I feel a bit guilty for having such a valuable information without having to pay for it. Thank you very much. I have nothing but immense respect for you
Sam Priddy SO DAMN TRU THE DIFFERENCE IS A ENTREPRENEUR LIKE WARREN BUFFET WILL BUY LIKE A STOCK TO PRODUCE MORE MONEY WITH A POOR PERSON THEY GO BUY A LIABILITY LIKE A CAR THAT THEY CANT AFFORD WHICH GET THEM INTO MORE DEBT ITS ALL ABOUT ASSETS AND LIABILITIES
Smart young man. My son is 16 and he’s all about Fortnite (the video game) and UA-cam videos about nothing. I’m trying to teach him about money and debt.
My husband and I are 24 and are closing this week on our 9th house. We went through Dave Ramsey 2 years ago and realized the opposite of what he was teaching, that taking on debt has so much potential! Since then we have been watching your videos are appreciate the advice! Just renting out 7/9 properties now is enough cash flow to buy in full another house in one year. Eventually I don't want to rely on the bank to finance our purchases but without it would have been a very slow start!
Same here. Debt can be a good thing. But, never argue with a die hard Ramsey follower. They believe in absolutely zero debt. Which is terrible considering when you save cash for years to buy a house cash the price of that home has gone up substantially.
Dave ramsey is geared towards your average person in debt. Robert is geared towards people who wants to be rich. Use the cash flow to pay off your current properties instead of adding new ones on finance.
I guess you missed the part where Dave Ramsey did the same thing as you but then THE BANKS CALLED THE LOANS DUE. Then the bank forecloses on all of your real estate holdings because you can't pay the full balances due. I'll never forget what happened to an elderly lady and her son here in Ohio just a few years ago. Her mortgage bank got bought ought by another bank and the new bank chose not carry the debt and exercised their option to make the loan due immediately which was permitted in the fine print of the mortgage contract if her original bank gets bought out. She never missed a mortgage payment and she and her son were kicked out of their house because she could not pay the full balance due and the bank foreclosed on the home. IT HAPPENS!
So disagree with the Rent is better. Really, buy low, sell high is the best home theory. I bought and renovated my first home at 24, renovated it for 3 years while living in it and sold it 3 years later for twice what I bought it for. Did that every 3 years for 12 years and live debt free in my own home on 5 acres. Didn't pay taxes on the capital gains of my primary residence. And our monthly amount that we pay is about $200 for property tax and insurance. Nice! Can't live anywhere for $200 per month. Otherwise agree with your entire video. Have read, Rich Dad, Poor Dad. It is one of my favorites and Taught Dave Ramsey class. Both together are very good. Great video! Well thought out and presented.
The alternative cost of the time you'd wasted fixing your own houses during the 12 years easily outweighs the profits you made fixing them. Now had you rented allowing your landlords to worry about the upkeep you could have spent all that time to generate more income.
Respectfully disagree. If rent was only $500 per month for 12 years. I would have paid $72,000 in rent and had nothing to show for it. I would have missed out on tax advantages and building equity. Instead, I got to be at home with my family doing projects. We got to paint our home any color we wanted and have pets! I guess if your goal in life is to stay at work to earn money to pay some other person's mortgage, then you are correct. Renting never ends. Never. At least a slow mortgage ends after 30 years. So all that extra time you spend concentrating on working while your land lord sends a plumber over, don't think he isn't increasing your rent next year, unlike a mortgage, which does not increase. If you are that worried about the repairs in your home get a home warranty when you buy on major systems. Buying your primary residence is like putting money in your savings account. Paying rent is like putting money in someone else's savings account. Simple math : mortgage $500x12monthsx30years=$180,000 and you are done. Rent $500x12monthsx45 years (from 24 years old to 69years old when you go to a nursing home)=$270,000 if your rent never increases, but with a rent increase of just 2% per year (that's just a $10 per month increase) compounded over your life, your rent in the same home will be about $950 per month when you are 69. At 69, if a home owner needs to go to an Retirement facility, they have the asset of the house to sell. The Renter has???
I was talking about regular folks, who don't have thousands of dollars of upkeep and maintenance. I've been a homeowner for almost 30 years and I've never had experiences like you are imagining. Tens of thousands of unexpected events? Wow. Maybe in California, but not here. I sold two of my properties FSBO before I was a Realtor and no, home ownership isn't for everyone. In the end, they will have to work harder or keep paying rent, in my opinion.
You got lucky and boght a the right time, but homes don't double in price in 3 years as a standard. I'm not saying you couldn't have done it, just that it is not the norm.
Phil, something that I really appreciate about what you do is you deliver us videos that don't have a bunch of fluff and confidence boosting stuff. You are straight to the facts. I've been doing a lot of financial research, and it drives me crazy with all of the "You can do this!"... Its like, I KNOW I can do it, if I didn't think I could I wouldn't have paid for this ticket!
