50: Keith Weinhold | Don’t Quit Your Day Dream

Get Rich Education

Keith Weinhold

Realestateinvesting, Income, Passiveincome, Money, Business, Wealth, Investing, Careers, Realestate, Kiyosaki, Real, Rich, Creatingwealth

4.3 • 602 Ratings

🗓️ 25 September 2015

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

#50: If you don’t have a concrete day dream, then how will you know what success is?

How do you reach your day dream? What must you avoid to reach it?

Want more wealth? Visit GetRichEducation.com and Subscribe to: 1) Our free newsletter, and 2) Maverick turnkey RE webinar opportunities.

Listen to this week’s show and learn:

01:02 When you own enough cash flowing rental units, you are financially free. What’s your number?

03:18 Goals vs. Dreams.

10:04 One big key to reaching your day dream and what you must avoid.

14:24 Leverage, abundant thought.

17:30 The #1 question that you need to ask about an investment.

19:44 Employer-sponsored retirement plans like 401(k)s are costly. You’re committing Life Deferral just to get Tax Deferral. Stop.

25:55 The exotic Panama Coffee Farm Tour is November 13 - 15th, and you’re invited! And it’s free. Come meet Keith. Send an e-mail to [email protected]

34:20 Quit committing Life Deferral.

35:18 Dan Sullivan and the four Cs: Commitment, Courage, Capability, then finally, Confidence.

37:52 Why be a millionaire? You already own a multi-billion dollar asset.

38:48 Dr. Martin Luther King, Jr. and Margaret Thatcher were day dreamers.

Don't quit your day dream. Live it.

Resources:

E-mail [email protected] to buy your cash-flowing Panama coffee farm parcels.

MidSouthHomeBuyers.com or call (901) 217-4663 for top-notch turnkey rental properties.

Visit GetRichEducation.com to subscribe to our free newsletter, receive turnkey real estate webinar opportunities, and see all Events.

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Transcript

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0:00.0	Get Rich Education is brought to you by Mid-South Homebuyers, top-notch turnkey property in Memphis, Tennessee.
0:11.3	Welcome to Get Rich Education with Keith Weinhold, giving you information and ideas on the investment that has turned more ordinary people into millionaires and billionaires than anything else, and can provide you with more wealth and happiness than you ever thought possible.
0:29.8	Now, here's your host, investor, entrepreneur, business owner and educator Keith Weinhold. Welcome to Get Rich Education episode 50. I'm your host
0:45.2	Keith Weinhold. Is that a milestone? 50? That's kind of a milestone. Hey, thanks for being here.
0:52.6	We have an abundant way of looking at wealth, and I'm going
0:56.3	to talk more about just what that means today. You're looking for financial freedom,
1:02.1	and one way to think about your future might be your goal of owning enough rental units so
1:09.3	that you have enough passive income in order to get that
1:13.6	freedom that you desire. Now, $200 of passive cash flow per unit, okay, $200 per rental door,
1:23.6	that's a pretty good all-around average number for what you might expect over the several
1:29.4	markets that you choose to invest in, okay?
1:32.6	$200.
1:33.5	So then if your goal is $20,000 of passive monthly income, well, then you need 100 rental
1:41.7	doors in order to achieve that, okay?
1:48.5	That's 240K per year passively for you,
1:56.0	all right? But if $10,000 of monthly passive income is enough for you, then your goal is to have 50 rental doors in order to be financially free so that you never have to work for anyone again.
2:04.8	That's 120K per year passively for you. Okay. Now, if 10K of monthly passive income is enough for you,
2:14.4	and you happen to get $250 of cash flow per rental door, which is quite possible.
2:21.6	Well, now you only need 40 rental units. Okay, you might just need 40 rental units at $250
2:28.9	cash flow to get $10K per month if that's financial freedom for you, okay?
2:35.1	I mean, 40 rental units, that could take the form of 20 single family homes and
2:40.3	five fourplexes right there. That's your 40 doors. Done. Out of the rat race. And at the same time,
	...

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