May 29, 2025 • 21 mins
Life isn’t just spring or summer—it’s a mix of all five emotional seasons. In this heart-to-heart, Vinney opens up about market downturns, personal loss, and massive business pivots. Together with Gualter, they share how resilience is built when things don’t go according to plan.
💪 Resilience is a skill. This episode will help you face uncertainty with courage, shift faster during storms, and bounce back stronger.
🚀 Connect, Invest & Learn with Vinney (Smile😊) Chopra
👉 https://linktr.ee/VinneySmileChopra
📚 Free Investor Resources
✅ Accredited Investor’s Guide to Passive Income
📘 Download here: https://bit.ly/passive-income-guide-lead
✅ How to Determine Emerging Markets
📘 Download here: https://bit.ly/emerging-markets-lead
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
Life is never a good season.
(00:02):
Our life is not like just asummer season or autumn season.
If I like it.
It's mixed with five seasons.
I always say.
So ups and downs, stock market.
I've lost so much money.
I don't want to tell anybody.
Even family, I don't want to tell them.
The thing is, lots of moneyis been lost with all these.
Downturns and all.
(00:23):
If you don't make right choices, youhave to have face the consequences.
You know, with the multifamily business,it's almost stopped for me, that was
making millions of dollars, right?
So you had to pivot.
You got to really find ways togrow your companies to the next
level, and that's what it's beenhappening in the last five years.
(00:49):
And that keeps you alittle bit awake at night.
But at the same token, when you'reawake in the day, you're able to put
strategies together to move the needle.
In the right direction.
Good morning.
This is the Abundance Mindset Podcast.
Sit back and relax as we discusshot topics on how to handle and grow
(01:12):
your business, self-development,and how positivity can bring
profitability in your life.
Here are your hosts, Vinny, and.
Hi friends.
This is Vinnie Chopra from herein Danville, California, and you
might be saying, Hey, Vinnie.
Well these over here, youknow, I wrote this book.
(01:33):
Few years back.
Apartment syndication made easy.
It became top seller.
I came from India with $7 in my pocket.
It says 500 million.
It's gonna be 1 billion.
Very soon.
Very soon, I'm right at about815, 900 million, and then I'm
ready for the next billion.
Actually, you will see that happening.
(01:54):
2 billion in this book.
Also, the other book Iwrote, which has been.
A very big positivity has been my life.
Always, always.
I've been married 43 yearswith two children, and the
beauty is to be positive.
The mindset that can take youto all the places in the world.
And that's the book thatalso became big, big seller.
(02:14):
My third book, seniorAssisted Living, is coming.
So do yourself a favor.
Go ahead and click the link belowto get free copies, audio copies of
these books, even printed copies.
Of these books, if you printing meansdigital if you can't afford it, but
I would highly recommend for youto get these or go to amazon.com.
(02:35):
Just go to Amazon.
I got it in soft cover, inhardcover, in Kindle, in audio.
Also the Spanish version of this.
Oh, this book also.
So let's crush it guys.
I know you can be successful.
I know you can do the kind of thingsthat you want to do in life and have
the streams of income and know how toreally, you know, educate yourself so
(02:59):
that you could become a strong, strongforce in this world, in real estate.
I know you can.
So take that step.
Don't just be on the sideline.
Take charge of your life.
Take charge of your education.
That we've ever recorded inthe history of our recording.
Yes, we are live.
Welcome back, Alchemist.
(03:20):
This is Abundance Thursdays withmyself, Walter Amarillo, and
the great Vinny Smile Chopra.
Vinny freshly back from surgery.
How are you feeling, brother?
I'm doing amazing.
Amazing.
I can't tell you it's the mindset beforethe surgery and I was getting total
knee replacement on the right side andyou helped me a lot doing exercises.
(03:41):
And I was able to walk lastMonday after the surgery, and
then it's been a progression.
I feel exciting.
We went out with the family to eatoutside in the restaurant already,
and I can walk without the walker.
It's unimaginable.
What they, I'd like to telleverybody who's watching us
is that don't get negatives.
(04:04):
Into your mind.
That was the hack I used.
I never went on YouTube and all that.
Even I don't know what they did,the surgeon, what he did to my knee.
I didn't need to know.
I knew it's a brand new one.
Hey, they have to cut my bones andwhatever and put this new thing gmo.
(04:26):
But the thing is, many times people,when they look at the YouTube,
it contaminates their thinking.
It contaminates what is expected of them.
Each person is a different person,and that's why I believe by
having that abundance and outsidethe, Hey, I'll deal with it.
(04:47):
Never give up, which is our topictoday, because that's what my
personality, I never give up.
