Hey guys, Toby Mathis here and today
we're going to talk about three steps you can take to build a passive
income empire. Right
now, I'm not joking about this either. If you follow these rules, it's
pretty much inevitable that you're going to be very, very wealthy
if you put the work in and get it done. It's all about buying assets
and I'll just be very, very clear. Assets, put money in your pocket. Liabilities,
take money out of your pocket. So the easiest way to tell
whether something is an asset or a liability is you
look at your monthly bank statement. If it's not doing anything,
chances are it's not an asset. If it's taking money out of your account,
chances are it's a liability. If it's paying you, whether it be
quarterly, monthly, annually, whatever it is, if it's putting money
in your account, it's an asset. And if we use that very,
very simple definition, then I'm going to start asking you
questions about what you think of certain items, like is a car,
an asset or a liability? And if you start playing the Depends
game with me, I'm going to just look at you really funny. I'm going to do this right now. It's a liability period. RVs, boats,
all these fun things that we like to say are assets and put it on
our financial statement are liabilities. My furniture is a nothing. It's neutral, right? It's not. But it is definitely not an asset. My that rental property
I purchased, it might be either or. I don't know. I'd have to look at your bank statement.
Right. Is it put it is it cash flow positive
or is it taking money out of your account to operate? 2007 2008, we had this massive real estate
crash. Why? Because people are buying
all these houses. They'll be rental properties and
they could not rent for what they cost. That was the cost of the debt, cost of the real estate taxes,
the cost of the insurance, the cost, the repairs, the maintenance,
the property managers, all that stuff added up to being more
than the rents brought. In some cases you couldn't even rent it. So the whole idea is figuring out
what is an asset and what is a liability. Once you can do that, then we can start
narrowing it down even further. What's a passive asset? Well, I am a tax attorney,
and so I look at the five types of income and I call them infinity income types. In other words, they never go away. They continue to keep getting paid. So long as you're involved
in that activity and they are rents, royalties, dividends, interest. And I'm going to give you a fifth
category, short term capital gains. And it specifically on writing covered
calls or renting out your stock portfolio, rents, royalties, dividends, interest, short term
capital gains, that is it. Those are the five that I focus on. And we're going to talk about two of them
just to get started. The first two is going to be a big step
for a lot of you guys. But if you start doing it and you do it
consistently, you will get absolutely
phenomenal results over time. So let's talk about this rule number one
or step number one. So let's just break it down. I call it the 7030 rule. And this is the you should have been doing
it yesterday rule. Right. 7030 means live off of 70%
of what you take on. Take the other 30%. I will write this out, but I'm just going
to orally, verbally say it to you. Now, you take you live off of 70 and then that 30% that's left over,
you're going to give away 10% if you can. If you cannot, then we'll talk
about putting time in instead. But you got to do some good things. There's this little thing called karma out there,
whether you think it's real or not. What I'm saying is a tax attorney
who literally reviews high net worth, returns
day in and day out on that. Literally, it's about 10,000
a year that our firm does, and I've looked at over 100,000. When you are looking at those returns,
you see trends that are consistent. And I'll tell you what
a major trend is giving. So 10% forgiving, 10% pay down debt. This is extra payments on your debt
if you are paying 50 bucks a month towards a credit card bill. This is hey, what's the extra? What's 10%?
Hey, I'm making $3,000 a month. Take home. Great. Take 300 bucks and pay that thing off. The other trend I noticed consistently on the ultra
wealthy is they hate debt. The only debt they like is
when it's actually a net positive to them. In other words, you can I can borrow money
at 4% and I can make 10% on that money. The asset is paying the debt, not me. You never want to be paying debt. You personally want to get out of debt. That was I don't want to have
personal credit cards, frankly. I don't even want a mortgage on my house. I don't want to have debt. But if my business or if I have an asset that's paying for itself, I'm
okay with that. In other words,
if I have a rental property, but that rental property is paying off any mortgages on it
and still paying me, it's an asset. I'm okay with that. But we're going to take that 10%. We're going to pay down our personal debt. The other
10% boom, 10% goes into investing. And I know there's people out there
that are like that. I barely make it, etc. I know you're going to work your ass off and you're going to either increase
how much you're making or you're going to cut back on expenses
you're going to sell anything that's not nailed down in your house
that you afford to get rid of a year. And I quit buying stuff that you can't afford and you're
going to live within your means. I know
that's easier said than done right now. I've been there, started out 400 square foot studio. I had a child in a 400 square foot studio. Guys, I know what it's like to live
really, really cheap, but the whole reason you're doing that is so
that eventually you don't have to work. Your assets will take care of you. That's your passive income goal. So the three steps to creating a passive
income empire is, number one, follow that 7030 rule,
and I'm just going to eke it out for you. 7030 rule means live off of
this is take home. This is after
whatever comes into your checking account, look at your checking accounts,
not going to lie to you. How much did I put in
you this, you know, this month and if it's $4,000 a month, great, then you're going to live off
of 2800 bucks and you're going to take the other
and you're going to do 10% giving 10%. That 10% invest. And I'll show you what you're going
to invest in, what you're going to get. Really easy to get started,
painfully easy to get started. And then you're going to go,
Why don't I do that? Like, I could have had a V8,
if you remember that commercial. So here's the deal. A lot of people,
the giving just not going to be possible. You're living off of every dollar.
