Wealth Creation 101: How You Can Change Your Mindset and Build Long-Term Wealth w/ Brad Sugars

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<v Speaker 1>The definition of leverage, which is the key to financial success, is do the work once, get paid forever.

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<v Speaker 2>Hey, you won't believe what Brad Sugar's had to say.

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<v Speaker 2>He spoke about wealth in general, his journey of wealth creation, mindset, wealth strategy, misconceptions and risk.

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<v Speaker 1>Stanley and Danko wrote a book called the Millionaire Next Door where they worked out that for 70-something percent of all millionaires got there by being in business for themselves and owning their own home for more than 20 years.

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<v Speaker 1>If you're going to get good at buying something, get good at buying deals.

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<v Speaker 1>When you go shopping, go shopping for a business.

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<v Speaker 1>Don't go shopping for a pair of shoes.

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<v Speaker 1>Go shopping for a deal that'll make you money.

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<v Speaker 2>Brad Sugar, you won't want to miss what he has to say.

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<v Speaker 2>Okay, so what does wealth mean to you beyond financial success?

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<v Speaker 1>You know there's rich and there's wealthy.

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<v Speaker 1>Rich is the cash, cash flow, asset base.

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<v Speaker 1>Wealthy is about the whole spectrum.

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<v Speaker 1>You know relationships, health, all those sorts of things I think there's.

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<v Speaker 1>You know, I guess when you're young, a lot of the time you want to go for rich and as you get older you realize that wealth is more important than rich sort of thing.

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<v Speaker 1>And so, but if you define the money side of it, it's about how many days can you live at your current lifestyle without working?

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<v Speaker 1>So what level of recurring income do you have?

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<v Speaker 1>You can call it passive or recurring.

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<v Speaker 1>Uh, passive is not really a thing.

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<v Speaker 1>It's like you can get income to come in, like from my book sales, but if I don't promote the books, my recurring income disappears, sort of thing.

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<v Speaker 1>So yeah, that's sort of the distinction between wealth and and that having all of the money but no friends to hang with, like what's the?

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<v Speaker 1>I love the fact that I get to have a suite at sporting events and take a bunch of friends.

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<v Speaker 1>This, the sporting event's more fun when you're high-fiving your friends and family than it is if you're just sitting there by yourself.

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<v Speaker 2>I hear that, so I recently completed your 30X program.

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<v Speaker 2>I just have a few questions.

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<v Speaker 2>So can anyone become wealthy?

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<v Speaker 1>Anyone can become wealthy if they're committed to it.

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<v Speaker 1>Though You've got to do the learning.

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<v Speaker 1>You've got to do the learning.

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<v Speaker 1>You've got to do the study.

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<v Speaker 1>You got to apply yourself.

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<v Speaker 1>You got to go and make offers to buy things.

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<v Speaker 1>You can't just study it, you actually got to do it, type thing.

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<v Speaker 1>So, um, but wealth is not complex.

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<v Speaker 1>It's pretty easy.

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<v Speaker 1>It's make more money than you need to spend okay, that amount that you make over and above than you need to spend.

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<v Speaker 1>Okay, that amount that you make over and above what you need to spend.

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<v Speaker 1>You invest, and, over a period of time, those investments become more than your income.

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<v Speaker 1>But you know where most people go wrong.

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<v Speaker 1>Most people go wrong as they get a pay rise.

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<v Speaker 1>They then go and get an expense rise.

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<v Speaker 1>Well, I got a pay rise, I'm going to buy a new car.

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<v Speaker 1>I got a pay rise, I'm going to go buy a boat.

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<v Speaker 1>Now, I got a pay rise Instead, maybe, instead of getting an expense rise, go and get an asset rise.

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<v Speaker 1>Go and get an investment rise when you get a pay rise.

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<v Speaker 2>Okay, my second question is what are some common factors of those who successfully build wealth?

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<v Speaker 1>Consistency would be number one.

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<v Speaker 1>They're consistent about investing their money.

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<v Speaker 1>They do it month in, month out, week in, week out.

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<v Speaker 1>That happens all the time.

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<v Speaker 1>The amount they invest keeps growing, because if you invest in your knowledge, like if you keep getting better, then your income keeps going up.

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<v Speaker 1>Yeah, okay, you can't expect your income to go up by much if all you do is stay the same.

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<v Speaker 1>You know, if you want to get a higher income, you've got to add more value and make more money for the people that are paying you, whether that's your customers or your boss.

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<v Speaker 1>As you increase your value, then you get paid more.

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<v Speaker 1>I mean, that's pretty simple, and so if you keep increasing your income and you keep increasing the percentage of your income that you're investing, then there's a pretty good chance you do it.

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<v Speaker 1>But all of that comes back to knowledge too.

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<v Speaker 1>You've got to have a set of rules to be a good investor.

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<v Speaker 1>You've got to pick your niche and know where am I going to become an expert type thing, and most people you know actually you know what most people's question around investing is.

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<v Speaker 1>It's not as good as your questions.

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<v Speaker 1>Most people's what should I invest in?

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<v Speaker 1>And my answer to that is some books so you don't have to ask me such a stupid question.

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<v Speaker 1>Like you got to invest in knowledge first thing.

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<v Speaker 2>second got it all right?

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<v Speaker 2>How did you approach building wealth when you started your business?

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<v Speaker 1>uh, I don't think it.

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<v Speaker 1>When I, when I first started, it was not about wealth, it was about making some money, and, you know, making enough money to do good and build an income.

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<v Speaker 1>Only when I got an income level high enough did I start thinking about, holy heck, I got to learn how to invest this and I think that was good in the fact that I think a lot of people start studying investing too early, like they're only making a hundred grand a year or 50 grand a year and they're like, well, what am I going to invest in?

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<v Speaker 1>Nothing, you don't have any money.

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<v Speaker 1>You're, you're living.

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<v Speaker 1>You know, if you're still living paycheck to paycheck, you've got to increase your income and decrease your expenses, type thing.

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<v Speaker 1>So I think I was lucky that all I wanted to do when I started was make more, make more, make more.

