For today’s episode, we will be discussing the question many ask in life, how to get rich?
We will go over the principles of making money while your are sleeping.
We will talk about these things…and more in another episode of Multifamily Investing Made Simple in under 10 minutes.
Tweetable Quotes:
“if you’re sitting there working in a W-2 job right now, that’s perfectly fine. You can do both of these things, build a business and invest in real estate without leaving that occupation” – Dan Kreuger
“The thing that overwhelmingly works is building businesses that no longer tie your time to your earnings.” – Anthony Vicino
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How to Get Rich in Under 10 Minutes
Anthony Vicino: [00:00:14] Hello and welcome to multifamily investing made simple in under 10 minutes, this is the podcast where we take the complexity out of real estate investing so that you can take action today. Today, we’re going to do that in under 10 minutes. I am your host, Anthony. This is No of Invictus Capital, joined by Dance
Dan Kreuger: [00:00:34] Group, no nickname
Anthony Vicino: [00:00:36] And no wonder your nickname was just just a drawn-out
Dan Kreuger: [00:00:40] Dan Brown. Sure.
Anthony Vicino: [00:00:42] Kruger unclear who this man is. You the day down.
Dan Kreuger: [00:00:46] Do a good tune. Good to feel it’s been a productive day. That’s nice. OK. Things are happening. Deals are closing.
Anthony Vicino: [00:00:53] It’s everything always seems to happen in like, I don’t know, quick succession. Like when it rains, it pours. So when bad things happen, it always seems to happen all at the same time. And when good things happen, they’ll happen at the same time. And I think today is one of those days where we’ve both finally got to go, hey, things are looking good, looking real good. Good.
Dan Kreuger: [00:01:14] Yeah, yeah. It’s one of those days where, you know, things just are kind of lining up and things are getting checked off. And it’s always fun in real estate when something happens sooner than you expected because nine times out of ten real estates, everything happens later than expected and costs more. But we got an appraisal back today and it was the site visit was actually today as well. So we actually got the appraisal the same day. That’s gray that actually took place, which is unheard of.
Anthony Vicino: [00:01:41] We usually wait for weeks on that, just wondering what’s going to happen. What’s this thing worth? Yes, but we finally got our news.
Dan Kreuger: [00:01:48] And so let’s use a minute.
Anthony Vicino: [00:01:52] That’s OK. We don’t even need it. We don’t need the full-time today, people, because what we’re going to be talking about is how to get rich in under ten minutes. But, you know, it’s so easy getting rich. It’s so easy that we don’t need the full time. So we’re going to lay it out. And just a couple of basic steps. Here’s what you got to do. Dan, take it away. Rule threw under the bus.
Dan Kreuger: [00:02:13] I mean, I feel like there’s a lot of different ways, so it’s like where do we start? But I think if you want some good insight into how you do this, what you would do or I would do and have done is look at how the wealthy individuals out there who are self-made got wealthy. And the vast majority I mean, little bias, but the vast majority got that way via owning property and or real estate or land and renting it out when the oldest business models out there but us where real estate guys, we’re not going to harp on that the whole time. There’s a bunch of different things you can do. One of the biggest ones that people can do these days with where we’re at in our economy and society is starting a business work for yourself. If you are a self-employed individual, your net worth is more likely going to be decent, not higher than those who are working, and gives you a lot more control of your life. So you could argue that you’re wealthy in terms of what you’re doing with your time, not just like dollars in the bank, but if you’re actually running your own business, doing what you do all the time, know money aside if you’re happy all the time doing what you do, I’d argue that you are wealthy. But we’re talking pretty rich today.
