389: Finance Friday: How to DOUBLE Your Net Worth in 1 Year (or Less!)
Doubling your net worth in only a year? Seems impossible, right? Is making such massive money moves during a down market even realistic? If you think it can’t be done, tune in, and you’ll hear exactly how repeat guest Yourri Dessureault did it. Yourri’s name may sound familiar; we talked to him back on BiggerPockets Money episode 236, where he spoke about trying to achieve a massive $7,000,000 retirement goal while making $120K per year. But, a lot has changed in seventeen-or-so months.
Yourri has returned with a much bigger paycheck, a ten-unit real estate portfolio, and a net worth that dwarfs what he presented in 2021. So, how did he make such big moves, and what was the catalyst for him to get on the financial freedom fast track? Over the past year, Yourri has been extremely disciplined with his finances, looking at every dollar he had and asking whether or not it was doing the best it could. As a result, he’s decided to sell off some significant stock holdings, put his Bitcoin mining on pause, and go headfirst into the world of real estate investing.
Now, with nine rental properties out of state, Yourri is starting to build an outsourced team that can work to help his wealth grow while he spearheads an effort to fund bigger, better deals. Through intelligent networking, Yourri found a “golden goose,” slowly feeding him real estate deals that’ll make him rich in no time. If you want to repeat Yourri’s almost unbelievable system for building wealth quickly, you’ll need to tune in!
In This Episode We Cover
Why Yourri said “bye-bye” to Bitcoin and hello to real estate investing
How to get a raise at work and taking on more responsibility for a much larger paycheck
Out-of-state real estate investing and using it to buy cheap houses with phenomenal cash flow
Financing your rental properties and what to do when no one will fund your mortgage
Selling stocks and when it’s time to trade passive investing for active income
Traditional 401(k)s vs. Roth 401(k)s and which to pick when you’re in a high tax bracket
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and Budget
Finance Friday: Enjoy Life Before FI with Simple Investing Strategies
Your Step-by-Step Guide to Buying Out-of-State Investment Properties
Finance Friday: How to Hit $10M Net Worth in 10 Years (Or Less)
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-389
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I don't understand a 40K house. the building materials alone for a house cost more than that, never mind the labor. Plus the cost of the land? if the houses are so low cost, why would anyone rent? I couldn't even buy a driveway for that price...