How Cashflow Keeps you Poor
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- เผยแพร่เมื่อ 2 ส.ค. 2024
- Here are the problems with cashflow & how a reliance on cashflow can keep you poor. Investing is a balance. Learn the psychology and mastery of a pro & use code: Feb202020 for *28% OFF* any courses: meetkevin.teachable.com/ INCLUDING Investing, Sales, Management, Finance, & Vegas Meetup 2-20-2020.
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#Cashflow #RichVsPoor #Investing
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FIRST. Oh, and for anyone who just reads the title, just unsub and leave. If you want perspective, watch to the end to be mind-blown about wealth accumulation strategies.
"Just unsub and leave!" Brutally honest! No F's given! 🤣 Kevin sounds like me after my 5th shot of Irish whiskey:
Me: "You don't like it? There's the door!" LOL!!! 🤣
Meet Kevin mind blown🤯
Please do a vid about this Trump Impeachment situation and its potential effects on the stock market/economy! Great channel!
TH-cam notified me of this video, so I'm watching it. Until you mentioned the CC video, I had no idea about it. TH-cam didn't notify me of it. Perhaps the 10/10 ranking is on TH-cam, not you. I'm watching the CC one next.
Can you do a video on the wealth tax proposed by warren and sanders?
I have the exact same philosophy about investing and net worth. What’s really incredible is that you were able to do it at 27!! I am very impressed with your generation... some of you millennials are the smartest people I have ever seen!! Good job Kevin and may you soon put a video with $100m in assets in few years!
I live in CA, and cashflow is the main reason why I prefer growth stocks, with little to no dividends, vs stocks that pay dividends.
You got that right! He will have 100 mil in no time
2020: You're probably wondering why Kevin is posting twice in a day.
2021: bruh.
2021: You’re probably wondering why Kevin hasn’t posted his 6th video of the day.
Kevin: "Dying is not a tax strategy"
Me: Speak for yourself Kevin! Lol
Real estate prices have been going down in my area lately. Would rather wait for the next housing market meltdown to get started in this. It's best to not lock in the high debt of today's overvalued home prices, when you can wait a year or two to buy much cheaper. We're way overdue for a correction.
Hi there,how about your wife is she has to be responsible for her husband tax?
😂😂😂😂
I saw the title, and came ready to slam the video lol.. But after watching you have some really good points from a different perspective. I love appreciation and net worth, but cash flow is also amazing in helping to build reserves and buy that next investment.
All 3 are amazing :D The combination of the 3 is the key -- thanks for joining and watching Cody!!
Meet Kevin yes I will agree with you. I think the hard thing is net worth is not realized until later on in life, whereas cash flow is something you can get now, and which comes every month.
Two videos in one day, wow thanks man! You have great perspective that definately adds to the conversation of whatever the topic is. Keep doing the great work, I really enjoy the videos!
😂 “Dying is not a tax strategy.” -Kevin 2019
Mali here I come. 💀
Meet you in Valhalla!
😂😂😂😂😂
One of the best and most important videos on the internet. I’m not even joking.
I couldn’t agree more!
This video doesnt even make since l stop listning Him when he said cash flow Will stop You from benig More aggressivare think better. I just wanna say To Him stay on Your mine You are real eastate agent We are real eastate invester and We know How cashflow make You multipla millionare and billionare . And the Brrrr strategy is best strategy To be wealthy and buy houses. So pls learn before You just Give Your viewer negetive stugf about cashflow when You dont have cashflow income from real eastate 😂
Dude, I know nothing about economics, finance, etc. However, you made this sooo easy to understand, I really appreciate it.
I’m subbed for life.
Great job!
Thank you for your time and everything you do to help raise the mental bar.
Wanted to take a moment and ad some insight to you white board example of selling via 1031 exchange. Instead of selling and losing several percent to transaction fees ( commission to outside agent, title fees, escrow closing fees ). Instead consider using the equity in a cross-collateralization of equity to lever into the next deal. This way you keep the most amount of money churning or working for you for the longest amount of time.
If you liked the 1st property enough to buy it. Then keep it and use the equity to roll into the next.
Have found this works best with local lenders or community banks (not national).
We are located in the Midwest. Started 21 years and now have 204 tenants.
Thank you again for all your efforts, they are appreciated more than you realize.
Thanks for the insight Tim! Myself, and the others appreciate it.
