You Set the Rules, So Set Good Ones | 406

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you set the rules

If you think real estate investing sounds a lot tougher than your current job, you might be in for a surprise on today’s episode of The Epic Real Estate Investing Show! Matt shares tips on how to be your own boss, the huge perks of switching over to real estate investing, and the shocking reality of how investing compares to your day job.

you set the rules

What You Will Learn About You Set the Rules, So Set Good Ones:

  • How to be your own boss
  • How to turn a $60,000/year job into a $600,000/year job
  • The problem with 401Ks and regular retirement plans
  • How difficult real estate investing really is (the answer may surprise you!)
  • How to transition from your full-time job to real estate investing

Whenever you’re ready, here are a few ways we can help:

  • Would you like to meet in person? Our next live event is right around the corner! Go to EpicIntensive.com for the details.
  • Become an Epic community member at The Epic Real Estate Investing Show 
    One of my favorite things to do is share with investors the latest and greatest tactics and strategic friends I make. I do it every week and you can listen in by subscribing to The Epic Real Estate Investing Show podcast on iTunes – Click Here.
  • Grab my book, Epic Freedom ($1) 
    I frequently hear from people looking into investing in real estate for the first time, “How long is it going to take?” So much so, I wrote a short book about the 2 easiest and fastest strategies to a paycheck in real estate. You can grab a copy for $1 and I’ll pay the shipping – Click Here.
  • Join our Badass Investor Program and be a Case Study 
    I’m putting together a new Badass Investor case study group at Epic Real Estate this month… stay tuned for details. If you’d like to work with me on your real estate investing, go to FreeRealEstateInvestingCourse.com to get started.
  • Work with me One-on-One 
    If you’d like to work directly with me on your business… go to REIAce.com, share a little about your business and what you’d like to work on, and I’ll get you all the details!
  • Also, check these out:

Thanks!

Thank you so much for joining us on this episode of The Epic Real Estate Investing Show! Please subscribe to the podcast so that you will get instant access to our new episodes.

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Transcript:

Matt Theriault: Hey there, rock star. Today’s episode brought to you by the professionals over at Lighthouse Advocates, where they’ve been rescuing businesses in the nick of time for more than 20 years. So if you need help with marketing strategy, wealth strategy, tax planning, CFO services, business innovation, bookkeeping, payroll services, project management, just about anything to do with your small business, Lighthouse Advocates’ team of professionals is your resource to whatever the rough seas of life are throwing at your business. So go to lighthouseadvocates.com and request a business acceleration session. It’s free. You won’t be pitched, you won’t be sold, you’ll merely be pointed toward the right solution for you, and when you’re there, just tell them that Epic sent you for a little extra special attention. Lighthouseadvocates.com. Now, on with today’s show.

Speaker 1: This is [Theriault 00:00:46] Media.

Matt: Yeah, what’s up? Hello and welcome to the Epic Real Estate Investing Show. When we meet here each and every week to share tips, strategies, advice, and wisdom from some of the greatest minds the business of real estate, the business of business have to offer. So if haven’t noticed, we are now four days a week. Mondays, Tuesdays, Thursdays, and Fridays. Monday’s it’s the What You’ve Come to Know and Love From the Epic Real Estate Investing Show, the detail how-to lessons and interviews as they pertain to you, actually going out there and getting dirty and sourcing the deals yourself and closing on those deals and keeping all the profits for yourself. You doing it yourself.

And then Tuesdays, my tax attorney and I discuss the tax hacks that no one is telling you about, probably not even your own tax attorney, not even your own CPA, not even your own bookkeepers. So you can take this information and you can share that with your professionals that are helping you out with your tax planning, your tax strategy, or you can just come on over and the people over at taxhacker.com. They’ll help you do it for you. They’re for hire as well.

Whichever works best for you, that’s for you on Tuesday. We spend a lot on Mondays talking about how to make money. Tuesday, we talk about how to keep it. And then Wednesdays we take a break but not for long. We’ve got a very special Wednesday episode coming up and it’s already in the works. We’ve got a bunch of them in the can and we’re just waiting until that moment to release and I’m looking forward to sharing that with you. It’s going to be something very different. I think something very different than you ever heard on any podcast before. So I just want to make sure it’s right and make sure that it’s executed correctly, at least the way that I want to see it. So then if it flops, there’s no one to blame but myself.

