thousand dollars.
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  Speaker 3: It's about zero point six percent or so. What I
• 8:58
  Speaker 3: realized is there's a lot of hearts in America that
• 9:01
  Speaker 3: think we're crazy.
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  Speaker 4: We're living in these blue states. Oh I said it. Whoops,
• 9:05
  Speaker 4: maybe I shouldn't say it yet, but these I mean,
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  Speaker 4: great places that live.
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  Speaker 3: Don't get me wrong, right, but it's just two damn
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  Speaker 3: expensive and the rent evaluations don't make any sense. So
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  Speaker 3: in twenty twelve I started to pick up all these
• 9:18
  Speaker 3: little rental properties in Birmingham, Atlanta, and in Indiana Polace
• 9:21
  Speaker 3: yeah yeah, or like today, maybe you can get up
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  Speaker 3: for like one hundred grand or good three bedroom fourteen
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  Speaker 3: hundred square feet fifteen hundred square feet that will rent
• 9:31
  Speaker 3: for one thousand bucks. So like you know, one person
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  Speaker 3: rent value ratio. So Rin Swash Repete did that a
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  Speaker 3: bunch of times. So by twenty fifteen came around, I
• 9:42
  Speaker 3: had eleven of these little rental properties.
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  Speaker 1: At that time, I'm gonna jump in because he's he
• 9:48
  Speaker 1: is speaking the truth. So back in two thousand and three,
• 9:51
  Speaker 1: I was so James Pittsburgh's place, go to Pittsburgh, and
• 9:55
  Speaker 1: I did. I bought a bunch of I buy a
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  Speaker 1: couple of properties there. One was for ten thousand, one
• 10:00
  Speaker 1: was for twenty thousand. These little a frame rail houses
• 10:03
  Speaker 1: that were at like a little back at no front yards,
• 10:05
  Speaker 1: little backyards. They're all stuck to each other. They're cute,
• 10:08
  Speaker 1: little fixed wrappers. I put in very little money on
• 10:11
  Speaker 1: each omum. I mean I put in like ten thousand
• 10:12
  Speaker 1: for one, and of course and other places. I live
• 10:16
  Speaker 1: in California, folks that I know a little cheaper for supplies,
• 10:20
  Speaker 1: and you can you almost get like sticker shocked to
• 10:22
  Speaker 1: reverse for it and go that's all for the roof,
• 10:24
  Speaker 1: you know. I'm I was like I was shocked. And
• 10:27
  Speaker 1: then in twenty nineteen, right for the pandemic, I sold
• 10:31
  Speaker 1: several of them. I made a ton of money off.
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  Speaker 1: I mean, I mean I didn't.
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  Speaker 2: I didn't. They didn't cost that much I put so
• 10:36
  Speaker 2: I kept in good condition everything.
• 10:38
  Speaker 1: And I'm just saying I feel like they're parts of
• 10:41
  Speaker 1: the country where owning property really is smart. And I
• 10:46
  Speaker 1: live in California and people already told us some other shells.
• 10:48
  Speaker 1: Already we get screwed over a lot of stuff here.
• 10:51
  Speaker 1: I want property here too. There's a lot I'm a
• 10:54
  Speaker 1: small but I'm a business here also, it's a lot
• 10:56
  Speaker 1: of things that go in here.
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  Speaker 2: They're not the grace. I love California. I love where
• 10:59
  Speaker 2: I live, but there are.
• 11:00
  Speaker 1: Other places that Lane's talking about that I agree with
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  Speaker 1: that it makes more sense to buy than like to
• 11:06
  Speaker 1: make because the rent still just doesn't really work out.
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  Speaker 3: Yeah, yeah, I mean, at least you can do better
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  Speaker 3: your bigger bank for your book in terms of buying
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  Speaker 3: rental dollars. And that's essentially what like Kiyosaki is his
• 11:19
  Speaker 3: book Rich Chet, Poor Dad, and he talks a lot,
• 11:22
  Speaker 3: but he says a lot of many things or very
• 11:27
  Speaker 3: few things in many many words. But those many few
• 11:30
  Speaker 3: words are essentially like, buy stuff that will make you
• 11:33
  Speaker 3: more money, whether that's businesses or real estate is a
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  Speaker 3: form of a business. I mean, that's the secret to wealth.
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  Speaker 3: It's very easier said than done, because we all want
• 11:42
  Speaker 3: to buy things, especially in the beginning when you're younger.
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  Speaker 3: But I just got lucky where I wasn't super into
• 11:49
  Speaker 3: all that, and I just kind of fell into early
• 11:51
  Speaker 3: and then I got addicted to it, right because I'm like, well,
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  Speaker 3: if I just save up twenty thousand dollars, you know,
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  Speaker 3: twenty percent down payment to buy one hundred thousand dollars house,
• 12:01
  Speaker 3: you know, I kind of oversimplifying this. You know, maybe
• 12:03
  Speaker 3: I'll make a couple hundred bucks every single month off
• 12:06
  Speaker 3: of that.
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  Speaker 4: And so it was like very quick to associate.
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  Speaker 3: All right, well, saving twenty grand is hard, I guess,
• 12:14
  Speaker 3: but it'll lead to you know, two hundred bucks to go,
• 12:18
  Speaker 3: you know, just go and spend.
• 12:21
  Speaker 1: Actually just just kind of I didn't write this. This
• 12:23
  Speaker 1: just comes up for me now as we're talking to you.
• 12:26
  Speaker 1: What are your thoughts on cars? Buying cars? I can
• 12:30
  Speaker 1: always say cars appreciate in value where homes can appreciate it,
• 12:34
  Speaker 1: you probably can. I always always say, unless you have
• 12:36
  Speaker 1: some special car that's gonna last test of time, I
• 12:40
  Speaker 1: don't invest in cars.
• 12:41
  Speaker 2: Let just curise what your thoughts are on that.
• 12:43
  Speaker 3: I mean, there are some cars like exotic car haacks
• 12:45
  Speaker 3: dot Com, like they'll like shout out to those guys.
• 12:48
  Speaker 3: But like those cars will appreciate, but most cars are
• 12:51
  Speaker 3: just decaying assets.
• 12:53
  Speaker 2: Yep.
• 12:53
  Speaker 4: And the way you think of it is, well, it plays.
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  Speaker 4: It's a tool for.
• 12:58
  Speaker 3: You to get to point A to B and you're paying.
• 13:02
  Speaker 3: You got to break it down to like a monthly
• 13:04
  Speaker 3: subscription service.
• 13:05
  Speaker 4: In your head.
• 13:06
  Speaker 2: Funny.