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<v Speaker 1>And then when I got to a point where I was doing a million a year, it was like, holy heck, I better invest this, because just sitting it in the bank was doing nothing for me.

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<v Speaker 1>Like you know, a couple of points of interest that didn't do anything.

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<v Speaker 1>So it was then that I sat down and said, okay, what am I going to invest in?

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<v Speaker 1>And had to understand I can buy companies, I can buy real estate or I can buy shares.

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<v Speaker 1>They're really the only things I did buy racehorses and art and jewelry and thought they're investments and realized later on they're not investments, they're stupid, but they were fun.

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<v Speaker 1>You know, some things are some.

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<v Speaker 1>Sometimes part of your money has to go to just fun.

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<v Speaker 1>But the lesson I did learn is that your toys and your fun should be paid for by your investments, not by your income.

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<v Speaker 1>If, if, if I invested my income first, then my assets would pay for my toys.

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<v Speaker 1>That was a because then, once the toys paid for, I've still got the asset and I've still got the toy.

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<v Speaker 2>Yeah okay, can you share one or two strategies you used early in your career to build wealth?

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<v Speaker 1>early, my career was business and real estate.

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<v Speaker 1>They were the only two things I learned or understood.

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<v Speaker 1>Business I knew how to buy companies and I learned more and more about that and how.

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<v Speaker 1>To you know what are the criteria that I want, what are my rules for a company that I would buy?

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<v Speaker 1>In the beginning, I bought broken companies and fixed them because that's what I knew how to do.

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<v Speaker 1>I could do better sales, better marketing and even simple things like clean the joint up and and raise the prices and give better customer service and and we all go into businesses every week or every month that are just run badly and you like, how are you still here?

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<v Speaker 1>We just did that.

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<v Speaker 1>Here in Vegas.

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<v Speaker 1>We found a restaurant site.

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<v Speaker 1>It was, oh my God.

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<v Speaker 1>No, it looked awful, they had all of the right ingredients, but it just looked bad.

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<v Speaker 1>The staff were awful, the food was just okay.

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<v Speaker 1>Take that over, turn it around, refurbish it, make it look good, and that's what I do Today.

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<v Speaker 1>More so, I find good businesses and I globalize them.

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<v Speaker 1>So a business that might be in one city and say, how do I put this in a thousand cities?

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<v Speaker 1>Type thing, real estate for me back then, all I knew how to do then was how to again buy something and fix it.

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<v Speaker 1>That was like like if there's, if you go to a nice street and there's one ugly house and there's almost always one ugly house and it's the, it's the crazy cat lady and she's, the trees are overgrown and the swimming pool's a mess.

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<v Speaker 1>Well, when that goes up for sale, no one wants to buy it because no one wants to live in that.

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<v Speaker 1>Yeah, but what I knew was I could buy that and on my weekends I could, like, I would buy it, live in it, and on my weekends and nights I would do the garden.

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<v Speaker 1>You know like, go and get a chainsaw from the place.

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<v Speaker 1>I'd rent a chainsaw, cut down all the stuff and take it to the tip.

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<v Speaker 1>I'd repaint it and, you know, pull out the carpets, put in new carpets and carpets I actually paid people to do.

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<v Speaker 1>I could do the painting myself.

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<v Speaker 1>But eventually, well, I very quickly learned I was not good at doing that stuff.

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<v Speaker 1>So I would hire people to do that stuff.

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<v Speaker 1>I didn't enjoy painting, I didn't enjoy doing those things.

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<v Speaker 1>I would hire people.

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<v Speaker 1>I didn't mind the gardening side of it.

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<v Speaker 1>So I'd do that.

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<v Speaker 1>But as I got better and better at that and I didn't flip.

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<v Speaker 1>I don't believe in flipping houses at all the only times we sell property.

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<v Speaker 1>Well, actually, let me go back to why I don't flip.

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<v Speaker 1>Flipping a property is just trading time for money, the same as you would.

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<v Speaker 1>If I buy that property and I own it for 40 years, it increases in value four or five, ten times over that period.

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<v Speaker 1>Does that make sense?

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<v Speaker 1>Whereas if I flip it, I only make money once.

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<v Speaker 1>The definition of leverage, which is the key to financial success, is do the work once, get paid forever.

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<v Speaker 1>If I buy a house I remember one in sydney, australia I bought this house and it didn't have anywhere to park the car.

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<v Speaker 1>Right, there was no, was no garage, there was no, nothing.

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<v Speaker 1>Now there was room on the side of the house to put just a carport like an aluminum thing with a couple of pillars and some concrete pods, right.

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<v Speaker 1>Well, that thing cost me $1,000 to put on that house, but it allowed me to increase the rent $20 a week, $100 or $100 and something a month, because they had an undercover spot to put their car Now.

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<v Speaker 1>So here's the thing $20 a week, $100 a month, that's $1,200 a year.

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<v Speaker 1>It cost me $1,000.

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<v Speaker 1>I got $1,200 back in the first year.

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<v Speaker 1>That's 100, yeah.

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<v Speaker 1>By fixing it up.

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<v Speaker 1>Then I learned to put uh furniture in places and I wouldn't buy brand new furniture.

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<v Speaker 1>I would go to yard sales, garage sales and auction houses and stuff and I'd buy secondhand beds and I'd buy old cupboards and I'd you know, put them in there.

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<v Speaker 1>They didn't even need work.

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<v Speaker 1>But a furnished house rented for 30 percent more, yeah, than an unfurnished house.

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<v Speaker 1>So for a few thousand dollars I increased the rent per year by a few thousand dollars 100 percent return on my furniture in the place.

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<v Speaker 1>So businesses fix it, buying them and fixing them, real estate buying them and fix them.

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<v Speaker 1>The only difference was the businesses I would sell, because to keep running it took mindshare, it took it took thought, whereas the real estate, once I'd fixed it, I would give it to a property manager and they would charge me back.

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<v Speaker 1>In those days it was 8%.

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<v Speaker 1>These days it's around 10%.

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<v Speaker 1>You can get them for a bit less than 10%, but they would charge me that to manage it and I wouldn't have to think about it.

