Hey everyone me kevin here we're about to get lazy and learn about building wealth. Let's go now in case you don't know me, my name is kevin. I go by meet kevin. I make youtube videos, but before i ever made youtube videos, i became a real estate millionaire at one point having up to 26 million dollars of real estate, the same time as having an over 20 million dollar stock portfolio and folks.

Now we're going to talk about building wealth and in this video you're going to get all of my insights into exactly how to do that in a new burst pro format. Noobs do stupid things pros. Do smart things, let's get started. The first thing that noobs do is when it comes to value they have.

A mindset of you owe me that is my boss owes me a wraith and i'm owed a cheaper house or cheaper rent. A pro says. No, i owe you. I owe society and i'm gon na work harder to make a good reality happen.

Then we have age, the noob says: well, i'm only 18.. Why do i have to worry about this or i'm only 30.? Why do i have to worry about this right now or i'm making more money than my friends? So i'm good? Why do i have to worry about trying to make more money? The pro says: i've got to always figure out how to not stagnate. How can i make sure i can make more money next year than i did this year? Maybe that means getting a license in lending or accounting or becoming a real estate agent or a series. 65 registered investment advisor license.

So that way, you are always growing and building your resume. That's what the pro does the noob says. No i'll worry about that in the future, then, when it comes to risk the noob of course says what. If i fail the pro says, what, if i don't try the noob says, i've always got ta have an emergency fund around, because you know what if an emergency comes up, the pro says: no! No! No, if i have a bunch of money sitting around in a savings account, i'm gon na feel, like i'm richer, that i can spend more money and i will end up spending more money on stuff.

I don't need or stuff i don't want, or a fancier car payment or whatever and delay my house even longer, because i have all this money. So why wait the pro says real emergency funds? Are your opportunity to break the glass and actually do something that hurts to get access to that money? You actually have an emergency. It should be like breaking glass. So what's the difference here? Well, the noob leaves their money in a savings account.

The pro puts their money in an s p, 500 or total stock market index fund and leaves that money available as their emergency fund, because they realize the odds are, the market will grow more than it will ever fall and even if the market fell, 50 they'd Still have a 50 emergency fund available, the pro says: hey i'll, just assume that my stocks are worth 50 of whatever they actually are, and then i'll have my efforts dedicated to getting a larger emergency fund. Now, when it comes to passive income, the noob says i need passive income, so my dinner tonight is paid for and ah this vacation is brought to me by all the money i just made on my dividend stocks. The pro says. Why would i try to have passive income when i'm trying to build wealth? Passive income gets taxed in the year that i make it.

When i take dividends i get taxed. My goal is to delay my taxes to when i'm retired, so that way, the amount i'm taxed is the lowest possible percentage and the best way to avoid passive income. Taxation is by not focusing on passive income. It's by focusing on passive wealth.

Passive wealth is the appreciation of real assets like stocks or real estate, as the value of your assets goes up, you don't pay anything in taxes. Until you sell speaking of stocks, the noob has absolutely no idea who they are, that is, they don't know if they're a day trader a swing trader, a short-term options trader or a long-term diamond handler they're clueless a pro says. I have my portfolio allocated to be, let's say: 80 percent long, 20 percent for swing trades and maybe within that 20 one to two percent speculation. Just for an example, a pro knows about upside and downside, hedges uh, for example, a pro might say: i've got three million dollars to invest in the market and i'm feeling fomo that i want to go all in right now, but they might say you know what I'm going to take a small upside hedge, a small out of the money, call option to prevent me from going all in if the market goes up.

The out of the money call is my upside hedge. If it goes down i'll lose on the upside hedge, but i'll make money investing the other cash i had at a lower amount. Now look: we've got a lot more new vers pro things to talk about in this video, but i just got to say some things are going to be a little tricky you're going to hear things that might not make the most sense, but there is a ton Of extra detail and all of that extra detail, whether it's about real estate or stocks, investing building wealth, whatever is found in my programs linked down below and you can use coupon code cyberkevin to get the best pricing on my programs on building your wealth stocks and Psychology of money, real estate, investing real estate sales, making youtube videos, property management, you name it all of the information - is in detail in the programs link down below. But let's keep going on newbert's pro back to new burst pro a noob looks at stock price and the value of their portfolio and gets nervous when they see red and happy when they see green.

A pro gets happy when they see their quantity of shares owned. Going up and sad when the quantity of shares owned goes down see this is the difference of p's and q's noobs, just care about p. What's the price of my stock today, what's the value of my portfolio today, it's like if they have a real estate property, they want to see it on zillow every single day. The pro says.

