Hi and welcome to the real estate way to wealth and freedom podcast. I’m your host Jacob Ayers this is episode 293. You’re listening to Friday fundamentals.
Today I’ve got some exciting news to announce.
The Real Estate Way to Wealth and Freedom is approaching the 3-year mark with nearly 300 episodes. With so many great guests, like Keith Weinhold, Joe Fairless, Rod Khleif, Matt Faircloth, Michelle Bosch, Scott Trench, Christian Montalvo, Brian Burke, just to name a few, this podcast has reached thousands of people including you. I want to thank you for choosing to spend your valuable time listening to the show every week. But more importantly than thanking you, I want to congratulate you on choosing to improve your life, educate yourself, and continue to engineer the lifestyle you want. You have likely made so much progress in the past few years, and have drastically shaped the course of your future. For that, you should be proud.
The purpose of this podcast has been and is to bring as much value to you as possible. With that, I’m excited to announce this week’s episode is brought to you by Ayers Acquisitions. You may recognize the name! Ayers Acquisitions is a real estate investment company that acquires cash-flowing real estate in emerging markets. To learn more about Ayers Acquisitions, visit www.AyersAcquisitions.com.
Here in mid-March 2020, we’re almost a quarter of the way through the year and I hope that the year is shaping up well for you. By now you have a good feel for what is going right, where you have over-delivered, and where you have under-delivered. You can now start to make changes to both your goals and actions based on your results so far. Maybe in let’s say February, you slipped up on some of those new year goals, but that doesn’t mean it’s too late for you to right the ship. We’re only a few months into the year with more than 9 months left. You still have plenty of time to course-correct where you need to.
That leads us to this week’s Friday fundamental. This week’s Friday fundamental is wealth and freedom. Yes, wealth and freedom – the two underpinning philosophes of this podcast. So let’s jump right into what these two terms mean. And this is just my opinion so take that for what it is. Let’s talk about these two terms, what they are and how they relate to you.
Let’s start with wealth. To me, wealth means that you have a net worth backed by assets that are durable over the course of time. With enough wealth, you can have what’s called generational wealth meaning your wealth will outlast you and be passed on to generations after you. Now this obviously sounds very appealing, but there’s a catch. There are many people with a lot of monetary wealth, but that monetary wealth isn’t very valuable if you don’t have the freedom to use it as you wish.
Freedom, on the other side of the coin, is the ability to do what you want, when you want, where you want, and with who you want. Wealth can certainly be a factor in your freedom. However, wealth alone will not give you freedom. Freedom requires the right mindset, good health, and time.
Let’s look at some ways you can achieve both wealth and freedom.
- Invest in yourself. The great news here is you are already doing this right this very second by listening to this podcast. By investing first in yourself, you are investing in your most valuable asset – your mind. There is no better investment than this.
- Invest in durable assets over the long term. Obviously real estate is a great asset class for building wealth, as proven throughout history.
- Following Pareto’s Principle or the 80/20 rule, 80 percent of your results come from only 20% of your actions. If you can focus your efforts there and double down, you will see exponential growth in your life.
- Make money follow you. This is one of my favorite principles shared by guest Keith Weinhold. Don’t follow money, but rather make money follow you. What this means is find a way to earn money wherever you are, rather than chasing a job to trade your time for dollars. Doing so will give you location the freedom to live wherever you want.
- There are only so many hours in the day, 24 to be exact, that you can trade for money. Find a way instead of trading your time for money, to leverage other people’s time and money. There are so many ways to do this that aren’t exploitative.
Wealth and Freedom start with your mindset. Once you realize that you can easily build wealth and achieve financial freedom just by making the conscious decision, you will begin to see all kinds of possibilities. It’s much easier to live a life of abundance rather than one of scarcity. The only difference is which one you decide to pursue.
I want you to dream of the life you truly want and then build a plan to achieve that. This is how you engineer the lifestyle you want.