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<v Speaker 1>They would just do that for me.

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<v Speaker 1>So that was my starting point okay, good, nice to know.

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<v Speaker 2>So how can I change my mindset to believe that wealth can happen for me?

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<v Speaker 1>I don't know if you have to change your mindset.

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<v Speaker 1>You have to grow your mindset.

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<v Speaker 1>When people think about changing their mind, it's like they fight against it.

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<v Speaker 1>Change is something people naturally are like I don't want to change, I like my old ways, and your brain is almost hardwired to fight change.

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<v Speaker 1>Your brain wants to keep you safe.

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<v Speaker 1>Your brain wants to keep you not embarrassed.

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<v Speaker 1>Your brain wants to keep you that way.

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<v Speaker 1>But you can grow your mindset.

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<v Speaker 1>And, as you said, you're watching the videos, you're reading the books.

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<v Speaker 1>You're doing those things.

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<v Speaker 1>You're watching the videos, you're reading the books, you're doing those things.

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<v Speaker 1>You're growing your mindset.

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<v Speaker 1>One of the fundamentals of goal setting is that you cannot achieve the goal when you set it, but you can grow into it.

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<v Speaker 1>Into it.

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<v Speaker 1>If I was to say to you Tiff, all right, here's.

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<v Speaker 1>So, bree, what I want you to do is I want you to run a marathon tomorrow, right, mm-hmm?

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<v Speaker 1>Your body and your brain are going to go.

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<v Speaker 1>No chance not happening, can't do it.

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<v Speaker 1>But if we said, in two years time, I want you to run a marathon, can you learn, train, get better practice?

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<v Speaker 1>Of course you can.

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<v Speaker 1>If I said, tomorrow, I want you to buy your first investment piece of real estate, your brain and your body are going to go.

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<v Speaker 1>Whoa dude, no, not ready.

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<v Speaker 1>But if I said to you, two years from now, I want you to make an offer on your first piece of real estate to buy as an investment, you can train, study, learn, grow and get there, does that make sense?

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<v Speaker 1>I think a lot of people try and get there in a day rather than say, okay, I've got to do the learning first.

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<v Speaker 1>And that's back to the formula dream, goal, learn, plan, act.

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<v Speaker 1>The reason we set a goal is to know what we need to learn.

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<v Speaker 1>Once we learn, we write the plan, and once we write the plan, we act.

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<v Speaker 1>People seem to think that it's goal action.

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<v Speaker 1>It's not goal action.

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<v Speaker 1>It's goal, learn, plan act.

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<v Speaker 1>If you haven't written the plan of how you're going to invest like I suggest and you learned this on 30X Wealth, I suggest everybody writes a business plan for their wealth.

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<v Speaker 1>It would be the Brie Wealth Plan, would be the Brie wealth plan right, or your family wealth plan right.

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<v Speaker 1>And you write a plan for your wealth and people go.

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<v Speaker 1>What does that plan entail?

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<v Speaker 1>Great question how about you read some books, listen to some podcasts, study some blogs and read enough so that you can write your wealth plan.

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<v Speaker 1>Like what will your wealth plan be?

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<v Speaker 1>Will it be real estate?

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<v Speaker 1>And if it is real estate, what type of real estate will you buy and what will you get good at?

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<v Speaker 1>Will it be the shares?

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<v Speaker 1>Okay, if it's going to be shares, how will you buy shares?

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<v Speaker 1>What will you do?

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<v Speaker 1>Where will you get the income for your wealth business from?

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<v Speaker 1>You know you and your partner.

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<v Speaker 1>You make the money.

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<v Speaker 1>You put in a percentage of it into this business and this business, then its job is to make that money, make more money.

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<v Speaker 1>So, make the money, make the money, make more money.

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<v Speaker 1>Then repeat until you've got enough where you can just enjoy.

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<v Speaker 1>Yeah, it's an interesting question.

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<v Speaker 2>Thank you for that, so can you explain?

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<v Speaker 1>the main differences between rich thinking versus poor thinking.

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<v Speaker 1>Oh, how many hours we got on that one, you know it.

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<v Speaker 1>Let's first of all start with the money side of poor versus rich.

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<v Speaker 1>We'll throw middle class in in the middle, okay.

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<v Speaker 1>So Sharon Lecter and Rob Kiyosaki wrote the book Off the Teachings of Keith Cunningham Rich Dad, Poor Dad.

00:16:26.850 --> 00:16:32.552
<v Speaker 1>Right, it shows that poor people basically spend every dollar they make.

00:16:32.552 --> 00:16:34.948
<v Speaker 1>So if I make it, it's gone.

00:16:34.948 --> 00:16:44.950
<v Speaker 1>Middle class, and I personally think the middle class are worse off than poor, Because the middle class get a good credit rating.

00:16:44.950 --> 00:16:47.505
<v Speaker 1>And once you get a good credit rating, what does that mean?

00:16:47.505 --> 00:16:49.530
<v Speaker 1>You normally do you go into debt.

00:16:49.831 --> 00:16:49.991
<v Speaker 2>Yep.

00:16:50.820 --> 00:16:55.993
<v Speaker 1>And once you're in debt, you're always, it seems, to get worse and worse and worse.

00:16:55.993 --> 00:17:02.543
<v Speaker 1>So the rich thinking is instead of borrowing money, how can I lend money?

00:17:02.543 --> 00:17:08.493
<v Speaker 1>So how can I take that money, invest it and have it make more money?

00:17:08.493 --> 00:17:20.340
<v Speaker 1>Um, now, the approach to that is there's so many different mindset thinking, but if we just think of growth, mindset is a rich thinking.

00:17:20.340 --> 00:17:22.105
<v Speaker 1>I can grow into my goals.

00:17:22.105 --> 00:17:25.601
<v Speaker 1>I might not know how to achieve my goals today, but I can learn it.

00:17:25.601 --> 00:17:26.763
<v Speaker 1>I can grow into it.

00:17:26.763 --> 00:17:30.894
<v Speaker 1>I can become the type of person that does that.

