Dad said Money with No brain forget that.

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Dad said Money with No brain forget that.

Joshua D.Pro Member
Rental Property Investor · Pittsburgh, PA · Member since 2015 · 712 posts · 173 votes

So me and my dad arent very close and we went out to eat and he just retired from army couple years ago. We got to talking about finances and he told me what he makes which was $175,000 a year out of the army working for the goverment and said he has never made that in army flying helicopters. i moved around every year in high school being in 4 different high schools. Not making excuses but really had no education. Struggled trying to find my way and i think its real estate i started a trend around here with buying properties fast and rehabbing them and renting them below market value. So we were talking about finances and i said i was kind of scared with what im doing but I overthink and i know that i told him ive talked to very good real estate people and a big business accountant thats a real estate investor friend and said what ive done is amazing and would buy all my stuff with what i bought them for. So my dad made the comment to me saying money with no brains forget that. Thats the way i do feel about myself. Hes a pretty hard character and i think i seek his validation. Know this isnt all real estate related. But i think my net worth is good having 11 units. 1 duplex and 9 SFH's. Whats every ones thought on my dad saying money with no brains, forget that!

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Rob Gillespie
Specialist · Cleveland, OH · Member since 2011 · 1k+ posts · 852 votes
8y

@Joshua D. Congrats on your accomplishments! "Money with no brains" is a broad statement. 

What is the definition of "no brains". Is it lack of  college education? I would challenge any professor at

an ivy league school to step in next month and manage your portfolio and lets see how it goes. 

My kids will come home from school and tell me how "smart" another kid is in the class.  I always tell them that because someone has the capacity to memorize a fact and recite it on a test is NOT inelegance, it is a good memory. 

True Intelligence is the ability to reason and problem solve and I can not think of a better way to showcase your intelligence than managing a bunch of rentals!

My mother is the one that always told me to go into real estate and have a rental, then told me to get a good union job with a retirement plan. I did EXACTLY what she said, graduated  high school and got a great union job making 50k per year with full benefits and  a retirement plan.  When I took my real estate to a new level and QUIT MY UNION JOB, she cried! To this day I have done more than 1,000 real estate deals and my mom will still tell me about other family members and how great they are doing because they got  a promotion at work or worked a bunch of overtime and made 90 grand that year and NEVER recognizes what I do or what I have accomplished. 

My point is, I do a nice job at not valuing the opinion of others, I am on my own journey and if you are with me then great! If you have negative things to say toward me or are not supportive, I simply do not validate your opinion. I may like or love you, but could care less of your opinion. LOL

The A students work for the C students

The C students own the company and rent their space from the D student. 

With all of that said, I am sending my kids to college, but they are expected to have a plan going in! It is a means to an end, graduating college is not the end goal. 

Ok, I will get off of the psychiatrist couch now! LOL

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  • Chinmay J.
    Investor · Northern, VA · Member since 2016 · 1k+ posts · 904 votes
    8y
    Originally posted by @Joshua D.:

    So me and my dad arent very close and we went out to eat and he just retired from army couple years ago. We got to talking about finances and he told me what he makes which was $175,000 a year out of the army working for the goverment and said he has never made that in army flying helicopters. i moved around every year in high school being in 4 different high schools. Not making excuses but really had no education. Struggled trying to find my way and i think its real estate i started a trend around here with buying properties fast and rehabbing them and renting them below market value. So we were talking about finances and i said i was kind of scared with what im doing but I overthink and i know that i told him ive talked to very good real estate people and a big business accountant thats a real estate investor friend and said what ive done is amazing and would buy all my stuff with what i bought them for. So my dad made the comment to me saying money with no brains forget that. Thats the way i do feel about myself. Hes a pretty hard character and i think i seek his validation. Know this isnt all real estate related. But i think my net worth is good having 11 units. 1 duplex and 9 SFH's. Whats every ones thought on my dad saying money with no brains, forget that!

     I don't know why it's difficult for people to understand what your dad meant. He thinks that his way of making money is better than yours.. He is probably of the impression that having real estate investments, managing them, and acquiring them requires no skill whatsoever.  A lot of elitists think like that, and sad to say he seems to be the one.   

    Fortunately or unfortunately, depending on your point of view, most of these elitists are dead broke Fortunately or unfortunately, again depending on your point of view, you dad seems to be making very good income.  I would say it's his loss that he is so narrow minded. 

    You just go get another property now ! :-) 

    1Reply
  • JD MartinBusiness Member
    Moderator
    Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 17k+ votes
    8y
    Originally posted by @Steve Vaughan:

    Not quite sure what 'money with no brain, forget that' means?