Also, out of curiosity, would you consider stocks an investment that you have control over? You have control over which stocks you buy, but you don't have control over what the top management team decides in most situations. Where as with a mutual fund, you really don't have control over what the fund is going into, besides the sector that the fund invests in.
thank you phil, I am 25, college educated and just starting my professional career. I can tell you right now that the parents of my friends that are the happiest and most well off are the ones that own their own business. your video further proved that. Thanks
Phil I watched this video for the first time some years back and it is what introduced me to kiyosaki. I will forever be grateful for you doing this cause it was the beginning of my journey to financial freedom. This video and your book are literally the foundation to my financial education. I just wanted to commend you for what you have done for me and my family.
Phil, this video is gold! I've been torn with the advice of Dave Ramsey and Robert Kiyosaki. Your video pretty much describes how I feel about personal finance.
Hi Phil, I'm 22 years old and I'm trying to put together my own business as well as invest in real estate. I just wanted to thank you for all the valuable information you provide to me. I think that your number 1 investment is something you may not realize you're investing in. That investment is the futures of people like me. Trust me, when I hit it big you will receive a RoI. Until then, I'll keep watching and sharing with my friends. Thanks again.
Hearing from you is one of the most refreshing things of my day. I can't even believe how much value and insight your videos have (without the hype and garbage that is unfortunately so common). It is an honor to be tutored from someone like you.
You are phenomenal!!! And an angel for passing on this invaluable wisdom (especially for free!). Although, at 55, its to late for me...I thank you so very, very much!
Phil - Thank you. This was my "lightbulb" video. Watching all these mainstream moguls that the masses follow make my head spin. They all contradict each other and call each other stupid. But in their self righteous minds they can't be wrong, because their OWN methods made them rich. If the methods that Dave and Robert teach made their audiences rich, we could solve world hunger! It's no wonder the book you mention isn't well known. The most beautiful things in life don't care if they're seen
I almost fell out of my chair when you mentioned the Thomas Stanley Millionaire mind book. I believe that you are correct that most people have never heard of it and most of the ones that have heard of it have never read ALL of it. I firmly believe that I can credit a lot of my real estate success in the last 3 to 4 years directly back to the ideas and truths presented in Dr Stanley's book, it is that powerful.
Thank you for all this information!! I'm 23, I'm stuck in a boring major that I hate and I'm currently renting (and hate it lol) but you have shared a wealth of info when I was just looking for info on flipping houses! WHOA! I've just been introduced to a whole new facet of wealth! Again thank you!
I really like your ideas and comparisons between Kiyosaki and the Ramsey set. My only big thought that really kind of challenges Kiyosaki and all others touting passive income and creating your own business is that it is never mentioned how time and energy intensive it is to really do this (except for rental properties). To create your own business you better want to spend the time, money and energy to make it successful. If you don't have that type of passion then you really shouldn't. It will suck the life out of you. I think there are others on youtube pushing these ideas without really addressing the reality of what it means to create an enterprise. Personally I know I am not one of those people that can put their soul into a project like that so I just stick to real estate and investing the boring old ways like retirement funds.
Phil, thank you for making this Video! I am a EE student, I will be graduating in a year and a half, honestly, I don't want to work forever and depend my life on the company. This video make it clear what I need to do! Thank you.
Great video Phil as always! I've been listening to Dave, and he only says to invest 15% in mutual funds which is specifically for retirement. He doesn't say not to invest in businesses or assets. Budget, live below your means, save. But if you make a bad investment or something happens, retirement is a pretty wise thing to do. So as far as investing goes, Dave and Kiyosaki don't differ that much
Phil, thank you so much for the clarification! I have read Ramsey's "Financial Peace", as well as Kiyosaki's "Rich Dad Poor Dad". Currently, I am reading "The Millionaire Mind" and it's providing fantastic insight.
Man I could just watch and learn from you all day....which I probably do...sitting at my desk job....Starting a business has been something I have flirted with for more years then I care to think back....I started this job a year ago after college...and I wished that all the time I spent not working...just schooling...I wished I had seen all this then...I probably wouldn't sitting at this desk job...That's for sure....But no better time like now....
There are definitely some moments when you say things that surprise me, but I really like your perspective because it is different from the norm and refreshing for many of us who have read all of the different forms of personal finance. Thank you for sharing your honest opinion and insightful wisdom.
Thanks a lot Phil! This video was perfect for me at this point of my life. I just finished college and need to figure out where my money streams are going to come from and you gave me great ideas for that. Really appreciated it!
Thank you Phil , I did read rich dad poor dad and currently reading richest man in Babylon . I just bought your book and the one you mentioned to read when I am done . Your video on wholesaling was the first one I came across when researching real estate since it was the route I was going to take after failing in my drone photography business and attempting a custom tailor suit business based off from Thailand. I am so glad I came across your videos and I am actually going to lock in my first deal in a week or so with a motivated seller , just waiting on my contracts from my lawyer lol ! Again thanks again !!! Oh btw I am also take your course from your website!!!
