How to Become a Millionaire Quickly Using Real Estate Investing – 2019 | 615

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The episode where we explained How to Become a Millionaire Quickly Using Real Estate captivated the attention of so many viewers. People loved it but it seemed to have sparked controversy as well, so we decided to expand on it today, give you more details on how to do it, and provide some solid feedback to our critics. Statistically, the easiest way to do it is through the real estate business! To find out more about it, stay with us and learn on what to focus as you start the journey towards wealth, how to buy property with no money, how to become a millionaire, and when you will be certain that you attained it.

how to become a millionaire

What You Will Learn About How to Become a Millionaire Quickly Using Real Estate Investing – 2019:

  • Matt’s primary resource for making his 1st million
  • Why the mindset is so important and when you become aware that the way you think is the 1st step to becoming a millionaire
  • The grocery shopping – real estate analogy
  • How to own what you bought and where to find the money to pay for it
  • When you can consider yourself “a real millionaire”
  • The importance of repetition
  • When you can be confident about knowing what you are doing and saying
  • Listen to The 9 Actions You Can Take Today To Escape The Rat Race
  • Watch the full video version of this episode on YouTube!

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

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!

  • 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.
  • Also, check these out:

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Transcript:

Speaker 1: This is Theriault Media.

Matt Theriault: Five years ago I recorded a video of the same title, How to Become a Millionaire Quickly Using Real Estate. And as of this recording, it’s received more than 250,000 views mostly of love. So thank you. I love you back. But a decent amount of hate too and I don’t know, maybe I’m asking for it again by recording it again. I don’t know. We’ll see. But arguing with the internet haters is kind of like playing chess with a pigeon, they crap all over the board and then strut around as if they won. But let’s give it a go. As I reveal the steps of how to become a millionaire quickly using real estate. I’ve got updates and I’ve got details on today’s episode, Financial Freedom Friday.

If you’d like to watch the original video, I went ahead and I placed the link down there for your convenience that’s below. And I’m not going to repeat the whole thing, but rather really focus on making this one a little bit more actionable. And by the way, what I failed to do in the original was give credit to the person that inspired it. Mr. Gary Keller, author of the book Millionaire Real Estate Investor. It was my primary resource for making my first million. And so thank you, Mr. Keller. If you haven’t bought the book, I highly recommend it. And to reference that quickly part in the title, it’s a relative term. So just relax meaning has as it relates to the 40 to 50-year plan, the majority of people are on, real estate is not a get rich quick thing. I’ve never said that I never will, but it is indeed a get rich quicker and permanently thing.

And I also never said it was easy. It’s going to take as much effort as any other endeavor that realistically presents the possibility of becoming a millionaire. But based on the stats with regard to how many millionaires real estate has created compared to every other option out there for you, it is the easiest. So it’s not get rich quick. It’s not get rich easy. But yes, it is get rich quicker and easier than everything else that you’ve got available to you. All right, so step one, think a million, meaning think like a millionaire real estate investor, and this is a place where the harshest critics of the original video got stuck, but they still felt compelled to comment on steps two through four. If you can’t get with step one, you’ll never even understand steps two through four. I get it though. I mean I too used to roll my eyes when some self-help person would start talking about how your thoughts become things.

I’d be like, “Come on, hurry up. Give me the tactics. Give me the strategies. I want secrets. Let’s get to the meat.” You won’t truly know this until you’ve made your first million, but when you look back on how far you’ve come, you get really clear that your thinking is the meat. Anyone who disagrees, I bet the farm they have yet to make their first million, so careful with your resigned and cynical comments below. You’re doing nothing but exposing yourself. If you don’t think you can become a millionaire real estate investor, you’re right. If you think it’s risky, you’re right, if you think it’s for people that already have money, you’re right, and if you can’t do a 180 on those thoughts, don’t even try to entertain the idea of step two and that would be by a million. Yeah.

If you want to become a millionaire quickly using real estate, you first have to buy in million dollars of real estate and you don’t need money to do it. So don’t even go there. Don’t even suggest it. If you think it takes money to make money, then you should really just watch this here right now before going any further here, watch this before going any further here because you do you need currency to buy real estate, but you don’t need money. Meaning I had nothing but lint in my pocket when I purchased my first deal with my intellectual currency. Did you know you don’t need any money to walk into a grocery store? You don’t need any money to push the shopping cart around the store either. Did you know you can actually pull this stuff off the shelves, put it in your cart without having any money in your pocket?