I'm disciplined, and I knew no matterwhat happens, it's gonna be fine.
It is gonna be more than fine.
So this actually ties rightinto the principle today.
The book of the week is Can't Hurt Meby David Goggins and never Give Up as
a philosophy that happens when we'reyoung, happens as you get older and
(05:10):
then once you get into business and youhave all these different assets, there's
still some challenges that you'll face.
And now people say all the time, Vinny,that as you get older, life gets harder,
it gets more difficult, it's harder.
And there's all thesestories that people believe.
But if we were to really look atthis objectively as somebody who's
made it past, where most people aretalking about it, it's people in
(05:31):
their fifties and sixties and startcomplaining, you're 72 years young
and you've just replaced your knee.
You've built massive businesses,you're invested over 30 businesses.
You've started, you invested, raised.
280,000, bought $1.6 billion inreal estate, and, uh, live in, moved
into the home of your dreams inCalifornia, inside, inside Blackhawk.
(05:51):
So you've done a lot of things and now70, you know your son is spending time
with you, helping you in recovery,your daughter's spending time with
you, helping you with recovery.
Uh, your son retired in his forties, so.
You've done a lot of things really well.
Do you think that a lot of ithas to do with mindset, right?
Just not giving up in general.
Like where does that come intoplay in your life to, to be
at 72 and say, you know what?
(06:12):
Life actually gets better.
Life's actually been getting better.
In fact, my knee just got betterbecause a few weeks ago it was
hurting when I walked and now I walkwith no pain and it, it's smooth.
Why does one, why do people havesuch a negative belief on the on.
Life in general.
And then two, how did you changeyour mindset to get to this?
I can't stop.
I never give up.
Where does that come from?
Thank you.
Thank you, Walter.
(06:33):
I appreciate what you're saying.
The biggest thing is mindset.
People might be look looking at usor watching us, listening to us.
Hey, I've got a good mindset.
No.
What's the mindset?
Talent you can set your mind for?
Complexity.
You can set your mind at inferiority.
You can set your mind at abundance.
(06:54):
You can set your mind at mediocrity.
So it's what's holding us back iswhen we just don't have a good game
plan to reach the high goals in life.
See, we have to be disciplined andlike today's topic is never give up.
The mindset of not giving up.
(07:15):
It is the biggest mindset youcan ever set up for yourself.
No matter what things, you never goin a straight line from point A to
point B. Even the airplanes don'tfly in a straight line, whatever.
We never go to success.
Success is a journey, so the keything is to keep in mind perseverance,
(07:36):
hard work, mindset, and justmaking sure that we never give up.
Resilience is so important.
So I think in my life, did I know 45years back, I'll be sitting in this chair?
Probably not, no.
There's a guy who with six siblingslived in one bedroom, apartment
(07:59):
2, 382 square feet, and just aregular guy with no refrigerator.
No car, no nothing.
Just a bicycle and everything.
No television, no nothing,no phone, nothing.
So the key thing is you set your mind atcertain points in your life to do better,
(08:22):
to become better than what you are today.
But if you don't set your mindtoday that you want to get better,
tomorrow will be here, but youwouldn't be where you want to be.
Vinny, you brought up before this call,so nobody knows about this right now,
so if you're just jumping in, me andVinny are talking about never giving up
and prior to the call we were talkingabout the wealth building process,
(08:45):
how automating millionaires is fivestages and we look at the sixth stage
and Vinny introduced me to the conceptof the sixth stage, even though.
Logically, I know they exist.
You spend a lot of time with the sixthstage and we, we look at sixth stage as
somebody who, with over $10 million ofnet worth and never giving up at that
level of like investment, that level ofbusiness, you still see guys like yourself
(09:09):
who are still pushing, still growing,still developing at 72 years young,
still helping other people and moving at.
What are some of the challenges, likehow do you get past, because we, we
were talking about California, right?
You live in California andyou, the tax rate is like 50%.
When you took the, I think you said 13.5%.
(09:29):
Yeah.
13.4 state tax plus 37% regularW2 tax at that high bracket of
making millions in each year.
So that's so true.
But you are so right, brother.
I think it's the.
It's what's inside you that gets you tothe, I could have retired 15 years back.
(09:51):
Right.
And just be couch and potato and maybein different things, drugs or whatever.
I don't know.
You know when you have too muchmoney and too much time, you justand.
Very dangerous, wrong places.
We've seen the celebrities.
Yeah.
So the biggest thing, the mindsetwe are talking about is if you
(10:13):
have a lot of money, that mindsetyourself to tell other people.
