Ep 59 - 2 Skills You Need to Know About Money When Building Wealth

Hey, everybody. Flip and Danny here, founders of the Freedom Real Estate Group family of companies. And welcome to another episode of our.

Podcast called Freedom through Passive Income.

That's right. And today's episode is called two skills you need to know about. Two skills you need to know about money when building wealth. So let me. Let me get that again. Two skills you need to know about money when building wealth. There we go. We got it.

Okay, you can start with the first skill.

Oh, yeah, yeah. The first skill is making the money. Show me the money. This is while you're active, your job, your job, you know, making money.

And then.

Then everything else you do. You know, if you're a real estate investor, you're flipping properties, you're a real estate investor, and you've got rental income, you know, cash flow that way, you know, just if you're investing in the stock market, investing in crypto, you know, in fact, just the other day we recorded the episode about Dan Fleischman. So make sure. If you haven't seen that episode, make sure you go back and watch that one, because we talk about the 40, 4020 rule and burning money. Don't burn your money. And if you want, you know, any tips on burning money, just come see me. I'm doing it very well.

Yes. If you're listening to this and not watching the video, I am pointing at flip right now.

Yes.

Yes.

I specialize in burning money. It is one of my. Oh, it's one of my superpowers. It is one of my superpowers. Yes, it is. So anyway, so it's about making it and making more of it.

That's right.

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Yeah. So again.

And so the second skill is, what I like to talk about is keeping it.

That is your superpower, isn't it?

It is my superpower.

Yes, it is.

And I just. I love you. I'm just gonna Say that. All right, keeping it. Let's go back to the topic. Keeping money.

I can't make this any longer than it needs to.

This is actually a skill that most people don't have. A lot of people can make the money, but they can't keep. Really has been shown in the sports world, in the entertainment industry. Inheritance were lottery. Yes. You make all this money and then you don't have the skill or education and know how to keep the money. So ways that you can keep it is focusing on tax benefits, whatever they may be. Depreciation is one of our favorite tax benefits. Also just real estate in general. Investing in real estate, dumping a bunch of money. That was one of Dan Fleshman's. Like he said the second 40, like was, you know, the medium risk. Yeah, medium risk. But real estate was in that bucket. Cause you're getting higher returns and that's kind of why it's medium risk. But it's never going to go down to zero. And that's why he likes that bucket. And you can earn a lot. And 90% of millionaires have real estate in their portfolio because it is a safer investment than most.

Yes.

I didn't say that. All the other millionaires said it, not me. And then there's three factors. When you're working with a team or just trying to figure out what you want to invest in. There's three things that you want to keep in mind when it comes to keeping your money, which we could call capital preservation. That's the skill. So number one is the people that you're working with doing conservative underwriting. We have partnered with underwriters who are. That is just all they do. They want to make sure 100% if we go into this investment, they've got multiple exit strategies in which we could do with that deal depending on the market and depending on what's going on. So those two go hand in hand. Conservative underwriting, multiple exit strategies. And number three, just having a great team, knowing who you're investing with. Because we had talked about in another episode about the operational thing being the. That's the thing that's going to just dump on everybody. And if you're working on. With a great team, it's very likely. Like if we worked with somebody and the operator was sucking, well, guess what? Flip and I are just going to fly down there and we're going to figure it out ourselves. And that's the type of people that you want to work with, is people who've got the grit, they've got the experience. There they understand the different market cycles. So like, we started at the down right, 2008, we got our license, we know what a down market looks like. I don't imagine that we're going to experience that again anytime soon, but we've been through it and we've been in real estate when that happened. Knowing that the team that you're working with has that type of experience and can navigate through different market cycles is really important. Their track record matters and just the fact that they stick around when the goings gets tough. That's why many investors invest with us. Because I'm always like, look, I'm going to lose money. I get it. I'm the one that said I'm going to go into real estate full time. And I knew that, you know, there's risk and the learning process and figuring all out and you're just going to make mistakes like, you know, we're all human. But if I have investor partners, they're putting their trust in me. I'm going to take care of them first and foremost before I ever take care of myself. So we've lost money, but our investors haven't lost money. So when you get involved in syndications, you're going to see ppms and that there is risk. You're an investor itself. You're not protected by security of the investment. You're not playing bankroll or lender role. There's different types of language. And so that's good because you want to know what you're investing in, right? You want to know what the risks are. You also want to have confidence in the team that you're investing with. That at least for us, no matter what happens, I'm just going to do everything in my power flip will too, because I'll drag them along to make sure that we all win in the end, right? Even if it takes a little while. Sometimes that happens in real estate. The market goes down, we just don't sell, right? We ride the ride until it goes back up. We never become motivated. And that's. That's what keeping money is all about, is having those skills. And I'm just going to shut up now because I could go on and on. Okay.

Well, make sure you check out one of our upcoming podcast episodes called the one skill you need to know about spending money.

That is not a podcast.

That will be me alone. She will not be with me on that podcast. It'll be just me. She does not know how to spend money. But again, if you're watching on YouTube, hit that subscribe button. Make sure you join. Join our crew, our gang here. If you're on Facebook, join our group. If you haven't already, facebook.com forward/groups, forward/freedom through passive Income. And then we're on LinkedIn as well. Just go into that search bar, type in Freedom through passive Income and join the group there. Again, we're also on Instagram, we're also on TikTok. We're also on YouTube. We're also on all those. All those things. Just if you Google us, I'm sure you'll find us somewhere. But if you're listening, make sure that you had great work. Make sure you're driving safe. Great workout. Make sure you're driving safe. Or if you're watching while you're supposed to be working and you're reading the boards at the bottom of the screen.

Yeah, I actually do that.

Yeah, I actually do it at night.

When, like, we're relaxing and I'm just like, oh, you're paying attention.

Oh, yeah, of course. But again, if you get a chance and you can do it right now, hit the heart button. Hit the like button. Comment. Ask us questions, tell us how we're doing. Let us know. You know, your question might become an episode. We've only got 300 more to do, so you never know what each episode.

Is going to be about.

It's totally over 300, by the way, honey.

Yeah, anyway, but again, we always like to end these episodes with invest smart, live happy. Bye, everybody.

Nothing on the show should be considered specific personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions and information on the show are not guaranteed. All investment strategies have the potential for profit or loss.