Did you know you can pull up to the checkout line even? Unload your groceries onto the conveyor belt without any money? Did you know you can actually pay for those groceries with other people’s money? Well, and the same with real estate, but it’s way better. You have so many more options than just a credit card at the grocery store. And I know this because it’s how I did my very first deal. I documented the entire process so that anyone could follow along and do the same thing. And I’m showing a bunch of people how right now at freerealestateinvestingcourse.com if you’d like to join us and yes, it’s free. Actually, it’s better than free. I’ll pay you to complete the course, enough about that, you can check it out if you want to. Let’s go to step three. Step three is own a million. Now that you’ve bought a million, you’re not quite a millionaire yet.

You need to own what you’ve bought. So how do you pay for it? Someone else’s money? Yes, you’re catching on. You do this through leasing the use of your property to a tenant. The tenant pays you each month. And with what that they pay you, you then pay off the other person’s money that you used to buy it in the first place. And if you bought it right, there’ll be something left over for you each month and we call that cash flow. Or you may have heard of it referred to as a passive income or a residual income, and you just continue to do that. And your tenant pays off the property for you until you own it. Now next step, step four, receive a million. Now, this is my favorite part of Gary’s book because he focused on the residual million because face it, a million dollars is not what it used to be.

A million dollar in the bank can be consumed pretty darn easily and pretty darn quickly, but $1 million that replenishes itself every year. Now that’s a real millionaire. So how do you get there? Do you repeat steps two and three over and over until you arrive? Repetition is the mother of skill. You’ve probably heard that before. Repetition is the mother of success as well. It’s that simple, like that last shiny object you bought, but unlike that last shiny object, you bought. This will work. “Yeah, but you didn’t teach me anything. I already knew all that stuff.” That’s what most of the critics said in the comments of the original video and all I have for them is, well, if I didn’t teach anything, what made you watch? I mean, you must already be a millionaire then. If I didn’t teach anything, if you’re not a millionaire, then I indeed did teach you something and here’s how I know as the Chinese proverb states, to know and not do is to not yet know.

All right, I’m off my soapbox. If you want to watch the original video, I put it for you right here. If you’re like, “Screw that, let’s just go do it.” I pulled this one for you here. Nine actions you can take before the end of the day.

Speaker 1: This is Theriault Media.

Matt: Hey rockstar. Matt, the Rat Race escape artist Theriault from Epic Real Estate. Your covering guru here, meaning I never really wanted to be a guru, but here’s what happened. Almost 10 years ago I started to teach this stuff, this real estate investing stuff, and I started to sell my teachings. And then about just two years ago, pretty recently on a Facebook post, I read a comment that called me another stinking guru. It actually wasn’t that nice, but that was the gist. And I thought about it and I was like, “Crap, this person might be right. I mean, look what I’ve become.” It wasn’t that bad. But being categorized as a guru, it didn’t sit well with me. So I decided to change that.

We no longer sell information here at Epic. We give it all away for free. Six to seven days a week on The Epic Real Estate Investing podcast and this YouTube channel right here, epicrei.tv. So if you want it all for free, make sure you hit the subscribe button so that you never miss an episode, alrighty?

Now, if you’ve been looking to make your rat race escape for a while, but just don’t know where to start or your plan has somewhat stalled, I’ve got nine actions that you can take by the end of the day today to start or restart your rat race escape right here on today’s episode of Financial Freedom Friday.

All right, I’m going to give you nine actions that you can take by the end of the day today to start or restart your rat race escape plan. So let’s get the ball rolling and let’s keep it rolling so you can create the option for yourself in life to work or not. After all, that’s what a life of financial freedom is. That’s what the escape’s all about, a life of options. And whether financial freedom is your goal or not, these nine actions that I’m going to give you are very important regardless, and here’s why. You see people are living longer. And with traditional financial advice, they’re needing to work longer, for their biggest fear, it’s running out of money before they run out of life. And by implementing the traditional plan of work, work, work, sacrifice, and save based on today’s statistics, that fear, their fear is justified.

But not everybody is scared of running out of money because they’ve taken a different approach. An approach of different specific actions. Some are things you can do right away, others are more mindset related and others are more long-term behaviors that you may want to modify. But what we’re going to do today, let’s just focus on what you can do right now, like right now. And then at the end, what I’ll do is I’ll share with you some specifics about what no one is telling you or we’ll tell you about a fast rat race escape plan and it’s likely very different than what you may be thinking. But let’s cover these nine actions that you can take today. Let’s do that first and then what we’ll do is we’ll get to what there is to do tomorrow to accelerate your escape. Fair enough? All righty.

