personal-finance-wisdom-youll-hear-no-where-else

Personal Finance Wisdom You’ll Hear No Where Else

By Keenan Handy, July 1, 2014

http://www.freedommentor.com/personal-finance-wisdom/ – The most valuable personal finance wisdom that you probably will hear no where else.

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25 Comments

  1. Phil Pustejovsky says:

    This is the personal finance advice I wish someone would have told me when
    I was first getting started.

  2. UltimateBargains says:

    Phil, you were spot on until you bashed home ownership. If you are talking
    up your book of positive cash flow rental properties, then ok (I also want
    more rental units and more tenants to fill them). If you really think one
    should not be a home owner and just be a renter, then you are off the mark.
    James Altucher had the same position on home ownership, which I completely
    refuted.

    Your basic position is that all of the “downside” of home ownership, like
    taxes, insurance, repairs, etc. doesn’t exist for renters. Well, how do you
    think the landlord pays for that downside? From the rental income! The
    bottom line is that a renter is renting the property and paying for the
    taxes, insurance, repairs, mortgage debt, and net positive cash flow to the
    landlord. A home owner is renting from the lender the money to buy the
    home, and still paying for all of the other costs. The net positive cash
    flow for the landlord equates to the benefit of the home owner having a
    roof over his head. As far as ease of mobility for a renter, as a home
    owner I also have full mobility, because I understand real estate creative
    financing. I can move anywhere in 30 days without worrying about how to
    “get out” of my 100% financed home (down payments are so overrated).

    Everything else in your video is spot on and follows my teachings in my
    YouTube channel and websites. Wealthy people build or buy positive cash
    flow assets that pay for their liabilities (toys). Non-wealthy people use
    bad consumer debt to buy their liabilities (toys) that depreciate faster
    than their loan balances.

  3. John dontknowmyyname says:

    Phil- Thank YOU SO MUCH! I’ve read The Millionaire Mind and as you’ve
    mentioned, it’s an epic combination of both philosophies. Stanley does an
    incredible job of substantiating his views with FACTS & NUMBERS!

    I think the audiobook is free on youtube.

    I feel like I’m off to a great start at 15, and a lot of it is due to
    priceless advice straight from you on a number of topics.

    Phil, right now a lot of family members think I’m crazy for not taking the
    road most traveled. I’m sure that after finishing college and doing this RE
    “thing” as others would put it was met w/ “you can’t do that” or “it’s one
    in a million”.

    I’m doing a great job of ignoring the naysayers, but do you have any advice
    on getting over the hump? I don’t want to sever my relationship w/ family
    members over my views, but I WON’T give in. Thoughts?

    Thanks~ John

  4. Matt Fisher says:

    I wish I’d heard (and had the experience to comprehend) this when I was 15.
    A very important foundation to leading a good life.

  5. Jason Tardiff says:

    thank you for this video. i going to get this book right now.

  6. Brad Davis says:

    Great video Phil. I totally agree a mixed of both views is key. That’s why
    when Dave Ramsey says invest in mutual funds to people with a net worth of
    500k I cringe. 

  7. headphones741 says:

    your def spreading the truth phil thanks for the vids ..great great
    content 

  8. Tommie Dink Bell says:

    Good video Phil. Great comparison as well. 

  9. Nick Wonka says:

    I completely disagree with renting instead of buying. You read Rich dad
    poor dad! Why would you be leverage for a landlord!!!??? Buy a very
    reasonable home and pay it off instead of throwing money away on rent. Not
    good advice my man. It is almost always more $ to rent in most markets
    because people are scared to buy and the landlords know that!

  10. Realestate Doru says:

    Dude I love your stuff and content. You are one of the only RE investors
    that I consistently watch their 30 minute videos… keep it up

  11. iKnowHipHop2 says:

    Phil what’s going on man I’m looking to close my first deal I have access
    to incredible opportunities for motivated sellers and I have cash buyers
    all across the US I just honestly don’t know how to even make a call to the
    home owner or any of the process 

  12. iKnowHipHop2 says:

    Wow thanks Phil! See you at the top!

  13. CTLawInfo says:

    I have two rental properties and I am looking to buy a third so I don’t
    consider myself a novice real estate investor. All these real estate videos
    seem geared to novices so I am not learning anything new. Can you do some
    videos for more advanced real estate investors?

  14. CTLawInfo says:

    Thank you for your response. Yes, I don’t consider myself a novice. I was
    wondering if you could do a video and give advice for more experienced real
    estate investors. I haven’t seen any. If you already have done this then
    great, I’ll check it out.

  15. Freedom Mentor says:

    

  16. TheKhaosripit says:

    Hello I’m from St Louis and their asses 2 family duplex if I said it
    correctly down the street from my mother’s house and I’m thinking about
    turning it into rental property but I’m deep in the ghetto I mean deep in
    the ghetto I’m talking about whole street on both sides of the street
    vacant houses and it is a poor neighborhood would it be wise to invest in
    flipping houses or should I think I’m more into renting or leave it alone

  17. Alvaro Perez says:

    Excellent video with very valuable info. I totally agree with you with on
    the “renting vs owning”. I own several rental properties in US but pay a
    rent here in Toronto where I live. Cheers,

  18. Michael Melonas says:

    I suppose that I will just rent to myself just as long as I get the
    penthouse in my own apartment complex. That makes everything but the rent
    checks I pay my buisiness tax deductible. Hmmm . . . Thanks, Phil! This is
    a great video, no doubt! Rich Dad, Poor Dad is the book that got me looking
    into other business opportunities to include Real Estate. Just stay away
    from Robert’s coaching program because it is a total waste of time AND
    significant amount of money.

  19. Haki Ammi says:

    I like how you said Both are right and Both are Wrong. Yes I have read
    Millionaire Mind as well. I love Kiyosaki. I didn’t know people felt so
    strong about Millionaire Mind. I’ve read that a few times. 

  20. Haki Ammi says:

    What do you think of Robert Allen’s Books. 1 Minute Millionaire and
    Multiple Income Streams. I’ve read Millionaire Mind two times. 

  21. David Darnal says:

    I love your enthusiasm , I want to get to invest in real estate in Los
    Angeles. How do I start ? Should i get my real estate license first ? And
    start saving ?

  22. cherokeeRose6859 says:

    This Video’s Pretty Cool

  23. Randy Stuart says:

    Thanks Phil for sharing you insights, that is a helpful balanced review of
    two key financial leaders. God Bless.

  24. Vardan Grigoryan says:

    Phil, first of all thank you very much. I’m from Armenia and I watch your
    videos a lot and am going to read your book soon… So I have read couple
    of Kiyosaki’s books, including Rich Dad Poor Dad, and frankly saying, that
    book got me into thinking of doing business rather than anything else. In
    this video you said that you don’t agree with Kiyosaki in some cases, so
    I’m wondering why? What exactly do you not agree with, especially in real
    estate? I want to know this because, right now I totally agree with
    everything Robert says, and respecting and listening to your opinion as a
    real estate master investor, :), I would like to see, so to say, both sides
    of the coin. 

  25. blovd child says:

    You are God-sent. Keep at it