    I think I get the gist though.  My dad was a 30 year government worker, too.  We do not talk about my investing career anymore period.  Kinda used to, but our views are too different.  It's like Kyosaki's rich dad and poor dad trying to agree on this issue.  Can you imagine? Not going to happen.

    Not many lifelong w-2 people get what we do.  We don't have to have our parents approval on everything I have found, though it would be nice.  My dad and I can chat about a lot of stuff, just not investing or social insecurity.  And he knows I plan on donating whatever I inherit from him to local charities he's supported his whole life, in his and mom's name.  Try not to worry about it too much @Joshua D.!

     This, quoted for emphasis. Expecting most W2 wage slaves to understand the idea of building wealth independent of your back (and yes, your mind is part of your back) is folly. The overwhelming majority of the population understands life in this way:

    1. Be born

    2. Go to regular school.

    3. Go to college/go to trade school/go directly to work

    4. Keep working and spending money

    5. Hopefully grow old

    6. Hopefully have an IRA or other side supplement

    7. Depend on SS to stay off the streets

    8. Die

    That's the trajectory for most people. If you're outside of that trajectory, when you talk to most people you might as well be speaking Latin. Congrats to you on what you've done so far, and don't let naysayers bring you down. 

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  • Lee Lockhart
    Chicago, IL · Member since 2017 · 79 posts · 39 votes
    8y
    @Joshua D. Bro, You are smart as hell!!! You are accumulating wealth, you have brains, you have analytical skills, you know how to plan, you are disciplined, you are ambitious, you are compassionate towards others, you are humble, and you have room to grow! I dont think your father can place you in the "money with no brains" category... Keep it moving, maintain being respectful, continue being who you are, and grow your business... Good Luck! Lee
    1Reply
  • Barri F.
    Nashville, TN · Member since 2017 · 22 posts · 7 votes
    8y

    @Joshua D. it sounds like your father is disappointed and possibly scared for your future because you are not earning money the way he chose to earn money.  I will tell you what I told my own son when he decided college was not for him:  "I wish you success by your own measure of what success is."

    You seem to be doing fantastic with your business, and it is probably just a matter of time before your father realizes his worries are unfounded.

    1Reply
  • Wenda Kennedy JD
    Nikiski, AK · Member since 2018 · 12 posts · 22 votes
    8y

    You "done good", Kid!  Don't stop.  Just keep going.  You're on the right road, and the rewards are yours for the taking. 

    In the meantime, humor your dad and love him. He doesn't understand your path.  That's his failings -- not yours.  You're trying to teach an old dog new tricks.

    2Reply
  • Maurice Grant
    Cobourg, Ontario · Member since 2017 · 17 posts · 28 votes
    8y

    I will take money with no brains any time. I find money damn hard to get even with brains.

    He worked for the government all the time so what does he know. Nothing, when it comes to running a business. Anybody can succeed working for the government.

    1Reply
  • Joshua D.Pro Member
    OP
    Rental Property Investor · Pittsburgh, PA · Member since 2015 · 712 posts · 173 votes
    8y
    Maurice Grant thanks for the reply and to everyone hes a tough guy to get along with never had much of a relationship with him. He just got out of army after 26 years.
    0Reply
  • Michaela G.
    Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes
    8y
    Originally posted by @Joshua D.:

    Maurice Grant thanks for the reply and to everyone hes a tough guy to get along with never had much of a relationship with him. He just got out of army after 26 years.

    Then he probably also feels a little lost. His whole identity was probably tied to his army persona and that is now gone. 

    2Reply
  • Mandela Muhammad
    Investor · Bronx, NY · Member since 2015 · 52 posts · 22 votes
    8y
    I've been going through the same thing. My defense when they say pension is I have amortization on my mortgages, along with up front monthly rental income. I want a raise, I seek to buy another income or partner with someone if my funds are currently looking funny.
    1Reply
  • Khalil Bachir
    Pompano Beach, FL · Member since 2017 · 36 posts · 6 votes
    8y

    @Joshua D.

    Joshua, congrats on your success thus far. I work with individuals who’ve spent hundreds of thousands on an education yet they still can’t find happiness. When I mention my real estate ambitions to them they quickly advice me to steer away from this industry they know nothing about. This doesn’t mean we can’t have a professional relationship. As others mentioned, life is too short. I would focus on improving your personal relationship with your father which will greatly benefit your children if you decide to start a family. Thanks for starting this post. It reemphasizes what’s important in life. 

    1Reply
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