• 13:07
  Speaker 3: But also when you're younger, you need to get late
• 13:09
  Speaker 3: unless you want to be one of that single guys
• 13:11
  Speaker 3: or gals for the rest of your life. So you
• 13:13
  Speaker 3: got to waigh both, right, Just like houses, I mean
• 13:17
  Speaker 3: I mentioned earlier, buying a house to live in, especially
• 13:20
  Speaker 3: in a high price area where the rental value ratios
• 13:23
  Speaker 3: are horrible, may not be the best use for your money.
• 13:27
  Speaker 3: You know, you probably you're better off taking that money
• 13:31
  Speaker 3: and putting it into a stock or rental property and
• 13:35
  Speaker 3: make more money there. But the reason why for some
• 13:38
  Speaker 3: people it makes sense to do that is if you
• 13:41
  Speaker 3: can't if you're not good with your money, like you know,
• 13:43
  Speaker 3: like your your brother or your nephew who just blows
• 13:47
  Speaker 3: money when they gets it, should probably put their money
• 13:50
  Speaker 3: in the house as a forced piggy bank.
• 13:52
  Speaker 4: Right.
• 13:53
  Speaker 3: But now now you're seeing like all right, well, you
• 13:56
  Speaker 3: have two parts of the population. Maybe five ten percent
• 13:59
  Speaker 3: of people I don't know, I'm just making this up,
• 14:02
  Speaker 3: but are conscientious with their money and they can save it.
• 14:06
  Speaker 3: For those people, they should probably go on the offense
• 14:09
  Speaker 3: and not buy a hostile event quite yet until maybe
• 14:13
  Speaker 3: they've got a million two million dollars net worth at least,
• 14:16
  Speaker 3: and then really get aggressive on buying investments and growing
• 14:20
  Speaker 3: their net worth, whereas most people should not do that.
• 14:26
  Speaker 3: They need to just stick their money in a forced
• 14:28
  Speaker 3: piggy bank, and that's probably the best they're going to be.
• 14:31
  Speaker 2: I think that's say I that's said.
• 14:32
  Speaker 1: I heard the same fact that's saying forced piggy bank,
• 14:34
  Speaker 1: like that.
• 14:35
  Speaker 2: That's true what I mentioned Car, I just about that.
• 14:38
  Speaker 2: I'm talking to you.
• 14:38
  Speaker 1: Listen, Jim Ryan, what do you think about cars? So
• 14:40
  Speaker 1: you think you think like I do? On But yes,
• 14:42
  Speaker 1: cars are functional, cars are ornamental. Therefore, you buy jewelry,
• 14:47
  Speaker 1: Some appreciate some jewelry, does it right? You know, some
• 14:50
  Speaker 1: clothes last and some you know, some don't. It's all
• 14:53
  Speaker 1: for you know, you gotta live life while you're while
• 14:56
  Speaker 1: you're making money right same time.
• 14:58
  Speaker 3: Yeah, but the idea of compound interest and growth, right,
• 15:02
  Speaker 3: like for every for every dollar you say, you don't
• 15:06
  Speaker 3: spend on something where it gets you utility or value
• 15:10
  Speaker 3: or fun today, could be is exponential in the future
• 15:15
  Speaker 3: as time goes along.
• 15:17
  Speaker 4: But where where's that trade off?
• 15:19
  Speaker 2: Right?
• 15:19
  Speaker 3: I mean it's just like a business owner. I mean
• 15:21
  Speaker 3: business owners live this all day.
• 15:22
  Speaker 4: Like you have. You have a profitable business.
• 15:25
  Speaker 3: But if you're in the first five to ten years
• 15:26
  Speaker 3: of your business, you're putting all that applying right right
• 15:28
  Speaker 3: in the business. At what point do you take that
• 15:31
  Speaker 3: and spend it a little bit?
• 15:32
  Speaker 2: You know you're afraid to. I remember that. I was
• 15:34
  Speaker 2: afraid to.
• 15:35
  Speaker 1: I don't like and I'm like, I got to make
• 15:36
  Speaker 1: sure you know everything take care of first, especially the
• 15:39
  Speaker 1: first five years. I was like, I was very nervous
• 15:42
  Speaker 1: at first. It's like going out spending so much. Everything
• 15:44
  Speaker 1: was about the business. It's about what I can do
• 15:46
  Speaker 1: every inch of it. What can I use it for
• 15:48
  Speaker 1: that money? Right? Just naturally It's how it was for me.
• 15:52
  Speaker 1: I started I started business late in life. I was
• 15:54
  Speaker 1: my forties, not with that whole You get it. You
• 15:57
  Speaker 1: go to college, you graduate, you get your degree, you
• 15:59
  Speaker 1: go to your work for corporate which I did. I
• 16:01
  Speaker 1: did all that stuff, and I was I wasn't happy.
• 16:03
  Speaker 1: I just wasn't wasn't happy at all. And yeah, I
• 16:06
  Speaker 1: found my I found love doing now I love it.
• 16:09
  Speaker 1: But it's just one of those things. Switching to entrepreneurial
• 16:12
  Speaker 1: mindset was a little different because I like having money
• 16:15
  Speaker 1: in my bank account. One I was very kind of
• 16:17
  Speaker 1: like ideal stable people like stuff in there. But when
• 16:20
  Speaker 1: you start your own business, that goes out the window
• 16:22
  Speaker 1: on some well at first you have to take you
• 16:24
  Speaker 1: have some take a leap of faith and just you know,
• 16:26
  Speaker 1: try to be smart your choices.
• 16:27
  Speaker 2: But you still go out there and you have to
• 16:28
  Speaker 2: go do it.
• 16:29
  Speaker 3: Yeah, and businesses you can make a lot of money
• 16:33
  Speaker 3: and but a lot of times people fail. But on
• 16:36
  Speaker 3: that spectrum rental real estate, you know, buying little rental properties,
• 16:41
  Speaker 3: it's it's like the easiest business out there. I mean,
• 16:44
  Speaker 3: it's just it doesn't really change. It's a bit archaic.
• 16:48
  Speaker 3: The problem with real estate is that it's very capital intensive.
• 16:52
  Speaker 3: You need get pig me twenty percent down payment to
• 16:55
  Speaker 3: go buy a big piece of property. But that's kind
• 16:58
  Speaker 3: of why it's nice to start out there where places
• 17:02
  Speaker 3: make more sense, because not only do you get more
• 17:04
  Speaker 3: bang for your buck in terms of rental dollars, but
• 17:06
  Speaker 3: you also your your dollar stretches a lot further. You
• 17:09
  Speaker 3: can actually buy one single family house to get started again,
• 17:13
  Speaker 3: like I try to. I mean, a lot of this
• 17:15
  Speaker 3: is on my website for free, because when I started
• 17:17
  Speaker 3: doing my podcast in twenty sixteen, I would kind of
• 17:20
  Speaker 3: just talk what I did, right or you know, I
• 17:23
  Speaker 3: was trying to speak from experience, and I was buying
• 17:27
  Speaker 3: a little runt of properties leading out to that. So
• 17:29
  Speaker 3: a lot of the free content and e courses I
• 17:32
  Speaker 3: have are just like how to buy a real round
• 17:33
  Speaker 3: property and this gets started with that. You know, you
• 17:37
  Speaker 3: need typically twenty grand, right, twenty grand, twenty percent down
• 17:40
  Speaker 3: payment on a house.