How you did it and teach them.
And when I don't like, I mean Icharge for my coaching and Mastermind
and all that, but I like to onlylike to help to those who need help.
See, that's the biggest part.
(10:34):
I don't want to really takesomebody who's over here, it's
going to take me years and years.
To move them from here to there.
And you and I have limited time.
Right?
So that's why we were discussing, we wantto help those who want to get help, right?
And if it's a superstar with $5 millionnetwork, 10 million, 20 million, you
(10:58):
could get them to the next level.
And what are some of thechallenges that you're facing
now at that 5 million net worth?
10 million net worth?
I know you mentioned taxes.
Oh.
So what are some of the big.
Because that's a pain to me, right?
Is you make more is taken away unlessyou invest in certain asset classes.
So what are some of those assetclasses a person can invest
in to protect their money?
(11:19):
Start like you called it, um.
I would say in my separatebusinesses, a lot of things are not
going right with interest rates.
You have 30 businesses.
How is that possible?
They don't all, they all run perfectly.
No.
0, 0, 0. Maybe few are, but the thing, andthe startups and this, and biotechs and
all, every business got challenges, right?
(11:41):
You got to always expect challenges.
Life is never.
Good season.
Our life is not like just a summerseason or autumn season, if I like it.
It's mixed with five seasons.
I always say.
So ups and downs, stock market.
I've lost so much money.
I don't want to tell anybody.
Even family, I don't want to tell them.
(12:02):
The thing is, lots of moneyis being lost with all these.
Downturns and all.
If you don't make right choices, youhave to have face the consequences.
You know, with the multifamilybusiness, it's almost stopped.
For me, that was makingmillions of dollars, right?
So you had to pivot.
(12:23):
You got to really find ways to growyour companies to the next level.
That's what it's been happening inthe last five years, and that keeps
you a little bit awake at night.
But at the same token, when you'reawake in the day, you're able to
put strategies together to movethe needle in the right direction.
(12:48):
Now the Mastermind last night was,uh, talking about, uh, multifamily
I wasn't able to jump on.
Mm-hmm.
But you said you guys weretalking about multifamily.
What was the main topicof, of the conversation?
I think the thing was welooked at the IRR reports.
We looked at different segments of wholeUSA, where there is hyper supply, there
is recessions, uh, which states andwhich, uh, path of progress are coming.
(13:10):
We looked at certain veryspecial places, like in Alabama.
I know you are big in Alabama, brother.
We should talk about it.
I'm so, so high on lotsof different markets now.
Emerging markets, they'regonna blossom like crazy and
multifamily is gonna stay here.
USA is a renter's nation.
(13:32):
It's gonna stay that way.
Actually, the even seniors whoare retiring 65, they will sell
their homes getting into rental forassisted livings and memory cares
and 55 plus and all those things.
And the millennials, 76, 70 4 million.
They are also liking portability.
(13:53):
They're gonna be renting.
Also, we have such big shortageof apartments in this country,
so developments are gonnastart coming back up again.
Everything is a cycle, brother.
Everything is a cycle.
So we were so excited to talk aboutit after many months that with the
interest rate cuts and the Fed islooking at maybe two more cuts or three
(14:16):
more cuts and they inflation is down.
So.
It's time to roll up yoursleeves, start talking to brokers.
Some of my studentsalready started to brokers.
They brought deals.
We analyzed deals.
It was amazing time last night.
It's, it's just very funny becausetiming wise, 'cause Monday when we
(14:36):
were running the Mastermind over there.
We did almost the same exact thing.
We took your spreadsheet outta yourPowerPoint and we went through emerging
markets and I, I taught them the Bone, the B two, the S one, the S two.
Yes.
Explain.
We were looking at some partsof the northern, uh, Midwest.
We looked at Ohio and just lookedat like different markets and the
same concept, the same conversationof, Hey, look, rates are going down.
(14:58):
Multifamily is a littleoversupplied in some places, but
it won't be for very long, so.
Let's go and make these actions happen.
So video, we gotta jump 'cause there'sanother meeting happening right now.
Yes.
But, uh, if a person is, uh,reviewing their net worth and
it's not where they want it togo, it's not the time to give up.
If the asset class isn't doingwhat it's supposed to do,
(15:19):
it's not the time to give up.
It's a time to pivot.
You gave me some examples, ThomasCitizens, a thousand attempts
to invent the light bulb.
JK Rollings.
Multiple rejections beforepublishing Harry Potter.
Michael Jordan's beingcut from high school.
Team.
And so there, there's a lot of, if yougo back and listen to this again, Vinny
gave really at the beginning of this, alot of good points on why your mindset
(15:41):
is what's going to make you wealthy.
