Brett Tanner lays out where he's putting his own money in 2024 and why he skips whatever investment is loudest online. He walks through a bet on Crypto.com's Cronos coin that turned $75,000 into $300,000, then crashed to about $30,000, and how a coaching client turned a $3,000 a month photography bill into $1,000 a month of income. His rule: invest where you already have an unfair advantage.
Brett TannerHost, founder of Be WealthyBrett says money is made by following where you have an unfair advantage. When everyone online is talking about the same investment, he goes the other way. His rule for anything new: study it until you love it, or play where you already have an edge.
Jump to 1:48A coaching client, a real estate agent, was paying $3,000 to $4,000 a month for listing photography. He invested in the photographer's business, which ran at about a 30% margin. His share of the profit covered the photos, and he went from paying $3,000 a month to being paid about $1,000 a month.
Jump to 10:25Brett needed more space and paid a seller a price he knew was about $50,000 over market for the building next door. Moving his staff and operations would have cost more than that, so he financed it on a 20 year mortgage at about $1,700 a month and leased the front office for $1,700 a month, covering the payment.
Jump to 12:41Invest $20,000 at a 20% return and you make $4,000 a year, about $333 a month. Brett says putting that same money into a mastermind or a coach can return closer to 50%, and unlike a market return, you never give the knowledge back.
Jump to 21:17Brett and his wife put $75,000 into Crypto.com's Cronos coin at about $0.20 each, betting the arena naming deal would drive buyers. Within 30 days it hit $0.90 and the position was worth about $300,000. They rode it back down to around $30,000.
Jump to 6:21Brett says the data shows that taking action on a new idea within 48 hours pushes your odds of actually following through to over 90%. He leaves every mastermind with a ranked action list and picks the one thing he can do in the next two days.
Jump to 37:46Brett had his team member Cole take a speed reading course after he kept falling behind on assigned books. Cole started around 150 to 200 words a minute and was up to 650 words a minute by day 21.
Jump to 28:07I do not believe that money is made by following the masses. I believe it's by following where you have your unfair advantage.Brett Tanner · at 1:48
The approach he walks through for shifting what you invest in as your income and net worth change.
| Decade | What to focus on | The math behind it |
|---|---|---|
| 20s | Your own education and skills | A $20,000 investment at a 20% return makes $4,000 a year. The same money in a mastermind or coach can return closer to 50%, and you keep the knowledge forever |
| 30s | Asset classes and businesses | Once your income has grown from the skills you built, you start putting more of it into real estate, businesses and funds |
| 40s and 50s | Less risk, less noise | As net worth grows, Brett says he's willing to take a lower return in exchange for a quieter, more passive portfolio |
Tap any chapter and the video starts right there.
“Just because it's loud doesn't mean it's effective.”
Brett Tanner at 8:09Brett tells listeners to plug their own numbers into this calculator the same way he describes doing in the episode.
Brett says to skip whatever investment is loudest online and look for where you already have an unfair advantage. He leaned into real estate, debt and hard money lending because that's where his own edge is.
Brett says he doesn't believe in diversifying across asset classes. Almost everything he owns is real estate, just spread across a title company, hard money loans, single family houses and commercial buildings, because that is the one space he has mastered.
In your 20s, Brett says to put money into your own education and skills, since a mastermind or coach can return closer to 50% versus a 20% market return. In your 30s you shift that income into assets, and by your 40s and 50s you can accept lower returns for less risk and less noise.
Brett says no. He counts Audible as entertainment, slightly better than music, and treats nonfiction books differently: highlighting, taking notes and building an action list, which he says you can't really do while listening.
Brett says to put your phone away and take notes the whole time, then treat the time after the formal sessions, the happy hour and dinner, as the real event. Find someone already at the level you want and ask them the specific things that got them there.
0:00So bought, you know, a five, $10,000 investment. I think today it's, you know, it's $20 million. I knew absolutely nothing about crypto. Should the Kronos coins go to $10,000, please come find me because I'm never going to sell these. My queen decided this was a great idea and I went with it. And so it's a great lesson around you got to invest in what you know. So I love this book and I've sold, I think, all the copies ever. Me and his mom have sold more copies than ever is right here. She started and I just broke. Ah, well, this we're going to do up or we're going to get a sponsor for this podcast because we just knocked our incredible pot off. This is a bummer. All right, Ready? Go. Hold on, hold on. I got to do one thing, Okay? Do you think? Okay, I'm ready now. Okay. Okay, now you're ready? Yeah. As. And I'm ready. Okay. And I'm going to paint. All right, You just got that one thing. Welcome back to Be Wealthy with Brett Tanner. This is episode 0003. When you're in 2000 school again, that joke never gets old. You've got to start with 0003. Today we are talking about what I'm investing in in 2024. What am I excited for Here on the Be Wealthy podcast? We talk about your money, how you can invest it and how you can have cool experiences and incredible things with the money. We're going to get into some cool things. You could do some gadgets, but experiences. But today it's all about what is 2024 going to be called? And we have gone through a lot in the last three years, right? In terms of what's the exciting thing the market at the moment. And if you want to figure out the hottest trend call, all you need to do is go to tick tock, go to the interfaces you get out there and you start seeing what the young hipsters are talking about, because that is absolutely probably not going to be the thing that's going to nail it.