• 17:43
  Speaker 4: It is kind of your buy in.
• 17:44
  Speaker 3: But you know that eliminates a huge part of the
• 17:46
  Speaker 3: population out there.
• 17:48
  Speaker 1: It does, it does, and folks again, he has a
• 17:53
  Speaker 1: simple passive cash forow dot com the Wealth Elevator.
• 17:56
  Speaker 4: It's the Wealth Elevator.
• 17:57
  Speaker 1: Well, so good bye, I'm gonna watch that now. Your
• 18:00
  Speaker 1: book Is that what you talk about? I saw at
• 18:02
  Speaker 1: the book that you talking about. It's all those your
• 18:05
  Speaker 1: your experiences, your knowledge, your ups and downs in this
• 18:09
  Speaker 1: in you doing this as was talking about.
• 18:11
  Speaker 3: Yeah, I mean it's the So the construct is like
• 18:14
  Speaker 3: the elevator is for this building, right, and there's different
• 18:18
  Speaker 3: floors to the building. And what I realized when I
• 18:21
  Speaker 3: started to do this is that there's different paradigms to
• 18:24
  Speaker 3: the wealth building journey. So like again, when I started out,
• 18:27
  Speaker 3: as I mentioned, graduated college, had a good job, and
• 18:31
  Speaker 3: bought little run of properties, So I had about eleven
• 18:33
  Speaker 3: of them. At that point, I was a non a
• 18:35
  Speaker 3: credit investor. My network was under one million dollars and
• 18:38
  Speaker 3: to me, I still think that that's the way to
• 18:41
  Speaker 3: get yourself to one million net worth or what we
• 18:45
  Speaker 3: call a credit investor and a credit investor if you
• 18:47
  Speaker 3: want to google the definition, but basically, you've got a
• 18:50
  Speaker 3: million dollars or greater, or you make over two hundred
• 18:53
  Speaker 3: thousand dollars a year at your day job. Once you
• 18:57
  Speaker 3: get to this level, you're what I call on the
• 18:59
  Speaker 3: second floor of the wealth elevator, and you're not really
• 19:02
  Speaker 3: wanting to mess around with little single family homes. So
• 19:05
  Speaker 3: picking right back up my story, when I had eleven
• 19:07
  Speaker 3: rentals in twenty fifteen, I had maybe a diction or
• 19:12
  Speaker 3: to every single month some kind of big catastrophy that
• 19:14
  Speaker 3: happened like a tree falling in the house, some kind
• 19:16
  Speaker 3: of big wash out. Not a huge deal because I
• 19:20
  Speaker 3: always had professional property management that I paid ten percent
• 19:22
  Speaker 3: every month, but they were well worth it to take
• 19:24
  Speaker 3: care of a bunch of nonsense like this, so I
• 19:26
  Speaker 3: could focus on doing my highest and best use, which
• 19:30
  Speaker 3: was messing around at my engineering day job throughout the day.
• 19:34
  Speaker 3: So but when you become in a credit investor, you
• 19:38
  Speaker 3: don't have this weighs down on you, right this time, right,
• 19:41
  Speaker 3: and with eleven rental properties at a few hundred dollars
• 19:45
  Speaker 3: of passive cashrow each, that was three thousand dollars of
• 19:50
  Speaker 3: income every month, which not bad, right, I'm not going
• 19:52
  Speaker 3: to complain. I don't want to sound, you know, ungrateful,
• 19:57
  Speaker 3: but like what I mean, what American family can and
• 20:00
  Speaker 3: survive off of that? Right? Most of my clients need
• 20:03
  Speaker 3: at least ten grand per month. Yes maybe in the
• 20:06
  Speaker 3: bear I mean may need like fifteen or twenty. But yeah,
• 20:10
  Speaker 3: now you're talking thirty around the properties and inviction or
• 20:13
  Speaker 3: two every month and some kind of big issue that
• 20:16
  Speaker 3: happens every week, and it quickly becomes unscalable. And this
• 20:20
  Speaker 3: is where like in my journey, this is around twenty sixteen.
• 20:23
  Speaker 3: For me, I started to interact with a bunch of
• 20:25
  Speaker 3: higher net worth a credit investors and they all were
• 20:28
  Speaker 3: dumping their little rent of properties and going into more
• 20:30
  Speaker 3: of these syndication and private placement deals as a passive
• 20:33
  Speaker 3: investor because also for the liability reasons. Now I'm not
• 20:37
  Speaker 3: giving any legal advice here, but when you get a
• 20:40
  Speaker 3: higher net worth typically you're more prone to get you know,
• 20:44
  Speaker 3: real lawsuits where when you don't have too much money,
• 20:48
  Speaker 3: you're not really a big target, right, there's not.
• 20:50
  Speaker 4: Much to shake it for.
• 20:51
  Speaker 2: Nope.
• 20:52
  Speaker 3: So it's all but as you can see, like I'm
• 20:55
  Speaker 3: kind of paying a picture of like there are certain
• 20:58
  Speaker 3: stop gap gates or floors or different when there's pivots
• 21:02
  Speaker 3: in the strategy as you hit different levels. Nobody told
• 21:06
  Speaker 3: this to me. And then as you get more of
• 21:09
  Speaker 3: a credit investor, now you get into these larger deals
• 21:12
  Speaker 3: with sometimes stronger tax advantages. There's also infinite banking strategies too.
• 21:19
  Speaker 3: But then what I started to realize is like, whoa,
• 21:22
  Speaker 3: these are all like the same consistent best practices I
• 21:25
  Speaker 3: keep hearing again and again, which I put into the book.
• 21:28
  Speaker 3: But in reality a lot of these things are not.
• 21:32
  Speaker 3: They're implementable by any guy out there, but they're the
• 21:36
  Speaker 3: complete opposite than what are prudent Asian parents taught us.
• 21:42
  Speaker 1: Right, Yes, yes, it's funny because also in the media
• 21:47
  Speaker 1: world we have once you get certain tiers, there's certain
• 21:51
  Speaker 1: taxing sentives you can get from the governments or from
• 21:54
  Speaker 1: the states or from the cats all. But as a
• 21:56
  Speaker 1: whole again, no, you said, nobody talks about it. We
• 21:58
  Speaker 1: just just just talk about making these businesses. But I
• 22:01
  Speaker 1: talks about the different levels that go that happens as
• 22:03
  Speaker 1: you move up.
