👾Leveling Up 👾

I had a chat with one guy who has $1.2B in debt. The other has $800M in debt.

The first one is none other than the best-selling author of Rich Dad Poor Dad Robert Kiyosaki.

The second is my friend Ken McElroy.

Here are their lessons:

1. There is 'good debt' and 'bad debt' 💸

These two guys typically have an LTV (loan-to-value ratio) of around 50%. Which means if they take on $1 in debt to buy real estate, the value of the real estate is $2.

They own billions in real estate.

There are numerous tax benefits and the cash flow from the real estate helps pay down the debt.

2. They're not gamblers 🎰

They don't buy real estate hoping that the value will appreciate over a period of time. That's a bonus.

They buy real estate for the cash flow first and foremost.

3. Ken believes that you start a business to buy real estate 🏡

IMO this is nuanced. If you've had a $2B exit like one of his friends, you can deploy the money into real estate. At that point, it's like a savings account.

However, if you have a business and you're still pushing, you should keep pushing on that until you're done.

I'm a big proponent of focus. All my friends who are doing 9-figures+ annually are hyper-focused on ONE big thing.

4. Why business shouldn't be your top priority 🤔

When Ken said this, he totally shifted my perspective. He used to prioritize his family and business this way:

1. Business

2. Kids

3. Spouse

He went to a meeting with successful entrepreneurs and their spouses. Everyone received a life happiness survey.

It turned out that most high-powered entrepreneurs were having the time of their lives and rated their lives a 9 out of 10. Pretty damn good.

Their spouses? 6 out of 10. Uh oh.

Ken's friend told him that he had his priorities mixed up. It should be:

1. Spouse

2. Kids

3. Business

If you take care of 1 and 2, number 3 should take care of itself.

If you want the entire interviews, you'll have to check them out on my 'Leveling Up with Eric Siu' YT channel. 😉

Eric Siu :)

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