Financial Freedom Ebook - Tyler Wright

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THE FINANCIAL FREEDOM FAST TRACK HOW TO BUILD WEALTH FAST SO YOU CAN QUIT YOUR JOB AND LIVE YOUR DREAM LIFE ASAP TYLER WRIGHT WELCOME Hi, my name is Tyler Wright. Most of you probably know me from social media, but I wanted to take the opportunity to write this book so that you could learn a little bit more about who I am and how I got here. I wanted to write this ebook to do two things. First, to share a little bit more of my story, not to impress you, but rather to express to you an example of what is possible by following the principles that I've created to reach financial freedom. I ask that when you read my story, that you try not to make comparisons to your own life, because your journey will 100% be different than mine. Maybe it's a quicker journey, maybe it's a longer journey, but you and I are obviously different people with different life factors who probably live in different areas who are probably different ages who have different families. I would rather have you listen and use my story as an example of a journey you could take and use it as motivation for your own. At the end of the day, I'm just a regular guy with a regular IQ who worked his butt off and was able to accomplish what the majority of people aren't able to in a lifetime. So when you think about becoming a millionaire and reaching financial freedom, I don't want you to look at the fact that only 7% of people in America are millionaires, I want you to realize that 7% of the adult American population is over 18 million people. So I want you to look at my story as inspiration and also assurance that if I can do it, then you 100% can do it too. Tyler Wright TABLE OF CONTENTS CHAPTER 1 : MY STORY CHAPTER 2 : THE JOURNEY CHAPTER 3 : THE PROBLEM CHAPTER 4: THE EPIPHANIES CHAPTER 5 : THE STEPS CHAPTER 6 : THE CONCLUSION MY STORY CHAPTER 1 Growing up, I came from a middle-class family with two parents and eventually three parents (step father) who loved me very much. However, growing up, I never really heard too much about money besides that I should save some of my money. There wasn't really any talk about Investing or Real Estate or some of these other areas. But that wasn’t my parents fault, I just think that then and even now, it’s just not normal, unfortunately, to have these types of conversations and it definitely isn't normal to learn these things in school.. Luckily growing up, I always wanted to excel in school. I was able to graduate fifth of my class in high school and that allowed me to get a full scholarship to an in-state school for college. Without knowing it, I had just taken a major first financial step in my life which was avoiding student loan debt. My scholarships, in addition to working two jobs in college, were able to keep me debt-free by graduation time, which was a huge step for me in growing my wealth, although I didn’t fully understand it at the time. Sometimes student loan debt can be unavoidable, but I always suggest that people employ as many strategies as possible to avoid it as much as they can. Some of those strategies include things such as attending in-state schools, attending community colleges first, taking college courses in high school, applying for scholarships, working jobs while in college etc. Obviously, this depends on your personal situation but those are just some good options when it comes to avoiding student loan debt. From there, I took a job with a starting salary of $30,000 per year working in sales. It wasn't but maybe 5 to 7 days before I realized that this isn't what I wanted to be doing for the rest of my life. THE FINANCIAL FREEDOM FAST TRACK: | PG. 3 THE JOURNEY CHAPTER 2 My job wasn't terrible and I actually really enjoyed the people I worked with but I just understood very early on that I didn't want to work for 35 to 40 years just to save up enough money to enjoy 10 years of my life when I'm probably too old to fully enjoy them anyways. So that led me on a journey. A journey to learn as much as I possibly could about money, personal finance, investing, and the stock market. Everything was going great. I focused on raising my income, which in sales, I was able to do almost monthly by working harder and "building a sales desk" (book of business) and helping more people. At the same time I also made sure to keep my unnecessary spending to a minimum because I had bigger goals of being financially free and I knew that if I spent the majority of the money that I made, there's no way I would be free anytime soon. THE FINANCIAL FREEDOM FAST TRACK: | PG. 4 THE PROBLEM CHAPTER 3 So about three years into working, when I was 25 years old, I went from making $30,000 to then making well over six figures and had built up a very sizable stock portfolio. But the issue became, how would I actually retire? Like how would I become financially free and be able to quit my job as soon as possible so I could focus on the more important things in life? There is