Get Real Wealthy

Episode Summary

In this episode of Get Real Wealthy Season 3, Quentin shares five key concepts he wishes he had understood better as a young adult.

Quentin says that the first concept is compound interest and compounding in general. He adds, "one of the things that I wish I understood was that concept between a penny doubled every day for 30 days, or a million dollars if I gave you an offer…." While a million dollars seem like a lot in comparison, the penny that doubled every day for 30 days would give you $5,368,709.12. That is the difference between compounding and compound interest. So, by compounding and having that doubling effect, we're getting that considerable value. Compounding is what you want in your investments rather than simple interest.

The second concept he shares is the difference between real and paper assets. You want to own real assets. Paper assets are okay but not as good as real assets. Real Assets are durable, and they last for generations. They can continue to pay you and pay you over time. Paper assets are great, but they can suddenly increase or decrease in value. The third concept is the difference between good debt, bad debt, and opportunity debt. Good debt helps you to earn money. You would have good debt that helps you buy a rental property that creates monthly income and an asset on your balance sheet that continues to earn.

Bad debt is essentially putting your money into something that is neither paying off the loan nor earning you any income. Opportunity debt could be a line of credit, not necessarily a credit card that you can use to buy good debt in the future. The interest on that debt can be written off, it's a tax deduction. So if you're taking opportunity debt, moving it to good debt, oftentimes you can write off the interest. Fourthly, you need to understand the difference between income, wealth, and net worth. Income is what you make every month. Wealth is what your value is, and it's your net worth. When you take all your assets, add them up, take all your liabilities and add them up, you have your net worth. That net worth can grow over time. If you can measure it, you can increase it whenever you want to do something.

The fifth key concept he wishes he had understood as a young adult is a passive income. Passive income is earned, not per hour of your work; you continue to make that money, whether you are working or not. There are different ways that can come in. You can leverage different ways to create passive income. It requires you to think creatively, so passive income comes from business ownership, rental properties, it can come from dividends from stocks In conclusion, Quentin says that these five concepts are crucial for young adults on their journey to financial freedom to understand.

Important Links and Resources

·        https://www.instagram.com/qmanrei 

·        [email protected]

·        https://EducationREI.ca

·        https://GetRealWealthy.com

·        https://DurhamREI.ca

Episode Summary

In this episode of Get Real Wealthy Season 3, Quentin shares four things he wishes he had spent more time doing when he was a young adult.

Quentin starts by saying the first thing he wishes he had done more was to take more risks and fail more often. as a young adult, that is the best time to take risks, business risks, and social risks because it's okay to fail. You should focus on your strengths and not on your weaknesses. Although we live in a culture where failure in school is considered bad, it does not equate to a failure in life. He adds that it's okay to try different jobs and quit. This way, you get to interact with different types of people and get to see different things. All those experiences can help you explore what it is that you like. He adds, "I think selling is one of the most important pieces that people forget that is necessary. Anything to do with selling, I would recommend that you get exposure to that…."

The second thing Quentin says he would have done differently as a young adult was to have spent more time learning after school was done on business topics. He further adds, "I would have read more books; I would have found more mentors… audiobooks… podcasts and find other people who were moving in the same direction as me…." There are many meetups, groups, and online communities that can help you learn. So, you must continue to learn after school is done. Learning and continuing to learn is more important.

The third thing he wishes he had spent more time doing was traveling independently. Traveling by yourself can be challenging. It's tough because you're forced to act and interact with other people; you're forced to talk and meet people. You need to come out of your shell to do that, but it also gives you a greater sense of independence.

The fourth thing he wishes he had done more often is related to "analysis paralysis." He adds, "you must apply what you learn. Don't get stuck in learning. Learning is important. It helps you take your mind from one place to another, but then you must apply what you learn as fast as possible." In conclusion, he says homework for this episode is to reflect on those four things and see if you can plan one area in each of those four things mentioned for you.

Important Links and Resources

·        https://www.instagram.com/qmanrei 

·        [email protected]

·        https://EducationREI.ca

·        https://GetRealWealthy.com

·        https://DurhamREI.ca

Episode Summary

In this episode of Get Real Wealthy Season 3, Quentin talks about the importance of knowing your "why" in your journey toward financial independence.

Quentin says that there are many ways to achieve financial independence, but one must know "why" do they really want it, and a way to do that is to figure out your real motivation. Knowing your "why" is the key; once you figure that out, you need to permanently put it up somewhere that you can see every day. This will help you get through some of the challenging days.

