Happy summer time everyone, yes summer is still on!!
See that beautiful bone in the picture above?
It's full of the most amazing bone marrow you can imagine. Putting that bone marrow on warm, fresh bread last week made me smile for days.
I got this bone marrow at the same restaurant in Las Vegas last year...and I've been eagerly waiting to go back ever since!
Well, last week we went back.
And this time the whole family and our nieces tried it out!
And full of nutritious goodness.
These are the little things in life that make me happy. I smiled for hours afterwards, I think.
In fact, I'm pretty sure I'll dream about that bone soon, LOL!
Now that we're slowly easing our way back into the Rock Star office we have some updates for you.
Here we go...
It's obvious that the only thing holding anyone back from living life on their terms are the thoughts going through their head.
Here's how we know this to be 100% true...
This past week we sat down with a 20-year-old who has started a sneaker business from his dorm room (see this week's podcast).
He's doing between $40K and $60K in gross revenue a month.
Yes, that's right. Read that again.
He manages all the inventory, establishes retail relationships, sources product, and manages cash flows.
He's 20. Started the business in high school and now runs it from his student bedroom at Western.
This week, we met with Rock Star members, Steve and Margaret, who found out about us in 2019. They work with Leslie Kitchen on the Rock Star team.
They have now purchased five income properties in 2.5 years.
Nothing has stopped them. Not financing challenges, not a global pandemic, not a lockdown, not their age.
And why do I say "age"?
Because Steve is 66 years old.
Do you know how many people have told us they are "too old" to start investing in real estate? Hundreds.
Steve and Margaret are unstoppable. They have built a stream of cash flow when everyone around them told them "you can't find cash flowing properties anymore".
What you think is possible or impossible matters.
“Whether you think you can, or you think you can't – you're right"
- Henry Ford
Listen, if you want to live life on your terms and you feel like you're not doing that right now then...
...you must break the habits, the thought processes, the peer group that you currently have.
Change what you're doing every day that got you to this point.
Change the way you think.
Change who you hang around all the time.
This is the way.
There are 20-year-olds and 60-year-olds living life on their terms.
And there's people your age.
To change your thinking, read some good personal development books...there's thousands of them. Try out Robin Sharma's stuff.
To change your habits, pick one new thing to do (e.g. learn a new skill) and carve out just 20 min a day to do it. Then do it every single day without fail, even when you don't feel like it...just do it.
To change who you hang out with, start going to meet-ups full of people taking action. Meet some new friends. Their thinking and actions will rub off on you.
If you're reached a certain level in life and you're not happy...then it's time to do this all over again!
One more thing this week...a quick update on the current "debt spiral" that we're in.
Last week, we shared some Tweets by our good buddy, Greg Foss.
He outlines how the U.S. is spending $400 Billion on interest payments alone.
After entitlement spending and defence, the U.S. only has $300 billion left. So they're short $100 billion every year for this already.
Here's the next part to this...
We all know interest rates are up. Well, what happens when the U.S. debt all gets refinanced at 3.2% (roughly the current rate)?
That interest payment goes from $400 billion to $1 Trillion!
Instead of being short a measly $100 billion, they'll be short $600 billion.
And if there's a recession, their tax revenues go down, not up. So they have less tax revenue to draw payments from.
Where are they going to get this extra money? Well it'll likely magically appear out of thin air.
Interest rate increases don't live in a vacuum, there are real world ramifications to what is going on.
The central banks are playing with fire. We are in the middle of financial repression...a debt spiral that is just picking up steam.
Are you ready?
Time to pay attention to all of this.
At the upcoming Your Life. Your Terms. Event on October 1, 2022 we'll be doing a deep dive on it. Stay tuned for details.
Oh, and there's a brand new Rock Star Minutes video for you, it's linked below! Cherry Chan, CPA and real estate tax pro, shares a few simple bookkeeping tips for real estate investors to save on taxes.
That's it for this week!
Have a happy summer day, everyone!
Tom & Nick