00:17:30.894 --> 00:17:32.579
<v Speaker 1>I can grow and become.

00:17:32.579 --> 00:17:36.987
<v Speaker 1>That's one way of the way rich people think, rather than poor people.

00:17:37.528 --> 00:17:42.674
<v Speaker 1>Rich people think about serving others, not getting money from others.

00:17:42.674 --> 00:17:43.561
<v Speaker 1>Like, how do I?

00:17:43.561 --> 00:17:45.787
<v Speaker 1>Because the?

00:17:45.787 --> 00:17:47.771
<v Speaker 1>Like, why do I write books?

00:17:47.771 --> 00:17:50.650
<v Speaker 1>Because I can serve millions of people through books.

00:17:50.650 --> 00:17:54.310
<v Speaker 1>I can only serve so many people through one-to-one coaching.

00:17:54.310 --> 00:17:55.979
<v Speaker 1>Why am I doing this podcast?

00:17:55.979 --> 00:17:58.426
<v Speaker 1>So I can serve more people for free.

00:17:58.426 --> 00:18:02.219
<v Speaker 1>Those who want to learn it can come for free and learn.

00:18:02.219 --> 00:18:03.262
<v Speaker 1>I mean, heck if.

00:18:03.262 --> 00:18:10.537
<v Speaker 1>If you want to learn, I'm happy to be here and I'm happy to answer questions, but you've got to make that commitment.

00:18:10.537 --> 00:18:32.646
<v Speaker 1>So there's a lot of personality traits about being wealthy, but I think learning is a big one, growth is a big one, and knowing that you must invest, invest in knowledge, invest in your health, invest in your family, invest in relationships, but invest in assets that make you money.

00:18:32.646 --> 00:18:39.634
<v Speaker 1>And an asset by definition, by the way, is it's got to have capital gain and cash flow.

00:18:39.634 --> 00:18:45.209
<v Speaker 1>If it doesn't have capital gain and cash flow, it's not an asset it's going to churn the money out.

00:18:46.121 --> 00:18:51.333
<v Speaker 2>In your 30X Wealth Program, you separate wealth creation into three parts.

00:18:51.333 --> 00:18:59.910
<v Speaker 2>So buying, building and selling businesses is one, two, real estate, and your third is stocks and shares, et cetera.

00:18:59.910 --> 00:19:08.364
<v Speaker 2>So I have a question for you which one of those would you recommend to somebody coming out of college or somebody who's starting their first job?

00:19:10.708 --> 00:19:12.530
<v Speaker 1>Where should you start?

00:19:12.530 --> 00:19:14.414
<v Speaker 1>Let's do the basics first.

00:19:14.414 --> 00:19:17.385
<v Speaker 1>Okay, so we live here in the States.

00:19:17.385 --> 00:19:24.348
<v Speaker 1>So my suggestion I just literally had my daughters do this, so they set up a Roth IRA account.

00:19:24.348 --> 00:19:32.509
<v Speaker 1>You can put in about $7,000 a year into that, so a few hundred a month is the maximum you can put in.

00:19:32.509 --> 00:19:33.271
<v Speaker 1>You don't have to.

00:19:33.271 --> 00:19:35.027
<v Speaker 1>You can start with $50 a month.

00:19:35.740 --> 00:19:44.557
<v Speaker 1>But what the Roth IRA is is it's tax deferred meaning, and every country in the world has a similar process to this right.

00:19:44.557 --> 00:19:52.420
<v Speaker 1>It's called different things, but what it means is you're not paying tax on the earnings until you take the money out at 65.

00:19:52.420 --> 00:19:53.784
<v Speaker 1>Then you pay tax.

00:19:53.784 --> 00:19:56.411
<v Speaker 1>What that means is it?

00:19:56.411 --> 00:20:11.365
<v Speaker 1>So, instead of paying tax and then only making interest on the after-tax money, you're making interest on all the money no taxes until you're later in life, so it grows faster.

00:20:11.365 --> 00:20:14.893
<v Speaker 1>So doing something like that is a great starting point.

00:20:14.893 --> 00:20:25.709
<v Speaker 1>If you're not willing to do a Roth IRA, because that puts the money away until you're 65, so you can't touch it the reason I love that is because you can't touch it.

00:20:25.709 --> 00:20:51.010
<v Speaker 1>If you just want to start, then an even easier thing to do is set up two bank accounts a savings account and a trading account, meaning that your paycheck goes into your savings account and you draw out of it the thousand dollars a month you need to live off of, or whatever that amount is you need to live off of.

00:20:51.010 --> 00:20:54.923
<v Speaker 1>Another one would be a low-cost mutual fund.

00:20:54.923 --> 00:20:58.775
<v Speaker 1>So we would probably take an index fund.

00:20:58.775 --> 00:21:06.035
<v Speaker 1>An index means the Russell 2000, the Dow Jones, any of those indices, and you follow the index.

00:21:06.035 --> 00:21:11.969
<v Speaker 1>Most of those indices over a long period are going to be somewhere between 9% and 11% growth.

00:21:11.969 --> 00:21:22.709
<v Speaker 1>So if you're in a low cost, which means they're not charging you many fees, mutual index fund usually that is a great way to start.

00:21:22.960 --> 00:21:27.050
<v Speaker 1>Now, if you want to be more active, start with a side hustle.

00:21:27.050 --> 00:21:32.240
<v Speaker 1>Start with a business doing something that you're good at, whatever it is.

00:21:32.240 --> 00:21:33.423
<v Speaker 1>You get really good at.

00:21:33.423 --> 00:21:45.723
<v Speaker 1>Start a business doing that and you're not necessarily doing that business to make a lot of money, but you're doing it to learn sales or learn marketing or learn customers or that sort of thing.

00:21:46.345 --> 00:21:52.099
<v Speaker 1>Uh, real estate I would 100 recommend all young people start in real estate.

00:21:52.099 --> 00:21:55.326
<v Speaker 1>This as soon as you can buy your own first home.

00:21:55.326 --> 00:22:01.643
<v Speaker 1>Do that, but buy a shitty home your first home.