I get it. I've been there. Know what that's like. And I'm going to say donate some time. You got to give it to other people. And it's not just because I'm going to be altruistic
and I'm going to jump around and pound on a Bible
or anything like that. No, it's called
being a decent human being. But also you meet other decent
human beings when you do this stuff, if you start working with charities,
guess what? People that tend to work around charity
tend to be really decent people and people that support charities
tend to be rich or they tend to be givers. You want those people in your life,
you don't want to just be surrounded by takers. You want to be surrounded
by givers, be a giver and go to places that givers go, right? So if you're giving 10% to your church and
you hang around your church all the time and they have a a food soup kitchen or
they have a food pantry or whatever else. And you can't afford the 10%,
by all means, say, hey, you know what, I'd like to put a little bit of time
in. I did that. I used to run a forklift for Northwest
Harvest when I was going to school. I didn't have any money. So I figured, Hey, you know what? I better try to do something
for somebody else. Do that for that 10% of the magic. Believe me, it's
probably the most important one. It goes under the radar
and nobody talks about it. Realistically, you got to do that. It makes you feel better
and it opens you up to making more money if you're doing good for others, it's
really hard to feel guilty about money because of whatever it is. We have this weird thing
where like there's money is the root of all evil going on,
and that is just absolutely not the case. It's if you love money too much
and you start ignoring your fellow man, then you could end up being pretty miserable and frankly, there's
a lot of rich people that are miserable. My buddy Hans calls them rich,
miserable bastards. Right. And we all know them. Money doesn't make you happy, but a can
certainly lessen the blow of reality. And it's a lot better than being poor
if you can get there. Right. But it doesn't mean
that's all you're focusing on. It means try to be a good human
being to that 10%. We got to pay down our personal debt. You're in servitude of others. If you are paying off a ton
of personal debt, I'm not going to say it. You're never going to have it. The reality is you get out there,
especially if you're young. It's hard not to. They're always pushing debt on us. Hey, you know, 180 days, same as cash. Six months, zero interest
a year, zero interest, 80%. Those default, meaning that
they don't pay it within that year. The credit card companies know this and they're just trying to get you to buy
something you can't afford. So don't do it. If you did do it, pay it down. Right. Last 10% invest. In fact, that's the most important thing
you could do is every time you have a paycheck, take 10% of it
and put it in an investment account. I don't care if you open up a robin hood
at schwab td ameritrade doesn't matter. Fidelity pick your pick your flavor. They have no cost accounts
where you can actually start trading and put 10% in there. Pay it like it's a bill. It's no different than a cell bill. It's
no different than your rent. Just make sure that you're paying it. So that's step
number one is the 7030 rule. I could give you a whole bunch
of other little rules too, but it's just following that. If you can do that,
you're going to be much better off and follow
that simple recipe your entire life. You're going to be way better off
as you increase your income. Make sure you're following that. If you are just getting started, you're like Toby, but I only make X
and I can barely get by. Minimize as much as you can, figure out
what you need versus what you want or better yet, go out there and find a way to make money in the area
that you're going to be investing in. So if I was just starting out again, I would more than likely
just focus on wholesaling on real estate, maybe trying to find mobile home
park, mobile homes and things like that that are in high demand that I could flip. And if you don't know what those things
are, stick around. Go on my site. Or better yet, go to Infinity Investing. It's a company I work with a lot
and they do a really good job at breaking it down.