something called the 4% rule. I won't go into the whole study, but it was a study done by economists who tried to figure out what percentage could you withdraw from a stock portfolio per year for 30 years and not run out of money. Out of all the different simulations they ran, they pretty much figured out that if you had a stock portfolio that was allocated correctly, you should be able to withdraw 4% of your portfolio and essentially never run out of money because your stocks would return enough to nullify the effect of you pulling money out yearly, through good and bad years, over the long haul. But when I thought about that math, I figured that I would need about $80,000 per year to live. I had been living off half of that or less but I figured that was a good number to shoot for. So for the 4% rule that would mean that I would need to have $2 million saved up in a stock portfolio in order to be able to withdraw $80,000 per year. And if I would've kept working, and kept investing money into the stock market into a diversified portfolio, I'm sure I could've reached that $2 million mark by maybe 35 or 40 years old. Not bad. But at the same time, I just couldn't imagine myself working for another 10 to 15 years. THE FINANCIAL FREEDOM FAST TRACK: | PG. 5 THE EPIPHANIES CHAPTER 4 The first epiphany I had was adding Real Estate to my portfolio. I had read Rich Dad Poor Dad, which is a classic book that goes over the importance of buying not only assets, but income producing assets like rental real estate. It was at that point I started buying real estate by liquidating a good portion of my stock portfolio. Over the course of the next three years, I was able to buy a primary home and then a three unit triplex. Both of those properties had appreciated so much that I was able to take out a ton of money by refinancing both, and that allowed me to buy another four unit property which I then renovated, and pulled all the money out of it that I had put into it by using a strategy called the BRRRR strategy. So essentially, my rental properties were appreciating and cash flowing and the loans were being paid down by tenants and it was saving me on my taxes and the properties were buying me more properties. All at the same time, I was continuing to grow my income at work and investing even more into stocks and real estate, and a little bit of cryptocurrency. So by the time I reached 27 years old, I became a millionaire, meaning that all of my assets such as stocks and real estate minus all my liabilities, which were only my mortgages, was well over $1 million. So, at 28 years old, my net worth grew to $1.5 million from the Stocks and Real Estate appreciating in addition to me bringing in more income from my job and rental properties. THE FINANCIAL FREEDOM FAST TRACK: | PG. 6 This last part was during the pandemic. Working from home, I found myself with a lot more time on my hands. I did a lot of soul-searching during that time. I have a journal that I do every so often when I feel like I'm lost. You basically rank yourself from 1 to 10 in every category of life. Relationships, fun, friends, work, money, self image, physical fitness, spirituality, learning, etc. None of those were perfect 10’s but I felt like they were all pretty good. Except for one. As I sat there and looked at the last category, it hit me. The word was "contribution." All my life, the times when I've been the happiest, the times where I felt I was most passionate, the times where I felt like I was living out my purpose was when I was contributing to society or a group or my community. Whether it was in clubs at school, or on sports teams or in my community, my favorite things in the world has always been coaching, speaking, leading, teaching and helping others. Ever since I entered the adult world, I felt like I hadn't been contributing as much. So that's when I started my social media accounts. It was my way of telling people about all the things I had learned and contributing to society. Little did I know how insane my Defining Wealth account would take off. At first, it was nothing. I honestly thought about quitting a lot of times. I've actually been hacked and almost lost my account three or four separate times. It took months to get a few hundred followers. And a year of posting everyday to get to about 25,000. And so it's crazy to think that now I have 85,000 followers on Instagram and 60,000 followers on TikTok and 20,000 followers on Twitter So at this point, my mindset started to shift because I was financially free and still working. My mindset started to shift to, “What do you want to do with your life? What do you want your life to be about? What do you want your legacy to be? How are you gonna spend the next 30 years of your life?” So at this point with the stocks and rental properties in my net worth in general, or if I could essentially quit my job and do nothing for the next 25 to 30 years, or even longer depending on the stock market and real estate market, and not run out of money. THE