00:22:01.643 --> 00:22:05.972
<v Speaker 1>Don't go and buy something that's beautiful and downtown, or don't go rent.

00:22:05.972 --> 00:22:07.586
<v Speaker 1>And this is what kills me.

00:22:07.586 --> 00:22:18.547
<v Speaker 1>I see young people go and rent the most beautiful condo they can afford, downtown because they want the lifestyle and they're killing their future wealth.

00:22:18.547 --> 00:22:21.407
<v Speaker 1>Now, different choices with different people.

00:22:21.407 --> 00:22:27.787
<v Speaker 1>But if you're watching my podcast, you're not here because you want lifestyle to be the priority.

00:22:27.787 --> 00:22:33.525
<v Speaker 1>You're here because you want to build yourself something that means later on, lifestyle is your priority.

00:22:34.165 --> 00:22:44.951
<v Speaker 1>So what I would do is buy a large, the biggest house you can afford when you're young, right, preferably somewhere next to a college or between a college and a hospital.

00:22:44.951 --> 00:22:56.182
<v Speaker 1>And if you get a five bedroom place or let's say, you get a four bedroom place but it's got extra areas and you can add two more bedrooms, like if it's four bed, three bath and you can make it a six bedroom, three bath.

00:22:56.182 --> 00:23:02.471
<v Speaker 1>Now, when I say add the extra bedrooms, I don't mean, um, you know stuff that needs city planning.

00:23:02.471 --> 00:23:08.667
<v Speaker 1>I mean where you can put up an extra couple of walls because they had a entertainment room or something like that.

00:23:09.148 --> 00:23:18.436
<v Speaker 1>Well then, you rent it out room by room and, hey presto, your income from that should pay your mortgage well and truly.

00:23:18.436 --> 00:23:27.203
<v Speaker 1>Plus, you're still living there as a young person and all the while you're fixing that property up and over a year or two years depending upon where you live.

00:23:27.203 --> 00:23:31.461
<v Speaker 1>Some countries it's one year you don't have to pay tax if you buy it and sell it.

00:23:31.461 --> 00:23:36.288
<v Speaker 1>In other countries it's two years if it's your own personal residence and you buy it and sell it.

00:23:36.288 --> 00:23:51.267
<v Speaker 1>But what you do for the first 10 years of your life in your 20s, early 30s, is every two years you buy a shitty home and fix it up and you spend two years fixing it up on weekends and nights and stuff, and you do that for 10 years.

00:23:51.267 --> 00:23:55.211
<v Speaker 1>Well, at the end of that 10 years you've pretty much set yourself up for the rest of your life.

00:23:56.964 --> 00:23:59.726
<v Speaker 2>All right, I'm going to take that and use it.

00:24:00.328 --> 00:24:04.074
<v Speaker 1>Monopoly Buy four green houses, one red hotel.

00:24:04.074 --> 00:24:05.798
<v Speaker 1>Well, hey there, and thanks for listening.

00:24:05.798 --> 00:24:10.964
<v Speaker 1>I've noticed that 78% of you are brand new, which means you haven't hit the subscribe button yet.

00:24:10.964 --> 00:24:18.228
<v Speaker 1>By subscribing, you help us bring on even better guests, better quality content and serve you better with even more podcasts.

00:24:18.228 --> 00:24:20.359
<v Speaker 1>So please hit that subscribe button.

00:24:20.359 --> 00:24:21.542
<v Speaker 1>It only takes a second.

00:24:21.542 --> 00:24:23.027
<v Speaker 1>It makes a huge difference.

00:24:23.027 --> 00:24:35.744
<v Speaker 1>If you support us, we're going to support your success and help you achieve big success together how important is diversification in um building and sustaining wealth.

00:24:35.765 --> 00:24:38.249
<v Speaker 1>Uh, in the beginning, diversification is dumb.

00:24:38.249 --> 00:24:42.366
<v Speaker 1>As you get older, diversification is important.

00:24:42.366 --> 00:24:51.497
<v Speaker 1>In the beginning you don't have a lot of money, so to diversify just means you're not not going after what you want.

00:24:51.497 --> 00:25:00.914
<v Speaker 1>If it's like oh, I'll just use me as an example, my first piece of real estate took every spare dollar I had because I didn't have any money, you know.

00:25:00.914 --> 00:25:11.867
<v Speaker 1>So I wasn't trying to diversify into a bunch of different things, I was doing the biggest play I could make with the money I had available type thing.

00:25:13.855 --> 00:25:20.189
<v Speaker 1>You know, when you look at the stock market, I think diversification is still not that smart.

00:25:20.189 --> 00:25:30.509
<v Speaker 1>Why, if I'm good at one thing, why would I invest in 20 industries that I have no clue about?

00:25:30.509 --> 00:25:35.928
<v Speaker 1>You know, like for me, I love energy solar energy, wind energy.

00:25:35.928 --> 00:25:38.696
<v Speaker 1>I just I read about it and I watch videos about it.

00:25:38.696 --> 00:25:40.765
<v Speaker 1>Ocean cleanup how do they do it?

00:25:40.765 --> 00:25:41.627
<v Speaker 1>All these sorts of things.

00:25:41.627 --> 00:25:46.404
<v Speaker 1>I would read it and study it, even if I wasn't investing in it, if that makes sense.

00:25:46.404 --> 00:25:52.986
<v Speaker 1>So I look up all the companies in the market that are in that genre and I study them.

00:25:53.086 --> 00:25:56.636
<v Speaker 1>My kids, I give them a list of a hundred stocks, right?

00:25:56.636 --> 00:25:59.381
<v Speaker 1>Disney, nickelodeon.

00:25:59.381 --> 00:26:04.695
<v Speaker 1>So lucky, I got five kids so I can do different ones.

00:26:04.695 --> 00:26:10.027
<v Speaker 1>But like one of the kids loves nerf guns and he's like dad, I want to invest.

00:26:10.027 --> 00:26:15.321
<v Speaker 1>I want to buy a share in the company that makes nerf guns excellent.

00:26:15.321 --> 00:26:16.904
<v Speaker 1>I love that idea.

