In this "exspecially" fun episode Brad and JJ "basically" talk about their opinions on the fastest way to financial freedom, while "automonously" live streaming on YouTube, and celebrating their 1,000th subscriber. Oh yeah, there are some inside jokes in this episode. Brad and JJ love celebrating the small wins, and are excited to share a few new developments with the podcast, like new Average Money Merchandise
Brad and JJ reveal to the listeners that “The Average Money Podcast” is going to take any income and profits the podcast makes and purchase a rental property as part of the business partnership that they have, and they are excited to share the journey with the listeners. JJ was enjoying a “bro day” with his son when a property pops up that looked like a good deal, and JJ spent the day jumping through hoops with lenders, his property manager, and finding market-based rents, but at the end of the day the numbers didn't work and they needed to walk away. They talk about the number one rule in investing is not letting your emotions take control, so while they were disappointed the numbers didn't work out, they made a smart financial decision. As the episode progresses one of the viewers asks:
“At what stage in your financial journey should you not consider investing in Real Estate? And can you consider yourself financially successful and not own real estate?”
While they both agree that it's best to pay off debt before investing in Real Estate, JJ thinks that it's definitely possible to be financially successful without real estate, but that the majority of millionaires out there own some form of real estate. Then JJ boldly states that he thinks that Real Estate is the single fastest way that someone can become financially independent. They dive deep into the ins and outs of owning a rental property, and provide several pro-tips.
As the rental property discussion continues they talk about the power of partnerships, and knowing yourself and your strengths and weaknesses. Brad talks about some of his weaknesses, and being born an introvert, and how JJ is a great business partner because several of JJ’s strengths are well suited to fill in Brad’s weaknesses. JJ talks about how he’s always ran solo on his business ventures, but the power of building relationships has allowed him to grow exponentially and has completely changed his mindset in regards to partnership.
Brad and JJ make plans to celebrate when they hit 100,000 downloads, Brad guesses that they will get there by March (2021), JJ said before the end of the year, possibly by the time of his vacation.
They continued the episode by answering several questions from the YouTube livestream chat. If Brad/JJ could interview anyone they want from YouTube on the podcast, both in the financial space and non-financial space, who would they want to bring on? Besides real estate, what other forms of investments do Brad/JJ recommend? Should we bother buying any Bitcoin? With covered calls being so lucrative, why bother investing in dividend stocks?
They end the episode by reading a review on Apple Podcasts. They thank the listeners for listening and mention that they love hearing when their listeners are debt free and are winning on their financial journeys. Tune in to this great episode that is full of fun and laughs!
Description Written By Average Money Community Member Aaron Azevedo! Thanks Arron!
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