Number one, get your mind right, okay? The great escape begins with your thoughts, specifically shifting your focus from making piles of cash to creating streams of cash. The mathematical truth is that it just takes too long for the average person to save a large enough pile of money that will create enough of a residual income to escape. Further, most people just don’t make enough to save enough regardless of the amount of time that they’re given to do it. I mean it can work. But if it does, it’s a 40 plus year plan for most at best.

You’ve heard this here before it probably countless times, but now it’s time to actually do it. Get your mind right. And practically speaking, here’s what you can do. From this point forward, from right now moving forward, every time you’re about to conduct a financial transaction where money is coming your way, instead of thinking about the pile of money that you’re about to make, ask yourself, how can I turn this transaction into a stream of money? And sometimes there’ll be an answer, sometimes there won’t be. But at least ask yourself the question and you’ll be on the right track. All right, so that’s number one.

Number two, invest in your education. Make a commitment today to become a student of the game, the passive income game. Make it a habit from this point forward. Start immediately. Turn off the radio in your car and listen to educational audio programs like audiobooks and podcasts. Become a student. Go to meetup.com today and look for financial investing and entrepreneur type events, those types of groups in your area, and put as many as you can on your calendar and then attend. You got to go. And make it a point to attend a seminar or a workshop, a big one at least once a year, and keep your eyes and ears open for mastermind groups. There are many ways to invest in your education from completely free sources to big-ticket organizations and groups. And these are several ways that you can invest in your education today and every day from this day forward. Education is the foundation on which our futures are built.

Number three, be intentional about creating your environment. I want you to guard yourself from the naysayers and the nine to fivers. Network with like-minded people that are on the same path as you and take your financial advice from someone who is leading the life that you want to live, not the guy in the cubicle next to you, not your broke brother-in-law, not your college professor. Take your financial advice from someone who is leading the life that you want to live. Ultimately, your results will be impacted by your surroundings and whom you spend your time with more than anything else, so don’t ignore this. Don’t underestimate this one. Do not leave your environment to chance. Be Intentional about creating it.

Number four, include your spouse. Include your spouse in your rat race, escape plan. Mercedes and I, we talked to countless aspiring real estate investors here at Cash Flow Savvy every year. And the number one reason we see people fail to even take the first step and escaping the rat race is that they don’t see eye to eye with their spouse with regard to the subject of money. You must get on the same page with your partner or it’s going to be a really tough road to navigate. And I can’t believe I’m about to do this, but I am. I’m actually going to pull something from Dave Ramsey on this. I disagree with him on so much, but he conducted a study on marriage and money and I really didn’t want him to be right, but when I read it, here’s what the study found.

His report read, “If you and your spouse argue over money, you’re not alone. It’s the number one issue married couples fight about. In fact, money fights are the second leading cause of divorce, right behind infidelity. And topics like money goals and dreams are important discussion points for spouses to talk about. Couples in healthier, happier marriages are more likely to have those bigger important conversations about money. 87%,” This was amazing. “87% of respondents to his study who say their marriage is great, also say that they in their spouse, they worked together to set long-term goals for their money. Compared to 41% of respondents who say their marriage is okay, are in crisis. Additionally, 94% of those with great marriages discuss their money dreams together. Compared to only 45% of those who say their marriage was just okay or in a crisis.” So nice work, Dave. I like it right on the money.

Oh, was that a plan? Yeah, I guess it was. Not intended. Or Maybe a little bit. Alrighty. So if you’re already at odds with your spouse in the financial department and the thought of sharing your escape plan with them, that makes you a little nervous. Try easing them into the idea by allowing other sources something, or someone besides you to educate them. Share with them a book or a podcast that supports your financial ideas or attend a workshop or a seminar together.

Our next Epic Intensive, it’s coming up soon. You can bring your spouse. In fact, I encourage it. I’ll even let them in for free. That’s how important this is to your financial future. So to make it real quick and easy, you could start by sharing this video with them. You can do that by the end of the day, can’t you? Yeah, of course, you can. Alrighty.