It's sticking to the end goal and justbeing unrelenting and getting there.
Uh, but as Vinny said many times, beingflexible and how you get there, like
being willing to pivot, willing toadjust, but not willing to change that
you want a better life for yourself.
And like you said, you don'thave to know 45 years from
now where you're going to be.
No.
But.
Better than yesterday and continuing toimprove is, is that mindset that we're,
(16:05):
I'm pulling from Vinny every single week.
Success is every day's journey.
See, that's what I say.
You never reach success and stop.
It's a journey.
It's a process.
It's a system.
It's the mindset and everybody.
If you are not really finding theresults that you want for your family
(16:25):
income, for where you are with thebill, with the bills and expenses, and
your mind is not right, it's a time toshake up, time to really sit down, get
some counseling, get some coach who canreally open up your mind, and there might
be just a tweak, just a little tweak.
Can get you out of thesystem and on a growth path.
(16:48):
So I really believe, I thinkwhere I am today, it's because of
lots of great mentors and coacheswho have really honed my skills.
And once you start putting those thingsin practice as habits, then those
habits make your life very successful.
Yeah, you've gotten those coaches,Vinny, and for most people they think
(17:10):
a coach is gonna just teach you.
The coach is not just there to teach you.
If you look at any of the great coachesthat, like Brady has a great coach, right?
Belichick, and that's not acoach who is like teaching him.
He was telling him whatto do over and over.
Just practice.
You don't get great in sports fromjust having great knowledge of how to
run and catch a ball and do a thing.
It's from the practiceso that when you do.
(17:30):
On the field and those moments do happen.
You know what to do instinctually.
So it is, yeah, it is about constantlypracticing and submitting offers and
same doing the taxes, accountabilityand account accountability.
Brother Accountability is a big one too.
See, a lot of people get coached andthen they say, I don't want to coach.
Hey, I'm doing good.
But that accountability,weekly accountability is so
(17:53):
important in everybody's life.
Yeah.
If we are not accountable to ourselves,we got to be accountable to your
mentor, to your coach, somebodythat doesn't love you that much.
Because see, the thing is ifyou are only being accountable
to your, you know, spouse or toyour mom or whatever, or father.
(18:14):
Then they will be easy on.
You don't need a personwho will be easy on you.
You want a person who will behard at you and then call SPA
is spade and say, you know what?
Why didn't you do that?
You told me last week you'regonna call 15 phone calls and call
these brokers and appointments.
(18:35):
Why didn't you do it?
Tell me.
I wanna jump off, but at the same timeyou just said that it's, yeah, I just
told a coach, I told a coach this,'cause the, the coach hired a coach
and they were like, I don't know,they're great and they want me to do
all these calls and all these things.
I'm like, good.
Then they're the coach you need, becauseif you're having a hard time going
and calling people, then you need tocoach to tell you to go call people
(18:56):
and you shouldn't like your coach.
The coach should be so annoyingthat you become successful.
That's the point.
Exactly.
That's the reason why people snap out oftheir downward trend quicker, the better.
The coach and mentor, of course,there are two different people.
You don't want a managerwho's just looking around you.
(19:17):
You want a good, solid coach withaccountability and the coach should be
prepared to really give you the bestsession ever in 45 minutes or one hour so
that KPIs are looked at, all the reportsare looked at, and you are brought to
the task again to make sure that thenext uh, session will be better session.
(19:41):
And it's all about changing habits.
It's all about concentrating our.
Time.
Everybody's got the same time.
But how we spend that time,how do we build systems?
How do we permeate that whole visionand positiveness into our organizations?
If the things are not going rightin this this place, I need to be
(20:04):
totally knowing what I want them todo and then hold them accountable.
See, that's the key thing,holding accountability.
Is so important becausethen only the goals are met.
Uh, if we just save life, itdidn't happen and excuses and
everything, then guess what?
(20:25):
It's gonna be just likea, yeah, it won't happen.
I could tell we hit a veryimportant topic to you.
'cause we're supposed to logoff seven minutes ago and you're
like, no, this needs to be said.
So ladies and gentlemen, you get abundanceThursdays every Thursday at 10:12 PM
Eastern Standard time, 9:00 AM PST.
The summit is coming up.
(20:46):
We are like 20 days away.
It is October 18th to the 20th.
We'll see you.
There's plenty of room at the top.
We'll see you at the summit.
Choose your success.
We have a choice.
I always work with the best.
We'll see you next week.
See you next week, Thursday.
Thank you Thursday.
Thank you.
Hey there.
