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Leading Yourself to Financial Freedom One Real Estate Decision at a Time · The Academy Presents podcast

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  Did you know that 90 % of the world's millionaires
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  invest in real estate? Well, I'm Angel with the
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  Academy Presents Real Estate Investing Rocks,
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  and I'm here to help you if you want to go for
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  your piece of that pie. Are you new? Are you
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  new to this and you just don't know where to
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  start? It's okay. Are you someone that has invested
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  but you feel stuck, you feel like you've lost
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  momentum, you don't know where to really head
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  from here? Are you a seasoned real estate investor
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  who is doing great, but maybe you just want to
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  hone a few skills here and there? This is the
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  place for you. The Academy Presents Real Estate
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  Investing Rocks podcast will connect you with
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  industry experts so that you can save time, avoid
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  costly mistakes, and begin living the life you've
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  dreamed of all through real estate investing.
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  You're already taking the first step. just by
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  joining us here today. Here's a couple of things.
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  I love the quote, formal education will make
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  you living, self -education will make you wealthy.
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  And so here's a couple of things to start with.
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  I will always, always, always recommend Rich
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  Dad Poor Dad by Robert Kiyosaki to start every
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  journey with the people I have. Oh, Angel's got
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  right there. Boom. And so that A lot of people
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  are right there. It's a lot of people's spark
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  and so because there's almost like an event or
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  a moment in time where you're just like shaken
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  by something completely different than you have
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  ever heard because again none of this stuff is
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  taught in high school and rich dad poor dad is
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  that spark for a lot of people that gets them
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  just thinking differently about what they want
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  to do with their money. The second book I would
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  recommend is Cash Flow Quadrant by Robert Kiyosaki.
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  I think it's almost just as important as Rich
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  Dad Poor Dad. Rich Dad Poor Dad is the spark
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  cash flow. Yeah, so that one's great. And I just
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  put, I threw my podcast up here, Money Vision
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  U. It's on all podcast platforms. Money Monopolizers
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  is with Alex Camugno and his co -host, Marlon
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  Walls, who he's got a cool business story as
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  well. If you're into real estate, there's bigger
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  pockets. I don't know. I listen to all sorts
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  of different podcasts, so I'm not necessarily
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  recommended one over the other. There's thousands
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  out there. If there's a certain thing you want
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  to learn, it is out there at YouTube University.
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  You can learn whatever you want for free. Just
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  remember it has the cost of time. So number one,
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  the first step to me is investing in your financial
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  literacy, investing in yourself. Number two is
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  give every dollar a name. Now, I put a picture
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  of Dave Ramsey up there. Some of you may have
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  heard of him. I'm actually not a Dave Ramsey
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  guy because he's big anti -debt. And for me,
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  debt is actually getting me to financial freedom.
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  You just have to understand the difference between
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  good debt and bad debt. Bad debt doesn't pay
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  you. Good debt pays you. So for example, good
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  debt, I invest a million dollars. I don't have
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  a million dollars. But let's say I invest a million
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  dollars in real estate and take on $2 million
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  of debt with it. But I'm making a debt payment.
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  I don't know, let's call it $10 ,000 a month,
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  but I'm making $15 ,000 a month. Well, then that
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  debt is worth it compared to just spending debt
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  on your credit card and having to pay interest
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  for retail shop, you're going shopping for clothes,
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  you're going and spending on vacation, whatever
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  it is. So I'm anti the Dave Ramsey principle
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  of anti -debt. I think it's important to understand
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  good debt and bad debt. At the same time, I don't
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  want to say jump into debt. Debt is a tool like
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  anything else. And if you don't know how to read
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  the instruction manual, you can get burnt. You
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  can cause serious scars that could last a while.
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  So you definitely need to be investing in your
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  financial literacy before you use the tool of
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  debt. That's a tangent right there. But the point
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  here on number two is give every dollar a name.
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  Because if you want to invest in real estate,
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  if you want to have a business or start some
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  sort of business on the side, you're going to
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  have to know where every dollar is going. You're
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  going to have to understand your teach well,
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  your pro forma. You're going to have to understand
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  how you're getting your cash flow, how much your
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  expenses are, how much your income is. And I
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  think that's a super important principle to understand
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  and to be able to first do with yourself and
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  your own money. You know for me I created my
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  own spreadsheet. That's how I track my money
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  I know there's apps out there That do it for
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  you that can kind of show you what percentage
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  like part pie chart Kind of we showed that in
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  an earlier picture of where your money is going
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  but to me it is so important to be in control
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  of your money first and so Understand where every
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  dollar is going, you know Do you have a budget
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  for your grocery bill each month and you stick
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  to it? Do you have a budget for your vacation?
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  I budget for my vacation and I have since I was
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  a teacher. I tried to save up $3 ,000 a year
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  to be able to go on a vacation. I saved up. I
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  budgeted for Christmas. Christmas didn't come
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  around and I wasn't prepared. I saved $100 each
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  month to be able to help people at Christmas
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  or whatever it is. So everything that I want
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  to spend, it's not like something's just coming
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  out. That dollar didn't have a name. Every dollar
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  has a name. It has a purpose. I know where it's
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  going. I know where it wants to go. And it follows
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  the path. I am on the steering wheel in the vehicle.