Talking about the importance of "why," he further states that identifying the "why" will help you continue to drive, and it will be part of your larger purpose. Most people simply don't take the time to figure that out, further adding, "it's going to be very different for you than it is going to be for me, but you need to go deeper. It requires you to take some time, maybe 45 minutes, maybe an hour, to think about this, how to get deeper into what your why is of what you're doing."

Quentin says that when you figure out your "why," you need to permanently put it up somewhere that you can see it every day. This is a deep meaning for your financial independence. It's not easy for you to be able to do this every day to continue to push forward for your financial freedom. So, your "why" will help you get through challenging days and times. If you have a deep "why," deeper than money and anything else, that will help drive you to continue to grow and do these goals.

He adds that it is going to help you to continue to drive, and it's going to be part of your larger purpose. In conclusion, he shares another homework, adding, "I want you to write down a list of 100 items. We can call this a bucket list, you can call it a to-do list…things you wish to do or achieve in your lifetime, 100 items, write it down. you're going to start off with the first activity. So, this is going to be part of your homework. Make sure that it's deep, not surface level."

Important Links and Resources

·        https://www.instagram.com/qmanrei

·        [email protected]

·        https://EducationREI.ca

·        https://GetRealWealthy.com

·        https://DurhamREI.ca

Episode Summary

In this episode of Get Real Wealthy Season 3, Quentin talks about the FIRE - Financial Independence and Retire Early movement and its relevance for young adults.

Quentin says that being a part of such communities can be greatly helpful for young adults as the financial landscape these days is very different from what it used to be three or four decades ago. He adds that there are various approaches to doing this, and one of them is the FAT FIRE movement, which is having a large nest egg and being able to live off of that. It may take you five years, ten years, or 20 years to create something like this, but you live off that. There is also a LEAN FIRE community that is really about being frugal and living minimalistically. This allows you to create an environment where your monthly freedom number is so low that it becomes easy for you to have that financial freedom.

Quentin says there is also another movement called the BARISTA FIRE movement, which means that you continue to work while you're retired but get additional benefits. It's like you've created the financial freedom part, but just not all of the pieces. He adds that there's the COAST FIRE movement as well, which is about investing early enough to generate income to retire later. He says that the other thing you need to understand is the difference between assets and liabilities. Assets pay you to own every month, whereas liabilities are things you have to pay every month. He further stated that this is an interpretation from Robert Kiyosaki. He also recommends reading his famous book Rich Dad, Poor Dad for more gems like this.

Quentin adds that it is also important to know the difference between good debt and bad debt, and how it can be an asset or a liability. He further talks about the Golden Handcuffs. It's when you're in a situation where you get a lot of income but end up spending it because of your lifestyle. It prevents you from growing and having financial independence. In conclusion, he says that the best thing you can do is explore the FIRE acronym, and if you want to learn something, you must be around other people who are doing the same thing.

Important Links and Resources

·        Rich Dad Poor Dad by Robert T.

Kiyosaki

·        https://www.instagram.com/qmanrei 

·        [email protected]

·        https://EducationREI.ca

·        https://GetRealWealthy.com

·        https://DurhamREI.ca

Episode Summary

In this episode of Get Real Wealthy Season 3, Quentin talks about financial independence from the perspective of a young adult.

Quentin says that financial independence means that you are given more choice in what you want to spend your time doing. While it is different for different people, a common theme is that you need to go out, get a good education, get a good job, work for 40 or 50 years, retire, and use your nest egg to be able to live off that. Now, you can do it at an earlier age if you choose. You have to decide where you want to see your life ten, twenty, thirty years from now. So, what exactly is financial independence? Everybody has three main expenses: accommodation, transportation, and food. Now, if you can create income that comes to you without having to spend time creating it, you can create financial independence because it covers your accommodation, transportation, and food.

For accommodation, transportation, and food, the only way to figure it out is to devise a plan and write it down, make a budget, and figure out how much you would spend in a month. Your needs and, consequently, the budget will differ depending on where you are now. In order to have financial independence, you need to have income coming in that exceeds your expenses. While there are different ways to achieve that, a simple way people move down this path is through house hacking, where you can rent out space in your house that you don't need or is extra. This can help you save a significant amount of money.

He adds that as you get older, you will have different requirements. Things will change, and you have to change the funds that come in. He says that when you decide on having financial independence, it could be related to what you want to do in the future for a job. Perhaps, if you've created this financial independence, you can have a job because you love it. You can leave a job for another job because you have this financial independence in the background, or if you have no job and you choose to work on passion projects, instead, you'll have that ability because you have financial independence.

In conclusion, Quentin says there are several creative ways we can go about doing this. The homework for this episode is to read about the FIRE movement and see if it appeals to you.