1:48And but here is what everyone's talking about. So I want to start by what to invest in 2024 by what is everyone else saying? And when I hear that that is where I turn around and go to the opposite. I do not believe that money is made by following the masses. I believe it's by following where you have your unfair advantage. But so what is everyone talking about? Cool. Right now talking about bitcoin. It is crazy. So if you look at the charts on bitcoin, I love looking at the historical average. And by the way, I am not anti crypto, I'm just pro things. I understand and I think I have a base level understanding of bitcoin. I do think that it is reached the point where look, people company, large companies are investing. It is a thing, it is real. I believe in the technology. I don't invest, I don't want to spend the time to go get into all the mechanics. But I do believe that a digital currency, there will be a play that wins. I am unwilling to take that risk on the front end for those that are. I love that. But so I look at what happened, right? What happens in Bitcoin, If you look at the charts here and I pull it up just coindesk's historical chart, you know, if you go back to 2016, if we could have all got into Bitcoin in 2016 was around $500. I recently was I met a guy call I met a guy that bought 500 bitcoins in like I think it was 2010 and he invested in let's just call the numbers was five or $10,000, got 500 coins back then for some reason they were on paper. So we have to we had to put that in the show notes core, figure out why his wallet like there was a paper version yet to back it up with like you're basically put in a safe. So before I like the digital wallets and the the key you know all that stuff and so anyway you did it you really forgot about it and he thought you bought Bitcoin.
3:29You didn't realize the name became this thing called BTC, which is Bitcoin. And so years later, right, it's on the news is like bitcoin's hitting, you know, $30,000, $20,000. And he calls the guy that originally told him about it. He's like, Hey man, this is BTC Bitcoin. He's like, Yeah, do you still have your is? He goes, Yeah, it is. I took that paper, just threw it in actually a lockbox through my safe. And he still has a crazy debt so bought you know a five $10,000 investment. I think today it's you know it's $20 million. But if you look at what's going on, when you see the price, you know, Bitcoin got so 2016, you could have bought a Bitcoin for $271 in January. Then you had a big run up in 17. It got as high as 19,000. Then you you when you went down, you're bouncing around. And then when it really things got excited was was COVID right? So COVID March 2020, Bitcoin was around five grand and by per coin by April 16, 2021, hit 62,000 bounce up and down, went back as a high like 68. And today, as we're getting ready, we've made a big run. We're back it right around 44, 40,000, 40,000 are so volatile it changes a lot. I don't like to brag cause I don't love, you know, this, but my wife believes she can anticipate public investing. And so my wife came to me largely. She's my partner. She's deeply involved in conversation, owns, but she decided in our investments and she decided that we were going because the Staples Center was sponsoring Crypto.com.
5:03It was going to the Crypto.com Center, and she believed that everyone was going to sit in that stadium, look at their phones and go by going to Crypto.com to use that to purchase coins. And the Crypto.com coin also was Chronos call. And so I do need to do like a public service announcement, which hypothetically should the Kronos coins go to $10,000, please come find me because I'm never going to sell these. I forget that I even own the mermaid digital wallet. But if it happens, call. I'm sitting. I got I got by islands kind of money. I got some of these coins, but so let me show you what happened there. And it's a really cool example. So these coins were never very valuable. We got in there. The announcement was made like October-November 2021 that Crypto.com was going to go live and as of December one it would be the Crypto.com or the were the Staples Center used to be the Lakers game like our stadium. And we bought $75,000 worth of Cronos coins at about $0.20 each. And this is around October. And so what immediately happens is the thing you never want to happen invest you know nothing about call. You do not want this to occur overnight, roughly within 30 days it goes to $0.90. And so I turn revenues almost four or five x, so I turn 75000 to $300000 in a month. Never happened. The history, my investing career could not be better. And then look what happens next. We ride it all the way down and now we've currently managed to turn $75,000 and about 30,000. So what it tax play call one of the things we don't teach in well but what a tax advantage he does light a bunch of money on fire you can only get a really really cool tax man so I tell you that story to say what happened.