FINANCIAL FREEDOM FAST TRACK: | PG. 7 This is when I realized, that yes that is what financial freedom is, but at the same time there's also a factor in there that not many people talk about. That factor is not passive income, but instead also working on active income that you actually enjoy into your financial freedom plan. Most people are not going to stop working when they're young. They would just rather work on what they want to work on, when they wanna work on it, where they want to work on it, with whom they want to work on it with. The bigger goal here isn't necessarily just to become financially free or retire, the goal is to be able to live your life to the fullest however you define that. Now, I hope you understand why my account is called “Defining Wealth”. I don't have the definition of wealth. I have MY definition of wealth. I'm sure you have your definition of wealth and there are likely a lot of similarities to my own definition. However the point of my account is to help YOU define what wealth is for YOU and then get you there as soon as possible. So yes, it's about money. I can show you exactly what you need to do from a financial standpoint to become free and build wealth. Which I will do that in the following chapters. However I will also show you how to figure out what you want out of life. How to build your dream and your vision so that you have the guidance and motivation that you need to persevere through the inevitable tough times that have come and will continue to come in your life. They try to keep you from reaching your goals. So my system is a combination. So enough about me, let’s explore how to create your own plan in the next chapter. THE FINANCIAL FREEDOM FAST TRACK: | PG. 8 THE STEPS CHAPTER 5 STEP 1 - FIGURE OUT THE LIFE YOU WANT TO LIVE STEP 2 - FIGURE OUT HOW MUCH MONEY YOU NEED STEP 3 - CHOOSE YOUR ASSETS & PLAN TO GET TO THAT AMOUNT THE FINANCIAL FREEDOM FAST TRACK: | PG. 9 STEP 1 WHAT KIND OF LIFE DO YOU WANT TO LIVE? Once you are "free" what would life look like? Write down EVERYTHING. Who is there? What are you doing? Are you working? How much? Wake up when? Work when? Sleep when? Where are you? Kids, pets? What makes you happy? Why? For me, I want to: Be with my wife and family and near friends I love teaching, speaking, writing, and coaching. It has always been my passion. I want to work 6-8 hours a day, no weekends, be able to travel whenever Wake up early, get done with work early to enjoy the nights THE FINANCIAL FREEDOM FAST TRACK: | PG. 10 STEP 2 HOW MUCH DOES THAT LIFE COST? Use your current expenses now to give an idea. How much does your content life cost? Some say $3,000 per month. Some $6,000. Some $9,000. It is a personal question. For me, it is probably $8,000 per month to cover plus a buffer. THE FINANCIAL FREEDOM FAST TRACK: | PG. 11 STEP 3 HOW MUCH MONEY DO YOU NEED FROM PASSIVE INCOME AND/OR INVESTMENTS AND/OR ACTIVE INCOME YOU ENJOY TO LEAVE YOUR JOB? I will break this down into a few categories. Stocks: There was a study done testing what % you would be able to withdraw per year (plus inflation) and not run out of money over a 30 year period. Ex: If I withdrew 3% or 4% or 5% of my portfolio per year into a 75% stocks/25% bonds portfolio, what % chance would I run out...of money in 30 years? They found many things but the basic summary is that if you were to have a portfolio of 75%/25% Stocks/Bonds, you would have a near 100% chance of never running out of money based on historical returns. So what do we do with this? Well, it is called the 4% rule and it is not perfect but it is a great place to start. Let's say I need $8,000 per month aka $96,000 per year to live my financially free life. What is $96,000 4% of? 96k / .04 = 2.4 million So under the 4% rule, I would need a $2.6 million portfolio of 75% stocks/25% bonds in order to safely pull $96,000 per year or $8,000 per month. So one way is to use your portfolio and withdraw your investments yearly. However, that does not have to be the only way. THE FINANCIAL FREEDOM FAST TRACK: | PG. 12 You can also cut into that $8,000 per month figure in many other ways. What if you cash flow $3,000 a month from Real Estate? Now you only need $5,000 extra per month instead of $8,000. So your stock portfolio would only need to be $1.5 million instead of $2.4 million. So in this example, if you had Real Estate cash flowing $3,000 per month and a $1.5 million stock portfolio then the portfolio would allow you to withdraw 4% per year which is $60,000 per year or aka $5,000 per month. So you again, have your $8,000 per month figure. But why stop there? What if you are selling covered calls and producing income? What if you have vending machines? What if you are getting dividends? What if you own a business? All of these things could cut into that monthly figure. THE FINANCIAL FREEDOM FAST TRACK: | PG. 13 So for me, "My Need": $96,000/yr or $8,000/mo. I included my personal and real estate expenses in that to make it simple. $750,000 in Stocks: 4% rule: $30,000 per year Real Estate: 8 units: $84,000 per year or $7000 per month in revenue. So mine could theoretically stop there if needed because... I need $96,000 per year including BOTH personal AND real estate expenses. I am bringing in or could withdraw $114,000 from stocks and real estate ONLY. But I also, Sell covered calls. Earn dividends. Am part owner in a business. Then I also still love to coach and teach online in the areas of finance, real estate, success, and social media. So all that active income is really just icing on the cake at this point. So should you just build a business, replace your job income and make the jump to full time? THE FINANCIAL FREEDOM FAST TRACK: | PG. 14 Maybe. I think there is a balance. Maybe I should have just started my own business first and gone from there. But working a 9-5 gave me: A place to earn money while I learned about financial freedom Time to become financially free solely based on my investments So that way I have: A business centered around something I have already accomplished A massive million dollar plus portfolio allowing me the flexibility to work as little as I want and travel the world Experience and maturity as I enter a new phase of my life So in conclusion, this is what we went over: 1. Figure out the life you want to live 2. Figure out how much money you need 3. Choose your assets & plan to get to that amount 4. Maximize Income/Savings Rate 5. Be consistent and focus on what you can control And of course, there is SO MUCH MORE to building you plan like: 1. How to build your spending plan 15. How to build your portfolio to maximize returns while 2. How to track your finances minimizing risk 3. How to pay off debt 16. How to minimize taxes paid 4. How to save for short term expenses 17. How to build your dream life 5. How to land your dream job 18. How to get your family on board 6. How to raise your income 19. How to save for short terms trips and expenses 7. How to build side hustles 20. How to use debt to help you instead of hurt you 8. How to leverage your current job to make more money 21. How to automate your investing 9. How to maximize your income and benefits at your 22. How to take 1 hour to make sure you are on track current job every month 10. How to buy a primary home 23. How to avoid costly fees that steal your wealth 11. How to buy rental properties 24. How to continue to educate yourself into the future 12. How to live rent free 25. How to network and find friends who are on this 13. How to invest in the stock market journey to connect with 14. How to prioritize what accounts to invest in (401k, 26. How to build your cash flow strategy for after you Roth IRA, Taxable, Etc.) “retire” AND MUCH MORE. THE FINANCIAL FREEDOM FAST TRACK: | PG. 15 THE CONCLUSION CHAPTER 6 All of these things are extremely important to know so that you have the information you need to not only make your financial freedom plan but take action on it consistently in order to reach your goals as soon as possible. So, I really thought about writing a longer book going over all of this. I also thought about making a course to go all over this. However after doing a lot of thinking, I came to the conclusion that they just wouldn't be a good idea. Why? Because a good offer really comes down to four things. 1. Delivering Your Dream Outcome- We have that one covered. Obviously, you want to learn everything you need to know to start making more money, saving more money, investing better, and living your life to the fullest. That can be delivered in almost any format such as a book or course etc. 2. In the quickest amount of time- This is another one that doesn't really matter too much between a book in the course. Because you can take both of them in a similar amount of time, maybe 5 to 10 hours. 3. With the least amount of effort- This is also one that doesn’t matter too much between a book and a course, although a course especially a video course would probably take a lot less effort because you’d be able to watch the videos and take notes instead of having to push yourself to read every day. But either way, not that much of a difference. THE FINANCIAL FREEDOM FAST TRACK: | PG. 16 Lastly and by far the most important is: 4.With the highest likelihood of success- Books: This is where books are the absolute worst. Why? If you're like me, then you've definitely read a few books and even when you get finished you still are confused on how exactly you should take action. It's just different when you can't see someone explain it. Courses: That is why the course is a little bit better. Because with a course, the author can record him or herself on camera going through the exact actions that they're talking about so that the reader can 100% understand exactly what they are supposed to do and take action. But here is where courses typically fall short: You usually don’t have direct access to the teacher You don’t have a community of others taking it with you that you can talk to and connect with You don’t have live Q&A