• 22:05
  Speaker 3: Yeah, and you know there's there's I guess a lot
• 22:08
  Speaker 3: of prolification of like TikTok financial advice. But typically all
• 22:13
  Speaker 3: the advice I see out there is for the guys
• 22:17
  Speaker 3: on the basement level of the wealth elevator or under
• 22:19
  Speaker 3: million dollars net worth, right, there's very little stuff for
• 22:23
  Speaker 3: people who are higher net worth. You know, four five
• 22:26
  Speaker 3: million is typically around the third floor of the wealth elevator. Right,
• 22:30
  Speaker 3: at that point you can kind of open things up,
• 22:33
  Speaker 3: maybe even be more aggressive. But you know, there's I
• 22:37
  Speaker 3: started when we started to twenty sixteen, I started to
• 22:40
  Speaker 3: buy apartments, We started to syndicate projects, bringing investors in
• 22:46
  Speaker 3: and then we would also buy properties in these very
• 22:48
  Speaker 3: wealthy families, and so I kind of saw firsthand, like
• 22:53
  Speaker 3: seeing how these guys operated, you know, like like for example,
• 22:58
  Speaker 3: like this is kind of fun, like wealthy people and
• 23:01
  Speaker 3: know WHATLY mean wealthy people like you know, like twenty
• 23:03
  Speaker 3: to one hundred million dollar networth. I mean, I guess
• 23:06
  Speaker 3: not super super wealthy, but they're pretty well.
• 23:08
  Speaker 4: Right, like you know, they don't they're not starving. Yeah,
• 23:12
  Speaker 4: they don't. They're not starving.
• 23:13
  Speaker 3: And they typically have like nice houses, but they're not
• 23:17
  Speaker 3: super extravagant. They might be five ten million dollar houses,
• 23:20
  Speaker 3: but but they'll have.
• 23:22
  Speaker 4: Multiple right, Like I'm like, I amn't never known.
• 23:26
  Speaker 3: Like for me, I was like, you know, the only
• 23:28
  Speaker 3: glimpse of that I see is like NBA players and
• 23:32
  Speaker 3: those idiots just buy like forty million dollar manch you know,
• 23:35
  Speaker 3: like like Okay, now, I see that's not how you
• 23:39
  Speaker 3: want to do it because typically they blow their money.
• 23:42
  Speaker 3: But you know, it's just I started to get insight
• 23:46
  Speaker 3: into like what is like the real hidden wealth of
• 23:49
  Speaker 3: America does. And typically now you're talking with the patriarch
• 23:54
  Speaker 3: of the family or the second third generation. So I
• 23:57
  Speaker 3: start to realize, like, unless you you've got a very
• 24:00
  Speaker 3: high performing, you know, multimillion dollar business that you luckily
• 24:04
  Speaker 3: made on your own. Typically for anybody over twenty million
• 24:08
  Speaker 3: dollars net worth, you've got to be on the second
• 24:11
  Speaker 3: or third generation of it. But you know, creating the book,
• 24:16
  Speaker 3: it was meant for people the first generation multi millionaires, right,
• 24:20
  Speaker 3: Like I mean, I'm fourth generation Japanese, but I'm really
• 24:23
  Speaker 3: the first generation of my family that is multiple millions, right,
• 24:28
  Speaker 3: which I mean in the barrier of Hawaii, if you
• 24:31
  Speaker 3: own a house, you're a millionaire.
• 24:32
  Speaker 2: Just yeah, yeah, that's right, but your.
• 24:35
  Speaker 3: Level of financial sophistication is still rather low. But you
• 24:40
  Speaker 3: know what, like people who are paint pitching, adverse to debt,
• 24:43
  Speaker 3: adverse to getting off the beaten path, you can get
• 24:47
  Speaker 3: there to a million or two million dollars by the
• 24:50
  Speaker 3: time you hit sixty or eighty, you know, pretty easily.
• 24:54
  Speaker 3: I mean not easily, but yeah, yeah. But the idea
• 24:59
  Speaker 3: is there is a way that it requires you to
• 25:03
  Speaker 3: think alternatively where you can get to multiple millions. You know,
• 25:09
  Speaker 3: it won't take overnight, that's for sure, but you can
• 25:12
  Speaker 3: prudently get there within your lifetime.
• 25:15
  Speaker 1: Yeah, and it happens all the time. And I work
• 25:18
  Speaker 1: with people who are on that kind of teer. They're
• 25:21
  Speaker 1: twenty to forty million, and you're right, their homes aren't
• 25:24
  Speaker 1: that extravagant, their cars aren't that extravagant. The way they
• 25:29
  Speaker 1: dress Laftime, you would even know. It's not in their
• 25:32
  Speaker 1: everyday clothing. They're not dressing big gaunty chain and all
• 25:35
  Speaker 1: that stuff. It's like they're just they're just regular folks
• 25:38
  Speaker 1: who are still trying to hustle. You know, I say,
• 25:40
  Speaker 1: that's very la still trying to hustle, So I when
• 25:42
  Speaker 1: it gets out there or they're afraid that they're trying
• 25:45
  Speaker 1: to hold.
• 25:45
  Speaker 2: On their money, you know it's not going anywhere.
• 25:47
  Speaker 1: But you know, people something that that hamster wheels like
• 25:50
  Speaker 1: I can keep doing, I keep you doing, so they
• 25:52
  Speaker 1: don't act like they're super super super super rich. You know,
• 25:56
  Speaker 1: I'll go to our houses, I'm like, oh, like, oh
• 25:57
  Speaker 1: my god, his house is like amazing. But like I
• 26:00
  Speaker 1: would have never guessed that was your life at all.
• 26:03
  Speaker 1: You know, you make money because I know who you are,
• 26:05
  Speaker 1: But I'm like, I'm not seeing it the way I
• 26:07
  Speaker 1: thought I would.
• 26:08
  Speaker 3: See it, right, right, Because we're used to like MTV cribs.
• 26:13
  Speaker 1: Right, yeah, but.
• 26:17
  Speaker 3: But yeah, those I mean, those guys obviously don't read
• 26:21
  Speaker 3: my book, and obviously they're not going to keep it
• 26:24
  Speaker 3: for very much longer, right, Like, oh.
• 26:26
  Speaker 1: Do we see it? We see it coming go. I'm
• 26:28
  Speaker 1: saying it's very fluent, said the beginning to show it's
• 26:30
  Speaker 1: very fluid. I mean, money comes and goes. I mean
• 26:33
  Speaker 1: as easily, as as soon as you get it. It
• 26:35
  Speaker 1: can be out the door, and you don't if you
• 26:37
  Speaker 1: don't take care of it. Right, that's right, it's all right.