And then Thursdays, I interview some of the most influential thought leaders in the world to extract practical business tactics and principle and wisdom and inspiration. And then on Fridays, we finish the week with short thoughts on accelerating your journey to financial freedom, helping you escape the rat race, helping you get your monthly passive income to exceed your monthly expenses to where you actually have a life of independence, and a life of freedom, and then from there you’ve got options. You get to do what you want to do with your life. And if you want to keep your job, and still do that, you can do that. If you don’t want to do that, you don’t have to do that.

All righty, so that’s what Fridays are for. So to catch the video versions of these episodes, you can go to epicrei.tv. You can catch the audio versions here on the podcast. You can catch the video versions at epicrei.tv and that’s going to take you right to our YouTube channel. And then what else? Oh, you can catch us on Instagram @epiceealestate. We’re on Instagram @epicerealestate and releasing a bunch of cool things over there too.

All righty, so real estate, real estate, real estate, real estate. You know this business can be tough, right? It has its ups and its downs. You can experience just every possible emotion that a human being can experience inside of just one real estate transaction. You can go all the way from the very bottom, the lows and like the world is crumbling in on you, all the way to in 24 hours it can switch and all of a sudden you got a big fat check in your hand. And you’re just like, “Wow. What happened just now?”

So why do we subject ourselves to that? Right? Why real estate? Well, because you need it. You have to have it, right? You do need, ’cause if you get this part wrong, the statistics reveal, and I’m not inserting my opinion here, I’m just taking these stats that are available, I’m talking cold, hard facts, just the numbers that if you don’t incorporate real estate in some capacity into your financial plan, you are destined to work for 40 to 50 years just hoping for the best.

And that plan of hope, it’s failing 95% of the population. That’s per the department of human services. You’ve probably heard that here once or two before. You see, 95% of today’s 65 years old will have to take a significant hit to their standard of living once they are ready to retire. They’ll have to downsize. They’ll have to change zip codes. They’ll budget. They’ll have to make do with less and that’s if they actually get to stop working at 65 years old.

You know a recent Wall Street Journal article, it was an article about 401K’s. You can go to Wall Street Journal by the way and search 401K, lots of articles there and recent ones too about the limitations at best and the failures at worst of that 401K plan. I mean even the people that created it are like going oops we made a mistake here. There’s an article on that I think is that the creators of the 401K that lament their decisions, or something like that. You’ll find it, it’s pretty easily searchable. Anyway, one particular article stated that the retirement age is increasing. And realistically for most, it’s closer to 72 than it is to 62. And that’s not because people are so in love with working, it’s because they have very little choice. Because they followed the advice of the traditional advice to work and work and work and save and make sacrifices and put your money in these 401K’s and these retirement plans and these tax-deferred environments and just save, save, save. And most people just haven’t been able to save enough. Not to mention that that whole premise of that plan was put together 30, 40, 50 years ago. Probably closer to 50.

People are living longer, you have to save more. So it’s not working. But real estate, if you get this part right you don’t have to work 40 to 50 years. You can if you want, but you don’t have to. You can get the ability to retire much faster, you’ll have the option to do that much faster with dedicated and disciplined focus, that could be four to five years. Yeah like, 10 times faster. 40 to 50 years working and saving or four to five years working and streaming. Streaming your money focus on creating streams of income. So for example, Josh Miller has been working as an engineer for 10 years and corporate America. He gave one year of commitment to real estate investing. He just said I’m going to give one year to dive into this and he walked away from his job in less than that year. He didn’t reach the full 12 months and walked away from his job. And it wasn’t just a job, it was his career. This is what he was going to do, it’s what he went to school for. It’s what he invested the last decade in and for the foreseeable future that’s where he thought he was going to be, that was the plan.

And he’s walked away from his career with absolutely no hit to his standard of living. And he’s very close to replacing his previous job salary entirely with passive income, 100% passive income. Now I’m not saying it’s easier work. It’s not easier work. It’s faster, it’s much faster, and it’s not “get rich fast,” it’s “get rich faster”. But it’s definitely not easier and it might even be simpler, but not easier. It still takes significant effort and focus. But what I will say it’s likely no more difficult than the work you’re doing all day long right now for someone else. It makes me think of one of the members in the REIS program. This is just a recent conversation that we had had. He had limited resources when he started I don’t know six or eight months ago. But nonetheless he jumped all in, he was a believer in the and he wanted to go after it. And he had just enough resources to get. But he was definitely working against the clock for the limited resources that he had available to him. He knew then so it hasn’t happened for me yet and hasn’t given up, but he is like looking now, I’ve got to go get a job I’ve got to keep a roof over my head I got to keep the lights on I’ve got to put food in my stomach. Just sometimes that’s what you have to support the dream. And I did that multiple times when I was building my record label. I washed dishes, I cleaned the golf carts, I changed light bulbs at Sax Fifth Avenue. Yes, they have a full-time person there that goes around and changes light bulbs because that’s how often they go out. You have to change you know 10 to 15 light bulbs a day. But it’s not just screwing in and out. It’s like you’ve got to get these massive ladders in these massive contraptions to go in and do that.

