3692: 5 Investments That Made Me a Millionaire by Chris Reining on Building Wealth

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[00:00:54] Including holidays and helps keep us both on the right track. So with that, let's stay on that track as we optimize your life. 5 Investments That Made Me a Millionaire by Chris Reining of chrisreining.com. I used to think to be a millionaire, all you had to do was make a lot of money. Then I realized most people earning six figures don't have two nickels to rub together.

[00:01:24] What's the secret then? Living below your means so you can save and then investing those savings. And it took me a long time to realize there's only so many expenses you can cut. So why not focus on earning more? What you can make is nearly limitless. You see, it's not only about investing in things like stocks or real estate, it's about investing in yourself.

[00:01:51] I've never believed you have to spend money to make money. Because looking back, I made five investments that helped me become a millionaire by 35 that cost little to nothing. Number one, get a career mentor. The biggest career mistake I made was not having a mentor. I naively thought the harder you work, the faster you climb. But the key to getting ahead is being able to show your value.

[00:02:21] A mentor helps you do that. You want to look for someone who's five years ahead of you in your career. Someone who's an overachiever and has the position or talent you want. Then simply ask them if they want to get coffee or you can meet them at their office. Surprisingly, most people say yes. And when you meet them, make sure you bring a list of questions, problems, or topics you want to cover. Here's a good framework to follow.

[00:02:50] What you recently achieved, what setbacks or challenges you're facing, and what approaches you might take to solve them. I wouldn't be where I am today without reaching out to people I admired and asking them for help. Number two, surround yourself with the right people. We all know you're the average of the five people you spend the most time with.

[00:03:15] If you're not surrounding yourself with smart, ambitious people, it's time to change that. I first heard the term mastermind in Think and Grow Rich. Napoleon Hill defined it as To say that another way, it's a group of growth-minded people who meet regularly to support each other,

[00:03:43] to brainstorm, to share expertise. After finding only paid ones charging thousands of dollars, I tried starting my own mastermind. The first one failed, as did the second. Then, while attending a conference in Portland, I was talking to a guy who mentioned his mastermind was looking for a new member. Since 2015, the four of us have been meeting every week for an hour, and I'm constantly amazed at how much I've grown with the group's advice and knowledge.

[00:04:13] Number three, stack talents on talents. Billionaire Warren Buffett was asked what he thought was the best investment anyone could make. Quote, Investing in yourself is the best thing you can do. Anything that improves your own talents. Nobody can tax it or take it away from you. They can run up huge deficits, and the dollar can become worth far less. You can have all kinds of things happen.

[00:04:41] But if you've got talent yourself, and you've maximized your talent, you've got a tremendous asset that can return tenfold. End quote. That could very well be the best investment advice Buffett has ever given. What he's saying is, keep adding to your talents. Things like public speaking, writing, design, persuasion, technology, a second language.

[00:05:08] This makes you the architect who's a great public speaker and writer, or the personal trainer with a mastery of psychology and persuasion. Better yet, this is how you become more valuable. And when you're more valuable, people pay you more for what you do. Number four, remove decision making. I used to eat out for lunch, and it'd go something like this. Do I feel like Mexican food? Indian? Mediterranean?

[00:05:38] Okay, how about Mexican? There's the taco truck, that hole-in-the-wall place. Maybe try something new. Okay, how many hours of my life did I waste just thinking about lunch? A lot. So I decided to try eating the same simple lunch every day. A sandwich and yogurt. It sounds insane, but this changed my life. Because I didn't need to think about lunch anymore. The decision had already been made for me.

[00:06:07] Like Scott Adams says, quote, Losers have goals. Winners have systems. End quote. These types of systems can be applied across your life. For example, you can have a certain dollar amount, say $100, automatically diverted to some simple investments before your paycheck ever hits your bank account. This way, you're spending what you have left after investing

[00:06:35] instead of investing what you have left after spending. And number five, commit to being a lifelong learner. Someone on Quora once asked how to be as great as people like Steve Jobs, Elon Musk, Richard Branson. Justine Musk, Elon's ex-wife, wrote an incredible answer. Quote, They are more likely to go straight to a book. Perhaps a biography of Alexander the Great, or Catherine the Great,

[00:07:05] or someone else they consider a great. Surfing the net is a deadly time suck. And given what they know their time is worth, even back in the day when technically it was not worth that, they can't afford it. End quote. I imagine my time is worth $350 an hour, and ask myself, what's worth $350? Media consumption? No. Watching TV? No. Reading, learning, studying?

[00:07:35] Yes. So why not try picking up a book and upgrading your knowledge? The game here is to make growing and stretching a lifelong pursuit. You just listened to the post titled, Five Investments That Made Me a Millionaire, by Chris Reining of chrisreining.com. And I'll be right back with my commentary. This episode is brought to you by Google Chrome. You think you know a browser,

[00:08:05] but Gemini and Chrome? That's new. It can help you with practically anything on the web, like restoring a vintage motorcycle from a 50-page restoration block, or finally break down that long article you've had open for weeks. Gemini and Chrome is here for it. Ready to make anything online make sense? There's no place like Chrome. Check responses set up required, compatibility and availability varies 18+. Now I don't know about you, but most skincare seems to over-promise. One skin is different.

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[00:09:31] Please support the show and tell them we sent you. Thank you to Chris. I really like this angle because when we hear the word investments on a money show, we usually jump straight to stocks and real estate. But his whole point is that the best returns often come from investing in yourself and most of those cost little to nothing. The one that resonated most with me was the third one, stacking talents on talents.

[00:09:58] There's a great quote in there from Warren Buffett saying that investing in yourself is the best thing you can do because nobody can tax it or take it away from you. And for me, one of those investments was meditation, I spent a lot of hours at it over the years, sometimes many hours in a single day. And while it doesn't show up on a net worth statement, that steadiness pays off constantly, including with money.

[00:10:26] It's a lot easier to not panic sell or make some impulse purchase when you've practiced sitting with a little discomfort. I also liked his point about removing decisions, eating the same simple lunch so he didn't waste energy deciding. And then applying that same idea to money by automating your saving before the paycheck even lands. That way you spend what's left after investing

[00:10:52] instead of investing what's left after spending. Such a simple flip, but it makes a big difference. So thank you to Chris. Thank you for being here. Have a great rest of your day and I'll catch you tomorrow where your optimal life awaits. Let's see.