Hey guys retired at 40 I’m going on a little road trip today just me and Murph and last week I reached a milestone on my channel and I hit a million views total and 10,000 subscribers in the same week since I’ve been getting requests for quite a long time about how I retired at 40 and I’m on a long road trip right now I figured what better time to share the story so without further ado here’s the retired at 40 story so before I get started I want to say that this is not in any way a brag story in fact I’m definitely not a showy type guy I enjoy very simple things in life and money to me is more of just a vehicle to be able to retire young and have my family live a comfortable and an easy life and to be able to enjoy lots of life experiences and be comfortable in life before I’m old and gray so really the journey began in about 2002 graduated from Iowa State University with a degree in marketing and business and by that point I have met my wife Kelly she had already graduated from school and she was kind of waiting for me and we wanted to move west out of the Midwest to move west see some new territory and get closer to the outdoors so I grabbed my degree ran out the door packed up my 1987 Ranger fully equipped with eight foot hay racks full of all of my personal belongings and we drove to Littleton Colorado and at this point in my life I had $200 in my pocket and Kelly had about the same so being completely naive and basically completely broke but with a degree I was on the search for the best suit and tie job that I could possibly find so I bounced around for a couple months just working some kind of halfway jobs and I quickly realized that I did not want to wear a suit and tie and I wanted nothing to do with the man and working a nine-to-five job well Kelly had found a job in a real estate office working the front desk and she had become friends with a couple of the big-time Realtors there one of which you caught wind that I had some handyman type skills but he made me a deal that if he paid cash for a house and I fixed it up that he would split the profit with us 50/50 and at this point in my life all I saw was dollar signs if I was completely blown away that there was someone that could pay cash for a house this is coming from a guy who had less than $200 in his pocket at this point it was pretty much scraping by I tried to hold back my excitement to him but naturally I said yes please let’s do that I was working the graveyard shift at Target stocking shelves I’d worked for 10 hours I would go home grab a little bit of breakfast and I’d head over to the property and work on it for another five or six hours I try and catch a few hours of sleep and then I would rinse and repeat it was at this point in my life that I learned a few different things one you really have to dig deep to reach your goals in life because I was not getting paid by the hour and at this point I didn’t know how much money I was gonna make I didn’t know if I would make $500 when this was all done or if I was going to make $5,000 when this is all done so I learned that a lot of things that can benefit you financially you have to put in the work upfront without knowing what your final outcome is going to be after about three months which seemed like an eternity of working seven days a week for sometimes 15 sometimes 20 hours a day on this house the house was ready to go on the market and it was all finished it looked great and then before you knew it it’s sold and then the house closed and at this point I still didn’t know what we were gonna make off it but for me it didn’t matter the hard part was done I didn’t have any of my own money into it I just had my time basically so the guy we were doing the investment with hands me an envelope and I opened it up and at $8,000 being twenty-two years old and having $8,000 I might as well have hit the lottery and that brings me to my second valuable lesson that I learned and that is being responsible with money so when you have $8,000 and you’re 22 years old a lot of people would go buy a new car they’d go buy some flashy things some pretty things but to me I had realized that if I can make $8,000 once I can make $8,000 again and again and again and again so I can either go p*&% the $8,000 away that I had worked my a#* off for or I can take that $8,000 and do exactly what he did but do it myself and potentially make twice or three times as much money so my wife being in a real estate office we became acquainted with quite a few smart people financially smart people we learned a lot about real estate very quickly because we were willing to learn which is my next valuable life lesson is that you never stop learning so we took our $8,000 we put a small down payment on a condo in Littleton because we realized that giving someone else our money was you might as well be throwing it away we wanted to be working towards something and it own something on our own so we took our other four or five thousand dollars and we started our search for a real estate investment that we could do all of our all on her own and get a hundred percent of the profits so after some searching we did find a place we found a small town home it was not in as nice of area as we were living it was smaller it needed lots of work but that takes us to our next light life lesson that we learned and that is to sacrifice for a greater payoff in the future so we had only lived in our condo for a very short time but we realized that if we moved into the real estate investment that we could rent out the place that we are living at and move into the place that we were fixing up that we’d have to be paying a mortgage on anyway we had our first real estate investment and we had our first rental so being 22 years old and owning two properties and carrying two mortgages and at this point I’m still working at Target was a pretty scary proposition in life but all I could see was that $8,000 check they had started to change our lives I also want to point out and kind of give a shout-out to my parents and to my wife’s parents because neither one of our parents ever handed us anything in life they always made us work for what we achieved in fact when we move we tried to convince my parents to co-sign on our mortgage for the condo that we bought and they said no way at the time I was very very mad at them and I thought I would never forgive them in hindsight it was one of the best things they’ve ever done for me because it just made me have that fire in my belly and really just want to work to get what I wanted so back to having two mortgages that was a completely scary thing in my life I was making something like 10 dollars an hour at Target I think Kelly was making $13 an hour at the real estate office she was working at we could barely afford the condo we had but now he had two.