Number five, assess your assets. I want you to take inventory of your assets and create a list. Sorting them from the highest yielding asset all the way down to the lowest one. The goal now being to move your lowest yielding asset up here to the top of the list. You’re going to redeploy that asset to have [inaudible 00:08:36] improved. And ways that you can do that are by selling and reinvesting or exchanging or leveraging and improving. Because it was the French economist [inaudible 00:08:45] that wrote, “Creating wealth is a function of moving assets from areas of low yield to areas of high yield.” Most people have more to work with and they think, all right.

Coming up number six. And if you like what you’re learning, if you’re learning something and or you’ve already got some new ideas about escaping the rat race, go ahead and just hit that light button for me real quick just to let me know. I appreciate it. Alrighty.

Number five was assess your assets. Next, number six, assess your expenses. This is the other side of the coin. Escaping the rat race. It’s not solely about creating monthly streams of income. To escape sooner, consider decreasing your monthly expenses also. After all, that’s the formula, right? Increasing your monthly streams of passive income to a point where it exceeds your monthly expenses. So to go really fast, that’s what you want to do. Do both. Increase your passive income and decrease your monthly expenses. And here’s how. Take inventory of your fixed expenses and create a list, and then you’re going to sort these from the largest expense, your biggest bills on top down to your lowest ones. And then you’re going to work … Start up here. You’re going to work from big to small for maximum impact, reducing expenses and eliminating what isn’t necessary and working on your tax liability for most people, it’s the largest expense for most people. That’s likely going to be the first order of business for you because it’s your biggest expense.

The opportunity to impact your escape the most, it lies way up here with your taxes. So schedule regular meetings with your CPA for tax planning and strategy. Sadly, most people do that when it’s too late. A little productivity here is going to improve your bottom line significantly, alrighty? Other ideas may include refinancing your mortgage or refinancing or paying off your car loan and consolidating credit card debt to a lower interest card. Expenses, they vary greatly from person to person. Just remember to work from biggest expense to smallest for maximum impact, okay? And ignore Suze Orman on this. She’s got you starting way down here with your $5 Starbucks. Enjoy that, okay? Unless that’s your biggest expense, of course.

All right. Next. Number seven, set a target. After you’ve assessed your assets and expenses, identify how much monthly income do you need to escape the rat race. Then subtract the monthly passive income that you’re currently receiving and that’s going to give you your freedom number. Now, pick a time when you want to reach that number expressed in years, and then divide your freedom number by that number and you have your 12-month target. Now, that’s all there is for you to do over the next 12 months. Is just focused on that number. Let’s just break it down simply and focused on that number for the next 12 months.

Number eight, leverage. You’re only one person and you can only move so fast on your own. Leverage, that’s your fuel. Escaping the rat race fast, it’s going to take a team. By leveraging other people’s time, experience, money, resources, effort, deal flow. By doing that, you can 10 times the speed of your escape. So pull out a piece of paper and make four columns like you see here. Column number one, you’re going to label knowledge. Column number two, you may label it time. Column number three will be labeled and money and the number four will be labeled credit. As these are the four things that you’re going to need to pull off your rat race escape. But they don’t all have to belong to you. You just need access to them. And that’s essentially what leverage is. The deployment of other people’s resources for mutual gain.

Now, pull out your cell phone. Pull out your cell phone and just go to contacts and start scrolling through and then take each name, evaluate which column that they are the strongest in. Where’s their strength? Is it knowledge, time, money, or credit? And write their name in that column. And when you’re done, what you’re going to have is a good idea as to who can make up your team, alright? So one more left. And as promised I will go ahead and I’ll share with you what no one is telling you about a fast rat race escape plan. It’s this one simple thing. It’s going to help you go so much faster, alrighty.

Number eight was leveraged. Number nine is start. Yeah. No more getting ready to get ready. You can’t steer a parked car. A good plan violently executed now is better than a perfect plan executed next week. They’ll never be a perfect time to launch. Just travel as far as you can see. And when you get there, just trust that you’re going to see further. The road to your escape is passive income. The most logical vehicle for most people is income real estate. And the fuel to accelerate your journey is leverage.

Plus understanding this one key insight, what I have yet to learn anywhere else. This one is from straight experience. My personal experience and watching my clients pull off their rat race escapes and most of them did it much faster than I did. I mean, it blows the mind of most people when they see it and they understood it and that’s how they got there so quickly. I mean, it’s a no brainer. And it’s in this video right here that I pulled aside for you. [inaudible 00:13:38] you now know what there is to do today, we just went over that. And this right here, this is what you’re going to step into tomorrow with. So if you understand and apply what’s in here, you’ll be unstoppable. Click this video and then I’ll meet you there.