• 26:40
  Speaker 3: Like the metaphor I think that you bring up there
• 26:43
  Speaker 3: is like it is like water, right, like it kind
• 26:45
  Speaker 3: of flows to your your your fingertips.
• 26:47
  Speaker 4: And yes, for most people it does.
• 26:50
  Speaker 3: Again the guy who can't seem to hold onto it
• 26:53
  Speaker 3: and probably should buy a house to live in, and
• 26:54
  Speaker 3: it be a four spiggy bank. But if you're able
• 26:58
  Speaker 3: to capture a good amount of it, like and most
• 27:00
  Speaker 3: of my clients, I mean they they make like two
• 27:04
  Speaker 3: hundred to five hundred thousand dollars a year, you know,
• 27:07
  Speaker 3: nothing phenomenal great salaries right by average. But the key
• 27:11
  Speaker 3: is like how much you can net Like when I
• 27:13
  Speaker 3: when I jump on a call, with them, it's like,
• 27:15
  Speaker 3: well what do you what do you net every year?
• 27:17
  Speaker 3: And most of these guys they'll able to save a
• 27:19
  Speaker 3: fifty two hundred and fifty thousand.
• 27:21
  Speaker 4: Dollars of that per year.
• 27:24
  Speaker 3: And the key there is, I mean that's a big
• 27:27
  Speaker 3: step in itself. Right, Even if you just sit on
• 27:29
  Speaker 3: that money, it'll grow. But if you can take that
• 27:32
  Speaker 3: and put that fifty one hundred grand into investments judiciously
• 27:37
  Speaker 3: every single year, hopefully real estate ones that save you
• 27:41
  Speaker 3: some taxes along the way, that cut the drag, you know,
• 27:44
  Speaker 3: you're going to go really really far with that. And
• 27:47
  Speaker 3: it's in a way, it's like, take your money, do
• 27:50
  Speaker 3: your best job at saving it and putting it into investments. Right.
• 27:55
  Speaker 3: But I don't know, how about you ask me, like
• 27:57
  Speaker 3: people have probably heard this a bunch of times. It's
• 27:59
  Speaker 3: super obvious, but what is why don't people do it? Like,
• 28:02
  Speaker 3: I don't know, you asked me the questions like what
• 28:04
  Speaker 3: where is the logistical.
• 28:07
  Speaker 2: Right?
• 28:08
  Speaker 4: Okay, I got it.
• 28:10
  Speaker 1: I think part of it is some folks just don't know.
• 28:14
  Speaker 1: They don't they didn't, They just don't know. They just
• 28:16
  Speaker 1: they just they're making money. They don't want to make money,
• 28:19
  Speaker 1: so they make money, but they don't know the rest,
• 28:21
  Speaker 1: like they just don't. They just don't. They don't know
• 28:23
  Speaker 1: the rest. They didn't read a self help book, they
• 28:25
  Speaker 1: didn't go to a seminar like they don't.
• 28:28
  Speaker 2: Like they just don't know, or they think they know.
• 28:31
  Speaker 2: You know, they think they know.
• 28:32
  Speaker 1: Because I love your idea about because you're saying something
• 28:35
  Speaker 1: actually is kind of revolutionary, but it isn't. But you're
• 28:37
  Speaker 1: saying it about saving money to use for something out
• 28:40
  Speaker 1: like you say, you're talking about making money, yeah, spending
• 28:44
  Speaker 1: some of it, but also putting some aside to make
• 28:47
  Speaker 1: more money. To me, that's an old time thing, right,
• 28:49
  Speaker 1: But you don't talk about that anymore. They're just so
• 28:51
  Speaker 1: busy about just god like no, just like you say,
• 28:55
  Speaker 1: you gotta spend money and make money, well yeah on
• 28:57
  Speaker 1: some level, but also you got to figure out how
• 28:59
  Speaker 1: do you save money a way that's going to actually
• 29:02
  Speaker 1: help you, right, It's not like you're saying you know
• 29:04
  Speaker 1: of ways to do it, but no one's like really
• 29:07
  Speaker 1: doing it. I just think I feel like it's either
• 29:10
  Speaker 1: they just don't know or they think they know. They
• 29:12
  Speaker 1: don't know, and it's like that's so very profound, But
• 29:15
  Speaker 1: you know, what I mean, I just like people don't know.
• 29:17
  Speaker 3: Yeah, I think like most people, most smart people know this.
• 29:22
  Speaker 3: The people that we're talking to right now, everybody else
• 29:24
  Speaker 3: credit card debt, they checked out or they should right, Like,
• 29:27
  Speaker 3: this is not applicable, right right, Like, I guess what
• 29:30
  Speaker 3: is they're hearing this by around of properties, get into
• 29:33
  Speaker 3: real estate? What do you think people are thinking? Okay,
• 29:37
  Speaker 3: what's my first step? Like, what's my actionable thing here?
• 29:40
  Speaker 3: Other than like oh yeah, that sound like great, I'm
• 29:43
  Speaker 3: on my path of financial freedom.
• 29:44
  Speaker 4: But I didn't do anything.
• 29:46
  Speaker 1: I think like a lot of folks don't do anything.
• 29:48
  Speaker 1: It's too daunting or to them or too unknown or
• 29:50
  Speaker 1: too scary. Inertia sits in. I think people just don't
• 29:53
  Speaker 1: do it. You know, somebody kick them about to go
• 29:57
  Speaker 1: do it. I think sometimes or give them permission, so
• 29:59
  Speaker 1: to speak, Yeah, this is you just do this, like
• 30:01
  Speaker 1: say you say, well if you do this, they go okay,
• 30:05
  Speaker 1: then they do it. I think sometimes that's a part
• 30:07
  Speaker 1: of it also sometimes Yeah, you know what I mean.
• 30:10
  Speaker 3: I mean, it's it's kind of hard question for you too,
• 30:12
  Speaker 3: because you've you've done this and you've forgotten, right, I
• 30:15
  Speaker 3: mean that I guess what I would say, is like,
• 30:17
  Speaker 3: go to my website and then go to like we
• 30:19
  Speaker 3: have a free e course for a lot of this
• 30:22
  Speaker 3: stuff for single family home. I think it's the Wealth
• 30:24
  Speaker 3: Elevator dot com slash turnkey that's all for free. I
• 30:28
  Speaker 3: mean most of our education and stuff these days is
• 30:31
  Speaker 3: more for their credit investors, not really buying a little
• 30:33
  Speaker 3: around of properties and how to evalue bigger, bigger deals.
• 30:36
  Speaker 3: But yeah, I would say, if you're not a credit investor,
• 30:41
  Speaker 3: you're in the first phil the Wealth Elevator.