6:46I knew absolutely nothing about crypto. My lady friend, my queen, decided this was a great idea and I went with it. And so it's a great lesson around you got to invest in what you know. So just because your neighbor is talking about Crypto.com or Nfts or digital real estate or whatever, if you want to go all the way the on the inside, study it, learn it, be a part of the groups, the you know, the get joint, a Facebook group, get a meetup. It's talking about it study. You read the books, read the materials, do all those things and you love it. You should play there. If not, you got to play where you've got an unfair advantage. And it is funny story about noise. One of my favorite stories. If you take two piggy banks, right, you take one piggy bank. You know, my kids have got, you know, when they were little, our little piggy banks were put in the coins and yet a piggy bank, you fill it all the way up to totally full. You put all the coins, it can't hold another one and you shake it. It almost doesn't make any noise. You can hear a few coins rattle, but it almost doesn't move. Then if you just put five coins in an empty piggy bank in there and you shake it, it makes a ton of noise. And that's exactly how investing is, right? Is that the the piggy bank that only has the least amount of money, you shake it, it makes the most noise. So when something when you're getting the advice online, just because it's loud doesn't mean it's effective. It's just the least it's the full boogie. But piggy bank doesn't always make the comment. Some of the ridiculously wealthy people aren't online sharing their iced caramel macchiato every single day.
8:09They're actually help making money. Right? So you've got to think about is it real? Is it just noise or is there reality? Right. So in 2024, what else are we going to see? We're going to see subject to is an investment strategy subject to meeting. Someone's got an existing mortgage. People are trying to take that over because they want to get a lower interest rate as an investor. Right. If I could take over someone's three and a half percent 30 year fixed mortgage on the investor, if I buy that same home today, I'm going to have an interest rate of probably seven and a half percent as we sit here today on the investment side. So if I can get a 30 year mortgage to three, I can't get that conventionally right. So subject two's out there. There's a lot of people going out or people are doing it wrong. If you're going to do it, you've got to be stand up. You have to do it the right way and you have to make sure that you pay that no matter what. You're also going to see funds 2024. There is never a shortage of people that are launching, whether that's syndications, real estate funds, things that actually may not make sense. Like right now. I mean, we're in Phenix, Arizona. There are still people going into permitting into permits to build apartment complexes, even though the apartment the investment may not actually make sense today. Right. It may not pencil with debt rates, insurance costs and taxes, but because they raise the money, they're going to go forward. So if you're giving your money to someone else, then you got a long track record of success. Have they been having success for ten plus years and doing what they're trying to sell you on, or is this their first family of funds? So, B, you're going to see in 2024 no shortage of funds. You're going to see all the loud noise around crypto. You'll see other coins. Come on, you're going to see subject to the thing, unless rates drop dramatically, you're going to see more and more funds out there.
9:53So where should you put your money? Where am I putting my money? Again, it goes back to that unfair advantage. You know, going to give you the story, a couple of examples of unfair advantage, but I started thinking about how do I take my expenses in my life for my business and how do I turn those into income. So I want to give an example. I only have a few private coaching clients and I've had this client forever and he was spinning as a real estate agent. He was spending about 3000 to $4000 a month on photography for his listings, right? Every time he goes out and works with the seller, they hire him to sell his home and he goes and does this incredible photography. Somebody does a drone. Some of the Twilight photos, all the photos you see online when you go to whatever Realtor.com or Zillow, he's got those photos, right? He's spending three or $4,000 a month to hire a photographer, a third party company, go out and do it. So he reached out the photographer and said, Hey, look, do you want to grow this business? Would you be interested in actually scaling out a business? The photographer says, yes. And so he goes, Some say, What if I bought part of your business? And then I help promote it to all my friends who are large real estate agents in my area, and we got you more business. So the first thing I want to do is I want to I'd like to get as an investor, I want to get my photos than it cost. That's one of the requirements of my capital, me coming in as an investor. So instead of paying $3,000 a month, the photo business is about a 30% profit margin business. So if you subtract out the profit pelvis cause you can't lose money, do these photos now my coaching client only paying $2,000 a month. Well, the business right was making about 3000.
11:19His 30% was about $3,000 per month. The business made roughly 100 grand a year. And so what? What happened there? He went from paying $3,000 a month to actually getting paid $1,000 to have the photos. It's a really interesting story around taking an expense and turning. What do you invest in? How can you take your expenses and turn those into income? So for we were growing our different companies and we needed more space in the building next door. I'm in this condo suite we're building next door wasn't for sale, but I was the gentleman over there. I said, Hey, dude, I really need more space. I'd love to buy your building. I don't want to move. Would you be interested in selling? He said, Well, I'll sell anything at the right price, which is a really, really smart answer. Typically, all of my stuff would be for sale at the right price too. And I go to him. I said, Do to what number do you want? He says, A number that was completely insane. It was way more than what I thought it was worth. And I replied with, Perfect, I'll take it because I don't want to move my building. And even though I was paying at that time, what I felt was a $50,000 premium to buy the property I knew over time would make a lot of sense. And I was going to incur more than $50,000 in costs in my time, my staff's time moving, build out all those things to move to a new space. Plus I own it and I'm a huge believer in buying and owning real estate long term, so I didn't need the full space, though It had a it had a warehouse out back, which I really needed, and I didn't need the front office. And so I financed it on a 20 year fixed mortgage in my payment on that was about 1700 dollars a month in.