And then I cooked Chinese food, I stuffed envelopes for temporary services and temporary agencies. I sold sound in lighting equipment. I tried a few different multilevel marketing campaigns. I almost got into selling insurance and I was gonna sell cars. I was looking at all kinds of things. I’ve got a lot of range in my job history as I struggled to make ends meet while I pursued my dream that dream in the music business. And when I think back to those jobs … And I eventually made by the way, and I’d probably still be doing that if people didn’t change the way that they consumed music if they didn’t stop buying C.D.’s in exchange for consuming digital downloads. Otherwise, I’d still be there. Anyways when I think back to those jobs, I remember thinking over and over and over of while I was at those jobs how pissed off I was stuck there doing during the day. When I could be doing so many of these same job tasks for myself.

But instead, I’m doing them for someone else. And that’s the particular conversation I had with this client. That if you have to get a job to keep the lights on, by all means, go do it. If you can stick it out a little bit longer, consider this, before you go get that job just kind of check in with yourself that you are indeed working at least eight hours a day performing your real estate activities, before giving it up to go perform similar tasks eight hours a day for someone else. You got that? Check in, check in with yourself. Since you’re your own boss meaning you are the boss of you. So that means you’re the boss and you’re also the employee of you. Kind of separate those two roles for a second. Step and your boss shoes and look at yourself in your employee shoes. Are you happy with your employee’s performance? Is your employee working eight hours a day for you? Do you deserve a promotion as an employee, or do you deserve to be fired?

Are you about to go get a job to work harder for someone else than you are for yourself? I mean it’s really easy to slack off when you report to yourself. Not so easy when you report to someone else. So if you find yourself in a similar situation Be the boss version of yourself for a moment and hold the employee version of yourself to higher standards. Hold the employee version to yourself to the same standards that your boss would hold you to if you had to get a job. And you sit down with the employee version of yourself and let them know hey it’s my way or the highway. You’re the boss, you set the rules. If you don’t hold the employee version accountable to your rules, you’re going to be out of business and it’s not because the business didn’t work. It’s because the employee version of yourself didn’t.

Nick over at Lighthouse Advocates he was telling me about a conversation. He’s had a blast with all of you by the way that has taken us up on our offer that we made things last week or two weeks ago. But he’s talked to a lot of podcast listeners and he’s got a real thrill out of it. And he shared with me one particular conversation he had and the listener had a $60,000 a year job in like a second-tier customer service position. And she was afraid to let go of that position. For she had a lot of comfort in the guaranteed paycheck. But at the same time, she feels there weren’t many options for her within her company to grow and start making the type of money that she really wants to make. So she’s been looking into real estate but she’s a little scared to make that leap leaving her guaranteed paycheck. And Nick had started asking her questions about what she was doing on a daily basis. Said, just kind of describe to me, what does your position look like, from the time you check in to the time you check out, what do I look like?

She said that she handles the phones, she makes outbound calls for the company and she makes she answers it when it rings, she diagnosis the customers issues in her department, she proposes solutions, she documents the phone call in the company’s database, she follows up at a later date to make sure everything with the customers satisfactory. And Nick just stopped her right there and asked, “Do you realize that you already know how to do everything in real estate that you need to know to do to turn that $60,000 a year job into a $600,000 a year job. You’re already doing the exact same tasks for your boss in their customer service department that you could be doing for yourself.” So how is that boss able to guarantee you a paycheck doing those tasks? But you’re not able to guarantee yourself a paycheck by doing those same tasks for yourself. Look away you do on a daily basis for your boss or the company that you work for. You probably have time on the phone every day, you’ve got in going calls, you’ve got outgoing calls. You probably deal with challenges from customers, you deal with challenges from coworkers, you do that every day. You probably work on solving those challenges with the customers and the coworkers every day.

