Great job on the show. I'm in MT also, Helena. What neck of the woods are you in? I would love to connect with a like minded individual and learn about real estate, if you'd be willing. I currently only have a brokerage account on my FI journey.
I love hearing about those who FI young. It shows a lot of intentionality and thought. I have a similar story buying a dumb car young, turned it in and started pursuing FI. Looking forward to finishing!
I did similar... bought 2 old beach cottages cash deals..... Same as guest ... then i saved 4 times my monthly burn (normal living with fun) every year from my salary... I maxed out after tax mega back door Roth.... [awesome benefit] Only possible on high salary.... Got to FI.... Then waited patiently at my high income job for a severance package because my employer did every few years layoffs... 5 years later...jackpot... am RE.... my amazing severance package covers 4 years monthly burn to top it all off... Corporate careers need to be optimized & strategized to our highest advantage & benefit...
If you are just coming up, one of the things that can’t be ignored about almost all of these stories is that every one of these people put in major sweat early on to get there. Often at moderate paying jobs, blue-collar jobs, they paid their dues. They didn’t look for shortcuts and honestly, I think that that’s what builds the character to be able to do what they did in the next phases. People want to skip part one, but the grind is what builds the attitude and desire to get out of the rat race eventually. My two cents
@@yurt8522 totally agreed. There's definitely luck involved. As well as help from others. I was more talking about how the work was sweaty hard work, not "fun" work most of the time.
I went to China a few decades ago when apartments were cheap ....bought a few places via my wife ... made 13-14x ... moved back to the west ... with about 3 mill ...etc ...
Hey Scott and Mindy -- here's the nerdy math on starting a business, which relies on the binomial distribution. Assuming that 90% of businesses fail, and assuming that you start 10 businesses, you'd have a 65.1% chance that one or more of those businesses would be successful. In reality, however, your chances of success would almost certainly be higher, since you'd learn from your failures and thereby improve your odds of succeeding on the next attempt. 🤓
I think when you have a limited salary, you may have to take calculated risk and throw the ball deep. I recall being so conservative when I was younger…
I think TH-cam business is better done part time over a long period of time rather than full time over a short period of time. It can take years for TH-cam channels to grow. While growing a channel think of developing a product you can sell so you can make money from the channel faster without needing to make add revenue.
Perhaps I missed what part of MT he is located in. I used to practice in Billings and have kept an eye on the market but everything always seemed overpriced if I wanted the property to cash flow. I must have been wrong.
If he were to quit his job how long would it take him to find another one? Probably not that long. Just because someone leaves the workforce it doesn't mean you can't return.
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Huge thanks for having me on the show. And more importantly thanks for all that BP does!
Great job on the show. I'm in MT also, Helena. What neck of the woods are you in? I would love to connect with a like minded individual and learn about real estate, if you'd be willing. I currently only have a brokerage account on my FI journey.
I love hearing about those who FI young. It shows a lot of intentionality and thought. I have a similar story buying a dumb car young, turned it in and started pursuing FI. Looking forward to finishing!
I did similar... bought 2 old beach cottages cash deals.....
Same as guest ... then i saved 4 times my monthly burn (normal living with fun) every year from my salary...
I maxed out after tax mega back door Roth.... [awesome benefit]
Only possible on high salary....
Got to FI.... Then waited patiently at my high income job for a severance package because my employer did every few years layoffs...
5 years later...jackpot... am RE.... my amazing severance package covers 4 years monthly burn to top it all off...
Corporate careers need to be optimized & strategized to our highest advantage & benefit...
If you are just coming up, one of the things that can’t be ignored about almost all of these stories is that every one of these people put in major sweat early on to get there. Often at moderate paying jobs, blue-collar jobs, they paid their dues. They didn’t look for shortcuts and honestly, I think that that’s what builds the character to be able to do what they did in the next phases.
People want to skip part one, but the grind is what builds the attitude and desire to get out of the rat race eventually.
My two cents
Thanks for your comments. 100% sweat equity. haha
I think you’re omitting there’s also a HUGE luck factor . Hard work plus luck . Let’s stay modest ❤
@@yurt8522 very true. Finding deals that you can afford and the numbers work takes a lot of luck
@@yurt8522 totally agreed. There's definitely luck involved. As well as help from others. I was more talking about how the work was sweaty hard work, not "fun" work most of the time.
I went to China a few decades ago when apartments were cheap ....bought a few places via my wife ... made 13-14x ... moved back to the west ... with about 3 mill ...etc ...
You can make your business a success just choose something you are most passionate and excited about
Hey Scott and Mindy -- here's the nerdy math on starting a business, which relies on the binomial distribution. Assuming that 90% of businesses fail, and assuming that you start 10 businesses, you'd have a 65.1% chance that one or more of those businesses would be successful. In reality, however, your chances of success would almost certainly be higher, since you'd learn from your failures and thereby improve your odds of succeeding on the next attempt. 🤓
Thanks for this! His "starting 10 businesses... statement" almost broke Scott's brain.
Can you please create chapters?
I think when you have a limited salary, you may have to take calculated risk and throw the ball deep. I recall being so conservative when I was younger…
Damn i feel so old now i feel like im 22 but in reality i graduated in 2006 😅
I think TH-cam business is better done part time over a long period of time rather than full time over a short period of time. It can take years for TH-cam channels to grow. While growing a channel think of developing a product you can sell so you can make money from the channel faster without needing to make add revenue.
This was a great episode!
Which of the 3 options did his boss choose?
Perhaps I missed what part of MT he is located in. I used to practice in Billings and have kept an eye on the market but everything always seemed overpriced if I wanted the property to cash flow. I must have been wrong.
Leverage is everything lol
If he were to quit his job how long would it take him to find another one? Probably not that long. Just because someone leaves the workforce it doesn't mean you can't return.