God bless the banks lending money to anyone at that point on the very plus side of that we learned that someone else can pay our mortgage and we’re basically getting that money for free and then later we figured out that there are many many many tax benefits and huge benefits of owning a rental property so we quickly learned that trying to pay for materials and the things needed to fix up an investment property on just barely over minimum wage is not easy to do the thing that happened next couldn’t have come at a more perfect time so all of a sudden I had money to spend to fix up this house and it would just get me to that next big paycheck that much quicker so that’s what we did we fixed up the house we doubled our money we rolled it into the next one so we kept bouncing from house to house quite a few times and that sacrifice of from going from a nice house to live in to going to a crappy house to live in to fix up to making it nice again to going to another crappy house to fix up it became pretty stressful but we always had our eyes on the prize “are you still with me Murph?” after doing this two or three times I remember getting a check for the last one and the check was forty one thousand dollars so at that point it didn’t make sense to work at Target anymore so I just started doing it full-time but we never took the big proceeds from the real estate and put it into our actual living we always rolled it into the next property and that kind of gave us the baseline of even how we live today we always live well below our means we take the money that we make and we put it into things that will make us an income not into something that will lose us money but you do have to treat yourself every once in a while otherwise there’s no reason to make the money in the first place Kelly saw many of the high producing Realtors making large amounts of money so she decided to get a real estate license and she created her own real estate business so now we really felt like we had the world by the balls because we were getting paid a commission to buy the property and then we were saving half of the Commission when we sold the property and I was fixing him up so we just get rolling our profits in rolling our profits in rolling our profits in until family we were able to buy a house and now that we could get a house we were playing with the big boys the profits were much larger but so was the risk and we really didn’t want to lose all the way it worked for for the last couple of years so we did a few houses and we made some great money but instead of selling them and pulling out our profits we kept them as rentals and it was at this point that we really started building up our rental inventory at this point it was about 2006 or 2007 and real estate was starting to slow down a little bit but we have purchased a large house I’m a courage that was really a big risk for us it was a large house to fix up it was our biggest project for sure it took us the most money to fix it up and we had the most money into it so we lived in this house for about 8 months while we were fixing it up and we kind of decided after doing about 12 properties that the moving all the time was starting to get kind of old and we were kind of getting older ourselves and we decided that we wanted to have kids and kind of settle down a little bit Murph are you with me? sometimes I feel like I’m just talking to myself so after the eight months was up we finished the house we sold it and shortly after the real estate market completely crashed the bubble had burst and Colorado was one of the hardest hit States we got out of the house just in the nick of time and not only did the real-estate market bubble burst we found out that we couldn’t have kids and it seemed like a real low point in our lives but around 2007 when all this happened we realized our next lesson with every negative there is a big positive that can be gained from it and you can just use it as fuel for your fire so the recession was tough we thought our great life had come to an end we thought we were gonna have to get regular jobs you know people were losing their jobs left and right people were losing their houses Colorado was hit very very hard one of the worst states during the recession and we learned that what goes up must come down and in this case it came down hard in many cases not just real estate when things are bad that’s the time to invest and if you’re smart with your money and you’ve been saving while everyone else spending that’s the time to benefit though from about 2008 to 2012 we were buying rentals so we were able to adapt I started doing contracting because that’s pretty much what I was doing before but now I had to be doing work for someone else and Kelly’s always been a mover and a shaker and even a bad real estate market she was able