12:41So my immediate goal was how could I go get free rent and so again, how could I make an investment? My investment, I bought my building, I leased the front office out for 1700 dollars a month. So essentially I'm getting my mortgage paid down. I have this office space in the back. It's about a 2000 square foot warehouse, and I have that at no cost, right? It's an example of, you know, taking expenses and how can I turn those into income or offset it entirely. There's tons of examples like that. But when you look at your own business in your own life, where are those things for you? The key here, right? Start with what are the biggest expenses? If you've got a PNL detail and you sort it in your business, if you sort that by your largest expenses, go look at how can I? Is there a way I could somehow be in that business? Can I promote that business to have other friends that would be interested in it? How can I lower how can I turn my expenses actually in then come next year and have you look at right where, you know, where should you invest in 2024 while in the cold where I'm placing my money, but where you should invest? Where does your deal flow come from? Where do you actually get deals? So if most likely right, the best investments come from the deals you're already doing, how can you go find those? Right. So if I'm a real estate agent selling single family homes, likely I'm going to run into transactions where I could flip those properties. Unfortunately, a lot of the opportunities we have in life, they show up like work, right?
14:04You get that weird call that is a real estate agent. Hey, I've got a listing. It's about an hour away. An hour and a half away. Imagines a Friday night. I've got date night plan with my wife. They only want to meet on Friday at 6:00 pm. It's an hour, hour and a half away in traffic from my home, and it's a lower prices. And they tell me, hey, I'm. I mean, I haven't made my payments in two months and it's going to foreclosure or it's in foreclosure or whatever the story is the distressed situation. What are we likely to do right as human beings? We might over qualify that. We might actually ask so many questions that we talk ourselves out of going. And the reason I see that opportunity sometimes show up and sound like work all of those deals. I was teaching a class once here locally and a guy says, Hey, I've got a referral for this town and Wittman And so Wittman for the don't know Phenix, it's kind of far. It's like it'd be an hour and a half from where I'm sitting right now. And he says, Hey, who knows? A great real estate agent out in Wittman? And I raise my as I do in normally in real estate, if you give someone a referral, they'll pay you 25% as an agent to refer that business. I know someone I gave him my cell phone number. He joke is like, do you your cell phone? Yeah, I you can get me to drive across town for $15,000. Right? I'm totally good with driving across town number 15 grand. And so you got to ask yourself like, where where does the deal flow come from? That opportunity sounded like work to him. To me, it sounded like money and opportunity. I get to have a commission out of it.
15:22Or is there some other way that I could, you know, if it was a distressed shoot, can I go there and buy that property? Like, do they actually need cash? Is that the best thing for the seller in your your access to deal flow might be something different, but so what is your unfair advantage? There are deals all around you all the time. I absolutely love the story. The acres of diamond. It's great. On Audible will drop a link in the show notes, but the principal I won't ruin it here. But the thing is, we're all sometimes we're so close to the diamonds, we just don't realize it, right? So many times in my life I've been so close. I was it. If I could have done five more of them or I would have just kept going out of naturally re reached success. But it's so many times we stop early. We stop right before the success is going to come. I always believe in my own life. It's the last 20% of my after the creates all the results. When I'm out there, I'm going to make 100 calls. Today. All of my results are going to come from the last 20. It's always been the case that it comes. It's that one more right you take at my let's book one more right. If you keep doing the one more and you keep getting better, you put yourself in the path of success. I want to talk about alternative investments. Right? When you look at 2024 and if you look back over the last 20 years and you studied the asset allocations of average people and wealthy people, what you would see overwhelmingly would be we've moved away. There's less dollars, not dollars as a percentage, there's less dollars as a percentage in the stock market today than there was 20 years ago.
16:53And part of it's the emergence of alternatives, which is just alternate investments, not stocks, bonds, mutual funds and that stuff. It's all of the other things real estate, hard money lending businesses, syndications, private placements. And so people are moving their money into into different asset classes than they were 20 years ago. A big reason for that, REITs, the emergence of the Internet and our connectivity as we've been able to get more connected, other people, we're able get connected to like we talked about in a previous episode, we're able to get connected to the number one authority, two tribes of people that are doing the same things we want to do, and we're able to be exposed to really great investment opportunities that we just weren't able to be exposed to previously. And so you're seeing this just push to alternatives, right? It's made it much easier for us to see it. Also, we want to go look at, you know, the percentage of adults of a US adults that are invested in the stock market. If you went back to the peak, would have been oh seven right before the 2000, 65% of adult US adults were invest in the stock market where you know, as you look forward to today, by 2016, that was down to 52%, right? So less and less of us are investing in the stock market, which makes sense because there are other opportune ideas out there. Again, I'm always looking at could you buy your own building? What's the greatest investment property that's near you? Whether that's a commercial building, a single family house, it's in your area. All right, then I want to talk about, as you think about your investing for 2024, do you believe in diversifying?