The upcoming episode isscheduled for Thursday.
We appreciate your viewershipof the Abundance Mindset Show.
(21:08):
Tune in every Thursday at 9:00 AM PacificStandard Time, or 12:00 PM Eastern on
various social media platforms postedby Vinny Chopra and Gal Amarillo.
Don't forget to subscribe, share yourcomments, and leave a five star review.
Thank you for your support.
Life is never a good season.
(00:02):
Our life is not like just asummer season or autumn season.
If I like it.
It's mixed with five seasons.
I always say.
So ups and downs, stock market.
I've lost so much money.
I don't want to tell anybody.
Even family, I don't want to tell them.
The thing is, lots of moneyis been lost with all these.
Downturns and all.
(00:23):
If you don't make right choices, youhave to have face the consequences.
You know, with the multifamily business,it's almost stopped for me, that was
making millions of dollars, right?
So you had to pivot.
You got to really find ways togrow your companies to the next
level, and that's what it's beenhappening in the last five years.
(00:49):
And that keeps you alittle bit awake at night.
But at the same token, when you'reawake in the day, you're able to put
strategies together to move the needle.
In the right direction.
Good morning.
This is the Abundance Mindset Podcast.
Sit back and relax as we discusshot topics on how to handle and grow
(01:12):
your business, self-development,and how positivity can bring
profitability in your life.
Here are your hosts, Vinny, and.
Hi friends.
This is Vinnie Chopra from herein Danville, California, and you
might be saying, Hey, Vinnie.
Well these over here, youknow, I wrote this book.
(01:33):
Few years back.
Apartment syndication made easy.
It became top seller.
I came from India with $7 in my pocket.
It says 500 million.
It's gonna be 1 billion.
Very soon.
Very soon, I'm right at about815, 900 million, and then I'm
ready for the next billion.
Actually, you will see that happening.
(01:54):
2 billion in this book.
Also, the other book Iwrote, which has been.
A very big positivity has been my life.
Always, always.
I've been married 43 yearswith two children, and the
beauty is to be positive.
The mindset that can take youto all the places in the world.
And that's the book thatalso became big, big seller.
(02:14):
My third book, seniorAssisted Living, is coming.
So do yourself a favor.
Go ahead and click the link belowto get free copies, audio copies of
these books, even printed copies.
Of these books, if you printing meansdigital if you can't afford it, but
I would highly recommend for youto get these or go to amazon.com.
(02:35):
Just go to Amazon.
I got it in soft cover, inhardcover, in Kindle, in audio.
Also the Spanish version of this.
Oh, this book also.
So let's crush it guys.
I know you can be successful.
I know you can do the kind of thingsthat you want to do in life and have
the streams of income and know how toreally, you know, educate yourself so
(02:59):
that you could become a strong, strongforce in this world, in real estate.
I know you can.
So take that step.
Don't just be on the sideline.
Take charge of your life.
Take charge of your education.
That we've ever recorded inthe history of our recording.
Yes, we are live.
Welcome back, Alchemist.
(03:20):
This is Abundance Thursdays withmyself, Walter Amarillo, and
the great Vinny Smile Chopra.
Vinny freshly back from surgery.
How are you feeling, brother?
I'm doing amazing.
Amazing.
I can't tell you it's the mindset beforethe surgery and I was getting total
knee replacement on the right side andyou helped me a lot doing exercises.
(03:41):
And I was able to walk lastMonday after the surgery, and
then it's been a progression.
I feel exciting.
We went out with the family to eatoutside in the restaurant already,
and I can walk without the walker.
It's unimaginable.
What they, I'd like to telleverybody who's watching us
is that don't get negatives.
(04:04):
Into your mind.
That was the hack I used.
I never went on YouTube and all that.
Even I don't know what they did,the surgeon, what he did to my knee.
I didn't need to know.
I knew it's a brand new one.
Hey, they have to cut my bones andwhatever and put this new thing gmo.
(04:26):
But the thing is, many times people,when they look at the YouTube,
it contaminates their thinking.
It contaminates what is expected of them.
Each person is a different person,and that's why I believe by
having that abundance and outsidethe, Hey, I'll deal with it.
(04:47):
Never give up, which is our topictoday, because that's what my
personality, I never give up.
I'm disciplined, and I knew no matterwhat happens, it's gonna be fine.
It is gonna be more than fine.
So this actually ties rightinto the principle today.
The book of the week is Can't Hurt Meby David Goggins and never Give Up as
a philosophy that happens when we'reyoung, happens as you get older and
(05:10):
then once you get into business and youhave all these different assets, there's
still some challenges that you'll face.