This guy seems like one of the most well balanced guys out here promoting the wealth view point. Well thought out ideas and principles. I haven't watched a LOT of his vids, but what I have heard is good stuff!!
I absolutely loved “The Simple Path to Wealth” by J.L. Collins and “The Richest Man in Babylon” by George Samuel Clason. In my opinion they should be required reading for anyone who wants to under personal finance. Also, “I Will Teach You to Be Rich” by Ramit Sethi and “Financial Feminist” by Tori Dunlap come highly recommended.
My dad has been doing real estate for quite some time and I'm starting to get the itch. I am really enjoying your videos, thank you. In this video (I believe I'm binge watching/listening) you talking about renting over buying for your personal home. Do you recommend renting to yourself? Would you own the house under a business and then rent it from your business.
Thank you very much Phil!! Your videos are helping me find my path in life. Believe it or not by watching about 4-5 of your videos I was able to go out there and find my first real estate deal. I am not even 26 years old and I can tell you I'm pretty darn excited. Thanks again man! considering filling out application for your mentor program.
Right you are, Phil. Coming from a financial advisory background, I fully agree with both views. I started off with a huge financial institution in South Africa. Found that the regulatory environment beeing very restrictive while you also need to be very careful with debt on the other side, the balance is what I am looking for. Thank you for sharing your tremendous insights and wisdom, I do appreciate it.
This was awesome! I have taken Dave Ramsey's course and read Rich Dad Poor Dad. I have had the same thoughts. Thank you so much for making it clear and encouraging me about those with a 9-5 and starting my own business. I am just beginning and trying hard to make my first deal go through. I am trying to get a buyer and so I am encouraged to keep pushing on!
hey phill. i'm a businessmen too and i want to thank you for this incredible video i agree 100%. most people are concentrated on the result instead of concentrating on the process. money is a result and what this video is about, is the process. that's the stuff that must be thought at schools.i started when i was 19 i learned the hard way :) from my point of view if this video will help 1 person it will make entire family happy for gеnеrations. life is more pleasant when you have the means (result)
Thank you immensely, I will share this with my friends. If I had paid $500 to attend a webinar this caliber I would walk away feeling like I have found my first million dollars sitting in a briefcase on the corner of the busiest street in NYC
I can not explain how this helped me. I first ran into, "Rich Dad Poor Dad" and was blown away. But I knew he was wrong somewhere because my dad would tell me, "budget, don't spend carelessly and save". Anyways you have made it clear for me. I will read Millionare mind soon. Thank you for this video.
This is a great perspective Phil. I completely agree with what you are saying. I am going to subscribe and look deeper into your mentorship program. Thank you for the valuable content here. There aren't enough guys like you left on UA-cam.
You are the best speaker on REI on UA-cam. I follow a lot of accounts but you always bring valuable material. I also like invest four more because he shows before and after over a long period of time.
This video hits the nail on the head. I always got good info from even so called bad real estate GURUS! We want a one pill do all type of real estate book and it simply does not exist! Keep it up Big Phil!
I'm glad you made this video, I listen to Dave Ramsey and Robert Kiyosaki and although they have very different approaches I cherry pick advise from both. You break it down quite well, and the "line" where switch from Dave to Robert is when you get into buying assets, leveraging "good debt", etc.
Thank you, thank you thank you so much for this information Phil. I have been reading a bunch of these books (mostly Kyosaki) over the last few years and you just hit the nail on the head for me, I found the signal. I am going to get your books for sure along with the other two (Millionaire Mind and Millionaire Next Door) because I see now this is my missing link, not a destination but a stepping stone in my plans to attain my goals. I am so happy I came across this video on my marathon of your other videos and I look forward to working with you when I get stateside.... so again THANK YOU, many blessings and much respect
Amazing perspective! I love Dave Ramsey, but I can't bring myself to commit so heavily to mutual funds, especially since my last real estate return outperformed three-fold in 3 years what my mutual funds have labored to do for the last 20 years. In Dave's defense though, he is also a real estate guy with a lot of income and profit from practicing just what you're preaching. He does encourage entrepreneurialship as well, but seems to have greater emphasis on converting the irresponsible and debt-ridden to financially conservative practices, which I imagine is no easy task to get them that far along.
Nice job Phil! The blend of old/new mentalities is probably the most responsible option. However, to restate one of Roberts phrases, paraphrasing: "If you don't like living below your means, increase your means." Thanks for your videos Phil!
This video is actually pretty good. I am all about renting a house. I have index funds, REITs and flip houses. Using both is the best way to wealth accumulation.
I just finished the third book by Robert Kiyosaki. I definitely intend to read the book you recommended. Really becoming a fan of your videos. After finishing the Cashflow Quadrant I really started to understand what he meant about buying Real Assets rather than Liabilities that are perceived as Assets. It is also what sparked my interest in real estate investing.
Absolutely agree . I started 7 years ago at 21 . Kiosaky first book then Ramsaey , Millioner next door and now just downloaded Mint before watched video . 6 rentals later and 3 business running I bough first personal residence(agree on rent/own debate) still have roomate . Will watch all your videos and subscribe to a Chanel . Thank again .
