#38: Financial Discipline and the Road to Millionaire Status
Next Level Pros
Chris Lee
4.7 • 165 Ratings
🗓️ 28 September 2023
⏱️ 31 minutes
🧾️ Download transcript
Summary
In this episode of The Founder Podcast with Chris Lee, Chris shares his personal journey to becoming a millionaire by the age of 33, long before his massive success with his business.
He delves into financial strategies and principles that helped him achieve this milestone. Chris emphasizes the importance of discipline, delayed gratification, and smart financial choices, including leveraging real estate as a wealth-building tool.
He breaks down the five ways to make money in real estate, from cash flow to principal buydown, depreciation, interest savings, and appreciation.
Tune in for valuable insights on building wealth and achieving financial freedom!
HIGHLIGHTS
"You only buy luxuries with Level Three income... A luxury is something you don't need to survive."
"Always look for opportunities to experience pain and discipline in the moment because when you do so, I promise you the real fruit is so much sweeter."
"Your personal home is not an asset... It's got to be viewed as a money pit."
TIMESTAMPS
00:00: Introduction
04:37: Smart Financial Habits
09:46: Saving & Investing
14:29: Real Estate Investments
19:08: Strategies & Returns
24:05: Tax Savings
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Transcript
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| 0:00.0 | We were meant to experience pain. Anybody that believes that there's no such thing as no pain, |
| 0:06.1 | doesn't understand life. You have no choice on whether there's pain or not. You either get |
| 0:10.6 | pain now with real fruit afterwards or you get fake fruit right now like short term, right? I want it now I get it, but then you have really long pain later, right? |
| 0:22.4 | If I spend all my money now, the long pain later, right? |
| 0:22.6 | If I spend all my money now, |
| 0:24.4 | the long pain later is that I gotta work for the rest of my life. |
| 0:27.4 | I never actually get to experience time, freedom, |
| 0:30.2 | financial freedom, any of these different things. Oh, baby, welcome to a bonus episode. |
| 0:38.0 | I wasn't planning on recording this one today, |
| 0:40.0 | but you know what, I felt like I had a message that needed to get |
| 0:44.8 | out to the world and so today we are going to be talking about some of the |
| 0:48.8 | financial strategies that I utilized before I had |
| 0:53.0 | had my massive success with my business that I went and ended up exiting |
| 0:57.3 | at a nine-figure valuation. |
| 1:00.0 | So let's rewind a little bit so some of you guys have had the opportunity to listen to my story a little bit so episode one two and three tell the majority of my story but let's rewind to the age of 33 so currently I'm |
| 1:16.2 | 39 years old as we sit when we're recording this age 33 six years ago this is before I launched Soul Gen Power and I achieved something |
| 1:29.4 | that I had gone and sought after for a very long time I became a millionaire right so a |
| 1:36.4 | millionaire a lot of us we we fantasize about these things since we're little |
| 1:40.2 | here's here's kind of some interesting facts about becoming a |
| 1:44.2 | millionaire one being a millionaire isn't quite what it always used to be growing up in |
| 1:50.4 | the 90s being a millionaire was like the dream the goal everybody wants to do it and and granted I'm not trying to take away from anybody that's still going after that status or trying to achieve that it's cool it just doesn't carry the same cloud that it once did many years ago. |
| 2:06.3 | Here's some interesting stats. In 1991, the top 1% of population made $100,000 or more. |
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