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  I'm not writing passenger to my money, so to
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  speak. So give every dollar a name. And this
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  is a fun clip. I'll show this. And Angel's actually
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  had him on his podcast too. This guy's name is
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  Nick Crawford. He's 17 years old. I think he's
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  18 now, but he bought a duplex when he's 17 years
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  old, and he talks in this clip just about how
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  his spending pattern changed once he got his
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  spark for wanting his financial freedom journey.
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  Oh, let's go back and try that again. Take two.
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  That was what really changed my direction in
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  my life. I was like, wow, if I can put in the
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  time and the money and the effort now, I could
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  be financially free by the age of 25. That'd
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  be crazy. That'd be incredible. And so at that
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  point, like I said, just really started going
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  hard at it. Two years ago past, I was working
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  around 32 hours a week on top of going to high
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  school. So like go to school and then go straight
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  to work and I'd get home around like 10 and just
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  repeat every single day. And the reason was because
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  I was just trying to save, save, save, save as
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  much as I could. I wasn't one of those kids that
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  I wouldn't go out with friends. I wasn't spending
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  my money. I mean, I literally had a $40. Limit
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  like that's how much my budget was 40 bucks and
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  I included gas for the week. So I basically I
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  basically had gas which was like 30 35 bucks
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  and then like maybe enough for like an energy
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  drink at work if I was tired like and that's
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  what us so that clip he It gives a little bit
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  of a con. Let me give a little bit more of the
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  context at 15 years old. He's talking He was
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  talking about how he went to his job and spent
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  everything he made Then he had a moment where
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  he met with a guy who was 30 years old. This
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  guy worked for his dad and good paying job, but
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  he quit at 30 years old because he was making
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  so much money from his real estate. And that
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  moment like sparked Nick to completely change
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  his spending pattern. So now every night he wasn't
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  on Instagram. He talks about how he was on Zillow.
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  Those are social media, so to speak. And he,
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  you can see in the clip. He saved every dollar
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  he made and saved up, saved $18 ,000 in two years
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  as a high school student. I would like to think
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  that Nick hopefully doesn't make any more than
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  a teacher does. Now teachers probably have more
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  expenses with families and things like that.
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  Nick just had to take care of himself, but still
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  you can see how he was dedicated to a certain
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  plan and he found a way to save up $18 ,000 in
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  two years and On top of that, he was investing
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  in his education to be able to find the specific
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  property that he wanted. And then in two years,
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  he was able to make it happen. And so that spark
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  really came with that mentor that he found, but
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  he was following that kind of number two principle
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  of giving every dollar a name he knew. that he
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  wanted the name of his dollars to be real estate.
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  And so he saved, he budgeted, he didn't fall
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  into peer pressure, he wasn't into that of spending
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  how they were spending. So really cool story
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  there. And then the third point I want to say
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  is network. The cliche is your network is your
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  net worth. And I definitely believe that. I know
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  some people like to fight that definition a little
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  bit, but the principle is 100 % true. As a matter
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  of fact, I've kind of learned from experience,
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  many of your greatest opportunities will come
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  as a result of your network. So for me, I remember
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  my last year teaching COVID hit. That's what
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  my last year teaching was. And so there was a
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  lot of extra time, I guess, where, you know,
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  we were all doing these digital classes and things
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  like that. And all of these meetups started to
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  happen. I was getting into real estate. I was
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  starting my journey in financial literacy and
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  financial freedom. just two years ago. And all
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  of these meetups started happening with these
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  real estate people. They were doing what I wanted
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  them to do. Some of them in the same stage as
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  I was, some of them further along, some of them
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  just full on experts. And I just plugged myself
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  into their atmosphere. And to me, financial literacy
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  is a language. I think of it like a language
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  just like English, just like French, whatever
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  it is, just like Spanish. Well, how do you learn
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  a language best? Sorry, Spanish teachers. Sorry,
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  French teachers. I love what you're doing, but
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  it's not necessarily by going to Spanish class.
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  The best way to actually learn a language is
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  to immerse yourself in it. Go move to Mexico.
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  When you got to figure out where the bathroom
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  is, you're going to learn the words bathroom.
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  You know, if you got to figure out where's the
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  grocery store, you're going to learn those words
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  and how to speak that language. But when you're
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  immersed in that language, you are going to learn
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  it a lot faster. And I think the same as with
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  financial literacy, it is a language that you
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  learn and you because think of the terminology
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  we've talked about income, assets, liabilities,
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  cash flow. If you get into real estate, you'll
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  hear cost segregation, bonus depreciation. These
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  are all terms. Firstly, in promissory note, these
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  are all terms that like, Whoa, where did that
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  come from? It's a language that you just learn
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  over time by immersing yourself in it. So I like
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  to immerse myself. A month ago, I went to a real
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  estate conference. I was immersed in the language.
