The BIGG Successs Show
I Don't Know How to Spell Millionaire, But I is One!
4 tips that can lead you to a million dollars. Read our show summary at biggsuccess.com.
Welcome to the Big Success Show. Today, we'll share why you don't have to be able to spell millionaire to become one. The Big Success Show with George and Mary Lynn. When I was a young man, I met a gentleman who was very successful in business and real estate. Now, Mary Lynn, I'm going to tell you something. By looking at this guy, you wouldn't have known he had a dime to his name. Well, what did he look like? Well, I can picture it so clearly still in my mind, sitting there in the restaurant. And he had these coveralls on in a dirty old cap. And the thing is, he was a super, super nice guy. But there's one thing he said that I've never forgotten. And here's what he said. I don't know how to spell millionaire, but I is one. Sounds like he had a great sense of humor. But what I also like about him is that he's just your average Joe. At least it seems that way. So how did he become a millionaire? He bought something. Now, don't you like that? Well, heck yeah. But what he bought is what matters. Obviously it wasn't a new wardrobe. You're right on that. He also didn't buy a bigger house, a new car, a second house, a boat. All right. So he didn't buy anything big and fun. So what did he buy? Well, what he did buy started him on his path to being a millionaire. He bought an income producing asset. He bought a duplex. He put down a small amount of money, found a bank who helped him finance the rest of it. Then he improved this property, doing minor things like painting, putting down new carpet, some landscaping, spruced it all up. So obviously he was smart in the sense that he bought a property that didn't need major repairs. I wouldn't get that lucky. He just needed some cosmetic improvements. You know, those relatively inexpensive things you can do to a property to really increase its value. Well, you're absolutely right, Maryland. And the thing is what he did next is also super important. He had this property where his tenants were willing to pay more for rent, right? Because it looked so much better. And so he increased the rent. Then he went to the bank because he was making more money. They were gladly willing to help him refinance the loan because he had the income to support it. Hmm. Now let's see how Betty took that money and bought another investment property. Yes, you're right. A slightly bigger one, which he then improved. He kept doing this over and over again until he became a millionaire. By the time I talked to him, he owned a whole bunch of property, as well as quite a few businesses. And what we love about this story is that this guy proves that becoming a millionaire isn't rocket science. You just have to be sensible. And it also shows that it doesn't take that much money to get started. You don't have to be a super savvy business person, right? You don't even have to have an MBA and you don't even have to be able to spell millionaire, right? Thank goodness for that coming up for tips that can lead you to a million dollars. Today, we've shared a story about a man who couldn't spell millionaire, but he was one. And now we'll offer four tips to help you get to that million dollar net worth. Number one, start small. Don't bite off more than you can chew. Assume that you're going to lose everything so don't invest more than you can afford to lose. And number two, know your strengths and weaknesses. Get help for those weaknesses, right? If you're handy, find someone who can take care of the finances. If you're great with finances, find someone who can do the maintenance and repairs. If you've got time but no money, find someone with the money. Make them your partner and vice versa. Number three, make yourself accountable. CEOs of the biggest companies in the world answer to a board of directors. So get someone who will hold you accountable, whether it's a mentor, a coach, a partner, to somebody to hold your feet to the fire. The problem is, Marilyn, usually hold my feet too much of the fire and I get burned. Yeah, you don't want that. You hold me too accountable. Number four, logic, not emotion rules. Can't fall in love with a property, right? You're not buying it for the same reason you're buying that house to live in. Oh, it's so cute. Exactly. You're not looking for cute. You're looking for cash flow. Don't rent to a tenant just because you like them. Rent to tenants with good credit histories. Don't rent to a tenant because they have a great sob story. Rent to people whose landlords say they pay on time every time. You got to keep the emotion out of the business. That's right. We have a number of related posts to today's show on our blog today at Big Success. That's BigWith2G success.com. That's also where we have a written summary of today's show. And let's get our big quote for the day. Our big quote today comes from Brian Koslow, who said any self made millionaire listens for opportunity. The average person listens for what's wrong and why something won't work. Paying attention may just pay you a million. Hey, that's better than playing the lottery. Because I'm good at picking numbers. So better pay attention. The next time we'll discuss nine questions to answer before you make extra mortgage payments. And until then, here's to your big success. The Big Success Show at B-I-G-G Success.com. [MUSIC]