• 30:43
  Speaker 4: Of course, read my book to figure out what these.
• 30:44
  Speaker 3: Floors are and where you're at, because I think, yeah,
• 30:46
  Speaker 3: that's the first step, is like figuring out where you're at. Yes,
• 30:49
  Speaker 3: like what's your cattle grade at? You know, if if
• 30:52
  Speaker 3: you are at a credit investor, don't worry about that
• 30:55
  Speaker 3: stupid five dollars latte roll, right, but if you're broke,
• 30:58
  Speaker 3: pay very much attention to it.
• 31:00
  Speaker 4: A good example.
• 31:01
  Speaker 3: But depending on where you're at, you may buy running properties.
• 31:04
  Speaker 3: You might you might have aged out over running properties
• 31:07
  Speaker 3: and it's just too small for stuff for you for all.
• 31:10
  Speaker 3: For all we know, maybe you need more advanced legal
• 31:13
  Speaker 3: protection strategies because your net worth is very high.
• 31:19
  Speaker 1: But also you said something earlier that's very true. You
• 31:21
  Speaker 1: touched on it briefly. It's so true. Social media, you're
• 31:27
  Speaker 1: getting all kinds of messaging, Uh, you know, buy this,
• 31:31
  Speaker 1: do this, don't do this, don't there's there's the fear bongers.
• 31:36
  Speaker 1: Don't do nothing, you know, hord your money under the mattress,
• 31:39
  Speaker 1: don't do anything. Living in a small house. So you're
• 31:41
  Speaker 1: one hundred and then you know, or the ones are saying,
• 31:44
  Speaker 1: spend all your money, let's just throw it all in there,
• 31:46
  Speaker 1: and then you got my in between. I just feel
• 31:47
  Speaker 1: like there's a lot of voices espe it's like what
• 31:50
  Speaker 1: you do that, it sounds worse. What you're saying sounds
• 31:52
  Speaker 1: sane to me compared to a lot of people like
• 31:55
  Speaker 1: here out there tell me one thing or the other.
• 31:56
  Speaker 1: So it's like, so you've made some money, you don't
• 32:00
  Speaker 1: properties or whatever, like for example, the house something and
• 32:02
  Speaker 1: I own and it's and it's it's it's over over
• 32:05
  Speaker 1: a million dollars the way they I'm here in Englewood,
• 32:07
  Speaker 1: so it's a hot spot in my Soulfly stadium, the
• 32:09
  Speaker 1: whole thing. So people tell me things like just sell
• 32:12
  Speaker 1: the house, sell the house, not like or should add
• 32:15
  Speaker 1: a should not Like. I'm hearing twenty different things that
• 32:18
  Speaker 1: I should do to my house, and half of them
• 32:20
  Speaker 1: sound dumb to me first when I was on a story.
• 32:22
  Speaker 1: But I'm gonna say that that I think the average person,
• 32:25
  Speaker 1: luckily I have some smarts and some history. What if
• 32:29
  Speaker 1: you're like, what if youre's a person who does I said,
• 32:30
  Speaker 1: just like kind of hear something goes, well, what do
• 32:32
  Speaker 1: I do?
• 32:32
  Speaker 2: What do I do? What do you do?
• 32:34
  Speaker 1: I mean read your book? Obviously I want to go
• 32:35
  Speaker 1: to your website. But I'm saying that's kind of like
• 32:38
  Speaker 1: You're right, there's a lot of people talking and.
• 32:41
  Speaker 3: Yeah, yeah, and I think that's like you hit on
• 32:44
  Speaker 3: the head right. Like one of the rules is you
• 32:46
  Speaker 3: never take financial advice from someone who's not financially free,
• 32:50
  Speaker 3: and typically that's you know, you don't want to be
• 32:52
  Speaker 3: taking advice from the guy who's twenty years older than
• 32:56
  Speaker 3: you and the keep a call next door because obviously
• 32:58
  Speaker 3: the dude hasn't figured it out. Also all the same,
• 33:01
  Speaker 3: I mean I also say this with like our clients,
• 33:04
  Speaker 3: they typically changed, like eighty percent of them change your CPA.
• 33:08
  Speaker 3: I don't have a percent, but vast majority and change
• 33:10
  Speaker 3: your CPA because you know, the CPA doesn't know all
• 33:13
  Speaker 3: these strategies, which is exactly why that sucker is working
• 33:17
  Speaker 3: his day job, you know, filling in forms. Most CPAs
• 33:21
  Speaker 3: are they do taxes, but they don't know anything about strategy, right.
• 33:25
  Speaker 3: But but yeah, that's the biggest thing. You have to
• 33:29
  Speaker 3: surround yourself with the right people. I mean, sure, you
• 33:31
  Speaker 3: guys have talked about that you are the five people
• 33:33
  Speaker 3: you hang out with most. But that was I mean
• 33:36
  Speaker 3: just backwards engineering what I did. Like, I just got
• 33:38
  Speaker 3: lucky because I got around accredited investors who knew what
• 33:42
  Speaker 3: they were doing. And this is coming from like a kid,
• 33:44
  Speaker 3: like my parents weren't accredited. I don't even know what
• 33:47
  Speaker 3: that term meant. I didn't have any rich uncles, so
• 33:50
  Speaker 3: I had to kind of, you know, build this network
• 33:53
  Speaker 3: from scratch. And so that's kind of like the way
• 33:56
  Speaker 3: I like, I'm on a tie as our group these
• 33:58
  Speaker 3: days is like we'll do retreat and because there's not
• 34:02
  Speaker 3: really a group like us for you know, modest wealthy
• 34:07
  Speaker 3: people who a lot of which are first generation multi millionaires.
• 34:13
  Speaker 3: It's kind of a strange. It's just very strange economy.
• 34:16
  Speaker 3: You know, like when we go to come here to Hawaii,
• 34:19
  Speaker 3: people aren't staying in like the Ritz. You know, at
• 34:22
  Speaker 3: most they're maybe staying in the Hilton Hawaiian on points
• 34:25
  Speaker 3: because they got all these points.
• 34:27
  Speaker 1: But I love points. I'm sorry for all the old
• 34:30
  Speaker 1: squa points to you. I will admit that.
• 34:33
  Speaker 3: Yeah, yeah, it wastes a hell, leve a lot of time,
• 34:35
  Speaker 3: but it kind of is fun, right.
• 34:39
  Speaker 1: You know, Hey, I say the Marriott, I've say that
• 34:41
  Speaker 1: I had free out of free state somewhere.
• 34:43
  Speaker 2: I went to Costa Rica. I've been in road Tail.
• 34:46
  Speaker 2: I have been Rotail.
• 34:46
  Speaker 1: The hotel I was there for a week. I have
• 34:47
  Speaker 1: been in Rotail. It was all points. I mean the
• 34:50
  Speaker 1: hotel was probably a three star. That's fine.