I know i have a good investment and in the long run it will be worth more. My goal right now isn't worried about the day-to-day fluctuations. It's worried about quantity, getting more properties, getting more socks now, most noobs in the stock market or even in real estate, want to get in, because prices have gone up. How you doing it's going, it's going slow! You know it's lazy! Thank you.

The pro realizes that there can be macro economic cycles where there are better opportunities to be patient with cash than to buy when there is peak speculation, euphoria or often recently in stocks called momentum, be careful of investing. When momentum is at peak, i got ta get some momentum, the noob doesn't understand eudaimonia the ancient greek definition of the good life. The noob says. If i can't be the best, i won't even try i'll just get by the pro doesn't need to be the best at everything, but realizes they could be a great investor.

They can be a great real estate agent, a great cpa, a great investment banker. They don't have to be the best computer programmer. They just have to be a computer programmer and do their best that they can do doesn't mean they won't be the best in the world and see that's a difference. The noob fears not being the best.

They don't understand that eudaimonia is about the balance of life, having a balance of being good at a lot of things, but not being horrible at one thing or the absolute best. At another thing balance the noob goes to universal studios and says i'm gon na get the cheapest ticket and i'm gon na spend three hours in line to go on one ride. The pro says, i'm on vacation with my family, i'm going to maximize our opportunities to have a great time together and we're gon na get the fast passes. We're gon na spend a little extra to make sure we can share the best experiences together.

See that's because the noob cares about things. The pro cares about experiences. Things are relative. Oh you have a better car because, statistically on paper, your car is faster or more expensive.

The pro says i went to a vacation in hawaii. How are you going to compare that? How are you going to compare how good of a time i had in vacation on my vacation versus your vacation? You can't experiences are where you spend money, not on stuff which actually brings up guns and butter. Noobs invest in butter. Butter are things that go down in value over time.

Oh i'm gon na get an apple watch. Oh i'm gon na get a new outfit. Oh, i'm gon na get a fancy refrigerator. All these things go down in value over time.

I'm gon na get a new sofa, five thousand dollar sofa because because maybe it'll last a year longer and they justify buying butter expenses with rationalizations that are nonsense. The pro says, i'm gon na get a 500 couch and when i need to buy another one in three years, i'll do that. But in the meantime i'm gon na invest the rest of the money. Because the pro knows, you always spend the vast majority of your money on things that go up in value real assets, stocks, real estate.

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The noob thinks about real estate and first things. Oh, i got ta have 20 down. I don't have time to get to 20 down. I got bills to pay.

The pro says, i'm not worried about how much i'm putting down i'll put down three percent, but it's going to be three percent on a home that i'm going to live in for the first year and maybe i'll rent it out in the future. But it's going to be three percent down on a good deal. Here's why the noob says: oh my gosh. If i only put three percent down, i'm gon na pay so much money and interest over 30 years.

The noob doesn't understand the time value of money that the investment grows more than the net, so the noob looks in a 400 000 neighborhood and says: well, i need 20 down, so i'm gon na have to save up 80 grand plus closing costs. This sucks, but i'll be able to avoid mortgage insurance and i'll be able to spend less debt over 30 years because they don't understand the time value of money. The pro says, i'm going to go in that same 400, 000 neighborhood, i'm gon na, find that three hundred thousand dollar fixer-upper i'm gon na go with a three and a half percent down renovation loan on this property. I'm gon na write a beautiful letter to the sellers and i'm gon na pay more than the cash buyers, and what am i gon na? Do i'm gon na buy that house put my three and a half percent down after i fix it up with the extra? Maybe 10 percent of money you set aside 30k or so you know, refinance that property you're going to get rid of your mortgage insurance, your fha lifetime permanent mortgage insurance and now you're, going to have a 400 000 property that you spent somewhere around 40 000, on Which is less than half of what the other person spent and you now have an equity position of over eighty thousand dollars plus when you refinance you're, taking out the difference between your first loan in the 280s and 320, which is almost like getting a refund of Thirty thousand dollars, on top of that, so it's almost like you got this property for ten thousand dollars down and people say it's not possible.

I do it all the time see. The reason is: noobs care about white picket fences and remodel dream homes, they're lifetime forever homes, pros, look and insane. That's bullcrap, there's no forever home. What i want are as many fixer-uppers as i can get my hands on wedge deals below market deals where i can build equity by doing simple things like rental grade remodels ikea kitchens paint carpet.

Why are you spending 50 grand on a kitchen you've ever gotten? A quote for a kitchen, and somebody said it's gon na be 50 grand you'll waste the money but see the noob doesn't know because the noob doesn't even know how to communicate. They talk to contractors, they say i need this done. I need you to do this i'll. Have you do this? The pro says: hey, would you mind helping me out i'm on a shoestring budget.

