346: Net Worth of $17M - From Big Macs to Race Tracks: McDonalds with a Honda to Software with a Ferrari

Summary   David has a net worth of $17 million. Most is in his company but he does have over $1 million in real estate, some cars and cash. He shares his journey from being an engineer to becoming financially free through real estate investments and the creation of a software company.    David also talks about his spending habits and the lifestyle changes he made after achieving financial freedom. He shares his decision to leave his job and the challenges he faced in transitioning to entrepreneurship. David emphasizes the importance of buying great real estate deals and managing properties himself. H   e also discusses his plans for the future and managing risk in his investments. In this conversation, David Lecko shares his journey of managing finances, building personal wealth, and making luxury purchases like cars. He discusses his passion for racing and how it has become a meaningful hobby for him. David also talks about how his lifestyle changed over time and the challenges he faced in managing his spending habits. He expresses his love for Austin and the vibrant entrepreneurial community it offers. Finally, he shares advice for beginners, emphasizing the importance of reverse engineering a proven business model.   Takeaways

• Financial freedom can be achieved by investing in real estate and creating passive income streams.
• Buying great real estate deals and managing properties yourself can be a successful investment strategy.
• Transitioning from a W2 job to entrepreneurship requires careful planning and a willingness to take risks.
• Managing risk in investments can be done by buying properties with good cash flow and focusing on a specific geographic area. Take control of your finances and pay yourself what you deserve for taking the risk to start a business.
• Find a meaningful hobby that requires you to be fully present and pushes you out of your comfort zone.
• Be mindful of your spending habits and make conscious decisions about luxury purchases.
• Build a community of like-minded entrepreneurs who understand and support your journey.
• Reverse engineer a proven business model to increase your chances of success.