Phil, awesome video! I agree and have been implementing each subject that you discussed besides the real estate side(which I'm ready to go). I applied to your program and Cody left me a message. I called back and left him a message, but never heard anything. I have a full time job and a part-time small business and want to start investing my savings in more assets. I guarantee I will be a beneficial mentee. I ready to start.
Thank you, thank you, thank you....I listen to Dave Ramsey and read the Rich Dad Poor Dad book, and has been stuck because I didn't know which way to go.. you broke it down brilliantly..thank you again
You can also just get your credit score up to above 700 and from there simply access business credit cards that dont appear on personal credit ( anything other than capital one)
Hey Phil, just wanted to say I love your videos and I am learning so much from you! Some people keep their success and never teach others but what you are doing is amazing! It keeps me motivated. I am a broke college student about to graduate and I am already looking at a home to invest in. Thank you once again!
so this is my plan. go to school (now attending 4 business management) get a nice paying job. save up all my money and start buying houses and giving them up for rent. i hope to succeed
I enrolled in business management and realized that finance is a better option because you learn so much more about the market, investments, money. I will take a few business classes for my elective like business law, international business and a management class. The rest will be finance and accounting because you will be more versatile. To start a business you can look up everything online. To learn how money works and follow the money, go finance and accounting. Good luck
Thank you for this. I constantly search for ways of bettering the fattening of my wallet. I look up to both these gentlemen and just recently found out about Thomas Stanley. Reading stop acting rich and millionaire next door. I need to get the millionaire mind. I used to be homeless and now Im independent & own my own business at 24. I'm glad I ran into you and this video thank you again. I can actually use your advice rather than reading someone thing someone said in a book
You have really nailed it here - I think where a lot of people go wrong is they confuse their two "lives". Your financial life with your family should be managed conservatively - by buying less house than you can afford, driving older cars, budgeting, and saving for emergencies and unexpected contingencies - but in order achieve real wealth, whether it is in real estate or another business, it is virtually impossible to do without taking on at least some debt. Debt smartly used to get leverage in appreciating real estate is entirely different than a Macy's credit card used to buy stuff you don't need to impress people who don't care. Both can get you into trouble if you're not smart, but that Macy's credit card will never help you get rich.
I feel a bit guilty for having such a valuable information without having to pay for it. Thank you very much. I have nothing but immense respect for you
couldn't have said it better myself.
shut up and let him keep talking before he change his mind!!! lol
It's been said before thousands of times....rich people buy assets poor people buy liabilities.
Nathan birch
Sam Priddy SO DAMN TRU THE DIFFERENCE IS A ENTREPRENEUR LIKE WARREN BUFFET WILL BUY LIKE A STOCK TO PRODUCE MORE MONEY WITH A POOR PERSON THEY GO BUY A LIABILITY LIKE A CAR THAT THEY CANT AFFORD WHICH GET THEM INTO MORE DEBT ITS ALL ABOUT ASSETS AND LIABILITIES
Sam Priddy signal
True to an extent, but people also have to realize that investing in assets is also a high risk/high reward thing, which is why it's taxed less too.
but they have kids and get married { liabilities }
At 16, I'm glad I can get this advice now.
Ray Alibux lucky
I was watching this when i was 16 too and that was 4 years ago when i First watched this.
Ray Alibux u lucky
Smart young man. My son is 16 and he’s all about Fortnite (the video game) and UA-cam videos about nothing. I’m trying to teach him about money and debt.
Are you financially free yet?
I wish one of my teacher's in high school would have played this video! Bravo!
*teachers*
So Bravo❤️
My husband and I are 24 and are closing this week on our 9th house. We went through Dave Ramsey 2 years ago and realized the opposite of what he was teaching, that taking on debt has so much potential! Since then we have been watching your videos are appreciate the advice! Just renting out 7/9 properties now is enough cash flow to buy in full another house in one year. Eventually I don't want to rely on the bank to finance our purchases but without it would have been a very slow start!
You'll like this video: ua-cam.com/video/SyZuh9eh0JI/v-deo.html
Same here. Debt can be a good thing. But, never argue with a die hard Ramsey follower. They believe in absolutely zero debt. Which is terrible considering when you save cash for years to buy a house cash the price of that home has gone up substantially.
Dave ramsey is geared towards your average person in debt. Robert is geared towards people who wants to be rich. Use the cash flow to pay off your current properties instead of adding new ones on finance.
Wharton school of finance? ;)
I guess you missed the part where Dave Ramsey did the same thing as you but then THE BANKS CALLED THE LOANS DUE. Then the bank forecloses on all of your real estate holdings because you can't pay the full balances due. I'll never forget what happened to an elderly lady and her son here in Ohio just a few years ago. Her mortgage bank got bought ought by another bank and the new bank chose not carry the debt and exercised their option to make the loan due immediately which was permitted in the fine print of the mortgage contract if her original bank gets bought out. She never missed a mortgage payment and she and her son were kicked out of their house because she could not pay the full balance due and the bank foreclosed on the home. IT HAPPENS!
