[00:00:02] This is short term rental management, the show that is all about short term rental property management with your host, yours truly, Luke Carl.
[00:00:16] Alright, alright. Short term rental management. I love you. Today we're gonna talk about money. Gotta get your money right. And specifically different philosophies, different ways of handling your money. We're going to cover Dave Ramsey, grant cardone and Mister Kiyosaki.
[00:00:35] Is he the greatest of all time?
[00:00:39] Talking about rich dad, poor dad. But anyway, we're gonna cover that today on this week's episode of short term rental Management.
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[00:01:36] alright. There's different ways to handle your money. And I do want to mention that I come from a family that didn't have any and that's a subject for a different day. I do plan to actually get into that here on the podcast in the near future.
[00:01:49] But that is a thing. Poor people guilt.
[00:01:53] I've been made to think, to feel guilty for success.
[00:01:58] I've been raised. God forbid my parents are listening to this. To think that rich people are evil. Having money is something you should feel bad about. And if that's something you deal with, there's a lot of people just like you. There's a lot of people that deal with that, you know, because it's the way you were raised.
[00:02:19] And I do, I blow it out of proportion a little bit. I don't think my parents look at it that way at all. But again, they remain broke. Love them. I do. I love them. They're awesome. I hope to God my mom is not listening to this.
[00:02:34] But they're broke, you know, and they worked really hard their whole lives and they just assumed that that's the way things were supposed to be. And I'm here to tell you that they don't have to be. They can be.
[00:02:46] And sometimes it's just as much, if not more work to stay broken. Now I will say I have busted my hump over the years.
[00:02:57] I'm talking like endless hours of killing my back, killing my brain, killing my stress level.
[00:03:07] But I had an end goal. Freedom is not free, as they say. So let's cover these three lovely gentlemen and what their deal is. We'll start with Robert Kiyosaki. He is, of course, the authorization of rich dad, poor dad. He's written several books over the years. He got his first taste of success with the Velcro wallet. Believe it or not, he, to my knowledge, did not invent the Velcro wallet. He talks about this in his books a little bit, but he was friends with the guy that did, and he was able to make a go of it. And if you're a child of the nineties, such as myself, I had several of these Velcro wallets. As a matter of fact, I worked. One of my first jobs was at Oriental Trading company. If you're familiar with this organization, they sell rubber chickens and Velcro wallets, and it was one of the first big mail order companies, and they sold plastic knickknacks, and they were based out of Omaha, Nebraska, which was about 45 minutes from where I grew up. And it's also where I went to college for a few years.
[00:04:10] And so I'm very familiar, not only as a child of the nineties, but as a child of the oriental trading company of. I'm very familiar with the Velcro wallet. I believe I had one in neon orange and neon green, if you remember these wallets. And they were cool. I liked them. Hell, I'd carry one today if I could find one. I'm sure you can find one. I just haven't looked.
[00:04:31] So Robert Kiyosaki, at some point in time, decided to get into real estate, and he became kind of the godfather of real estate investing. And his whole thing, in a nutshell, is leverage.
[00:04:48] You buy a house with the down payment, you leverage it as much as you can, usually 20%, 80 20 loan to value, and then you pay it off over time. And hopefully you make a few bucks in that process. And that's kind of just real estate investing 101.
[00:05:06] You know, there's been a lot of people that have made a career out of the same concept, and I've made a career out of it as well. And I'm a huge Kiyosaki fan. His second book, Cash Flow Quadrant, is, in my opinion, the most game changing book in business history for the type of person who is afraid to get out of their day job. Now, I will also say that not everybody is built to get out of their day job.
[00:05:38] Entrepreneurial people are born with it. I do think. I think that's a true. That's the truth. Now you can learn to get better at it, and you can work your rear end off to get to the point where you don't have to worry about that day job anymore. As I'm sitting here fixing my hair on, I got a brand new. I don't know if you noticed my fancy new camera if you're watching on YouTube, but, you know, it's always. It's hard to get the hair perfect. It just is, especially in this humidity in the middle of summertime in Florida. But anyway, cash flow quadrant is perfect for those type of folks that are thinking about, you know, especially if you're younger and have a lot of time to kind of change your situation. Maybe you don't have the family and the kids yet. I'm not saying that you can't make changes if you already have the family and the kids, you can.
[00:06:26] I'm grateful in that I did not when I started making changes. That being said, I have the trade off that I got my act together and was able to change, completely change the way I think of the world at a bit of a younger, a bit of a younger age. But now I am an older dad, so you can't have both unless you have a rich uncle. So I did not have anybody giving me money.