to keep her business moving we were buying things for pennies on a dollar and even though we were not making great money and in some cases losing a little bit of money on rentals we were able to stick it out and after lots of lots of years of lots of lots of heartache and lots of lots of doctors we were able to have two boys so about 2014/2015 real estate started creeping back up again prices kept going through the roof and just when he thought it was the peak they just kept going up stuff was flying off the shelves you could list a house and it would have multiple offers within 24 hours so we had about age 35 we were completely debt-free we had several rentals that we were cash flowing we didn’t owe any money on the rentals so all that money was just rolling into a bank account when you have no bills and you have an income coming in your net worth starts to grow very quickly so we rode out the storm Kelly’s business was doing great my contracting business was doing great we have liquidated a lot of our real estate in Colorado we had capital to play with we had two beautiful young boys and then I fell to my knees crying like a little baby I had herniated a disc in my back and I was on a walker for about a month contracting for me was out of the question I didn’t even want to think about picking something up so I took some time off and I raised our kids which at first I thought would just be for a few months and then a year passed and then another year passed and I decided that I kind of liked it we had rental income coming in Kelley’s business was doing better than it had ever been in fact she had started her own she had several people working for her and just as a little side income I got to do what I love to do which is antiques I was just buying and selling antiques so we were trying to be very strategic at this point because we owned a fair amount of property in Colorado but we knew that our ultimate goal was to retire at 40 and at the rate things were going up we didn’t want to sell too early because we didn’t want to miss out on that upside but we didn’t want to sell too late because we didn’t want to risk the chance of taking a step back so as some regret we sold the majority of our properties in around 2017 but this was a game-changer because we were able to make cash for every rental that we purchased so we loaded up on rentals in Iowa we actually purchased our property that we’re going to move into which is actually where I’m headed now and that kind of brings us up to speed to current date I take care of our 10 rentals which keep which keeps me pretty busy just in itself i buy and sell antiques i get to see my kids all the time we have a good rental income coming in now we do youtube oh yeah we also do a couple fix and flips every year Kelly has her real estate team with about 10 employees and in June of 2020 we’re going to retire at 40 so all in all life is great I have a wonderful family I have enough assets and passive income to live a comfortable life
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No one is successful alone. We all need help. So even if you’re in a career you love and you’ve got a great job, if you don’t have a strong support network, then you’re missing the number one asset you need to be successful. Today I’m talking about what makes up a strategic support network, and how to get one going. Let’s get started. Hi. I’m Mel Savage, founder of The Career Reset, where my goal is to help you end needless career suffering, and create a career that makes you feel confident and powerful and excited to get out of bed in the morning. Check out my free tools and course and coaching options at thecareerreset.com. So I know a lot of you are like, “Yeah, yeah. I have a good relationship with my boss and people like me. I’m good. I do not need a support network.” And if that’s you, that’s great that you have all those things.
But it’s a very passive way to handle your support network, and you’re selling yourself short. By being less passive and more active with your support network, you’re taking control of your career and accelerating your ability to grow. You will get more opportunities and faster growth if you actively pursue a strategic support network. So here’s what I’m covering today. Number one. What makes a support network strategic, and why that’s important. Number two. The big three pillars of a powerful and strategic support network. Number three. Where is the best place to start with all of this? Lots of good stuff in this week’s video, so let’s start with what makes a support network strategic and why is that important. So strategic is kind of a fancy-shmancy intimidating word that people use that really just means staying aligned with a purpose or a goal. And I don’t mean your life purpose or whatever, I’m talking about a purpose.