When you say cross-collateralization, that may be something new for many of us. Is that different than cash-out refinance?
Kevin Next title: "How being a billionaire makes you poor".
Kevin I love the fact you have a sense of humor. I respect what you are doing.
Actually how being a billionaire makes u stupid...Grant Cardont'$
This video was mind blowing for me. For some reason I never thought about the taxation issues with the cashflow of investment portfolio that I am planning to build in real state. Thank you Kevin!
Oh and btw, your credit card video was pretty good. I have most of those credit cards myself and they are great if the person is managing it well and using it to get all the perks! Keep up the good work man!
Mind Blown. You made some great points about cash flow. I find the whole 1031 exchange strategy interesting. As always you get a thumbs up from me. Floral coffee mugs don't bother me, I would drink coffee out of a bowl if that is all I have to work with. Ah, the power of coffee.
I love this video. Thanks Kevin, you are 11-ish years younger than me and I am learning a lot from you!
Great information, I was that guy that thought "I need cash flow now!" Really changed my perspective on what I should be focusing on!
This video just gave me clarity. I was about to build my income by investing in dividend paying stocks.
I will put that on hold for now and focus more on increasing my net worth
Dividends are great if you have a DRIP in place. Fastest way to save for your real estate investments imho
Kevin it’s okay to take a break to reset. I know the video didn’t do well and that sucks!!! Especially knowing that you spent hours researching and reading all the small print on those cards. Don’t get me wrong I always love watching your videos! I always watch till the end. But if it didn’t do well go out to dinner with your wife and kids. Rent a movie and relax take a little time to reset. Then get back at it. It’s good for your mental health.
This is the first video ive actually liked on youtube in 7 years. Thanks Kevin, I like you, great content, great info, and keeping it real. I hope your net worths a billion one day :)
HAHA you’re the man kevin the way you smirk at the end😂congrats on uploading like crazy, respect the grind, ps youre a real inspiration coming from a subscriber and course member I appreciate you’re content and perspective, I’m sure I’m not alone, thanks again let us know if there’s anything we can do as a community👍
Wow I got a TON of value out of this video. Thanks for the knowledge bro!
Kevin, I REALLY loved and appreciated your credit card video.
It was extremely helpful...I had never even considered those issues before & I think you did a great service by going to all the trouble and by making the video.
After reading so many books regarding accumulating wealth and hearing everyone preach cash flow as being the Holy Grail of becoming “rich” you were able to prove them all wrong in a couple of minutes. At least in my mind :)
I think this is the best video I’ve seen on TH-cam
Hey Kevin, thanks for another awesome video! I love your perspective and I admit that I have never thought about building wealth this way. Keep it up!
Just one minor point here:
It would help the audiences a lot if you can put subtitles or whatever for the numbers you said. It is a lot easier to see the number to do the comparison.
"Now obviously, dying isn't a tax strategy" You got that right! lmao best advice yet xD Love your video's, Kevin!
WOW! I thought it was click bait. But I learnt a lot. Thank you for giving me a fresh perspective.
I love coming back and watching these videos for the nostalgia! Staying for the comedy and leaving with new knowledge!
This video gave so much perspective. Ty. You had to get to that place (a bad video according to TH-cam) to get to this one. It connected a lot of dots of everything I’ve always heard. Makes sense why people that are knowledgeable about real estate really love it. Vice being an active or passive investor in the stock market with large capital needed and not leveraged to make money
Taxes are a real killer when it comes to cashflow. Great video Kevin!
Very intelligent approach. I’m glad there is an honest person giving a real perspective and speaking from experience. Thanks
I actually loved the credit card video 🤷🏽♂️ you either enjoy the cards or you don’t lol
for sure, used to hate credit cards but now that ive seen the benefits of cash back (everything is 3-5% off like whaaaat) im always looking for great advice on new ones, and once im traveling more for business the cards kevin mentioned are going to be SUPER helpful
I also liked the cars video
This video Def deserves that 1/10!! Great effort pushing out another one today
The worst that ever happened to me all through 2020 was neglecting Investing my money in crypto. Because so far it has proven to be the best.
I make huge profits on my investment since I started trading with Mrs. Eike crista, her trading strategies are top notch.
I invest with Mrs. Eike Crista too, she charges a 20% commission on profit made after every trading session which is fair compared to the effort she put in to make huge profits.
