How are Millennials Getting Rich? Will they Buy Crypto? Will they Create NFT’s? House Hack and Save?

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

  1. 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

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