Video Closed Captioning:
good morning good afternoon good evening
folks topic number three with millennial
mike so we’ve just talked about
cryptocurrency we’ve talked about nfts
he is a millennial he came to be an
adult during the 08 great recession so
of course i believe he is going to
maintain his wealth grow to
stardom because of entities and crypto
is that right
yeah absolutely not there is
a snowball’s chance in a hell that i
would just throw it all on dogecoin or
shiva
inu to the moon no
well let’s talk about that because again
i there’s a lot of people out there that
are millennials and gen z i think gen z
a lot
that are like that’s the way i’m gonna
get rich that’s my lottery ticket that’s
my thing
and i get it right real estate’s really
expensive you know
stocks are up this just seems easier
right i just i just i buy something for
a penny i sell it for 25 cents and i’m
worth a gazillion dollars
why is that easy yeah why aren’t you i
mean you’re this is right in your
wheelhouse why aren’t you doing it well
i mean it’s just like if you’re trying
to play with penny stocks you know well
maybe this company will go to the moon
maybe this company will go to the moon
if i buy a hundred dollars of this penny
stock it could triple and if it loses
then i only lost 100 bucks you know it’s
not that you can’t make money day
trading more stable coins like bitcoin
and ethereum you can and there’s plenty
of people who make money day trading in
stocks and day trading in
cryptocurrencies but the stats go like
80 of all day traders lose money the top
20 of the ones who actually take all the
gains um and then can they do that
consistently over their entire life i
don’t know ask kathy wood yeah
you know it’s not as easy as it sounds
so i am not one to laugh at the
technology i believe in the technology i
believe in the validity of bitcoin a lot
of people get very defensive over
cryptocurrency
because they’re tired of fighting the
fight that when someone talks about
cryptocurrency they just dismiss it
outright stop dismissing the technology
outright and so that’s why they get
angry that’s why they get frustrated
because it’s like dude this is gonna be
big now most people who are dismissing
it aren’t dismissing it necessarily
probably because they don’t they don’t
believe in the technologies because
either they don’t understand
or they just don’t want to invest time
to learn which is fine fair enough man
you can only focus on so many things
um but no my goal is not to make it big
with cryptocurrencies i have a little
bit of money in cryptocurrency i like to
play with it it’s money that if it went
to zero i couldn’t care less
but i put all of my effort into doing
better one rental at a time and getting
my rentals that’s how i make my money
and i get paid significantly more
via my real estate than via
cryptocurrency yeah and again some of
the things that you’ve done i just want
people to realize one thing you’ve done
first property ever bought i call it now
cheat code to wealth
you house hacked yes sir uh i think
there i think more and more people
especially starting out need to look at
house hacking whether it’s roommate
hacking like todd baldwin or buying a
duplex and living in one side with your
son and renting out the other right uh
the property ladder is amazing what year
did you buy your first property 2018.
