If you’re looking for practical tips and advice on Private Lending and how to build and maintain wealth outside of banks or wall street, then you are in the right place. And if want to put the power of a bank in your retirement account, you should probably pull up a chair. But if you want to learn from my mistakes so you can avoid them, well then pour yourself a drink my friend, because this podcast is just for you!
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This episode is going live on December 21st, 2020 – the longest day of the strangest year I’ve seen in my few orbits around the sun.
Before I get to the housekeeping, I would like to take a moment and say thank you. Thanks for sticking with me this far, and I hope you stick with me even further as we boldly go into 2021.
Did you know there is an easy button to start your private lending journey? If you are a bit unsure of making your first private loan, you can partner with my friends over at Ink lending and fund their loans on properties right here in the Houston area, in one of the most lender-friendly states in this great country of ours! That’s right, Paul Lamnatos and his team vet the deals, underwrite the loan, and put your money to work for you. It’s about as passive as you can get!!
If you would like to learn more go to PrivateLenderPodcast.com/INK, click the link, enter your info and Paul will reach out to confirm a time when you can speak to him about Ink’s lending criteria, their loan process, and how you can begin profiting from loans on properties located in the greater Houston area – in a very lender-friendly state.
OK, let’s get down to the brass tacks, right to the heart of today’s topic which is another lesson taken from the book The Richest Man In Babylon. Why am I doing this you might ask? Because there is no secret to building wealth, but there is a price that I believe very few of us are willing to pay, which includes hard work, unwavering determination, no guarantees, and nothing but uncertainty.
You can see examples of not paying the price for that which we so desperately desire.
I’ve seen it in my family, my friends and sadly I’ve seen it in myself. Remember ya’ll, my truck was repossessed when my wife (at the time) was 3 months pregnant with our first child.
That’s why I love the book the Richest Man in Babylon and the lessons found within it. These are time tested principles for building wealth. They are not get-rich-quick schemes. They are not “hacks” for you to avoid putting in the work and developing the discipline necessary to build your estate, your wealth. There is no cheat code to working for it – and nor should there be!
These principles and lessons are quite simple, but that doesn’t mean they are easy to implement or to continue for your entire money-earning life. But if you start good habits now, you will have a strong financial base from which to make future decisions. And you will build the discipline necessary to reach your goals and then some!
Last month we began with the first of 7 cures for a lean purse, or small savings/investment account/wealth.
And today we will discuss the first of 5 laws of gold, which fits hand in hand with the first cure for a lean account.
The First Law of Gold. The First Law of Wealth.
Gold cometh gladly and in increasing quantity to any man who will put by not less than one-tenth of his earnings to create an estate for his future and that of his family.
Wealth comes to those who reserve AT LEAST 10% of their total earnings towards building their future financial independence/fortune.
Pothead Explanation: Start providing yourself and your family with security by paying yourself first, at least 10% of your earnings to be invested in your future.
Out of everything you earn, everything (salary, side hustle, inheritance, online bookie.com, lotto winnings, etc., take no less than 10% every payday/week/month/etc., and put it away, save it to begin, and then to continue growing your estate for the future. If you make 1,000 dollars, think I only made 900!!! You find 10 bucks on the street, put 1 away for a rainy day (old age).
Why? Cuz the best time to plant a tree was 20 years ago, the second-best time is right now!!! So start digging and planting baby!
If you are contributing to a company-sponsored retirement plan, my suggestion is this:
1 – don’t leave money on the table. Whatever your company is willing to match then you should contribute at least this minimum.
2 – strive to get to a point where you are maxing out you retirement plan contributions.
3 – DO NOT include retirement plans in your 10% calculation
COLD HARD FACTS: Nobody will lend you money when you are desperate, nor should they!
Start saving any percentage you can. And slowly increase the amount you put away as new money finds its way to you.
Here’s the deal: I don’t charge money for this show, but there is a cost and I would be extremely grateful if you would help drive awareness, to get the word out by leaving me an honest rating and review over at iTunes, Google Podcast, Spotify, iHeartRadio or whatever platform you are using to hear my voice.
It doesn’t take that long and it’s a small price to pay for the value I try to provide.
And if you are looking to create your stable of private lenders, or know people who have money but don’t realize the power of private lending, please, please send them a text, an email, a DM, and introduce them to the PLP.
That’s gonna do it for Episode 116. Remember, please
1 – Join the Private Lender Podcast Facebook Group
2 – Remember, the easy button to becoming a private lender is at www.privatelenderpodcast.com/ink
So, as I sign off I’d like to say besides self-awareness and a Merry Christmasw, I wish you safe and prosperous Private Lending.
I’ll catch you on the next episode.
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