Unless you have a net worth of at least $20M, what in God’s name are you owning a house for? Let’s talk about getting more money from your money. Michael Young started his diverse real estate career right after graduating high school. His original training was working in his family real estate business where he was part of developing apartments as well as responsible for the sales of hundreds of homes. After being Top Agent for Coldwell Banker for many years, he established his own company, Princeton Pacific.

[00:01 – 05:22] Opening Segment

• Paul gets right into his background and what he learned from selling his home
• Fiction vs. Reality - let’s look at the numbers
• The opportunity loss from Michael’s transaction 

[05:23 – 08:37] Fiction vs. Reality - The Numbers Don't Lie

• Calculating the cash-out ReFi
• Reality check - why are you owning a house?
• Total amount Paul could have made

[08:38 – 16:58] Buying Toys Won't Pay You Back, Assets Will

• The effects of delaying gratification
• Example from a friend who bought an expensive car
• What I will make on the Cleveland Deal
• Your money should be in assets, assets will pay for your toys
• The type of assets you buy matter
• Cash-flow and scale 

[16:59 – 17:50] Summary

• Final advice, and words from me Michael 

Tweetable Quotes:

"Unless you have a net worth of at least $20M, what in God’s name are you owning a house for?” - Michael Young

“Until you have the asset base to back up these toys, which everyone’s entitled to… You’re really making a mistake, the numbers don’t lie.” - Michael Young

You can follow Michael by emailing [email protected] and check out https://www.princetonpacific.com/ to start building your wealth the smart way.

Subscribe to the podcast on Apple, Spotify, and Google.

Follow me on the following platforms: LinkedIn, Facebook, Instagram, and YouTube

Tune In and Become Recession Proof!