Nick Perry warns wholesalers not to blow their first big payday. Instead: move money to a high-yield savings account earning 4-5%, build credit now for future deals, and automatically put half your profits back into marketing. The golden rule: never spend more than you have.
You just got wired your first serious amount of money. And I know you want to buy the Rolex and Porsche GT3, but you shouldn't. Because these three moves will help you set up financially for the rest of your life. Which means you'll be able to buy three Rolexes, the Porsche GT3, and maybe even a Lamborghini if you listen enough. Look, while every other wholesaler is broke as a joke, you'll actually have both new deals and money flowing consistently by doing these things. Number one, open a high yield savings account immediately. Not to be confused with a regular savings account. Those give you like 0, 0.01% interest. High yield savings accounts currently give you 4 to 5%. Your money literally makes money while you sleep. Thing number two, start building credit before you need it. Credit hack if you have to, because you don't want to lose out on $10 million of appreciation because you don't have $950,000 available. By the time you need to close that big property or buy a car, you'll actually get approved. And finally, thing number three, reinvest into marketing. First, before you spend anything, move 50% of your profits if possible, to marketing automatically. This one habit alone will make you richer in the long run than 90% of so called wholesalers. So remember what the golden rule is. Never spend more than what you have. That'll already put you ahead.