You probably keep records, you do some data entry, you make presentations, you turn in reports, you do research, you follow up with customers and coworkers. I mean the list is endless. You’re probably doing all of the same or very similar activities at your day job as you would be doing for yourself. So why not do it for yourself? Well, there’s only two reasons that you wouldn’t. First, you don’t believe that real estate is actually going to work for you, which is silly. Or you don’t believe that you are going to work for you. When you think about it, that’s even sillier. Because you’re already working every day for someone else. So you know you’ll work because you work for someone else. Now you just gotta work for yourself. You see your boss believes that if you perform the right activities and if you perform those activities consistently with persistence, your activities will generate revenue for his or her company. Which will enable him or her to pay you your paycheck, your guaranteed paycheck? There is no difference other than the context in which those activities you perform.

I mean from a difficulty standpoint there’s no difference. I know you can do it because you already are doing it or you’ve already done it. Just perform those same activities in the context of real estate. And that $60,000 a year job can easily turn into a $600,000 a year job. And all you have to do is report to work for yourself eight to nine hours a day, five days a week, just like you’re doing for your boss. And that $60,000 a year job can easily turn into that $600,000 a year job. Just the activities inside a real estate and working for yourself pays a lot more than doing the same activities for someone else. And if you’d like a list of what those activities actually look like you can go to dailysuccessreport.com. It’s a little scorecard that we use inside of the Epic Pro Academy. It has a list of all the money making activities and you just hold yourself accountable by using that daily success report daily. So dailysuccessreport.com, you grab a copy.

And what has inspired this episode today, it’s some of the feedback received from the pilot program that we covered over the last several weeks. And the fact that this opportunity showed up at everybody’s front door, this pilot program showed up at every front door dressed in overalls. And now looks like a lot like work. Well, of course, it’s work, a job is a work, life is work. The question is, how long do you want to work? Because some committed effort of these eight to nine hours a day five days a week for yourself, you can accomplish in three to four years what the rest of the population is for failing to do in 30 to 40 years. It’s just changing the activities. It’s changing the direction of those activists, the intent of those activities, and the context of those activities. I’m not suggesting that you just leave your job and go do this. Don’t do that. Well if you’re if you’re Jack and Josh, then you would. They were at the last intensive and four months later they quit their day job based on this principle right here.

The day they got home from the last intensive and then that two intensives ago essentially in January. And then they were there on stage at the Indianapolis intensive sharing we four times our business. We quit our jobs the next day and we have four times our business since. I’m not suggesting you do that. They wanted to, that was what for them. Maybe it is a good fit for you, maybe you want to do that. But what I do recommend is to start off slow and embrace this, and put the whole context of your real estate endeavor your whole real estate pursuits in the I’m already doing these activities for somebody else. All I need to do is work a little bit over time after work to do start doing them for myself.

So to start slowly are going to start slowly in your spare time and once you get a deal or two under your belt you can move to part-time. And then once you’re doing deals consistently you can move to full time. Then it’s going to be a lot more comfortable to take that full step. And to get to the next level than to start experiencing the real estate money or the real money that real estate is capable of generating, you’re going to have to put in some overtime. And then you’re going to start seeing how that over time building your income portfolio eventually is going to turn into more time for yourself, more free time. Ultimately leading to free time, lots of free time. Freedom from the rat race. Becoming financially independent creates free time.

So that’s the progression. So starting next week what I’m going to do is I’m a start walking you through the how. We talked about what today or what it looks like. And so I’m going to start walking you through all six levels that you need to travel through. The six levels of real estate investing. I’m going to walk you through those levels and I’ll help you identify where you are right now among the six levels so you have clarity about where you’re beginning and then we’re going to go through what there is to do specifically on each level to get you to your next level. And then to each subsequent level until you’re standing on top of freedom mountain that real estate promises. Already?

So we’re going to break it down as simply as we can and just to go from step to step to step so you can make this transition. So you stop doing all these funky activities for your boss, so you can get that quote-unquote guaranteed paycheck. To where you start doing these funky activities for yourself so you can get that guaranteed paycheck, with an extra zero at the end. Sounds good? If you’d like to make that journey, keep listening. If you’d like to go fast, go to reis.com. And then we’ll have a conversation about it and help you go fast.

All righty?

So God bless to your success, I’m Matt Theriault and goodnight.