So if your purpose or your goal is to get a dream home in a specific neighborhood, what strategic actions do you need to take to get you there? For example, get clarity on what makes a dream home a dream home for you. Hire the most connected agent in the area. Send out feelers or plant seeds with people you already know who live in the neighborhood. Right? Those are three strategic ways to go after getting your dream home. So to get strategic with your support network for your career, you must know what your goal is. Right? Get promoted to a specific position, find a job at a specific company, et cetera, whatever that is for you. And then, your purposefully build a support system to get you where you want to go so you can get there faster, and without making as many missteps along the way. Now let’s talk about what goes into this strategic support network. And for that I had developed the three big pillars. They literally spell the word big, so dead simple for you to remember. And the three big pillars are backup, influence, and guidance. Now the first pillar is called backup because it’s for when you need backup, when you need a wing man or someone you trust to kick your butt to do something.
Maybe someone to come to an event with you, or maybe just an apathetic ear to listen and understand what you are going through after you’ve had a hard day or an embarrassing moment. Or even a completely unbiased voice to push you to do something that you’re struggling with. So this can be people like close friends, a family member, a work buddy to go to an event with, or even a coach as an unbiased voice. The key is to have someone who’s on your side and has your best interests at heart. The next pillar is influence. And these are the people who have influence over you achieving the goal you’re going after. And there may be lots of people in this case, but you’re going to go after the top ones that are the most meaningful ones to you. Some will be key people you work with or who work for you, some will be senior people or seasoned people who could influence the decision-makers for what you’re going after, and some might be even a critic of your work.
Right? In all cases, you want these people to see you at your best. And the final pillar is guidance. These are the people who help you avoid the potholes, and help you understand what you need to do to reach the goal you’re going after. Right? These are your mentors or even a career coach. I know that sounds like a lot of people, and it might be, but once you have it all planned out and you know where your priorities are, a lot of this can be integrated into what you do every day. So the next obvious question is, where is the best place to start? And I’m going to give you an ambiguous answer. I recommend starting with your biggest need. So you have your goal and you’ve identified what you need to do to get there, and decide what you need within those three big pillars of your support network, and then you can start. You can start with your biggest gap, i.e. you need to get a mentor to guide you on the major skills that you need that you’re going after.
Or instead of going after your biggest need, you can decide, “You know what? I want to build up some momentum by tackling some of the smaller stuff first.” I don’t really think you can go wrong. As long as you keep your support network top of mind and are actively and purposefully strengthening it, you’re doing great. If you want to learn more about building a strong support network and creating a powerful career plan or a career that you love, then get my free download Get the Career You Want, the six step by step strategies to confidently making your perfect career move.
It’s not just about rebuilding your entire career, it’s focused on giving you the step by step framework for building that wildly successful career that you love. So get your hands on that. You can get it in the description or at my website at thecareerreset.com.
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Oftentimes people tell me, “You know, I don’t have any money, so I really don’t know where to go. I don’t know what to start, I got to wait to have a lot of money before I begin.” That is the biggest mistake you can make. So let’s say you’re a young millennial or even Z generation come along and you’re saying, “I really want to be financially free but I don’t have any money.” You don’t need a lot of money.
You have the greatest gift on earth: time and compounding. When they asked Warren Buffett, “What made you a wealthy man?” He said, “Good genetics, time and compounding.” So what does that mean? If you could commit at 19 years old to just put $300 aside, forget the $1,000, yes, you can invest $1,000, but what you want is consistency. Let’s say you put $300 a month aside. It might sound like a lot to start with, but you’ll get used to it. You get it so it’s automatic deposit, let’s say it goes straight in the market. And the market over 100 years has gone up 10 percent over recent years, let’s say 8 percent compounded. If you take the lower number, the 8 percent and you only go to twenty seven years old and you stop, you’ve put in roughly $38,000 into that. It’ll grow to $million dollars. That’s the power of compounding. You put a little in and you got a huge return because you had time. If your best friend comes in and says at twenty seven, when you stop investing, “I’ve never done this, I should do it.” And they put 300 dollars a month in every year ’til they’re sixty five have less money because you have a little more time.
