Early Retirement using Line of Credit on Investment Portfolio

I've read some pretty poor advice from MY. Be careful

 

One of the best books I've read. You don't hear much about it though.

I Buy Houses

 

You can read a preview online here

I Buy Houses

 

Mate MY has a very poor track record it all sizzle no steak ...

LOE can work....but it need to be put in place with a couple of other strategies.

Have too many people who put themselves in the media...promote themselves and just swap jobs as BAs and Mortgage Brokers....they are not truly financially independent....just bought themselves a job!

 

I am not defending MY or anyone for that matter but.....
IMO, MY is truly independent as he has managed to create alternative passive incomes.
I actually admire people that can do that, why not, why continue investing/developing houses if one then can teach or inspire or motivate or educate others and earn from each such creative exercise? Why do we put such people down instead of admiring them?
I view this in business terms, say like a carpenter, who may be a carpenter at first but then may open his business and branch out, to create quality materials, or tools, or educational programs, etc...his role changes from carpentry to hiring staff, managing people and processes, being creative, that's actually what is required in true business, the role of one person must and needs to change to leap ahead!
...OR a chef who had a restaurant but now writes also books, or blogs, or has talk shoes about it, or takes part in TV shows, etc... Basically many in such professions who become really successful are able to branch out and create incomes via such different sources, it is no different.
So IMHO he did not just buy a job, he very smartly created alternative ways of passive revenues/incomes? I don't mind creating actually alternative passive incomes, do you?
Let's see some passive incomes or recurring incomes would be from:
- Books (royalties)
- Mentorship programs
- Buyer's agency
- Blogs/Listening Talks (Advertisements)
- JV such as:
- books with others (e.g. Tom Corley)
- mortgage company (commission)
- property management (direct or commission)
- wealth strategists (Ken Reiss)
etc....
I can think of more....but let's leave it at that.

Also, many ideas in books can change become obsolete or be continually applied, however instead of knocking down the author, I chose to be selective at what I view important to me, what I will take out and what I will try (really it is up to us), hence OP strategy may work for some, each case is individual and unique.

 

I think you may have been to one too many seminar...one more John R. quote...and I will seriously crack it....please....too many wannabees....

 

As JR said:
“The greatest gift you can give somebody is your own personal development. I used to say, "If you will take care of me, I will take care of you. "Now I say, I will take care of me for you, if you will take care of you for me.”
Sorry had to do it!

 

If youre going to listen him, you'd have a higher success rate listening to my cat

 

I wouldnt call that a track record , id call it a train wreck

 

Yep more BS.... I am old school...too many people do these courses for a lot of money...get fed BS and only 1% will execute.

What I am talking about is these people who do this and still screw people.

 

Yep .... lots of newbies get sucked it.

 

I agree, but isn't this similar that lots of people will read a book too or attend a seminar or listen to webinar or whatever and will not execute or act?
Such is life, "You can bring a horse to water but you cannot make it drink".
You @sash must have had a big enough why? How and why did you start to invest can you share, the initial action steps (from family, read somewhere, saw someone else do it, etc... So what was your Why?)?

 

The why? Freedom of course......from corporate drugery....can't be quantified......

The below clip might explain it!