18:25Right. Do you believe in diversifying? Is a strategy? I absolutely think diversifying is crap. And the reason is call. You can you're going to get into a space. The best thing to do is put all your eggs in a single basket and then really, really watch the basket. Now, I do think like all of my money happens to be in real estate, right? But it's different types of real estate, different asset classes inside of real estate. So in that model, am I diversified? Somewhat, yes, but I'm all inside of real estate. So how do I think about it? Right. Well, I, I own the title company, right? So that's one way I'm diversified. Invest in that. I own a I'm actually we have our banking license here from Arizona, so I lend a lot of my money out in hard money loans or I've got single family houses, I've got commercial buildings, but all of my holdings are in real estate. It's because that's where I have my unfair advantage. So I don't believe in diversity. I'm not saying there's nothing wrong with that. I'm just saying I think it's easier to master a single asset class and keep going deeper into it as you get better and better at investing funds in it. It seems like you as the entrepreneur, we find a better, more efficient way to do less work and make more money. Right? And that only comes from the act of doing something again and again and again. Right. And we're always the entrepreneur. Look for the more efficient way to invest money. Ray Dalio will drop some links in the show notes if you haven't watched his video How the Machine works, it'll actually teach you how our economy works is very predictable.
19:50There are cycles, there's a short term debt cycle, there's a long term debt cycle. You've got to go watch. His video will drop the link. It's up. I think it's 30 minutes to an hour. It's completely worth the watch. You will understand all of the of the economics, the lever hours that really drive what occurs and what makes the change in the economy and how the how the machine actually works from an economic standpoint. His all weather portfolio. Right, is built with five ETFs. Right. And so Dalio says if you're again and this is that if you're going to set it and forget is that surgeon who says, hey, I want to plug my money in here, I just want to cut people open, I'm a brilliant, gifted surgeon. I make a ton of money and I just want to invest passively and go home. I live a great life. I think it's awesome. Ray Dalio would tell you 55% of your portfolio should be bonds. $0.30 should be stocks, seven and a half percent commodities and seven a half percent gold. Now again, Brett, is investments in this. I would have 0% in this because I'm going to be a 100% real estate all the time. So should you invest in different things at different ages? That's a question that comes up all the time. And I think you're yes, you're going to invest different things at different ages. And I'm just going to give you my flavor for it. I believe in your twenties, the investment you should make is you you should be spending your money on your education, because if you've got it's the biggest win to get your income up if you're making $100,000 a year and let's just say I'm going to invest $20,000 under the best case scenario possible, right? If you invest $20,000 and you make a 20% return, you're making $4,000 over the course of the year. Right. It's not going to change your life. $4,000 divided by 12, $333 a month is not going to change your life. However, if you went and invested that money in your education, you joined a mastermind or you got in, you got a coach, right?
21:42Well, that would be a 50% return as opposed to a 20% return. The best part about that return, though, is you don't ever give it back the knowledge you learn from that you keep it forever and you're able to get that to pay dividends again and again and again and again. And so I look at that and developed by my twenties, I would go all in my skills. I would overly invest in my education, probably so much so that my friends and families are going to think I'm a moron. I think if my parents knew early on the amount of money that I was spending on education, on books, tapes, masterminds and things, I think it would have blown their mind. I even see today when I tell someone, a mastermind costs like, Oh my gosh, But again, they're measuring the cost. They're not measuring the investment. Again, there's no cost in life. There's only good and bad investments. So as you get your thirties, that would continue that education is. But hopefully now the education needs to yield additional income right now as your income has surged, that's the place where you start in your thirties. You start putting in gas on the fire and you're investing in the asset classes. The businesses are things you believe it again is your is your SO and as you get 4050 is your net worth grows and grows right you're going to likely take less risk and you're going to probably want less noise. I know my hair. My hair used to be jet black I diet just for this podcast diet. All whites will look super cool like Ryan Sirhan.
23:05I'm trying to follow his lead but so is I've gotten is I've gotten further down this path and I have more resources. I want to take less risk. I want less noise. All of this white hair came from noise and investments. It wasn't anything else. It was absolutely noise investments and companies and things got noisier. So as I get older, I'm looking to take a larger sum of money and invest it more quietly and more passively. Right again, in your fifties. And I think you always want to ask the question, how do I how do I lower my risk without totally changing the returns? As you lower risk, you're going to get less returns. That's okay. But just be aware that you're constantly working, working to how to get more efficient and how can I get a better return with less noise? As you think about educating yourself, there's five books here that I absolutely love that I think everybody should read. The first one is by my mentor, coach and good friend, Mr. Gary Keller, the millionaire real estate investor. Everyone should read and understand that book. It is a it is a it's a harder read, but it's necessary. You need to understand debt, equity, pay down and how to actually generate the kind of money you want passively as an investor. Walk through the mechanics. How to think about investor, walk through the mess. It's a really great book and it's one that you're going to read again and again. I love this book and I've sold, I think all the copies every I've heard. He's a great dude. Me and his mom have sold more copies than ever, and that's a joke.
