Rob Minton @RobMinton

Back when I was building my real estate brokerage, I invested a lot of time studying other successful entrepreneurs. One person I studied was Wayne Huizenga. Wayne Huizenga, who used to own the Miami Dolphins, achieved billionaire status in just 22 years. He started out in 1962, borrowing 5,000 from his father-in-law. He used the borrowed funds to buy a used garbage truck and a list of 20 customers. He would haul waste from 2 a.m. until noon, and then he would get cleaned up and go door-knocking to get new customers. Five years later, he had 40 garbage trucks in service. He had 40 assets generating daily cashflow. He then decided to build the largest waste-hauling business in the world. He set a goal to buy 100 other waste-hauling companies within two years. By 1984, when he retired from Waste Management, the company was worth an estimated 3 billion. Next, he began investing in Blockbuster Video and ultimately acquired a majority ownership position. The company’s recurring revenues from movie rentals appealed to him. Wayne has been quoted as saying, “If I rent something basically I’m selling the same thing over and over again.” Wayne went on to lead Blockbuster from a value of 32 million in 1987 to 8.4 billion in 1994. This is an increase in value of more than 8.3 billion in just seven years. He achieved this growth by acquiring other video rental stores. He achieved this growth by acquiring additional income-producing assets. Wayne learned... how to use cashflow from one asset to buy another asset. He lived very simply and every cent he made he would pour back into asset acquisition. His plan was simple: Assets Buying Assets His first garbage truck purchased a second garbage truck. These two garbage trucks went on to purchase a 3rd, 4th, and 40th... He used the cashflow from these assets to acquire dumpsters. Dumpsters might just be the ultimate rental property! No tenants or toilets. :-) He then sold these businesses and used the proceeds to get into the movie rental business. The cashflow from these little income-producing assets was reinvested into car rentals. In fact, here's a snapshot of his assets buying assets plan: ♦ Waste Management — Weekly Dumpster Rentals ♦ Blockbuster Video — Daily Video Rentals ♦ Security Alarms — Monthly Rentals ♦ Alamo — Car Rentals ♦ Hyatt & Radisson Hotel — Daily Room Rentals ♦ Sports Franchises — Hourly eat Rentals Notice the one main commonality: Rentals He focused entirely on acquiring assets that could be rented to others. Every asset he acquired increased his monthly cashflow! Would any of this have been possible for him if he didn't focus mainly on cashflow? Probably not. When you demand cashflow from every dollar you invest, you create an asset accumulation machine that pumps out more cashflow as time passes.

Here's a fun little strategy that will (instantly) help you make better decisions: Ask yourself this question: In 10 years, would you rather have (whatever option you're considering) or not? In 10 years... ... would you rather own several rental properties pumping monthly cashflow into your bank accounts or not? ... would you rather have zero debt or not? ... would you rather have a large portfolio of dividend stocks or not? ... would you rather be in the best shape of your life or not? ... would you rather have a large database for your business or not? This fun little game instantly shifts you from short-term thinking to long-term thinking. The main reason I love this fun little game is because it allows us to minimize future regret. More importantly, if you continue using this fun little game with important things, it will help pull you through challenging times because it allows you to "see" why you're doing what you're doing. You're not writing a book for today, you're writing a book for 10 years from today. You're not acquiring income-producing assets for today, you're acquiring income-producing assets for 10 years from today.

Here's a retirement plan you can use to retire early. This plan is to stack current assets. A current asset is any asset that provides current benefits. When it comes to investing, current assets are assets that pay you for owning them. You can use the cashflow from your current assets to pay your current expenses or you can use the cashflow to acquire additional current assets. Here's how this plan looks: You can see that over time your portfolio of current assets expands as your current benefits are reinvested into additional current assets. If you were to follow this plan, you would soon come to a point in time when the combined current benefits (cashflow) from all of your current assets offset all of your current expenses. I like to refer to this point as TIME FREEDOM. You'll have time freedom because you've replaced yourself as your main current asset. Instead of you going to work to earn current benefits, your assets will provide these same current benefits for your family. If you've ever wondered why the rich always seem to get... richer, it's because they're focused on stacking current assets. Notice this is different than what we've been taught to do, which is to stack deferred assets. Time becomes very profitable because they're accumulating additional current assets with each passing month.