So disagree with the Rent is better. Really, buy low, sell high is the best home theory. I bought and renovated my first home at 24, renovated it for 3 years while living in it and sold it 3 years later for twice what I bought it for. Did that every 3 years for 12 years and live debt free in my own home on 5 acres. Didn't pay taxes on the capital gains of my primary residence. And our monthly amount that we pay is about $200 for property tax and insurance. Nice! Can't live anywhere for $200 per month. Otherwise agree with your entire video. Have read, Rich Dad, Poor Dad. It is one of my favorites and Taught Dave Ramsey class. Both together are very good. Great video! Well thought out and presented.
Really good. Thanks for the tips!
The alternative cost of the time you'd wasted fixing your own houses during the 12 years easily outweighs the profits you made fixing them. Now had you rented allowing your landlords to worry about the upkeep you could have spent all that time to generate more income.
Respectfully disagree. If rent was only $500 per month for 12 years. I would have paid $72,000 in rent and had nothing to show for it. I would have missed out on tax advantages and building equity. Instead, I got to be at home with my family doing projects. We got to paint our home any color we wanted and have pets! I guess if your goal in life is to stay at work to earn money to pay some other person's mortgage, then you are correct. Renting never ends. Never. At least a slow mortgage ends after 30 years. So all that extra time you spend concentrating on working while your land lord sends a plumber over, don't think he isn't increasing your rent next year, unlike a mortgage, which does not increase. If you are that worried about the repairs in your home get a home warranty when you buy on major systems. Buying your primary residence is like putting money in your savings account. Paying rent is like putting money in someone else's savings account. Simple math : mortgage $500x12monthsx30years=$180,000 and you are done. Rent $500x12monthsx45 years (from 24 years old to 69years old when you go to a nursing home)=$270,000 if your rent never increases, but with a rent increase of just 2% per year (that's just a $10 per month increase) compounded over your life, your rent in the same home will be about $950 per month when you are 69. At 69, if a home owner needs to go to an Retirement facility, they have the asset of the house to sell. The Renter has???
I was talking about regular folks, who don't have thousands of dollars of upkeep and maintenance. I've been a homeowner for almost 30 years and I've never had experiences like you are imagining. Tens of thousands of unexpected events? Wow. Maybe in California, but not here. I sold two of my properties FSBO before I was a Realtor and no, home ownership isn't for everyone. In the end, they will have to work harder or keep paying rent, in my opinion.
You got lucky and boght a the right time, but homes don't double in price in 3 years as a standard. I'm not saying you couldn't have done it, just that it is not the norm.
Phil, something that I really appreciate about what you do is you deliver us videos that don't have a bunch of fluff and confidence boosting stuff. You are straight to the facts. I've been doing a lot of financial research, and it drives me crazy with all of the "You can do this!"... Its like, I KNOW I can do it, if I didn't think I could I wouldn't have paid for this ticket!
Also, out of curiosity, would you consider stocks an investment that you have control over? You have control over which stocks you buy, but you don't have control over what the top management team decides in most situations. Where as with a mutual fund, you really don't have control over what the fund is going into, besides the sector that the fund invests in.
You have no control over the decisions a board of directors or the top management make in a publicly traded business.
but with real estate you don't have control of whether/when people are going to rent or not
Yes you do.
how you can have control? do you explain this in your videos
I think you can only guess and try to find good location i.e.near universities
thank you phil, I am 25, college educated and just starting my professional career. I can tell you right now that the parents of my friends that are the happiest and most well off are the ones that own their own business. your video further proved that. Thanks
Phil I watched this video for the first time some years back and it is what introduced me to kiyosaki. I will forever be grateful for you doing this cause it was the beginning of my journey to financial freedom. This video and your book are literally the foundation to my financial education. I just wanted to commend you for what you have done for me and my family.
This is the only UA-cam channel I don't feel bad about binge-watching. Getting a lot of useful info. Thanks Phil
Phil, this video is gold! I've been torn with the advice of Dave Ramsey and Robert Kiyosaki. Your video pretty much describes how I feel about personal finance.
I am really grateful for you Phil ,willing sharing such wisdom for free .This is great information.
Hi Phil, I'm 22 years old and I'm trying to put together my own business as well as invest in real estate. I just wanted to thank you for all the valuable information you provide to me. I think that your number 1 investment is something you may not realize you're investing in. That investment is the futures of people like me. Trust me, when I hit it big you will receive a RoI. Until then, I'll keep watching and sharing with my friends. Thanks again.
I'm jealous you started so young! gratz man kill it!
Hearing from you is one of the most refreshing things of my day. I can't even believe how much value and insight your videos have (without the hype and garbage that is unfortunately so common). It is an honor to be tutored from someone like you.
One of the best personal finance videos ever!
You are phenomenal!!! And an angel for passing on this invaluable wisdom (especially for free!). Although, at 55, its to late for me...I thank you so very, very much!
