174: Why You're Worth More Than You Know, Taxes, LLCs, and Cash Flow vs. Appreciation
Get Rich Education
Keith Weinhold
4.8 • 612 Ratings
🗓️ 27 June 2018
⏱️ 32 minutes
🧾️ Download transcript
Summary
#174: You actually want to increase your personal expenses over the long-term. What kind of financial blasphemy is this? I explain.
You are worth more than you think. I tell you why.
If you're 30 and you live until age 90, you only have 60 more autumns in your life. You only have 7% of your time left with your own parents. Your quality time is valuable and fleeting.
Some people have an overinflated sense about the importance of taxes. Rate of return matters more. Returns are like a pie, and taxes are only a piece of the larger pie.
If your portfolio is small, do you really need an LLC for your income property?
There's a discussion of appreciation vs. cash flow.
I bring you today's show from the Dominican Republic, where I'm vacationing.
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Listen to this week's show and learn:
01:16 Over the long-term, you actually want to increase your expenses.
07:19 Why you are worth more than you think.
09:05 Measuring your life in terms of events and relationships.
20:37 If mortgage interest rates go up, rents go up next.
22:15 Rate of return is more important than tax rate.
24:16 Why do you think you need an LLC?
28:07 Real estate appreciation vs. cash flow.
Resources Mentioned:
Transcript
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| 0:00.0 | Get Rich Education is brought to you by Volhollow Wealth and Ridge Lending Group. You're listening to the show that has created more passive income for people than nearly any show in the world. This is to GRICH Education. |
| 0:22.6 | I'm your host, Keith Weinhold. |
| 0:38.3 | I'm bringing you today's show from the Dominican Republic, and I've got some material |
| 0:42.7 | to share with you that you've probably never heard before in your life, and it is going |
| 0:47.9 | to have a deep impact on your life, your perspective, and your outlook both inside and outside of investing. |
| 0:56.1 | Last week, I shared with you that I don't want to see you moving to a low-cost state, |
| 1:01.8 | and I also told you that you need to quit investing only for the long term, and I justify |
| 1:08.1 | the reasoning, you know, something else that you've probably never heard |
| 1:11.7 | because no finance show wants to say it out loud like this. You want to increase your expenses. |
| 1:21.4 | Yes, you heard that correctly. What kind of financial blasphemy is this? You want to increase your expenses. Well, maybe not right now, but at least over the long term, yes, you do want to increase your expenses. That's how you increase your standard of living, increase your quality of life, and buy back your time with money. |
| 1:44.9 | We're going to talk today about how important it is to buy back your time. |
| 1:50.7 | No one really wants to cut their expenses, but that's what traditional financial planning focuses on. |
| 1:56.6 | But see, you kind of already know that you want to increase your expenses long term. |
| 2:01.7 | Increased expenses, that results from how you pay the mountain guide to summit Mount Kilimanjaro. |
| 2:08.9 | Increased expenses, that results from how you send off more money to donate to your church. |
| 2:15.4 | Increased expenses, that's how you move up out of your tiny |
| 2:18.7 | apartment where you're sharing a bathroom with a roommate that you don't even like half the time, |
| 2:23.2 | and you buy your own home and you've improved your standard of living. So being responsible for |
| 2:29.0 | increased expenses, that might even be why you own a fourplex building with its greater expenses rather than a single family home, |
| 2:37.1 | although you're outsourcing some expenses there in that case. |
| 2:40.0 | But here's the real key. |
| 2:42.8 | You need to increase your income at the same rate or faster that you increase your expenses. |
... |
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