so four short years ago right i’m gonna
guess that property’s up
50 percent
not quite 50 percent i refinanced it
last year at 150 000 more than i paid
for it
[Laughter]
yeah i police
police officers need to make more money
i’m guessing you don’t make 150 a year
no i don’t i don’t that it real estate
has been the biggest um
the biggest change to my net worth my
net worth before buying that duplex was
probably well i guess i had the cash to
buy the duplex so i had like 30 grand or
something
uh and now it’s just exploded because i
buy properties um and then they
appreciate so you’re in it for the long
run i want to make sure i let people
know just like you i don’t buy for
appreciation i’m not buying with
appreciation in mind if it happens
that’s great
here in the seattle market it’s pretty
hard not to have appreciating values
yeah um
i buy for cash flow
but the appreciation because of
inflation and printing money and then
lack of supply increased demand has just
made my the value of all of my
properties skyrocket yeah pretty amazing
so again your your path to financial
freedom is going to be real estate yes
sir yeah
so you’re how old are you right now 31
don’t remind me 31. ah welcome to 30s it
stings
i actually i remember turning 30 and i
freaked out
olivia will tell you crazy stories about
my 30 i thought i was going to die i
thought i was going to turn into this
and just like disappear
now i’m nearly 50 and i’m still here so
that’s good um that’s funny 30 i had a
40 not so much 30. i had a problem with
- it bothers me
i digress where i was going with this is
is you obviously have a plan in mind
you’re working to be better and better
every day
um do you see your financial freedom
being out there before you’re 40 yes i
think i’ll be
uh 38 so you know as dion says i he
wants to teach people to make it to
financially free within 10 years yeah
about my first one 28 i think i’ll be
able to be done at 38. now that’s
obviously if we have some crazy world
ending economy type thing maybe that
throws a wrench in the mix but at the
current rate that i’m buying rental
properties doing it one rental at a time
and just buying for cash flow
i have seen my opportunities increase
because i have more net worth i could
potentially take out home equity line of
credit buy more properties it’s starting
to hit that exponential growth where you
talk about once you get to four rentals
that’s when you kind of really start to
feel it
um and then now i’m at six rentals eight
units and i’m starting to really feel
the effects of that increased cash flow
which helps me save faster for my next
rental property that’s amazing yeah time
in the market i i the one thing i wish i
could have the you know the first time
or the folks at xero understand
i’m gonna try to say this as clean as i
can the first four years suck yeah they
just suck yeah right even even if you
come into this like i did with the down
payment right i got my first one i had
the down payment but once i got to my
second or third we didn’t have that we
had to save for the next one it sucks
right but it’s it sucks for everyone
but if you can stay in the game long
enough you’ll get to this point where
you can start saving more you can
recycle capital right and then you get
to start playing monopoly for real
yeah i think
i think for anybody who starts out
investing not house hacking
it’s much more of a slow grind you save
up that 20 down payment
and then you get a couple hundred bucks
in cash flow a month yeah and you’re
like oh that sucks for somebody who
starts out with house hacking it
actually feels that’s the first step of
like wow this is amazing because i took
my in seattle area two thousand dollars
a month living costs and made it zero
that is a big change in your life right
there and then you buy your first rental
and you’re like i’m only making a couple
hundred bucks but then you get to four
and you’re like all right now i’m making
like a thousand bucks a month plus i
live for free
and then it just goes from there so i
really think i think that as you
mentioned earlier
house hacking is going to become the way
people
that’s just like that’ll be the norm at
some point
they used to talk about yeah you buy
your starter house you get a little two
bed one then you upgrade to a four bed
two at some point in your mid thirties
it’s gonna be oh yeah everybody buys
their first duplex or they buy a house
and they rent it out to their roommates
you do that for a couple of years and
then you buy a real house that’s just
gonna become part of the normalized
culture and and i just wanna make people
realize again your example of seattle
two thousand bucks going to zero i wanna
be very clear that’s two thousand net
you probably have to make three grand at
your day job to have two grand left over
after taxes in 401ks and this and that
and the other
this is not this is the way this is the
cheat code to wealth without question
two thousand bucks means it’s three
thousand gross that’s thirty six
thousand dollars a year that you frankly
don’t have to make it’s that freaking
simple
it’s
you need to figure it out now all the 40
and 50 year olds are going i can’t do it
because i have two kids and this that
the other right i get it this channel is
for everyone if i am in high school or
in college and coming out house hacking
