5 Stages of Wealth (CFFL 533)

Transcript:

Jack:                      Rental neighborhoods, it works very, very well to put in the paper.

Jill:                          Okay.

Jack:                      To like in a newspaper, actually.

Jill:                          Oh, okay.

Jack:                      If you're trying to rent a house.

Jill:                          Got it.

Jack:                      So you can test it that way and, but even long before you even buy it, you put it right in there, and leave out a few of the details, like the APN and things like that, and just see if ... If 50 people call you to rent a house that you haven't bought yet, there's a pretty darn good chance you're gonna be okay.

Jill:                          Exactly.

Jack:                      Same thing with the sales in Craigslist.

Jill:                          Yeah.

Jack:                      You'll get an indicator real quick. If two people call you in three weeks, you want to run away.

Jill:                          Right.

Jack:                      Never have for sale property.

Jill:                          Correct.

Jack:                      If you have a question, or you want to be on the show, reach out to either one of us on landinvestors.com. Today's topic, the five stages of wealth. This is [inaudible 00:00:46] to the show. This is also a topic I wrote-

Jill:                          Yeah.

Jack:                      Because I don't think Jill would ever want any part of this.

Jill:                          Well, I want to hear what your things are, and then I have something I want to add that what this made me think of.

Jack:                      This came up because I wrote the outline the other day for a book that I'm going to release in about three months, called, "Wealth," or, "Your Wealth." I haven't titled it yet, but it's things that I wish as a young ... I'm not a young man any longer, but I wish someone would explain this to me when I was younger. Number one, here's my five, and then Jill's going to hopefully have some stuff to say, and maybe she'll debunk the whole thing.

Number one, secure revenue source, i.e., get a job. All right, nothing's gonna happen unless you ... I don't care who you are, or what you are, unless you're a trust fund baby, you've got to secure an ongoing revenue source. In fact, now that I'm thinking about it, trust fund kids [crosstalk 00:01:47] have a built-in-

Jill:                          Probably need it even more.

Jack:                      They have a built-in revenue source, that's interest income or whatever. So, secure a revenue source, number one. Number two, remove any debt or don't accumulate, better yet, don't take on any unless it's business associated debt and you actually know how it's gonna go.

Jill:                          So that's stage two.

Jack:                      Number three ... The five stages, yeah. Begin to accumulate equity. There's two ways to do this, save the money, saving money from your revenue source that you have, your job. Or, number two, invest it, and turn it. Number two is how fortunes are made. Number one is how you live a lonely little life of savings.

Jill:                          Yeah, right and under your mattress.

Jack:                      Yeah. Number four, now you're accumulating-

Jill:                          Step four, or stage four.

Jack:                      Number four is, start to plan with this accumulated equity for your non-working years, or also known as, retirement. So, now you put your stock [inaudible 00:02:46] away and you're planning your exit. That's a whole stage that gets completely overlooked by the vast majority of people, even wealthy people. And finally, number five, which is my personal favorite, create a legacy revenue stream for people after you're gone. It may be in the form of the Bill and Melinda Gates Foundation,