This Is How Rich People Become Wealthy | Exact Opposite of What Dave Says
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The speaker in this YouTube video disagrees with Dave Ramsey's seven-step program, which focuses on saving money and getting out of debt. Instead, the speaker argues that debt can be used as a vehicle to create wealth and that Ramsey's program does not provide actionable steps to create wealth. The speaker believes that it is possible to become financially free in a shorter amount of time by leveraging debt properly. The speaker provides three reasons why Ramsey is wrong: 1) You don't have to work until you're 60 or 65 to become financially free, 2) Every millionaire or entrepreneur starts out with debt, and 3) Debt can be used to invest in wise things and create active and passive income.
The speaker argues that debt can be used as a vehicle to create wealth, and that big companies like Facebook, Uber, and Amazon all started out with angel investors who borrowed money from other people. These companies used the borrowed money to build and buy assets that generated more cash than the money they borrowed. The speaker believes that it is possible for individuals to do the same thing by investing in real estate. The speaker personally owes banks $10 million in mortgages but owns $16 million worth of real estate. This debt allows the speaker to have $6 million in equity and net worth. Every dime of the $10 million debt is paid off by somebody else, and the speaker collects more in rent every month than the mortgages and owning expenses.
In conclusion, the speaker encourages viewers to save some money but also to create enough income to enjoy life now, rather than waiting until retirement. The speaker believes that going into debt to buy good assets is a great way to create wealth and that debt can be used to create active and passive income. The speaker encourages viewers to follow them if they want to properly leverage debt to create wealth.
The speaker in this YouTube video disagrees with Dave Ramsey's seven-step program, which focuses on