Phil - Thank you. This was my "lightbulb" video. Watching all these mainstream moguls that the masses follow make my head spin. They all contradict each other and call each other stupid. But in their self righteous minds they can't be wrong, because their OWN methods made them rich. If the methods that Dave and Robert teach made their audiences rich, we could solve world hunger! It's no wonder the book you mention isn't well known. The most beautiful things in life don't care if they're seen
I can tell you're a man of great wisdom and integrity. You see more than just black and white. Glad I stumbled upon your channel. Much respect.
I almost fell out of my chair when you mentioned the Thomas Stanley Millionaire mind book. I believe that you are correct that most people have never heard of it and most of the ones that have heard of it have never read ALL of it. I firmly believe that I can credit a lot of my real estate success in the last 3 to 4 years directly back to the ideas and truths presented in Dr Stanley's book, it is that powerful.
Thank you for all this information!! I'm 23, I'm stuck in a boring major that I hate and I'm currently renting (and hate it lol) but you have shared a wealth of info when I was just looking for info on flipping houses! WHOA! I've just been introduced to a whole new facet of wealth! Again thank you!
I really like your ideas and comparisons between Kiyosaki and the Ramsey set. My only big thought that really kind of challenges Kiyosaki and all others touting passive income and creating your own business is that it is never mentioned how time and energy intensive it is to really do this (except for rental properties).
To create your own business you better want to spend the time, money and energy to make it successful. If you don't have that type of passion then you really shouldn't. It will suck the life out of you. I think there are others on youtube pushing these ideas without really addressing the reality of what it means to create an enterprise.
Personally I know I am not one of those people that can put their soul into a project like that so I just stick to real estate and investing the boring old ways like retirement funds.
Don't forget about silent investing, or being an investor in a business. You don't always have to be an active member.
Phil, thank you for making this Video!
I am a EE student, I will be graduating in a year and a half, honestly, I don't want to work forever and depend my life on the company. This video make it clear what I need to do!
Thank you.
Watch this video: ua-cam.com/video/FPC6DxSBqxI/v-deo.html and then watch this one too: ua-cam.com/video/N-VmLPX99zY/v-deo.html
I'm 43 , and I'm glad you made this video. Thank you so much
This video was HUGE.
Great video Phil as always! I've been listening to Dave, and he only says to invest 15% in mutual funds which is specifically for retirement. He doesn't say not to invest in businesses or assets. Budget, live below your means, save. But if you make a bad investment or something happens, retirement is a pretty wise thing to do. So as far as investing goes, Dave and Kiyosaki don't differ that much
Phil, thank you so much for the clarification! I have read Ramsey's "Financial Peace", as well as Kiyosaki's "Rich Dad Poor Dad". Currently, I am reading "The Millionaire Mind" and it's providing fantastic insight.
Appreciated that you shared all of these things! big thanks to you!
Man I could just watch and learn from you all day....which I probably do...sitting at my desk job....Starting a business has been something I have flirted with for more years then I care to think back....I started this job a year ago after college...and I wished that all the time I spent not working...just schooling...I wished I had seen all this then...I probably wouldn't sitting at this desk job...That's for sure....But no better time like now....
I’ve been binge watching him on UA-cam, how ironic! He’s fabulous. Highly recommend.
There are definitely some moments when you say things that surprise me, but I really like your perspective because it is different from the norm and refreshing for many of us who have read all of the different forms of personal finance. Thank you for sharing your honest opinion and insightful wisdom.
Thanks a lot Phil! This video was perfect for me at this point of my life. I just finished college and need to figure out where my money streams are going to come from and you gave me great ideas for that. Really appreciated it!
lloyd jong Watch this video too: ua-cam.com/video/N-VmLPX99zY/v-deo.html
Thank you, I absolutely enjoyed your presentation. The true meaning of mortgage is "Engagement until Death." I am a debt free renter and loving it!
Thank you Phil , I did read rich dad poor dad and currently reading richest man in Babylon . I just bought your book and the one you mentioned to read when I am done . Your video on wholesaling was the first one I came across when researching real estate since it was the route I was going to take after failing in my drone photography business and attempting a custom tailor suit business based off from Thailand. I am so glad I came across your videos and I am actually going to lock in my first deal in a week or so with a motivated seller , just waiting on my contracts from my lawyer lol ! Again thanks again !!! Oh btw I am also take your course from your website!!!
This guy seems like one of the most well balanced guys out here promoting the wealth view point. Well thought out ideas and principles. I haven't watched a LOT of his vids, but what I have heard is good stuff!!
I absolutely loved “The Simple Path to Wealth” by J.L. Collins and “The Richest Man in Babylon” by George Samuel Clason. In my opinion they should be required reading for anyone who wants to under personal finance. Also, “I Will Teach You to Be Rich” by Ramit Sethi and “Financial Feminist” by Tori Dunlap come highly recommended.
All great books!
Your content is absolutely GOLD. I love the truth you speak with conviction and ease! Thank you, I'm glad I stumbled across your channel.
