We Became Millionaires in our 20s - Our Story & Path To Financial Freedom

This is our story on how we became millionaires in our 20s!

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Just 5 years ago, I was working at Dunkin Donuts and my wife, Jill, was working at Domino's. If you had told us then that we would become millionaires just 5 years later, we would have laughed in your face!

We began working our way up the corporate ladder, as most people do, when we realized that we did not want to spend our lives trading valuable time for money, working jobs that we genuinely didn't care much for. Our goal wasn't to become millionaires, but to become financially free. Financial freedom means you have enough monthly passive income coming in, exceeding your monthly living expenses or your desired lifestyle.

We quickly learned about the power of investing in real estate, more specifically short term vacation rentals. The cash flow potential is substantially higher than most traditional real estate investments. Plus, we thought it would be really fun to create unique experiences for people traveling around the world!

We initially invested for the cash flow - have our money work hard for us. We quickly learned the true power of investing in a real asset, such as real estate. The equity we were able to grab by buying and holding in growing areas and then rehabbing properties that needed some work, enabled us to dramatically grow our net worth in just a few short years.

Becoming a millionaires does not mean you make one million dollars per year. It means your net worth totals or exceeds one million dollars. You take the total amount of your assets, minus the liabilities (debts) you have, and the result is your net worth. We keep track of a net worth real estate and update it every so often. This past week (at the time of recording this video), we became net worth millionaires.

Most of our net worth is tied up in real estate, but we do have a sum of money spread out in cash accounts or other investment or stock accounts. We do not have any cryptocurrencies or bitcoin, etc at the moment, but may look at diversifying some of our cash into crypto, as the blockchain technology seems like it's hear to stay. I am not a fan or believer in get rich quick schemes. Investing in cash flowing assets can grow your wealth significantly, in a much shorter amount of time than you may think.

Just a few short term rentals set us financially free and enabled us to quick our W2 9-5 jobs. Three Airbnb properties cash flowed us over $15,000 in a single month. We now have four short term rental properties and one long term rental that will average us a monthly cash flow between $15-25k. That is after all expenses are paid. And on top of that, the principal is being paid down by our renters, so we are building our equity stake in each property. This sums in the thousands of dollars each month and actually grows every single month, with the way amortization schedules are structured. Lastly, we will capture any appreciation that takes place, and right now the housing market seems incredible inflated. Largely due to low interest rates, the fed printing new money at alarming rates and a housing supply shortage, the prices of real estate are going up drastically. Will this continue? I am not sure, to be honest. But, I'd rather own real estate and other assets to ride the wave than let my money sit on the sidelines and lose purchasing power day after day.

The overall theme here is you should work hard, and invest as much of your money as possible - especially in your younger years. The longer your money has time to compound and grow within your investments, the better. In fact, most net worth millionaires invested their money consistently and slowly grew it over time. Very few people became overnight millionaires by investing their money in Bitcoin, Ethereum, Dodge Coin, or other alt coins. Now, it's not impossible to grow your wealth dramatically investing in things like crypto - no argument there, but you have to stomach the volatility. Additionally, unless you are putting your coins in a coin (high interest) savings account, it does not pay you monthly cash flow like real estate can.

If you goals is financial freedom or financial independence, retire early, I cannot recommend investing at least a portion of your money into rental properties, and more specifically short term rental properties. We are so glad that we did and only regret is not starting sooner!

Видео We Became Millionaires in our 20s - Our Story & Path To Financial Freedom канала Michael Elefante