Every single week, I answer questions from my subscribers about property and business. If you have a question about these topics, please put it in a comment on this week’s Q&A Sunday video and I will do my absolute best to answer it for you next week.
I am always super impressed by the quality of the questions I get asked each week. It lets me know just how intelligent and switched on an audience I have. This week was no exception, and I would encourage you to watch the full video because there are many important topics covered.
However, one question particularly stood out to me this week and I have decided to cover it here on my blog. The question is about how I became a millionaire and what I did differently to achieve this goal. It is important to find the people in any industry who are succeeding and ask why. As the world’s best known personal development coach Tony Robbins says, “Success leaves clues.” It is important to find those clues and one great way to do that is simply ask!
Benji Fox said…
Hi Samuel, My question is what did you do different to everybody else in the industry to become a millionaire, whilst others still are not? How did you build up your money?
Benji, that’s a really good question. I guess it’s the millionaires’ question! I started out investing in property and I wanted to invest so I bought a property, refinanced it the same day, and put it in my stepdad’s name (because I was too young to get a mortgage). I slowly started using strategies like lease option agreements. I was managing properties to try and get my foot in the door, and that’s how I became financially free.
How I became a millionaire, believe it or not, was actually through deal sourcing. Once I’d become financially free building my own property portfolio I then thought, ‘okay, I want to buy more houses but I haven’t got money’. I thought, ‘well if I maybe find some good deals and pass them on to investors and charge a fee, I can use the fee to build my own portfolio’. I became really good at that and I sold hundreds of property deals charging a minimum of £2 000 and sometimes up to £7000. That is actually how I became a millionaire when I was 25 – by doing deal sourcing combined with my own property investments.
Then I snowballed my portfolio, refinanced, and continued building it and that’s how it happened. I think if you want to be a millionaire, you’ve got to work ridiculously hard; you’ve got to invest and you’ve also got to make money. If you want to be a millionaire, you’ve got to be an entrepreneur and you’ve also got to be investing, together. When you row the two oars hard it can happen, but it’s not necessarily for everybody.
However, I do believe that everybody can become financially free. Being financially free means replacing your job with a source of passive income, in this case property. That’s really what I’m about teaching. So I hope that helps, great question!