George Ross (Trump’s legal advisor pre-presidency)
People don’t realize how long it took me to be financially free after buying my first rental in 2009. Granted I bought way too many single family homes and should have bought bigger deals sooner I now know how to accelerate the process.
But before I even had $20,000 saved up for my first down payment I was cheap… well I still am.
Looking back on the crazy stuff I did to save money, I now realize that I was trading time for money.
I still believe that saving money and being responsive is a good behavior to have. To spend your money wisely on value and not get caught up on the Hedonic Treadmill where we keep trying to keep up with the Joneses.
I started to a hobby to make Mead or fermented honey wine. It’s pretty healthy because of the good bacteria cultures.
I started it because I needed to diversify from my Kombucha hobby because moving to Hawaii I was worried that there was going to be a fruit fly infestation that would wipe me out.
Got to be diversified with multiple streams of income!
It’s been a busy month after wrapping up the closing on these two latest deals. If you are interested in the deal flow, make sure you are a part of our Hui Deal Pipeline Club.
I recently met George Ross who came to speak to my Syndication Mastermind for a private dinner. If you have need the movie “The Founder” you know the lawyer had a very big impact to Ray Kroch. George was the legal counsel to Donald Trump during his rise and “retired” once he hard Trump was running for presidency. George He held court to the remaining 15 of us for 3 hours after dinner until midnight telling stories for the past. Very insightful to know that this man shaped the Trumps business sense.
He is known as a master negotiator and he gave us the following relationship advice:
“In marriage, I tell my wife that I make all the Major decisions and she can have the Minor decisions… In all my years of marriage, we have not had one Major decision come up.”
The recently launched YouTube Channel just clocked in at 17,577 minutes or 293 hours or 36 working days. So there much be one person watching my content around the clock which on the clock.
I need a little bit of a break and took the time to reflect back on how far I have come from 2009 and buying that first rental property. By the way remember to incorporate “play” into your day.
The first twenty tips came from myself but after sharing the list and finding the other ex-cheapskates out there we have been slowly syndicating more and more bad ideas. Note: they are not in any particular order.
Our parents will be so proud of us!
If you want to add more, please email me and I will keep growing the list. And if you like I can add you initials at the end to cement your legacy.
If you call me collect, I will not pick up!
UPDATE 19.06.17 – In some respects I still wear the cheapo badge like a old war medal. The truth is that cheap/easy/free people rarely get anywhere. It took me 7 years to get to 11 units on my own. I was not until 2016 where I started to invest serious money into mentorship, traveling, and connecting with people. Little do cheap/easy/free people know is that others see right through them and it surfaces as textbook scarcity mindset which repels the right people.
More on this topic – SimplePassiveCashflow.com/peop
Money saving ideas for the shameless… (the before)
- Stack Mr. Rebates shopping portal and Groupon discount codes with gift cards purchased from eBay or Safeway with more gift cards and Mr Rebates shopping portal. To sign up go here: http://www.mrrebates.com?refid=413597
- Take a shower at work to save on utilities, water, and electricity – as a side benefit you go to the gym more often (do your 3S’s there, shit, shower, shave)
- If you work in a startup company that caters food, it’s a no brainer— eat at work and bring food home. Maybe you can even befriend someone that works there and join them for lunch from time to time. For extra credit consider a life of “intermittent fasting” and totally binge at these free meals.
- Wash your car in the rain. No mineral deposits left while it dries. Video of me demonstrating this: https://youtu.be/kZkYnkXOI7Q
- Costco leasing to own program
- Buy an Anker powerbank and charge it at work. Sadly I never got around to use them during what little time I had at home 🙁
- I would sign up for Microsoft play-tests so I could get a free software to then sell on eBay for money. The sad thing is that I am not even a gamer and it was completely obvious to the playtest team.
- Always take a pee before leaving for the day.
- Try to poop at the same time every day while at work… get paid to poop. Time is money and flushes cost 10 cents.
- There are soft drinks available at restaurants?
- Why are you eating at a sit down restaurant, you have to pay tip?
- If you must, order food to go and eat on the premises. Best of both worlds!
- Wear clothes with the tag on it and return it.
- Buy a snorkel from Costco to go to Hanama bay while visiting Hawaii to return it. Another Hui member cautions that on many electronics there is a 90-day return policy. Lady who returned a dead Christmas tree on Jan 4th.
