How To Set Up Your Financial Health | Ep 67

[@Notmaridcarmen]

You guys always teach me more as I grow. I am so glad to have started watching y’all early on in my life!

[@AManabuaMortgage]

When everything Bart says clicks to me & now I wish I started yesterday. Fail & learn is 🔑 Just had my second baby, Time to pay debt off. Let’s go!!! 2023 is the year for us all!! We got this 🔥

[@kev_vuong]

I watched this podcast twice to take notes! Thanks Bart and Geo :)

[@perlaestrada5160]

The way Bart explained it helped me better understand what I need to do and what I was doing wrong. Thank you both!

[@jamiemartinez7612]

Literally me. I feel like yall are my parents 😭 sometimes when im like not feeling good or like in a little funk i watch your videos. I remember when you guys first started looking at homes it was so cool. I loved the beaw cast!

[@luisae1231]

Loved all this gems 💎 in this episode 🙌🏽🙌🏽🙌🏽

[@hawwndawg]

2 weeks straight im so happy

[@ThaoNguyen-sx6th]

Thank you so much for making this video. Schools don’t teach you about finances and the way Bart explains everything makes it very clear and understanding. I would love to buy my first home knowing the right informations, rather than being clueless. Thank you Bart and Geo🫶🏼 I found this video from your latest podcast getting to know Nick👍🏼

[@stephaniec9007]

I absolutely loved this video. Please keep ‘em coming!

[@bloated_noodles452]

Love you guys!

[@PapaRed99]

Step 1. Make more money.

[@MrDW72]

Yes. They didn't focus on that but the main part of their success is their level of money to move. DO NOT DO THIS if you only have 100k in your savings account. That's not how this works. Bart and geo haS MULTIPLE sources of revenue to be this mobile.....

[@MrDW72]

They also have a shit tone of assets in retirement...

[@MrDW72]

Also, get stable and flowing job

[@justvibing2497]

Step 2 learn how to balance the money. It builds up overtime

[@alexgrinage]

​@MrDW72 why would you have 100k in savings if not try to buy a house or start a business. Inflation is a thing you should be investing 401k/ira first than maybe regular stock account. Also invest in skills and school

[@gsjunior514]

helll yeah thank u guys

[@missy217]

Yup, I've been watching you guys since middle school, now im 25 with my first home here in Florida, my home state, 0.85 acre 😊, i aspire to be like you two

[@Patrick-oy5fv]

This was such a great listen!! Thank you, Bart & Geo!!

[@cheezits9562]

Can you guys talk about how to open up a business like a cafe like Junbi for example etc. especially in California? Such as finding a space for lease, permits and licenses needed, cost etc that would be awesome! 😊

[@Jetsmoove421]

What retirement investments/company’s do you guys use? Does it have a high compound interest? What are some examples of real estate investments? Love these financial episodes btw learned a lot. Would love to see more, and your financial progress. Really learned alot!!! ❤👏

[@GYSMelanie5]

Thank you so much for this!

[@betinacharlottenuguid8144]

Great episode! Hope you guys would do this often and maybe bring experts as well!

[@derickjcu]

Y’all the best!

[@JasenStl]

Suggestion: Liquidate the retirement account asap and put that money to work. Find five 10+ unit apartment complexes around country for about $1,000,000 each and put 20 percent down on each one. After expenses, pay the base mortgage on 4 of the complexes and dump everything else on the 5th one. -Continue until the 5th apartment complex is paid off. Repeat the process 1 by 1 until all 5 apartment complexes are paid off. You'll not only leverage 1 mill from your retirement to control $5,000,000 in property, but you'll be able to pull equity out of those complexes to acquire more commercial real estate. Of course do your research and make sure the properties are cash flowing with no major issues, while getting maintenance guys and property managers to run everything. Might want to check out Grant Cardone and Codie Sanchez. They both have tons of free content. Grant owns a shit ton of apartment complexes, and Codie acquires 10+ year old simple small businesses.

[@Ray25hua]

I think in some cases it maybe better not to pay off the homes. Here in Canada, if it’s under your owe name it just increases taxable income and you’ll have to pay more taxes. If you keep some mortgage to pay off, you can write off the interest expense and pay less taxes.

[@mato_fato_ma-ah-fala-falafel]

It’s the same. Coz I always wondered if it was better to pay off primary mortgage first, rent it out, then use renters rent money to pay off secondary mortgage. I think that loan (debt) from the first mortgage keeps you flying under the radar from moving up into a higher tax bracket. A real estate guy told me, keep the debt, just get the second home. I think that’s the best strategy. I was so aggressive in paying down on the principal that it’s only 35k right now. But I think I’ll stop doing that and use rent money to pay it down.

[@sunshineuponus]

Maybe I missed this part, but for Bart, what tactics/strategies are you implementing on the additional properties in order for them to cover the cost of your current house? Are you doing air bnb? Which I would want to know how the decline in market is affecting you all and how you’ve had to adapt? Are you just renting them out? If so, how are you breaking even on your investment while making profit AND making your property appealing to the consumer’s eye? Because to me, you would have to base the leasing price on the neighborhood or else why would someone choose your unit when they can have the same thing for a cheaper price. Please talk more about this!!! 34:46

[@moofinestic]

What type of life insurance do you guys recommend?

[@Jessen2204]

Thank you for this video 😀

[@josiesanabria5239]

Hello, what retirement account do you have ? I have friends who only work for themselves and they have inquired about a retirement account. Love you guys !

[@lilyu9006]

I second this!

[@julesrandolph7910]

SEP IRA

[@jaxfor3]

Roth IRA and self-employed 401k or just put it in a long running mutual fund

[@veronicaann6454]

You guys motivated the **** out of me!! Ty

[@newjacka94]

the sound is toooo low !!!

[@machadom99]

Thank you for this. Do you both use different retirement plans or stick to one specific plan ?

[@Jessen2204]

Wow you guys look so young.

[@EugeneLiu10]

Diversifying ur investment portfolio is similar to dollar-cost averaging in a sense, where ur banking on stability and consistency

[@TinaMarieDiaries]

I love Geo but she’s incorrect about the debit card. They had cards with no visa or Mc that were considered the atm debit cards. Just saying lol love you Geo lol

[@alexgrinage]

Lol that's what she said.

[@kareny5671]

Geo is wrong. Your ATM card is your debit card and was the card to withdraw money at the ATM. 8:02

[@metalmike350z]

Geo being wrong....I'm shocked lol. Also the fact she thinks an ATM/debit card is designated by it having Visa or MC on shows her ignorance.

[@bloated_noodles452]

She’s actually right. I’m old and also work at a financial institution. The members/clients can be assigned a Savings ATM card if they have an active Savings share or a debit card with an active Savings and Checking share that are both utilized at an ATM. Considering back then in the 80s and 90s, checking shares weren’t as popular then so most consumers had either their ATM bank cards or check books.

[@xinliu3510]

Step 1. Should have started a KZbin channel 10 years ago.

[@belladobie3937]

Make more money

[@RahatKhan-bf5fb]

second