This is not the first time I am hearing of Mrs. Eike crista and her exploits in the trading world but I have no idea how to get to her.
As a first time investor I started trading with Mrs. Eike crista with just a thousand bucks. my portfolio is worth much more than that now within just weeks of trading with her.
With the consistent weekly profits I'm getting investing with Mrs. Eike Crista, there's no doubt she is the most reliable in the market. such a genius.
You are the man! Keep up the amazing content! It takes time for gold to clear through the mud. Your channel is gold! Keep up the good work!
Wow super interesting stuff, I always came from the mindset of creating passive income IN PLACE of your current work income so I could be financially free.
I kinda already know your answer to this, but what's your opinion on retiring early from the cash flow of your investments vs. building net worth overtime (like the strategy you're using)? Just depends on the goals of the individual?
Thanks Kevin
Omg...lmao had to back it up to watch your microexpression "not slamming Cardone Capital" that's why I love you Kev...so freakin funny! and smart of course love ya bro! And I listened to your credit card vlog just saying...and this info is gold too
Man nice video Bro, love the music and the editing.
You hit the nail on the head with folks wanting cash flow now vs increasing their net worth. Right now dividend investing is so popular and I cringe when folks show their dividend income when they are under 10k.
im not trying to slam cardone capital **pause**
@jay c I’m allergic...
Yea he’s a fucking troll
😂😂😂
First! Besides Kevin. Cant wait to finish the video! And to start your course!
I LOVED THAT VIDEO!! @meetkevin Literally it was a lot of GREAT information! If you havent seen it... it's a MUST WATCH!
Call Kevin the TH-cam finance commmunity equivalent of Mike Trout the way he knocks it out of the park consistently.
Wow I just realized you have 171000 subscribers! Love your content, keep going and you will be HUGE!
I liked the credit card video. Maybe the title wasn't great.
Great video here too. I'd retire yesterday if I could, so I always focus on cash flow. But I'll definitely rethink my strategy on my 5- and 10-year plans.
MK is brazenly flaunting click bait headers, but I love your channel! Your insights are correct detailed practical and well articulated, as is this one. I wrestle with the cash flow vs reinvest balance.
Hi Kevin, love your channel. What would you suggest as the best strategy in places where there's no 1031, like Europe?
Awesome video. How do you feel about taking out a HELOC on a house that's completely paid off in order to make down payments on additional properties?
Kevin, your material is always spot on. Thanks for converting me into a a well disciplined and investing mindset. Can’t wait for the future.
You always change my perspective on how I view commonly excepted ideas around money. Thanks for the video.
PS: I enjoyed the credit card video as well as this one
Hey Kevin, just want to say how much you amaze me with your knowledge.. especially at 27! Really impressed. Have you ever done a video on who your mentors have been? Would be interesting to hear. Thanks for sharing all of your insights. Paul
RLTW!
@@rentalrangerpropertiesllc411 Yes!
A lot of great points and ideas to consider and act on.
I would just add that as someone whose experienced good and bad times build both your net worth and your cash flow up. Having passive income is almost like having a disability insurance to a degree. When I wake up and know that I'm going to make money due to cash flowing investments and businesses I 1) feel more prepared (confident) 2) improve the quality of my life now AND when I retire.
Watch your videos every morning Kevin! Thank you. 🙋🏼♂️
I love when everyone mentions Texas lol makes me proud to live here
Holy smokes... I did not expect that!
No state income taxes in Texas but a client of mine who’s moving from Houston to CA told me his property taxes in TX are 3.4%!!!!!!!!!!
compared to 1.25% property taxes in CA, that's 2.15% higher. on a $500K house that's $10K which is the same as paying state income tax for a $120K salary. then add the increased insurance cost due to tornadoes and hurricanes.
Kevin made me LMAO a few times in this one. Great info and entertaining. Gotta love this guy.
Hi Kevin, what about depreciation? Wouldn't that help with reducing the tax on your rental income? Thanks!
He'll have used up all his depreciation if he keeps 1031ing his properties for 27.5 years.
I really liked the credit card video, keep making great content Kevin, don't worry about the views.
You've given me a lot to think about in this video. Awesome stuff 👍
At first I just kinda enjoyed the vids but after seeing that stack of 1M GP in the background I had to subscribe! Keep up the awesome content Kevin!
