Welcome to Mentor in a Maserati. Today I’m going to give you some real strict things that you need to do in your life or it’s about to get real for you. I want to teach you how to become a millionaire by the time your 40 by generating passive income. I bring to you Mentor In A Masi because my mission in life is to help as many people as I can.
Before they push dirt on me, I want to make sure that I can only help people with living out their desired lives and bring to them a better business mindset.
Lifting you up or pulling you down?
Can I ask you something? Who is the one person in your life that has made the biggest impact in your life? And as you’re commenting that below, I want you to also think of this. The person that you’re thinking about is probably your worst enemy. Here’s what I mean by that:
Let’s suppose that the person you’re thinking about is a sibling, maybe a father, a grandfather, a mother or grandmother. Their job is to protect you.
So, from a business standpoint, typically the person that has made the biggest impact on your life to this point is the person that’s going to hold you down the fastest as well. It’s kind of counter-intuitive. The problem is they love you so much (and they’re great) but they also protect you from thinking outside the box.
They protect you from the risk and from wanting to do things that are bigger because they don’t want you to get hurt. I want you to think about this for a second.
Think about the average age to retire today (they are 67 years old). And then I want you to think about the average age of life expectancy (78 years old).
Are you telling me you’re going to work for 50 years to be free for 11?
Does that make sense?
And when I say free, I don’t mean …
You possibly could be on social security (if social security even is around still).
How we can change that by changing small things today. When we’re talking about the future, you’re not working.
I’m going to be as straight up as possible. If you want to be 75 years old in Walmart working as a greeter, a janitor, working construction, being a roofer…
continue to do the shit that you’ve been doing because that’s exactly where you’re going to be.
You’re going to be relying on social security to pay your bills because you didn’t create passive income.
So, today we’re going to talk about how to become a millionaire by 40 years old. Here are some things that you need to know about.
What you need to know to become a millionaire by 40 with passive income
As young as you are, you need to think about working extremely hard today. Typically, people want the results without putting in the work. What I recommend is to work a minimum of 10 hours a day but more like 12 hours a day.
If you grind now while you’re in your 20’s and your 30’s I guarantee you’ll be two times ahead of the people that only want to work 7, 8 hours a day.
You need to also save more money now. Calculate what you’re making and the idea is to put away a minimum of 30% of what you’re making and save that.
When I say save, I don’t mean save for a “rainy day.”
Let’s talk about this. What I mean by “save” is to invest.
Start creating a side income (side hustle). You need something that you can make extra money on besides your normal job.
Your side hustle should be bringing you extra money and that side hustle should be what’s going into savings, which is then turned into your investment.
What I recommend, (and everything that I’m telling you right here is something that I’ve done) getting a mentor. Get a mentor that has done what you want.
That’s the whole idea of this show, is to mentor. To help as many people as I can through the ups and the downs that I’ve gone through. Those trials are what allow me to be able to coach you guys and educate you on the right things to do.
Diving deeper on the side hustle topic. All my side hustle money goes into savings. My recommendation is to get into Real Estate with your extra money.
If you don’t have a lot of capital right now, I would start by doing some house flips. Buy a property to flip a property. The average flip right now is making between $38,000 and $42,000 on one single flip.
What you do after each flip is, take that money, put it into savings. When you get to 100,000 your going to invest that money into multi-family units. Invest in commercial properties (anything over five units is multi-family commercial property).
That’s what’s going to set you up for life.
Again, the first step is to save 30%, put it aside. Then take that money and invest into a flip. Take that capital and continue to save until you get to 100,000. Once you get to 100,000 we’re going to then invest in commercial properties. That’s going to start your passive income early in life.
Huge tip: reinvest all your profits!
When I say reinvest, what I’m saying is to take what you make on your rental incomes and put it back into reinvesting into more property. Every bit of it.
It is not for savings. It is to reinvest again into more properties.
I’m teaching from experience that I’ve done. Go with the real estate side. Real estate is tangible.
Live your life on passive income
Once you get enough passive income then you want to live your life on passive income.
When you’re 67 years old and you don’t actually have to work another job or rely on social security because you’re making between a $100,000 and $200,000 a year, passively.
For those who don’t know what passive is, that means you worked today to get a residual every month.
How good would it be to get a $15,000 check every single month on the first until the day you die for not lifting a finger?
That’s called passive income. That’s called living life on your terms, not somebody else’s.
I’m teaching you how to set up right now so that when it’s time to retire (if you want to retire) or you want to travel; you’ll have that passive income coming in.
But don’t wait until 67 years old to make a decision. Don’t wait to find out that it wasn’t the right decision to not listen to me and then you have to work until you’re 75 years old.
I’m trying to help you guys out.
You can’t do any of this with bad credit
Now, all this is great, everything that I spoke about is great.
I want to share with you one important tip. You can’t do any of this if you’ve had bad credit. Bad credit will set you back.
Think about buying a property, rental property or investing. You’ll get no funding or high interest with bad credit. Bad credit eats into your profits.
If you guys need help with credit education, advice, mentorship, that’s what I’m here for. That’s why I created the channel.
Post in the comments below, if I can help you in any way shape or form.
Get your credit straight and remember to learn from people who have already done things, not from people that are posting on Instagram and Facebook.
Fuck those Ferrari posting fakes.
I’m here to help you.
Post in the comments below. I want you to retire happy but I can’t force you to want more for yourself.
Until next time, take care.