For a lot of investors, financial freedom is the ultimate goal in doing what they do. Financial freedom is about having enough for you to be able to spend your time doing the things you like rather than doing things just to earn money. For Minnesota-based investor John Rickgarn, the experience of losing his parents at a young age made him realize that you should not wait for your retirement year to be able to attain financial freedom and enjoy life.
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Today, we speak to John and he shares what he is doing to achieve his goal of financial freedom. John talks about how he fixed his finances to earn passively and at the same time, the mindset shift that led him to invest in his first four-plex. He also emphasizes the importance of learning something every day. Listen now and learn how you can achieve financial freedom one step at a time!
Key Points From This Episode:
- John talks about his background and his expertise in real estate.
- John shares how he ended up investing in real estate.
- John elaborates on how he fixed his finances and earned passively.
- John talks about the first deals he sealed.
- What was his change of mindset for his four-plex?
- The difference between buying smaller multifamily units versus passive investment.
- John shares how he networks with other investors.
- John elaborates about the infinite returns.
- John’s outlook to achieve financial freedom.
- How does John prepare for a downturn?
- John’s predictions in the real estate market over the next six to twelve months.
- The daily habits that helped John to achieve success.
- The number one thing that contributed to his success.
- John shares how he likes to give back.
“A mentor of mine told me, ‘it’s better to have a good deal go away than you start with a bad one.’ So, even if I just have a gut feeling, I might just walk away from it.”
“The more you learn, the more you realized you don’t know.”
Links Mentioned in Today’s Episode:
About John Rickgarn
From an early age, John had worked hard, saved money, and “invested for the long term.” He opened an IRA at age 18, first contributed to a 401k at 19, and at one point contributed 15% of his earnings to his retirement accounts. All the “right things” were touted by David Bach, Suze Orman, and Dave Ramsey.
But in late 2014, John realized this path may not work. After all, both of his parents had died of cancer in their 50’s by the time he was 16. Why was he deferring so much of his income and much of his LIFE to a later date that wasn’t guaranteed?
In 2016, he stopped contributing to his IRA, cut his contributions to his 401k by 2/3rds, and bought his first investment property, a four-plex, via pulling money OUT of his Roth IRA for the down payment. By 2019, he left his high-paying sales job of 12 years to pursue real estate full-time.
Since then, he has expanded his real estate portfolio to four states and has also invested in stocks, options, cryptocurrency, notes, and real estate syndications.
In 2020, he started his own blog and website, www.wealthandfreedomnexus.com to share his journey and educate others on financial education for their financial freedom.
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