• 34:53
  Speaker 2: I was, I was.
• 34:54
  Speaker 1: I was out in the jungle most of the time.
• 34:55
  Speaker 1: I wasn't even a hotel anyway. So I do chucky.
• 34:57
  Speaker 1: I do like my bike my points sometimes.
• 34:59
  Speaker 4: Yes, yeah, you asked me about cars.
• 35:03
  Speaker 3: I don't do any points because I'd rather have money
• 35:07
  Speaker 3: right cash back to go invest.
• 35:09
  Speaker 2: Okay, and then.
• 35:11
  Speaker 3: I mean this is just for me personal. I mean
• 35:12
  Speaker 3: this will speak to the business owners out there. But
• 35:14
  Speaker 3: everything I go, everything I go, I have a business reason,
• 35:17
  Speaker 3: legitimate business reason to do, so I just pay it
• 35:22
  Speaker 3: with you know, so I have no reason for points
• 35:25
  Speaker 3: because I'll never use the points on travel. I guess
• 35:29
  Speaker 3: that speaks to my like I never really do anything
• 35:31
  Speaker 3: for fun too, right, thing.
• 35:36
  Speaker 2: But it's island life of some sort.
• 35:38
  Speaker 3: But that's you know, that's the way I think of points.
• 35:41
  Speaker 3: But yeah, you know, I think you gotta you gotta
• 35:43
  Speaker 3: just surround yourself with a credit investor folks. And that's
• 35:46
  Speaker 3: why I've always ask people like when they come in, like,
• 35:49
  Speaker 3: you know, how many how many credit investor friends do
• 35:51
  Speaker 3: you know who's already doing this? And then people, you know,
• 35:54
  Speaker 3: most a lot of people they don't know anybody right,
• 35:56
  Speaker 3: just like me. And and then that's fine, right, you
• 35:58
  Speaker 3: have to learn that's why we have a lot.
• 35:59
  Speaker 2: Of they may know somebody that's right next to me.
• 36:03
  Speaker 3: And that's the thing, right, Like you know, like most
• 36:05
  Speaker 3: people don't talk about finances even with their family and
• 36:08
  Speaker 3: friends that might should be the last people they talked to.
• 36:11
  Speaker 4: So like when they come to.
• 36:12
  Speaker 3: Hawaii to our retreat where everybody you know, we've we've
• 36:17
  Speaker 3: we don't let any random person come like we kind
• 36:19
  Speaker 3: of know everybody's financial situations and invite a certain caliber
• 36:23
  Speaker 3: and it makes her a great experience because first of
• 36:25
  Speaker 3: everybody's you know, past million dollar net worth, right, and
• 36:30
  Speaker 3: it's but also have this interesting effect where like like
• 36:33
  Speaker 3: you know, the taxi cab confessional effect. We're like, you know,
• 36:36
  Speaker 3: I'll just tell this guy whatever and we're not going
• 36:38
  Speaker 3: to see each other, right, Yeah, and sometimes it creates
• 36:42
  Speaker 3: the most interesting interactions, right, no judgment and you know
• 36:47
  Speaker 3: you kind of just here your free.
• 36:50
  Speaker 1: To Sometimes they're thinking they're doing a press tour, they
• 36:55
  Speaker 1: call my show. They feel something from my show they
• 36:57
  Speaker 1: revealed find loving and it's good for me. I attract
• 37:00
  Speaker 1: you to why I make money off these shows, I
• 37:02
  Speaker 1: mean from views and stuff downloads. So say something that
• 37:05
  Speaker 1: they go about their business. You're like, that was so profound,
• 37:07
  Speaker 1: you have no idea, Like they they'll say it to me.
• 37:09
  Speaker 1: I'm I'm just a face of many they see during
• 37:12
  Speaker 1: an award season or whatever in media. And since you're
• 37:15
  Speaker 1: right about that, as long as it's almost easier to
• 37:18
  Speaker 1: spill your guts to somebody that's not involved as noir,
• 37:23
  Speaker 1: their outcome has no effect on these people, right, you
• 37:28
  Speaker 1: know what I mean, It's like it's a family or
• 37:30
  Speaker 1: friend or a lover whoever's it's just it's just like
• 37:33
  Speaker 1: it's say, oh, okay, I'll tell you this, so sure.
• 37:34
  Speaker 2: Why not? Yeah?
• 37:36
  Speaker 3: And there's no judgment too, Like it's not like we're
• 37:39
  Speaker 3: like showing off because who cares.
• 37:41
  Speaker 4: You're not going to see you again.
• 37:42
  Speaker 3: I mean, but then again, you know, we it's important
• 37:46
  Speaker 3: for people to exchange information and stay with these people
• 37:50
  Speaker 3: because they're actually on your trajectory because for wealthy people
• 37:54
  Speaker 3: who make good salaries at home. On the exterior, a
• 37:58
  Speaker 3: lot of people seem to have lots of money, but
• 38:00
  Speaker 3: it's kind of like they say in Texas, big hat
• 38:02
  Speaker 3: no cattle, you know, the cattle being rental properties or assets.
• 38:07
  Speaker 3: They have a nice car, they may have a nice
• 38:10
  Speaker 3: house to live in, but they have it with a
• 38:12
  Speaker 3: lot of debt, but they don't have any cattle kicking
• 38:16
  Speaker 3: out any milk for them.
• 38:18
  Speaker 1: I love that I try, but it's like it's been
• 38:22
  Speaker 1: a half, it's almost forty minutes. I knew I taught
• 38:24
  Speaker 1: you if I don't touch you for a while, But
• 38:27
  Speaker 1: last thing I was saying for wrapping up, I just
• 38:29
  Speaker 1: think that there's something in you though, also as why
• 38:32
  Speaker 1: this is why you're teaching.
• 38:33
  Speaker 2: This is why you're sharing. I don't I don't want
• 38:36
  Speaker 2: to minimize that.
• 38:37
  Speaker 1: I mean, anybody can do this stuff, but I just
• 38:40
  Speaker 1: feel like there's something about you that also tells me
• 38:43
  Speaker 1: that you are this is why you're good at this
• 38:45
  Speaker 1: because you're just You're just You're willing to You're willing
• 38:47
  Speaker 1: to try stuff. You will say yes to stuff, and
• 38:50
  Speaker 1: that is a big thing for folks. People are afraid
• 38:52
  Speaker 1: to say yes. They're afraid to take a leap. And
• 38:55
  Speaker 1: you said I'm taking a leap, I'm doing this, and
• 38:57
  Speaker 1: you're doing it. So I mean, congratulations to you, graduates.
• 39:00
  Speaker 2: To you.
