Jack Thursday - 3 Stages of Wealth (LA 1527)

Transcript:

Steven Butala:

Steve and Jill here.

Jill DeWit:

Hi.

Steven Butala:

Welcome to the Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala.

Jill DeWit:

And I'm Jill DeWit, broadcasting from sunny Southern California.

Steven Butala:

Today Jill and I talk about, well, it's Jack Thursday, and we talk about the three stages of wealth once again.

Jill DeWit:

And speaking of wealth, as you can see, we are I'm just saying we're lucky enough, we're fortunate enough to be in that point in our life that we could take a bike ride on some random weekday. So in case you can't tell, we're a little bit more casual than normal because we literally just got off our bikes. We had a great bite for breakfast and it was fun.

Steven Butala:

Jill, you look beautiful. Don't worry about it.

Jill DeWit:

Thank you. Like no, no. I don't care about that. I'm just saying we're a little beached and red and sun and shiny and got a hat on.

Steven Butala:

It's not going to effect the quality of content here.

Jill DeWit:

No. If anything, it clears our heads more, I think.

Steven Butala:

Yeah. That's good.

Jill DeWit:

Especially for today.

Steven Butala:

That's a great way to look at it.

Jill DeWit:

Thanks.

Steven Butala:

Before we get into it, let's take a question posted by one of our members on the landinvestors.com online community. It's free. If you're already a Land Academy member, please join us on discard.

Jill DeWit:

I'm so tired of hearing about Discord. Just kidding.

Steven Butala:

Because it's awesome.

Jill DeWit:

Yeah. Discord's great and so is Clubhouse. All right. [Rio 00:01:27] wrote, "Hello, everyone. How often can I double my money by doing small deals on rural vacant land? For example, buying for 1000 or 3000 and selling for 4,000 or 8,000. I want to experience the whole transaction process by starting doing small deals first. Thanks and have a good day." Well, you could do this very often, like a couple times a day, if you really want to.

Steven Butala:

It depends. You can definitely do this. It depends on where you are in your career. If you ask the same question to a very successful lifelong day trader, they would answer it just like Jill, multiple times a day. Could we do it multiple times a day? Sure, if that's what we focused on. In the beginning of your career, what I would highly recommend, and we've talked about this on the show and we talk about it in the education, do one a month while you've got your W2. That's kind of what this show is about today.

Jill DeWit:

Or one a week.

Steven Butala:

Just do one a month. Do one a month for a couple of months. Buy for 3000, sell it for six. Buy for six, sell it for 12. And now you've got your original investment back, and so on. And then step it up.

Jill DeWit:

Why so slow?

Steven Butala:

For the next couple of weeks-

Jill DeWit:

Why do you say one a month for real?

Steven Butala:

Because you're going to run into all kinds of stuff and you do not want to risk running into stuff on a larger deal. You don't want to get too-

Jill DeWit:

Oh, I read it differently. You meant buy one, sell for three, buy three, sell for eight, buy eight, sell for 16.

Steven Butala:

Or just do what you can do. Buy six $1,000 properties and sell it six times for $3,000 each. So there's all different ways to slice this, but I wouldn't ... When I was younger, I just wanted to always bite off more than I can chew.

Jill DeWit:

That's your concern.

Steven Butala:

And I'm older now. And I really think that two months from now, it's going to be two months from now anyway, no matter what you do. If you're working your W2 job two months from now, you'll be in two months from now thinking the same thing. So why not buy a couple of pieces of property, maybe one or two, for a small amount of money, double or triple your money, put the money back into the business because you've got a W2 job paying your bills.