PLP-116 The First Law of Wealth

If you’re looking for practical tips and advice on Private Lending and how to build and maintain wealth outside of banks or wall street, then you are in the right place. And if want to put the power of a bank in your retirement account, you should probably pull up a chair. But if you want to learn from my mistakes so you can avoid them, well then pour yourself a drink my friend, because this podcast is just for you!

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This episode is going live on December 21st, 2020 – the longest day of the strangest year I’ve seen in my few orbits around the sun.

Before I get to the housekeeping, I would like to take a moment and say thank you. Thanks for sticking with me this far, and I hope you stick with me even further as we boldly go into 2021. 

Housekeeping:

Join the Private Lender Podcast Facebook Group

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www.privatelenderpodcast.com/ink

Did you know there is an easy button to start your private lending journey? If you are a bit unsure of making your first private loan, you can partner with my friends over at Ink lending and fund their loans on properties right here in the Houston area, in one of the most lender-friendly states in this great country of ours! That’s right, Paul Lamnatos and his team vet the deals, underwrite the loan, and put your money to work for you. It’s about as passive as you can get!!

If you would like to learn more go to www.privatelenderpodcast.com/ink, click the link, enter your info and Paul will reach out to confirm a time when you can speak to him about Ink’s lending criteria, their loan process, and how you can begin profiting from loans on properties located in the greater Houston area – in a very lender-friendly state.

OK, let’s get down to the brass tacks, right to the heart of today’s topic which is another lesson taken from the book The Richest Man In Babylon. Why am I doing this you might ask? Because there is no secret to building wealth, but there is a price that I believe very few of us are willing to pay, which includes hard work, unwavering determination, no guarantees, and nothing but uncertainty.

You can see examples of not paying the price for that which we so desperately desire.

I’ve seen it in my family, my friends and sadly I’ve seen it in myself. Remember ya’ll, my truck was repossessed when my wife (at the time) was 3 months pregnant with our first child.

That’s why I love the book the Richest Man in Babylon and the lessons found within it. These are time tested principles for building wealth. They are not get-rich-quick schemes. They are not “hacks” for you to avoid putting in the work and developing the discipline necessary to build your estate, your wealth. There is no cheat code to working for it – and nor should there be!

These principles and lessons are quite simple, but that doesn’t mean they are easy to implement or to continue for your entire money-earning life. But if you start good habits now, you will have a strong financial base from which to make future decisions