I wrote a book called Infinity Investing. You check that one out, too. But what you're doing
there is you're finding things for people that are investors. If you find something for an investor,
they'll pay you for it. So wholesaling is finding properties,
going out there, knocking on doors, putting up bandit signs,
talking to anybody. You can go into the real estate groups
looking for deals and if you find one, you'll get paid for it
by being called a wholesaler. And it is legal in all states
except Illinois. So like you could pretty much
do this all over the country, but what you're doing is you're saying
to somebody who's an investor, what are you looking for?
And then you go find it for. This is a recipe, by the way, guys. So if I was baking a cake and I was following a recipe and I was substituting things
like I'd be like, Oh, here's the flour. But instead of flour,
I think I like to use sand. You're not going to get a very good cake
if you start swapping these things out. So this is a recipe. You got to kind of follow it, right? You got to make sure that you're doing it
if you want to live off of less, by all means. If you can live off of less, that's great. There's something called financial
independence. Retire early. The fire methodology and their big bullish
on this realizing, hey, you know what, if I could live off of half
of what I take home that I'm going to be on a retire much, much faster, I'm
going to push that money into investments. That's the goal. If you're done with the giving,
like if you're giving your time so you don't have to worry about that,
lower that one down to here. If you pay off your debt, lower
that down to here. So eventually you're going to be investing
30% of whatever your take home
is at a minimum consistently. But the market's crash
and this and that, I don't care. Nobody can time the market. The very best investors on the planet
say this over and over and over again. Quit listening to all these
gurus out there spilling their debt. Hey, I can teach you how to trade options
and make $1,000,000. Now they can't. Statistically speaking, 99% of the people
lose money when they play that game. And there's big studies
that have been done on it. Warren Buffett, Charlie Munger,
two of the best investors on the planet will tell you
over and over and over again, do not try to time the market. Just keep buying
great companies at a good price and just keep like,
Hey, if I use it by night, this is not an investment video. But I will say if you just buy
what you use, you're pretty good. So I give you, Hey, I have stuff that I use every day
Starbucks, Chevron, Procter and Gamble. I like to go to Lowe's or Home Depot. I like to go to Target,
you know, Albertsons or whatever, start buying those companies in their stocks and just keep buying them over time. It's called dividend Kings. Dividend Aristocrats do all that
and I'll show you why. I'll show you why. Step number two, we're going to diversify. We're going to build
where this money is going to go to. This is going to flow
in eventually into this. And I'm just going to give you the rule. I call it
30, 30, 30, ten, 30, 30, 30, ten, 30% of your money should be in income
producing stocks. And notice
that I said income producing stocks. Hopefully you can read that said stocks,
30% is going to be invested in something that is involved
with real estate. And I'll explain that in a second. 30% is going to be managed money. And I'm not saying you have to go hire
property manager again or a manager. I'll get into this
in 10% is cash or cash equivalents. You follow this, it's hard to get killed
during the market downturns or anything like that. It's really hard to get hurt. So let me go through these each at a time and I'll explain
where the passive income comes from. The place we're going to start
is right here stocks, because we can start with 100 bucks. We can start buying stocks
for literally even less than that. Nowadays. You can do your Robinhood
again, your Schwab TD Ameritrade Fidelity, fill in the blank, whatever it is, you're going to start investing in stocks,
but not just any type of stock. You're going to invest in
what are called income producing stocks,
dividend kings, dividend aristocrats. If you've never heard of those terms, what I just said are companies
that if they meet that criteria, derive a certain size, over $1,000,000,000
that have been paying out dividends, increasing dividends,
which is the profit they make and pay to shareholders
for 25 years or more. Dividend Kings is 50 years or more Dividend Kings or your Procter
and Gamble your Coca-Cola is you could
even have I think Altria sitting in there you have even federal realty trust
even a rate which you explain in a second. All these things have been increasing
their dividends. 3 a.m., Johnson and Johnson,
even Tootsie Roll sitting in there. But these are companies that for 50 years
increase every year the amount
that they pay their shareholders. So if you buy a share, they're
going to pay you for owning those shares. It's called a dividend as a tax attorney,