[00:06:54] Son of a mailman, which is a wonderful thing, and a Vietnam vet. My dad is just a great guy, but again, not a lot of money to be thrown around. Quite frankly, in my younger years, I didn't even know that I was looking for what I was looking for. I just knew that there was something out there. And eventually I realized it was freedom and wealth, which wealth is an entire long conversation in itself. Right? What is wealth? Well, to me, it's health and family.
[00:07:22] So anyway, Kiyosaki is about putting the down payment, leveraging the rest of the purchase of the property, and then letting time do its thing.
[00:07:34] Then you have Dave Ramsey. Dave Ramsey is total money makeover, is his big hit book. He's got a giant empire. He's obviously very well known and well liked individual. I have read all of his books.
[00:07:47] I am not a fan.
[00:07:49] I do like a lot of his principles, and I have used a lot of his principles to help me along the way. But I just don't think that that is the direction that works for me as one piece of the pie, a very small piece of my pie. Then, yes, I will take some of his principles and put them in practice and have over the years and matter of fact, that's how I got the bulk of my first several down payments, was to stop spending money. That's. That's Dave Ramsey. Just stop spending money. Don't get a car payment. Don't get a mortgage on the house you live in. Live debt free. That's Dave Ramsey. And I hate to say say it, but the thing with Dave Ramsey for me is he's really great at poor people staying poor people. Can I say poor? Is that, is that. I think it's okay, people, rich and poor, these words are like dirty words. Kiyosaki uses them all the time. Hell, it's the title of his biggest book ever. Biggest book in real estate history. So we're gonna use them today. Okay. So I think that that way of living your life is a great way to stay broke.
[00:08:56] So it does have a time and a place. And I do think that as I get older, I'm going more in that direction, obviously, of paying some things off rather than just buy, buy buy. Lever. Lever. Lever. Lever lever lever.
[00:09:09] Leverage.
[00:09:11] As I get older and the kids are starting to, you know, come, come about and they're talking and able to not quite tie their shoes, but, you know, it makes you stop and think, maybe I don't need all this leverage. Maybe instead of buying another house with leverage, maybe I pay off one that I already have or start to chip away at paying off one that I already have. That's a daunting idea. It's very, oh, man, it's a big hill to climb.
[00:09:41] But I do like the idea. As I get a little older and the gray hair becomes more prominent.
[00:09:48] This episode of the short term management show is brought to you by short term rental, long term wealth. This is the book in the STR space written by my lovely wife, Avery Carle. It has hundreds of reviews on Amazon, and it will teach you literally everything you need to know about STR, short term rental, long term wealth, the book, wherever books are sold. Okay, so then we have grant cardone. Grant cardone. I'm a huge fan. Huge fan. Unlike Ramsay. I hate to say that, but to me, Grant Cardone is the do everything with other people's money guy, right? So that's what he does. He raises money and buys real estate with other people's money. OPM, if you will. Of course, he's got a lot of moving parts in his empire. So you got to understand, you know, that this just one, I mean, that's probably the biggest piece of his puzzle. I don't know. I don't know. The guy personally, although I am a big fan, but he raises capital car to own capital, and he, they take that money and they go buy property with it, and then they return your money, you know, a little bit here at a time. A little bit at a time. It's almost like a, I mean, for lack of a better way to put it, it's like you're buying stock in Grant Cardone, quite frankly, or like buying a CD or a fancy savings account, and then he's deciding what to do with the money and which purchase, which property to purchase and how the property is going to be run. Now, the good way of.
[00:11:30] Hold on. Let me explain one thing. What we're talking about here is syndication. And he does it in multifamily, which is the most common. It's going to be some sort of commercial real estate or multifamily syndication. You're taking other people's money, you're buying an asset, and you're returning their money with interest over a period of time. There are thousands of operators that do this. It is got regulated by the government. It is a fairly common practice. It's not as common today as it was during COVID and just, just before COVID Seems like, seemed like everybody was doing a fund.
[00:12:02] Now it is a different thing, and it is a little more difficult, but it's still obviously very popular practice. And Grant Cardone has made his, and built his empire on the backs of that. Now, let's be real. Grant Cardone has a lot of other things going on, such as being the greatest salesman of all time. Yes, he's the greatest salesman of all time. Started his career out being a car salesman and just got really good at it. And I think he just graduated at one point to real estate. What's next for me? I can't do these cars anymore. What's next? I need something bigger. So they moved on to large, very large pieces of property.
