I will tell you the single most important key to my success in real estate investing.
Before I transitioned to my current role as a wealth strategist, I flipped about 160 or 170 houses. During that time, I learned one simple trick that can add an additional six figures to your bottom line this year — if you will just go out and use it.
If you get really good at finding houses, many of them are houses you don’t need, right? When I was actively investing and flipping houses full-time, sometimes I’d get a big influx of deals and have more houses than I knew what to do with. …
Recently, I had a client in the Northeast who wanted to buy a rental property. They were sitting on almost a million dollars in cash, and the property would cost half a million. They asked, “Derick, should we pay cash, or should we just pay a down payment?”
What would you do in that situation?
Some may think the answer is obvious: if you have the cash, you should pay it, right? But that’s because many people don’t know how leverage works — and it’s costing them money.
Let’s say you have $100,000. You could either buy one property and rent it out for $1,000 a month, or you could buy 5 properties and put 20% down on each. Most people would want to buy the property outright because they want to own it free and clear, they don’t want the government to own them, and they want to feel empowered. …
It’s the 4th quarter, and you’re in the end zone.
Back in April, I made a video about how to use 2020’s unexpected interruption to get ahead. We still have a couple of weeks left in the year, and while it may not be enough time to shift your strategy, perhaps it’s enough time to shift your perspective.
Unfortunately, we’re not out of the woods just because 2021 is around the corner. This year, the United States has experienced a $2 trillion economic drop. The government still hasn’t issued another relief package, which means 12 million Americans risk losing unemployment benefits the day after Christmas. …
You and the Rockefellers can have something in common.
In a year when some estimate that 74% of Americans are living paycheck to paycheck, many don’t even feel like they can get their heads above water long enough to build wealth for the next generation.
But it is possible, and you can do it. There’s a foolproof tool that families like the Rockefellers have used to hand down wealth for six generations or more.
They’ve set up a system in which money gets passed onto a generation, that generation gets to use that money, and then the money gets put back into the family so the family can continue to grow wealth. …
Why not get paid for doing what you already love to do?
I have had a TON of side hustles in my lifetime. When I was a little kid, I sold baseball cards at school. I even made bracelets out of wires from the phone company and sold them to the other kids.
When I got older, I began creating art and selling it on the street of West Broadway in New York City. The way I saw it, I was going to create art anyway, so I might as well make money doing it! An added bonus was that I loved hanging out with other artists and meeting new people. …
This isn’t just a little thing. It can turn your whole life upside down.
Before starting Big Life Financial, I worked for another organization as a financial coach. People had to pay anywhere from $15,000 to over $50,000 to work with our team.
I got to work with thousands of highly talented, ambitious entrepreneurs during that time. One of the most common things I heard was “I want to make a lot of money and have a ton of investments so I can go do what I really want to do with my life.”
That mindset — “I have to make money and then go do what I want” — is a big mistake. …
Grow your money by building your dreams, not someone else’s.
Most people believe that growing money in the stock market through 401(k)s, IRAs, etc., is the best way to build wealth. While you could do worse, the stock market isn’t the best way to build wealth for anyone except professional traders or market experts.
As a financial strategist, I’ve worked with thousands of small business owners since 2009, spending thousands of hours digging deep into as many ways to grow money as possible.
What I’ve discovered may surprise you, but that’s why I’m writing this article. …
And how to fix them…beginning today.
If you are a dentist and you haven’t drastically changed your tax strategy in the last 3 years, then I can almost guarantee you are overpaying TENS of THOUSANDS of dollars each year.
I know that’s a bold statement. But I am committed to telling you what you NEED to hear, and sometimes the truth ain’t pretty.
So here’s what you need to know…
The tax code has changed several times in the past few years (the PATH Act in 2015 and the TCJA [Tax Cuts and Jobs Act] in 2017), and both have made changes that immediately and drastically impact dentists in particular. …
Fifty percent of small businesses fail in their first five years. Even if you make it past the first five years, the risk of failure is always there. It’s just a part of life for entrepreneurs.
How do we get past the fear and pain that often come with failure, and how do we bounce back when it happens?
Here’s the truth: You WILL have pain. If you want to be an entrepreneur, you will take some hits to the head and get a few bloody noses along the way.
However, all mental suffering — the guilt, fear, and anxiety — CAN be dealt with. I’ve learned from personal experience that each of us usually falls into one of three categories as we’re learning how to deal with the changing tides and inevitable failures of running a business. We can be the captain of the ship, the leaf tossed in the ocean, or the surfer riding the waves. …
After graduating college, there was one occupation I was most afraid of: sales.
But I knew if I ever wanted to communicate any idea effectively, in a way that would motivate people, I needed to learn how to sell. So of course, I immediately started selling door-to-door so I could slay that dragon as quickly as I could.
It was terrifying.
Then, as if door-to-door sales wasn’t enough, my next job was selling over the phone. In the three years I worked that job, I probably made about 40,000 cold calls.
I basically had to trick myself into making calls every day. For example, I told myself, “You can’t have coffee until you’ve made 20 calls.” …