370: Net Worth Of $2.2M to Zero - The Need of Money & The Right Mindset: Losing It All and Building Back
Millionaires Unveiled
Jace Mattinson
4.8 • 872 Ratings
🗓️ 12 August 2024
⏱️ 56 minutes
🧾️ Download transcript
Summary
Summary
Jordan, a realtor and investor, shares his experience of losing a significant portion of his net worth due to a market correction and interest rate adjustments in Canada. He was at $2.2 million just a few months ago and went to -0- effectively overnight. He discusses the impact on his real estate portfolio and the challenges he faced in liquidating properties. Jordan reflects on the lessons he learned from the experience and how he would restructure his wealth in the future. He also provides insights into the real estate market and commissions in Canada compared to the United States. He discusses the investment mistakes he made and the lessons he learned from them. Jordan also talks about how his family's lifestyle has changed and adjusted after losing their wealth. He shares his plans for moving forward and rebuilding his financial situation. The conversation concludes with rapid-fire questions about Jordan's past experiences with money and his advice for beginners.
Transcript
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| 0:00.0 | to recognize that interest rates affect not only the wealth you're working in, but they also affect the wealth you've built. |
| 0:06.0 | And I didn't consider those things at the same time. I thought the leverage I had in my personal wealth portfolio in real estate and the stuff I was investing with all those other properties. |
| 0:15.5 | This would be able to protect against any sort of minor losses here and I didn't expect you know if you lose $100,000 over here |
| 0:21.0 | that was like the expectation worst-case scenario let's say a project blows up and something goes really bad. I'll just tap over here fix this and then you know keep rolling because I've had a lot of success not many failures until everything literally went caboom at once. |
| 0:32.8 | And I kind of got myself into it, |
| 0:34.8 | because I didn't think I could lose. |
| 0:35.9 | You kind of build over four or five years, |
| 0:37.9 | everything smooth transactionally. |
| 0:39.6 | I've helped. |
| 0:40.1 | Welcome millionaires and future millionaires. |
| 0:42.8 | You're listening to the Millionaires Unveiled Podcast, |
| 0:45.8 | the show where you'll hear the stories and interviews of everyday millionaires |
| 0:49.6 | will unveil their decisions, their strategies, |
| 0:52.2 | and their portfolio allocations. |
| 0:54.0 | Now to your host, J. Mattson. |
| 0:58.0 | Welcome to another episode of the Millionaries and Belt |
| 1:01.0 | podcast. |
| 1:02.0 | This is episode number 370. |
| 1:04.1 | This is the podcast where everyday millionaires spill the beans on their stacks of green. |
| 1:08.4 | We're your hosts Jason Stacy ready to bring you the unscripted tales of wealth, warts and all because who needs |
| 1:14.6 | a script when you're rolling in dough. |
| 1:17.6 | Join us as we dive into the net worth and asset allocations of regular folks turned financial |
... |
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