Jack Thursday - Your Attitude is the Only Thing You Can Control (LA 1836)

Transcript:

Steven Jack Butala:

Steven and Jill here.

Jill K DeWit:

Hi.

Steven Jack Butala:

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

Jill K DeWit:

And, I'm Jill DeWit broadcasting from the valley of the sun.

Steven Jack Butala:

Today's Jack Thursday, and I'm going to talk about how your attitude is really in the end the only thing that you can control. I've been researching-

Jill K DeWit:

I don't know why that makes me giggle, but it kind of does.

Steven Jack Butala:

I'm now at the point in my life right now where everything's pretty good. The money's good. I think we have a forever house. Our last child is just about, is this week, actually, tomorrow being dropped off at college.

Jill K DeWit:

On his head.

Steven Jack Butala:

I've gone into what I call-

Jill K DeWit:

I would slow down and push him out.

Steven Jack Butala:

I've gone into what I call a health and wellness mode. I've been researching why people live a long time and if they do. There's all kinds of documentaries and stuff all about this. I've came across this topic and wanted to talk about it on Jack Thursday.

Jill K DeWit:

And, I know this is serious and I appreciate that.

Steven Jack 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, and please don't forget to subscribe on the Land Academy YouTube channel and comment on the shows you like. If you go to YouTube, we have all kinds of stuff on there in addition to this show.

Jill K DeWit:

Including my live broadcaster from yesterday.

Steven Jack Butala:

Yes.

Jill K DeWit:

You can check that out if you missed it. Charlie wrote, "Dropping off some wisdom here like always. Back to that paid for rental house. What's the reason you're parking your money in real estate versus a bank where it would be more liquid if you needed it? I know the start is a tax question, but money sitting idle in a bank account isn't taxable either, right?"

Steven Jack Butala:

Yeah. This is in response to a long string about where to put your money in discord among our members. Have you ever driven down the street in a subdivision? Maybe you live there or it's a subdivision close by and you see a piece of vacant land that's totally buildable. And, there's no for sale sign on it, and it's never been built on. It's been vacant for as long as you can remember, as long as you've lived there. Here's what that's all about. And, this is what a paid for rental house is all about too, which Jill and I have both of these types of investments.

Number one, that property's going up in value way the hell more than any bank account that you're going to have. If you had a hundred grand in the bank, it's going to be worth $105,000 in a few years. If you have a vacant piece of property in a pretty solid area, it's going to be worth a lot more than $105,000. That's so number one, it's a pure appreciation for doing nothing. Number two, you can lend against it. If you need money on a rental house or a piece of property, you can lend against it really, really easily with the stroke of a pen. It is liquid.

And, number three, and I think this is the most important point. We have three children. We own assets with each of them. Jill might owns an asset or two and it's in joint tenants with each of our children and me too. Why? Because if I pass away that property immediately becomes, the owner is one of our children, whoever's involved in it. Not multiple children, for a lot of reasons, which Jill and I separately-

Jill K DeWit:

That's the last thing we want to do is-

Steven Jack Butala:

So they can't fight.

Jill K DeWit:

Invoke a family squabble.

Steven Jack Butala:

It's a non-taxable event. I buy piece of property, and I deed it to myself as a joint tenant with one of our kids. I pass away.