Create Generational Wealth by Cultivating Multiple Streams of Income
In the modern era, the American Dream is slowly changing into something new. We see many people opting to stay away from owning houses and chasing a life of travel. Some aim for financial freedom and want to do things their own way. The problem is, a lot of people still buy into the idea that they can fulfill these dreams by working for somebody else until they retire. That’s not going to happen. Join Vee Khuu and Gino Barbaro as they talk about addressing this problem by creating multiple streams of income that flow into a raging river of wealth!
The American Dream Today
Go to college, get a good job, work with an employer your entire life, and retire. That used to be the American Dream, but it’s different now. For the majority, getting a home, buying cars, and going on a vacation is starting to become a luxury, and people turn their hearts away for something else. People are now looking to find the freedom to work when they want to, work with the people they want, and where they want with no time limits and no pressure. Others devote their lives to give back to others. But you can’t get the liberty to do those things when you’re working for somebody forever. What you have to do is work for somebody, find your passion, get financial freedom, and reclaim your time. That’s the American Dream today.
That sounds simple on paper, but knowing what to do is only a part of the process. You also have to know how to do it. Gino gives an interesting take on this topic from his book, The Honey Bee.
“Ultimately, the W-2 gets taxed at the highest rate. That’s just the way the system is rigged.” – Gino Barbaro. Get the full interview on the Real Estate Lab Podcast! https://bit.ly/RealEstateLabPodcast
The Honey Bee and the Beekeeper
When you’ve got a big family of six kids, you’ve got a lot of responsibilities, and with those responsibilities come the need to sustain and provide. How are you supposed to get to the new American Dream now? Gino’s book, The Honey Bee, gives us a parable around his experience of eventually creating 23 different streams of revenue. When you think about it, bees are programmed to go out there, work from 9-5, get on the rat race, get on the hamster wheel, and produce honey all day without asking questions. But the question is, who owns the honey? The beekeeper does. Even though he doesn’t get paid at day one (while the bees do), because of his patience and willingness to invest, he gets to own all of the wealth that the bees make for him. Everyone can earn a great living working a W2 job, but with that, you only have one stream of revenue – yourself. If you’re the beekeeper, even if you retire, you still have your honey-making bees!
If you want to learn how to start living like a beekeeper, check out the full episode!
“They start off as small little streams. They don’t seem like anything. But… they start snowballing and creating this big raging river.” – Gino Barbaro. Catch the latest episode from the Real Estate Lab Podcast! https://bit.ly/RealEstateLabPodcast
About Gino Barbaro:
Co-founder of Jake & Gino
Gino Barbaro is an investor, business owner, author, and entrepreneur. As an entrepreneur, he has grown his real estate portfolio to over 1500 multifamily units and is teaching others how to do the same. Gino is the co-founder of Jake & Gino, a multifamily real estate education company that offers coaching and training in real estate founded upon their proprietary framework of Buy Right, Manage Right & Finance Right.
He is the best-selling author of three books, Wheelbarrow Profits, The Honey Bee and Family, Food, and the Friars. Gino graduated from IPEC (Institute for Professional Excellence in Coaching) where he earned his designation as a Certified Professional Coach. He currently resides in St. Augustine, Florida with his beautiful wife Julia and their six children.
Outline of the Episode:
- [04:09] Gino’s favorite dish to eat out of all his tutorials.
- [04:45] Creating multiple streams of income and eventually getting into real estate.
- [06:41] Selling his restaurant right before COVID-19. How does it feel to let go of a part of yourself?
- [09:06] Why is apartment investing a critical field for investors to understand? Gino was able to get into it while working with his restaurant!
- [11:33] The American Dream has changed over the years. It’s now reclaiming our time, working on something that we love to do, and giving back.
- [15:24] Things always work in threes.
- [17:40] The reason behind the name Wheelbarrow Profits.
- [19:29] The importance of building multiple streams of income and being competent in whatever field you’re in.
- [22:59] When should you decide to make another stream of income?
- [27:50] The reason for writing his book, The Honey Bee. The risks of having only one stream of income.
- [28:23] Who should read The Honey Bee? Always be ready to look for complementary streams of income.
- [29:55] The unique points of the book, teaching how to get something done, and knowing who can help.
- [30:40] The significance of financial control. You have to drop instant gratification!
- [33:04] Should you put your money in a 401K? You want to leverage, liquidity, and control.
- [34:38] The biggest scam in the world!
- [35:24] It’s the right time when you’re ready. Look at what’s happening with W2 jobs. [37:19] The value of education and being responsible for your actions. Surround yourself with people that will push you to success!
- [40:00] How much has he spent on education? You won’t believe it!
- [41:33] We’re all just winging it! Continue to take baby steps and learn more!
- [42:52] All successful people have a coach. There’s value to paying rather than investing your time in free things!
- [44:25] Don’t make the mistake of staying in your comfort zone! Get out there and try new things! Gino regrets not jumping into real estate earlier.
- [45:06] The problem with old properties as they get older and the transition to newer brick builds.
- [46:56] Gino’s resource recommendation and his take on homeschooling. It’s not about the smartest person, but the one who works the hardest.
Check out Jerome Myers’ Episode