400: Net Worth Of ~$1.0 Billion - From 70k On Credit Cards To A Ten Figure Net Worth: A Billionaires Journey From Humble Beginnings

Summary

In this conversation, Steve shares his journey from modest beginnings in Utah to becoming a successful investor with a diverse portfolio that includes oil and gas, real estate, and a payments company called ProPay that has since sold. He discusses his investment strategies, the importance of patience and liquidity, and the lessons learned from various market cycles. Steve emphasizes the significance of quality assets and cash flow in building wealth, while also reflecting on the challenges and opportunities he encountered throughout his career. In this conversation, he shares insights on managing debt and risk in business, the journey of entrepreneurship, and the importance of writing 'Rich Routines' to impact future generations. He emphasizes the need for a balanced life, the value of hard work, and the significance of financial education for children. The discussion also covers effective charitable giving and concludes with wisdom on delayed gratification and emotional intelligence in decision-making.

Takeaways

*Steve's investment strategy focuses on quality assets that produce cash flow.

*He emphasizes the importance of patience in investing, especially during market cycles.

*Investing in oil and gas requires caution due to the complexity and potential for fraud.

*Real estate investments can be lucrative, especially during market downturns.

*Self-storage has been a successful venture for Steve due to its low overhead and demand.

*ProPay's success came from pivoting to serve a niche market in multi-level marketing.

*Liquidity is crucial for taking advantage of investment opportunities when they arise.

*Steve's approach to real estate involves getting cash back quickly through refinancing.

*He believes in the importance of location when investing in real estate.

*Steve's journey illustrates that hard work and adaptability can lead to success in various industries.

*The sooner you can lease it up, the sooner you can refinance.

*If you get a good asset that's generating income, why would you want to sell it?

*Writing a book was never on his bucket list.

*The premise is figuring out the life you want to live.

*All five areas of life are really important: spiritual, physical, emotional, mental, and financial.

*If you live your 20s like few people will, you can live like few people can.

*Teaching kids financial literacy starts early with allowances.

*Giving money away effectively is hard and requires scrutiny.

*Delayed gratification is key to managing emotions.

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