I like your 1M osrs poster in the back. Working on my first deal now, love the vids
As someone researching to get into real estate investing in the next few months, this was pretty confusing. I will definitely need to watch this a couple more times to get it all together. Good job though!
Kevin is the man i did we hes saying about the equity and no cash flow, If someone is starting out with zero money low monthly income, partner up and buy a duplex thats outdated in a great neighborhood. I did the same bought at 420 @3.5 fha ,house behind us sold for 670 but was updated to the T. We spent 2 years updating now our place is worth about 550. We will be pulling out about 100 and putting down 40 on another duplex ,using fha on the other partners credit next year.(the one with the highest income qualified for the loan by himself, my wife is on the deed though/ thats how we can do another fha and move to the new duplex) In 3 or 4 years down the road we will leave both duplexs we started with and each will buy a single family(for our familes) with inlaw to rent out (house hack) and we will have 6 passive income streams (rentals) and thats about as far as weve gotten lol. Not bad coming from the ghetto, level up or stay broke haha.
Smart stuff good sir. I enjoy your videos at 5am with a biscuit and coffee.
Bro legit changed my whole financial mentality with this video. Makes ton of sense. Thanks a lot Kevin!
most bank will finance the least between 80% of the value of the property or the the max ratio of the profitability of the building. So if you are buying a building below market value with not good income, you can use the cash flow from other building to compensate. So cash flow can help you increase your wealth. Another point to add is if you already have high income adding cash flow will be tax higher, you better off in that case with increase in value of your property but for someone that want to stop/reduce working cash flow is great.
Thinking of getting into the real estate sales course soon. Is it a one time fee or recurring monthly fee?
Best advice of 2019/2020. “Dying isn’t a tax strategy”
That pause.... after cardone capital was great! 🤣
Risinger did another video on that house. I would love to see you do a review on it.
Back to the good stuff. Thanks!
Also what do you suggest you do with the cash flow if you have it? Reinvest and build wealth and refi if you need cash?
What about depreciation? Why are you paying regular income taxes on rental income?
Yeah good point
Yeah shouldn’t the units be in an LLC?
he clearly needs to fire his tax advisor
@@korupt3dttv691 You sound like a finance genius...so what is your net worth, and what is your cash flow?
@@Words-of-encouragement.-. cash flow from what? Rentals? Business verticals? Stock Dividends? Passive affiliate cash flow? Royalties? Total free cash flow per year? Per month?
I thought you could depreciate the property for 27.5 years decreasing the taxable amount, therefore not get taxed on the cash flow?
There's several ways to not get taxed on your cash flow
Yep, Kevin is the only person I know of who doesn’t care about cash flow. Net worth fluctuates literally by the second and is purely opnion based. What happens when the economy sinks you think people give a shit about their networth? Nope it’s all about how much is coming in and what’s going out. Cash flow is EVERYTHING especially in RE. Only the suckers gamble based on appreciation.
That's not quite how depreciation works. First, cash flow is the amount of cash left over after all of your expenses. But it's not your taxable income in part because the principal payments on the loan are not an expense. Yes, the property should be depreciated, but that depreciation amount may or may not wipe out the taxable income.
This is true. I have an $800K building that cash flows $25,000 a year but has a -$2,500 taxable loss from depreciation. We also build $15,000 a year in equity through loan amortization and probably $15,000 a year in appreciation.
I love depreciation
This channel is a gold mine
Great video Kevin. I learned something today, yay!!
Two videos in a single day?!
Kevin's gonna have a heart attack from all this coffee (we hope not)
No taxes doe
Slayer1443 coffee > taxes
I watched your last video.. Loved the info!
Awesome video, this is great as far as wealth building, please share with us your plan as far retiring and portfolio goals 🙌🏻
Also this is great as far as general retirement wealth but how does Ben Mallah or Manny Khoshbin have access to so much cash with buying 16 to 35 million dollar homes and having 32 million in cars? Is it all from investing in the next property- 1031, then refinance to support their lifestyle? I’m interested in real estate and general wealth building but like any teenager/young person want to understand how you reach baller levels of lifestyle.
Ooooohhh Kevin you sneaky clever little bugger!! This video turned my head inside out but I love it!!! Thanks man!
Thank you for the sincerity in that!
Meet Kevin honestly dude, it’s genius! I am an engineer by profession so I am slow to grab finance but I am sure your course and your videos will make me financially smart soon.