Truly enjoyed this video. Lost my job and certainly wishing I had built a business instead of working for others all my life
I love it : IN THE REAL WORLD YOU CAN ONLY SAVE SO MUCH ON CAR INSURANCE. That's classic Phil!
This is a prime example of why I subscribed to your channel. Amazing content time after time. Thank you!
YES!!! Dave Ramsey in Nashville,TN.is the man!!!
Love these videos where you concisely explain all these different philosophies. Thanks!
It is real Eye Opener. I am impressed. You made it easy to understand if one really listen to it carefully.
Been watching your videos every day this week. Thank you Phil.
My dad has been doing real estate for quite some time and I'm starting to get the itch. I am really enjoying your videos, thank you.
In this video (I believe I'm binge watching/listening) you talking about renting over buying for your personal home. Do you recommend renting to yourself? Would you own the house under a business and then rent it from your business.
Excellent video and generous gift you gave to us to watch and learn for free.
Very thoughtful, thank you
Thank you very much Phil!! Your videos are helping me find my path in life. Believe it or not by watching about 4-5 of your videos I was able to go out there and find my first real estate deal. I am not even 26 years old and I can tell you I'm pretty darn excited. Thanks again man! considering filling out application for your mentor program.
Right you are, Phil. Coming from a financial advisory background, I fully agree with both views. I started off with a huge financial institution in South Africa. Found that the regulatory environment beeing very restrictive while you also need to be very careful with debt on the other side, the balance is what I am looking for. Thank you for sharing your tremendous insights and wisdom, I do appreciate it.
This is the best realestate youtube channel !
One of the best finances advice video I´ve seen on youtube. keep the good spirit and please have my like.
Wow Phil, this is some the best nut shelling on the topic of personal finance I have ever seen. Keep up the good work!
This was awesome! I have taken Dave Ramsey's course and read Rich Dad Poor Dad. I have had the same thoughts. Thank you so much for making it clear and encouraging me about those with a 9-5 and starting my own business. I am just beginning and trying hard to make my first deal go through. I am trying to get a buyer and so I am encouraged to keep pushing on!
Outstanding! Most appreciated the comparison and contrast of the Dave Ramsey and Robert Kiyosaki philosophies. Thank you!
Jim Rohn's simple financial advice is all a person needs.
hey phill. i'm a businessmen too and i want to thank you for this incredible video i agree 100%. most people are concentrated on the result instead of concentrating on the process. money is a result and what this video is about, is the process. that's the stuff that must be thought at schools.i started when i was 19 i learned the hard way :) from my point of view if this video will help 1 person it will make entire family happy for gеnеrations. life is more pleasant when you have the means (result)
I'm watching all your old videos. I put Millionaire Mind on my shopping cart months ago, I ordered it today!
Thank you immensely, I will share this with my friends. If I had paid $500 to attend a webinar this caliber I would walk away feeling like I have found my first million dollars sitting in a briefcase on the corner of the busiest street in NYC
I can not explain how this helped me. I first ran into, "Rich Dad Poor Dad" and was blown away. But I knew he was wrong somewhere because my dad would tell me, "budget, don't spend carelessly and save". Anyways you have made it clear for me. I will read Millionare mind soon. Thank you for this video.
This is a great perspective Phil. I completely agree with what you are saying. I am going to subscribe and look deeper into your mentorship program. Thank you for the valuable content here. There aren't enough guys like you left on UA-cam.
Great Book. Read it when i was 20 and strongly recommend it.
You are the best speaker on REI on UA-cam. I follow a lot of accounts but you always bring valuable material. I also like invest four more because he shows before and after over a long period of time.
Phil,
Thank you so much for sharing this information! Your time is MUCH appreciated!
This is priceless, incredibly amazing video, worth the time
Much better than I expected. Thank you!
Phil thank you so much for this wisdom! The millionaire mindset - I'm on it!
This video hits the nail on the head. I always got good info from even so called bad real estate GURUS! We want a one pill do all type of real estate book and it simply does not exist! Keep it up Big Phil!
I'm glad you made this video, I listen to Dave Ramsey and Robert Kiyosaki and although they have very different approaches I cherry pick advise from both. You break it down quite well, and the "line" where switch from Dave to Robert is when you get into buying assets, leveraging "good debt", etc.
very insightful video. thanks for sharing your years of accumulated wisdom phil.
Love how you present this. I feel like I'm in class.
Thank you, thank you thank you so much for this information Phil. I have been reading a bunch of these books (mostly Kyosaki) over the last few years and you just hit the nail on the head for me, I found the signal. I am going to get your books for sure along with the other two (Millionaire Mind and Millionaire Next Door) because I see now this is my missing link, not a destination but a stepping stone in my plans to attain my goals. I am so happy I came across this video on my marathon of your other videos and I look forward to working with you when I get stateside.... so again THANK YOU, many blessings and much respect
I agree 100% where both books provide wisdom and a combination of two is what you need.