24:34It's Invest in Debt by Jimmy Nappi. If you want to play on the debt side of things, I love the way that he explains the process of investing in debt. If you're read that book, make sure you've got your ten by a calculator. It's an app you can download for Google or Apple and go do the calculations so you understand it. The most used app on my phone is the ten big calculator because I'm constantly looking at different returns and how I could do those differently. A Psychology of money. We've talked about that before. Morgan Housel I think it might even be the psychology of money, how many things we actually have here. Oh, invest, we got the psychology of money, boom, we've got invest in debt. We don't have a millionaire real estate investor, which is probably the book I have the most copies of Fascinating Millionaire. But we do have a call now. I'm going to throw down cash. We have all not planned. We've got Vaseline, millionaire, amazing book to think about different structures and ways. He talks about content, media, things that scale. Great, great book. I love that guy The almanac. And of all, how cool do you have to be where you don't even write a book? Someone else writes a book for You is one of the top five books of Read Around Entire Life, The Almanac of the Vaal River Current. I hope it's how you say his last name. I don't know, but this dude, forwards by Tim Ferriss, who writes no forward book is awesome, will change how you're thinking about money, but go and start a process.
25:57I would tell you what you invest in. You should know the first thing you should invest in regardless of age is reading more. Reading is a long lost art. I get blasted online and right now Cole is in our control room and he's freaked out because he knows I'm going to say next, which I do not believe that Audible is reading. And I've been blasted. I've been very controversial about this online. I cannot believe it's controversial, but I do not believe that Audible is reading. I believe it's listening. I don't believe it's the same thing. And I believe there are two different purposes. It doesn't mean you shouldn't listen to Audible, but I believe if you're buying books with the this is does not apply to fiction. But if you're buying nonfiction books for the purpose of getting better and learning, I need, number one, a highlighter pen. I dog eared it, I'm writing it down, I'm taking notes, and I'm building out action items because I'm going to use the book to go improve my life. Now, any time I see the symbols like I get the same thing on Audible Court, show me your notes and action items like, Oh, what kind of take a pic. No you don't. You don't do any of that. And so it's entertainment and it's slightly better than entertainment. But I would someone say, well, is it better than to zoning off or listening to music? I don't know. Probably not, but maybe it's slightly better. But read a real books. Reading is a long lost art. Also go out and take a speed reading course. So I love telling the story. Cool. And this is where you'll come in. So Cool Started working with me about a year ago, and when you work with me directly and we work day to day, I'm going to constantly give you books as you read it. I'm going to ask you Breezy, and I'm going to ask you to come back with a book.
27:23Reports, of course, been here a few weeks and I've probably already had them three or four books. And I'm asking, why isn't this happening? Why aren't you reading them faster? And you said, Oh, the reading's hard. And it's kind of takes forever reading hard. It takes forever. And I was like, And this is an audible, you know, you can't buy an audible. And I said, Well, have you ever taking a reading course? And he said, No. I said, Well, if you want to get better at something, how to get better? If you don't like, take a course, you take an active interest in getting better. And I said, if you go take the speech training course, go research the best ones up today. I took one a long time ago. They won't be relevant here, but go research one and if you do it, I'll reimburse you for it. So cool. Tell them you started reading. They give you an assessment and tell us what happens. How many words are you reading before and how many after? This Jim clicks course and we'll put in the description. I started at around 150 to 200 and then it went up to 650 by day 21. And that's words per minute, correct word for minute. So you're reading 150 when you started and you say you got up to six, I can do the math. You go to 600, that is a4x improvement. The other part of that, right, is that it increases your comprehension, right? It pushes you and it gives you tools. Right. Cool. To go and figure out a comprehend more. Yeah. There's a lot of really unique ones like certain things that do with your hands and some ways to think while you're going around the words how to actually take notes properly. So it's how to actually read versus just going over the words.
28:45So but so think about this. Cool. The average person's going to go on. They're going to read four bucks a year just by just by taking this course, they're reading 16 books per year. Now you go, what does that what does that worth or what does that mean over the course of your life that you forex something every single I mean, you end up with two radically different lives. And it's the reason why I push so hard. And folks like you've got to up your skills. It is so easy today to get educated and create your unfair advantage. And so when we're looking at the best investment of 2024, the best investment first is always you. You might be on this podcast. Right now we're we're 40 minutes and you're like, What the hell is this guy telling me to go read a book? The best investments you. Because in the example I gave you earlier, if you invest $20,000, you get a 20% return. You get four grand for grand. I'm gonna make you wealthy. If you can increase your income by 50% each year now and then, I don't care what you put your money in as long as it doesn't, as long as it's not selling, it goes to zero. You will make a ton of money. Right? Next thing I want to talk about is you got to think about your tribe, right? There's a group of people as you go on this wealth journey, that you've got to get people that are on the same journey as your peers. They want the same things. They have the same beliefs, they have the same core kind of foundation, and you're firing at the same thing. So again, I go back and find these Facebook groups. I go find the top educators. When I wanted to learn the debt space, the long term seller financing debt space, I did the research. Who are the top guys out there? And there was one stand out, a buddy of mine, Eddie Speed, is the foremost trainer in notes creative financing, but really his niche is long term.