I can tell you that it depending on your income stream or what your income
is, you could be paying 0% on that money if you're married, filing jointly
and after your standard deduction, let's just say you're making less
than $100,000 year, you're paying zero, then it goes to 15%. And then if your rich person
making over like a half million dollars, you're married, making over
I think it's $517,000 this year. You're going to pay
then 20% on any amount over that, but you're paying zero,
15 or 20% on dividends. They are tax advantaged. The IRS is telling you, invest in this. That's
where you start because it's so easy and you're going to fill this bucket up
to about $50,000. As you're doing it, you're taking 10%
and you're dumping it into cash. Your emergency fund,
I'm sure you've all heard that. Oh, I have a six month emergency fund. I'm cool. I want you to have a six month
emergency fund, but I can turn stocks into cash
in about two days. So I'm okay. Just saying 10%. So if you're putting in
let's just say that you're starting out and you have 300 bucks, you're going to take 30 of it
and put it in to cash in just just in a regular checking
or savings. You're not really getting anything on it. If you feel like you have to buy
some crypto or something, maybe that or I need to buy gold, then you use that
your cash, cash, cash equivalents. I would suggest that if you just
get start out, you just leave it as cash. The 270 will go into stocks
and then you're going to do that every month
and you're going to let it build up. Eventually, you're going
to have $50,000 of value in there and then you move to the next one. And the next one is real estate
or real estate equivalence. I'm going to suggest you start off
with REITs, real estate investment trusts, which are traded just like stocks,
but the real estate Federal Realty Trust o public storage,
these are big ones that you could buy. And it's just like owning real estate. Yeah, typically a has to pay out
90% of its income every year. So you're going to get a nice cash flow,
you're going to get this money, it's going to come in
every quarter typically. And you could see
exactly how much you're going to get. Like you could look at their yields
in the beautiful part. If you do like Federal Realty
Trust is great over 50 years they've been increasing that amount. So if I bought something
and it was paying me 3%, that's just going to go up
sometimes quite a bit. Some of these are averaging close
to double digits. What they increase their dividends,
not the stock price, but the dividend that they're paying you. So every year it goes up. So when I started a, you know,
it was paying me a dollar. Now pay me a dollar ten. Now it's paying me a dollar 30. You know, after ten or 20 years, it's paying
you probably more than you bought it for, and that's what you want. And then it's going to keep doing that,
that that income stream never stops. Don't sell it right? When you start building these things up
and start buying assets and they pay you, why would you get rid of it? It's a perpetual income stream. It's going to pay you, your kids,
your grandkids, your great grandkids. You want to hold on to these things and I'll show you some ways
to make some additional money on it. If you do not know what to invest
in again, it's reinvesting. Wrote the book, but it's a great course. Infinity investing is free. You could go in there and see the ratings
and what you could invest in. You could literally go in there, sign up,
and they'll give you a great idea of where to start. If this is you, good place. Not just because it's
something that I helped invent, but because it actually works
and it's based off of, again, looking at very wealthy people who make money
consistently year after year, 25 years of looking at returns,
I can tell you this stuff works third category,
which is where you got over 100. You're going to do 50,000 there again
taking 10% and always putting it into cash. And then once you hit $100,000 saved up,
you're going to go to the third category. The third category is managed
and manage money. Real simple just means somebody else
is control of the investment. So it could be, hey,
I'm going to I'm going to mirror somebody's stock portfolio. I'm going to look at Berkshire Hathaway. I'm going to buy everything that they have or I'm going to hire a money manager and
pay them 1%, which is about what you do and let them, you know,
put my money into different investments. ETFs, and probably avoid mutual funds. But you're going to go into something where there maybe it's buckets of stocks
this, that and the other. I might even be doing private placements
where I go into private investments, I'm starting to get big enough. I have to meet a certain threshold
and be considered an accredited investor, but I might go into some of those things
where, again, you're maybe your doctor, maybe your dentist, maybe a consulting
lawyer, somebody who's high income, and you qualify as an accredited investor
