EP 23 - What is Financial Freedom Anyways?

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What is Financial Freedom Anyways?

Episode 23: Show Notes.

Welcome back to another installment of the Collecting Keys Real Estate Investing Podcast. This week we discuss financial freedom and what that might mean for each individual. We all have different visions for what financial freedom entails, but how much do we interrogate what has shaped our vision? In today’s episode, we unpack what financial freedom looks like for different people, how it is influenced by your personality and your aspirations, and why having young kids is such a big motivator for having a business that runs itself rather than it being a time-intensive job.

Tuning in you’ll hear an update on how business has been going for Mike and Dan, why so often in real estate you find yourself feeling like you’re on the cusp of something big, and why you should take the time to reflect on your data and appreciate your successes. Later, you’ll hear more on some of the best ways to get started in real estate investing, including how joining a group will make you grow infinitely faster than becoming part of a social club. We also break down why commitment and results will lend you credibility with other investors, even if you haven’t been in the space for all that long. For all this and much more, make sure you tune in today!

Key Points From This Episode:

The feeling of being on the cusp in real estate and taking stock of your successes. [01:49]

The concept of ‘enough’ and what that might look like. [03:15]

How to fill up your time once you achieve financial freedom. [04:58]

The role that boredom plays in whether you choose to keep growing your business. [06:51]

How to structure your work to accommodate your lifestyle, especially if it includes young kids. [08:21]

The important role of self-development in relation to your family and your career. [11:42]

Mike shares why a trip that he took with his dad to Iceland was one of his most memorable holidays. [14:30]

Why it’s important to reflect on your data and keep track of your deals. [15:53]

Some of the areas Mike is currently focusing on and why he’s currently focused on growth. [16:40]

Why nationwide growth requires that you prepare your backend operations. [18:17]

How Dan and Mike got started and scaled their growth. [20:31]

Mike’s advice to anyone who wants to start investing in real estate: try it out and see if it’s for you. [22:56]

Why commitment and results will give you credibility with other investors. [24:42]

Some of the property management issues Dan has been dealing with recently. [27:58]

How to increase your net operating income (NOI) and why it’s essential to growing property value. [30:10]

Our Instant Investor Program and how you can get involved. [32:59]

Tweetables:

“I think that is one of the most misunderstood and untalked about things in the entire space is that self-development, and being comfortable doing things for yourself in almost a slightly selfish way.” — Michael DeHaan [0:11:42]

“If you want to take the systems that we've established and that we teach in the instant investor group, which is literally our business, this playbook, you can do that working as a full-time job, doing it part-time, if you just want to have the opportunity to invest in like build a better retirement” — Michael DeHaan [0:19:53]

“It's hard to not take advantage of that opportunity, and grow something and you and I both have an entrepreneurial spirit where we do want to run a business. And this just turned into that pretty