Anthony Vicino: [00:03:15] You’re pretty wealthy. Yeah. So let’s separate that because we’re talking about that filthy lucre at this point. We’re talking about dollars
Dan Kreuger: [00:03:22] In the
Anthony Vicino: [00:03:22] Billions. Is that a billion dollars? And so, yeah, honestly, for me it comes down to two things. It’s building businesses. It’s investing in real estate. On the business front, the book Millionaire Next Door Perennial book written back in the 90s. And I think his daughter had a follow-up one a couple of years back where they just went and studied like all these millionaires and the millionaire next door and try to extrapolate what are some of the commonalities. And one thing is they all lived. A majority of the millionaires next door live well below their means like they just live poor. That’s one thing. But one of the. One of the connecting points that they all seem to have was most of them got there through small business ownership and almost all of them an unreal state. So when you look at and I think you nailed it on the head, if you want to get somewhere, look at the people who’ve already gotten there. So look to the wealthy and figure out what worked for them and then just replicate that in. The thing that overwhelmingly works is building businesses that no longer tie your time to your earnings. So building something that’s earning while you’re not there, I think Warren Buffett said if you can’t find ways to make money in your sleep, you’re going to work until you die. So business is a great way of leveraging that concept. And then real estate, I don’t know when you were or apologetics when it comes to apologist when it comes to real estate. So you guys know that we’re fully on the band bandwagon there. So that’s kind of it. Build a business, invest in real estate. You do that, you’re going to be further ahead 98 percent of the people on this planet.
Dan Kreuger: [00:04:54] Yeah, I think the important thing to note here is that if you’re sitting there working in a W-2 job right now, that’s perfectly fine. You can do both of these things, build a business and invest in real estate without leaving that occupation. So it’s not like you have to quit your job and go start doing these things to be on the track to get wealthy. You just need to make sure you have these elements, ideally both of them, or at least one of them as part of your plan for life. If you’re just working and you were relying solely on that that one income stream, that’s pretty risky in my opinion. So if you’re not doing something, at least to kind of hedge against the risk of getting fired or anything like that, then you’re putting yourself in a pretty risky situation. But you’re also limiting your potential. And Anthony really kind of nailed it on the head. There is ideally, you need to create some kind of income stream or wealth creation mechanism that doesn’t take time away from you because that you can infinitely scale if you have to go in and take on some consulting thing where you’re, again, trading your hours for dollars, then that’s there’s a ceiling. There are only twenty-four hours in the day. So ideally you want to get involved in things that are relatively passive, at least in the long term. A lot of the business stuff isn’t passive in the short term. But if you could work towards that point that Andy mentioned, where you get that machine running and it’s spinning off income and then you don’t have to actually be in there every day doing all the things, that is the sweet spot.
Anthony Vicino: [00:06:14] It’s a beautiful thing when you can create a cash flow generating business and then pour all that cash flow into buying real estate that then generates more cash flow. It’s like a perpetual cash-generating machine. It feels like cheating. But I think we’re nearing the top of this episode. That’s really that’s really it. Like, if you want to get rich, it’s simple. And again, then pointed it out, if you have a W-2, you don’t need to leave it. Danceteria, we’re not
Dan Kreuger: [00:06:40] Talking
Anthony Vicino: [00:06:40] Jobs. Know, like, Dan, you started your first business while you’re still working and that started doing really well. And then you’re like, well, maybe I’ll just go do that, you know, but it’s nice to have that option. If you hadn’t started that, you would never have had that option. You’d still be working your financial analyst job and that would suck.
Dan Kreuger: [00:06:55] Yeah, it’s good you brought that up because I kind of forgot that was exactly how I was. I was working my full-time job, realized that wasn’t it, for me. And I started basically a consulting business on the side. And then while I was doing that, did that for about four years in the corporate world. And it worked perfectly fine. And it got to the point where all of a sudden the income from that side hustle was the same as my salary. And as soon as real estate entered the picture and I had those two components of the business and the real estate, then it was like, OK, game over. I’m going to head up these two things and it’s gone.
Anthony Vicino: [00:07:27] Well, I’ll say this before we leave you. The one way that you’re not going to get rich is just investing in index funds, and I’ll leave it there. It’s not going to like nobody’s ever generated millions of dollars of wealth through index funds.
Dan Kreuger: [00:07:40] For those of you who are negative comments, please do. It helps the algorithms and I guess it’s out there. But also, please find us at least one guy that got really rich just putting money into index funds and who didn’t start out with a substantial amount of capital funding.
Anthony Vicino: [00:07:52] One guy finds me, one person, because to the contrary argument that somebody came at me with the other day is like, LOL, many people have millions of dollars in their 401k and the majority of the forehead. When kids invest in an index fund, it’s like, yeah, but the majority of that millions of dollars is principal came from saving, and saving your way to richness is hard. You can’t. And maybe that’s what will leave you with. It’s hard to save your way to richness. You have to invest and you have to be investing your time from the working income that you’re generating. That’s the key. And. All right, guys, go on. Get out of here. Go get your filthy lucre.