00:26:16.904 --> 00:26:19.068
<v Speaker 1>Great stuff, the whole thing.

00:26:19.068 --> 00:26:26.515
<v Speaker 1>One of my kids loves slime and there's this slime like great, we're gonna buy shares in the slime company.

00:26:26.515 --> 00:26:31.597
<v Speaker 1>You know what I mean, so that you do what you're interested in and learn about that.

00:26:31.597 --> 00:26:42.825
<v Speaker 1>But as you get older and wealthier, you want to reduce your risk by putting less of your entire wealth into any one deal.

00:26:42.825 --> 00:26:47.381
<v Speaker 1>In the beginning, literally, I'm 100% all in because I didn't have much money.

00:26:47.381 --> 00:26:57.487
<v Speaker 1>As I get older, it's like okay, two percent goes into any one deal, because we're not going to risk millions in a deal.

00:26:57.487 --> 00:27:04.261
<v Speaker 1>Because okay, if we lose 20 million, that's a chunk, if we lose a million, that's okay.

00:27:04.261 --> 00:27:05.282
<v Speaker 1>Yeah well.

00:27:05.323 --> 00:27:10.211
<v Speaker 2>How do you manage your risk when maintaining your wealth?

00:27:13.895 --> 00:27:18.406
<v Speaker 1>I don't know if the word see, when you look at risk risk, is just lack of knowledge.

00:27:18.406 --> 00:27:21.480
<v Speaker 1>Okay, there is many types of risk.

00:27:21.480 --> 00:27:26.278
<v Speaker 1>There's market risk, there's interest rate risk, there's bank risk.

00:27:26.278 --> 00:27:28.705
<v Speaker 1>I mean, there's risks that we have no idea about.

00:27:28.705 --> 00:27:33.881
<v Speaker 1>You know pandemics who would have ever predicted those sorts of things?

00:27:34.623 --> 00:27:40.260
<v Speaker 1>Uh, I think you get to a point where you understand that if I've got enough knowledge, I'm reducing my risk.

00:27:40.260 --> 00:27:44.068
<v Speaker 1>If I know what I'm doing, then risk is lower.

00:27:44.068 --> 00:27:50.147
<v Speaker 1>Like if I said, hey, you know what, brie, we're gonna go jump out of an airplane, we've got to pack our own chute.

00:27:50.147 --> 00:27:51.580
<v Speaker 1>Neither of us has ever done it before.

00:27:51.580 --> 00:27:53.501
<v Speaker 1>That's very risky.

00:27:53.501 --> 00:28:08.564
<v Speaker 1>If we go jump out of an airplane after taking a day of lessons and we have the best trainer in the country and we have the people packing our chutes, they pack their own chute and ours and they let us pick which one we jump with.

00:28:08.564 --> 00:28:18.201
<v Speaker 1>And they're an expert and they've done it a million times the, the risk is reduced like, um, you know, for us, action coach, we're a business coaching company.

00:28:18.201 --> 00:28:21.335
<v Speaker 1>How do we help people reduce the risk of being in business themselves?

00:28:21.335 --> 00:28:23.237
<v Speaker 1>They come to us and we coach them.

00:28:23.237 --> 00:28:24.999
<v Speaker 1>Yeah, it reduces their risk.

00:28:24.999 --> 00:28:28.844
<v Speaker 1>So I think by getting knowledge I reduce my risk all right.

00:28:29.364 --> 00:28:36.372
<v Speaker 2>And what are some misconceptions about wealth and business success?

00:28:38.273 --> 00:28:40.780
<v Speaker 1>oh yeah, let's start with the dumbest ones.

00:28:40.780 --> 00:28:41.824
<v Speaker 1>Oh, they got lucky.

00:28:41.824 --> 00:28:49.866
<v Speaker 1>Or I love the one is you know they must sell drugs or they must, like you know what, they must rip people off.

00:28:49.866 --> 00:29:06.983
<v Speaker 1>You know rich person, they must have stolen it from some, you know, or they don't pay proper wages or they take advantage of people, like all the dumb misconceptions, and really that's just someone's excuse for them not doing it themselves, like, well, I don't have it.

00:29:06.983 --> 00:29:10.236
<v Speaker 1>So therefore the person who has it must be bad, you know.

00:29:10.236 --> 00:29:15.507
<v Speaker 1>That's, that's their justification of why I well, I didn't do it.

00:29:15.507 --> 00:29:16.648
<v Speaker 1>You know that sort of thing.

00:29:16.648 --> 00:29:21.285
<v Speaker 1>So they make it bad because then they want to make themselves feel good.

00:29:21.285 --> 00:29:24.218
<v Speaker 1>It's kind of like, why do people watch reality shows?

00:29:24.218 --> 00:29:30.169
<v Speaker 1>Because then they realize, well, my life's not as bad as that idiot, you know, and that sort of thing.

00:29:30.835 --> 00:29:45.426
<v Speaker 1>I think one of the big misconceptions is that to be rich you've got to be like a sports star or a movie star, or you've got to be something of that nature, or you inherited a type thing.

00:29:45.426 --> 00:29:53.000
<v Speaker 1>Stanley and Danko wrote a book called the millionaire next door, where they worked out that it was like 74 or whatever.

00:29:53.000 --> 00:30:01.784
<v Speaker 1>70 something percent of all millionaires got there by being in business for themselves and owning their own home for more than 20 years.

00:30:01.784 --> 00:30:12.719
<v Speaker 1>So they paid off their own home and they built it and, it was interesting, the number one profession of the spouse of the business owner was teacher.

00:30:12.719 --> 00:30:19.659
<v Speaker 1>Teachers were the best at uh, being the spouse of helping manage the money of the person.

00:30:19.659 --> 00:30:29.401
<v Speaker 1>Because in a relationship usually where money is done well in a family is where one is good at making and one's good at managing.

00:30:29.480 --> 00:30:29.701
<v Speaker 2>Yeah.

00:30:30.061 --> 00:30:31.344
<v Speaker 1>There's two roles in money.