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  This conference is a great example of that. podcasts,
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  books, things like that, just immerse yourself
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  with the language. And obviously that doesn't
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  necessarily go with the network aspect, but being
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  around people, it's going to motivate you to
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  do the same, the same thing. So maybe you have
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  other teachers at your school that may be interested
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  in the same. I mean, who's not interested in
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  financial freedom and financial literacy, you
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  know? And so maybe you have other people in your
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  school where y 'all can hold each other accountable.
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  You can talk and the real estate game or figure
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  out how to get in the right meetups. But network
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  is your net worth. I think that is so true. not
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  to mention just kind of that you're the average
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  of five people that you hang around. And I think
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  assets and liabilities can be in the form of
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  people too. I have friends that are assets. They
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  put money into my pocket because of the knowledge
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  that I'm getting from them and the takeaways
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  and the questions they're able to help me with
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  compared to people that may be liabilities. They're
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  negative. They don't see any way out of their
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  rat race. It's the same thing. I can't do that.
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  That's a liability. Not to mention if they always
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  have you out on the weekends and you have to
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  always do these things. When we went to the,
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  funny story, when we went to the real estate
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  conference, it was in Chicago. Me and some people
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  went to the Chicago Cubs game and we're all real
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  estate investors. You know, we're not where we
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  want to be, but we're doing okay. And no one
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  wanted to spend any heavy money on a ticket.
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  We bought the cheapest tickets possible. They
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  were like nine bucks. And so we were very, so
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  I would like to consider those friends as assets,
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  but you know, we knew where we wanted our money
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  to go. And we were just real estate investor
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  heavy there, but it's just kind of a funny story
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  that happened recently. So get involved with
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  people doing what you want to do, meetups, conferences,
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  taking people out to meals, whatever it is. This
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  deal that we closed on recently was 104 units
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  in Augusta, Georgia. And I just helped capital
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  raise on it. And the only reason I was able to
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  help capital raise on this is because I had networked.
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  two years ago, when I started doing these Zoom
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  calls, there was a guy named Brian Briscoe, and
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  he does these Friday lunch things. And this one
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  guy, it's like speed dating for business or real
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  estate. And so you're just in like these groups
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  of four people at a time every 10 minutes. So
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  you're like, oh, what are you doing? What are
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  you up to? What do you need help with? And so
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  there's one guy who needed help in Little Rock.
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  He had more money, more experience, and I was
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  in Little Rock on boots on the ground. And so
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  me and this guy, and we're still heavily connected.
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  He's the partner I have the third unit or contract
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  with. But I connected with him over time. We
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  just became good buddies You know, there's got
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  to be like a connection that happens to you're
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  not just gonna form this everybody but you know,
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  I create I created my own luck by being at this
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  event and He needed help capital raising on this
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  project. I helped capital raise and boom now
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  I'm able to be are able to have equity in a 104
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  unit deal in Augusta, Georgia that we're super
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  excited about the returns on and it's doing great.
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  And so that was purely a result of networking
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  though. That's 100 % is how this deal came about
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  where I was able to have equity in like a $15
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  million deal. And so you got a network, you got
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  to be around the people doing what you want to
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  do. So those three ways to lead yourself just
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  kind of as a recap here as I close. number one
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  get financially literate educate yourself number
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  two take control of your money and number three
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  network so angel thanks for having me if you
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  guys want to follow me um at money vision you
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  is my podcast so and that's a you like university
• 14:48
  so follow me on all the social media platforms
• 14:52
  connected me on linkedin always happy to connect
• 14:54
  with anyone wow yeah that was awesome um let's
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  see i was gonna try and Turn off the screen share
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  there. Oh, there it goes. All right. You know,
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  thank you for being here and for sharing this.
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  And I know that when we were first talking about
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  it, you were like, man, I don't want people to
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  think that I'm basically like, I don't want people
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  to think I'm calling them out. And like, I don't
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  want this to be too watered down or too dumbed
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  down. And I think we have to realize that it's
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  OK to not know. It's OK to learn. It's the people
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  that don't know, but don't want to say they don't
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  know. There's nothing wrong with not knowing
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  and needing to learn. So don't be embarrassed
• 15:38
  if some of this stuff was over your head because
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  it's a lot. It's a lot to learn and digest and
• 15:44
  to grow from. So like Stuart said, if you have
• 15:47
  any questions, you can reach out to him. You
• 15:49
  can reach out to me. There's a ton of people
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  that you're going to see at this event and on
• 15:54
  this live side today that you can reach out to.
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  And they're people that want to help because,
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  well, specifically teachers, I think we really
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  just have that teacher heart and we want to help
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  people anyway. But this whole space is incredibly
• 16:09
  open to helping and free with information. And
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  it's just really great people. So, you know,
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  thank you for being here, Stuart. Thank you for
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  being here. And guys, today is still a full day.
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  There's a ton of information and I'm just so
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  happy you're here. And until next time. Awesome.
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  Thanks for having me. Absolutely.