All Forum Posts by: Demario Scott

Quote from @Keegan Mraz:

What books and podcasts would you recommend?

 bigger pockets of course. I lean into any one financial independence related I find any with that overarching theme typically will provoke thought. Bigger pockets money is great. Choose FI is solid. thats what intrigues me though what about you keegan?

Quote from @Mackaylee Beach:

Excellent advice! It’s certainly easy to develop poor habits; discipline is crucial when it comes to both exercising and managing finances. Staying consistent with your goals can lead to rewarding outcomes. Just as regular exercise strengthens the body, disciplined financial management builds a solid foundation for future success.

Yes, vigilance is the real lesson I am learning. With diets little food choices, habits that we make can have a huge impact on overall health. Drinking calories, high fat foods, or say seasonings can sabotage your overall health. Or perhaps poor ingredients. I have been learning to have a very vigilant eye on ingredients and nutritional facts. Same with finance being incredibly vigilant when it comes to rates, purchases, contracts and anything else that effects your overall financial health. Nutritional vigilance and financial vigilance!

Quote from @Kerry Noble Jr:

absolutely! ive been studying banking, economics and finance for the last 2 years. You gotta start with the history of banking an economics for example.....The medici family, Jakob fugger, JP morgan, the Warburgs etc......

 Sounds interesting, I'll have to give it a looking thank you.

@Joe S. Personal Training

Quote from @Justin Dalton:

Great advice , Demario

Is there any certain books you would recommend on money and finance?

thanks 

Dave Ramseys total money makeover, Robert Kiyosaki's rich dad poor dad and cashflow quadrant, and the J.L Collins simple path to wealth and pathfinders. 

Quote from @Amber Forkey:

Great advice! Alex/Leila Hormozi, Ken McElroy, and Mat Steinwede are my current go-to podcasts when I'm meal prepping and driving. Which ones are on your top 3 list? 

 The Hormozi's I am familiar with their content I ought to get into it more I have an audio book of Alex's to finish. Mat Steinwede and Ken McElroy I am unfamiliar with I'll give them a looking into. Podcast I haven't been listening to nearly enough. Bigger pockets money I thoroughly enjoy the FI side of things is so fascinating to me. Choose Fi Is another I have really enjoyed but podcast I have to get back into. Currently I am diving into my books a lot more. currently reading breaking free from broke George Kamel, just finished the total money makeover Dave Ramsey, and once finished with this one Set for life Scott Trench.

Advice I would give myself is to study and do not stop. Start studying personal finances and continue to do so. I have found for myself that it is very easy to return to not-so-great financial habits very easily. I am a certified trainer and just as I watch my meals and track workouts the same concepts apply to money. So long story short study money listen to the podcast, read the books, and apply what is learned. 

I have not posted in some time, and I must say I feel of the wagon. Life started moving fast as many probably can understand and I completely fell of track. If I had to leave a takeaway from this post before getting too far in it would be that whatever goals are had you have, we have these goals for a reason and typically it does not go exactly as planned but even if it doesn't go as planned, we can pick up where we left off and give it a fresh start. I purchased a single family to rent out the rooms and it sent my finical plan completely off course because I was not as ready as I previously thought. I bought a single family because I thought I could house hack in the same way as a duplex and in ways it certainly could have and did work but I didn't expect the relational aspects of having people living in a property I purchased. Well, a lot of life happened and now I am getting back to zero no debt and I'll be renting for now and I am considering a duplex to buy cash or maybe land and some sort of unconventional home but still purchasing cash. So back to the drawing board, but for myself the big takeaway is to continue on the course that I set out on and too continually learn and stay involved with goals that I set out on and to stay focused. Listening to one bigger pockets episode or a good book here and there really can be a good reminder, refresher on the financial journey.

@Spencer Cornelia I am new too RE and I feel like knowing myself is a very important concept I am taking note of. I study finances trying too come to a conclusion for financial problems. Information is allowing me too recognize that personality plays a huge role in RE. I want finacial indepence primarily and more money doesnt neccesarily equate too more happy for me. I know the name of the game is too win and make the most money, personally that does not align with me. 

Making a veryTrivial example but I suppose for me its possible too play monoply and not get all the hotels, not run around the board fastets and still enjoy the experince. I am young and starting my journey however having debt equates too a certain level of stress I recognize for myself. I recognize owning completly has streesors as well, but I think the name of the game is optimization how do I get what I truly want. I dont think there is a one size fits all, I believe trial and error is neccesary and personal growth is important too truly get into an enjoyable space. For some of us using leverage too the max will be the way and for others levraging will not be the way.

@Minh Nguyen I house hack in a single family and I think the townhome works. In some ways I wish I would have gotten a townhome the HOA and limitations pushed me away however not having to maintain the property cold make your investment the much more passive.

In my area multi families are telling the same story so I choose a four bedroom. If you do a four bedroom townhome I imagine that it will be very easy to find a cash flowing property.