Important Links and Resources

·        https://www.instagram.com/qmanrei 

·        [email protected]

·        https://EducationREI.ca

·        https://GetRealWealthy.com

·        https://DurhamREI.ca

Episode Summary

In this episode of Get Real Wealthy Season 3, Quentin talks about building your credit and why it's important.

Quentin says that a lot of the things we're going to do while investing require some credit. You can start without credit, but for growth and scaling, you need good credit. It allows banks or other institutions to track how well you repay funds you borrow. We are moving from a money-based system to a credit based economy. He adds, "If we are good with our credit, we will be able to borrow more, and if we can borrow the right type of debt, we're going to be able to create wealth from that, and if we borrow the wrong type of debt, then we're going to have to pay for that for years and years and years."

Choosing the correct type of credit card and the financial institution behind it is crucial, as it builds credit with a credit history. He says that you should only borrow what you plan to pay back. So whatever you put on your credit card, you will pay it back that same month, if you can, or within two months. It's okay to carry a bit of a balance because you want to show that you can pay it back, and if you do that, you start to build credit over time. Things like car loans, and mortgages, are also great ways of building credit.

Quentin says there are also services like Borrowwell or Credit Karma you can use to look at your credit. Another tip, especially if you're young or having trouble with credit, is to get paper statements, especially at the beginning, for tracking so that you can cross off what you paid back and what you borrowed in a month. He adds that little things come up, but remember, what you're doing is you're building a credit history; the better you can utilize this credit, the easier it is for you to borrow later on.

In conclusion, he says that if you haven't done so, go out and apply for credit. Whatever that looks like for you, start asking questions about getting some credit, which is also your next assignment.

Important Links and Resources

• https://www.instagram.com/qmanrei

• [email protected]

• https://EducationREI.ca

• https://GetRealWealthy.com

• https://DurhamREI.ca

Episode Summary

In this episode of Get Real Wealthy Season 3, Quentin talks about coming up with ten-year goals for young adults who are starting their journey toward financial freedom.

Quentin says that, as Tony Robbins noted, "most people underestimate what they can do in two or three decades but overestimate what they can do in a year" we want to solve that problem by coming up with big goals for the next ten years. He says that when it comes to displaying your goals, you can use a bulletin board or a display board where you have all your plans laid out. You can also do it as a letter to yourself like you're writing a letter to somebody or writing an email to somebody from 10 years in the future. You can also do it now by describing what it looks like ten years from now to a family member.

If you choose a bulletin board, get images related to different aspects, such as financial, relationship, spiritual, social, professional self, and goals. You can outline your pictures and put them into those six different areas. You can use it as your desktop background, someplace where you look at it often. You can also do a letter for yourself describing those six areas from 10 years in the future. What does your life look like now, and what have you done with those six aspects? You can also do it as a description instead of a letter.

He further adds, "You want to take the time to be able to do this; the more time you spend doing this, the more detail you're going to put into it, the more effective this tool is going to be for you. Goal setting is important." He says that the most important piece when it comes to mindset because it will take you from where you are now to get those goals sooner than you ever thought possible. Quentin adds that you should be the person who looks at their goals every month and then works towards those goals.

He says that there are different tools and templates that you can use, including his The Action Taker’s Real Estate Investing Planner, which has helped him tremendously over the years. In conclusion, he says you should start developing your ten-year goals and displaying them. As for the homework, before you watch the next episode, have your 10 year goals set out, write them out, put them into a diagram, put them into a bulletin board, put them into a letter to yourself, have it ready, and then that way you'll be ready for the next episode.

Important Links and Resources

●       https://www.instagram.com/qmanrei 

●       [email protected]

●       https://EducationREI.ca

●       https://GetRealWealthy.com

●       https://DurhamREI.ca

• The Action Taker’s Real Estate Investing Planner

Episode Summary

In this episode of Get Real Wealthy Season 2, Quentin talks about creative strategies to help you buy your first rental property if you own a house.

Quentin says that these are out-of-the-box strategies but these creative solutions will help you get your first rental property. Number one, home financing, using your home equity line of credit to borrow against the equity to purchase the new property. Any of the lines of credit that you use to pay down the principal on the new rental property, the interest on that is tax deductible. You can use your HELOC paid and use that for the principal and then continue to own that new rental property. Number two, you can rent out your existing property, and buy a new primary residence. That way, you can usually lower your down payment. However, you will have to figure out if this will work with CMHC or not.

