Full Description Below:
In this video, I explain why I believe everyone should be tracking their net worth! Here are the reasons why it’s important! Check this video out!
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Sean Langston
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Full Transcription Below:
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All right.
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Tracking your network
is a real estate agent.
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Why should we do this?
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What’s importance to this Sean.
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Yeah.
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So the importance of tracking your
net worth as a real estate agent
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is why are we doing this anyway?
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We’re not doing it for free, and
it’s just an opportunity to really
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build a legacy for your family.
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As far as I’m concerned, I think
that we all want to make a living.
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And so that’s something that’s important
and we do it because we want our families
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and so forth and to have a better
life, although we all work and we have
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different reasons why we work and what
motivates us to work and do what we do.
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Ultimately, I think there should
be an end goal, especially for,
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uh, real estate agents, right?
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Because real estate is hard enough.
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Just it’s a grind.
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It’s a hustle.
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It’s early mornings and late nights.
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And so it’s important that real
estate agents track their net worth.
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If you do want to get out of the
day-to-day real estate rat race,
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day-to-day transaction rollercoaster by
tracking your net worth, you understand
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where you are and where you want to go.
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Like I said, you understand where
you are and where you want to go.
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But if you’re not tracking that
you really don’t know where you
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are and where you’re trying to go.
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So it’s important to
have that information.
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It’s important to
understand that information.
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And I believe that if
you track your net worth.
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It can help you have an exit plan.
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And if you want to sell real estate to
you 70 years old, fine, that’s great.
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You can do that.
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Having your net worth attract.
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It’s not going to stop
you from doing that.
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Actually, it might convince you to
continue to do that because you might be
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living a good life and say, Hey, I want to
sell real estate and golden show bars and
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list homes up in to I’m 70, 75 years old.
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That’s what you want to do.
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But if you want the option to be able
to get out of the daily grind, you
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need to know what your net worth is.
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You need to know what your U
S assets and liabilities are.
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Really your net worth is just
the difference between your
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assets and our liability.
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So I believe as real estate agents,
there’s no like in corporate,
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you go to corporate or whatever
you work your 40 hours a week and
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you’re going to get a 401k or what
have you some type of retirement.
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But in, in real estate,
you have to be in today.
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Actionable about that.
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You have to do that yourself.
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Fortunately, the company that
I work with right now, exp they
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do offer a solution to that.
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But in general, as a real
estate agent, there is no real.
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Exit plan per se.
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So it’s important to track your net
worth so you know where you’re trying to.
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Yeah, that’s good.
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I guess sometimes they can maybe
be a little scary when you’re out.
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Some people might be intimidating for
some people, but like how do you, how
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do you go about tracking your net worth?
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Yeah, let me turn this
volume down on this.
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Sorry about that.
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Oh, you’re good.
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You’re good.
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Yeah.
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Well, you can go about tracking
your net worth is basically.
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You can get a simple, as
simple as a spreadsheet.
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If you got to write it on paper,
write it on paper either way, you have
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to do it, you have to do something.
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And so one of the easiest ways to do
it, it’s just to put it into some type
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of spreadsheet you want to write down.
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All your assets, whether it be a
house cars, money in the bank, stocks,
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our retirement, what have you got?
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And you write that on one side.
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And then on the other side, you want a
document with what your liabilities are.
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If you got outstanding loans against the
real estate cars, any business loans,
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any personal loans, any credit cards or
whatever you put that on the other side.
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So the goal is that the asset side.
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It’s hard then the liability side.
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So if you’ve got more assets than
liability that increases your net worth.
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And so if you understand that
and you can always keep your
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liabilities lower than your assets.
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Your net worth continues to increase
in as your net worth increases.
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It opens the door for a lot of other
opportunities, not only just the way
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out of audit day-to-day real estate
business to retire down the line at
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some point in time, but it allows you
to be able to seek other opportunities
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outside of the day-to-day real
estate business, because you have.
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Uh, more of a net worth and you
can take that net worth most of
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the time and leverage that to be
able to do something else with it.
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And so that’s like an exit
plan in and of itself.
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If you asked me for a real
estate agent, I have a tracking
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calculator on Shawn’s website.
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You guys can check that out.
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There’ll be a link in
the description as well.
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What are some ways to build wealth like
for when we talk about these assets?
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Reliabilities?
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Yeah.
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Yeah.
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So a few ways to build wealth and out and
I’ll use real estate and in particular,
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because that’s what I know about.
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And that’s what I am.
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I’m a real estate agent real
estate broker real estate
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developer real estate investor.
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I know real estate.
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And so I believe that I
invest in what I know.
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I believe as a real estate agent,
that should be the easiest thing
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for us to invest in real estate.
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We know it, we do it every day.
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We help other people buy real estate.
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We help other people
build their net worth.
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And so I believe real estate is like the.
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A foundation, I’ll say for the most part
is a foundation and we can get complex.
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Like I also believe in having the right
life insurance as well, but that’s a whole
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nother thing, but that’s a start right.
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Having the right life insurance.
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That can be a part of your network,
life insurance, I would say real estate.
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For sure.
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I would say stocks, if you
understand stocks, I don’t
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hold a lot of stocks to that’s.
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That’s not my thing.
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I believe in real estate
as a real estate agent.
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A great way to build your net worth.
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As a real estate agent is taking advantage
of some of the investment opportunities
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that are out here in this market.
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I know several of us have worked
with investors before and investors.
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We identify opportunities for
the investors and you know
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what those investors are doing.
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Those investors are building their
network with these properties.
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So we can duplicate that.
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I think that for some of us.
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The only holdup for that is maybe
we don’t have the money, but we can
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get them money and just use some
discipline and show some discipline.
