503: The Millionaire Formula: 10 Steps to Hit 7-Figure Net Worth (Part 1)
BiggerPockets Real Estate Podcast
BiggerPockets
4.8 • 16.5K Ratings
🗓️ 9 September 2021
⏱️ 69 minutes
🧾️ Download transcript
Summary
You probably know Brandon Turner and David Greene as multimillionaire real estate investors. What you may not know, is that a decade ago this was a very different story. Brandon didn’t grow up in a wealthy family, and by his 20s, had packed on about $20,000 of credit card debt while spending $1,000 more than he could afford each month. David grew up in a family where finances were a constant stressor, he later vowed to himself that he would never let money problems hurt him or the people he loves.
Now, both Brandon and David have made the long journey from rags to riches, and through investing in real estate they were able to pull themselves up by their bootstraps and reach financial independence. Today, we talk through the first five (of ten) steps that helped Brandon and David reach this financial feat.
This is a great episode to take notes on, as becoming a millionaire is close to impossible without following most, if not all of these steps. While this episode isn’t entirely focused on real estate investing, a large part of being a successful real estate investor is financial intelligence. Even if you’ve made mistakes in the past with investments, debt, spending, or any other financial lever, following these ten steps will give you a solid framework to stair-step your way into millionaire status.
In This Episode We Cover
How Brandon and David discovered their need for financial independence early in life
Thinking of money the same way you think about fitness and health
Reaching huge financial milestones, even if you started out with extra obstacles
Fighting lifestyle creep and never falling into the Ferrari trap
Building an income stream that is scalable, passive, and automated
The “stair-stepping” method that leads to massive wealth accumulation
And So Much More!
Links from the Show
BiggerPockets Podcast 500: Robert Kiyosaki: America’s ‘Rich Dad’ Sees a Real Estate Crash Coming
BiggerPockets Podcast 461: Defeating the “Enemy of Success” with Steven Pressfield (The War of Art)
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Transcript
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| 0:00.0 | This is the bigger pockets podcast show 500 and three. |
| 0:03.9 | Like it's going to be harder become a millionaire than it was for you and I. |
| 0:06.9 | It's just a fact where we can't change the fact that we can't change the past. |
| 0:10.7 | All we can do is look forward and say, Hey, these rules helped us. |
| 0:13.3 | They'll help you regardless of where you started from. |
| 0:15.7 | I believe these will help you. |
| 0:16.7 | So you're listening to bigger pockets radio, simplifying real estate for investors large |
| 0:22.5 | and small. |
| 0:24.0 | If you're here looking to learn about real estate investing without all the hype, you're |
| 0:28.0 | in the right place. |
| 0:29.9 | Stay tuned and be sure to join the millions of others who have benefited from bigger pockets.com. |
| 0:35.9 | Your home for real estate investing online. |
| 0:39.0 | What's going on? |
| 0:40.0 | It's Brennan Turner, host of the bigger pockets podcast here with my co-host, Mr. David |
| 0:44.7 | multi millionaire green. |
| 0:45.7 | What's up, buddy? |
| 0:46.7 | How you doing? |
| 0:47.7 | That's sort of a rough nickname. |
| 0:48.7 | I know you meant nice things, but let's not have everyone run around and say no, there |
| 0:53.6 | goes the multi millionaire. |
| 0:55.4 | I had to come up with something at the last second. |
| 0:58.2 | I'll go, no, what's the day show about? |
... |
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