257: 20 Year-Old Minimum Wage Marine with $850k in Real Estate

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 13 December 2021

⏱️ 91 minutes

🔗️ Recording | iTunes | RSS

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Summary

We have a lot of impressive guests on the show, and they just seem to get younger with every new episode. You’ve heard the stories of people in their twenties buying rentals, people in their thirties hitting coast FI, and people in their forties and beyond making many, many millions. But, what about a marine recruit, making a low salary, buying more than $800k in real estate within his second decade on earth? Now that sounds like an interesting story. Jabbar Adesada fits the bill exactly! After moving in with his father, he was given strict instruction to read books like Rich Dad Poor Dad, I Will Teach You To Be Rich, and Automatic Millionaire. Jabbar decided to put down his NBA/med school dreams and open up a brokerage account. Lucky for him, right around the time he started investing was the 2020 stock market crash, giving him all the discount he needed to make his first profits. After running some “when will I be a millionaire?” scenarios, Jabbar realized that real estate, and not the stock market, was the best path to financial independence. Jabbar shares the story of how he was able to find funding, a down payment, and a property that would allow him to house hack, Craige Curelop style. Not only that, Jabbar just closed on a short-term rental in the Smoky Mountains, which puts his real estate portfolio north of $800k! Let’s mention this again: He’s twenty years old! In This Episode We Cover Why early financial education can make or break your child’s path to success The best finance books that you (or your child, cousin, niece, or nephew) should read Why crashes aren’t a sign to panic, but a sign to buy more House hacking at a young age, and how to get pre-approved for loans without an extensive job history Having an “obsessive mindset to be wealthy” and using it to help not only yourself but others Practicing delayed gratification and building a brighter future with each investment And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Bigger Pog and Money podcast show number 257 where we interviewed Jabbar
0:05.3	Aadisada and talk about pursuing financial independence at a very early age.
0:10.4	I have an obsession. I have like an obsession with becoming wealthy because
0:15.5	I want to create a better life for when I eventually have children and then for other people
0:20.4	who kind of are underserved in the community with stuff like that. So I think that if I'm
0:27.0	able to accomplish that at like a younger age like if I like do all the hard work now I have
0:32.0	all this energy and I can wake up at 4 and only get 5 hours of sleeping you know and do all
0:36.8	this stuff then by the time I'm old I'm gonna be very like happy about it. So it's just like the
0:40.9	opportunity cost. Hello, hello, hello, my name is Mindy Jensen and my guest host today is Dan Sheeks,
0:47.5	author of First to a Million, a teenager's guide to achieving early financial independence.
0:52.3	We had Dan on as our guest last week and I liked him so much I brought him back to guest host
0:58.5	with me today. Dan thanks for joining me. Mindy thanks for having me so happy to be here and I'm
1:05.4	super excited for our interview today. Glad glad to make it. I am still. Dan and I are here to
1:12.3	make financial independence less scary, less just for somebody else to introduce you to every money
1:17.6	story including those that start at age 18 because we truly believe financial freedom is
1:24.4	attainable for everyone even teens no matter when or where you're starting. Whether you want to retire
1:30.7	early in travel the world go on to make big time investments and assets like real estate or start
1:37.2	your own business will help you reach your financial goals and get money out of the way so you can
1:42.2	launch yourself towards your dreams. Dan I am so excited to talk to Debate today. Today's show
1:57.6	is actually probably not for you directly our loyal listener rather it's for your child your
2:03.5	niece or nephew your next her neighbor your best friends kid. Today's episode is for the teens
2:09.5	in your life and by introducing them to this concept of early financial freedom you could very
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