30:21Holding a note portfolio. What do I do when I want to get better? I reached out to him. I went spend a day with him. I ultimately got his course. We become friends. I've spent the night at his ranch. But the point was I went and got the education. I paid the money to go learn the skills and as a result of that day, I literally can go back to that moment and show millions and millions of dollars that I made from going out there. But but I had to put up the investment. Right? And so when I look at the best investments, it may not be the best investment This year is an office building is the office market as we stand years kind of crazy. People aren't coming back in from cold. You want to work from home, so office buildings may not be the best investment, but you investing in yourself and creating new skills and new outcomes could be the thing that takes you to where you want to go in 2024 and beyond. So find them. Do they have a mastermind? Do they have something, a live event that you can lock into that occurs multiple times per year? All right. I want to talk about I got a couple of questions that we had submitted, submitted through our our our Facebook group. And I want to go through those here. And so how do I invest myself a young age? How do I deal with impatience? I think if you're watching this in your in your twenties, you're in your early thirties and you're getting started in your investment journey, I think the biggest challenge you're going to have is going to be patience. One of my favorite books is right here. I actually started and I just broke our well, this we're going to do up or we're going to get a sponsor for this podcast because we just knocked our incredible pot off there called I might have been a that was like from ancient Egypt.
31:54I think the thing probably cost upwards of 5000. I'm pretty certain that's just a bummer. But all the spare to be wealthy, whatever it takes, stop acting rich. This is the book that young people need to read. It's going to be hard, but you've got to stop acting rich. What does that mean going to if you don't have the money the way the easiest way to do it is you need to figure out what it actually costs you to live your life every single month. I call this your burn rate. I don't believe in budgeting. I think it sucks. Budgeting absolute. I don't believe in Dave Ramsey's live poor for poor sake. And if you lived cheap your whole life, then one day you could maybe experience something awesome. I think that sucks. And so what? I want to figure out what I know about every single listener that's listening right now is I know that you're very comfortable spending the exact amount of money you're spending right now. Whatever number it is, you're very comfortable there. Let's just lock that in. So you set up to checking accounts. All your money goes into a single account. And every month that let's just pretend a $10,000 it costs you to let you transfer down $10,000 in. So if you did that January one, you live out January. And at the end of January, we're trying to figure out, do you have more money or more month left at the end of January? And as long as you lock in your long term spending, provide it your income is over $10,000, you're naturally going to start saving. You've got to start saving, as that is the way that you're going to invest. They're going to be passive income. You get the freedom you want. So young people have just got to stop that impatience.
33:13They want it all today and understand when you really study money, go to the be wealthy calculator and plug in your net worth. Go plug in. Hey, I'm starting at 20 years old. I'm going to put away two grand a month. Where am I going to be in year five if I get a 12% return? Where am I going to be in year ten? Go use our calculator because you do it. It's going to eliminate that impatience, that race and understand the game of wealth is a long marathon. You've got to enjoy the journey. It doesn't mean you're going to wait 30 years to be wealthy, but you do have to front load it with some work some time and put the money and you've got to invest dollars over time to make money. Get the passive income you want. The next question We had come in from our Facebook group online. You can join us at all, drop the link in the chat. But it is b wealthy. Brett Facebook group you can request to join and we want to create the conversation. If you got questions, we can answer those offline. How soon do we see success after joining a master now? How do you speed it up? So first of all, how do you how much are you plugged in? When you go to any event, there's two events that occur. The first events event you actually paid for, you're going to show up, you're going to suit in, turn off your phone, put it on silent, get out of your email. Have I actually went to a remarkable call? I used to take my notes on my laptops. I type fast. I like to have them electronically for later. But what I found was I get on a laptop, I get on. I need anything that allows me to access the Internet and I'm going to get distracted. There's going to be a lull in that event at some point.
34:41Then I'm going to get online. I'm going to and pretty soon now, scrolling on social media, I'm lost. Instead, what I do is I turn everything off. I put it away. I bought a remarkable just like a digital pad and I take my notes on there. I play full out every minute of the day I'm in there. Next, I schedule all the happy hour and dinner. I'm highly purposeful. There are if you're in the right mastermind, there's very, very successful people there. Make sure you're planning for event number two. Event number two is not the event you went to. It's the one that starts the minute it's over. It starts at the happy hour bar, it starts at dinner and go to there and get around people and ask questions. Fine. Someone that's at the level you want to be at and ask them questions. When I was starting out in real estate, I would go to these. I've been with Keller Weems forever. I would go to Mega camp, which is in Austin. Cool. I'd show up there, Top agents in the world. It's 2008. I'm nowhere in terms of a real estate agent, and I would go there and what I realize is all of the top agents showed up at this Hilton bar. They all showed up about five or 6:00, and then they would go out to dinner. Why don't have any plans? Because no one knew who I was and and there was no need for them to at that point. And so what I would do is I would show up there and I would just go around the top agents acting like I was one of them.
