FHR #002 - Freedom Principle 1 of 5: Financial Wealth

IN THIS EPISODE BRYCE COVERS:

Why it’s important to work on building wealth for you and your loved ones.

Different methods of making money in the US.

Key niches to investigate in business ownership and real estate.

Things to be aware of when searching for a financial advisor.

EPISODE DETAILS:

Disclaimer - Bryce is not a lawyer or a financial advisor. The following episode is not advice, it’s for educational purposes only.

Wealth is 1 of 5 core principles, if you grow financial wealth then this will also help in the other core areas. Which of these 5 principles is the most important to you is up to you and will probably change through life.

Myths to bust;
1) You need to have money to make money
2) You need experience to make money
3) You need good credit to make money

When Bryce started he had no assets and negative net worth + unseasoned credit + no experience in real estate but he bought a mobile home park with these circumstances.

Some might argue that building wealth is against theology but Bryce argues that its the "love" of money (not money itself) that is the root of all evil; it’s all about the person who has the money as it will amplify who you are. Your priorities are wrong if money is the be all and end all; it shouldn't be everything.

On the path to financial freedom the end result isn’t the goal, it’s about the person you become during that self development. By building wealth you’re also able to spend more time with family and people you care about.

The goal is to work towards financial freedom by getting passive investments to pay for your living expenses. Once financially free you can leave your day job but many people want to keep working for enjoyment.

There are three main ways to make money;
1) Stock market and/or crypto currency
2) Business ownership. The key here is to stick to the business plan and put in productive effort for at least 12 months and test your market first.
3) Real estate. The key here is to find your niche, for example there’s a massive need for affordable housing in the US, especially mobile home parks. Senior living is also a big niche in the US as it’s growing with baby boomers over the next 10 years. Also millennial housing is another niche worth looking into.

Bryce recommends the series on Youtube - Secrets of Money by Mike Maloney. Mike Maloney is a gold and silver investor who covers a 10 episode series taking you through complex topics and making them interesting.

Bryce has an Ultimate Goal Template, just email him for a copy - free!

DISCUSSED DURING SHOW:

T Harv Eker’s NYT #1 bestseller – Secrets of the Millionaire mind: https://www.amazon.com/Secrets-Millio...

Millionaire Mind Intensive/Experience (FREE 3 Day Live Course) based off T Harv Eker’s NYT #1 bestseller – Secrets of the Millionaire mind: https://www.millionairemindevents.com...

T Harv Eker’s website: https://www.harveker.com/

Youtube series “the hidden secrets of money” by Mike Maloney: https://www.youtube.com/playlist?list...

Robert Kiyosaki’s book - who stole my pension: https://www.amazon.com/Who-Stole-My-P...

Bryce Bigger Pockets Article with tons of valuable links: “Warning: 5 Reasons the 2020 Recession Will Be Far Worse Than 2008”: https://www.biggerpockets.com/blog/5-...

FREEDOM HACK RADIO LINKS:

Website: https://www.freedomhackradio.com/

YouTube channel: https://www.youtube.com/channel/UCSo5...

iTunes: https://podcasts.apple.com/us/podcast...