I got ta find a way to get this rent ready. The noob doesn't understand the basics of communication. The new doesn't understand that people don't want to help somebody who's mean and demanding and grinds on price. The pro realizes hey.

I want you to make money, but i want to make sure we're on the same page. This is a rental grade remodel. What can we do to save money so that we both make money? The noob thinks that means you're a slum lord, but the noob doesn't understand. There's a difference between brand new and the highest end thing you can buy and what's safe, the pro investor invests in things that are safe and quality at a reasonable price.

The noob spares no expense on their dream home and everything else, because they don't know that they don't even know the noob, doesn't understand economics and says prices are going up because corporations are greedy, the pro realizes that prices are going up because more people are demanding The same things that i want and therefore prices are going up. The same is true. In politics, the noob says: houses are expensive because greedy wall street corporations are buying up all the homes. Oh my gosh, it's always the greedy wall.

Street corporations might have nothing to do with me. It's them. It's always somebody else's fault. Well, when you point the finger three tend to point back at yourself, so when politicians point the finger at greedy wall street corporations, they don't even realize that they're the reasons america can't build enough homes, because our bureaucratic governments make it too difficult to provide the free Market supply of homes that we need - and that is a problem decades in the making politicians, won't realize it because it's unpopular to say the truth.

It's much more popular and applause worthy to say it's, the greedy wall street corporations and then nothing ever changes because they're not actually solving the problem and see that's another thing between noobs and pros. Noobs want to go in front of a group of people, are on social media and do something that'll get a lot of views. That'll get a lot of attention. That'll get a lot of applause and cheer they're, afraid of social ridicule pros will say: no.

We need to get to the bottom by our first principles of what is actually factual and right and what is the real solution? Expensive houses build more homes. How can we build more homes? We streamline regulation to make sure we have a proper balance of speed and safety, but that's not popular aoc can't go on twitter and say: hey we're going to fix the housing crisis by streamlining building codes, to make things easier to make sure we can get more Affordable housing, it's much more popular to blame those greedy wall street corporations and see that in communication is the difference between a noob and a pro, and it doesn't just apply to politics. It applies to everything. Look at the folks around you who say the most applause worthy things: are they simply restatements of claims? Are they providing actual facts and data? Noobs say you know what? If i can lock in a profit and if i have to pay taxes, that's okay pros will always position to make sure they can lower their tax basis over the long term and here's a way you could do that with housing.

The pro realizes that they may own real estate that today is worth a million dollars and in the future, is worth 20 million dollars and if they decide that, when they're 90 years old they've had it with tenants and toilets and they're gon na sell their real Estate they'll probably pay taxes on the full 20 million dollars via long-term capital gains thanks to longer-term depreciation. Don't so much worry about that just know: they'll probably pay taxes on the full 20 million value of their portfolio. That would work out to about four to five million dollars in taxes depending on the long-term capital gains rate in that state. At that time, the pro realizes wait a minute if i'm 90 and have a 20 million dollar taxable portfolio and i happen to die in an accident with my spouse.

Well, the next day my children can sell this 20 million portfolio with a stepped-up tax basis, completely tax free. Now, of course, once you get above this sort of threshold, around 20 million dollars for a couple, you start running into estate tax issues, but trust me if you're at that point, you got other things to worry about. The noob looks at their 401k and always makes sure they take every single percentage of match that they can get from their employer, be it 3, 10. 50.

100. They max their match in their 401k every single year and every single year. They also maximize their roth, because the roth grows tax-free in your account over your lifetime, but the pro also make sure to prioritize real estate before focusing too much on a roth, because here's a way we're going to end this. If i had put all my money into the stock market, my spouse and my money, eighteen 000 at 18 and 19 years old, our money invested in the s p 500 over the next 10 years would have tripled.

We would have been pro investors, we tripled our money in index funds. Oh my gosh. We now instead of having eighteen thousand dollars, have fifty six. But what did we do? Instead, we bought a wedge deal because we focused on wedge deals with that money.

Instead, more principles, of course, that you will learn in all the programs linked down below on building your wealth, we were able to turn that eighteen thousand dollars not into fifty six thousand dollars or a triple. We turned that eighteen thousand dollars into a more than twelve x in one and a half years, two hundred fifty thousand dollars in one and a half years, and that's because, when you're starting out with a portfolio of less than five hundred thousand dollars, your goal should Always be real estate first stocks. Second, none of this information. The video is financial advice, it's for entertainment purposes, only after all, i'm just a youtuber floating around in a lazy river with shorts.

That are way too short. But if there's one thing i can tell you it's don't be a noob and learn how to be a pro link down below.