On this episode of Investing For Freedom, Mike is recording from California, where his middle son is moving to! Mike talks to us about a blog post he wrote about modeling the wealthiest and changing our mindsets to think like them.
“The wealthiest ignore all the buzz and noise going around on the cable news, the internet, and social media about hot investments. They ignore the news and look at the numbers, data, metrics, and trends that never lie.”
HIGHLIGHTS:
0:00 – Intro
0:35 – Mike is recording from California as his middle son is moving there
1:58 – Mike has a blog at investingforfreedom.co and promises to be a lot more consistent about posting there
3:40 – Wealthy people don’t speculate when it comes to their wealth
5:19 – Good investment starts with the mindset for modeling the wealthiest
6:11 – Wealthy people don’t invest in the same things that retail investors invest in
7:08 – Mindset is so important when it comes to investing – eliminate the noise
7:50 – You always need to come back to the data – lead with intuition but follow with logic
9:34 – Lose the lottery ticket mindset
10:55 – The minute you get to the passive income number and you quit your job, you’re not really generating wealth because you have to live off of your passive income
12:29 – Partner with experts
13:30 – As early investors, by betting solely on ourselves we get better returns, which is true up to a point
14:17 – Text the word MHP to 480-531-7519 if you’re looking for passive investment opportunities
16:04 – Try new boundaries
17:11 – You need to invest in real companies
18:55 – Start side ventures and new ventures
20:44 – Your job will never compound on you
