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Investing in Real Estate with Clayton Morris | Investing for Beginners

862: Wealth Building Masterclass Part 3: Your Personal Financial Checklist - Episode 862

Investing in Real Estate with Clayton Morris | Investing for Beginners

Clayton Morris

Investing, How To, News, Education, Business, Business News

4.11.1K Ratings

🗓️ 21 July 2022

⏱️ 9 minutes

🧾️ Download transcript

Summary

Welcome back to the Wealth Building Masterclass, part 3. This next part is usually the most eye-opening and incredible part for most of our clients. We’re going to take a close look at your personal financial checklist, including your assets and liabilities.

I’m often amazed by the stories I hear during this phase of the process because people discover available funds that have just been sitting there doing nothing for them. Please join me for part 3 of the the Wealth Building Masterclass!

Transcript

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0:00.0

Welcome back to the wealth building masterclass part three. The next part is usually the most

0:10.8

eye-opening and incredible part for most of our clients that we work with.

0:15.6

We're going to take a close look at your personal financial checklist.

0:19.5

But before I get started, if you haven't watched the first two videos in this series, you're doing

0:23.2

yourself a great disservice. So please, please, please go back and start with part one and

0:28.1

part two. We'll have links to those in the description below. Please start there.

0:32.2

Okay, back to your personal financial checklist.

0:36.0

I'm often amazed, really, truly amazed, thunderstruck really by the stories that I hear

0:41.5

during this phase of the process because people discover

0:44.5

available money and funds that have just been sitting there doing nothing for

0:48.8

them. They didn't even remember it. They didn't even know they could use it. I'm going

0:51.8

to give you some examples. Let's start with your 401k,

0:54.8

since it's the most common thing that most people overlook for a source of funding. If you've got a 401k,

1:00.7

it's an excellent source of funds that's probably not earning you very much if anything

1:05.4

while the volatile stock market moves and shakes right especially when you consider

1:09.8

custodial fees and all kinds of other hidden charges that not even

1:13.4

anyone knows about inside their account.

1:15.8

Just go to feeX.com type in your accounts and you'll see how many hidden fees are

1:19.8

in your 401k.

1:21.7

Not everyone knows this, but you can actually borrow money from your 401k to use as a down payment on a new construction rental property.

1:30.8

Yes, borrow, not withdrawal, borrow from your 401k. That's how I was able to buy my very first

1:37.5

rental property, borrowing from it. And get this, if you had an old 401k from a previous job, you can roll that money over into a self-directed IRA that gives you control over your retirement by using that money to invest in real estate.

...

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