Number three is using second mortgages to access the equity from the primary house. Especially if you're locked into a five-year mortgage, and you're not able to access the equity, you can use a second mortgage for the downpayment on the rental property. Number four is using cross-securitized lenders. What you're doing is that you’re using the equity from your house as the downpayment on the rental property by securitizing a second-position mortgage on the property with the first mortgage on the rental property. Number five is to refinance your house. Instead of getting a HELOC, just increase the mortgage on your house, and especially when mortgage rules change, it is the best thing to do.

Lastly, you can use joint ventures. If you're looking at into joint ventures, take a look at The Scaling Up Toolbox book, available only on jointventurebook.com. In conclusion, Quentin says that these six creative strategies can help you leverage your primary residence to secure your first rental property.

Important Links and Resources

• The Scaling Up Toolbox book

• https://www.instagram.com/qmanrei

• [email protected]

• https://EducationREI.ca

• https://GetRealWealthy.com

• https://DurhamREI.ca

Episode Summary

In this episode of Get Real Wealthy Season 2, Quentin talks about six tactics for finding off-market properties.

Quentin says that these tips are taken from his book, The Finding Properties Toolbox, which can tremendously help you in finding off-market properties. He says that it's important to find off-market properties because there is little to no competition when you're dealing directly with the seller. You can get more flexibility in negotiations and different pricing as well. Finding off-market properties can be timing consuming and can cost a lot, but there are five tactics that you can employ to make things easier for yourself. Number one, you need to develop relationships with realtors to get pocket listings; listings that never make it to the MLS. If you have relationships with realtors, and they know you can close on a property, they are going to go out and provide you with these pocket listings.

Number two, look for online listings on Kijiji or Property Guys are similar sites, where you are negotiating directly with the seller. You don't have the middle person, a realtor, an agent, or a broker. Number three, ‘For Sale by Owner’ signs, when you're driving for dollars. So, driving for dollars is the term for when you're driving around an area where you're looking to buy a property. You can deal directly with the owner. He adds that you should call them as soon as you see them and find out what they want to do. You want to make sure it's not somebody who's just trying to cut out the realtor but has another reason for selling the property. Number four is to look for garage sales, and dumpsters. When you see a garage sale, usually it is someone getting rid of stuff, because they’re going to sell the property.

Number five is marketing directly to sellers. You can do marketing campaigns where you have fliers that are going out, door hangers, posters, etc. Perhaps you're marketing them online through Google or Facebook. Whatever marketing strategy you're using, it's going to cost you money, but the more you market, the more you're likely to be able to find a property. Number six is getting referrals. You can offer people a referral fee for leads to purchase a property. In conclusion, he adds that these are a few of the tactics that will make it easier for you to identify good off-market deals.

Important Links and Resources

• The Finding Properties Toolbox

• https://www.instagram.com/qmanrei

• [email protected]

• https://EducationREI.ca

• https://QuentinDSouza.com

• https://DurhamREI.ca

In this episode of Get Real Wealthy Season 2, Quentin talks about increasing profits on a particular property.

Quentin mentions that these tips are taken from one of his bestselling books, Property Management Toolbox. Quentin says that what we want to do is increase or get a higher net operating income, and therefore increase the value of a property. It depends on the provincial laws, as well as the municipal laws. He adds that if you need to increase the profit on a particular property, and the deal doesn't make sense, inexperienced investors usually sell the property. However, you can renovate the property and then sell the property. Secondly, you can increase the density of the asset. Whenever you evaluate a property, you want to bring it to its highest and best use, such as adding secondary dwelling units. Adding new units is a great way of increasing profits. He says that this depends on the municipality and regulations.

Another option is to use the rent-to-own strategy. Although this is primarily an exit strategy, it's a way for you to collect some money upfront. You get an additional option payment alongside the rent. He adds that sometimes it can turn a negative cashflow property into positive territory. Another option is to do a short-term rental, either within one of the units or within multiple units within a rental property. However, it is time intensive. It's like running an additional business. Lastly, he shares an out-of-the-box strategy. He says that you should look at the neighboring properties and see if you can acquire the neighboring properties and rezone those properties into something different that you can build on.

Quentin adds that in some places, you can take two or three single-family homes, put them together and create an envelope that you can build 20 units on, and then a developer can come in and buy that. You don't even have to do the development part, all you have to do is the land assembly. In conclusion, he adds that sometimes you can take these five strategies and combine some of them to put the property to its best use and maximize profits.

Important Links and Resources

• Property Management Toolbox

• https://www.instagram.com/qmanrei

• [email protected]

• https://EducationREI.ca

• https://GetRealWealthy.com

• https://DurhamREI.ca