And now people say all the time, Vinny,that as you get older, life gets harder,
it gets more difficult, it's harder.
And there's all thesestories that people believe.
But if we were to really look atthis objectively as somebody who's
made it past, where most people aretalking about it, it's people in
(05:31):
their fifties and sixties and startcomplaining, you're 72 years young
and you've just replaced your knee.
You've built massive businesses,you're invested over 30 businesses.
You've started, you invested, raised.
280,000, bought $1.6 billion inreal estate, and, uh, live in, moved
into the home of your dreams inCalifornia, inside, inside Blackhawk.
(05:51):
So you've done a lot of things and now70, you know your son is spending time
with you, helping you in recovery,your daughter's spending time with
you, helping you with recovery.
Uh, your son retired in his forties, so.
You've done a lot of things really well.
Do you think that a lot of ithas to do with mindset, right?
Just not giving up in general.
Like where does that come intoplay in your life to, to be
at 72 and say, you know what?
(06:12):
Life actually gets better.
Life's actually been getting better.
In fact, my knee just got betterbecause a few weeks ago it was
hurting when I walked and now I walkwith no pain and it, it's smooth.
Why does one, why do people havesuch a negative belief on the on.
Life in general.
And then two, how did you changeyour mindset to get to this?
I can't stop.
I never give up.
Where does that come from?
Thank you.
Thank you, Walter.
(06:33):
I appreciate what you're saying.
The biggest thing is mindset.
People might be look looking at usor watching us, listening to us.
Hey, I've got a good mindset.
No.
What's the mindset?
Talent you can set your mind for?
Complexity.
You can set your mind at inferiority.
You can set your mind at abundance.
(06:54):
You can set your mind at mediocrity.
So it's what's holding us back iswhen we just don't have a good game
plan to reach the high goals in life.
See, we have to be disciplined andlike today's topic is never give up.
The mindset of not giving up.
(07:15):
It is the biggest mindset youcan ever set up for yourself.
No matter what things, you never goin a straight line from point A to
point B. Even the airplanes don'tfly in a straight line, whatever.
We never go to success.
Success is a journey, so the keything is to keep in mind perseverance,
(07:36):
hard work, mindset, and justmaking sure that we never give up.
Resilience is so important.
So I think in my life, did I know 45years back, I'll be sitting in this chair?
Probably not, no.
There's a guy who with six siblingslived in one bedroom, apartment
(07:59):
2, 382 square feet, and just aregular guy with no refrigerator.
No car, no nothing.
Just a bicycle and everything.
No television, no nothing,no phone, nothing.
So the key thing is you set your mind atcertain points in your life to do better,
(08:22):
to become better than what you are today.
But if you don't set your mindtoday that you want to get better,
tomorrow will be here, but youwouldn't be where you want to be.
Vinny, you brought up before this call,so nobody knows about this right now,
so if you're just jumping in, me andVinny are talking about never giving up
and prior to the call we were talkingabout the wealth building process,
(08:45):
how automating millionaires is fivestages and we look at the sixth stage
and Vinny introduced me to the conceptof the sixth stage, even though.
Logically, I know they exist.
You spend a lot of time with the sixthstage and we, we look at sixth stage as
somebody who, with over $10 million ofnet worth and never giving up at that
level of like investment, that level ofbusiness, you still see guys like yourself
(09:09):
who are still pushing, still growing,still developing at 72 years young,
still helping other people and moving at.
What are some of the challenges, likehow do you get past, because we, we
were talking about California, right?
You live in California andyou, the tax rate is like 50%.
When you took the, I think you said 13.5%.
(09:29):
Yeah.
13.4 state tax plus 37% regularW2 tax at that high bracket of
making millions in each year.
So that's so true.
But you are so right, brother.
I think it's the.
It's what's inside you that gets you tothe, I could have retired 15 years back.
(09:51):
Right.
And just be couch and potato and maybein different things, drugs or whatever.
I don't know.
You know when you have too muchmoney and too much time, you justand.
Very dangerous, wrong places.
We've seen the celebrities.
Yeah.
So the biggest thing, the mindsetwe are talking about is if you
(10:13):
have a lot of money, that mindsetyourself to tell other people.
How you did it and teach them.
And when I don't like, I mean Icharge for my coaching and Mastermind
and all that, but I like to onlylike to help to those who need help.
See, that's the biggest part.
(10:34):
I don't want to really takesomebody who's over here, it's
going to take me years and years.
To move them from here to there.
And you and I have limited time.
Right?
So that's why we were discussing, we wantto help those who want to get help, right?