Thanks a ton again for putting in the effort and making these videos.
I liked the credit card video. This was a good one to Kevin. Keep it up
Great video Kevin.
I need to take the courses...btw, the closing music bangs 🎶
thank you for your video to be honest it gave me a new perspective at investing, although Kevin i don't agree with you 100% for my own case.
first of all i'm from Saudi Arabia and we only have vat taxes here so if i get million dollar or 1 dollar in cash flow its all tax free so no income tax no property tax, for the mortgages its not so different except i can get fixed rate on more than 4 unites there's no limit really. i thought you should know that ahead
and the second thing -and i apologize if that's not your point i was playing the video in background - i see a better strategy is to buy a good deal and for me its apartment buildings and just add the cash flow to the savings until the next and so on until i reach my goal of cash flow then i work my way down to pay them off. that's my plan so far
so my disagreement was with the 1041 exchange and its mostly because of where i live but not totally i still thing have more property is better at first than going up with just one
This is good, I am in the situation to have high salary and high rental income. I was wondering how to handle this situation. Now I know.
Loved the example about why more net worth equals more cash flow.
I understand the benefits of leverage but I also see it as Golden handcuffs. The more bank leverage you have, the more risk and that forces someone as an investor to keep working a 9-5 job.
I'm getting ready to purchase my first home, which I intend to live in and rent out rooms to help cover expenses. Most everything I've been researching talks about choosing a property that will cash flow if fully rented out, but I worry about being able to identify one, especially in SoCal where prices are so high.
Recently I started thinking I should just get myself a property that's a good deal considering the current market, and not stress so much about cash flow. And it seems this video supports that idea.
What are people's opinions on finding a place that I can live in/rent rooms where estimated rental income covers 40-60% of my total expenses? Seems achievable right?
Generally speaking, SoCal is a tougher market to find good deals in but they’re definitely still out there. The ideal situation is to buy an undervalued home and rent out the extra rooms. Good luck!
On a paid off investment property, what is a better strategy - Refinance or get home equity loan and why?
This guy is incredible, i can't stop watching his videos
In France, we have a different approach to this question. Principally because it depends on the way we are taxed.
In order to have a business in France, even a side hussle, you need a company. That means that you either have a salary (you basically give more than half of what you get to the governement but you have access to social security etc.) or you pay yourself in dividends (you can do both). But with a holding company, you can invest your profits by paying less taxes on dividends (the flat tax is 1.5% instead of 30%). So if you want to invest more than 3.5% of your profits, a holding company is a better solution.
Now that this is cleared, We don't have the 1031. So we have to pay taxes on the profit made when selling a house, when recieving dividends from external companies, or on rent. Selling a house becomes more expensive than in your country. Cash flow becomes almost as important as equity, you will always pay taxes. The only reason why equity could become more interesting is if your company moves to a lower taxed country, but in order for it to be legal, you would need to move with it. If you stay in France, you will always be taxed on profit, but reinvesting it is way more interesting than spending it.
Hi Kevin, I enjoy your video's. This one though shows our separation of values from each other. In your video, you did not take in consideration the un earned increment of real estate vs the investment through stocks the market. Both though have upside and downside potential, It all depends upon when you sell them, that's all. For myself, I will always be relatively poor, and its not because of the cash flow, but more that I am always saving up for the next home to rent out. It took me 15 years to pay off the first 3/2/2. That was the hardest. The next one has taken about another 13 years. The third one now is about 10-12. Things are much easier now for me, and I no longer worry the night away when I go to bed at night. Maybe now at 53, I can catch a woman and have a family for myself- although I am turning into a old man now. Good luck Kevin.
Awesome video. Forget Netflix. I'm binging your videos. Thanks.
So many golden nuggets in your videos. Do your courses talk about retirement strategies like this?
If you are solely focused on building networth. How are you paying for bills and monthly expenses if your cash flow isn't strong
Kevin, who do you use for home insurance? We use Liberty Mutual which offers good coverage and the lowest rate, but the rate keeps going up every year! Never had a claim.
Extremely informative video! Thank you Kevin
Hey Kevin what are your thoughts on this Cali market ? Will it dip I’m trying to buy low for my first investment property
Good video that's why dividend stocks should be kept in a Roth IRA and have growth stocks on a regular investment account
Keep up the credit card videos, I watch them and they are rather insightful.😎
You have completely changed my perspective. Just wow.