Being The Youngest Millionaire In My Circle Of Friends. Crypto or Real Estate?

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"The average age of millionaires is 57, indicating that, for most people, it takes three or four decades of hard work to accumulate substantial wealth."

Well, the above statement wasn't true for me. I started buying real estate when I was 22 and even after a nasty divorce at 28 I found a way to become financially free at 30 and was a millionaire by 32 and a multi- millionaire by 34. The hard work part is true for the most part, but it turned out the secret to my success wasn't necessarily hard "physical work" so much as the mental work I had to do.

In real estate, the secret really comes down to putting your name on the deed of cashflowing properties. In my community we have a phrase we say to focus on the priority and that is, "Names On Deeds!" This actually became the name of my most popular real estate training course because it resonated with so many of our community members.

The Reason Behind This Post

In another Leo Post @acesontop complimented my success journey and asked a great question:

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Below Was My Response

@acesontop thanks for the compliment my man! I'll be 35 for the next 2 months, lol. My claim to fame is being financially free at 30, a millionaire at 32 and a multi-millionaire by 34. Real Estate has been good to me and to answer your question it really depends on where you are starting from.

If you have less than $10k Cash I would say Real Estate is the faster strategy to get to a million in the next 3-5 years. The reason behind this is that you can buy a $300k property for $10k owner-occupied in the US.

Real Estate Leverage

In fact, after that first deal you'll be down to having no cash again. So the next deal you can start buying real estate using OPM (other peoples money). A few examples of this are raising private funds, seller financing, taking over a persons mortgage or as we call it in the business a "subject to" existing financing purchase. Other ways to buy real estate without your own cash would be hard money for flips or Asset Based lending on larger cashflow properties.

Just My Current Thoughts On Crypto To Gain A Million

If you are already starting with say $100k-$250k then Crypto is by far the easier strategy to get to the million because you can put your already existing capital to work.

There are a lot of ways to do it and as much as I love Crypto, it feels a lot like the stock market to me. You have to pick the right project and then invest in it heavy enough to make your 5-10X return matter.

The other option for Crypto is to build a following and start your own project or NTF, similar to what we've seen with splinterlands and many of the other Dapps here on HIVE. Paying attention to the Airdrops and the new projects we see here on Leofinance are another great avenue, but again, with crypto the size of your investment is almost as important as the amount of growth on the coin or token.

Secret Option #3 Business

The third option that we've used to help our students stack up a million is to build a "saleable" business and just get the profits up to $200k and sell the business for $750k-$1.2MM. In the business route it really just comes down to how solid the business model is and the sales team's ability to drive sales. This option works for the people who already have a business and it just needs a few tweaks, (usually building a sales team) to get the company valuation up.

You've got a sharp mind and are thinking on the right path my friend. Let me know what thoughts this conversation brings up for you!

Follow For Truth @GualterAmarelo

Join My Mission To Build 100 Millionaires!

As many of you know, I built my wealth through Real Estate and only now learning more about cryptocurrencies. I've found Leofinance to be a great place to share my insights and although I don't claim to be an expert in Crypto, I am considered a leading expert in small multi-family investing.

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Each week I share my hard-earned insights on wealth building with anyone who will listen! I call this journey through the 52 wealth principles "The 52 Weeks To Wealth".

To join my mission and get access to my book for FREE at ibuildmillionaires.com

Thank You To This Community!

I provide these insights as a way to give back and help others who find themselves on the same journey I was when I got started. I want to say thank you to the Leofinance community for giving me the opportunity to learn more about Crypto as well as to the creators and team for providing many great avenues for investors to grow their wealth and knowledge in one easy place.

Cheers to our success!
@GualterAmarelo

Posted Using LeoFinance Beta