And if it's a superstar with $5 millionnetwork, 10 million, 20 million, you
(10:58):
could get them to the next level.
And what are some of thechallenges that you're facing
now at that 5 million net worth?
10 million net worth?
I know you mentioned taxes.
Oh.
So what are some of the big.
Because that's a pain to me, right?
Is you make more is taken away unlessyou invest in certain asset classes.
So what are some of those assetclasses a person can invest
in to protect their money?
(11:19):
Start like you called it, um.
I would say in my separatebusinesses, a lot of things are not
going right with interest rates.
You have 30 businesses.
How is that possible?
They don't all, they all run perfectly.
No.
0, 0, 0. Maybe few are, but the thing, andthe startups and this, and biotechs and
all, every business got challenges, right?
(11:41):
You got to always expect challenges.
Life is never.
Good season.
Our life is not like just a summerseason or autumn season, if I like it.
It's mixed with five seasons.
I always say.
So ups and downs, stock market.
I've lost so much money.
I don't want to tell anybody.
Even family, I don't want to tell them.
(12:02):
The thing is, lots of moneyis being lost with all these.
Downturns and all.
If you don't make right choices, youhave to have face the consequences.
You know, with the multifamilybusiness, it's almost stopped.
For me, that was makingmillions of dollars, right?
So you had to pivot.
(12:23):
You got to really find ways to growyour companies to the next level.
That's what it's been happening inthe last five years, and that keeps
you a little bit awake at night.
But at the same token, when you'reawake in the day, you're able to
put strategies together to movethe needle in the right direction.
(12:48):
Now the Mastermind last night was,uh, talking about, uh, multifamily
I wasn't able to jump on.
Mm-hmm.
But you said you guys weretalking about multifamily.
What was the main topicof, of the conversation?
I think the thing was welooked at the IRR reports.
We looked at different segments of wholeUSA, where there is hyper supply, there
is recessions, uh, which states andwhich, uh, path of progress are coming.
(13:10):
We looked at certain veryspecial places, like in Alabama.
I know you are big in Alabama, brother.
We should talk about it.
I'm so, so high on lotsof different markets now.
Emerging markets, they'regonna blossom like crazy and
multifamily is gonna stay here.
USA is a renter's nation.
(13:32):
It's gonna stay that way.
Actually, the even seniors whoare retiring 65, they will sell
their homes getting into rental forassisted livings and memory cares
and 55 plus and all those things.
And the millennials, 76, 70 4 million.
They are also liking portability.
(13:53):
They're gonna be renting.
Also, we have such big shortageof apartments in this country,
so developments are gonnastart coming back up again.
Everything is a cycle, brother.
Everything is a cycle.
So we were so excited to talk aboutit after many months that with the
interest rate cuts and the Fed islooking at maybe two more cuts or three
(14:16):
more cuts and they inflation is down.
So.
It's time to roll up yoursleeves, start talking to brokers.
Some of my studentsalready started to brokers.
They brought deals.
We analyzed deals.
It was amazing time last night.
It's, it's just very funny becausetiming wise, 'cause Monday when we
(14:36):
were running the Mastermind over there.
We did almost the same exact thing.
We took your spreadsheet outta yourPowerPoint and we went through emerging
markets and I, I taught them the Bone, the B two, the S one, the S two.
Yes.
Explain.
We were looking at some partsof the northern, uh, Midwest.
We looked at Ohio and just lookedat like different markets and the
same concept, the same conversationof, Hey, look, rates are going down.
(14:58):
Multifamily is a littleoversupplied in some places, but
it won't be for very long, so.
Let's go and make these actions happen.
So video, we gotta jump 'cause there'sanother meeting happening right now.
Yes.
But, uh, if a person is, uh,reviewing their net worth and
it's not where they want it togo, it's not the time to give up.
If the asset class isn't doingwhat it's supposed to do,
(15:19):
it's not the time to give up.
It's a time to pivot.
You gave me some examples, ThomasCitizens, a thousand attempts
to invent the light bulb.
JK Rollings.
Multiple rejections beforepublishing Harry Potter.
Michael Jordan's beingcut from high school.
Team.
And so there, there's a lot of, if yougo back and listen to this again, Vinny
gave really at the beginning of this, alot of good points on why your mindset
(15:41):
is what's going to make you wealthy.
It's sticking to the end goal and justbeing unrelenting and getting there.
Uh, but as Vinny said many times, beingflexible and how you get there, like
being willing to pivot, willing toadjust, but not willing to change that
you want a better life for yourself.
And like you said, you don'thave to know 45 years from
now where you're going to be.
No.
But.
