503: The Millionaire Formula: 10 Steps to Hit 7-Figure Net Worth (Part 1)

BiggerPockets Real Estate Podcast

You probably know Brandon Turner and David Greene as multimillionaire real estate investors. What you may not know, is that a decade ago this was a very different story. Brandon didn’t grow up in a wealthy family, and by his 20s, had packed on about $20,000 of credit card debt while spending $1,000 more than he could afford each month. David grew up in a family where finances were a constant stressor, he later vowed to himself that he would never let money problems hurt him or the people he loves.

Now, both Brandon and David have made the long journey from rags to riches, and through investing in real estate they were able to pull themselves up by their bootstraps and reach financial independence. Today, we talk through the first five (of ten) steps that helped Brandon and David reach this financial feat.

This is a great episode to take notes on, as becoming a millionaire is close to impossible without following most, if not all of these steps. While this episode isn’t entirely focused on real estate investing, a large part of being a successful real estate investor is financial intelligence. Even if you’ve made mistakes in the past with investments, debt, spending, or any other financial lever, following these ten steps will give you a solid framework to stair-step your way into millionaire status.

In This Episode We Cover

How Brandon and David discovered their need for financial independence early in life

Thinking of money the same way you think about fitness and health

Reaching huge financial milestones, even if you started out with extra obstacles

Fighting lifestyle creep and never falling into the Ferrari trap

Building an income stream that is scalable, passive, and automated

The “stair-stepping” method that leads to massive wealth accumulation

And So Much More!

Links from the Show

BiggerPockets Forums

BiggerPockets Pro Membership

BiggerPockets Youtube Channel

The BiggerPockets Bookstore

Alan Corey

Gary Keller

BiggerPockets Podcast 500: Robert Kiyosaki: America’s ‘Rich Dad’ Sees a Real Estate Crash Coming

BiggerPockets Podcast 447: Create Your Dream Life in 3-5 Years Using Vivid Visions with Cameron Herold

BiggerPockets Podcast 461: Defeating the “Enemy of Success” with Steven Pressfield (The War of Art)

GoBundance

YNAB (You Need A Budget)

Mint

Open Door Capital

Email Your Questions: [e-mail]

Check the full show notes here: https://www.biggerpockets.com/show503

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