In today’s episode of the Live UNREAL w/Glover U Podcast, we’re switching gears and diving into wealth building. This is an extremely important topic in real estate because many agents these days lack financial freedom. It’s one thing to make significant amounts of money through listings, but it’s a whole other thing to actually create long-term financial freedom and multiple revenue streams. Coach Matt Sutter talks today about what it takes to dial in your finances, to start understanding how the wealthy actually think, and the foundational wealth building actions you can take right now. In this episode, you will find out how to turn your commission checks into a lifetime of wealth. You’ll also learn:

7 things wealthy people do differently

The difference between income and net worth

Why we defer wealth building

The very first thing you need to do to build massive wealth

Why a consumptive lifestyle makes it impossible to build wealth 

 

Quotes 

A lot of us make the mistake of believing that somehow our wealth is primarily dictated by how much we make in active pursuit, but income is just an accelerator of wealth. -Matt Sutter

Investing in what we don’t know is called speculating. -Matt Sutter

 

Key Points 

A lot of us make the mistake of believing that wealth is primarily dictated by how much we make in active income. But the truth about wealth is that it’s dictated by the passive income we earn. Our active income is just an accelerator of wealth, but not the creator of it. 

7 things wealthy people do differently:

They get paid on results not time

They think "both," not "either or"

They focus on their net worth, not their working income

They manage their money well instead of mismanaging it

They have their money work hard for them

They act in spite of fear instead of letting fear stop them

They constantly learn and grow

Most people increase their lifestyle as their income grows. The discipline to keep your lifestyle the same as your income grows is the secret sauce to building wealth. It’s important to calibrate your income and dial in expenses so that your income and lifestyle aren’t rising at the same level. You have to figure out how to grow your income instead of just focusing on shrinking your expenses.

To build wealth, we must invest in what we know. What do we know more than real estate? Real estate is where we have the massive competitive advantage, where we can have massive cash flow, and the long-term opportunity for appreciation.