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And we talked about this before.
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If you save some of your money off
of each commission, each closing.
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You’ll be in position to buy one property.
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When you buy one property, it opens
the door to buy another property.
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And so that’s normally why most agents
don’t buy the property because they’re
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not in position to buy some agents don’t
do it because they might not have the
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temperament to deal with real estate.
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So there’s so many ways to
get into real estate though.
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You don’t have to be a property manager.
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You can have somebody else to
manage that property for you.
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You can.
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Take property, renovate it and flip it
and just do that over and over again.
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That’ll help build your net worth.
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You can develop property from the ground
up and sell that or keep it as a rental.
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So there’s several ways to
get involved into real estate
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investing, especially as an agent.
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That’s what we know.
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We know the real estate
market when people.
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Come to us, they come to us for
professional advice and we know the
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market better than anybody else.
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And so it’s only right that we
leverage that and take advantage
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of those opportunities out there.
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But all it takes is one.
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You got to get your first property.
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Once you get your first property,
if you can do it for one
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property, you can do it for two.
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Yeah, you can do it for two.
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You can do it for four.
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You can do a, for four, you can do
it for eight, so forth and so on.
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So I definitely believe that real estate
is the cornerstone and the foundation.
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Like I said, I hear a lot of people
talking about cryptocurrency.
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I don’t know enough about it to
speak on it, but just diversified.
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But as far as a real estate agent,
real estate should be the foundation.
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Uh, our net worth as far as I’m concerned.
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Cause that’s what we know.
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That’s what we were seeing in every day.
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We understand that we live, eat,
and breathe and sleep that right.
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Eat, sleep, build wealth with real estate.
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Yes sir.
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Cause it’s you know about it.
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So yeah, the more you’re in the more
you’re able to do something about that
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or basically seize the opportunity.
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But usually it presents itself in front
of you because I’m sure it was like
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an agent, like tons of good deals.
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And you’re like, Oh, like
that’s a great opportunity.
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Yes, yes, yes, yes.
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That’s what I, that’s really kind of
what sparked my interest into really
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getting involved in real estate.
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I had an investor client I was
working with and was helping
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them to buy all types of.
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Great opportunities and great properties
that had a ton of equity in there.
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And I just asked myself, I’m like,
how come I’m not buying it either?
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But I said, first of all, I don’t have as
much money as he does, but at the end of
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the day, he was buying several properties.
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I said, Hey, I just need one.
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So I just, I that discipline
and I started saving money from
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each of my commission checks.
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And I would just buy one property
at a time, buy a property
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here, buy a property there.
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And so that’s allowed me to build
my portfolio to buy and sell other
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properties, developed properties as well.
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So just taking the baby steps and
taking the initiative to actually
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really do something about it.
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So that’s what I believe.
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That’s one of the main ways we as real
estate agents, can you really build
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a wealth that builds our network?
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Yeah.
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Yeah, absolutely.
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So why, like, why is this important as
an agent to understand your net worth?
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What’s the value in it?
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What’s yeah.
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Like, why should we do this?
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Yeah.
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The value in it is if you need to,
or want to get out of production, if
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you want to step out and pursue other
business opportunities within real
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estate or any other industry, if you
know your net worth and your numbers,
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you know exactly where you stand.
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You have a better, more confidence to
know that you can make another move.
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00:10:21,465 –> 00:10:26,195
You have more confidence to know that
the day that you want to retire or
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step out, or the data that you want
to pass this business on to someone
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else that you know, that you’re in a
good space, that you’re tracking your
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wealth, you know exactly where you stand.
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There’s no questions.
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No.
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If ands or buts about it also,
I think that’s important.
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00:10:42,485 –> 00:10:43,535
And also.
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If you talk with a sophisticated
investor client, you guys are having
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00:10:48,470 –> 00:10:50,930
those conversations about net worth.
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And if you don’t understand net
worth or you’re not building your
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net worth and building your wealth.
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Then you may miss an opportunity to
work with a high net worth client.
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00:11:01,005 –> 00:11:03,704
If you’re not speaking the same
language that they’re speaking.
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So I think that’s an
additional benefit as well.
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So being able to attract that clientele
and being able to have an exit plan for
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00:11:11,295 –> 00:11:15,604
yourself and your family, that is a golden
nugget right there, because yeah, like
226
00:11:15,604 –> 00:11:19,175
you might miss the opportunity to work
with someone at a really high caliber,
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which could be lucrative for both of you.
228
00:11:21,425 –> 00:11:21,814
Wow.
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That’s I never thought about that.
230
00:11:24,390 –> 00:11:25,770
Yeah, that’s really cool.
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Cool.
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00:11:27,569 –> 00:11:27,840
Sweet.
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00:11:27,870 –> 00:11:30,540
Again, check out the website.
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00:11:30,960 –> 00:11:31,860
Network calculator.
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00:11:31,860 –> 00:11:35,250
And you guys can get, take
action and start doing that.
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00:11:35,280 –> 00:11:37,050
Don’t just let this be a video
that you just watched and
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then just, Oh, that was cool.
238
00:11:38,460 –> 00:11:44,070
But you just like that you just subscribed
to it, which isn’t a bad thing, but yeah.
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00:11:45,230 –> 00:11:46,280
Massive action.
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00:11:46,310 –> 00:11:47,150
Take action.
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00:11:47,180 –> 00:11:48,950
Nothing happens without action.
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00:11:48,980 –> 00:11:50,060
Even a good word.
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00:11:50,060 –> 00:11:52,520
The Bible says faith
without works is dead.
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00:11:52,790 –> 00:11:54,950
So he’s got to get busy and take action.
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That’s right.
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00:11:55,940 –> 00:11:56,390
That’s right.