and you say, You know what,
I just want to do private placements. That's where you do
those is in that third category. And then every year you just look at your portfolio and
say, Hey, how am I allocated if I am sitting here
and I have a whole bunch of real estate and I have 60% in private placements
in real estate, I'm okay, but if I am 100% or 80% in real estate,
I might be going, Hey, wait a second, I'm too heavily
I'm too much into the real estate realm. I need to
I need to buy some of these income producing stocks
and maybe spread it out a little bit. They call that diversification. I'm not huge on diversification
the way that it's typically described. But I do like this. I do like having a multitude of assets. We call it different streams of income. I have dividends coming in. I have income coming in off
of real estate, which could be rents. This is passive real estate. I'm not going to be managing these things
myself. Typically. Sometimes, if that's something that my family likes to do,
maybe I dove into it and manage it. But for the most part, you're just going
to be sitting back getting rents and dividends. And then over here I'm probably getting
some combination of those two as well. Those are the two big ones, rents
and dividends that I want. Now, can I make more money off
of these investments? Yes. On the stocks, for example, as you start getting bigger
and you get more money in your account, you can do what's called buying a
or selling a put so I could sell a put to enter into a position
and it's called a cash secured put. I don't do naked put,
but what you're doing is you're selling somebody
the right to make you buy a stock. So if you like Coca-Cola, for example, and it's around 50 bucks,
I can sell a put that says, hey, you can make me buy a thousand shares
or 100 shares of Coca-Cola. I'll use 100 just to make it easy. So I know that I have $5,000
that I would buy Coke for right now, but maybe I could sell that right
for somebody to make me buy it for 5000. But I could get an extra 200 bucks. And then if Coca-Cola doesn't go down, guess what? I get to keep that money. I could do that month after month. That's number one. I could do that. That's easy if I don't want to go there. Like if that just went right
over your head. Don't worry. There's an easier one. If I buy a stock, I could
I could sell some and the right to make me sell
my stock to them at a higher price. So if I bought Coca-Cola at 50 bucks, I could sell a call,
which is an option where I say somebody will buy it, says, hey, for,
you know, let's just say it's for a buck and and I'll sell you Coca-Cola at 51,
I still made a profit. And I get to keep that extra buck. Right. I can do that every month. That's called a covered call
and it works really great. That's going to be short term
capital gain. So you remember
I said there's five income sources. That's it. It's rent, royalties, dividends,
interest in short term capital gains. That short term
capital gains is on the sale of options. That's
all you're doing is called a covered call. It's not it's not rocket science. It's something really easy to do. And again, you could even do securities. You could do a package of stocks,
or somebody does that for you. That is actually what are called ETFs, little groups of stocks
that that have these strategies to sell. You could do that, make extra money. So I'm not worried about the stock
going up and selling it to make my money. I'm literally getting paid on the dividend and I'm literally
getting paid on the option. And it could be a chunk of money. You could start doing this after two
or three years of owning a portfolio. Then you look back and you go, Whoa, compared to what I paid for that
or ten years, it it's like it's extreme. You're looking at it going, whoa, I have been able to over the years
pay off all my investments. These investments are literally buying
themselves at that point. That's when you know
that you have a passive income machine. When it starts perpetuating itself,
whether you're working or not, like, hey, I have this 30% that I'm dumping in and I love to do it, but it's weird. It's growing a lot faster
and it's starting to buy itself. That's exactly what you do. Step number three, you lever this. And what I mean by levering
this is you don't sell it. If I need extra money to buy
additional things, I need to need it. I'm not going to tell you
not to buy a Lamborghini. Right. I'm just going to say you're not going to go into debt
personally to buy the Lamborghini. You're going to let your assets as it's
churning out income, pay for those things. But let's say that I have a stock
portfolio. My real estate's gone up. Everything's doing hunky dory,
but I want a Lamborghini. And Toby is telling me,
don't buy it yourself. What you do is you lever these assets. So let's just say
I have a stock portfolio. Did you know that you could borrow
against your stock portfolio? It's called a security back
line of credit. They'll generally give you up
to 70% of your portfolio value. I would not do that.
