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Hey there everyone, let’s get straight to it. One of the videos I created six months ago that I was really happy with was something I called the Hard Truths. One of the things I did on the airplane on the way back from Houston was revisit that idea. It kind of twisted it a little bit. Let me share that with you real quick and we’ll talk about it. I think there are a lot of Hard Truths, but we’re going to talk about 10 of them. These might be a little in your face, but I don’t mean to be rude and I don’t mean to call anybody’s baby ugly. I do want them to shock you a little bit, at least some of them. I want to talk about them and I want you to tell me which one you don’t agree with and which one you do agree with.
Let’s try to get lots of comments on this. I’m also thinking this might be one of those videos that you need to share with your network because a lot of people think about money. But we don’t talk about money. So send this to your significant other, send this to your kids, send this to your Facebook friends, and let’s have some conversations about money. And again, in these 10, tell me which one you don’t like in which one you do. Let’s get started. Here’s one of the things that is just a mathematical truth. We talk about $1 million like it’s hard to get. The reality is if you make 50k a year, you will earn $1 million. Now you won’t keep a million because there are taxes and there’s spending, which you will see is a big topic for later. But let’s not act like $1 million is this huge thing. It certainly was in the 1960s and 70s, but we’ve had so much inflation lately that $1 million is not what it used to be. If we’re going to talk about numbers, let’s talk about 10 million now. Not a million, right? You will earn $1 million over 20 years if you average 50k, and that’s pretty amazing. All right, here’s one. This is for the Dave Ramsey fans out there. I believe it’s hard to save your way to a better financial future at these ridiculously low-interest rates. With interest rates under 2%, it’s just hard, man. I think inflation is running higher than 2%, so you’re losing. I’m not saying it’s impossible, I’m saying it’s boring. It’s risky and man, it’s hard. It is hard to save $1 million. You can have ups and downs in the market, you can have some family emergencies, and once you start taking away chunks, it’s just hard. You don’t get it back. Time is so valuable. It’s just hard, right? But it’s not impossible. So, Dave Ramsey, you’re right. It is absolutely possible. It’s just too hard, too time-consuming, and there are frankly better ways when interest rates are this ridiculously low. All right, this might be my favorite. This might shock a lot of people, but most of you have a spending problem, you don’t have an income problem. You have a spending problem and yes, I know you watching this may say,”No, I don’t. My significant other does.” Sorry, your family unit has a spending problem. You need to get better at understanding what needs versus wants are, and believe me, I didn’t get this for a decade. I satisfied all my wants and had nothing to show for it when I turned 30. Rich dad, poor dad, right? I’ve given it credit all the time. You have to give credit to the person that shook you loose. Needs versus wants. Stop it. We have a spending problem in the U.S., not an income problem. Think about that. That’s most of you, let’s be fair. Some people have an income problem, but most people watching this, I’m guessing have a spending problem. Here’s one, (and I lacked this for a long time) many of you lack confidence in yourselves. You want to go out and pay some guru. You think if you take $10,000 and put it on some mastermind or something that you’re going to have confidence by osmosis. Yeah, it’s possible, but I think you could do it a lot cheaper. I give out daily content on this channel, more than one video a day these days. I’m trying to build confidence, but where real confidence comes from is doing the work. I did a video the other day about a student. What do “A” students do first? You listen to instructions, you follow directions, and you execute. If you want to figure out this real estate investing thing, stop this video now and go to the link in the video description box. I have a course that will show you exactly how I learned my market, how I compare deals, and how students are changing their lives. Do yourself a favor, save 20 bucks. Use the coupon code BOOK20. The link is in the description. It’ll be $179 for less, one month’s cash flow. You can change your life by building confidence in your self through repetition and simple math. I hope you take advantage of that. Some people are just too confident in themselves. You’ve had the Midas touch, you’ve skated through life and never made a mistake. Mom and dad back you up on everything. I don’t know, but sometimes you just jump to the craps table and put everything on 17 and throw the dice, and maybe it’s worked out for you a couple of times. You hit 17 in a row twice. You are full of it now, right? You’re happy. Then you roll it again and boom, you’ve lost everything. You’ve got to measure confidence. I think I actually, the first time I drafted this, actually used the word cocky, but let’s just use the word confidence. Don’t be overconfident in yourself. I still am. I still try not to be overconfident in myself after doing this for nearly 20 years because one thing that will happen when you get too overconfident and you think you figured it out: the real estate market will change and crush you. I believe this is happening right now in 2019 to a lot of flippers, especially flippers in the Bay area. They got overconfident, they bought too much inventory and they are hurting big time. Here’s another, the herd mentality usually ends badly. Watch out it is happening again and out of state investing in syndications. Have you ever heard about the tulip mania in the 1800s? Well, I personally have experienced something just as crazy twice. Once in the .com stock boom, where companies were being overvalued for eyeballs and clicks, not profit, stupid, lost lots of money. Saw it again in single-family homes. This time I got smarter, I saw the herd and found something else and got out of the way just in time. It is happening today without of state investing in syndications. People are investing in markets they don’t know and don’t visit because unemployment in the economy is the best it has ever been. It will work until it doesn’t and then when it doesn’t, it’s going to hurt. It’s going to hurt bad. It’s going to hurt really, really bad. I don’t like saying this, I’ve just seen it and I see it coming and maybe I’ll save a couple of you or this will be documented for posterity and we can say I’m right in a few years. Time and consistent effort are the greatest impact on wealth. I just did a video earlier today, I don’t know if it’ll post before or after this one, talking about the phases of a buy and hold investor. It’s not money that makes a buy and hold investor wealthy, it’s time. It’s mortgage pay down, its appreciation and consistent effort. It’s buying the next one and buying the next one and buying the next one. That’s what makes you wealthy. It’s not starting with a lot of money. You can get there. We got there with $40,000 nearly 20 years ago. Oh man. The first five years… whoa. It feels like nothing is happening. It’s like you’re looking at a hose or a faucet and it’s like a drip and then some months the drips don’t show up. It’s like, wait where did those go. Right? Water heater broke. Sorry man. Eviction. Sorry. Tenant move. Tenant left at night. Sorry, man. First five years, what’s going on? This is where most people give up, but if you conservatively finance, you hold for the long term. Those first five years will be a joke in the big scheme of things, but you gotta get through them. Lots of people don’t, man. Bad things happen. You choose to be in the real estate game. You’re in the people business. Bad things happen. Mother nature happens, stuff happens. All right? The good far outweighs the bad. I’m here to tell you that no matter who you are, myself included, bad stuff happens. Expect it, roll with it. Don’t let it crush you again. You want to hear about bad things. Read this book and hear about the horrible experience we had with our first tenant. That’ll tell you bad things happen. You got this. Believe in you. If you do the work, you build the confidence. You understand how to compare deals. You’re committed to a journey. You’ve got this. You can’t go wrong, right? You got this. You can do it. Believe in yourself. So those are the 10, I hope you liked them. Again, let me know which one you liked, which one you hated. Share this with your friends. We need to talk about money. We need to talk about investing more. I’d love to hear from you. Let me know which ones I missed. Do you have your one or two money truths? I’d love to hear from you. Leave comments, subscribe, share. Let’s let’s grow this channel together. All right, everybody have a great day.
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