Agreed!
I'm going to be 58 this month......never too old for an old dog to learn new tricks. Thanks Phil
I'm 55 and I'm doing this. You can do it!
Great teaching, connecting the two sides of the same coin!
Amazing perspective! I love Dave Ramsey, but I can't bring myself to commit so heavily to mutual funds, especially since my last real estate return outperformed three-fold in 3 years what my mutual funds have labored to do for the last 20 years. In Dave's defense though, he is also a real estate guy with a lot of income and profit from practicing just what you're preaching. He does encourage entrepreneurialship as well, but seems to have greater emphasis on converting the irresponsible and debt-ridden to financially conservative practices, which I imagine is no easy task to get them that far along.
Phil you are a AMAZING TEACHER. Thanks
omg, I love this video.
This is the best thing I've heard by far! Thank you!
Nice job Phil! The blend of old/new mentalities is probably the most responsible option. However, to restate one of Roberts phrases, paraphrasing: "If you don't like living below your means, increase your means."
Thanks for your videos Phil!
This video is actually pretty good. I am all about renting a house. I have index funds, REITs and flip houses. Using both is the best way to wealth accumulation.
Best synopsis I've ever heard! Great job!
Excellent video! I have read all of these books and came up with a similar conclusion
Great video. This should be a class in every high school.
I just finished the third book by Robert Kiyosaki. I definitely intend to read the book you recommended. Really becoming a fan of your videos. After finishing the Cashflow Quadrant I really started to understand what he meant about buying Real Assets rather than Liabilities that are perceived as Assets. It is also what sparked my interest in real estate investing.
Absolutely agree . I started 7 years ago at 21 . Kiosaky first book then Ramsaey , Millioner next door and now just downloaded Mint before watched video .
6 rentals later and 3 business running I bough first personal residence(agree on rent/own debate) still have roomate .
Will watch all your videos and subscribe to a Chanel .
Thank again .
Its one of the best videos I ever seen. Congratulations
Phil, awesome video! I agree and have been implementing each subject that you discussed besides the real estate side(which I'm ready to go). I applied to your program and Cody left me a message. I called back and left him a message, but never heard anything. I have a full time job and a part-time small business and want to start investing my savings in more assets. I guarantee I will be a beneficial mentee. I ready to start.
Great video Phil, your videos are extremely helpful. So much food for thought.
That is what I have always said!! You are spot on! I tried to teach my kids the balance on Kyosaki teachings! Thanks for the video
100%, great to hear!
Thank you, thank you, thank you....I listen to Dave Ramsey and read the Rich Dad Poor Dad book, and has been stuck because I didn't know which way to go.. you broke it down brilliantly..thank you again
Thank you. Balanced thinking. This is really, really good.
You can also just get your credit score up to above 700 and from there simply access business credit cards that dont appear on personal credit ( anything other than capital one)
Excellent. Well presented and to the point. Thank You
excellent information. wish I would have heard it 20 years ago.
There is so much wisdom in your summary.
I’m just beginning and I believe I’m on the right track
jUST HAD TO SAY THAT YOU ARE A GREAT PERSON FOR SHARING THIS TYPE OF INFORMATION THAT OTHERS TRY TO SELL GOD BLESS YOU
Well said, this is pure gold. Thank you for this free knowledge.
Hey Phil, just wanted to say I love your videos and I am learning so much from you! Some people keep their success and never teach others but what you are doing is amazing! It keeps me motivated. I am a broke college student about to graduate and I am already looking at a home to invest in. Thank you once again!
so this is my plan. go to school (now attending 4 business management) get a nice paying job. save up all my money and start buying houses and giving them up for rent. i hope to succeed
If you want to make a lot of money business management may not be the best idea.
Baz Trading what do you think is better
I enrolled in business management and realized that finance is a better option because you learn so much more about the market, investments, money. I will take a few business classes for my elective like business law, international business and a management class. The rest will be finance and accounting because you will be more versatile. To start a business you can look up everything online. To learn how money works and follow the money, go finance and accounting. Good luck
Thank you for this. I constantly search for ways of bettering the fattening of my wallet. I look up to both these gentlemen and just recently found out about Thomas Stanley. Reading stop acting rich and millionaire next door. I need to get the millionaire mind. I used to be homeless and now Im independent & own my own business at 24. I'm glad I ran into you and this video thank you again. I can actually use your advice rather than reading someone thing someone said in a book
Great advice and very good presentation style. Thanks as always.
You have really nailed it here - I think where a lot of people go wrong is they confuse their two "lives". Your financial life with your family should be managed conservatively - by buying less house than you can afford, driving older cars, budgeting, and saving for emergencies and unexpected contingencies - but in order achieve real wealth, whether it is in real estate or another business, it is virtually impossible to do without taking on at least some debt. Debt smartly used to get leverage in appreciating real estate is entirely different than a Macy's credit card used to buy stuff you don't need to impress people who don't care. Both can get you into trouble if you're not smart, but that Macy's credit card will never help you get rich.