524: Lessons From the Rich That Took Me from $0 to a $1,000,000+ Business

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 30 April 2024

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

Want to be a millionaire or build a business that brings in seven figures? Want generational wealth and to be debt-free? Want to know that you have enough money to take big risks while still keeping your bank account safe? If so, you need to start thinking like the rich to begin building wealth the same way they do. “That may be easy for you to say, you host the BiggerPockets Money Podcast!” Well, don’t take it from us; take it from Marc Russell. Marc grew up without advantages. He was in foster care for as long as he could remember, bouncing from house to house until finally, at age thirteen, he was adopted by parents with a strong, valuable work ethic. When Marc went to college, he had no money to pay for it, so he fought tooth and nail with the financial aid office to find scholarships, loans, or anything that could help him graduate. He was even kicked out of school once over not being able to pay a $900 fee! But this taught Marc how the system worked and eventually led to him landing a job at every FIRE chaser’s favorite place, Vanguard! Once Marc started helping the rich manage their money, he looked in the mirror and asked, “Why aren’t I doing these things?” Thus, he began imitating the investing tactics of the rich, budgeting for financial freedom, and investing everything he could, even if it meant a slower path to being debt-free. Now, Marc runs BetterWallet, helping everyday people start building generational wealth, no matter their circumstances. In This Episode We Cover How to copy the rich so you can build wealth no matter your upbringing Student debt, side hustles, and how to make it through college with little money Why you MUST save a large emergency reserve before you start working for yourself Investing vs. paying off debt and why the unconventional choice may be the best one Budgeting for your business and ensuring you have enough money before leaving your W2 And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money 329 - From Extreme Poverty to DIY Wealth and 2 Full-Time Incomes w/The She Wolfe of Wall Street BiggerPockets Money 485 - How to Start Thinking, Acting, and Investing Like the Rich w/Vivian Tu Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-524 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Today we're going to hear from somebody who beat the odds. Mark grew up in a foster care system and experienced every odd, all of the odds that you can have stacked against you in his upbringing.
0:10.4	He beat them through a combination of hustle, frugality, and getting in the room with rich people who knew what they were talking about and could share tips and tricks to get ahead.
0:20.0	Exactly, I'm so excited to talk to Mark today, Scott. So Mark is one of my dear friends who I met online and has turned to in real life friend and his name is Mark Russell from the Better Wallet. So in talking to him today, we're going to be able to hear directly from him the exact
0:34.9	steps that he took once he became responsible for his own finances and he's going to talk about the
0:39.2	money rules that he himself follows and that allowed him to get to where he is today in life.
0:44.0	Hello, hello, hello, and welcome to the BiggerPockets Money Podcast.
0:47.0	I'm Scott Trench and with me today is the She-Wulf Wall Street, Amanda Wolf.
0:51.0	Hello, Scott, I'm so excited to be here. I feel like I've been stepping in and
0:55.4	hosting more shows with you a lot lately and it's really exciting for me.
0:58.5	So it's really, really good to be back.
1:00.1	Awesome.
1:01.1	All right, we're here to make financial independence less scary and less just for somebody else.
1:05.2	To introduce you to every money story because we truly believe financial freedom is attainable
1:09.7	for everyone no matter where or when you're starting.
1:12.6	And one thing I want to call out about today's episode
1:14.9	before we bring in Mark is I thought there was a lot of parallels
1:18.5	to your story, Amanda, with money and your upbringing
1:22.1	and the odds that you overcame to get to where you are today.
1:25.0	Which by the way, if anybody wants to check it out, you can listen to that episode of the BiggerPockets Money podcast where we interviewed Amanda on her story, on the 329 episode,
1:35.6	so BiggerPockets.com slash Money Show 329.
1:38.4	Yeah, I can tell you that Mark and I actually really initially bonded over growing up in poverty and while we don't have the same story by any means and you'll get to hear all about his today
1:49.7	You can feel really alone when you have an upbringing like this.
	...

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