• 39:01
  Speaker 3: Yeah, maybe we're too transparent and we say what we think,
• 39:04
  Speaker 3: but I mean that's like investments, right, Like any investment,
• 39:07
  Speaker 3: there's risk you could lose your money. But I think
• 39:12
  Speaker 3: I have when you get to a point where like
• 39:14
  Speaker 3: you're talking about investment or types of investment and you're like, well,
• 39:18
  Speaker 3: these are like the cons of it, Like it's good
• 39:21
  Speaker 3: to have a conversation or like eyes wide open going
• 39:25
  Speaker 3: in as opposed to be pontificated by like some guy
• 39:28
  Speaker 3: who's just kind of going around the edges. Like like
• 39:30
  Speaker 3: to me, that's just a waste of my time. Like,
• 39:33
  Speaker 3: I know, it's not like I'm not going to come
• 39:35
  Speaker 3: here in a car lot and not buy anything or
• 39:37
  Speaker 3: cording to the supermarket and not buying. I gotta buy stuff,
• 39:40
  Speaker 3: I know, I know, damn right. If I just sit
• 39:42
  Speaker 3: on my money, inflation will will eat away at.
• 39:44
  Speaker 2: What I have. Yeah, yeah, I agree.
• 39:47
  Speaker 3: So I'm going to make a decision here, but at
• 39:49
  Speaker 3: least I need to know the pros and obviously the
• 39:52
  Speaker 3: cons here of everything and have a good understanding. So
• 39:56
  Speaker 3: but you know, again, that's not what the average you
• 39:58
  Speaker 3: know person does, right, This person just wants to go
• 40:01
  Speaker 3: into the standard stuff where it's kind of round on
• 40:05
  Speaker 3: all edges like safe safe.
• 40:09
  Speaker 1: It's such a reliable they wantn't They want to know
• 40:12
  Speaker 1: that everything's gonna work out, okay for sure.
• 40:14
  Speaker 3: For sure if I use that term like it's consistently bad,
• 40:19
  Speaker 3: but at least it's consistent.
• 40:22
  Speaker 2: Betters. The devil, you know, right, is that it's that
• 40:24
  Speaker 2: whole mentality. You know.
• 40:25
  Speaker 1: It's like I hate my job, but I know that
• 40:27
  Speaker 1: I don't expect every single day, So for you to
• 40:30
  Speaker 1: leave that job, something, something's gonna have to happen for
• 40:33
  Speaker 1: you to leave that job.
• 40:35
  Speaker 2: You know what I mean. So, I mean, yeah, I
• 40:36
  Speaker 2: want a house. I want to own a home.
• 40:38
  Speaker 1: But I mean I'm not sure I have all this
• 40:40
  Speaker 1: money in the bank, I'm not sure I want to
• 40:41
  Speaker 1: spend it like I just never do. And so, but
• 40:43
  Speaker 1: you're tired of your one bedroom apartment that's above a
• 40:47
  Speaker 1: store that has raps downstairs, you know what I mean,
• 40:49
  Speaker 1: Like it's like you just because but you know the rats,
• 40:51
  Speaker 1: and you know the smell that comes to the you know,
• 40:53
  Speaker 1: you know all this stuff, like they're afraid to take
• 40:55
  Speaker 1: that leap and you and our people who take leaps apparently,
• 40:57
  Speaker 1: And that's just something I think I want to press
• 41:00
  Speaker 1: amount of people.
• 41:00
  Speaker 2: Yeah, the leap.
• 41:02
  Speaker 3: Yeah, it's easy for people who don't have too much
• 41:05
  Speaker 3: money to make leaps because the alternative is bad. But
• 41:10
  Speaker 3: I think what I realized, like, at least for our clientele,
• 41:13
  Speaker 3: like work with people that are a million dollar net
• 41:15
  Speaker 3: worth or greater. You know, there's a book that the
• 41:18
  Speaker 3: enemy of great is good, right, so they have good lives.
• 41:24
  Speaker 3: They typically find us when they're like, well, the kids
• 41:28
  Speaker 3: are growing up, more grown up. Now, We're already paid
• 41:30
  Speaker 3: for one kid to college, and we have an extra
• 41:32
  Speaker 3: one hundred grand two hundred grand lying around. It's a
• 41:35
  Speaker 3: little bit frustrating for me and being like, well, you
• 41:37
  Speaker 3: should have done this like two decades ago, but whatever whatever, Right,
• 41:42
  Speaker 3: Like if if you finally kind of woke up to
• 41:44
  Speaker 3: the fact that you can invest in other things outside
• 41:47
  Speaker 3: of Wall Street, any time is better than none.
• 41:51
  Speaker 4: Right.
• 41:52
  Speaker 3: So that's where I've kind of matured as a as
• 41:55
  Speaker 3: a teacher a bit as before. I got a little frustrated.
• 41:57
  Speaker 3: But but yeah, every I think it's just important to
• 42:01
  Speaker 3: kind of understand like the risks and be okay with it.
• 42:05
  Speaker 4: But most people are not, and that's fine.
• 42:09
  Speaker 1: The Wealth Elevator with the book, I'll put links underneath
• 42:12
  Speaker 1: the video and an audio so you guys can go
• 42:15
  Speaker 1: to his website and check him out. He's doing some
• 42:17
  Speaker 1: great things, you guys. So if you're a certain wealth level,
• 42:20
  Speaker 1: come to you him. You will help you out. It
• 42:23
  Speaker 1: will assist you in whatever what you need in that. Laine,
• 42:26
  Speaker 1: thanks for being on the show.
• 42:28
  Speaker 4: Yeah, thanks for having me. Hello everybody, You're great.
• 42:31
  Speaker 2: You're great.
• 42:31
  Speaker 1: So it was a wonderful Like, so, we talked longer
• 42:33
  Speaker 1: than I thought we were going to, but I knew
• 42:34
  Speaker 1: we would. I knew I knew we get into it.
• 42:36
  Speaker 2: I love it.
• 42:36
  Speaker 1: This is like, this is a subject he said, normally
• 42:39
  Speaker 1: talks about it enough. So for you guys out there,
• 42:43
  Speaker 1: I brought him to you. That's that's what we're talking about.
• 42:47
  Speaker 2: I love it. Everybody. I'm James Jr. Of course you
• 42:50
  Speaker 2: can follow me everywhere.
• 42:51
  Speaker 1: I'm on everything from LinkedIn to TikTok them all over
• 42:53
  Speaker 1: the place, and the show is everywhere on all street
• 42:56
  Speaker 1: starts platforms and the grand daddy of them all YouTube
• 42:59
  Speaker 1: on JLJ Media.
• 43:00
  Speaker 2: Everyone, have a great week. We'll talk to you next time.
• 43:11
  Speaker 1: Hm.