In this video, we explore the key steps to building wealth, from creating a savings plan to developing a millionaire mindset.
The speaker shared his journey from saving his money to building wealth through investing in real estate and other businesses.
The speaker will revealed why he does not let his money sleep in the bank. Join us as we uncover the secrets to financial success and learn how to turn your dreams of financial independence into a reality.
Whether you’re just starting out or looking to take your wealth-building journey to the next level, this video is for you. So sit back, grab a notebook and let’s get started on the path to financial freedom!
Transcript:
Bill Allen 00:00
I think there’s a piece that a lot of people miss, like, everybody wants the passive income. But so I look at things a little bit differently, maybe, but there’s like an active income side for me. And then a passive, like wealth building principles. So what I do and what I’ve done for years, actually let me back up. When I started this, I just, I thought I was gonna save my way to be well, like, I was just gonna save money, I lived on 55% of what I made. And I saved the rest, and I just invested it.
Chris Bounds 00:24
That’s pretty impressive right there anyway. Oh, yeah.
Bill Allen 00:26
I mean, I was single I was, but I didn’t make that much money. Maybe to some, it’s a lot. But it’s like 90,000 100,000, I was flying for the military. And I just, I would park like, anywhere between 45 and 55% of my salary, put it in IRAs, or 401 K savings accounts, put it in index funds, and just watch it grow. And one day I was gonna be a millionaire.
That changed when I met people that are making a million dollars a year I got into a room where people were making a million dollars a year and that shifted things for me. I said, Well, if they can do it, I can do it. And so then I started looking at things like I have active income, like I have work that I do, and I love to work it’s it’s really enjoyable to me. I like to make money I like to go out and and change, change people’s lives.
I like to impact the world. I’d like to do things like that. And so that’s not going to stop. So what I figured is how can I make as much active income and then go park it I call it burying in the backyard. So I just take my money and I buried in the backyard. So if I make $100,000 in a month, I’ll go buried in the backyard. And what I do is I just put it in multifamily syndications, typically, or, or I reinvested back in the business.
And usually it’s a percentage of both. I don’t like having cash in my account. I like having my soldiers aren’t working all the time. So multifamily real estate is the number one area that I’m investing right now and back into my business and into my knowledge and skill set. Like I want to build my skills, and I’ll pay money to build my skills really fast.
Chris Bounds 01:43
So it’s really the rich dad formula. I mean, you’re doing it through business, which you can do as a job because that basically is your business. You just have more leverage, since you have a business and you’re selling your your business, your income, pay for your necessities, put everything else into assets, specifically in this case, assets that are paying you money and building wealth at the same time.
Bill Allen 02:06
Yeah, I love the fact that they cashflow, I get a tax depreciation, which I need. And I get net worth growth. Like it’s really great options there. So I just I just want to take as much money off the table, go out and invest it and let it work for me while I’m doing something else. Like let me use my skill set to go actively do what I’m really good at and figure out how I can go from making $100,000 a year to a million or 2 million or 5 million a year. And then I can just go invest more and it starts stacking and compounding and that’s what’s really powerful.
Chris Bounds 02:35
Yeah, I didn’t like what Grant Cardone says, which I think you may have a conversation with him sometime soon. But it’s, you know, he says like, I’m always broke. I’m always broke because he doesn’t want anything in his bank account, because that is just losing money. It’s got to be out there compounding with an asset.
Bill Allen 02:49
Yep, absolutely. Yeah. I just had a conversation with him a few minutes late because he just he kept going. Like he just talks about real estate and he talks about money and he talks about mindset. He just keeps going. Like we were supposed to be for 30 minutes. We’re on for an hour and 15 minutes.
Chris Bounds 03:03
Wow, amazing.