Better than yesterday and continuing toimprove is, is that mindset that we're,
(16:05):
I'm pulling from Vinny every single week.
Success is every day's journey.
See, that's what I say.
You never reach success and stop.
It's a journey.
It's a process.
It's a system.
It's the mindset and everybody.
If you are not really finding theresults that you want for your family
(16:25):
income, for where you are with thebill, with the bills and expenses, and
your mind is not right, it's a time toshake up, time to really sit down, get
some counseling, get some coach who canreally open up your mind, and there might
be just a tweak, just a little tweak.
Can get you out of thesystem and on a growth path.
(16:48):
So I really believe, I thinkwhere I am today, it's because of
lots of great mentors and coacheswho have really honed my skills.
And once you start putting those thingsin practice as habits, then those
habits make your life very successful.
Yeah, you've gotten those coaches,Vinny, and for most people they think
(17:10):
a coach is gonna just teach you.
The coach is not just there to teach you.
If you look at any of the great coachesthat, like Brady has a great coach, right?
Belichick, and that's not acoach who is like teaching him.
He was telling him whatto do over and over.
Just practice.
You don't get great in sports fromjust having great knowledge of how to
run and catch a ball and do a thing.
It's from the practiceso that when you do.
(17:30):
On the field and those moments do happen.
You know what to do instinctually.
So it is, yeah, it is about constantlypracticing and submitting offers and
same doing the taxes, accountabilityand account accountability.
Brother Accountability is a big one too.
See, a lot of people get coached andthen they say, I don't want to coach.
Hey, I'm doing good.
But that accountability,weekly accountability is so
(17:53):
important in everybody's life.
Yeah.
If we are not accountable to ourselves,we got to be accountable to your
mentor, to your coach, somebodythat doesn't love you that much.
Because see, the thing is ifyou are only being accountable
to your, you know, spouse or toyour mom or whatever, or father.
(18:14):
Then they will be easy on.
You don't need a personwho will be easy on you.
You want a person who will behard at you and then call SPA
is spade and say, you know what?
Why didn't you do that?
You told me last week you'regonna call 15 phone calls and call
these brokers and appointments.
(18:35):
Why didn't you do it?
Tell me.
I wanna jump off, but at the same timeyou just said that it's, yeah, I just
told a coach, I told a coach this,'cause the, the coach hired a coach
and they were like, I don't know,they're great and they want me to do
all these calls and all these things.
I'm like, good.
Then they're the coach you need, becauseif you're having a hard time going
and calling people, then you need tocoach to tell you to go call people
(18:56):
and you shouldn't like your coach.
The coach should be so annoyingthat you become successful.
That's the point.
Exactly.
That's the reason why people snap out oftheir downward trend quicker, the better.
The coach and mentor, of course,there are two different people.
You don't want a managerwho's just looking around you.
(19:17):
You want a good, solid coach withaccountability and the coach should be
prepared to really give you the bestsession ever in 45 minutes or one hour so
that KPIs are looked at, all the reportsare looked at, and you are brought to
the task again to make sure that thenext uh, session will be better session.
(19:41):
And it's all about changing habits.
It's all about concentrating our.
Time.
Everybody's got the same time.
But how we spend that time,how do we build systems?
How do we permeate that whole visionand positiveness into our organizations?
If the things are not going rightin this this place, I need to be
(20:04):
totally knowing what I want them todo and then hold them accountable.
See, that's the key thing,holding accountability.
Is so important becausethen only the goals are met.
Uh, if we just save life, itdidn't happen and excuses and
everything, then guess what?
(20:25):
It's gonna be just likea, yeah, it won't happen.
I could tell we hit a veryimportant topic to you.
'cause we're supposed to logoff seven minutes ago and you're
like, no, this needs to be said.
So ladies and gentlemen, you get abundanceThursdays every Thursday at 10:12 PM
Eastern Standard time, 9:00 AM PST.
The summit is coming up.
(20:46):
We are like 20 days away.
It is October 18th to the 20th.
We'll see you.
There's plenty of room at the top.
We'll see you at the summit.
Choose your success.
We have a choice.
I always work with the best.
We'll see you next week.
See you next week, Thursday.
Thank you Thursday.
Thank you.
Hey there.
The upcoming episode isscheduled for Thursday.
We appreciate your viewershipof the Abundance Mindset Show.
(21:08):
Tune in every Thursday at 9:00 AM PacificStandard Time, or 12:00 PM Eastern on
various social media platforms postedby Vinny Chopra and Gal Amarillo.
Don't forget to subscribe, share yourcomments, and leave a five star review.
Thank you for your support.
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.