opportunities You aren’t on a strict timeline to get it done so maybe you forget to finish it or worse, you forget to even start it You don’t have guest speakers You don’t have a workbook and assignments to make sure you are 100% comprehending and taking action on what you learn You don’t have your teacher and community holding you accountable for showing up, doing the work and taking action You don’t know how to use all the free tools they gave you You don’t leave with an actionable step-by-step plan to take action and better your life Then unfortunately you don’t get out of it what you wanted: YOUR DREAM OUTCOME. THE FINANCIAL FREEDOM FAST TRACK: | PG. 17 So I thought to myself, how could I change all of that? How could I give someone the absolute highest likelihood of success and achievement of their dream outcome in the shortest amount of time with the least amount of effort? That is why I created “The Financial Freedom Fast Track: A 30-Day Virtual Mastermind” In this 30 day mastermind, I don't hold anything back. I give you 100% of all the information that I used to not only become a millionaire by 27 but to also build a net worth of $1.5 million by 28 and retire before 29. I don't just show you my way, I show you every way so that you can find a way that works best for you on your own timeline with your own life factors. In this mastermind, you'll get: 10 Live Sessions with me detailing everything you need to know to become financially free and get yourself on track to becoming a millionaire as soon as possible All Live Sessions will be recorded and you will have LIFETIME ACCESS to these sessions. So even if you can’t make some of the live classes, they will be uploaded the same day so you can watch and keep up with the class. An Online Student Community- Monitored by my team and I to keep up with any questions you may have. This will also give you an opportunity to meet others who are also on your journey Guest Speakers- I will have extra live sessions with industry professionals in the areas of tax, insurance, recruiting, Airbnb, investing for children, and real estate. Follow Along Workbook with Assignments to help you put what you learn into action! All the Tools, Calculators and Resources you need to track and crush your finances Office Hours: I will be holding LIVE Video Office Hours DAILY during the week for students to ask questions. A list of Resources to help you along your journey As you can see, I put absolutely everything I possibly could into making this an experience that will maximize your likelihood of achieving your dream outcome of building your plan and getting on your way to becoming financially free so that you can live out your highest purpose. THE FINANCIAL FREEDOM FAST TRACK: | PG. 18 So what is the VALUE of all this? Over the course of the next year? You will save thousands, make thousands more and invest thousands more, if not tens of thousands. Over the course of your life, the contents provided in this course will literally provide you with all of the keys you need to make, save and invest millions of dollars and build generational wealth for you and your family if you take action on what is in the course. So what is the price of the Mastermind? $10,000? Well, surely I could make a case for why you would get 10 times that much out of the course over the course of your life and to be honest with you, similar Masterminds with this type of information and access are easily over $10,000 per person. However I don’t want the price of the course to be the reason why you don’t improve your life. So what is it, $1,000? Closer, but not quite. You are getting this insanely value-packed experience for only one, one-time payment of $197. Lastly, guess what? I am SO confident that you will absolutely get at least 10 times the value of the money you invest into the mastermind, that if for whatever reason you feel like you didn't get 10 times the value you paid, I will personally refund 100% of your money immediately. I don't want your money, I want your success story. THE FINANCIAL FREEDOM FAST TRACK: | PG. 19 SO THERE'S REALLY ONLY 2 OPTIONS… Some will take the course and for only $197, they will learn the info they need to build Financial Freedom in the next few years or sooner or they will get their money back. HOWEVER, Unfortunately, others will put it off because it isn't the "perfect time." And they will delay their Financial Freedom by months or even years and once they finally do get on track, they will undoubtedly wish they would've started sooner. There will never be a "perfect time" to change your life. "The perfect times" in my life have been when I decided that the pain of changing wasn't as bad as the pain of staying the same. So quit waiting for the perfect time that never comes and make the decision that the perfect time is right now.🔥 Ready to get started? Click or Copy & Paste the Link Below to Learn More and Join: https://definingwealthonline.com/financial- freedom-masterclass/ THE FINANCIAL FREEDOM FAST TRACK: | PG. 20