469: David Greene’s 3 Steps to Building Wealth EVEN in a Bad Economy
Episode Details
Building wealth is about to become more challenging than ever before. High interest rates make many rental properties cash-flow-less, the economy could enter a recession, and many investors could lose their shirts. In times of extreme economic uncertainty, only the financially fit will be able to keep, protect, and build wealth. So, in today’s episode, we’re giving you the steps you need to not only survive but thrive in ANY economy.
Who are these steps coming from? David Greene, the waiter turned multi-million dollar property investor who is not only the industry’s leader in real estate investing but one of the most financially savvy people on the planet. When the gurus go left, David goes right, which is how he’s been able to hold on to his wealth EVEN during economic turbulence.
Today, David will go over the Pillars of Wealth (also the name of his new book) that you must start building NOW if you want your wealth to last. David even gives some rare commentary on the MOST critical thing you can do to reach financial freedom faster and make more money (hint: it’s not investing in real estate).
In This Episode We Cover
The three unignorable pillars of wealth that will make you rich
BIG shifts in the economy and what happens when this game of “musical chairs” comes to an end
When to NOT invest in real estate and whether or not 2024 is FAR riskier than before
The EASIEST way to boost your bank account WITHOUT making more money
What to do TODAY to ensure you keep your job, get raises, and grow your income
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Grab Scott’s Book, “Set for Life”
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Pick Up “Pillars of Wealth” and Other Best-Selling David Greene Books
Hear David on The “BiggerPockets Real Estate” Podcast
How to Become an “Overnight” Success in 10 Short Years with David Greene
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-469
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See moreIn this episode, the BiggerPockets Money Podcast delves into strategies for building wealth, with a focus on real estate, while avoiding common pitfalls. They discuss the importance of overcoming obstacles as part of one's journey to gaining the necessary experience to succeed. The conversation steers towards using a HELOC (home equity line of credit) for down payments in property investment, warning of the risk and cash flow issues this strategy can introduce because HELOCs carry higher interest rates and can significantly impact liquidity. The episode emphasizes the significance of financial discipline and learning the skills of money management and wealth creation through patient and steady approaches rather than quick fixes. They champion the idea of "playing defense" which relates to saving money efficiently and translating the habits from personal finances to the business realm. The podcast also covers the concept of "playing offense" which involves creating more income and optimizing earnings. One of the guests shares personal experiences from their time working as a waiter in college, aspiring to save a targeted amount weekly from tips. This goal compelled them to work smarter, stay longer hours, and adopt efficiency techniques and an attitude of excellence that later translated into their business strategies. The episode explores how consistent and effective personal money management directly benefits business practices, leading to better problem-solving and budgeting. The underlying message reiterates the power of discipline, earning skills, and strategic investment as pillars for financial growth and independence.