179: From Freak to Financially Independent & Beating the Average Joe to $1M

Real Estate Rookie

BiggerPockets

Entrepreneurship, Education, Investing, Business, How To

4.7 • 1.8K Ratings

🗓️ 4 May 2022

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

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Summary

Financial literacy is the first step to becoming a millionaire. Unfortunately, the US is a (relatively) financially illiterate country, so to become financially independent and add more zeros to your net worth, you have to self-educate. Fortunately, today’s guest has published a book and workbook that lays out exactly how to become a millionaire, even at a young age. Dan Sheeks lives and breathes all things personal finance. He has been a high school teacher for twenty years and teaches young people everything he wishes he would have known about financial literacy. He teaches a variety of different business classes, ranging from entrepreneurship to personal finance to marketing. His passion for working with young people is what inspired him to write his book, First to a Million. In this book, Dan details nineteen “freakish” phrases to get you to your first million. Throughout the book, Dan emphasizes the need to be “freakish” and be willing to do the work everyone else won’t. Besides his role as a teacher and an author, Dan is also an investor. He house hacked his first property in 2004 but he didn’t truly get into investing until he met his wife seven years ago. Together they have expanded their real estate operation and have closed on seventeen units. Dan has dedicated his life to personal finance and financial literacy so if there’s a man to learn from— it’s him. In This Episode We Cover Achieving early financial independence and the steps you need to take to get there Good debt vs bad debt and how to use good debt to reach financial freedom How to use First to a Million and the First to a Million Workbook to reach your financial goals The four mechanisms of financial independence and how to implement them in your life Navigating all nineteen phases of First to a Million and their timelines (it’s easier than you think!) How to introduce and entice your child about the world of personal finance & financial independence And So Much More! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Youtube Channel Real Estate Rookie Podcast Real Estate Rookie Facebook Group The Real Estate Robinsons Youtube Channel The BiggerPockets Podcast BiggerPockets Bookstore AJ Osbourne's Instagram Ally Real Estate Rookie Bootcamp Airbnb TurnoverBnB BiggerPockets Forums Connect with Dan: Dan's Email Dan's BiggerPockets Profile Dan's Linkedin Dan's Instagram Dan's Website Check out the full show notes here: https://biggerpockets.com/blog/rookie-179 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real Estate Rookie, Episode 170, Niner!
0:09.2	Credit card debt, student loan debt, car loans, things like that, that those types of consumer debt,
0:15.6	they are completely out of control in our country, and I think that's a direct result
0:20.3	from the fact that we do not focus on financial literacy in our schools and in our households in our country.
0:27.0	We are a financially ill-literate country overall, and so those types of bad debt,
0:33.9	the consumer debt, credit cards, student loans, car loans, they are just going to put you deeper
0:39.6	and deeper into a hole that's going to be tougher to get yourself out of if you do want to reach
0:45.4	financial independence earlier than age 65. My name is Ashley Care and I am here with my
0:51.5	co-host, Tony Robinson, and we are on everyone's favorite, a Niner episode.
0:57.7	And welcome to the Real Estate Rookie Podcast, where every week, twice a week we bring you the
1:01.9	stories, the information, the education you need to kickstart your Real Estate investing journey.
1:07.6	So my good friend Ashley Care, what is going on, what's new on your neck of the woods?
1:11.9	I actually, uh, speaking of Niner, I had to start, um, an entity for just like, uh,
1:19.1	line of credit I was doing, and I just needed a name. It's like an LLC that nobody will ever see
1:24.1	the name for, and I actually named it, um, put the, put Niner in the name.
1:29.8	It's just something random, you know, but, um, yeah, you know, just keep collecting those LLCs
1:34.7	and having a couple of names. Each of my kids' names are already each in an LLC, so I was like,
1:39.4	what else is there that I could do? What else? Tommy Boy. Tommy Boy says.
1:42.7	Niner, yeah. Um, well, what's, what's the mother updates? What's going on in the business?
1:49.4	So I submitted an offer last week on a campground. And I didn't,
1:55.0	congratulations, things, and I didn't hear anything. I did two offers, a seller financing,
1:59.8	and just a commercial loan financing, 25% down. And I did my seller financing offer super juicy,
	...

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