They’ll have $million dollars. Still not bad. They only put $150,000 in over a lifetime and they got $million. Pretty good deal. That’s what compounding means. You’ve got to get in the game. You’ve got to become an owner, not a consumer. That will change your life. .
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Becoming a millionaire and being able to live the life you want is a dream for most, and achieving this by the age of 30 can seem like a wild fantasy. While everyone has a different journey and there are no guarantees in life, utilizing these tips will go a long way toward helping you crack those seven figures. #1 Ditch the steady pay check. Wealthy people are typically self-employed and determine the size of their own pay check. It’s not that there aren’t superstars who punch a time clock, but for most, it’s the slowest path to wealth, promoted as the safest.
The great success stories know that self-employment is the fastest road to wealth. While the elite continue starting businesses and building fortunes, average people settle for steady pay checks and miss out on the opportunity to accumulate great wealth. The masses almost guarantee themselves a life of financial mediocrity by staying in a job with a modest salary and yearly pay rises. #2 Don’t show off—show up! True success and wealth aren’t represented by your latest gold watch or fancy sports car, especially if they’re leased or put you in debt. These things may create a superficial image that makes you feel good about yourself, but time will erode this when debt eats into your wealth and you cannot sustain the lifestyle you’ve tried to adopt too early. Many a millionaire has stated they’ve been driving an old rust box well past their first million, but have upgraded when they can pay cash. Be known for your work ethic, not the trinkets you buy! Show up, work hard, and be known for what you achieve; the money will follow. #3: Money doesn’t sleep. Money doesn’t know about clocks, schedules, or holidays, and you shouldn’t either.
Money loves people who have a great work ethic. If you want real success and wealth, you’re going to have to make sacrifices like foregoing some social events and putting in the hours. With the ability to utilize the internet for marketing and making money, time zones and geographic locations are no longer an issue for entrepreneurs with a dream anywhere. #4: Avoid debt that doesn’t pay you This is a shift in mindset in how you think about money and whether you buy luxury toys or utilize money to make money. Make it a rule to never use debt that won’t make you money. The wealthy use debt to leverage investments and grow their income streams.
Poor people use debt to buy things that make rich people richer! Get your money to do the heavy lifting for you. Investing is the ultimate road to becoming a millionaire and beyond! You should make more money off your investments than from your work. Many successful entrepreneurs outlay thousands of dollars in cash to get their start-ups off the ground and report making that money back each and every month for many years. Investing is the only reason to follow any of the other steps and make your money work for you, rather than you working for your money. #5 Focus on money and make it a priority. While it sounds superficial, it is a harsh reality.
To get rich and stay rich with metals, you will have to make money a priority. Ignore it, and it will ignore you. Rarely can you just focus elsewhere and hope the money will find you, as you need to be making decisions based on what is most beneficial to your business or situation. Without focusing on these decisions financially, you had better find fulfillment in other areas of what you do. You can still be ethical and conscious of your customers or the value you provide, but keep the money in focus if your aim is to be rich. #6. Invest in yourself. You don’t need a formal education to start your own business and make millions, but some form of education certainly helps to understand how to run your business! Even through self-education online, knowledge is power and helps you make better decisions, which in turn affects your wealth. Some form of education is a highly valuable investment in ourselves.
Statistics show a strong correlation between education and wealth, and it can open the door to many opportunities. Even if you can’t start your own business right now, being educated and working for someone else on a decent salary can help you build some capital to invest. Keep in mind that many entrepreneurs don’t even branch out on their own until later in life, so don’t feel like you’ve already set your path. But if you want to be a millionaire by 30, you really need to ditch the steady pay check and take that risk head-on.
Fortune favors the brave! And finally, #7 Don’t be poor! Fight for it! Work harder! A lot of us have been poor; it’s no way to live. Everyone has different circumstances and is dealt different cards, but don’t let an excuse be your defining legacy. Fight for it! Eliminate all ideas that a mediocre life is somehow okay! And to close out with an old expression: “It’s not your fault if you’re born in the gutter, but it is your fault if you die there”.
Now go out and get it!
Now go out and get it! .
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