If you've ever had the pleasure (insert sarcasm here) of taking an accounting class, you probably learned the difference between current assets and deferred assets. A current asset is any asset you own that provides some type of current benefit. Current benefits can literally be anything that improves your life in some way currently. A great example of a current asset might be a rental property that pumps out positive monthly cashflow. You can use this monthly cashflow to offset your current living expenses. A deferred asset is any asset that will (hopefully) provide some kind of future benefit. If you invest into shares of Berkshire Hathaway stock, you're acquiring deferred assets. These assets are deferred because Berkshire Hathaway doesn't pay a dividend. And because these assets aren't providing you with any current benefit, they're automatically deferred assets. The hope is that you'll be able to sell your shares at some point in the future for a higher price. When you finally do sell your shares, you'll be converting this deferred asset into a current asset. Now, let's consider this along with the financial plan we've all been taught to follow. This plan is to save a portion of every paycheck into your retirement account. Sadly, the typical retirement account only offers the opportunity to acquire deferred assets. Any asset (mutual fund/etf) that doesn't pay you for owning it is a deferred asset. Here's how this looks: So, the plan we've all been taught to follow is to continue stacking deferred assets until you retire, at which point, you'll finally be able to enjoy current benefits. Guess what happens when you stack deferred assets? You are FORCED to use your time to generate current benefits. You are FORCED to continue trading your time for current dolla billz. The problem ISN'T the retirement account. The problem IS that the investments inside your retirement account aren't providing you with any current benefits. If assets in your retirement account pay you for owning them, they become current assets simply because they're now offering you current benefits. The current benefit is that they will be buying additional assets for your family. When you stack your retirement account with current assets, these current assets multiply as time passes. The faster your current assets multiply, the less you'll have to work. The goal is to arrange things so you're no longer your main current asset. You want to own lots of current assets providing lots of current benefits. Another major problem with only stacking deferred assets is that it's very hard to stick with anything that isn't providing any current benefit. Stacking deferred assets is the ultimate marshmellow test. How long can you continue stacking deferred assets before you give up and stop saving? If the average person doesn't have enough saved for their future retirement, it suggests that the plan we've all been following isn't working very well. A better plan, in my very biased opinion, is to focus mainly on acquiring current assets... assets that pay you for owning them.

Trading ―if you're in it for the long haul, it will force you to fix your life. • Get better sleep • Eat healthier • Stress and worry less • Exercise more • Develop a growth mindset

A simple rule that guides many of my business decisions: I want to accumulate assets, not responsibilities.

Easy answer... PEANUT BUTTER.

RiskTaker 🎰 @Risk2Earn

6 years ago

If you could only eat one food for the rest of your life... What would it be?

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The Queen's Gambit on Netflix is fantastic. Plus, it will give you the "blueprint" for success in any area. Most people are unable to "see" this blueprint.

$1 of positive cashflow is more valuable than $1 earned in wages. This is because cashflow flows from an asset you own. The wages flow from your labor.

1. Monthly cashflow = twice your living expenses. 2. Debt freedom. 3. Six-pack (fit body). Each step requires another level of self-discipline.

Growth Labs @growthhub_

6 years ago

What are the best things to achieve in life?

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Wow

The time value of time... An hour today is worth (far) more than an hour in the future. This difference in value is more significant if you have kids still at home - and older parents.

Vitamin D supplementation to prevent acute respiratory tract infections In vitamin D deficient people, supplementation lowered risk by >2/3 Vitamin D deficiency more than triples risk of respiratory infections, and vitamin D fixes this. bmj.com/content/356/bm…

Wealth = Time

Orange Book 🍊📖 @orangebook

6 years ago

Wealth for artists: time to create Wealth for parents: time with their kids Wealth for students: time to learn at their own pace Wealth for scientists: time to think and experiment Wealth for entrepreneurs: time to build

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My wife thought this estimate was a little high...

The legendary Walter Payton and The Hill: youtu.be/dqmxWZ8Rbwc "I try to kill myself"

Andrew Carnegie only worked 3 hours a day and he seemed to do ok.

Lawrence King @lawrencekingyo

6 years ago

Work 4 hours a day like you have a gun pointed at your head That is all it takes

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Never really thought about this... but it's accurate. Something to think about for 2021.

Lawrence King @lawrencekingyo

6 years ago

Work 4 hours a day like you have a gun pointed at your head That is all it takes

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This is good!

⚡️🌞 Sol Brah 🌞🐬 @SolBrah

6 years ago

THE TWELVE COMMANDMENTS OF CARLOS GRACIE (THREAD) Carlos Gracie was the grandfather of Brazilian JiuJitsu - an extraordinary man that created an enduring legacy He lived by twelve commandments:

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Time flies, doesn't it? You wake up one morning and you're 30 - 40 - 50. Your kids go from learning to walk - to driving - to college. The easiest way to build wealth is to structure things so that you profit from the passage of time.