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If I Had a Million Dollars... (Episode 74) S5:E14
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You can watch this episode on YouTube.com: https://youtu.be/DmcleXHh624
What would you do with a million dollars?
That's the question we pose this week on the show. What do you buy? How much do you save? What are the wise decisions with this money?
0:00 - Introduction
1:01 - $1 Million - what do you buy? Statistically, most people blow most of that money. Statistically, people who win the lottery, take only a few years to return to before-lottery-winnings-financial position. (https://www.cnbc.com/2014/10/01/sudden-wealth-can-leave-you-broke.html)
4:14 - Jason's $1 Million. Jason buys 4 residential Single Family Homes (SFH) 25% down payment. $750,000-range homes. Family rentals in Lehi, UT.
5:31 - Aric's $1 Million. Aric buys some fun stuff (including a new truck! and a car for his wife). Then he'd invest. He would buy 10 homes in 10 states so he can write off visiting his businesses. $150,000 spent on "bogus" stuff. Then buy 10 long-term rental properties in 10 states...at about $85,000 per property. He'd buy two without his wife's knowledge.
8:82 - Tyler's $1 Million. Pay off automotive loans ($25,000). Would NOT pay off primary residence or investment properties. $100,000 in crypto. $150,000 in dividends equity positions. Real estate purchases with the last $725,000 in non-urban areas in Utah (east and south) with 20% - 25% down, focusing in multifamily.
11:26 - Your $1 Million. What would you spend $1 Million on? Get your game plan. Get your strategy. If you know what you're going for, it's WAY easier to see a way there. "Everything's impossible until you do it."
13:01 - Tyler diversified. Other plans were not. But Tyler's not selling his assets — hold them forever.
14:28 - Is Jason's strategy bad? Jason's methodology: pick an amount of money you want to live on over a month when you retire: $10,000 per month, for example. Figure out what type of property rents for that number. "If I have this many houses at that time, I'll be ok."
17:36 - What's your plan? "The bigger your dream, the easier your path."
18:39 - What'd we learn today?
20:21 - Outtakes
* No dolla billz were harmed in the making of this video.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.
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