is the cheat code to wealth it’s your
first step on the property ladder we
need to encourage that it needs to be
a senior it needs to be in as a senior
in high school it needs we need this in
school i agree
one of the uh one of the individuals you
gave a shout out to and gave him his
first card a couple days ago his name is
darius he’s my friend um oh wow he and i
have known each other now for a couple
years he found me on youtube in a meet
kevin comment section of all these
videos but we just happen to live close
to each other and darius’s young guy in
his early 20s he went from making 13
bucks an hour at starbucks i helped him
get a job as a security officer now he’s
making 23 bucks an hour still living at
home with mom and dad he’s like dude i
hate it here i’m like just keep doing it
save your money he gets his first rental
he’s like well mike what about house
hacking and it’s tough to house hack out
here because everything’s five six seven
hundred thousand dollars i was like look
if we can find you we’ll use yield if we
find you more rentals that’s one thing
if we can find you a house hack that’s
great but you know if he had this stuff
earlier it would have definitely helped
him but he’s a great example of someone
who’s like at a young age not buying
dumb stuff getting started out i’m like
darius by the time you’re my age i’m so
jealous of you you’re 24 years old
you’ll be done at like 33 man you’ll be
done
no i agree i
one of my favorite questions first off i
love to talk to 18 year olds like going
to going to talk to seniors in high
school
is awesome because i just ask them how
many of you can live on two grand in two
grand a month
and all of them raise their hand they’re
like ecstatic two grand man i’m a baller
yeah
right and i’m a taco bell exactly and
i’m like i got good news for you if you
truly can live on two and then we talk
about life creep and all that other
stuff that’s how i get there
but i wanna i’m like you could be done
by 25. i can help you build passive
income by the time you’re 25 that you’re
making two grand a month two grand is
not that hard right and um
yeah the problem is the rat race gets a
hold of you and you start
acting like a baller and buying dumb
stuff but hey let’s let’s at least get
you excited about it and folks like
darius come about we need more darius’s
out there just again just think about
that you’re making 23 bucks an hour you
made 13. you don’t like living with mom
and dad it’s hard to bring girls home i
get it
suck it up for a year suck it up for two
years go get that initial assets go
build your net worth
i i don’t
the first four years suck yes everybody
sacrifices
read that goddamn story we sacrificed
for 10 years
nothing we lived on half our income
it sucks for everyone i don’t know what
else to tell you
if uh you know if my camera was
detachable and i could point it out my
window right now i would show you the
car i’m driving it’s a 1992
geo metro for anybody who knows what a
geo metro is it looks like a little tiny
clown car i’m six foot four 200 pounds
that thing has gotten me zero ladies in
my life i have to rely 100 on charm and
uh good looks and as i get older it is
fading fast so
but you know what i am sacrificing right
now to this day and we’ll continue to do
so until hopefully i can you know maybe
be where you are
how old is your son i forget i’m sorry
my son is five years old sorry it’s
probably too early but are you talking
about money yet and savings and
allowances it’s a little early for him
uh we spent a lot more time talking
about pokemon okay um and video games
have you taken him to actually you you
actually he knows you’re
like you have a neighbor right because
you’re in a duplex yeah yeah yeah so he
knows about rentals at least yup yup yup
he loved he loved the neighbor that we
had before i got these new ones and we
haven’t chatted with them as much but
yeah oh yeah he was over there with me
all the time when we’d mow the lawn and
stuff like that okay yeah so you’re
gonna oh i can’t imagine i can’t imagine
him when he’s
i know he’s gonna be thinking i’m gonna
try my best yeah
that’s gonna be awesome well any closing
thoughts on this nft’s bitcoin to the
moon diamond hand
or real estate uh i am bullish on all
the technology
i am cautiously optimistic about
individual cryptocurrencies i still
think far and away your best chance at
actually growing long-term wealth
retiring early shy of getting luck in
the bitcoin cryptocurrency market is
buying and investing one rental at a
time even if you live in an extremely
expensive market like i do in seattle if
you have michael’s uber’s course you can
go watch the out-of-state investing
section of it me and my entire
investment like group of friends all buy
in indiana very very affordable now
there’s obviously tricks and twists to
buying out of market i’m happy to share
those with you but that is what’s going
to help me retire early and not have to
work a job where i put myself at risk
i’ll be able to spend more time with my
kid which is what i really want to do
that can come visit you at some point
mike there you go i’ll have a studio set
up very soon so thank you very much and
what is your youtube channel
uh millennial mike if you just google
youtube instagram millennialmike you’ll
find me and i’ll be happy to talk to you
awesome thanks buddy thank you