- I rode my dangerous 50cc moped in the Seattle rain so I would not have to pay $4 per galleon in 2010.
- Use an app like GasBuddy to find the cheapest gasoline station, better yet, double stack your Costco credit card (4% cash back on gasoline) and buy Costco gas.
- Cash flow, cash flow, cash flow. Also, see uncle Kohlers team for tax optimization (easily the single largest expense in your life) http://keystonecpa.com/~keystone/images/5_Cash_Flow_Strategies_for_RE_Investors_eBook.pdf
- This one is a bit morbid, but an important one. Set up a revocable living trust with your lawyer to avoid probate expenses following the death of your family members\
- Susie Orman’s advice – make coffee at home and save yourself the $5 Starbucks Vente frappucino
- FAST (intermittently, not forever)! Skip breakfast daily (work yourself up gradually) and when you’re ready to get to the big leagues, attempt to fast for an entire day (no breakfast, lunch or dinner)
- Solar panels (maybe?)
- Free (coffee) money, this one’s really easy ($25/quarter or $100/yr) w/ BofA and Amazon http://www.magnifymoney.com/blog/consumer-watchdog/better-balance-rewards-card
- Maximize and optimize what you’ve got BankPurely has a 1.30% APY since April (not sure if promo rate?) but most banks have 1.0+% (which is 10x the 0.1% APY rate given by most conventional brick and mortar banks like BofA, Chase, WellsFargo)
- Become an Uber driver or deliver post maters? (not a big fan)
- If you have a spare room not in use, AirBnB it from time to time
- Check out EventBrite or other social event platforms for free lunch/dinner/drinks
- InvestinAHP.com or email me for a few Burnzone book with your mailing address
- Buy Mod Pizza’s mega salad for $11.27. Dinner for days!
- Paid online surveys (not a good use of time)
- Coupons (think http://www.freestufffinder.com/)
- Use www.bensbargains.com or slickdeals.net before buying anything online
- Use Honey or Ebates or other discount portals for Amazon/eBay or other internet purchases to save a few %
- Certain credit cards provide 5x bonuses (Chase Freedom has rotating categories) and Chase Business cards are good for auto-pay things like internet with extra bonus categories
- Make a Ghetto Latte at Starbucks and other fun
- Charging up your electronics/phones/Gameboys at work before you leave for the weekend
- I never paid for Tinder plus or extra coffee beans on When Coffee Meets Bagel (but I would pay for SPC Friend Finder)
- Courthouse wedding
- The things we do to save money…
Other unorthodox parenting tactics from the Hui:
- Save the money by not sending them to private school (for the supposed network) instead just buy them a crappy car un college and have them give the rich kids to and from the parties. Its like grain finishing grass fed cows.
Growing up in Hawaii where a gallon of milk is $8, I was taught to save money in strange ways. (I don’t drink milk)
Some of those were pretty bad which develop into unhealthy money mindsets and can translate to negative social profiles.
Some downright unethical but hey if you are a cheapskate, own it!
I don’t condone any of these tactics but look, it is no coincidence why you folks continuously have so much money to invest and pay your bills on time unlike 4 out 5 of my Birmingham rentals every month.
Trading money for time… (the Recovery) – updated 11/8/18…
- Using disposable chopsticks, plates, bowls, clubs, and forks to minimize time to wash dishes and put away. Also need less space for more of this “stuff”. I think we do not realize how much not only time we waste on this but water and electricity go into this.
- Use Uber as much as I can to minimize stress, the chance of an accident, 50 cents a mile per the IRS in wear and tear to your vehicle but most importantly you can bring your laptop and get some work done.
- Leasing a car – such a great decision. Its fun, the numbers make sense if you are able to grow your money at more than 14% a year, and don’t have to deal with any maintenance issues.
- Eat out. It just tastes better too. And no cleanup, prep, grocery shopping, etc.
- I used to be notoriously known for taking a red-eye flight from Hawaii (save on hotel) to the mainland and start the next property trip or conference the next day. Late in 2018, I decided to really upgrade to first class (pay $300 of my own money as opposed to using some kind of credit card travel hack or using my frequent flier status when I was once a corporate slave).It felt good but I believe more for paying for value and will only do it when I need it
- Taking some of my money to buy jewelry.
- Avoid PITA! Awareness is the first step and here are some examples.
- For future updates go here.
Send me some of yours!
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