I would go maximal at 50%. But the interest rate is really low. It's like 2%. Even when mortgages are 5% to 3%, I can borrow that I didn't sell. My security is still making money. It's still like the dividend
could be that high. Literally. Like the thing is paying for your own loan
that then you used to go buy whatever car you want or a better house
or whatever it is not taxable. It's a tax advantaged position. I borrow from my own portfolio,
I go buy my Lamborghini and the stocks
pay it off for me, 100% legal. That's what the rich people do. Buy, borrow, die. That's the strategy. You'll see it all over the place
when you start talking about rich folks. That's the strategy. Buy things, let it depreciate, borrow
against it, and then die. And the reason that I say die
is because the basis steps up. Your heirs can sell, pay off any loans
or anything else, and pay zero tax. You get that money all during your lifetime
tax free. Nobody pays
tax on that growth by borrowed die. Congress keeps looking at it going,
Hey, how's that fair? That is exactly what we want people to do. It's not a fairness issue. It's a the tax code is built
to incentivize this behavior. Why are we not all doing it? So you can lever your securities,
you can lever real estate. Everybody knows that because they buy their house and they get a mortgage
that's just levering an asset. The loan is one thing,
but it's secured by that property. I could use my I have my house,
I bought my own my house outright. A lot of you guys do. I'm saying I'm not a big fan of personal debt,
but I can get a headlock against my house. I do if I need some cash to go buy
something, even another investment, I could pull that out easy and access it. Now, I'm not going to say to that
on your personal stuff right now. If you want to go buy like, Hey,
I need cash because I want to buy three rentals
and they're really great deal. I don't mind you tapping your
personal residence to access that cash because your properties
are just going to immediately pay it back. Right? I could be leaving the properties
I'm buying. But what I would prefer you to do is
look at your actual assets you already have
that are investment assets. So if I have an investment portfolio,
I have an apartment building, I have a bunch of single family
rentals, borrow against those, get a loan against those, and then I have free cash
and then let them pay them. Pay that back out of your rent. In other words,
somebody else is paying it off, not you. I have something like I have a
a an apartment building and it's appreciating
and it has rents coming in. That's fine. But what I can do is borrow against the
apartment building and go buy more assets. Or if I want to buy a car, I can do it. Or if I want to have a bigger house or I want to go on vacation,
I could do that too. But at the end of the day,
I'm not paying it back. My tenants are paying that back. That's the secret sauce. Step number three is do everything in a
in a tax advantaged way. Do not sell
the only time you sell something if something major happened
on that particular investment. So let's say that you have a stock
that's paying out a great dividend and for whatever reason, they get in
snarled in some sort of shenanigans or, you know, they're acting,
they changed their complete business model and you don't agree with it. It's
no longer good company. Then dump it. Okay,
I get it. Get rid of it. Or if it's a piece of real estate,
then it burns down. I might say, you know what? I'm going to take the insurance money and I'm going to sell it to somebody,
but I'm not going to rebuild it myself. That's okay. Otherwise,
you're holding on to these things forever. That income stream does not go away. If I have a portfolio like this, it's
just going to keep paying me and it doesn't stop. It is just going to keep doing it year
after year, decades, decades upon decades. And it's not just me. If I want to leave it to my kids and things like that, I'm I'm leaving them
not just a lump of cash. I'm leaving them a nice cash flow machine. So these are the three steps that I would
do to build a passive income empire. I have done it. It does work.
I watch my clients do it all day. None of this is an original idea
for me, by the way. I am just a conduit. I see people who are doing these things. I see them consistently
having great results, and I suggest you do the exact same thing
and ignore all the hoopla out there. The people that are trying to get you
to buy and sell and markets are crashing and now is the time to buy
and all that stuff. Get rid of that nonsense by systematically over time, ignore
all the hype, buy great companies that are paying you to own them,
that have free cash flow and they share it with their shareholders. Don't buy growth companies that make no money
and you hope that they go up in value someday and you sell it.
That's that's a recipe for disaster. Those are the ones that get crushed
when there's a downturn, cash flow and companies, great companies
that make money don't get affected at all. Then when it comes to real estate,
you're buying cash flow. Real estate, you're not buying
liabilities, you're buying assets. I don't care what the economy's doing. I remember here in Vegas,
I live in Vegas, market crash. We had this huge recession. We were ground zero for foreclosures. Our rents went up every rental property is made more
because people that were losing their house,
they had to live somewhere. If you have it's supply and demand, rents
tend to go up over time. They've consistently gone up. You can't say that. Boy, I wish I hadn't
bought that rental property in 1970. You're killing it. You bought it in 1990. You're killing it. You bought it in 2000. You're killing it. You bought it during the recession. You're killing it, right? All of those have done absolutely great. But somebody was trying to get you to
sell it at some point during those times. And if you had made the mistake
and sold your regretting it, so you hold on to these things. So step number one, live below your means. Make sure that you're paying
an investment account. Step number two is do the 30,
ten, 30, 30, 30, ten. Yeah, income producing stocks,
real estate managed money, even marrying somebody's
portfolio, 10% in cash, step number three, don't sell
lever the asset to buy more assets and or to
buy things that you want to live off of. But make sure that you are not paying it
from your efforts. You're letting somebody else
pay those things off. If you like this type of content,
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