00:30:31.344 --> 00:30:36.310
<v Speaker 1>Someone's got to be great at making money and someone's got to be great at managing money.

00:30:36.310 --> 00:30:43.148
<v Speaker 1>And if you have the two one that makes it and one that invests it then you're off to the races.

00:30:43.148 --> 00:30:49.122
<v Speaker 1>Most families there's one that makes it and one that spends it, or one that makes it and two that spend it, type thing.

00:30:49.656 --> 00:30:56.480
<v Speaker 1>No, no See, rather than getting good at buying, if you're going to get good at buying something, get good at buying deals.

00:30:56.480 --> 00:30:57.923
<v Speaker 1>Get good at buying real estate.

00:30:57.923 --> 00:30:59.655
<v Speaker 1>Get good at when you go shopping.

00:30:59.655 --> 00:31:01.059
<v Speaker 1>Go shopping for a business.

00:31:01.059 --> 00:31:03.105
<v Speaker 1>Don't go shopping for a pair of shoes.

00:31:03.105 --> 00:31:05.338
<v Speaker 1>Go shopping for a deal that'll make you money.

00:31:05.338 --> 00:31:07.224
<v Speaker 1>Go shopping for shares.

00:31:07.346 --> 00:31:15.910
<v Speaker 1>You know when the stock market falls 30%, recognize that that's a 30% off sale, okay, and pick the like.

00:31:15.910 --> 00:31:19.701
<v Speaker 1>You don't go to a 30% off sale at the store and just buy everything.

00:31:19.701 --> 00:31:23.496
<v Speaker 1>Yeah, you go and pick what's the thing that's the best value in that.

00:31:23.496 --> 00:31:30.348
<v Speaker 1>Like my second oldest daughter, she is a genius at knowing which handbags are going up in value out there.

00:31:30.348 --> 00:31:32.301
<v Speaker 1>Like you see the whole Rolexes.

00:31:32.301 --> 00:31:36.086
<v Speaker 1>People are now buying and trading Rolexes because they go up in value.

00:31:36.086 --> 00:31:40.941
<v Speaker 1>Kenzie is like Dad, that handbag you watch, I'm going to get it for this price.

00:31:40.941 --> 00:31:42.119
<v Speaker 1>It's worth this much.

00:31:42.119 --> 00:31:53.926
<v Speaker 1>Like she knows how much they're worth and she'll go to a garage sale and stuff like that and she'll pick out a Prada handbag for $1,000, and she knows she can sell it for $3,500 online.

00:31:53.926 --> 00:31:56.730
<v Speaker 1>It's a crazy way you can make money these days.

00:32:00.555 --> 00:32:04.125
<v Speaker 2>So what advice would you give somebody with a side hustle to create long-term wealth?

00:32:05.556 --> 00:32:09.873
<v Speaker 1>So the reason you're doing a side hustle is really one of three things Gain skills that's the number one reason you do a side hustle is really one of three things.

00:32:09.873 --> 00:32:13.083
<v Speaker 1>Gain skills that's the number one reason to do it.

00:32:13.083 --> 00:32:16.224
<v Speaker 1>Gain some skills, gain some knowledge, all that sort of stuff.

00:32:16.224 --> 00:32:19.403
<v Speaker 1>Number two reason is create cash flow Okay.

00:32:19.403 --> 00:32:22.825
<v Speaker 1>And number three is to test to see if you can go full time in it.

00:32:22.825 --> 00:32:23.708
<v Speaker 1>Okay.

00:32:23.708 --> 00:32:25.402
<v Speaker 1>That's the real three reasons.

00:32:25.402 --> 00:32:48.397
<v Speaker 1>So if I'm in a side hustle, I'm either making money so I can invest it in in the share market, or I can invest in real estate, or I can buy other things, or I'm learning the skills to get into business myself at some point, and or the the third one I'm testing the water to see can I go full time in this thing.

00:32:48.397 --> 00:32:54.903
<v Speaker 1>Because if you're in a side hustle where you believe you can replace your income, then that's a fantastic thing.

00:32:55.435 --> 00:32:59.287
<v Speaker 1>But I think a lot of people leave their job just a little too early.

00:32:59.287 --> 00:33:03.320
<v Speaker 1>They haven't learned enough, and that's the biggest thing.

00:33:03.320 --> 00:33:07.507
<v Speaker 1>See, a job is a paid apprenticeship to your own business.

00:33:07.507 --> 00:33:08.839
<v Speaker 1>That's ultimately it.

00:33:08.839 --> 00:33:12.278
<v Speaker 1>Job is a paid apprenticeship to your own business that's ultimately it.

00:33:12.278 --> 00:33:18.132
<v Speaker 1>Like you know, you work in my team and one of the biggest things that you get here is I, I insist you grow, I insist you learn.

00:33:18.172 --> 00:33:23.897
<v Speaker 1>And people like well, brad, aren't you worried that you're teaching brie too much, type thing, that she's gonna leave.

00:33:23.897 --> 00:33:32.540
<v Speaker 1>No, one day I want you to leave, not that fast, yeah, you know, but one day I want you to leave, not that fast, you know, but one day I want you to go on and succeed in your own business and do your own thing.

00:33:32.540 --> 00:33:39.362
<v Speaker 1>But, as you know, here we create a position where you learn a whole bunch and you grow and you grow.

00:33:39.362 --> 00:33:47.075
<v Speaker 1>We want you to grow into a senior position and get more skills and get more pay and grow your income and do all those things.

00:33:47.075 --> 00:33:49.883
<v Speaker 1>You create a business where people can leave.

00:33:49.883 --> 00:33:50.063
<v Speaker 1>It's.

00:33:50.063 --> 00:33:53.994
<v Speaker 1>You create a business where people can leave, but you create a bit of business where people want to stay.

00:33:53.994 --> 00:34:06.199
<v Speaker 1>That culture is a part of what we do here and in all of what we do at action coach, at all of my companies it sure is my last question to you what books and programs would you recommend for wealth creation?

00:34:06.539 --> 00:34:07.402
<v Speaker 1>all, all of mine.

00:34:07.402 --> 00:34:08.744
<v Speaker 1>That's a great question.