[00:12:43] He's also sells a lot of courses. He sell. He's got, you know, conferences of his own. He's got a huge, he's got his own production company. I mean, the guy's got a lot of irons and a lot of fires, but that's kind of his way of doing things with other people's money. So just really, honestly wanted to make you aware of all three of these individuals and the kind of the way they do things and that there are other people out there that think like you do. And if you need a little nudge in one direction, direction, maybe you lean towards that guy these two, three gentlemen that I brought up today, for whatever reason, maybe you lead to lean towards one of these gentlemen's way of thinking more than the other. Maybe you have a situation where you're. I see this very often. I see this more often than not, honestly, is where people are nervous and they're concerned about being leveraged. And they do the Ramsey thing. That's their thing, as Ramsey and their. Then they come over to real estate because they want to build a better life for themselves, but they're scared to death to take on the debt. Okay. You got to get over that. So if that's the case, if that's the case for you, then we need to read some more Kiyosaki, you know, so take the teachings of these three wonderful gentlemen.
[00:13:56] I've read all of Grant Cardone's books. I'm a huge fan. I love him.
[00:14:00] He's a nut. But, you know, and Dave Ramsey, again, I'm not as well versed there, but I've read his book. Course, total money makeover is a huge book.
[00:14:10] And then Mister Kiyosaki, he's moved on these days. He's doing a lot of gold stuff.
[00:14:15] Not exactly sure what he's got going on at this point, but it's still, you know, his teachings and the good old. And I knew I had a copy of it around here somewhere. The good old rich dad, poor dad, the purple book, if I can get it to focus. If you're watching, this is it right here, Mandy. And here's the deal. You know, if. If you're listening to this podcast, you're probably already familiar with this book, but this is it.
[00:14:40] Life changer, game changer. And so read it. And if you've already read it, read it again.
[00:14:46] Also, keep in mind, if you have not read it and you're reading it for the first time, probably won't blow your mind.
[00:14:53] I remember vividly my first time reading it. I was on an airplane. I'm an audible. I listen to books unless I'm reading them to my kids, which is one of my favorite things.
[00:15:03] Look forward to doing that tonight. Actually, kids, if you're listening, I would love to read you a book tonight. Anyway, I was on an airplane, which I don't like flying, and the guy next to me said, are you listening to Kiyosaki? And I said, yes, I am. And I was broke. I was in the early stages. I was. I think I had just moved to a different state.
[00:15:23] I was in a career transition.
[00:15:26] I was fairly young. And I said, why, yes, I am. What do you know about that? He said, I've got several rental properties in Tennessee. I said, matter of fact, I'm on my way to Tennessee right now. I'm moving there.
[00:15:39] And I even asked him, I said, if you were in a situation where you found somebody that knew how to find more deals and you were interested in providing capital, would you do that? And he said, yes. And I stupidly did not get his phone number, which. It's okay. As in hindsight, it worked out pretty well for me. I did. I did find a nice path in real estate, so I'm grateful. But, yeah, I read that book on an airplane, and I remember the. My point is, as I remember that the.
[00:16:12] It wasn't, like, absolutely mind blowing. It just, honestly, what it was, was comforting. It was comforting to know that these, what I thought were crazy thoughts about the world were real. It could happen. It can happen. I don't have to be freaking broke.
[00:16:32] So, thank you, Kiyosaki, for that. So, get to know these three guys and their practices, and maybe, you know, maybe you come up with a combination of the three that works for you. I certainly have.
[00:16:42] I know I'm very heavy on the kiyosaki with a slightest, slightly less heavy on the cardone and much, much, much less on the, on the Ramsey. And there's no right or wrong answer there. As I always say. Nwa. No wrong answer on. On this topic. I just wanted to explain it to anybody listening to the show so that you are well versed in these three ways of thinking. And please, by all means, read their books and formulate your own opinion, which can be completely different than my opinion of this topic. But I'm glad that you're here. Thank you for hanging with me on short term rental management.
[00:17:19] I, for one, have found freedom in my life that I've been looking for since day one. And I'm glad that you're here. Luke Carl, short term rental management. Please don't overthink it. And I think I do have a quote for you today, by the way. We were talking about all these books. Let's do a quote.
[00:17:37] Matter of fact, maybe I'll throw you a few quotes from the great Robert Kiyosaki. How about, often in the world, it's not the smart who get ahead, but the boldenhouse?
[00:17:47] That's me. I can tell you that is me to a t smart in some aspects. Sure, I'm pretty good at numbers.
[00:17:55] I got great street smarts, but book smarts, no, I was never really very good at taking tests or college was not my thing, you know? And I wish it was. I do. I, every day I wish, man, I wish I would have tried a little harder in college, but my brain was elsewhere, and I was being bold is where I was. So thank you. Robert Kiyosaki.
[00:18:13] When times are bad is when the real entrepreneurs emerge.
[00:18:20] Yeah. Once again, that's true. Once again, Robert Kiyosaki, again, doing it for me, man. Appreciate everything he's done for me. But you guys have heard a lot of this stuff before. I don't want to feel like I'm preaching to the choir here, but hopefully you got a little bit of value out of today's program. Love you. The short term shop.com.