35:57And then I would ask, like, Hey, what are you guys doing for dinner? Like, Oh, I've got a lot of things going on and making it seem as if I'm really, you know, jammed up like, who's going to get to go to dinner with Brett? And I would weasel my way, weasel in a totally respectful, positive way, not weaseling cool. Like it's a negative today. I would weasel my way in to that dinner and what I would get around people if I'm doing, you know, pick your number. If you're doing X amount, you didn't $50 million in sales and you want to get around people in a hundred million. Hey, give me the three ways that you you know what? The three things you did in your business to go from 50 million to 100 million, what did you actually do? Was it marketing? Was it a person? Was it a strategy? Was it a training? What were the tools, resources and tactics that you used to do it? And in doing that, it allowed me I mean, it's short cut and so much of my growth right? Do you speed it up? You find someone that's already been there and done exactly what you wanted to do. I use that story earlier about Eddie Speed. He was able to shortcut what would have taken me ten years to figure out right? In his 40 plus year career, he has seen every possible thing. Yes, I want to know what he did right. But I also want to ask him, what did he do wrong? What was the biggest mistakes you made from growing your business to 50? If you're a real estate agent doing 50 million in sales, 2.1, what was the key there? When you're dental practice or whatever the revenue's business went from 500,000, a million. What were the keys that got you there?
37:21Right. Asking those questions and realize how you speed it up is how quick you can implement. Ultimately, you need to leave every event with an action item list, right? You should have to take detailed notes. I always have a section where I've got action items. I got 1 to 20. I do the same thing I every time I take the top ten, I sort them into the top five and then I take what is the action item I can do in the next 48 hours, regardless of how small to move it forward. Let's just say I'm nowhere on taxes. You know, I'm kind of just having my CPA files up. I want to I want to get a new CPA, have someone look at it. Great. I'm going to reach out to my network. I'm going to find a new CPA and going to set up a meeting to have them look at my tax returns and see if they could find deductions in 2024 or 2023 that I could apply in 2024. What am I going to how quickly can I do that? Well, I could immediately make a post. I can reach out to five people. I can do all that within 48 hours. The reason I want to take action within 48 hours, the data shows when you take action within 48 hours, the likelihood of that going through goes up to like 90 plus percent. Actually, the likelihood of you actually completing the task goes up over 90% just because you started the whole idea of momentum. What gets in motion stays in motion. So let next question, that's how you speed it up. How do you quantify success and measure it? You first got to figure out what success means to you. There's going to be a money component, right? You've got your balance sheet, you're checking in on your 30 year plan. You also got to decide what's the difference. Success measurement along the way. You've got to have enjoyment. You got a fulfillment, you got to have fun. For me, it's it's all about days in the beach. I can track every year, every quarter I can tell you how many days my feet are in the sand.
38:56In Arizona, we don't have sand on the beach in another beach or I don't have you know that there if there was a beach there, there would be sand. There's not one here. We're not even close. We're five, 6 hours from California beaches that aren't great. So I got to go travel somewhere. I've got to be intending to go to my calendar. And so I measure right that time because it's a time where I go to think, reflect, I read, I spent time. My family is just one of those places I go. So I would determine what is your measure of success? What are you doing it for? Right? What gives you enjoyment in how are you ultimately having fun? Why do you like to do you like to play golf? Do you want to get to know your friends more? What are the relationship types? Pick the people that you know are going to be in your life for the next 30 years and figure out a way to spend more time and is in. Find out is that the measurement of success you're looking for? One of the questions we got to when I talked about the way I still investing in myself constantly, I read somewhere in the neighborhood of about 50 bucks a year, about four per month, and I don't read them the way you think is like one per week. I just came back from a two week trip and Kawhi and I read like six, seven, eight books when I was there. So I kind of like in a two week period, I just have more time on the beach or more downtime than I do day to day when I'm running the companies. And so I'm still investing myself.
40:11I'm a part of I lead mastermind groups, I'm a part of others, and it's a big part of what I do. And so when I look at where where do I think the opportunity in 2024 is, it's always to invest in yourself. I am a huge fan. I'll continue to place my money in debt is rates are high as they are right now, investing money in hard money loans and long term seller finance notes makes a tremendous amount of sense to me. I'm looking at selling some of my single-family rentals and moving into some triple net all. I'll buy some triple net commercial buildings. I love a hard corner, the fast food restaurant or the gas station on any corner. And there are some tax advantages around investing in car washes and or gas stations to where you can get cost segregation and get a bunch of depreciation or write off your first year, which will cover that a future episode. But those are my investments myself debt and probably some triple net commercial building or will be where I'm likely to land. We're looking to maybe expand to one more market for our investment company, Arizona. We work almost all the whole state. I can't tell you what the new city is that we're going to, but it'll come out in the future. But go out and figure out your plan for 2024. Largely, I'd say my biggest investment that I would have you make is in you go out, invest in yourself. This is the Be Wealthy podcast with Brett Tanner. Go out, be wealthy who.
One day in the room with Brett on your real numbers. You leave with a 5-year plan.