00:34:08.744 --> 00:34:10.829
<v Speaker 1>That's a superb setup.

00:34:10.829 --> 00:34:22.362
<v Speaker 1>Listen, I put out reading lists on occasion and stuff like that, but any book that resonates with you, and I'm the big audio book guy.

00:34:22.362 --> 00:34:37.898
<v Speaker 1>But you can also jump on some apps like Headway that are they take a book and turn into a 20 minute audio version and you can listen to 10 20 minute versions and then pick the one you want to read the whole details of it, sort of thing.

00:34:38.378 --> 00:34:46.338
<v Speaker 1>Um, but ultimately you've got to plan your learning, and this is the challenge that a lot of people go into.

00:34:46.338 --> 00:34:46.820
<v Speaker 1>They don't.

00:34:46.820 --> 00:34:50.615
<v Speaker 1>We go back to the formula b times do equals have, okay.

00:34:50.615 --> 00:34:54.947
<v Speaker 1>So once you know what you want to have, you can then determine what you want to do.

00:34:54.947 --> 00:34:57.378
<v Speaker 1>Back to that uh, dream goal, learn.

00:34:57.378 --> 00:35:00.344
<v Speaker 1>So dreams and goals are what you want to have.

00:35:00.344 --> 00:35:06.987
<v Speaker 1>From that you determine what do I want to do, which is the learn, plan, action type thing.

00:35:06.987 --> 00:35:16.728
<v Speaker 1>But once you know what you've got to do, then you've got to determine who do I need to be in order to do, in order to have so defining who you want to become.

00:35:17.474 --> 00:35:26.016
<v Speaker 1>And, let's say, the biggest thing in your way is I'm not good at sales yet Well, sales is never going to get easier.

00:35:26.016 --> 00:35:27.621
<v Speaker 1>You got to get better at sales.

00:35:27.621 --> 00:35:29.706
<v Speaker 1>Business isn't going to get easier.

00:35:29.706 --> 00:35:30.920
<v Speaker 1>You've got to get better at business.

00:35:30.920 --> 00:35:32.581
<v Speaker 1>Being a parent's not getting easier.

00:35:32.581 --> 00:35:34.282
<v Speaker 1>You've got to get better at being a parent.

00:35:34.282 --> 00:35:40.242
<v Speaker 1>And now, with your baby, you're learning that it's like okay, now we've gone man on man.

00:35:40.434 --> 00:35:44.867
<v Speaker 1>You know it's like once you get like me with five kids, you've got to play zone defense.

00:35:44.867 --> 00:35:50.777
<v Speaker 1>It's like a whole different.

00:35:50.777 --> 00:35:51.559
<v Speaker 1>Yeah, I know no one wants five kids.

00:35:51.559 --> 00:35:51.820
<v Speaker 1>We're crazy.

00:35:51.820 --> 00:35:52.262
<v Speaker 1>We are the crazy ones.

00:35:52.262 --> 00:35:54.530
<v Speaker 1>Um, but someone once taught me have as many kids as you can afford.

00:35:54.530 --> 00:35:59.329
<v Speaker 1>So it's like because later in life you'll enjoy the fact that you had that many kids, sort of thing.

00:35:59.329 --> 00:36:05.507
<v Speaker 1>And interesting thing about that is, the more kids you have, the more success you seem to gain because you have to.

00:36:05.507 --> 00:36:07.181
<v Speaker 1>Yeah, there's no, there's no.

00:36:07.181 --> 00:36:08.065
<v Speaker 1>Holy heck.

00:36:08.065 --> 00:36:09.230
<v Speaker 1>You know, I got another kid.

00:36:09.230 --> 00:36:11.117
<v Speaker 1>Well, let's just exist on the money.

00:36:11.117 --> 00:36:11.978
<v Speaker 1>We had no this.

00:36:11.978 --> 00:36:13.704
<v Speaker 1>We got to get this kid through school.

00:36:13.704 --> 00:36:14.726
<v Speaker 1>We got to get him clothing.

00:36:14.726 --> 00:36:15.858
<v Speaker 1>We got to make more money.

00:36:16.239 --> 00:36:18.664
<v Speaker 1>You know, pressure is a good thing.

00:36:18.664 --> 00:36:26.838
<v Speaker 1>Pressure to perform is a good thing, and I think a lot of young people need to put themselves in more pressure situations so that they are.

00:36:26.838 --> 00:36:28.521
<v Speaker 1>They have to succeed.

00:36:28.521 --> 00:36:31.896
<v Speaker 1>Yeah, like if, if leadership is offered, step up and accept it.

00:36:31.896 --> 00:36:44.956
<v Speaker 1>Um, that's, that's a big thing, but uh, there's, I think if, to finish off the learning thing, think of it like the first few books you read, like putting the corners of a jigsaw puzzle out.

00:36:44.956 --> 00:36:51.077
<v Speaker 1>The next 10, 20, 30 books you read are going to put the outside lines into the jigsaw puzzle.

00:36:51.077 --> 00:36:58.382
<v Speaker 1>And then what you're doing, once you've got that framework in, then it just gets faster, it gets easier to put the positions in.

00:36:58.382 --> 00:37:08.478
<v Speaker 1>You read more books because, adding knowledge to existing knowledge you're, you're learning gets faster and faster and faster and it makes more and more sense as you get there.

00:37:09.021 --> 00:37:12.463
<v Speaker 2>So, yeah, Well, thank you for answering my questions, Brad.

00:37:12.463 --> 00:37:13.737
<v Speaker 2>Thank you for asking me.

00:37:13.737 --> 00:37:14.219
<v Speaker 2>I appreciate your time.

00:37:14.239 --> 00:37:15.784
<v Speaker 1>Great questions, of course.

00:37:17.297 --> 00:37:22.925
<v Speaker 3>You've been listening to the Big Success Podcast with the number one business coach in the world, Brad Sugars.

00:37:22.925 --> 00:37:32.483
<v Speaker 3>To learn more about how to achieve business and personal success, as well as how to level up or listen to past episodes, visit wwwbradsugarscom.